PNC Financial Services (PNC) financials
NYSE · Financial Services · Banks - Regional · 55,572 employees · CEO William S. Demchak
- Price
- $227.86 -1.71%
- Market cap
- $90.5B
- Enterprise value
- $140B
- Last report
- Q3 '26 filed 2026-10-15
- Next report
- 2027-01-15
Revenue (TTM)$35.7B+5.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)27.2%+3.4 pp vs a year agoOperating income $9.72B
Net income (TTM)$7.9B+21.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.83B-11.0% vs a year agoCapex $0
Diluted EPS (TTM)$18.79+21.4% vs a year agoSum of the last 4 quarters
Net cash$97B+116.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $90.5B EV $140B
- Revenue
- $35.7B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 22.1% Net income / revenue, TTM
- P/E
- 12.1×
- P/S
- 2.5× Price / sales, TTM
- EV / EBITDA
- 10.9× TTM
- Free cash flow
- $4.83B Trailing 12 months
- Net income
- $7.9B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-15
- Dividend
- $7.40 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 6.6% year on yearQ3 '26 revenue $9.36B, against an average of 3.9% over the four quarters before.
- Operating margin 27.2% (TTM), +3.4 pp on a year agoOperating income grew 20.6% while revenue grew 5.8%.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow $4.83B = 61.2% of net income.
- Returned $3.89B to shareholders = 80.4% of free cash flowBuybacks $1.82B (a year earlier $1.65B), dividends $2.06B, stock-based pay $0 (TTM).
- Diluted share count up 1.3% in a year401M diluted shares in Q3 '26, 396M a year earlier.
- Net cash $97BCash + short-term investments $177B, debt incl. leases $79.8B; a year ago net cash $44.8B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.36B | $8.78B | +6.6% |
| Gross margin | 68.1% | 65.5% | +2.6 pp |
| Operating income | $2.62B | $2.29B | +14.6% |
| Operating margin | 28.0% | 26.1% | +2.0 pp |
| Net income | $2.08B | $1.81B | +15.1% |
| Diluted EPS | $4.97 | $4.35 | +14.3% |
| Operating cash flow | $0 | $2.66B | -100.0% |
| Capex | $0 | $0 | – |
| Free cash flow | $0 | $2.66B | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Retail Banking | $4.52B | – | 65.7% | – | – | |
| Retail Banking 1 | – | – | – | – | – | |
| Corporate & Institutional Banking | $3.26B | +372.2% | 47.5% | – | – | |
| Other activities | -$1.37B | – | -19.9% | – | – | |
| Other | – | – | – | – | – | |
| Asset Management Group | $462M | +91.7% | 6.7% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.83B
- Capex
- $0
- Buybacks
- -$1.82B
- Dividends
- -$2.06B
- Acquisitions
- -$80M
- Net debt issued
- $8.63B
- Stock-based compensation
- $0
- Free cash flow
- $4.83B
- Returned to shareholders / FCF
- 80.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 12.1× | 13.2× | 11.4× – 15.8× |
| EV / EBITDA | 10.9× | 10.2× | 4.1× – 12.3× |
| EV / Sales | 3.9× | 2.8× | 1.8× – 3.8× |
| Price / FCF | 18.7× | 10.7× | 6.1× – 18.8× |
| Price / Book | 1.5× | 1.4× | 1.2× – 1.5× |
| FCF yield | 5.3% | 10.9% | 5.3% – 16.3% |
| Return on invested capital | 4.9% | 5.2% | 4.0% – 6.6% |
| Return on equity | 12.6% | 11.3% | 10.2% – 13.2% |
Analysts
Consensus target $272.53 (+19.6%)
range $240.00 – $305.00 · rating Hold
Strong buy0
Buy22
Hold23
Sell1
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 358 figures The PNC Financial Services Group, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accrued Liabilities and Other Liabilities | $15.6B | $13.6B | +15.3% | $14.2B | $16.4B | -13.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $11.1B2025-12-31 | $10.7B | +3.3% | $11.1B | $10.7B | +3.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.12B | -$4.68B | +12.0% | -$3.41B | -$6.57B | +48.1% |
| Additional Collateral, Aggregate Fair Value | $2B | $1.7B | +17.6% | $1.5B | $2.8B | -46.4% |
| Additional Paid in Capital | $22B | $18.8B | +17.0% | $18.9B | $18.7B | +1.1% |
| Advances from Federal Home Loan Banks | $40.4B | $18B | +124.5% | $13B | $22B | -40.9% |
| Amortization | – | – | – | $151M | $139M | +8.6% |
| Assets | $616B | $559B | +10.2% | $574B | $560B | +2.4% |
| AssetsAverageOutstanding | $616B | $562B | +9.7% | $566B | $565B | +0.3% |
| Brokerage Commissions Revenue | $440M | $391M | +12.5% | $1.6B | $1.49B | +7.5% |
| Business Combination, Acquisition Related Costs | $127M | – | – | – | – | – |
| Business Combination, Integration Related Costs | $121M | – | – | – | – | – |
| Cash | – | – | – | $45.3B2024-12-31 | $49.7B | -9.0% |
