U.S. Bancorp
USB NYSE Diversified Banks Financials FY2016–FY2025
U.S. Bancorp's revenue rose 4.4% to $28.7 billion in fiscal 2025. Net income was $7.6 billion, up 20.2%. Its return on equity was 12.2%, up from 11.1% a year earlier. Its efficiency ratio was 58.8%, down from 62.6% a year earlier. It paid out $3.7 billion in dividends and buybacks. The diluted share count fell 0.2%.
What U.S. Bancorp does
U.S. Bancorp is a bank holding company based in Minneapolis. Through U.S. Bank, it takes deposits and makes loans to individuals, small businesses, companies, governments and other institutions. It also offers credit cards, payment and merchant processing, mortgage banking, trust and investment management, treasury and capital markets services. At the end of 2025 it held consolidated deposits of $522.2 billion. It had 2,075 branches in 26 states, mostly in the Midwest and West, and 4,428 ATMs.
It reports four main segments plus a corporate group. Wealth, Corporate, Commercial and Institutional Banking serves wealthy individuals, mid-sized and large companies, real estate investors, governments and institutions. Consumer and Business Banking covers consumer and small business banking and consumer lending. Payment Services covers credit, debit and stored-value cards, corporate and purchasing cards, and merchant processing. Treasury and Corporate Support holds its investment portfolios, funding and corporate costs.
In January 2026 U.S. Bancorp agreed to buy BTIG, a firm that does institutional trading, investment banking and research, for a purchase price of up to $1 billion. It expected the deal to close in the second quarter of 2026. It had 68,520 employees at the end of 2025 and competes with banks, credit unions, card companies, asset managers and technology firms.
- Legal name
- US BANCORP \DE\
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 23, 2026
- Accession · CIK
- 0000036104-26-000011
0000036104
Revenue and margins
U.S. Bancorp had $28.7B of revenue in fiscal 2025, up 4.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 4.0% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
U.S. Bancorp returned $3.7B to shareholders in fiscal 2025. The diluted share count fell 0.2%.
Value U.S. Bancorp yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 11.9x · peers 12.2x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $306.3B | $381.3B | $366.5B | $372.2B | $383.7B |
| Deposits | $456.1B | $525.0B | $512.3B | $518.3B | $522.2B |
| Loans / deposits | 67.2% | 72.6% | 71.5% | 71.8% | 73.5% |
| Total assets | $573.3B | $674.8B | $663.5B | $678.3B | $692.3B |
| Shareholders' equity | $54.9B | $50.8B | $55.3B | $58.6B | $65.2B |
| Goodwill | $10.3B | $12.4B | $12.5B | $12.5B | $12.6B |
| Intangible assets | $3.7B | $7.2B | $6.1B | $5.5B | $4.9B |
| Provision / loans | −0.4% | 0.6% | 0.6% | 0.6% | 0.6% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$12.6M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Gunjan KediaPresident & CEO, Director | Sold | 27,267 | $62.37 | $1.7M | Form 4 |
| Jul 23, 2026 | James L ChosySenior EVP and General Counsel | Sold | 22,968 | $63.28 | $1.5M | Form 4 |
| Jul 20, 2026 | Stephen L PhilipsonVice Chair | Sold | 36,906 | $63.08 | $2.3M | Form 4 |
| May 5, 2026 | Venkatachari DilipSEVP & Chief Info & Tech Off | Sold | 34,522 | $55.52 | $1.9M | Form 4 |
| Apr 21, 2026 | Jodi L RichardVice Chair | Sold | 40,000 | $57.00 | $2.3M | Form 4 |
| Feb 6, 2026 | Mark G. RunkelVice Chair | Sold | 32,195 | $60.65 | $2.0M | Form 4 |
| Feb 3, 2026 | Elcio R.T. BarcelosSenior EVP, Chief HR Officer | Sold | 17,204 | $58.43 | $1.0M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| U.S. Bancorp USB | $92.8B | 4.4% | — | — | — | 11.9x | — | |
| PNC Financial Services PNC | $88.9B | 7.2% | — | — | — | 12.4x | — | Compare → |
