U.S. Bancorp (USB) Cash Flow Statement
Where USB’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $7.97B −29.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $7.97B 18.6% margin
- Returned to shareholders
- $3.99B 50% of free cash flow
- Change in cash
- −$9.61B cash at year-end $46.89B
Cash from operations
$7.97B
Investments (net)
+$1.23B
Acquisitions & other
−$21.76B
Dividends
−$3.50B
Share buybacks (net)
−$489.0M
Net borrowing (repayment)
+$2.95B
Shares issued
+$45.0M
Other financing
+$3.24B
Currency & other
+$706.0M
Change in cash
−$9.61B
Drawn to scale: where the cash came from and how it was used. Hover for values.
USB operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
USB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.34B2016 | $7.97B2025 | +4.6%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $5.34B2016 | $7.97B2025 | +4.6%/yr | |
| Free cash flow margin | 23.8%2016 | 18.6%2025 | −5.2 pts | |
| Operating cash flow / net income | 0.912016 | 1.052025 | +0.15 | |
| Stock-based compensation | $150.0M2016 | $224.0M2023 | +5.9%/yr | |
| Dividends paid | $2.08B2016 | $3.50B2025 | +6.0%/yr | |
| Share buybacks (net) | $2.56B2016 | $489.0M2025 | −16.8%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
USB cash flow by activity
OperatingInvestingFinancingChange in cash
USB net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
USB cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.57B | $6.30B | $5.43B | $5.83B | $7.96B | $4.96B | $6.91B | $7.10B | $6.22B | $5.89B |
| Depreciation & amortization | $875.0M | $939.0M | $1.02B | $560.0M | $497.0M | $527.0M | $502.0M | $467.0M | $468.0M | $470.0M |
| Stock-based compensation | — | — | $224.0M | $202.0M | $207.0M | $189.0M | $178.0M | $174.0M | $163.0M | $150.0M |
| Change in working capital | −$2.31B | $2.08B | −$151.0M | $14.73B | $1.41B | −$50.81B | $310.62B | $1.01B | −$2.05B | $487.0M |
| Other non-cash items | $1.83B | $1.96B | $1.93B | −$202.0M | −$207.0M | $48.85B | −$313.32B | $1.82B | $1.67B | −$1.66B |
| Cash from operating activities | $7.97B | $11.27B | $8.45B | $21.12B | $9.87B | $3.72B | $4.89B | $10.56B | $6.47B | $5.34B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$6.03B | $0 | −$661.0M | −$556.0M | $0 | $0 | $0 | $0 |
| Investments (net) | $1.23B | −$24.53B | $51.70B | $7.50B | −$40.05B | −$21.80B | −$9.58B | −$8.51B | −$11.78B | −$18.28B |
| Acquisitions & other investing | −$21.76B | $0 | −$26.75B | $0 | −$16.78B | $6.92B | −$11.98B | −$471.0M | −$350.0M | $322.0M |
| Cash from investing activities | −$20.54B | −$24.53B | $18.93B | $7.50B | −$57.49B | −$15.44B | −$21.56B | −$8.98B | −$12.13B | −$17.96B |
| Financing activities | ||||||||||
| Dividends paid | −$3.50B | −$3.45B | −$3.31B | −$3.08B | −$2.89B | −$2.85B | −$2.75B | −$2.37B | −$2.21B | −$2.08B |
| Share repurchases & issuance (net) | −$489.0M | −$173.0M | −$62.0M | −$1.17B | −$2.81B | −$1.67B | −$4.53B | −$2.82B | −$3.72B | −$2.56B |
| Net borrowing (repayment) | $2.95B | $6.21B | −$5.01B | $17.02B | −$8.78B | −$11.93B | $8.36B | $6.64B | $1.60B | −$12.69B |
| Shares issued | $45.0M | $32.0M | $947.0M | $458.0M | $2.26B | $501.0M | $88.0M | $651.0M | $0 | $0 |
| Other financing | $3.24B | $5.95B | −$12.29B | −$17.21B | $26.15B | $67.85B | $16.44B | −$1.74B | $13.78B | $34.51B |
| Cash from financing activities | $2.25B | $8.57B | −$19.72B | −$3.98B | $13.94B | $51.90B | $17.62B | $361.0M | $9.45B | $17.18B |
| Summary | ||||||||||
| Net change in cash | −$9.61B | −$4.69B | $7.65B | $24.64B | −$33.67B | $40.17B | $952.0M | $1.95B | $3.80B | $4.56B |
| Cash at end of period | $46.89B | $56.50B | $61.19B | $53.54B | $28.91B | $62.58B | $22.41B | $21.45B | $19.50B | $15.71B |
| Free cash flow | $7.97B | $11.27B | $8.45B | $21.12B | $9.87B | $3.72B | $4.89B | $10.56B | $6.47B | $5.34B |
| Free cash flow margin | 18.6% | 26.4% | 20.8% | 77.1% | 41.6% | 14.7% | 17.9% | 41.0% | 27.4% | 23.8% |
| Capex / revenue | 0.0% | 0.0% | 14.8% | 0.0% | 2.8% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.05 | 1.79 | 1.56 | 3.63 | 1.24 | 0.75 | 0.71 | 1.49 | 1.04 | 0.91 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.18B | $1.95B | $2.04B | $2.00B | $1.81B | $1.71B | $1.66B | $1.71B | $1.60B | $1.32B | $847.0M | $1.52B |
