{"schemaVersion":1,"research":true,"symbol":"usb","name":"Us Bancorp De","topic":"moat","path":"/stock/usb/moat","status":"published","version":7,"updatedAt":"2026-10-19T15:50:59.888Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"U.S. Bancorp demonstrates substantial banking and payments scale, growing deposits, improving earnings and recent margin resilience. These outcomes do not establish durable switching costs, network effects or a relative cost advantage. Pricing power is mixed: favorable merchant rates supported first-half revenue, but third-quarter merchant revenue and volume declined slightly year over year. The uncertainty reflects insufficient structural evidence, rather than established franchise-wide competitive weakness.","advantages":[{"mechanism":"switching_costs","claim":"An integrated banking, treasury and payments franchise creates a plausible source of switching friction, but the passages do not demonstrate customer migration costs or durable dependence. Growing deposits and payment activity establish current demand, while relationship-linked card rewards remain a retention initiative.","durability":"Unestablished. Aggregate growth does not distinguish existing-customer retention from acquisitions, new accounts or higher spending.","risks":"Technology-enabled alternatives and competition on price and convenience could weaken relationships. Flat merchant transactions and slightly lower merchant volume show that growth is uneven.","invalidation":"Persistent existing-customer deposit outflows, declining payment engagement or customer migration without meaningful implementation costs would undermine the switching-cost hypothesis. Demonstrated renewal behavior and migration costs would be needed to establish it.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6"]},{"mechanism":"cost_advantage","claim":"Large distribution and payments operations, alongside improving efficiency, support a potential scale economy. The catalog does not establish lower unit costs or funding costs relative to competitors.","durability":"Recent operating improvements are demonstrated; a durable relative cost advantage is not. Repricing, asset mix and acquisitions contributed to results.","risks":"Technology investment, compensation and acquisition expenses can absorb scale benefits. Competitors with different regulatory burdens may compete aggressively.","invalidation":"Sustained expense growth above revenue growth, loss of deposits unless materially higher rates are paid, or comparable competitors achieving lower service costs would undermine the scale-cost hypothesis.","competitors":[],"evidenceIds":["e7","e8","e9"],"counterEvidenceIds":["e5","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business Segments — banking, transaction and payment services","excerpt":"Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients."},{"id":"e2","sourceId":"filing-7","location":"Third-quarter earnings and balance-sheet highlights","excerpt":"Bancorp\n$2,202 \n$2,177 \n$2,001 \nDiluted earnings per common share\n$1.34 \n$1.35 \n$1.22 \nDividends declared per common share\n$.54 \n$.52 \n$.52 \nBALANCE SHEET(b)\n3Q26\n2Q26\n3Q25\nAverage total loans\n$409,548 \n$405,481 \n$379,152 \nAverage total deposits\n$526,602 \n$515,080 \n$511,782 \nNet charge-off ratio (%)\n.51\n.53\n.56\nBook value per common share (period end)\n$38.27 \n$38.91 \n$36.33 \nTangible book value per common share (period end)(a)\n$29.34 \n$30.04 \n$27.84 \nBasel III standardized CET1 (%)(c)\n10.8\n10.8\n10.9\n(a) See Non-GAAP Financial Measures reconciliation on page 16\n$405,481 \n$379,152 \nAverage total deposits\n$526,602 \n$515,080 \n$511,782 \nNet charge-off ratio (%)\n.51\n.53\n.56\nBook value per common share (period end)\n$38.27 \n$38.91 \n$36.33 \nTangible book value per common share (period end)(a)\n$29.34 \n$30.04 \n$27.84 \nBasel III standardized CET1 (%)(c)\n10.8\n10.8\n10.9\n(a) See Non-GAAP Financial Measures reconciliation on page 16"},{"id":"e3","sourceId":"filing-7","location":"Business highlights — relationship-linked small-business card rewards","excerpt":"U.S. Bank has launched two new small-business credit cards, Business Essentials and Business Essentials Plus, offering unlimited 2% cash back on eligible purchases and additional rewards for customers with qualifying business checking balances."},{"id":"e4","sourceId":"filing-2","location":"Deposit analysis — average noninterest-bearing deposits","excerpt":"Average noninterest-bearing deposits for the second quarter and the first six months of 2026 were $1.5 billion (1.9 percent) and $1.2 billion (1.5 percent) higher, respectively, than the same periods of 2025, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by a decrease in Consumer and Business Banking balances."},{"id":"e5","sourceId":"filing-1","location":"Competition — nonbank regulatory differences","excerpt":"Competition has also increased from companies that are not subject to the same regulatory restrictions as domestic banks and bank holding companies, including by financial technology companies, or “fintechs,” which may offer bank-like products or services that compete directly with the Company’s products and services."