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Arphra AIPlain-English read on U.S. Bancorp’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $23.71B | $27.4B | $40.62B | $42.71B | $42.86B | $30.48B | $32.34B | $33.95B |
| Cost of revenue | -$180M | $5.19B | $14.89B | $17.62B | $15.93B | $11.97B | $12.05B | $13.37B |
| Gross profit | $23.89B | $22.21B | $25.74B | $25.1B | $26.93B | $18.28B | $19.72B | $20.89B |
| Gross margin | +100.76% | +81.04% | +63.36% | +58.76% | +62.83% | +59.96% | +60.98% | +61.54% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $9.09B | $9.61B | $11.14B | $11.17B | $12.54B | $8.35B | $8.92B | $9.58B |
| Total operating expenses | $13.73B | $14.91B | $18.87B | $17.19B | $17.41B | $12.74B | $13.49B | $14.68B |
| Operating income | $10.17B | $7.3B | $6.87B | $7.91B | $9.52B | $5.9B | $6.05B | $6.39B |
| Operating margin | +42.87% | +26.65% | +16.90% | +18.52% | +22.20% | +19.35% | +18.71% | +18.81% |
| EBITDA | $10.66B | $7.86B | $7.88B | $8.85B | $10.29B | $6.44B | $7.03B | $7.11B |
| EBIT | $10.17B | $7.3B | $6.87B | $7.91B | $9.52B | $5.92B | $6.03B | $6.69B |
| Below the line | ||||||||
| Interest expense | $993M | $3.22B | $12.61B | $15.38B | $14.32B | $10.15B | $11.08B | $11.53B |
| Interest income | $13.49B | $17.95B | $30.01B | $31.67B | $30.97B | $22.76B | $24.03B | $25.35B |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Pre-tax income | $10.17B | $7.3B | $6.87B | $7.91B | $9.52B | $6.01B | $6.14B | $6.63B |
| Income tax expense | $2.18B | $1.46B | $1.41B | $1.58B | $1.92B | $1.15B | $1.26B | $1.36B |
| Earnings | ||||||||
| Net income | $7.96B | $5.83B | $5.43B | $6.3B | $7.58B | $4.53B | $5.04B | $5.32B |
| Net income · continuing ops | $7.99B | $5.84B | $5.46B | $6.33B | $7.6B | $4.61B | $5.1B | $5.21B |
| Net margin | +33.58% | +21.26% | +13.36% | +14.75% | +17.68% | +14.87% | +15.59% | +15.66% |
| EPS · basic | $5.11 | $3.69 | $3.27 | $3.79 | $4.62 | $5.09 | $5.65 | $6.25 |
| EPS · diluted | $5.10 | $3.69 | $3.27 | $3.79 | $4.61 | $5.10 | $5.69 | $6.27 |
| EPS · low estimate | — | — | — | — | — | $5.00 | $5.52 | $5.60 |
| EPS · high estimate | — | — | — | — | — | $5.21 | $5.87 | $6.67 |
| Shares · basic | 1.49B | 1.49B | 1.54B | 1.56B | 1.56B | 1.57B | 1.55B | 1.54B |
| Shares · diluted | 1.49B | 1.49B | 1.54B | 1.56B | 1.56B | 1.56B | 1.56B | 1.56B |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 5 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 7 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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