0000036104-26-000021
SEC filingU.S. Bancorp reported Q1 2026 net income of $1,945 million and diluted EPS of $1.18, up 14% and 15% year-over-year, driven by 4.7% net revenue growth and positive operating leverage.
U.S. Bancorp delivered strong Q1 2026 results with net income attributable to the company of $1,945 million, up 13.8% year-over-year, driven by total net revenue growth of 4.7% to $7,288 million. Net interest income on a taxable-equivalent basis rose 4.1% YoY to $4,291 million, supported by 3.8% average loan growth to $393.6 billion—primarily in commercial (up 11.4%) and credit card (up 6.4%)—improved earning asset mix, and fixed asset repricing, expanding net interest margin to 2.77% from 2.72%. Noninterest income increased 5.7% YoY to $2,997 million, reflecting gains across payments, capital markets, and investment services. Noninterest expense rose modestly 0.8% YoY to $4,265 million due to higher marketing, technology, and business development costs, offset by lower compensation; this generated 440 basis points of positive operating leverage and a 260 bps efficiency ratio improvement to 58.2%. Provision for credit losses increased 7.3% YoY to $576 million amid loan growth, with net charge-offs at 0.56%. Linked-quarter results showed seasonal softness, with net income down 4.9% and EPS at $1.18 vs. $1.26. CEO Gunjan Kedia highlighted robust loan growth, record consumer deposits, fee momentum, healthy credit quality, and CET1 stability at 10.8%, positioning for medium-term targets. Strategic partnerships with Amazon (small business cards launching spring 2026) and NFL (multi-year banking/wealth sponsorship) underscore diversified growth. No forward guidance provided, but results affirm execution amid disciplined risk management.