US BANCORP \DE\

Listed Company

USB-PRCIK 0000036104NYSELarge AcceleratedNational Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$7.57B

Total Assets

$692.35B

Equity

$65.19B

Shares Out

1.55B

Op. Cash Flow

$7.97B

+ 13F Filer

Business

US Bancorp provides a broad range of financial services as a bank holding company and financial holding company. It offers lending and depository services, cash management, capital markets, trust and investment management, credit card and merchant processing, mortgage banking, insurance, brokerage, wealth management and fund administration. Its principal business segments are Wealth; Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support. Banking and investment services are delivered primarily across the United States through branches, ATMs, digital channels, telephone service and intermediary relationships.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	22,368	23,009	22,324	13,603	10,747
Loans held for sale	165	173	147	201	232
Investment securities	5,398	5,111	4,485	3,378	2,365
Other interest income	3,039	3,373	3,051	763	143
Total interest income	30,970	31,666	30,007	17,945	13,487
Deposits	10,151	11,688	8,775	1,872	320
Short-term borrowings	1,373	1,107	1,971	565	70
Long-term debt	2,797	2,582	1,865	780	603
Total interest expense	14,321	15,377	12,611	3,217	—
Net interest income	16,649	16,289	17,396	14,728	12,494
Provision for credit losses	2,186	2,238	2,275	1,977	−1,173
Net interest income after provision for credit losses	14,463	14,051	15,121	12,751	13,667
Card revenue	1,735	1,679	1,630	1,512	1,507
Corporate payment products revenue	765	773	759	698	575
Merchant processing services	1,792	1,714	1,659	1,579	1,449
Trust and investment management fees	2,869	2,660	2,459	2,209	1,832
Service charges	1,302	1,253	1,306	1,298	1,338
Capital markets revenue	1,633	1,523	1,372	—	—
Mortgage banking revenue	645	627	540	527	1,361
Investment products fees	375	330	279	235	239
Securities gains (losses), net	−61	−154	−145	20	103
Other	836	641	758	273	721
Total noninterest income	11,891	11,046	10,617	9,456	10,227
Compensation and employee benefits	10,327	10,554	10,416	9,157	8,728
Net occupancy and equipment	1,227	1,246	1,266	1,096	1,048
Professional services	468	491	560	529	492
Marketing and business development	705	619	726	456	366
Technology and communications	2,211	2,074	2,049	1,726	1,728
Other intangibles	498	569	636	215	159
Merger and integration charges	0	155	1,009	329	0
Other	1,401	1,480	2,211	1,398	1,207
Total noninterest expense	16,837	17,188	18,873	14,906	13,728
Income before income taxes	9,517	7,909	6,865	7,301	10,166
Applicable income taxes	1,921	1,580	1,407	1,463	2,181
Net income (loss)	7,596	6,329	5,458	5,838	7,985
Net (income) loss attributable to noncontrolling interests	−26	−30	−29	−13	−22
Net income (loss) attributable to U.S. Bancorp	7,570	6,299	5,429	5,825	7,963
Net income applicable to U.S. Bancorp common shareholders	7,194	5,909	5,051	5,501	7,605
Net income applicable to U.S. Bancorp common shareholders, diluted	7,194	5,909	5,051	5,501	7,605
Earnings per common share (in dollars per share)	4.62	3.79	3.27	3.69	5.11
Diluted earnings per common share (in dollars per share)	4.62	3.79	3.27	3.69	5.1
Average common shares outstanding (in shares)	1,557	1,560	1,543	1,489	1,489
Average diluted common shares outstanding (in shares)	1,558	1,561	1,543	1,490	1,490

