{"schemaVersion":1,"research":true,"symbol":"usb","name":"Us Bancorp De","topic":"moat","path":"/stock/usb/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:55:35.994Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"U.S. Bancorp demonstrates substantial distribution and payments scale, growing customer activity, favorable merchant pricing and improved earnings. These establish operating strength, but the passages do not establish durable switching costs, network effects or a relative funding or cost advantage. Pricing evidence is favorable but limited, and increasing technology-driven competition creates erosion risk. Insufficient structural evidence, rather than demonstrated competitive weakness, determines the verdict.","advantages":[{"mechanism":"cost_advantage","claim":"Distribution and payments scale offer a potential cost advantage, but a current relative cost advantage is unproven. Improved expense efficiency demonstrates execution without establishing structurally lower costs than competitors.","durability":"Unestablished: the passages lack comparable funding costs, unit costs and evidence that efficiency gains persist through competitive or credit stress.","risks":"Technology enables additional competitors, including providers facing fewer regulatory restrictions. Payment rewards, technology spending and customer acquisition costs can absorb scale benefits.","invalidation":"Persistent expense growth exceeding revenue growth, declining payment activity despite greater incentives, or sustained deposit losses requiring higher funding prices would undermine the proposed scale benefits. Conversely, sustained comparable cost superiority would support upgrading this assessment.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: ATM distribution","excerpt":"The Company operates a network of 4,428 ATMs as of December 31, 2025, and provides 24-hour, seven day a week telephone customer service."},{"id":"e2","sourceId":"filing-1","location":"Business: corporate cards and corporate trust scale","excerpt":"The Company is also one of the largest providers of corporate and purchasing card services and corporate trust services in the United States."},{"id":"e3","sourceId":"filing-3","location":"Financial reconciliation: earnings, diluted shares and efficiency ratios","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":"e4","sourceId":"filing-2","location":"MD&A: first-half 2026 operating results","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."},{"id":"e5","sourceId":"filing-1","location":"Competition: technology-enabled market entry","excerpt":"The financial services industry continues to become more competitive as new technological advances enable more companies to provide financial products and services, including electronic and internet-based financial solutions such as lending and payment solutions, digital currencies, digital wallets and alternative payment methods."},{"id":"e6","sourceId":"filing-1","location":"Competition: differently regulated providers","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":"e7","sourceId":"filing-2","location":"Segment presentation: rewards, rebates and partner payments","excerpt":"(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $1.7 billion and $1.5 billion for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e8","sourceId":"filing-2","location":"Payment Services: quarterly and first-half earnings","excerpt":"Payment Services contributed $225 million of the Company’s net income in the second quarter and $497 million in the first six months of 2026, or a decrease of $10 million (4.3 percent) and an increase of $3 million (0.6 percent), respectively, compared with the same periods of 2025."},{"id":"e9","sourceId":"filing-2","location":"Noninterest income: merchant processing rates","excerpt":"Merchant processing services revenue increased due to favorable rates."},{"id":"e10","sourceId":"filing-6","location":"Noninterest income: first-quarter merchant pricing and card volumes","excerpt":"Merchant processing services increased due to favorable rates, while card revenue increased due to higher credit card sales volume."},{"id":"e11","sourceId":"filing-2","location":"Noninterest income: payment sales volumes","excerpt":"Card revenue and corporate payment and treasury management revenue increased mainly due to higher sales volume."},{"id":"e12","sourceId":"filing-2","location":"Balance sheet analysis: noninterest-bearing deposit growth and business mix","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":"e13","sourceId":"filing-6","location":"Net interest income: taxable-equivalent net interest margin","excerpt":"The net interest margin, on a taxable-equivalent basis, in the first quarter of 2026 was 2.77 percent, compared with 2.72 percent in the first quarter of 2025."},{"id":"e14","sourceId":"filing-6","location":"Net interest income: fixed asset repricing contribution","excerpt":"The increase was primarily due to the benefits from fixed asset repricing."