U.S. Bancorp

USB · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$82,945	$74,616	$67,387	$66,734	$83,289	$69,084	$87,915	$67,764	$79,448	$76,171	$63,271	$81,045	$74,296	$60,271	$51,774	$51,567	$41,666	$43,567	$55,069	$64,346	$54,729	$59,101	$56,489	$40,083	$39,792	$43,705	$45,479	$59,752	$12,917	$10,035	$6,497	$3,976	$3,817	$3,173	$2,164	$1,433	$1,906	$1,584	$1,376	$1,283	$1,154
Enterprise value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	11.53×	12.63×	13.34×	12.13×	10.95×	14.95×	13.35×	9.99×	13.44×	13.63×	11.28×	14.52×	13.38×	11.20×	10.97×	15.48×	23.11×	15.45×	12.93×	13.54×	12.19×	14.18×	15.13×	12.65×	26.91×	15.20×	30.19×	45.01×	16.98×	24.16×	47.57×	34.10×	12.81×	10.17×	32.88×	22.08×	32.86×	28.60×	33.16×	32.00×	33.83×
P/S (TTM) at period end	2.91×	2.73×	2.41×	2.76×	3.67×	2.97×	3.84×	3.01×	3.66×	3.63×	3.15×	4.06×	3.83×	3.00×	2.74×	2.87×	2.53×	3.00×	3.94×	4.70×	4.18×	4.68×	4.52×	3.33×	3.61×	4.00×	7.56×	11.24×	3.72×	5.36×	12.58×	8.59×	2.24×	2.07×	6.15×	4.44×	6.36×	–	–	–	–
P/B at period end	1.27×	1.27×	1.22×	1.31×	1.52×	1.30×	1.70×	1.33×	1.62×	1.61×	1.37×	1.86×	1.81×	1.55×	1.52×	1.75×	1.60×	1.66×	2.62×	3.04×	2.72×	3.02×	2.94×	2.21×	2.42×	2.88×	5.95×	9.05×	4.70×	11.74×	7.92×	5.54×	1.70×	1.37×	3.90×	2.87×	4.12×	–	–	–	–
EV / EBITDA (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	11.0%	10.1%	9.1%	10.8%	13.8%	8.7%	12.7%	13.3%	12.1%	11.8%	12.2%	12.8%	13.5%	13.8%	13.9%	11.3%	6.9%	10.7%	20.2%	22.4%	22.3%	21.3%	19.4%	17.5%	9.0%	19.0%	19.7%	20.1%	27.7%	48.6%	16.7%	16.2%	13.3%	13.5%	11.9%	13.0%	12.5%	–	–	–	–
Return on invested capital	7.9%	8.3%	8.9%	8.5%	11.3%	11.3%	7.4%	8.3%	7.9%	7.5%	6.1%	6.2%	7.1%	6.5%	5.7%	4.1%	2.7%	3.3%	5.0%	6.1%	6.5%	6.8%	6.7%	7.0%	3.1%	6.7%	6.4%	9.4%	13.4%	28.4%	11.1%	8.1%	11.7%	8.1%	13.4%	20.2%	35.0%	–	–	–	–
Dividend yield	3.8%	4.1%	4.4%	4.2%	3.1%	3.7%	2.8%	3.1%	2.4%	2.4%	2.8%	2.1%	2.1%	2.2%	1.6%	0.7%	2.5%	6.8%	5.1%	3.7%	4.1%	3.1%	2.8%	3.7%	3.1%	2.9%	1.3%	0.9%	2.7%	1.7%	0.7%	1.0%	3.6%	3.3%	1.3%	1.9%	1.3%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.29×	0.30×	0.39×	0.40×	0.41×	0.05×	0.07×	0.09×	0.08×	0.08×	0.08×	0.08×	0.08×	0.06×	0.06×	0.06×	0.08×	0.11×	0.11×	0.13×	0.13×	–	–	–	–
Debt / equity	1.20×	1.26×	1.21×	1.40×	0.80×	1.00×	1.23×	1.09×	1.00×	1.00×	1.30×	1.43×	1.16×	1.33×	1.84×	2.17×	2.46×	2.75×	3.59×	3.04×	2.84×	2.45×	2.32×	2.18×	2.63×	2.44×	2.59×	1.83×	1.88×	1.37×	1.09×	1.67×	0.88×	0.79×	1.01×	1.11×	0.81×	–	–	–	–
Effective tax rate	20.2%	20.0%	20.5%	20.0%	21.5%	17.6%	19.2%	17.9%	16.8%	26.7%	26.1%	26.1%	26.2%	28.9%	27.8%	22.3%	15.0%	26.5%	30.0%	30.8%	31.7%	32.5%	34.4%	34.6%	34.9%	34.5%	36.2%	36.6%	34.4%	33.4%	33.4%	34.6%	37.5%	33.7%	31.4%	30.0%	27.6%	–	–	–	–
Share count
Diluted shares outstanding	1,558	1,561	1,543	1,490	1,490	1,510	1,583	1,638	1,683	1,724	1,772	1,813	1,849	1,896	1,923	1,921	1,859	1,756	1,756	1,804	1,857	1,913	1,936	1,925	1,940	1,918	2,194	1,971	685	997	997	997	997	820	790	779	791	765	655	668	568

