The PNC Financial Services Group, Inc.

PNC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$81,855	$76,520	$61,683	$63,700	$84,748	$62,973	$67,466	$49,411	$60,983	$49,432	$40,282	$48,261	$40,962	$30,671	$30,219	$31,392	$23,967	$16,856	$21,730	$21,620	$17,683	$16,141	$15,324	$11,858	$15,886	$21,187	$13,212	$16,541	$17,988	$12,803	$10,937	$5,000	$6,855	$6,357	$4,599	$1,969	$3,956	$3,407	$3,103	$3,336	$1,638
Enterprise value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	12.45×	13.92×	12.03×	11.16×	15.67×	23.19×	15.75×	11.61×	14.28×	13.50×	10.42×	12.26×	10.41×	10.93×	10.12×	10.46×	12.00×	19.69×	14.81×	8.33×	13.35×	13.48×	15.31×	10.01×	42.71×	16.57×	10.45×	14.84×	17.10×	12.91×	26.80×	8.19×	9.44×	14.89×	11.80×	27.77×	10.48×	7.70×	12.13×	14.05×	8.72×
P/S (TTM) at period end	3.54×	3.55×	2.87×	3.02×	4.41×	3.73×	4.01×	3.05×	4.00×	3.26×	2.65×	3.14×	2.56×	1.98×	2.11×	2.07×	1.48×	2.68×	3.69×	3.33×	2.79×	2.91×	2.92×	2.20×	3.23×	4.14×	2.76×	3.62×	4.14×	3.30×	3.53×	1.83×	2.47×	2.50×	2.05×	0.98×	2.10×	–	–	–	–
P/B at period end	1.35×	1.41×	1.21×	1.39×	1.52×	1.17×	1.37×	1.04×	1.28×	1.08×	0.90×	1.08×	0.97×	0.79×	0.89×	1.04×	0.80×	0.66×	1.46×	2.00×	2.07×	2.16×	2.31×	1.73×	2.73×	3.18×	2.22×	2.74×	3.34×	2.18×	1.90×	1.14×	1.59×	1.70×	1.39×	0.76×	1.40×	–	–	–	–
EV / EBITDA (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	10.9%	10.1%	10.0%	12.5%	9.7%	5.0%	8.7%	8.9%	9.0%	8.0%	8.6%	8.8%	9.3%	7.2%	8.8%	9.9%	6.7%	3.4%	9.9%	24.1%	15.5%	16.0%	15.1%	17.3%	6.4%	19.2%	21.3%	18.5%	19.5%	16.9%	7.1%	13.9%	16.8%	11.4%	11.8%	2.7%	13.3%	–	–	–	–
Return on invested capital	6.3%	5.4%	4.8%	6.3%	7.1%	3.5%	4.4%	4.6%	5.4%	4.2%	4.2%	4.3%	4.9%	3.9%	4.4%	4.4%	3.0%	1.1%	3.1%	11.4%	6.2%	7.4%	6.6%	8.6%	2.6%	7.8%	6.7%	4.3%	4.9%	4.6%	2.2%	2.9%	3.1%	3.1%	3.3%	0.3%	3.3%	–	–	–	–
Dividend yield	3.2%	3.3%	4.0%	3.8%	2.4%	3.1%	2.8%	3.2%	2.1%	2.1%	2.6%	2.1%	2.2%	2.7%	2.0%	0.6%	1.8%	5.4%	3.7%	2.9%	3.3%	3.5%	3.6%	4.6%	3.6%	2.6%	3.9%	3.0%	2.7%	3.8%	3.5%	6.2%	4.0%	3.8%	4.5%	10.4%	4.7%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.32×	0.33×	0.38×	0.44×	0.44×	0.06×	0.11×	0.07×	0.09×	0.07×	0.06×	0.05×	0.08×	0.08×	0.07×	0.06×	0.04×	0.06×	0.06×	0.08×	0.07×	–	–	–	–
Debt / equity	1.20×	1.59×	2.23×	2.06×	–	–	–	–	–	–	–	–	–	–	–	–	1.72×	2.05×	2.08×	1.39×	1.97×	1.60×	1.72×	1.33×	2.08×	1.76×	2.39×	3.47×	3.64×	3.34×	2.81×	4.31×	4.91×	4.30×	3.25×	3.87×	4.04×	–	–	–	–
Effective tax rate	17.5%	17.8%	16.2%	18.2%	18.1%	12.4%	16.4%	16.9%	(4.2%)	24.1%	24.8%	25.1%	25.9%	25.9%	24.5%	25.5%	26.9%	27.2%	29.2%	34.0%	30.2%	30.3%	34.4%	34.1%	33.2%	34.3%	32.8%	34.6%	35.0%	35.0%	34.9%	32.4%	33.3%	32.0%	28.9%	(141.2%)	22.2%	–	–	–	–
Share count
Diluted shares outstanding	396	400	401	412	426	427	448	470	486	500	521	537	532	529	526	520	455	346	334	297	290	284	281	285	285	293	300	310	321	345	345	238	238	224	198	182	190	176	170	162	100

