The earnings call highlighted solid revenue growth, successful capital management, and improved operational efficiency. However, notable expense items, challenges in merchant acquiring, and uncertain loan growth present some concerns.

Company Guidance

During the U.S. Bancorp Fourth Quarter 2024 Earnings Call, executives provided detailed guidance focusing on several key financial metrics. The company reported a diluted earnings per share of $1.01, or $1.07 when adjusted for notable items, with net revenue reaching $7 billion for the quarter and $27.5 billion for the year. U.S. Bancorp highlighted a 190 basis point increase in positive operating leverage year-over-year on an adjusted basis, driven by effective balance sheet management and diversified fee business offerings. The CET1 capital ratio improved by 10 basis points to 10.6%, while the tangible book value per share increased by 10.4% to $24.63. For the first quarter of 2025, the company expects stable net interest income, excluding the impact of fewer days, and stable noninterest expenses around $4.2 billion. Full-year 2025 guidance anticipates total revenue growth of 3% to 5% on an adjusted basis, with positive operating leverage of greater than 200 basis points. The company remains focused on prudent expense management, asset repricing benefits, and modest capital distributions, including an initial $100 million in share repurchases.

Strong Revenue Growth

Net revenue totaled $7 billion for the quarter and $27.5 billion for the year, driven by growth in net interest income and noninterest income. Achieved 190 basis points of positive operating leverage on an adjusted basis year-over-year.

Capital and Shareholder Returns

CET1 capital ratio increased 10 basis points to 10.6%. Tangible book value per share increased by 10.4% to $24.63. Initiated $100 million in share repurchases.

Positive Fee Income Trends

Fee income represented over 40% of total net revenue, with double-digit year-over-year fee growth in commercial products, trust and investment management, and investment product revenues.

Credit Quality and Capital Management

Improved credit quality with a modest loan loss reserve release. Nonperforming assets to loans ratio was stable at 0.48%, and net charge-off ratio remained flat at 0.60%.

Operating Efficiency

Delivered an 18.3% return on tangible common equity and improved efficiency ratio of 59.9% in the fourth quarter.

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US Bancorp (USB) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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USB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 18, 2018	2018 (Q2)	- / 1.02	0.85	20.00% (+0.17)	―	―
Oct 17, 2018	2018 (Q3)	- / 1.06	0.88	20.45% (+0.18)	―	―
Jan 16, 2019	2018 (Q4)	- / 1.10	0.97	13.40% (+0.13)	―	―
Apr 17, 2019	2019 (Q1)	- / 1.00	0.96	4.17% (+0.04)	―	―
Jul 17, 2019	2019 (Q2)	- / 1.09	1.02	6.86% (+0.07)	―	―
Oct 16, 2019	2019 (Q3)	- / 1.15	1.06	8.49% (+0.09)	―	―
Jan 15, 2020	2019 (Q4)	- / 0.90	1.1	-18.18% (-0.20)	―	―
Apr 15, 2020	2020 (Q1)	- / 0.72	1	-28.00% (-0.28)	―	―
Jul 15, 2020	2020 (Q2)	- / 0.41	1.09	-62.39% (-0.68)	―	―
Oct 14, 2020	2020 (Q3)	- / 0.99	1.15	-13.91% (-0.16)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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USB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 16, 2025	$50.90	$48.03	-5.64%
Oct 16, 2024	$46.51	$48.70	+4.71%
Jul 17, 2024	$42.37	$44.30	+4.56%
Apr 17, 2024	$39.63	$38.20	-3.61%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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