The PNC Financial Services Group (PNC) investor relations material

Executive summary

• Net income for Q2 2026 was $2.1 billion, or $4.81 per diluted share; adjusted EPS was $4.85, up 16% sequentially and 25% year-over-year, reflecting strong operating performance and successful FirstBank integration.

• Record revenue of $6.9 billion, up 12% sequentially and 21% year-over-year, driven by growth in net interest and noninterest income.

• Fee income rose 10% sequentially and 20% year-over-year, with broad-based growth across all categories.

• Board approved an 18% increase in the quarterly dividend to $2.00 per share; $1.3 billion returned to shareholders through dividends and share repurchases.

• Credit quality improved across all key indicators.

Financial highlights

• Net interest income rose 4% sequentially and 16% year-over-year to $4.1 billion; net interest margin increased 1 bp to 2.96%.

• Noninterest income grew 26% sequentially and 31% year-over-year to $2.8 billion, including a $448 million gain from the Visa exchange program.

• Loans averaged $363 billion, up $12 billion or 4% linked quarter; average deposits stable at $457 billion.

• Tangible book value per share rose 2% sequentially and 7% year-over-year to $111.

• Non-interest expense rose 9% sequentially, including $261 million in integration and significant items.

Outlook and guidance

• Full-year 2026 guidance: average loan growth 12.5–15.5%, net interest income up 14.5–15.5%, noninterest income up ~9%, total revenue up ~13%, noninterest expense up ~8.5%, effective tax rate ~19.5%.

• Q3 2026 vs Q2 2026: average loans up 1–2%, net interest income up 3–3.5%, fee income down 5–5.5%, adjusted non-interest expense down 2–3%.

• Share repurchase activity in Q3 2026 expected to match Q2 levels.

• Expect to maintain CET1 ratio around 10%.