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U.S. Bancorp (USB) investor relations material
U.S. Bancorp Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EPS increased 18.4% year-over-year to $1.22, with net income up 16.7% to $2,001 million and record net revenue of $7.329 billion, driven by strong fee businesses and improved spread income.
Fee income represented approximately 42% of total net revenue, growing 9.5% year-over-year, and noninterest income rose 14.1%.
Achieved 530 basis points of positive operating leverage and improved efficiency ratio to 57.2%.
Return on average assets was 1.17%, and return on tangible common equity reached 18.6%.
Diversified balance sheet and risk management led to improved credit quality and stronger capital and liquidity, with CET1 capital ratio at 10.9%.
Financial highlights
Net interest income (taxable-equivalent basis) was $4.25 billion, up 2.0% year-over-year and 4.2% sequentially.
Noninterest income reached $3.08 billion, up 14.1% year-over-year, with broad-based growth across all fee categories.
Tangible book value per share increased 12.7% year-over-year to $27.84; book value per share rose to $36.33.
Net charge-off ratio improved to 0.56%, and non-performing assets ratio improved to 0.43%.
Efficiency ratio improved to 57.2%, down from 60.2% a year ago.
Outlook and guidance
Q4 net interest income expected to remain stable at $4.25 billion, with fee revenue guidance at around $3 billion.
Noninterest expense projected to rise 1–1.5% sequentially; positive operating leverage of 200+ basis points targeted.
Medium-term targets include ROA of 1.15–1.35%, ROTCE in the high teens, and mid-single digit fee income growth.
Path to 3% net interest margin by 2027, driven by fixed asset repricing, loan mix, and deposit strategy.
Moody’s revised the outlook from negative to stable, citing strong diversification, balance sheet, and profitability.
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