U.S. Bancorp Q3 2026 earnings: EPS rises 9.8% to $1.34 on record $7.97 billion revenue

U.S. Bancorp earned $2.20 billion in the third quarter, or $1.34 a diluted share, up 10.0% and 9.8%, respectively, from a year earlier, on record net revenue of $7.97 billion, the Minneapolis bank said Thursday.

Net interest income rose 5.6% year over year and fee revenue jumped 14.9%. Net interest margin widened to 2.84% from 2.75% a year earlier. The efficiency ratio improved to 55.9% from 57.2%, and return on average assets was 1.25%.

Shares were up about 0.2% near $56.26 in Thursday morning trading.

Average total loans increased 8.0% from a year ago and 1.0% from the prior quarter. Average total deposits rose 2.9% year over year and 2.2% linked quarter. The common equity tier 1 capital ratio was 10.8% at Sept. 30, 2026.

Taxable-equivalent net interest income was $4.49 billion in the quarter, up from $4.25 billion a year earlier, according to the release highlights. Operating leverage was positive 240 basis points versus the year-ago quarter.

By the numbers

• Net income: $2.20 billion (+10.0% year over year)
• Diluted EPS: $1.34 (+9.8%)
• Record net revenue: $7.97 billion
• Net interest margin: 2.84%
• Efficiency ratio: 55.9%
• CET1 ratio: 10.8%
• Average loans: +8.0% year over year; average deposits: +2.9%

Sources

1. U.S. Bancorp, Form 8-K (Items 2.02, 7.01, 9.01), Exhibit 99.1 earnings release, filed Oct. 15, 2026, accession 0000036104-26-000054

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