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U.S. Bancorp Executive Compensation (FY25)

USB · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Gunjan Kedia
Median of the other named officers
$6,029,142
6 officers, excluding the chief executive
Latest say-on-pay support
=
April 21, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): April 23, 2026
10 filings cited on this page
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363 figures on this page: 357 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Gunjan Kedia: $10,137,855 → $16,674,515 (64.5% higher)
CEO pay ratio: 215:1 → 178:1 (17.2% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is U.S. Bancorp's chief executive and what were they paid?
Gunjan Kedia, Chief Executive Officer and President, received $16,674,515 in total compensation for fiscal 2025. Kedia's total moved 64.5% higher from the $10,137,855 reported for fiscal 2024.
What was U.S. Bancorp's say-on-pay result?
The say-on-pay proposal drew 93.0% of votes cast including abstentions in favor at the meeting held April 21, 2026 for fiscal 2025.
Which companies are in U.S. Bancorp's peer group?
The disclosed peer group includes Bank of America Corporation, Capital One Financial Corporation, Citigroup Inc., Citizens Financial Group, Inc. and Fifth Third Bancorp, among others.
What is U.S. Bancorp's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 178:1, against median employee compensation of $95,307.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Cecere
Chairman, President and Chief Executive Officer
◇—◇—◇—◇◇
Terrance Dolan
Vice Chair and Chief Financial Officer
◇—◇—◇—◇◇
Gunjan Kedia
Vice Chair, Wealth Management and Investment Services
◇—◇—◇◇◇◇
Jeffry Gillern
Vice Chair, Technology and Operations Services
◇—◇—◇—◇◇
Timothy Welsh
Vice Chair, Consumer and Business Banking
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Cecere
Chairman, President and Chief Executive Officer
◇—◇—◇◇◇◇
Terrance Dolan
Former Vice Chair and Chief Administration Officer
◇—◇—◇◇◇◇
Jeffry von Gillern
Former Vice Chair, Technology and Operations Services
Departed during or after this year
◇—◇—◇◇◇◇
Gunjan Kedia
Vice Chair, Wealth, Corporate, Commercial and Institutional Banking
◇—◇—◇◇◇◇
Timothy Welsh
Vice Chair, Consumer and Business Banking
◇—◇—◇◇◇◇
Shailesh Kotwal
Vice Chair, Payment Services
◇—◇—◇◇◇◇
John Stern
Vice Chair and Chief Financial Officer
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Cecere
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Gunjan Kedia
President
◇—◇—◇◇◇◇
Terrance Dolan
Vice Chair and Chief Administration Officer
◇—◇—◇◇◇◇
Timothy Welsh
Former Vice Chair, Consumer and Business Banking
Departed during or after this year
◇—◇——◇◇◇
Shailesh Kotwal
Vice Chair, Payment Services
◇—◇—◇◇◇◇
John Stern
Senior Executive Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Cecere
Executive Chairman and former Chief Executive Officer
Departed during or after this year
◇—◇—◇◇◇◇
Gunjan Kedia
Chief Executive Officer and President
◇—◇—◇◇◇◇
Jodi Richard
Vice Chair and Chief Risk Officer
◇—◇—◇◇◇◇
Stephen Philipson
Vice Chair, Head of Wealth, Corporate, Commercial and Institutional Banking
◇—◇—◇◇◇◇
Terrance Dolan
Former Vice Chair and Chief Administration Officer
Departed during or after this year
◇—◇——◇◇◇
John Stern
Vice Chair and Chief Financial Officer
◇—◇—◇◇◇◇
Elcio Barcelos
Senior Executive Vice President and Chief Human Resources Officer
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew CecerePSU◇◇◇—◇—◇
Andrew CecereRSU◇——◇——◇
Elcio R.T. BarcelosRSU◇——◇——◇
Elcio R.T. BarcelosPSU◇◇◇—◇—◇
Gunjan KediaPSU◇◇◇—◇—◇
Gunjan KediaPSU◇◇◇—◇—◇
Gunjan KediaRSU◇——◇——◇
Jodi L. RichardRSU◇——◇——◇
Jodi L. RichardRSU◇——◇——◇
Jodi L. RichardPSU◇◇◇—◇—◇
John C. SternPSU◇◇◇—◇—◇
John C. SternRSU◇——◇——◇
Stephen L. PhilipsonRSU◇——◇——◇
Stephen L. PhilipsonPSU◇◇◇—◇—◇
Terrance R. DolanPSU◇◇◇—◇—◇
Terrance R. DolanRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Andrew CecereOption◇—◇—
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Gunjan KediaPSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇—
Jodi RichardPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Stephen PhilipsonPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
John SternPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Elcio BarcelosPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Terrance DolanOption◇—◇—
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Roland A. Hernandez
Lead independent director
◇◇————◇
John P. Wiehoff
◇◇————◇
Aleem Gillani
◇◇———◇◇
Warner L. Baxter
◇◇————◇
Yusuf I. Mehdi
◇◇————◇
Richard P. McKenney
◇◇———◇◇
Elizabeth L. Buse
◇◇———◇◇
Kimberly N. Ellison-Taylor
◇◇———◇◇
Loretta E. Reynolds
◇◇————◇
Dorothy Bridges
◇◇————◇
Alan B. Colberg
◇◇————◇
Scott W. Wine
◇—————◇
Gunjan Kedia, Kimberly J. Harris and Andrew Cecere served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Nominating and governance chair◇
Committee meeting fee◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash retainer ($500,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Bank of America Corporation BAC
  • Capital One Financial Corporation COF
  • Citigroup Inc. C
  • Citizens Financial Group, Inc. CFG
  • Fifth Third Bancorp FITB
  • JPMorgan Chase & Co. JPM
  • The PNC Financial Services Group, Inc. PNC
  • Truist Financial Corporation TFC
  • Wells Fargo & Company WFC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 21, 2026=◇◇◇
2024April 15, 2025=◇◇◇
2023April 16, 2024=◇◇◇
2022April 18, 2023=◇◇◇
2021April 19, 2022=◇◇◇
2020April 20, 2021=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Gunjan Kedia (Chief Executive Officer and President), FY2025 total compensation $16,674,515 (base salary $1,141,667) [exec_comp, SEC accession 0001104659-26-025844, filed 2026-03-10]

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What this page does not include

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What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
363 figures on this page: 357 cited to the filing that reported them, 6 calculated from figures it prints.
357 cited to the filing
6 calculated from the filing

Documents cited

  1. 0001193125-26-173818
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001104659-26-025844
    Director compensation · Director compensation for fiscal year 2025 · Grants of plan-based awards · Outstanding equity awards · and 1 more section
  3. 0001628280-25-018230
  4. 0001104659-25-020883
    Summary compensation table for fiscal year 2024
  5. 0001193125-24-100832
  6. 0001104659-24-031021
    Summary compensation table
  7. 0001193125-23-108369
  8. 0001104659-23-029560
    Summary compensation table
  9. 0001193125-22-113121
  10. 0001193125-21-124903
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Velarion, “U.S. Bancorp executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/USB (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers U.S. Bancorp discloses

The companies named in USB's own disclosed peer group.

Bank of America CorporationCapital One Financial CorporationCitigroup Inc.Citizens Financial Group, Inc.Fifth Third BancorpJPMorgan Chase & Co.The PNC Financial Services Group, Inc.Truist Financial CorporationWells Fargo & Company

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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