U.S. Bancorp (USB) Financials

$47.07 +0.08 (+0.17%)

Closing price 10/9/2025 03:59 PM Eastern

Extended Trading

$47.15 +0.08 (+0.17%)

As of 10/9/2025 07:08 PM Eastern

Annual Income Statements for U.S. Bancorp

This table shows U.S. Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5,851	5,879	5,888	6,218	7,096	6,914	4,959	7,963	5,825	5,429	6,299
Consolidated Net Income / (Loss)	5,908	5,933	5,944	6,253	7,124	6,946	4,985	7,985	5,838	5,458	6,329
Net Income / (Loss) Continuing Operations	5,908	5,933	5,944	6,253	7,124	6,946	4,985	7,985	5,838	5,458	6,329
Total Pre-Tax Income	7,995	8,030	8,105	7,517	8,678	8,594	6,051	10,166	7,301	6,865	7,909
Total Revenue	19,939	20,093	20,956	21,697	22,521	22,883	23,226	22,721	24,184	28,013	27,335
Net Interest Income / (Expense)	10,775	11,001	11,666	12,380	12,919	13,052	12,825	12,494	14,728	17,396	16,289
Total Interest Income	12,228	12,402	13,134	14,346	16,173	17,494	14,840	13,487	17,945	30,007	31,666
Loans and Leases Interest Income	10,241	10,265	10,931	11,932	13,285	14,261	12,234	10,979	13,804	22,471	23,182
Investment Securities Interest Income	1,866	2,001	2,078	2,232	2,616	2,893	2,428	2,365	3,378	4,485	5,111
Other Interest Income	121	136	125	182	272	340	178	143	763	3,051	3,373
Total Interest Expense	1,453	1,401	1,468	1,966	3,254	4,442	2,015	993	3,217	12,611	15,377
Deposits Interest Expense	465	457	622	1,041	1,869	2,855	950	320	1,872	8,775	11,688
Short-Term Borrowings Interest Expense	263	245	92	141	378	360	141	70	565	1,971	1,107
Long-Term Debt Interest Expense	725	699	754	784	1,007	1,227	924	603	780	1,865	2,582
Total Non-Interest Income	9,164	9,092	9,290	9,317	9,602	9,831	10,401	10,227	9,456	10,617	11,046
Trust Fees by Commissions	1,252	1,321	1,427	1,522	1,619	1,673	1,736	1,832	2,209	2,459	2,660
Other Service Charges	6,140	6,011	5,623	5,174	5,344	5,578	6,848	6,615	5,424	6,172	6,244
Net Realized & Unrealized Capital Gains on Investments	14	1.00	22	57	30	73	177	103	20	-145	-154
Other Non-Interest Income	1,578	1,575	1,512	1,529	1,539	1,598	1,640	1,677	1,803	2,131	2,296
Provision for Credit Losses	1,229	1,132	1,324	1,390	1,379	1,504	3,806	-1,173	1,977	2,275	2,238
Total Non-Interest Expense	10,715	10,931	11,527	12,790	12,464	12,785	13,369	13,728	14,906	18,873	17,188
Salaries and Employee Benefits	4,523	5,979	5,212	5,746	6,162	6,325	7,938	8,728	9,157	10,416	10,554
Net Occupancy & Equipment Expense	1,850	1,878	1,865	1,922	2,041	2,218	2,674	2,776	2,822	3,315	3,320
Marketing Expense	382	361	435	542	429	426	318	366	456	726	619
Other Operating Expenses	3,761	2,539	3,836	4,405	3,671	3,648	2,263	1,699	1,927	2,771	1,971
Amortization Expense	199	174	179	175	161	168	176	159	215	636	569
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	329	1,009	155
Income Tax Expense	2,087	2,097	2,161	1,264	1,554	1,648	1,066	2,181	1,463	1,407	1,580
Net Income / (Loss) Attributable to Noncontrolling Interest	57	54	56	35	28	32	26	22	13	29	30
Basic Earnings per Share	$3.10	$3.18	$3.25	$3.53	$4.15	$4.16	$3.06	$5.11	$3.69	$3.27	$3.79
Weighted Average Basic Shares Outstanding	1.80B	1.76B	1.72B	1.68B	1.63B	1.58B	1.51B	1.49B	1.49B	1.54B	1.56B
Diluted Earnings per Share	$3.08	$3.16	$3.24	$3.51	$4.14	$4.16	$3.06	$5.10	$3.69	$3.27	$3.79
Weighted Average Diluted Shares Outstanding	1.81B	1.77B	1.72B	1.68B	1.64B	1.58B	1.51B	1.49B	1.49B	1.54B	1.56B
Weighted Average Basic & Diluted Shares Outstanding	1.89B	1.85B	1.81B	1.76B	1.71B	1.52B	1.50B	1.48B	1.53B	1.56B	1.56B
Cash Dividends to Common per Share	$0.97	$1.01	$1.07	$1.16	$1.34	$1.58	$1.68	$1.76	$1.88	$1.93	$1.98

This table shows U.S. Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q4 2023	Q1 2024	Q2 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,812	925	1,698	1,361	-	1,319	1,603	-	1,709	1,815
Consolidated Net Income / (Loss)	1,816	930	1,704	1,369	-	1,326	1,611	-	1,716	1,821
Net Income / (Loss) Continuing Operations	1,816	930	1,704	1,369	-	1,326	1,611	-	1,716	1,821
Total Pre-Tax Income	2,297	1,101	2,159	1,751	-	1,673	2,056	-	2,159	2,293
Total Revenue	6,296	6,336	7,141	7,141	-	6,685	6,838	-	6,928	6,975
Net Interest Income / (Expense)	3,827	4,293	4,634	4,415	-	3,985	4,023	-	4,092	4,051
Total Interest Income	4,728	5,974	6,964	7,526	-	7,764	7,985	-	7,516	7,604
Loans and Leases Interest Income	3,652	4,570	5,308	5,643	-	5,749	5,802	-	5,561	5,607
Investment Securities Interest Income	867	988	1,074	1,077	-	1,175	1,294	-	1,308	1,355
Other Interest Income	209	416	582	806	-	840	889	-	647	642
Total Interest Expense	901	1,681	2,330	3,111	-	3,779	3,962	-	3,424	3,553
Deposits Interest Expense	534	1,081	1,505	1,939	-	2,884	3,028	-	2,511	2,541
Short-Term Borrowings Interest Expense	169	318	449	740	-	270	296	-	249	291
Long-Term Debt Interest Expense	198	282	376	432	-	625	638	-	664	721
Total Non-Interest Income	2,469	2,043	2,507	2,726	-	2,700	2,815	-	2,836	2,924
Trust Fees by Commissions	572	571	590	621	-	641	649	-	680	703
Other Service Charges	1,421	1,048	1,426	1,554	-	1,485	1,633	-	1,585	1,696
Net Realized & Unrealized Capital Gains on Investments	1.00	-18	-32	3.00	-	2.00	-36	-	0.00	-57
Other Non-Interest Income	475	442	523	548	-	572	569	-	571	582
Provision for Credit Losses	362	1,192	427	821	-	553	568	-	537	501
Total Non-Interest Expense	3,637	4,043	4,555	4,569	-	4,459	4,214	-	4,232	4,181
Salaries and Employee Benefits	2,260	2,402	2,646	2,646	-	2,691	2,619	-	2,637	2,600
Net Occupancy & Equipment Expense	699	749	824	838	-	803	825	-	839	835
Marketing Expense	126	144	122	122	-	136	158	-	182	161
Other Operating Expenses	467	573	559	494	-	528	470	-	451	461
Amortization Expense	43	85	160	159	-	146	142	-	123	124
Restructuring Charge	42	90	244	310	-	155	0.00	-	0.00	0.00
Income Tax Expense	481	171	455	382	-	347	445	-	443	472
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	5.00	6.00	8.00	-	7.00	8.00	-	7.00	6.00
Basic Earnings per Share	$1.16	$0.55	$1.04	$0.84	-	$0.78	$0.97	-	$1.03	$1.11
Weighted Average Basic Shares Outstanding	1.49B	1.49B	1.53B	1.53B	1.54B	1.56B	1.56B	1.56B	1.56B	1.56B
Diluted Earnings per Share	$1.16	$0.55	$1.04	$0.84	-	$0.78	$0.97	-	$1.03	$1.11
Weighted Average Diluted Shares Outstanding	1.49B	1.49B	1.53B	1.53B	1.54B	1.56B	1.56B	1.56B	1.56B	1.56B
Weighted Average Basic & Diluted Shares Outstanding	1.49B	1.53B	1.53B	1.53B	1.56B	1.56B	1.56B	1.56B	1.56B	1.56B

