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U.S. Bancorp (USB) Financials

U.S. Bancorp logo
$55.52 +0.21 (+0.38%)
Closing price 05/8/2026 03:59 PM Eastern
Extended Trading
$55.37 -0.14 (-0.26%)
As of 05/8/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
5,879 5,888 6,218 7,096 6,914 4,959 7,963 5,825 5,429 6,299 7,570
Consolidated Net Income / (Loss)
5,933 5,944 6,253 7,124 6,946 4,985 7,985 5,838 5,458 6,329 7,596
Net Income / (Loss) Continuing Operations
5,933 5,944 6,253 7,124 6,946 4,985 7,985 5,838 5,458 6,329 7,596
Total Pre-Tax Income
8,030 8,105 7,517 8,678 8,594 6,051 10,166 7,301 6,865 7,909 9,517
Total Revenue
20,093 20,956 21,697 22,521 22,883 23,226 22,721 24,184 28,013 27,335 28,540
Net Interest Income / (Expense)
11,001 11,666 12,380 12,919 13,052 12,825 12,494 14,728 17,396 16,289 16,649
Total Interest Income
12,402 13,134 14,346 16,173 17,494 14,840 13,487 17,945 30,007 31,666 30,970
Loans and Leases Interest Income
10,265 10,931 11,932 13,285 14,261 12,234 10,979 13,804 22,471 23,182 22,533
Investment Securities Interest Income
2,001 2,078 2,232 2,616 2,893 2,428 2,365 3,378 4,485 5,111 5,398
Other Interest Income
136 125 182 272 340 178 143 763 3,051 3,373 3,039
Total Interest Expense
1,401 1,468 1,966 3,254 4,442 2,015 993 3,217 12,611 15,377 14,321
Deposits Interest Expense
457 622 1,041 1,869 2,855 950 320 1,872 8,775 11,688 10,151
Short-Term Borrowings Interest Expense
245 92 141 378 360 141 70 565 1,971 1,107 1,373
Long-Term Debt Interest Expense
699 754 784 1,007 1,227 924 603 780 1,865 2,582 2,797
Total Non-Interest Income
9,092 9,290 9,317 9,602 9,831 10,401 10,227 9,456 10,617 11,046 11,891
Trust Fees by Commissions
1,321 1,427 1,522 1,619 1,673 1,736 1,832 2,209 2,459 2,660 2,869
Other Service Charges
6,011 5,623 5,174 5,344 5,578 6,848 6,615 5,424 6,172 6,244 6,685
Net Realized & Unrealized Capital Gains on Investments
1.00 22 57 30 73 177 103 20 -145 -154 -61
Other Non-Interest Income
1,575 1,512 1,529 1,539 1,598 1,640 1,677 1,803 2,131 2,296 2,398
Provision for Credit Losses
1,132 1,324 1,390 1,379 1,504 3,806 -1,173 1,977 2,275 2,238 2,186
Total Non-Interest Expense
10,931 11,527 12,790 12,464 12,785 13,369 13,728 14,906 18,873 17,188 16,837
Salaries and Employee Benefits
5,979 5,212 5,746 6,162 6,325 7,938 8,728 9,157 10,416 10,554 10,327
Net Occupancy & Equipment Expense
1,878 1,865 1,922 2,041 2,218 2,674 2,776 2,822 3,315 3,320 3,438
Marketing Expense
361 435 542 429 426 318 366 456 726 619 705
Other Operating Expenses
2,539 3,836 4,405 3,671 3,648 2,263 1,699 1,927 2,771 1,971 1,869
Amortization Expense
174 179 175 161 168 176 159 215 636 569 498
Restructuring Charge
- - - - - 0.00 0.00 329 1,009 155 0.00
Income Tax Expense
2,097 2,161 1,264 1,554 1,648 1,066 2,181 1,463 1,407 1,580 1,921
Net Income / (Loss) Attributable to Noncontrolling Interest
54 56 35 28 32 26 22 13 29 30 26
Basic Earnings per Share
$3.18 $3.25 $3.53 $4.15 $4.16 $3.06 $5.11 $3.69 $3.27 $3.79 $4.62
Weighted Average Basic Shares Outstanding
1.76B 1.72B 1.68B 1.63B 1.58B 1.51B 1.49B 1.49B 1.54B 1.56B 1.56B
Diluted Earnings per Share
$3.16 $3.24 $3.51 $4.14 $4.16 $3.06 $5.10 $3.69 $3.27 $3.79 $4.62
Weighted Average Diluted Shares Outstanding
1.77B 1.72B 1.68B 1.64B 1.58B 1.51B 1.49B 1.49B 1.54B 1.56B 1.56B
Weighted Average Basic & Diluted Shares Outstanding
1.85B 1.81B 1.76B 1.71B 1.52B 1.50B 1.48B 1.53B 1.56B 1.56B 1.55B
Cash Dividends to Common per Share
$1.01 $1.07 $1.16 $1.34 $1.58 $1.68 $1.76 $1.88 $1.93 $1.98 $2.04

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 Q2 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
1,361 - 1,319 1,603 1,714 - 1,709 1,815 2,001 2,045 1,945
Consolidated Net Income / (Loss)
1,369 - 1,326 1,611 1,722 - 1,716 1,821 2,008 2,051 1,950