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	46,890	56,502	61,192	53,542	28,905
Held-to-maturity (fair value $67,079 and $66,275, respectively)	76,170	78,634	84,045	88,740	—
Available-for-sale ($294 and $320 pledged as collateral, respectively)	90,838	85,992	69,706	72,910	—
Loans held for sale (including $2,353 and $2,251 of mortgage loans carried at fair value, respectively)	2,538	2,573	2,201	2,200	7,775
Total loans	391,335	379,832	373,835	388,213	—
Less allowance for loan losses	−7,605	−7,583	−7,379	−6,936	—
Net loans	383,730	372,249	366,456	381,277	—
Premises and equipment	3,768	3,565	3,623	3,858	—
Goodwill	12,635	12,536	12,489	12,373	10,262
Other intangible assets	4,904	5,547	6,084	7,155	3,738
Other assets (including $2,585 and $7,501 of trading securities at fair value pledged as collateral, respectively)	70,872	60,720	57,695	52,750	38,174
Total assets	692,345	678,318	663,491	674,805	573,284
Noninterest-bearing	84,116	84,158	89,989	137,743	134,901
Interest-bearing (including $718 and $5,754 of time deposits carried at fair value, respectively)	438,100	434,151	422,323	387,233	321,182
Total deposits	522,216	518,309	512,312	524,976	456,083
Short-term borrowings	17,162	15,518	15,279	31,216	11,796
Long-term debt (including $1,414 and $391 of long-term debt carried at fair value, respectively)	60,764	58,002	51,480	39,829	—
Other liabilities	26,552	27,449	28,649	27,552	17,893
Total liabilities	626,694	619,278	607,720	623,573	517,897
Preferred stock	6,808	6,808	6,808	6,808	6,371
Common stock, $.01 par value per share, authorized: 4,000,000,000 shares; issued: 2025 and 2024 2,125,725,742 shares	21	21	21	21	21
Capital surplus	8,728	8,715	8,673	8,712	8,539
Retained earnings	80,906	76,863	74,026	71,901	69,201
Less cost of common stock in treasury: 2025 570,328,105 shares; 2024 565,929,654 shares	−24,283	−24,065	−24,126	−25,269	−27,271
Accumulated other comprehensive income (loss)	−6,987	−9,764	−10,096	−11,407	−1,943
Total U.S. Bancorp shareholders equity	65,193	58,578	55,306	50,766	54,918
Noncontrolling interests	458	462	465	466	469
Total equity	65,651	59,040	55,771	51,232	55,387
Total liabilities and equity	692,345	678,318	663,491	674,805	573,284

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of premises and equipment	377	370	382	345	338
(Gain) loss on sale of loans held for sale	−257	−184	7	387	−1,135
(Gain) loss on sale of securities and other assets	1	123	119	−188	−398
Loans originated for sale, net of repayments	−22,116	−24,225	−26,936	−33,127	−72,627
Proceeds from sales of loans held for sale	22,019	24,008	26,686	38,895	74,315
Other, net	−2,308	2,152	−205	6,790	2,428
Net cash provided by operating activities	7,970	11,350	8,393	21,119	9,870
Proceeds from sales of available-for-sale investment securities	7,118	13,125	11,209	36,391	16,075
Proceeds from maturities of held-to-maturity investment securities	6,940	6,161	6,164	5,759	1,093
Proceeds from maturities of available-for-sale investment securities	6,981	6,006	6,314	14,927	41,199
Purchases of held-to-maturity investment securities	−3,956	−246	−932	−7,091	−1,088
Purchases of available-for-sale investment securities	−15,858	−35,886	−8,342	−24,592	−99,045
Net (increase) decrease in loans outstanding	−18,043	−7,278	3,829	−27,318	−17,459
Proceeds from sales of loans	6,797	645	5,707	4,420	6,183
Purchases of loans	−1,532	−1,264	−1,106	−2,113	−4,466
Net increase in securities purchased under agreements to resell	−5,988	−3,859	−2,404	252	18
Net cash paid for acquisitions	−36	−103	−330	12,257	−661
Other, net	−2,961	−1,835	−1,184	−5,392	664
Net cash (used in) provided by investing activities	−20,538	−24,534	18,925	7,500	−57,487
Net increase (decrease) in deposits	3,330	6,251	−12,567	−17,215	26,313
Net increase (decrease) in short-term borrowings	1,644	239	−16,508	15,213	30
Proceeds from issuance of long-term debt	10,360	12,017	15,583	8,732	2,626
Principal payments or redemption of long-term debt	−9,052	−6,042	−4,084	−6,926	−11,432
Proceeds from issuance of common stock	45	32	951	21	43
Repurchase of common stock	−489	−173	−62	−69	−1,555
Cash dividends paid on preferred stock	−334	−356	−341	−299	−308
Cash dividends paid on common stock	−3,168	−3,092	−2,970	−2,776	−2,579
Other, net	−86	−55	0	0	—
Net cash provided by (used in) financing activities	2,250	8,821	−19,998	−3,982	13,942
Effect of exchange rate changes on cash and due from banks	706	−327	330	—	—
Change in cash and due from banks	−9,612	−4,690	7,650	24,637	−33,675
Cash paid for income taxes	544	499	645	767	535
Cash paid for interest	14,388	15,382	12,282	2,717	1,061
Net noncash transfers to foreclosed property	27	24	26	23	14
Assets acquired (sold)	43	106	−83	106,209	749
Liabilities (assumed) sold	−7	−3	413	—	—
Net	36	103	330	10,456	661

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 7,859 positions

Reported AUM

$60.08B

Holdings

7.9K

Top sector

$60.08B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$60.08B	100.0%

Top holdings

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ISHARES CORE MSCI EAFE ETF	—	16.58M	$1.15B	1.9%
ISHARES RUSSELL MID CAP ETF	—	14.75M	$1.15B	1.9%
ISHARES CORE U.S. AGGREGATE BO	—	8.81M	$943.49M	1.6%
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