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US BANCORP \DE\ 8-K Report, Financial Results (Jan 20, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed January 20, 2026
Period End
January 20, 2026
In the record · 2016–202610-K1110-Q328-K199

USB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 199 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’18Feb ’18
  2. Leadership change8-K · Apr ’23Apr ’23
  3. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed January 20, 2026. Cited figures are marked; the original filing is the authoritative source.

U.S. Bancorp reported fourth-quarter 2025 results on January 20, 2026 that were broadly strong, led by record net revenue of $7.365 billiona (up 5.1% year over year) and net income attributable to the company of $2.045 billion (up 23.0%, or roughly 17-18% excluding notable items in the prior-year quarter).

Diluted EPS was $1.26b versus $1.01 a year earlier ($1.07 adjusted), and return on tangible common equity was 18.4%. Net interest margin widened to 2.77% from 2.71%, driven by loan growth and fixed-asset repricing, and fee revenue grew 7.6% year over year, exceeding management's mid-single-digit target. Management reported 440 basis points of positive operating leverage on an adjusted basis, with noninterest expense down 1.9% reported (up 0.6% adjusted).

Credit metrics were stable to improving. The net charge-off ratio fell to 0.54% from 0.60% a year earlier, nonperforming assets declined to $1.59 billionc, and the allowance for credit losses was 2.03% of period-end loans. The CET1 ratio was 10.8%, down 10 basis points sequentially but up 30 basis points year over year, and all regulatory ratios remained above well-capitalized levels.

Full-year 2025 net income was $7.57 billiond, up 14.7% on an adjusted basis, with diluted EPS of $4.62. Management also reiterated its medium-term targets for 2026 and 2027 and committed to continued positive operating leverage. The most significant forward-looking development is the definitive agreement to acquire BTIG, LLC, a capital markets firm with roughly $750 million in estimated annual adjusted net revenue, expected to close in the second quarter of 2026.

Management expects the deal to be negligible to 2026 EPS and to reduce CET1 by about 12 basis points at closing, and it excludes the deal from 2026 guidance. Guidance calls for 2026 net interest income growth of 4% to 6% and fee revenue growth of 5% to 6% in 1Q26 terms, and the company also disclosed a cross-border stablecoin pilot at U.S. Bank.

02—Key points

Key Highlights

  1. Record quarterly net revenue of $7.365B (+5.1% YoY); net income attributable to U.S. Bancorp of $2.045B (+23.0% YoY, reported basis)
  2. Diluted EPS of $1.26, up 24.8% YoY reported and about 17.8% vs. $1.07 adjusted for prior-year notable items; full-year 2025 EPS of $4.62 (+16.1% adjusted)
  3. Fee revenue up 7.6% YoY to $3.05B, above management's mid-single-digit target, led by trust and investment management fees (+7.5%), capital markets (+17.3%), and other revenue (+13.0%)
  4. NIM expanded to 2.77% (+6 bps YoY, +2 bps QoQ) and ROTCE was 18.4%; adjusted positive operating leverage of 440 bps
  5. Credit quality stable-to-improving: NCO ratio fell to 0.54% from 0.60%, NPAs declined to $1.59B, and ACL/loans held at 2.03%
  6. CET1 ratio of 10.8% (down 10 bps QoQ, up 30 bps YoY); tangible book value per share rose 18.2% YoY to $29.12
  7. Agreed to acquire BTIG, LLC (~$750M est. annual adjusted net revenue), expected to close in 2Q26 with ~12 bps CET1 impact at closing and negligible 2026 EPS impact

03—Questions

Frequently Asked Questions

  1. What drove the strong fourth-quarter earnings growth?

    Net income rose 23.0% YoY to $2.045B, mainly because revenue grew 5.1% (net interest income +3.3% and noninterest income +7.8%) while noninterest expense fell 1.9%. The prior-year quarter included $109M of lease impairment and efficiency charges, so adjusted growth was a more modest but still strong 17.2%.

  2. What is the BTIG acquisition and how might it affect the company?

    U.S. Bancorp agreed to buy BTIG, LLC, a broker focused on high-touch equity execution, investment banking, and prime brokerage, with about $750M of estimated 2025 adjusted net revenue and 700 employees. Management expects it to expand capital markets capabilities, be negligible to 2026 EPS, reduce CET1 by about 12 bps at closing, and be neutral to PPNR in 2026. The deal is expected to close in 2Q26 subject to regulatory approvals and is excluded from 2026 guidance.

  3. How healthy are the company's credit quality and capital positions?

    Credit trends improved: the NCO ratio declined to 0.54%, nonperforming assets fell to $1.59B (0.41% of loans plus ORE), and the allowance covers 514% of nonperforming loans. Accruing loans 90+ days past due rose to $853M, mainly due to credit card delinquencies. The CET1 ratio was 10.8%, all regulatory ratios exceed well-capitalized thresholds, and management is working toward its roughly 75% long-term capital distribution target.

  4. What is the outlook for 2026?

    Management guided to 2026 net interest income growth of 4% to 6% versus 2025, total fee revenue growth of 5% to 6%, and total noninterest expense growth in the low single digits, all excluding BTIG. It expects positive operating leverage of 200+ bps and committed to its medium-term targets for 2026 and 2027, including ROA of 1.15% to 1.35%, ROTCE in the high teens, and an efficiency ratio in the mid-to-high 50s.

04—Continue

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