Capital allocation remains balanced, with $884 million returned to shareholders via dividends in 2026Q1 despite a cautious $276 million in share repurchases.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 9.6B | 7.97B | 11.27B | 8.45B | 21.12B | 9.87B | 3.72B | 4.89B | 10.56B | 6.47B | 5.34B | 8.78B | 5.33B | 11.45B | 7.96B | 9.82B | 5.24B | 7.6B | 5.31B | 2.9B | 5.39B | 3.48B | 5.22B | 8.68B | 3.79B | 2.18B | 4.72B | 2.69B | 1.37B | 1.07B | 840.3M |
| Operating CF Growth % | 748.91% | -29.3% | 33.46% | -60% | 113.97% | 165.61% | -23.99% | -53.72% | 63.23% | 21.29% | -39.24% | 64.7% | -53.42% | 43.83% | -18.96% | 87.37% | -31.04% | 43.21% | 82.75% | -46.13% | 55.05% | -33.45% | -39.82% | 129.31% | 73.53% | -53.81% | 75.86% | 95.72% | 28.75% | 26.86% | 633.89% |
| Net Income | 7.81B | 7.57B | 6.3B | 5.43B | 5.83B | 7.96B | 4.96B | 6.91B | 7.1B | 6.22B | 5.89B | 5.88B | 5.85B | 5.84B | 5.65B | 4.87B | 3.32B | 2.19B | 2.95B | 4.32B | 4.75B | 4.49B | 4.17B | 3.73B | 3.29B | 1.71B | 2.88B | 1.51B | 1.33B | 760.7M | 415.4M |
| Depreciation & Amortization | 864M | 875M | 939M | 1.02B | 560M | 497M | 527M | 502M | 467M | 468M | 470M | 481M | 501M | 520M | 561M | 565M | 596M | 607M | 573M | 619M | 588M | 689M | 737.7M | 957.6M | 838.3M | 813.5M | 654.9M | 308.1M | 274.1M | 214.8M | 122.6M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69M | 49M | 748M | -370M | -545M | -1.04B | -97M | -3M | -301M | 0 | 272.7M | 357.9M | -184M | 357.1M | 55.7M | 25.9M | 30.3M | 31.2M |
| Other Non-Cash Items | 1.56B | -475M | 1.96B | 2B | 14.73B | 1.41B | -1.77B | -2.53B | 3B | -214M | -1.02B | 2.42B | -1.02B | 5.16B | 1.7B | 3.63B | 1.7B | 5.35B | 2.96B | 64M | 251M | -1.4B | 549.7M | 1.03B | -780.9M | 75M | 972.1M | 603.7M | 72.9M | 102M | 255M |
| Working Capital Changes | -635M | 0 | 2.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123M | -2.01B | -196M | 0 | -229.4M | 2.69B | 81.8M | -229.1M | -135.6M | 212.3M | -327.8M | -41.8M | 16.1M |
| Cash from Investing | -23.34B | -20.54B | -24.53B | 18.93B | 7.5B | -57.49B | -15.44B | -21.56B | -8.98B | -12.13B | -17.96B | -21.15B | -29.81B | -21.02B | -20.25B | -32.7B | -16.37B | -719M | -16.32B | -15.14B | -8.82B | -11.84B | -8.52B | -19.43B | -1.94B | -3.65B | -7.3B | -2.72B | -3.91B | -2.17B | 33M |
| Purchase of Investments | -31.58B | -25.8B | -36.13B | -9.27B | -31.68B | -100.13B | -68.66B | -40.52B | -19.87B | -27.57B | -38.85B | -29.74B | -37.35B | -26.36B | -26.85B | -31.73B | -25.04B | -15.12B | -6.08B | -9.82B | -7.08B | -13.15B | -19.62B | -51.13B | -26.47B | -32.28B | -12.16B | -1.77B | -603.5M | -8.07B | -1.01B |
| Sale/Maturity of Investments | 23.41B | 21.04B | 25.29B | 23.69B | 57.08B | 58.37B | 56.23B | 31.84B | 19.43B | 24.43B | 34.23B | 24.65B | 17.17B | 19.68B | 23.77B | 15.13B | 17.45B | 13.1B | 7.86B | 6.35B | 6.45B | 15.3B | 20.48B | 35.52B | 25.63B | 23.81B | 12.32B | 2.54B | 2.21B | 6.03B | 1.73B |
| Net Investment Activity | -8.16B | -4.76B | -10.84B | 14.41B | 25.39B | -41.77B | -12.43B | -8.67B | -440M | -3.14B | -4.62B | -5.08B | -20.18B | -6.68B | -3.08B | -16.59B | -7.59B | -2.02B | 1.78B | -3.47B | -627M | 2.15B | 853.1M | -15.6B | -836.4M | -8.47B | 160.4M | 767.9M | 1.6B | -2.04B | 712.7M |
| Acquisitions | -1M | -36M | -103M | -330M | 12.26B | -661M | -556M | 0 | 0 | 0 | 0 | 0 | 3.44B | -58M | 94M | 636M | 923M | 3.07B | 1.48B | -111M | -600M | -1.01B | -271.5M | 0 | 1.37B | -741.4M | 9.04B | -220.5M | -780.2M | 0 | 0 |
