10-K · February 23, 2026
U.S. Bancorp’s 2025 10-K emphasizes strengthened risk governance and continued capital return while documenting corporate leadership changes and technology/cybersecurity oversight. The filing shows an active $5.0…
Earnings analysis · 10-Q
USB earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
U.S. Bancorp reported diluted EPS of $1.18 for Q1 2026, surpassing estimates of $1.14, but total revenue of $7.26 billion slightly missed expectations. Compared to the prior quarter, revenue decreased from $10.98…
Read full summary
U.S. Bancorp reported diluted EPS of $1.18 for Q1 2026, surpassing estimates of $1.14, but total revenue of $7.26 billion slightly missed expectations. Compared to the prior quarter, revenue decreased from $10.98 billion to $7.26 billion, reflecting ongoing challenges in the banking sector, along with a year-over-year EPS improvement from $1.02 in Q1 2025. The overall sentiment surrounding the earnings is cautious given the decline in revenue.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.18
What stood out
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EPS Beat Estimates
Reported diluted EPS of $1.18 exceeded the estimate of $1.14, resulting in a surprise of +3.51%.
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Year-over-Year EPS Improvement
EPS increased from $1.02 in Q1 2025 to $1.18 in Q1 2026.
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Solid Gross Margin
Gross margin improved to 67.5% for Q1 2026, indicating stable cost management.
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Operating Margin Rise
Operating margin increased to 23.3% from 23.1% in the previous quarter.
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Segment Revenue Growth
Despite overall revenue decline, Mortgage Banking revenue showed resilience.
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Continued Share Buybacks
During Q1 2026, U.S. Bancorp continued its share repurchase program.
What to watch
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Revenue Missed Estimates
Total revenue was $7.26 billion, below the estimated $7.29 billion, indicating potential demand pressures.
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Quarter-Over-Quarter Revenue Decline
Significant decrease from $10.98 billion in Q4 2025 to $7.26 billion in Q1 2026.
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Increased Economic Uncertainty
Ongoing interest rate headwinds pose risks to future earnings and revenue growth.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 5, 2025
U.S. Bancorp reported continued top-line and margin expansion in the quarter ended September 30, 2025: revenue rose to $11.01B and diluted EPS to $1.22. Gross margin held at 66.3% and operating margin expanded to 23.0%,…
10-K · February 21, 2025
The 10-K highlights active capital return (board authorized a share repurchase program of up to $5.0 billion effective September 13, 2024) and formalizes governance, cyber and third-party risk programs. The filing…
10-Q · November 5, 2024
U.S. Bancorp’s 10-Q for the quarter ended September 30, 2024 shows largely stable top-line with a very slight sequential revenue decline to $10.78 billion and modest improvement in margins and EPS. Diluted EPS rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.