USB earnings analysis
What we found in USB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS Beat Estimates
- Reported diluted EPS of $1.18 exceeded the estimate of $1.14, resulting in a surprise of +3.51%.
- Year-over-Year EPS Improvement
- EPS increased from $1.02 in Q1 2025 to $1.18 in Q1 2026.
- Solid Gross Margin
- Gross margin improved to 67.5% for Q1 2026, indicating stable cost management.
- Operating Margin Rise
- Operating margin increased to 23.3% from 23.1% in the previous quarter.
- Segment Revenue Growth
- Despite overall revenue decline, Mortgage Banking revenue showed resilience.
- Continued Share Buybacks
- During Q1 2026, U.S. Bancorp continued its share repurchase program.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Missed Estimates
- Total revenue was $7.26 billion, below the estimated $7.29 billion, indicating potential demand pressures.
- Quarter-Over-Quarter Revenue Decline
- Significant decrease from $10.98 billion in Q4 2025 to $7.26 billion in Q1 2026.
- Increased Economic Uncertainty
- Ongoing interest rate headwinds pose risks to future earnings and revenue growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.18
- Gross margin
- 67.5%
- Operating margin
- 23.3%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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