U.S. Bancorp (USB) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to U.S. Bancorp's first quarter 2026 earnings conference call. Following a review of the results, there will be a formal question and answer session. If you would like to ask a question, please press star then one on your phone. If you wish to withdraw your question, please press star then one again. This call will be recorded and available for replay beginning today at approximately 10 o'clock a.m. Central Time. I will now turn the conference call over to Jen Thompson. Thank you, Regina, and good morning, everyone. In our boardroom today, I'm joined by Chief Executive Officer Gunjan Kedia and Vice Chair and CFO John Stern. In a moment, Gunjan and John will be referencing a slide presentation together with their prepared remarks. A copy of the presentation, our press release, and supplemental analyst schedules can be found on our website at ir.usbank.com. Please note that any forward-looking statements made during today's call are subject to risk and uncertainty. Factors that could materially change our current forward-looking assumptions are described on page two of today's earnings presentation, our press release, and in reports on file with the SEC. Following our prepared remarks, Gunjan and John will be happy to take questions that you have. I will now turn the call over to Gunjan. Thank you, Jen, and good morning, everyone. I will begin on slide three. 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 three major business lines. Net interest income on a taxable equivalent basis increased 4.1% year-over-year, supported by robust core loan growth in commercial and credit cards and a second consecut...