The PNC Financial Services Group (PNC) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $2.1 billion, or $4.81 per diluted share; adjusted EPS was $4.85, reflecting strong operating performance and successful FirstBank integration.

• Record revenue of $6.9 billion, up 12% sequentially and 21% year-over-year, driven by growth in both net interest and noninterest income.

• $1.3 billion returned to shareholders in Q2 2026, including $0.7 billion in dividends and $0.6 billion in share repurchases; quarterly dividend increased by 18% to $2.00 per share.

• Positive operating leverage achieved through disciplined expense control and business momentum.

• Credit quality improved across all key indicators.

Financial highlights

• Net interest income rose 4% sequentially and 16% year-over-year to $4.1 billion; net interest margin improved to 2.96%.

• Noninterest income grew 26% sequentially and 31% year-over-year to $2.8 billion, including a $448 million Visa exchange gain and a $139 million securities loss.

• Loans averaged $363 billion, up $12 billion or 4% linked quarter; average deposits were stable at $457 billion.

• Noninterest expense rose 9% sequentially, including integration and significant items; efficiency ratio was 60%.

• Provision for credit losses was $191 million; allowance for credit losses to total loans at 1.48%.

Outlook and guidance

• Full-year 2026 guidance: average loan growth ~12.5%-15.5%, net interest income up 14.5%-15.5%, noninterest income up ~9%-11%, total revenue up ~13%-14%, noninterest expense up ~8.5%-11.5%, effective tax rate ~19.5%.

• Q3 2026 vs Q2 2026: average loans up 1%-2%, net interest income up 3%-3.5%, fee income down 5%-5.5%, adjusted noninterest expense down 2%-3%, net charge-offs ~$225 million.

• Share repurchase activity in Q3 2026 expected to match Q2 levels.

• CET1 ratio target maintained at ~10%.