U.S. Bancorp reaffirms medium-term targets at Boston conference
The presentation restates return and efficiency targets for 2026 and 2027, and shows third-quarter total net revenue of $7.97 billion.
Key takeaways
- U.S. Bancorp (USB) posted an investor presentation for a Nov. 6, 2026 conference in Boston. The presentation restates medium-term targets for 2026 and 2027, including a return on average assets of 1.15% to 1.35%, and reports third-quarter total net revenue of $7.97 billion.
U.S. Bancorp (USB) posted an investor presentation for its Nov. 6 appearance at the BancAnalysts Association of Boston Conference. John Stern, Vice Chair and Chief Financial Officer, and Stephen Philipson, Vice Chair and head of Wealth, Corporate, Commercial and Institutional Banking, are scheduled to present.
Shares were little changed at 9:56 a.m. ET, from a $59.75 close.
The presentation restates the company's medium-term targets for 2026 and 2027: a return on average assets of 1.15% to 1.35%, a return on tangible common equity in the high teens, fee revenue growth in the mid-single digits and an efficiency ratio in the mid-to-high 50s.
Fee revenue grew 14.9% from a year earlier in the third quarter of 2026, up from 13.2% in the second quarter. Total net revenue was $7.97 billion for the quarter.
Return on tangible common equity was 18.5% in the third quarter, and the efficiency ratio was 55.9%. The Common equity tier 1 capital ratio was 10.8%.
Capital markets fee revenue was $640 million in the third quarter of 2026, including BTIG, which the company has brought into its capital markets business.
The company sees an opportunity to double its share of wallet in markets businesses by deepening client relationships and expanding its capabilities.