U.S. Bancorp Reports 3Q26 Earnings: Record Net Revenue of $7.97B and EPS of $1.34

U.S. Bancorp (USB) Q3 2026 Financial Results Overview

U.S. Bancorp filed an 8-K under Items 2.02 (Results of Operations and Financial Condition) and 7.01 (Regulation FD Disclosure) reporting financial results for the third quarter ended September 30, 2026.

Key Financial Metrics

• Net Revenue: Reached a record $7,970 million, supported by a 5.6% year-over-year increase in net interest income (taxable-equivalent basis) to $4,490 million and a 14.9% increase in fee revenue/noninterest income ($3,480 million vs. $3,078 million in 3Q25).
• Net Income: $2,202 million attributable to U.S. Bancorp, up 10.0% compared to $2,001 million in 3Q25.
• Diluted EPS: $1.34, an increase of 9.8% year-over-year compared to $1.22 in 3Q25.
• Profitability Ratios:
  • Return on Average Assets (ROA): 1.25% (vs. 1.17% in 3Q25)
  • Return on Average Common Equity (ROE): 13.6% (vs. 13.5% in 3Q25)
  • Return on Tangible Common Equity (ROTCE): 18.5% (vs. 18.6% in 3Q25)
  • Net Interest Margin (NIM): 2.84%, expanding 9 bps year-over-year and 5 bps sequentially.
  • Efficiency Ratio: 55.9%, reflecting 240 basis points of positive operating leverage year-over-year.

Credit & Capital

• Net Charge-Off Ratio: Improved to 0.51%, down from 0.53% in 2Q26 and 0.56% in 3Q25.
• CET1 Capital Ratio: Maintained strong capitalization at 10.8% under the Basel III standardized approach.
• Balance Sheet Growth:
  • Average total loans grew 8.0% YoY to $409.5 billion.
  • Average total deposits expanded 2.9% YoY to $526.6 billion.

Strategic & Business Initiatives

• BTIG Integration: Recorded a full quarter of BTIG results, driving a 69.3% year-over-year surge in capital markets revenue.
• Payments Growth: Delivered combined payments revenue growth of 6.5% YoY.
• Digital Asset Pilot (USBDC): Completed a successful live cross-border pilot transaction using its proprietary U.S. dollar-backed stablecoin (USBDC) on the Stellar blockchain, validating tokenized asset issuance and transfer.
• Small Business Expansion: Launched the Business Essentials suite of credit cards supported by national advertising.