},{"id":"e6","sourceId":"filing-8","location":"Payment Services — revenue, volumes and merchant transactions","excerpt":"Bancorp\n$175 \n$222 \n$264 \n$181 \n$255 \nFINANCIAL RATIOS\nReturn on average assets\n1.30 \n%\n1.74 \n%\n2.18 \n%\n1.47 \n%\n2.09 \n%\nNet interest margin (taxable-equivalent basis)\n6.88 \n6.76 \n7.32 \n7.17 \n7.21 \nEfficiency ratio\n55.7 \n62.4 \n59.3 \n60.1 \n57.3 \n17\nPAYMENT SERVICES\nPreliminary data\nThree Months Ended\n(Dollars in Millions)\n(Unaudited)\nSeptember 30,\n2026\nJune 30,\n2026\nMarch 31,\n2026\nDecember 31,\n2025\nSeptember 30,\n2025\nAVERAGE BALANCE SHEET\nLoans\nCommercial\n$7,721 \n$7,426 \n$6,541 \n$6,798 \n$6,750 \nCommercial real estate\n— \n— \n— \n— \n— \nResidential mortgages\n— \n— \n— \n— \n— \nCredit card\n40,222 \n38,403 \n37,341\nResidential mortgages\n— \n— \n— \n— \n— \nCredit card\n3.29 \n3.83 \n3.96 \n3.84 \n3.80 \nOther retail\n3.45 \n3.40 \n3.35 \n3.15 \n3.10 \nTotal net charge-offs\n2.77 \n%\n3.21 \n%\n3.38 \n%\n3.25 \n%\n3.20 \n%\nSeptember 30,\n2026\nJune 30,\n2026\nMarch 31,\n2026\nDecember 31,\n2025\nSeptember 30,\n2025\nNonperforming Assets\nNonperforming loans\n$— \n$— \n$— \n$— \n$— \nOther nonperforming assets\n— \n— \n— \n— \n— \nTotal nonperforming assets\n$— \n$— \n$— \n$— \n$— \n18\nPAYMENT SERVICES\nPreliminary data\nThree Months Ended\n(Dollars in Millions)\n(Unaudited)\nSeptember 30,\n2026\nJune 30,\n2026\nMarch 31,\n2026\nDecember 31,\n2025\nSeptember 30,\n2025\nOTHER INFORMATION\nNoninterest Income\nCredit card\n$300 \n$295 \n$263 \n$291 \n$279 \nCorporate payment products and prepaid\n261 \n247 \n217 \n217 \n220 \nGlobal merchant acquiring\n461 \n485 \n436 \n440 \n463 \nPayment Volumes\nCredit card\n$42,024 \n$41,000 \n$36,999 \n$39,651 \n$38,581 \nDebit card(a)\n28,360 \n28,312 \n26,072 \n26,894 \n26,327 \nPrepaid card\n1,938 \n1,961 \n1,920 \n2,080 \n1,609 \nCorporate payment products\n26,908 \n25,227 \n22,688 \n21,413 \n23,312 \nMerchant volume\n157,098 \n155,934 \n145,093 \n145,144 \n157,540 \nTotal\n256,328 \n252,434 \n232,772 \n235,182 \n247,369 \n# of merchant transactions (millions)\n2,305 \n2,259 \n2,049 \n2,195 \n2,305 \n(a) Debit card revenue is reported within the Consumer and Business Banking segment."},{"id":"e7","sourceId":"filing-1","location":"General Business Description — branch distribution","excerpt":"Banking and investment services are provided through a network of branches and banking offices across the United States, primarily in the Midwest and West regions, including 2,075 branches across 26 states as of December 31, 2025."},{"id":"e8","sourceId":"filing-7","location":"Consolidated financial ratios and income-statement highlights","excerpt":"•Average total loans increase of 8.0% on a year-over-year basis and 1.0% on a linked quarter basis\nReturn on average assets (%)\n1.25\n1.26\n1.17\nReturn on average common equity (%)\n13.6\n14.0\n13.5\nReturn on tangible common equity (%)(a)\n18.5\n18.7\n18.6\nNet interest margin (%)\n2.84\n2.79\n2.75\nEfficiency ratio (%)(a)\n55.9\n57.1\n57.2\nINCOME STATEMENT(b)\n3Q26\n2Q26\n3Q25\nNet interest income (taxable-equivalent basis)\n$4,490 \n$4,387 \n$4,251 \nNoninterest income\n$3,480 \n$3,325 \n$3,078 \nNoninterest expense\n$4,493 \n$4,428 \n$4,197 \nNet income attributable to U.S."},{"id":"e9","sourceId":"filing-3","location":"Appendix — annual earnings and efficiency reconciliation","excerpt":"Bancorp common shareholders, excluding notable items (q) ​ ​ ​ ​ 7,194 ​ ​ ​ ​ ​ 6,207 ​ ​ ​ Average diluted common shares outstanding (r) ​ ​ ​ ​ 1,558 ​ ​ ​ ​ ​ 1,561 ​ ​ ​ Diluted earnings per common share (p) / (r) ​ ​ ​ $ 4.62 ​ ​ ​ ​ $ 3.79 ​ ​ ​ Percentage change ​ ​ ​ ​ 22% ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share (q) / (r) ​ ​ ​ $ 4.62 ​ ​ ​ ​ $ 3.98 ​ ​ ​ Percentage change ​ ​ ​ ​ 16% ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income ​ ​ ​ $ 16,649 ​ ​ ​ ​ $ 16,289 ​ ​ ​ Taxable-equivalent adjustment(3) ​ ​ ​ ​ 116 ​ ​ ​ ​ ​ 120 ​ ​ ​ Net interest income, on a taxable-equivalent basis ​ ​ ​ ​ 16,765 ​ ​ ​ ​ ​ 16,409 ​ ​ ​ Net interest income, on a taxable-equivalent basis (as calculated above) ​ ​ ​ ​ 16,765 ​ ​ ​ ​ ​ 16,409 ​ ​ ​ Noninterest income ​ ​ ​ ​ 11,891 ​ ​ ​ ​ ​ 11,046 ​ ​ ​ Less: Securities gains (losses), net ​ ​ ​ ​ (61) ​ ​ ​ ​ ​ (154) ​ ​ ​ Total net revenue, excluding net securities gains (losses) (s) ​ ​ ​ ​ 28,717 ​ ​ ​ ​ ​ 27,609 ​ ​ ​ Noninterest expense (t) ​ ​ ​ ​ 16,837 ​ ​ ​ ​ ​ 17,188 ​ ​ ​ Less: Notable items(4) ​ ​ ​ ​ — ​ ​ ​ ​ ​ 400 ​ ​ ​ Noninterest expense, excluding notable items (u) ​ ​ ​ ​ 16,837 ​ ​ ​ ​ ​ 16,788 ​ ​ ​ Efficiency ratio (t) / (s) ​ ​ ​ ​ 58.6% ​ ​ ​ ​ ​ 62.3% ​ ​ ​ Efficiency ratio, excluding notable items (u) / (s) ​ ​ ​ ​ 58.6% ​ ​ ​ ​ ​ 60.8% ​ ​ ​ 1."},{"id":"e10","sourceId":"filing-7","location":"Noninterest expense — acquisition, compensation and technology costs","excerpt":"The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense primarily due to merit increases, higher technology and communications expense related to investments in product and technology development, and increased marketing and business development initiatives, partially offset by lower other expense."},{"id":"e11","sourceId":"filing-7","location":"Net interest income — growth, acquisition and repricing contributions","excerpt":"Net interest income increased 5.6 percent on a taxable-equivalent basis, primarily due to loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing, while net interest margin increased to 2.84 percent from 2.75 percent."},{"id":"e12","sourceId":"filing-2","location":"Noninterest Income — merchant pricing attribution","excerpt":"Merchant processing services revenue increased due to favorable rates."},{"id":"e13","sourceId":"filing-6","location":"Noninterest Income — first-quarter merchant rates and card volume","excerpt":"Merchant processing services increased due to favorable rates, while card revenue increased due to higher credit card sales volume."},{"id":"e14","sourceId":"filing-7","location":"Business highlights — annual fees and card rewards","excerpt":"Business Essentials has no annual fee and can earn up to 2.5% total cash back, while the $295-annual-fee Plus card can earn up to 3.5% and automatically provides 5% cash back on the cardholder’s top spending category, subject to an annual limit."