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Friday 6 November 2026 Export USB’s income statement to Excel — free account

U.S. Bancorp

USB Financial Banks Regional

U.S. Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $42.9 billion, roughly unchanged from fiscal 2024.

Revenue
+2.26%
EPS
+9.84%
Free cash flow
+152.0%
Total debt
−16.9%

Quarter to September 2026, against a year earlier

60.05 0.98 −1.61%
Market cap
$93.1B
P/E
11.7×
Fwd P/E
11.2×
Dividend yield
3.50%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 12.64
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — 1 1 — 2 1 — — —
Insider Ownership 0.51%

Capital & Financial Ratios $m

Size
Market Cap 93,100.00
Revenue ttm 43,988.00
Net income ttm 8,168.00
Free cash flow ttm 12,525.00
Net debt Q 2,473.00
Valuation
P/E 11.71
Forward P/E 11.20
Price / sales 2.13
Forward P/S Powerpack
Price / FCF 7.47
Price / book 1.56
Financial health
Current ratio Q 0.83
Debt / equity Q 0.78
Interest coverage Q —
Growth
Revenue growth Q +2.26% (above 0%: growing)
Operating income growth Q +10.62% (above 0%: growing)
EPS, this year +14.44%
EPS, next year A +10.91%
Revenue, next year A −27.52% (below 0%: weak)
EPS, past 5 yrs +8.59%
EPS, next 5 yrs A +11.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 31.94%
10-year low 10-year high
P/S against its own 10 years 35.42%
10-year low 10-year high
P/B against its own 10 years 42.06%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.50%
Annual rate
2.10
Payout ratio
40.9%
Growth, 2017–25
+7.31%/yr
  1. 1.16 ’17
  2. 1.34 ’18 +16
  3. 1.58 ’19 +18
  4. 1.68 ’20 +6
  5. 1.76 ’21 +5
  6. 1.88 ’22 +7
  7. 1.93 ’23 +3
  8. 1.98 ’24 +3
  9. 2.04 ’25 +3
  10. 2.12 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 61,192 56,502 46,890 49,523
Receivables — — — —
Inventory — — — —
Other — — — —
429,849 431,324 433,158 459,381
2023 2024 2025 Q'26
Payables 512,312 518,309 522,216 531,705
ST’ Debt — — — —
Other — — — —
527,591 533,827 539,378 552,749

Compound Annual Growth %

10y 5y 3y
Sales 7.15% 11.17% 16.08%
Cash Flow (0.97%) 16.49% (27.73%)
Earnings 2.52% 9.26% 9.36%
Book Value 3.44% 4.09% 8.62%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.32 Actual 1.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.19 1.26 Beat by 0.07
Q1 FY26 1.14 1.18 Beat by 0.04
Q2 FY26 1.28 1.35 Beat by 0.07
Q3 FY26 1.32 1.34 Beat by 0.02
Q4 FY26 1.42 — Reports 19 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.18 1.35 1.34 — —
’25 1.03 1.11 1.22 1.26 4.62
’24 0.78 0.97 1.03 1.01 3.79
’23 1.04 0.84 0.91 0.49 3.27
’22 0.99 0.99 1.16 0.57 3.69
’21 1.45 1.28 1.30 1.07 5.10
’20 0.72 0.41 0.99 0.95 3.06
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10,835 10,923 11,254 — —
’25 10,352 10,528 11,005 10,976 42,861
’24 10,464 10,800 10,784 10,664 42,712
’23 9,471 10,252 10,518 10,383 40,624
’22 5,814 6,373 7,197 8,017 27,401
’21 5,722 6,001 6,102 5,889 23,714
’20 6,641 6,286 6,285 6,029 25,241
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,340 4,820 — — —
’25 (308) 1,913 3,529 2,836 7,970
’24 2,661 2,874 972 4,843 11,350
’23 842 3,316 3,873 362 8,393
’22 8,477 2,249 3,505 6,888 21,119
’21 937 5,583 2,647 703 9,870
’20 2,354 (853) 3,284 (1,069) 3,716
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,340 4,820 — — —
’25 (308) 1,913 3,529 2,836 7,970
’24 2,661 2,874 972 4,843 11,350
’23 842 3,316 3,873 362 8,393
’22 8,477 2,249 3,505 6,888 21,119
’21 937 5,583 2,647 703 9,870
’20 2,354 (853) 3,284 (1,069) 3,716
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 29.2% a year for ten years. It grew 7.3% a year over the last ten.

