U.S. Bancorp reported second-quarter net income of $2.177 billion, up 20% from $1.815 billion a year earlier and up 11.9% from $1.950 billion in the first quarter.
Diluted earnings per share rose to $1.35 from $1.11 a year ago and $1.18 in the prior quarter, a gain of 21.6% year over year and 14.4% sequentially.
Total net revenue reached a record $7.712 billion, compared with $7.004 billion in the second quarter of 2025 and $7.288 billion in the first quarter of 2026. That was an increase of 10.1% from a year earlier and 5.8% from the prior quarter.
Net interest income on a taxable-equivalent basis increased to $4.387 billion from $4.080 billion a year ago and $4.291 billion in the first quarter. Noninterest income climbed to $3.325 billion from $2.924 billion a year earlier and $2.997 billion in the prior quarter.
Noninterest expense rose to $4.428 billion from $4.181 billion in the second quarter of 2025 and $4.265 billion in the first quarter of 2026.
Return on average assets improved to 1.26% from 1.08% a year earlier and 1.15% in the first quarter. The efficiency ratio improved to 57.1% from 59.2% a year earlier and 58.2% in the prior quarter.
Net interest margin widened to 2.79% from 2.66% a year earlier and 2.77% in the first quarter.
Average total loans increased to $405.481 billion, up 7.1% from $378.529 billion a year earlier and up 3.0% from $393.560 billion in the first quarter. Commercial loans rose to $157.384 billion from $137.966 billion a year earlier and $149.833 billion in the prior quarter. Commercial real estate loans increased to $51.257 billion from $48.466 billion a year earlier and $49.408 billion in the first quarter. Credit card loans climbed to $38.403 billion from $35.439 billion a year earlier and $37.341 billion in the prior quarter.
Average total deposits were $515.080 billion, up 2.4% from $502.890 billion a year earlier and essentially unchanged from $515.119 billion in the first quarter. Savings deposits reached $388.045 billion, up from $366.857 billion a year earlier and flat from $387.891 billion in the prior quarter. Time deposits fell to $46.424 billion from $56.916 billion a year earlier and $46.600 billion in the prior quarter.
The net charge-off ratio improved to 0.53% from 0.59% a year earlier and 0.56% in the first quarter.
Book value per common share increased to $38.91 from $35.06 a year earlier and $37.93 in the prior quarter. Tangible book value per common share rose to $30.04 from $26.52 a year earlier and $29.56 in the first quarter.
The CET1 capital ratio was 10.8% at June 30, 2026, compared with 10.7% a year earlier and 10.8% in the first quarter.
The company also completed its acquisition of BTIG, which contributed about $98 million in fee revenue and $84 million in noninterest expense during the quarter. Today the company's shares have moved 1.26% to a price of $63.805. For more information, read the company's full 8-K submission here.