},{"id":"e15","sourceId":"filing-3","location":"Compensation: equity awards actually granted in February 2025","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":"e16","sourceId":"filing-3","location":"Compensation: earned 2023–2025 performance awards","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":"e17","sourceId":"filing-3","location":"Compensation policies: prohibition on hedging","excerpt":"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":"e18","sourceId":"filing-3","location":"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":"e19","sourceId":"filing-2","location":"Risk governance: internal audit independent assessment","excerpt":"The third line of defense, internal audit, is responsible for providing the Audit Committee of the Board of Directors and senior management with independent assessment and assurance regarding the effectiveness of the Company’s governance, risk management and control processes."},{"id":"e20","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":"e21","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":"e22","sourceId":"filing-2","location":"Credit quality: annualized net charge-off ratios","excerpt":"The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for the second quarter and first six months of 2026 was 0.53 percent and 0.55 percent, respectively, compared with 0.59 percent for both the second quarter and first six months of 2025."},{"id":"e23","sourceId":"filing-2","location":"Note on loans: internal credit quality ratings","excerpt":"Bancorp The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: June 30, 2026 December 31, 2025 Criticized Criticized (Dollars in Millions) Pass Special Mention Classified(a) Total Criticized Total Pass Special Mention Classified(a) Total Criticized Total Commercial Originated in 2026 $ 39,772 $ 472 $ 475 $ 947 $ 40,719 $ — $ — $ — $ — $ — Originated in 2025 56,378 224 527 751 57,129 72,416 219 762 981 73,397 Originated in 2024 17,410 188 353 541 17,951 24,344 168 637 805 25,149 Originated in 2023 5,084 8 88 96 5,180 7,532 47 278 325 7,857 Originated in 2022 5,474 89 90 179 5,653 10,045 23 287 310 10,355 Originated prior to 2022 5,888 2 38 40 5,928 6,934 23 84 107 7,041 Revolving(b) 26,329 398 368 766 27,095 23,494 484 384 868 24,362 Total commercial 156,335 1,381 1,939 3,320 159,655 144,765 964 2,432 3,396 148,161 Commercial real estate Originated in 2026 10,513 73 586 659 11,172 — — — — — Originated in 2025 14,113 114 590 704 14,817 15,466 143 981 1,124 16,590 Originated in 2024 5,387 85 286 371 5,758 6,368 88 338 426 6,794 Originated in 2023 2,245 51 219 270 2,515 3,232 65 444 509 3,741 Originated in 2022 3,770 81 627 708 4,478 5,211 242 613 855 6,066 Originated prior to 2022 10,741 203 408 611 11,352 12,784 301 558 859 13,643 Revolving 2,178 70 1 71 2,249 1,991 82 7 89 2,080 Revolving converted to term 6 — 1 1 7 5 — 1 1 6 Total commercial real estate 48,953 677 2,718 3,395 52,348 45,057 921 2,942 3,863 48,920 Residential mortgages(c) Originated in 2026 9,267 — — — 9,267 — — — — — Originated in 2025 9,836 — 2 2 9,838 11,917 — 1 1 11,918 Originated in 2024 5,790 — 14 14 5,804 7,249 — 14 14 7,263 Originated in 2023 7,028 — 32 32 7,060 7,758 — 35 35 7,793 Originated in 2022 23,803 — 69 69 23,872 24,620 — 61 61 24,681 Originated prior to 2022 61,170 — 300 300 61,470 63,891 — 339 339 64,230 Total residential mortgages 116,894 — 417 417 117,311 115,435 — 450 450 115,885 Credit card(d) 38,638 — 441 441 39,079 37,548 — 483 483 38,031 Other retail Originated in 2026 4,353 — 1 1 4,354 — — — — — Originated in 2025 5,466 — 5 5 5,471 6,290 — 4 4 6,294 Originated in 2024 4,401 — 11 11 4,412 5,075 — 10 10 5,085 Originated in 2023 2,224 — 10 10 2,234 2,720 — 11 11 2,731 Originated in 2022 2,035 — 9 9 2,044 2,571 — 11 11 2,582 Originated prior to 2022 6,567 — 22 22 6,589 7,875 — 26 26 7,901 Revolving 15,794 — 118 118 15,912 14,780 — 123 123 14,903 Revolving converted to term 853 — 38 38 891 799 — 43 43 842 Total other retail 41,693 — 214 214 41,907 40,110 — 228 228 40,338 Total loans $ 402,513 $ 2,058 $ 5,729 $ 7,787 $ 410,300 $ 382,915 $ 1,885 $ 6,535 $ 8,420 $ 391,335 Total outstanding commitments $ 862,862 $ 3,387 $ 7,070 $ 10,457 $ 873,319 $ 828,343 $ 3,094 $ 8,348 $ 11,442 $ 839,785 Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended."},{"id":"e24","sourceId":"filing-2","location":"Interest rate risk: modeled sensitivity to a parallel 50 basis point shift","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":"e25","sourceId":"filing-2","location":"Interest rate risk: model and behavioral uncertainty","excerpt":"While the Company’s interest rate risk models incorporate historical data and expected customer behaviors, actual outcomes may differ significantly due to changes in macroeconomic conditions, competitive dynamics and customer preferences."