Sep 2026 (Q3 FY26) — Oct 15, 2026
U.S. Bancorp Q3 FY26 — Record Revenue and Strong Operating Leverage
Read the full callU.S. Bancorp (USB) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
U.S. Bancorp earnings: last reported Thu, 15 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,712 | +10.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 2,177 | +19.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
23 of 23 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| BTIG acquisition quarterly fee revenue contribution | $175 million to $200 million of fee revenue per quarter | Dec 2025 | In its first month as part of U.S. Bancorp, BTIG generated approximately $98 million of revenue, marking the strongest monthly revenue performance in BTIG's history and outpacing our earlier expectations from the deal. | Achieved |
| Full-year 2026 total net revenue growth | 4% to 6% compared to the prior year | Dec 2025 | For the full year 2026, we now expect total net revenue growth of 7% to 9% compared to the prior year or in the range of 5% to 7%, excluding BTIG, up from our prior range of 4% to 6%. | Revised Up |
| Medium-term net interest margin target (~3%) | achieve 3% net interest margin over the medium term (2026 or 2027) | Mar 2025 | We continue to see a path on the 3% journey here at some point in 2027. Not much has changed really since I think the last time we talked here some time ago | On Track |
14 of US BANCORP DE's 37 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Record net revenue of approximately $8 billion, up 8.7% year-over-year.
- Diluted EPS of $1.34, up 10% year-over-year (or 16% excluding reserve build).
- Achieved 240 basis points of positive operating leverage (440 bps excluding BTIG).
- Net interest margin expanded 5 basis points sequentially to 2.84%.
- Total fee income increased 14.9% year-over-year, with Capital Markets growing 69%.
Qualified
- AOCI-adjusted CET1 ratio declined 30 basis points to 9.1% due to RWA growth and higher treasury rates.
- Nonperforming assets declined 1.6% linked quarter, but reserve build impacted EPS by $0.07.
- Mortgage revenue is expected to be impacted by higher rates in Q4, with limited year-on-year growth.
Price
$57.85 −1.50% · −$0.88
Performance +26.6% 1Y
1Y: $45.69 on 17 Oct 2025 → $57.85. High $65.42 (14 Aug 2026), low $45.47 (17 Nov 2025).
- Previous close
- $58.73
- 52-week range
- $45.47 – $65.42
- One year
- +22.82%
Overview
- Symbol
- USB
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
23 of 23 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| BTIG acquisition quarterly fee revenue contribution | $175 million to $200 million of fee revenue per quarter | Dec 2025 | In its first month as part of U.S. Bancorp, BTIG generated approximately $98 million of revenue, marking the strongest monthly revenue performance in BTIG's history and outpacing our earlier expectations from the deal. | Achieved |
| Full-year 2026 total net revenue growth | 4% to 6% compared to the prior year | Dec 2025 | For the full year 2026, we now expect total net revenue growth of 7% to 9% compared to the prior year or in the range of 5% to 7%, excluding BTIG, up from our prior range of 4% to 6%. | Revised Up |
| Medium-term net interest margin target (~3%) | achieve 3% net interest margin over the medium term (2026 or 2027) | Mar 2025 | We continue to see a path on the 3% journey here at some point in 2027. Not much has changed really since I think the last time we talked here some time ago | On Track |
Claimed
- Record net revenue of approximately $8 billion, up 8.7% year-over-year.
- Diluted EPS of $1.34, up 10% year-over-year (or 16% excluding reserve build).
- Achieved 240 basis points of positive operating leverage (440 bps excluding BTIG).
- Net interest margin expanded 5 basis points sequentially to 2.84%.
- Total fee income increased 14.9% year-over-year, with Capital Markets growing 69%.
Qualified
- AOCI-adjusted CET1 ratio declined 30 basis points to 9.1% due to RWA growth and higher treasury rates.
- Nonperforming assets declined 1.6% linked quarter, but reserve build impacted EPS by $0.07.
- Mortgage revenue is expected to be impacted by higher rates in Q4, with limited year-on-year growth.
