U.S. Bancorp's second quarter revenue rose 10.1% to $7.7B, beating estimates on strong fee income.

U.S. Bancorp reported second quarter 2026 net revenue of $7.71 billion, up 10.1% year-over-year, and diluted EPS of $1.35, an increase of 22% from the prior year. The results surpassed analyst expectations for both revenue and earnings.

Key Highlights

• Net interest income (taxable-equivalent) grew 7.5% year-over-year to $4.39 billion, as net interest margin expanded 13 basis points to 2.79%.
• Noninterest income increased 13.7% year-over-year to $3.33 billion, attributed to broad-based growth in fees and a contribution from the BTIG acquisition.
• The bank achieved 400 basis points of positive operating leverage, with total net revenue growth outpacing the 5.9% increase in noninterest expense.