USB · US
USB.US U.S. Bancorp: latest print still Q2 — Q3 date not named on IR
U.S. Bancorp Super-regional plus payments. No new P&L and no company-IR Q3 date in this window; financials still Q2. Watch NIM, credit, payments.
Cite a section with a deep link, e.g. /en/r/usb-us-research#thesis
Snapshot
- Price
- USD 60.06
- Market cap
- USD 93.6B
- 2026-Q2 net revenue
- USD 7.7B
- PE TTM
- 12
As-of 2026-09-27 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
U.S. Bancorp (USB) High-quality super-regional with a payments/merchant stack. CEO passed to Gunjan Kedia in 2025. Watch NIM, credit, payments, transition.
Business
Model: regional NII + payments. Flagships: commercial bank, merchant/payments. Edge: Midwest franchise and payments. Strategy: payments growth, credit. Entity: U.S. Bancorp.
Value chain
Regional-bank midstream. Risks: commercial credit, NIM, payments competition.
Corporate events
Material items (public filings / IR):
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2025 | CEO 交接 | Gunjan Kedia 出任 CEO，接替 Andy Cecere | 观察风险偏好、支付投入与费用纪律 |
Valuation
Historical PB premium from credit quality and payments; watch through the CEO handoff.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 12.0 | 腾讯财经行情；历史季为 null |
| PB | 1.54 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 60.06 / $93.58B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue Revenues and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
CET1, ACL, payments ops. Auditor opinion on the 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: loans/deposits and payments TPV; price: NIM/fees; cost: credit and efficiency.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $7.71B | 2026-Q2 | SEC Revenues CYyyyyQn |
| 最新单季净利润 | $2.18B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $29.33B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 60.06 / $93.58B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 11.99 / 1.54 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| U.S. Bancorp | 区域+支付 | 中 | 支付 | 规模小于四大 |
| PNC | 超级区域 | 中 | 公司银行 | 支付弱于 USB |
| Truist | 东南区域 | 中 | 网点 | 整合历史 |
| Wells Fargo | 全国零售 | 中 | 规模 | 监管约束 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Gunjan Kedia | 2025 | 接替 Andy Cecere，24m 重大人事 |
| CFO | John Stern | 2023+ | 以最新 10-K 为准 |
| 董事长 | Andy Cecere / 以委托书为准 | 交接中 | 关注董事长安排 |
Stability: Whether the quality culture persists depends on the new CEO.
Outlook
Near-term: Q3 FY26 print not named on company IR; financials still stop at Q2 — do not borrow peer calendars. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 商业信贷 | 中 | 中型企业与 CRE |
| NIM | 中 | 存款成本 |
| CEO 交接 | 中 | 风险偏好与费用纪律变化 |
| 支付竞争 | 中 | 商户收单价格战 |
| 区域经济 | 低 | 中西部敞口 |
Tracking
Check the next 10-Q / earnings release for:
- Q3 FY26 print not named on company IR in this window; pack financials still stop at Q2 SEC frames. Peer banks often print mid-October — defer to IR
- NIM
- Net charge-offs
- Payments revenue
- CET1
References
- IR: https://ir.usbank.com/
- SEC companyfacts CIK 0000036104 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000036104.json
- Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
- Sina US daily bars — https://finance.sina.com.cn/usstock/
- CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
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