A Business at a Glance
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US BANCORP \DE\
USB
$99.6B
Mkt Cap
$63.97
+1.01%
US BANCORP \DE\ (USB) has a current P/E ratio of 13.8, compared to its historical median P/E of 11.3. The stock is currently considered Expensive based on its historical valuation range.
US BANCORP \DE\ (USB) has a 5-year average return on invested capital (ROIC) of 6.9%. This is below average and may indicate limited pricing power.
US BANCORP \DE\ (USB) has a market capitalization of $136.0B. It is classified as a large-cap stock.
Yes, US BANCORP \DE\ (USB) pays a dividend with a trailing twelve-month yield of 2.35%. The company also returns capital through share buybacks, with a buyback yield of 0.44%.
Based on historical P/E analysis, US BANCORP \DE\ (USB) appears expensive. The current P/E of 13.8 is 22% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is -0.2%.
US BANCORP \DE\ (USB) operates in the National Commercial Banks industry, within the Financials sector.
US BANCORP \DE\ (USB) reported annual revenue of $42.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
U.S. Bancorp is a financial services holding company headquartered in Minneapolis, Minnesota, providing a comprehensive range of banking, lending, payment processing, capital markets, and wealth management services to millions of customers across domestic and select international markets. The company operates through five major segments: Wealth, Corporate, Commercial and Institutional Banking (offering core banking, specialized lending, transaction processing, capital markets, and asset management); Consumer and Business Banking (consumer banking, small business banking, and consumer lending delivered through branches, digital channels, and intermediary relationships); Payment Services (consumer and business credit cards, debit cards, corporate and purchasing card services, and merchant processing); Treasury and Corporate Support (investment portfolios, funding, and capital management); and a pending acquisition of BTIG, a global institutional trading and investment banking firm. U.S. Bancorp operates a network of 2,075 branches across 26 states, 4,428 ATMs, and digital banking platforms, with deposits of $522.2 billion held by its banking subsidiary U.S. Bank National Association as of December 31, 2025. The company's business model combines traditional lending and deposit-taking with fee-generating businesses including capital markets, trust services, merchant processing, and card services, generating approximately 42% of total net revenues from fee income. U.S. Bancorp competes in a highly competitive financial services industry against commercial banks, credit unions, investment firms, fintech companies, and other financial technology providers, with competitive differentiation based on its branch network, digital capabilities, specialized lending expertise in targeted industries such as healthcare and utilities, and integrated service offerings.
【Strategic growth acceleration ahead】 Management expects sustained revenue momentum driven by the Amazon Small Business Card partnership (contributing approximately $1.6 billion in loan volume and 70,000 co-brand clients launching in the third quarter), the pending BTIG acquisition (expected to contribute $175–200 million of fee revenue per quarter), and organic expansion in capital markets and payments. Net interest margin is expected to continue expanding toward a 3% target in 2027, supported by loan growth in the mid-single-digit range, improving earning asset mix, and fixed-rate asset repricing. The company anticipates positive operating leverage of 200 basis points or more for full year 2026, with revenue growth expected to be the primary driver, supported by disciplined expense management and continued execution of productivity initiatives. Management remains focused on capital deployment, including share repurchases expected to increase from $200 million in the base case, with a long-term commitment to a 70–75% capital distribution target as capital ratios stabilize under the Category II framework.
| Metric | Target | Period |
|---|---|---|
| Total net revenue growth | 4%-6% | Full year 2026 |
| Positive operating leverage | 200 basis points or more | Full year 2026 |
| BTIG acquisition fee revenue contribution | $175-200 million per quarter | Post-close 2026 |
| Amazon Small Business Card loan volume | ~$1.6 billion | Q3 2026 launch |
Total net revenue growth (Full year 2026): “We expect total net revenue growth to be in the range of 4%-6% compared to the prior year.”
Positive operating leverage (Full year 2026): “We expect to deliver positive operating leverage of 200 basis points or more for the full year.”
