U.S. Bancorp's first quarter 2026 EPS rose 15% to $1.18, beating estimates on strong revenue.

U.S. Bancorp reported first quarter 2026 revenue of $7.29 billion and diluted EPS of $1.18, beating analyst expectations. Results were driven by year-over-year growth in both net interest income and fee-based revenue, alongside improved profitability metrics.

Key Highlights

• Diluted earnings per share grew 15% year-over-year to $1.18, exceeding estimates of $1.14.
• Net interest income (taxable-equivalent) increased 4.1% from the prior year to $4.29 billion, as the net interest margin expanded by 5 basis points to 2.77%.
• Total fee revenue increased 6.9% year-over-year, showing strength in payments, capital markets, and investment services businesses.
• The efficiency ratio improved to 58.2% from 60.8% in the first quarter of 2025.