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Sentiment · FY2026 Q2
U.S. Bancorp delivered Q1 EPS of $1.18 with total net revenue of $7.3B, up 4.7% year-over-year, as the positive operating leverage streak extended to seven consecutive quarters and FY2026 guidance of 4-6% revenue growth and 200bp-plus leverage was reaffirmed. Robust loan growth was led by commercial and card, and the Amazon small business partnership added a new growth vector while capital markets accelerated. The consumer deposit franchise continued strengthening and credit quality remained stable despite macro uncertainty, with CET1 at 10.8%.
Revenue Growth | Margin | Competitive Dynamics | Capital Allocation | Guidance Reliability | Demand | Pricing | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 12 | 6 | 7 | 2 | 2 | 1 | 3 | 3 |
| 2025Q1 | 17 | 5 | 5 | 2 | 6 | 2 | 3 | |
| 2025Q2 | 14 | 10 | 1 | 4 | 3 | 4 | 3 | 2 |
| 2025Q3 | 14 | 6 | 1 | 1 | 2 | 3 | 1 | 2 |
| 2025Q4 | 10 | 7 | 6 | 5 | 2 | 1 | 1 | |
| 2026Q1 | 10 | 7 | 5 | 4 | 2 | 2 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 12 | 17 | 14 | 14 | 10 | 10 |
| Margin | 6 | 5 | 10 | 6 | 7 | 7 |
| Competitive Dynamics | 7 | 5 | 1 | 1 | 6 | 5 |
| Capital Allocation | 2 | 2 | 4 | 1 | 5 | 4 |
| Guidance Reliability | 2 | 6 | 3 | 2 | 2 | |
| Demand | 1 | 2 | 4 | 3 | 2 | 2 |
| Pricing | 3 | 3 | 1 | 1 | 4 | |
| Macroeconomic | 3 | 3 | 2 | 2 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 14 (21%) |
| Erika Najarian | UBS | 13 (15%) |
| John Pancari | Evercore ISI |
| Mike Mayo | Wells Fargo | 12 (75%) |
| Saul Martinez | HSBC | 12 (42%) |
| Gerard Cassidy | RBC Capital Markets | 11 (9%) |
| Ken Usdin | Autonomous Research | 11 (9%) |
| John McDonald | Truist Securities | 11 (18%) |
| Vivek Juneja | JPMorgan | 10 (60%) |
| Scott Siefers | Piper Sandler | 10 (10%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 14 (21%) |
| UBS | 1 | 13 (15%) |
| Evercore ISI | 1 | 13 (23%) |
| Wells Fargo | 1 | 12 (75%) |
| HSBC | 1 | 12 (42%) |
| RBC Capital Markets | 1 | 11 (9%) |
| Truist Securities | 1 | 11 (18%) |
| Autonomous Research | 1 | 11 (9%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.66B | +2.7% | $1.01 | +106.1% | 19.8% | 15.6% |
| FY2025 Q1 | $10.35B | -1.1% | $1.03 | +32.1% | 20.9% | 16.5% |
| FY2025 Q2 | $10.53B | -2.5% | $1.11 | +14.4% | 21.8% | 17.2% |
| FY2025 Q3 | $11.01B | +2.0% | $1.21 | +17.5% | 23.0% | 18.2% |
| FY2025 Q4 | $10.98B | +2.9% | $1.26 | +24.8% | 23.1% | 18.7% |
| FY2026 Q1 | $10.84B | +4.7% | $1.18 | +14.6% | 24.8% | 18.0% |
| FY2026 Q2 | $10.92B | +3.8% | $1.35 | +21.6% | 24.9% | 19.9% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What USB and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We're proud to say that the U.S. Amazon small business co-brand card issued by U.S. Bank, will move to Mastercard.”
U.S. Bank, issuer of the Amazon small-business co-brand card, is moving that program to Mastercard.
“We improved that platform with Edward Jones, and it's unique in the market today.”
U.S. Bancorp improved its co-brand digital platform with Edward Jones as a partner.
“We built our digital platform to nationally serve co-brand card clients with banking services for the first time with State Farm.”
State Farm was U.S. Bancorp's first national co-brand card partner served through its digital banking platform.
“we increased our scale and density with our Union Bank acquisition at the end of 2022”
U.S. Bancorp cites its 2022 Union Bank acquisition as the source of California scale, now focused on capturing revenue synergies.
“Our pending BTIG acquisition adds equity and investment banking capabilities in the future.”
U.S. Bancorp's pending acquisition of BTIG adds equity and investment banking capabilities to its capital-markets business.
“Our recently announced partnership with Amazon is significant in size and will meaningfully expand our small business reach. This partnership is unique from traditional co-brand card arrangements in anticipating a clear pathway to broader banking relationships over time.”
U.S. Bancorp's co-brand card partnership with Amazon targets Amazon's small-business base, expected to add ~$1.6B loans and $75-85M/quarter revenue.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
USB U.S. Bancorp | 7 | +4.7% | |
| CFG Citizens Financial Group | 8 | +4.5% | |
| FITB Fifth Third Bancorp | 7 | +25.8% | |
| HBAN Huntington Bancshares | 7 | +26.3% | |
| KEY KeyCorp | 9 | +1.1% | |
| MTB M&T Bank | 7 | +1.7% | |
| PNC PNC Financial Services | 8 | +12.7% | |
| RF Regions Financial Corporation | 6 | +0.5% | |
| TFC Truist Financial | 6 | +0.4% |