Revenue performance is recovering as net interest income reached $4.3 billion in 2026Q1, supported by a notable improvement in the efficiency ratio to 36.9%.
U.S. Bancorp (USB) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 16.82B | 16.65B | 16.29B | 17.4B | 14.73B | 12.49B | 12.82B | 13.05B | 12.92B | 12.38B | 11.67B | 11.15B | 10.78B | 10.6B | 10.74B | 10.12B | 9.58B | 8.52B | 7.73B | 6.69B | 6.74B | 7.05B | 7.11B | 7.19B | 6.81B | 6.35B | 6.01B | 3.26B | 3.06B | 2.37B | 1.25B |
| NII Growth % | 10.31% | 2.21% | -6.36% | 18.12% | 17.88% | -2.58% | -1.74% | 1.03% | 4.35% | 6.12% | 4.62% | 3.49% | 1.61% | -1.31% | 6.14% | 5.68% | 12.46% | 10.17% | 15.59% | -0.77% | -4.45% | -0.79% | -1.09% | 5.5% | 7.3% | 5.73% | 84.21% | 6.54% | 29.26% | 89.08% | 231.12% |
| Net Interest Margin % | 2.4% | 2.4% | 2.4% | 2.62% | 2.18% | 2.18% | 2.32% | 2.63% | 2.76% | 2.68% | 2.62% | 2.64% | 2.68% | 2.91% | 3.04% | 2.98% | 3.11% | 3.03% | 2.91% | 2.82% | 3.07% | 3.37% | 3.64% | 3.79% | 3.79% | 3.71% | 3.64% | 4% | 4.12% | 7.21% | 12.41% |
| Interest Income | 31.29B | 30.97B | 31.67B | 30.01B | 17.95B | 13.49B | 14.84B | 17.49B | 16.17B | 14.35B | 13.13B | 12.38B | 12.23B | 12.29B | 12.88B | 12.64B | 12.16B | 11.54B | 12.42B | 13.14B | 12.26B | 10.55B | 9.19B | 9.26B | 9.49B | 10.95B | 12.03B | 5.68B | 5.41B | 4.51B | 2.28B |
| Interest Expense | 14.47B | 14.32B | 15.38B | 12.61B | 3.22B | 993M | 2.02B | 4.44B | 3.25B | 1.97B | 1.47B | 1.23B | 1.45B | 1.68B | 2.14B | 2.52B | 2.58B | 3.02B | 4.69B | 6.45B | 5.52B | 3.5B | 2.08B | 2.07B | 2.68B | 4.6B | 6.02B | 2.42B | 2.35B | 2.15B | 1.02B |
| Loan Loss Provision | 1.65B | 1.61B | 2.24B | 2.27B | 1.98B | -1.17B | 3.81B | 1.5B | 1.38B | 1.39B | 1.32B | 1.13B | 1.23B | 1.34B | 1.88B | 2.34B | 4.36B | 5.56B | 3.1B | 792M | 544M | 666M | 669M | 1.25B | 1.35B | 2.53B | 828M | 531M | 379M | 204.1M | 97.3M |
| Non-Interest Income | 12.05B | 11.89B | 11.05B | 10.62B | 9.46B | 10.23B | 10.4B | 9.83B | 9.6B | 9.32B | 9.29B | 8.82B | 9.16B | 8.77B | 9.32B | 8.76B | 8.36B | 7.95B | 6.81B | 7.3B | 6.95B | 6.04B | 5.52B | 5.31B | 5.21B | 4.67B | 4.93B | 2.76B | 2.26B | 1.1B | 621.4M |
| Non-Interest Income % | 41.74% | 41.66% | 40.41% | 37.9% | 39.1% | 45.01% | 44.78% | 42.96% | 42.64% | 42.94% | 44.33% | 44.16% | 45.96% | 45.28% | 46.45% | 46.39% | 46.6% | 48.28% | 46.83% | 52.17% | 50.77% | 46.15% | 43.7% | 42.5% | 43.33% | 42.37% | 45.06% | 45.83% | 42.44% | 31.72% | 33.16% |
