U.S. Bancorp (NYSE: USB) details 2.6% SCB, dividend hike and $4.1B buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
U.S. Bancorp announced that its Stress Capital Buffer will remain at 2.6% until October 1, 2027, following the Federal Reserve’s decision to maintain current stress test-related capital requirements. This buffer, combined with the Basel III Common Equity Tier 1 minimum of 4.5%, means the company must keep its CET1 ratio at or above 7.1% over this period.
The company reported a CET1 ratio of 10.8% using the Basel III standardized approach as of March 31, 2026, indicating capital levels above “well-capitalized” thresholds. Planned capital actions include raising the quarterly common stock dividend from $0.52 to $0.54 per share, a 3.8% increase subject to board approval, starting in the third quarter of 2026, and it had $4.1 billion of remaining capacity under its existing $5 billion share repurchase program as of March 31, 2026.
Positive
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Negative
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Insights
U.S. Bancorp confirms strong capital, modestly raises shareholder payouts.
U.S. Bancorp’s Stress Capital Buffer staying at 2.6% through October 1, 2027 provides clarity on regulatory capital expectations. With the SCB plus the Basel III minimum, the bank must keep a Common Equity Tier 1 ratio of at least 7.1%.
The reported CET1 ratio of 10.8% as of March 31, 2026 shows a sizeable cushion above requirements and “well-capitalized” levels. Management is translating this strength into a 3.8% increase in the quarterly dividend to $0.54 per share, subject to board approval, and maintaining capacity with $4.1 billion left under a $5 billion buyback program.
The combination of a stable regulatory buffer, high CET1 ratio, and planned capital returns suggests the bank currently has room to support shareholders while meeting stress test standards. Future updates to stress test models and regulatory capital rules, as referenced, will be important context in subsequent company filings.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Stress Capital Buffer: 2.6%
CET1 minimum requirement with SCB: 7.1%
CET1 ratio: 10.8%
+5 more
8 metrics
Stress Capital Buffer
2.6%
Remains in place until October 1, 2027
CET1 minimum requirement with SCB
7.1%
4.5% Basel III minimum plus 2.6% SCB
CET1 ratio
10.8%
Basel III standardized approach, as of March 31, 2026
Quarterly dividend (current)
$0.52 per share
Common stock dividend before planned increase
Quarterly dividend (planned)
$0.54 per share
Planned from Q3 2026, subject to board approval
Dividend increase
3.8%
Increase in quarterly common stock dividend
Remaining buyback capacity
$4.1 billion
Under existing $5 billion share repurchase program, as of March 31, 2026
Authorized buyback program size
$5 billion
Existing share repurchase program
Key Terms
Stress Capital Buffer, Basel III, Common Equity Tier 1, Dodd-Frank Act Stress Test, +2 more
6 terms
Stress Capital Buffer regulatory
"the Company’s Stress Capital Buffer (“SCB”) requirement will remain unchanged at 2.6% until October 1, 2027"
A stress capital buffer is an extra amount of loss-absorbing capital that regulators require a bank to hold based on how it would perform in a severe economic downturn. Think of it as a rainy-day fund sized by simulated worst-case losses; it matters to investors because a larger buffer can limit dividends and share buybacks but also signals greater resilience and lower risk of sudden losses or government intervention.
Basel III regulatory
"The SCB, when added to the Basel III Common Equity Tier 1 (CET1) capital to risk-weighted assets ratio minimum of 4.5 percent"
An international set of banking rules that tells banks how much high-quality capital and readily available cash they must hold and how to manage risk, like a safety checklist for lenders. Investors care because these rules influence how safely banks can absorb losses, how much they can lend, and therefore their profits, dividend capacity and the chance of government support in a crisis — think of it as requirements that trade some short-term profit potential for longer-term financial stability.
Common Equity Tier 1 financial
"Common Equity Tier 1 (CET1) capital to risk-weighted assets ratio minimum of 4.5 percent"
Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.
Dodd-Frank Act Stress Test regulatory
"commented on the results of the Federal Reserve’s Dodd-Frank Act Stress Test (DFAST)"
A Dodd‑Frank Act stress test is a regular regulatory exam that requires large banks to show how their finances would hold up under tough economic scenarios, like a deep recession or market shock. Think of it as a safety drill for banks: passing means regulators are more confident the bank has enough reserves to absorb losses, which matters to investors because results can affect a bank’s stock, dividend payments, lending ability and overall market confidence.
well-capitalized regulatory
"All U.S. Bancorp regulatory capital ratios continue to reflect strong capital levels and exceed “well-capitalized” requirements"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 24, 2026
U.S. BANCORP
(Exact name of registrant as specified in its charter)
(Commission File Number)
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification Number) | ||||
(Address of principal executive offices and zip code)
(651 ) 466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.
Item 8.01 Other Events.
On June 24, 2026, U.S. Bancorp (the “Company”) announced that the Company’s Stress Capital Buffer (“SCB”) requirement will remain unchanged at 2.6% until October 1, 2027. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.
The Company also announced that its planned capital actions include an increase in the Company’s quarterly common stock dividend from $0.52 to $0.54 per share (subject to approval by the Company’s Board of Directors), starting in the third quarter of 2026.
