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.