The PNC Financial Services Group (PNC) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results, highlighted by the completed FirstBank acquisition and robust organic loan growth at a three-year high.

• Net income reached $1.8 billion, with diluted EPS of $4.13 and adjusted diluted EPS (excluding integration costs) of $4.32.

• Returned $1.4 billion to shareholders, including $0.7 billion in share repurchases.

• Net interest margin expanded, fee income grew 13% year-over-year, and credit quality remained strong.

• Maintained strong capital position and continued investments in technology and branch network.

Financial highlights

• Average loans increased 7% sequentially and 11% year-over-year to $350.9 billion, driven by organic growth and the FirstBank acquisition.

• Total revenue was $6.2 billion, up 2% sequentially and 13% year-over-year; net interest income rose 6% sequentially and 14% year-over-year to $4 billion.

• Non-interest income was $2.2 billion, down 6% sequentially but up 13% year-over-year.

• Noninterest expense, excluding integration costs, increased 2% sequentially and 8% year-over-year to $3.671 billion.

• Tangible book value per share was $109.42, down 3% sequentially but up 9% year-over-year.

Outlook and guidance

• Q2 2026: Average loans expected up 2%-3%, net interest income down 3%, total revenue down 3.5% sequentially.

• Full year 2026: Average loan growth up 8%, net interest income up 11%, non-interest income up 6%, total revenue up 11%, non-interest expense (ex-integration) up 7%.

• Effective tax rate for 2026 expected at approximately 19.5%; non-recurring merger/integration costs estimated at $325 million for the year.