U.S. Bancorp (USB) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Chief Executive Officer Gunjan Ketia, and Vice Chair and CFO John Stern. In a moment, Gunjan and John will reference a slide presentation together with their prepared remarks. A copy of the presentation, our press release, and all supplemental consolidated schedules are available on our website at ir.usbank.com. Please note that any forward-looking statements made during today's call are subject to risks and uncertainties that can cause our actual results to differ materially from our current expectations. These factors are described on page two of today's earnings presentation, in our press release, and in reports filed with the SEC. Following our prepared remarks, Gunjan and John will be happy to answer your questions. I will now turn the call over to Gunjan. Thank you, George, and good morning, everyone. If I could please turn your attention to slide three. In the third quarter, we reported earnings per share of $1.22. an increase of 18.4% year over year. Our net revenue of $7.3 billion was a quarterly record, reflecting both strong momentum across our fee businesses and improved spread income. This quarter, we generated a very meaningful 530 basis points of positive operating leverage a return on average assets of 1.17% and a net interest margin of 2.75%. John will provide more details on our financial performance in his opening remarks. Importantly, we are making strong progress against each of our three strategic priorities for our company. We are generating organic growth through distinctive, interconnected solutions, We are maintaining our expense discipline through sustainable process automation, and we are executing on our payments transformation with greater focus and strategic investments. And as we manage the bank for the long run through both positive a...