Revenue rose 10.1% YoY to $7.69B, beating estimates, with EPS of $1.35 versus $1.29 consensus and fees up 13.2% (9.9% ex-BTIG). Record consumer deposits exceeded $84B via Smartly, cross-sell reached 42%, and efficiency improved to 57.1% with 400 bps positive operating leverage and only 3.9% core expense growth. Management raised full-year revenue guidance to 7-9% including BTIG (5-7% ex-BTIG) and NII above 5%, positioning capital markets above 10% of revenue long-term while noting reserve builds ahead.

Company: U.S. Bancorp (USB) — Q2 FY2026

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