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Minneapolis super-regional bank offering consumer/commercial banking, payments (Elavon) and wealth management across the US.
Minneapolis super-regional bank offering consumer/commercial banking, payments (Elavon) and wealth management across the US.
Earns from the spread between deposits and loans and, unusually for a bank of its kind, a large share from fees on payments: card processing, merchant acquiring through Elavon and corporate payments. Buying MUFG Union Bank's regional franchise in 2022 extended its reach on the West Coast.
Moat: narrow (scale, distribution). Large multi-state deposit franchise plus a sizeable merchant-payments business.
Headquarters: Minneapolis, Minnesota, USA · Founded: 1863 · Employees: 68,520
Size U.S. Bancorp (USB) is a United States Financials company (Major Banks) with a market value of $92.6B, the 138th largest of 3,117 United States companies the cockpit tracks. Shares closed at $59.45 on 6 Nov 2026.
Performance Over six months the shares gained 8.0%, against +6.6% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 1.1% over the last twelve months (peer median +0.6%); the operating margin is 35.8% (peer median 37.2%).
Valuation It trades at 1.55× book value against a peer median of 1.67× (9th cheapest of 21).
Price implies The share price implies a return on equity of about 13.9%; U.S. Bancorp delivers 12.8%, so the price asks more than the business earns today.
Credit U.S. Bancorp has 33 bonds outstanding ($38.6B), rated A by the agencies and trading like A- at a weighted spread of 57 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $43.6B | $42.2B | $42.4B | $40.0B | $27.4B |
| Revenue growth | — | 0% | +6% | +46% | — |
| Net income | $8.33B | $7.52B | $6.26B | $5.40B | $5.80B |
| Free cash flow | n/a | $7.97B | $11.3B | $8.45B | $21.1B |
| Capital expenditure | n/a | $0 | $0 | $0 | $0 |
| Total debt | $73.0B | $79.3B | $73.5B | $68.2B | $72.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| U.S. Bancorp USB | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% |
| PNC Financial Services PNC | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% |
| Truist Financial TFC | $59.2B | +1% | -5% | 8% | 1.06× | 9.6% |
| Fifth Third Bancorp FITB | $47.9B | +8% | +15% | 9% | 1.55× | 13.6% |
| M&T Bank MTB | $31.4B | +3% | 0% | 11% | 1.24× | 9.3% |
| Wells Fargo WFC | $252B | +11% | +6% | 13% | 1.59× | 13.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | USB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | +1.9% | 7th highest of 21 |
| 6-month return | +8.0% | +6.6% | 9th highest of 21 |
| Return on equity | 12.8% | 12.2% | 10th highest of 21 |
| Price / book | 1.55× | 1.67× | 9th cheapest of 21 |
| Trailing P/E | 11.6× | 12.2× | 8th cheapest of 20 |
| ROE the price implies | 13.9% | 14.7% | 10th least demanding of 21 |
| ROE delivered | 12.8% | 12.5% | 10th highest of 20 |
| Bond spread | 57 bp | 75 bp | 3rd tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| Bank of Communications 601328.SS | China | $106B | +22% | -5% | 8% | 0.62× | 2.4% | n/a |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| China CITIC Bank 0998.HK | Hong Kong | $73.0B | 0% | -1% | 9% | 0.45× | 4.5% | 8.6% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
U.S. Bancorp has 33 bonds outstanding with $38.6B face value. The agencies rate it A; its bonds trade like A-. Weighted yield 5.07%, a spread of 57 bp over government bonds.