"This quarter, we delivered earnings per share of $1.18, a year-over-year increase of approximately 15%. Total net revenue of $7.3 billion increased 4.7% year-over-year, with broad-based growth across each of our 3 major business lines."
— Gunjan Kedia
03Detailed Report
USB-PS
Company USB-PS
Period
Q1 2026
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 7, 2026
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Executive Summary
- USB-PS QQ1 2026 delivered earnings per share (EPS) of $1.18, up approximately 15% year over year, and total net revenue of about $7.3 billion, an increase of 4.7% YoY, underscoring broad-based growth across the three major business lines. Net interest income (NII) on a fully taxable equivalent basis rose 4.1% YoY to roughly $4.3 billion, supported by robust core loan growth in commercial and credit card and record consumer deposits. Fee income rose 6.9% YoY, driven by capital markets strength, payments momentum, and investment services, contributing to sustained revenue growth amidst ongoing expense discipline.
Key Performance Indicators
Revenue
Increasing
10.84B
QoQ: 4.67% | YoY: 0.32%
Gross Profit
Increasing
6.68B
61.69% margin
QoQ: 4.58% | YoY: 6.60%
Operating Income
Increasing
2.69B
QoQ: 24.59% | YoY: 30.84%
Net Income
Increasing
1.95B
QoQ: 13.81% | YoY: 21.33%
EPS
Increasing
1.18
QoQ: 14.56% | YoY: 21.65%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: ~$7.3B in Q1 2026, up 4.7% YoY; Net Interest Income (NII, TTI) ~ $4.3B, +4.1% YoY; Fee revenue +6.9% YoY; Noninterest expense ~ $4.3B, +0.8% QoQ; EPS $1.18; Net income $1.945B; ROE 17% and ROA 1.15% for the quarter; NIM flat QoQ at 2.77%; Tangible common equity (TCE) per share up >15% YoY; CET1 capital ratio 10.8% (9.3% including AOCI). Deposit momentum included record consumer deposits and a relatively flat deposit base; Average loans ~$394B, up 3.8% YoY (5.3% excluding loan sales).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
10.84B
0.32%
4.67%
Gross Profit
6.68B
6.60%
4.58%
Operating Income
2.69B
30.84%
24.59%
Net Income
1.95B
21.33%
13.81%
EPS
1.18
21.65%
14.56%
Key Financial Ratios
Management Insights Available for Members
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