U.S. Bancorp

USB · NYSE · Financials · Financials, fiscal 2016 to 2025

USB · Last close · October 26, 2026

$59.70

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%.

US BANCORP \DE\ Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0000036104-26-000011 Updated October 9, 2026

Revenue

$28.7B

4.4%

Net income

$7.6B

20.2%

Return on equity

12.2%

1.2 pts

Return on tangible equity

16.3%

1.0 pts

Efficiency ratio

58.8%

3.8 pts

Market cap

$92.8B

Oct 26 close

P/E

11.9x

On $5.02 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Weak economic conditions that could reduce lending and hurt its borrowers' ability to repay.
Changes in interest rates that could reduce its net interest income, which it relies on heavily.
Cyberattacks, system failures or mistakes by employees or vendors that could disrupt its operations.
Changes in rules, including capital and liquidity requirements and possible credit card interest caps.
Changes in U.S. trade policy, including tariffs, that could hurt its customers and its business.

From U.S. Bancorp's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 4.0% a year and net income 2.8% a year, as buybacks cut the share count by 10%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Value U.S. Bancorp yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from U.S. Bancorp's earnings per share of $5.02 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.2×, the middle of U.S. Bancorp's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: PNC Financial Services, Truist Financial, Wells Fargo, Citigroup.

Earnings growth in the years ahead (% a year) Starts at U.S. Bancorp's revenue growth over the last 3 years, 5.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $59.70
Value at this multiple, against the last close: —
U.S. Bancorp's P/E at the last close: 11.9×

Company	Last close	Earnings per share	P/E today
CitigroupC	$121.04	$6.99	17.3×
PNC Financial ServicesPNC	$225.84	$18.16	12.4×
Wells FargoWFC	$82.65	$6.88	12.0×
U.S. BancorpUSB	$59.70	$5.02	11.9×
Truist FinancialTFC	$48.91	$4.36	11.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	306.3	381.3	366.5	372.2	383.7
Deposits	456.1	525.0	512.3	518.3	522.2
Loans to deposits	67.2%	72.6%	71.5%	71.8%	73.5%
Provision for credit losses	−1.2	2.0	2.3	2.2	2.2
Provision to average loans	−0.4%	0.6%	0.6%	0.6%	0.6%
Total assets	573.3	674.8	663.5	678.3	692.3
Shareholders' equity	54.9	50.8	55.3	58.6	65.2

US$ billions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought U.S. Bancorp shares on the open market, and 7 insiders sold $12.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 28, 2026	Gunjan KediaPresident & CEO, Director	Sold	27,267	$62.37	$1.7 million	Form 4
Jul 23, 2026	James L ChosySenior EVP and General Counsel	Sold	22,968	$63.28	$1.5 million	Form 4
Jul 20, 2026	Stephen L PhilipsonVice Chair	Sold	36,906	$63.08	$2.3 million	Form 4
May 5, 2026	Venkatachari DilipSEVP & Chief Info & Tech Off	Sold	34,522	$55.52	$1.9 million	Form 4
Apr 21, 2026	Jodi L RichardVice Chair	Sold	40,000	$57.00	$2.3 million	Form 4
Feb 6, 2026	Mark G. RunkelVice Chair	Sold	32,195	$60.65	$2.0 million	Form 4
Feb 3, 2026	Elcio R.T. BarcelosSenior EVP, Chief HR Officer	Sold	17,204	$58.43	$1.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put U.S. Bancorp side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
U.S. Bancorp	FY25	4.4%	26.4%	12.2%	16.3%	58.8%
PNC Financial Services	FY25	7.2%	30.3%	12.2%	14.1%	59.9%	Compare
Truist Financial	FY25	53.0%	26.1%	8.2%	10.5%	59.4%	Compare
Wells Fargo	FY25	1.7%	25.5%	11.8%	14.8%	65.5%	Compare
Citigroup	FY25	5.6%	16.8%	6.8%	7.8%	64.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	21.3	21.9	22.6	22.9	23.2	22.7	24.3	28.1	27.5	28.7
Revenue growth	4.9%	2.8%	3.4%	1.1%	1.5%	−2.2%	7.0%	15.8%	−2.5%	4.4%
Net interest income	11.7	12.4	12.9	13.1	12.8	12.5	14.7	17.4	16.3	16.6
Noninterest income	9.3	9.3	9.6	9.8	10.4	10.2	9.5	10.6	11.0	11.9
Noninterest expense	11.5	12.8	12.5	12.8	13.4	13.7	14.9	18.9	17.2	16.8
Provision for credit losses	1.3	1.4	1.4	1.5	3.8	−1.2	2.0	2.3	2.2	2.2
Net income	5.9	6.2	7.1	6.9	5.0	8.0	5.8	5.4	6.3	7.6
Diluted EPS (US$)	3.24	3.51	4.14	4.16	3.06	5.10	3.69	3.27	3.79	4.62
Diluted shares (millions)	1,724	1,683	1,638	1,583	1,510	1,490	1,490	1,543	1,561	1,558
Payouts
Dividends paid	1.8	1.9	2.1	2.4	2.6	2.6	2.8	3.0	3.1	3.2
Share buybacks	2.6	2.6	2.8	4.5	1.7	1.6	0.1	0.1	0.2	0.5
Balance sheet at fiscal year end
Loans, net	269.4	277.3	282.8	292.1	290.4	306.3	381.3	366.5	372.2	383.7
Deposits	334.6	347.2	345.5	361.9	429.8	456.1	525.0	512.3	518.3	522.2
Total assets	446.0	462.0	467.4	495.4	553.9	573.3	674.8	663.5	678.3	692.3
Shareholders' equity	47.3	49.0	51.0	51.9	53.1	54.9	50.8	55.3	58.6	65.2
Ratios
Return on equity	12.6%	12.9%	14.2%	13.4%	9.4%	14.7%	11.0%	10.2%	11.1%	12.2%
Return on tangible common equity	16.4%	16.6%	18.2%	17.0%	11.7%	18.7%	15.2%	14.9%	15.3%	16.3%
Return on assets	1.4%	1.4%	1.5%	1.4%	0.9%	1.4%	0.9%	0.8%	0.9%	1.1%
Efficiency ratio	54.1%	58.4%	55.1%	55.9%	57.6%	60.4%	61.3%	67.1%	62.6%	58.8%

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: U.S. Bancorp's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with U.S. Bancorp.