U.S. Bancorp (USB) FY2018 results: revenue $22.5 billion, up 3.8% on the year
U.S. Bancorp (USB) reported revenue of $22.5 billion for fiscal 2018, the year ended 31 December 2018, up 3.8% on the year before. Net income was $7.1 billion, up 14.1%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$22.5 billion
+3.8% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$7.1 billion
+14.1% on the year
FY2011FY2018
Diluted EPS
$4.14
+17.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
22,521
21,697
20,956
+3.8%
Interest expense
3,254
1,966
1,468
+65.5%
Pre-tax income
8,678
7,517
8,105
+15.4%
Income tax
1,554
1,264
2,161
+22.9%
Effective tax rate
17.9%
16.8%
26.7%
Net income
7,096
6,218
5,888
+14.1%
Net margin
31.5%
28.7%
28.1%
Diluted EPS
$4.14
$3.51
$3.24
+17.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
10,564
6,472
5,336
+63.2%
Cash from investing
-8,977
-12,126
-17,958
Cash from financing
361
9,454
17,180
-96.2%
Share-based compensation
174
163
150
+6.7%
Buybacks
2,822
2,631
2,556
+7.3%
Dividends paid
2,092
1,928
1,810
+8.5%
Dividend per share
$1.34
$1.16
$1.07
+15.5%
Diluted shares, weighted
1,638m
1,683m
1,724m
-2.7%
Shares outstanding at period end
1,600m
1,700m
1,700m
-5.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
51,029
49,040
47,298
+4.1%
Non-controlling interest
628
626
635
+0.3%
Deposits
345,475
347,215
334,590
-0.5%
Debt
55,479
48,910
47,286
+13.4%
Other liabilities
14,763
16,249
16,155
-9.1%
Total liabilities and equity
467,374
462,040
445,964
+1.2%
Fixed assets
2,457
2,432
2,443
+1.0%
Goodwill
9,369
9,434
9,344
-0.7%
Intangible assets
3,392
3,228
3,303
+5.1%
Securities held for sale or to maturity
46,050
44,362
42,991
+3.8%
Loans
282,837
n/a
n/a
Securities borrowed
1,069
923
944
+15.8%
Other assets
122,200
401,661
386,939
-69.6%
Total assets
467,374
462,040
445,964
+1.2%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.