Company file · USB
U.S. Bancorp
U.S. Bancorp's revenue grew in 2025, and net income rose
Total net revenue rose 4.4% to $28.7B. Net income rose 20.2% to $7.6B.
Key facts
U.S. Bancorp (NYSE: USB) reported total net revenue of $28.7B for fiscal 2025, the year ended Dec 31, 2025, up 4.4% from fiscal 2024. Net income to U.S. Bancorp was $7.6B, up 20.2%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net revenue was $7.7B, up 10.1% from the same quarter a year earlier, and net income was $2.2B. The largest piece by business segment (before Treasury and Corporate Support) was Wealth, Corporate, Commercial and Institutional Banking, at 43% of fiscal 2025 total net revenue. Sources: 10-K for fiscal 2025 (filed Feb 23, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).
Source: 10-K FY2025, filed Feb 23, 2026
Source: 10-Q filed May 4, 2026 · 10-Q filed Aug 6, 2026
How it makes money
By business segment (before Treasury and Corporate Support), FY2025
- LineAmountSharevs FY2024
- Wealth, Corporate, Commercial and Institutional Banking$12.1B43%−0.6%
- Consumer and Business Banking$8.9B31%−3.9%
- Payment Services$7.4B26%+5.4%
Source: 10-K FY2025, XBRL breakdown
Net interest income was $16.6B, 58% of total net revenue. Wealth, Corporate, Commercial and Institutional Banking was 43% of 2025 segment revenue, Consumer and Business Banking 31% and Payment Services 26%.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: U.S. Bancorp 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026
By segment
Source: U.S. Bancorp 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026
The bull case and the bear case
The bull case
- Net income rose 20.2% in 2025 to $7.6B, and total net revenue rose 4.4% to $28.7B. 10-K, FY2025
- Payment Services revenue grew 5.4% in 2025, and noninterest income rose 7.6%. 10-K, FY2025
- Shareholders' equity rose 11.3% in 2025 to $65.2B. 10-K, FY2025
- Total net revenue in the quarter ended Jun 30, 2026 was $7.7B, up 10.1% on a year earlier, and net income rose 19.9% to $2.2B. 10-Q, quarter ended Jun 30, 2026
The bear case
- Consumer and Business Banking revenue fell 3.9% in 2025. 10-K, FY2025
- Net interest income is lower than in 2023, down 4.3% over two years. 10-K, FY2025
- The 10-K lists credit losses, interest rates, competition, regulation and cyberattacks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
U.S. Bancorp is the parent of U.S. Bank, a large US bank based in Minneapolis. It serves consumers, businesses and institutions and runs a large card and payments business.
Wealth, Corporate, Commercial and Institutional Banking lends to and serves companies and wealthy clients and provides trust and custody services. Consumer and Business Banking runs branches, mortgages and small-business banking. Payment Services covers credit cards, merchant payment processing and corporate payment products.
Most revenue is net interest income. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in U.S. Bancorp's latest 10-K. Read the original for the full list.
- CreditBorrowers may not repay, especially in a weaker economy.
- Interest ratesChanges in rates affect lending margins and deposit costs.
- CompetitionIt competes with large banks, regional banks and payment companies.
- RegulationCapital and consumer rules can limit what it earns.
- FundingIt relies on deposits, which can move to other banks or investments.
- CybersecurityIt holds data and money for millions of customers.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total net revenue | $28.1B | $27.5B | $28.7B |
| Net income to U.S. Bancorp | $5.4B | $6.3B | $7.6B |
| Net interest income | $17.4B | $16.3B | $16.6B |
| Noninterest revenue | $10.6B | $11.0B | $11.9B |
| Deposits (year end) | $512.3B | $518.3B | $522.2B |
| Total assets (year end) | $663.5B | $678.3B | $692.3B |
| Shareholders' equity (year end) | $55.3B | $58.6B | $65.2B |
| Diluted shares | 1.54B | 1.56B | 1.56B |
- Total net revenue: Net interest income plus noninterest income such as card, payment, trust and service fees.
- Net income to U.S. Bancorp: Net income attributable to U.S. Bancorp, after credit-loss provisions, taxes and the share belonging to minority owners.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Banks don't report revenue the way other companies do. Revenue here is net interest income plus noninterest income, after interest expense, as U.S. Bancorp reports it.
- Segment revenue is before Treasury and Corporate Support, so the segments don't add up exactly to the total.
- The provision for credit losses isn't shown: it isn't tagged in a form that could be matched to a consistent three-year series.
What we left out
- Operating cash flow: for a bank it mostly reflects trading and lending flows and says little about the business, so we leave it out.
- Total debt: borrowing is a normal part of how a bank funds itself, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: a bank's cash is mostly balances held with central banks for liquidity, not a cushion in the usual sense, so it isn't shown.
Recent filings
Latest filings
- Oct 156:59 AM ET
8-K
U.S. Bancorp files an 8-K on quarterly results and investor materials (Reg FD)
U.S. Bancorp filed a Form 8-K on Oct 15, 2026 at 6:59 AM ET under Item 2.02 (Results of Operations and Financial Condition), Item 7.01 (Regulation FD Disclosure).
Common questions about U.S. Bancorp
How does U.S. Bancorp make money?
U.S. Bancorp's total net revenue was $28.7B in fiscal 2025. Net interest income was $16.6B, 58% of total net revenue. Wealth, Corporate, Commercial and Institutional Banking was 43% of 2025 segment revenue, Consumer and Business Banking 31% and Payment Services 26%. Source: 10-K for fiscal 2025, filed Feb 23, 2026.
What was U.S. Bancorp's revenue in fiscal 2025?
$28.7B of total net revenue for the fiscal year ended Dec 31, 2025, up 4.4% from $27.5B in fiscal 2024. Fiscal 2023 was $28.1B. Source: 10-K for fiscal 2025, filed Feb 23, 2026.
Is U.S. Bancorp profitable?
U.S. Bancorp reported net income to U.S. Bancorp of $7.6B for fiscal 2025, up 20.2% from $6.3B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $2.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 23, 2026.
What did U.S. Bancorp report in its latest quarterly filing?
Net revenue was $7.7B in the quarter ended Jun 30, 2026, up 10.1% from $7.0B a year earlier. Net income was $2.2B, up 19.9% from $1.8B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.
What are the main risks U.S. Bancorp lists?
U.S. Bancorp's 10-K for fiscal 2025, filed Feb 23, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Credit; interest rates; competition; regulation; funding; cybersecurity. The first: Borrowers may not repay, especially in a weaker economy. Source: 10-K, Item 1A Risk Factors.
Where do these U.S. Bancorp numbers come from?
From U.S. Bancorp's own SEC filings: the 10-K for fiscal 2025 (filed Feb 23, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in USB
- The editor holds no position in U.S. Bancorp (USB). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell USB from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold USB, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| U.S. BancorpUSB | FY2025 | $28.7B | +4.4% | $7.6B |
| Wells FargoWFC | FY2025 | $83.7B | +1.7% | $21.3B |
| Capital OneCOF | FY2025 | $53.4B | +36.6% | $2.5B |
| Bank of AmericaBAC | FY2025 | $113.1B | +6.8% | $30.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.