U.S. Bancorp

USB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Increasing Our Fair Value Estimate for U.S. Bancorp; Commercial Lending a Major Loan Growth Driver

Maoyuan Chen

Jan 29, 2026

Business Strategy and Outlook

U.S. Bancorp is the largest non-global systemically important bank in the US and has been one of the most profitable regional banks we cover. Though some of its peer regional banks have been catching up in terms of scale and profitability, we still like the bank's larger revenue mix from capital-light fee income.

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U.S. Bancorp

Increasing Our Fair Value Estimate for U.S. Bancorp; Commercial Lending a Major Loan Growth Driver

Business Strategy and Outlook

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