U.S. Bancorp reported financial results for the quarter ended September 30, 2026, showing a 10.0% increase in net income compared to the prior year. Net income attributable to the company was $2.202 billion, up from $2.001 billion in the third quarter of 2025. Diluted earnings per common share rose to $1.34, representing a 9.8% year-over-year increase.
The company achieved record net revenue of $7.970 billion, driven by a 5.6% increase in net interest income and a 14.9% rise in fee revenue. Net interest margin improved to 2.84%, up 9 basis points from the prior year. On the balance sheet, average total loans increased by 8.0% year-over-year to $409.5 billion, while average total deposits grew by 2.9% to $526.6 billion.
Return on average assets was 1.25%, and the efficiency ratio improved to 55.9%. The company’s common equity tier 1 (CET1) capital ratio stood at 10.8% at September 30, 2026. The net charge-off ratio improved to 51 basis points.
CEO Gunjan Kedia highlighted the strong performance, noting the impact of the BTIG acquisition and growth in the Payments segment. The company also announced the launch of two new small-business credit cards, Business Essentials and Business Essentials Plus, and completed a pilot transaction using its proprietary USBDC stablecoin on the Stellar blockchain.
