U.S. Bancorp
- Open
- 62.31
- Day high
- 62.39
- Day low
- 61.58
- Prev close
- 62.47
- Volume
- 8.1M
- Mkt cap
- $95.9B
- P/E (TTM)
- 12.3
- EPS (TTM)
- $5.01
- P/B
- 1.4
- P/S
- 2.2
- Yield
- 1.69%
- Per share
- $1.04
- ▼Insiders net selling -$3.8M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
U.S. Bancorp (USB) is a Financial Services company listed on NYSE. The stock is up 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
U.S. Bancorp (USB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 14 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
USB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 16, 2026 | $1.28 | $1.35 | +5.5% | $7.7B | +2.0% |
| Apr 16, 2026 | $1.14 | $1.18 | +3.4% | $7.3B | +0.1% |
| Jan 20, 2026 | $1.19 | $1.26 | +5.8% | $7.3B | +0.3% |
| Oct 16, 2025 | $1.13 | $1.22 | +8.0% | $7.3B | +2.0% |
| Jul 17, 2025 | $1.07 | $1.11 | +3.9% | $7.0B | -0.9% |
| Apr 16, 2025 | $0.98 | $1.03 | +5.5% | $6.9B | +0.6% |
| Jan 16, 2025 | $1.04 | $1.07 | +3.3% | $7.0B | -0.0% |
| Oct 16, 2024 | $0.99 | $1.03 | +4.3% | $6.8B | -1.1% |
| Jul 17, 2024 | $0.94 | $0.98 | +4.1% | $6.8B | -0.2% |
| Apr 17, 2024 | $0.89 | $0.90 | +1.7% | $6.7B | -1.5% |
| Jan 17, 2024 | $0.99 | $0.99 | -0.5% | $6.7B | -2.2% |
| Oct 18, 2023 | $1.02 | $1.05 | +2.5% | $7.0B | -0.5% |
USB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 24, 2026 | CHOSY JAMES Lofficer: Senior EVP and General Counsel | Option | 24,711 | $55.01 |
| Jul 24, 2026 | CHOSY JAMES Lofficer: Senior EVP and General Counsel | Sell | 22,968 | $63.28 |
| Jul 22, 2026 | Philipson Stephen Lofficer: Vice Chair | Sell | 36,906 | $63.08 |
| May 6, 2026 | Dilip Venkatachariofficer: SEVP & Chief Info & Tech Off | Sell | 34,522 | $55.52 |
| Apr 27, 2026 | Bridges Dorothy Jdirector | Grant | 3,355 | — |
| Apr 27, 2026 | McKenney Richard Pdirector | Grant | 2,560 | — |
| Apr 27, 2026 | HERNANDEZ ROLAND Adirector | Grant | 3,355 | — |
| Apr 27, 2026 | WIEHOFF JOHNdirector | Grant | 3,355 | — |
| Apr 27, 2026 | Buse Elizabethdirector | Grant | 3,355 | — |
| Apr 27, 2026 | McKenney Richard Pdirector | Grant | 3,355 | — |
| Apr 27, 2026 | BAXTER WARNER Ldirector | Grant | 3,355 | — |
| Apr 27, 2026 | Ellison-Taylor Kimberly Ndirector | Grant | 3,355 | — |
| Apr 27, 2026 | Mehdi Yusuf Idirector | Grant | 3,355 | — |
| Apr 27, 2026 | Colberg Alan B.director | Grant | 3,355 | — |
| Apr 27, 2026 | Gillani Aleemdirector | Grant | 3,355 | — |
Source: USB SEC Form 4 filings, latest Jul 24, 2026. For informational purposes only — not investment advice.
See the full USB insider & 13F page →U.S. Bancorp company profile
Overview
U.S. Bancorp (NYSE:USB) is one of the largest regional banks in the United States, founded in 1863 and headquartered in Minneapolis, Minnesota. The company has grown through strategic acquisitions and organic expansion to become a major financial services provider primarily serving the Midwest and West regions. Most recently, U.S. Bancorp completed the acquisition of MUFG Union Bank in December 2022, significantly expanding its West Coast presence and adding approximately $100 billion in assets. The bank operates through multiple business segments including corporate and commercial banking, consumer banking, wealth management, and payment services, serving individuals, businesses, and institutional clients through over 2,200 banking offices and 4,000 ATMs.
