U.S. Bancorp (USB)

Outperform Recap: Q1 2026

Maintaining Outperform: The Re-Rate Is Done but the Compounding Isn't — Accelerating Q2 Guide, the Amazon Card, an Accretive BTIG, and Basel III Relief Keep the Story Going After a +49% Year

Outperform Recap: Q4 2025

Maintaining Outperform: A Second Straight Quarter Inside Every Target, NIM Grinds to 2.77%, the Buyback Doubles, and BTIG Adds the Last Piece of the Capital-Markets Build

Outperform Recap: Q3 2025

Upgrading to Outperform: The NII Inflection Prints — Record Revenue, +9bps NIM, 530bps Operating Leverage — and a Sector Credit Scare Hands You the Entry

Hold Recap: Q2 2025

Initiating Coverage at Hold: A Fee-and-Expense Beat the Market Won't Pay For Until the NII Inflection Is on the Tape