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$25,673	$23,099	$21,555	$21,490	$21,120	$19,211	$16,901	$16,839	$16,190	$15,252	$15,162	$15,225	$15,375	$16,012	$15,512	$14,326	$15,176	$16,228	$6,296	$5,891	$6,494	$6,327	$5,541	$5,253	$5,394	$4,914	$5,114	$4,794	$4,574	$4,350	$3,875	$3,102	$2,732	$2,774	$2,544	$2,247	$2,006	$1,887	–	–	–	–
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($5,155)	($2,946)	($2,843)	($2,743)	($2,742)	($2,670)	($2,238)	($2,345)	($2,206)	($2,177)	($2,082)	($2,016)	($1,945)	($1,842)	($1,841)	($1,648)	($1,664)	($4,352)	($1,889)	($1,928)	($2,536)	($2,499)	($2,151)	($1,868)	($1,752)	($1,724)	($1,686)	($1,450)	($1,361)	($1,311)	($1,198)	($1,065)	($836)	($685)	($668)	($599)	($565)	($538)	–	–	–	–
Total operating expenses	($15,220)	($13,834)	($13,524)	($14,012)	($13,170)	($13,002)	($10,297)	($10,574)	($10,296)	($10,398)	($9,476)	($9,463)	($9,488)	($9,681)	($10,486)	($9,105)	($8,613)	($7,962)	($3,571)	($3,652)	($2,365)	($4,306)	($3,712)	($3,508)	($3,264)	($3,447)	($3,130)	($2,843)	($2,698)	($2,662)	($2,348)	($2,469)	($1,770)	($1,454)	($1,442)	($1,271)	($1,216)	($1,070)	($443)	($256)	($237)	($188)
Total costs and expenses	($15,949)	($14,613)	($14,313)	($14,754)	($13,647)	($12,223)	($13,472)	($11,347)	($10,704)	($9,762)	($9,909)	($9,718)	($9,761)	($10,324)	($11,473)	($10,257)	($11,115)	($13,003)	($5,202)	($3,967)	($2,489)	($4,327)	($3,764)	($3,685)	($3,573)	($4,350)	($3,266)	($3,006)	($2,923)	($2,732)	($2,348)	($2,475)	($1,830)	($1,658)	($1,766)	($1,699)	($1,976)	($1,402)	–	–	–	–
Operating income	$9,724	$8,486	$7,242	$6,736	$7,473	$6,988	$3,429	$5,492	$5,486	$5,490	$5,253	$5,507	$5,614	$5,688	$4,039	$4,069	$4,061	$3,225	$1,094	$1,924	$4,005	$2,000	$1,777	$1,568	$1,821	$564	$1,848	$1,788	$1,651	$1,618	$1,527	$627	$902	$1,117	$778	$548	$29	$485	$443	$256	$237	$188
Earnings
EBITDA	–	$8,867	$7,501	$6,953	$8,124	$8,761	$4,926	$6,807	$6,615	$6,607	$6,446	$6,595	$6,602	$6,834	$5,198	$5,209	$5,120	$4,203	$1,557	$2,315	$4,350	$2,375	$2,079	$1,857	$2,063	$824	$2,188	$2,093	$1,961	$1,964	$1,817	$923	$1,148	$1,265	$915	$620	$115	$556	–	–	–	–
Interest income	$26,522	$25,307	$26,384	$24,308	$15,436	$11,134	$11,307	$13,762	$12,582	$10,814	$9,652	$9,323	$9,431	$10,007	$10,734	$10,194	$11,150	$12,086	$6,301	$6,144	$4,612	$3,734	$2,752	$2,712	$3,172	$4,137	$4,732	$4,583	$5,024	$5,051	$4,938	$5,150	$3,862	$3,201	$3,219	$3,658	$4,223	$4,064	–	–	–	–
