U.S. Bancorp

USB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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U.S. Bancorp Earnings: Finished 2025 With Strong Fee Income Momentum

Maoyuan Chen

Jan 20, 2026

U.S. Bancorp reported strong fourth-quarter earnings, with fees growing by 8% year over year. The bank has delivered positive operating leverage in the past six quarters, and the fourth quarter's adjusted efficiency ratio of 57.4% was in line with the bank's medium-term target of mid- to high-50s.

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U.S. Bancorp

U.S. Bancorp Earnings: Finished 2025 With Strong Fee Income Momentum

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