U.S. Bancorp earnings: guidance and results
U.S. Bancorp's next results are expected on January 19, 2027. The main thing for U.S. Bancorp to show is whether it met its revenue and productivity promises.
What has U.S. Bancorp guided?
For 2026, management guides to revenue growth of 8%–9%, or 6%–7% excluding BTIG. It targets positive operating leverage of 300 basis points, or 400 basis points excluding BTIG. For the quarter to December 2026, guidance is 6%–7% net interest income growth and 13%–14% fee revenue growth. Noninterest expense growth is 8%. Capital deployment is 70%–75%, with a 10.0% CET1 target for 2026–2027.
| Period it covers | Low | High | Date given | |
|---|---|---|---|---|
| CET1 ratio target | 2026–2027 | 10.0% | 10.0% | October 15, 2026 |
| Fee Revenue Growth (YoY) | 2026–2027 | October 15, 2026 | ||
| Long-term commitment to capital deployment | Long term | 70.0% | 75.0% | October 15, 2026 |
| Total noninterest expense | Quarter to Dec 2026 | 8.0% | 8.0% | October 15, 2026 |
| Total net revenue | Year to Dec 2026 | 8.0% | 9.0% | October 15, 2026 |
| Positive operating leverage | Year to Dec 2026 | 300 | 300 | October 15, 2026 |
What this means. Blank cells mean the bank gave a general description instead of a specific numerical target, not that the target is zero.
Has U.S. Bancorp kept its past promises?
Execution has a concrete record. Cecere’s 2024 shareholder letter called for rebuilding capital and restoring positive operating leverage, meaning revenue growing faster than expenses. In June 2025, Kedia said execution needed to become faster and more consistent. By the fourth quarter of 2025, U.S. Bancorp reported 440 basis points of adjusted positive operating leverage, or a 4.4-percentage-point gap between revenue and expense growth. Management reported the same direction on the October 2026 call.
What is U.S. Bancorp's revenue and profit trend?
U.S. Bancorp’s revenue has grown faster than its earnings per share because growth has arrived with acquisitions, changing interest rates, and changing credit costs.
EPS is profit available to common shareholders divided by the average share count. It recovered strongly, but remained below its earlier level, which had benefited from unusually favorable reserve releases. The real question is how much the existing bank earns per share after ordinary credit costs.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,948 | 7,686 | 7,260 | 7,337 | 7,300 | 6,975 | 6,928 | 6,979 |
| Net interest income | 4,468 | 4,361 | 4,263 | 4,284 | 4,222 | 4,051 | 4,092 | 4,146 |
| Net income | 2,202 | 2,177 | 1,945 | 2,045 | 2,001 | 1,815 | 1,709 | 1,663 |
| EPS, diluted | 1.34 | 1.35 | 1.18 | 1.26 | 1.22 | 1.11 | 1.03 | 1.01 |
| Net interest margin | 2.8% | 2.8% | 2.8% | 2.8% | 2.7% | 2.6% | 2.7% | 2.7% |
| CET1 capital ratio | 10.8% | 10.8% | 10.8% | 10.8% | 10.9% | 10.7% | 10.8% | 10.6% |
What this means. The revenue numbers may differ from the bank’s headline total because we leave out a tax adjustment used to make different kinds of income comparable.
What should I watch in U.S. Bancorp's next release?
The next earnings call is January 19, 2027, at 8 a.m. Central Time. It should show whether USB met its revenue and productivity promises, whether repurchases resumed and how management sees 2027. The central takeaway is simple: profitable growth will require stronger underlying activity, disciplined capital use and enough earnings to fund both expansion and shareholder returns.