U.S. Bancorp Extends EPS Streak to Seven Quarters on BTIG Surge
As seen on the 24/7 Wall St. homepage on October 15, 2026.
A seventh straight EPS beat came with a narrow revenue miss, and the BTIG deal is doing the heavy lifting: capital markets revenue jumped 69.3% year over year. Management now guides full-year 2026 net revenue growth of 8% to 9% with roughly 200 basis points of positive operating leverage.
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U.S. Bancorp posted Q3 2026 GAAP diluted EPS of $1.34, beating expectations and marking seven consecutive quarters of beating earnings expectations. Net income rose 10% year over year even after absorbing one-time credit and securities costs.
The BTIG acquisition contributed a full quarter and pushed capital markets revenue up 69.3% year over year. That lifted the Wealth, Corporate, Commercial and Institutional Banking segment nearly 20% year over year, with payments revenue also growing.
Revenue of $7.97 billion came in slightly below consensus, a narrow miss against CEO Gunjan Kedia's description of a record net revenue quarter. The efficiency ratio and the net charge-off ratio both improved from a year earlier.
Management guided for full-year 2026 total net revenue growth of 8% to 9% versus 2025, with positive operating leverage for the year. Q4 net interest income and fee revenue are both guided higher, and BTIG is expected to add roughly $200 million of quarterly net revenue.
U.S. Bancorp is leaning into small business banking as a second growth engine, launching two new Business Essentials credit cards and adding business bankers in expansion markets. It also disclosed a live cross-border pilot using its USBDC proprietary stablecoin on the Stellar blockchain, with assets under management growing to $573.3 billion.
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