U.S. Bancorp (USB) SEC Filings & Earnings Calls
EquiReason read 16 U.S. Bancorp SEC filings in the last 12 months. Latest: 8-K on 2026-10-15 — U.S. Bancorp reported Q3 2026 earnings: net income $2.202B, diluted EPS $1.34, net interest margin 2.84%, efficiency ratio 55.9%. Results show sequential improvement in net interes.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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- Market cap
- 92.8B
- P/E TTM
- 11.9
- Dividend yield
- 3.5%
- 52-week
- —
- Next earnings
- 19 Jan, in 87 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
15 Oct 20268-K · 2.02, 7.01U.S. Bancorp reported Q3 2026 earnings: net income $2.202B, diluted EPS $1.34, net interest margin 2.84%, efficiency ratio 55.9%. Results show sequential improvement in net interest income and net income.earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q3-2026 | $4.47B | +6% y/y |
| Net income attributable to U.S. Bancorp · Q3-2026 | $2.20B | +10% y/y |
| Diluted earnings per common share · Q3-2026 | $1.34 | +10% y/y |
| Net interest margin (taxable-equivalent basis) · Q3-2026 | 2.8% | |
| Efficiency ratio · Q3-2026 | 55.9% | |
| Return on average common equity · Q3-2026 | 13.6% | |
| Total deposits · Q3-2026 | $531.71B | +1% y/y |
| Total loans · Q3-2026 | $415.25B | +9% y/y |
Risks flagged
Provision for credit losses increased to $654M from $571M year-over-year, indicating credit quality pressure.
“Provision for credit losses $654 million for Q3 2026 vs $571 million for Q3 2025.”
6 Aug 202610-QUSB reported Q2 2026 net income of $2.18B, up 19.9% YoY, with NIM expansion and broad fee revenue growth.earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q2-2026 | $4.36B | +8% y/y |
| Net income attributable to U.S. Bancorp · Q2-2026 | $2.18B | +20% y/y |
| Diluted earnings per share · Q2-2026 | $1.35 | +22% y/y |
| Net interest margin (taxable-equivalent basis) · Q2-2026 | 2.8% | |
| Efficiency ratio · Q2-2026 | 57.1% | |
| Return on average assets · Q2-2026 | 1.3% | |
| Return on average common equity · Q2-2026 | 14.0% | |
| Return on tangible common equity · Q2-2026 | 18.7% | |
| Common equity tier 1 capital ratio · 2026-06-30 | 10.8% | |
| Total deposits · 2026-06-30 | $532.07B | +2% y/y |
Risks flagged
BTIG integration risk
“The acquisition is expected to add fee revenue ... by expanding its current product offerings.” · word for word
Interest rate risk
“Changes in interest rates; ... the effect of higher interest rates on variable rate or adjustable rate loans” · word for word
Credit risk from commercial real estate
“Changes in commercial real estate occupancy rates; ... commercial real estate loans increased $3.4 billion (7.0 percent)” · word for word
16 Jul 20268-K · 2.02, 7.01Net income attributable to U.S. Bancorp $2.18B (+20% y/y); Diluted earnings per common share $1.35 (+22% y/y); Net interest margin (taxable-equivalent basis) 2.79earningsopen
Figures in the filing · each found in the filing text
| Net income attributable to U.S. Bancorp · Q2-2026 | $2.18B | +20% y/y |
| Diluted earnings per common share · Q2-2026 | $1.35 | +22% y/y |
| Net interest margin (taxable-equivalent basis) · Q2-2026 | 2.8% | |
| Efficiency ratio · Q2-2026 | 57.1% | |
| Total loans · Q2-2026 | $410.30B | +8% y/y |
| Total deposits · Q2-2026 | $532.07B | +3% y/y |
| Return on average common equity · Q2-2026 | 14.0% | |
| Provision for credit losses · Q2-2026 | $538M | +7% y/y |
Risks flagged
Provision for credit losses increased 7.4% YoY, indicating potential credit quality deterioration.
“Provision for credit losses $538 million in Q2 2026 vs $501 million in Q2 2025.”