Forward-Looking Statements
THE FOLLOWING INFORMATION APPEARS IN ACCORDANCE WITH THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This current report contains forward-looking statements about the Company. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, the Company’s SCB requirement and capital action plans. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including changes to statutes, regulations, or regulatory policies or practices and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to update them in light of new information or future events.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release dated June 24, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
U.S. BANCORP
By: /s/ James L. Chosy
James L. Chosy
Senior Executive Vice President and General Counsel
Date: June 24, 2026
©2025 U.S. Bancorp | Confidential U.S. Bancorp Comments on Dodd-Frank Act Stress Test Results June 24, 2026 MINNEAPOLIS - U.S. Bancorp (NYSE: USB) commented on the results of the Federal Reserve’s Dodd-Frank Act Stress Test (DFAST) conducted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. If the results of the current exercise were used to calculate a stress capital buffer (SCB) under the Federal Reserve's rules, U.S. Bancorp would be bound by the 2.5% floor under those rules; however, as announced in a press release on February 4, 2026, the Federal Reserve Board voted to maintain its current stress test-related capital buffer requirements until 2027 so that public feedback can be considered for the supervisory models. As such, the SCB for U.S. Bancorp will remain unchanged at 2.6 percent until October 1, 2027. The SCB, when added to the Basel III Common Equity Tier 1 (CET1) capital to risk-weighted assets ratio minimum of 4.5 percent, requires the company to maintain a CET1 ratio at or above 7.1 percent throughout this period. All U.S. Bancorp regulatory capital ratios continue to reflect strong capital levels and exceed “well-capitalized” requirements. U.S. Bancorp’s CET1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent as of March 31, 2026. U.S. Bancorp’s planned capital actions include a 3.8 percent increase in its quarterly common stock dividend from $0.52 to $0.54 per share, subject to approval by U.S. Bancorp's Board of Directors, effective in the third quarter of 2026. Additionally, as of March 31, 2026, U.S. Bancorp had $4.1 billion of remaining capacity under its existing $5 billion share repurchase program. U.S. Bancorp has published its company-run DFAST results, which are available on the company’s website at www.usbank.com under “About Us,” “Investor Relations,” “Financials,” “Supporting documents” and “Dodd- Frank Act Stress test results.” “In banking, trust is everything—and it’s tested most in times of uncertainty,” said Gunjan Kedia, Chairman and CEO of U.S. Bancorp. "Our role is to provide strength and stability for our clients, no matter the environment. That requires a long-term focus, disciplined risk management, and a commitment to doing the right things consistently. Our recent stress test results show that we are built for that responsibility. They underscore the strength of our balance sheet, the resilience of our business model, and our ability to continue serving clients through a wide range of economic scenarios.” About U.S. Bancorp Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth- largest commercial bank in the United States. Our three major business lines serve 15 million clients throughout the U.S., Canada and Europe, and our team of nearly 70,000 people invest our hearts and minds to power human potential every day. Ranked 110th on the Fortune 500, we are deeply respected for our culture and long-term stewardship and admired for our diversified business mix and product capabilities. Exhibit 99.1
©2025 U.S. Bank | Confidential Forward-Looking Statements This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, U.S. Bancorp’s SCB requirement and capital action plans. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including changes to statutes, regulations, or regulatory policies or practices and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. Investor contact: Angie Jeyaraj, U.S. Bancorp Investor Relations Angie.jeyaraj@usbank.com Media contact: Jeff Shelman, U.S. Bancorp Public Affairs and Communications jeffrey.shelman@usbank.com
FAQ
What Stress Capital Buffer did U.S. Bancorp (USB) report in this 8-K?
U.S. Bancorp’s Stress Capital Buffer requirement will remain at 2.6% until October 1, 2027. When combined with the Basel III CET1 minimum of 4.5%, this requires the bank to maintain a CET1 ratio at or above 7.1% over that period.
How strong is U.S. Bancorp’s capital position following the 2026 DFAST results?
U.S. Bancorp reported a Common Equity Tier 1 capital to risk-weighted assets ratio of 10.8% as of March 31, 2026. Management stated that all regulatory capital ratios exceed “well-capitalized” requirements, indicating a substantial buffer above minimum regulatory thresholds.
Is U.S. Bancorp (USB) increasing its dividend after the stress test results?
Yes. U.S. Bancorp’s planned capital actions include raising the quarterly common stock dividend from $0.52 to $0.54 per share. This represents a 3.8% increase and is expected to take effect in the third quarter of 2026, subject to board approval.
How do the 2026 Dodd-Frank Act Stress Test results affect U.S. Bancorp’s SCB?
The 2026 stress test results would have put U.S. Bancorp at the 2.5% SCB floor, but the Federal Reserve voted to maintain current stress test-related capital buffer requirements until 2027. As a result, the company’s SCB stays at 2.6% until October 1, 2027.
What capital actions did U.S. Bancorp outline alongside its SCB disclosure?
U.S. Bancorp described planned capital actions including a 3.8% increase in its quarterly common dividend to $0.54 per share, subject to board approval, beginning in third quarter 2026, and highlighted $4.1 billion remaining capacity under its $5 billion share repurchase plan.