NYSE: PNC · Diversified Banks
PNC Financial Services
PNC Financial Services, headquartered in Pittsburgh, describes itself as one of the largest diversified financial services companies in the U.S., with $574 billion of assets at end-2025. It operates Retail Banking, Corporate & Institutional Banking and the Asset Management Group. 2025 total revenue (net interest income plus noninterest income) rose 7% to $23,099 million, net income was $6,997 million and diluted EPS was $16.59. On January 5, 2026 it completed the acquisition of FirstBank Holding Company (about $26.4 billion of assets), a Colorado state-chartered bank. Book value per common share rose from $112.72 (2023) to $140.44 (2025).
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:35 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.4%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 30.3%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 12.2%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 10.6%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.63x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 11.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.89
Higher than 39% of 44 financial companies
Average yearly growth over the years shown
Higher than 89% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 44% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 38% of 45 financial companies
Equity ÷ total assets
Higher than 14% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$230.07close on 2026-11-04
Market cap$89.82B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 11.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.9%
At FY2025 year-end: 12.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.5x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.92B → $6.56B (vs. a year earlier)↑ +10.9%$5.92B → $6.56B (vs. a year earlier)
- Net income$1.82B → $2.1B (vs. a year earlier)↑ +15.1%$1.82B → $2.1B (vs. a year earlier)
- Diluted EPS$4.35 → $4.97 (vs. a year earlier)↑ +14.3%$4.35 → $4.97 (vs. a year earlier)
- Cash$28.75B → $30.43B (vs. previous quarter-end)↑ +5.8%$28.75B → $30.43B (vs. previous quarter-end)
- Long-term debt$85.72B → $79.76B (vs. previous quarter-end)↓ −7.0%$85.72B → $79.76B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- PNC FINANCIAL SERVICES GROUP, INC.
- Headquarters
- PITTSBURGH, PA
- Incorporated in
- Pennsylvania
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PNC
- Industry
- Diversified Banks
- CIK
- 713676
- Website
- https://www.pnc.com/ ↗
- IR page
- https://investor.pnc.com/ ↗
Workforce (as of FY2025 year-end)
Employees
55,333
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 16 days after quarter end (Jan 16, 2026; Jan 16, 2025; Jan 16, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 15–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 15, 2026 (+15 days) | Nov 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 15, 2026 (+15 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 15, 2026 (+15 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 16, 2026 (+16 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 7, 2025 (+38 days) | Nov 3, 2025 10-Q (+34 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 16, 2025 (+16 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 15, 2025 (+15 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 16, 2025 (+16 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 8, 2024 (+39 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 16, 2024 (+16 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 16, 2024 (+16 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 16, 2024 (+16 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Retail Banking
Consumer and small business banking
Deposits, credit cards, residential mortgages, auto and other consumer loans through branches, ATMs and digital channels.
Corporate & Institutional Banking
Corporate banking and treasury management
Lending, treasury management, capital markets and advisory services for businesses and institutions.
Corporate & Institutional Banking
Merchant services
Debit and credit card processing and point-of-sale payment acceptance for merchants.
Asset Management Group
Wealth and institutional asset management
Investment, planning, credit and cash management solutions and fiduciary services.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
PNC does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Q2 2026 results
Q2 revenue $6,875M (vs $5,661M); net income to common $1,953M (vs $1,542M); diluted EPS $4.81 (vs $3.85).
Source: Form 10-Q (quarter ended 2026-06-30)
FirstBank
Acquisition completed January 5, 2026; results included from Q1 2026.
Source: Form 10-K (FY2025)
Funding
Sold $1.5B of senior notes on October 23, 2026 and will redeem $525M of Series S preferred depositary shares on November 2, 2026.
Source: Form 8-K (2026-10-23) — Item 8.01
M&A spend (6-year total)
$10.51B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$23.1B
As reported in the 10-K
Revenue CAGR (5 years)
+6.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($23,099M ÷ $16,901M) ^ (1÷5) − 1 = 6.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
12.2%▲favorable
6-year average: 11.9%
As reported in the 10-K
- ▲
Revenue grew +6.4% a year over 5 years (strong growth)
From $16.9B in FY2020 to $23.1B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
ROE averaged 11.9% over 6 years (latest: 12.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- FirstBank Holding Company
07 · what it does
Key activities
- Retail Banking: consumer and small business deposits, loans, cards and mortgages
- Corporate & Institutional Banking: lending, treasury management, capital markets and merchant services
- Asset Management Group: investment, planning, credit and fiduciary services for affluent individuals and institutions
06 · what it draws on
Key resources
- 55,333 employees at end-2025
- Customer deposit base (the largest source of liquidity)
- Coast-to-coast branch and ATM network plus digital channels
02 · why customers buy
Value propositions
- Retail, corporate and institutional banking and asset management.