Net Income / (Loss) Continuing Operations
1,369 - 1,326 1,611 1,722 - 1,716 1,821 2,008 2,051 1,950
Total Pre-Tax Income
1,751 - 1,673 2,056 2,072 - 2,159 2,293 2,532 2,533 2,419
Total Revenue
7,141 - 6,685 6,838 6,833 - 6,928 6,975 7,300 7,337 7,260
Net Interest Income / (Expense)
4,415 - 3,985 4,023 4,135 - 4,092 4,051 4,222 4,284 4,263
Total Interest Income
7,526 - 7,764 7,985 8,086 - 7,516 7,604 7,927 7,923 7,838
Loans and Leases Interest Income
5,643 - 5,749 5,802 5,907 - 5,561 5,607 5,723 5,642 5,561
Investment Securities Interest Income
1,077 - 1,175 1,294 1,316 - 1,308 1,355 1,392 1,343 1,303
Other Interest Income
806 - 840 889 863 - 647 642 812 938 974
Total Interest Expense
3,111 - 3,779 3,962 3,951 - 3,424 3,553 3,705 3,639 3,575
Deposits Interest Expense
1,939 - 2,884 3,028 3,004 - 2,511 2,541 2,648 2,451 2,284
Short-Term Borrowings Interest Expense
740 - 270 296 284 - 249 291 328 505 645
Long-Term Debt Interest Expense
432 - 625 638 663 - 664 721 729 683 646
Total Non-Interest Income
2,726 - 2,700 2,815 2,698 - 2,836 2,924 3,078 3,053 2,997
Trust Fees by Commissions
621 - 641 649 667 - 680 703 730 756 745
Other Service Charges
1,554 - 1,485 1,633 1,550 - 1,464 1,696 1,726 1,678 1,502
Net Realized & Unrealized Capital Gains on Investments
3.00 - 2.00 -36 -119 - 0.00 -57 -7.00 3.00 -35
Other Non-Interest Income
548 - 572 569 600 - 692 582 629 616 785
Provision for Credit Losses
821 - 553 568 557 - 537 501 571 577 576
Total Non-Interest Expense
4,569 - 4,459 4,214 4,204 - 4,232 4,181 4,197 4,227 4,265
Salaries and Employee Benefits
2,646 - 2,691 2,619 2,637 - 2,637 2,600 2,561 2,529 2,628
Net Occupancy & Equipment Expense
838 - 803 825 841 - 839 835 860 904 877
Marketing Expense
122 - 136 158 165 - 182 161 175 187 217
Other Operating Expenses
494 - 528 470 419 - 451 461 476 481 433
Amortization Expense
159 - 146 142 142 - 123 124 125 126 110
Income Tax Expense
382 - 347 445 350 - 443 472 524 482 469
Net Income / (Loss) Attributable to Noncontrolling Interest
8.00 - 7.00 8.00 8.00 - 7.00 6.00 7.00 6.00 5.00
Basic Earnings per Share
$0.84 - $0.78 $0.97 $1.03 - $1.03 $1.11 $1.22 $1.26 $1.18
Weighted Average Basic Shares Outstanding
1.53B 1.54B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B 1.55B
Diluted Earnings per Share
$0.84 - $0.78 $0.97 $1.03 - $1.03 $1.11 $1.22 $1.26 $1.18
Weighted Average Diluted Shares Outstanding
1.53B 1.54B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B 1.56B
Weighted Average Basic & Diluted Shares Outstanding
1.53B 1.56B 1.56B 1.56B - 1.56B 1.56B 1.56B 1.55B 1.55B 1.55B
Cash Dividends to Common per Share
$0.48 - $0.49 - - - $0.50 - - - $0.52

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents
493 4,558 3,800 1,948 952 40,175 -33,675 24,637 7,650 -4,690 -9,612
Net Cash From Operating Activities
8,782 5,336 6,472 10,564 4,889 3,716 9,870 21,119 8,393 11,350 7,970
Net Cash From Continuing Operating Activities
8,782 5,336 6,472 10,564 4,889 3,716 9,870 21,119 8,393 11,350 7,970
Net Income / (Loss) Continuing Operations
5,879 5,888 6,218 7,096 6,914 4,959 7,963 5,825 5,429 6,299 7,570
Consolidated Net Income / (Loss)
5,879 5,888 6,218 7,096 6,914 4,959 7,963 5,825 5,429 6,299 7,570
Provision For Loan Losses
1,132 1,324 1,390 - 1,504 3,806 -1,173 1,977 2,275 2,238 2,186
Depreciation Expense
307 291 293 306 334 351 338 345 382 370 377
Amortization Expense
174 179 175 161 168 176 159 215 636 569 498
Non-Cash Adjustments to Reconcile Net Income
1,290 -2,346 -1,604 1,991 -4,031 -5,576 2,583 12,757 -329 1,874 -2,661
Net Cash From Investing Activities
-21,150 -17,958 -12,126 -8,977 -21,560 -15,440 -57,487 7,500 18,925 -24,534 -20,538
Net Cash From Continuing Investing Activities
-21,150 -17,958 -12,180 -8,977 -21,560 -15,440 -57,487 7,500 18,925 -24,534 -20,538
Purchase of Investment Securities
