PNC Financial Services

PNC · NYSE · Financials · Financials, fiscal 2016 to 2025

PNC · Last close · October 26, 2026

$225.84

PNC Financial Services' revenue rose 7.2% to $23.1 billion in fiscal 2025. Net income was $7.0 billion, up 17.5%. Its return on equity was 12.2%, up from 11.3% a year earlier. Its efficiency ratio was 59.9%, down from 62.7% a year earlier. It paid out $4.0 billion in dividends and buybacks. The diluted share count fell 1.0%.

PNC FINANCIAL SERVICES GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0000713676-26-000020 Updated October 23, 2026

Revenue

$23.1B

7.2%

Net income

$7.0B

17.5%

Return on equity

12.2%

0.9 pts

Return on tangible equity

14.1%

1.0 pts

Efficiency ratio

59.9%

2.9 pts

Market cap

$91.0B

Oct 26 close

P/E

12.4x

On $18.16 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What PNC Financial Services does

PNC is a bank holding company based in Pittsburgh, Pennsylvania, and says it is one of the largest diversified financial institutions in the United States. It has businesses in retail banking, corporate and institutional banking, and asset management. It serves individuals and businesses with deposits, loans and fee-based services, and offers specialized services for corporations and government entities, including real estate finance and asset-based lending, plus wealth management. Its retail branch network runs coast to coast, and it has offices in four other countries.

It does most of its business through PNC Bank, a national bank chartered in Wilmington, Delaware. A bank makes money mainly from the difference between interest it earns on loans and pays on deposits, plus fees. At the end of 2025, PNC's total assets were $573.6 billion and its total deposits were $440.9 billion. Its non-bank subsidiaries do market-making, securities underwriting and advisory work.

On January 5, 2026, PNC completed its purchase of FirstBank Holding Company in Colorado. At closing FirstBank had $26.4 billion of assets. PNC plans to merge FirstBank into PNC Bank. PNC is closely regulated, mainly by the Federal Reserve and the OCC, and by the CFPB and FDIC on some matters.

Its biggest risks, as it describes them

Weak economic conditions that hurt its customers and its own results.
Customers and other parties not repaying loans, and a mix of assets that could raise credit losses.
Changing interest rates and Federal Reserve policy, which affect its earnings.
Capital and liquidity rules that affect its ability to pay dividends, and a credit rating downgrade.
Technology failures and cyber attacks affecting its systems and customers' information.

From PNC Financial Services's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 9.6% a year and net income 6.5% a year, as buybacks cut the share count by 21%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value PNC Financial Services yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from PNC Financial Services' earnings per share of $18.16 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.4×, the middle of PNC Financial Services' own P/E today, its peers' median and its sector's median (PNC Financial Services' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Truist Financial, U.S. Bancorp, Wells Fargo, Citigroup.

Earnings growth in the years ahead (% a year) Starts at PNC Financial Services' revenue growth over the last 3 years, 3.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $225.84
Value at this multiple, against the last close: —
PNC Financial Services' P/E at the last close: 12.4×

Company	Last close	Earnings per share	P/E today
CitigroupC	$121.04	$6.99	17.3×
PNC Financial ServicesPNC	$225.84	$18.16	12.4×
Wells FargoWFC	$82.65	$6.88	12.0×
U.S. BancorpUSB	$59.70	$5.02	11.9×
Truist FinancialTFC	$48.91	$4.36	11.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	283.5	321.3	316.7	312.0	327.1
Deposits	457.3	436.3	421.4	426.7	440.9
Loans to deposits	62.0%	73.6%	75.2%	73.1%	74.2%
Provision for credit losses	−0.9	0.4	0.8	0.7	0.7
Provision to average loans	−0.3%	0.1%	0.2%	0.2%	0.2%
Total assets	557.2	557.3	561.6	560.0	573.6
Shareholders' equity	55.7	45.8	51.1	54.4	60.6

