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

Executive summary

• FirstBank acquisition closed Jan. 5, adding $26.4B in assets, $16.0B in loans and $23.1B in deposits; integration expected mid-2026.

• Q1 net income was $1.772B, with diluted EPS of $4.13 and adjusted EPS of $4.32; revenue and average loans grew sequentially.

• Returned $1.4B to shareholders through dividends and share repurchases, while prioritizing organic growth and customer relationships.

Financial highlights

• Net income was $1.772B ($4.13 diluted EPS; $4.32 adjusted, excluding integration costs).

• Revenue rose 2% QoQ and 13% YoY to $6.165B; NII increased 6% QoQ and 14% YoY to $3.961B.

• NIM was 2.95%, up 11 bps QoQ and 17 bps YoY; noninterest income was $2.204B, down 6% QoQ and up 12% YoY.

• Noninterest expense rose 5% QoQ to $3.768B; excluding integration costs, it increased 2% QoQ and 8% YoY.

• Average loans increased 7% QoQ and 11% YoY to $350.9B, reflecting organic growth and FirstBank.

Outlook and guidance

• Q2 2026: average loans up 2–3%, NII up ~3%, fee income up ~2.5%, total revenue up ~3.5%, and noninterest expense excluding integration up ~2%.

• Full-year 2026: average loans up ~11%, NII up ~14.5%, noninterest income up ~6%, total revenue up ~11%, and noninterest expense excluding integration up ~7%.

• 2026 effective tax rate expected at ~19.5%; integration costs estimated at $325M for the year.