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Death, Taxes, and Garbage: The Story of WM
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U.S. Bancorp
U.S. Bancorp (USB) investor relations material
U.S. Bancorp Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Jan, 2026
Executive summary
Delivered record net revenue and EPS in Q4 2025, with net income of $2.05B, adjusted EPS of $1.26, and full-year net revenue of $28.7B.
Achieved positive operating leverage of 440 bps in Q4 and 370 bps for the year, with six consecutive quarters of positive leverage.
Strategic execution focused on organic growth, disciplined expense management, and payments transformation, operating within all medium-term targets.
Announced acquisition of BTIG to enhance capital markets capabilities, expected to close in 2Q26.
Continued investments in digital assets, AI, and organizational transformation.
Financial highlights
Net interest income for 4Q25 was $4.31B, up 3.3% year-over-year; net interest margin rose to 2.77%.
Fee revenue grew 7.6% year-over-year in Q4; efficiency ratio improved to 57.4%.
Return on tangible common equity was 18.4%; return on average assets 1.19%.
Net charge-off ratio was 0.54%; nonperforming asset ratio improved to 0.41%.
Total assets were $692.3B; total loans $391.3B; total deposits $522.2B.
Outlook and guidance
2026 net revenue growth expected at 4%-6% year-over-year, with positive operating leverage of 200+ bps.
Q1 2026 guidance: net interest income up 3%-4%, fee revenue up 5%-6%, non-interest expense up ~1% versus Q1 2025.
Path to 3% net interest margin by 2027 remains intact, driven by improved loan and deposit mix and asset repricing.
Medium-term targets: ROA 1.15–1.35%, ROTCE high teens, fee income growth mid-single digits, efficiency ratio mid-to-high 50s.
BTIG acquisition expected to add $175M-$200M in quarterly fee revenue post-close.
Commercial loan credit quality trends
Capital markets revenue growth drivers
Deposit mix impact on NIM
BTIG: How will equity business succeed?
Consumer deposit growth: How accretive is it?
Flexibility for 2026 operating leverage?
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Next U.S. Bancorp earnings date
Q1 202616 Apr, 2026
U.S. Bancorp
Next U.S. Bancorp earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
U.S. Bancorp is a financial services company, offering a variety of products and services to individuals, businesses, institutional organizations and governmental entities. The company offers a broad range of banking products and services, including lending and depository products, cash management, capital markets, and trust and investment management products. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota.
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