U.S. Bancorp.
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+ FollowMarket Cap$92.63B
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Earnings Call Q3 2026
October 15, 2026 - AI Summary
Strong quarter performance (good): U.S. Bancorp reported record Q3 net revenue ~ $8B (+8.7% YoY) and diluted EPS $1.34 (+~10% YoY, 16% excluding reserve build impact ~ $0.07). Operating leverage was strong: expenses rose +7.1% YoY but revenue outpaced, implying ~440 bps positive operating leverage (excluding BTIG). Fees were a major driver: total fees ~44% of total revenue, and total fee income +14.9% YoY.
Fee + capital markets growth momentum (good/opportunity): Capital markets fees +69% YoY, reflecting a full quarter of BTIG and ~10% growth in legacy capital markets. BTIG acquisition (closed in June) contributed about $226M fee revenue in Q3. Company expects capital markets revenue to grow from ~8% to ~10%+ of total company revenue over the next 3–5 years, driven by organic growth, wallet-share deepening, and adding products across both platforms.
Net interest income/margin strengthening outlook (good/forecast): NII (fully taxable equiv.) +5.6% YoY and +2.3% QoQ, with NIM up 5 bps to 2.84%. Management expects NIM to increase by a similar amount in Q4. Key assumptions/drivers discussed:
- Asset mix shifting more to floating-rate loans (floating rate earning assets ~30% of earning assets vs 22% four years ago)
- Fixed-rate repricing tailwind: about $10B of fixed-rate assets repricing per quarter, contributing roughly ~125 bps improvement (management framing)
- Deposit beta: assumed around ~50% initially, with potential to rise as additional hikes occur
- Loans/deposits remained supportive: loans +1.0% sequentially, deposits +2.2% sequentially; deposit cost only modestly higher sequentially.
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$172.91
183.3% upside
Current Fair Value
183.3% upsideUndervalued by 183.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $92.63 Billion |
|---|---|
| Enterprise Value | $116.14 Billion |
| Annual dividend | $2.10 |
| Dividend yield | 3.53% |
| Earnings per Share | $4.62 |
| Beta | 1.02 |
| Outstanding Shares | 1,558,000,000 |
Return
| Return on Equity | 12.61% |
|---|---|
| Return on Assets | 1.19% |
| Return on Invested Capital | 9.17% |
Valuation & Multiples
| P/E Ratio | 11.59 |
|---|---|
| PEG | 115.37 |
| Price to Sales | 2.18 |
| Price to Book Ratio | 1.45 |
| Enterprise Value to Revenue | 2.64 |
| Enterprise Value to EBIT | 8.43 |
| Enterprise Value to Net Income | 13 |
| Total Debt to Enterprise | 0.63 |
| Debt to Equity | 1.1 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 15, 2026
EPS Estimate
$1.32
Consensus analyst estimateRevenue Estimate
$8.00 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 19, 2027
EPS Estimate
$1.42
Consensus analyst estimateRevenue Estimate
$8.08 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 30.93, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 30.9333▲ 3025.61% |
|---|---|
| Total Calls | 1,500▼ 99.98% |
| Total Puts | 46,400▼ 99.10% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.03%▼ 78.56% |
|---|---|
| Total Invested | $3.61B▼ 95.35% |
| Investors Holding | 839▼ 1304.00% |
About U.S. Bancorp.
2,020 employees
CEO: Andrew Cecere
U.S. Bancorp, with nearly 70,000 employees and $554 billion in assets as of Dec. 31, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends...