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PNC

The PNC Financial Services Group, Inc.

PNC

The PNC Financial Services Group, Inc. • NYSE
$190.72 ▼ -0.60% (-1.16)
Market Cap $74.79 B
52w High $216.13
52w Low $145.12
Dividend Yield 6.60%
P/E 12.31
Volume 872.00K
Outstanding Shares 392.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.794B ▲ $3.461B ▲ $1.808B ▲ 20.559% ▲ $4.36 ▲ $2.287B ▲
Q2-2025 $8.376B ▲ $3.383B ▼ $1.627B ▲ 19.425% ▲ $3.86 ▲ $2.024B ▲
Q1-2025 $8.101B ▼ $3.387B ▼ $1.481B ▼ 18.282% ▼ $3.52 ▼ $1.936B ▼
Q4-2024 $8.532B ▼ $3.506B ▲ $1.61B ▲ 18.87% ▲ $3.77 ▲ $2.069B ▲
Q3-2024 $8.843B $3.327B $1.49B 16.849% $3.5 $1.883B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $107.168B ▲ $568.767B ▲ $509.729B ▲ $58.99B ▲
Q2-2025 $39.625B ▼ $559.107B ▲ $501.452B ▲ $57.607B ▲
Q1-2025 $48.549B ▼ $554.722B ▼ $498.271B ▼ $56.405B ▲
Q4-2024 $55.636B ▲ $560.038B ▼ $505.569B ▼ $54.425B ▼
Q3-2024 $52.882B $564.881B $509.152B $55.689B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.643B ▲ $1.48B ▲ $-11.708B ▼ $2.222B ▲ $-8.006B ▼ $1.48B ▲
Q1-2025 $1.499B ▼ $-509M ▼ $-980M ▼ $-6.362B ▼ $-7.851B ▼ $-509M ▼
Q4-2024 $1.627B ▲ $1.8B ▼ $7.135B ▲ $-3.87B ▼ $5.065B ▲ $1.8B ▼
Q3-2024 $1.505B ▲ $3.287B ▲ $-3.782B ▼ $2.4B ▲ $1.905B ▲ $3.287B ▲
Q2-2024 $1.477B $1.035B $-220M $-11.271B $-10.456B $1.035B

Revenue by Products

Product Q2-2024Q3-2024Q1-2025Q2-2025
Asset Management Group
Asset Management Group
 $400.00M ▲$400.00M ▲$240.00M ▼$240.00M ▲
Corporate Institutional Banking
Corporate Institutional Banking
 $2.47Bn ▲$2.62Bn ▲$670.00M ▼$690.00M ▲
Retail Banking 1
Retail Banking 1
 $4.12Bn ▲$3.48Bn ▼$600.00M ▼$640.00M ▲

Five-Year Company Overview

Income Statement

Income Statement PNC’s income statement shows a mature bank with steady growth rather than explosive gains. Revenue has trended higher over the past five years, helped by higher interest income and a broader product mix. Core operating profits have been fairly stable, indicating decent cost control despite inflation and technology spending. Net income in the most recent year is healthy and slightly above the prior year, though it sits below an unusually strong year earlier in the period that likely benefited from one‑off items. Earnings per share remain solid, suggesting the bank is still generating meaningful profit for each share even in a tougher rate and credit environment. Overall, profitability looks resilient but not immune to economic and interest‑rate cycles.

Balance Sheet

Balance Sheet The balance sheet looks large, steady, and generally sound. Total assets have hovered in a similar range for several years, suggesting a focus on quality and mix rather than pure size. Equity has been gradually rebuilding and edging higher, which supports capital strength and loss‑absorbing capacity. Debt is higher than it was a few years ago but has started to come down from its recent peak, which slightly eases leverage concerns. Cash levels are below the pandemic-era highs, but that period was unusually liquid; today’s cash position appears more normalized. In short, PNC’s balance sheet resembles a conservative, diversified regional bank with solid capital and manageable funding risk, though it still depends heavily on broader credit and interest‑rate conditions.

Cash Flow

Cash Flow PNC’s cash flow profile is a key strength. Operating cash flow has been consistently positive and fairly robust over the entire five‑year span, even during periods of economic stress. Free cash flow effectively mirrors operating cash flow, as capital spending is modest for a bank and mainly reflects technology and branch investments rather than heavy physical infrastructure. This steady cash generation gives PNC flexibility to absorb credit losses, invest in digital initiatives, support its balance sheet, and return capital when conditions allow. The main risk is not cash generation itself, but how credit quality and funding costs evolve through the economic cycle.

Competitive Edge

Competitive Edge PNC sits in the upper tier of regional banks with a diversified business model spanning retail banking, commercial and institutional services, and wealth management. Its strong presence in key urban and middle‑market regions, combined with a “Main Street bank” reputation, supports sticky customer relationships. The bank’s expertise in middle‑market lending is a notable niche where it competes effectively against both smaller regionals and national giants. At the same time, PNC faces intense pressure from the largest U.S. banks, digital‑only players, and fintechs that compete on price and convenience. Regulatory scrutiny, deposit competition, and potential credit losses in a downturn remain ongoing competitive risks. Overall, its position is solid but not unassailable, with a moat that is present but relatively narrow.

Innovation and R&D

Innovation and R&D PNC is leaning into innovation to avoid being left behind by digital‑first competitors. Its Virtual Wallet and Low Cash Mode features show a focus on user‑friendly tools that help customers manage day‑to‑day finances, while partnerships with Zelle, Ripple, and FedNow expand fast payment and cross‑border capabilities. The bank is deploying artificial intelligence in customer service, fraud detection, and risk analytics, aiming to improve both experience and efficiency. It is also using technology to streamline lending and enhance wealth‑management advice through tools like MSCI’s digital platform. On the physical side, PNC is experimenting with “Solution Centers” and modernized branches to blend digital self‑service with human advice. There is execution risk in balancing heavy tech investment with branch spending, but the strategy positions PNC as one of the more forward‑leaning regionals.

Summary

Taken together, PNC looks like a large regional bank with stable, diversified earnings, a conservative balance sheet, and reliable cash generation, rather than a high‑growth story. Its financials suggest resilience through different environments, but still clear sensitivity to interest rates, funding costs, and credit cycles. Competitively, PNC benefits from strong regional franchises, middle‑market strength, and a growing wealth and treasury business, while facing sustained pressure from megabanks and digital challengers. The bank’s dual focus on advanced digital offerings and a sizable physical footprint is a differentiator, but it requires ongoing investment and careful execution. Key uncertainties to watch include credit quality in a slower economy, deposit competition, regulatory developments, and whether its innovation efforts translate into durable customer loyalty and better long‑term profitability.

NEWS

November 25, 2025 · 8:15 AM UTC

PNC Executives to Speak at Goldman Sachs Financial Services Conference

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November 7, 2025 · 8:00 AM UTC

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