美国合众银行（USB）Q3 EPS 微超预期但营收不及预期，上调全年营收与经营杠杆指引，盘前持平

U.S. Bancorp ( USB ) Q3 earnings exceeded the Wall Street consensus, while Q3 revenue missed as its net interest income and noninterest income didn't rise as strongly as expected. Its expenses, though, came in lower than consensus. Meanwhile, the bank increased its guidance for full-year revenue growth and operating leverage improvement. The bank expects FY2026 net revenue growth of 8%-9%, compared with its prior guidance for 7%-9% growth. It also expects positive operating leverage of ~300 basis points vs. its previous outlook of 200+ bps. For Q4, the company expects net interest income (“FTE”) of $4.57B-$4.61B, up 4%-6% Y/Y. Visible Alpha consensus is $4.58B. Total fee revenue is expected to rise 13%-14% Y/Y, implying $3.45-$3.48B. U.S. Bancorp ( USB ) projects Q3 adjusted noninterest expense to increase ~8% Y/Y. Q3 GAAP EPS of $1.34 , beating the average analyst estimate by $0.02, edged down from $1.35 in Q2 and increased from $1.22 in Q3 2025. Q3 total revenue of $7.97B, missing the $8.01B consensus, increased from $7.71B in the previous quarter and $7.33B in the year-ago period. "We reported a full quarter of BTIG results, which drove an increase of 69.3% year-over-year in capital markets revenue," said Chairman and CEO  Gunjan Kedia. "Our payments transformation gained momentum and delivered combined revenue growth of 6.5% year-over-year." U.S. Bancorp ( USB ) stock was unchanged in premarket trading. Provision for credit losses of $654M vs. $538M in the prior quarter and $571M a year ago. Its net charge-off ratio, excluding notable items, was 0.51%, compared with 0.53% in Q2 and 0.56% in last year’s Q3. Net interest income on a taxable equivalent basis of $4.49B, trailing the Visible Alpha estimate of $4.50B, rose from $4.39B in the previous quarter and $4.25B in the year-ago period. Net interest margin (taxable equivalent) of 2.84% increased from 2.79% in Q2 and 2.75% in the prior year’s Q3. U.S. Bancorp’s ( USB ) adjusted noninterest income of $3.48B, vs. the Visible Alpha estimate of $3.51B, climbed from $3.33B in the prior quarter and $3.08B a year ago. Q3 noninterest expense of $4.49B, vs. the Visible Alpha consensus of $4.54B, increased from $4.43B in the previous quarter and $4.20B a year ago. Its efficiency ratio of 55.9% improved from 57.1% in Q2 and 57.2% in Q3 2025. Average deposits rose to $526.6B from $515.1B in Q2. Average total loans increased to $409.5B from $405.5B in the prior quarter. Conference call at 9:00 AM ET.