Analyst Consensus ?
ConsensusHold49 ratings
Bullish2551.0%
Neutral2244.9%
Bearish24.1%
U.S. Bancorp · USB · FY2025 Q1 · Calendar Q2 2025
U.S. Bancorp emphasizes fee growth, payments, and expense discipline
The call provides evidence for a measured growth case built on fee-generating businesses, payments expansion, Union Bank integration, and expense discipline. The case remains conditional because management also highlighted tariff, credit-quality, interest-rate, and capital-rule risks.
Reported Before market openNYSEFinancial Services
$88.92B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.97
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $6.92B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.1%
Event window
SPY move
-2.2%
Same window
Abnormal move
+0.1%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
+17.9%
Up to 20 sessions
USBSPY benchmark
Ask FN2 about USB FY2025 Q1
Transcript, numbers and history already loaded
What drove USB's -2.1% move after FY2025 Q1 earnings?What changed in USB's guidance and outlook in FY2025 Q1?Give me the bull and bear case for USB after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior analysis, management continued to emphasize expense discipline and fee growth while providing more detail on the payments transformation, including five target industry verticals and a tech-led operating model. Union Bank integration and affluent-client outreach remained important parts of the plan.
Guidance delta
Management maintained its 3%-5% full-year revenue growth outlook and cited a goal of more than 200 basis points of full-year operating leverage.
Key takeaways
- Q1 EPS was $1.03, with 17.5% ROE and year-over-year operating leverage improvement of 270 basis points.
- Fee income reached 41% of net revenue, with management targeting mid-single-digit growth for the year.
- CET1 was 10.8%, or 8.8% including AOCI; management said buybacks will increase after reaching its 10% CET1 target.
- The payments strategy and Union Bank integration are central to the growth plan.
Management priorities
- Deepen the payments franchise and pursue mid-single-digit fee growth
- Complete Union Bank integration and expand affluent-client outreach
- Maintain expense discipline while reallocating savings to growth initiatives
- Increase repurchases after reaching the 10% CET1 target
Follow USB with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$57.08Current
$42Low
$62.23Average
$76High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Raymond James | Strong Buy | Strong Buy | Maintain | Oct 6, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 5, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 2, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 1, 2026 |
| HSBC | Buy | Buy | Maintain | Sep 28, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jul 17, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 17, 2026 |
| DA Davidson | Buy | Buy | Maintain | Jul 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 17, 2026 |
| Jefferies | Buy | Hold | Upgrade | Jul 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 22, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 21, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 7, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 17, 2025 |
| B of A Securities | Buy | Buy | Maintain | Oct 17, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jun 10, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 17, 2025 |
| Compass Point | Buy | Buy | Maintain | Dec 10, 2024 |
| Deutsche Bank | Hold | Buy | Downgrade | Oct 24, 2024 |
| Odeon Capital | Buy | Hold | Upgrade | Dec 14, 2023 |
| Wedbush | Neutral | Neutral | Maintain | Jul 20, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jul 20, 2023 |
| Nomura | Buy | Neutral | Upgrade | Apr 16, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Sep 30, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Aug 1, 2019 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Edward Jones | Hold | Buy | Downgrade | Apr 3, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Jan 5, 2018 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Dec 21, 2016 |
