The PNC Financial Services Group (PNC) Q4 2025 earnings summary

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.