| Other Investing | -15.18B | -15.74B | -13.59B | 4.84B | -30.15B | -15.06B | -2.46B | -12.89B | -8.54B | -8.99B | -13.34B | -16.07B | -13.06B | -14.28B | -17.27B | -16.75B | -9.71B | -1.77B | -19.58B | -11.56B | -7.59B | -12.98B | -8.91B | -3.15B | -2.05B | 5.86B | -16.12B | -3.13B | -4.57B | 492.3M | -596.2M |
| Cash from Financing | 11.58B | 2.25B | 8.57B | -19.72B | -3.98B | 13.94B | 51.9B | 17.62B | 361M | 9.45B | 17.18B | 12.86B | 26.66B | 9.8B | 6.58B | 22.36B | 19.41B | -7.53B | 8.99B | 12.48B | 4.02B | 10.03B | 1.05B | 8.33B | -395.4M | 2.08B | 2.45B | -71.3M | 2.59B | 1B | -585.1M |
| Dividends Paid | -3.53B | -3.5B | -3.45B | -3.31B | -3.08B | -2.89B | -2.85B | -2.75B | -2.37B | -2.21B | -2.08B | -2.02B | -1.97B | -1.83B | -1.55B | -935M | -472M | -1.3B | -3.03B | -2.85B | -2.39B | -2.25B | -1.82B | -1.56B | -1.48B | -1.24B | -1.27B | -573.1M | -516.4M | -352.9M | -171.7M |
| Share Repurchases | -605M | -489M | -173M | -62M | -1.17B | -2.81B | -1.67B | -4.53B | -2.82B | -3.72B | -2.56B | -2.19B | -2.2B | -2.78B | -1.86B | -514M | 0 | 0 | 0 | -1.98B | -2.8B | -1.85B | -2.66B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 45M | 45M | 32M | 951M | 458M | 2.26B | 15M | 88M | 86M | 1.15B | 355M | 295M | 453M | 524M | 395M | 180M | 119M | 2.7B | 688M | 427M | 910M | 371M | 581M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -560M | -444M | -141M | 889M | -711M | -541M | -1.66B | -4.44B | -2.74B | -2.56B | -2.2B | -1.9B | -1.75B | -2.26B | -1.46B | -334M | 119M | 2.7B | 688M | -1.56B | -1.89B | -1.48B | -2.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 15.08B | 3.24B | 5.95B | -12.29B | -17.21B | 26.15B | 67.85B | 16.53B | -1.74B | 12.69B | 34.15B | 18.29B | 15.82B | 12.94B | 18.05B | 24.85B | 20.53B | 7.81B | 13.14B | 6.25B | -392M | 3.97B | 1.69B | 3.45B | 7B | -4.26B | 3.4B | -583.4M | 888.8M | -606.7M | 230.2M |
| Net Change in Cash | 18.15B | -9.61B | -4.69B | 7.65B | 24.64B | -33.67B | 40.17B | 952M | 1.95B | 3.8B | 4.56B | 493M | 2.18B | 225M | -5.71B | -525M | 8.28B | -653M | -2.02B | 245M | 635M | 1.67B | -2.25B | -2.41B | 1.45B | 613.7M | -125.9M | -106.5M | 54.3M | -108.1M | -1.99B |
| Exchange Rate Effect | 20.32B | 706M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 46.89B | 56.5B | 61.19B | 53.54B | 28.91B | 62.58B | 22.41B | 21.45B | 19.5B | 15.71B | 11.15B | 10.65B | 8.48B | 8.25B | 13.96B | 14.49B | 6.21B | 6.86B | 8.88B | 8.64B | 8B | 6.54B | 8.78B | 11.19B | 9.75B | 9.13B | 9.26B | 4.86B | 4.8B | 4.06B | 1.99B |
| Cash at End | 48.42B | 46.89B | 56.5B | 61.19B | 53.54B | 28.91B | 62.58B | 22.41B | 21.45B | 19.5B | 15.71B | 11.15B | 10.65B | 8.48B | 8.25B | 13.96B | 14.49B | 6.21B | 6.86B | 8.88B | 8.64B | 8.2B | 6.54B | 8.78B | 11.19B | 9.75B | 9.13B | 4.75B | 4.86B | 3.95B | 755.3M |
| Interest Paid | 0 | 0 | 15.38B | 12.28B | 2.72B | 1.06B | 2.2B | 4.4B | 3.06B | 2.09B | 1.59B | 1.43B | 1.48B | 1.76B | 2.22B | 2.56B | 2.63B | 3.15B | 4.89B | 6.36B | 5.34B | 3.37B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 499M | 645M | 767M | 535M | 1.02B | 941M | 365M | 555M | 595M | 742M | 748M | 812M | 1.47B | 495M | 424M | 344M | 1.97B | 1.88B | 2.26B | 2.13B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 9.6B | 7.97B | 11.27B | 8.45B | 21.12B | 9.87B | 3.72B | 4.89B | 10.56B | 6.47B | 5.34B | 8.78B | 5.33B | 11.45B | 7.96B | 9.82B | 5.24B | 7.6B | 5.31B | 2.9B | 5.39B | 3.48B | 5.03B | 8.01B | 3.36B | 1.88B | 4.34B | 2.55B | 1.22B | 442.7M | 756.8M |
