U.S. Bancorp (USB) financials
NYSE · Financial Services · Banks - Regional · 70,000 employees · CEO Gunjan Kedia
- Price
- $59.45 -1.96%
- Market cap
- $92.6B
- Enterprise value
- $116B
- Last report
- Q3 '26 filed 2026-10-15
- Next report
- 2027-01-19
Revenue (TTM)$44B+3.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)24.4%+3.1 pp vs a year agoOperating income $10.7B
Net income (TTM)$8.38B+16.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$9B-9.1% vs a year agoCapex $0
Diluted EPS (TTM)$5.13+17.7% vs a year agoSum of the last 4 quarters
Net cash$130B+66.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $92.6B EV $116B
- Revenue
- $44B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 19.0% Net income / revenue, TTM
- P/E
- 11.6×
- P/S
- 2.1× Price / sales, TTM
- EV / EBITDA
- 8.1× TTM
- Free cash flow
- $9B Trailing 12 months
- Net income
- $8.38B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-19
- Dividend
- $2.10 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 2.3% year on yearQ3 '26 revenue $11.3B, against an average of 3.3% over the four quarters before.
- Operating margin 24.4% (TTM), +3.1 pp on a year agoOperating income grew 18.2% while revenue grew 3.4%.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow $9B = 107.4% of net income.
- Returned $3.04B to shareholders = 33.8% of free cash flowBuybacks $599M (a year earlier $489M), dividends $2.44B, stock-based pay $0 (TTM).
- Diluted share count up 0.1% in a year1.56B diluted shares in Q3 '26, 1.56B a year earlier.
- Net cash $130BCash + short-term investments $203B, debt incl. leases $73B; a year ago net cash $77.7B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $11.3B | $11B | +2.3% |
| Gross margin | 64.8% | 61.1% | +3.7 pp |
| Operating income | $2.8B | $2.53B | +10.6% |
| Operating margin | 24.9% | 23.0% | +1.9 pp |
| Net income | $2.2B | $2B | +10.0% |
| Diluted EPS | $1.34 | $1.21 | +10.7% |
| Operating cash flow | $0 | $3.39B | -100.0% |
| Capex | $0 | $0 | – |
| Free cash flow | $0 | $3.39B | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Wealth Management And Investment Services | – | – | – | – | – | |
| Payment Services | $1.72B | -25.3% | 23.6% | $9.12B | -34.4% | |
| Consumer And Small Business Banking | – | – | – | – | – | |
| Wealth, Corporate, Commercial and Institutional Banking | $3.48B | – | 47.8% | – | – | |
| Consumer and Business Banking | $2.33B | – | 31.9% | – | – | |
| Treasury and Corporate Support | -$238M | -328.8% | -3.3% | – | – |
Revenue by region
share of total| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Segment Two | $1.93B | -5.5% | 56.0% | $8.19B | – | |
| Segment Four | $1.14B | +0.5% | 32.9% | $4.75B | – | |
| Segment Three | $386M | +7.5% | 11.2% | $1.5B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $9B
- Capex
- $0
- Buybacks
- -$599M
- Dividends
- -$2.44B
- Acquisitions
- -$247M
- Net debt issued
- -$3.22B
- Stock-based compensation
- $0
- Free cash flow
- $9B
- Returned to shareholders / FCF
- 33.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 11.6× | 12.0× | 11.0× – 13.2× |
| EV / EBITDA | 8.1× | 10.0× | 9.2× – 11.0× |
| EV / Sales | 2.6× | 2.8× | 1.8× – 4.2× |
| Price / FCF | 10.3× | 7.3× | 3.1× – 10.4× |
| Price / Book | 1.4× | 1.3× | 1.2× – 1.5× |
| FCF yield | 9.7% | 16.3% | 9.6% – 32.5% |
| Return on invested capital | 5.0% | 4.5% | 3.6% – 6.8% |
| Return on equity | 12.6% | 11.6% | 9.8% – 14.5% |
Analysts
Consensus target $69.53 (+17.0%)
range $64.00 – $76.00 · rating Buy
Strong buy1
Buy24
Hold22
Sell2
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 418 figures U.S. Bancorp tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.11B | -$8.61B | +17.4% | -$6.99B | -$9.76B | +28.4% |
| Additional Paid in Capital, Common Stock | $8.77B | $8.71B | +0.8% | $8.73B | $8.72B | +0.1% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $153M | $212M | -27.8% | $643M | $585M | +9.9% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $166M | $155M | +7.1% | $599M | $573M | +4.5% |
| Amortization of Intangible Assets | $114M | $124M | -8.1% | $498M | $569M | -12.5% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$298M | -$132M | -125.8% | -$69M | -$553M | +87.5% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $73M | $47M | +55.3% | $239M | $241M | -0.8% |
| Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | $5M | $6M | -16.7% | $15M | $43M | -65.1% |
| Assets | $726B | $686B | +5.8% | $692B | $678B | +2.1% |
| Cash and Due from Banks | $66.5B | $57.8B | +15.0% | $46.9B | $56.5B | -17.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $66.5B | $57.8B | +15.0% | $46.9B | $56.5B | -17.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $18.1B | $7.79B | +131.9% | -$9.61B | -$4.69B | -104.9% |