24 Jun 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportSEC ↗
4 May 202610-QUSB reported Q1 2026 net income of $1.945B, up 13.8% YoY, driven by loan growth and NIM expansion.earningsopen
Figures in the filing · each found in the filing text
| Total deposits · 2026-03-31 | $528.18B | |
| Diluted earnings per share · Q1-2026 | $1.18 | +15% y/y |
Risks flagged
Provision for credit losses increase
“The provision for credit losses increased $39 million (7.3 percent), primarily due to loan growth.” · word for word
Pending acquisition integration risk
“The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.” · word for word
16 Apr 20268-K · 2.02, 7.01Net interest income $4.26B (+4% y/y); Net income attributable to U.S. Bancorp $1.95B (+14% y/y); Diluted earnings per common share $1.18 (+15% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q1-2026 | $4.26B | +4% y/y |
| Net income attributable to U.S. Bancorp · Q1-2026 | $1.95B | +14% y/y |
| Diluted earnings per common share · Q1-2026 | $1.18 | +15% y/y |
| Net interest margin (taxable-equivalent basis) · Q1-2026 | 2.8% | |
| Return on average common equity · Q1-2026 | 12.6% | |
| Efficiency ratio · Q1-2026 | 58.2% | |
| Total loans · Q1-2026 | $399.80B | +5% y/y |
| Total deposits · Q1-2026 | $528.18B | +3% y/y |
| Provision for credit losses · Q1-2026 | $576M | +7% y/y |
Risks flagged
Provision for credit losses increased YoY, indicating potential credit quality deterioration.
“Provision for credit losses $576 million vs $537 million YoY”
8 Apr 20268-K · 7.01Issued a Regulation FD disclosure (forward guidance or material update); filed financial statements and exhibits with this reportSEC ↗
10 Mar 2026DEF 14AProxy statement disclosing executive compensation structure, pay-for-performance alignment, and governance changes including new Technology Committee and CEO transition.open
Figures in the filing · each found in the filing text
| Adjusted EPS · FY2025 | $4.61 | |
| Adjusted ROTCE · FY2025 | 18.0% | |
| Net income · FY2025 | $7.57B | |
| ROE · FY2025 | 13.1% | |
| Total shareholder return (cumulative) · FY2025 | $142.00 | |
| Peer group total shareholder return (cumulative) · FY2025 | $196.00 | |
| CEO total compensation (summary comp table) · FY2025 | $17M | |
| CEO compensation actually paid (SEC definition) · FY2025 | $21M | |
| Average non-PEO NEO total compensation (summary comp table) · FY2025 | $7M | |
| Average non-PEO NEO compensation actually paid (SEC definition) · FY2025 | $7M |
Risks flagged
CECL accounting volatility
“Our adoption of CECL creates the potential for significant accounting volatility and uncertainty with respect to the loan loss reserve that is often dependent upon a number of judgmental factors and economic assumptions.” · word for word
Cybersecurity and technology risk
“The Board is very focused on the risks that cybersecurity threats and technology pose to our company as a major financial services institution.” · word for word
Regulatory risk (Category II transition)
“We continue to reinforce our credit and risk management disciplines as we scale and grow, including in preparation for our eventual transition to a Category II banking organization.” · word for word
9 Mar 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportSEC ↗
23 Feb 202610-KThe filing text contains only generic regulatory and legal boilerplate; no operational, financial, or strategic signals are present.SEC ↗
29 Jan 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Change-in-control plan may increase cost in acquisition scenario
“Severance benefits include 2x salary and target bonus, plus pro-rata incentive”
28 Jan 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportSEC ↗
