Annual Income Statements for U.S. Bancorp
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.
Quarterly Income Statements for U.S. Bancorp
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 |
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 |
Annual Cash Flow Statements for U.S. Bancorp
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 |
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 |
Quarterly Cash Flow Statements for U.S. Bancorp
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 |
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 |
Annual Balance Sheets for U.S. Bancorp
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 |
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 |
Quarterly Balance Sheets for U.S. Bancorp
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 |
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 |
Annual Metrics And Ratios for U.S. Bancorp
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 |
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% |
Quarterly Metrics And Ratios for U.S. Bancorp
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 |
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% |
Key Financial Trends
U.S. Bancorp (NYSE: USB) has demonstrated solid financial performance and stability over the past two years through Q2 2025, based on detailed analysis of its cash flow, income, and balance sheet statements.
Key Positive Trends:
- Net income has consistently increased, from $930 million in Q4 2022 to $1.815 billion in Q2 2025, indicating growing profitability.
- Total revenue trended upward with strong net interest income, rising from $6.34 billion in Q4 2022 to $6.975 billion in Q2 2025, showing effective core banking operations.
- Net interest income remains a stable contributor, with Q2 2025 reporting $4.05 billion, maintaining a strong spread between interest income and interest expense.
- Robust cash balances, with "Cash and Due from Banks" increasing from about $53.5 billion in Q4 2022 to $57.8 billion in Q2 2025, providing liquidity strength.
- Strong growth in deposits during Q2 2025 with a net increase of $6.19 billion supports funding stability.
- Continued payment of dividends (around $0.49-0.50 per share recently) and share repurchases (~$106 million in Q2 2025) demonstrate commitment to returning capital to shareholders.
- Allowance for loan losses has been managed around $7.5 billion despite credit loss provisions, showing prudent risk management.
- Retained earnings grew steadily from $71.9 billion at end 2022 to $78.65 billion by Q2 2025, reflecting strong accumulated profits.
- Operating cash flow turned positive and substantial in 2024 and 2025 quarters, with $2.03 billion in Q2 2025, indicating strong cash-generating ability.
Neutral Observations:
- While loans and leases totals are high (~$380 billion), net loans (net of allowances) have been fairly stable, indicating stable loan portfolio size but necessitating monitoring on credit quality.
- Non-interest expenses like salaries and occupancy costs remain sizable (~$2.6 billion in Q2 2025), typical for banks but need ongoing cost control focus.
- Goodwill and intangible assets remain significant on the balance sheet (~$18 billion total), which may impact future impairment risks.
- Debt levels, including both short-term and long-term debt, are high but have been managed carefully; for example, long-term debt rose from $39.8 billion end 2022 to $64 billion by Q2 2025.
- Net realized/unrealized capital losses on investments periodically impact non-interest income but are relatively minor in scale.
Areas of Caution / Potential Headwinds:
- Provision for loan losses peaked at $1.19 billion in Q4 2022 and remains elevated, with $501 million in Q2 2025, reflecting ongoing credit risk concerns in the loan portfolio.
- Net cash used in investing activities is negative, e.g., -$1.37 billion in Q2 2025, driven by securities purchases exceeding sales, which while strategic, may pressure liquidity.
- Other investing activities net outflows and volatility in trading account securities require attention given potential market and interest rate impacts.
- Dividends and share repurchases continue, but increased repurchase activity (e.g., $160 million repurchased in Q2 2025) may limit cash for reinvestment or debt reduction.
Overall, U.S. Bancorp exhibits strong earnings growth, stable core banking operations, and solid capital and liquidity levels. The bank maintains prudent risk management with manageable credit provisions, although elevated loan loss reserves and investing cash outflows bear watching amid an evolving economic environment. For retail investors, USB appears fundamentally robust with shareholder-friendly capital returns, balanced by typical banking sector risks related to credit and interest rate exposures.
08/09/25 01:04 PMAI Generated. May Contain Errors.