This table details how cash moves in and out of U.S. Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	2,177	493	4,558	3,800	1,948	952	40,175	-33,675	24,637	7,650	-4,690
Net Cash From Operating Activities	5,332	8,782	5,336	6,472	10,564	4,889	3,716	9,870	21,119	8,447	11,273
Net Cash From Continuing Operating Activities	5,332	8,782	5,336	6,472	10,564	4,889	3,716	9,870	21,119	8,447	11,273
Net Income / (Loss) Continuing Operations	5,851	5,879	5,888	6,218	7,096	6,914	4,959	7,963	5,825	5,429	6,299
Consolidated Net Income / (Loss)	5,851	5,879	5,888	6,218	7,096	6,914	4,959	7,963	5,825	5,429	6,299
Provision For Loan Losses	1,229	1,132	1,324	1,390	-	1,504	3,806	-1,173	1,977	2,275	2,238
Depreciation Expense	302	307	291	293	306	334	351	338	345	382	370
Amortization Expense	199	174	179	175	161	168	176	159	215	636	569
Non-Cash Adjustments to Reconcile Net Income	-2,249	1,290	-2,346	-1,604	1,991	-4,031	-5,576	2,583	12,757	-275	1,797
Net Cash From Investing Activities	-29,812	-21,150	-17,958	-12,126	-8,977	-21,560	-15,440	-57,487	7,500	18,925	-24,534
Net Cash From Continuing Investing Activities	-29,812	-21,150	-17,958	-12,180	-8,977	-21,560	-15,440	-57,487	7,500	18,925	-24,534
Purchase of Investment Securities	-48,635	-47,525	-54,797	-31,016	-23,746	-45,615	-80,364	-103,935	-39,188	-11,564	-39,231
Sale and/or Maturity of Investments	18,823	26,375	36,839	26,890	24,292	33,926	58,574	63,907	74,006	26,660	21,975
Other Investing Activities, net	-	-	-	-8,054	-9,523	-9,871	6,350	-17,459	-27,318	3,829	-7,278
Net Cash From Financing Activities	26,657	12,861	17,180	9,454	361	17,623	51,899	13,942	-3,982	-19,722	8,571
Net Cash From Continuing Financing Activities	26,657	12,861	17,180	9,454	361	17,623	51,899	13,942	-3,982	-19,722	8,571
Net Change in Deposits	15,822	18,290	34,192	12,625	-1,740	16,441	67,854	26,313	-17,215	-12,291	6,001
Issuance of Debt	18,679	3,051	10,715	12,122	12,078	19,483	14,501	2,626	8,732	15,583	12,017
Issuance of Preferred Equity	0.00	745	0.00	993	565	0.00	486	2,221	437	0.00	0.00
Issuance of Common Equity	453	295	355	159	86	88	15	43	21	951	32
Repayment of Debt	-4,128	-5,311	-23,409	-10,517	-5,440	-11,119	-26,433	-11,402	8,287	-20,592	-5,803
Repurchase of Preferred Equity	-	0.00	0.00	-1,085	-	0.00	0.00	-1,250	-1,100	0.00	0.00
Repurchase of Common Equity	-2,200	-2,190	-2,556	-2,631	-2,822	-4,525	-1,672	-1,555	-69	-62	-173
Payment of Dividends	-1,969	-2,019	-2,077	-2,212	-2,366	-2,745	-2,852	-2,887	-3,075	-3,311	-3,448
Other Financing Activities, Net	0.00	0.00	-40	-	-	-	0.00	-167	0.00	0.00	-55
Cash Interest Paid	1,476	1,434	1,591	2,086	3,056	4,404	2,199	1,061	2,717	12,282	15,382
Cash Income Taxes Paid	748	742	595	555	365	941	1,025	535	767	645	499

This table details how cash moves in and out of U.S. Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	2,528	11,890	12,686	4,414	-6,288	-	15,793	-11,153	-	-6,489	7,794
Net Cash From Operating Activities	3,505	6,888	842	3,316	3,873	-	2,661	2,874	-	-285	2,031
Net Cash From Continuing Operating Activities	3,505	6,888	842	3,316	3,873	-	2,661	2,874	-	-285	2,031
Net Income / (Loss) Continuing Operations	1,812	925	1,698	1,361	1,523	-	1,319	1,603	-	1,709	1,815
Consolidated Net Income / (Loss)	1,812	925	1,698	1,361	1,523	-	1,319	1,603	-	1,709	1,815
Provision For Loan Losses	362	1,192	427	821	515	-	553	568	-	537	501
Depreciation Expense	85	90	97	96	95	-	90	92	-	92	93
Amortization Expense	43	85	160	159	161	-	146	142	-	123	124
Non-Cash Adjustments to Reconcile Net Income	1,203	4,596	-1,540	879	1,579	-	553	469	-	-2,746	-502
Net Cash From Investing Activities	-7,561	34,577	4,943	6,546	5,636	-	-4,953	-8,328	-	-2,548	-1,370
Net Cash From Continuing Investing Activities	-7,561	34,577	4,943	6,546	5,636	-	-4,953	-8,328	-	-2,548	-1,370
Purchase of Investment Securities	-3,827	-7,531	-3,011	-2,727	-2,674	-	-5,472	-9,722	-	-3,603	-10,624
Sale and/or Maturity of Investments	6,457	39,009	7,789	11,494	3,308	-	1,647	5,171	-	4,504	12,973
Other Investing Activities, net	-10,191	3,099	165	-2,221	5,002	-	-1,128	-3,777	-	-3,449	-3,719
Net Cash From Financing Activities	6,584	-29,575	6,901	-5,448	-15,797	-	18,085	-5,699	-	-3,656	7,133
Net Cash From Continuing Financing Activities	6,584	-29,575	6,901	-5,448	-15,797	-	18,085	-5,699	-	-3,656	7,133
Net Change in Deposits	4,046	-32,280	-19,237	16,235	-3,243	-	15,751	-4,278	-	-5,782	6,191
Issuance of Debt	3,528	-10,169	28,577	-20,796	-10,414	-	5,388	837	-	5,230	3,618
Issuance of Common Equity	-	5.00	6.00	-	936	-	13	1.00	-	16	6.00
Repayment of Debt	-244	13,685	-1,594	-50	-2,262	-	-2,172	-1,380	-	-2,101	-1,649
Repurchase of Common Equity	-	-14	-44	-	-1.00	-	-49	-1.00	-	-160	-106
Payment of Dividends	-746	-802	-807	-837	-813	-	-846	-871	-	-859	-880

