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PNC FINANCIAL SERVICES GROUP, INC.PNC

Sector
Financial Services
Industry
National Commercial Banks
Exchange
NYSE

Stock Price $PNC

Latest filings

You are here#23 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K210

PNC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Deal closed8-K · Jun ’21Jun ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $23.10B
YoY changeLargest recent move+13.7%in FY21Latest +7.2%

1 older move runs past ±20% (largest +157.8%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All PNC Financial Metrics42 metrics

Income Statement10

Balance Sheet16

Cash Flow11

Per Share5

02—Overview

PNC FINANCIAL SERVICES GROUP, INC. Financial Overview 2021–2025

Updated Jul 10, 2026

PNC Financial Services delivered an unexpected 18% surge in net income to $7.0 billiona in FY2025, defying industry headwinds with rapidly falling credit costs. This bottom-line acceleration cements the core investment thesis: PNC has successfully leveraged scale acquisitions and strict expense discipline to drive durable earnings expansion through volatile interest rate cycles.

The bank's financial arc over the last five years demonstrates consistent execution, with total revenue climbing from $19.2 billion in FY2021 to $23.1 billionb in FY2025. This top-line momentum was recently fueled by a 7% rise in net interest income to $14.4 billion during FY2025, supported by lower funding costs and stable loan growth. Simultaneously, PNC's credit quality improved dramatically, evidenced by a 29% drop in net charge-offs to $0.7 billion. The balance sheet remains highly fortified, anchored by a Common Equity Tier 1 (CET1) ratio that reached 10.6% at year-end. Furthermore, the January 5, 2026 completion of the FirstBank Holding Company acquisition immediately injected an additional $26.4 billion into the bank's total assets.

Supported by active capital returns—including the repurchase of 1.69 million shares in Q3 2025 alone—the market has recognized this fundamental stabilization. At the close of FY2025, the stock traded at $208.73c, which translated to a valuation of 12.6x earnings based on the $16.59 in diluted earnings per share generated during the fiscal year.

Recent Developments (Q4 2025 and Q1 2026)

Following the FirstBank acquisition, operational integration culminated in the June 22, 2026 full branch and customer conversion. Capital management also remains a focus. In Q1 2026, PNC repurchased 3,720 shares at an average price of $218.03d, leaving 32% of its 100 million share program available. Management expects another $600 million to $700 million in buybacks for Q2 2026. The balance sheet was further supported by two debt offerings, including a $3.0 billion raise in January 2026 and a $1.65 billion issuance in May 2026. Meanwhile, noninterest income grew 8% to $8.7 billion and the net interest margin expanded to 2.83%. Bulls argue that noninterest income growth and share repurchases offer durable upside. Conversely, bears caution that trading at 16.1x earnings as of May 5, 2026 represents a richer valuation, leaving little margin for error if post-merger execution falters.

What to watch: realized cost synergies from the FirstBank integration; execution of the anticipated Q2 2026 share repurchases.

