# U.S. Bancorp (USB) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/USB/thesis · /stocks/USB/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/USB/fundamental

## Navigation

- Overview: /stocks/USB
- Financials (this page): /stocks/USB/financials
- Thesis: /stocks/USB/thesis
- Investment Memo: /stocks/USB/memo
- Coverage universe: /stocks