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US Bancorp
(NYSE:USB)
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Rating:74Outperform
Price Target:
$67.00
â–²(17.69% Upside)
Action:Reiterated
Date:06/25/26
USB scores well primarily on solid (though not best-in-class) financial performance and constructive technical momentum (price above key moving averages with positive MACD). Valuation adds support with a moderate P/E and ~3.4% yield. The latest earnings call was broadly positive with growth and operating leverage guidance, tempered by margin pressure, deposit competition, and regulatory/capital and execution/timing risks.
Positive Factors
Diversified fee income growth
U.S. Bancorp’s fee businesses are driving durable revenue diversification: double-digit growth in capital markets and high single-digit fee growth support recurring, less rate-sensitive revenue. This reduces reliance on NII, smoothing earnings through rate cycles and supporting fee-led expansion over multiple quarters.
Negative Factors
Net interest margin pressure
NIM has limited near-term upside and is sensitive to prepayment activity, tighter credit spreads and new-loan pricing. Persistent margin compression would constrain durable net revenue growth because loan repricing, deposit competition and interest-rate path uncertainty can erode core bank earnings over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee income growth
U.S. Bancorp’s fee businesses are driving durable revenue diversification: double-digit growth in capital markets and high single-digit fee growth support recurring, less rate-sensitive revenue. This reduces reliance on NII, smoothing earnings through rate cycles and supporting fee-led expansion over multiple quarters.
Read all positive factors
US Bancorp Key Performance Indicators (KPIs)
US Bancorp (USB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$93.76B
Dividend Yield3.77%
Average Volume (3M)9.21M
Price to Earnings (P/E)12.7
Beta (1Y)1.05
Revenue Growth2.43%
EPS Growth18.20%
CountryUS
Employees70,000
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)4.77
Shares Outstanding1,552,299,800
10 Day Avg. Volume10,889,162
30 Day Avg. Volume9,213,749
Financial Highlights & Ratios
PEG Ratio0.53
Price to Book (P/B)1.27
Price to Sales (P/S)1.94
P/FCF Ratio10.41
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue2.78
Enterprise Value/Gross Profit4.43
Enterprise Value/Ebitda11.45
Forecast
1Y Price Target
$62.17Price Target Upside9.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)5.1
Revenue Forecast (FY)$30.53B
US Bancorp Business Overview & Revenue Model
Company Description
U.S. Bancorp (USB) functions as a broad-based financial services holding company, delivering a comprehensive spectrum of banking and financial solutions throughout the United States. Its diverse customer base includes individual consumers, various...
How the Company Makes Money
U.S. Bancorp primarily earns revenue from a mix of net interest income and noninterest (fee) income. Net interest income is generated by taking in customer deposits and other funding, then deploying those funds into interest-earning assets—such as...
US Bancorp Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational momentum: double-digit EPS growth, mid-single-digit net revenue growth, robust fee income (notably capital markets), sustained positive operating leverage and strong credit metrics. Management highlighted strategic growth drivers (BTIG, Amazon, NFL partnerships), record consumer deposits and improving returns metrics while providing constructive guidance. Key headwinds include flat NIM this quarter, deposit-market competitiveness, near-term expense ramp for investments, regulatory/capital timing uncertainty tied to Category II/AOCI and execution/timing risks on strategic deals. Overall, the positives—revenue diversification, cost discipline, credit stability and visible growth initiatives—outweigh the manageable near-term and timing risks.Positive Updates
Earnings and Revenue Growth
Diluted EPS of $1.18, up ~15% year-over-year; total net revenue $7.3B, up 4.7% year-over-year.
Negative Updates
Net Interest Margin and Margin Headwinds
Net interest margin flat sequentially at 2.77%; NIM pressured by elevated mortgage prepayments, somewhat tighter credit spreads and some new loans at tighter spreads. NII growth modest at 4.1% YoY despite loan growth, and margin remains sensitive to interest-rate path uncertainty.
Read all updates
Q1-2026 Updates
Positive
Negative
Earnings and Revenue Growth
Diluted EPS of $1.18, up ~15% year-over-year; total net revenue $7.3B, up 4.7% year-over-year.