| Depreciation & amortization | $209.0M | $204.0M | $227.0M | $216.0M | $217.0M | $215.0M | $238.0M | $231.0M | $234.0M | $236.0M | $250.0M | $256.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $224.0M | — |
| Change in working capital | −$12.29B | −$1.36B | $159.0M | $680.0M | $47.0M | −$3.19B | $1.55B | −$1.21B | $1.20B | $532.0M | −$1.51B | $2.68B |
| Other non-cash items | $14.72B | $553.0M | $405.0M | $491.0M | −$48.0M | $985.0M | $1.32B | $233.0M | −$165.0M | $574.0M | $602.0M | −$587.0M |
| Cash from operating activities | $4.82B | $1.34B | $2.84B | $3.39B | $2.03B | −$285.0M | $4.77B | $972.0M | $2.87B | $2.66B | $416.0M | $3.87B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$330.0M | $0 |
| Investments (net) | $5.08B | −$1.37B | −$245.0M | $230.0M | −$1.37B | −$2.55B | −$12.88B | $1.62B | −$8.33B | −$4.95B | $1.80B | $5.64B |
| Acquisitions & other investing | −$11.45B | −$3.98B | −$16.61B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $330.0M | $11.49B |
| Cash from investing activities | −$6.38B | −$5.35B | −$16.85B | $230.0M | −$1.37B | −$2.55B | −$12.88B | $1.62B | −$8.33B | −$4.95B | $1.80B | $17.12B |
| Financing activities | ||||||||||||
| Dividends paid | −$904.0M | −$884.0M | −$910.0M | −$853.0M | −$880.0M | −$859.0M | −$887.0M | −$844.0M | −$871.0M | −$846.0M | −$854.0M | −$813.0M |
| Share repurchases & issuance (net) | −$201.0M | −$276.0M | −$122.0M | −$101.0M | −$106.0M | −$160.0M | −$122.0M | −$1.0M | −$1.0M | −$49.0M | −$17.0M | −$1.0M |
| Net borrowing (repayment) | $16.86B | $761.0M | −$898.0M | −$1.25B | $1.97B | $3.13B | −$5.11B | $8.65B | — | — | — | −$12.68B |
| Shares issued | $3.0M | $16.0M | $13.0M | $10.0M | $6.0M | $16.0M | $10.0M | $8.0M | $1.0M | $13.0M | $9.0M | $936.0M |
| Other financing | $3.93B | $6.06B | −$4.52B | $7.40B | $6.14B | −$5.78B | −$2.84B | −$2.68B | −$4.83B | $18.97B | −$4.52B | −$3.24B |
| Cash from financing activities | $19.70B | $5.67B | −$6.44B | $5.21B | $7.13B | −$3.66B | −$8.95B | $5.14B | −$5.70B | $18.09B | −$5.38B | −$15.80B |
| Summary | ||||||||||||
| Net change in cash | $18.07B | $1.53B | −$19.75B | $8.83B | $7.79B | −$6.49B | −$17.06B | $7.73B | −$11.15B | $15.79B | −$3.16B | −$6.29B |
| Cash at end of period | $66.49B | $48.42B | $46.89B | $66.64B | $57.81B | $50.01B | $56.50B | $73.56B | $65.83B | $76.98B | $61.19B | $64.35B |
| Free cash flow | $4.82B | $1.34B | $2.84B | $3.39B | $2.03B | −$285.0M | $4.77B | $972.0M | $2.87B | $2.66B | $416.0M | $3.87B |
| Free cash flow margin | 44.1% | 12.4% | 25.8% | 30.8% | 19.3% | −2.8% | 44.7% | 9.0% | 26.6% | 25.4% | 4.0% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.2% | — |
| Operating cash flow / net income | 2.21 | 0.69 | 1.39 | 1.69 | 1.12 | −0.17 | 2.87 | 0.57 | 1.79 | 2.02 | 0.49 | 2.54 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
USB cash generation
In fiscal 2025 (ended December 31, 2025), U.S. Bancorp generated $8.0 billion of cash from operations (down 29.3%) and spent $0 on capital expenditures, leaving free cash flow of $8.0 billion, 18.6% of revenue. It returned $4.0 billion to shareholders through dividends ($3.5 billion) and net share buybacks ($489.0 million). Cash and equivalents fell by $9.6 billion over the year.
Related: USB income statement, USB balance sheet, USB dividend history. See the USB stock overview for the latest quote and news.
USB cash flow FAQ
What is U.S. Bancorp's free cash flow?
U.S. Bancorp's free cash flow was $8.0 billion in fiscal 2025: $8.0 billion of operating cash flow minus $0 of capital expenditures It was $11.3 billion a year earlier..
How much cash does U.S. Bancorp generate from operations?
U.S. Bancorp generated $8.0 billion of cash from operating activities in fiscal 2025, 1.05 times its net income of $7.6 billion.
How much stock does U.S. Bancorp buy back?
U.S. Bancorp spent $489.0 million on net share repurchases in fiscal 2025.
How much does U.S. Bancorp pay in dividends?
U.S. Bancorp paid $3.5 billion in dividends in fiscal 2025, 43.9% of free cash flow.