-47,525 -54,797 -31,016 -23,746 -45,615 -80,364 -103,935 -39,188 -11,894 -41,358 -30,331
Sale and/or Maturity of Investments
26,375 36,839 26,890 24,292 33,926 58,574 63,907 74,006 29,394 24,102 27,836
Other Investing Activities, net
- - -8,054 -9,523 -9,871 6,350 -17,459 -27,318 1,425 -7,278 -18,043
Net Cash From Financing Activities
12,861 17,180 9,454 361 17,623 51,899 13,942 -3,982 -19,998 8,821 2,250
Net Cash From Continuing Financing Activities
12,861 17,180 9,454 361 17,623 51,899 13,942 -3,982 -19,998 8,821 2,250
Net Change in Deposits
18,290 34,192 12,625 -1,740 16,441 67,854 26,313 -17,215 -12,567 6,251 3,330
Issuance of Debt
3,051 10,715 12,122 12,078 19,483 14,501 2,626 8,732 -925 12,256 10,360
Issuance of Common Equity
295 355 159 86 88 15 43 21 951 32 45
Repayment of Debt
-5,311 -23,409 -10,517 -5,440 -11,119 -26,433 -11,402 8,287 -4,084 -6,042 -7,408
Repurchase of Common Equity
-2,190 -2,556 -2,631 -2,822 -4,525 -1,672 -1,555 -69 -62 -173 -489
Payment of Dividends
-2,019 -2,077 -2,212 -2,366 -2,745 -2,852 -2,887 -3,075 -3,311 -3,448 -3,502
Other Financing Activities, Net
0.00 -40 - - - 0.00 -167 0.00 0.00 -55 -86
Effect of Exchange Rate Changes
- - - - - - - - 330 -327 706
Cash Interest Paid
1,434 1,591 2,086 3,056 4,404 2,199 1,061 2,717 12,282 15,382 14,388
Cash Income Taxes Paid
742 595 555 365 941 1,025 535 767 645 499 544

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
-6,288 - 15,793 -11,153 7,730 - -6,489 7,794 8,830 -19,747 1,530
Net Cash From Operating Activities
3,873 - 2,661 2,874 972 - -308 2,031 3,388 2,836 1,340
Net Cash From Continuing Operating Activities
3,873 - 2,661 2,874 972 - -308 2,031 3,388 2,836 1,340
Net Income / (Loss) Continuing Operations
1,523 - 1,319 1,603 1,714 - 1,709 1,815 2,001 2,045 1,945
Consolidated Net Income / (Loss)
1,523 - 1,319 1,603 1,714 - 1,709 1,815 2,001 2,045 1,945
Provision For Loan Losses
515 - 553 568 557 - 537 501 571 577 576
Depreciation Expense
95 - 90 92 89 - 92 93 91 101 94
Amortization Expense
161 - 146 142 142 - 123 124 125 126 110
Non-Cash Adjustments to Reconcile Net Income
1,579 - 553 469 -1,530 - -2,769 -502 600 -13 -1,385
Net Cash From Investing Activities
5,636 - -4,953 -8,328 1,622 - -2,548 -1,370 230 -16,850 -5,351
Net Cash From Continuing Investing Activities
5,636 - -4,953 -8,328 1,622 - -2,548 -1,370 230 -16,850 -5,351
Purchase of Investment Securities
-2,674 - -5,472 -9,722 -10,409 - -3,603 -10,624 -2,838 -13,266 -9,764
Sale and/or Maturity of Investments
3,308 - 1,647 5,171 8,661 - 4,504 12,973 5,576 4,783 7,297
Other Investing Activities, net
5,002 - -1,128 -3,777 3,370 - -3,449 -3,719 -2,508 -8,367 -2,884
Net Cash From Financing Activities
-15,797 - 18,085 -5,699 5,136 - -3,896 7,133 5,212 -6,439 5,673
Net Cash From Continuing Financing Activities
-15,797 - 18,085 -5,699 5,136 - -3,896 7,133 5,212 -6,439 5,673
Net Change in Deposits
-3,243 - 15,751 -4,278 -2,654 - -5,998 6,191 7,425 -4,504 6,070
Issuance of Debt
-10,414 - 5,388 837 11,014 - 5,230 3,618 1,374 138 3,986
Issuance of Common Equity
936 - 13 1.00 8.00 - 16 6.00 10 13 16
Repayment of Debt
-2,262 - -2,172 -1,380 -2,364 - -2,101 -1,649 -2,622 -1,036 -3,225
Repurchase of Common Equity
-1.00 - -49 -1.00 -1.00 - -160 -106 -101 -122 -276
Payment of Dividends
-813 - -846 -871 -844 - -859 -880 -853 -910 -884
Other Financing Activities, Net
- - - - -23 - -24 - -21 -18 -14
Effect of Exchange Rate Changes
- - - - - - 263 - - - -132

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets
421,853 445,964 462,040 467,374 495,426 553,905 573,284 674,805 663,491 678,318 692,345
Cash and Due from Banks
11,147 15,705 19,505 21,453 22,405 62,580 28,905 53,542 61,192 56,502 46,890
Trading Account Securities
108,771 114,101 116,053 112,165 128,191 145,601 140,738 163,850 155,952 167,199 169,546
