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US BANCORP \DE\USB

Sector
Financial Services
Industry
National Commercial Banks
Exchange
NYSE

Stock Price $USB

Latest filings

You are here#20 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K199

USB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 199 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’17Jan ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Material agreement8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Aug ’25Aug ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  11. $28.66B
YoY changeLargest recent move+15.8%in FY23Latest +4.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All USB Financial Metrics44 metrics

Income Statement9

Balance Sheet17

Cash Flow13

Per Share5

02—Overview

US BANCORP \DE\ Financial Overview 2021–2025

Updated Jul 10, 2026

U.S. Bancorp swallowed an $8.0 billiona regional competitor and emerged with a highly fortified balance sheet, boasting a 10.9% Common Equity Tier 1 capital ratio by Q3 2025. The central investment thesis relies on the bank's ability to pivot from the costly integration of MUFG Union Bank toward returning capital and expanding high-margin fee revenues. While rising interest rates and acquisition scale initially turbocharged top-line metrics—driving a 45.9% increase in net interest income in Q1 2023—management is now utilizing its expanded footprint to fund aggressive shareholder returns, including a $5.0 billion stock repurchase program.

The financial reality of digesting a major acquisition initially weighed on bottom-line profitability, with earnings per share compressing to $3.79b in FY2024 under the weight of heavy merger charges. However, management has forced core operational efficiency back into the model. Despite executing a massive regional bank takeover, total headcount actually decreased from 68,796 employees in FY2021 to 68,520 employees in FY2025, highlighting ruthless backend integration. By Q3 2025, noninterest expense contracted by 0.2% year-over-year even as total net revenue climbed 6.8% to $7.3 billion. Asset quality remains strictly controlled, with the credit loss allowance covering nonperforming assets by an oversized 490%. The market has recognized this post-merger stabilization, with the stock closing at $53.36 at the end of FY2025 as leadership sets its sights on a pending $1 billion institutional buyout of BTIG.

Recent Developments (Q4 2025 and Q1 2026)

U.S. Bancorp delivered net income of $1.945 billionc in Q1 2026, climbing 13.8% year-over-year. This growth was fueled by a 4.2% expansion in net interest income to $4.3 billion and a 5.7% rise in noninterest income to $3.0 billion. On the leadership front, CEO Gunjan Kedia assumed the Chairman role following Andrew Cecere's retirement on April 21, 2026. The bank is finalizing its BTIG acquisition for a Q2 2026 close, structuring the deal with $362.5 million in cash, 6.6 million shares, and a $275 million earnout. Additionally, management plans to hike the quarterly dividend to $0.54 per share in Q3 2026.

Bulls highlight accelerating fee generation and improving credit quality, evidenced by a 3.9% drop in nonperforming assets. Bears warn that operating costs are creeping higher, with noninterest expense rising 0.8% on heavier technology spend. Trading at 14.6x earnings as of May 4, 2026, the stock appears reasonably valued alongside recent income expansion.

What to watch: successful closure and integration of the BTIG transaction; execution of the planned dividend hike alongside steady capital metrics.

