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Business Segments
 9 Months Ended
Sep. 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 September 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)
$1,823 $1,889 $1,849 $1,928 $781 $727 $(202)$(378)$4,251 $4,166 
Noninterest income(b)(c)
1,256 1,145 436 401 1,106 1,073 280 79 3,078 2,698 
Total net revenue(d)
3,079 3,034 2,285 2,329 1,887 1,800 78 (299)7,329 6,864 
Compensation and employee benefits530 531 526 558 227 215 1,278 1,333 2,561 2,637 
Other intangibles46 52 59 67 20 23 — — 125 142 
Net shared services522 536 705 700 547 527 (1,774)(1,763)— — 
Other direct expenses(e)
235 229 314 339 250 225 712 632 1,511 1,425 
Total noninterest expense1,333 1,348 1,604 1,664 1,044 990 216 202 4,197 4,204 
Income (loss) before provision and income taxes1,746 1,686 681 665 843 810 (138)(501)3,132 2,660 
Provision for credit losses197 94 61 18 408 404 (95)41 571 557 
Income (loss) before income taxes1,549 1,592 620 647 435 406 (43)(542)2,561 2,103 
Income taxes and taxable-equivalent adjustment387 398 155 162 109 102 (98)(281)553 381 
Net income (loss)1,162 1,194 465 485 326 304 55 (261)2,008 1,722 
Net (income) loss attributable to noncontrolling interests— — — — — — (7)(8)(7)(8)
Net income (loss) attributable to U.S. Bancorp$1,162 $1,194 $465 $485 $326 $304 $48 $(269)$2,001 $1,714 
Average Balance Sheet
Loans$184,442 $171,898 $145,900 $155,240 $42,957 $41,652 $5,853 $5,280 $379,152 $374,070 
Other earning assets10,734 10,740 2,331 2,738 5 8 225,295 219,624 238,365 233,110 
Goodwill4,826 4,825 4,326 4,326 3,482 3,370 — — 12,634 12,521 
Other intangible assets772 955 4,223 4,405 260 266 7 9 5,262 5,635 
Assets212,924 200,267 158,749 168,871 48,424 47,195 259,508 248,307 679,605 664,640 
Noninterest-bearing deposits55,329 54,375 19,642 20,673 2,427 2,653 2,492 3,238 79,890 80,939 
Interest-bearing deposits217,748 217,180 202,321 199,327 95 95 11,728 11,216 431,892 427,818 
Total deposits273,077 271,555 221,963 220,000 2,522 2,748 14,220 14,454 511,782 508,757 
Total U.S. Bancorp shareholders’ equity22,130 21,280 13,363 14,244 10,318 9,958 16,832 12,801 62,643 58,283 
(a)Total net interest income includes a taxable-equivalent adjustment of $29 million and $31 million for the three months ended September 30, 2025 and 2024, respectively. 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 $811 million and $796 million for the three months ended September 30, 2025 and 2024, respectively.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.5 billion and $2.3 billion for the three months ended September 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 $200 million and $195 million of revenue for the three months ended September 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 nine months ended September 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)
$5,363 $5,679 $5,459 $5,712 $2,253 $2,102 $(622)$(1,260)$12,453 $12,233 
Noninterest income(b)(c)
3,620 3,387 1,251 1,239 3,257 3,144 710 443 8,838 8,213 
Total net revenue(d)
8,983 9,066 6,710 6,951 5,510 5,246 88 (817)21,291 20,446 
Compensation and employee benefits1,587 1,629 1,579 1,668 659 645 3,973 4,005 7,798 7,947 
Other intangibles138 156 177 201 57 73 — — 372 430 
Net shared services1,579 1,616 2,050 2,074 1,595 1,559 (5,224)(5,249)— — 
Other direct expenses(e)
711 695 928 959 725 679 2,076 2,167 4,440 4,500 
Total noninterest expense4,015 4,096 4,734 4,902 3,036 2,956 825 923 12,610 12,877 
Income (loss) before provision and income taxes4,968 4,970 1,976 2,049 2,474 2,290 (737)(1,740)8,681 7,569 
Provision for credit losses390 335 162 102 1,109 1,151 (52)90 1,609 1,678 
Income (loss) before income taxes4,578 4,635 1,814 1,947 1,365 1,139 (685)(1,830)7,072 5,891 
Income taxes and taxable-equivalent adjustment1,145 1,159 454 487 342 285 (414)(699)1,527 1,232 
Net income (loss)3,433 3,476 1,360 1,460 1,023 854 (271)(1,131)5,545 4,659 
Net (income) loss attributable to noncontrolling interests— — — — — — (20)(23)(20)(23)
Net income (loss) attributable to U.S. Bancorp$3,433 $3,476 $1,360 $1,460 $1,023 $854 $(291)$(1,154)$5,525 $4,636 
 
Average Balance Sheet          
Loans$181,266 $172,285 $149,731 $155,037 $42,267 $40,766 $5,639 $5,190 $378,903 $373,278 
Other earning assets11,819 9,693 2,997 2,300 22 92 219,982 218,717 234,820 230,802 
Goodwill4,825 4,825 4,326 4,326 3,433 3,343 — — 12,584 12,494 
Other intangible assets817 1,007 4,288 4,611 256 282 8 9 5,369 5,909 
Assets211,262 200,950 163,382 168,917 47,700 46,704 251,806 244,792 674,150 661,363 
Noninterest-bearing deposits54,966 56,769 19,465 20,955 2,539 2,716 2,598 2,600 79,568 83,040 
Interest-bearing deposits214,765 214,975 200,658 199,319 95 96 12,001 11,146 427,519 425,536 
Total deposits269,731 271,744 220,123 220,274 2,634 2,812 14,599 13,746 507,087 508,576 
Total U.S. Bancorp shareholders’ equity21,837 21,508 13,540 14,550 10,261 9,955 15,424 10,653 61,062 56,666 
(a)Total net interest income includes a taxable-equivalent adjustment of $88 million and $90 million for the nine months ended September 30, 2025 and 2024, respectively. 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 $2.3 billion for both the nine months ended September 30, 2025 and 2024.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $7.2 billion and $6.8 billion for the nine months ended September 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 $596 million and $577 million of revenue for the nine months ended September 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.