Financial Data and Key Metrics Changes - The company reported earnings per share of $1.26, an increase of approximately 18% year-over-year on an adjusted basis [4] - Net interest income increased by 3.3% year-over-year, supported by strong consumer deposit growth [4] - Total net revenue for the fourth quarter was $7.4 billion, a 5.1% increase, while full-year net revenue reached $28.7 billion [4][13] - The return on tangible common equity was 18.4%, and the efficiency ratio improved to 57.4% year-over-year [15] Business Line Data and Key Metrics Changes - Fee income represented 42% of total net revenues and grew 6.7% year-over-year, with broad-based strength across most fee businesses [7][16] - Average loans totaled $384 billion, up 1.4% from the prior quarter, with commercial and credit card loans growing by 10.1% and 5.7% respectively [15] - Non-interest expense totaled approximately $4.2 billion, up 0.7% linked quarter, influenced by severance charges [17] Market Data and Key Metrics Changes - The company experienced record consumer deposits this quarter, contributing to net interest income growth [10] - The ratio of non-performing assets to loans improved to 0.41%, indicating better asset quality [17] Company Strategy and Development Direction - The company is focused on restoring investor confidence and delivering strong financial results through three key priorities [5] - Strategic investments in technology, sales, and marketing are planned for 2026 to drive growth [6] - The acquisition of BTIG is expected to create considerable revenue synergies and enhance the capital markets franchise [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic backdrop for 2026, highlighting strong consumer performance and improving credit quality metrics [20][88] - The company is closely monitoring potential policy changes that could impact the banking industry, particularly regarding capital and digital assets [88] Other Important Information - The company expects total net revenue growth of 4%-6% for 2026, with positive operating leverage of 200 basis points or more [18] - The BTIG acquisition is anticipated to contribute $175-$200 million of fee revenue per quarter [19] Q&A Session Summary Question: Share repurchase pace and capital ratios - Management plans to gradually increase share repurchases from $100 million to $200 million, focusing on client and loan growth first [24] Question: Impact of credit card rate caps - Management estimates that over 90% of clients would be negatively impacted by a 10% rate cap on credit cards, emphasizing the importance of financial education [25][26] Question: Revenue growth expectations for 2026 - Management expects mid-single-digit growth for both net interest income and fee revenue, driven by strong business momentum [30][31] Question: Balance sheet growth outlook - Loan growth is expected to be in the 3%-4% range, with a focus on commercial and card loans [40] Question: NIM expansion timeline - Management maintains a path to achieve a 3% net interest margin by 2027, driven by loan mix and fixed asset repricing [43] Question: Drivers of deposit growth - The company is seeing steady growth in consumer deposits, which are expected to be accretive in the long term [48][49] Question: Digital assets organization - The company is actively exploring opportunities in digital assets, particularly in capital markets and cryptocurrency custody [51] Question: BTIG acquisition impact - The acquisition is expected to be PPNR neutral initially, with potential for margin expansion post-merger costs [100]