03—Filings

Recent SEC Filings

  1. 8-KPNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Regulation FD Disclosure (Oct 15, 2026)PNC Financial Services Group reported third-quarter 2026 results on October 15, 2026, as presented in the earnings slides furnished under Item 7.01 (Exhibit 99.1). GAAP diluted EPS was $4.97 and adjusted diluted EPS was $5.09 (non-GAAP), on net income of $2.1 billion. Results were driven by growth in average loans, which rose $9.0 billion (2%) linked quarter and 14% year over year, and deposits, which grew 1% linked quarter. Net interest income increased 2% linked quarter to $4.2 billion, while noninterest income fell 15% linked quarter to $2.4 billion, largely because of prior-quarter Visa share exchange gains. Expense discipline produced positive operating leverage, with pretax, pre-provision earnings (non-GAAP) up 1% linked quarter and 15% year over year. Credit quality remained solid, with the NPL ratio at 0.58% and net charge-offs at 0.28% of average loans, up from 0.25% in the prior quarter. The allowance for credit losses fell to 1.42% of total loans. Capital remained strong, with an estimated CET1 ratio of 9.8%, and PNC returned $1.4 billion to shareholders, including $0.6 billion of buybacks. Full-year 2026 guidance was raised for average loans (to up about 13.5%), net interest income (up about 15.5%) and noninterest income (up about 10.5%), while the fourth-quarter outlook calls for a net interest margin of 3.0% or higher. The filing itself is a short Regulation FD disclosure that furnishes the slide deck, so the substance lies in the exhibit. Investors should note that the slides are non-GAAP heavy, that the 2026 expense guidance excludes roughly $300 million of merger and integration costs, and that the tangible book value per share declined 3% linked quarter because of higher AOCI losses.
  2. 8-KPNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Financial Results (Oct 15, 2026)PNC Financial Services Group reported third quarter 2026 net income of $2.1 billion, or $4.97 diluted EPS ($5.09 as adjusted for integration costs and significant items), up from $4.35 in 3Q25. Revenue of $6.6 billion fell 5% sequentially because elevated 2Q26 capital markets activity and Visa-related gains did not recur, though revenue rose 11% year over year. Net interest income grew 2% sequentially to $4.2 billion, and net interest margin was 2.94%. Return on average tangible common equity was 18.3%, and the efficiency ratio improved to 57% from 60%. Adjusted noninterest expense fell 3% sequentially, with the FirstBank integration contributing to the year-over-year increase. Balance sheet growth was broad-based, led by commercial loans. Average loans rose 2% sequentially to $372.2 billion, and period-end deposits increased 4% to $466.4 billion. Credit quality showed modest pressure: net charge-offs rose to $257 million (including $35 million tied to the transfer of a $1.4 billion student loan portfolio to held-for-sale), and nonperforming loans rose 8% to $2.2 billion, driven by commercial loans. The allowance for credit losses fell to 1.42% of total loans from 1.48%. Capital remained solid, with a CET1 ratio of 9.8% (estimated), but it declined from 9.9% as AOCI worsened to negative $6.5 billion. PNC returned $1.4 billion to shareholders and declared a $2.00 quarterly dividend, and management expects fourth-quarter buybacks to approximate third-quarter levels. The company's outlook assumes two more Federal Reserve rate hikes, which PNC expects would bring the federal funds rate to 4.25%–4.50%. Investors should watch the rising AOCI drag on tangible book value, which fell to $107.64 from $111.09 in the prior quarter, along with commercial credit trends and the durability of fee income after the strong second quarter.
  3. 8-KPNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Corporate Update (Sep 29, 2026)PNC Financial Services Group announced in an 8-K filed September 29, 2026 that it will redeem all 525,000 outstanding Depositary Shares representing interests in its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series S (CUSIP 693475 AQ8). The redemption date is November 1, 2026, which shifts to November 2, 2026 because November 1 is a non-business day. Each Depositary Share is redeemed at $1,000, for an aggregate redemption amount of $525 million. Each Depositary Share represents a 1/100th interest in a share of Series S Preferred Stock. The redemption price excludes declared but unpaid dividends. Any semiannual dividend that has been declared but not paid before the redemption date will be paid on that date to holders of record on a date set by PNC's board. Payment is routed through DTC and Computershare Trust Company, N.A., the Depositary, under the Deposit Agreement. The filing does not state the dividend rate, the reason for the redemption, or the effect on PNC's capital ratios. For investors, this is a routine capital-management event: PNC is retiring $525 million of perpetual preferred equity at par-equivalent value. The filing does not disclose a new issuance, a financial impact, or a change to PNC's outlook, so the event is best read as a balance-sheet housekeeping action rather than a signal about earnings or credit quality.
  4. 8-KPNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Corporate Update (Jul 21, 2026)PNC Financial Services Group, Inc. (PNC) has announced the successful completion of a public offering and sale of senior notes totaling $2 billion. This offering includes $1 billion of 5.463% Fixed Rate/Floating Rate Senior Notes due July 21, 2037, and $1 billion of 4.831% Fixed Rate/Floating Rate Senior Notes due July 19, 2030. These notes were issued under a well-established indenture framework and were underwritten by reputable financial institutions including PNC Capital Markets LLC, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC. This debt issuance is a strategic move by PNC to bolster its capital structure and potentially fund various corporate initiatives, such as lending activities, general corporate purposes, or acquisitions. The fixed-to-floating rate structure offers flexibility, adapting to changing interest rate environments. Investors should note the coupon rates and maturity dates to assess the income potential and duration of their investment in these senior notes.
  5. 8-KPNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Regulation FD Disclosure (Jul 15, 2026)PNC Financial Services Group reported strong second-quarter 2026 results, with net income of $2.055 billion and diluted EPS of $4.81 (GAAP). Excluding integration costs related to the FirstBank acquisition and net significant items, adjusted diluted EPS was $4.85, up 12% from the linked quarter and 26% year over year. The results were driven by a 4% linked-quarter increase in average loans to $363.2 billion (up 13% year over year), record net interest income of $4.107 billion, and fee income growth of 10% sequentially (20% year over year), led by capital markets and advisory activity. Adjusted noninterest expense rose only 5% sequentially, producing positive operating leverage. Credit quality improved across the key indicators. Nonperforming loans fell to 0.55% of total loans from 0.62% in the prior quarter, net charge-offs were 0.25% of average loans, and the allowance for credit losses declined to 1.48% of total loans. Provision for credit losses was $191 million. Return on average tangible common equity rose to 17.88%, and tangible book value per share increased 2% sequentially to $111.09. The Basel III CET1 ratio, estimated at 9.9%, declined 20 basis points from the prior quarter, though PNC still returned $1.3 billion to shareholders in the quarter and announced an 18% dividend increase to $2.00 per common share. Looking ahead, PNC raised its full-year 2026 outlook, now calling for average loan growth of about 12.5%, net interest income growth of 15% to 15.5%, and total revenue growth of about 13%, with noninterest expense growth of about 8.5%, all excluding integration costs. Third-quarter guidance is more mixed: average loans are expected to rise 1% to 2%, net interest income 3% to 3.5%, and fee income to fall 5% to 5.5% from the strong second-quarter level, while adjusted expenses are expected to decline 2% to 3%. Investors should note that the second quarter included a $224 million net pretax benefit from significant items, primarily a $448 million gain on the Visa share exchange, partly offset by a $139 million securities restructuring loss and a $85 million Visa Class B-3 derivative adjustment, as well as a $140 million PNC Foundation contribution.
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04—See also

Related Companies

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