Interest expense	($10,517)	($10,897)	($12,885)	($10,392)	($2,422)	($487)	($1,361)	($3,797)	($2,861)	($1,706)	($1,261)	($1,045)	($906)	($860)	($1,094)	($1,494)	($1,920)	($3,003)	($2,447)	($3,197)	($2,367)	($1,580)	($783)	($716)	($975)	($1,875)	($2,568)	($2,239)	($2,536)	($2,556)	($2,494)	($3,008)	($1,952)	($1,372)	($1,562)	($2,222)	($2,874)	($2,758)	–	–	–	–
Pre-tax income	$9,724	$8,486	$7,242	$6,736	$7,473	$6,988	$3,429	$5,492	$5,486	$4,413	$5,253	$5,507	$5,614	$5,688	$4,039	$4,069	$4,061	$3,225	$1,094	$1,924	$4,005	$2,000	$1,777	$1,568	$1,821	$564	$1,848	$1,788	$1,651	$1,618	$1,527	$627	$902	$1,117	$778	$548	$29	$485	–	–	–	–
Income tax expense	($1,767)	($1,489)	($1,289)	($1,089)	($1,360)	($1,263)	($426)	($901)	($928)	$185	($1,268)	($1,364)	($1,407)	($1,476)	($1,045)	($998)	($1,037)	($867)	($298)	($561)	($1,363)	($604)	($538)	($539)	($621)	($187)	($634)	($586)	($571)	($566)	($535)	($219)	($292)	($371)	($249)	($158)	$42	($108)	$443	$256	$237	$188
Net income	$7,926	$6,997	$5,953	$5,647	$6,113	$5,725	$7,558	$5,418	$5,346	$5,388	$3,985	$4,143	$4,207	$4,212	$2,994	$3,071	$3,397	$2,403	$914	$1,467	$2,595	$1,325	$1,197	$1,001	$1,184	$372	$1,279	$1,264	$1,115	$1,052	$992	$408	$610	$726	$427	$390	$71	$377	$443	$256	$237	$188
Per share
Diluted EPS (GAAP)	$18.79	$16.59	$13.74	$12.79	$13.85	$12.70	$16.96	$11.39	$10.71	$10.36	$7.30	$7.39	$7.30	$7.36	$5.28	$5.64	$5.74	$4.36	$2.44	$4.32	$8.73	$4.55	$4.21	$3.55	$4.15	$1.26	$4.31	$4.15	$3.60	$3.28	$2.88	$1.19	$2.56	$2.60	$1.89	$1.95	$0.37	$1.96	$2.51	$1.50	$1.47	$1.88
Basic EPS (GAAP)	$18.81	$16.60	$13.76	$12.80	$13.86	$12.71	$16.99	$11.43	$10.79	$10.49	$7.42	$7.52	$7.44	$7.45	$5.33	$5.70	$5.80	$4.40	$2.49	$4.40	$8.89	$4.63	$4.25	$3.58	$4.18	$1.27	$4.35	$4.19	$3.64	$3.33	$2.91	$1.19	$2.57	$2.65	$1.90	$1.98	$0.37	$1.99	$2.58	$1.54	$1.47	$2.01
Basic shares outstanding	401	396	399	401	412	426	427	447	467	481	494	514	529	528	526	524	517	454	344	331	292	286	281	280	283	283	290	297	306	316	340	339	237	236	223	195	182	187	171	167	162	94
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	37.9%	36.7%	33.6%	31.3%	35.4%	36.4%	20.3%	32.6%	33.9%	36.0%	34.6%	36.2%	36.5%	35.5%	26.0%	28.4%	26.8%	19.9%	17.4%	32.7%	61.7%	31.6%	32.1%	29.8%	33.8%	11.5%	36.1%	37.3%	36.1%	37.2%	39.4%	20.2%	33.0%	40.2%	30.6%	24.4%	1.5%	25.7%	–	–	–	–
Net margin	30.9%	30.3%	27.6%	26.3%	28.9%	29.8%	44.7%	32.2%	33.0%	35.3%	26.3%	27.2%	27.4%	26.3%	19.3%	21.4%	22.4%	14.8%	14.5%	24.9%	40.0%	20.9%	21.6%	19.1%	22.0%	7.6%	25.0%	26.4%	24.4%	24.2%	25.6%	13.2%	22.3%	26.2%	16.8%	17.3%	3.5%	20.0%	–	–	–	–

