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US Bancorp (USB) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · US Bancorp (USB) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $8.0B · 28¢ of every $1 of revenue kept as net profit · operating margin 35.1%
US Bancorp made $8.0B in Q3 2026 (+9% Y/Y). Operating margin 35.1%, net earnings $2.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $8.0B in Q3 2026, up 9% year over year and up 3% from the previous quarter.
Operating profit was $2.8B, a 35.1% margin (up 0.6 points year over year). Of the extra revenue versus Q3 2025, 42% reached operating profit, above the 35% margin then. Total costs grew 8% against revenue growth of 9%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $2.2B, up 10% year over year. The effective tax rate was 21.2%.
Operating cash flow was $3.8B (up 12% year over year), 172% of net earnings. Working capital and other items added $1.6B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $8.0B | +9% | 35.1% | $2.2B | $3.8B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $7.7B | +10% | 35.3% | $2.2B | $4.8B |
| Q1 2026 | 10-Q | May 4, 2026 | $7.3B | +5% | 33.2% | $1.9B | $1.3B |
| Q4 2025 | 10-K | Feb 23, 2026 | $7.4B | +5% | 34.4% | $2.1B | $3.0B |
| Q3 2025 | 10-Q | Nov 5, 2025 | $7.3B | +7% | 34.5% | $2.0B | $3.2B |
| Q2 2025 | 10-Q | Aug 7, 2025 | $7.0B | +2% | 32.7% | $1.8B | $2.0B |
| Q1 2025 | 10-Q | May 6, 2025 | $7.0B | +4% | 31.0% | $1.7B | −$285M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About US Bancorp
The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This report contains forward-looking statements about U.S. Bancorp (“U.S. Bancorp” or the “Company”). Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp.
In its own words, from its 10-K, filed Feb 23, 2026.
US Bancorp against its National Commercial Banks peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +8%. Operating margin: 35.1% against the peers' median 32.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| USB US Bancorp | Q3 2026 | $8.0B | +9% | 35.1% |
| JPM JPMorgan Chase | Q3 2026 | $50.2B | +8% | 40.1% |
| BAC Bank of America | Q3 2026 | $30.0B | +3% | 29.9% |
| C Citigroup | Q3 2026 | $23.8B | +8% | 30.6% |
| WFC Wells Fargo | Q3 2026 | $21.9B | +2% | 32.5% |
| COF Capital One Financial | Q3 2026 | $16.3B | +6% | 28.0% |
| PNC PNC Financial Services Group | Q3 2026 | $6.6B | +11% | 40.0% |
| TFC Truist Financial | Q3 2026 | $3.7B | -28% | 23.9% |
| HBAN Huntington Bancshares | Q3 2026 | $2.8B | +31% | 32.1% |
Source: US Bancorp 10-Q on SEC EDGAR · CIK 36104 · National Commercial Banks
13F: who owns USB and who is buying
More on USB
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results