USBU.S. Bancorp
The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This report contains forward-looking statements about U.S. Bancorp (“U.S. Bancorp” or the “Company”). 10-K, Item 1
- Employees
- 68,520
- Headquarters
- Minneapolis, MN
- CEO
- Gunjan Kedia
- Next results
- around Jan 19, 2027
All key numbers (35) From EDGAR
| EPS (ttm) | 5.15 | Sales (ttm) | 30.3B | Net income (ttm) | 8.4B | Sales growth | +4.4% | EPS growth | +21.9% | Sales Q/Q | +8.7% |
| Free cash flow | - | Gross margin | - | Oper. margin | - | Net margin | 27.6% | FCF margin | - | ROE | 12.6% |
| ROA | 1.2% | R&D / sales | - | Dividend | 2.04 | Debt/Eq | 1.10 | Curr. ratio | - | Cash | 49.5B |
| Op. cash flow (ttm) | 12.9B | Net debt | 23.5B | Payout ratio | 44.2% | Tax rate | 20.2% | Stock pay / sales | 0.8% | Shares out. | 1.6B |
| Shares Y/Y | -0.2% | Book / share | 42.63 | Cash / share | 31.78 | Sales / share | 19.47 | Asset turnover | 0.04 | Sales 3Y CAGR | +5.6% |
| Sales 5Y CAGR | +4.3% | EPS 3Y CAGR | +7.8% | EPS 5Y CAGR | +8.6% | Employees | 68,520 | Sales / employee | 443K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth sped up to +4.4%-2.4% → +4.4% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
USB against Financials peers
Ten years, side by side → · All 76 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| USB U.S. Bancorp | $30.3B | +4.4% | - | 27.6% | 12.6% | - | 1.10 |
| APO Apollo Global Management | $30.8B | +22.7% | - | -3.0% | -5.8% | - | 0.92 |
| HIG The Hartford | $29.6B | +6.9% | - | 15.6% | 24.4% | 23.1% | 0.23 |
| BLK BlackRock | $28.5B | +18.7% | - | 24.2% | 11.9% | 16.8% | 0.22 |
| MRSH Marsh McLennan | $28.5B | +10.3% | - | 14.2% | 27.1% | 14.6% | 1.38 |
| AIG American International Group | $27.7B | -1.7% | - | 11.9% | 8.5% | - | 0.24 |
Profitability
2 of 3- ✓Net margin above the peer median27.6% vs 20.4%
- !Return on equity below 15%12.6%
- ✓A profit in every one of 10 years
Cash and shareholders
1 of 2- !Share count up over 5 years+3.2%
- ✓Dividend per share up over 5 years$1.68 → $2.04
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Sep 30, 2026The debt note's own lines, 2025-12-31
Fixed rate $0Floating $4.3B Not stated $12.8B
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| Securities sold under agreements to repurchase | – | – | not stated | $9.2B |
| Commercial paper | Commercial paper | – | floating | $4.3B |
| Other short-term borrowings | – | – | not stated | $3.3B |
| Federal funds purchased | – | – | not stated | $285.0M |
From the debt note in the 10-K's XBRL (0000036104-26-000011), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2016 to FY2025
Revenue 28.7B Net income 7.6BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $28.4B of revenue came from
by segment, year to Dec 31, 2025- Wealth Corporate Commercial And Institutional Banking $12.1B · 43%
- Consumer And Business Banking $8.9B · 31%
- Payment Services $7.4B · 26%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
USB's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
The segments changed
10-K filed 2026-02-23Compared with the 10-K of Feb 21, 2025: no longer reported: Treasury and Corporate Support.