| Susquehanna | Neutral | Positive | Downgrade | Dec 1, 2016 |
| CLSA | Underperform | Underperform | Maintain | Sep 23, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 5, 2016 |
| Guggenheim | Neutral | Buy | Downgrade | Apr 6, 2016 |
| Portales Partners | Outperform | Sector Perform | Upgrade | Aug 25, 2015 |
| Sandler O'Neil | Hold | Buy | Downgrade | Apr 2, 2014 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jan 22, 2014 |
| Hilliard Lyons | Buy | Neutral | Upgrade | Jul 18, 2013 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 17, 2013 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Feb 11, 2013 |
| Stifel | Buy | Hold | Upgrade | Feb 11, 2013 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 18, 2012 |
| ISI Group | Hold | Hold | Maintain | Oct 17, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 18, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $57.08. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $64 | $57.51 | +12.1% | Oct 5, 2026 |
| Truist Financial | John McDonald | $67 | $56.27 | +17.4% | Oct 1, 2026 |
| HSBC | Analyst unavailable | $76 | $58.96 | +33.1% | Sep 28, 2026 |
| RBC Capital | Gerard Cassidy | $68 | $62.32 | +19.1% | Aug 24, 2026 |
| Evercore ISI | John Pancari | $72 | $63.52 | +26.1% | Jul 20, 2026 |
| BTIG | Analyst unavailable | $67.5 | $63.14 | +18.3% | Jul 20, 2026 |
| CLSA | Analyst unavailable | $67.5 | $63.14 | +18.3% | Jul 20, 2026 |
| Truist Financial | Analyst unavailable | $69 | $64.24 | +20.9% | Jul 17, 2026 |
| D.A. Davidson | Peter Winter | $74 | $64.01 | +29.6% | Jul 17, 2026 |
| Stephens | Analyst unavailable | $67 | $64.01 | +17.4% | Jul 17, 2026 |
| Robert W. Baird | Analyst unavailable | $68 | $64.01 | +19.1% | Jul 17, 2026 |
| Barclays | Jason Goldberg | $75 | $64.01 | +31.4% | Jul 17, 2026 |
| Raymond James | Michael Rose | $72 | $62.89 | +26.1% | Jul 8, 2026 |
| UBS | Erika Najarian | $66 | $63.18 | +15.6% | Jul 7, 2026 |
| Wells Fargo | Mike Mayo | $66 | $61.73 | +15.6% | Jul 6, 2026 |
| Jefferies | David Chiaverini | $75 | $61.73 | +31.4% | Jul 6, 2026 |
| Morgan Stanley | Manan Gosalia | $67 | $60.99 | +17.4% | Jun 29, 2026 |
| Truist Financial | Analyst unavailable | $62 | $56.7 | +8.6% | Apr 17, 2026 |
| Morgan Stanley | Analyst unavailable | $64 | $56.26 | +12.1% | Apr 17, 2026 |
| RBC Capital | Gerard Cassidy | $61 | $56.34 | +6.9% | Apr 17, 2026 |
| Oppenheimer | Analyst unavailable | $73 | $55.48 | +27.9% | Apr 17, 2026 |
| Barclays | Analyst unavailable | $67 | $55.48 | +17.4% | Apr 17, 2026 |
| Jefferies | Analyst unavailable | $60 | $55.46 | +5.1% | Apr 16, 2026 |
| Truist Financial | Analyst unavailable | $63 | $51.59 | +10.4% | Mar 26, 2026 |
| Truist Financial | John McDonald | $66 | $56.05 | +15.6% | Feb 26, 2026 |
| Evercore ISI | John Pancari | $65 | $59.05 | +13.9% | Feb 5, 2026 |
| UBS | Analyst unavailable | $60 | $60.32 | +5.1% | Feb 4, 2026 |
| Argus Research | Analyst unavailable | $63 | $56.52 | +10.4% | Jan 22, 2026 |
| RBC Capital | Analyst unavailable | $59 | $55.74 | +3.4% | Jan 21, 2026 |
| D.A. Davidson | Peter Winter | $65 | $55.46 | +13.9% | Jan 21, 2026 |
| Truist Financial | Analyst unavailable | $61 | $55.63 | +6.9% | Jan 21, 2026 |
| HSBC | Analyst unavailable | $62 | $55.08 | +8.6% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $60 | $55.78 | +5.1% | Jan 6, 2026 |
| Barclays | Jason Goldberg | $65 | $53.93 | +13.9% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $58 | $54.3 | +1.6% | Dec 18, 2025 |
| Deutsche Bank | Matt O'Connor | $52.5 | $47.33 | -8.0% | Oct 23, 2025 |
| D.A. Davidson | Analyst unavailable | $59 | $46.24 | +3.4% | Oct 17, 2025 |
| Truist Financial | John McDonald | $52 | $46.24 | -8.9% | Oct 17, 2025 |
| Wells Fargo | Analyst unavailable | $52 | $45.65 | -8.9% | Oct 17, 2025 |
| Goldman Sachs | Richard Ramsden | $52 | $45.65 | -8.9% | Oct 17, 2025 |
| UBS | Analyst unavailable | $50 | $47.67 | -12.4% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $54 | $48.99 | -5.4% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $56 | $49.44 | -1.9% | Sep 29, 2025 |
