10-QPeriod: Q2 FY2026

US BANCORP \DE\ Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 6, 2026For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

U.S. Bancorp reported a strong second quarter and first six months of 2026, with net income attributable to U.S. Bancorp increasing by 19.9% to $2.2 billion in Q2 2026 and by 17.0% to $4.1 billion for the first six months compared to the prior year periods. This growth was driven by a combination of higher net interest income and noninterest income, with the latter benefiting from the acquisition of BTIG. Average loans saw a robust increase of 7.1% in the quarter, supported by commercial, commercial real estate, and credit card loans, while average deposits grew by 2.4%, primarily in savings accounts. The company maintained stable credit quality, with a slight decrease in the allowance for credit losses to loans ratio and a notable 15.3% reduction in nonperforming assets. Net charge-offs as a percentage of average loans also improved slightly. Capital ratios remained strong, exceeding regulatory requirements, and the company returned significant capital to shareholders through dividends and share repurchases. The BTIG acquisition, completed on June 1, 2026, is expected to enhance fee revenue in the Wealth, Corporate, Commercial and Institutional Banking segment.

Key Highlights

  • 1Net income increased by 19.9% to $2.2 billion in Q2 2026 and by 17.0% to $4.1 billion for the first six months of 2026, year-over-year.
  • 2Diluted earnings per share rose by 21.6% to $1.35 in Q2 2026 and by 18.2% to $2.53 for the first six months.
  • 3Total net revenue grew by 10.1% to $7.7 billion in Q2 2026 and by 7.4% to $15.0 billion for the first six months.
  • 4Noninterest income saw a significant increase of 13.7% in Q2 2026 and 9.8% for the first six months, boosted by the BTIG acquisition and improved fee revenue across categories.
  • 5Average loans increased by 7.1% in Q2 2026, driven by commercial, commercial real estate, and credit card loans.
  • 6Nonperforming assets decreased by 15.3% to $1.3 billion at June 30, 2026, indicating improved credit quality.
  • 7Capital ratios remained strong, with Common Equity Tier 1 capital at 10.8% as of June 30, 2026, exceeding regulatory requirements.

Frequently Asked Questions

U.S. Bancorp's revenue growth was primarily driven by a 7.7% increase in net interest income, attributed to loan growth, an improved earning asset mix, and fixed asset repricing. Additionally, noninterest income grew by 13.7%, significantly boosted by the contribution from the BTIG acquisition and higher fee revenue across various categories, including capital markets, trust, and investment management.

Credit quality remained stable. The allowance for credit losses as a percentage of period-end loans was 1.94% at June 30, 2026, down from 2.03% at December 31, 2025. Nonperforming assets decreased by 15.3% to $1.3 billion, largely due to lower nonperforming commercial loans. Net charge-offs also decreased, with the ratio of total loan net charge-offs to average loans outstanding at 0.53% for Q2 2026, an improvement from 0.59% in the prior year.

The acquisition of BTIG, completed on June 1, 2026, contributed to higher noninterest income, particularly in the Wealth, Corporate, Commercial and Institutional Banking segment, due to its capital markets revenue. It also led to an increase in noninterest expense related to integration costs, compensation, and technology, which are expected to drive future fee revenue growth.

U.S. Bancorp maintained strong capital ratios, with its Common Equity Tier 1 capital ratio at 10.8% as of June 30, 2026, exceeding regulatory requirements. The company returned approximately $1.0 billion to shareholders in Q2 2026 through dividends and share repurchases, reflecting its commitment to shareholder value while investing in strategic growth initiatives like the BTIG acquisition.