Highlights
- Record net revenue of $7,365 million, including a year-over-year increase of 7.6% in fee revenue
- Net income of $2,045 million, an increase of 23% year-over-year
- Diluted earnings per common share of $1.26, an increase of 18% year-over-year as adjusted for notable items in the prior year quarter
- Return on on tangible common equity of 18.4%, return on average assets of 1.19%, and efficiency ratio of 57.4%, all improved compared with the fourth quarter of 2024
- Positive operating leverage of 440 basis points as adjusted for notable items in the prior year quarter
- Net interest margin of 2.77%, an increase of 6 basis points on a year-over-year basis and 2 basis points on a linked quarter basis
- Noninterest expense relatively stable year-over-year
- CET1 capital ratio of 10.8% at December 31, 2025
- Full financial details available here.
CEO commentary
U.S. Bancorp CEO Gunjan Kedia said, “In the fourth quarter, diluted earnings per share was $1.26, an increase of approximately 18%, year-over-year, as adjusted. We delivered a solid return on tangible common equity of 18.4% and 440 basis points of positive operating leverage, on an adjusted basis, that was driven by record net revenue this quarter. Record consumer deposits this quarter and effective balance sheet remixing contributed to net interest income growth and margin expansion. Fee income exceeded our mid-single-digit growth target and was supported by broad strength across our diversified fee businesses. Both credit and capital levels remain healthy as we saw our net charge-off ratio improve to 0.54% and our CET1 capital ratio close the year at 10.8%.
The company’s improving results underscored the effectiveness of our strategy, the benefits of greater interconnectedness, and disciplined execution by a talented and motivated team. Looking ahead to 2026, we remain committed to our strategic priorities and medium-term targets as these measures will continue to drive sustainable EPS growth and industry-leading returns. I would like to offer a special thanks to many partners for your well wishes for Minneapolis, where we are headquartered.”
Business and other highlights
U.S. Bancorp to acquire BTIG, LLC
U.S. Bancorp has entered into a definitive agreement to acquire BTIG, LLC, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage. Founded in 2005, BTIG is a leading U.S. broker for high-touch equity execution and has completed more than 1,275 investment banking transactions since 2015. The firm’s 700 employees across 20 global locations will join U.S. Bancorp, with its leadership team remaining in place. The acquisition expands U.S. Bancorp’s capital markets capabilities and strengthens relationships with corporate and institutional clients, while providing BTIG’s clients and employees enhanced resources, technology and access to a broader suite of financial products and services. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.
U.S. Bank advances digital asset strategy with cross-border stablecoin pilot
U.S. Bank has successfully completed a pilot to enable cross-border stablecoin transactions, marking a meaningful step forward in the bank’s digital-asset strategy. The initiative demonstrates operational, risk and technology readiness through controlled transactions, which paves the way for future commercial offerings. The pilot underscores U.S. Bank’s commitment to responsible innovation – advancing digital-asset capabilities in a compliant, scalable way through disciplined testing and a control-focused mindset so future product evolution can translate into meaningful, trusted benefits for customers.
Contacts
Investors: George Andersen, george.andersen@usbank.com
Media: Jeff Shelman, jeffrey.shelman@usbank.com
More news
Disclosures
Equal Housing Lender