| Total Net Revenue | 28.87B | 28.54B | 27.34B | 28.01B | 24.18B | 22.72B | 23.23B | 22.88B | 22.52B | 21.7B | 20.96B | 19.97B | 19.94B | 19.38B | 20.06B | 18.88B | 17.94B | 16.47B | 14.54B | 13.98B | 13.69B | 13.1B | 12.63B | 12.5B | 12.03B | 11.02B | 10.93B | 6.02B | 5.32B | 3.47B | 1.87B |
| Revenue Growth % | 4.69% | 4.41% | -2.42% | 15.83% | 6.44% | -2.17% | 1.5% | 1.61% | 3.8% | 3.54% | 4.94% | 0.15% | 2.9% | -3.42% | 6.25% | 5.26% | 8.92% | 13.25% | 3.99% | 2.13% | 4.53% | 3.72% | 1.02% | 3.97% | 9.12% | 0.8% | 81.63% | 13.21% | 53.32% | 85.09% | 262.91% |
| Non-Interest Expense | 17.18B | 17.41B | 17.19B | 18.87B | 14.91B | 13.73B | 13.37B | 12.79B | 12.46B | 12.79B | 11.53B | 10.81B | 10.71B | 10.27B | 10.46B | 9.91B | 9.38B | 8.28B | 7.35B | 6.91B | 6.29B | 5.86B | 5.79B | 5.6B | 5.74B | 6.15B | 5.72B | 3.13B | 2.84B | 2.1B | 1.15B |
| Efficiency Ratio | 59.49% | 61.02% | 62.88% | 67.37% | 61.64% | 60.42% | 57.56% | 55.87% | 55.34% | 58.95% | 55.01% | 54.12% | 53.74% | 53.02% | 52.11% | 52.49% | 52.31% | 50.28% | 50.53% | 49.39% | 45.91% | 44.76% | 45.8% | 44.77% | 47.74% | 55.8% | 52.29% | 51.95% | 53.49% | 60.69% | 61.5% |
| Operating Income | 10.05B | 9.52B | 7.91B | 6.87B | 7.3B | 10.17B | 6.05B | 8.59B | 8.68B | 7.52B | 8.11B | 8.03B | 8B | 7.76B | 7.73B | 6.63B | 4.2B | 2.63B | 4.1B | 6.29B | 6.86B | 6.57B | 6.18B | 5.65B | 4.94B | 2.34B | 4.39B | 2.36B | 2.09B | 1.16B | 624.1M |
| Operating Margin % | 34.8% | 33.35% | 28.93% | 24.51% | 30.19% | 44.74% | 26.05% | 37.56% | 38.53% | 34.65% | 38.68% | 40.21% | 40.1% | 40.07% | 38.51% | 35.11% | 23.41% | 15.98% | 28.19% | 44.95% | 50.12% | 50.16% | 48.9% | 45.2% | 41.04% | 21.25% | 40.13% | 39.23% | 39.38% | 33.42% | 33.31% |
| Operating Income Growth % | - | 20.33% | 15.21% | -5.97% | -28.18% | 68.01% | -29.59% | -0.97% | 15.45% | -7.25% | 0.93% | 0.44% | 2.98% | 0.49% | 16.55% | 57.83% | 59.57% | -35.79% | -34.79% | -8.41% | 4.44% | 6.4% | 9.28% | 14.51% | 110.71% | -46.62% | 85.81% | 12.78% | 80.65% | 85.72% | 204.44% |
| Pretax Income | 9.78B | 9.52B | 7.91B | 6.87B | 7.3B | 10.17B | 6.05B | 8.59B | 8.68B | 7.52B | 8.11B | 8.03B | 8B | 7.76B | 7.73B | 6.63B | 4.2B | 2.63B | 4.1B | 6.29B | 6.86B | 6.57B | 6.18B | 5.65B | 4.94B | 2.34B | 4.39B | 2.36B | 2.09B | 1.16B | 624.1M |
| Pretax Margin % | 33.86% | 33.35% | 28.93% | 24.51% | 30.19% | 44.74% | 26.05% | 37.56% | 38.53% | 34.65% | 38.68% | 40.21% | 40.1% | 40.07% | 38.51% | 35.11% | 23.41% | 15.98% | 28.19% | 44.95% | 50.12% | 50.16% | 48.9% | 45.2% | 41.04% | 21.25% | 40.13% | 39.23% | 39.38% | 33.42% | 33.31% |
| Income Tax | 1.95B | 1.92B | 1.58B | 1.41B | 1.46B | 2.18B | 1.07B | 1.65B | 1.55B | 1.26B | 2.16B | 2.1B | 2.09B | 2.03B | 2.24B | 1.84B | 935M | 395M | 1.09B | 1.88B | 2.11B | 2.08B | 2.01B | 1.94B | 1.71B | 818.3M | 1.51B | 855M | 766.5M | 398.4M | 208.7M |
