The PNC Financial Services Group (PNC) investor relations material

Executive summary

• Q3 net income was $2.097B; diluted EPS was $4.97 and adjusted diluted EPS was $5.09, up 5% QoQ and 17% YoY.

• ROTCE was 18.28%; average loans and deposits grew QoQ, NII increased, and adjusted expenses declined 3%.

• Through 9M 2026, PPNR rose 17% YoY to $7.985B and net income rose 19% to $5.924B.

Financial highlights

• Revenue was $6.562B, up 11% YoY and down 5% QoQ; excluding integration costs and significant items, revenue fell $61M, or 1%, QoQ.

• NII was $4.206B, up 15% YoY and 2% QoQ; fee income was $2.142B, down 6% QoQ.

• Non-GAAP PPNR was $2.811B, up 15% YoY and 1% QoQ; 9M noninterest income was $7.3B, up 15% YoY.

• Reported noninterest expense was $3.751B, down 8% QoQ; adjusted expense declined 3%, with a 57% efficiency ratio.

• Adjusted diluted EPS was $14.26 through 9M, up 22% YoY; 9M revenue was $19.602B, up 15%.

Outlook and guidance

• FY26 guidance, excluding integration costs and significant items, calls for average loans +13.5%, NII +15.5%, noninterest income +10.5%, revenue +13.7%, expenses +9.5%, and an effective tax rate of ~19.5%.

• Q4 guidance: average loans +2.5%, NII +4%, fee income +3.5%, other noninterest income ~$250M, adjusted expense +5%, and net charge-offs ~$250M.

• Q4 NIM outlook is 3.0% or higher; fixed-rate securities repricing is expected to support margin, partly offset by loan yields and deposit costs. This was not formal NIM guidance.

• 2027 NII is expected to exceed the annualized Q4 2026 run rate; management agreed with a $1.0B–$1.1B increase versus 2026, with detailed guidance expected in January.

• Q4 capital markets fees are expected to rise ~15% QoQ; positive operating leverage is expected above 4%, within a 4%–4.5% range.