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Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments
NOTE 16Business Segments
The Company's management reporting is organized into three reportable operating segments aligned by major lines of business based on the products and services provided to customers through its distribution channels. All other business activities not included in the reportable operating segments are included in the Treasury and Corporate Support business segment. The chief operating decision maker uses net interest income on a taxable-equivalent basis, noninterest income and net income (loss) before income taxes for all reportable segments in deciding how to allocate resources during the annual budget and monthly forecasting process. The chief operating decision maker considers variances in reported results to forecasts and variances to prior periods to assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company has the following reportable operating and other business segments:
Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients.
Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.
Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.
Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Basis of Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the business segments according to the volume and credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset/liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt products. The residual effect on net interest income of asset/liability management activities is included in Treasury and Corporate Support. Noninterest income and expenses directly managed by each business segment, including fees, service charges, salaries and benefits, and other direct revenues and costs, are accounted for within each segment’s financial results in a manner similar to the consolidated financial statements. Occupancy costs are allocated based on utilization of facilities by the business segments. Generally, operating losses are charged to the business segment when the loss event is realized in a manner similar to a loan charge-off. Noninterest expenses incurred by centrally managed operations or business segments that directly support another business segment’s operations are charged to the applicable business segment based on its utilization of those services, primarily measured by the volume of customer activities, number of employees or other relevant factors. These allocated expenses are reported as net shared services expense within noninterest expense. Certain activities that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance are not charged to the business segments. The income or expenses associated with these corporate activities, including merger and integration charges, are reported within the Treasury and Corporate Support business segment. Income taxes are assessed to each business segment at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.
Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company’s business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.
Business segment results for the three months ended June 30 were as follows:
 Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment ServicesTreasury and Corporate Support Consolidated Company
(Dollars in Millions)2025202420252024202520242025202420252024
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a)
$1,801 $1,928 $1,843 $1,912 $730 $673 $(294)$(461)$4,080 $4,052 
Noninterest income(b)(c)
1,199 1,130 406 414 1,116 1,093 203 178 2,924 2,815 
Total net revenue(d)
3,000 3,058 2,249 2,326 1,846 1,766 (91)(283)7,004 6,867 
Compensation and employee benefits535 548 528 551 220 217 1,317 1,303 2,600 2,619 
Other intangibles46 52 59 67 20 23 (1)— 124 142 
Net shared services538 555 704 701 537 529 (1,779)(1,785)— — 
Other direct expenses(e)
234 226 307 319 251 223 665 685 1,457 1,453 
Total noninterest expense1,353 1,381 1,598 1,638 1,028 992 202 203 4,181 4,214 
Income (loss) before provision and income taxes1,647 1,677 651 688 818 774 (293)(486)2,823 2,653 
Provision for credit losses183 100 39 30 384 388 (105)50 501 568 
Income (loss) before income taxes1,464 1,577 612 658 434 386 (188)(536)2,322 2,085 
Income taxes and taxable-equivalent adjustment366 394 153 165 109 97 (127)(182)501 474 
Net income (loss)1,098 1,183 459 493 325 289 (61)(354)1,821 1,611 
Net (income) loss attributable to noncontrolling interests— — — — — — (6)(8)(6)(8)
Net income (loss) attributable to U.S. Bancorp$1,098 $1,183 $459 $493 $325 $289 $(67)$(362)$1,815 $1,603 
Average Balance Sheet
Loans$181,077 $173,807 $149,661 $154,931 $42,229 $40,832 $5,562 $5,115 $378,529 $374,685 
Other earning assets12,778 9,590 4,875 2,278 5 115 217,155 222,224 234,813 234,207 
Goodwill4,826 4,824 4,326 4,326 3,425 3,327 — — 12,577 12,477 
Other intangible assets817 1,007 4,277 4,734 258 281 8 9 5,360 6,031 
Assets211,954 203,313 165,175 168,705 47,840 46,096 248,372 247,390 673,341 665,504 
Noninterest-bearing deposits54,422 57,362 19,610 20,845 2,512 2,706 2,573 2,505 79,117 83,418 
Interest-bearing deposits210,094 218,233 200,903 201,012 95 96 12,681 11,150 423,773 430,491 
Total deposits264,516 275,595 220,513 221,857 2,607 2,802 15,254 13,655 502,890 513,909 
Total U.S. Bancorp shareholders’ equity21,817 21,487 13,562 14,558 10,235 9,941 15,285 10,043 60,899 56,029 
(a)Total net interest income includes a taxable-equivalent adjustment of $29 million for the three months ended June 30, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 29.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $789 million and $776 million for the three months ended June 30, 2025 and 2024, respectively.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.4 billion and $2.3 billion for the three months ended June 30, 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 $199 million and $195 million of revenue for the three months ended June 30, 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.
