U.S. Bank
U.S. Bancorp
20 quarters tracked through Q1 2026
Key takeaways
- 01
Among the highest loss rates — and stable.
U.S. Bank's card net charge-off rate held at 6.84% in Q1 2026, near the top of the launch universe but flat-to-improving from the 7.0-7.5% it ran through 2025.
- 02
A smaller, co-brand-heavy book.
Card receivables of $31.7B reflect a payments-led franchise (Elan Financial Services, co-brand and agent-bank programs) with a different borrower mix than the megabanks.
- 03
Contained, not deteriorating.
Provision of $0.35B sits well below net charge-offs of $0.55B, and the loss rate has edged down from its 2025 peak. Elevated absolute level, stable direction.
Q1 2026 · Editorial brief · By the numbers
6.84%
Net charge-off rate
Near the top of the universe; down from 2025 peak.
$31.7B
Card receivables
Payments-led, co-brand and agent-bank programs.
$0.23B
Card-segment net income
Thinner margin than the megabanks at this loss level.
$1.72B
Card net revenue
Steady payments-services revenue.
Q1 2026 · Editorial brief
Elevated and Holding
U.S. Bank carries one of the higher card net charge-off rates in Cardintel's coverage — 6.84% in Q1 2026 — but the more useful fact is that it is holding, not climbing. After running between 7.0% and 7.5% through 2025, USB's card loss rate has edged down. For a co-brand-heavy, payments-led franchise, an elevated-but-stable loss level is the normal operating state, not a warning.
High losses are not the same as rising losses. U.S. Bank's are high and holding.
What the headline numbers say
USB's card net charge-off rate ran 7.31% (Q1 2025), 7.48%, 7.07%, 6.71%, and 6.84% in Q1 2026 — elevated but trending gently lower off the mid-2025 peak. Card receivables grew to $31.7B. Card-segment net income of $0.23B on revenue of $1.72B, with provision ($0.35B) running below net charge-offs ($0.55B).
USB's card economics run through Elan Financial Services and a large agent-bank / co-brand program portfolio. That structure brings a higher-loss, higher-yield borrower mix than the megabanks' proprietary prime books.
What we'll be watching
The level is structural; the direction is the question:
1 · Plateau vs. continued improvement
Does the NCO rate keep easing toward the high-5s, or settle on a plateau near 7% that reflects the permanent cost of the co-brand mix?
2 · Margin at elevated losses
USB earns a thinner card-segment margin than peers at this loss level. Watch whether revenue growth keeps pace with the carrying cost of the book.
U.S. Bank's Q1 2026 is the steady high-loss case: elevated by mix, improving by cycle, contained by reserving.
By the editors. Cardintel.
Cardintel
Issuer brief · Q1 2026
U.S. Bank
Elevated and Holding
24 pages · cardintel.co
Full report
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Credit quality
Net charge-off rate
6.84%
+12 bps
Q1 2026, annualized
30+ day delinquency rate
0.57%
-2 bps
Q1 2026
Net interest margin
—
card segment NIM — sparse
Return on assets
—
consolidated, Q1 2026, annualized
Scale & earnings
Card receivables (EOP)
$31.7B
-1.8%
end of Q1 2026
Card net revenue
$1.7B
-8.9%
Q1 2026, card segment
Provision for credit losses
$347.00M
-15.0%
Q1 2026, card segment
Net charge-offs ($)
$546.31M
+3.6%
Q1 2026
Financial summary
P&L, balance sheet, and key drivers
Standardized issuer-summary format used across all coverage. Switch tabs to compare U.S. Bank against a peer; change the table quarter independently of the page anchor.
| Metric | U.S. Bank Q1 2026 | Prior Q Q4 2025 | Prior Y Q1 2025 | QoQ | YoY |
|---|---|---|---|---|---|
| Card net revenue | $1.7B | — | $1.8B | — | −3.3% |
| Provision for credit losses | $347.00M | — | $317.00M | — | +9.5% |
| Fee income (non-interest) | $925.00M | — | $1.0B | — | −10.7% |
| Net interest incomeSprint 8 — split out of card net revenue | — | — | — | — | — |
| Noninterest expenseSprint 8 — segment expense extraction | — | — | — | — | — |
| Pretax income | — | — | — | — | — |
| Net income | $231.00M | — | $340.00M | — | −32.1% |
Generated commentary
U.S. Bank's P&L in Q1 2026: net income fell 29.1% to $231.00M vs Q3 2025; fee income (non-interest) fell 16.4% to $925.00M vs Q3 2025; provision for credit losses fell 15.0% to $347.00M vs Q3 2025. Period-over-period changes flagged below; sparse rows compare against the metric's last reported period rather than the calendar prior quarter.
$ in cents (formatted as $B / $M / $). Rows marked “pending” are tracked and will populate as the corresponding ingestion lands. Source: SEC EDGAR 10-K / 10-Q segment data and FFIEC Call Reports.
Net charge-off rate — 5-year history
Net charge-off rate for U.S. Bank (solid) vs. the bank peer median (dashed) and 90th percentile (dotted). Use the controls above to overlay individual peers or a macroeconomic series on the right axis. Source: SEC 10-K/10-Q filings and FFIEC Call Reports; macro series via FRED.
Source: SEC EDGAR 10-Q filings + FFIEC Call Reports. Updated June 4, 2026.Methodology