The full ledger
Open US BANCORP DE’s full ledger
A free account opens 5 company ledgers a month. All 37 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 16, 2026
U.S. Bancorp Q2 FY26 — Record Revenue and Strong Operating Leverage
Read the full callMar 2026 (Q1 FY26) — Apr 16, 2026
U.S. Bancorp Q1 FY26 — Strong Revenue Growth and Capital Flexibility
Read the full callEvery analysed call
U.S. Bancorp earnings calls (USB)
Financials
What the filings say
Net profit, year on year: +20% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,864 | 7,009 | 6,958 | 7,004 | 7,329 | 7,365 | 7,288 | 7,712 |
| Profit before tax | 2,072 | 2,108 | 2,159 | 2,293 | 2,532 | 2,533 | 2,419 | 2,720 |
| Tax rate | 16.9% | 20.8% | 20.5% | 20.6% | 20.7% | 19.0% | 19.4% | 19.7% |
| Net profit | 1,714 | 1,663 | 1,709 | 1,815 | 2,001 | 2,045 | 1,945 | 2,177 |
| EPS ($ per share) | 1.03 | — | 1.03 | 1.11 | 1.22 | — | 1.18 | 1.35 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| Reserves | 59,065 | 63,186 | 64,188 | 69,201 | 71,901 | 74,026 | 76,863 | 80,906 |
| Total liabilities | 415,717 | 442,943 | 500,180 | 517,897 | 623,573 | 607,720 | 619,278 | 626,694 |
| Fixed assets | 2,457 | 3,702 | 3,468 | 3,305 | 3,858 | — | — | — |
| Total assets | 467,374 | 495,426 | 553,905 | 573,284 | 674,805 | 663,491 | 678,318 | 692,345 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 10,564 | 4,889 | 3,716 | 9,870 | 21,119 | 8,393 | 11,350 | 7,970 |
| Cash from investing | -8,977 | -21,560 | -15,440 | -57,487 | 7,500 | 18,925 | -24,534 | -20,538 |
| Cash from financing | 361 | 17,623 | 51,899 | 13,942 | -3,982 | -19,998 | 8,821 | 2,250 |
| Net cash flow | 1,948 | 952 | 40,175 | -33,675 | 24,637 | 7,650 | -4,690 | -9,612 |
USB revenue by segment
Consumer and Business Banking shrank from 34% to 31% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Wealth Corporate Commercial and Institutional Banking | 44% | 53% | 42% | 43% | 42% | 42% | 48% | 49% | +25.7% |
| Consumer and Business Banking | 34% | 31% | 31% | 32% | 31% | 30% | 32% | 31% | +5.5% |
| Payment Services | 26% | 25% | 26% | 26% | 26% | 26% | 24% | 24% | -1.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
USB operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Common equity tier 1 ratio (CET1) | 10.8%Our CET1 capital ratio increased 20 basis points to 10.8% this quarter as we continue to balance ongoing capital accretion with modest share repurchases.Source: earnings call transcript | 10.9%As of September 30, our common equity Tier 1 capital as a percentage of risk-weighted assets was 10.9%, a 20 basis point increase linked quarter.Source: earnings call transcript | 10.8%As of December 31, our common equity Tier 1 capital ratio was 10.8% or 9.3%, including AOCI.Source: earnings call transcript | 10.8%As of March 31, our common equity Tier 1 capital ratio was 10.8%, or 9.3% including AOCI.Source: earnings call transcript | 10.8%As of June 30, our common equity Tier 1 capital ratio was 10.8% or 9.4%, including AOCI.Source: earnings call transcript | 10.8%CET1 ratio remained stable at 10.8% and tangible book value per share was up 5.4% year-over-year.Source: earnings call transcript | 0 pt |
