Analyst Consensus ?
ConsensusHold49 ratings
Bullish2551.0%
Neutral2244.9%
Bearish24.1%
U.S. Bancorp · USB · FY2026 Q2 · Calendar Q3 2026
USB Q2 2026: Fee Revenue Accelerates, BTIG Delivers, Guidance Raised to 7–9%
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…
Reported Before market openNYSEFinancial Services
$100.36B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.35
Consensus $1
EPS surprise
+5.5%
Reported versus consensus
Reported revenue
$7.71B
Consensus $7.58B
Revenue surprise
+1.8%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$64.43Current
$42Low
$61.64Average
$75High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 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 |
|---|---|---|---|---|
| JP Morgan | Neutral | Underweight | Upgrade | Jul 20, 2026 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Jul 20, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 17, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jul 17, 2026 |
| RBC Capital | Outperform | Outperform | 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 |
| UBS | Neutral | Neutral | Maintain | Jul 7, 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 |
| Raymond James | Strong Buy | Outperform | Upgrade | Jul 7, 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 |
| HSBC | Buy | Hold | Upgrade | Mar 28, 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 $64.43. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | John Pancari | $72 | $63.52 | +11.7% | Jul 20, 2026 |
| BTIG | Analyst unavailable | $67.5 | $63.14 | +4.8% | Jul 20, 2026 |
| CLSA | Analyst unavailable | $67.5 | $63.14 | +4.8% | Jul 20, 2026 |
| Truist Financial | Analyst unavailable | $69 | $64.24 | +7.1% | Jul 17, 2026 |
| D.A. Davidson | Peter Winter | $74 | $64.01 | +14.9% | Jul 17, 2026 |
| Stephens | Analyst unavailable | $67 | $64.01 | +4.0% | Jul 17, 2026 |
| Robert W. Baird | Analyst unavailable | $68 | $64.01 | +5.5% | Jul 17, 2026 |
| Barclays | Jason Goldberg | $75 | $64.01 | +16.4% | Jul 17, 2026 |
| Raymond James | Michael Rose | $72 | $62.89 | +11.7% | Jul 8, 2026 |
| UBS | Erika Najarian | $66 | $63.18 | +2.4% | Jul 7, 2026 |
| Wells Fargo | Mike Mayo | $66 | $61.73 | +2.4% | Jul 6, 2026 |
| Jefferies | David Chiaverini | $75 | $61.73 | +16.4% | Jul 6, 2026 |
| Morgan Stanley | Manan Gosalia | $67 | $60.99 | +4.0% | Jun 29, 2026 |
| Truist Financial | Analyst unavailable | $62 | $56.7 | -3.8% | Apr 17, 2026 |
| Morgan Stanley | Analyst unavailable | $64 | $56.26 | -0.7% | Apr 17, 2026 |
| RBC Capital | Gerard Cassidy | $61 | $56.34 | -5.3% | Apr 17, 2026 |
| Oppenheimer | Analyst unavailable | $73 | $55.48 | +13.3% | Apr 17, 2026 |
| Barclays | Analyst unavailable | $67 | $55.48 | +4.0% | Apr 17, 2026 |
| Jefferies | Analyst unavailable | $60 | $55.46 | -6.9% | Apr 16, 2026 |
| Truist Financial | Analyst unavailable | $63 | $51.59 | -2.2% | Mar 26, 2026 |
| Truist Financial | John McDonald | $66 | $56.05 | +2.4% | Feb 26, 2026 |
| Evercore ISI | John Pancari | $65 | $59.05 | +0.9% | Feb 5, 2026 |
| UBS | Analyst unavailable | $60 | $60.32 | -6.9% | Feb 4, 2026 |
| Argus Research | Analyst unavailable | $63 | $56.52 | -2.2% | Jan 22, 2026 |
| RBC Capital | Analyst unavailable | $59 | $55.74 | -8.4% | Jan 21, 2026 |
| D.A. Davidson | Peter Winter | $65 | $55.46 | +0.9% | Jan 21, 2026 |
| Truist Financial | Analyst unavailable | $61 | $55.63 | -5.3% | Jan 21, 2026 |
| HSBC | Analyst unavailable | $62 | $55.08 | -3.8% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $60 | $55.78 | -6.9% | Jan 6, 2026 |
| Barclays | Jason Goldberg | $65 | $53.93 | +0.9% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $58 | $54.3 | -10.0% | Dec 18, 2025 |
| Deutsche Bank | Matt O'Connor | $52.5 | $47.33 | -18.5% | Oct 23, 2025 |
| D.A. Davidson | Analyst unavailable | $59 | $46.24 | -8.4% | Oct 17, 2025 |
| Truist Financial | John McDonald | $52 | $46.24 | -19.3% | Oct 17, 2025 |
| Wells Fargo | Analyst unavailable | $52 | $45.65 | -19.3% | Oct 17, 2025 |
| Goldman Sachs | Richard Ramsden | $52 | $45.65 | -19.3% | Oct 17, 2025 |
| UBS | Analyst unavailable | $50 | $47.67 | -22.4% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $54 | $48.99 | -16.2% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $56 | $49.44 | -13.1% | Sep 29, 2025 |
| Truist Financial | Analyst unavailable | $51 | $49.61 | -20.8% | Sep 17, 2025 |
| Deutsche Bank | Matt O'Connor | $51 | $48.53 | -20.8% | Oct 24, 2024 |
| D.A. Davidson | Peter Winter | $54 | $49.62 | -16.2% | Oct 17, 2024 |
| Oppenheimer | Chris Kotowski | $59 | $49.21 | -8.4% | Oct 17, 2024 |
| Wells Fargo | Mike Mayo | $60 | $49.21 | -6.9% | Oct 17, 2024 |
| Robert W. Baird | David George | $54 | $49.21 | -16.2% | Oct 17, 2024 |
| RBC Capital | Gerald Cassidy | $53 | $49.21 | -17.7% | Oct 17, 2024 |
| Stephens | Terry McEvoy | $52 | $49.21 | -19.3% | Oct 17, 2024 |
| Barclays | Jason Goldberg | $57 | $49.21 | -11.5% | Oct 17, 2024 |
| Evercore ISI | John Pancari | $51 | $44.46 | -20.8% | Oct 2, 2024 |
| Morgan Stanley | Betsy Graseck | $57 | $44.79 | -11.5% | Sep 30, 2024 |
| Evercore ISI | John Pancari | $49 | $44.68 | -23.9% | Sep 18, 2024 |
| Robert W. Baird | David George | $52 | $43.85 | -19.3% | Sep 13, 2024 |
| Bank of America Securities | Erika Najarian | $53 | $43.96 | -17.7% | Sep 12, 2024 |
| Piper Sandler | Scott Siefers | $47 | $46.6 | -27.1% | Sep 3, 2024 |
| RBC Capital | Gerard Cassidy | $48 | $45.08 | -25.5% | Jul 18, 2024 |
| Jefferies | Ken Usdin | $42 | $39.97 | -34.8% | Jul 3, 2024 |
| Oppenheimer | Chris Kotowski | $53 | $39.68 | -17.7% | Jun 28, 2024 |
| UBS | Erika Najarian | $43 | $39.44 | -33.3% | Apr 19, 2024 |
| D.A. Davidson | Peter Winter | $44 | $39.24 | -31.7% | Apr 18, 2024 |
| Oppenheimer | Chris Kotowski | $54 | $39.52 | -16.2% | Apr 18, 2024 |
| Wells Fargo | Mike Mayo | $48 | $39.52 | -25.5% | Apr 18, 2024 |
| HSBC | Saul Martinez | $53 | $44 | -17.7% | Mar 28, 2024 |
| Compass Point | David Rochester | $49 | $43.92 | -23.9% | Mar 22, 2024 |
| Piper Sandler | Scott Siefers | $57 | $48.98 | -11.5% | Feb 15, 2023 |
| Wolfe Research | Bill Carcache | $63 | $52.58 | -2.2% | Apr 7, 2022 |
| Robert W. Baird | David George | $58 | $52.58 | -10.0% | Apr 7, 2022 |
| J.P. Morgan | Vivek Juneja | $62.5 | $52.58 | -3.0% | Apr 7, 2022 |
| Oppenheimer | Chris Kotowski | $77 | $52.66 | +19.5% | Apr 4, 2022 |
| RBC Capital | Gerard Cassidy | $66 | $52.66 | +2.4% | Apr 4, 2022 |
| Citigroup | Keith Horowitz | $65 | $54.65 | +0.9% | Jan 21, 2022 |
| Barclays | Jason Goldberg | $66 | $56.48 | +2.4% | Jan 20, 2022 |
| Stephens | Terry McEvoy | $62 | $56.48 | -3.8% | Jan 20, 2022 |
| KBW | David Konrad | $64 | $56.9 | -0.7% | Jan 19, 2022 |
| Evercore ISI | John Pancari | $63 | $55.96 | -2.2% | Dec 6, 2021 |
| Piper Sandler | Scott Siefers | $60 | $59.26 | -6.9% | Oct 15, 2021 |
| Wells Fargo | Mike Mayo | $72 | $59.55 | +11.7% | Oct 4, 2021 |
| Credit Suisse | Susan Roth Katzke | $61 | $56.55 | -5.3% | Sep 22, 2021 |
