Truist Financial (TFC) FY2025 results: revenue $20.3 billion, up 53.0% on the year

Truist is a bank holding company run from Charlotte, North Carolina, selling through two operating segments: Wholesale Banking and Consumer and Small Business Banking. Its main subsidiary, Truist Bank, was chartered in 1872 and is the oldest bank headquartered in North Carolina. The company describes it as one of the ten largest commercial banks in the United States. At the end of 2025 it served clients through a digital platform and 1,927 branches.

What it sells

Banking services to individuals, businesses and municipalities. On the lending side, loans and lease finance to consumer and wholesale clients, mostly inside its own geographic footprint: commercial and industrial, commercial real estate, commercial construction, residential mortgage, home equity, indirect auto, other consumer lending, and credit cards. On the non-lending side, deposits, merchant services, treasury management, trust and retirement services, wealth advisory, investment brokerage, asset management and capital markets services. Across the two segments that adds up to consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and a set of specialised lending businesses.

Where the deposits actually are

The bank is concentrated in the Southeastern and Mid-Atlantic U.S., and the filing sets out the concentration state by state. Florida is the largest at 22 percent of deposits, where it ranks fourth by deposit market share, with 441 branches. Georgia is next at 21 percent, and there it ranks first, with 202 branches. Virginia is 14 percent and third, with 259 branches. North Carolina, its home state, is 13 percent and second, with 276 branches.

After those four the tail runs quickly: Maryland at 7 percent and third with 138 branches; Tennessee at 5 percent and fifth with 98; Pennsylvania at 4 percent but only twelfth by share, with 136 branches; South Carolina at 4 percent and third with 95; Texas at 3 percent and eighteenth with 96; West Virginia at 2 percent and second with 42; Kentucky at 2 percent and sixth with 53; Washington D.C. at 1 percent and fifth with 18; Alabama at 1 percent and sixth with 49; New Jersey at 1 percent and twenty-fourth with 20. Another 4 branches sit in other states. The market share ranks come from FDIC data as of 30 June 2025; the branch counts are as of 31 December 2025.

Read together, those two columns say something the deposit total alone does not. In Georgia, Virginia, North Carolina, South Carolina and West Virginia the bank is at or near the top of its market. In Pennsylvania, Texas and New Jersey it holds branches but sits well down the table.

Who it competes with

The company names national, regional and local financial services providers: banks, thrifts, credit unions, investment advisers, asset managers, securities brokers and dealers, private equity funds, hedge funds, mortgage banking companies, finance companies, limited-purpose banks and financial technology companies. It notes that non-bank firms, financial technology companies among them, have increased competition both by selling to customers directly and by working through partnerships. It also names competition from limited-purpose banks and non-banks working in digital assets, stablecoins, cryptocurrencies and tokenisation, on the grounds that those allow financial transactions with less involvement from a commercial bank.

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

Written from the 10-K filed 24 February 2026: read the full 10-K.