| Effective Tax Rate % | 19.91% | 20.18% | 19.98% | 20.5% | 20.04% | 21.45% | 17.62% | 19.18% | 17.91% | 16.82% | 26.66% | 26.11% | 26.1% | 26.17% | 28.94% | 27.77% | 22.26% | 15.01% | 26.52% | 29.96% | 30.77% | 31.68% | 32.53% | 34.35% | 34.6% | 34.94% | 34.46% | 36.21% | 36.61% | 34.37% | 33.44% |
| Net Income | 7.81B | 7.58B | 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 | 2.21B | 2.95B | 4.32B | 4.75B | 4.49B | 4.17B | 3.73B | 3.17B | 1.48B | 2.88B | 1.51B | 1.33B | 760.7M | 415.4M |
| Net Margin % | 27.06% | 26.55% | 23.04% | 19.38% | 24.09% | 35.05% | 21.35% | 30.21% | 31.51% | 28.66% | 28.1% | 29.44% | 29.34% | 30.12% | 28.14% | 25.8% | 18.49% | 13.39% | 20.26% | 30.92% | 34.7% | 34.27% | 32.99% | 29.86% | 26.35% | 13.42% | 26.3% | 25.03% | 24.96% | 21.93% | 22.17% |
| Net Income Growth % | 16.79% | 20.27% | 16.03% | -6.8% | -26.85% | 60.58% | -28.28% | -2.56% | 14.12% | 5.6% | 0.15% | 0.48% | 0.26% | 3.35% | 15.91% | 46.88% | 50.43% | -25.15% | -31.87% | -8.99% | 5.84% | 7.73% | 11.64% | 17.82% | 114.23% | -48.57% | 90.88% | 13.49% | 74.5% | 83.12% | 204.1% |
| Net Income (Continuing) | 7.83B | 7.6B | 6.33B | 5.46B | 5.84B | 7.99B | 4.99B | 6.95B | 7.12B | 6.25B | 5.94B | 5.93B | 5.91B | 5.73B | 5.49B | 4.79B | 3.27B | 2.24B | 3.01B | 4.4B | 4.75B | 4.49B | 4.17B | 3.71B | 3.23B | 1.52B | 2.88B | 1.51B | 1.33B | 760.7M | 415.4M |
| EPS (Diluted) | 5.02 | 4.61 | 3.79 | 3.27 | 3.69 | 5.10 | 3.06 | 4.16 | 4.14 | 3.51 | 3.24 | 3.16 | 3.08 | 3.00 | 2.84 | 2.46 | 1.73 | 0.97 | 1.61 | 2.42 | 2.61 | 2.42 | 2.18 | 1.93 | 1.65 | 0.88 | 1.50 | 2.06 | 2.02 | 1.11 | 1.25 |
| EPS Growth % | 17.82% | 21.64% | 15.9% | -11.38% | -27.65% | 66.67% | -26.44% | 0.48% | 17.95% | 8.33% | 2.53% | 2.6% | 2.67% | 5.63% | 15.45% | 42.2% | 78.35% | -39.75% | -33.47% | -7.28% | 7.85% | 11.01% | 12.95% | 16.97% | 87.5% | -41.33% | -27.18% | 1.98% | 81.98% | -11.2% | 204.88% |
| EPS (Basic) | - | 4.62 | 3.79 | 3.27 | 3.69 | 5.11 | 3.06 | 4.16 | 4.15 | 3.53 | 3.25 | 3.18 | 3.10 | 3.02 | 2.85 | 2.47 | 1.74 | 0.97 | 1.62 | 2.45 | 2.64 | 2.45 | 2.21 | 1.94 | 1.65 | 0.89 | 1.51 | 2.07 | 2.04 | 1.13 | 1.25 |
| Diluted Shares Outstanding | 1.55B | 1.56B | 1.56B | 1.54B | 1.49B | 1.49B | 1.51B | 1.58B | 1.64B | 1.68B | 1.72B | 1.77B | 1.81B | 1.85B | 1.9B | 1.92B | 1.92B | 1.86B | 1.76B | 1.76B | 1.8B | 1.86B | 1.91B | 1.94B | 1.92B | 1.94B | 1.92B | 2.19B | 1.97B | 684.87M | 996.53M |
Quick answers to the most common questions about buying USB stock.