},{"id":"e15","sourceId":"filing-1","location":"Supervision and Regulation — lending-rate and other statutory constraints","excerpt":"These laws, rules and policies include, for example, statutory maximum legal lending rates, domestic monetary policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), United States fiscal policy, international currency regulations and monetary policies and capital adequacy and liquidity constraints imposed by bank regulatory agencies."},{"id":"e16","sourceId":"filing-2","location":"Interest Rate Risk Management — loan and deposit pricing strategies","excerpt":"The Company manages its interest rate risk position by holding assets with desired interest rate risk characteristics on its balance sheet, executing certain pricing strategies for loans and deposits and deploying investment portfolio, funding and derivative strategies."},{"id":"e17","sourceId":"filing-2","location":"Capital Management — actual dividends and repurchases","excerpt":"•The Company returned $1.0 billion and $2.1 billion of earnings to shareholders in the second quarter of 2026 and the first six months of 2026, respectively, through dividends and share repurchases."},{"id":"e18","sourceId":"filing-2","location":"Business segment table — consolidated first-half attributable earnings","excerpt":"Bancorp $ 2,985 $ 2,397 $ 1,159 $ 1,154 $ 497 $ 494 $ (519) $ (521) $ 4,122 $ 3,524 Average Balance Sheet Loans $ 208,980 $ 183,872 $ 144,100 $ 151,702 $ 44,980 $ 41,917 $ 1,493 $ 1,286 $ 399,553 $ 378,777 Other earning assets 15,747 13,538 2,530 3,335 6 31 208,759 216,113 227,042 233,017 Goodwill 4,928 4,825 4,326 4,326 3,480 3,409 — — 12,734 12,560 Other intangible assets 663 840 3,912 4,322 240 254 6 8 4,821 5,424 Assets 262,350 232,532 157,044 165,877 50,096 47,338 222,024 225,631 691,514 671,378 Noninterest-bearing deposits 57,837 55,581 18,507 19,502 2,407 2,527 1,869 1,795 80,620 79,405 Interest-bearing deposits 228,924 216,457 205,082 199,628 93 95 381 9,117 434,480 425,297 Total deposits 286,761 272,038 223,589 219,130 2,500 2,622 2,250 10,912 515,100 504,702 Total U.S."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion — actual February 2025 equity grants","excerpt":"In February 2025, consistent with the historical structure of our long-term incentive program, 60% of the value of each executive officer’s annual long-term incentive award was granted in the form of PRSUs that will cliff vest (if earned) on the third anniversary of the grant date, following a three-year performance period, and 40% was granted in the form of RSUs that vest ratably over three years from the date of grant."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation — PRSU performance conditions","excerpt":"The number of PRSUs earned will be between 0% and 150% of target based on the company’s absolute and relative ROTCE performance and a relative TSR modifier during the performance period, as set forth in the applicable award agreements."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion — completed 2023–2025 award performance","excerpt":"The PRSUs granted in 2023 were earned at 113.4% of the NEOs’ respective target amounts, based on absolute and relative return on equity (ROE) results for the 2023-2025 performance period."},{"id":"e22","sourceId":"filing-3","location":"Compensation policies — prohibition on executive and director hedging","excerpt":"TABLE OF CONTENTS​​​​\n Hedging and pledging policy\n The company’s Insider Trading Policy prohibits executive officers and directors of the company from hedging shares of the company’s common stock, including, but not limited to, using short sales, puts, calls, prepaid variable forwards, equity swaps, collars and exchange funds."},{"id":"e23","sourceId":"filing-3","location":"Corporate governance — Lead Independent Director authority","excerpt":"​ ​ Role of Lead Independent Director ​ ​ ​ ​ The independent directors entrust the Lead Independent Director with the following well-defined and robust responsibilities and authority: ▶ Board leadership ​ – lead executive sessions of the Board’s independent or non-management directors, and preside at any session of the Board where the Chairman is not present; ​ – have authority to call special Board meetings or special meetings of the independent directors; ​ ▶ Board culture ​ – act as a regular communication channel between the independent directors and the CEO, providing advice and feedback from the Board; ​ – act as a “sounding board” and advisor to the CEO; ​ – interview all Board candidates and make recommendations to the Governance Committee; ​ ▶ Board performance ​ – advise the CEO on the Board’s information needs, including recommendations for Board meeting topics and materials that reflect consultation with the other non-management directors and that are sufficient in scope, detail and analysis to enable the Board to make sound, well-informed decisions and consider potential risks, advise on Board communications to address various matters that may arise between Board meetings, and review and approve the Board meeting agendas; ​ – review Board meeting schedules to ensure there is sufficient time for discussion of all agenda items; ​ – approve, on behalf of the Board, the retention of consultants who report directly to the Board; ​ – promote the efficient and effective performance and functioning of the Board by facilitating corporate governance best practices and compliance with our company’s Corporate Governance Guidelines; ​ – advise the independent Board committee chairs in fulfilling their designated roles and responsibilities to the Board; ​ ▶ Shareholders and other stakeholders ​ – review communications from shareholders and other stakeholders that are addressed to the full Board or to the Lead Independent Director; ​ – as appropriate, be the representative of the independent directors in discussions with our major shareholders regarding their concerns and expectations, and with other key stakeholders at the request of the Board; and ​ – communicate with our banking regulators, at their request, regarding the Board’s oversight of management and our company."