U.S. Bancorp reported second-quarter net income of $2.177 billion, up 11.9% from $1.945 billion in the first quarter and 19.9% from $1.815 billion a year earlier. Diluted earnings per share rose to $1.35 from $1.18 in the prior quarter and $1.11 in the second quarter of 2025.
Net revenue reached a record $7.712 billion, increasing 5.8% sequentially and 10.1% from $7.004 billion a year ago. Net interest income on a taxable-equivalent basis climbed to $4.387 billion, up 2.2% from the first quarter and 7.5% from the prior-year quarter. Noninterest income rose to $3.325 billion, compared with $2.997 billion in the first quarter and $2.924 billion a year earlier.
Expenses increased to $4.428 billion from $4.265 billion in the first quarter and $4.181 billion a year ago. The provision for credit losses fell to $538 million from $576 million in the first quarter, though it was still above the $501 million booked in the second quarter of 2025.
Return on average assets improved to 1.26% from 1.15% in the first quarter and 1.08% a year earlier. The efficiency ratio improved to 57.1% from 58.2% and 59.2%. Net interest margin widened to 2.79% from 2.77% in the first quarter and 2.66% a year ago.
Average total loans rose to $405.481 billion, up 3.0% from the prior quarter and 7.1% from a year earlier. Average commercial loans increased to $157.384 billion from $149.833 billion in the first quarter and $137.966 billion a year ago. Average commercial real estate loans climbed to $51.257 billion from $49.408 billion and $48.466 billion. Average credit card loans reached $38.403 billion, up from $37.341 billion in the first quarter and $35.439 billion a year earlier.
Average total deposits were $515.080 billion, essentially unchanged from $515.119 billion in the first quarter and up 2.4% from $502.890 billion a year earlier. Noninterest-bearing deposits were $80.611 billion, up from $79.117 billion a year earlier. Savings deposits rose to $388.045 billion from $366.857 billion a year earlier, while time deposits fell to $46.424 billion from $56.916 billion.
Book value per common share increased to $38.91 from $37.93 in the first quarter and $35.06 a year earlier. Tangible book value per common share rose to $30.04 from $29.56 and $26.52. The CET1 capital ratio was 10.8%, unchanged from the first quarter and up from 10.7% a year earlier.
The company completed its BTIG acquisition in the quarter, and said the deal contributed about $98 million of fee revenue and $84 million of noninterest expense. The market has reacted to these announcements by moving the company's shares 0.35% to a price of $63.2301. Check out the company's full 8-K submission here.