03—Filings

Recent SEC Filings

  1. 8-KUS BANCORP \DE\ 8-K Report, Financial Results (Oct 15, 2026)U.S. Bancorp reported third-quarter 2026 results (quarter ended September 30, 2026) that were strong on the headline line items. Record net revenue of $7,970 million rose 8.7% year over year, net income attributable to U.S. Bancorp was $2,202 million (up 10.0%), and diluted EPS was $1.34 (up 9.8% year over year but down 0.7% from $1.35 in 2Q26). Growth was driven by a full quarter of the BTIG acquisition, which lifted capital markets revenue 69.3% year over year, and by fee revenue growth of 14.9%. Net interest margin expanded to 2.84% from 2.75% a year earlier, and the efficiency ratio improved to 55.9%, producing 240 basis points of positive operating leverage. Return on tangible common equity was 18.5%, essentially flat with the prior year. The quality of the quarter is more mixed than the headline figures suggest. The provision for credit losses rose 14.5% year over year to $654 million, including a $135 million initial provision tied to the purchase of a small business credit card portfolio, and the company also booked a $101 million provision for acquired loans. Excluding that acquired-loan provision, management indicates EPS would have been about $1.41. Credit metrics otherwise improved: the net charge-off ratio fell to 0.51%, nonperforming assets declined to $1.3 billion, and the 90+ day delinquency ratio held at 0.18%. Capital ratios were stable, with the CET1 ratio at 10.8%, though the company noted a $12 billion increase in risk-weighted assets tied to a large co-brand partnership onboarding and a 9.1% CET1 ratio including AOCI, which fell as rates rose. Looking ahead, management guided to 4Q26 net interest income growth of 4% to 6% versus 3Q25, noninterest expense growth of 12% to 14% (about 8% excluding BTIG effects is not explicitly stated, but the deck gives ~8% versus 4Q25 expense), and fee revenue growth of about 8% year over year. Full-year 2026 guidance was raised to total net revenue growth of 7% to 9% (from 5% to 7%) and positive operating leverage of about 300 basis points. Investors should weigh the strong top-line momentum and acquisition-driven growth against higher credit provisioning and the dilution from acquisition integration costs.
  2. 8-KUS BANCORP \DE\ 8-K Report, Financial Results (Jul 16, 2026)U.S. Bancorp reported second-quarter 2026 results that were strong on nearly every headline metric. Net income attributable to the company rose 19.9% year-over-year to $2.18 billion, and diluted EPS reached $1.35, up 21.6% from $1.11. Total net revenue hit a record $7.7 billion, up 10.1% year-over-year, driven by a 7.5% increase in taxable-equivalent net interest income, a 13.7% rise in noninterest income, and 400 basis points of positive operating leverage. Return on tangible common equity improved to 18.7% and the efficiency ratio fell to 57.1%, both within or moving toward management's medium-term targets. Results include only one month of contribution from the BTIG acquisition, which closed June 1, 2026 and added roughly $98 million of fee revenue and $84 million of noninterest expense in June. Credit quality continued to improve. Net charge-offs declined to 0.53% of average loans from 0.59% a year earlier, nonperforming assets fell 20% year-over-year to $1.35 billion, and the provision for credit losses decreased 6.6% sequentially to $538 million. The allowance for credit losses was roughly flat at 1.94% of period-end loans. Average loans grew 7.1% year-over-year, with commercial and credit card growth leading, while average deposits grew a more modest 2.4%. Capital remained solid, with a CET1 ratio of 10.8%, flat sequentially, and management completed $200 million of buybacks while planning a roughly 4% dividend increase in the third quarter, subject to board approval. Looking ahead, management guided to 3Q26 net interest income growth of 6% to 7% versus 3Q25 and total net revenue growth of 12% to 14% including BTIG, with BTIG expected to add about $200 million of quarterly net revenue. Investors should weigh the strong momentum and the improving credit trends against the rising expense base from the acquisition, the increase in capital markets exposure, and the ongoing macroeconomic and geopolitical uncertainties flagged in the company's forward-looking statements.
  3. 8-KUS BANCORP \DE\ 8-K Report, Corporate Update (Jun 24, 2026)U.S. Bancorp (USB) filed an 8-K on June 24, 2026 disclosing two capital-related items following the Federal Reserve's Dodd-Frank Act Stress Test (DFAST) results. First, the company's Stress Capital Buffer (SCB) will remain unchanged at 2.6% until October 1, 2027. The Federal Reserve had earlier decided, in a February 4, 2026 announcement, to hold its stress test-related buffer requirements steady through 2027 while public feedback on supervisory models is considered. Under the Fed's rules the stress test results alone would have implied the 2.5% SCB floor, so the freeze is a modest relief to the buffer level. With the 4.5% CET1 minimum, USB must maintain a CET1 ratio of at least 7.1% during this period. Second, USB announced planned capital actions, including a 3.8% increase in its quarterly common dividend from $0.52 to $0.54 per share, effective in the third quarter of 2026 and subject to Board approval. The company reported a Basel III standardized CET1 ratio of 10.8% as of March 31, 2026, comfortably above the 7.1% requirement and well-capitalized thresholds. It also had $4.1 billion of remaining capacity under its $5 billion share repurchase program as of that date. For investors, the filing signals a stable regulatory capital outlook, a healthy capital cushion of roughly 370 basis points above the effective requirement, and continued capital return through a dividend increase and buybacks. The filing contains no new financial statements, and the forward-looking statements caution that outcomes may differ materially from expectations.
  4. 8-KUS BANCORP \DE\ 8-K Report, Shareholder Vote Results (Apr 23, 2026)U.S. Bancorp (USB) filed a Current Report on Form 8-K detailing the results of its 2026 annual meeting of shareholders held on April 21, 2026. The report indicates strong shareholder support for the company's proposed slate of twelve directors, all of whom were elected for a one-year term. Additionally, shareholders provided advisory approval for the compensation of the company's executive officers and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year 2026. These outcomes suggest a positive alignment between management's proposals and shareholder sentiment. The overwhelming majority of votes 'For' on director elections and the ratification of the auditor, coupled with the advisory approval of executive compensation, point towards shareholder confidence in the current leadership and financial oversight of U.S. Bancorp.
  5. 8-KUS BANCORP \DE\ 8-K Report, Financial Results (Apr 16, 2026)U.S. Bancorp (USB) reported first-quarter 2026 results on April 16, 2026, showing solid year-over-year growth with diluted EPS of $1.18, up 14.6% from $1.03 a year earlier, and net income attributable to U.S. Bancorp of $1,945 million, up 13.8%. Total net revenue rose 4.7% to $7,288 million, net interest income (taxable-equivalent) grew 4.1% to $4,291 million, and fee revenue grew 6.9%. Noninterest expense was nearly flat (up 0.8%), producing 440 basis points of positive operating leverage and an efficiency ratio of 58.2%, improved 260 basis points year over year. Return on tangible common equity was 17.0%, versus 17.5% a year earlier and 18.4% in the prior quarter, and the net interest margin held at 2.77%. Sequentially, results were softer: net income fell 4.9% and EPS fell 6.3% from the fourth quarter, driven by seasonally lower card and capital markets revenue, securities repositioning losses of $35 million, fewer days in the quarter, and higher compensation and marketing expense. Credit metrics were broadly stable, with a net charge-off ratio of 0.56% (up 2 bps linked quarter but down 3 bps year over year), nonperforming assets down to $1,528 million, and an allowance equal to 2.00% of period-end loans. The CET1 ratio held at 10.8%, and the company repurchased $200 million of common stock during the quarter. Management guided to 2Q26 net interest income growth of 6-7% and fee revenue growth of 3-4% versus 2Q25, and reaffirmed positive operating leverage for the full year. Guidance excludes the pending acquisition of Condor Trading LP (BTIG), which management expects to add roughly $200 million of quarterly net revenue and be slightly accretive to EPS after closing in 2026. The filing also highlights new business momentum, including the Amazon small business credit card transition (expected to convert in 3Q26) and a multi-year NFL partnership. Note that this 8-K summarizes an earnings release and presentation, which are furnished as exhibits; much of the detail above comes from those exhibits.
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04—See also

Related Companies

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