04 · how it keeps them
Customer relationships
- Ongoing deposit, lending and treasury relationships.
03 · how it reaches them
Channels
- Branches, ATMs, digital banking and relationship managers.
01 · who it serves
Customer segments
- Consumers and small businesses
- Middle-market and large corporations, government and institutional clients
- Affluent individuals and institutions
09 · where money goes
Cost structure
FY2025, share of revenue ($23.1B)
- Interest expense47.2%
- Operating expenses (as reported)59.9%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $381M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Total revenue $23,099M (2025)
- Segment revenue: Retail Banking $14,863M; C&IB $11,228M; AMG $1,710M
- 2025 capital return $3.9B (dividends >$2.6B, buybacks $1.2B)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Gathers deposits and lends to consumers, businesses and institutions, earning net interest income, plus fees from treasury management, card and merchant services, capital markets and asset management.
01 what it draws on
Inputs & resources
- 55,333 employees at end-2025
- Customer deposit base (the largest source of liquidity)
- Coast-to-coast branch and ATM network plus digital channels
02 what it does
Activities
- Retail Banking: consumer and small business deposits, loans, cards and mortgages
- Corporate & Institutional Banking: lending, treasury management, capital markets and merchant services
- Asset Management Group: investment, planning, credit and fiduciary services for affluent individuals and institutions
03 who it serves
Customers
- Consumers and small businesses
- Middle-market and large corporations, government and institutional clients
- Affluent individuals and institutions
04 how money comes in
How it earns
- Total revenue $23,099M (2025)
- Segment revenue: Retail Banking $14,863M; C&IB $11,228M; AMG $1,710M
- 2025 capital return $3.9B (dividends >$2.6B, buybacks $1.2B)
How the business makes money
- Book value per common share $140.44 at end-2025.
- FirstBank acquisition closed January 5, 2026.
- Plans about $1.5B over five years for more than 200 new branches (announced 2024).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
PNC’s fee income and investments are shaped by Federal Reserve interchange rules and federal tax-credit programs.
Regulated prices & reimbursement
Debit interchange cap
Expects the 2023 proposed rule, if finalized, to reduce PNC Bank’s interchange fee revenue.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Tax-credit investments
Recognized $0.6B of tax credits from LIHTC and New Markets Tax Credit investments in 2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Retail Banking
14,863 (53%)Corporate & Institutional Banking
11,228 (40%)Asset Management Group
1,710 (6%)
Source: Form 10-K (FY2025) Business segment total revenue; total segment revenue $27,801M before $(4,702)M of other activities.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
FirstBank Holding Company
Completed January 5, 2026; FirstBank had $26.4B of assets, $16.0B of loans and $23.1B of deposits at close.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, businesses and institutions.
Named by the company
No single customer is named as material.
Suppliers
Funding markets and technology vendors.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
PNC competes through physical locations and digital channels with banks and other financial firms; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer group from the 2026 proxy statement.
