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USB-PP

U.S. Bancorp

USB-PP

U.S. Bancorp • NYSE
$22.88 ▲ 0.45% (+0.10)
Market Cap $71.78 B
52w High $25.08
52w Low $21.46
Dividend Yield 1.38%
P/E 4.93
Volume 38.52K
Outstanding Shares 3.14B

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 Q2-2024Q3-2024Q4-2024Q3-2025
Consumer And Small Business Banking
Consumer And Small Business Banking
 $2.33Bn ▲$2.34Bn ▲$4.49Bn ▲$2.29Bn ▼
Payment Services
Payment Services
 $2.30Bn ▲$2.30Bn ▲$4.70Bn ▲$2.50Bn ▼
Wealth Management And Investment Services
Wealth Management And Investment Services
 $3.04Bn ▲$3.04Bn ▲$6.77Bn ▲$3.08Bn ▼
Treasury and Corporate Support
Treasury and Corporate Support
 $-270.00M ▲$-320.00M ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement U.S. Bancorp’s earnings profile looks resilient and fairly high quality. Revenue has grown meaningfully over the last few years, helped by higher interest rates and business expansion. Profitability has been healthy, with solid margins, even though results have been somewhat bumpy year to year as the rate environment and credit costs shifted. Earnings dipped from earlier peaks but have recovered, showing that the bank can adjust and maintain good underlying earning power. Overall, this is the picture of a large regional bank that remains consistently profitable, not one living on thin margins.

Balance Sheet

Balance Sheet The balance sheet reflects a large, diversified regional bank with substantial assets and a solid capital base. Total assets have grown steadily, equity has trended upward, and the bank maintains a meaningful cash cushion. Debt levels have risen over time, which is common for a bank expanding its activities, but it does mean careful funding and risk management remain important. Overall, the numbers suggest a generally sound capital position and scale advantages, but also exposure to the usual banking risks around credit quality, interest rates, and funding costs.

Cash Flow

Cash Flow Cash generation has been positive and at times very strong, although the cash flow profile is naturally volatile, as is typical for banks. Operating and free cash flow are essentially the same, and both have been solid in recent years, indicating the core franchise is throwing off cash after normal business needs. With minimal traditional capital spending, most investment happens through technology, people, and acquisitions rather than physical assets. The key takeaway is that the bank appears capable of supporting its obligations and strategic investments from internal cash generation, even if individual years can swing up or down.

Competitive Edge

Competitive Edge U.S. Bancorp operates as one of the largest regional banks in the country, with national reach in several fee-based businesses. Its competitive strength comes from a diversified mix of retail banking, commercial services, wealth management, and payments, plus a reputation for efficiency and stable returns. The bank benefits from customer stickiness, broad product offerings, and a sizable distribution network, which together create a modest but real competitive moat. At the same time, it faces intense competition from megabanks, other regionals, and fintechs, as well as ongoing regulatory and credit-cycle risks that can pressure profitability.

Innovation and R&D

Innovation and R&D Innovation at U.S. Bancorp is driven less by a classic R&D line item and more by technology spending, partnerships, and acquisitions. The bank is leaning into AI tools for cash forecasting and treasury, embedded finance through its payments arm Elavon, and integrated digital solutions for small businesses. Its mobile and online platforms are a clear focus, with personalization, automation, and cloud partnerships (like with Microsoft) used to deepen customer relationships. It is also exploring digital assets and modern money-movement infrastructure. These efforts could strengthen its moat and support long-term growth, but they require sustained investment and careful execution to manage technology, integration, and cybersecurity risks.

Summary

Taken together, the financials depict a large regional bank with steady growth in revenue, consistent profitability, and a generally solid balance sheet and cash profile. U.S. Bancorp combines scale, diversification, and operational efficiency with an active push into digital banking, AI-driven tools, and embedded finance. This positions it reasonably well against peers, though it remains exposed to the usual banking challenges: credit downturns, interest-rate swings, deposit competition, and regulatory pressures. For holders of USB-PP, the preferred stock, the key lens is the strength and stability of the underlying bank, which appears to be a well-established, moderately moated franchise investing to remain competitive in a fast-evolving financial landscape.