U.S. Bancorp (USB) investor relations material

Executive summary

• Delivered record net revenue of $7.7 billion, up 10.1% year-over-year, driven by robust loan growth, broad-based fee momentum, and the initial impact of the BTIG acquisition.

• Net income rose 19.9% year-over-year to $2,177 million, with diluted EPS up 22% to $1.35.

• Achieved 400 basis points of positive operating leverage and improved efficiency ratio, with fee revenue rising to 44% of total revenue.

• Integration of BTIG is underway, enhancing capital markets capabilities and contributing to fee revenue.

• Consumer franchise momentum with record deposits and expanded multi-service relationships.

Financial highlights

• Net interest income (taxable-equivalent basis) rose 7.5% year-over-year to $4,387 million; noninterest income up 13.7% to $3,325 million.

• Fee income increased 13.2% year-over-year, with capital markets revenue (ex-BTIG) up 31%.

• Average loans totaled $405 billion, up 7.1% year-over-year; average total assets reached $695 billion.

• Efficiency ratio improved to 57.1%; return on tangible common equity was 18.7%, and ROA was 1.26%.

• Net charge-off ratio was 0.53%, down 6 bps year-over-year.

Outlook and guidance

• Third quarter 2026 guidance: net interest income growth of 4%-6% and fee revenue growth of 12%-14% year-over-year, with BTIG contributing ~$200 million per quarter.

• Full year 2026 net revenue growth expected at 7%-9% (5%-7% ex-BTIG), with 200+ basis points of positive operating leverage.

• Amazon Small Business Portfolio purchase to close mid-August, adding ~$75-$85 million revenue per quarter.

• BTIG expected to add ~$200 million of quarterly net revenue at a 15–20% margin.

• Management expects continued momentum into the second half of the year, supported by a favorable economic backdrop and diversified business mix.