Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Cheaper funding, not higher yields, lifted the spread
Interest income barely moved, so the gain in net interest income came almost entirely from paying less for deposits and debt.
For investorsWhat would undo this quarter's funding-cost gain?
For foundersThe playbook behind selling many services into one relationship
Fees now make up 43.3% of revenue, but the fastest-growing line is the one most tied to market activity.
Revenue rose 10.19% against 5.91% for expenses, and a largely fixed cost base turned that gap into much faster profit growth.
Everyday operating and checking balances let the bank pay less than it earns on loans, and that spread is the core engine.
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Business Lens describes U.S. Bancorp from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