},{"id":"e24","sourceId":"filing-3","location":"Related person transactions — director recusal","excerpt":"No director is allowed to participate in the deliberations or vote on the approval or ratification of a transaction if that director is a related person with respect to the transaction under review."},{"id":"e25","sourceId":"filing-2","location":"Corporate Risk Profile — quarterly Board risk reporting","excerpt":"The Risk Management Committee considers quarterly reports by management assessing the Company’s performance relative to the risk appetite statements and the associated risk limits, including: •Macroeconomic environment and other qualitative considerations, such as regulatory and compliance changes, litigation developments, geopolitical events, and technology and cybersecurity; •Credit measures, including adversely rated and nonperforming loans, leveraged transactions, credit concentrations and lending limits; •Interest rate and market risk, including market value and net income simulation, and trading-related Value at Risk (“VaR”); •Liquidity risk, including funding projections under various stressed scenarios; •Operational and compliance risk, including losses stemming from events such as fraud, processing errors, control breaches, breaches in data security or adverse business decisions, as well as reporting on technology performance, and various legal and regulatory compliance measures; •Capital ratios and projections, including regulatory measures and stressed scenarios; and •Strategic and reputation risk considerations, impacts and responses."},{"id":"e26","sourceId":"filing-7","location":"Capital position — regulatory capital ratios","excerpt":"2\nU.S. Bancorp Third Quarter 2026 Results\nNET INTEREST INCOME\n(Taxable-equivalent basis; $ in millions)\nChange\n3Q 2026\n2Q 2026\n3Q 2025\n3Q26 vs 2Q26\n3Q26 vs 3Q25\nYTD\n 2026\nYTD\n 2025\nChange\nComponents of net interest income\nIncome on earning assets\n$\n7,796 \n$\n7,624 \n$\n7,831 \n$\n172 \n$\n(35)\n$\n22,855 \n$\n23,010 \n$\n(155)\nExpense on interest-bearing liabilities\n3,306 \n3,237 \n3,580 \n69 \n(274)\n9,687 \n10,557\nCommon equity tier 1 capital\n$55,023 \n$53,575 \n$52,648 \n$51,665 \n$50,587 \nTier 1 capital\n62,267 \n60,802 \n59,899 \n58,917 \n57,839 \nTotal risk-based capital\n72,844 \n71,429 \n69,163 \n68,087 \n66,820 \nCommon equity tier 1 capital ratio\n10.8 \n%\n10.8 \n%\n10.8 \n%\n10.8 \n%\n10.9 \n%\nTier 1 capital ratio\n12.3 \n12.2 \n12.3 \n12.3 \n12.4 \nTotal risk-based capital ratio\n14.3 \n14.4 \n14.2 \n14.2 \n14.4 \nLeverage ratio\n9.0 \n8.9 \n8.8 \n8.7 \n8.6 \nCommon equity to assets\n8.5 \n8.4 \n8.4 \n8.4 \n8.1 \nTangible common equity to tangible assets(a)\n6.6 \n6.6 \n6.7 \n6.7 \n6.4 \nTangible common equity to risk-weighted assets(a)\n9.0 \n9.4 \n9.4 \n9.4 \n9.3 \n(a)See Non-GAAP Financial Measures reconciliation on page 16."},{"id":"e27","sourceId":"filing-7","location":"Capital position — regulatory compliance","excerpt":"All regulatory capital ratios continue to be in excess of “well-capitalized” requirements."},{"id":"e28","sourceId":"filing-1","location":"Capital Requirements — minimum Tier 1 leverage ratio","excerpt":"6 United States banking organizations are also subject to a minimum tier 1 leverage ratio of 4.0 percent."},{"id":"e29","sourceId":"filing-1","location":"Basel III Liquidity Requirements — Category III calibration","excerpt":"Under the Tailoring Rules and NSFR rule, the Company and USBNA, as Category III banking organizations with less than $75 billion of weighted short-term wholesale funding, qualify for reduced LCR and NSFR requirements calibrated at 85 percent of the full requirements."},{"id":"e30","sourceId":"filing-2","location":"Liquidity Risk Management — average daily LCR","excerpt":"For the three months ended June 30, 2026 and December 31, 2025, the Company’s average daily LCR was 107.6 percent and 106.5 percent, respectively."},{"id":"e31","sourceId":"filing-2","location":"Liquidity Risk Management — NSFR compliance","excerpt":"The Company was compliant with this requirement at June 30, 2026 and December 31, 2025."},{"id":"e32","sourceId":"filing-8","location":"Consolidated ending balance sheet — funding, cash and accumulated comprehensive loss","excerpt":"CONSOLIDATED ENDING BALANCE SHEET\nCash and due from banks\n$49,523 \n$66,491 \n$48,420 \n$46,890 \n$66,637 \nInvestment securities\nHeld-to-maturity\n72,923 \n74,085 \n75,442 \n76,170 \n76,931 \nAvailable-for-sale\n80,228 \n89,085 \n93,464 \n90,838 \n89,065 \nLoans held for sale\n2,426 \n3,038 \n2,928 \n2,538 \n2,490 \n70,872 \n63,793 \nTotal assets\n$702,966 \n$725,918 \n$700,998 \n$692,345 \n$695,357 \nLiabilities and Shareholders' Equity\nDeposits\nNoninterest-bearing\n$85,596 \n$85,791 \n$85,300 \n$84,116 \n$91,550 \nInterest-bearing\n446,109 \n446,275 \n442,878 \n438,100 \n434,599 \nTotal deposits\n531,705 \n532,066 \n528,178 \n522,216 \n526,149 \nShort-term borrowings\n21,044 \n37,337 \n17,859 \n17,162 \n15,449 \nLong-term debt\n51,996 \n58,671 \n61,361 \n60,764 \n62,535 \nOther liabilities\n31,333 \n29,949 \n27,353 \n26,552 \n27,426 \nTotal liabilities\n636,078 \n658,023 \n634,751 \n626,694 \n631,559 \nShareholders' equity\nPreferred stock\n6,808 \n6,808 \n6,808 \n6,808 \n6,808 \nCommon stock\nCapital surplus\n8,839 \n8,773 \n8,623 \n8,728 \n8,745 \nRetained earnings\n84,503 \n83,241 \n81,944 \n80,906 \n79,742 \nLess treasury stock\n(24,284)\n(24,300)\n(24,387)\n(24,283)\n(24,228)\nAccumulated other comprehensive income (loss)\n(9,462)\n(7,111)\n(7,223)\n(6,987)\n(7,748)\nTotal U.S."