},{"id":"e26","sourceId":"filing-2","location":"Capital management: actual second-quarter 2026 repurchases","excerpt":"The following table provides a detailed analysis of all shares of common stock of the Company purchased by the Company during the second quarter of 2026: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In Millions) April 2,375,092 $ 56.60 2,375,092 $ 3,979 May 1,184,814 55.98 1,184,814 3,912 June 114 54.62 114 3,912 Total 3,560,020 $ 56.39 3,560,020 $ 3,912 Refer to “Management’s Discussion and Analysis — Capital Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on capital management."},{"id":"e27","sourceId":"filing-3","location":"Financial reconciliation: return on tangible common equity","excerpt":"Bancorp common shareholders, excluding intangibles amortization and notable items (n) ​ ​ ​ ​ 7,587 ​ ​ ​ ​ ​ 6,657 ​ ​ ​ Average total equity ​ ​ ​ ​ 62,409 ​ ​ ​ ​ ​ 57,668 ​ ​ ​ Less: Average preferred stock ​ ​ ​ ​ 6,808 ​ ​ ​ ​ ​ 6,808 ​ ​ ​ Less: Average noncontrolling interests ​ ​ ​ ​ 458 ​ ​ ​ ​ ​ 462 ​ ​ ​ Less: Average goodwill (net of deferred tax liability)(2) ​ ​ ​ ​ 11,566 ​ ​ ​ ​ ​ 11,485 ​ ​ ​ Less: Average intangible assets (net of deferred tax liability), other than mortgage servicing rights ​ ​ ​ ​ 1,691 ​ ​ ​ ​ ​ 2,040 ​ ​ ​ Average tangible common equity (o) ​ ​ ​ ​ 41,886 ​ ​ ​ ​ ​ 36,873 ​ ​ ​ Return on tangible common equity (m) / (o) ​ ​ ​ ​ 18.1% ​ ​ ​ ​ ​ 17.2% ​ ​ ​ Return on tangible common equity, excluding notable items (n) / (o) ​ ​ ​ ​ 18.1% ​ ​ ​ ​ ​ 18.1% ​ ​ ​ Net income applicable to U.S."},{"id":"e28","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":"e29","sourceId":"filing-1","location":"Pending BTIG acquisition: announced consideration and contingent payments","excerpt":"Pending Acquisition of BTIG In January 2026, the Company announced that it entered into a definitive agreement to acquire BTIG for a purchase price of up to $1 billion, consisting of a targeted amount of $725 million ($362.5 million of cash and 6,600,594 shares of the Company’s common stock) to be paid at closing and up to an additional $275 million of cash consideration payable over three years, subject to achievement of defined performance targets."},{"id":"e30","sourceId":"filing-2","location":"Noninterest income: completed BTIG acquisition contribution","excerpt":"Capital markets revenue increased due to the contribution from BTIG following the acquisition in the second quarter of 2026, along with higher client-related derivative activity, corporate bond underwriting fees and favorable market conditions."},{"id":"e31","sourceId":"filing-2","location":"Treasury and Corporate Support: investment portfolio repositioning losses","excerpt":"Noninterest income decreased $23 million (20.5 percent) in the first six months of 2026, compared with the first six months of 2025, primarily due to losses from repositioning a portion of the investment securities portfolio."},{"id":"e32","sourceId":"filing-2","location":"Segment financial results: consolidated revenue, expenses, provisions and earnings","excerpt":"Bancorp Business segment results for the six months ended June 30 were as follows: Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment Services Treasury and Corporate Support Consolidated Company (Dollars in Millions) 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Condensed Income Statement Net interest income (taxable-equivalent basis)(a) $ 3,811 $ 3,432 $ 3,635 $ 3,608 $ 1,568 $ 1,472 $ (336) $ (310) $ 8,678 $ 8,202 Noninterest income(b)(c) 3,442 2,918 1,052 1,058 1,963 1,896 (135) (112) 6,322 5,760 Total net revenue(d) 7,253 6,350 4,687 4,666 3,531 3,368 (471) (422) 15,000 13,962 Compensation and employee benefits 1,253 1,128 1,123 1,140 476 437 2,461 2,532 5,313 5,237 Other intangibles 84 92 103 117 37 38 — — 224 247 Net shared services 1,216 1,215 1,089 1,091 1,025 1,069 (3,330) (3,375) — — Other direct expenses(e) 526 499 677 679 598 464 1,355 1,287 3,156 2,929 Total noninterest expense 3,079 2,934 2,992 3,027 2,136 2,008 486 444 8,693 8,413 Income (loss) before provision and income taxes 4,174 3,416 1,695 1,639 1,395 1,360 (957) (866) 6,307 5,549 Provision for credit losses 194 220 150 99 732 701 38 18 1,114 1,038 Income (loss) before income taxes 3,980 3,196 1,545 1,540 663 659 (995) (884) 5,193 4,511 Income taxes and taxable-equivalent adjustment 995 799 386 386 166 165 (487) (376) 1,060 974 Net income (loss) 2,985 2,397 1,159 1,154 497 494 (508) (508) 4,133 3,537 Net (income) loss attributable to noncontrolling interests — — — — — — (11) (13) (11) (13) Net income (loss) attributable to U.S."},{"id":"e33","sourceId":"filing-1","location":"Capital requirements: December 2025 leverage requirement compliance","excerpt":"At December 31, 2025, the Company exceeded the applicable minimum tier 1 leverage ratio and SLR requirements."},{"id":"e34","sourceId":"filing-2","location":"Shareholder information: quarterly dividend practice","excerpt":"Bancorp currently pays quarterly dividends on our common stock on or about the 15th day of January, April, July and October, subject to approval by our Board of Directors."