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U.S. Bancorp
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NYSE: USB Financials Bank 🔎 Screen
S&P 500
🏹 Trader: 🎯 Near 52W High | BRS 68 Forming View all →
$90.1B
Market Cap
12.6
P/E
0.98
PEG
—
ROCE
14.2%
ROE
1.47
D/E
—
OPM
-7.4%
% from 52W High
72
α RS
🔍 USB is showing a sector-leadership setup because Sector RRG has Financials in the Leading quadrant with the trail still strengthening, RS Rating is 72, it's within 7.4% of its 52-week high, and it has maintained a 30-day Near 52-Week High momentum persistence. Net: Broad signal stack, not a recommendation. ? RRG RS Rating 52W High Momentum Streaks
Sources
Financials in Leading quadrant · RS Rating 72 · 7.4% from 52W high · Near 52-Week High streak: 30d
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🌏 Global Investor Returns
Currency-adjusted total returns for USB including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
About

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. The company operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments. It offers depository services, including checking accounts, savings accounts, and time certificate contracts; and lending services, such as traditional credit products and credit card services, lease financing and import/export trade, agricultural finance, asset-backed lending, and other products. The company also provides cash management, capital markets, and trust and investment management services; and ancillary services comprising capital markets, treasury management, and receivable lock-box collection services to corporate and governmental entity customers. In addition, it offers asset management and fiduciary services for individuals, estates, foundations, business corporations, and charitable organizations; and investment and insurance products to its customers principally within its domestic markets, as well as fund administration services to mutual and other funds. Further, the company provides corporate and purchasing card, and corporate trust services; and credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing services. U.S. Bancorp was founded in 1863 and is headquartered in Minneapolis, Minnesota.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding USB
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 981.3K $51.0M 0.07% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$7.7B
+10.1% YoY
Net Income
$2.18B
+20% YoY
EPS
$1.35
+22% YoY
Net Interest Margin
2.79%
+13bps YoY
What Went Right
  • Record net revenue of $7.7B, up 10.1% YoY, with EPS of $1.35 up 22%.
  • Fee income accelerated to +13.2% YoY; ex-BTIG fees still grew 9.9%, while capital markets ex-BTIG rose 31%.
  • BTIG contributed $98M of revenue in its first month, its strongest monthly performance ever, and full-year net revenue guidance was raised to 7%-9%.
  • Consumer deposits hit a third consecutive quarterly record, helped by Smartly balances above $84B.
What to Watch
  • Merchant processing growth slowed due to European softness and loss of non-strategic distribution partners, with impact expected to linger roughly three quarters.
  • BTIG is being guided at a 15% contribution margin with $60M of integration costs in H2, which tempers near-term operating leverage.
  • Deposit costs ticked up 2bps in Q2 and could rise further if strong loan growth persists; NIM expansion also depends on the shape of the curve.
Management Guidance
  • Q3 2026: NII (FTE) growth of 4%-6% YoY; total fee revenue growth of 12%-14% YoY; noninterest expense growth of ~8% YoY (~3.5% ex-BTIG).
  • FY2026: total net revenue growth of 7%-9%, or 5%-7% excluding BTIG; ~200bps of positive operating leverage, over 300bps ex-BTIG.
  • Amazon Small Business Portfolio expected to close mid-August, driving ~$160M reserve build and contributing $75M-$85M per quarter once fully run-rated.
Investor Lens
The thesis is stronger after this call: record revenue, 22% EPS growth, and a raised full-year outlook validate the fee-diversification strategy. BTIG adds immediate momentum, though the 15% contribution margin and integration costs will slow operating leverage in the near term. Merchant processing softness and possible deposit-cost pressure are manageable offsets, and management continues to see NIM moving toward 3% by 2027. Overall, the call supports a higher-quality, more diversified earnings story.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record $7.7B revenue, EPS +22%; strong quarter
Revenue
Record net revenue was $7.7B, up 10.1% YoY. NII (FTE) rose 7.5% to $4.4B, while fee income grew 13.2% YoY (9.9% ex-BTIG), lifting fees to 44% of total revenue.
Profitability
Net income was $2.18B, up 20% YoY, and diluted EPS was $1.35, up 22%. ROA improved to 1.26%, ROTCE to 18.7%, and the company delivered 400bps of positive operating leverage.
Margins
NIM expanded 13bps YoY and 2bps sequentially to 2.79%. The efficiency ratio improved to 57.1% from 59.2% a year earlier, helped by expense discipline; BTIG added $84M of expenses in its first month.
Balance Sheet
Average loans rose 7.1% YoY and 3.0% QoQ to $405B; average deposits grew 2.4% YoY to $515B. CET1 was 10.8%, tangible book value per share rose 13% YoY to $30.04, and credit metrics improved with NPA ratio at 0.33% and NCO ratio at 0.53%.
Key Risks
Merchant processing growth slowed due to Europe and lost distribution partners, expected to linger for several quarters. Deposit costs ticked up 2bps, with potential pressure if loan growth remains strong. BTIG's 15% contribution margin and $60M integration costs also weigh on near-term operating leverage.
Outlook
Q3 guidance implies NII growth of 4%-6% YoY and fee revenue growth of 12%-14% YoY. Full-year net revenue growth was raised to 7%-9% with about 200bps of positive operating leverage.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-16
EPS rose 22% year-over-year to $1.35 on record $7.7B revenue, with strong fee and loan growth. BTIG and Amazon acquisitions are expected to add over $1B in run-rate revenue, supporting upgraded 2026 guidance for 7%-9% net revenue growth and continued positive operating leverage.
Q1 2026 Q1 2026 2026-04-16
Q1 2026 delivered 15% EPS growth and 4.7% revenue growth year-over-year, with strong loan and fee income, improved efficiency, and stable credit quality. Guidance calls for 4%-6% revenue growth in 2026, with positive operating leverage and contributions from new partnerships and acquisitions.
Q4 2025 Q4 2025 2026-01-20
Reported record Q4 and full-year results with strong EPS, revenue, and fee growth. 2026 guidance calls for 4%-6% revenue growth and continued positive operating leverage, supported by strategic investments, BTIG acquisition, and robust loan and deposit trends.
Q3 2025 Q3 2025 2025-10-16
Q3 delivered record net revenue, 18.4% EPS growth, and improved credit quality, with strong fee and payments momentum. Guidance calls for stable NII, positive operating leverage, and continued focus on organic growth and capital return as the bank targets a 3% NIM by 2027.
Q2 2025 Q2 2025 2025-07-17
Q2 2025 saw strong adjusted EPS growth, improved efficiency, and stable credit metrics, with fee revenue now 42% of total and C&I loans up 6.6% year-over-year. Guidance calls for continued positive operating leverage and sequential NII growth, despite a competitive deposit environment.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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