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PNC Financial Services Group (PNC) FY2025 results: revenue $23.1 billion, up 7.2% on the year

PNC Financial Services Group, Inc. (PNC) reported revenue of $23.1 billion for fiscal 2025, the year ended 31 December 2025, up 7.2% on the year before. Net income was $6.6 billion, up 19.7%, and diluted earnings per share $16.59. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$23.1 billion
+7.2% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$6.6 billion
+19.7% on the year
FY2018FY2025
Diluted EPS
$16.59
+20.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new.

  • Full-year EPS rose to $16.59: Full-year 2025 net income was $6,997 million and diluted EPS was $16.59, against $13.74 in 2024. Full-year revenue was $23.1 billion.
  • Record quarterly revenue: Fourth-quarter revenue of $6.1 billion was a record and rose $156 million from the third quarter. It was $504 million above the fourth quarter of 2024.
  • Net interest margin reached 2.84%: Net interest margin was 2.84%, up 5 basis points from the third quarter and 9 basis points from the fourth quarter of 2024, reflecting fixed rate asset repricing.
  • Net charge-offs fell to $162 million: Net charge-offs were 0.20% of average loans, annualized, down from 0.22% in the third quarter and 0.31% a year earlier. Full-year net charge-offs were $744 million.
  • $1.1 billion returned to shareholders: Capital returned in the quarter comprised $0.7 billion of common dividends and $0.4 billion of share repurchases.
Read the Q4 FY2025 earnings call summary

From this 10-K

PNC is a financial services holding company run from Pittsburgh, Pennsylvania. It does retail banking, corporate and institutional banking, and asset management, and it sells most of those nationally. The company describes itself as one of the largest diversified financial institutions in the United States. Its retail branch network runs coast to coast, and it keeps offices in four countries outside the United States.

PNC Financial Services Group, Inc., the 10-K for 2025

PNC is a financial services holding company run from Pittsburgh, Pennsylvania. It does retail banking, corporate and institutional banking, and asset management, and it sells most of those nationally. The company describes itself as one of the largest diversified financial institutions in the United States. Its retail branch network runs coast to coast, and it keeps offices in four countries outside the United States.

Where it came from, and how it is put together

The company was incorporated in Pennsylvania in 1983, when Pittsburgh National Corporation and Provident National Corporation were brought together. Since then it has widened its geography, its business mix and its products through a combination of organic growth, bank and non-bank acquisitions, equity investments, and setting up new non-banking subsidiaries.

Almost all the business runs through one bank: PNC Bank, a national banking association chartered in Wilmington, Delaware. At the end of 2025 the legal structure was that single domestic bank subsidiary, with its own subsidiaries beneath it, plus 52 active non-bank subsidiaries and a set of affordable housing and historic rehabilitation investments. The non-banking subsidiaries do things that are financial in nature: market-making, securities underwriting, advisory work, and other permitted investment and merchant banking activities.

What it sells

Retail and business banking, delivered locally, with a full range of lending products. For companies and government bodies there are specialised services: corporate banking, real estate finance and asset-based lending. Alongside those sit wealth management and asset management. Corporate & Institutional Banking also carries treasury management, capital markets and advisory products, and commercial mortgage banking, and it does so for customers of every segment rather than only its own, so most of the revenue and cost of those services shows up there.

Two things that happened at the turn of the year

On 5 January 2026 PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank, a Colorado state-chartered bank. At close FirstBank had $26.4 billion of assets, $16.0 billion of loans and $23.1 billion of deposits. Its results join PNC's consolidated figures from that date and appear from the first quarter of 2026. Until FirstBank's customers are converted onto PNC Bank, which the company says it expects in the summer, FirstBank stays a separate bank subsidiary. It is regulated in the meantime by the Federal Reserve and the Colorado Division of Banking.

Separately, in the fourth quarter of 2025 the company announced it was raising its branch investment by $0.5 billion to open another 100 branches, in markets including Nashville, Chicago, Sarasota and Winston-Salem.

Who supervises it

PNC is a bank holding company that has elected to be a financial holding company, which puts the group under the Federal Reserve for consolidated supervision, regulation and examination. PNC Bank itself is supervised primarily by the OCC, the federal regulator of national banks, and on some matters by the FDIC as deposit insurer and the CFPB on consumer finance.

From PNC's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue23,09921,55521,490+7.2%
Interest expensen/an/a10,392
Pre-tax income8,4867,2426,736+17.2%
Income tax1,4891,2891,089+15.5%
Effective tax rate17.5%17.8%16.2%
Net income6,5765,4965,126+19.7%
Net margin28.5%25.5%23.9%
Diluted EPS$16.59$13.74$12.79+20.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,3847,88010,111-44.4%
Cash from investing-15,617-3,23210,105
Cash from financing4,695-9,122-3,854
Depreciation and amortisation3812591,149+47.1%
Buybacks1,338687651+94.8%
Dividends paid2,6352,5372,461+3.9%
Dividend per share$6.60$6.30$6.10+4.8%
Diluted shares, weighted396m400m401m-1.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity60,58554,42551,105+11.3%
Non-controlling interest51.044.036.0+15.9%
Deposits440,866426,738421,418+3.3%
Debt57,10161,67372,737-7.4%
Other liabilities14,96917,15816,284-12.8%
Total liabilities and equity573,572560,038561,580+2.4%
Fixed assets8,9358,6728,517+3.0%
Goodwill10,95910,93210,932+0.2%
Securities held for sale or to maturity138,240139,732132,569-1.1%
Loans327,071311,981316,717+4.8%
Cash and equivalents39,71346,25150,725-14.1%
Other assets48,65442,47042,120+14.6%
Total assets573,572560,038561,580+2.4%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.