U.S. Bancorp.

Strong Q2 performance; broad-based growth and operating leverage - EPS: $1.35, up ~22% YoY. - Net revenue: $7.7B (record), up 10.1% YoY. - Operating leverage: +400 bps; efficiency ratio improved to 57.1%. - Returns: ROA 1.26%, ROTCE strong, ROTC E = 18.7% (return on tangible common equity). - Surprising/positive: revenue strength increasingly driving earnings growth (management emphasized revenue becoming a bigger driver of earnings vs. expense cuts).

Fee “complex” acceleration; BTIG meaningful and capital markets momentum - Fees were 44% of total revenue (fee mix improving quality/stability). - Total fee revenue: +13.2% YoY; BTIG added ~1 month at ~$98M of capital markets fee revenue. - Ex-BTIG fee growth: still ~9.9% YoY (suggesting underlying strength beyond the acquisition). - Cap markets ex-BTIG: up ~31% YoY (FX, syndications, corporate bond underwriting called out). - Strategy opportunity: management targets higher-40s % fees over time (aspiration to increase fee mix while holding efficiency discipline).

Net interest income/NIM improving but deposit cost “watch item” - NII (FTE): $4.4B, up 7.5% YoY; NII also up sequentially (+$96M / +2.2%). - NIM: 2.79%, up +2 bps sequentially. - Deposit dynamics: consumer deposits hit another record; commercial outflows seasonally expected (tax seasonality). - Cost/risk theme: deposit rates are expected to move depending on loan growth strength and competitive pricing environment; management implied deposits will matter for the path toward higher NIM.