| Goldman Sachs | Richard Ramsden | $61 | $54.49 | -5.3% | Jul 22, 2021 |
| Compass Point | Dave Rochester | $61 | $58.98 | -5.3% | May 18, 2021 |
Track every rating change on USB the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+1.6%
Event window
SPY move
-0.5%
Same window
Abnormal move
+2.1%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+0.7%
Up to 20 sessions
USBSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
EPS rose to $1.35 from $1.18 in Q1 2026, a 22% YoY increase. Revenue climbed to $7.71B from $7.3B, a 10.1% YoY gain. Fee revenue accelerated to 13.2% YoY growth and reached 44% of total revenue. The BTIG acquisition — pending in Q1 — closed and generated $98M in its first month, with management projecting ~$200M per quarter later in 2026. Consumer deposits hit a record, driven by the Bank Smartly platform. Annual branch investment is set to increase to $300M. Full-year revenue guidance was raised from 4–6% to 7–9% (5–7% ex-BTIG). A $160M reserve build is planned for the Amazon Small Business Portfolio, which is expected to close in mid-August.
Guidance delta
Management raised FY2026 revenue growth guidance from 4–6% to 7–9% YoY (5–7% ex-BTIG), the first upward revision of the year after maintaining the prior range in Q1. The operating leverage target of 200+ bps was reaffirmed. Capex outlook shifted to increasing, with branch investment rising to $300M annually. The guidance raise reflects incremental BTIG contribution and confidence in organic fee growth, particularly in capital markets and payments.
Key takeaways
- EPS of $1.35 beat consensus of $1.28 by 5.5%, with 22% YoY EPS growth and 10.1% revenue growth to a record $7.71B.
- Fee revenue grew 13.2% YoY and now comprises 44% of total revenue, reflecting a structural shift toward fee-centric earnings.
- BTIG contributed $98M in its first month — the strongest monthly performance in its history — with a path to ~$200M per quarter later in 2026.
- Management raised FY2026 revenue guidance to 7–9% growth (5–7% ex-BTIG) from the prior 4–6% range.
- Combined BTIG and Amazon Small Business Portfolio are expected to add ~$1B of incremental run-rate revenue in the next 12 months.
Management priorities
- Integrate BTIG and grow capital markets revenue to >10% of total revenue through cross-selling to existing corporate and middle-market clients.
- Scale the Amazon Small Business Portfolio toward $1B of incremental run-rate revenue, with the portfolio closing in mid-August and a $160M reserve build planned.
- Accelerate branch expansion and refurbishment with $300M in annual capex, focusing on high-growth markets including Nashville, Phoenix, and the Southwest.
- Continue technology and marketing investment to support fee-centric growth via the Bank Smartly platform and Business Essentials suite.
Related earnings events
Financial ServicesAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedBX · FY2026 Q2 · Calendar Q3 2026Blackstone Beats on AI-Driven Inflows, AUM Hits Record $1.35 TrillionCME · FY2026 Q2 · Calendar Q3 2026CME Group Q2: Record Revenue, Robust Product Pipeline, CFTC Overhang
Sources
- Earnings call transcript and parsed analysis · 2026-07-16T16:06:22.393230+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T02:52:10.491262+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T02:52:10.488572+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 . For educational purposes only; not investment advice.