PNC Financial Services Group (PNC) FY2019 results: revenue $16.8 billion, up 4.0% on the year
PNC Financial Services Group, Inc. (PNC) reported revenue of $16.8 billion for fiscal 2019, the year ended 31 December 2019, up 4.0% on the year before. Net income was $4.3 billion, up 0.7%, and diluted earnings per share $11.39. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$16.8 billion
+4.0% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$4.3 billion
+0.7% on the year
FY2012FY2019
Diluted EPS
$11.39
+6.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
16,839
16,190
15,252
+4.0%
Interest expense
3,797
2,861
1,706
+32.7%
Pre-tax income
5,492
5,486
4,413
+0.1%
Income tax
901
928
-185
-2.9%
Effective tax rate
16.4%
16.9%
-4.2%
Net income
4,284
4,255
4,271
+0.7%
Net margin
25.4%
26.3%
28.0%
Diluted EPS
$11.39
$10.71
$10.36
+6.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
7,363
7,840
5,579
-6.1%
Cash from investing
-24,990
-3,969
-14,895
Cash from financing
17,080
-3,512
9,686
Depreciation and amortisation
1,035
940
921
+10.1%
Share-based compensation
n/a
n/a
200
Buybacks
3,578
2,877
2,447
+24.4%
Dividends paid
1,895
1,601
1,266
+18.4%
Dividend per share
n/a
n/a
$2.60
Diluted shares, weighted
448m
470m
486m
-4.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
49,314
47,728
47,513
+3.3%
Non-controlling interest
29.0
42.0
72.0
-31.0%
Deposits
288,540
267,839
265,053
+7.7%
Debt
60,263
57,419
59,088
+5.0%
Other liabilities
12,149
9,287
9,042
+30.8%
Total liabilities and equity
410,295
382,315
380,768
+7.3%
Fixed assets
7,728
5,727
5,436
+34.9%
Goodwill
9,233
9,218
9,173
+0.2%
Securities held for sale or to maturity
86,824
82,701
75,546
+5.0%
Loans
237,101
223,616
217,847
+6.0%
Cash and equivalents
5,061
5,608
5,249
-9.8%
Other assets
64,348
55,445
67,517
+16.1%
Total assets
410,295
382,315
380,768
+7.3%
10-K for the year ended 31 December 2019, filed 26 February 2021: the filing.