This table presents U.S. Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	402,529	421,853	445,964	462,040	467,374	495,426	553,905	573,284	674,805	663,491	678,318
Cash and Due from Banks	10,654	11,147	15,705	19,505	21,453	22,405	62,580	28,905	53,542	61,192	56,502
Trading Account Securities	105,835	108,771	114,101	116,053	112,165	128,191	145,601	140,738	163,850	155,952	167,199
Loans and Leases, Net of Allowance	243,812	256,986	269,394	276,507	282,837	292,082	290,393	0.00	381,277	366,456	372,249
Loans and Leases	247,851	260,849	273,207	280,432	286,810	296,102	297,707	-	388,213	373,835	379,832
Allowance for Loan and Lease Losses	4,039	3,863	3,813	3,925	3,973	4,020	7,314	-	6,936	7,379	7,583
Goodwill	9,389	9,361	9,344	9,434	9,369	9,655	9,918	10,262	12,373	12,489	12,536
Intangible Assets	3,162	3,350	3,303	3,228	3,392	3,223	2,864	3,738	7,155	6,084	5,547
Other Assets	27,059	29,725	31,674	311,388	33,645	36,168	39,081	80,032	52,750	57,695	60,720
Total Liabilities & Shareholders' Equity	402,529	421,853	445,964	462,040	467,374	495,426	553,905	573,284	674,805	663,491	678,318
Total Liabilities	358,361	375,036	398,031	412,374	415,717	442,943	500,180	517,897	623,573	607,720	619,278
Non-Interest Bearing Deposits	77,323	83,766	86,097	87,557	81,811	75,590	118,089	134,901	137,743	89,989	84,158
Interest Bearing Deposits	205,410	216,634	248,493	259,658	263,664	286,326	311,681	321,182	387,233	422,323	434,151
Short-Term Debt	29,893	27,877	13,963	16,651	14,139	23,723	11,766	11,796	31,216	15,279	15,518
Long-Term Debt	32,260	32,078	33,323	32,259	41,340	40,167	41,297	32,125	39,829	51,480	58,002
Other Long-Term Liabilities	13,475	14,681	16,155	16,249	14,763	17,137	17,347	17,893	27,552	28,649	27,449
Total Equity & Noncontrolling Interests	44,168	46,817	47,933	49,666	51,657	52,483	53,725	55,387	51,232	55,771	59,040
Total Preferred & Common Equity	43,479	46,131	47,298	49,040	51,029	51,853	53,095	54,918	50,766	55,306	58,578
Total Common Equity	43,479	46,131	47,298	49,040	45,045	51,853	47,112	54,918	50,766	55,306	58,578
Common Stock	8,334	8,397	8,461	-9,117	8,490	8,496	8,532	8,560	8,733	8,694	8,736
Retained Earnings	42,530	46,377	50,151	54,142	59,065	63,186	64,188	69,201	71,901	74,026	76,863
Treasury Stock	-11,245	-13,125	-15,280	-	-	-	-25,930	-27,271	-25,269	-24,126	-24,065
Accumulated Other Comprehensive Income / (Loss)	-896	-1,019	-1,535	-1,404	-2,322	-1,373	322	-1,943	-11,407	-10,096	-9,764
Other Equity Adjustments	4,756	5,501	5,501	5,419	-20,188	-18,456	-	6,371	6,808	6,808	6,808
Noncontrolling Interest	689	686	635	626	628	630	630	469	466	465	462

This table presents U.S. Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	674,805	682,377	680,825	668,039	663,491	683,606	680,058	686,469	678,318	676,489	686,370
Cash and Due from Banks	53,542	67,228	70,642	64,354	61,192	76,985	65,832	73,562	56,502	50,013	57,807
Trading Account Securities	163,850	67,872	71,582	69,543	155,952	157,454	163,867	164,940	167,199	166,528	170,744
Loans and Leases, Net of Allowance	381,277	0.00	0.00	0.00	366,456	367,074	368,584	366,604	372,249	374,235	372,706
Loans and Leases	388,213	-	-	-	373,835	374,588	376,133	374,164	379,832	381,819	380,243
Allowance for Loan and Lease Losses	6,936	-	-	-	7,379	7,514	7,549	7,560	7,583	7,584	7,537
Goodwill	12,373	12,560	12,486	12,472	12,489	12,479	12,476	12,573	12,536	12,555	12,637
Intangible Assets	7,155	6,883	6,634	6,435	6,084	6,031	5,757	5,488	5,547	5,381	5,285
Other Assets	52,750	143,253	143,522	143,603	57,695	60,046	59,972	59,717	60,720	64,195	63,566
Total Liabilities & Shareholders' Equity	674,805	682,377	680,825	668,039	663,491	683,606	680,058	686,469	678,318	676,489	686,370
Total Liabilities	623,573	628,923	627,341	614,461	607,720	627,573	623,173	627,148	619,278	615,931	624,474
Non-Interest Bearing Deposits	137,743	124,595	104,996	98,006	89,989	91,220	86,756	86,838	84,158	84,086	86,972
Interest Bearing Deposits	387,233	380,744	416,604	420,352	422,323	436,843	437,029	434,293	434,151	428,439	431,745
Short-Term Debt	31,216	56,875	32,334	21,900	15,279	17,102	16,557	23,708	15,518	17,158	15,039
Long-Term Debt	39,829	42,045	45,283	43,074	51,480	52,693	52,720	54,839	58,002	59,859	64,013
Other Long-Term Liabilities	27,552	24,664	28,124	31,129	28,649	29,715	30,111	27,470	27,449	26,389	26,705
Total Equity & Noncontrolling Interests	51,232	53,454	53,484	53,578	55,771	56,033	56,885	59,321	59,040	60,558	61,896
Total Preferred & Common Equity	50,766	52,989	53,019	53,113	55,306	55,568	56,420	58,859	58,578	60,096	61,438
Total Common Equity	50,766	52,989	53,019	53,113	55,306	55,568	56,420	58,859	58,578	60,096	61,438
Common Stock	8,733	8,720	8,763	8,705	8,694	8,663	8,709	8,750	8,736	8,699	8,727
Retained Earnings	71,901	72,807	73,355	74,023	74,026	74,473	75,231	76,057	76,863	77,691	78,652
Treasury Stock	-25,269	-25,193	-25,189	-24,168	-24,126	-24,023	-24,020	-24,010	-24,065	-24,060	-24,140
Accumulated Other Comprehensive Income / (Loss)	-11,407	-10,153	-10,718	-12,255	-10,096	-10,353	-10,308	-8,746	-9,764	-9,042	-8,609
Other Equity Adjustments	6,808	6,808	6,808	6,808	6,808	6,808	6,808	6,808	6,808	6,808	6,808
Noncontrolling Interest	466	465	465	465	465	465	465	462	462	462	458