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$30,231	$28,540	$27,335	$28,013	$24,184	$22,721	$23,226	$22,883	$22,521	$21,697	$20,956	$20,093	$19,939	$19,378	$20,064	$18,883	$17,939	$16,470	$14,543	$13,985	$13,693	$13,100	$12,630	$12,502	$12,025	$11,020	$10,933	$6,019	$5,317	$3,468	$1,874	$516	$463	$1,702	$1,531	$352	$323	$300	–	–	–	–
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($7,580)	($4,611)	($4,430)	($4,601)	($3,807)	($3,634)	($3,422)	($3,098)	($2,877)	($2,883)	($2,802)	($2,662)	($2,646)	($2,535)	($2,656)	($2,509)	($2,329)	($4,087)	($3,864)	($3,394)	($3,227)	($3,049)	($2,835)	($2,686)	($2,485)	($2,322)	($2,827)	($1,709)	($1,433)	($1,036)	($563)	($133)	($125)	($686)	($671)	($104)	($95)	($89)	–	–	–	–
Total operating expenses	($17,413)	($16,837)	($17,188)	($18,873)	($14,906)	($13,728)	($13,369)	($12,785)	($12,464)	($12,790)	($11,527)	($10,931)	($10,715)	($10,274)	($10,456)	($9,911)	($9,383)	($8,281)	($7,348)	($6,907)	($6,286)	($5,863)	($5,785)	($5,597)	($5,740)	($6,149)	($5,717)	($3,127)	($2,844)	($2,105)	($1,152)	($286)	($260)	($1,100)	($1,114)	($216)	($190)	($184)	($55)	($42)	($40)	($34)
Total costs and expenses	($19,758)	($19,023)	($19,426)	($21,148)	($16,883)	($12,555)	($17,175)	($14,289)	($13,843)	($14,180)	($12,851)	($12,063)	($11,944)	($11,614)	($12,338)	($12,254)	($13,739)	($13,838)	($10,444)	($7,699)	($6,830)	($6,529)	($6,454)	($6,851)	($7,090)	($8,678)	($6,545)	($3,658)	($3,223)	($2,309)	($1,250)	($311)	($285)	($1,226)	($1,298)	($256)	($230)	($220)	–	–	–	–
Operating income	$10,473	$9,517	$7,909	$6,865	$7,301	$10,166	$6,051	$8,594	$8,678	$7,517	$8,105	$8,030	$7,995	$7,764	$7,726	$6,629	$4,200	$2,632	$4,099	$6,286	$6,863	$6,571	$6,176	$5,651	$4,936	$2,342	$4,388	$2,362	$2,094	$1,159	$624	$205	$178	$477	$233	$96	$93	$80	$55	$42	$40	$34
Earnings
EBITDA	–	$10,392	$8,848	$7,883	$7,861	$10,663	$6,578	$9,096	$9,145	$7,985	$8,575	$8,511	$8,496	$8,284	$8,287	$7,194	$4,796	$3,239	$4,672	$6,905	$7,451	$7,260	$6,914	$6,609	$5,774	$3,156	$5,043	$2,670	$2,368	$1,374	$747	$239	$209	$621	$321	$116	$111	$98	–	–	–	–
Interest income	$31,133	$30,970	$31,666	$30,007	$17,945	$13,487	$14,840	$17,494	$16,173	$14,346	$13,134	$12,377	$12,228	$12,285	$12,883	$12,639	$12,158	$11,538	$12,418	$13,136	$12,263	$10,551	$9,186	$9,258	$9,494	$10,946	$12,029	$5,677	$5,407	$4,514	$2,276	$710	$570	$1,662	$1,681	$577	$587	$564	–	–	–	–