When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Wealth Corporate Commercial And Institutional Banking | 12.1B | 42.2% | -0.6% |
| Consumer And Business Banking | 8.9B | 31.0% | -3.9% |
| Payment Services | 7.4B | 25.8% | +5.4% |
10-K 0000036104-26-000011, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 21.3B | 21.9B | 22.6B | 22.9B | 23.2B | 22.7B | 24.3B | 28.1B | 27.5B | 28.7B |
| Interest expense | 1.5B | 2.0B | 3.3B | 4.4B | 2.0B | 993.0M | 3.2B | 12.6B | 15.4B | 14.4B |
| Pretax income | 8.1B | 7.5B | 8.7B | 8.6B | 6.1B | 10.2B | 7.3B | 6.9B | 7.9B | 9.5B |
| Income tax | 2.2B | 1.3B | 1.6B | 1.6B | 1.1B | 2.2B | 1.5B | 1.4B | 1.6B | 1.9B |
| Net income | 5.9B | 6.2B | 7.1B | 6.9B | 5.0B | 8.0B | 5.8B | 5.4B | 6.3B | 7.6B |
| EPS (diluted) | 3.24 | 3.51 | 4.14 | 4.16 | 3.06 | 5.10 | 3.69 | 3.27 | 3.79 | 4.62 |
| Diluted shares | 1.7B | 1.7B | 1.6B | 1.6B | 1.5B | 1.5B | 1.5B | 1.5B | 1.6B | 1.6B |
| Net margin | 27.6% | 28.4% | 31.3% | 30.2% | 21.4% | 35.0% | 24.0% | 19.3% | 22.9% | 26.4% |
| Revenue growth | - | +2.8% | +3.4% | +1.1% | +1.5% | -2.2% | +7.0% | +15.8% | -2.4% | +4.4% |
| EPS growth | - | +8.3% | +17.9% | +0.5% | -26.4% | +66.7% | -27.6% | -11.4% | +15.9% | +21.9% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | - | - | - | 22.4B | 62.6B | 28.9B | 53.5B | 61.2B | 56.5B | 46.9B |
| Property & equipment | 2.4B | 2.4B | 2.5B | 3.7B | 3.5B | 3.3B | 3.9B | - | - | - |
| Goodwill | 9.3B | 9.4B | 9.4B | 9.7B | 9.9B | 10.3B | 12.4B | 12.5B | 12.5B | 12.6B |
| Total assets | 446.0B | 462.0B | 467.4B | 495.4B | 553.9B | 573.3B | 674.8B | 663.5B | 678.3B | 692.3B |
| Total debt | 47.3B | 48.9B | 55.5B | 63.9B | 53.1B | 43.9B | 71.0B | 66.8B | 73.5B | 77.9B |
| Total liabilities | 398.0B | 412.4B | 415.7B | 442.9B | 500.2B | 517.9B | 623.6B | 607.7B | 619.3B | 626.7B |
| Shareholders' equity | 47.3B | 49.0B | 51.0B | 51.9B | 53.1B | 54.9B | 50.8B | 55.3B | 58.6B | 65.2B |
| Retained earnings | 50.2B | 54.1B | 59.1B | 63.2B | 64.2B | 69.2B | 71.9B | 74.0B | 76.9B | 80.9B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.3B | 6.5B | 10.6B | 4.9B | 3.7B | 9.9B | 21.1B | 8.4B | 11.3B | 8.0B |
| Stock-based pay (added back) | 150.0M | 163.0M | 174.0M | 178.0M | 189.0M | 207.0M | 202.0M | 224.0M | 232.0M | 235.0M |
| Dividends paid | 1.8B | 1.9B | 2.1B | 2.4B | 2.6B | 2.6B | 2.8B | 3.0B | 3.1B | 3.2B |
| Buybacks | 2.6B | 2.6B | 2.8B | 4.5B | 1.7B | 1.6B | 69.0M | 62.0M | 173.0M | 489.0M |
| Debt raised | 10.7B | 9.4B | 12.1B | 9.9B | 14.5B | 2.6B | 8.7B | 15.6B | 12.0B | 10.4B |
| Debt repaid | 9.5B | 10.5B | 2.9B | 11.1B | 14.5B | 11.4B | 6.9B | 4.1B | 6.0B | 9.1B |
| Investing cash flow | -18.0B | -12.1B | -9.0B | -21.6B | -15.4B | -57.5B | 7.5B | 18.9B | -24.5B | -20.5B |
| Financing cash flow | 17.2B | 9.5B | 361.0M | 17.6B | 51.9B | 13.9B | -4.0B | -20.0B | 8.8B | 2.2B |
| Dividend per share | 1.07 | 1.16 | 1.34 | 1.58 | 1.68 | 1.76 | 1.88 | 1.93 | 1.98 | 2.04 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 150.0M | 163.0M | 174.0M | 178.0M | 189.0M | 207.0M | 202.0M | 224.0M | 232.0M | 235.0M |
| Stock-based pay / revenue | 0.7% | 0.7% | 0.8% | 0.8% | 0.8% | 0.9% | 0.8% | 0.8% | 0.8% | 0.8% |
| Operating lease cash paid | - | - | - | 302.0M | 305.0M | 288.0M | 294.0M | 409.0M | 389.0M | 339.0M |
| Finance lease principal paid | - | - | - | 10.0M | 12.0M | 12.0M | 14.0M | 49.0M | 62.0M | 51.0M |
| Right-of-use assets | - | - | - | - | - | - | 1.3B | 1.1B | 1.1B | 1.2B |
| Operating lease liabilities | - | - | - | 1.3B | 1.2B | 1.2B | 1.5B | 1.4B | 1.4B | 1.4B |
| Finance lease liabilities | - | - | - | 74.0M | 76.0M | 113.0M | 177.0M | 150.0M | 149.0M | 125.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on USB in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/USB/export.csv") into a cell.