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Pay vs Performance Disclosure
4 Months Ended 9 Months Ended 12 Months Ended
Apr. 15, 2025
Dec. 31, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Year
Summary
compensation
table
total for
current
PEO1
($)
Compensation
actually
paid to
current
PEO1, 7
($)
Summary
compensation
table
total for
former
PEO2, 7
($)
Compensation
actually
paid to
former
PEO2, 7
($)
Average
summary
compensation
table
total for
non-PEO
named
executive
officers3
($)
Average
compensation
actually
paid to
non-PEO
named
executive
officers3, 7
($)
Value of initial fixed
$100 investment
based on:
Net income
($ in millions)5
Adjusted
ROTCE6
Total
shareholder
return
($)
Peer
Group
total
shareholder
return4
($)
2025
16,674,515 21,430,988 19,054,648 21,253,618 6,573,350 7,413,302 142 196 7,570 17.98%
2024
19,339,327 22,927,793 7,711,887 8,245,789 122 148 6,299 17.97%
2023
22,916,957 19,239,627 5,566,902 5,873,734 105 108 5,429 22.38%
2022
16,157,514 14,217,402 5,859,631 5,004,351 101 109 5,825 21.17%
2021
19,166,276 21,662,399 5,810,359 7,353,727 124 138 7,963 17.15%
1.
Gunjan Kedia began serving as our CEO on April 15, 2025.
2.
Andrew Cecere served as our CEO between January 1, 2025 to April 15, 2025 and for the entirety of 2024, 2023, 2022, and 2021.
3.
The other NEOs included in this calculation for each year are:
2025 — John C. Stern, Jodi L. Richard, Stephen L. Philipson, Elcio R.T. Barcelos and Terrance R. Dolan.
2024 — John C. Stern, Gunjan Kedia, Terrance R. Dolan, Shailesh M. Kotwal and Timothy A. Welsh
2023 — Terrance R. Dolan, John C. Stern, Gunjan Kedia, Shailesh M. Kotwal, Timothy A. Welsh and Jeffry H. von Gillern
2022 — Terrance R. Dolan, Jeffry H. von Gillern, Gunjan Kedia and Timothy A. Welsh
2021 — Terrance R. Dolan, Jeffry H. von Gillern, Gunjan Kedia and Shailesh M. Kotwal
4.
For purposes of calculating the peer group TSR, the KBW Bank Index (Peer Group TSR) was used pursuant to Item 201(e) of Regulation S-K and is reflected in our 2025 Annual Report to Shareholders. In accordance with applicable SEC rules, the Peer Group TSR was calculated on a market capitalization weighted basis according to the respective issuers’ stock market capitalization at the beginning of each period for which a return is indicated. TSR for both the company and the peer group is based on an initial $100 investment, measured on a cumulative basis from the market close on December 31, 2020, through and including the end of the fiscal year for which TSR is being presented in the table. TSR calculations reflect reinvestment of dividends.
5.
Net income attributable to U.S. Bancorp as reported in the company’s consolidated financial statements included in our Annual Report on Form 10-K for the years ended December 31, 2021, 2022, 2023, 2024, and 2025.
6.
Adjusted ROTCE is a non-GAAP financial measure. As discussed on page 49 in the “Compensation discussion and analysis” section, adjusted ROTCE is calculated by adjusting the company’s reported ROTCE results to exclude notable items that are extraordinary, unusual or related to acquisitions, such as discontinued operations, changes in applicable accounting rules or principles, acquisitions, mergers or restructuring costs, and adjustments related to the impact of the CECL accounting standard. The adjustments eliminate the volatility of the accounting standard related to changes in the allowance for credit losses, while including net charge-offs related to actual credit losses experienced.
7.
The dollar amounts reported in these columns represent the amounts of compensation actually paid to our PEO and average compensation actually paid to our other NEOs, as applicable. Compensation actually paid does not necessarily represent cash and/or equity value transferred to our PEO or any other NEO without restriction, but rather is a value calculated in accordance with applicable SEC rules. The additional table below sets forth each of the amounts required by applicable SEC rules to be deducted from and added to the amount of total compensation as reflected in the “Summary compensation table”, to calculate compensation actually paid. Equity award values are calculated in accordance with FASB ASC Topic 718 and PRSUs are earned based on specified performance-criteria. For purposes of calculating the fair value amounts for PRSUs in the table below, (i) total fair value as of year-end is based on the probable outcome of the PRSUs using data through year-end, and (ii) total fair value as of the vesting date is based on the number of shares actually earned based on performance. There were no other assumptions made in the valuation of equity awards, including RSUs and stock options, which differ materially from those disclosed as of the grant date of such equity awards.
2025
Current PEO
Former PEO
Other
NEOs
average
Summary compensation table total
$ 16,674,515 $ 19,054,648 $ 6,573,350
DEDUCT: Fair value of equity awards granted during covered fiscal year
$ 11,499,996 $ 10,999,969 $ 4,280,002
ADD: Year-end fair value of outstanding and unvested equity awards granted during the covered fiscal year
$ 14,967,971 $ 13,850,120 $ 4,035,524
ADD: Change in fair value of outstanding and unvested equity awards granted in prior fiscal years
$ 1,712,198 $ 3,590,278 $ 566,266
ADD: Fair value as of vesting date of equity awards granted and vested in covered fiscal year
$ 0 $ 0 $ 949,667
ADD: Change in fair value as of vesting date of equity awards granted in prior years that vested in the covered fiscal year
$ (48,003) $ (117,594) $ (270,305)
DEDUCT: Year-end fair value for any equity awards granted in any prior fiscal year that failed to meet applicable vesting conditions during the covered fiscal year
$ 0 $ 0 $ 0
DEDUCT: Change in actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in Summary compensation table
$ 453,208 $ 5,086,461 $ 278,058
ADD: Pension service cost attributable to (i) services rendered during the covered fiscal year and (ii) any change in
pension value attributable to plan amendments made in the covered fiscal year
$ 77,511 $ 962,596 $ 116,860
Compensation actually paid
$ 21,430,988 $ 21,253,618 $ 7,413,302
       
