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U.S. Bancorp

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U.S. Bancorp • NYSE
$49.05 ▲ 0.20% (+0.10)
Market Cap $76.24 B
52w High $53.50
52w Low $35.18
Dividend Yield 2.02%
P/E 11.22
Volume 3.28M
Outstanding Shares 1.55B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.807B ▼ $4.197B ▲ $2.001B ▲ 20.404% ▲ $1.22 ▲ $2.657B ▲
Q2-2025 $10.528B ▲ $4.181B ▼ $1.815B ▲ 17.24% ▲ $1.11 ▲ $2.51B ▲
Q1-2025 $10.352B ▼ $4.232B ▼ $1.709B ▲ 16.509% ▲ $1.03 ▲ $2.374B ▲
Q4-2024 $10.664B ▼ $4.311B ▲ $1.663B ▼ 15.595% ▼ $1.01 ▼ $2.346B ▲
Q3-2024 $10.784B $4.204B $1.714B 15.894% $1.03 $2.303B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $66.637B ▼ $695.357B ▲ $631.559B ▲ $63.34B ▲
Q2-2025 $148.384B ▲ $686.37B ▲ $624.474B ▲ $61.438B ▲
Q1-2025 $136.36B ▼ $676.489B ▼ $615.931B ▼ $60.096B ▲
Q4-2024 $142.866B ▼ $678.318B ▼ $619.278B ▼ $58.578B ▼
Q3-2024 $155.66B $686.469B $627.148B $58.859B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.001B ▲ $3.388B ▲ $230M ▲ $5.212B ▼ $8.83B ▲ $3.388B ▲
Q2-2025 $1.815B ▲ $2.031B ▲ $-1.37B ▲ $7.133B ▲ $7.794B ▲ $2.031B ▲
Q1-2025 $1.709B ▲ $-285M ▼ $-2.548B ▲ $-3.656B ▲ $-6.489B ▲ $-285M ▼
Q4-2024 $1.663B ▼ $4.766B ▲ $-12.875B ▼ $-8.951B ▼ $-17.06B ▼ $4.766B ▲
Q3-2024 $1.714B $972M $1.622B $5.136B $7.73B $972M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Consumer And Small Business Banking
Consumer And Small Business Banking
 $2.34Bn ▲$6.83Bn ▲$2.17Bn ▼$2.25Bn ▲
Payment Services
Payment Services
 $2.30Bn ▲$7.00Bn ▲$2.30Bn ▼$2.40Bn ▲
Wealth Management And Investment Services
Wealth Management And Investment Services
 $3.04Bn ▲$9.81Bn ▲$2.91Bn ▼$3.00Bn ▲
Treasury and Corporate Support
Treasury and Corporate Support
 $-320.00M ▲$0 ▲$100.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement U.S. Bancorp’s revenue has grown meaningfully over the past several years, helped by higher interest income and an expanded footprint. Profitability has been solid but not perfectly smooth, with peak earnings a few years ago, a dip as the environment became more challenging, and then a clear rebound more recently. Overall, the bank is still generating healthy profits, but the pattern shows sensitivity to the rate cycle, credit costs, and integration-related expenses.

Balance Sheet

Balance Sheet The balance sheet is large and has expanded over time, reflecting U.S. Bancorp’s role as a major national bank. Cash and liquid resources remain substantial, giving the bank flexibility to manage funding needs and stress scenarios. Debt levels have risen alongside growth, but shareholders’ equity has also increased, suggesting the bank is adding capital as it scales. Taken together, the balance sheet looks sturdy, though ongoing discipline around funding costs and credit quality remains important.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive but quite up‑and‑down from year to year, which is common for banks as interest rates and working capital flows shift. Even with this volatility, the bank has generally produced enough internal cash to support its activities without relying solely on external financing. Reported free cash flow tracks operating cash flow, indicating that most investment is embedded in normal banking operations rather than large physical capital projects.

Competitive Edge

Competitive Edge U.S. Bancorp holds a strong position as one of the largest U.S. regional banks, with a diversified mix of consumer, commercial, wealth, and payment businesses. Its Elavon payments arm and embedded finance capabilities deepen relationships with merchants and corporates, making it harder for customers to switch. The bank’s long-standing reputation for conservative underwriting and stable credit performance adds another layer of competitive strength. Scale, diversification, and integration into clients’ everyday processes together support a meaningful, if not unassailable, competitive moat.

Innovation and R&D

Innovation and R&D The company is actively reinventing itself around digital platforms, treating technology as core infrastructure rather than a side project. It is investing in embedded payments, advanced data and AI tools for cash and risk management, and real-time payments, which can make its services more integral to clients’ operations. U.S. Bancorp is also pushing into blockchain and digital assets with a dedicated unit focused on stablecoins, tokenization, and custody, signaling a willingness to lead rather than follow in emerging areas. Its tailored tools for small businesses—like cash‑flow forecasting and integrated back‑office services—are designed to increase customer “stickiness” and differentiate the bank from more traditional peers.

Summary

U.S. Bancorp combines the stability of a long-established regional bank with a clear push into modern, technology-driven banking. Financially, it shows solid profitability, a generally strong balance sheet, and consistently positive, if volatile, cash generation. Competitively, its scale, conservative risk culture, and deep integration into payments and business workflows give it meaningful advantages. The main opportunities lie in executing its digital and blockchain strategies, while key risks revolve around credit cycles, interest-rate shifts, regulatory change, and delivering on ambitious technology plans without eroding its traditional strengths.

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