This table displays calculated financial ratios and metrics derived from U.S. Bancorp's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.90%	0.77%	4.30%	3.54%	3.80%	1.61%	1.50%	-2.17%	6.44%	15.83%	-2.42%
EBITDA Growth	2.56%	0.18%	0.75%	-6.88%	14.53%	-0.54%	-27.68%	62.10%	-26.28%	0.28%	12.24%
EBIT Growth	2.98%	0.44%	0.93%	-7.25%	15.45%	-0.97%	-29.59%	68.01%	-28.18%	-5.97%	15.21%
NOPAT Growth	3.07%	0.42%	0.19%	5.20%	13.93%	-2.50%	-28.23%	60.18%	-26.89%	-6.51%	15.96%
Net Income Growth	3.07%	0.42%	0.19%	5.20%	13.93%	-2.50%	-28.23%	60.18%	-26.89%	-6.51%	15.96%
EPS Growth	2.67%	2.60%	2.53%	8.33%	17.95%	0.48%	-26.44%	66.67%	-27.65%	-11.38%	15.90%
Operating Cash Flow Growth	-53.42%	64.70%	-39.24%	21.29%	63.23%	-53.72%	-23.99%	165.61%	113.97%	-60.00%	33.46%
Free Cash Flow Firm Growth	-231.08%	150.07%	219.17%	-83.45%	-149.59%	-59.54%	735.97%	6.14%	-210.77%	130.38%	-171.10%
Invested Capital Growth	18.84%	0.42%	-10.82%	3.53%	8.68%	8.62%	-8.24%	-7.00%	23.13%	0.21%	8.19%
Revenue Q/Q Growth	1.43%	0.22%	0.37%	0.00%	0.00%	-0.69%	0.35%	-0.30%	2.89%	1.43%	0.00%
EBITDA Q/Q Growth	1.74%	0.21%	-0.13%	1,609.85%	1,870.91%	-3.16%	1.18%	1.99%	-11.15%	-0.33%	0.00%
EBIT Q/Q Growth	1.89%	0.29%	-0.06%	0.00%	0.00%	-3.44%	1.22%	2.18%	-12.43%	-1.45%	0.00%
NOPAT Q/Q Growth	0.51%	-0.20%	0.03%	0.00%	0.00%	-5.04%	0.65%	1.95%	-11.36%	-1.25%	0.00%
Net Income Q/Q Growth	0.51%	-0.20%	0.03%	0.00%	0.00%	-5.04%	0.65%	1.95%	-11.36%	-1.25%	0.00%
EPS Q/Q Growth	1.32%	0.00%	0.62%	0.00%	0.00%	-4.15%	0.66%	2.62%	-12.35%	-2.10%	0.00%
Operating Cash Flow Q/Q Growth	-26.51%	23.39%	-7.51%	-25.94%	36.40%	-35.68%	-21.32%	21.88%	41.42%	-43.38%	0.00%
Free Cash Flow Firm Q/Q Growth	11.23%	1.50%	93.21%	23.23%	91.05%	-117.51%	160.55%	39.88%	-329.92%	167.14%	0.00%
Invested Capital Q/Q Growth	1.60%	1.51%	-6.71%	-1.15%	-7.46%	5.79%	-2.35%	-6.43%	16.15%	3.36%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	42.61%	42.36%	40.92%	36.80%	40.61%	39.75%	28.32%	46.93%	32.51%	28.14%	32.37%
EBIT Margin	40.10%	39.96%	38.68%	34.65%	38.53%	37.56%	26.05%	44.74%	30.19%	24.51%	28.93%
Profit (Net Income) Margin	29.63%	29.53%	28.36%	28.82%	31.63%	30.35%	21.46%	35.14%	24.14%	19.48%	23.15%
Tax Burden Percent	73.90%	73.89%	73.34%	83.18%	82.09%	80.82%	82.38%	78.55%	79.96%	79.50%	80.02%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	26.10%	26.11%	26.66%	16.82%	17.91%	19.18%	17.62%	21.45%	20.04%	20.50%	19.98%
Return on Invested Capital (ROIC)	6.04%	5.57%	5.89%	6.45%	6.93%	6.22%	4.47%	7.75%	5.27%	4.46%	4.96%
ROIC Less NNEP Spread (ROIC-NNEP)	6.04%	5.57%	5.89%	6.45%	6.93%	6.22%	4.47%	7.75%	5.27%	4.46%	4.96%
Return on Net Nonoperating Assets (RNNOA)	7.71%	7.47%	6.66%	6.36%	7.14%	7.12%	4.92%	6.89%	5.68%	5.74%	6.06%
Return on Equity (ROE)	13.74%	13.04%	12.55%	12.81%	14.06%	13.34%	9.39%	14.64%	10.95%	10.20%	11.03%
Cash Return on Invested Capital (CROIC)	-11.18%	5.15%	17.32%	2.99%	-1.40%	-2.05%	13.06%	15.01%	-15.46%	4.25%	-2.90%
Operating Return on Assets (OROA)	2.09%	1.95%	1.87%	1.66%	1.87%	1.79%	1.15%	1.80%	1.17%	1.03%	1.18%
Return on Assets (ROA)	1.54%	1.44%	1.37%	1.38%	1.53%	1.44%	0.95%	1.42%	0.94%	0.82%	0.94%
Return on Common Equity (ROCE)	13.52%	12.84%	12.37%	12.65%	13.06%	12.41%	8.75%	13.69%	10.86%	10.11%	10.94%
Return on Equity Simple (ROE_SIMPLE)	13.59%	12.86%	12.57%	12.75%	13.96%	13.40%	9.39%	14.54%	11.50%	9.87%	10.80%
Net Operating Profit after Tax (NOPAT)	5,908	5,933	5,944	6,253	7,124	6,946	4,985	7,985	5,838	5,458	6,329
NOPAT Margin	29.63%	29.53%	28.36%	28.82%	31.63%	30.35%	21.46%	35.14%	24.14%	19.48%	23.15%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	33.88%	40.90%	35.85%	37.84%	38.33%	39.20%	47.06%	52.24%	51.42%	51.61%	53.02%
Operating Expenses to Revenue	53.74%	54.40%	55.01%	58.95%	55.34%	55.87%	57.56%	60.42%	61.64%	67.37%	62.88%
Earnings before Interest and Taxes (EBIT)	7,995	8,030	8,105	7,517	8,678	8,594	6,051	10,166	7,301	6,865	7,909
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8,496	8,511	8,575	7,985	9,145	9,096	6,578	10,663	7,861	7,883	8,848
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.34	1.20	1.41	1.41	1.31	1.47	1.28	1.35	1.16	1.16	1.27
Price to Tangible Book Value (P/TBV)	1.89	1.66	1.92	1.90	1.83	1.96	1.76	1.81	1.88	1.75	1.84
Price to Revenue (P/Rev)	2.93	2.76	3.17	3.19	2.62	3.33	2.60	3.25	2.43	2.30	2.73
Price to Earnings (P/E)	9.97	9.43	11.29	11.13	8.32	11.03	12.19	9.29	10.07	11.86	11.85
Dividend Yield	2.96%	3.19%	2.74%	2.78%	3.67%	3.24%	4.19%	3.53%	4.76%	4.67%	4.14%
Earnings Yield	10.03%	10.60%	8.86%	8.99%	12.01%	9.06%	8.21%	10.77%	9.93%	8.43%	8.44%
Enterprise Value to Invested Capital (EV/IC)	1.04	0.98	1.04	1.01	0.93	1.02	0.54	0.90	0.63	0.57	0.69
Enterprise Value to Revenue (EV/Rev)	5.54	5.22	4.71	4.57	4.43	5.17	2.48	3.94	3.17	2.51	3.37
Enterprise Value to EBITDA (EV/EBITDA)	13.01	12.33	11.51	12.43	10.90	13.02	8.75	8.39	9.75	8.94	10.41
Enterprise Value to EBIT (EV/EBIT)	13.83	13.07	12.18	13.20	11.49	13.78	9.51	8.80	10.49	10.26	11.65
Enterprise Value to NOPAT (EV/NOPAT)	18.71	17.69	16.60	15.87	14.00	17.04	11.54	11.20	13.12	12.91	14.56