},{"id":"e35","sourceId":"filing-1","location":"Competition: pricing, relationships and customer 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."}],"changes":["Retains the previous uncertain moat verdict; favorable operating results still do not establish a durable structural advantage.","Adds criterion-level pricing, management and bank financial assessments. Actual equity grants and earned performance awards support alignment; current regulatory capital ratios remain missing."],"limitations":["Only supplied passages were used. All cited sources are issuer filings; reported results support assessments, while management explanations and modeled exposures retain issuer-source limitations.","Competition passages disclose generic categories without identifying individual competitors. Companies mentioned as employers, acquisition targets, shareholders or service providers do not establish named competitor coverage.","No customer retention rates, renewal terms, switching costs, exclusive rights, comparable funding costs or proprietary network effects are demonstrated.","Favorable merchant rates and fixed asset repricing do not establish unrestricted contractual pricing authority or durable franchise-wide pricing power.","Current CET1, total capital and leverage ratios, applicable aggregate capital buffers, uninsured deposit concentration and comprehensive available liquidity amounts are absent.","Financial grades use filings dated February 23, March 10, May 4 and August 6, 2026, all within 550 days of October 18, 2026. These dates retain dateKind filed.","Ownership table contents and detailed performance hurdles are incomplete. The March proxy's planned leadership changes are not treated as evidence of subsequent implementation."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Scale and efficiency are demonstrated, but a defensible relative advantage is not established.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":null,"rationale":"The passages cannot establish how long any relative advantage would persist.","evidenceIds":["e5","e6"]},{"criterion":"customer_dependency","grade":null,"rationale":"Payment activity and deposits demonstrate demand, but not customer dependence or costly switching.","evidenceIds":["e11","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Recent growth is favorable, but structural resilience against competing technologies is unestablished.","evidenceIds":["e4","e5","e6"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Merchant revenue benefited from favorable rates in both disclosed 2026 quarters. This is positive realized pricing evidence, but lacks rate magnitudes, customer-level effects and broad franchise coverage.","evidenceIds":["e9","e10"]},{"criterion":"retention","grade":2,"rationale":"Higher payment sales volumes and noninterest-bearing deposits indicate continuing engagement indirectly. Consumer and Business Banking noninterest-bearing balances declined; net growth cannot distinguish retention from acquisition.","evidenceIds":["e11","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-quarter taxable-equivalent net interest margin improved, principally through fixed asset repricing. Payment earnings were nearly flat for the half and declined in the second quarter despite revenue growth; this is mixed resilience rather than proven pricing protection.","evidenceIds":["e13","e14","e8","e4"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Competition on price is disclosed, but contract duration, repricing rights, termination provisions and fee-setting constraints are not.","evidenceIds":["e35"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Revenue and earnings grew faster than expenses, with actual repurchases. Acquisition spending and securities repositioning losses temper the assessment; full distribution coverage and capital buffers are unavailable.","evidenceIds":["e4","e26","e29","e31"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 equity grants included 60% performance awards over three years and 40% time-based awards; completed performance awards were earned using absolute and relative ROE. Hedging is prohibited. Detailed hurdles and ownership amounts remain incomplete.","evidenceIds":["e15","e16","e17"]},{"criterion":"execution","grade":3,"rationale":"Reported 2025 efficiency improvement and first-half 2026 earnings and revenue growth outpacing expenses demonstrate execution. Attribution to management is partly indirect, and acquisition and market effects contribute.","evidenceIds":["e3","e4","e32"]},{"criterion":"governance","grade":3,"rationale":"Disclosed Lead Independent Director powers and an internal audit reporting structure provide substantive oversight mechanisms. These establish governance arrangements, without proving exceptional control effectiveness.","evidenceIds":["e18","e19"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"December 2025 leverage compliance is disclosed, but