At a glance
U.S. Bancorp is worth $94.25B, about 13 times its fiscal 2025 earnings. Revenue grew 4.4% to $28.66B in fiscal 2025, with 26.4% kept as profit; over 5 years it has grown 4.3% a year. It pays a 3.47% dividend yield, raised every year for at least 9 years, and returned $16.93B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +34.5% over the past year with dividends reinvested and +4.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.2% in the 2020 crash (S&P 500: 33.7%) and 36.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 38 months after the lows.
The business in plain English
U.S. Bancorp is a bank holding company (a company that owns a bank) based in Minneapolis. Its bank, U.S. Bank National Association, takes deposits and lends to individuals, businesses, governments and other institutions. As of December 31, 2025, it held $522.2 billion in deposits and ran 2,075 branches in 26 states, mainly in the Midwest and West, plus 4,428 ATMs. Its foreign operations, in Canada and Europe, are small.
It makes money in two main ways. Net interest income, the gap between what it earns on loans and investments and what it pays on deposits and borrowings, was $16.6 billion in 2025. Noninterest income, which includes fees from cards, merchant processing (handling card payments for stores), mortgages, and trust and investment services, was $11.9 billion. It is one of the largest US providers of corporate and purchasing cards and corporate trust services.
Three segments produce nearly all revenue. In 2025, Wealth, Corporate, Commercial and Institutional Banking, which serves wealthy clients, companies, commercial real estate and governments, brought in 42.2%. Consumer and Business Banking, covering branches, small businesses and consumer loans, brought in 31%. Payment Services, covering credit, debit and corporate cards and merchant processing, brought in 25.8%. In January 2026, the company agreed to acquire BTIG, a trading and investment banking firm, for up to $1 billion.
Price history
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USB +34.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Wealth, Corporate, Commercial and Institutional Banking | $12.08B | 42.2% |
| Consumer and Business Banking | $8.87B | 31% |
| Payment Services | $7.41B | 25.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.71B, up 10.1% from a year earlier, and net income was $2.18B (+19.9%).
- For fiscal 2025, revenue was $28.66B (+4.4% year over year; +4.3% a year from FY2020 to FY2025) with a 26.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.3% watch |
|---|---|
| Return on equity | 11.6% watch |
| Net income / revenue | 26.4% good |
| Deposits | $532.07B |
| Loans | $402.65B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $23.23B | $4.96B | — |
| FY2021 | $22.72B | $7.96B | — |
| FY2022 | $24.30B | $5.83B | — |
| FY2023 | $28.14B | $5.43B | — |
| FY2024 | $27.45B | $6.30B | — |
| FY2025 | $28.66B | $7.57B | — |
Valuation snapshot
| Market value | $94.25B |
|---|---|
| P/E ratio | 13.1 |
| Dividend yield | 3.47% |
Rank among 1514 US companies
Market value at each year end
U.S. Bancorp’s market value went from $87.31B at the end of 2016 to $94.25B on Nov 2, 2026, up 8%; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $94.25B | +13.6% |
| 2025 | $82.94B | +11.2% |
| 2024 | $74.62B | +10.7% |
| 2023 | $67.39B | +4.0% |
| 2022 | $64.80B | -22.2% |
| 2021 | $83.29B | +18.7% |
| 2020 | $70.18B | -24.2% |
| 2019 | $92.60B | +25.4% |
| 2018 | $73.86B | -16.9% |
| 2017 | $88.92B | +1.8% |
| 2016 | $87.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| USB price data to Nov 2, 2026 | +16.6% | +34.5% | +26.0% | +4.3% | +7.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.6% |
| 2025 | +16.5% |
| 2024 | +15.6% |
| 2023 | +4.7% |
| 2022 | -19.1% |
| 2021 | +24.3% |
| 2020 | -17.9% |
| 2019 | +33.6% |
| 2018 | -12.4% |
| 2017 | +6.6% |
| 2016 | +23.4% |
| 2015 | -2.8% |
| 2014 | +13.8% |
| 2013 | +29.6% |
| 2012 | +21.0% |
| 2011 | +2.4% |
| 2010 | +20.8% |
| 2009 | -9.1% |
| 2008 | -16.5% |
| 2007 | -7.9% |
| 2006 | +26.3% |
| 2005 | -0.5% |
| 2004 | +10.5% |
| 2003 | +45.4% |
| 2002 | +5.2% |
| 2001 | -6.8% |
| 2000 | +16.9% |
| 1999 | -28.8% |
| 1998 | +70.7% |
| 1997 | +99.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.3% over that stretch · deepest drop along the way 76.1%, back to its old high 43 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.2% over that stretch · deepest drop along the way 47.2%, back to its old high 11.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.6% over that stretch · deepest drop along the way 36.8%, back to its old high 38 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($9.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 20, 2026 | Stephen L Philipson Vice Chair | sell | $2.3M |
| Apr 21, 2026 | Jodi L Richard Vice Chair | sell | $2.3M |
| May 5, 2026 | Venkatachari Dilip SEVP & Chief Info & Tech Off | sell | $1.9M |
| Aug 28, 2026 | Gunjan Kedia President & CEO, Director | sell | $1.7M |
| Jul 23, 2026 | James L Chosy Senior EVP and General Counsel | sell | $1.5M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
ETFs with the most weight in USB
| IAT iShares U.S. Regional Banks ETF | 13.28% |
| FTXO First Trust Nasdaq Bank ETF | 7.85% |
| DUSA Davis Select U.S. Equity ETF | 5.92% |
| DFNL Davis Select Financial ETF | 4.99% |
| KBWB Invesco KBW Bank ETF | 4% |
| AIVL WisdomTree U.S. AI Enhanced Value Fund | 3.22% |
| BAMD Brookstone Dividend Stock ETF | 3% |
| SIXA ETC 6 Meridian Mega Cap Equity ETF | 2.61% |
What could go wrong
- BTIG deal may not close or pay off. In January 2026, the company agreed to acquire BTIG, an institutional trading and investment banking firm, for up to $1 billion. The deal may not close, and its benefits may come late or never.
