U.S. Bancorp reports higher Q1 profit

U.S. Bancorp reported first-quarter 2026 net income attributable to the company of $1.945 billion, or $1.18 per diluted share. That was up 13.8% from $1.709 billion, or $1.03 per diluted share, in the first quarter of 2025, marking a 14.6% increase in diluted earnings per share.

Total net revenue rose 4.7% year over year to $7.288 billion. Taxable-equivalent net interest income increased 4.1% to $4.291 billion, while net interest margin reached 2.77%, up 5 basis points from 2.72% in the prior-year period and flat compared with the fourth quarter of 2025. Noninterest income rose 5.7% from $2.836 billion to $2.997 billion, supported by a 6.9% increase in fee revenue.

Average total loans expanded 3.8% year over year to $393.56 billion, compared with $379.03 billion in the prior-year quarter. Average total deposits grew 1.7% over the same period. Meanwhile, the provision for credit losses rose to $576 million from $537 million a year earlier.

The lender generated 440 basis points of positive operating leverage year over year as its efficiency ratio improved by 260 basis points to 58.2%. Return on average assets stood at 1.15%, and return on tangible common equity was 17.0%.

Total assets ended the quarter at $701 billion as of March 31, 2026, while average total assets grew 0.7% sequentially to $688 billion. The company reported a Common Equity Tier 1 capital ratio of 10.8%, or 9.3% when including accumulated other comprehensive income.