U.S. Bancorp posts record revenue but misses analyst estimates in Q3

Capital markets revenue jumped 69.3% from a year earlier, boosted by a full quarter of contribution from BTIG

U.S. Bancorp reported third-quarter earnings of $1.34 per share, in line with expectations, on record net revenue of $8.0 billion. Revenue came in at $7.97 billion, below the $8.09 billion analysts had forecast.

Chairman and CEO Gunjan Kedia said the record net revenue drove the quarter's earnings, pointing to capital markets revenue that rose 69.3% from a year earlier. That jump followed a full quarter of results from BTIG, the brokerage U.S. Bancorp acquired on June 1, 2026, according to a Business Wire release from U.S. Bancorp.

The deal was initially set at a targeted purchase price of $725 million, made up of $362.5 million in cash and 6,600,594 shares of U.S. Bancorp stock, with as much as $275 million more in cash tied to performance targets over three years, according to a U.S. Bancorp investor relations release. A subsequent filing with the Securities and Exchange Commission put the actual cash paid at closing at approximately $395 million, alongside the same share count and contingent payments.

The shortfall in revenue alongside record headline numbers points to how much of U.S. Bancorp's growth now rests on BTIG's contribution rather than traditional lending. The capital markets surge is the clearest sign yet that the acquisition is shifting the bank's revenue mix toward fee-based business, and the test ahead is whether that pace continues once the comparisons move past the deal's early months.