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US Bancorp cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.8B in Q3 2026 · $12.9B over twelve months

Operating cash flow$3.8B
Free cash flow+$3.8B
Cash / net income1.7×

Analysis

In Q3 2026, US Bancorp generated $3.8B of operating cash flow. That is $413M more than in Q3 2025 ($3.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.9B; the largest uses were other investing ($26.1B), net borrowing (+) / repaid (−) ($5.3B), dividends ($3.3B); besides operations, cash came from other financing ($5.4B), shares issued ($52.0M); the cash balance fell by $17.1B.

Operating cash flow was $3.8B against net income of $2.2B — 1.7× profit, cash ran ahead of reported earnings.

Free cash flow

US Bancorp: free cash flow by quarterUS Bancorp: free cash flow by quarter$4.8BQ4 2024−$308MQ1 2025$1.9BQ2 2025$3.4BQ3 2025$3.0BQ4 2025$1.3BQ1 2026$4.8BQ2 2026$3.8BQ3 2026
Operating cash flow less capital spending.
US Bancorp: operating cash flow against capital spendingUS Bancorp: operating cash flow against capital spendingOperating cash flowCapital spending$4.8B$0Q4 2024−$308M$0Q1 2025$1.9B$0Q2 2025$3.4B$0Q3 2025$3.0B$0Q4 2025$1.3B$0Q1 2026$4.8B$0Q2 2026$3.8B$0Q3 2026
Latest (Q3 2026): Operating cash flow $3.8B, Capital spending $0.

Capital allocation, year by year

US Bancorp: where the cash came from (up) and went (down), by fiscal yearUS Bancorp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $9.9BFY2021: Net borrowing −$8.8BFY2021: Shares issued $2.3BFY2021: Buybacks −$1.6BFY2021: Dividends −$2.6B$12.2BFY2021FY2022: Operating cash flow $21.1BFY2022: Net borrowing $17.0BFY2022: Shares issued $479MFY2022: Buybacks −$69.0MFY2022: Dividends −$2.8B$38.6BFY2022FY2023: Operating cash flow $8.4BFY2023: Net borrowing −$5.1BFY2023: Shares issued $966MFY2023: Buybacks −$62.0MFY2023: Dividends −$3.0B$9.4BFY2023FY2024: Operating cash flow $11.3BFY2024: Net borrowing $6.2BFY2024: Shares issued $64.0MFY2024: Buybacks −$173MFY2024: Dividends −$3.1B$17.6BFY2024FY2025: Operating cash flow $8.0BFY2025: Net borrowing $2.9BFY2025: Shares issued $45.0MFY2025: Buybacks −$489MFY2025: Dividends −$3.2B$10.9BFY2025
Over these 5 years operating cash flow totalled $58.7B; the largest uses were dividends ($14.6B) and net borrowing ($13.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$49.5B
Debt$73.0B
Net debt$23.5B

US Bancorp funds itself: free cash flow was $12.9B over the last twelve months, and $49.5B of cash and investments stands against $73.0B of debt.

Where the cash came from and went

US Bancorp: sources (+) and uses (−) of cash, Q3 2026US Bancorp: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$22.0BCash drawn (+) / kept (−)$17.0BOperating cash flow$3.8BOther investing$2.5BDividends−$814MOther financing−$438MShares issued$20.0MExchange rates−$10.0MBuybacks−$1.0M
US Bancorp: sources (+) and uses (−) of cash, TTM to Q3 2026US Bancorp: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$26.1BCash drawn (+) / kept (−)$17.1BOperating cash flow$12.9BOther financing$5.4BNet borrowing (+) / repaid (−)−$5.3BDividends−$3.3BBuybacks−$600MExchange rates−$235MShares issued$52.0M

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.8B−$1.0M−$814M−$22.0B$20.0M$17.0B$3.8B
Q2 2026$4.8B−$201M−$812M$16.9B$3.0M−$18.1B$4.8B
Q1 2026$1.3B−$276M−$816M$761M$16.0M−$1.5B$1.3B
Q4 2025$3.0B−$122M−$813M−$898M$13.0M$19.7B$3.0B
Q3 2025$3.4B−$101M−$784M−$1.2B$10.0M−$8.8B$3.4B
Q2 2025$1.9B−$106M−$784M$2.0B$6.0M−$7.8B$1.9B
Q1 2025−$308M−$160M−$787M$3.1B$16.0M$6.5B−$308M
Q4 2024$4.8B−$122M−$785M−$5.1B$10.0M$17.1B$4.8B

US Bancorp: income statement and cash flow

US Bancorp, Q3 2026: revenue $8.0B (+9% year over year), operating margin 35.1%. The chart follows the revenue to costs, profit and cash.

US Bancorp: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.