Want to see USB full AI Analyst Report?
Top Page
US Bancorp
(NYSE:USB)
Select Model
Select Model
Rating:70Outperform
Price Target:
$62.00
â–¼(-0.66% Downside)
Action:Reiterated
Date:10/15/26
USB scores well overall due to improving profitability and stronger cash generation, plus supportive valuation (low P/E and a ~3.7% dividend) and a strongly positive earnings call with raised growth/operating-leverage guidance. The main offset is weak technical momentum (below key moving averages with negative MACD) and balance-sheet risk from rising leverage.
Positive Factors
Diversified fee revenue
Fees contributed 44% of quarterly revenue and increased 14.9% year over year, demonstrating meaningful diversification beyond lending income. A broad fee base can support recurring client relationships, reduce dependence on net interest income, and create several durable avenues for revenue growth.
Negative Factors
Rising leverage
Debt-to-equity increased to about 1.42 from 1.20 in 2025, while total debt reached $96.0 billion. Higher leverage increases balance-sheet sensitivity and can constrain flexibility to absorb credit or interest-rate stress while continuing to fund loan growth, investments, and distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee revenue
Fees contributed 44% of quarterly revenue and increased 14.9% year over year, demonstrating meaningful diversification beyond lending income. A broad fee base can support recurring client relationships, reduce dependence on net interest income, and create several durable avenues for revenue growth.
Read all positive factors
US Bancorp Key Performance Indicators (KPIs)
Any
Income Before Taxes by Segment
Reports each segment’s profitability before taxes, revealing which businesses actually contribute to the company’s earnings after costs. Consistently strong pre‑tax income points to efficient, scalable operations; weak or shrinking segments may signal poor returns, heavy investment, or rising credit costs that could drag overall performance.
Reports each segment’s profitability before taxes, revealing which businesses actually contribute to the company’s earnings after costs. Consistently strong pre‑tax income points to efficient, scalable operations; weak or shrinking segments may signal poor returns, heavy investment, or rising credit costs that could drag overall performance.
Data provided by:
The Fly
The FlyUS Bancorp (USB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$91.50B
Dividend Yield3.58%
Average Volume (3M)8.24M
Price to Earnings (P/E)11.4
Beta (1Y)1.05
Revenue Growth1.06%
EPS Growth17.72%
CountryUS
Employees68,520
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)5.01
Shares Outstanding1,558,051,400
10 Day Avg. Volume8,950,162
30 Day Avg. Volume8,235,021
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 Cap1.32
Enterprise Value/Revenue2.76
Enterprise Value/Gross Profit4.33
Enterprise Value/Ebitda10.93
Forecast
1Y Price Target
$68.50Price Target Upside9.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)5.28
Revenue Forecast (FY)$31.06B
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 through a mix of net interest income and noninterest income. Net interest income is generated by taking in customer deposits and other funding sources and deploying those funds into interest-earning assets—most...
US Bancorp Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 19, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported record revenue, double-digit EPS growth, broad-based fee growth, expanding net interest margin, healthy credit metrics, improved operating-leverage guidance, and constructive loan and deposit trends. The principal challenges were the reserve build, higher expenses tied partly to investments and BTIG, the decline in AOCI-adjusted CET1, a temporary pause in share repurchases, muted mortgage and commercial real estate activity, and regulatory and interest-rate uncertainty. Highlights significantly outweighed the lowlights.Positive Updates
Record Revenue and EPS Growth
Third-quarter net revenue reached a record approximately $8 billion, up 8.7% year over year, while diluted earnings per share was $1.34, up approximately 10% from a year ago. Excluding the reserve build, EPS growth was 16%.
Negative Updates
Reserve Build Reduced Quarterly EPS
The quarter included an approximately $0.07 impact from a reserve build, reducing reported EPS growth to approximately 10% from the 16% growth rate excluding the reserve build.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Revenue and EPS Growth
Third-quarter net revenue reached a record approximately $8 billion, up 8.7% year over year, while diluted earnings per share was $1.34, up approximately 10% from a year ago. Excluding the reserve build, EPS growth was 16%.