US$ billions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $4,008 of PNC Financial Services shares on the open market, and 9 insiders sold $27.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Stacy M. JuchnoExecutive Vice President	Sold	3,354	$255.84	$858,087	Form 4
Jul 22, 2026	Guild DeborahExecutive Vice President	Sold	1,200	$252.20	$302,640	Form 4
Jun 12, 2026	Michael Duane ThomasExecutive Vice President	Sold	1,500	$238.14	$357,210	Form 4
Jun 8, 2026	Alexander E. C. OverstromExecutive Vice President	Sold	1,500	$227.97	$341,955	Form 4
Jun 5, 2026	Stephanie NovoselExecutive Vice President	Sold	1,800	$228.73	$411,714	Form 4
May 26, 2026	Andrew T FeldsteinDirector	Sold	45,000	$220.57	$9.9 million	Form 4
Mar 9, 2026	Linda R MedlerDirector	Bought	20	$200.38	$4,008	Form 4
Feb 20, 2026	William S DemchakCEO, Director	Sold	50,000	$230.88	$11.5 million	Form 4
Feb 18, 2026	Louis Robert CestelloExecutive Vice President	Sold	4,279	$234.01	$1.0 million	Form 4
Feb 18, 2026	Alexander E. C. OverstromExecutive Vice President	Sold	2,500	$233.91	$584,775	Form 4
Feb 17, 2026	Richard Kevin BynumExecutive Vice President	Sold	7,407	$230.98	$1.7 million	Form 4
Nov 4, 2025	Michael Duane ThomasExecutive Vice President	Sold	1,000	$183.57	$183,573	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put PNC Financial Services side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
PNC Financial Services	FY25	7.2%	30.3%	12.2%	14.1%	59.9%
Truist Financial	FY25	53.0%	26.1%	8.2%	10.5%	59.4%	Compare
U.S. Bancorp	FY25	4.4%	26.4%	12.2%	16.3%	58.8%	Compare
Wells Fargo	FY25	1.7%	25.5%	11.8%	14.8%	65.5%	Compare
Citigroup	FY25	5.6%	16.8%	6.8%	7.8%	64.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	15.2	16.3	16.2	16.8	16.9	19.2	21.1	21.5	21.6	23.1
Revenue growth	−0.4%	7.7%	−0.8%	4.0%	0.4%	13.7%	9.9%	1.8%	0.3%	7.2%
Net interest income	8.4	9.1	9.7	10.0	9.9	10.6	13.0	13.9	13.5	14.4
Noninterest income	6.8	7.2	6.5	6.9	7.0	8.6	8.1	7.6	8.1	8.7
Noninterest expense	9.5	10.4	10.3	10.6	10.3	13.0	13.2	14.0	13.5	13.8
Provision for credit losses	0.4	0.4	0.4	0.8	3.0	−0.9	0.4	0.8	0.7	0.7
Net income	4.0	5.4	5.3	5.4	7.6	5.7	6.1	5.6	6.0	7.0
Diluted EPS (US$)	7.30	10.36	10.71	11.39	16.96	12.70	13.85	12.79	13.74	16.59
Diluted shares (millions)	500	486	470	448	427	426	412	401	400	396
Payouts
Dividends paid	1.1	1.3	1.6	1.9	2.0	2.1	2.4	2.5	2.5	2.6
Share buybacks	2.1	2.4	2.9	3.6	1.6	1.1	3.7	0.7	0.7	1.3
Balance sheet at fiscal year end
Loans, net	208.2	217.8	223.6	237.1	236.6	283.5	321.3	316.7	312.0	327.1
Deposits	257.2	265.1	267.8	288.5	365.3	457.3	436.3	421.4	426.7	440.9
Total assets	366.4	380.8	382.3	410.3	466.7	557.2	557.3	561.6	560.0	573.6
Shareholders' equity	45.7	47.5	47.7	49.3	54.0	55.7	45.8	51.1	54.4	60.6
Ratios
Return on equity	8.8%	11.6%	11.2%	11.2%	14.6%	10.4%	12.1%	11.7%	11.3%	12.2%
Return on tangible common equity	10.2%	13.5%	11.1%	10.9%	6.4%	12.1%	14.3%	13.7%	13.1%	14.1%
Return on assets	1.1%	1.4%	1.4%	1.4%	1.7%	1.1%	1.1%	1.0%	1.1%	1.2%
Efficiency ratio	62.5%	63.7%	63.6%	62.8%	60.9%	67.7%	62.4%	65.2%	62.7%	59.9%

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: PNC Financial Services' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with PNC Financial Services.