U.S. Bancorp 8-K

Summary

Capital-markets strategy presentation. U.S. Bancorp is positioning the integration of BTIG, its capital-markets business, with its fixed income, currencies and commodities capabilities to deepen client relationships and expand capital-markets products. Capital markets generated 8% of total net revenue in Q3 2026; the company targets 10%+ in 3–5 years.

Key Figures

• Q3 2026 net revenue was $8.0B, with fee revenue at 44%. Payments made up 38% of fees, trust and investments 26%, capital markets 18%, and consumer and other 18%.
• The Q3 2026 scorecard showed fee revenue growth of 14.9% Y/Y (vs 9.5% in Q3 2025), an efficiency ratio of 55.9% (vs 57.2%), and positive operating leverage of 240 basis points (vs 530 basis points). Return on average assets was 1.25% and return on tangible common equity was 18.5%.
• Capital-markets fee revenue was $640M in Q3 2026; the presentation annualizes 3Q 2026 revenue to $2.5B, comprising $1.6B from fixed income, currencies and commodities and other capital-markets activities and $0.9B from BTIG. The business’s 7-year revenue CAGR was 13%.
• Market-share gains included U.S. Bancorp’s investment-grade loan bookrunner share rising from 0.9% (ranked #13) in 2009 to 3.7% (#7) in 2025, and its domestic investment-grade bond share from 0.1% (#24) to 2.5% (#14). BTIG’s equity capital-markets share was 1.8% (#15) YTD 2026, vs 0.1% (#41) in 2015.
• As of 9/30/2026, U.S. Bancorp had ≈47K corporate and institutional clients and BTIG had more than 4K clients. From 6/1/2026 through 9/30/2026, the companies made 220+ referrals to BTIG and 130+ to U.S. Bancorp; example client relationships illustrate potential revenue expansion, including expected 4–5x annual revenue for a technology, media and telecom client from a ~$4M base.
• Macro sales and trading launched in 6/2026. The company also listed planned capability expansions across structured credit, investment banking, equity swaps, commodities, foreign exchange and other markets products.

Guidance