Read all positive updates
Company Guidance
For the fourth quarter, U.S. Bancorp expects net interest income growth of 6% to 7% on a fully taxable equivalent basis, total fee revenue growth in the range of 13% to 14%, with roughly half of the growth coming from BTIG, and noninterest expense growth of approximately 8%, or closer to 4% excluding BTIG; net interest margin is expected to increase by a similar amount, with about $10 billion or so per quarter of fixed rate assets repricing at about a 125-basis point improvement or so, and deposit betas assumed at about a 50% or so level to start out with. For full year 2026, the company expects total net revenue growth of 8% to 9%, or 6% to 7% excluding BTIG, and approximately 300 basis points positive operating leverage, or approximately 400 basis points excluding the impact from BTIG, compared with prior guidance of 200 and 300 basis points respectively; it expects the capital markets business to grow from 8% to 10% or more of total company revenue over the next 3 to 5 years, corporate payments to deliver continued growth, treasury management growth in that mid single digit area, BTIG fee revenue of about $200 million in the next quarter, other revenue in the $120 million to $150 million range, and merchant growth in that 0% area for the next couple of quarters. The company expects capital ratios to build from here, positioning it to resume share repurchases over the next quarter or 2, with a 70% to 75% payout, expects a path to a 3% NIM at some point in 2027, plans branch investment of $300 million going forward, and expects residential mortgage to be in the mid twenties at some point over time.US Bancorp Financial Statement Overview
Summary
Income Statement
77
Positive
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.74B | 42.86B | 42.71B | 40.62B | 27.40B | 23.71B |
| Gross Profit | 27.90B | 26.93B | 25.10B | 25.74B | 22.21B | 23.89B |
| EBITDA | 11.06B | 10.39B | 8.85B | 7.88B | 7.86B | 10.66B |
| Net Income | 8.17B | 7.58B | 6.30B | 5.43B | 5.83B | 7.96B |
Balance Sheet | ||||||
| Total Assets | 725.92B | 692.35B | 678.32B | 663.49B | 674.80B | 573.28B |
| Cash, Cash Equivalents and Short-Term Investments | 66.49B | 137.73B | 142.87B | 130.56B | 125.59B | 161.31B |
| Total Debt | 96.01B | 77.93B | 73.52B | 66.76B | 71.05B | 43.92B |
| Total Liabilities | 658.02B | 626.69B | 619.28B | 607.72B | 623.57B | 517.90B |
| Stockholders Equity | 67.43B | 65.19B | 58.58B | 55.31B | 50.77B | 54.92B |
Cash Flow | ||||||
| Free Cash Flow | 12.38B | 7.97B | 11.27B | 8.45B | 21.12B | 9.87B |
| Operating Cash Flow | 12.38B | 7.97B | 11.27B | 8.45B | 21.12B | 9.87B |
| Investing Cash Flow | -28.35B | -20.54B | -24.53B | 18.93B | 7.50B | -57.49B |
| Financing Cash Flow | 24.14B | 2.25B | 8.57B | -19.72B | -3.98B | 13.94B |
US Bancorp Technical Analysis
Positive
62.41
Price Trends
60.29
Negative
60.02
Negative
56.88
Positive
Market Momentum
-0.75
Negative
46.76
Neutral
75.77
Neutral
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 62.41 is above the 20-day moving average (MA) of 57.57, above the 50-day MA of 60.29, and above the 200-day MA of 56.88, indicating a neutral trend. The MACD of -0.75 indicates Negative momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 75.77 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $91.50B | 11.45 | 12.65% | 3.58% | 1.06% | 17.72% | |
70 Outperform | $903.04B | 14.23 | 17.91% | 1.81% | 8.74% | 18.04% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $354.65B | 12.03 | 10.69% | 2.26% | -1.02% | 14.91% | |
65 Neutral | $196.51B | 10.84 | 15.48% | 2.28% | 16.84% | 33.67% | |
64 Neutral | $208.44B | 11.96 | 9.15% | 1.99% | 4.73% | 44.35% | |
64 Neutral | $251.75B | 11.62 | 12.86% | 2.21% | 5.67% | 16.80% |
* Financial Sector Average
USB
US Bancorp
58.73
13.38
29.49%
BAC
Bank of America
51.23
0.28
0.54%
C
Citigroup
124.26
27.02
27.78%
JPM
JPMorgan Chase
339.72
43.07
14.52%
WFC
Wells Fargo
83.87
-0.31
-0.37%
SAN
Banco Santander SA
13.30
3.61
37.23%
US Bancorp Corporate Events
Business Operations and StrategyFinancial Disclosures
U.S. Bancorp Posts Record Q3 Results, Expands Initiatives
Positive
Oct 15, 2026
U.S. Bancorp reported strong third-quarter 2026 results, highlighted by record net revenue of $7.97 billion, 10% year-over-year growth in net income to $2.2 billion, and diluted EPS of $1.34. Profitability and balance-sheet metrics improved, inclu...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsProduct-Related Announcements
U.S. Bancorp Posts Strong Second-Quarter 2026 Results
Positive
Jul 17, 2026
U.S. Bancorp reported strong results for the quarter ended June 30, 2026, with record net revenue of $7.712 billion, driven by 7.5% growth in net interest income and 13.2% growth in fee revenue. Net income rose 20% year over year to $2.177 billion...
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.