},{"id":"e33","sourceId":"filing-2","location":"Investment Securities — held-to-maturity amortized cost and fair value","excerpt":"Treasury and agencies\n649 \n3.00 \n648 \n3.00 \nMortgage-backed securities(a)\n73,155 \n63,696 \n8.1\n2.35\n75,235 \n66,146 \n8.0\n281 \n283 \n2.65\n289 \n2.63\nTotal held-to-maturity\n74,085 \n64,622"},{"id":"e34","sourceId":"filing-2","location":"Interest Rate Risk Management — modeled 50-basis-point sensitivity","excerpt":"As of June 30, 2026, the Company maintains a relatively neutral interest rate profile to a parallel 50 basis point shift in interest rates as asset repricing continues to align closely with liability repricing."},{"id":"e35","sourceId":"filing-2","location":"Interest Rate Risk Management — larger-shock nonlinearity","excerpt":"Under more significant rate shock scenarios, certain assets and liabilities, particularly mortgage assets and deposit products, are expected to exhibit non-linear behavior, resulting in varying impacts to net interest income."},{"id":"e36","sourceId":"filing-7","location":"Asset quality — consolidated and portfolio nonperforming assets","excerpt":"ALLOWANCE FOR CREDIT LOSSES\n%(a)\n%(a)\n1Q 2026\n%(a)\n4Q 2025\n%(a)\n%(a)\nBalance, beginning of period\n$7,979 \n$7,977 \n$7,947 \n$7,897 \n$7,862 \nAllowance for acquired credit losses\nNet charge-offs\nCommercial\n.24 \n117 \n.29 \n.07 \nLease financing\n.45 \n.45 \n.37 \n.46 \n.65 \nTotal commercial\n121 \n.30 \n.09 \nCommercial mortgages\n.39 \n1.07\n1.09\n1.24\nResidential mortgages\n.36\n.38\n.38\nCredit card\n1.10\n1.13\n1.29\n1.27\nOther retail\n.46\n.46\n.50\n.49\nTotal loans\n.49\n.50\n.58\n.61\n.64\nASSET QUALITY(a)\nSep 30 2026\nJun 30 2026\nMar 31 2026\nDec 31 2025\nSep 30 2025\nNonperforming loans\nCommercial\n$407 \n$377 \n$622 \n$695 \n$708 \nLease financing\nTotal commercial\n432 \n402 \n717 \n733 \nCommercial mortgages\n538 \n504 \nConstruction and development\nTotal commercial real estate\n568 \n522 \n579 \nResidential mortgages\n176 \n171 \n159 \n151 \nCredit card\nOther retail\n158 \n162 \n159 \n161 \nTotal nonperforming loans\n1,284 \n1,303 \n1,488 \n1,547 \n1,610 \nOther real estate\nOther nonperforming assets\nTotal nonperforming assets\n$1,324 \n$1,346 \n$1,528 \n$1,590 \n$1,654 \nAccruing loans 90 days or more past due\n$743 \n$735 \n$847 \n$853 \n$840 \nNonperforming assets to loans plus ORE (%)\n.32 \n.38 \n.41 \n.43 \n(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due\nCOMMON SHARES\n(Millions)\n1Q 2026\n4Q 2025\nBeginning shares outstanding\nShares issued for stock incentive plans,"},{"id":"e37","sourceId":"filing-8","location":"Consolidated results — common earnings, dividends and diluted shares","excerpt":"Bancorp common shareholders\n$2,095 \n$2,098 \n$1,841 \n$1,965 \n$1,893 \nEarnings per common share\n$1.34 \n$1.35 \n$1.18 \n$1.26 \n$1.22 \nDiluted earnings per common share\n$1.34 \n$1.35 \n$1.18 \n$1.26 \n$1.22 \nDividends declared per common share\n$.54 \n$.52 \n$.52 \n$.52 \n$.52 \nAverage common shares outstanding\n1,558 \n1,554 \n1,554 \n1,555 \n1,557 \nAverage diluted common shares outstanding\n1,559 \n1,555 \n1,555 \n1,556 \n1,557 \nFinancial Ratios (%)\nNet interest margin (taxable-equivalent basis)\nInvestment products fees\n116 \n102 \n97 \n101 \n97 \nSecurities gains (losses), net\n— \n— \n— \n— \n— \nOther\n143 \n114 \n79 \n74 \n77 \nTotal noninterest income\n2,026 \n1,834 \n1,607 \n1,614 \n1,572 \nTotal net revenue\n3,997 \n3,765 \n3,473 \n3,405 \n3,333 \nNoninterest Expense\nCompensation and employee benefits\n734 \n666 \n587 \n571 \n565 \nOther intangibles\n52 \n44 \n40 \n46 \n46 \nNet shared services\n624 \n618 \n609 \n625 \n623 \nOther direct expenses\n344 \n290 \n253 \n289 \n261 \nTotal noninterest expense\n1,754 \n1,618 \n1,489 \n1,531 \n1,495 \nIncome before provision and income taxes\n2,243 \n2,147 \n1,984 \n1,874 \n1,838 \nProvision for Credit Losses\n112 \n129 \n65 \n157 \n196 \nIncome before income taxes\n2,131 \n2,018 \n1,919 \n1,717 \n1,642 \nIncome taxes and taxable-equivalent adjustment\n533 \n505 \n480 \n429 \n411 \nNet income\n1,598 \n1,513 \n1,439 \n1,288 \n1,231 \nNet (income) loss attributable to noncontrolling interests\n— \n— \n— \n— \n— \nNet income attributable to U.S."},{"id":"e38","sourceId":"filing-2","location":"Noninterest Expense — increased stock-based compensation","excerpt":"Compensation and employee benefits expense also increased in the second quarter of 2026, compared with the second quarter of 2025, due to higher stock-based compensation expense."},{"id":"e39","sourceId":"filing-2","location":"BTIG acquisition — completed transaction consideration and contingent payments","excerpt":"BTIG acquisition On June 1, 2026, the Company acquired BTIG for a purchase price consisting of approximately $395 million of cash and 6.6 million shares of the Company’s common stock paid on the closing date, with up to an additional $275 million of cash consideration to be paid over the next three years, subject to achievement of defined performance targets."