US BANCORP \DE\ Earnings Per Share Disclosure
NOTE 15 | Earnings Per Share | |||||||
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) | 2025 | 2024 | 2023 | ||||||||
| Net income attributable to U.S. Bancorp | $ | 7,570 | $ | 6,299 | $ | 5,429 | |||||
| Preferred dividends | (329) | (352) | (350) | ||||||||
| Earnings allocated to participating stock awards | (47) | (38) | (28) | ||||||||
| Net income applicable to U.S. Bancorp common shareholders | $ | 7,194 | $ | 5,909 | $ | 5,051 | |||||
| Average common shares outstanding | 1,557 | 1,560 | 1,543 | ||||||||
| Net effect of the exercise and assumed purchase of stock awards | 1 | 1 | — | ||||||||
| Average diluted common shares outstanding | 1,558 | 1,561 | 1,543 | ||||||||
| Earnings per common share | $ | 4.62 | $ | 3.79 | $ | 3.27 | |||||
| Diluted earnings per common share | $ | 4.62 | $ | 3.79 | $ | 3.27 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.