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.26, an increase of approximately 18% year-over-year on an adjusted basis [3] - Net interest income increased by 3.3% year-over-year, supported by strong consumer deposit growth [3] - Total net revenue for the fourth quarter was $7.4 billion, a 5.1% increase year-over-year, while full-year net revenue reached $28.7 billion [3][11] - The return on tangible common equity was 18.4%, and the efficiency ratio improved to 57.4% year-over-year [12] Business Line Data and Key Metrics Changes - Fee income represented 42% of total net revenues and grew by 6.7% year-over-year, with broad-based strength across most fee businesses [5][12] - The global fund services business generated strong fee revenue growth, with total net revenue growing at a healthy 11% CAGR since 2021 [8] - Commercial and credit card loans grew by 10.1% and 5.7% year-over-year, respectively, contributing to an overall loan growth of 1.4% from the prior quarter [12] Market Data and Key Metrics Changes - The company experienced record consumer deposits this quarter, with a stable percentage of non-interest-bearing deposits at approximately 16% [12] - The investment portfolio remained at $171 billion as of December 31 [13] - The company expects total net revenue growth in the range of 4%-6% for 2026, excluding the impact of the BTIG acquisition [15] Company Strategy and Development Direction - The company is focused on restoring investor confidence and delivering strong financial results through three key priorities: expense management, organic growth, and strategic investments in technology, sales, and marketing [4][5] - The acquisition of BTIG is expected to capture considerable revenue synergies and enhance the capital markets franchise [5][6] - The company aims to drive organic growth and high returns while maintaining strong risk management practices [17] Management's Comments on Operating Environment and Future Outlook - The economic backdrop going into 2026 is broadly constructive, with expectations of continued consumer spending and improving credit quality metrics [17][86] - Management expressed confidence in the ability to achieve positive operating leverage of 200 basis points or more for the full year of 2026 [15][30] - The company is closely monitoring potential policy changes that could impact the banking industry, particularly regarding capital and digital assets [87] Other Important Information - The company has made significant investments in digital capabilities over the past six years, which are expected to drive productivity and support future growth [30][70] - The company is committed to increasing share repurchases gradually, starting from $100 million to $200 million [20] Q&A Session Summary Question: Share repurchase pace and capital ratios - Management indicated plans to gradually increase share repurchases while focusing on client and loan growth [20] Question: Impact of credit card rate caps - Management estimated that a 10% rate cap on credit cards would negatively impact over 90% of clients, but they are exploring options to assist customers [22] Question: Revenue growth expectations for 2026 - Management expects mid-single-digit growth for both net interest income and fee revenue, driven by strong business momentum [27] Question: Balance sheet growth outlook - Management anticipates loan growth of 3%-4% in 2026, with a focus on commercial and card loans [36] Question: Drivers of deposit growth - Management highlighted steady growth in consumer deposits, particularly through the Bank Smartly product, and a reduction in CDs [46] Question: Digital assets organization and revenue potential - Management is actively exploring opportunities in digital assets, particularly in capital markets and custody services, but noted that the revenue model is still developing [50] Question: BTIG acquisition and capital markets strategy - Management clarified that the BTIG acquisition is expected to enhance their capital markets capabilities and is aligned with client demand [100]

U.S. Bancorp (NYSE:USB) stock fell on Tuesday after the lender reported fourth-quarter 2025 results.The company reported fourth-quarter adjusted earnings per share of $1.26, beating the analyst consensus estimate of $1.19. Quarterly sales of $7.337 billion outpaced the Street view of $7.308 billion.The company’s provision for credit losses for the fourth quarter was $577 million, compared with $571 million in the third quarter of 2025 and $560 million in the fourth quarter of 2024.The fourth quarter provisi ...

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J a n u a r y 2 0 , 2 0 2 6 U.S. Bancorp 4Q25 Earnings Conference Call ©2025 U.S. Bank | Confidential 1 Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information ava ...

格隆汇1月20日｜美国合众银行公布第四季度业绩，总收入同比增长5.1%，达到创纪录的73.7亿美元； 净利润同比增长23.5%，至20.5亿美元或每股1.26美元。期内，净利息收入同比增长3.3%，达到42.8亿美 元。此外，该行计划以高达10亿美元的价格收购经纪公司BTIG ，这将增强其在股票资本市场以及并购 方面的咨询能力。 ...

U.S. Bancorp reported a nearly 23% jump in fourth-quarter profit on Tuesday as the country's fifth-largest lender earned more from interest payments and saw growth in fee revenue. ...