Loans and Leases, Net of Allowance
256,986 269,394 276,507 282,837 292,082 290,393 0.00 381,277 366,456 372,249 383,730
Loans and Leases
260,849 273,207 280,432 286,810 296,102 297,707 - 388,213 373,835 379,832 391,335
Allowance for Loan and Lease Losses
3,863 3,813 3,925 3,973 4,020 7,314 - 6,936 7,379 7,583 7,605
Goodwill
9,361 9,344 9,434 9,369 9,655 9,918 10,262 12,373 12,489 12,536 12,635
Intangible Assets
3,350 3,303 3,228 3,392 3,223 2,864 3,738 7,155 6,084 5,547 4,904
Other Assets
29,725 31,674 311,388 33,645 36,168 39,081 80,032 52,750 57,695 60,720 70,872
Total Liabilities & Shareholders' Equity
421,853 445,964 462,040 467,374 495,426 553,905 573,284 674,805 663,491 678,318 692,345
Total Liabilities
375,036 398,031 412,374 415,717 442,943 500,180 517,897 623,573 607,720 619,278 626,694
Non-Interest Bearing Deposits
83,766 86,097 87,557 81,811 75,590 118,089 134,901 137,743 89,989 84,158 84,116
Interest Bearing Deposits
216,634 248,493 259,658 263,664 286,326 311,681 321,182 387,233 422,323 434,151 438,100
Short-Term Debt
27,877 13,963 16,651 14,139 23,723 11,766 11,796 31,216 15,279 15,518 17,162
Long-Term Debt
32,078 33,323 32,259 41,340 40,167 41,297 32,125 39,829 51,480 58,002 60,764
Other Long-Term Liabilities
14,681 16,155 16,249 14,763 17,137 17,347 17,893 27,552 28,649 27,449 26,552
Total Equity & Noncontrolling Interests
46,817 47,933 49,666 51,657 52,483 53,725 55,387 51,232 55,771 59,040 65,651
Total Preferred & Common Equity
46,131 47,298 49,040 51,029 51,853 53,095 54,918 50,766 55,306 58,578 65,193
Total Common Equity
46,131 47,298 49,040 45,045 51,853 47,112 54,918 50,766 55,306 58,578 65,193
Common Stock
8,397 8,461 -9,117 8,490 8,496 8,532 8,560 8,733 8,694 8,736 8,749
Retained Earnings
46,377 50,151 54,142 59,065 63,186 64,188 69,201 71,901 74,026 76,863 80,906
Treasury Stock
-13,125 -15,280 - - - -25,930 -27,271 -25,269 -24,126 -24,065 -24,283
Accumulated Other Comprehensive Income / (Loss)
-1,019 -1,535 -1,404 -2,322 -1,373 322 -1,943 -11,407 -10,096 -9,764 -6,987
Other Equity Adjustments
5,501 5,501 5,419 -20,188 -18,456 - 6,371 6,808 6,808 6,808 6,808
Noncontrolling Interest
686 635 626 628 630 630 469 466 465 462 458

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets
680,825 668,039 663,491 683,606 680,058 686,469 678,318 676,489 686,370 695,357 700,998
Cash and Due from Banks
70,642 64,354 61,192 76,985 65,832 73,562 56,502 50,013 57,807 66,637 48,420
Trading Account Securities
71,582 69,543 155,952 157,454 163,867 164,940 167,199 166,528 170,744 168,486 171,834
Loans and Leases, Net of Allowance
0.00 0.00 366,456 367,074 368,584 366,604 372,249 374,235 372,706 374,960 392,150
Loans and Leases
- - 373,835 374,588 376,133 374,164 379,832 381,819 380,243 382,517 399,796
Allowance for Loan and Lease Losses
- - 7,379 7,514 7,549 7,560 7,583 7,584 7,537 7,557 7,646
Goodwill
12,486 12,472 12,489 12,479 12,476 12,573 12,536 12,555 12,637 12,634 12,625
Intangible Assets
6,634 6,435 6,084 6,031 5,757 5,488 5,547 5,381 5,285 5,152 4,799
Other Assets
143,522 143,603 57,695 60,046 59,972 59,717 60,720 64,195 63,566 63,793 67,351
Total Liabilities & Shareholders' Equity
680,825 668,039 663,491 683,606 680,058 686,469 678,318 676,489 686,370 695,357 700,998
Total Liabilities
627,341 614,461 607,720 627,573 623,173 627,148 619,278 615,931 624,474 631,559 634,751
Non-Interest Bearing Deposits
104,996 98,006 89,989 91,220 86,756 86,838 84,158 84,086 86,972 91,550 85,300
Interest Bearing Deposits
416,604 420,352 422,323 436,843 437,029 434,293 434,151 428,439 431,745 434,599 442,878
Short-Term Debt
32,334 21,900 15,279 17,102 16,557 23,708 15,518 17,158 15,039 15,449 17,859
Long-Term Debt
45,283 43,074 51,480 52,693 52,720 54,839 58,002 59,859 64,013 62,535 61,361
