U.S. Bancorp earnings overview

USB FY2026 Q2 · Calendar Q3 2026

U.S. Bancorp

U.S. Bancorp's Q2 2026 results mark a clear step-up in the fee-revenue transformation management has been building toward. EPS of $1.35 beat consensus of $1.28 by 5.5%, while record net revenue of $7.71B grew 10.1% YoY — both accelerating from Q1's $1.18 EPS and $7.3B revenue. Fee revenue grew 13.2% YoY and now represents 44% of total revenue, reflecting a deliberate pivot toward a higher-fee earnings mix. The BTIG acquisition contributed $98M in its first month, described as BTIG's strongest monthly performance ever, with a path to ~$200M per quarter later in 2026. Combined with the pending Amazon Small Business Portfolio, management projects ~$1B of incremental run-rate revenue in the next 12 months. Full-year revenue guidance was raised from 4–6% to 7–9% (5–7% ex-BTIG), the first upward revision of the year. The market responded favorably, with a 2.1% abnormal return on the report…