U.S. Bancorp management check
USB · Financials · Diversified Banks · CEO Gunjan Kedia
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $142, against $196 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.73 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$19.1m of reported pay in fiscal 2025, against $7.6bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.5 years of payThe CEO holds 453,529 shares, directly or through trusts (unvested awards not counted): about 1.5 years of pay. 4 insiders sold $7.4m in the last six months and none bought.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.5% a year over the last three fiscal years. Stock-based pay was 0.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Gunjan Kedia, Andrew Cecere. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2022.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 16 | 49 | |
| Pay for performance | 86 | 83 | |
| CEO cost | 100 | 67 | |
| Skin in the game | 24 | 51 | |
| Dilution | 44 | 69 | |
| Stable leadership | 30 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Diversified Banks, by management score. U.S. Bancorp is 59th of 72 in its sector.
Pay versus performance
From the proxy statement filed March 10, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Gunjan Kedia, Andrew Cecere | $19.1m | $21.4m | $6.6m | $142 | $196 | $7.6bn |
| 2024 | — | $19.3m | $22.9m | $7.7m | $122 | $148 | $6.3bn |
| 2023 | — | $22.9m | $19.2m | $5.6m | $105 | $108 | $5.4bn |
| 2022 | — | $16.2m | $14.2m | $5.9m | $101 | $109 | $5.8bn |
| 2021 | — | $19.2m | $21.7m | $5.8m | $124 | $138 | $8.0bn |
The board says pay is tied most to AdjustedROTCE. Its other key measures: Total Shareholder Return (TSR), Adjusted ROTCE, Adjusted ROE, Adjusted EPS, Corporate Pretax Income, Business Line Pretax Income.
Insiders and the CEO's stake
Gunjan Kedia (President & CEO) held 453,529 shares directly after their latest Form 4 on Aug 28, 2026, roughly $28.3m at that filing's price.
4 insiders sold $7.4m in the last six months and none bought.
- SoldStephen L PhilipsonVice Chair$2.3mJul 20, 2026
- SoldVenkatachari DilipSEVP & Chief Info & Tech Off$1.9mMay 5, 2026
- SoldGunjan KediaPresident & CEO$1.7mAug 28, 2026
- SoldJames L ChosySenior EVP and General Counsel$1.5mJul 23, 2026
Leadership and governance on file
- Jan 29, 2026Leadership change8-K 5.02
- Jan 28, 2026Leadership change8-K 5.02
- Apr 16, 2025Leadership change8-K 5.02
- Mar 25, 2025Leadership change8-K 5.02
- Jan 31, 2025Leadership change8-K 5.02
- Jan 28, 2025Leadership change8-K 5.02
- Aug 21, 2024Leadership change8-K 5.02
- Jul 16, 2024Leadership change8-K 5.02
- Jun 27, 2024Leadership change8-K 5.02
- May 3, 2024Leadership change8-K 5.02
- Apr 18, 2024Leadership change8-K 5.02
- Aug 23, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 23, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $16.9bn returned to owners in buybacks and dividends, 51% of net income, and $1.1bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | $24.3bn | $28.1bn | $27.5bn | $28.7bn |
| Net income | $8.0bn | $5.8bn | $5.4bn | $6.3bn | $7.6bn |
| Stock-based pay | $207.0m | $202.0m | $224.0m | $232.0m | $235.0m |
| Buybacks | $1.6bn | $69.0m | $62.0m | $173.0m | $489.0m |
| Dividends | $2.6bn | $2.8bn | $3.0bn | $3.1bn | $3.2bn |
| Diluted shares | 1490m | 1490m | 1543m | 1561m | 1558m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.