},{"id":"e40","sourceId":"filing-9","location":"Second-quarter highlights — initial BTIG revenue and expense contribution","excerpt":"•Completed the acquisition of BTIG, reflecting approximately $98 million in fee revenue and $84 million of noninterest expense\nReturn on average assets (%)\n1.26\n1.15\n1.08\nReturn on average common equity (%)\n14.0\n12.6\n12.9\nReturn on tangible common equity (%)(a)\n18.7\n17.0\n18.0\nNet interest margin (%)\n2.79\n2.77\n2.66\nEfficiency ratio (%)(a)\n57.1\n58.2\n59.2\nINCOME STATEMENT(b)\n2Q26\n1Q26\n2Q25\nNet interest income (taxable-equivalent basis)\n$4,387 \n$4,291 \n$4,080 \nNoninterest income\n$3,325 \n$2,997 \n$2,924 \nNoninterest expense\n$4,428 \n$4,265 \n$4,181 \nNet income attributable to U.S."},{"id":"e41","sourceId":"filing-7","location":"CEO commentary — attribution of capital-markets growth to BTIG","excerpt":"We reported a full quarter of BTIG results, which drove an increase of 69.3% year-over-year in capital markets revenue."},{"id":"e42","sourceId":"filing-7","location":"Payment Services — initial credit provision on purchased card portfolio","excerpt":"The provision for credit losses increased compared with the third quarter of 2025, primarily due to the impact of recording the initial provision for credit losses related to the purchase of the small business credit card portfolio."},{"id":"e43","sourceId":"filing-7","location":"Treasury and Corporate Support — securities-sale losses","excerpt":"Total net revenue decreased compared with the third quarter of 2025, driven by lower net interest income, primarily due to lower interest-bearing deposits with banks and investment securities balances, partially offset by lower funding costs and benefits from fixed asset repricing, as well as lower noninterest income driven by losses on the sales of investment securities."},{"id":"e44","sourceId":"filing-1","location":"Competition — price, relationships, service and convenience","excerpt":"3 Competition is based on a number of factors including, among others, customer service, quality and range of products and services offered, price, reputation, interest rates on loans and deposits, lending limits, experience, relationships and customer convenience, including the ability to address customer needs by using technology to provide products and services that customers want to adopt."},{"id":"e45","sourceId":"filing-7","location":"Business highlights — stablecoin pilot","excerpt":"Conducted on the Stellar blockchain, the pilot showed the bank can move value on-chain while maintaining integration with its existing finance, risk, compliance and operations infrastructure."},{"id":"e46","sourceId":"filing-7","location":"Business highlights — prospective digital-asset applications","excerpt":"Looking ahead, U.S. Bank is exploring applications including liquidity management, collateral mobility and cross-border treasury operations, with the initiative representing another step in its broader digital asset strategy to use blockchain technology to improve efficiency, transparency and settlement speed while maintaining the safety, security and reliability expected by clients."},{"id":"e47","sourceId":"filing-3","location":"Board leadership — planned combination of chair and CEO responsibilities","excerpt":"Bancorp to Gunjan Kedia following our annual meeting and assumed the role of Executive Chairman of the Board of Directors, and it is with great confidence that we add the Chairman responsibilities to her Chief Executive Officer role at our 2026 annual meeting of shareholders."},{"id":"e48","sourceId":"filing-7","location":"CEO commentary attribution — Chairman and CEO","excerpt":"— Gunjan Kedia, Chairman and CEO, U.S."},{"id":"e49","sourceId":"filing-2","location":"First-half financial performance — revenue, expenses and deposits","excerpt":"Financial performance for the first six months of 2026, compared with the first six months of 2025, included the following: •Diluted earnings per common share of $2.53 in the first six months of 2026, representing an 18.2 percent increase compared with the first six months of 2025; •Net interest income increased $481 million (5.9 percent) primarily due to loan growth, improved earning asset mix, and fixed asset repricing; •Noninterest income increased $562 million (9.8 percent) driven by higher revenue across most categories and the contribution from the BTIG acquisition; •Noninterest expense increased $280 million (3.3 percent), reflecting the impact of the BTIG acquisition, higher technology and communications expense, higher marketing and business development expense and higher compensation and employee benefits expense; •Average loans increased $20.8 billion (5.5 percent) driven by higher commercial loans, credit card loans and commercial real estate loans; and •Average deposits increased $10.4 billion (2.1 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits."}],"changes":["The uncertain verdict is retained after reassessing the current catalog; no durable structural advantage is established.","Previously assessed grades are supported anew with current catalog citations. All four moat criteria remain null.","Pricing and financial conclusions remain broadly consistent with the previous analysis. Third-quarter Payment Services weakness and the purchased portfolio's initial credit provision temper consolidated strength.","The stablecoin pilot and relationship-linked card launches are treated as demonstrated initiatives with potential benefits, not established moat evidence."],"limitations":["The sources disclose generic competitive categories but do not establish named company-level competitor comparisons. Companies named as partners, acquisition targets, shareholders or former employers are not treated as competitors.","All supplied sources are issuer filings. Reported operating