U.S. Bancorp (USB) FY2023 results: revenue $28.0 billion, up 15.8% on the year
U.S. Bancorp (USB) reported revenue of $28.0 billion for fiscal 2023, the year ended 31 December 2023, up 15.8% on the year before. Net income was $5.4 billion, down 6.8%, and diluted earnings per share $3.27. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$28.0 billion
+15.8% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$5.4 billion
-6.8% on the year
FY2016FY2023
Diluted EPS
$3.27
-11.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
8,393
21,119
9,870
-60.3%
Cash from investing
18,925
7,500
-57,487
+152.3%
Cash from financing
-19,998
-3,982
13,942
Share-based compensation
224
202
207
+10.9%
Buybacks
62.0
69.0
1,555
-10.1%
Dividends paid
2,970
2,776
2,579
+7.0%
Dividend per share
$1.93
$1.88
$1.76
+2.7%
Diluted shares, weighted
1,543m
1,490m
1,490m
+3.6%
Shares outstanding at period end
1,600m
1,500m
1,500m
+6.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
55,306
50,766
54,918
+8.9%
Non-controlling interest
465
466
469
-0.2%
Deposits
512,312
524,976
456,083
-2.4%
Debt
66,759
71,045
43,921
-6.0%
Other liabilities
28,649
27,552
17,893
+4.0%
Total liabilities and equity
663,491
674,805
573,284
-1.7%
Fixed assets
n/a
3,858
3,305
Goodwill
12,489
12,373
10,262
+0.9%
Intangible assets
6,084
7,155
3,738
-15.0%
Securities held for sale or to maturity
153,751
161,650
174,821
-4.9%
Loans
366,456
381,277
306,304
-3.9%
Securities borrowed
n/a
1,606
1,868
Cash and equivalents
61,192
53,542
28,905
+14.3%
Other assets
63,519
53,344
44,081
+19.1%
Total assets
663,491
674,805
573,284
-1.7%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.