Other Long-Term Liabilities
28,124 31,129 28,649 29,715 30,111 27,470 27,449 26,389 26,705 27,426 27,353
Total Equity & Noncontrolling Interests
53,484 53,578 55,771 56,033 56,885 59,321 59,040 60,558 61,896 63,798 66,247
Total Preferred & Common Equity
53,019 53,113 55,306 55,568 56,420 58,859 58,578 60,096 61,438 63,340 65,786
Total Common Equity
53,019 53,113 55,306 55,568 56,420 58,859 58,578 60,096 61,438 63,340 65,786
Common Stock
8,763 8,705 8,694 8,663 8,709 8,750 8,736 8,699 8,727 8,766 8,644
Retained Earnings
73,355 74,023 74,026 74,473 75,231 76,057 76,863 77,691 78,652 79,742 81,944
Treasury Stock
-25,189 -24,168 -24,126 -24,023 -24,020 -24,010 -24,065 -24,060 -24,140 -24,228 -24,387
Accumulated Other Comprehensive Income / (Loss)
-10,718 -12,255 -10,096 -10,353 -10,308 -8,746 -9,764 -9,042 -8,609 -7,748 -7,223
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
465 465 465 465 465 462 462 462 458 458 461

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$3.18 $3.25 $3.53 $4.15 $4.16 $3.06 $5.11 $3.69 $3.27 $3.79 $4.62
Adjusted Weighted Average Basic Shares Outstanding
1.76B 1.72B 1.68B 1.63B 1.58B 1.51B 1.49B 1.49B 1.54B 1.56B 1.56B
Adjusted Diluted Earnings per Share
$3.16 $3.24 $3.51 $4.14 $4.16 $3.06 $5.10 $3.69 $3.27 $3.79 $4.62
Adjusted Weighted Average Diluted Shares Outstanding
1.77B 1.72B 1.68B 1.64B 1.58B 1.51B 1.49B 1.49B 1.54B 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
1.74B 1.69B 1.65B 1.60B 1.52B 1.50B 1.48B 1.53B 1.56B 1.56B 1.55B
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
- - - - - - - - - - 1,553,695,799.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 1,553,695,799.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 1.26
Growth Metrics
- - - - - - - - - - -
Revenue Growth
11.18% 0.00% -6.39% -4.24% 0.00% 0.00% 3.64% 2.00% 6.83% - 4.79%
EBITDA Growth
-8.82% -100.00% -20.99% 14.16% 4.16% 0.00% 24.36% 9.61% 19.32% - 10.49%
EBIT Growth
-14.89% -100.00% -22.51% 17.42% 5.98% 0.00% 29.05% 11.53% 22.20% - 12.04%
NOPAT Growth
-16.08% -100.00% -22.18% 17.68% 12.99% 0.00% 29.41% 13.04% 16.61% - 13.64%
Net Income Growth
-16.08% 0.00% -22.18% 17.68% 0.00% 0.00% 29.41% 13.04% 16.61% - 13.64%
EPS Growth
-21.55% 0.00% -25.00% 15.48% 0.00% 0.00% 32.05% 14.43% 18.45% - 14.56%
Operating Cash Flow Growth
10.50% 0.00% 216.03% -13.33% -74.90% 0.00% -110.71% -29.33% 248.56% - 535.06%
Free Cash Flow Firm Growth
-538.49% 98.85% 161.90% 124.91% -49.66% -3,864.43% -135.99% -297.94% 89.17% - 40.76%
Invested Capital Growth
12.61% 0.21% -17.42% -3.77% 16.29% 8.19% 9.34% 11.72% 2.84% - 5.74%
Revenue Q/Q Growth
-1.97% 0.00% -0.68% 2.29% -0.07% 0.00% 0.00% 0.68% 4.66% - -1.05%
EBITDA Q/Q Growth
10.22% -100.00% 52.72% 19.96% 0.57% 0.00% 0.00% 5.73% 9.48% - -4.96%
EBIT Q/Q Growth
11.65% -100.00% 67.30% 22.89% 0.78% 0.00% 0.00% 6.21% 10.42% - -4.50%
NOPAT Q/Q Growth
11.32% -100.00% 54.01% 21.49% 6.89% 0.00% 0.00% 6.12% 10.27% - -4.92%
Net Income Q/Q Growth
11.32% 0.00% 54.01% 21.49% 6.89% 0.00% 0.00% 6.12% 10.27% - -4.92%
EPS Q/Q Growth
8.33% 0.00% 62.50% 24.36% 6.19% 0.00% 0.00% 7.77% 9.91% - -6.35%
Operating Cash Flow Q/Q Growth
16.80% 0.00% 539.66% 8.00% -66.18% 0.00% 0.00% 812.63% 66.81% - -52.75%
Free Cash Flow Firm Q/Q Growth
55.29% 97.85% 4,484.21% -76.50% -368.61% 0.00% -0.01% -29.25% 85.30% - 33.73%
Invested Capital Q/Q Growth
-9.57% 3.36% 2.69% 0.27% 9.28% 0.00% 3.78% 2.45% 0.59% - 1.32%
Profitability Metrics
- - - - - - - - - - -
EBITDA Margin
31.59% 0.00% 28.56% 33.49% 33.70% 0.00% 34.27% 35.99% 37.64% - 36.13%
EBIT Margin
27.93% 0.00% 25.03% 30.07% 30.32% 0.00% 31.16% 32.87% 34.68% - 33.32%
Profit (Net Income) Margin
21.77% 0.00% 19.84% 23.56% 25.20% 0.00% 24.77% 26.11% 27.51% - 26.86%
Tax Burden Percent
77.95% 0.00% 79.26% 78.36% 83.11% 0.00% 79.48% 79.42% 79.30% - 80.61%
