U.S. Bancorp: 2Q‘26 Earnings: Fundamentals Remain Solid, While Valuations Remain Tight. Capital Return Expected to Increase

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U.S. Bancorp: 2Q‘26 Earnings: Fundamentals Remain Solid, While Valuations Remain Tight. Capital Return Expected to Increase

J P M O R G A N North America Credit Research

16 July 2026

U.S. Bancorp

2Q’26 Earnings: Fundamentals Remain Solid, While Neutral

Valuations Remain Tight. Capital Return Expected to USB

Increase Moody's:S&P: A3A Outlook:Outlook: STABLESTABLE

The above agency ratings are at the corporate level

North America Corporate Credit -

U.S. Bancorp’s 2Q’26 earnings were solid with EPS and total revenues beating Banks (IG), Nonbank Financials (IG),

market expectations. Notably, management revised the FY’26 outlook for net and Financials (HY)

revenue to be a touch higher, to grow 7%–9%, up from 4%–6%. 2Q’26 marked a AC Kabir Caprihan, CFA

record revenue quarter for the firm, led by NII and non-NII. Within 2Q’26, the firm (1-212) 834-5613

experienced loan growth, margin expansion, and increased fees. USB produced kabir.x.caprihan@jpmorgan.com

positive operating leverage of 400bp, ahead of its 200bp target, though it Vincent Barretta

maintained the FY’26 ~200bp operating leverage target. Within the quarter, USB (1-212) 464-0374

completed the BTIG acquisition and firm expenses were modestly higher than vincent.barretta@jpmorgan.com

expected, mainly driven by the integration. Asset quality metrics improved across J.P. Morgan Securities LLC

all key metrics. Furthermore, allowance for credit losses was relatively unchanged

on improved credit quality. With that said, management expects to recognize

approximately $160mn of reserve build related to the Amazon small business

portfolio purchase, which is scheduled to close in mid-August. Management

framed the backdrop as constructive and highlighted momentum across loan