| Collateral Already Posted, Aggregate Fair Value | $1.9B | $1.9B | 0.0% | $1.5B | $1.9B | -21.1% |
| Common Stock, Capital Shares Reserved for Future Issuance | 52M2025-12-31 | 59M | -11.9% | 52M | 59M | -11.9% |
| Common Stock, Dividends, Per Share, Declared | $0.52 | $0.50 | +4.0% | $2.04 | $1.98 | +3.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 4B | 4B | 0.0% | 4B | 4B | 0.0% |
| Common Stock, Shares, Issued | 2.13B | 2.13B | 0.0% | 2.13B | 2.13B | 0.0% |
| Common Stock, Shares, Outstanding | 1.6B2025-12-31 | 1.6B | 0.0% | 1.6B | 1.6B | 0.0% |
| Common Stock, Value, Issued | $21M | $21M | 0.0% | $21M | $21M | 0.0% |
| Communications and Information Technology | $601M | $534M | +12.5% | $2.21B | $2.07B | +6.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $6M | $6M | 0.0% | $26M | $30M | -13.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.29B | $2.25B | +1.8% | $10.3B | $6.63B | +56.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $2.3B | $2.25B | +1.8% | $10.4B | $6.66B | +55.7% |
| Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $164M | $172M | -4.7% | $682M | $699M | -2.4% |
| Current Federal Tax Expense (Benefit) | $595M2025-12-31 | $607M | -2.0% | $1.18B | $1.25B | -5.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $36M | $20M | +80.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.61B | $1.55B | +4.0% |
| Current State and Local Tax Expense (Benefit) | $107M2025-12-31 | $65M | +64.6% | $394M | $279M | +41.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $211M | $149M | +41.6% | $348M | $58M | +500.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $4.66B | $6.19B | -24.8% | $4.73B | $6.86B | -31.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $40.1B | $50.2B | -20.0% | $51B | $48.7B | +4.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $4.51B | $5.7B | -21.0% | $4.54B | $6.52B | -30.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $16.1B | $19.7B | -18.5% | $2.26B | $26.3B | -91.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $146M | $172M | -15.1% | $7M | $324M | -97.8% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $93.5B | $96.3B | -2.9% | $95B | $92.8B | +2.4% |
| Debt Securities, Available-for-sale, Realized Gain | $3M | $1M | +200.0% | $21M | $147M | -85.7% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | -$49M | -$57M | +14.0% | -$61M | -$154M | +60.4% |
| Debt Securities, Available-for-sale, Realized Loss | $52M | $58M | -10.3% | $82M | $301M | -72.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $56.2B | $69.9B | -19.6% | $53.3B | $75B | -29.0% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $4.65B | $5.87B | -20.8% | $4.55B | $6.85B | -33.6% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $42M | $52M | -19.2% | $99M | $6M | +1,550.0% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $9.51B | $10.9B | -12.8% | $9.19B | $12.4B | -25.7% |
| Debt Securities, Held-to-maturity, Fair Value | $64.6B | $67B | -3.6% | $67.1B | $66.3B | +1.2% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $93.5B | $96.6B | -3.2% | $95.2B | $92.8B | +2.6% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $89.1B | $90.6B | -1.6% | $90.8B | $86B | +5.6% |
| DebtSecuritiesAvailableForSaleWeightedAverageYield | 3.7% | 3.6% | +4.2% | 3.6% | 3.7% | -3.3% |
| DebtSecuritiesHeldToMaturityAllowanceForCreditLossExcludingAccruedInterest | $0 | $0 | – | $0 | $0 | – |
| DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss | $74.1B | $77.9B | -4.9% | $76.2B | $78.6B | -3.1% |
| DebtSecuritiesHeldToMaturityWeightedAverageYield | 2.4% | 2.3% | +2.2% | 2.3% | 2.2% | +6.4% |
| Deferred Federal Income Tax Expense (Benefit) | -$232M2025-12-31 | -$266M | +12.8% | $209M | -$5M | +4,280.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | -$1M | +100.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $308M | $29M | +962.1% |
| Deferred State and Local Income Tax Expense (Benefit) | -$24M2025-12-31 | $13M | -284.6% | $99M | $35M | +182.9% |
| Deferred Tax Assets, Equity Method Investments | $321M2025-12-31 | $264M | +21.6% | $321M | $264M | +21.6% |
| Deferred Tax Assets, Gross | $9.14B2025-12-31 | $10.7B | -14.6% | $9.14B | $10.7B | -14.6% |
| Deferred Tax Assets, Investments | $2.17B2025-12-31 | $3.13B | -30.7% | $2.17B | $3.13B | -30.7% |
| Deferred Tax Assets, Net | $4.99B2025-12-31 | $6.25B | -20.2% | $4.99B | $6.25B | -20.2% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $2.52B2025-12-31 | $2.77B | -9.1% | $2.52B | $2.77B | -9.1% |
| Deferred Tax Assets, Other | $331M2025-12-31 | $383M | -13.6% | $331M | $383M | -13.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01