Interest Burden Percent
100.00% 0.00% 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate
22.05% 0.00% 20.74% 21.64% 16.89% 0.00% 20.52% 20.58% 20.70% - 19.39%
Return on Invested Capital (ROIC)
5.37% 0.00% 3.93% 4.99% 0.00% 0.00% 5.19% 5.42% 5.54% - 5.48%
ROIC Less NNEP Spread (ROIC-NNEP)
5.37% 0.00% 3.93% 4.99% 0.00% 0.00% 5.19% 5.42% 5.54% - 5.48%
Return on Net Nonoperating Assets (RNNOA)
6.47% 0.00% 6.06% 6.64% 0.00% 0.00% 6.53% 6.77% 7.05% - 6.75%
Return on Equity (ROE)
11.84% 0.00% 9.98% 11.64% 0.00% 0.00% 11.72% 12.18% 12.59% - 12.23%
Cash Return on Invested Capital (CROIC)
-6.93% 4.25% 22.74% 7.98% -15.07% -2.90% -3.82% -5.88% 2.36% - -0.04%
Operating Return on Assets (OROA)
1.22% 0.00% 1.01% 1.20% 0.00% 0.00% 1.26% 1.33% 1.41% - 1.40%
Return on Assets (ROA)
0.95% 0.00% 0.80% 0.94% 0.00% 0.00% 1.00% 1.06% 1.12% - 1.13%
Return on Common Equity (ROCE)
11.73% 0.00% 9.90% 11.54% 0.00% 0.00% 11.62% 12.09% 12.50% - 12.14%
Return on Equity Simple (ROE_SIMPLE)
10.41% 0.00% 9.14% 9.43% 0.00% 0.00% 11.18% 11.28% 11.39% - 11.90%
Net Operating Profit after Tax (NOPAT)
1,524 0.00 1,326 1,611 1,722 0.00 1,716 1,821 2,008 - 1,950
NOPAT Margin
21.77% 0.00% 19.84% 23.56% 25.20% 0.00% 24.77% 26.11% 27.51% - 26.86%
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%
SG&A Expenses to Revenue
51.64% 0.00% 54.30% 52.68% 53.31% 0.00% 52.80% 51.56% 49.26% - 51.27%
Operating Expenses to Revenue
64.71% 0.00% 66.70% 61.63% 61.53% 0.00% 61.09% 59.94% 57.49% - 58.75%
Earnings before Interest and Taxes (EBIT)
1,955 0.00 1,673 2,056 2,072 0.00 2,159 2,293 2,532 - 2,419
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
2,211 0.00 1,909 2,290 2,303 0.00 2,374 2,510 2,748 - 2,623
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.92 1.16 1.24 1.10 1.16 1.27 1.10 1.15 1.19 - 1.23
Price to Tangible Book Value (P/TBV)
1.43 1.75 1.85 1.62 1.67 1.84 1.56 1.62 1.65 - 1.67
Price to Revenue (P/Rev)
1.77 2.30 2.49 2.27 0.00 2.73 2.39 2.54 2.67 - 2.80
Price to Earnings (P/E)
8.89 11.86 13.61 11.71 0.00 11.85 9.85 10.22 10.46 - 10.35
Dividend Yield
6.01% 4.67% 4.39% 4.91% 4.50% 4.14% 4.71% 4.42% 4.18% - 3.96%
Earnings Yield
11.25% 8.43% 7.35% 8.54% 0.00% 8.44% 10.16% 9.79% 9.56% - 9.66%
Enterprise Value to Invested Capital (EV/IC)
0.42 0.57 0.49 0.52 0.53 0.69 0.68 0.65 0.61 - 0.77
Enterprise Value to Revenue (EV/Rev)
1.81 2.51 2.25 2.42 0.00 3.37 3.38 3.33 3.09 - 3.88
Enterprise Value to EBITDA (EV/EBITDA)
6.32 8.94 8.41 8.60 0.00 10.41 10.02 9.67 8.72 - 10.53
Enterprise Value to EBIT (EV/EBIT)
7.18 10.26 9.72 9.85 0.00 11.65 11.12 10.68 9.57 - 11.46
Enterprise Value to NOPAT (EV/NOPAT)
9.05 12.91 12.21 12.38 0.00 14.56 13.89 13.31 12.06 - 14.31
Enterprise Value to Operating Cash Flow (EV/OCF)
3.35 8.34 6.04 6.70 0.00 8.17 11.21 12.32 8.79 - 11.65
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 13.53 1.96 6.42 0.00 0.00 0.00 0.00 26.36 - 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.21 1.20 1.25 1.22 1.32 1.25 1.27 1.28 1.22 - 1.20
Long-Term Debt to Equity
0.80 0.92 0.94 0.93 0.92 0.98 0.99 1.03 0.98 - 0.93
Financial Leverage
1.20 1.29 1.54 1.33 1.27 1.22 1.26 1.25 1.27 - 1.23
Leverage Ratio
12.50 12.51 12.48 12.33 12.00 11.69 11.67 11.50 11.22 - 10.86
Compound Leverage Factor
12.50 0.00 12.48 12.33 12.00 0.00 11.67 11.50 11.22 - 10.86
Debt to Total Capital
54.81% 54.48% 55.47% 54.91% 56.97% 55.46% 55.98% 56.09% 55.00% - 54.46%
Short-Term Debt to Total Capital
18.47% 12.47% 13.59% 13.12% 17.20% 11.71% 12.47% 10.67% 10.90% - 12.28%
Long-Term Debt to Total Capital
36.33% 42.01% 41.88% 41.79% 39.78% 43.76% 43.51% 45.42% 44.11% - 42.18%
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%
Noncontrolling Interests to Total Capital
0.39% 0.38% 0.37% 0.37% 0.34% 0.35% 0.34% 0.32% 0.32% - 0.32%
Common Equity to Total Capital
