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Pinnacle Financial Partners (PNFP) FY2025 results: revenue $2.4 billion, up 21.1% on the year

Pinnacle Financial Partners, Inc. (PNFP) reported revenue of $2.4 billion for fiscal 2025, the year ended 31 December 2025, up 21.1% on the year before. Net income was $792 million, up 64.2%, and diluted earnings per share $8.07. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue
$2.4 billion
+21.1% on the year
FY2023FY2025
Operating margin
n/a
FY2023FY2025
Net income
$792 million
+64.2% on the year
FY2023FY2025
Diluted EPS
$8.07
+35.4% on the year
FY2023FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Adjusted EPS up 16% from a year ago: These are legacy Synovus standalone figures. Adjusted diluted EPS was $1.45, flat sequentially and up 16% year over year. Reported diluted EPS was $1.22, down 8% from third quarter and down 2% from fourth quarter 2024.
  • Bank-owned life insurance surrender cut EPS: The surrender of lower-yielding policies reduced fourth quarter diluted EPS by $0.10, or $14.2 million. The related tax is excluded from adjusted results.
  • Net interest margin expanded 4 basis points: Net interest margin was 3.45%, against 3.41% in third quarter and 3.28% a year earlier. Management cited continued fixed asset rate repricing and funding benefits from core deposit growth.
  • Loans grew 2% sequentially: Period-end loans were $44.6 billion, up $872.4 million from third quarter. Management named middle market, corporate and investment banking and specialty lending as the drivers.
  • Total deposits rose 3% sequentially: Total deposits were $51.32 billion, up $1.32 billion. Management linked the increase to a focus on deposit production, public funds and middle market account seasonality.
Read the Q4 FY2025 earnings call summary

From this 10-K

Pinnacle Financial Partners is a financial holding company whose bank, Pinnacle Bank, offers banking, investment, trust, mortgage and insurance products and services to businesses, their owners and individuals. On January 1, 2026, Pinnacle and Synovus each merged into a new company that took the name Pinnacle Financial Partners, Inc., headquartered in Atlanta, Georgia, and Synovus Bank then merged into Pinnacle Bank, which keeps its name and its headquarters in Nashville, Tennessee. The new company's common stock began trading on the New York Stock Exchange on January 2, 2026, and the old Pinnacle and Synovus shares were delisted.

Pinnacle Financial Partners, Inc., the 10-K for 2025

Pinnacle Financial Partners is a financial holding company whose bank, Pinnacle Bank, offers banking, investment, trust, mortgage and insurance products and services to businesses, their owners and individuals. On January 1, 2026, Pinnacle and Synovus each merged into a new company that took the name Pinnacle Financial Partners, Inc., headquartered in Atlanta, Georgia, and Synovus Bank then merged into Pinnacle Bank, which keeps its name and its headquarters in Nashville, Tennessee. The new company's common stock began trading on the New York Stock Exchange on January 2, 2026, and the old Pinnacle and Synovus shares were delisted.

Footprint before the merger

Pinnacle started operations on October 27, 2000, in Nashville, and at December 31, 2025 it ran branch banking from 141 offices, including 50 in Tennessee, 42 in North Carolina, 21 in South Carolina, 10 in Virginia, six in Alabama, five in Georgia, three in Kentucky, two in Maryland and two in Florida. The company states that it aims to operate as a community bank in several primarily urban markets across the Southeast, offering the personal service of a smaller bank alongside products such as investments and treasury management more typical of much larger banks. Pinnacle Bank owns a 49 percent interest in Bankers Healthcare Group, which lends to healthcare practitioners and other professionals.

Lending and deposits

It makes commercial, real estate and consumer loans, many of its commercial loans going to small and medium-sized businesses for purposes such as equipment and working capital. Through its subsidiary Advocate Capital it lends to law firms to finance case expenses and working capital, and through JB&B Capital it originates commercial equipment loans and leases. It added two specialty lending groups in 2022, franchise lending and equipment lease financing. Its deposits come mainly from businesses, their owners and employees and individuals, and it acts as a depository for many state and local governments, government agencies, education systems and power and utility organizations. Its treasury management services for small business and commercial clients include wire origination, ACH origination, positive pay, sweep accounts, lockbox processing and merchant card acceptance. Its advertising has grown in recent years through partnerships with the Tennessee Titans, The Pinnacle at Nashville Yards music venue and the Memphis Grizzlies.

Investments, trust and insurance

Pinnacle Bank sells securities and other investment products through team members employed by both the bank and Raymond James Financial Services, a registered broker-dealer and investment adviser. Its Trust & Investment Services department offers personal trust, investment management, estate administration, endowments, foundations, retirement accounts, escrow and custody, and serves retirement plans through its Retirement Plan Services division. Its insurance agency subsidiaries Miller Loughry Beach Insurance Services and HPB Insurance Group sell mainly property and casualty insurance, while Advocap Insurance Agency sells professional liability, cyber, directors and officers and life insurance mainly to law firms and their partners. Its broker-dealer PNFP Capital Markets offers corporate clients merger and acquisition advisory and debt, equity and mezzanine placement services, and since 2024 has also taken part in underwritten public offerings.

People

As of December 31, 2025 it employed 3,709.0 full-time equivalent team members, none of them represented by a union. The company states that nearly every associate is awarded equity-based compensation each year, and that all non-commissioned team members share one set of performance goals under its annual cash incentive plan.

From Pinnacle Financial Partners' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 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
Revenue2,4101,9892,221+21.1%
Pre-tax income1,019605696+68.4%
Income tax228126154+82.1%
Effective tax rate22.4%20.7%22.1%
Net income792482544+64.2%
Net margin32.9%24.3%24.5%
Diluted EPS$8.07$5.96$7.14+35.4%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6768211,283-17.7%
Capital expenditure33.256.232.2-40.9%
Free cash flow6437651,250-15.9%
Cash from investing-1,485178324
Cash from financing353-456-1,133
Depreciation and amortisation39.037.438.2+4.3%
Share-based compensation34.132.032.2+6.5%
Buybacks1422720.0-47.8%
Dividends paid271220216+23.0%
Dividend per share$1.56$1.52$1.52+2.6%
Diluted shares, weighted78m77m77m+0.7%
Shares outstanding at period end78m77mn/a+0.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,9935,2456,036+14.3%
Non-controlling interest20.221.7n/a-6.7%
Deposits51,32451,095n/a+0.4%
Repurchase agreements316n/an/a
Debt2,4561,733n/a+41.7%
Other liabilities1,2492,139n/a-41.6%
Total liabilities and equity61,35960,234n/a+1.9%
Fixed assets340311n/a+9.2%
Goodwill4804804800.0%
Intangible assets29.721.4n/a+38.7%
Securities held for sale or to maturity9,1598,383n/a+9.3%
Loans44,14842,122n/a+4.8%
Resale agreements24.516.3n/a+50.4%
Cash and equivalents2,5382,9942,451-15.2%
Other assets4,6405,905n/a-21.4%
Total assets61,35960,234n/a+1.9%

10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.