| Return on tangible common equity (ROTCE) | 17.5%In the first quarter, we reported earnings per share of $1.03 and delivered a return on tangible common equity of 17.5%.Source: earnings call transcript | 18.6%As the slide illustrates, each of our key profitability and efficiency ratios improved this quarter, highlighted by a return on average assets of 1.17% and a return on tangible common equity of 18.6%.Source: earnings call transcript | 18.4%This quarter, we delivered a return on tangible common equity of 18.4%, a return on average assets of 1.19% and an efficiency ratio of 57.4% all improvements on a year-over-year basis.Source: earnings call transcript | 17%Disciplined balance sheet management and strong returns drove a return on tangible common equity of 17%, while return on average assets was 1.15% this quarter.Source: earnings call transcript | 18.7%We delivered strong returns, which includes a return on tangible common equity of 18.7% and a return on average assets of 1.26%.Source: earnings call transcript | — | +1.7 pt |
| Common equity tier 1 ratio (CET1) Including AOCI | 8.8%Our CET1 ratio, including AOCI, was 8.8%.Source: earnings call transcript | — | 9.3%As of December 31, our common equity Tier 1 capital ratio was 10.8% or 9.3%, including AOCI.Source: earnings call transcript | 9.3%As of March 31, our common equity Tier 1 capital ratio was 10.8%, or 9.3% including AOCI.Source: earnings call transcript | 9.4%As of June 30, our common equity Tier 1 capital ratio was 10.8% or 9.4%, including AOCI.Source: earnings call transcript | 9.1%Adjusting for AOCI, the CET1 ratio declined 30 basis points to 9.1%.Source: earnings call transcript | -0.3 pt |
| Net interest margin | — | 2.75%This quarter, we generated a very meaningful 530 basis points of positive operating leverage, a return on average assets of 1.17% and a net interest margin of 2.75%.Source: earnings call transcript | 2.77%Net interest margin increased 2 basis points sequentially to 2.77% as we look to achieve greater margin expansion in the medium term.Source: earnings call transcript | 2.77%Net interest margin was flat linked quarter at 2.77% as core loan growth and stable deposit pricing were offset by elevated mortgage prepayments and somewhat tighter credit spreads.Source: earnings call transcript | 2.79%Net interest margin improved 2 basis points sequentially to 2.79%.Source: earnings call transcript | 2.84%Loans grew 1.0% and deposits grew 2.2% sequentially, while the net interest margin expanded 5 basis points to 2.84%.Source: earnings call transcript | 0 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
73 filings between Oct 20, 2025 and Aug 28, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$20.41M
9 sales by 8 insiders
Compensation
not trading decisions- 19
- Award — granted as compensation
- 5
- Option exercise — converted options into shares
- 38
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CECERE ANDREW | — | $6.51M | Oct 20, 2025 |
| CHOSY JAMES L | — | $2.71M | Jul 23, 2026 |
| Philipson Stephen L | — | $2.33M | Jul 20, 2026 |
| Richard Jodi L | — | $2.28M | Apr 21, 2026 |
| Runkel Mark G. | — | $1.95M | Feb 6, 2026 |
| Dilip Venkatachari | — | $1.92M | May 5, 2026 |
| Kedia Gunjan | — | $1.70M | Aug 28, 2026 |
| Barcelos Elcio R.T. | — | $1.01M | Feb 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 28, 2026 | Kedia Gunjan President & CEO | Option exercise | 27,267 | $1.50M |
| Aug 28, 2026 | Kedia Gunjan President & CEO | Sale | 27,267 | $1.70M |
| Jul 23, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Sale | 22,968 | $1.45M |
| Jul 23, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Option exercise | 24,711 | $1.36M |
| Jul 21, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Gift | 3,969 | $0 |
| Jul 20, 2026 | Philipson Stephen L Vice Chair | Sale | 36,906 | $2.33M |
| May 5, 2026 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Sale | 34,522 | $1.92M |
| Apr 21, 2026 | Richard Jodi L Vice Chair | Sale | 40,000 | $2.28M |
