Banking
U.S. Bancorp Executive Compensation (FY25)
USB · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): April 23, 2026
313 figures on this page: 307 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
Gunjan Kedia, Chief Executive Officer and President, received $16,674,515 in total compensation for fiscal 2025, and Kedia's total moved 64.5% higher from the $10,137,855 reported for fiscal 2024. Meanwhile, the disclosed chief executive pay ratio for fiscal 2025 is 178:1, against median employee compensation of $95,307. Separately, 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. 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 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 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Andrew Cecere | PSU | ◇ | — | — | — | — | — | ◇ |
| Andrew Cecere | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Elcio Barcelos | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Elcio Barcelos | PSU | ◇ | — | — | — | — | — | ◇ |
| Gunjan Kedia | PSU | ◇ | — | — | — | — | — | ◇ |
| Gunjan Kedia | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Gunjan Kedia | PSU | ◇ | — | — | — | — | — | ◇ |
| Jodi Richard | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jodi Richard | PSU | ◇ | — | — | — | — | — | ◇ |
| Jodi Richard | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| John Stern | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| John Stern | PSU | ◇ | — | — | — | — | — | ◇ |
| Stephen Philipson | PSU | ◇ | — | — | — | — | — | ◇ |
| Stephen Philipson | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Terrance Dolan | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Terrance Dolan | PSU | ◇ | — | — | — | — | — | ◇ |
Fiscal 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
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Gunjan Kedia | Option | ◇ | — | ◇ | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| John Stern | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Elcio Barcelos | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Terrance Dolan | Option | ◇ | — | ◇ | — |
| Stephen Philipson | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Jodi Richard | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Andrew Cecere | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | — |
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
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
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 | ◇ | — | — | — | — | — | ◇ |
Andrew Cecere, Gunjan Kedia and Kimberly J. Harris 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 | ◇ |
| Total board 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
- Retention requirement symbol not shown
- 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.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | April 21, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | April 15, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | April 16, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | April 18, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | April 19, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | April 20, 2021 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact U.S. Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where U.S. Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
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.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
313 figures on this page: 307 cited to the filing that reported them, 6 calculated from figures it prints.
307 cited to the filing
6 calculated from the filing
Documents cited
- 0001193125-26-173818Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-26-025844Director compensation · Director compensation for fiscal year 2025 · Grants of plan-based awards · Outstanding equity awards · and 1 more section
- 0001628280-25-018230
- 0001104659-25-020883Summary compensation table for fiscal year 2024
- 0001193125-24-100832
- 0001104659-24-031021Summary compensation table
- 0001193125-23-108369
- 0001193125-22-113121
- 0001193125-21-124903
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “U.S. Bancorp executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/USB (accessed 2026).
Short form: data: Velarion
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Peers U.S. Bancorp discloses
The companies named in USB's own disclosed peer group.
Terms on this page
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}
}