| Truist Financial TFC | $63.1B | 53.0% | — | — | — | 11.1x | — | Compare → |
| Wells Fargo WFC | $267.1B | 1.7% | — | — | — | 12.0x | — | Compare → |
| Citigroup C | $225.9B | 5.6% | — | — | — | 17.3x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $21.3B | $21.9B | $22.6B | $22.9B | $23.2B | $22.7B | $24.3B | $28.1B | $27.5B | $28.7B |
| Net interest income | $11.7B | $12.4B | $12.9B | $13.1B | $12.8B | $12.5B | $14.7B | $17.4B | $16.3B | $16.6B |
| Noninterest income | $9.3B | $9.3B | $9.6B | $9.8B | $10.4B | $10.2B | $9.5B | $10.6B | $11.0B | $11.9B |
| Noninterest expense | $11.5B | $12.8B | $12.5B | $12.8B | $13.4B | $13.7B | $14.9B | $18.9B | $17.2B | $16.8B |
| Provision for credit losses | $1.3B | $1.4B | $1.4B | $1.5B | $3.8B | −$1.2B | $2.0B | $2.3B | $2.2B | $2.2B |
| 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 |
| Net income to common | $5.6B | $5.9B | $6.8B | $6.6B | $4.6B | $7.6B | $5.5B | $5.1B | $5.9B | $7.2B |
| Diluted EPS | $3.24 | $3.51 | $4.14 | $4.16 | $3.06 | $5.10 | $3.69 | $3.27 | $3.79 | $4.62 |
| Diluted shares | 1.72B | 1.68B | 1.64B | 1.58B | 1.51B | 1.49B | 1.49B | 1.54B | 1.56B | 1.56B |
| Cash flow | ||||||||||
| Stock-based compensation | $150M | $163M | $174M | $178M | $189M | $207M | $202M | $224M | $232M | $235M |
| Share buybacks | $2.6B | $2.6B | $2.8B | $4.5B | $1.7B | $1.6B | $69.0M | $62.0M | $173M | $489M |
| Dividends paid | $1.8B | $1.9B | $2.1B | $2.4B | $2.6B | $2.6B | $2.8B | $3.0B | $3.1B | $3.2B |
| Dividends and buybacks | $4.4B | $4.6B | $4.9B | $7.0B | $4.2B | $4.1B | $2.8B | $3.0B | $3.3B | $3.7B |
| Balance sheet | ||||||||||
| Loans, net | $269.4B | $277.3B | $282.8B | $292.1B | $290.4B | $306.3B | $381.3B | $366.5B | $372.2B | $383.7B |
| Deposits | $334.6B | $347.2B | $345.5B | $361.9B | $429.8B | $456.1B | $525.0B | $512.3B | $518.3B | $522.2B |
| Goodwill | $9.3B | $9.4B | $9.4B | $9.7B | $9.9B | $10.3B | $12.4B | $12.5B | $12.5B | $12.6B |
| Intangible assets | $3.3B | $3.2B | $3.4B | $3.2B | $2.9B | $3.7B | $7.2B | $6.1B | $5.5B | $4.9B |
| Total assets | $446.0B | $462.0B | $467.4B | $495.4B | $553.9B | $573.3B | $674.8B | $663.5B | $678.3B | $692.3B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $47.3B | $49.0B | $51.0B | $51.9B | $53.1B | $54.9B | $50.8B | $55.3B | $58.6B | $65.2B |
| Margins | ||||||||||
| Net margin | 27.6% | 28.4% | 31.4% | 30.2% | 21.4% | 35.1% | 24.0% | 19.3% | 22.9% | 26.4% |
| Net interest share of revenue | 54.8% | 56.5% | 57.1% | 57.0% | 55.2% | 55.0% | 60.6% | 61.8% | 59.3% | 58.1% |
| Efficiency ratio | 54.1% | 58.4% | 55.1% | 55.9% | 57.6% | 60.4% | 61.3% | 67.1% | 62.6% | 58.8% |
| Returns | ||||||||||
| Return on equity | 12.6% | 12.9% | 14.2% | 13.4% | 9.5% | 14.7% | 11.0% | 10.2% | 11.1% | 12.2% |
| Return on assets | 1.4% | 1.4% | 1.5% | 1.4% | 1.0% | 1.4% | 0.9% | 0.8% | 0.9% | 1.1% |
| Return on tangible equity | 16.4% | 16.7% | 18.2% | 17.0% | 11.7% | 18.7% | 15.3% | 14.9% | 15.3% | 16.3% |
| Growth | ||||||||||
| Revenue growth | 4.9% | 2.8% | 3.4% | 1.1% | 1.5% | −2.2% | 7.0% | 15.8% | −2.5% | 4.4% |
| Net income growth | 0.2% | 5.6% | 14.1% | −2.6% | −28.3% | 60.6% | −26.9% | −6.8% | 16.0% | 20.2% |
| EPS growth | 2.5% | 8.3% | 18.0% | 0.5% | −26.4% | 66.7% | −27.7% | −11.4% | 15.9% | 21.9% |
| Share count change | −2.7% | −2.4% | −2.7% | −3.4% | −4.6% | −1.3% | 0.0% | 3.6% | 1.2% | −0.2% |
| Financial health | ||||||||||
| Loans / deposits | 80.5% | 79.9% | 81.9% | 80.7% | 67.6% | 67.2% | 72.6% | 71.5% | 71.8% | 73.5% |
| Provision / loans | 0.5% | 0.5% | 0.5% | 0.5% | 1.3% | −0.4% | 0.6% | 0.6% | 0.6% | 0.6% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.7% | 0.7% | 0.8% | 0.8% | 0.8% | 0.9% | 0.8% | 0.8% | 0.9% | 0.8% |
Source: SEC EDGAR XBRL filings (CIK 0000036104). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.