outcomes and implemented contractual arrangements support numerical grades, but management descriptions of differentiation, execution and future benefits are not independent proof.","Source dates retain dateKind filed. Current financial assessments use 2026 filings, all within 550 days of October 19, 2026; filing dates are distinct from financial measurement dates.","Third-quarter earnings and supplement data are unaudited, and regulatory capital data are preliminary. Some extracted tables are fragmented or contain revised segment presentations.","Customer-cohort retention, switching costs, comparative unit costs, competitor funding costs and durable market-share evidence are absent.","Complete effective risk-based capital requirements, uninsured-deposit concentration, September liquidity ratios and full stress-test results are absent; precise regulatory headroom is not calculated.","Actual incentive grants and governance mechanisms are disclosed, but complete executive common-stock ownership amounts and proof of oversight effectiveness are absent.","The catalog lacks a complete five-year financial history and full-cycle evidence. No overall score, predictability score or price target is inferred."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Distribution scale and an integrated offering are established, but relative cost advantages, network effects and material switching barriers are not.","evidenceIds":["e1","e7","e44"]},{"criterion":"durability","grade":null,"rationale":"Recent operating improvement cannot establish durable competitive protection. The stablecoin pilot demonstrates technical progress, while commercial benefits remain prospective.","evidenceIds":["e8","e45","e46"]},{"criterion":"customer_dependency","grade":null,"rationale":"Deposit and payment activity demonstrate demand, but the passages do not establish customer dependence or migration difficulty.","evidenceIds":["e2","e4","e6"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Consolidated improvement and merchant softness coexist. Neither establishes how a structural advantage withstands competitive substitution.","evidenceIds":["e5","e6","e8"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Issuer-attributed favorable merchant rates supported first- and second-quarter revenue. Third-quarter merchant revenue was slightly below the prior year alongside slightly lower volume and flat transactions. Outcomes support mixed, segment-specific pricing rather than durable franchise-wide power.","evidenceIds":["e12","e13","e6"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from deposit growth and higher card and corporate payment volumes. Merchant transactions were flat year over year, and period-end noninterest-bearing deposits declined. Aggregate activity cannot distinguish retained customers from new customers or acquisitions.","evidenceIds":["e2","e4","e6","e32"]},{"criterion":"margin_resilience","grade":3,"rationale":"Consolidated net interest margin reached 2.84% and efficiency improved to 55.9% while earnings increased despite higher expenses. Repricing, asset mix and acquisition effects contributed; Payment Services results were weaker, and full-cycle resilience is unproven.","evidenceIds":["e8","e2","e10","e11","e6"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Launched products include both no-fee and $295 annual-fee cards, and management executes loan and deposit pricing strategies. Statutory lending-rate limits constrain discretion. Existing-customer repricing, cancellation and merchant contract terms are absent.","evidenceIds":["e14","e15","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Actual first-half distributions of $2.1 billion were below $4.122 billion of attributable earnings, while CET1 remained 10.8% through September despite growth and acquisitions. Acquisition returns remain immature.","evidenceIds":["e17","e18","e26","e39"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 grants comprised 60% three-year performance equity and 40% time-vesting equity. Performance conditions include absolute and relative ROTCE and relative TSR; completed earlier awards were earned on measured performance, and hedging is prohibited. Future vesting and ownership amounts are not assumed.","evidenceIds":["e19","e20","e21","e22"]},{"criterion":"execution","grade":3,"rationale":"Assessed indirectly from annual expense reconciliation and subsequent revenue, earnings and efficiency outcomes. BTIG closed and produced disclosed revenue, while merchant softness and higher costs temper the assessment. Management's attribution of acquisition benefits is not proof of durable acquisition returns.","evidenceIds":["e9","e49","e8","e39","e40","e41","e6"]},{"criterion":"governance","grade":3,"rationale":"Lead Independent Director authority, mandatory related-party recusal and detailed Board risk reporting establish substantive mechanisms. The March plan to combine chair and CEO responsibilities is corroborated by the October title disclosure. Mechanisms do not demonstrate exceptional oversight effectiveness.","evidenceIds":["e23","e24","e25","e47","e48"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"September standardized CET1 was 10.8%, total risk-based capital 14.3% and leverage 9.0%; regulatory compliance was disclosed. The supplied minimum Tier 1 leverage requirement is 4.0%. Complete effective risk-based buffer requirements are absent, so precise headroom is not inferred.","evidenceIds":["e26","e27","e28"]},{"criterion":"liquidity_funding","grade":2,"rationale":"June average daily LCR was 107.6%, with NSFR compliance under the disclosed reduced Category III calibration. Average deposits subsequently grew