• U.S. Bancorp reported record second-quarter revenue of $7.71 billion, a 10% increase from the same period last year.
  • Net income rose to $2.18 billion, or $1.35 per share, beating the $1.28 consensus estimate from analysts polled by FactSet.
  • The bank said loan portfolio growth drove a 7.4% increase in its provision for credit losses, to $538 million, while noninterest expenses rose 5.9% partly due to the acquisition of BTIG.
  • Chief Executive Gunjan Kedia said the bank entered the second half with a favorable economic backdrop and strong momentum following the BTIG acquisition.

Profit beats analyst estimates; BTIG acquisition contributed to revenue growth

U.S. Bancorp on Thursday reported record second-quarter revenue of $7.71 billion, a 10% increase from a year earlier, driven by strong loan growth, broad fee momentum and a partial-month contribution from its recently completed acquisition of financial-services firm BTIG.

Net income rose to $2.18 billion, or $1.35 per share, from $1.82 billion, or $1.11 per share, in the year-ago quarter. Earnings per share beat the $1.28 mean estimate of analysts polled by FactSet.

Net interest income on a taxable-equivalent basis rose 7.5% to $4.39 billion, while noninterest income increased 13.7% to $3.33 billion. Total revenue of $7.71 billion topped the $7.58 billion analysts had anticipated.

The bank set aside $538 million for credit losses in the quarter, down from $576 million in the first quarter but up from $501 million in the second quarter of 2025. U.S. Bancorp said the 7.4% increase in its provision was primarily due to loan portfolio growth.

Noninterest expenses increased 5.9%, which the bank attributed largely to the BTIG acquisition, higher compensation and employee benefits, increased technology and communications spending, and higher marketing and business development costs.

U.S. Bancorp said in June it would raise its quarterly stock dividend by 3.8% to 54 cents a share after passing the Federal Reserve’s Dodd-Frank Act stress test. Earlier that month, it finalized the acquisition of BTIG for up to $1 billion, a move aimed at expanding its markets-based product set and revenue.

The company ended the quarter with a common equity Tier 1 capital ratio of 10.8%, unchanged from the prior quarter.

Chief Executive Gunjan Kedia said the bank began the second half of the year with a favorable economic backdrop and strong momentum, and that the BTIG acquisition strengthened its capital markets capabilities and provided additional opportunities to deepen client relationships.