- American Expresssite ↗
- Ameriprise Financialsite ↗
- Bank of Americasite ↗
- BNY (Bank of New York Mellon)site ↗
- Capital Onesite ↗
- Charles Schwabsite ↗
- Citigroupsite ↗
- Citizens Financial Groupsite ↗
- Fifth Third Bancorpsite ↗
- Goldman Sachssite ↗
- Huntington Bancsharessite ↗
- JPMorgan Chasesite ↗
- Morgan Stanleysite ↗
- Truist Financialsite ↗
- U.S. Bancorpsite ↗
- Wells Fargosite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY2020In next year’s 10-K | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 16,901 | 19,211 | 21,120 | 21,490 | 21,555 | 23,099 |
| Pretax income | 3,429 | 6,988 | 7,473 | 6,736 | 7,242 | 8,486 |
| Net income (attributable) | 7,558 | 5,725 | 6,113 | 5,647 | 5,953 | 6,997 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 13.7% | 9.9% | 1.8% | 0.3% | 7.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 44.7% | 29.8% | 28.9% | 26.3% | 27.6% | 30.3% |
| Balance sheet ($M) | ||||||
| Total assets | 466,679 | 557,191 | 557,263 | 561,580 | 560,038 | 573,572 |
| Total equity | 54,041 | 55,726 | 45,812 | 51,141 | 54,469 | 60,636 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 37,195 | 30,784 | 58,726 | 72,737 | 61,673 | 57,101 |
| Equity ratio | 11.6% | 10.0% | 8.2% | 9.1% | 9.7% | 10.6% |
| ROE | 14.0% | 10.4% | 12.0% | 11.7% | 11.3% | 12.2% |
| Cash flow ($M) | ||||||
| Operating CF | 4,659 | 7,214 | 9,083 | 10,111 | 7,880 | 4,384 |
| Investing CF | -51,122 | -2,795 | -60,358 | 10,105 | -3,232 | -15,617 |
| Financing CF | 48,419 | -3,432 | 3,384 | -3,854 | -9,122 | 4,695 |
| Cash and equivalents | 7,017 | 82,254 | 34,363 | 50,725 | 46,251 | 39,713 |
| Per share & other | ||||||
| EPS ($) | 16.96 | 12.70 | 13.85 | 12.79 | 13.74 | 16.59 |
| BVPS ($) | 119.11 | 120.61 | 99.93 | 112.72 | 122.94 | 140.44 |
| Dividend per share ($) | 4.60 | 4.80 | 5.75 | 6.10 | 6.30 | 6.60 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 27.1% | 37.8% | 41.5% | 47.7% | 45.9% | 39.8% |
| P/E (x) | 8.8 | 15.8 | 11.4 | 12.1 | 14.0 | 12.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.25 | 1.66 | 1.58 | 1.37 | 1.57 | 1.49 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $6.56B+10.9% | $2.1B+15.1% | $4.97 |
| 2026-06-30 | $6.88B+21.4% | $2.06B+25.1% | $4.81 |
| 2026-03-31 | $6.17B+13.1% | $1.77B+18.2% | $4.13 |
| 2025-12-31 † | $6.07B+9.1% | $2.03B+25.0% | — |
| 2025-09-30 | $5.92B | $1.82B | $4.35 |
| 2025-06-30 | $5.66B | $1.64B | $3.85 |
| 2025-03-31 | $5.45B | $1.5B | $3.51 |
| 2024-12-31 † | $5.57B | $1.63B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
- CET1 capital ratio
- 10.6%
- Discretionary client assets under management
- $234 billion
December 31, 2025
December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 14.0% | 10.4% | 12.0% | 11.7% | 11.3% | 12.2% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 2.1% | 2.3% | 2.5% | 2.4% | 2.5% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 60.9% | 67.7% | 62.4% | 65.2% | 62.7% | 59.9% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | -0.3% | — | — | — | — |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 2.2% | 1.7% | 1.5% | 1.5% | 1.4% | 1.3% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 66.2% | 63.1% | 74.7% | 76.3% | 74.2% | 75.2% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 11.6% | 10.0% | 8.2% | 9.1% | 9.7% | 10.6% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 84.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 15.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 271 of 416
- Beta (adjusted)
- 0.89
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 65% of covered companies have more
above 1 = swings more than the market
- 335.6M shares reported by 2,031 13F filers ÷ 398.9M shares outstanding on 2026-07-20. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-11 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-20)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale
One of the largest diversified financial services companies in the U.S., with $574B of assets at end-2025.
Evidence: Form 10-K (FY2025)
2. Earnings growth
Net income rose from $5,647M (2023) to $6,997M (2025); diluted EPS from $12.79 to $16.59.
Evidence: Form 10-K (FY2025)
3. Capital return
Returned $3.9B to shareholders in 2025 through dividends and repurchases.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Expense base
Noninterest expense was $13,834M in 2025, about 60% of total revenue.
Evidence: Form 10-K (FY2025)
2. Book value swings
Book value per common share fell from $120.61 (2021) to $99.93 (2022) before recovering.
Evidence: Form 10-K (FY2022)
3. Integration load
FirstBank customers are being converted to PNC Bank in 2026.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
12.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.16%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
40%
Dividends per share ÷ diluted EPS
1. Large diversified bank
Retail, corporate and asset management across a national footprint.
