What was U.S. Bancorp's latest quarter revenue?

U.S. Bancorp reported $6.7B in revenue for Q1 2026, up 4.6% YoY.

What are U.S. Bancorp's margins?

U.S. Bancorp (USB) reports operating margin of 56.8% for FY2025.

How many shares does U.S. Bancorp have outstanding?

U.S. Bancorp (USB) reports 1.55B diluted shares as of Q1 2026.

U.S. Bancorp

Q: What is U.S. Bancorp's TTM Return on Invested Capital (ROIC)?

U.S. Bancorp (USB) reported 16.4% ROIC in FY2025 using the ROTCE (Return on Tangible Common Equity) — bank-appropriate metric; standard ROIC not applicable to deposit-funded balance sheets methodology. WACC of approximately 9.2% implies a moat spread of +7.2pp.

USB

Financial 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

Margin Profile

Operating 56.8%

FY2025

Diluted Shares

1.55B

Q1 2026

Business Overview

ticker: USB step: 01 generated: 2026-05-12 source: quick-research

U.S. Bancorp (USB) — Business Overview

Business Description

U.S. Bancorp is the parent company of U.S. Bank — the fifth-largest commercial bank in the United States by assets ($687B). Headquartered in Minneapolis, it operates a diversified franchise across consumer + business banking, payment services (Elavon merchant acquiring), wealth + corporate + commercial + institutional banking. Post-MUFG Union Bank acquisition (2022), USB has expanded California/West Coast presence significantly.

Revenue Model

~$42.9B FY2025 revenue with three reporting segments: Consumer & Business Banking (~31%), Payment Services (~26%), and Wealth/Corporate/Commercial/Institutional Banking (~43%). Net interest income (~60% of revenue) + fee income (~40%). Diversified revenue mix more weighted to fees than peers — Payment Services + Wealth/Trust provide non-interest-income stability.

Products & Services

Consumer & Business Banking — Deposits, mortgages, auto loans, SMB lending, branches
Payment Services (PMI + PCS) — Elavon merchant acquiring (2M+ customers, US/Europe/Canada), corporate card, treasury solutions, prepaid cards
Wealth + Asset Management — $300B+ AUM
Corporate + Commercial Banking — Large corporate lending, capital markets, global fund services
Avvance — POS lending/embedded finance solution
Impact Finance — Tax credit + community development (boosted by Union Bank acquisition)

Customer Base & Go-to-Market

~52M customers across consumer (24M households), business (millions of SMBs), corporate (Fortune 500 + Mid-cap), and wealth. 2,300+ branches in 26 states (US Bank brand). Post-Union Bank: 750K+ added California consumer + business customers. International payment presence in 35+ countries via Elavon.

Competitive Position

#5 US commercial bank. Competes with JPMorgan, BofA, Wells Fargo, PNC. Differentiation: best-in-class payment franchise (Elavon = top 5 US/Europe acquirer); strong fee income mix; superior efficiency ratio (57.2% Q3 2025 = top quartile); West Coast scale post-Union Bank. AUM + trust services provide diversification vs pure-play super-regional banks.

Key Facts

Founded: 1929 (predecessor banks dating to 1863)
Headquarters: Minneapolis, MN
Employees: ~76,000
Exchange: NYSE (USB)
Sector / Industry: Financials / Diversified Banking
Market Cap: ~$70B
CEO: Gunjan Kedia (since April 2025); Chairman: Andy Cecere (became Executive Chairman)

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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Markdown: /stocks/usb/financials/md · → thesis · → memo