Logo

USB-PH

U.S. Bancorp

USB-PH

U.S. Bancorp • NYSE
$18.37 ▲ 0.66% (+0.12)
Market Cap $65.80 B
52w High $24.00
52w Low $17.71
Dividend Yield 1.33%
P/E 3.96
Volume 102.06K
Outstanding Shares 3.57B

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 Q3-2023Q2-2024Q3-2024Q4-2024
Consumer And Small Business Banking
Consumer And Small Business Banking
 $0 ▲$2.33Bn ▲$2.34Bn ▲$6.93Bn ▲
Payment Services
Payment Services
 $0 ▲$2.30Bn ▲$2.30Bn ▲$6.90Bn ▲
Treasury and Corporate Support
Treasury and Corporate Support
 $320.00M ▲$-270.00M ▼$-320.00M ▼$0 ▲
Wealth Management And Investment Services
Wealth Management And Investment Services
 $0 ▲$3.04Bn ▲$3.04Bn ▲$9.15Bn ▲
Consumer And Business Banking
Consumer And Business Banking
 $2.48Bn ▲$0 ▼$0 ▲$0 ▲
Payments Services
Payments Services
 $1.73Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement U.S. Bancorp’s earnings profile looks solid and fairly resilient. Revenue has climbed meaningfully over the last five years, helped by higher interest rates, a bigger balance sheet, and a stronger fee business. Profitability is healthy, though not at the exceptional levels seen a few years ago, when credit losses were unusually low and conditions were very favorable. More recently, profits have recovered after a softer patch, suggesting the bank is adjusting to today’s rate, funding, and credit environment. Overall, the income statement shows a mature, diversified bank that still earns attractive returns, but with more normal volatility as credit costs and integration expenses move around.

Balance Sheet

Balance Sheet The balance sheet reflects a large, systemically important regional bank with substantial scale. Total assets have grown steadily, showing expansion in lending and payments activity. Cash and liquid resources remain sizable, giving the bank flexibility and a cushion against stress. Debt has increased over time but is accompanied by growing equity, so the capital base has also strengthened. The mix suggests a bank that uses leverage as expected for the industry, but still maintains a solid equity buffer. Overall, the balance sheet reads as robust and well built for a traditional, regulated U.S. bank.

Cash Flow

Cash Flow Cash generation has been uneven from year to year, which is common for banks, but the longer-term picture is positive. Operating cash flow has generally trended upward, with some very strong years that indicate good earnings conversion into cash. Reported free cash flow tracks operating cash flow closely, and there is little visible drag from capital spending, since banks’ technology and branch investments tend not to show up like manufacturing capex. The pattern suggests U.S. Bancorp has ample internal cash to support growth, invest in technology, and fund shareholder returns, while still absorbing cycles in credit and funding costs.

Competitive Edge

Competitive Edge U.S. Bancorp stands out as one of the stronger large regional banks in the U.S. Its advantages come from a diversified business mix, especially its significant payments and fee-based operations, which reduce dependence on traditional lending margins. The bank benefits from scale, a broad product set, and an extensive distribution network, which together create meaningful switching costs for customers. Its history of running a relatively efficient, returns-focused operation gives it an edge versus many peers. Overall, the company appears to enjoy a solid, “narrow-to-wide” competitive moat, though it still faces the usual industry pressures from credit cycles, regulation, and competition from both big banks and fintechs.

Innovation and R&D

Innovation and R&D U.S. Bancorp is leaning hard into innovation for a bank of its size. It is pushing into digital assets, including a dedicated organization for stablecoins, custody, and tokenization, which could position it early in emerging blockchain-based payment and asset platforms. The bank is also investing heavily in artificial intelligence—using it to improve cash management for businesses, strengthen fraud detection, and assist bankers with more personalized advice. Through Elavon and other initiatives, it is expanding embedded finance and integrated payments, which can deepen client relationships and create sticky, recurring revenue. Partnerships and acquisitions in fintech, small-business tools, and payment technology round out a strategy aimed at making the bank a core part of customers’ financial infrastructure rather than just a traditional lender.

Summary

Overall, U.S. Bancorp looks like a mature, well-capitalized regional bank with above-average profitability and a clear technology agenda. Its earnings have grown over time but with some normal banking volatility as credit and interest-rate conditions change. The balance sheet appears sturdy, with growing equity and sizable liquidity. What makes the story more distinctive is its push into digital assets, AI, and embedded payments, which could deepen its competitive moat if executed carefully and if regulation evolves in a supportive way. Key things to watch include credit quality in a slower economy, the impact of funding costs on margins, regulatory developments around digital assets, and the pace at which its innovation efforts translate into durable revenue and efficiency gains.