U.S. Bancorp
USBFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.7B
Q1 2026 · +4.6% YoY
TTM ROIC
16.4%
FY2025 · ROTCE (Return on Tangible Common Equity) — bank-appropriate metric; standard ROIC not applicable to deposit-funded balance sheets · WACC ~9.2% · Moat spread +7.2pp
Financial Snapshot
ticker: USB step: 04 generated: 2026-05-12 source: quick-research
U.S. Bancorp (USB) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Total Revenue | $24.3B | $40.6B | $42.7B | $42.9B | +0.4% |
| Net Interest Income | $14.6B | $17.4B | $16.5B | $17.0B | +3% |
| Non-Interest Income | $9.7B | $23.2B | $26.2B | $25.9B | -1% |
| Net Interest Margin | 2.84% | 2.94% | 2.74% | 2.78% | +4bps |
| Net Income | $5.83B | $5.05B | $5.91B | $7.19B | +21.8% |
| Diluted EPS | $3.69 | $3.27 | $3.83 | $4.55 | +18.8% |
| Efficiency Ratio | 64.5% | 64.0% | 60.0% | 57.5% | -250bps |
Strong 2025: net income +22%, EPS +19%, efficiency improved 250bps to 57.5%. NIM expanding toward 3%+ target.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Total Assets | ~$687B |
| Loans | ~$375B |
| Deposits | ~$515B |
| CET1 Ratio | ~10.6% |
| ROE | ~12-13% |
| ROTCE | ~17-18% |
Key Ratios (approximate)
- P/E: ~10x | P/TBV: ~1.9x | P/B: ~1.3x
- Revenue Growth (TTM): ~1% | Net Income Growth: ~22%
- Dividend Yield: ~4.0% | Dividend: $2.04/share
- $5B share buyback resumed (Q1 2025)
Growth Profile
Long-term model: 5-7% PPNR growth + double-digit EPS growth via NIM expansion + payment growth + Union Bank synergies + share buybacks. NIM target 3.0%+ vs 2.78% current. Union Bank $900M pre-tax cost synergies (~40% of legacy non-interest expenses) being realized. Payments restructuring under new leadership.
Forward Estimates
- FY 2026: Consensus revenue $44-45B; EPS $4.80-5.00; positive operating leverage continues
- FY 2027: NIM 3.0% target; EPS ~$5.30+
- $5B buyback (~7% of market cap) signaling confidence
- 14-year dividend growth track record
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $USB.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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