Business
U.S. Bancorp operates as a diversified financial services holding company in the traditional banking industry, which involves taking deposits from customers and lending those funds to borrowers while earning a spread on the interest rates. The banking industry serves as a critical intermediary in the economy, facilitating the flow of capital from savers to borrowers and providing essential financial services to consumers and businesses. The company operates through five primary business segments: **Corporate and Commercial Banking** represents the largest revenue segment, providing lending, treasury management, capital markets, and other financial services to large corporations, middle-market companies, and government entities. This includes traditional commercial loans, lines of credit, and sophisticated cash management services that help businesses manage their day-to-day financial operations. **Consumer and Business Banking** serves individual consumers and small businesses through traditional banking products like checking and savings accounts, mortgages, auto loans, and credit cards. This segment also includes the branch network and digital banking platforms that customers use for everyday banking needs. **Payment Services** is a strategically important segment that processes electronic payments for merchants, provides corporate payment cards, and offers various payment processing solutions. This business benefits from the ongoing shift from cash to electronic payments and generates fee income from transaction processing. **Wealth Management and Investment Services** provides investment management, trust services, and financial planning to high-net-worth individuals, families, and institutional clients. This segment manages assets on behalf of clients and earns fees based on assets under management. **Treasury and Corporate Support** handles the bank's own investment portfolio, funding operations, and corporate functions. While not a customer-facing business, this segment manages the bank's balance sheet and liquidity. Fee income represents over 40% of total net revenue, demonstrating the bank's diversification beyond traditional lending activities. The payment services and wealth management segments have shown particularly strong growth, with double-digit increases in recent periods.
Revenue model
U.S. Bancorp generates revenue through multiple interconnected business models typical of large regional banks. The primary revenue source is **net interest income**, which represents the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. When the bank lends money at 6% but pays depositors 2%, the 4% spread generates net interest income. This spread, called the net interest margin, fluctuates based on interest rate environments and competitive dynamics. The second major revenue stream is **fee income**, which accounts for over 40% of total net revenue. This includes payment processing fees from merchant transactions, credit card interchange fees, wealth management fees based on assets under management, investment banking fees from underwriting and advisory services, and various service charges on deposit accounts. Fee income is particularly valuable because it's less sensitive to interest rate cycles and credit losses compared to lending income. **Corporate and commercial clients** represent the most profitable customer segment, as they typically maintain larger deposit balances, use multiple products, and generate substantial fee income from treasury management and capital markets services. **Consumer customers** provide stable deposit funding and generate fee income through credit cards, mortgages, and wealth management services. **Small and medium businesses** represent a middle market that uses both lending and payment services. Several factors significantly impact the bank's profitability margins. **Interest rate movements** directly affect net interest margins - rising rates typically benefit banks initially as loan rates adjust faster than deposit rates, but prolonged high rates can reduce loan demand and increase funding costs. **Credit quality** impacts margins through loan loss provisions, with economic downturns requiring higher reserves for potential defaults. **Competitive pressure** in both lending and deposit markets can compress spreads, particularly from non-bank lenders and high-yield online deposit platforms. **Regulatory changes**, especially capital requirements and compliance costs, can reduce returns on equity. **Technology investments** represent both a cost pressure and opportunity, as digital capabilities can reduce operating expenses while improving customer experience and enabling new revenue streams.
Competitive moat
U.S. Bancorp possesses a **moderate but meaningful economic moat** built primarily on customer switching costs, operational scale, and regulatory barriers, though this moat faces increasing pressure from technological disruption and competitive forces. The bank's strongest moat element is **customer switching costs and relationship depth**. Business customers particularly face significant friction when changing banks due to integrated treasury management systems, established credit relationships, and the complexity of moving multiple financial services. The "One USB" strategy emphasizes deepening these relationships by cross-selling multiple products, making it increasingly difficult for customers to switch to competitors. Payment services create additional stickiness as businesses rely on consistent merchant processing and corporate card programs. **Operational scale** provides meaningful advantages in technology investments, regulatory compliance costs, and funding efficiency. U.S. Bancorp can spread fixed costs across a large asset base and deposit franchise, enabling competitive pricing while maintaining profitability. The bank's significant technology investments ($2.5 billion annually) would be difficult for smaller competitors to match, and the regulatory expertise required for a $675+ billion asset bank creates barriers for new entrants. **Regulatory barriers** protect the banking industry from new competition, as obtaining banking charters requires substantial capital, regulatory approval, and ongoing compliance capabilities. However, these same regulations also limit the bank's flexibility and impose significant costs. The moat faces **substantial competitive threats** from multiple directions. **Fintech companies** are unbundling traditional banking services, offering specialized solutions in payments, lending, and wealth management without the overhead of branch networks. **Large technology companies** like Apple, Google, and Amazon are entering financial services with superior digital capabilities and customer relationships. **Non-bank lenders** can offer more aggressive pricing on loans without deposit-gathering requirements. **High-yield online banks** are attracting deposits with rates traditional banks struggle to match while maintaining branch networks. The **payment services segment** faces particular pressure from companies like Square, Stripe, and PayPal that offer more innovative solutions and better user experiences. While U.S. Bancorp argues that payments integrated with banking services provide value, standalone payment providers often offer superior technology and pricing. Overall, U.S. Bancorp's moat is **gradually eroding** but remains sufficient to protect market share and profitability in the medium term, provided the bank continues investing in digital capabilities and deepening customer relationships.