44.80% 45.14% 44.16% 44.72% 42.69% 44.19% 43.68% 43.59% 44.67% - 45.22%
Debt to EBITDA
8.22 8.47 9.46 9.04 0.00 8.31 8.27 8.29 7.82 - 7.44
Net Debt to EBITDA
0.08 0.71 -0.97 0.45 0.00 1.92 2.90 2.23 1.14 - 2.89
Long-Term Debt to EBITDA
5.45 6.53 7.14 6.88 0.00 6.56 6.43 6.71 6.27 - 5.77
Debt to NOPAT
11.76 12.23 13.74 13.02 0.00 11.62 11.46 11.41 10.81 - 10.12
Net Debt to NOPAT
0.11 1.02 -1.42 0.65 0.00 2.69 4.02 3.07 1.57 - 3.93
Long-Term Debt to NOPAT
7.79 9.43 10.37 9.91 0.00 9.16 8.91 9.24 8.67 - 7.84
Noncontrolling Interest Sharing Ratio
0.92% 0.00% 0.85% 0.84% 0.82% 0.00% 0.80% 0.78% 0.75% - 0.73%
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-11,756 -253 27,872 6,550 -17,594 -10,030 -10,031 -12,965 -1,906 - -5,942
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%
Free Cash Flow to Firm to Interest Expense
-3.34 0.00 7.38 1.65 -4.45 0.00 -2.93 -3.65 -0.51 - -1.66
Operating Cash Flow to Interest Expense
1.10 0.00 0.70 0.73 0.25 0.00 -0.08 0.57 0.91 - 0.37
Operating Cash Flow Less CapEx to Interest Expense
1.10 0.00 0.70 0.73 0.25 0.00 -0.08 0.57 0.91 - 0.37
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.04 0.04 0.04 0.04 0.00 0.04 0.04 0.04 0.04 - 0.04
Fixed Asset Turnover
8.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
118,552 122,530 125,828 126,162 137,868 132,560 137,575 140,948 141,782 - 145,467
Invested Capital Turnover
0.25 0.23 0.20 0.21 0.00 0.21 0.21 0.21 0.20 - 0.20
Increase / (Decrease) in Invested Capital
13,280 253 -26,546 -4,939 19,316 10,030 11,747 14,786 3,914 - 7,892
Enterprise Value (EV)
50,024 70,440 62,014 65,860 73,739 92,119 93,324 92,204 87,016 - 112,069
Market Capitalization
48,939 64,408 68,739 61,950 68,292 74,639 65,858 70,501 75,211 - 80,808
Book Value per Share
$34.65 $35.52 $35.64 $36.16 $37.72 $37.55 $38.53 $39.43 $40.70 - $42.34
Tangible Book Value per Share
$22.31 $23.59 $23.77 $24.47 $26.14 $25.96 $27.03 $27.93 $29.27 - $31.13
Total Capital
118,552 122,530 125,828 126,162 137,868 132,560 137,575 140,948 141,782 - 145,467
Total Debt
64,974 66,759 69,795 69,277 78,547 73,520 77,017 79,052 77,984 - 79,220
Total Long-Term Debt
43,074 51,480 52,693 52,720 54,839 58,002 59,859 64,013 62,535 - 61,361
Net Debt
620 5,567 -7,190 3,445 4,985 17,018 27,004 21,245 11,347 - 30,800
Capital Expenditures (CapEx)
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
Net Nonoperating Obligations (NNO)
64,974 66,759 69,795 69,277 78,547 73,520 77,017 79,052 77,984 - 79,220
Total Depreciation and Amortization (D&A)
256 0.00 236 234 231 0.00 215 217 216 - 204
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.91 $0.00 $0.78 $0.97 $0.00 $0.00 $1.03 $1.11 $1.22 $1.26 $1.18
Adjusted Weighted Average Basic Shares Outstanding
1.55B 1.54B 1.56B 1.56B 0.00 1.56B 1.56B 1.56B 1.56B 1.56B 1.55B
Adjusted Diluted Earnings per Share
$0.91 $0.00 $0.78 $0.97 $0.00 $0.00 $1.03 $1.11 $1.22 $1.26 $1.18
Adjusted Weighted Average Diluted Shares Outstanding
1.55B 1.54B 1.56B 1.56B 0.00 1.56B 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
1.56B 1.56B 1.56B 1.56B 0.00 1.56B 1.56B 1.56B 1.55B 1.55B 1.55B
Normalized Net Operating Profit after Tax (NOPAT)
1,745 0.00 1,449 1,611 1,722 0.00 1,716 1,821 2,008 - 1,950
Normalized NOPAT Margin
24.93% 0.00% 21.67% 23.56% 25.20% 0.00% 24.77% 26.11% 27.51% - 26.86%
Pre Tax Income Margin
27.93% 0.00% 25.03% 30.07% 30.32% 0.00% 31.16% 32.87% 34.68% - 33.32%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.56 0.00 0.44 0.52 0.52 0.00 0.63 0.65 0.68 - 0.68
NOPAT to Interest Expense
0.43 0.00 0.35 0.41 0.44 0.00 0.50 0.51 0.54 - 0.55
EBIT Less CapEx to Interest Expense
0.56 0.00 0.44 0.52 0.52 0.00 0.63 0.65 0.68 - 0.68
NOPAT Less CapEx to Interest Expense
0.43 0.00 0.35 0.41 0.44 0.00 0.50 0.51 0.54 - 0.55
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
