10-QPeriod: Q1 FY2026

US BANCORP \DE\ Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 4, 2026For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

US BancORP (USB) reported a solid first quarter for 2026, with net income attributable to the company increasing by 13.8% year-over-year to $1.945 billion, or $1.18 per diluted share. This growth was driven by a 4.2% increase in net interest income, primarily due to loan growth and improved asset mix, and a 5.7% rise in noninterest income across most categories, notably capital markets and trust and investment management fees. The company maintained stable credit quality, with nonperforming assets decreasing by 3.9% and net charge-offs remaining stable. Provision for credit losses saw a modest increase of 7.3%, largely attributable to loan growth. US BancORP's capital position remained strong, with all regulatory capital ratios exceeding requirements. The company also announced a definitive agreement to acquire BTIG for up to $1 billion, expected to close in Q2 2026, which is anticipated to enhance its institutional trading and investment banking capabilities. Operationally, noninterest expense increased by a modest 0.8%, driven by higher technology and marketing spend, partially offset by lower compensation costs. The company's liquidity position remains robust, with a strong liquidity coverage ratio. Overall, the results reflect continued profitable growth and effective risk management, supported by a strategic acquisition that is poised to expand its service offerings.

Financial Highlights

34 data points
Beta

Revenue

$7.29B

Net Income

$1.95B

26.7% Net Margin

EPS (Diluted)

$1.18

Total Assets

$701.00B

Cash & Equivalents

$48.42B

Free Cash Flow

$1.34B

Financial Statements
Beta
Revenue$7.29B
Net Income$1.95B
EPS (Basic)$1.18
EPS (Diluted)$1.18
Shares Outstanding (Basic)1.55B
Shares Outstanding (Diluted)1.55B

Key Highlights

  • 1Net income attributable to U.S. Bancorp increased by 13.8% to $1.945 billion ($1.18 per diluted share) in Q1 2026 compared to Q1 2025.
  • 2Net interest income grew by 4.2% to $4.3 billion, driven by loan growth and a better earning asset mix.
  • 3Noninterest income rose by 5.7% to $3.0 billion, bolstered by strong performance in capital markets and trust and investment management fees.
  • 4Credit quality remained stable, with nonperforming assets decreasing by 3.9% and net charge-offs slightly declining to 0.56% of average loans.
  • 5Regulatory capital ratios remained well above requirements, with Common Equity Tier 1 capital at 10.8%.
  • 6The company announced plans to acquire BTIG for up to $1 billion, expected to close in Q2 2026, to enhance its institutional trading and investment banking services.
  • 7Noninterest expense increased by a modest 0.8%, reflecting investments in technology and marketing, partially offset by lower compensation costs.

Frequently Asked Questions

US Bancorp reported net income attributable to U.S. Bancorp of $1.945 billion for the first quarter of 2026, a 13.8% increase compared to $1.709 billion in the first quarter of 2025. Diluted earnings per share were $1.18, up from $1.03 in the prior year.

The increase in net interest income of 4.2% to $4.3 billion was primarily driven by loan growth (up 3.8% on average), an improved earning asset mix, and the repricing of fixed assets. The net interest margin also improved to 2.77% on a taxable-equivalent basis.

US Bancorp maintained stable credit quality. Nonperforming assets decreased by 3.9% to $1.5 billion, driven by lower nonperforming commercial loans. Net charge-offs as a percentage of average loans were stable at 0.56%. The allowance for credit losses was $8.0 billion, representing 2.00% of period-end loans.

The acquisition of BTIG for up to $1 billion is a strategic move to enhance US Bancorp's institutional trading, investment banking, research, and related brokerage services. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals.