U.S. Bancorp: Will The Management Focus On Payments Power & Precision Cost Control Pay Off?

U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%. The company demonstrated progress on its strategic priorities, achieving a year-over-year positive operating leverage of 270 basis points on an adjusted basis. This improvement was driven by disciplined expense management, momentum across fee businesses, and modest margin expansion. The company noted strong credit quality and capital levels, with a modest improvement in the net charge-off ratio and continued capital build.