For fiscal year 2025, U.S. Bancorp (USB) reported total revenue of $28.54B. This represents a 1423.2% increase compared to $1.87B in 1996.
U.S. Bancorp (USB) is profitable, generating $7.58B in net income for the fiscal year ending 2025 with a net profit margin of 17.7%.
U.S. Bancorp (USB) reported an operating income of $9.52B, resulting in an operating profit margin of 22.2%. This margin reflects the operational efficiency of the business before interest and taxes.
U.S. Bancorp (USB) generated $26.93B in gross profit for the year, representing a gross profit margin of 62.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory capital requirement shifts
Metrics are mathematically derived from official filings.
Net Interest Income Growth Recovery
As reported in recent financial statements, U.S. Bancorp's net interest income has demonstrated a consistent recovery, reaching $4.3 billion in 2026Q1, which represents a 4.2% growth rate compared to the significant contraction of 14.0% observed during the early stages of the 2024 fiscal year.
The transition from negative growth in early 2024 to positive expansion suggests that the bank has successfully navigated the initial headwinds of rising funding costs. Investors should monitor whether this trajectory can be sustained as deposit betas potentially normalize or if competitive pressures on deposit pricing continue to compress the net interest spread.
Operational Efficiency Gains Post-Integration
Based on the provided quarterly data, U.S. Bancorp achieved an efficiency ratio of 36.9% in 2026Q1, marking a notable improvement from the 50.3% peak observed in 2023Q4, suggesting that the bank is successfully realizing cost synergies following the integration of its recent large-scale acquisition.
The downward trend in the efficiency ratio indicates that management is effectively managing its fixed-cost base despite the complexities of its diversified business model. This improvement appears to be a critical driver of the recent expansion in net income, though analysts should watch for any reversal if technology spending requirements accelerate.
Provisioning Normalization Amid Credit Cycles
According to the company's income statement filings, provision expense for loan losses has stabilized around the $576 million level in 2026Q1, reflecting a return to more normalized credit provisioning after the anomalous zero-provision quarter recorded by the firm at the end of the 2025 fiscal year.
The volatility in provision expense warrants further investigation into the bank's internal credit quality assessments and the impact of the CECL accounting methodology. The current level of provisioning suggests that management is adopting a prudent stance as consumer delinquency rates show signs of normalization across the broader industry.
Diversified Fee Income Resilience
Financial data indicates that non-interest income remains a substantial component of the revenue mix, contributing $3.0 billion in 2026Q1, which underscores the bank's structural reliance on fee-based services like payment processing and corporate trust to offset interest rate sensitivity in the core lending business.
The stability of the fee percentage, hovering near 27-28% of total revenue, suggests that the bank's hybrid model provides a meaningful buffer against interest rate volatility. This composition appears to be a key differentiator from traditional regional lenders, potentially justifying a valuation premium if the payment services segment maintains its growth momentum.