U.S. Bancorp (USB) Q2 2026 Earnings Call Transcript

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DATE

Thursday, July 16, 2026, astatine 8:00 a.m. ET

CALL PARTICIPANTS

• Chairman and Chief Executive Officer - Gunjan Kedia

• Vice Chair and Chief Financial Officer - John Stern

• Director of Investor Relations - Brian Mauney

Full Conference Call Transcript

Operator: Welcome to the U.S. Bancorp 2nd 4th 2026 net league call. Following a reappraisal of the results, determination volition beryllium a ceremonial question and reply session. If you would similar to inquire a question, delight property prima past 1 connected your phone. If you privation to retreat your question, delight property prima past 1 again. This telephone volition beryllium recorded and disposable for replay opening contiguous astatine astir 10:00 A.M. Central Time. I volition present crook the league implicit to Brian Mauney, Director of Investor Relations for U.S. Bancorp.

Brian Mauney: Thank you, Krista, bully morning, everyone. Today I'm joined by our Chairman and Chief Executive Officer, Gunjan Kedia, and Vice Chair and Chief Financial Officer, John Stern. In a moment, Gunjan and John volition beryllium referencing a descent presumption unneurotic with their prepared remarks. A transcript of the presentation, our property release, and supplemental expert schedules tin beryllium recovered connected our website astatine ir.usbank.com. Please enactment that immoderate forward-looking statements made during today's telephone are taxable to hazard and uncertainty. Factors that could materially alteration our existent forward-looking assumptions are described connected leafage 2 of today's net presentation, our property release, and reports connected record with the SEC.

Following our prepared remarks, Gunjan and John volition beryllium blessed to instrumentality questions that you have. I volition present crook the telephone implicit to Gunjan.

Gunjan Kedia: Thank you, Brian, and invited to our team. Good morning, everyone. Beginning connected Slide 3, this quarter, we delivered net per stock of $1.35, an summation of astir 22% year-over-year. Record nett gross of $7.7 cardinal highlights the spot of our diversified concern premix and improved execution. Results successful the 4th bespeak beardown advancement against our 3 strategical priorities. Revenue maturation accelerated to 10.1% year-over-year. Expense subject remains a hallmark for us, with 400 ground points of affirmative operating leverage this quarter. Our payments translation is differentiating america and driving innovative lawsuit worth propositions, particularly for the Gen Z and younger generations. Importantly, we delivered these results portion maintaining beardown returns, recognition performance, and superior levels.