Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Business segment results for the three months ended March 31 were as follows:


	Wealth, Corporate, Commercial and Institutional Banking				Consumer and Business Banking				Payment Services				Treasury and Corporate Support				Consolidated Company
(Dollars in Millions)	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a)	$	1,743	$	1,910	$	1,759	$	1,879	$	742	$	702	$	(122)	$	(476)	$	4,122	$	4,015
Noninterest income(b)(c)	1,167		1,112		407		424		1,036		979		226		185		2,836		2,700
Total net revenue(d)	2,910		3,022		2,166		2,303		1,778		1,681		104		(291)		6,958		6,715
Compensation and employee benefits	536		565		526		558		223		226		1,352		1,342		2,637		2,691
Other intangibles	46		52		59		67		18		27		—		—		123		146
Net shared services	515		522		684		700		539		520		(1,738)		(1,742)		—		—
Other direct expenses(e)	241		241		304		298		228		234		699		849		1,472		1,622
Total noninterest expense	1,338		1,380		1,573		1,623		1,008		1,007		313		449		4,232		4,459
Income (loss) before provision and income taxes	1,572		1,642		593		680		770		674		(209)		(740)		2,726		2,256
Provision for credit losses	10		141		62		54		317		359		148		(1)		537		553
Income (loss) before income taxes	1,562		1,501		531		626		453		315		(357)		(739)		2,189		1,703
Income taxes and taxable-equivalent adjustment	391		375		133		157		113		79		(164)		(234)		473		377
Net income (loss)	1,171		1,126		398		469		340		236		(193)		(505)		1,716		1,326
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—		—		(7)		(7)		(7)		(7)
Net income (loss) attributable to U.S. Bancorp	$	1,171	$	1,126	$	398	$	469	$	340	$	236	$	(200)	$	(512)	$	1,709	$	1,319

Average Balance Sheet
Loans	$	177,973	$	171,137	$	153,945	$	154,956	$	41,611	$	39,803	$	5,499	$	5,174	$	379,028	$	371,070
Other earning assets	11,957		8,738		1,778		1,879		57		153		217,410		214,295		231,202		225,065
Goodwill	4,824		4,824		4,325		4,326		3,392		3,332		—		—		12,541		12,482
Other intangible assets	863		1,059		4,368		4,696		249		300		8		10		5,488		6,065
Assets	208,621		199,260		166,532		169,195		46,829		46,814		247,411		238,640		669,393		653,909
Noninterest-bearing deposits	55,093		58,555		19,181		21,389		2,682		2,791		2,740		2,052		79,696		84,787
Interest-bearing deposits	214,318		208,309		200,833		198,798		95		97		11,592		11,070		426,838		418,274
Total deposits	269,411		266,864		220,014		220,187		2,777		2,888		14,332		13,122		506,534		503,061
Total U.S. Bancorp shareholders’ equity	21,549		21,760		13,706		14,851		10,229		9,965		14,127		9,091		59,611		55,667

(a)Total net interest income includes a taxable-equivalent adjustment of $30 million for both of the three months ended March 31, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 27.

(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $741 million and $739 million for the three months ended March 31, 2025 and 2024, respectively.

(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.3 billion and $2.2 billion for the three months ended March 31, 2025 and 2024, respectively.

(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $197 million and $187 million of revenue for the three months ended March 31, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.

(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.