Enterprise Value to Operating Cash Flow (EV/OCF)	20.73	11.95	18.50	15.33	9.44	24.22	15.48	9.06	3.63	8.34	8.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.14	5.64	34.27	0.00	0.00	3.95	5.78	0.00	13.53	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.41	1.28	0.99	0.98	1.07	1.22	0.99	0.79	1.39	1.20	1.25
Long-Term Debt to Equity	0.73	0.69	0.70	0.65	0.80	0.77	0.77	0.58	0.78	0.92	0.98
Financial Leverage	1.28	1.34	1.13	0.99	1.03	1.15	1.10	0.89	1.08	1.29	1.22
Leverage Ratio	8.92	9.06	9.16	9.30	9.17	9.25	9.88	10.33	11.71	12.51	11.69
Compound Leverage Factor	8.92	9.06	9.16	9.30	9.17	9.25	9.88	10.33	11.71	12.51	11.69
Debt to Total Capital	58.46%	56.15%	49.66%	49.62%	51.78%	54.90%	49.69%	44.23%	58.10%	54.48%	55.46%
Short-Term Debt to Total Capital	28.12%	26.11%	14.66%	16.89%	13.20%	20.39%	11.02%	11.88%	25.53%	12.47%	11.71%
Long-Term Debt to Total Capital	30.34%	30.04%	35.00%	32.73%	38.59%	34.52%	38.67%	32.35%	32.57%	42.01%	43.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	5.59%	0.00%	5.60%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.65%	0.64%	0.67%	0.64%	0.59%	0.54%	0.59%	0.47%	0.38%	0.38%	0.35%
Common Equity to Total Capital	40.89%	43.21%	49.67%	49.75%	42.04%	44.56%	44.12%	55.30%	41.52%	45.14%	44.19%
Debt to EBITDA	7.32	7.04	5.51	6.13	6.07	7.02	8.07	4.12	9.04	8.47	8.31
Net Debt to EBITDA	6.06	5.73	3.68	3.68	3.72	4.56	-1.45	1.41	2.23	0.71	1.92
Long-Term Debt to EBITDA	3.80	3.77	3.89	4.04	4.52	4.42	6.28	3.01	5.07	6.53	6.56
Debt to NOPAT	10.52	10.11	7.96	7.82	7.79	9.20	10.64	5.50	12.17	12.23	11.62
Net Debt to NOPAT	8.72	8.23	5.31	4.70	4.78	5.97	-1.91	1.88	3.00	1.02	2.69
Long-Term Debt to NOPAT	5.46	5.41	5.61	5.16	5.80	5.78	8.28	4.02	6.82	9.43	9.16
Noncontrolling Interest Sharing Ratio	1.61%	1.51%	1.39%	1.29%	7.14%	6.95%	6.82%	6.49%	0.88%	0.87%	0.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10,949	5,482	17,497	2,896	-1,436	-2,291	14,570	15,465	-17,131	5,205	-3,701
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-7.54	3.91	11.92	1.47	-0.44	-0.52	7.23	15.57	-5.33	0.41	-0.24
Operating Cash Flow to Interest Expense	3.67	6.27	3.63	3.29	3.25	1.10	1.84	9.94	6.56	0.67	0.73
Operating Cash Flow Less CapEx to Interest Expense	3.67	6.27	3.63	3.29	3.25	1.10	1.84	9.94	6.56	0.67	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	7.63	7.83	8.46	8.90	9.21	7.43	6.48	6.71	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	106,321	106,772	95,219	98,576	107,136	116,373	106,788	99,308	122,277	122,530	132,560
Invested Capital Turnover	0.20	0.19	0.21	0.22	0.22	0.20	0.21	0.22	0.22	0.23	0.21
Increase / (Decrease) in Invested Capital	16,857	451	-11,553	3,357	8,560	9,237	-9,585	-7,480	22,969	253	10,030
Enterprise Value (EV)	110,544	104,933	98,699	99,235	99,702	118,388	57,528	89,436	76,623	70,440	92,119
Market Capitalization	58,356	55,439	66,483	69,204	59,064	76,273	60,432	73,951	58,654	64,408	74,639
Book Value per Share	$24.30	$26.37	$27.83	$29.55	$27.87	$33.20	$31.27	$37.04	$34.17	$35.52	$37.55
Tangible Book Value per Share	$17.28	$19.11	$20.39	$21.92	$19.98	$24.95	$22.79	$27.60	$21.02	$23.59	$25.96
Total Capital	106,321	106,772	95,219	98,576	107,136	116,373	106,788	99,308	122,277	122,530	132,560
Total Debt	62,153	59,955	47,286	48,910	55,479	63,890	53,063	43,921	71,045	66,759	73,520
Total Long-Term Debt	32,260	32,078	33,323	32,259	41,340	40,167	41,297	32,125	39,829	51,480	58,002
Net Debt	51,499	48,808	31,581	29,405	34,026	41,485	-9,517	15,016	17,503	5,567	17,018
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	62,153	59,955	47,286	48,910	55,479	63,890	53,063	43,921	71,045	66,759	73,520
Total Depreciation and Amortization (D&A)	501	481	470	468	467	502	527	497	560	1,018	939
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.10	$3.18	$3.25	$3.53	$4.15	$4.16	$3.06	$5.11	$3.69	$3.27	$3.79
Adjusted Weighted Average Basic Shares Outstanding	1.80B	1.76B	1.72B	1.68B	1.63B	1.58B	1.51B	1.49B	1.49B	1.54B	1.56B
Adjusted Diluted Earnings per Share	$3.08	$3.16	$3.24	$3.51	$4.14	$4.16	$3.06	$5.10	$3.69	$3.27	$3.79
Adjusted Weighted Average Diluted Shares Outstanding	1.81B	1.77B	1.72B	1.68B	1.64B	1.58B	1.51B	1.49B	1.49B	1.54B	1.56B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.78B	1.74B	1.69B	1.65B	1.60B	1.52B	1.50B	1.48B	1.53B	1.56B	1.56B
Normalized Net Operating Profit after Tax (NOPAT)	5,908	5,933	5,944	6,253	7,124	6,946	4,985	7,985	6,101	6,260	6,453
Normalized NOPAT Margin	29.63%	29.53%	28.36%	28.82%	31.63%	30.35%	21.46%	35.14%	25.23%	22.35%	23.61%
Pre Tax Income Margin	40.10%	39.96%	38.68%	34.65%	38.53%	37.56%	26.05%	44.74%	30.19%	24.51%	28.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.50	5.73	5.52	3.82	2.67	1.93	3.00	10.24	2.27	0.54	0.51
NOPAT to Interest Expense	4.07	4.23	4.05	3.18	2.19	1.56	2.47	8.04	1.81	0.43	0.41
EBIT Less CapEx to Interest Expense	5.50	5.73	5.52	3.82	2.67	1.93	3.00	10.24	2.27	0.54	0.51
NOPAT Less CapEx to Interest Expense	4.07	4.23	4.05	3.18	2.19	1.56	2.47	8.04	1.81	0.43	0.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.33%	34.03%	34.94%	35.38%	33.21%	39.52%	57.21%	36.16%	52.67%	60.66%	54.48%
Augmented Payout Ratio	70.57%	70.94%	77.94%	77.45%	72.82%	104.66%	90.75%	55.63%	53.85%	61.80%	57.21%