58.97% 60.66% 65.94% 63.59% 0.00% 54.48% 51.51% 50.08% 48.22% - 45.04%
Augmented Payout Ratio
60.03% 61.80% 67.26% 64.86% 0.00% 57.21% 55.74% 55.69% 55.00% - 52.77%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, four-year trend snapshot for US Bancorp (USB) using the quarterly statements provided (income, balance sheet and cash flow). The focus is on key growth, profitability, and capital metrics, plus notable cash flow dynamics that may interest retail investors.

  • Asset base growth: Total assets rose from about $668.0B (Q3 2023) to approximately $695.4B by Q4 2025, signaling a larger balance sheet and scaling potential.
  • Funding stability and deposit growth: Total deposits expanded from roughly $518.3B (Q4 2024) to about $526.0B (Q4 2025), reflecting a strong core funding base.
  • Large, stable loan book: Loans and leases net of allowance sits around $375B in the latest periods, indicating a sizable, consistent lending portfolio.
  • Solid net interest income generation: Total interest income around $7.92B in Q4 2025, with net interest income near $4.0–$4.3B per quarter across 2024–2025, highlighting ongoing operating profitability from core lending and related activities.
  • Maintained earnings power and attractive EPS: Diluted earnings per share around $1.26 in Q4 2025 (cash flow and quarterly EPS roughly in the $1.1–$1.26 range in preceding quarters), indicating steady quarterly profitability with a mild upward tilt in year-end results.
  • Capital posture: Total common equity remains solid and elevated (approximately $63.3B by mid-2025), suggesting durable capitalization that supports continued growth and shareholder returns.
  • Diversified non-interest income: Non-interest income generally sits in the $2.8B–$3.1B per-quarter band in 2024–2025 (e.g., Q4 2025 non-interest income around $3.05B), demonstrating revenue diversification beyond interest income.
  • Significant quarterly cash flow volatility: Net change in cash and equivalents shows notable fluctuations, including a large negative outflow of about $19.8B in Q4 2025 and a substantial outflow of roughly $6.49B in Q1 2025, reflecting seasonality and financing/investing activities.
  • Cash flow from financing activities remains a cash outflow tendency: Net cash from financing activities is frequently negative in several quarters (e.g., around -$6.44B in recent periods), indicating cash used for dividends, share repurchases, and debt/issuance activities.
  • Periodic provisioning for credit losses: Provision for credit losses runs around $0.5B–$0.6B per quarter in several periods, representing a modest ongoing reserve against potential loan losses in a macro environment that can pressure pretax income.
05/10/26 12:17 PM ETAI Generated. May Contain Errors.

U.S. Bancorp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, U.S. Bancorp's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

U.S. Bancorp's net income were at $7.60 billion at the end of 2025, a 20.0% increase from 2024, and a 28.0% increase since 2015. See U.S. Bancorp's forecast for analyst expectations on what's next for the company.

Over the last 10 years, U.S. Bancorp's total revenue changed from $20.09 billion in 2015 to $28.54 billion in 2025, a change of 42.0%.

U.S. Bancorp's total liabilities were at $626.69 billion at the end of 2025, a 1.2% increase from 2024, and a 67.1% increase since 2015.

In the past 10 years, U.S. Bancorp's cash and equivalents has ranged from $11.15 billion in 2015 to $62.58 billion in 2020, and is currently $46.89 billion as of their latest financial filing in 2025.



Financial statements for NYSE:USB last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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