Business segment results for the six months ended June 30 were as follows:
Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment ServicesTreasury and Corporate Support Consolidated Company
(Dollars in Millions)2025202420252024202520242025202420252024
Condensed Income Statement    
Net interest income (taxable-equivalent basis)(a)
$3,581 $3,851 $3,611 $3,783 $1,472 $1,375 $(462)$(942)$8,202 $8,067 
Noninterest income(b)(c)
2,366 2,242 813 838 2,151 2,071 430 364 5,760 5,515 
Total net revenue(d)
5,947 6,093 4,424 4,621 3,623 3,446 (32)(578)13,962 13,582 
Compensation and employee benefits1,057 1,098 1,051 1,107 436 436 2,693 2,669 5,237 5,310 
Other intangibles92 104 118 134 38 50 (1)— 247 288 
Net shared services1,067 1,090 1,388 1,401 1,086 1,058 (3,541)(3,549)— — 
Other direct expenses(e)
474 466 610 617 479 457 1,366 1,535 2,929 3,075 
Total noninterest expense2,690 2,758 3,167 3,259 2,039 2,001 517 655 8,413 8,673 
Income (loss) before provision and income taxes3,257 3,335 1,257 1,362 1,584 1,445 (549)(1,233)5,549 4,909 
Provision for credit losses193 241 101 84 701 747 43 49 1,038 1,121 
Income (loss) before income taxes3,064 3,094 1,156 1,278 883 698 (592)(1,282)4,511 3,788 
Income taxes and taxable-equivalent adjustment766 773 289 320 221 175 (302)(417)974 851 
Net income (loss)2,298 2,321 867 958 662 523 (290)(865)3,537 2,937 
Net (income) loss attributable to noncontrolling interests— — — — — — (13)(15)(13)(15)
Net income (loss) attributable to U.S. Bancorp$2,298 $2,321 $867 $958 $662 $523 $(303)$(880)$3,524 $2,922 
 
Average Balance Sheet          
Loans$179,549 $172,475 $151,776 $154,940 $41,922 $40,318 $5,530 $5,145 $378,777 $372,878 
Other earning assets12,370 9,164 3,335 2,079 31 134 217,281 218,258 233,017 229,635 
Goodwill4,825 4,824 4,326 4,326 3,409 3,330 — — 12,560 12,480 
Other intangible assets840 1,032 4,322 4,715 254 291 8 10 5,424 6,048 
Assets210,314 201,291 165,834 168,946 47,338 46,456 247,892 243,014 671,378 659,707 
Noninterest-bearing deposits54,794 58,001 19,365 21,081 2,597 2,749 2,649 2,271 79,405 84,102 
Interest-bearing deposits213,136 213,933 199,932 199,247 95 96 12,134 11,107 425,297 424,383 
Total deposits267,930 271,934 219,297 220,328 2,692 2,845 14,783 13,378 504,702 508,485 
Total U.S. Bancorp shareholders’ equity21,684 21,624 13,633 14,705 10,232 9,953 14,709 9,567 60,258 55,849 
(a)Total net interest income includes a taxable-equivalent adjustment of $59 million for the six months ended June 30, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 29.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $1.5 billion for the six months ended June 30, 2025 and 2024.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $4.7 billion and $4.5 billion for the six months ended June 30, 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 $396 million and $382 million of revenue for the six months ended June 30, 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.