Performance & Financials
2025 Financial Highlights
$28.7B
In record net revenue
$4.62
Earnings per share
a 16%1 increase year-over-year (as adjusted)
6.7%
In fee revenue growth year-over-year
18.1%
Return on tangible common equity2
1.12%
Return on average assets
$3.7B
In total capital return
370 bps
Year-over-year adjusted positive operating leverage1
58.6%
Efficiency ratio2
10.8%
Common Equity Tier 1 capital ratio
up 20 bps throughout 2025
Financial Summary
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Selected Income Statement Data | |||
| Total net revenue(a), (c) | 28,656 | 27,455 | 28,144 |
| Noninterest expense | 16,837 | 17,188 | 18,873 |
| Income before provision and income taxes | 11,819 | 10,267 | 9,271 |
| Provision for credit losses | 2,186 | 2,238 | 2,275 |
| Net income attributable to U.S. Bancorp | $ 7,570 | $ 6,299 | $ 5,429 |
| Per Common Share | |||
| Diluted earnings per share | 4.62 | 3.79 | 3.27 |
| Dividends declared per share | 2.04 | 1.98 | 1.93 |
| Book value per share(b) | 37.55 | 33.19 | 31.13 |
| Tangible book value per share(a) | 29.12 | 24.63 | 22.30 |
| Market value per share | 53.36 | 47.83 | 43.28 |
| Average diluted common shares outstanding | 1,558 | 1,561 | 1,543 |
| Selected Ratios | |||
| Return on average assets | 1.12% | 0.95% | 0.82% |
| Return on average common equity | 13.0% | 11.7% | 10.8% |
| Return on tangible common equity(a) | 18.1% | 17.2% | 16.9% |
| Net interest margin (taxable-equivalent basis)(c) | 2.72% | 2.70% | 2.90% |
| Efficiency ratio(a) | 58.6% | 62.3% | 66.7% |
| Common equity tier 1 capital | 10.8% | 10.6% | 9.9% |
| Average Balances | |||
| Loans | $ 380,260 | $ 373,875 | $ 381,275 |
| Investment securities(d) | 172,376 | 166,634 | 162,757 |
| Earning assets | 615,360 | 606,641 | 605,199 |
| Assets | 676,540 | 664,014 | 663,440 |
| Deposits | 509,118 | 509,515 | 505,663 |
| Period End Balances | |||
| Loans | $ 391,335 | $ 379,832 | $ 373,835 |
| Allowance for credit losses | 7,947 | 7,925 | 7,839 |
| Investment securities | 167,008 | 164,626 | 153,751 |
| Assets | 692,345 | 678,318 | 663,491 |
| Deposits | 522,216 | 518,309 | 512,312 |
| Total U.S. Bancorp shareholders' equity | 65,193 | 58,578 | 55,306 |
(a) See Non-GAAP Financial Measures beginning on page 54 of the Annual Report for reconciliation.
(b) Calculated as U.S. Bancorp common shareholders' equity divided by common shares outstanding at end of the period.
(c) Based on a federal income tax rate of 21% for those assets and liabilities whose income or expense is not included for federal income tax purposes.
(d) Excludes unrealized gains and losses on available-for-sale investment securities.