U.S. BancorpUSB
NYSE•Financial Services•Banks - Regional
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.
U.S. Bancorp (USB) reported trailing twelve months revenue of $28.46B as of March 2026, a 4.0% increase year-over-year. Quarterly revenue reached $7.26B, reflecting continued top-line momentum.
U.S. Bancorp generated $7.47B in TTM net income, with quarterly EBITDA of $2.42B. The operating margin expanded from 30.3% to 33.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (33.3%) and net margin (26.8%) indicates moderate non-operating costs. Net margin has improved from 25.1% a year ago, signaling stronger bottom-line efficiency.
USB trades at a P/E of 10.6x (below the broader market average) and a P/S of 2.8x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company generated $1.34B in free cash flow over the trailing twelve months, a 37.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $701.00B in total assets with $61.36B in long-term debt against $65.79B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~30.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~11.0% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~33.0% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation