Highlights
- Record net revenue of $7,970 million, year over-year increases of 5.6% in net interest income and 14.9% in fee revenue
- Net income of $2,202 million, an increase of 10.0% year-over-year
- Diluted earnings per common share of $1.34, an increase of 9.8% year-over-year
- Positive operating leverage of 240 basis points from the prior year quarter
- Return on average assets of 1.25% and efficiency ratio of 55.9%, both improved on a year-over-year basis
- Net interest margin of 2.84%, an increase of 9 basis points on a year-over-year basis
- CET1 capital ratio of 10.8% at September 30, 2026
- Average total deposits increase of 2.9% on a year-over-year basis and 2.2% on a linked quarter basis
- Average total loans increase of 8.0% on a year-over-year basis and 1.0% on a linked quarter basis
- Full financial details available here.
CEO commentary
U.S. Bancorp Chairman and CEO Gunjan Kedia said, “We delivered strong third quarter results. Record net revenue of $8.0 billion drove diluted earnings per share of $1.34, up 10% year-over-year, a return on tangible common equity of 18.5%, and an efficiency ratio of 55.9%. The net charge-off ratio improved to 51 basis points. Our exceptional business mix and increasingly strong operating discipline helped us deliver high returns, productivity, and prudent risk management while strengthening revenue growth. We reported a full quarter of BTIG results, which drove an increase of 69.3% year-over-year in capital markets revenue. Our Payments transformation gained momentum and delivered combined revenue growth of 6.5% year-over-year. We were pleased to report another quarter of record consumer deposits and launch major initiatives to expand our reach in the small business segment as we onboarded a strategic small business credit card relationship, launched Business Essentials, an innovative suite of new products, and established new banker teams in expansion markets.
These results reflect strong execution against our strategic priorities and better interconnectivity across our organization. We remain focused on bringing innovative solutions to our clients, investing in our business, creating a culture of high-performance and delivering exceptional long-term value for our shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for their continued trust and partnership.”
Business and other highlights
U.S. Bank launches USBDC Stablecoin
U.S. Bank has successfully completed a live pilot transaction using USBDC, its proprietary U.S. dollar-backed stablecoin, for a cross-border payment between U.S. Bank entities in North America and Europe, demonstrating the potential for 24/7 transactions. Conducted on the Stellar blockchain, the pilot showed the bank can move value on-chain while maintaining integration with its existing finance, risk, compliance and operations infrastructure. The transaction also validated U.S. Bank’s internally developed Digital Asset Platform and evaluated key capabilities, including minting, payment redemption, freezing and clawbacks, managing and moving tokenized assets, and creating a foundation for issuing. Looking ahead, U.S. Bank is exploring applications including liquidity management, collateral mobility and cross-border treasury operations, with the initiative representing another step in its broader digital asset strategy to use blockchain technology to improve efficiency, transparency and settlement speed while maintaining the safety, security and reliability expected by clients.
U.S. Bank launches new credit cards for small businesses
U.S. Bank has launched two new small-business credit cards, Business Essentials and Business Essentials Plus, offering unlimited 2% cash back on eligible purchases and additional rewards for customers with qualifying business checking balances. Business Essentials has no annual fee and can earn up to 2.5% total cash back, while the $295-annual-fee Plus card can earn up to 3.5% and automatically provides 5% cash back on the cardholder’s top spending category, subject to an annual limit. Both cards include tools designed to simplify expense management, including Spend Management and ExtendPay, while new cardholders can qualify for cash-back welcome offers of $500 or $1,000, depending on the card. U.S. Bank is supporting the launch with a new advertising campaign featuring entrepreneur and actress Jessica Alba as the spokesperson for both cards, emphasizing its broader strategy of building deeper relationships with small business owners through integrated banking, payments and expense management solutions.
Contacts
Investors: Brian Mauney, Brian.Mauney@usbank.com
Media: Jeff Shelman, Jeffrey.Shelman@usbank.com
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