PNC Financial Services Group (PNC) FY2018 results: revenue $16.2 billion, up 6.2% on the year
PNC Financial Services Group, Inc. (PNC) reported revenue of $16.2 billion for fiscal 2018, the year ended 31 December 2018, up 6.2% on the year before. Net income was $4.3 billion, down 0.4%, and diluted earnings per share $10.71. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$16.2 billion
+6.2% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$4.3 billion
-0.4% on the year
FY2011FY2018
Diluted EPS
$10.71
+3.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
16,190
15,252
15,162
+6.2%
Interest expense
2,861
1,706
1,261
+67.7%
Pre-tax income
5,486
4,413
5,253
+24.3%
Income tax
928
-185
1,268
Effective tax rate
16.9%
-4.2%
24.1%
Net income
4,255
4,271
3,662
-0.4%
Net margin
26.3%
28.0%
24.2%
Diluted EPS
$10.71
$10.36
$7.30
+3.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
7,840
5,579
3,500
+40.5%
Cash from investing
-3,969
-14,895
-7,307
Cash from financing
-3,512
9,686
4,621
Depreciation and amortisation
940
921
843
+2.1%
Share-based compensation
n/a
200
200
Buybacks
2,877
2,447
2,062
+17.6%
Dividends paid
1,601
1,266
1,061
+26.5%
Dividend per share
n/a
$2.60
$2.12
Diluted shares, weighted
470m
486m
500m
-3.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
47,728
47,513
45,699
+0.5%
Non-controlling interest
42.0
72.0
1,155
-41.7%
Deposits
267,839
265,053
257,164
+1.1%
Debt
57,419
59,088
52,706
-2.8%
Other liabilities
9,287
9,042
9,656
+2.7%
Total liabilities and equity
382,315
380,768
366,380
+0.4%
Fixed assets
5,727
5,436
5,522
+5.4%
Goodwill
9,218
9,173
9,103
+0.5%
Securities held for sale or to maturity
82,701
75,546
15,843
+9.5%
Loans
223,616
217,847
208,244
+2.6%
Cash and equivalents
5,608
5,249
n/a
+6.8%
Other assets
55,445
67,517
127,668
-17.9%
Total assets
382,315
380,768
366,380
+0.4%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.