Risks & safety
U.S. Bancorp demonstrates **strong financial stability** with solid capital levels and manageable risk metrics, though like all banks it faces inherent leverage and interest rate sensitivity. **Capital and Solvency:** - Common Equity Tier 1 ratio of 10.6% exceeds regulatory minimums and provides adequate buffer - Tangible book value per share of approximately $24.71 - Strong capital generation of 20-25 basis points per quarter through retained earnings - No immediate solvency concerns with total equity of $59 billion against $678 billion in assets **Liquidity and Cash Position:** - Cash and short-term investments of $56.5 billion provide substantial liquidity buffer - Diversified deposit base of over $500 billion, though subject to potential outflows in rising rate environments - Access to Federal Reserve discount window and other funding sources - Current ratio of 0.28 is typical for banks given the nature of deposit liabilities **Debt and Leverage:** - Debt-to-equity ratio of 1.26 reflects typical banking leverage, manageable given regulatory oversight - No significant debt maturity concerns - Interest rate risk from asset-liability duration mismatch, though actively managed **Valuation Metrics:** - Price-to-earnings ratio of 11.2x appears reasonable for a quality regional bank - Price-to-book ratio of 1.27x suggests modest premium to tangible book value - Return on equity of 10.8% demonstrates solid profitability - Dividend yield provides income while payout ratio remains conservative **Risk Considerations:** - Credit quality remains strong but economic downturn could increase loan losses - Interest rate sensitivity creates earnings volatility - Regulatory capital requirements may increase under Basel III implementation
Recent development
Over the past few years, U.S. Bancorp has undergone significant strategic transformation focused on scale expansion, operational integration, and business model evolution toward fee-based services and digital capabilities. The most significant development was the **December 2022 acquisition of MUFG Union Bank**, adding approximately $100 billion in assets and substantially expanding the bank's West Coast presence. The integration process has been methodical, with management achieving $900 million in run-rate cost synergies and completing systems conversion by Memorial Day 2024. This acquisition transformed U.S. Bancorp from a primarily Midwest-focused bank to a truly national player with enhanced scale and market presence. **Organizational restructuring** has been a key theme, particularly the "One USB" strategy launched to break down silos between business segments and deepen customer relationships through cross-selling. Management reorganized the payments business in 2024 with new leadership to accelerate execution and better integrate payment services with traditional banking offerings. This reflects recognition that standalone payment services face intense competition, but integrated banking-payments solutions can provide differentiated value. **Digital transformation** has accelerated with annual technology investments of $2.5 billion, focusing on artificial intelligence implementation, process automation, and enhanced customer digital experiences. The bank has adopted a "center of excellence" model for AI deployment, working with business lines to identify practical use cases rather than pursuing technology for its own sake. **Fee income diversification** has become increasingly important as traditional net interest income faces pressure from interest rate volatility and competitive dynamics. The bank has achieved double-digit growth in commercial products, trust and investment management, and capital markets services. Fee income now represents over 40% of total net revenue, providing more stable earnings compared to interest-sensitive lending income. **Capital management strategy** has evolved to focus on organic growth and selective share repurchases rather than large acquisitions. Management expects to generate positive operating leverage exceeding 200 basis points in 2025 through revenue growth and expense discipline, indicating confidence in the integrated business model's effectiveness.
USB company profile · for informational purposes only — not investment advice.
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