Company Selected Measure Name     AdjustedROTCE        
Named Executive Officers, Footnote    
1.
Gunjan Kedia began serving as our CEO on April 15, 2025.
2.
Andrew Cecere served as our CEO between January 1, 2025 to April 15, 2025 and for the entirety of 2024, 2023, 2022, and 2021.
3.
The other NEOs included in this calculation for each year are:
2025 — John C. Stern, Jodi L. Richard, Stephen L. Philipson, Elcio R.T. Barcelos and Terrance R. Dolan.
2024 — John C. Stern, Gunjan Kedia, Terrance R. Dolan, Shailesh M. Kotwal and Timothy A. Welsh
2023 — Terrance R. Dolan, John C. Stern, Gunjan Kedia, Shailesh M. Kotwal, Timothy A. Welsh and Jeffry H. von Gillern
2022 — Terrance R. Dolan, Jeffry H. von Gillern, Gunjan Kedia and Timothy A. Welsh
2021 — Terrance R. Dolan, Jeffry H. von Gillern, Gunjan Kedia and Shailesh M. Kotwal
       
Peer Group Issuers, Footnote    
4.
For purposes of calculating the peer group TSR, the KBW Bank Index (Peer Group TSR) was used pursuant to Item 201(e) of Regulation S-K and is reflected in our 2025 Annual Report to Shareholders. In accordance with applicable SEC rules, the Peer Group TSR was calculated on a market capitalization weighted basis according to the respective issuers’ stock market capitalization at the beginning of each period for which a return is indicated. TSR for both the company and the peer group is based on an initial $100 investment, measured on a cumulative basis from the market close on December 31, 2020, through and including the end of the fiscal year for which TSR is being presented in the table. TSR calculations reflect reinvestment of dividends.
       