This table displays calculated financial ratios and metrics derived from U.S. Bancorp's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.37%	12.00%	28.23%	19.35%	11.18%	0.00%	-6.39%	-4.24%	0.00%	3.64%	2.00%
EBITDA Growth	-10.98%	-43.59%	15.76%	-3.23%	-8.82%	-100.00%	-20.99%	14.16%	0.00%	24.36%	9.61%
EBIT Growth	-11.59%	-48.48%	10.43%	-10.11%	-14.89%	-100.00%	-22.51%	17.42%	0.00%	29.05%	11.53%
NOPAT Growth	-10.72%	-44.58%	9.37%	-10.76%	-16.08%	-100.00%	-22.18%	17.68%	0.00%	29.41%	13.04%
Net Income Growth	-10.72%	-44.58%	9.37%	-10.76%	-16.08%	0.00%	-22.18%	17.68%	0.00%	29.41%	13.04%
EPS Growth	-10.77%	-48.60%	5.05%	-15.15%	-21.55%	0.00%	-25.00%	15.48%	0.00%	32.05%	14.43%
Operating Cash Flow Growth	32.41%	879.80%	-90.07%	47.44%	10.50%	0.00%	216.03%	-13.33%	0.00%	-110.71%	-29.33%
Free Cash Flow Firm Growth	-49.01%	-340.65%	-1,894.20%	-1,806.16%	-538.49%	98.85%	161.90%	124.91%	-3,864.43%	-135.99%	-297.94%
Invested Capital Growth	-0.82%	23.13%	44.24%	26.74%	12.61%	0.21%	-17.42%	-3.77%	8.19%	9.34%	11.72%
Revenue Q/Q Growth	5.23%	0.64%	12.71%	0.00%	-1.97%	0.00%	-0.68%	2.29%	0.00%	0.00%	0.68%
EBITDA Q/Q Growth	16.98%	-47.38%	89.34%	-16.97%	10.22%	-100.00%	52.72%	19.96%	0.00%	0.00%	5.73%
EBIT Q/Q Growth	17.92%	-52.07%	96.09%	-18.90%	11.65%	-100.00%	67.30%	22.89%	0.00%	0.00%	6.21%
NOPAT Q/Q Growth	18.38%	-48.79%	83.23%	-19.66%	11.32%	-100.00%	54.01%	21.49%	0.00%	0.00%	6.12%
Net Income Q/Q Growth	18.38%	-48.79%	83.23%	-19.66%	11.32%	0.00%	54.01%	21.49%	0.00%	0.00%	6.12%
EPS Q/Q Growth	17.17%	-52.59%	89.09%	-19.23%	8.33%	0.00%	62.50%	24.36%	0.00%	0.00%	7.77%
Operating Cash Flow Q/Q Growth	55.85%	96.52%	-87.78%	293.82%	16.80%	0.00%	539.66%	8.00%	0.00%	0.00%	812.63%
Free Cash Flow Firm Q/Q Growth	73.98%	-922.04%	-104.32%	41.61%	55.29%	97.85%	4,484.21%	-76.50%	0.00%	-0.01%	-29.25%
Invested Capital Q/Q Growth	1.77%	16.15%	24.61%	-13.96%	-9.57%	3.36%	2.69%	0.27%	0.00%	3.78%	2.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	38.52%	20.14%	33.83%	28.09%	31.59%	0.00%	28.56%	33.49%	0.00%	34.27%	35.99%
EBIT Margin	36.48%	17.38%	30.23%	24.52%	27.93%	0.00%	25.03%	30.07%	0.00%	31.16%	32.87%
Profit (Net Income) Margin	28.84%	14.68%	23.86%	19.17%	21.77%	0.00%	19.84%	23.56%	0.00%	24.77%	26.11%
Tax Burden Percent	79.06%	84.47%	78.93%	78.18%	77.95%	0.00%	79.26%	78.36%	0.00%	79.48%	79.42%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	0.00%	100.00%	100.00%
Effective Tax Rate	20.94%	15.53%	21.07%	21.82%	22.05%	0.00%	20.74%	21.64%	0.00%	20.52%	20.58%
Return on Invested Capital (ROIC)	6.41%	3.20%	4.76%	4.40%	5.37%	0.00%	3.93%	4.99%	0.00%	5.19%	5.42%
ROIC Less NNEP Spread (ROIC-NNEP)	6.41%	3.20%	4.76%	4.40%	5.37%	0.00%	3.93%	4.99%	0.00%	5.19%	5.42%
Return on Net Nonoperating Assets (RNNOA)	6.83%	3.45%	6.93%	5.66%	6.47%	0.00%	6.06%	6.64%	0.00%	6.53%	6.77%
Return on Equity (ROE)	13.25%	6.66%	11.69%	10.06%	11.84%	0.00%	9.98%	11.64%	0.00%	11.72%	12.18%
Cash Return on Invested Capital (CROIC)	7.05%	-15.46%	-31.59%	-18.63%	-6.93%	4.25%	22.74%	7.98%	-2.90%	-3.82%	-5.88%
Operating Return on Assets (OROA)	1.47%	0.67%	1.23%	1.04%	1.22%	0.00%	1.01%	1.20%	0.00%	1.26%	1.33%
Return on Assets (ROA)	1.16%	0.57%	0.97%	0.81%	0.95%	0.00%	0.80%	0.94%	0.00%	1.00%	1.06%
Return on Common Equity (ROCE)	12.33%	6.60%	11.59%	9.97%	11.73%	0.00%	9.90%	11.54%	0.00%	11.62%	12.09%
Return on Equity Simple (ROE_SIMPLE)	13.86%	0.00%	11.29%	10.98%	10.41%	0.00%	9.14%	9.43%	0.00%	11.18%	11.28%
Net Operating Profit after Tax (NOPAT)	1,816	930	1,704	1,369	1,524	0.00	1,326	1,611	0.00	1,716	1,821
NOPAT Margin	28.84%	14.68%	23.86%	19.17%	21.77%	0.00%	19.84%	23.56%	0.00%	24.77%	26.11%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	49.00%	52.00%	50.30%	50.50%	51.64%	0.00%	54.30%	52.68%	0.00%	52.80%	51.56%
Operating Expenses to Revenue	57.77%	63.81%	63.79%	63.98%	64.71%	0.00%	66.70%	61.63%	0.00%	61.09%	59.94%
Earnings before Interest and Taxes (EBIT)	2,297	1,101	2,159	1,751	1,955	0.00	1,673	2,056	0.00	2,159	2,293
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,425	1,276	2,416	2,006	2,211	0.00	1,909	2,290	0.00	2,374	2,510
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	1.16	0.98	0.91	0.92	1.16	1.24	1.10	1.27	1.10	1.15
Price to Tangible Book Value (P/TBV)	1.67	1.88	1.54	1.42	1.43	1.75	1.85	1.62	1.84	1.56	1.62
Price to Revenue (P/Rev)	2.33	2.43	2.01	1.79	1.77	2.30	2.49	2.27	2.73	2.39	2.54
Price to Earnings (P/E)	8.34	10.07	8.67	8.31	8.89	11.86	13.61	11.71	11.85	9.85	10.22
Dividend Yield	5.04%	4.76%	5.62%	6.11%	6.01%	4.67%	4.39%	4.91%	4.14%	4.71%	4.42%
Earnings Yield	12.00%	9.93%	11.53%	12.03%	11.25%	8.43%	7.35%	8.54%	8.44%	10.16%	9.79%
Enterprise Value to Invested Capital (EV/IC)	0.67	0.63	0.55	0.42	0.42	0.57	0.49	0.52	0.69	0.68	0.65
Enterprise Value to Revenue (EV/Rev)	3.02	3.17	3.26	2.07	1.81	2.51	2.25	2.42	3.37	3.38	3.33
Enterprise Value to EBITDA (EV/EBITDA)	8.01	9.75	10.24	6.85	6.32	8.94	8.41	8.60	10.41	10.02	9.67
Enterprise Value to EBIT (EV/EBIT)	8.50	10.49	11.18	7.61	7.18	10.26	9.72	9.85	11.65	11.12	10.68
Enterprise Value to NOPAT (EV/NOPAT)	10.76	13.12	14.02	9.56	9.05	12.91	12.21	12.38	14.56	13.89	13.31