Implied
29.2%
10 years, reported
7.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 22,424 23,663 25,775 27,325 25,241 23,714 27,401 40,624 42,712 42,861 43,988 +7.5% 31,064 33,332 34,985 (6.5%)
Gross margin, % 93.45 91.69 87.38 83.74 92.02 95.81 88.26 68.96 64.00 66.59 68.73 (26.9) pt
EBT 8,105 7,517 8,678 8,594 6,051 10,166 7,301 6,865 7,909 9,517 10,473 +1.8%
EBT margin, % 36.14 31.77 33.67 31.45 23.97 42.87 26.65 16.90 18.52 22.20 23.81 (13.9) pt
Net income 5,888 6,218 7,096 6,914 4,959 7,963 5,825 5,429 6,299 7,570 8,168 +2.8%
Per share, $
Per share, $ Revenue 13.05 14.11 15.77 17.28 16.73 15.93 18.40 26.33 27.38 27.53 28.23 +8.6%
Earnings 3.25 3.53 4.15 4.16 3.06 5.11 3.69 3.27 3.79 4.62 5.13 +4.0%
Cash flow 3.11 3.86 6.47 3.09 2.46 6.63 14.18 5.44 7.28 5.12 0.00 +5.7%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 3.11 3.86 6.47 3.09 2.46 6.63 14.18 5.44 7.28 5.12 0.00 +5.7%
Book value 27.90 29.62 31.61 33.20 35.60 37.20 34.41 36.14 37.85 42.17 42.93 +4.7%
Shares, m 1,718 1,677 1,634 1,581 1,509 1,489 1,489 1,543 1,560 1,557 1,556 (1.1%)
Valuation, ×
Valuation, × P/E 15.79 15.31 11.01 14.22 15.18 10.99 12.03 13.39 12.62 11.55 11.71 13.2
P/S 3.94 3.83 2.90 3.43 2.79 3.53 2.43 1.67 1.75 1.94 2.13 2.8
P/B 2.08 2.05 1.64 2.02 1.47 1.71 1.50 1.38 1.43 1.41 1.56 1.7
EV/Sales 4.73 4.37 3.67 4.08 1.94 3.66 1.93 1.43 1.78 2.26 — 3.0
EV/FCF 19.87 15.97 8.95 22.81 13.19 8.80 2.50 6.92 6.71 12.17 — 11.8
Cash, $m
Cash, $m Operating cash flow 5,336 6,472 10,564 4,889 3,716 9,870 21,119 8,393 11,350 7,970 12,525 +4.6%
Capex — — — — — — — — — — — —
Free cash flow 5,336 6,472 10,564 4,889 3,716 9,870 21,119 8,393 11,350 7,970 12,525 +4.6%
Balance, $m
Balance, $m Working capital (58,628) (64,300) (53,268) (65,574) (79,802) (124,895) (119,173) (97,742) (102,503) (106,220) (93,368) +6.8%
Net debt 17,618 12,754 19,887 17,762 (21,283) 3,220 (13,713) (9,712) 1,500 13,874 2,473 (2.6%)
Shareholders’ equity 47,933 49,666 51,657 52,483 53,725 55,387 51,232 55,771 59,040 65,651 66,888 +3.6%
Returns, %
Returns, % ROA 1.29 1.30 1.46 1.37 0.88 1.35 0.88 0.75 0.88 1.05 1.16 (0.2) pt
ROIC 7.73 7.53 7.58 7.65 11.66 10.84 12.71 10.68 8.33 7.48 9.44 (0.2) pt
ROE 13.35 13.64 15.09 14.28 9.81 15.72 11.77 10.82 11.68 12.95 13.85 (0.4) pt
People
People Employees 71,191 72,402 73,333 69,651 68,108 68,796 78,192 75,465 70,263 68,520 — (0.4%)
Revenue/emp, $m 0.31 0.33 0.35 0.39 0.37 0.34 0.35 0.54 0.61 0.63 — +7.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