Interest expense	($13,757)	($14,321)	($15,377)	($12,611)	($3,217)	($993)	($2,015)	($4,442)	($3,254)	($1,966)	($1,468)	($1,401)	($1,453)	($1,681)	($2,138)	($2,516)	($2,579)	($3,020)	($4,686)	($6,447)	($5,522)	($3,496)	($2,075)	($2,069)	($2,680)	($4,596)	($6,023)	($2,416)	($2,347)	($2,146)	($1,023)	($332)	($224)	($529)	($686)	($307)	($340)	($336)	–	–	–	–
Pre-tax income	$10,473	$9,517	$7,909	$6,865	$7,301	$10,166	$6,051	$8,594	$8,678	$7,517	$8,105	$8,030	$7,995	$7,764	$7,726	$6,629	$4,200	$2,632	$4,099	$6,286	$6,863	$6,571	$6,176	$5,651	$4,936	$2,342	$4,388	$2,362	$2,094	$1,159	$624	$205	$178	$477	$233	$96	$93	$80	–	–	–	–
Income tax expense	($2,081)	($1,921)	($1,580)	($1,407)	($1,463)	($2,181)	($1,066)	($1,648)	($1,554)	($1,264)	($2,161)	($2,097)	($2,087)	($2,032)	($2,236)	($1,841)	($935)	($395)	($1,087)	($1,883)	($2,112)	($2,082)	($2,009)	($1,941)	($1,708)	($818)	($1,512)	($855)	($766)	($398)	($209)	($68)	($62)	($179)	($79)	($30)	($28)	($22)	$55	$42	$40	$34
Net income	$8,369	$7,570	$6,299	$5,429	$5,825	$7,963	$4,959	$6,914	$7,096	$6,218	$5,888	$5,879	$5,851	$5,836	$5,647	$4,872	$3,317	$2,205	$2,946	$4,324	$4,751	$4,489	$4,167	$3,733	$3,168	$1,479	$2,876	$1,506	$1,327	$761	$415	$137	$117	$298	$312	$66	$65	$58	$55	$42	$40	$34
Per share
Diluted EPS (GAAP)	$5.13	$4.62	$3.79	$3.27	$3.69	$5.10	$3.06	$4.16	$4.14	$3.51	$3.24	$3.16	$3.08	$3.00	$2.84	$2.46	$1.73	$0.97	$1.61	$2.42	$2.61	$2.42	$2.18	$1.93	$1.65	$0.88	$1.50	$2.06	$2.02	$1.11	$1.25	$0.41	$0.35	$0.90	$1.14	$0.25	$0.25	$0.22	$0.22	$0.19	$0.18	$0.18
Basic EPS (GAAP)	$5.13	$4.62	$3.79	$3.27	$3.69	$5.11	$3.06	$4.16	$4.15	$3.53	$3.25	$3.18	$3.10	$3.02	$2.85	$2.47	$1.74	$0.97	$1.62	$2.45	$2.64	$2.45	$2.21	$1.94	$1.65	$0.89	$1.51	$2.07	$2.04	$1.11	$1.25	$0.41	$0.35	$0.90	$1.16	$0.25	$0.25	$0.22	$0.22	$0.19	$0.18	$0.18
Basic shares outstanding	1,555	1,557	1,560	1,543	1,489	1,489	1,509	1,581	1,634	1,677	1,718	1,764	1,803	1,839	1,887	1,914	1,912	1,851	1,742	1,735	1,778	1,831	1,887	1,924	1,916	1,928	1,906	2,183	1,955	685	997	997	997	997	805	790	779	791	765	655	668	568
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	34.6%	33.3%	28.9%	24.5%	30.2%	44.7%	26.1%	37.6%	38.5%	34.6%	38.7%	40.0%	40.1%	40.1%	38.5%	35.1%	23.4%	16.0%	28.2%	44.9%	50.1%	50.2%	48.9%	45.2%	41.0%	21.3%	40.1%	39.2%	39.4%	33.4%	33.3%	39.7%	38.5%	28.0%	15.2%	27.3%	28.7%	26.7%	–	–	–	–
Net margin	27.7%	26.5%	23.0%	19.4%	24.1%	35.0%	21.4%	30.2%	31.5%	28.7%	28.1%	29.3%	29.3%	30.1%	28.1%	25.8%	18.5%	13.4%	20.3%	30.9%	34.7%	34.3%	33.0%	29.9%	26.3%	13.4%	26.3%	25.0%	25.0%	21.9%	22.2%	26.5%	25.2%	17.5%	20.4%	18.7%	20.1%	19.4%	–	–	–	–