Read all positive updates
Company Guidance
U.S. Bancorp gave Q2 and full‑year 2026 guidance: for Q2 2026 it expects net interest income (fully taxable‑equivalent) to grow 6–7% year‑over‑year, total fee revenue to grow 6–7% y/y, and total noninterest expense to grow 3–4% y/y; for full‑year 2026 it reiterated prior guidance for total net revenue growth of 4–6% y/y and at least 200 basis points of positive operating leverage, noting the guidance excludes the pending BTIG acquisition (expected to contribute roughly $200 million of fee revenue per quarter upon an anticipated back‑half‑Q2 close) and does fully contemplate the Amazon small‑business card and NFL partnerships (Q1 results that beat prior guidance included EPS $1.18 and $7.3 billion of net revenue).US Bancorp Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.34B | 42.86B | 42.71B | 40.62B | 27.40B | 23.71B |
| Gross Profit | 27.22B | 26.93B | 25.10B | 25.74B | 22.21B | 23.89B |
| EBITDA | 10.54B | 10.29B | 8.85B | 7.88B | 7.86B | 10.66B |
| Net Income | 7.81B | 7.58B | 6.30B | 5.43B | 5.83B | 7.96B |
Balance Sheet | ||||||
| Total Assets | 701.00B | 692.35B | 678.32B | 663.49B | 674.80B | 573.28B |
| Cash, Cash Equivalents and Short-Term Investments | 217.33B | 137.73B | 142.87B | 130.56B | 125.59B | 161.31B |
| Total Debt | 79.22B | 77.93B | 73.52B | 66.76B | 71.05B | 43.92B |
| Total Liabilities | 634.75B | 626.69B | 619.28B | 607.72B | 623.57B | 517.90B |
| Stockholders Equity | 65.79B | 65.19B | 58.58B | 55.31B | 50.77B | 54.92B |
Cash Flow | ||||||
| Free Cash Flow | 9.60B | 7.97B | 11.27B | 8.45B | 21.12B | 9.87B |
| Operating Cash Flow | 9.60B | 7.97B | 11.27B | 8.45B | 21.12B | 9.87B |
| Investing Cash Flow | -23.34B | -20.54B | -24.53B | 18.93B | 7.50B | -57.49B |
| Financing Cash Flow | 11.58B | 2.25B | 8.57B | -19.72B | -3.98B | 13.94B |
US Bancorp Technical Analysis
Positive
56.93
Price Trends
56.06
Positive
55.22
Positive
52.37
Positive
Market Momentum
1.49
Negative
68.19
Neutral
86.16
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For USB, the sentiment is Positive. The current price of 56.93 is below the 20-day moving average (MA) of 57.29, above the 50-day MA of 56.06, and above the 200-day MA of 52.37, indicating a bullish trend. The MACD of 1.49 indicates Negative momentum. The RSI at 68.19 is Neutral, neither overbought nor oversold. The STOCH value of 86.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for USB.
US Bancorp Risk Analysis
US Bancorp disclosed 33 risk factors in its most recent earnings report. US Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
US Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $93.76B | 12.70 | 12.22% | 3.77% | 2.43% | 18.20% | |
73 Outperform | $34.86B | 13.39 | 10.25% | 2.76% | -0.49% | 19.72% | |
73 Outperform | $98.87B | 14.31 | 11.98% | 3.11% | 3.47% | 21.52% | |
72 Outperform | $51.09B | 18.89 | 8.86% | 3.14% | 7.12% | -5.41% | |
72 Outperform | $25.77B | 12.48 | 11.78% | 3.74% | 2.53% | 16.52% | |
71 Outperform | $62.07B | 12.20 | 8.51% | 4.12% | 26.77% | 19.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
USB
US Bancorp
60.40
15.69
35.10%
TFC
Truist Financial
49.82
7.54
17.82%
FITB
Fifth Third Bancorp
56.37
15.32
37.33%
MTB
M&T Bank
238.01
46.21
24.09%
PNC
PNC Financial
246.22
59.97
32.20%
RF
Regions Financial
30.20
6.96
29.95%
US Bancorp Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresRegulatory Filings and Compliance
US Bancorp Highlights Strong Capital and Boosted Shareholder Returns
Positive
Jun 24, 2026
On June 24, 2026, U.S. Bancorp said the Federal Reserve’s decision to hold existing stress test-related capital buffer rules means its Stress Capital Buffer will stay at 2.6% until October 1, 2027, keeping its minimum Common Equity Tier 1 re...
Executive/Board ChangesShareholder Meetings
U.S. Bancorp Shareholders Reaffirm Board, Pay and Auditor
Positive
Apr 23, 2026
At its annual meeting of shareholders held on April 21, 2026, U.S. Bancorp investors elected all twelve nominated directors to one-year terms ending at the 2027 annual meeting, reaffirming the current board composition and leadership structure. Th...
Business Operations and StrategyFinancial Disclosures
U.S. Bancorp Delivers Strong First-Quarter 2026 Earnings
Positive
Apr 16, 2026
U.S. Bancorp reported first-quarter 2026 results showing net revenue of $7.29 billion, net income of $1.95 billion and diluted EPS of $1.18, up 15% year over year, driven by 4.1% growth in net interest income and 6.9% growth in fee revenue. The ba...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
U.S. Bancorp Updates Financial Reporting and Segment Presentation
Positive
Apr 8, 2026
Effective January 1, 2026, U.S. Bancorp reclassified several revenue lines and loan portfolios in its Consolidated Statement of Income and Balance Sheet to better align reporting with how it manages its businesses, without changing previously repo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.