U.S. Bancorp (USB) Q3 FY2026 earnings

Reported results

• Net revenue of $7,970 million, year-over-year increase of 5.6% in net interest income (taxable-equivalent basis) to $4,490 million and 14.9% in fee revenue to $3,545 million
• Net income attributable to U.S. Bancorp of $2,202 million, up 10.0% year-over-year; diluted earnings per common share of $1.34, up 9.8% year-over-year
• Return on tangible common equity (non-GAAP) of 18.5%; efficiency ratio (non-GAAP) of 55.9%; net charge-off ratio of 0.51%
• Net interest margin of 2.84%, up 9 basis points year-over-year; CET1 capital ratio of 10.8%
• Average total loans increased 8.0% year-over-year to $409,548 million; average total deposits increased 2.9% year-over-year to $526,602 million
• Noninterest income increased 13.1% year-over-year, driven by capital markets revenue which increased 69.3% including BTIG acquisition impact

Notes

GAAP and non-GAAP measures clearly labeled throughout. Company acquired BTIG (Condor Trading LP and subsidiaries) during quarter, impacting capital markets revenue and noninterest expense. Small business credit card portfolio purchased in Q3 2026 resulted in $135 million provision for credit losses and $55 million allowance for acquired credit losses recorded in the quarter. Prior year segments were recast to reflect 2026 organizational changes including movement of Impact Finance business and debit card revenue allocation.

Price and volatility reaction

The stock moved +2.0% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -3.5 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-15 (8-K, Item 2.02). Read the original filing on sec.gov.