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The PNC Financial Services Group
The PNC Financial Services Group (PNC) investor relations material
The PNC Financial Services Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary16 Jan, 2026
Executive summary
Achieved record net income of $7.0 billion and diluted EPS of $16.59 for 2025, with 21% EPS growth year-over-year and record revenue driven by strong performance across all business lines.
Closed the $4.2 billion acquisition of FirstBank in January 2026, expanding presence in Colorado and Arizona, adding $26 billion in assets, $16 billion in loans, and $23 billion in deposits.
Ended 2025 with significant client growth, ongoing branch expansion, and momentum to accelerate growth in 2026.
Financial highlights
Full-year 2025 revenue reached $23.1 billion, up $1.5 billion (7%) year-over-year, with net interest income at $14.4 billion and noninterest income at $8.7 billion, both at all-time highs.
Net income rose $1 billion year-over-year to $7 billion; diluted EPS up 21% to $16.59.
Fourth quarter 2025 revenue was $6.1 billion, up 3% sequentially and 9% year-over-year; net income for the quarter was $2 billion, or $4.88 per share.
Tangible book value per share increased 18% year-over-year to $112.51.
Pretax, pre-provision earnings (non-GAAP) grew 15% year-over-year to $9.3 billion.
Outlook and guidance
2026 guidance: average loan growth of 8%, total revenue up 11%, net interest income up 14%, noninterest income up 6%, and noninterest expense up 7% (excluding $325 million integration costs).
Expect 400 basis points of positive operating leverage in 2026, nearly all from standalone operations.
First quarter 2026: average loans up 5%, net interest income up 6%, fee income up 2–3%, noninterest expense up ~4% (ex-integration), net charge-offs ~$200 million.
ROTCE expected to be 17% at 2026 start, rising to 18% by year-end and potentially higher in future years.
Effective tax rate projected at 19.5% for 2026.
Reconcile rising delinquencies with lower charge-offs
How does the 'One Big Beautiful Bill' affect 2026 outlook?
How does FirstBank acquisition impact capital plans?
AI's impact on future operating leverage
PNC's ROTCE outlook and management philosophy
PNC's national bank strategy and market fight
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Next The PNC Financial Services Group earnings date
Q1 202615 Apr, 2026
The PNC Financial Services Group
Next The PNC Financial Services Group earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
The Pillar of Pittsburgh
The PNC Financial Services Group, popularly known as PNC Bank, is a well-established US bank. Founded in Pittsburgh, Pennsylvania in 1845, PNC has become a significant figure in the financial world, offering a wide range of services such as retail banking, asset management, corporate and institutional banking, and residential mortgage banking. With its merger with BBVA USA in 2021, PNC has expanded its footprint significantly, operating in more than 30 states across the country, thus solidifying its position as one of the largest banks in the United States.
Pittsburgh Born and Bred
Pittsburgh has been home to PNC Bank since its inception. It started as the Pittsburgh Trust and Savings Company and later merged with the Provident National Corporation to form PNC. Despite its nationwide growth and expansion, the bank’s roots are still very much embedded in Pittsburgh. While PNC now operates on a much larger scale, it has maintained its close connection to the community and has its headquarters in the city’s downtown, being an active contributor to the economic and cultural life of Pittsburgh. One clear example of this is the Pittsburgh Pirates MLB team, who play all of their home games at a ballpark to which PNC owns the naming rights.
Diversified Banking Services
The bank's main business segments include retail banking, asset management, corporate and institutional banking, and residential mortgage banking. Retail banking offers deposit, lending, brokerage, investment management, mortgages, and other traditional services to private individuals and small business customers.
The asset management segment provides wealth management, asset management, and retirement plans. The corporate and institutional banking segment provides lending, treasury management, and capital markets-related products and services.
All in all, the offerings that PNC provides for its customers are more or less in line with the other big banks that they compete against. When looking at the competition, we find names such as Citigroup, JPMorgan, Wells Fargo, and many others.
Preparation for the Digital Era
The digital revolution has affected every industry, and banking is no exception. PNC Bank has made strides to ensure that it remains relevant in the digital age. One way the bank has done this is by introducing Virtual Wallet, a mobile and online banking experience, which brings together banking, budgeting, and savings. This is a clear example of how PNC, like many banks today, continues to improve its digital offerings as customer preferences continue to shift toward online banking.
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