Feed - Buzzberg

12:00
Jul 16 ◎

USB FY2026 Q2 Watch

U.S. Bancorp (USB) FY2026 Q2 Earnings Call

EDJ SFARM USB V AMZN ▾

Gunjan Kedia

Successful partnership with Edward Jones is being used as a model for expanding into small business partnerships, potentially growing volumes for Edward Jones.

"we've had a partnership platform with State Farm and then we improved with Edward Jones that brings banking and credit card together in a branded name for the partner."

EDJ WATCH

Gunjan Kedia

The partnership model used with State Farm is being replicated for small business, indicating continued success in this collaborative strategy.

"we've had a partnership platform with State Farm and then we improved with Edward Jones that brings banking and credit card together in a branded name for the partner."

SFARM WATCH

Gunjan Kedia

Management's tone is confident and optimistic, built on strong revenue growth, fee income diversification, and a raised full-year outlook, signaling a positive trajectory.

"Results in the quarter reflect strong progress against our three strategic priorities. Revenue growth accelerated to 10.1% year-over-year."

USB WATCH

John Stern

Merchant processing growth is slowing due to losses of non-strategic distribution partners in Europe, creating a headwind for the next few quarters. — This signals potential reduced volume growth for payment networks in the near term from one of their larger processors.

"we also had loss of some non-strategic distribution partners over there and that we will feel that impact for the next three quarters or so."

V WATCH MA WATCH

Gunjan Kedia

Amazon's partnership will bring in significant revenue, but also includes a sizable $160 million reserve build, indicating a more conservative, potentially less profitable initial impact. — The reserve build will impact near-term earnings, and the long-term profitability of the portfolio will be crucial to watch.

"we anticipate to recognize approximately $160 million of reserve bills related to the Amazon small business portfolio purchase, which we anticipate will close in mid-August."

AMZN WATCH

Gunjan Kedia

BTIG's one-month performance was $98M, surpassing the guided $200M per quarter run rate, indicating strong cross-selling early in the integration. — This suggests the acquisition is creating synergies faster than expected, potentially lifting future earnings.

"the successful completion of the BTIG acquisition marks a significant milestone in our strategic build out of capital markets."

BTIG WATCH

HIGH

12:00
Apr 16 ◎

USB FY2026 Q1 Watch

U.S. Bancorp (USB) FY2026 Q1 Earnings Call

AMZN USB ▾

Gunjan Kedia

Amazon partnership expands USB's small business card reach; expected to add $75-85M revenue per quarter starting in Q3 2026.

"Our recently announced partnership with Amazon is significant in size and will meaningfully expand our small business reach."

AMZN WATCH

John Stern

USB raised Q2 revenue guidance, emphasized strong loan and fee momentum, and plans to invest in growth while maintaining positive operating leverage.

"we remain confident in our ability to deliver high teens returns on tangible common equity."

USB WATCH

HIGH

14:00
Jan 20 ◎

USB FY2025 Q4 Watch

U.S. Bancorp (USB) FY2025 Q4 Earnings Call

COIN USB BLK VRT DELL ▾

Gunjan Ketia

USB's global fund services business onboarded nearly half of all new U.S. ETF launches in 2025, driven significantly by digital asset and derivative-based ETF products. — The rapid growth in ETF servicing, particularly for digital-asset-linked ETFs, signals continued strong demand for these products and positions USB as a key infrastructure player in the growing digital asset securities market.

"We have some unique product capabilities for startup and first-time ETFs and have onboarded nearly half of all new U.S. ETF launches in 2025."

COIN WATCH BLK WATCH

Gunjan Ketia

Management expresses strong confidence in continued revenue growth driven by fee businesses, investments in payments and technology, and the BTIG acquisition. They expect to maintain positive operating leverage, with revenue as the primary driver, indicating a bullish outlook for 2026.

"We expect revenue growth to be a stronger driver of continued positive operating leverage for the year."

USB WATCH

John Stern

USB's commercial loan growth is broad-based but explicitly excludes data-center exposure (less than $1B). Growth is concentrated in private credit/subscription finance and supply chain finance. — While other banks are driving CRE growth via data centers, USB's is focused on traditional areas, indicating potential deceleration in bank lending to the data center sector's broader pipeline or a differentiation in credit appetite.

"I'll also say that this growth is not driven by data centers and things like that. We have less than a billion dollars of data centers in our portfolio, and we do select high quality in that sense."

VRT WATCH DELL WATCH

Gunjan Ketia

Management sees the consumer as strong, with positive holiday spending across FICO bands and expects the 'One Big Beautiful Bill' tax provisions (tips, overtime) to provide further tailwinds. — This indicates a robust consumer spending environment entering 2026, a positive signal for payment networks and card issuers who rely on transaction volumes.

"The consumer did very well through the holiday cycle, and that was all ranges of FICO scores and across discretionary and non-discretionary spending."

V WATCH MA WATCH

Gunjan Ketia

USB has achieved nine consecutive quarters of largely stable expenses due to productivity programs and is beginning to see the benefits of prior digital investments and AI in expense pools. — The realized productivity from digital transformation and AI investments highlights the potential for cost savings across the banking industry, potentially impacting enterprise software vendors' future sales cycles as clients reap the benefits of past investments.

"Nearly all back-end platforms have been upgraded, and that creates a lot of productivity once you start getting the operations aligned. You add to it the AI boost we are seeing in big expense pools."

MSFT WATCH ORCL WATCH

HIGH

Feed — Buzzberg