SAN ANTONIO--(BUSINESS WIRE)--Apr 23, 2026--
USAA today released its 2025 Annual Report to Members, detailing a year of robust financial performance that enabled the return of a record-breaking $3.8 billion in financial rewards to members, nearly $450 million in government shutdown relief and a $500 million, five-year investment to champion the military community. The report also shows how USAA focused on putting members at the center of everything it does, including a commitment to save members money, enabled by employees who have embraced the call to serve.
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“Our responsibility is simple – to deliver real value our members can see and feel every day,” said USAA President and CEO Juan C. Andrade. “Our members have done more for this country than most will ever be asked to give. Our role is to meet that with action – to strengthen our products, improve how we serve, and ensure every member feels confident in their financial future. That is how we earn trust and deliver on our Mission.”
Focused on Saving Members Money
In addition to its $3.8 billion return to members, USAA continued its focus on helping members save money – efforts that have carried into this year, including:
Standing Strong for Members and Military Community
The Association has supported members affected by government shutdowns and provided nearly $450 million in relief to more than 127,000 members through no-interest loans and payment relief in 2025. That support continues, and as of March 2026, USAA provided nearly $18 million in additional relief to more than 7,500 members, bringing the total shutdown relief to nearly $468 million and counting.
USAA also bolstered its commitment to member service and advice through the creation of a new Member Value Organization, led by veterans, to enhance the member experience by anticipating needs, removing friction and delivering exceptional service.
When the California wildfires erupted in January 2025, USAA helped those impacted rebuild their lives, paying nearly $1.7 billion in claims and providing initial payment to the majority on a timely basis, as well as guaranteeing renewals to our members impacted by the wildfires.
Through proactive outreach efforts, USAA had 24 million interactions with our members in 2025 to help them manage their insurance costs and save money.
USAA's commitment to supporting military families gained momentum through a $500 million, five-year investment in USAA’s Honor Through Action launched in 2025. USAA is supporting military family resiliency by fostering meaningful careers, financial security, and overall well-being.
For more information, visit usaa.com/annualreport.
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves 14 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook, Instagram or X (@USAA), or visit usaa.com.
USAA Annual Report to Members
WASHINGTON (AP) — President Donald Trump's acting attorney general on Thursday signed an order reclassifying state-licensed medical marijuana as a less-dangerous drug, a major policy shift long sought by advocates who said cannabis should never have been treated like heroin by the federal government.
The order signed by Todd Blanche does not legalize marijuana for medical or recreational use under federal law. But it does change the way it's regulated, shifting licensed medical marijuana from Schedule I — reserved for drugs without medical use and with high potential for abuse — to the less strictly regulated Schedule III. It also gives licensed medical marijuana operators a major tax break and eases some barriers to researching cannabis.
The Trump administration also said it was jump-starting the process for reclassifying marijuana more broadly, setting a hearing to begin in late June.
Trump told his administration in December to work as quickly as possible to reclassify marijuana. On Saturday, as the Republican president signed an unrelated executive order about psychedelics, he seemed to express frustration that it was taking so long.
Blanche said Thursday that the Department of Justice was “delivering on President Trump’s promise” to expand Americans’ access to medical treatment options. “This rescheduling action allows for research on the safety and efficacy of this substance, ultimately providing patients with better care and doctors with more reliable information,” he said in a statement.
Blanche's action Iargely legitimizes medical marijuana programs in the 40 states that have adopted them. It sets up an expedited system for state-licensed medical marijuana producers and distributors to register with the U.S. Drug Enforcement Administration.
It makes clear that cannabis researchers won't be penalized for obtaining state-licensed marijuana or marijuana-derived products for use in their work, and it grants state-licensed medical marijuana companies a windfall by allowing them, for the first time, to deduct business expenses on their federal taxes.
Any marijuana-derived medicine approved by the Food and Drug Administration is similarly listed in Schedule III, it said.
The order represents a major policy shift for the U.S. government, which has continued its longstanding marijuana prohibition — dating to the Marihuana Tax Act of 1937 — even as nearly all the states have approved cannabis use in some form. Two dozen states plus Washington, D.C., have authorized adult recreational use of marijuana, 40 have medical marijuana systems, and eight others allow low-THC cannabis or CBD oil for medical use. Only Idaho and Kansas ban marijuana outright.
The regulation of medical marijuana has come a long way since California became the first state to adopt it in 1996, Blanche wrote.
“Today the vast majority of States maintain comprehensive licensing frameworks governing cultivation, processing, distribution, and dispensing of marijuana for medical purposes,” Blanche wrote. “Taken as a whole, they demonstrate a sustained capacity to achieve the public-interest objectives ... including protecting public health and safety and preventing the diversion of controlled substances into illicit channels.”
The Trump administration’s decision drew derision from marijuana legalization opponent Kevin Sabet, the chief executive of Smart Approaches to Marijuana. Sabet said that while marijuana research is necessary, "there are many ways to increase our knowledge without giving a tax break to Big Weed and sending a confusing message about marijuana’s harms to the American public.”
“With this move, we are now confronted with the most pro-drug administration in our history,” Sabet said in a text message. “Policy is now being dictated by marijuana CEOs, psychedelics investors, and podcasters in active addiction."
Marijuana or marijuana-derived products that are not distributed through a state medical marijuana program will continue to be classified in Schedule I.
Schedule III drugs are defined as having moderate to low potential for physical and psychological dependence. Some critics of the industry have suggested that legalization in the states has led to stronger and stronger cannabis products, which need to be researched rather than categorized less strictly than before.
The Justice Department under President Joe Biden, a Democrat, had proposed to reclassify marijuana, eliciting nearly 43,000 formal public comments. The DEA was still in the review process when Trump succeeded Biden, and Trump ordered that process to move along as quickly as legally possible.
Blanche's order sidestepped the review process by relying on a provision of federal law that allows the attorney general to determine the appropriate classification for drugs that the U.S. must regulate pursuant to an international treaty.
It was unclear how the order might affect operations in states where licensed recreational marijuana shops also sell to medical patients. In Washington state, which in 2012 became one of the first states to legalize the adult use of marijuana, 302 of 460 licensed stores have endorsements allowing them to sell tax-free cannabis products to registered patients.
Many Republicans oppose loosening marijuana restrictions. More than 20 Republican senators, several of them staunch Trump allies, signed a letter last year urging the president to keep the current standards.
Trump has made his crusade against other drugs, especially fentanyl, a feature of his second term, ordering U.S. military attacks on Venezuelan and other boats the administration insists are ferrying drugs. He signed another executive order declaring fentanyl a weapon of mass destruction.
This story has been corrected to show the name of the 1937 law was spelled Marihuana, not Marijuana.
Johnson reported from Seattle.
Acting Attorney General Todd Blanche speaks at a news conference at the Justice Department, Tuesday, April 21, 2026, in Washington. (AP Photo/Jacquelyn Martin)
President Donald Trump waves as he departs after an event for NCAA national champions in the State Dining Room of the White House, Tuesday, April 21, 2026, in Washington. (AP Photo/Alex Brandon)
President Donald Trump speaks during an event for NCAA national champions in the State Dining Room of the White House, Tuesday, April 21, 2026, in Washington. (AP Photo/Alex Brandon)
FILE - In this Sept. 15, 2015 file photo, marijuana plants with their buds covered in white crystals called trichomes, are a few weeks away from harvest at the Ataraxia medical marijuana cultivation center in Albion, Ill.. (AP Photo/Seth Perlman, File)