| Truist Financial | Analyst unavailable | $51 | $49.61 | -10.7% | Sep 17, 2025 |
| Deutsche Bank | Matt O'Connor | $51 | $48.53 | -10.7% | Oct 24, 2024 |
| D.A. Davidson | Peter Winter | $54 | $49.62 | -5.4% | Oct 17, 2024 |
| Oppenheimer | Chris Kotowski | $59 | $49.21 | +3.4% | Oct 17, 2024 |
| Wells Fargo | Mike Mayo | $60 | $49.21 | +5.1% | Oct 17, 2024 |
| Robert W. Baird | David George | $54 | $49.21 | -5.4% | Oct 17, 2024 |
| RBC Capital | Gerald Cassidy | $53 | $49.21 | -7.1% | Oct 17, 2024 |
| Stephens | Terry McEvoy | $52 | $49.21 | -8.9% | Oct 17, 2024 |
| Barclays | Jason Goldberg | $57 | $49.21 | -0.1% | Oct 17, 2024 |
| Evercore ISI | John Pancari | $51 | $44.46 | -10.7% | Oct 2, 2024 |
| Morgan Stanley | Betsy Graseck | $57 | $44.79 | -0.1% | Sep 30, 2024 |
| Evercore ISI | John Pancari | $49 | $44.68 | -14.2% | Sep 18, 2024 |
| Robert W. Baird | David George | $52 | $43.85 | -8.9% | Sep 13, 2024 |
| Bank of America Securities | Erika Najarian | $53 | $43.96 | -7.1% | Sep 12, 2024 |
| Piper Sandler | Scott Siefers | $47 | $46.6 | -17.7% | Sep 3, 2024 |
| RBC Capital | Gerard Cassidy | $48 | $45.08 | -15.9% | Jul 18, 2024 |
| Jefferies | Ken Usdin | $42 | $39.97 | -26.4% | Jul 3, 2024 |
| Oppenheimer | Chris Kotowski | $53 | $39.68 | -7.1% | Jun 28, 2024 |
| UBS | Erika Najarian | $43 | $39.44 | -24.7% | Apr 19, 2024 |
| D.A. Davidson | Peter Winter | $44 | $39.24 | -22.9% | Apr 18, 2024 |
| Oppenheimer | Chris Kotowski | $54 | $39.52 | -5.4% | Apr 18, 2024 |
| Wells Fargo | Mike Mayo | $48 | $39.52 | -15.9% | Apr 18, 2024 |
| HSBC | Saul Martinez | $53 | $44 | -7.1% | Mar 28, 2024 |
| Compass Point | David Rochester | $49 | $43.92 | -14.2% | Mar 22, 2024 |
| Piper Sandler | Scott Siefers | $57 | $48.98 | -0.1% | Feb 15, 2023 |
| Wolfe Research | Bill Carcache | $63 | $52.58 | +10.4% | Apr 7, 2022 |
| Robert W. Baird | David George | $58 | $52.58 | +1.6% | Apr 7, 2022 |
| J.P. Morgan | Vivek Juneja | $62.5 | $52.58 | +9.5% | Apr 7, 2022 |
| Oppenheimer | Chris Kotowski | $77 | $52.66 | +34.9% | Apr 4, 2022 |
| RBC Capital | Gerard Cassidy | $66 | $52.66 | +15.6% | Apr 4, 2022 |
| Citigroup | Keith Horowitz | $65 | $54.65 | +13.9% | Jan 21, 2022 |
| Barclays | Jason Goldberg | $66 | $56.48 | +15.6% | Jan 20, 2022 |
| Stephens | Terry McEvoy | $62 | $56.48 | +8.6% | Jan 20, 2022 |
| KBW | David Konrad | $64 | $56.9 | +12.1% | Jan 19, 2022 |
| Evercore ISI | John Pancari | $63 | $55.96 | +10.4% | Dec 6, 2021 |
| Piper Sandler | Scott Siefers | $60 | $59.26 | +5.1% | Oct 15, 2021 |
| Wells Fargo | Mike Mayo | $72 | $59.55 | +26.1% | Oct 4, 2021 |
| Credit Suisse | Susan Roth Katzke | $61 | $56.55 | +6.9% | Sep 22, 2021 |
| Goldman Sachs | Richard Ramsden | $61 | $54.49 | +6.9% | Jul 22, 2021 |
| Compass Point | Dave Rochester | $61 | $58.98 | +6.9% | May 18, 2021 |
Track every rating change on USB the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationU.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Its diverse customer base includes individual consumers, various businesses, institutional organizations, governmental bodies, and other financial entities. The company organizes its operations across key segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. Its offerings encompass fundamental depository services such as checking accounts, savings accounts, and time certificates. U.S. Bancorp also extends a variety of credit facilities, including traditional lending products, credit card services, lease financing, support for import/export trade, asset-backed lending, and agricultural finance.…
Historical context
All USB earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
Latest beats and misses
Who reports nextBeat on EPS
Get the USB recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-02T00:05:04.828054+00:00
- Polygon adjusted daily market bars · 2026-10-11T22:40:42.339093+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T22:40:42.335643+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.