Analyst consensus

Hold46 analysts

Bearish · 1 · Hold · 23 · Bullish · 22

Earnings history

	EPS	Estimate
Q4 2024	$3.77	$3.26	Beat
Q1 2025	$3.51	$3.38	Beat
Q2 2025	$3.85	$3.55	Beat
Q3 2025	$4.35	$4.05	Beat
Q4 2025	$4.88	$4.23	Beat
Q1 2026	$4.13	$3.93	Beat
Q2 2026	$4.85	$4.46	Beat
Q3 2026	$5.09	$4.91	Beat

Peers

Company overview

IPO dateNov 17, 1975

CEOWilliam S. Demchak

Employees54,596

SectorFinancial Services

IndustryBanks - Regional

CountryUS

ExchangeNew York Stock Exchange

Websitewww.pnc.com

PNC Financial Services Group, Inc. stands as a diversified financial institution operating across the United States. Founded in 1852 and headquartered in Pittsburgh, Pennsylvania, the company maintains an extensive physical footprint, boasting 2,591 branches and 9,502 ATMs. Its Retail Banking division delivers a full spectrum of financial solutions to individual consumers and small businesses. This includes a variety of deposit accounts such as checking, savings, money market, and certificates of deposit. Lending products span residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education financing, and personal and small business loans and credit lines. Additionally, the segment provides brokerage, insurance, investment, and cash management services, all accessible via its branch network, ATMs, call centers, and digital banking channels. The Corporate & Institutional Banking segment caters to the needs of mid-sized and large corporations, government entities, and not-for-profit organizations. It offers secured and unsecured commercial loans, letters of credit, and equipment leases. Services extend to sophisticated cash and investment management, including receivables and disbursement handling, fund transfers, international payment processing, and access to online/mobile information reporting. Furthermore, this segment provides expert advice on foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, and mergers and acquisitions, alongside offering equity capital markets advisory, commercial loan servicing, and technology solutions. PNC's Asset Management Group specializes in wealth management for a diverse clientele. For high net worth and ultra high net worth individuals and their families, it delivers tailored investment and retirement planning, customized investment management, credit and cash management strategies, and trust administration. This also includes specialized multi-generational family planning services for its wealthiest clients. Institutional clients benefit from outsourced chief investment officer capabilities, custody services, private real estate investment opportunities, cash and fixed income solutions, and fiduciary retirement advisory services.

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