Adjustment To PEO Compensation, Footnote    
7.
The dollar amounts reported in these columns represent the amounts of compensation actually paid to our PEO and average compensation actually paid to our other NEOs, as applicable. Compensation actually paid does not necessarily represent cash and/or equity value transferred to our PEO or any other NEO without restriction, but rather is a value calculated in accordance with applicable SEC rules. The additional table below sets forth each of the amounts required by applicable SEC rules to be deducted from and added to the amount of total compensation as reflected in the “Summary compensation table”, to calculate compensation actually paid. Equity award values are calculated in accordance with FASB ASC Topic 718 and PRSUs are earned based on specified performance-criteria. For purposes of calculating the fair value amounts for PRSUs in the table below, (i) total fair value as of year-end is based on the probable outcome of the PRSUs using data through year-end, and (ii) total fair value as of the vesting date is based on the number of shares actually earned based on performance. There were no other assumptions made in the valuation of equity awards, including RSUs and stock options, which differ materially from those disclosed as of the grant date of such equity awards.
2025
Current PEO
Former PEO
Other
NEOs
average
Summary compensation table total
$ 16,674,515 $ 19,054,648 $ 6,573,350
DEDUCT: Fair value of equity awards granted during covered fiscal year
$ 11,499,996 $ 10,999,969 $ 4,280,002
ADD: Year-end fair value of outstanding and unvested equity awards granted during the covered fiscal year
$ 14,967,971 $ 13,850,120 $ 4,035,524
ADD: Change in fair value of outstanding and unvested equity awards granted in prior fiscal years
$ 1,712,198 $ 3,590,278 $ 566,266
ADD: Fair value as of vesting date of equity awards granted and vested in covered fiscal year
$ 0 $ 0 $ 949,667
ADD: Change in fair value as of vesting date of equity awards granted in prior years that vested in the covered fiscal year
$ (48,003) $ (117,594) $ (270,305)
DEDUCT: Year-end fair value for any equity awards granted in any prior fiscal year that failed to meet applicable vesting conditions during the covered fiscal year
$ 0 $ 0 $ 0
DEDUCT: Change in actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in Summary compensation table
$ 453,208 $ 5,086,461 $ 278,058
ADD: Pension service cost attributable to (i) services rendered during the covered fiscal year and (ii) any change in
pension value attributable to plan amendments made in the covered fiscal year
$ 77,511 $ 962,596 $ 116,860
Compensation actually paid
$ 21,430,988 $ 21,253,618 $ 7,413,302
       
Non-PEO NEO Average Total Compensation Amount     $ 6,573,350 $ 7,711,887 $ 5,566,902 $ 5,859,631 $ 5,810,359
Non-PEO NEO Average Compensation Actually Paid Amount     $ 7,413,302 8,245,789 5,873,734 5,004,351 7,353,727
Adjustment to Non-PEO NEO Compensation Footnote    
7.
The dollar amounts reported in these columns represent the amounts of compensation actually paid to our PEO and average compensation actually paid to our other NEOs, as applicable. Compensation actually paid does not necessarily represent cash and/or equity value transferred to our PEO or any other NEO without restriction, but rather is a value calculated in accordance with applicable SEC rules. The additional table below sets forth each of the amounts required by applicable SEC rules to be deducted from and added to the amount of total compensation as reflected in the “Summary compensation table”, to calculate compensation actually paid. Equity award values are calculated in accordance with FASB ASC Topic 718 and PRSUs are earned based on specified performance-criteria. For purposes of calculating the fair value amounts for PRSUs in the table below, (i) total fair value as of year-end is based on the probable outcome of the PRSUs using data through year-end, and (ii) total fair value as of the vesting date is based on the number of shares actually earned based on performance. There were no other assumptions made in the valuation of equity awards, including RSUs and stock options, which differ materially from those disclosed as of the grant date of such equity awards.
2025
Current PEO
Former PEO
Other
NEOs
average
Summary compensation table total
$ 16,674,515 $ 19,054,648 $ 6,573,350
DEDUCT: Fair value of equity awards granted during covered fiscal year
$ 11,499,996 $ 10,999,969 $ 4,280,002
ADD: Year-end fair value of outstanding and unvested equity awards granted during the covered fiscal year
$ 14,967,971 $ 13,850,120 $ 4,035,524
ADD: Change in fair value of outstanding and unvested equity awards granted in prior fiscal years
$ 1,712,198 $ 3,590,278 $ 566,266
ADD: Fair value as of vesting date of equity awards granted and vested in covered fiscal year
$ 0 $ 0 $ 949,667
ADD: Change in fair value as of vesting date of equity awards granted in prior years that vested in the covered fiscal year
$ (48,003) $ (117,594) $ (270,305)
DEDUCT: Year-end fair value for any equity awards granted in any prior fiscal year that failed to meet applicable vesting conditions during the covered fiscal year
$ 0 $ 0 $ 0
DEDUCT: Change in actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in Summary compensation table
$ 453,208 $ 5,086,461 $ 278,058
ADD: Pension service cost attributable to (i) services rendered during the covered fiscal year and (ii) any change in
pension value attributable to plan amendments made in the covered fiscal year
$ 77,511 $ 962,596 $ 116,860
Compensation actually paid
$ 21,430,988 $ 21,253,618 $ 7,413,302
       
Compensation Actually Paid vs. Total Shareholder Return    
[MISSING IMAGE: bc_comptsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income    
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Compensation Actually Paid vs. Company Selected Measure    
[MISSING IMAGE: lc_adjustedroe-pn.jpg]
       
Total Shareholder Return Vs Peer Group    
[MISSING IMAGE: lc_comppeer-pn.jpg]
       