| FCF Growth % | 15.23% | -29.3% | 33.46% | -60% | 113.97% | 165.61% | -23.99% | -53.72% | 63.23% | 21.29% | -39.24% | 64.7% | -53.42% | 43.83% | -18.96% | 87.37% | -31.04% | 43.21% | 82.75% | -46.13% | 55.05% | -30.91% | -37.19% | 138.7% | 78.28% | -56.63% | 70.09% | 109.77% | 174.84% | -41.5% | 700.85% |
Regulatory capital constraint sensitivity
According to quarterly financial disclosures, U.S. Bancorp generated $1.9 billion in net income during 2026Q1, maintaining a consistent earnings profile that supports its regulatory capital requirements despite the ongoing integration costs associated with the recent expansion of its West Coast footprint and digital infrastructure.
The bank's ability to generate organic capital remains a cornerstone of its financial stability, allowing it to absorb credit provisioning needs while maintaining dividend payouts. Investors should monitor whether the current pace of earnings retention is sufficient to meet potential future increases in regulatory capital floors without constraining organic growth.
Based on reported cash flow data, U.S. Bancorp engaged in significant investment activity during 2026Q1, with $8.5 billion in purchases offset by $7.2 billion in sales, suggesting a tactical repositioning of the securities portfolio to manage duration risk in a volatile interest rate environment.
The high turnover in the investment portfolio indicates an active management strategy aimed at optimizing yield while balancing liquidity needs. This level of activity warrants further investigation into the duration profile of the acquired assets, as it may imply a defensive posture against potential rate-driven volatility.
As reported in recent filings, U.S. Bancorp returned $884 million in dividends to shareholders in 2026Q1, a figure that appears stable relative to historical trends despite the bank's cautious approach to share repurchases, which totaled only $276 million during the same period.
The prioritization of dividends over aggressive buybacks suggests management is maintaining a conservative capital allocation stance to preserve its CET1 ratio. This strategy appears prudent given the regulatory uncertainty surrounding Category II bank capital requirements and the need to maintain a buffer for potential credit cycle fluctuations.
Based on the provided financial statements, U.S. Bancorp recorded $576 million in loan loss provisions for 2026Q1, signaling a return to normalized credit reserve building after the anomalous zero-provision quarter observed in late 2025, which may indicate a more cautious outlook on consumer credit quality.
The resumption of consistent provisioning suggests that the bank is proactively addressing the normalization of delinquency rates within its credit card and consumer loan portfolios. This trend warrants close monitoring, as it may imply that the bank expects higher net charge-offs in the coming quarters.
Quick answers to the most common questions about buying USB stock.
U.S. Bancorp (USB) generated $7.97B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
U.S. Bancorp (USB) generated $7.97B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
U.S. Bancorp (USB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, U.S. Bancorp (USB) returned $3.50B to shareholders via cash dividends and spent $489.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.