- Credit card rules could squeeze Payment Services. Payment Services, which includes credit cards and merchant processing, brought in 25.8% of 2025 revenue. The company lists possible caps on credit card interest rates among regulatory changes that could hurt results.
- Rate swings and deposit competition can cut income. Net interest income, the gap between what loans earn and what deposits cost, was $16.6 billion in 2025. If savers move cash to higher-paying investments, the bank may have to pay more to keep deposits.
- Loan losses could rise in a downturn. Loans totaled $402.7 billion as of June 30, 2026. Rising unemployment or falling commercial real estate occupancy could force it to set aside more than the $2.2 billion reserved for bad loans in 2025.
- Mortgage repurchases and loan servicing mistakes. The bank may have to repurchase home loans it sold if they break promises in the sale contract. Mistakes in collecting payments for other loan owners could also cost it money.
- Capital rules could limit dividends and buybacks. Regulators require a cushion of capital and ready cash. Tougher rules could limit how much the company returns to shareholders, and the parent depends on dividends from its bank, which laws restrict.
Recent events
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Executive or board change
For income and retirement investors
U.S. Bancorp has raised its dividend for at least nine years in a row through 2025, and the true streak may be longer. Dividends per share rose from $1.68 in 2020 to $2.04 in 2025, about 4% a year. The 2025 dividend used 41.8% of earnings. (Free cash flow isn't a useful measure for banks.) The yield was 3.52% as of October 28, 2026. Buybacks have been modest: $2.3 billion from 2021 to 2025, versus $14.6 billion in dividends, and the share count rose 5.1% from October 2021 to July 2026.
The share price has fallen hard in past downturns. It dropped 76.1% from September 2008 to March 2009 and took about 43 months to recover. It fell 47.2% in the 2020 COVID crash, recovering in about 11 months, and 36.8% in the 2022 bear market, taking about 38 months to come back. Single stocks carry more risk than diversified funds, so one bank's troubles can hit a concentrated portfolio hard.
Questions investors ask
How does U.S. Bancorp make money?
Mostly by lending and by charging fees. In 2025, net interest income, the gap between what it earns on loans and investments and what it pays on deposits and borrowings, was $16.6 billion. Noninterest income, which includes fees from credit and corporate cards, merchant payment processing, trust and wealth services and mortgages, was $11.9 billion. By segment, Wealth, Corporate, Commercial and Institutional Banking brought in 42.2% of revenue, Consumer and Business Banking 31% and Payment Services 25.8%.
Does U.S. Bancorp raise its dividend every year?
Yes, so far. U.S. Bancorp has raised its dividend for at least nine years in a row through 2025, and the true streak may be longer. Dividends per share grew from $1.68 in 2020 to $2.04 in 2025, about 4% a year. The 2025 dividend used 41.8% of earnings, and the yield was 3.52% as of October 28, 2026. The company warns that capital rules could limit how much it returns to shareholders. Past increases don't guarantee future ones.
How far did U.S. Bancorp stock fall in the 2008 financial crisis?
It fell 76.1% from its September 2008 high to its March 2009 low, and the shares took about 43 months to get back to that level, in October 2012. Later drops were smaller but still steep: 47.2% in the 2020 COVID crash, with a recovery in about 11 months, and 36.8% in the 2022 bear market, which took about 38 months to recover. Bank stocks can fall sharply when loan losses and funding worries rise.
What is U.S. Bancorp's deal to acquire BTIG?
It is a January 2026 agreement to acquire BTIG, a global firm specializing in institutional trading, investment banking, research and brokerage. The price is up to $1 billion: a targeted $725 million at closing, split between $362.5 million in cash and about 6.6 million new U.S. Bancorp shares, plus up to $275 million more in cash over three years if BTIG hits performance targets. The company's 10-K, filed in February 2026, said closing was expected in the second quarter of 2026, subject to regulatory approval.
What is U.S. Bancorp's P/E ratio?
It was 12.9 as of October 28, 2026, based on 2025 earnings of $4.62 per share. The P/E, or price-to-earnings ratio, shows how many dollars investors pay for each dollar of yearly profit. Net income rose 20.2% in 2025 to $7.57 billion, and return on equity, profit as a share of shareholders' money, was 11.6%. In the quarter ended June 30, 2026, net income rose 19.9% from a year earlier. The ratio is worth comparing with other large US banks.