Enterprise Value to Operating Cash Flow (EV/OCF)	4.75	3.63	6.22	3.82	3.35	8.34	6.04	6.70	8.17	11.21	12.32
Enterprise Value to Free Cash Flow (EV/FCFF)	9.52	0.00	0.00	0.00	0.00	13.53	1.96	6.42	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.39	1.85	1.45	1.21	1.20	1.25	1.22	1.25	1.27	1.28
Long-Term Debt to Equity	0.67	0.78	0.79	0.85	0.80	0.92	0.94	0.93	0.98	0.99	1.03
Financial Leverage	1.07	1.08	1.45	1.29	1.20	1.29	1.54	1.33	1.22	1.26	1.25
Leverage Ratio	11.42	11.71	12.07	12.41	12.50	12.51	12.48	12.33	11.69	11.67	11.50
Compound Leverage Factor	11.42	11.71	12.07	12.41	12.50	0.00	12.48	12.33	0.00	11.67	11.50
Debt to Total Capital	54.42%	58.10%	64.92%	59.20%	54.81%	54.48%	55.47%	54.91%	55.46%	55.98%	56.09%
Short-Term Debt to Total Capital	23.81%	25.53%	37.33%	24.66%	18.47%	12.47%	13.59%	13.12%	11.71%	12.47%	10.67%
Long-Term Debt to Total Capital	30.61%	32.57%	27.59%	34.54%	36.33%	42.01%	41.88%	41.79%	43.76%	43.51%	45.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.44%	0.38%	0.31%	0.35%	0.39%	0.38%	0.37%	0.37%	0.35%	0.34%	0.32%
Common Equity to Total Capital	45.13%	41.52%	34.78%	40.44%	44.80%	45.14%	44.16%	44.72%	44.19%	43.68%	43.59%
Debt to EBITDA	6.48	9.04	12.08	9.56	8.22	8.47	9.46	9.04	8.31	8.27	8.29
Net Debt to EBITDA	1.77	2.23	3.87	0.86	0.08	0.71	-0.97	0.45	1.92	2.90	2.23
Long-Term Debt to EBITDA	3.64	5.07	5.13	5.57	5.45	6.53	7.14	6.88	6.56	6.43	6.71
Debt to NOPAT	8.70	12.17	16.53	13.34	11.76	12.23	13.74	13.02	11.62	11.46	11.41
Net Debt to NOPAT	2.38	3.00	5.30	1.20	0.11	1.02	-1.42	0.65	2.69	4.02	3.07
Long-Term Debt to NOPAT	4.89	6.82	7.03	7.78	7.79	9.43	10.37	9.91	9.16	8.91	9.24
Noncontrolling Interest Sharing Ratio	6.91%	0.88%	0.89%	0.91%	0.92%	0.00%	0.85%	0.84%	0.00%	0.80%	0.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,681	-22,039	-45,029	-26,292	-11,756	-253	27,872	6,550	-10,030	-10,031	-12,965
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	2.98	-13.11	-19.33	-8.45	-3.34	0.00	7.38	1.65	0.00	-2.93	-3.65
Operating Cash Flow to Interest Expense	3.89	4.10	0.36	1.07	1.10	0.00	0.70	0.73	0.00	-0.08	0.57
Operating Cash Flow Less CapEx to Interest Expense	3.89	4.10	0.36	1.07	1.10	0.00	0.70	0.73	0.00	-0.08	0.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	7.33	0.00	7.42	7.83	8.16	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	105,272	122,277	152,374	131,101	118,552	122,530	125,828	126,162	132,560	137,575	140,948
Invested Capital Turnover	0.22	0.22	0.20	0.23	0.25	0.23	0.20	0.21	0.21	0.21	0.21
Increase / (Decrease) in Invested Capital	-865	22,969	46,733	27,661	13,280	253	-26,546	-4,939	10,030	11,747	14,786
Enterprise Value (EV)	70,898	76,623	83,891	55,626	50,024	70,440	62,014	65,860	92,119	93,324	92,204
Market Capitalization	54,791	58,654	51,734	48,186	48,939	64,408	68,739	61,950	74,639	65,858	70,501
Book Value per Share	$31.98	$34.17	$34.61	$34.59	$34.65	$35.52	$35.64	$36.16	$37.55	$38.53	$39.43
Tangible Book Value per Share	$22.07	$21.02	$21.91	$22.11	$22.31	$23.59	$23.77	$24.47	$25.96	$27.03	$27.93
Total Capital	105,272	122,277	152,374	131,101	118,552	122,530	125,828	126,162	132,560	137,575	140,948
Total Debt	57,294	71,045	98,920	77,617	64,974	66,759	69,795	69,277	73,520	77,017	79,052
Total Long-Term Debt	32,228	39,829	42,045	45,283	43,074	51,480	52,693	52,720	58,002	59,859	64,013
Net Debt	15,642	17,503	31,692	6,975	620	5,567	-7,190	3,445	17,018	27,004	21,245
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	57,294	71,045	98,920	77,617	64,974	66,759	69,795	69,277	73,520	77,017	79,052
Total Depreciation and Amortization (D&A)	128	175	257	255	256	0.00	236	234	0.00	215	217
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.16	$0.55	$1.04	$0.84	$0.91	$0.00	$0.78	$0.97	$0.00	$1.03	$1.11
Adjusted Weighted Average Basic Shares Outstanding	1.49B	1.49B	1.53B	1.53B	1.55B	1.54B	1.56B	1.56B	1.56B	1.56B	1.56B
Adjusted Diluted Earnings per Share	$1.16	$0.55	$1.04	$0.84	$0.91	$0.00	$0.78	$0.97	$0.00	$1.03	$1.11
Adjusted Weighted Average Diluted Shares Outstanding	1.49B	1.49B	1.53B	1.53B	1.55B	1.54B	1.56B	1.56B	1.56B	1.56B	1.56B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.49B	1.53B	1.53B	1.53B	1.56B	1.56B	1.56B	1.56B	1.56B	1.56B	1.56B
Normalized Net Operating Profit after Tax (NOPAT)	1,849	1,006	1,897	1,611	1,745	0.00	1,449	1,611	0.00	1,716	1,821
Normalized NOPAT Margin	29.37%	15.88%	26.56%	22.57%	24.93%	0.00%	21.67%	23.56%	0.00%	24.77%	26.11%
Pre Tax Income Margin	36.48%	17.38%	30.23%	24.52%	27.93%	0.00%	25.03%	30.07%	0.00%	31.16%	32.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.55	0.66	0.93	0.56	0.56	0.00	0.44	0.52	0.00	0.63	0.65
NOPAT to Interest Expense	2.02	0.55	0.73	0.44	0.43	0.00	0.35	0.41	0.00	0.50	0.51
EBIT Less CapEx to Interest Expense	2.55	0.66	0.93	0.56	0.56	0.00	0.44	0.52	0.00	0.63	0.65
NOPAT Less CapEx to Interest Expense	2.02	0.55	0.73	0.44	0.43	0.00	0.35	0.41	0.00	0.50	0.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.20%	52.67%	52.22%	54.85%	58.97%	60.66%	65.94%	63.59%	54.48%	51.51%	50.08%
Augmented Payout Ratio	47.31%	53.85%	53.21%	55.85%	60.03%	61.80%	67.26%	64.86%	57.21%	55.74%	55.69%

