Results at a glance
- Period
- FY2026Q3
- Revenue
- $7.9B (7,948 MUSD)
- Net income
- $2.1B (2,095 MUSD)
- Net margin
- 26.4%
From the Us Bancorp Open LedgerView the live ledgerIssuer filing (FY2026Q3)
U.S. Bancorp (NYSE: USB), the Minneapolis super-regional, reported third-quarter 2026 diluted earnings of $1.34 per share, up 9.8% year over year, on what the company calls record net revenue of $7,970 million (taxable-equivalent; $7,948 million GAAP), up 8.7%. Both engines fired: net interest income rose 5.8% to $4,468 million with the margin up 9 basis points to 2.84%, and fee revenue rose 14.9% — led by capital markets revenue up 69.3% to $640 million on the first full quarter of BTIG results. The BTIG deal cuts both ways in the quarter: it also lifted compensation and headcount into noninterest expense of $4,493 million, up 7.1%, though revenue still outran costs by 240 basis points of positive operating leverage and the efficiency ratio improved to 55.9%.
Credit stayed the quiet strength. The $654 million provision looks up 14.5%, but $135 million of it covers newly acquired loans; the net charge-off ratio actually improved to 0.51% from 0.56% a year ago, nonperforming assets fell to 0.32% of loans, and the allowance covers 1.97% of loans. Capital is steady at a 10.8% CET1 ratio with return on tangible common equity at 18.5%, and the quarter funded a $0.54 dividend, up from $0.52 — with zero shares repurchased, the buyback pause showing up as a flat 1,558 million share count. CEO Gunjan Kedia flagged "another quarter of record consumer deposits" alongside small-business card and product launches, plus a live USBDC stablecoin pilot moving value on the Stellar blockchain between U.S. Bank entities in North America and Europe.
The Headline Numbers
| Metric | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Total net revenue (TE) | $7,970M | $7,712M | $7,329M |
| Net interest income (GAAP) | $4,468M | $4,361M | $4,222M |
| Noninterest income | $3,480M | $3,325M | $3,078M |
| Capital markets revenue | $640M | $512M | $378M |
| Provision | $654M | $538M | $571M |
| Noninterest expense | $4,493M | $4,428M | $4,197M |
| Net income to common | $2,095M | $2,098M | $1,893M |
| Diluted EPS | $1.34 | $1.35 | $1.22 |
| Net interest margin | 2.84% | 2.79% | 2.75% |
| Efficiency ratio | 55.9% | 57.1% | 57.2% |
| Return on tangible common equity | 18.5% | 18.7% | 18.6% |
| CET1 ratio | 10.8% | 10.8% | 10.9% |
| Net charge-off ratio | 0.51% | 0.53% | 0.56% |
Period-end loans of $415.2 billion grew 8.6% year over year — commercial up 12.6% and card up 14.1% — while deposits of $531.7 billion grew 1.1%, with savings deposits up 26.2% offsetting a 19.3% runoff in higher-cost time deposits. Tangible book value per share rose to $29.34 from $27.84 a year ago.
Five years in the ledger: Union Bank digested, the core bank compounding
The ledger runs FY2021–FY2025 plus this quarter, and the Union Bank acquisition of December 2022 is the fault line: loans step from $312.0 billion to $388.2 billion across it, and merger/integration charges of $329 million, $1,009 million and $155 million run through FY2022–FY2024. Earnings trace the digestion — diluted EPS of $5.10 in 2021's reserve-release peak, a $3.27 trough in 2023, then $3.79 and $4.62 as the combined bank compounds — while the AOCI hole heals from $(11,407) million to $(6,987) million. Every annual income statement and balance sheet, plus this quarter's full statements, is modeled as examinable Beancount below.
