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U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. The company operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments. It offers depository services, including checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products and credit card services, lease financing and import/export trade, agricultural finance, asset-backed lending, and other products. The company also provides cash management, capital markets, and trust and investment management services; and ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers. In addition, it offers asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations; and investment and insurance products to its customers principally within its domestic markets, as well as fund administration services to mutual and other funds. Further, the company provides corporate and purchasing card, and corporate trust services; and credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing services. U.S. Bancorp was founded in 1863 and is headquartered in Minneapolis, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $28.5B | - | $7.6B | $8.0B | 13.0% | 4.4% | 20.2% |
| 2024 | $27.3B | - | $6.3B | $11.3B | 12.2% | -2.4% | 16.0% |
| 2023 | $28.0B | - | $5.4B | $8.4B | 11.2% | 15.8% | -6.8% |
| 2022 | $24.2B | - | $5.8B | $21.1B | 13.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 24,184 | 28,013 | 27,335 | 28,540 |
| Operating Revenue | - | 24,184 | 28,013 | 27,335 | 28,540 |
| Selling General And Administration | - | 9,613 | 11,142 | 11,173 | 11,032 |
| Interest Income | - | 17,945 | 30,007 | 31,666 | 30,970 |
| Interest Expense | - | 3,217 | 12,611 | 15,377 | 14,321 |
| Net Interest Income | - | 14,728 | 17,396 | 16,289 | 16,649 |
| Pretax Income | - | 7,301 | 6,865 | 7,909 | 9,517 |
| Tax Provision | - | 1,463 | 1,407 | 1,580 | 1,921 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -65.93 | -206.84 | -80 | 0 |
| Net Income Continuous Operations | - | 5,838 | 5,458 | 6,329 | 7,596 |
| Net Income From Continuing And Discontinued Operation | - | 5,825 | 5,429 | 6,299 | 7,570 |
| Net Income From Continuing Operation Net Minority Interest | - | 5,825 | 5,429 | 6,299 | 7,570 |
| Net Income | - | 5,825 | 5,429 | 6,299 | 7,570 |
| Net Income Common Stockholders | - | 5,501 | 5,051 | 5,909 | 7,194 |
| Net Income Including Noncontrolling Interests | - | 5,838 | 5,458 | 6,329 | 7,596 |
| Normalized Income | - | 6,088.07 | 6,231.16 | 6,619 | 7,570 |
| Diluted NI Availto Com Stockholders | - | 5,501 | 5,051 | 5,909 | 7,194 |
| Basic Average Shares | - | 1,489 | 1,543 | 1,560 | 1,557 |
| Diluted Average Shares | - | 1,490 | 1,543 | 1,561 | 1,558 |
| Reconciled Depreciation | - | 560 | 1,018 | 939 | 875 |
| Total Unusual Items | - | -329 | -1,009 | -400 | 0 |
| Total Unusual Items Excluding Goodwill | - | -329 | -1,009 | -400 | 0 |
| Preferred Stock Dividends | - | 296 | 350 | 352 | 329 |
| Minority Interests | - | -13 | -29 | -30 | -26 |
| Special Income Charges | - | -329 | -1,009 | -400 | 0 |
| Other Special Charges | - | - | 734 | 245 | - |
| Restructuring And Mergern Acquisition | - | 329 | 1,009 | 155 | 0 |
| Gain On Sale Of Security | - | 20 | -145 | -154 | -61 |
| Depreciation Amortization Depletion Income Statement | - | 215 | 636 | 569 | 498 |
| Depreciation And Amortization In Income Statement | - | 215 | 636 | 569 | 498 |
| General And Administrative Expense | - | 9,157 | 10,416 | 10,554 | 10,327 |
| Salaries And Wages | - | 9,157 | 10,416 | 10,554 | 10,327 |
| Selling And Marketing Expense | - | 456 | 726 | 619 | 705 |
| Otherunder Preferred Stock Dividend | - | 28 | 28 | 38 | 47 |
| Amortization | - | 215 | 636 | 569 | 498 |
| Amortization Of Intangibles Income Statement | - | 215 | 636 | 569 | 498 |
| Occupancy And Equipment | - | 1,096 | 1,266 | 1,246 | 1,227 |
| Professional Expense And Contract Services Expense | - | 529 | 560 | 491 | 468 |
| Other Non Interest Expense | - | 3,124 | 4,260 | 3,309 | 3,612 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| U.S. Bancorpthis co. | USB | $86.0B | 11.96↓ discount | 1.32 | 11.0% | - |
| The Bank of New York Mellon Corporation | BK | $94.1B | 16.97 | 2.38 | 14.1% | - |
| CME Group Inc. | CME | $92.5B | 22.72 | 3.22 | 14.2% | 15.69 |
| The PNC Financial Services Group, Inc. | PNC | $91.2B | 13.87 | 1.51 | 10.9% | - |
| KKR & Co. Inc. | KKR | $89.0B | 37.55 |
| - |
| - |
| - |
| - |
| 3.14 |
| 8.4% |
| 12.45 |
| Intercontinental Exchange, Inc. | ICE | $80.3B | 24.23 | 2.78 | 11.5% | 14.46 |
| Robinhood Markets, Inc. | HOOD | $79.5B | 42.24 | 8.70 | 20.6% | 39.87 |
| Moody's Corporation | MCO | $78.5B | 31.91 | 19.35 | 60.7% | 21.44 |
| Marsh & McLennan Companies, Inc. | MRSH | $77.7B | 18.68 | 5.15 | 27.5% | 13.02 |
| Peer Median | - | 23.48 | 3.18 | 14.1% | 15.07 | |