BTIG acquisition fee revenue contribution (Post-close 2026): “Our guidance excludes the impact of the BTIG acquisition, which is expected to contribute $175 million-$200 million of fee revenue per quarter.”
Amazon Small Business Card loan volume (Q3 2026 launch): “The loan amount is going to be about a $1.6 billion area, and it's going to be about 70,000 co-brand clients.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Operating Segments | — | — | $11.96B | $12.15B | $12.08B | 100% |
Wealth, Corporate, Commercial and Institutional Banking | — | $9.24B | $12.00B | $12.19B | — | — |
Treasury and Corporate Support | $1.12B | $930M | $1.12B | $-1031M | — | — |
Payment Services | — | $6.30B | $6.76B | $7.03B | — | — |
Consumer and Business Banking | $8.58B | $8.80B | $10.36B | $9.26B | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 28.9B | 42.9B | 42.7B | 40.6B | 27.4B | 23.7B |
| Net Income | 7.4B | 7.2B | 5.9B | 5.1B | 5.5B | 7.6B |
| EPS | $3.80 | $4.62 | $3.79 | $3.27 | $3.69 | $5.10 |
| Free Cash Flow | 0 | 8.0B | 11.3B | 8.4B | 21.1B | 9.9B |
| ROIC | 5.8% | 5.9% | 5.3% | 5.9% | 7.2% | 10.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.20 | 1.20 | 1.26 | 1.21 | 1.40 | 0.80 |
| Dividends/Share | $1.50 | $2.04 | $1.98 | $1.93 | $1.88 | $1.76 |
| Operating Income | 762M | 836M | 641M | 758M | 7.3B | 721M |
| Operating Margin | 2.6% | 2.0% | 1.5% | 1.9% | 26.6% | 3.0% |
| ROE | 11.3% | 11.6% | 10.4% | 9.5% | 10.4% | 14.1% |
| Shares Outstanding | 2,126M | 1,557M | 1,559M | 1,545M | 1,491M | 1,491M |
US BANCORP \DE\ passes 3 of 9 quality checks, indicating weak fundamentals.
US BANCORP \DE\ trades at 13.8x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.5x vs a median of 8.8x. The company's 5-year average ROIC is 6.9%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +11.5%.
US BANCORP \DE\ (USB) has a net profit margin of 16.8%. This is a healthy margin.
US BANCORP \DE\ (USB) generated $8.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
US BANCORP \DE\ (USB) has a debt-to-equity ratio of 1.20. This indicates moderate leverage.
US BANCORP \DE\ (USB) reported earnings per share (EPS) of $4.62 in its most recent fiscal year.
US BANCORP \DE\ (USB) has a return on equity (ROE) of 11.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for US BANCORP \DE\ (USB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
US BANCORP \DE\ (USB) has a book value per share of $41.87, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sustained revenue momentum driven by the Amazon Small Business Card partnership (contributing approximately $1.6 billion in loan volume and 70,000 co-brand clients launching in the third quarter), the pending BTIG acquisition (expected to contribute $175–200 million of fee revenue per quarter), and organic expansion in capital markets and payments. Net interest margin is expected to continue expanding toward a 3% target in 2027, supported by loan growth in the mid-single-digit range, improving earning asset mix, and fixed-rate asset repricing. The company anticipates positive operating leverage of 200 basis points or more for full year 2026, with revenue growth expected to be the primary driver, supported by disciplined expense management and continued execution of productivity initiatives. Management remains focused on capital deployment, including share repurchases expected to increase from $200 million in the base case, with a long-term commitment to a 70–75% capital distribution target as capital ratios stabilize under the Category II framework.
Based on recent SEC filings and earnings calls, US BANCORP \DE\ (USB) has provided the following forward guidance: Total net revenue growth: 4%-6% (Full year 2026); Positive operating leverage: 200 basis points or more (Full year 2026); BTIG acquisition fee revenue contribution: $175-200 million per quarter (Post-close 2026); Amazon Small Business Card loan volume: ~$1.6 billion (Q3 2026 launch).
No recent press releases.