U.S. Bancorp (USB) FY2020 results: revenue $23.2 billion, up 1.5% on the year
U.S. Bancorp (USB) reported revenue of $23.2 billion for fiscal 2020, the year ended 31 December 2020, up 1.5% on the year before. Net income was $5.0 billion, down 28.3%, and diluted earnings per share $3.06. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$23.2 billion
+1.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$5.0 billion
-28.3% on the year
FY2013FY2020
Diluted EPS
$3.06
-26.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
23,226
22,883
22,521
+1.5%
Interest expense
2,015
4,442
3,254
-54.6%
Pre-tax income
6,051
8,594
8,678
-29.6%
Income tax
1,066
1,648
1,554
-35.3%
Effective tax rate
17.6%
19.2%
17.9%
Net income
4,959
6,914
7,096
-28.3%
Net margin
21.4%
30.2%
31.5%
Diluted EPS
$3.06
$4.16
$4.14
-26.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,716
4,889
10,564
-24.0%
Cash from investing
-15,440
-21,560
-8,977
Cash from financing
51,899
17,623
361
+194.5%
Share-based compensation
189
178
174
+6.2%
Buybacks
1,672
4,525
2,822
-63.0%
Dividends paid
2,552
2,443
2,092
+4.5%
Dividend per share
$1.68
$1.58
$1.34
+6.3%
Diluted shares, weighted
1,510m
1,583m
1,638m
-4.6%
Shares outstanding at period end
1,500m
1,500m
1,600m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
53,095
51,853
51,029
+2.4%
Non-controlling interest
630
630
628
0.0%
Deposits
429,770
361,916
345,475
+18.7%
Debt
53,063
63,890
55,479
-16.9%
Other liabilities
17,347
17,137
14,763
+1.2%
Total liabilities and equity
553,905
495,426
467,374
+11.8%
Fixed assets
3,468
3,702
2,457
-6.3%
Goodwill
9,918
9,655
9,369
+2.7%
Intangible assets
2,864
3,223
3,392
-11.1%
Securities held for sale or to maturity
136,840
122,613
46,050
+11.6%
Loans
290,393
292,082
282,837
-0.6%
Securities borrowed
1,716
1,624
1,069
+5.7%
Cash and equivalents
62,580
22,405
n/a
+179.3%
Other assets
46,126
40,122
122,200
+15.0%
Total assets
553,905
495,426
467,374
+11.8%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.