U.S. Bancorp vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HDB HDFC Bank Limited $127.0B 16.7× — −9.36% (below 0%: shrinking) +8.11% (above 0%: growing) −1.95% (below 0%: shrinking) 64.22% 0.00% Compare
IBN ICICI Bank Limited $116.8B 18.9× — +5.71% (above 0%: growing) +25.00% (above 0%: growing) −61.24% (below 0%: shrinking) 70.90% 0.00% Compare
MFG Mizuho Financial Group, Inc. $113.1B 2.1× 12.7× +12.59% (above 0%: growing) +54.65% (above 0%: growing) +15.81% (above 0%: growing) 52.09% 0.00% Compare
USB U.S. Bancorp $93.1B 11.7× 11.2× +2.26% (above 0%: growing) +9.84% (above 0%: growing) +151.96% (above 0%: growing) 70.62% 0.00%
PNC The PNC Financial Services Group, Inc $90.0B 12.1× 12.0× +6.44% (above 0%: growing) +14.22% (above 0%: growing) +15.40% (above 0%: growing) 70.11% 0.00% Compare
LYG Lloyds Banking Group PLC $74.1B 12.0× — −67.58% (below 0%: shrinking) +66.24% (above 0%: growing) +62.30% (above 0%: growing) 100.00% 0.00% Compare
DB Deutsche Bank Aktiengesellschaft $66.2B 10.1× 9.2× +5.77% (above 0%: growing) +25.97% (above 0%: growing) +127.23% (above 0%: growing) 57.34% 0.00% Compare
NWG NatWest Group plc $63.1B 8.3× 7.9× +12.91% (above 0%: growing) +40.54% (above 0%: growing) −47.36% (below 0%: shrinking) 58.30% 0.00% Compare
TFC Truist Financial Corporation $59.7B 12.7× 11.7× −22.06% (below 0%: shrinking) −45.71% (below 0%: shrinking) +17.77% (above 0%: growing) 61.29% 0.00% Compare
Median of peers $82.0B 12.0× 11.7× +5.74% +25.49% +15.61% 62.76% 0.00%

All 327 Banks Regional stocks →

From the latest earnings call

Updated

  • On the Q2 call, CEO Gunjan Kedia said U.S. Bancorp was investing in branches to deepen consumer relationships and grow deposits.
  • On the Q2 call, CFO John Stern said asset mix and fixed-asset repricing could help lift net interest margin, with the pace depending on deposits and the yield curve.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.84%
Held by the ten largest 40.07%
Holder Shares Stake Change
Vanguard 147.93m 9.49% +1.13m
BlackRock 127.14m 8.16% −1.23m
State Street 73.14m 4.69% +3.73m
JPMorgan Chase 59.69m 3.83% −2.00m
Fidelity (FMR) 51.28m 3.29% −5.89m
Mitsubishi UFJ 48.92m 3.14% +151.02k
Geode Capital Management 39.25m 2.52% +813.43k
Morgan Stanley 30.55m 1.96% +1.25m
T. Rowe Price 25.02m 1.61% +149.69k
Davis Selected Advisers 21.45m 1.38% −784.45k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group1 8.70%
BlackRock, Inc.2 7.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

U.S. Bancorp (USB) Latest News

29 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · Business Wire

27 Oct

Impact 3 · · StockStory

21 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

19 Oct

Impact 4 · · Insider Monkey
Impact 3 · · Business Wire

16 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat
Impact 3 · · Business Wire

15 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · InvestorsHub
Impact 4 · · Investing.com earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Business Wire

13 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Business Wire
Impact 3 · · StockStory
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

12 Oct

Impact 3 · · Zacks

USB metrics, ten years each

stockrow.com/USB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com