Financial Performance - Total interest income for Q4 2025 was $7,923 million, a slight decrease from $7,927 million in Q3 2025[2] - Net interest income after provision for credit losses increased to $3,707 million in Q4 2025, compared to $3,651 million in Q3 2025[2] - Noninterest income totaled $3,053 million in Q4 2025, down from $3,078 million in Q3 2025[2] - Net income attributable to U.S. Bancorp was $2,045 million in Q4 2025, up from $2,001 million in Q3 2025[2] - Earnings per common share for Q4 2025 was $1.26, an increase from $1.22 in Q3 2025[2] - Total net revenue for Q4 2025 was $3,101 million, up from $3,079 million in Q3 2025, but down from $3,086 million in Q4 2024[17] - Net income attributable to U.S. Bancorp for Q4 2025 was $1,194 million, an increase from $1,162 million in Q3 2025, but lower than $1,286 million in Q4 2024[17] - Net income attributable to U.S. Bancorp for Q4 2025 was $363 million, a decrease of 15.0% from $427 million in Q4 2024[21] - Net income attributable to U.S. Bancorp for Q4 2025 was $259 million, up from $233 million in Q4 2024, an increase of 11.2%[29] Asset and Loan Management - Total assets decreased to $692,345 million in Q4 2025 from $695,357 million in Q3 2025[3] - Total loans increased to $391,335 million in Q4 2025, compared to $382,517 million in Q3 2025[3] - Total loans reached $391.34 billion, up from $382.52 billion in the previous quarter, marking a growth of 2.3%[15] - Total loans increased to $189,159 million in Q4 2025, up from $184,440 million in Q3 2025 and $173,208 million in Q4 2024[19] - Total loans decreased to $145,007 million in Q4 2025 from $155,038 million in Q4 2024, a decline of 6.5%[23] - Total loans increased to $6,176 million in Q4 2025, up 5.5% from $5,853 million in Q3 2025[35] - Commercial loans increased to $3,515 million in Q4 2025, up 9.6% from $3,205 million in Q3 2025[35] Deposits and Funding - Total deposits decreased to $522,216 million in Q4 2025 from $526,149 million in Q3 2025[3] - Total deposits rose to $282,175 million in Q4 2025, compared to $273,123 million in Q3 2025 and $276,371 million in Q4 2024[19] - Total deposits increased to $222,372 million in Q4 2025, up from $218,839 million in Q4 2024, representing a growth of 0.2%[23] - Noninterest-bearing deposits decreased to $2,616 million in Q4 2025, down 13.5% from $3,155 million in Q4 2024[35] - Total deposits decreased to $8,022 million in Q4 2025, down 43.8% from $14,417 million in Q4 2024[35] Efficiency and Ratios - Return on average assets improved to 1.19% in Q4 2025, up from 1.17% in Q3 2025[2] - Efficiency ratio improved to 57.4% in Q4 2025, compared to 57.2% in Q3 2025[2] - The efficiency ratio improved to 43.6% in Q4 2025 from 43.3% in Q3 2025, but was higher than 42.8% in Q4 2024[17] - The efficiency ratio for Q4 2025 was 74.1%, compared to 71.5% in Q4 2024, indicating a decline in operational efficiency[21] - The efficiency ratio improved to 57.5% in Q4 2025 from 56.5% in Q4 2024, indicating better cost management[29] Interest Income and Margins - The gross interest margin improved to 2.27%, up from 2.19% year-over-year[5] - The net interest margin was reported at 2.72% for 2025, slightly up from 2.70% in 2024[12] - The net interest margin without taxable-equivalent increments was 2.75%[8] - Net interest income for Q4 2025 was $1,852 million, a slight increase from $1,823 million in Q3 2025, but down from $1,935 million in Q4 2024[17] - Net interest income for Q4 2025 was $795 million, up from $729 million in Q4 2024, reflecting an increase of 9% year-over-year[29] Noninterest Income - Noninterest income decreased to $374 million in Q4 2025 from $367 million in Q4 2024, reflecting a 1.9% increase year-over-year[21] - Total noninterest income for Q4 2025 was $1,102 million, slightly down from $1,051 million in Q4 2024, a decrease of 4.8%[32] Credit Quality - Nonperforming loans decreased to $1,126 million in Q4 2025 from $1,208 million in Q3 2025 and $1,384 million in Q4 2024[19] - Nonperforming loans increased to $8 million in Q4 2025, up from $6 million in Q2 2025[35] - Total nonperforming assets decreased to $26 million in Q4 2025, down from $41 million in Q4 2024[35] - Provision for credit losses was $461 million in Q4 2025, compared to $463 million in Q4 2024, indicating a slight decrease[29] Shareholder Equity - Common equity rose by 11.1% to $57.782 billion[5] - Shareholders' equity rose by 8.2% to $62.41 billion, up from $57.67 billion in 2024[12] - Total U.S. Bancorp shareholders' equity increased to $18,283 million in Q4 2025, up 37.5% from $13,370 million in Q4 2024[35]

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Core Viewpoint - U.S. Bancorp reported its fourth quarter 2025 financial results, highlighting its performance and strategic initiatives [1]. Group 1: Financial Results - The earnings release, earnings supplement, and slide presentation for the fourth quarter 2025 can be accessed online [1]. - A conference call to review the financial results will be hosted by CEO Gunjan Kedia and CFO John Stern [2]. Group 2: Company Overview - U.S. Bancorp has approximately 70,000 employees and $695 billion in assets as of September 30, 2025 [3]. - The company operates a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management [3]. - U.S. Bancorp has received recognition for its digital innovation, community partnerships, and customer service, being named one of the 2025 World's Most Ethical Companies [3].