U.S. Bancorp expects 2026 net revenue growth of 8%-9%
USB•U.S. Bancorp forecasts 2026 net revenue growth of 8%-9% from $28.7 billion in 2025, or 6%-7% excluding BTIG, with positive operating leverage of 400 basis points.
1. 2026 outlook
U.S. Bancorp expects full-year 2026 net revenue growth of 8%-9% from $28.7 billion in 2025. Excluding BTIG, it projects growth of 6%-7% and positive operating leverage of 400 basis points. For the fourth quarter, net interest income is expected to rise 6%-7% year over year, while fee revenue is forecast to grow 13%-14%. BTIG is expected to contribute about $200 million in quarterly net revenue.
2. Third-quarter fees
Third-quarter fee revenue rose 14.9% to $3.55 billion, reflecting broad-based momentum and a full quarter of BTIG revenue.