Financials Breakdown Chart

Key Financial Trends

U.S. Bancorp (NYSE:USB) has demonstrated solid financial performance over the recent quarters, with notable trends in income, cash flow, and balance sheet strength. Below are key insights from the last four years of quarterly financial data ending Q2 2025.

Consistent Net Income Growth: Net income has improved significantly from $930 million in Q4 2022 to $1.815 billion in Q2 2025, reflecting strong profitability growth.
Rising Total Revenue: The company’s total revenue increased from approximately $6.34 billion in Q4 2022 to $6.98 billion in Q2 2025, driven by stable net interest income and growth in non-interest income streams.
Stable Net Interest Income: Net interest income hovered around $4 billion quarterly in 2023-2025, supporting a steady revenue base.
Improved Earnings Per Share (EPS): Diluted EPS grew from $0.55 in Q4 2022 to $1.11 in Q2 2025, indicating effective earnings growth relative to share count.
Strong Operating Cash Flow in Recent Quarters: Operating cash flow rebounded from negative $285 million in Q1 2025 to a strong positive $2.03 billion in Q2 2025, signaling improved cash generation capabilities.
Increase in Deposits: Deposits grew by about $6.2 billion in Q2 2025, which cushions liquidity and funds loan growth.
Fluctuating Provisions for Credit Losses: Provisions rose sharply in 2022 (~$1.19 billion in Q4 2022) and slightly moderated to $501 million in Q2 2025, reflecting credit risk management responsive to economic conditions.
Goodwill and Intangible Assets Remain Stable: These assets have remained fairly steady, around $12.5 billion and $5.3 billion respectively over recent periods, indicating no major acquisitions or write-downs.
Increase in Debt Levels: Long-term debt increased from about $28.4 billion in Q3 2022 to $64 billion in Q2 2025, potentially increasing financial leverage and interest burden.
Elevated Non-Interest Expenses: Salaries, benefits, and other operating expenses remain substantial at over $4 billion quarterly, which could pressure margins if revenue growth slows.

Summary: U.S. Bancorp has shown strong earnings momentum with improving net income and EPS, supported by steady revenue and better cash flow generation in the latest quarters. Deposit growth enhances liquidity, while credit provisions have stabilized after spikes. However, rising debt and consistently high operating expenses warrant monitoring as they could affect future profitability. Overall, the fundamentals are solid, reflecting solid banking operations and financial discipline.

10/10/25 05:51 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About U.S. Bancorp's Financials

When does U.S. Bancorp's fiscal year end?

According to the most recent income statement we have on file, U.S. Bancorp's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has U.S. Bancorp's net income changed over the last 10 years?

U.S. Bancorp's net income were at $6.33 billion at the end of 2024, a 16.0% increase from 2023, and a 7.1% increase since 2014. View U.S. Bancorp's forecast to see where analysts expect U.S. Bancorp to go next.

How has U.S. Bancorp's revenue changed over the last 10 years?

Over the last 10 years, U.S. Bancorp's total revenue changed from $19.94 billion in 2014 to $27.34 billion in 2024, a change of 37.1%.

How much debt does U.S. Bancorp have?

U.S. Bancorp's total liabilities were at $619.28 billion at the end of 2024, a 1.9% increase from 2023, and a 72.8% increase since 2014.

How much cash does U.S. Bancorp have?

In the past 10 years, U.S. Bancorp's cash and equivalents has ranged from $10.65 billion in 2014 to $62.58 billion in 2020, and is currently $56.50 billion as of their latest financial filing in 2024.

How has U.S. Bancorp's book value per share changed over the last 10 years?

Over the last 10 years, U.S. Bancorp's book value per share changed from 24.30 in 2014 to 37.55 in 2024, a change of 54.5%.

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This page (NYSE:USB) was last updated on 10/10/2025 by MarketBeat.com Staff

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U.S. Bancorp (USB) Financials

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