- What has to hold
- Credit stays benign.
- The other side
- Rate-driven margin pressure.
Evidence: Form 10-K (FY2025)
2. Capital return
$6.60 of dividends per share in 2025 and $1.2B of buybacks.
- What has to hold
- Capital ratios stay strong.
- The other side
- Regulation and acquisition needs.
Evidence: Form 10-K (FY2025)
Revenue is net interest income plus noninterest income; book value per share is per common share.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -24.3% in FY2021 ($7.56B → $5.73B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable in 2020
Net income was $7,558M in 2020.
Source: Form 10-K (FY2022)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
PNC estimates reasonably possible losses beyond accruals for disclosed matters at less than $300 million at June 30, 2026.
1 open matter · 1 settled or closed
Interchange litigation
PendingAntitrustMerchant class plaintiffs; Visa; Mastercard; banks
Class action over card interchange fees; the court preliminarily approved a settlement of the equitable-relief class in June 2026, with a final approval hearing in November 2026.
- Next step
- Final approval hearing, November 2026
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Legal Proceedings
USAA patent litigation
ResolvedPatent / IPUSAA
USAA alleged PNC’s mobile remote deposit systems infringed its patents; juries awarded about $218M, but the Federal Circuit reversed in June 2025 and the Supreme Court denied USAA’s petition on May 18, 2026.
- Amounts
- $218M (verdict, reversed)
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Legal Proceedings, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Credit quality
- Company disclosure (summarized from the 10-K)
- Loan losses depend on economic conditions; the provision for credit losses was $779M in 2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Net interest income depends on rate levels and deposit costs.
- Company’s stated mitigation
- Fair Value Hedges We enter into receive-fixed, pay-variable interest rate swaps to hedge changes in the fair value of outstanding fixed-rate funding caused by fluctuations in market interest rates.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Competition and technology
- Company disclosure (summarized from the 10-K)
- Competitors use physical and digital channels; falling behind in technology could lose market share.
- Company’s stated mitigation
- In response to actual and anticipated customer behavior and expectations, as well as competitive pressures, we continue to invest in technology.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Bank regulation
- Company disclosure (summarized from the 10-K)
- Capital, liquidity and compensation rules for large banks.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cyber risk
- Company disclosure (summarized from the 10-K)
- PNC processes vast amounts of digital information about customers and employees.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
We have been and may continue to be subject to conflicting pressure from stakeholders and activists regarding how or when we take climate-related risks and impacts into account in our business practices or risk management. Read more
Further, there is ongoing scrutiny of climate-related policies, goals, including our use of and ability to achieve them, and disclosures, as well as conflicting pressure regarding the way in which climate may or should be considered by the financial sector, which could result in additional costs, reputational harm as a result of public sentiment, litigation and regulatory scrutiny (including from U.S. federal and state governments, policymakers and regulators), litigation and reduced investor and stakeholder confidence. The Risk Factor headed “We are at risk of an adverse impact on our business due to damage to our reputation” further discusses risks associated with…
No longer in the text (2)
PNC and PNC Bank are subject to regulatory capital and liquidity requirements established by the Federal Reserve and the OCC, respectively. Read more
These regulatory capital and liquidity requirements are typically developed at an international level by the Basel Committee and then applied, with adjustments, in each country by the appropriate domestic regulatory bodies. Domestic regulatory agencies can apply stricter capital and liquidity standards than those developed by the Basel Committee. In several instances, the U.S. banking agencies have done so with respect to U.S. banking organizations.
We have been and may continue to be subject to conflicting pressure from individuals, groups and governmental entities to cease doing business, or to maintain business, with certain companies or sectors, in particular those involved with fossil fuels, because of concerns related to climate change. Further, there is increased scrutiny of climate change-related policies, goals and disclosures, including with regard to inaccurate or misleading statements regarding these practices (often referred to as “greenwashing”), which could result in litigation and regulatory investigations and actions. Our stakeholders may disagree with these policies and goals or, conversely, believe that these policies and goals are, and our related progress in accomplishing such goals and implementing such policies is, insufficient. This may lead to a decrease in demand for our products and services or damage to…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 20, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
26
What to watch going forwardSite analysis
- Net interest income growth.
- FirstBank integration and conversion.
- Buyback pace and capital ratios.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:35 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent PNC Financial Services’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.