PNC Financial Services Group (PNC) FY2020 results: revenue $16.9 billion, up 0.4% on the year
PNC Financial Services Group, Inc. (PNC) reported revenue of $16.9 billion for fiscal 2020, the year ended 31 December 2020, up 0.4% on the year before. Net income was $2.7 billion, down 36.6%, and diluted earnings per share $16.96. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$16.9 billion
+0.4% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$2.7 billion
-36.6% on the year
FY2013FY2020
Diluted EPS
$16.96
+48.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
16,901
16,839
16,190
+0.4%
Interest expense
1,361
3,797
2,861
-64.2%
Pre-tax income
3,429
5,492
5,486
-37.6%
Income tax
426
901
928
-52.7%
Effective tax rate
12.4%
16.4%
16.9%
Net income
2,716
4,284
4,255
-36.6%
Net margin
16.1%
25.4%
26.3%
Diluted EPS
$16.96
$11.39
$10.71
+48.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,659
7,363
7,840
-36.7%
Cash from investing
-51,122
-24,990
-3,969
Cash from financing
48,419
17,080
-3,512
+183.5%
Depreciation and amortisation
983
1,035
940
-5.0%
Buybacks
1,624
3,578
2,877
-54.6%
Dividends paid
1,980
1,895
1,601
+4.5%
Diluted shares, weighted
427m
448m
470m
-4.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
54,010
49,314
47,728
+9.5%
Non-controlling interest
31.0
29.0
42.0
+6.9%
Deposits
365,345
288,540
267,839
+26.6%
Debt
37,195
60,263
57,419
-38.3%
Other liabilities
10,098
12,149
9,287
-16.9%
Total liabilities and equity
466,679
410,295
382,315
+13.7%
Fixed assets
7,687
7,728
5,727
-0.5%
Goodwill
9,233
9,233
9,218
0.0%
Securities held for sale or to maturity
88,799
86,824
82,701
+2.3%
Loans
236,567
237,101
223,616
-0.2%
Cash and equivalents
7,017
5,061
5,608
+38.6%
Other assets
117,376
64,348
55,445
+82.4%
Total assets
466,679
410,295
382,315
+13.7%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.