Reported Q: Q4 2024 Rev YoY: +2.7% EPS YoY: +106.1% Move: +0.06%
US Bancorp Depositary
USB-PS
$17.85 0.06%
Exchange NYSE Sector Financial Services Industry Banks Regional
Q4 2024
Published: Feb 21, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for USB-PS

Reported

Report Date

Feb 21, 2025

Quarter Q4 2024

Revenue

10.66B

YoY: +2.7%

EPS

1.01

YoY: +106.1%

Market Move

+0.06%

Previous quarter: Q3 2024

Follow this company to get upcoming quarter alerts automatically.

Earnings Highlights

  • Revenue of $10.66B up 2.7% year-over-year
  • EPS of $1.01 increased by 106.1% from previous year
  • Gross margin of 60.2%
  • Net income of 1.66B
  • ""As we think about the 3% to 5% revenue growth, we have three key drivers for net interest income: better asset mix, deposit normalization, and fixed asset repricing on our back book is going to be a meaningful driver this year."" - John Stern
USB-PS
Company USB-PS

Swipe to view all report sections

Executive Summary

US Bancorp Depositary Shares (USB-PS) delivered a solid fourth quarter 2024 with notable top-line momentum and disciplined expense management. Management highlighted a diversified revenue mix, with fee income representing over 40% of net revenue in Q4 and adjusted diluted earnings per share (EPS) of $1.07 after notable items, versus GAAP EPS of $1.01. The quarter featured 190 basis points of positive operating leverage on an adjusted basis YoY, modest balance sheet growth, and continued capital accretion including a $100 million share repurchase. For 2025, the company framed a conservative yet constructive outlook: projected revenue growth of 3-5% on an adjusted basis, with positive operating leverage exceeding 200 basis points, and guidance that net interest income (NII) is expected to be relatively stable QoQ in Q1 2025 (excluding two fewer days). Management underscored ongoing deposit mix improvements, asset repricing benefits, and an interconnected franchise strategy centered on payments, trust, commercial products, and consumer banking. The company also signaled a disciplined approach to buybacks and a balanced capital plan as it navigates an uncertain rate environment and regulatory considerations.

Key Performance Indicators

Revenue
Increasing
10.66B
QoQ: -1.11% | YoY: 2.71%
Gross Profit
Increasing
6.42B
60.19% margin
QoQ: 2.28% | YoY: 3.22%
Operating Income
Increasing
2.11B
QoQ: 1.74% | YoY: 110.80%
Net Income
Increasing
1.66B
QoQ: -2.98% | YoY: 96.34%
EPS
Increasing
1.01
QoQ: -1.94% | YoY: 106.12%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2026 10,835.00 1.18 +0.3% View
Q1 2025 10,352.00 1.03 -1.1% View
Q4 2024 10,664.00 1.01 +2.7% View
Q3 2024 10,784.00 1.03 +2.5% View
Q2 2024 10,800.00 0.97 +5.4% View