Analyst consensus

Buy49 analysts

Bearish · 2 · Hold · 22 · Bullish · 25

Earnings history

	EPS	Estimate
Q4 2024	$1.07	$1.04	Beat
Q1 2025	$1.03	$0.98	Beat
Q2 2025	$1.11	$1.07	Beat
Q3 2025	$1.22	$1.13	Beat
Q4 2025	$1.26	$1.19	Beat
Q1 2026	$1.18	$1.14	Beat
Q2 2026	$1.35	$1.28	Beat
Q3 2026	$1.34	$1.32	Beat

Peers

Company overview

IPO dateMay 3, 1973

CEOGunjan Kedia

Employees68,520

SectorFinancial Services

IndustryBanks - Regional

CountryUS

ExchangeNew York Stock Exchange

Websitewww.usbank.com

U.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Its diverse customer base includes individual consumers, various businesses, institutional organizations, governmental bodies, and other financial entities. The company organizes its operations across key segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. Its offerings encompass fundamental depository services such as checking accounts, savings accounts, and time certificates. U.S. Bancorp also extends a variety of credit facilities, including traditional lending products, credit card services, lease financing, support for import/export trade, asset-backed lending, and agricultural finance. Furthermore, it provides supplementary services like capital markets access, treasury management, and receivable lock-box collection for its corporate and governmental clients. The firm also offers a full suite of asset management and fiduciary services designed for individuals, estates, foundations, corporations, and charitable organizations. Beyond these, the company supplies investment and insurance products, predominantly to customers within its operating regions, and delivers fund administration services to a range of mutual and other investment funds. Its portfolio also includes corporate and purchasing card services, corporate trust management, and merchant processing. U.S. Bancorp's capabilities additionally span investment management, ATM network operation, mortgage banking, insurance provision, brokerage activities, and leasing services. As of December 31, 2021, the company distributed its products and services through a physical network of 2,230 banking branches, mainly concentrated in the Midwest and Western United States. Digital access was also extensively provided via online platforms, mobile devices, and other electronic channels. Additionally, it managed a network of 4,059 ATMs. Founded in 1863, U.S. Bancorp is headquartered in Minneapolis, Minnesota.

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