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U.S. Bancorp (USB) FY2025 results: revenue $28.5 billion, up 4.4% on the year

U.S. Bancorp (USB) reported revenue of $28.5 billion for fiscal 2025, the year ended 31 December 2025, up 4.4% on the year before. Net income was $7.6 billion, up 20.2%, and diluted earnings per share $4.62. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue
$28.5 billion
+4.4% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$7.6 billion
+20.2% on the year
FY2018FY2025
Diluted EPS
$4.62
+21.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Record revenue and higher earnings: Net revenue was a record $7,365 million, up 5.1% year over year. Net income attributable to U.S. Bancorp was $2,045 million, up 23.0%.
  • Margin rose on loan growth and repricing: Net interest margin was 2.77%, up from 2.71% a year earlier and 2.75% in the third quarter. Management attributed the year-over-year rise to loan growth and fixed asset repricing.
  • Fee revenue up 7.6% year over year: Total noninterest income was $3,053 million, up 7.8% year over year and down 0.8% from the third quarter. Fee revenue was $3,050 million, up 7.6% year over year.
  • Expense down 1.9% from a year ago: Noninterest expense was $4,227 million, down 1.9% from a year earlier, when notable items totaled $109 million. Expense rose 0.7% from the third quarter.
  • Net charge-off ratio fell to 0.54%: Net charge-offs were $527 million, a 0.54% ratio, down from $562 million and 0.60% a year earlier. Declines came from commercial real estate and credit card, partly offset by commercial.
Read the Q4 FY2025 earnings call summary

From this 10-K

U.S. Bancorp is a bank holding company whose branch network sits mainly across the Midwest and the West. It had 2,075 branches in 26 states at the end of 2025 and a network of 4,428 cash machines, and it runs telephone service around the clock. Its payments business, which handles cards and merchant processing, is unusually large for a bank of its size and is reported as a segment in its own right.

U.S. Bancorp, the 10-K for 2025

U.S. Bancorp is a bank holding company whose branch network sits mainly across the Midwest and the West. It had 2,075 branches in 26 states at the end of 2025 and a network of 4,428 cash machines, and it runs telephone service around the clock. Its payments business, which handles cards and merchant processing, is unusually large for a bank of its size and is reported as a segment in its own right.

The four segments

Wealth, Corporate, Commercial and Institutional Banking is the wholesale side. It sells core banking, specialised lending, transaction and payment processing, capital markets, asset management, and brokerage and investment services, to wealth clients, middle market and large corporate customers, commercial real estate, government and institutional clients.

Consumer and Business Banking is consumer banking, small business banking and consumer lending. What is worth noticing is the number of doors into it: branches, telephone servicing and sales, online, direct mail, cash machines, mobile devices, mortgage loan officers working away from any branch, and intermediary relationships including car dealerships.

Payment Services is the card and merchant business: consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services, and merchant processing.

Treasury and Corporate Support holds the investment portfolios, funding, capital management, interest rate risk management, the income taxes not pushed out to the other segments including most investments in tax-advantaged projects, and the residual corporate expenses.

What the bank is exposed to, in its own words

The filing sets out at length what could move the results, and the list is a fair description of what a bank of this shape actually carries. Business, political and economic conditions, and turbulence in domestic or global financial markets, which can hit revenues and asset values, tighten credit and dry up funding. Changes to statutes, regulation or regulatory practice, including capital and liquidity requirements and any cap on credit card interest. Changes in trade policy, including tariffs and retaliatory tariffs. Interest rates. Unemployment. Deterioration in the credit quality of the loan portfolios or in the value of the collateral behind them. Commercial real estate occupancy rates. Increases in FDIC assessments, including those caused by other banks failing.

Beyond the economy, the filing names risks that belong to the plumbing: mortgage origination and sale, including repurchase and indemnity demands and the servicing role; data security breaches; failures or disruptions in its own operational, technology and security systems or in those of third parties, including from cybersecurity incidents; and failure to safeguard personal information. It also names competitive pressure, changes in what customers want and whether the bank can build the technology to meet it, and the physical and transition risks of climate change.

A pending acquisition

The company names as a risk the effects of mergers and acquisitions, and specifically the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC. It says plainly that the expected benefits may take longer than anticipated, may not be achieved in full or at all, and that the costs of combining may be greater than expected. That is the company describing its own deal, not a view from outside it.

From U.S. Bancorp's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue28,54027,33528,013+4.4%
Interest expensen/an/a12,611
Pre-tax income9,5177,9096,865+20.3%
Income tax1,9211,5801,407+21.6%
Effective tax rate20.2%20.0%20.5%
Net income7,5706,2995,429+20.2%
Net margin26.5%23.0%19.4%
Diluted EPS$4.62$3.79$3.27+21.9%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow7,97011,3508,393-29.8%
Cash from investing-20,538-24,53418,925
Cash from financing2,2508,821-19,998-74.5%
Share-based compensation235232224+1.3%
Buybacks48917362.0+182.7%
Dividends paid3,1683,0922,970+2.5%
Dividend per share$2.04$1.98$1.93+3.0%
Diluted shares, weighted1,558m1,561m1,543m-0.2%
Shares outstanding at period end1,600m1,600m1,600m0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity65,19358,57855,306+11.3%
Non-controlling interest458462465-0.9%
Deposits522,216518,309512,312+0.8%
Debt77,92673,52066,759+6.0%
Other liabilities26,55227,44928,649-3.3%
Total liabilities and equity692,345678,318663,491+2.1%
Goodwill12,63512,53612,489+0.8%
Intangible assets4,9045,5476,084-11.6%
Securities held for sale or to maturity167,008164,626153,751+1.4%
Loans383,730372,249366,456+3.1%
Cash and equivalents46,89056,50261,192-17.0%
Other assets77,17866,85863,519+15.4%
Total assets692,345678,318663,491+2.1%

10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.