| Mar 5, 2026 | Kedia Gunjan President & CEO | Award | 100,167 | $0 |
| Mar 5, 2026 | Kelso Courtney Sr. Exec. VP | Award | 13,356 | $0 |
| Mar 5, 2026 | Roy Arijit Sr. Exec. VP | Award | 13,356 | $0 |
| Mar 5, 2026 | Badran Souheil SEVP, Chief Operations Officer | Award | 19,291 | $0 |
| Mar 5, 2026 | Philipson Stephen L Vice Chair | Award | 28,195 | $0 |
| Mar 5, 2026 | Richard Jodi L Vice Chair | Award | 29,679 | $0 |
| Mar 5, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Award | 22,259 | $0 |
| Mar 5, 2026 | Runkel Mark G. Vice Chair | Award | 13,356 | $0 |
| Mar 5, 2026 | Stark Lisa R EVP and Controller | Award | 15,767 | $0 |
| Mar 5, 2026 | Barcelos Elcio R.T. Senior EVP, Chief HR Officer | Award | 22,259 | $0 |
| Mar 5, 2026 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Award | 17,807 | $0 |
| Mar 5, 2026 | Stern John C Vice Chair and CFO | Award | 25,227 | $0 |
| Mar 2, 2026 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Tax withheld | 3,556 | $194.4K |
| Mar 2, 2026 | Richard Jodi L Vice Chair | Tax withheld | 21,552 | $1.18M |
| Mar 2, 2026 | Philipson Stephen L Vice Chair | Tax withheld | 3,218 | $175.9K |
| Mar 2, 2026 | Runkel Mark G. Vice Chair | Tax withheld | 8,701 | $475.6K |
| Mar 2, 2026 | Roy Arijit Sr. Exec. VP | Tax withheld | 1,145 | $62.6K |
| Mar 2, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Tax withheld | 17,227 | $941.6K |
| Mar 2, 2026 | Stern John C Vice Chair and CFO | Tax withheld | 1,950 | $106.6K |
| Mar 2, 2026 | CECERE ANDREW Director | Tax withheld | 83,684 | $4.57M |
| Mar 2, 2026 | Barcelos Elcio R.T. Senior EVP, Chief HR Officer | Tax withheld | 15,818 | $864.6K |
| Mar 2, 2026 | Stark Lisa R EVP and Controller | Tax withheld | 1,236 | $67.6K |
| Mar 2, 2026 | Badran Souheil SEVP, Chief Operations Officer | Tax withheld | 17,884 | $977.5K |
| Mar 2, 2026 | Kedia Gunjan President & CEO | Tax withheld | 28,703 | $1.57M |
| Feb 28, 2026 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Tax withheld | 1,976 | $108.0K |
| Feb 28, 2026 | Runkel Mark G. Vice Chair | Tax withheld | 2,152 | $117.6K |
| Feb 28, 2026 | Roy Arijit Sr. Exec. VP | Tax withheld | 1,739 | $95.1K |
| Feb 28, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Tax withheld | 2,222 | $121.5K |
| Feb 28, 2026 | Philipson Stephen L Vice Chair | Tax withheld | 8,990 | $491.4K |
| Feb 28, 2026 | CECERE ANDREW Director | Tax withheld | 14,967 | $818.1K |
| Feb 28, 2026 | Richard Jodi L Vice Chair | Tax withheld | 5,443 | $297.5K |
| Feb 28, 2026 | Barcelos Elcio R.T. Senior EVP, Chief HR Officer | Tax withheld | 3,483 | $190.4K |
| Feb 28, 2026 | Badran Souheil SEVP, Chief Operations Officer | Tax withheld | 3,678 | $201.0K |
| Feb 28, 2026 | Kedia Gunjan President & CEO | Tax withheld | 9,562 | $522.7K |
| Feb 28, 2026 | Stark Lisa R EVP and Controller | Tax withheld | 1,685 | $92.1K |
| Feb 28, 2026 | Stern John C Vice Chair and CFO | Tax withheld | 2,600 | $142.1K |
| Feb 27, 2026 | Kedia Gunjan President & CEO | Tax withheld | 10,961 | $627.6K |
| Feb 27, 2026 | Dilip Venkatachari SEVP & Chief Info & Tech Off | Tax withheld | 2,218 | $127.0K |
| Feb 27, 2026 | Stark Lisa R EVP and Controller | Tax withheld | 1,819 | $104.2K |
| Feb 27, 2026 | Richard Jodi L Vice Chair | Tax withheld | 3,223 | $184.5K |
| Feb 27, 2026 | Runkel Mark G. Vice Chair | Tax withheld | 1,397 | $80.0K |
| Feb 27, 2026 | CHOSY JAMES L Senior EVP and General Counsel | Tax withheld | 2,098 | $120.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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