U.S. Bancorp (USB) Earnings Call Transcripts

U.S. Bancorp's Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, U.S. Bancorp reported earnings per share of $1.35, reflecting a 22% year-over-year increase, and achieved record net revenue of $7.7 billion, up 10.1% year-over-year. The strong performance was driven by robust fee growth, particularly in capital markets and payments, alongside disciplined expense management. Management raised their full-year revenue growth guidance to 7-9%, up from 4-6%, signaling confidence in ongoing business momentum and strategic initiatives.

Reported metrics

Guidance from management

Management raised full-year revenue growth guidance to 7-9%, up from 4-6%, and expects net interest income growth of 4-6% for Q3 2026, indicating confidence in ongoing business momentum.

What management said

Thank you, John. As we look ahead, our focus remains on sustaining the strong return profile of the company while accelerating growth with resilient fundamentals strong execution momentum and an increasingly interconnected franchise, we believe we are well positioned for the next phase of profitable growth and long-term value creation. With that, we will now open the call for your questions.

I'd just add, Erika, that we are very comfortable with our expense and productivity runway on our programs. And like John said, very committed to a healthy positive operating leverage on the core. Just a reminder here that between BTIG and the Amazon deal, we're installing more than $1 billion of run rate revenue over a very short period of time, and there's a fair amount of onetime cost that we are absorbing within ...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of fee growth and the impact of rising deposit costs on net interest margins. There were questions about the integration costs associated with the BTIG acquisition and how it would affect future profitability.

Main topics on the call

• Revenue Growth Acceleration — U.S. Bancorp's revenue growth accelerated to 10.1% year-over-year, with management highlighting 'strong progress against our 3 strategic priorities.' The increase in revenue was attributed to a diversified business mix a...
• Fee Income Growth — Total fee revenue increased by 13.2% year-over-year, driven by strong performance in capital markets and payments. Management noted that 'fees rose to 44% of total revenue this quarter,' indicating a significant shift to...
• BTIG Acquisition Performance — The BTIG acquisition generated approximately $98 million in revenue in its first month, exceeding expectations. Management stated, 'we expect to capture more long-term strategic benefits of the combination,' indicating c...
• Loan Growth Trends — Average loans totaled $405 billion, reflecting a 7.1% increase year-over-year. Management highlighted strong loan growth in commercial and industrial sectors, stating, 'the pipelines continue to look very good.'

Read the full U.S. Bancorp transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 75 U.S. Bancorp earnings call transcripts on record, spanning January 15, 2020 to July 16, 2026. Based on this history, U.S. Bancorp reports quarterly. The most recent call on file is dated July 16, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

USB

Exchange

NYSE

Country

US

Sector

Financials

Industry

Banks

Calls on record

75

First call

January 15, 2020

Most recent

July 16, 2026

Reporting cadence

quarterly