| Cash and Due from Banks | $5.95B | $5.94B | +0.2% | $6.78B | $6.9B | -1.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $28.7B | $30.4B | -5.4% | $39.7B | $46.3B | -14.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$2.95B | -$8.01B | +63.1% | -$6.54B | -$4.47B | -46.1% |
| Collateral Already Posted, Aggregate Fair Value | $800M | $1B | -20.0% | $800M | $1.1B | -27.3% |
| Common Stock, Capital Shares Reserved for Future Issuance | 77M2025-12-31 | 78M | -1.3% | 77M | 78M | -1.3% |
| Common Stock, Dividends, Per Share, Declared | $1.70 | $1.60 | +6.3% | $6.60 | $6.30 | +4.8% |
| Common Stock, Par or Stated Value Per Share | $5.00 | $5.00 | 0.0% | $5.00 | $5.00 | 0.0% |
| Common Stock, Shares Authorized | 800M | 800M | 0.0% | 800M | 800M | 0.0% |
| Common Stock, Shares, Issued | 557M | 543M | +2.6% | 543M | 543M | 0.0% |
| Common Stock, Value, Issued | $2.79B | $2.72B | +2.5% | $2.72B | $2.72B | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $15M | $16M | -6.3% | $61M | $64M | -4.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.69B | $2.18B | -22.4% | $10.1B | $7.04B | +43.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.71B | $2.2B | -22.3% | $10.2B | $7.1B | +43.0% |
| Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $200M | $200M | 0.0% | $700M | $700M | 0.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.35B | $1.05B | +28.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $10M | $52M | -80.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.53B | $1.32B | +15.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $173M | $221M | -21.7% |
| Debt and Equity Securities, Gain (Loss) | -$139M | $0 | – | -$9M | -$500M | +98.2% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $335M | $325M | +3.1% | $348M | $328M | +6.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $404M | $417M | -3.1% | $621M | $243M | +155.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $2.51B | $3.04B | -17.4% | $2.38B | $3.7B | -35.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $34.5B2025-12-31 | $34.8B | -0.7% | $34.5B | $34.8B | -0.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $14.1B2025-12-31 | $15.6B | -10.0% | $14.1B | $15.6B | -10.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $20.8B2025-12-31 | $14.2B | +46.1% | $20.8B | $14.2B | +46.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $531M2025-12-31 | $873M | -39.2% | $531M | $873M | -39.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $19.2B | $31.6B | -39.2% | $22.1B | $25.1B | -12.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $2.39B | $2.97B | -19.6% | $2.36B | $3.53B | -33.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $16.1B | $14B | +15.0% | $644M | $24.5B | -97.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $109M | $50M | +118.0% | $5M | $147M | -96.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $32.7B2025-12-31 | $31.8B | +2.9% | $32.7B | $31.8B | +2.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $14B2025-12-31 | $15.3B | -8.3% | $14B | $15.3B | -8.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $20.8B2025-12-31 | $14.1B | +48.1% | $20.8B | $14.1B | +48.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $528M2025-12-31 | $870M | -39.3% | $528M | $870M | -39.3% |
| Debt Securities, Available-for-sale, Gain (Loss) | -$7M2025-12-31 | -$2M | -250.0% | -$9M | -$500M | +98.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $38.7B | $36.6B | +5.6% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $36.7B | $34.2B | +7.2% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $5.02B | $16.1B | -68.8% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $4.95B | $15.9B | -68.8% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $28.5B | $16B | +77.8% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $28.4B | $16B | +77.7% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $1.02B | $1.05B | -2.8% | – | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $1.02B | $1.04B | -2.5% | – | – | – |
| Debt Securities, Available-for-sale, Realized Gain | $0 | $0 | – | $32M | $2M | +1,500.0% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | -$139M | $0 | – | -$9M | -$500M | +98.2% |
| Debt Securities, Available-for-sale, Realized Loss | $139M | $0 | – | $41M | $502M | -91.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $35.3B | $45.6B | -22.5% | $22.7B | $49.6B | -54.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01