U.S. Bancorp (USB) FY2024 results: revenue $27.3 billion, down 2.4% on the year
U.S. Bancorp (USB) reported revenue of $27.3 billion for fiscal 2024, the year ended 31 December 2024, down 2.4% on the year before. Net income was $6.3 billion, up 16.0%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.
Revenue
$27.3 billion
-2.4% on the year
FY2017FY2024
Operating margin
n/a
FY2017FY2024
Net income
$6.3 billion
+16.0% on the year
FY2017FY2024
Diluted EPS
$3.79
+15.9% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
11,350
8,393
21,119
+35.2%
Cash from investing
-24,534
18,925
7,500
Cash from financing
8,821
-19,998
-3,982
Share-based compensation
232
224
202
+3.6%
Buybacks
173
62.0
69.0
+179.0%
Dividends paid
3,092
2,970
2,776
+4.1%
Dividend per share
$1.98
$1.93
$1.88
+2.6%
Diluted shares, weighted
1,561m
1,543m
1,490m
+1.2%
Shares outstanding at period end
1,600m
1,600m
1,500m
0.0%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
58,578
55,306
50,766
+5.9%
Non-controlling interest
462
465
466
-0.6%
Deposits
518,309
512,312
524,976
+1.2%
Debt
73,520
66,759
71,045
+10.1%
Other liabilities
27,449
28,649
27,552
-4.2%
Total liabilities and equity
678,318
663,491
674,805
+2.2%
Fixed assets
n/a
n/a
3,858
Goodwill
12,536
12,489
12,373
+0.4%
Intangible assets
5,547
6,084
7,155
-8.8%
Securities held for sale or to maturity
164,626
153,751
161,650
+7.1%
Loans
372,249
366,456
381,277
+1.6%
Securities borrowed
n/a
n/a
1,606
Cash and equivalents
56,502
61,192
53,542
-7.7%
Other assets
66,858
63,519
53,344
+5.3%
Total assets
678,318
663,491
674,805
+2.2%
10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.