# U.S. Bancorp (USB)

> Source: Nexqual · https://nexqual.com/USB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, U.S. Bancorp (USB), nexqual.com/USB" · informational, not investment advice.

**Price:** USD 60.02 (+1.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 59.05 · day 58.65–60.03 · 52w 45.02–66.08 · market cap $93.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $29.7B, net income $8.17B (27.5% margin) (SEC filings).
- Valuation: P/E 11.4x (avg 11.7x at the last 3 fiscal year-ends).
- 6 of 80 tracked superinvestors hold USB (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 1 added, 5 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $9.7M; 5 not under a Rule 10b5-1 plan ($9.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.21 on a 1–5 scale) (24 analysts), mean target USD 68.27 (range 61–75).
- Total return with dividends: 1Y +30.3% vs S&P 500 +14.9%; 5Y +19.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-15, EPS estimate USD 1.41, revenue estimate $8.09B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $22.7B | $24.3B | $28.1B | $27.5B | $28.7B | $29.7B |
| Net income | $7.96B | $5.83B | $5.43B | $6.30B | $7.57B | $8.17B |
| EPS (diluted) | $5.10 | $3.69 | $3.27 | $3.79 | $4.62 | — |
| Net margin | 35.0% | 24.0% | 19.3% | 22.9% | 26.4% | 27.5% |
| Revenue growth | -2.2% | +7.0% | +15.8% | -2.4% | +4.4% | — |
| Cash + short-term investments | $28.9B | $53.5B | $61.2B | $56.5B | $46.9B | — |
| Total debt | $43.9B | $71.0B | $51.5B | $58.0B | $60.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.4x · P/S 3.1x · P/B 1.4x · Earnings yield 8.73% · Dividend yield (paid, TTM) 3.45% · Buyback yield (TTM) 0.75%
P/E at fiscal year-ends: Dec 2025 11.0x, Dec 2024 11.9x, Dec 2023 12.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold USB (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 5.56% | $1.30B | Reduced -3.5% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 3.17% | $38.5M | Reduced -5.0% | Q3 2026 |
| Hillman Capital | Hillman Capital Management | 1.80% | $2.5M | Reduced -21.5% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.92% | $551M | Added +1.2% | Q2 2026 |
| Tweedy Browne |  | 0.83% | $11.0M | Reduced -1.3% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.31% | $33.9M | Reduced -6.7% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Kedia Gunjan | President & CEO | 27,267 | $1.7M | 6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-23 | Chosy James L | Senior EVP and General Counsel | 22,968 | $1.5M | 8.3% | No | Too little history (no open-market trades in 2023) |
| 2026-07-20 | Philipson Stephen L | Vice Chair | 36,906 | $2.3M | 32.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Dilip Venkatachari | SEVP & Chief Info & Tech Off | 34,522 | $1.9M | 40.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Richard Jodi L | Vice Chair | 40,000 | $2.3M | 16.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.21 on a 1–5 scale), 24 analysts; mean target USD 68.27 (low 61, high 75).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citigroup | Target lowered | Buy | $72 → $70 |
| 2026-10-16 | DA Davidson | Maintained | Buy | $73 |
| 2026-10-16 | Oppenheimer | Target raised | Outperform | $72 → $73 |
| 2026-10-16 | RBC Capital | Target lowered | Outperform | $68 → $65 |
| 2026-10-16 | Evercore ISI Group | Target raised | Outperform | $65 → $67 |
| 2026-10-06 | Raymond James | Target lowered | Strong Buy | $74 → $72 |
| 2026-10-05 | UBS | Target lowered | Neutral | $66 → $64 |
| 2026-10-02 | JP Morgan | Target lowered | Neutral | $69 → $65 |
| 2026-10-01 | Evercore ISI Group | Target lowered | Outperform | $72 → $65 |
| 2026-10-01 | Truist Securities | Target lowered | Buy | $69 → $67 |
| 2026-09-28 | HSBC | Target raised | Buy | $74 → $76 |
| 2026-08-24 | RBC Capital | Reiterated | Outperform | $68 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +30.3% | +19.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +30.5% | +3.6% |
| Volatility (annualized) | 22.2% | 30.2% |
| Max drawdown | -16.2% (Feb 2026→Mar 2026) | -51.4% (Jan 2022→May 2023) |

## Peers (Banks - Regional)
PNC (PNC Financial Services Group, I) USD 225.53 +1.18% · IBN (ICICI Bank Limited) USD 29.94 +1.35% · ITUB (Itau Unibanco Banco Holding SA) USD 9.49 -2.16% · LYG (Lloyds Banking Group Plc) USD 5.38 -2.00% · NU (Nu Holdings Ltd.) USD 14.73 -2.13% · HDB (HDFC Bank Limited) USD 22.44 -1.01%

## More
Full page: https://nexqual.com/USB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Wealth, Corporate, Commercial and Institutional Banking | $3.77B | 48.9% | +17.1% |
| Consumer and Business Banking | $2.37B | 30.8% | -0.1% |
| Payment Services | $1.81B | 23.5% | +5.7% |
| Total revenue | $7.71B | 100% | — |
The lines above cover 103.2% of total revenue.

## Company outlook (8-K filed 2026-10-15)

- "The provision for credit losses increased 14.5 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance."
- "The provision for credit losses increased 21.6 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance. 2 U.S."
- "The increase on a year-over-year basis was primarily driven by the impact of recording the initial provision for credit losses of $135 million related to the purchase of a small business credit card portfolio in the third quarter of 2026, partially offset by improvement in the economic outlook and favorable credit performance."
- "The provision for credit losses decreased compared with the third quarter of 2025 primarily due to improvement in the economic outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.41 | $1.39 | +1.3% | $8.09B | 19 |
| Next quarter (ends 2027-03-31) | $1.31 | $1.31 | +0.2% | $8.05B | 14 |
| Current fiscal year (ends 2026-12-31) | $5.28 | $5.21 | +1.2% | $31.06B | 22 |
| Next fiscal year (ends 2027-12-31) | $5.83 | $5.79 | +0.6% | $33.33B | 23 |