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

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WEBVTT 00:00:00.031 -- 00:00:05.299 Chief Executive Officer Gunjan Ketia, and Vice Chair and CFO John Stern. 00:00:05.299 -- 00:00:08.865 In a moment, Gunjan and John will reference a slide presentation together with their 00:00:08.865 -- 00:00:13.892 prepared remarks. A copy of the presentation, our press release, and all supplemental 00:00:13.892 -- 00:00:18.917 consolidated schedules are available on our website at ir.usbank.com. 00:00:19.441 -- 00:00:22.906 Please note that any forward-looking statements made during today's call are subject 00:00:22.906 -- 00:00:27.052 to risks and uncertainties that can cause our actual results to differ materially from 00:00:27.052 -- 00:00:31.145 our current expectations. These factors are described on page two of today's earnings 00:00:31.145 -- 00:00:36.112 presentation, in our press release, and in reports filed with the SEC. 00:00:36.112 -- 00:00:40.498 Following our prepared remarks, Gunjan and John will be happy to answer your questions. 00:00:40.498 -- 00:00:43.162 I will now turn the call over to Gunjan. 00:00:43.162 -- 00:00:46.046 Thank you, George, and good morning, everyone. 00:00:46.046 -- 00:00:49.791 If I could please turn your attention to slide three. 00:00:49.791 -- 00:00:55.499 In the third quarter, we reported earnings per share of $1.22. 00:00:55.499 -- 00:01:00.547 an increase of 18.4% year over year. 00:01:00.547 -- 00:01:05.576 Our net revenue of $7.3 billion was a quarterly 00:01:05.576 -- 00:01:10.664 record, reflecting both strong momentum across our fee businesses 00:01:10.664 -- 00:01:13.690 and improved spread income. 00:01:13.690 -- 00:01:17.997 This quarter, we generated a very meaningful 530 00:01:17.997 -- 00:01:23.219 basis points of positive operating leverage a return on average 00:01:23.21...