U.S. Bancorp (USB) FY2019 results: revenue $22.9 billion, up 1.6% on the year
U.S. Bancorp (USB) reported revenue of $22.9 billion for fiscal 2019, the year ended 31 December 2019, up 1.6% on the year before. Net income was $6.9 billion, down 2.6%, and diluted earnings per share $4.16. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$22.9 billion
+1.6% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$6.9 billion
-2.6% on the year
FY2012FY2019
Diluted EPS
$4.16
+0.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,883
22,521
21,697
+1.6%
Interest expense
4,442
3,254
1,966
+36.5%
Pre-tax income
8,594
8,678
7,517
-1.0%
Income tax
1,648
1,554
1,264
+6.0%
Effective tax rate
19.2%
17.9%
16.8%
Net income
6,914
7,096
6,218
-2.6%
Net margin
30.2%
31.5%
28.7%
Diluted EPS
$4.16
$4.14
$3.51
+0.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
4,889
10,564
6,472
-53.7%
Cash from investing
-21,560
-8,977
-12,126
Cash from financing
17,623
361
9,454
+4,781.7%
Share-based compensation
178
174
163
+2.3%
Buybacks
4,525
2,822
2,631
+60.3%
Dividends paid
2,443
2,092
1,928
+16.8%
Dividend per share
$1.58
$1.34
$1.16
+17.9%
Diluted shares, weighted
1,583m
1,638m
1,683m
-3.4%
Shares outstanding at period end
1,500m
1,600m
1,700m
-6.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
51,853
51,029
49,040
+1.6%
Non-controlling interest
630
628
626
+0.3%
Deposits
361,916
345,475
347,215
+4.8%
Debt
63,890
55,479
48,910
+15.2%
Other liabilities
17,137
14,763
16,249
+16.1%
Total liabilities and equity
495,426
467,374
462,040
+6.0%
Fixed assets
3,702
2,457
2,432
+50.7%
Goodwill
9,655
9,369
9,434
+3.1%
Intangible assets
3,223
3,392
3,228
-5.0%
Securities held for sale or to maturity
122,613
46,050
44,362
+166.3%
Loans
292,082
282,837
n/a
+3.3%
Securities borrowed
1,624
1,069
923
+51.9%
Cash and equivalents
22,405
n/a
n/a
Other assets
40,122
122,200
401,661
-67.2%
Total assets
495,426
467,374
462,040
+6.0%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.