and September short-term borrowing fell from June. Cash also declined, and period-end noninterest-bearing deposits were below the prior year. Uninsured concentration and September liquidity ratios are missing.","evidenceIds":["e29","e30","e31","e2","e32"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Third-quarter charge-offs improved to 0.51% and consolidated nonperforming assets declined. June held-to-maturity securities had $74.085 billion amortized cost versus $64.622 billion fair value, while September accumulated other comprehensive loss widened to $9.462 billion. Small-shock rate neutrality is modeled; larger shocks can produce nonlinear outcomes.","evidenceIds":["e2","e36","e33","e32","e34","e35"]},{"criterion":"earnings_resilience","grade":3,"rationale":"First-half attributable earnings increased to $4.122 billion from $3.524 billion, followed by third-quarter earnings of $2.202 billion versus $2.001 billion. Growth persisted despite higher expenses and provisions. Repricing and acquisitions contributed, and recession resilience is not established.","evidenceIds":["e18","e2","e49","e10","e11","e42"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"Third-quarter consolidated return on average common equity was 13.6%, versus 13.5% a year earlier; disclosed non-GAAP ROTCE was 18.5%, versus 18.6%. These demonstrate strong recent capital productivity. Tangible equity and adjusted earnings are distinct from the common-equity return measure.","evidenceIds":["e8"]},{"criterion":"distributions_and_buffers","grade":3,"rationale":"First-half dividends and repurchases of $2.1 billion were covered by attributable earnings of $4.122 billion. Third-quarter common dividends of $0.54 per share remained below diluted EPS of $1.34, with CET1 stable at 10.8% and regulatory compliance disclosed. Full stress-buffer headroom is unavailable.","evidenceIds":["e17","e18","e37","e26","e27"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Third-quarter average diluted shares were 1.559 billion versus 1.557 billion a year earlier. BTIG required 6.6 million issued shares and cash, while stock-based compensation expense increased. Dilution appears contained, but issuance, compensation and contingent acquisition payments carry real economic costs.","evidenceIds":["e37","e38","e39"]},{"criterion":"investment_discipline","grade":2,"rationale":"BTIG closed with specified cash, shares and performance-contingent consideration; its initial contribution included approximately $98 million of fee revenue and $84 million of expense. Management subsequently attributed capital-markets growth to a full quarter of BTIG. These outcomes do not establish acquisition returns. Securities-sale losses and the purchased card portfolio's initial provision add costs to weigh.","evidenceIds":["e39","e40","e41","e42","e43"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","financialAssessmentPolicy":"financial-industry-1","financialSector":"bank","basisHash":"71172ac1d0d726e93a3cbf5a8624324c7ac84aa567217ae6d9868ab7b81949d0","updatedAt":"2026-10-19T15:50:59.888Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000011/usb-20251231.htm","publishedAt":"2026-02-23","sha256":"a14e83926600aca3404647b50ab670898ca48f6ff5567ad645ba8a5501bbb100","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000044/usb-20260630.htm","publishedAt":"2026-08-06","sha256":"e5e8523a47568fa1fe1cd739cc9a3ffedf3ad1928e29aa14932293483ce20edf","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/36104/000110465926025844/tm261379-1_def14a.htm","publishedAt":"2026-03-10","sha256":"9b366da9b84af73d2f410fe9da65a149776e488445d0df2dbb134edda44e08d0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610425000016/usb-20241231.htm","publishedAt":"2025-02-21","sha256":"814628d67bcef4f0d2aa6b0bff1f2ce2a2a846def6b07bdb3d45b3c50e7857b4","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610424000018/usb-20231231.htm","publishedAt":"2024-02-20","sha256":"d34dc0847613f843c6ed1c2fbf101bbf582fb41d494b81fff4e81d7c098a1d73","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000024/usb-20260331.htm","publishedAt":"2026-05-04","sha256":"2f8e7e6260bb71c9c1c6fa9c2ad306cc09f2a72de555cf3b296d3bca83f82ded","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000054/a3q26earningsrelease.htm","publishedAt":"2026-10-15","sha256":"7d7ab365ffbfd3be7d32534352eaa63c1ddc21dc678c5fcb8ee975f1da77d8e3","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000054/a3q26earningssupplement.htm","publishedAt":"2026-10-15","sha256":"08b015b5da6917d525657095996838a5c3b18d41be287c42255d8c9c1a4543a2","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000039/a2q26earningsrelease.htm","publishedAt":"2026-07-16","sha256":"af40952814d20fdaddd27ab9dd41daf275af966a8cabe51783b373857727bbed","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000039/a2q26earningssupplement.htm","publishedAt":"2026-07-16","sha256":"c3de7a6eb830d6da6792b06d445f2bf94cb7533ae874f45971abebb8ab4f947d","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000021/a1q26earningsrelease.htm","publishedAt":"2026-04-16","sha256":"9744f328650829f31d82e522a99db25e8b132da4c15a0fe8176e0ab637ad286e","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000021/a1q26earningssupplement.htm","publishedAt":"2026-04-16","sha256":"517645f9900a11cf5be51e8a198510446c21f5b4c41cd5c6d315d821009b631c","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:412885159261873d369cb3a94c0ab270e40d28cf51eb7da8b1c62cea4e5f5b06","usage":{"input_tokens":195805,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4715,"reasoning_output_tokens":100}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this 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