U.S. Bancorp (USB): 2Q26 First Take - Fee income driven beat for the quarter, and full year guide upgrade

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U.S. Bancorp (USB): 2Q26 First Take - Fee income driven beat for the quarter, and full year guide upgrade

Equity Research

16 July 2026 | 8:20AM EDT

U.S. Bancorp (USB): 2Q26 First Take - Fee income driven beat for the

quarter, and full year guide upgrade

USB reported 2Q26 EPS of $1.35 and core EPS of $1.38 vs GSe/Visible Alpha Richard Ramsden

+1(212)357-9981 |

Consensus Data of $1.30/$1.311 on +3% core PPNR vs. GSe/Consensus, driven by richard.ramsden@gs.com

Goldman Sachs & Co. LLC

~2.5% higher core revenue vs. the Street estimates, partially offset by ~1.5% higher

James Yaro

core expense. +1(212)902-1913 |

james.e.yaro@gs.com

Key takeaway: We expect a modestly positive investor response given the better

Divyam Harlalkaresults and the increased full year guidance, although given that prior guidance did +1(332)245-7818 |

not incorporate BTIG we think that the improved outlook was somewhat anticipated divyam.harlalka@gs.comGoldman Sachs India SPL

by the market. Core revenue came in above the Street, driven by higher fee income, Matthew Weng

with modestly higher expenses than expected, while credit came in better than +1(212)902-8484matthew.weng@gs.com|

expected for the quarter. The implied core PPNR guide for 3Q26 (at the mid-point of Goldman Sachs & Co. LLC

Kumar Sangewarthe range) is higher than expectations, and 2026 is largely in-line. All in though, we Lokesh | +1(332)245-7846

view this as a solid set of numbers and shows that USB continues to make progress lokesh.sangewar@gs.com Goldman Sachs India SPL

towards its targets. Core ROTCE for the quarter came in 19.1% and USB generated

400bps of operating leverage YoY. Importantly USB is seeing good underlying

momentum in the business with loan growth running at 8% YoY, payment revenues