actual regulatory capital ratios and applicable aggregate requirements and buffers are absent. Current capital sufficiency cannot be graded from compliance language alone.","evidenceIds":["e33"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Average daily LCR increased to 107.6% from 106.5%, NSFR compliance was reported, and average deposits grew. Funding concentration, uninsured deposits and comprehensive liquidity resources are missing, limiting confidence beyond a mixed assessment.","evidenceIds":["e20","e21","e4","e12"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Annualized charge-offs declined and criticized loans fell from $8.420 billion to $7.787 billion. Modeled small-shock rate sensitivity is relatively neutral, but depends on customer behavior and does not establish resilience to larger shocks; securities repositioning produced losses.","evidenceIds":["e22","e23","e24","e25","e31"]},{"criterion":"earnings_resilience","grade":3,"rationale":"First-half attributable earnings increased to $4.122 billion from $3.524 billion while provisions also rose. Revenue diversification and expense control demonstrate recent earnings resilience, although the supplied period does not establish severe-cycle durability.","evidenceIds":["e32","e4","e3"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"The proxy reconciliation reports return on tangible common equity of 18.1% versus 17.2%; excluding notable items, both periods were 18.1%. This supports strong tangible-equity returns, with explicit non-GAAP scope rather than an equivalent GAAP common-equity return.","evidenceIds":["e27"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual second-quarter repurchases of 3,560,020 shares occurred alongside positive earnings and disclosed quarterly dividends. Dividend amounts and current risk-based capital buffers are missing, preventing a stronger assessment of distribution capacity.","evidenceIds":["e26","e32","e34","e33"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Average diluted shares declined modestly in the proxy comparison, but stock-based compensation increased in second-quarter 2026. Announced BTIG consideration included shares; the supplied passages do not reconcile final acquisition issuance or net 2026 dilution.","evidenceIds":["e3","e28","e29"]},{"criterion":"investment_discipline","grade":2,"rationale":"The announced BTIG agreement included performance-contingent consideration, and the subsequent filing reports acquisition revenue contributions. Technology spending accompanied broader earnings growth, but acquisition returns, realized synergies and investment-specific paybacks remain 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historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable 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":{"pe":"A validated closing price in the reporting currency is unavailable for this period.","peg":"A validated closing price in the reporting currency is unavailable for this period.","ps":"A validated closing price in the reporting currency is unavailable for this period.","pfcf":"A validated closing price in the reporting currency is unavailable for this period.","pfcf_growth":"A validated closing price in the reporting currency is unavailable for this period.","pocf":"A validated closing price in the reporting currency is unavailable for this period.","pb":"A validated closing price in the reporting currency is unavailable for this period.","fcf_yield":"A validated closing price in the reporting currency is unavailable for this period.","earnings_yield":"A validated closing price in the reporting currency is unavailable 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 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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":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"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":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"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."}}],"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"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000044/usb-20260630.htm","publishedAt":"2026-08-06","sha256":"e5e8523a47568fa1fe1cd739cc9a3ffedf3ad1928e29aa14932293483ce20edf","dateKind":"filed"},{"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"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610425000016/usb-20241231.htm","publishedAt":"2025-02-21","sha256":"814628d67bcef4f0d2aa6b0bff1f2ce2a2a846def6b07bdb3d45b3c50e7857b4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610424000018/usb-20231231.htm","publishedAt":"2024-02-20","sha256":"d34dc0847613f843c6ed1c2fbf101bbf582fb41d494b81fff4e81d7c098a1d73","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/36104/000003610426000024/usb-20260331.htm","publishedAt":"2026-05-04","sha256":"2f8e7e6260bb71c9c1c6fa9c2ad306cc09f2a72de555cf3b296d3bca83f82ded","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}