Highlights
- Record net revenue of $7,712 million, including year-over-year increases of 7.5% in net interest income (taxable-equivalent basis) and 13.2% in fee revenue
- Net income of $2,177 million, an increase of 20% year-over-year
- Diluted earnings per common share of $1.35, an increase of 22% year-over-year
- Positive operating leverage of 400 basis points from the prior year quarter
- Return on average assets of 1.26% and efficiency ratio of 57.1%, both improved on a year-over-year and a linked quarter basis
- Net interest margin of 2.79%, an increase of 13 basis points on a year-over-year basis
- CET1 capital ratio of 10.8% at June 30, 2026
- Average total deposits increased 2.4% on a year-over-year basis
- Average total loans increased 7.1% on a year-over-year basis and 3.0% on a linked quarter basis
- Completed the acquisition of BTIG, reflecting approximately $98 million in fee revenue and $84 million of noninterest expense
- Full financial details available here.
CEO commentary
U.S. Bancorp CEO Gunjan Kedia said, “Second quarter results were strong, with record net revenue of $7.7 billion driving diluted earnings per share of $1.35, up 22% year-over-year, and return on tangible common equity of 18.7%. Strong loan growth, a third consecutive quarter of record consumer deposits, broad-based fee income momentum and productivity drove 400 basis points of positive operating leverage. Credit quality continues to improve.
We enter the second half of the year with a favorable economic backdrop and strong momentum, supported by our diversified business mix, interconnected franchise and disciplined execution. This quarter’s successful completion of the BTIG acquisition enhances our capital markets capabilities and provides additional opportunities to deepen client relationships.
We remain focused on delivering sustainable growth, attractive returns and long-term value for shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for your continued trust and support and extend a warm welcome to our new BTIG colleagues.”
Business and other highlights
U.S. Bancorp completes acquisition of BTIG
U.S. Bancorp has completed its acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC ("BTIG"), marking a significant expansion of the company’s capital markets capabilities and strengthening its ability to serve corporate and institutional clients. Effective June 1, 2026, BTIG joined U.S. Bancorp with a suite of complementary businesses, including institutional equity sales and trading, equity capital markets, electronic trading and mergers and acquisitions advisory services. Founded in 2005, BTIG is a leading investment banking and brokerage firm that ranks among the top 10 U.S. brokers for high-touch equity trading volume and has participated in more than 1,350 investment banking transactions since 2015. This acquisition brings together BTIG’s deep market expertise with the scale and resources of a diversified financial institution, creating new opportunities for clients and accelerating the company’s capital markets momentum.
Elavon expands its All-In-One payments platform
Elavon, a wholly owned subsidiary of U.S. Bank, expanded its All-In-One payments platform across North America, helping businesses deliver more seamless commerce experiences across in-store, mobile and online channels. The platform combines Elavon’s payments infrastructure with a growing ecosystem of technology partners, giving merchants a unified way to manage payments and operations while improving customer experiences. Designed for industries such as hospitality, healthcare and retail, the platform integrates payment acceptance, point-of-sale software and business operations into a single solution. The platform leverages Android-based devices that combine payment processing and point-of-sale capabilities. Elavon has also expanded integrations with other leading technology providers allowing businesses to streamline service, increase productivity and scale more easily. The All-In-One platform helps organizations launch quickly, manage transactions from a single system and operate more efficiently while delivering consistent experiences across every customer touchpoint.
Contacts
Investors: Brian Mauney, Brian.Mauney@usbank.com
Media: Jeff Shelman, Jeffrey.Shelman@usbank.com
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