Short answer
U.S. Bancorp (USB) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $28.7B (+4.4% year over year) and net income of $7.6B.
- Top risk flagged: Cybersecurity key-person gap: permanent CISO departed November 2025; two deputy CISOs serving as interim co-CISOs while search continues
FY2025 key financial metrics · XBRL
- Revenue
- $28.7B
- +4.4% YoY
- Net income
- $7.6B
- +20.2% YoY
- EPS (diluted)
- $4.62
- +21.9% YoY
- ROE
- 11.6%
- +0.9 pp YoY
- Operating cash flow
- $8.0B
- −29.3% YoY
Source: XBRL data from the U.S. Bancorp (USB) FY2025 10-K on SEC EDGAR. USD.
U.S. Bancorp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified U.S. financial holding company offering banking, lending, payments, wealth management, and capital markets via 2,075 branches across 26 states
- Pending acquisition of BTIG for up to $1B ($725M targeted at closing + up to $275M performance-contingent over 3 years), expanding institutional trading and investment banking capabilities
- GENIUS Act signed July 2025 establishing stablecoin regulatory framework; permits USBNA subsidiaries to issue payment stablecoins: new digital asset pathway for the bank
- Stress Capital Buffer reduced to 2.6% at Dec 31, 2025 from 3.1% at Dec 31, 2024; total deposits at USBNA $522.2B; workforce 68,520 employees globally
- CFPB reduced staff by over 80% in 2025, materially shifting consumer protection regulatory landscape for USBNA's retail banking operations
Management Discussion & Analysis
- Revenue $28.7B total net revenue in 2025, up $1.2B (4.4%) YoY; net interest income $16.6B (+2.2%), noninterest income $11.9B (+7.6%)
- Efficiency ratio 58.6% vs 62.3% in 2024; ROA 1.12% vs 0.95%; ROE 13.0% vs 11.7%; net income $7.6B vs $6.3B
- Noninterest expense $16.8B, down $351M (2.0%) YoY; technology costs up 6.6% to $2.2B; compensation down 2.2% to $10.3B
- Capital returned $3.7B via dividends and buybacks; CET1 ratio 10.8% vs 10.6%; long-term debt up $2.8B to $60.8B
- Jan 2026 announced BTIG acquisition for up to $1B; monitoring economic uncertainty from trade policy, inflation, and geopolitical risks
Risk Factors
- Cybersecurity key-person gap: permanent CISO departed November 2025; two deputy CISOs serving as interim co-CISOs while search continues
- Third-party cybersecurity exposure: reliance on outsourced service providers with contractual assurances as primary risk mitigation, no quantified concentration disclosed
- Share repurchase program authorized at $5.0B (Sept 2024); ~$4.4B remaining as of Q4 2025, subject to regulatory capital compliance constraints
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.