Tabular List, Table    
Financial performance measures
As discussed in the “Compensation discussion and analysis”, our executive compensation program and compensation decisions reflect the guiding principles of aligning long-term performance with shareholder interests. The metrics used within our incentive plans are selected to support these objectives. The most important financial performance measures used by the company to link compensation actually paid to the company’s NEOs for the most recently completed fiscal year to the company’s performance are as follows:
Total Shareholder Return (TSR)
Adjusted ROTCE*
Adjusted ROE*
Adjusted EPS*
Corporate Pretax Income
Business Line Pretax Income
Non-GAAP financial measures; see footnote 6 above for information on the calculation of Adjusted ROTCE. As discussed in more detail on pages 45-46 in the “Compensation discussion and analysis”, Adjusted EPS is calculated from company reported EPS results, and adjusted to account for notable items that are unusual or related to acquisitions, including merger-related charges, and variation in our loan loss reserve in connection with our adoption of the CECL accounting standard in January 2020. Our adoption of CECL creates the potential for significant accounting volatility and uncertainty with respect to the loan loss reserve that is often dependent upon a number of judgmental factors and economic assumptions. In an effort to measure performance based on actual credit losses, the company excludes changes in the allowance driven by these factors and includes net charge-offs in the determination. Like Adjusted EPS, Adjusted ROTCE and Adjusted ROE are each calculated by adjusting the company’s reported results to exclude notable items that are unusual or related to acquisitions, such as merger-related charges and adjustments related to the impact of the CECL accounting standard. The adjustments eliminate the volatility of the accounting standard related to changes in the allowance for credit losses, while including net charge-offs related to actual credit losses experienced.
       
Total Shareholder Return Amount     $ 142 122 105 101 124
Peer Group Total Shareholder Return Amount     196 148 108 109 138
Net Income (Loss)     $ 7,570,000,000 $ 6,299,000,000 $ 5,429,000,000 $ 5,825,000,000 $ 7,963,000,000
Company Selected Measure Amount     17.98 17.97 22.38 21.17 17.15
PEO Name Andrew Cecere Gunjan Kedia          
Measure:: 1              
Pay vs Performance Disclosure              
Name     Total Shareholder Return (TSR)        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Adjusted ROTCE        
Non-GAAP Measure Description    
6.
Adjusted ROTCE is a non-GAAP financial measure. As discussed on page 49 in the “Compensation discussion and analysis” section, adjusted ROTCE is calculated by adjusting the company’s reported ROTCE results to exclude notable items that are extraordinary, unusual or related to acquisitions, such as discontinued operations, changes in applicable accounting rules or principles, acquisitions, mergers or restructuring costs, and adjustments related to the impact of the CECL accounting standard. The adjustments eliminate the volatility of the accounting standard related to changes in the allowance for credit losses, while including net charge-offs related to actual credit losses experienced.
       
Measure:: 3              
Pay vs Performance Disclosure              
Name     Adjusted ROE        
Measure:: 4              
Pay vs Performance Disclosure              
Name     Adjusted EPS        
Measure:: 5              
Pay vs Performance Disclosure              
Name     Corporate Pretax Income        
Measure:: 6              
Pay vs Performance Disclosure              
Name     Business Line Pretax Income        
Gunjan Kedia [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 16,674,515
PEO Actually Paid Compensation Amount     21,430,988
Andrew Cecere [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     19,054,648 19,339,327 22,916,957 16,157,514 19,166,276
PEO Actually Paid Compensation Amount     21,253,618 $ 22,927,793 $ 19,239,627 $ 14,217,402 $ 21,662,399
PEO | Gunjan Kedia [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (453,208)        
PEO | Gunjan Kedia [Member] | Aggregate Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     77,511        
PEO | Gunjan Kedia [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (11,499,996)        
PEO | Gunjan Kedia [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     14,967,971        
PEO | Gunjan Kedia [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,712,198        
PEO | Gunjan Kedia [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | Gunjan Kedia [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (48,003)        
PEO | Gunjan Kedia [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | Andrew Cecere [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (5,086,461)        
PEO | Andrew Cecere [Member] | Aggregate Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     962,596        
PEO | Andrew Cecere [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (10,999,969)        
PEO | Andrew Cecere [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     13,850,120        
PEO | Andrew Cecere [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     3,590,278        
PEO | Andrew Cecere [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | Andrew Cecere [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (117,594)        
PEO | Andrew Cecere [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (278,058)        
Non-PEO NEO | Aggregate Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     116,860        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (4,280,002)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     4,035,524        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     566,266        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     949,667        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (270,305)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 0