20 Jan 20268-K · 2.02, 7.01Net interest income $4.28B (+3% y/y); Net income attributable to U.S. Bancorp $2.04B (+23% y/y); Diluted earnings per common share $1.26 (+25% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q4-2025 | $4.28B | +3% y/y |
| Net income attributable to U.S. Bancorp · Q4-2025 | $2.04B | +23% y/y |
| Diluted earnings per common share · Q4-2025 | $1.26 | +25% y/y |
| Net interest margin (taxable-equivalent basis) · Q4-2025 | 2.8% | |
| Efficiency ratio · Q4-2025 | 57.4% | |
| Return on average assets · Q4-2025 | 1.2% | |
| Return on average common equity · Q4-2025 | 13.5% | |
| Total loans · Q4-2025 | $391.33B | +3% y/y |
| Total deposits · Q4-2025 | $522.22B | +1% y/y |
| Provision for credit losses · Q4-2025 | $577M | +3% y/y |
Risks flagged
Credit loss provision remains elevated, indicating potential asset quality concerns
“Provision for credit losses $577M vs $560M YoY”
13 Jan 20268-K · 3.02, 7.01Acquisition consideration $725M; Contingent consideration $275M; Capital markets revenue $1.40Bshare dilutionopen
Figures in the filing · each found in the filing text
| Acquisition consideration | $725M | |
| Contingent consideration | $275M | |
| Capital markets revenue · Capital Markets · 2025 | $1.40B | |
| Capital markets revenue CAGR · Capital Markets · 2021-2024 | 21.0% |
Risks flagged
Regulatory approvals required; integration risk; negligible EPS impact in 2026
“Transaction expected to have negligible 2026 earnings per share impact and decrease CET1 ratio by ~12 bps”
6 Nov 20258-K · 7.01Assets $680.00B; Earning Assets $618.00B; Deposits $512.00Bopen
Figures in the filing · each found in the filing text
| Assets · Q3-2025 | $680.00B | |
| Earning Assets · Q3-2025 | $618.00B | |
| Deposits · Q3-2025 | $512.00B | |
| Loans · Q3-2025 | $379.00B |
Risks flagged
Forward-looking statements include risks from economic conditions, interest rates, credit quality, and regulatory changes.
“Extensive risk factor disclosures in the presentation slides.”
5 Nov 202510-QU.S. Bancorp reported Q3 2025 net income of $2.0 billion, up 16.7% YoY, with revenue growth and margin expansion.earningsopen
Figures in the filing · each found in the filing text
| Net interest income · Q3-2025 | $4.22B | +2% y/y |
| Total net revenue · Q3-2025 | $7.33B | +7% y/y |
| Net income attributable to U.S. Bancorp · Q3-2025 | $2.00B | +17% y/y |
| Diluted earnings per share · Q3-2025 | $1.22 | +18% y/y |
| Total deposits · 2025-09-30 | $526.15B | |
| Net interest margin (taxable-equivalent basis) · Q3-2025 | 2.8% | |
| Efficiency ratio · Q3-2025 | 57.2% | |
| Provision for credit losses · Q3-2025 | $571M | +3% y/y |
| Noninterest income · Q3-2025 | $3.08B | +14% y/y |
| Noninterest expense · Q3-2025 | $4.20B | -0% y/y |
Risks flagged
Credit loss provision increase
“Provision for credit losses $571 million for Q3 2025 vs $557 million for Q3 2024, increase of 2.5%.”
Commercial real estate loan decline
“Commercial real estate loans decreased $615 million (1.3%) at September 30, 2025, compared with December 31, 2024, primarily due to payoffs and loan workout activities.” · word for word
Government contract awards
federal awards · contract value, often multi-year| Date | Agency | Value | What for |
|---|---|---|---|
| 2026-08-26 | U.S. Immigration and Customs Enforcement | $7M | THIS PROVIDES I-901 FORM FEE SYSTEM OPERATIONS AND MAINTENANCE SUPPORT FOR FEE COLLECTION AND APPLICATIONS FOR THE STUDENT AND EXCHANGE VISITOR PROGRAM. THIS MODIFICATION EXERCISES |
U.S. Bancorp — questions
- What did U.S. Bancorp file recently?
- 16 SEC filings in the last 12 months. Latest: 8-K on 2026-10-15 — U.S. Bancorp reported Q3 2026 earnings: net income $2.202B, diluted EPS $1.34, net interest margin 2.84%, efficiency ratio 55.9%. Results show sequential improvement in net interest income and net income.
Every figure on this page comes from U.S. Bancorp's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.