Pinnacle Financial Partners

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

PNFP · Last close · October 26, 2026

$100.31

Value Pinnacle Financial Partners yourself

Pinnacle Financial Partners' revenue rose 18.3% to $2.1 billion in fiscal 2025. Net income was $642 million, up 35.1%. Its return on equity was 9.5%, up from 7.6% a year earlier. Its efficiency ratio was 56.8%, down from 59.6% a year earlier. It paid out $75 million in dividends and buybacks. The diluted share count rose 0.7%.

PINNACLE FINANCIAL PARTNERS, INC. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0002082866-26-000018 Updated October 18, 2026

Revenue

$2.1B

18.3%

Net income

$642M

35.1%

Return on equity

9.5%

1.9 pts

Return on tangible equity

12.9%

2.4 pts

Efficiency ratio

56.8%

2.8 pts

Market cap

$15.2B

Oct 26 close

P/E

24.9x

On $4.04 EPS, FY25

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.

About these figures. Pinnacle moved under a new holding company (created for its merger with Synovus); years before 2025 come from the former Pinnacle Financial Partners's filings. Deposits are Pinnacle's domestic deposits line, because its filing tags two different deposit totals for the same date.

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 12.0% a year and net income 19.7% a year, as new shares raised the share count by 78% and diluted each share's earnings.

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 Pinnacle Financial Partners 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 Pinnacle Financial Partners' earnings per share of $4.04 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Pinnacle Financial Partners' own P/E today, its peers' median and its sector's median (the Financials median) 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 in fiscal 2025, from the 10-K, put on today's share count after a 2-for-1 stock split since.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Valley Bank, BOK Financial, Frost Bank.

Earnings growth in the years ahead (% a year) Starts at Pinnacle Financial Partners' revenue growth over the last 3 years, 10.0% 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: $100.31
Value at this multiple, against the last close: —
Pinnacle Financial Partners' P/E at the last close: 24.9×

Company	Last close	Earnings per share	P/E today
Pinnacle Financial PartnersPNFP	$100.31	$4.04	24.9×
Frost BankCFR	$158.58	$10.58	15.0×
BOK FinancialBOKF	$129.03	$10.62	12.1×
Valley BankVLY	$14.05	$1.18	11.9×

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	23,151	28,741	32,323	—	—
Deposits	31,304	34,961	38,540	42,843	47,396
Loans to deposits	74.0%	82.2%	83.9%	—	—
Provision for credit losses	16	68	94	121	107
Provision to average loans	0.1%	0.3%	0.3%	—	—
Total assets	38,469	41,970	47,960	52,589	57,706
Shareholders' equity	5,311	5,519	6,036	6,432	7,044

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

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $1.4 million of Pinnacle Financial Partners shares on the open market, and 2 insiders sold $19.8 million, $19.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 10, 2026	Gregory G MontanaDirector	Bought	500	$98.61	$49,305	Form 4
Sep 1, 2026	Kevin S. BlairChief Executive Officer, Director	Bought	2,565	$97.48	$250,036	Form 4
Aug 17, 2026	Turner M TerryDirector	Sold plan	54,107	$108.13	$5.9 million	Form 4
Aug 14, 2026	Turner M TerryDirector	Sold plan	66,783	$108.01	$7.2 million	Form 4
Aug 13, 2026	Turner M TerryDirector	Sold plan	53,601	$108.10	$5.8 million	Form 4
Aug 6, 2026	Turner M TerryDirector	Sold plan	2,737	$108.01	$295,623	Form 4
Jul 24, 2026	Robert A McCabe JrChief Banking Officer, Director	Bought	10,013	$99.90	$1.0 million	Form 4
Feb 12, 2026	Andrew J. Gregory Jr.Chief Financial Officer	Bought	1,000	$94.52	$94,520	Form 4
Nov 26, 2025	Robert A McCabe JrChairman, Director	Sold	6,775	$93.00	$630,075	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 Pinnacle Financial Partners 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
Pinnacle Financial Partners	FY25	18.3%	31.2%	9.5%	12.9%	56.8%
Flagstar Bank	FY25	−19.2%	−8.6%	−2.2%	−2.9%	100.7%	Compare
Valley Bank	FY25	9.3%	29.5%	7.8%	10.1%	56.4%	Compare
BOK Financial	FY25	6.1%	26.6%	10.1%	12.3%	65.9%	Compare
Frost Bank	FY25	8.3%	29.0%	15.3%	15.7%	63.5%	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	446	688	937	1,030	1,140	1,328	1,545	1,695	1,737	2,055
Revenue growth	38.0%	54.3%	36.2%	9.9%	10.7%	16.5%	16.4%	9.7%	2.4%	18.3%
Net interest income	325	543	736	766	822	932	1,129	1,262	1,366	1,548
Noninterest income	121	145	201	264	318	396	416	433	371	507
Noninterest expense	236	367	453	505	564	660	780	888	1,035	1,168
Provision for credit losses	—	—	34	27	204	16	68	94	121	107
Net income	127	174	359	401	312	527	561	562	475	642
Diluted EPS (US$)	2.91	2.70	4.64	5.22	4.03	6.75	7.17	7.14	5.96	8.07
Diluted shares (millions)	44	64	77	77	76	76	76	77	77	78
Payouts
Dividends paid	25	36	46	50	49	56	68	69	69	75
Share buybacks	0	0	21	61	51	0	0	0	0	0
Balance sheet at fiscal year end
Loans, net	8,391	15,566	17,624	19,693	22,140	23,151	28,741	32,323	—	—
Deposits	8,759	16,452	18,849	20,181	27,706	31,304	34,961	38,540	42,843	47,396
Total assets	11,195	22,206	25,031	27,806	34,933	38,469	41,970	47,960	52,589	57,706
Shareholders' equity	1,497	3,708	3,966	4,356	4,905	5,311	5,519	6,036	6,432	7,044
Ratios
Return on equity	9.6%	6.7%	9.4%	9.6%	6.8%	10.3%	10.4%	9.7%	7.6%	9.5%
Return on tangible common equity	15.5%	12.6%	18.2%	17.4%	11.0%	15.8%	15.4%	14.0%	10.5%	12.9%
Return on assets	1.3%	1.0%	1.5%	1.5%	1.0%	1.4%	1.4%	1.2%	0.9%	1.2%
Efficiency ratio	53.0%	53.3%	48.3%	49.0%	49.5%	49.7%	50.5%	52.4%	59.6%	56.8%

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

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