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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest Income    
Loans $ 5,533 $ 5,712
Loans held for sale 28 37
Investment securities 1,308 1,175
Other interest income 647 840
Total interest income 7,516 7,764
Interest Expense    
Deposits 2,511 2,884
Short-term borrowings 249 270
Long-term debt 664 625
Total interest expense 3,424 3,779
Net interest income 4,092 3,985
Provision for credit losses 537 553
Net interest income after provision for credit losses 3,555 3,432
Noninterest Income    
Card revenue 398 392
Corporate payment products revenue 189 184
Merchant processing services 415 401
Trust and investment management fees 680 641
Service charges 315 315
Capital markets revenue 382 388
Mortgage banking revenue 173 166
Investment products fees 87 77
Securities gains (losses), net 0 2
Other 197 134
Total noninterest income 2,836 2,700
Noninterest Expense    
Compensation and employee benefits 2,637 2,691
Net occupancy and equipment 306 296
Professional services 98 110
Marketing and business development 182 136
Technology and communications 533 507
Other intangibles 123 146
Merger and integration charges 0 155
Other 353 418
Total noninterest expense 4,232 4,459
Income before income taxes 2,159 1,673
Applicable income taxes 443 347
Net income 1,716 1,326
Net (income) loss attributable to noncontrolling interests (7) (7)
Net income attributable to U.S. Bancorp 1,709 1,319
Net income applicable to U.S. Bancorp common shareholders, basic 1,603 1,209
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,603 $ 1,209
Earnings per common share (in dollars per share) $ 1.03 $ 0.78
Diluted earnings per common share (in dollars per share) $ 1.03 $ 0.78
Average common shares outstanding (in shares) 1,559 1,559
Average diluted common shares outstanding (in shares) 1,560 1,559