NYSE$USB
US Bancorp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported diluted earnings per share of $0.49, or $0.99$ adjusted for notable items. Net revenue was $6.8 billion. Tangible book value per share increased 7% linked quarter to $22.30.
U.S. Bancorp's Q4 2023 earnings reflect a decrease in net income attributable to U.S. Bancorp compared to both Q4 2022 and Q3 2023, primarily due to notable items and an increase in the provision for credit losses. However, adjusted diluted earnings per common share was $0.99. The company's net interest margin decreased, while noninterest income saw an increase year-over-year. Average total loans and deposits also showed growth year-over-year.
- Diluted earnings per share of $0.99, excluding $(0.50) of notable items.
- Net revenue of $6.8 billion was generated.
- Tangible book value per share increased to $22.30, a 7% linked quarter increase.
- CET1 ratio of 9.9% as of December 31, 2023, after accretion of common equity tier 1 capital of 150 basis points.
Headline financials
Revenue & EPS history
US Bancorp · Revenue · Quarterly
$6.73B
Revenue by segment
US Bancorp · $4.53B total across 3 segments · Q3 2023
- Consumer & Business$2.48B+20.0%54.6%
- Payment Services$1.73B+6.7%38.2%
- Treasury & Corporate$323M+0.0%7.1%
Forward guidance
U.S. Bancorp is focused on managing the balance sheet for continued capital-efficient growth and revenue growth opportunities with Union Bank.
Tailwinds
- Making good progress on revenue growth opportunities with Union Bank
- Effectively managing the balance sheet for continued capital-efficient growth
- Maintaining disciplined, through-the-cycle approach to credit risk management
- Well-diversified business model
- Enhanced scale and operational resiliency
Headwinds
- Deterioration in general business and economic conditions or turbulence in domestic or global financial markets
- Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions
- Changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations
- Changes to statutes, regulations, or regulatory policies or practices
- Changes in interest rates and increases in unemployment rates
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.0%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+2.2%
Avg return
30 days after
54%
39 / 72 earnings
Positive
+7.1%
Q2 2023
Best reaction
-11.2%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.0% | +0.8% | -5.8% | |
| Q3 2025 | -1.8% | +2.5% | +1.4% | |
| Q2 2025 | +0.5% | -0.9% | +5.4% | |
| Q1 2025 | -2.1% | -2.1% | +16.3% | |
| Q4 2024 | -5.0% | -3.1% | -6.2% | |
| Q3 2024 | +6.3% | +2.0% | +6.2% | |
| Q2 2024 | +2.6% | +4.0% | -0.2% | |
| Q1 2024 | -3.8% | +0.1% | +1.0% | |
| Q4 2023 | -3.0% | +1.0% | +0.3% | |
| Q3 2023 | -6.1% | -10.4% | +7.9% | |
| Q2 2023 | +7.1% | +7.4% | +0.8% | |
| Q1 2023 | -1.2% | -6.8% | -14.4% | |
| Q4 2022 | +4.3% | +4.6% | +2.1% | |
| Q3 2022 | +3.1% | -0.3% | +8.6% | |
| Q2 2022 | +5.5% | +6.3% | +10.2% | |
| Q1 2022 | +4.2% | +4.5% | -4.0% | |
| Q4 2021 | -8.4% | -8.7% | -8.2% | |
| Q3 2021 | -2.0% | -0.2% | -1.6% | |
| Q2 2021 | +0.3% | -1.6% | +2.2% | |
| Q1 2021 | +0.5% | -2.4% | +7.5% | |
| Q4 2020 | -5.0% | -4.8% | +4.1% | |
| Q3 2020 | +1.9% | +1.4% | +12.7% | |
| Q2 2020 | +3.5% | -2.0% | +4.1% | |
| Q1 2020 | -11.2% | -4.3% | -14.3% | |
| Q4 2019 | -2.5% | -2.2% | -2.6% | |
| Q3 2019 | +1.8% | +4.5% | +9.9% | |
| Q2 2019 | +4.1% | +4.3% | -1.4% | |
| Q1 2019 | +1.8% | +1.8% | +2.5% | |
| Q4 2018 | +3.7% | +4.7% | +7.0% | |
| Q3 2018 | +2.3% | +0.9% | +7.7% | |
| Q2 2018 | +0.1% | +1.1% | +3.9% | |
| Q1 2018 | -0.6% | -0.9% | -0.9% | |
| Q4 2017 | -1.8% | +0.2% | -2.7% | |
| Q3 2017 | -0.5% | +0.5% | -3.7% | |
| Q2 2017 | +1.6% | +2.2% | +0.1% | |
| Q1 2017 | +1.8% | +3.5% | +2.6% | |
| Q4 2016 | +0.8% | +1.3% | +9.1% | |
| Q3 2016 | +2.2% | +2.3% | +14.5% | |
| Q2 2016 | +1.5% | +1.7% | +3.6% | |
| Q1 2016 | +1.6% | — | — | |
| Q4 2015 | -2.0% | — | — | |
| Q3 2015 | +0.7% | — | — | |
| Q2 2015 | +4.5% | — | — | |
| Q1 2015 | -1.4% | — | — | |
| Q4 2014 | +5.4% | — | — | |
| Q3 2014 | +0.3% | — | — | |
| Q2 2014 | -3.9% | — | — | |
| Q1 2014 | -1.9% | — | — | |
| Q4 2013 | -2.1% | — | — | |
| Q3 2013 | +2.2% | — | — | |
| Q2 2013 | -0.5% | — | — | |
| Q1 2013 | -2.8% | — | — | |
| Q4 2012 | -1.6% | — | — | |
| Q3 2012 | +2.4% | — | — | |
| Q2 2012 | +2.6% | — | — | |
| Q1 2012 | +0.4% | — | — | |
| Q4 2011 | -0.3% | — | — | |
| Q3 2011 | +1.1% | — | — | |
| Q2 2011 | -1.5% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2009 | -1.5% | — | — | |
| Q4 2008 | -1.5% | — | — | |
| Q4 2010 | -1.5% | — | — | |
| Q2 2010 | -1.5% | — | — | |
| Q3 2010 | -3.4% | — | — | |
| Q1 2009 | +4.2% | — | — | |
| Q1 2010 | +1.5% | — | — | |
| Q4 2007 | +0.9% | — | — | |
| Q3 2009 | +2.2% | — | — | |
| Q3 2008 | +2.2% | — | — | |
| Q2 2008 | -4.9% | — | — | |
| Q2 2009 | -4.9% | — | — |
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