U.S. Bancorp (USB) FY2014 results: revenue $19.9 billion, up 2.9% on the year
U.S. Bancorp (USB) reported revenue of $19.9 billion for fiscal 2014, the year ended 31 December 2014, up 2.9% on the year before. Net income was $5.9 billion, up 0.3%, and diluted earnings per share $3.08. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$19.9 billion
+2.9% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$5.9 billion
+0.3% on the year
FY2007FY2014
Diluted EPS
$3.08
+2.7% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
19,939
19,378
20,064
+2.9%
Interest expense
1,453
1,681
2,138
-13.6%
Pre-tax income
7,995
7,764
7,726
+3.0%
Income tax
2,087
2,032
2,236
+2.7%
Effective tax rate
26.1%
26.2%
28.9%
Net income
5,851
5,836
5,647
+0.3%
Net margin
29.3%
30.1%
28.1%
Diluted EPS
$3.08
$3.00
$2.84
+2.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
5,332
11,446
7,958
-53.4%
Cash from investing
n/a
n/a
-20,253
Cash from financing
n/a
n/a
6,585
Share-based compensation
125
129
129
-3.1%
Buybacks
2,200
2,282
1,856
-3.6%
Dividends paid
1,726
1,576
1,347
+9.5%
Dividend per share
$0.96
$0.89
$0.78
+9.0%
Diluted shares, weighted
1,813m
1,849m
1,896m
-1.9%
Shares outstanding at period end
1,800m
1,800m
1,900m
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
43,479
41,113
38,998
+5.8%
Non-controlling interest
689
694
1,269
-0.7%
Deposits
282,733
262,123
249,183
+7.9%
Debt
62,153
47,657
51,818
+30.4%
Other liabilities
13,475
12,434
12,587
+8.4%
Total liabilities and equity
402,529
364,021
353,855
+10.6%
Fixed assets
2,618
2,606
2,670
+0.5%
Goodwill
9,389
9,205
9,143
+2.0%
Intangible assets
3,162
3,529
2,706
-10.4%
Securities held for sale or to maturity
44,974
38,920
34,389
+15.6%
Loans
n/a
n/a
218,905
Securities borrowed
638
723
368
-11.8%
Cash and equivalents
n/a
n/a
8,252
Other assets
341,748
309,038
77,422
+10.6%
Total assets
402,529
364,021
353,855
+10.6%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.