USB delivered a strong beat with record revenue and raised full-year guidance, supported by loan growth, fee momentum, and the BTIG acquisition. The stock should react positively; monitor the investor call for details on NIM trajectory and credit trends.
Price Chart
Executive Summary
USB reported Q2 2026 EPS of $1.35, beating consensus of $1.29 by 5.1%, on record total net revenue of $7.71B (+10.1% YoY). Net interest income rose 7.5% YoY, fee revenue jumped 13.2%, and the company raised FY2026 guidance for positive operating leverage. Credit quality improved with net charge-offs declining to 0.53%.
Key Financial Metrics
Key Facts
- EPS $1.35 vs consensus $1.29 (beat 5.1%)
- Total net revenue $7.712B vs consensus $7.61B (beat 1.3%)
- Net interest income (taxable-equivalent) $4.387B, up 7.5% YoY
- Noninterest income $3.325B, up 13.7% YoY
- Net income $2.177B, up 19.9% YoY
- Net interest margin 2.79%, up 13 bps YoY
- Efficiency ratio 57.1%, improved 210 bps YoY
- Positive operating leverage of 400 bps YoY
- FY2026 guidance: NII +6-7%, fee revenue +3-4%, total net revenue +7-9%, positive operating leverage ~200 bps
- 3Q26 guidance: NII +6-7%, fee revenue +12-14% YoY
- Completed BTIG acquisition on June 1, contributing ~$98M fee revenue and $84M expense in June
- Net charge-off ratio 0.53%, down 6 bps YoY
- CET1 capital ratio 10.8%
Financial Impact
EPS beat by 5.1% ($1.35 vs $1.29 consensus) and revenue beat by 1.3% ($7.71B vs $7.61B). Full-year guidance implies continued growth.
Risk Factors
- Potential headwinds from interest rate cuts could pressure NIM
- Economic slowdown could increase credit losses
- Integration risks from BTIG acquisition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000036104-26-000039 |
| Document: a2q26earningsrelease.htm | 0000036104-26-000039 |
| Document: earningscallpresentation.htm | 0000036104-26-000039 |
| Document: usb-20260716.htm | 0000036104-26-000039 |
| Document: 0000036104-26-000039-index-headers.html | 0000036104-26-000039 |
| Document: 0000036104-26-000039-index.html | 0000036104-26-000039 |
| Document: 0000036104-26-000039.txt | 0000036104-26-000039 |
| 8-K Data (Synthetic) | 0000036104-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 7w ago | 13F-HR | $65.02 $62.41 | ▼ −4.01% | ▼ −2.12% | $57.64 (−11.35%) |
Jul 24, 2026 10w ago | Insider Cluster | $63.97 $62.05 | ▼ −3.00% | ▼ −6.63% | $57.64 (−9.90%) |
Jul 20, 2026 10w ago | ANALYST-UPGRADE | $63.14 $64.87 | ▲ +2.74% | ▼ −1.38% | $57.64 (−8.71%) |
Jul 16, 2026 11w ago | 8-K | $64.01 $65.17 | ▲ +1.81% | ▼ −1.81% | $57.64 (−9.95%) |
Jul 6, 2026 12w ago | ANALYST-UPGRADE | $62.83 $63.01 | ▲ +0.29% | ▲ +0.85% | $57.64 (−8.26%) |
Apr 16, 2026 24w ago | 8-K | $17.92 $17.86 | ▼ −0.36% | ▼ −6.18% | $57.64 (+221.65%) |
Apr 8, 2026 25w ago | 8-K | $17.85 $17.95 | ▲ +0.56% | ▼ −7.01% | $57.64 (+222.91%) |
US Market Status
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