Highlights
- Net revenue of $7,288 million, including year-over-year increases of 4.1% in net interest income (taxable-equivalent basis) and 6.9% in fee revenue
- Net income of $1,945 million, an increase of 14% year-over-year
- Diluted earnings per common share of $1.18, an increase of 15% year-over-year
- Return on average assets of 1.15% and efficiency ratio of 58.2%, both improved on a year-over-year basis
- Positive operating leverage of 440 basis points from the prior year quarter
- Net interest margin of 2.77%, an increase of 5 basis points on a year-over-year basis
- Noninterest expense relatively stable year-over-year
- CET1 capital ratio of 10.8% at March 31, 2026
- Average total loans increased 3.8% on a year-over-year basis and 2.4% on a linked quarter basis
- Average total deposits increased 1.7% on a year-over-year basis
- Full financial details available here.
CEO commentary
U.S. Bancorp CEO Gunjan Kedia said, “In the first quarter, we delivered diluted earnings per share of $1.18, up 15% year-over year, and a return on tangible common equity of 17%. Strong revenue growth drove 440 basis points of positive operating leverage, as ongoing investments for growth and continued cost savings drove 260 basis points of year-over-year improvement in our efficiency ratio. Net interest income growth of 4.1% compared with the prior year was supported by robust loan growth in priority areas, including commercial and credit card, and record consumer deposits. Fee revenue increased 6.9% year-over-year, reflecting improved payments performance and continued momentum across capital markets and investment services businesses. Credit quality and capital levels remain healthy and strong.
These results demonstrate continued execution within our medium-term financial target ranges and strong momentum across the franchise. Recently announced partnerships with nationally recognized brands such as Amazon and the NFL reinforce the scale, relevance, and growth potential of our diversified business model. With disciplined risk management and consistent execution, we are positioned to deliver sustainable returns and long-term value. On behalf of my U.S. Bank colleagues, I thank our clients and shareholders for their continued trust and support.”
Business and other highlights
Amazon and U.S. Bank Launch New Small Business Credit Cards
Amazon announced it is transitioning its small business credit card portfolio to U.S. Bank and the Mastercard network, introducing a new Prime Business Card and a new Amazon Business Card available this spring. The Prime Business Card will offer Prime members 5% back on Amazon purchases, while the Amazon Business Card will provide 3% back for customers without a Prime membership, with both cards featuring enhanced rewards for off-Amazon spending, flexible credit terms, and no annual fees. Designed to integrate seamlessly with Amazon Business purchasing and spend management tools, the new cards aim to help small businesses better manage cash flow and earn rewards wherever they shop. Issued by U.S. Bank, the partnership expands its small business payments offerings while leveraging Mastercard’s global network, security, and data-driven capabilities to deliver greater value, simplicity, and control for small business customers.
U.S. Bank and NFL Announce Partnership Centered on Banking and Wealth Management
The NFL and U.S. Bank announced a new multi-year partnership naming U.S. Bank an official bank and wealth management sponsor of the league, building on a trusted relationship that spans more than 20 years. The agreement includes U.S. Bank becoming the presenting sponsor of the Super Bowl MVP Award beginning with Super Bowl LXI and a top-tier sponsor of the NFL FLAG Championships. A key focus of the partnership is player financial empowerment, with U.S. Bank creating a Financial Edge™ program to support athletes throughout their careers and beyond. The program will address areas such as cash flow, saving strategies, long-term wealth, entrepreneurship, and life after football. The partnership also reflects U.S. Bank’s extensive experience in sports finance and includes plans for a joint corporate social responsibility initiative and future fan-focused activations.
Contacts
Investors: Angie Jeyaraj, Angie.Jeyaraj@usbank.com
Media: Jeff Shelman, jeffrey.shelman@usbank.com
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Disclosures
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