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].

U.S. Bancorp (NYSE:USB) will release earnings for the fourth quarter before the opening bell on Tuesday, Jan. 20.Analysts expect the Minneapolis, Minnesota-based company to report fourth-quarter earnings of $1.19 per share. That's up from $1.07 per share in the year-ago period. The consensus estimate for U.S. Bancorp’s quarterly revenue is $7.32 billion (it reported $6.98 billion last year), according to Benzinga Pro.On Jan. 13, U.S. Bancorp agreed to acquire BTIG, LLC.Shares of U.S. Bancorp gained 0.8% to ...

Core Viewpoint - U.S. Bancorp (USB) is expected to report year-over-year increases in quarterly revenues and earnings for Q4 2025, with results scheduled for January 20, 2026 [1][9] Financial Performance Expectations - The Zacks Consensus Estimate for net interest income (NII) is $4.29 billion, reflecting a 1.8% increase from the previous quarter [4] - The consensus estimate for total revenues is pegged at $7.33 billion, indicating a rise of 4.9% from the year-ago figure [14] - The consensus estimate for earnings per share is $1.19, representing an 11.2% increase from the prior year [14] Factors Influencing Performance - NII growth is expected to be supported by lower interest rates, stabilizing funding costs, and resilient loan demand [3][9] - Lending activity remained strong, particularly in commercial and industrial loans, despite uncertainties in tariff policies [4] - Non-interest income is projected to decline sequentially, with total non-interest income estimated at $3.04 billion, a decrease of 1.3% [10] Market Conditions - Elevated market volatility and client activity during the fourth quarter are anticipated to have positively impacted capital markets revenue [6] - Mortgage banking revenues are expected to decline to $166.9 million, a 7.3% decrease from the prior quarter, due to subdued refinancing activity [8][7] Expense Management - Total non-interest expenses are projected to rise by approximately 1%–1.5% compared to the previous quarter, driven by higher compensation and technology investments [10][11] Asset Quality - The Zacks Consensus Estimate for non-performing loans is $1.63 billion, indicating a 1.4% increase from the prior quarter [12] - The company is likely to have set aside funds for potential bad loans in light of expected rate cuts and improving economic conditions [11] Earnings Surprise History - U.S. Bancorp has a strong earnings surprise history, with an average surprise of 4.7% over the last four quarters [2]

Economic Policy and Market Impact - President Trump's upcoming speech is expected to outline economic priorities and policy initiatives, with a focus on tax policy changes, infrastructure spending, regulatory approaches, and trade policy, particularly regarding China [1][2] - The speech's timing amid earnings season and critical economic data releases creates a complex backdrop for market reactions, as political rhetoric and corporate results will compete for investor attention [1][2] Economic Data Releases - Thursday will see a significant convergence of economic data, including the Q3 GDP revision and the November Core PCE Price Index, both released at 8:30am, which could lead to market volatility as investors assess growth and inflation data simultaneously [4] - The GDP revision will provide insights into consumer spending, business investment, and net exports, while the Core PCE Price Index will be crucial for understanding inflation trends [4] Company Earnings Insights - Netflix's earnings report will be critical for understanding the streaming industry's economics, including subscriber growth sustainability and content investment returns, especially in light of competition from platforms like Disney+ and Amazon Prime Video [5] - Intel's earnings will be a key indicator of its manufacturing transformation and competitive positioning in the semiconductor market, while GE Aerospace's results will provide insights into commercial aviation demand and defense spending trends [7] - Johnson & Johnson's earnings will offer perspectives on pharmaceutical demand and healthcare spending trends, while Procter & Gamble's results will assess consumer resilience in personal care and household products [8]

Core Insights - United Wholesale Mortgage retained the top position in mortgage origination volume for 2024, continuing its lead over Rocket Mortgage from the previous year [1] - The top 10 mortgage lenders accounted for over 21% of all U.S. home loans originated and nearly 26% of the total dollar volume of loans for the year [2] Top 10 Mortgage Lenders - The top 10 lenders by loan origination volume in 2024 are as follows: 1. United Wholesale Mortgage: 366,078 loans, $139.7 billion [5] 2. Rocket Mortgage: 361,071 loans, $97.6 billion [9] 3. CrossCountry Mortgage: 101,894 loans, $39.4 billion [10] 4. Bank of America: 83,143 loans, $29.5 billion [11] 5. Navy Federal Credit Union: 82,019 loans, $17.7 billion [14] 6. LoanDepot: Data not provided 7. Chase: Data not provided 8. Guild Mortgage: Data not provided 9. Fairway Independent Mortgage: Data not provided 10. U.S. Bank: Data not provided [3] Customer Satisfaction Ratings - Bank of America received a high customer satisfaction rating for mortgage servicing and an above-average rating for mortgage origination according to J.D. Power in 2025 [9] - Navy Federal Credit Union achieved high customer satisfaction ratings for both mortgage origination and servicing, although it is not eligible for official rankings [14]