US Bancorp DE

Company facts

Industry

National Commercial Banks

Headquarters

Minneapolis, Minnesota

Most recent report

8-K, filed Nov 6, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 36104

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 11 sections worth reading, with 5 positive, 12 notable, and 1 negative flags.

• For the quarterly period ended September 30, 2026

  Core financial results and a major acquisition with earnout; credit quality trends and capital returns are material.
  Positive

  • Average loans grew 8.0% to $409,548 million in Q3 2026, driven by commercial, CRE, and credit card loans.
  • Company returned $848 million to shareholders in Q3 2026 and $3.0 billion in the first nine months of 2026 via dividends and buybacks.
  Notable

  • Noninterest expense increased 7.1% in Q3 2026, driven by BTIG acquisition costs and higher compensation.
  • BTIG acquisition closed June 1, 2026 for ~$395 million cash plus 6.6 million shares, with up to $275 million earnout.

• Statement of Income Analysis

  Full income statement with segment detail, noninterest income table, and expense breakdown for Q3 2026.
  Positive

  • Net income up 10% to $2.2B in Q3 2026; diluted EPS rose to $1.34 from $1.22.
  • Net interest margin expanded to 2.84% in Q3 2026 from 2.75% a year ago, a 9 bps improvement.
  Notable

  • Provision for credit losses increased 14.5% to $654M in Q3 2026, including $135M initial provision for small business card portfolio.

• Balance Sheet Analysis

  Dense with credit quality, liquidity, and capital details; several notable trends and a concern.
  Positive

  • Nonperforming assets fell 16.7% to $1.3B at Q3 2026, and the ratio to total loans dropped to 0.32% from 0.41%.
  Notable

  • Total loans grew 6.1% to $415.2B at Q3 2026, driven by commercial (8.5%), CRE (9.3%), and credit card (9.4%) growth.
  • Investment securities fell 8.3% to $153.2B at Q3 2026, reflecting balance sheet management actions (sales and maturities).
  • Total deposits grew 1.8% to $531.7B at Q3 2026, driven by a 24.1% surge in savings account balances.
  • Long-term debt fell 14.4% to $52.0B at Q3 2026, as FHLB advances dropped $15.0B, partly offset by new issuances.
  • Average daily Liquidity Coverage Ratio was 109.1% for Q3 2026, up from 106.5% for Q4 2025, above regulatory minimum.
  • Payment Services net income fell 31.4% in Q3 2026, as provision for credit losses surged 45.2% from the card portfolio purchase.
  Negative

  • Net unrealized losses on AFS securities nearly doubled to $7.3B ($5.5B net-of-tax) at Q3 2026 from $4.4B at end of 2025.

• Notes to Consolidated Financial Statements

  Contains detailed loan portfolio, credit quality, allowance, and acquisition data for Q3 2026.
  Notable

  • Acquired BTIG for ~$395M cash and 6.6M shares, with up to $275M more, adding $613M goodwill.
  • Visa Injunctive Action settlement preliminarily approved in June 2026; final hearing set for Nov 16, 2026.
  • Unfunded commitments to extend credit were $481.3B at Sep 30, 2026, up from $444.7B at Dec 31, 2025.

What changed: Sep 2026 vs. Jun 2026

About 1% of USB's Sep 2026 10-Q is new information. 6 paragraphs were added, 266 changed, and 26 removed. Below are the most important lines SECSift identified.

• Notes to Consolidated Financial Statements 86
• Balance Sheet Analysis 81
• For the quarterly period ended September 30, 2026 29
• Statement of Income Analysis 11
• Consolidated Statement of Shareholders’ Equity 4
• Item 6 3
• Part II 2