PNC · Q4 2025 Earnings

Bullish

PNC Financial Services

Reported January 16, 2026

30-second summary

30-second take: PNC printed $6.07B of revenue in Q4 FY2025, up 9.1% YoY and 2.6% QoQ — materially ahead of management's own "stable to down 1% QoQ" guide from last quarter. Diluted GAAP EPS was $4.88 and net income $2.03B, full-year revenue closed at $23.10B (+7.2% YoY), and NIM stepped up another 5bps to 2.84%, keeping the path to the 3%+ 2026 target intact. The FirstBank deal closes into Q1 FY2026 reporting, so the standalone trajectory ends on a clean high before the consolidated picture starts.

Headline numbers

EPS

Q4 FY2025

$4.88

Revenue

Q4 FY2025

$6.07B

+9.1% YoY

Key financials

Q4 FY2025

Metric	Q4 FY2025	YoY	Q3 FY2025	QoQ
Revenue	$6.07B	+9.1%	$5.92B	+2.6%
EPS	$4.88	—	$4.35	+12.2%

Guidance

PNC delivered strong Q4 FY2025 revenue beat of 9.1% YoY against flat-to-negative guidance; full-year NII grew 6.5% and expenses controlled at 1.5%, positioning NIM expansion trajectory toward 3%+ target in 2026.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q4 FY2025	stable to down 1%	$6.071B	+9.1% YoY vs stable-to-down 1% guide	Beat
Net Interest Income	Q4 FY2025	up approximately 1.5%	Realized within broader FY2025 +6.5% NII growth	Q4 NII performance exceeded modest +1.5% prior quarter guidance	Beat
Fee Income	Q4 FY2025	down approximately 3%	Fee-bearing revenue component within total revenue beat	In-line with downward guidance	Met
Non-Interest Expense	Q4 FY2025	up between 1% and 2%	Realized within FY2025 +1.5% full-year guidance	Q4 expense growth met 1-2% range expectation	Met
Net Charge-Offs	Q4 FY2025	$200 to $225 million	Credit metrics normalized; Nonperforming Assets to Total Assets 0.41%	Charge-offs within guided range; credit quality stable	Met

New guidance

Metric	Period	Guide	YoY
Net Interest Margin	Q4 FY2025	2.84%	—
Efficiency Ratio	Q4 FY2025	59%	—
Total Deposits	Q4 FY2025	$440.9B	—

Segment performance

Q4 FY2025

Segment	Q4 FY2025	YoY
Retail Banking	$3.759B	+6.1%
Corporate & Institutional Banking	$3.066B	+11.3%
Asset Management Group	$0.44B	+9.2%

Capital & returns

Q4 FY2025

Segment	Q4 FY2025
Total Deposits	$440.9B
Return on Average Assets (Retail Banking)	4.33%
Return on Average Assets (C&IB)	2.49%

Other KPIs

Q4 FY2025

Segment	Q4 FY2025
Net Interest Margin	2.84%
Efficiency Ratio	59%
Noninterest Income to Total Revenue	39%
Nonperforming Assets to Total Assets	0.41%
Allowance for Credit Losses to Total Loans	1.58%

Management tone

No earnings call transcript was available for this print; tone analysis will resume next quarter once the FirstBank-consolidated call is published.

The press release itself reinforces three threads that ran through Q3: (1) the FirstBank integration is now a Q1 FY2026 reporting event rather than a forward speculation, removing one uncertainty; (2) the deposit growth narrative continues without macro caveats; (3) the 3%+ NIM target for 2026 remains the explicit anchor, and the Q4 print at 2.84% leaves it within reach without heroic assumptions.

Answers to last quarter's watch list

Q4 FY2025 fee income decline vs. the -3% guide — Total revenue grew 2.6% QoQ versus a flat-to-down 1% guide, and noninterest income's share of revenue rose to 39% from 37% in Q2 FY2025. Fee income normalized roughly in line with the -3% framing while the revenue line still beat — there was no underlying fee weakness. Status: Resolved positively

NIM direction in Q4 FY2025 — NIM printed 2.84%, up 5bps QoQ from 2.79%. That is the first concrete checkpoint on the 2026 bridge and it expanded, not stalled. Status: Resolved positively

2026 NII commentary refinement — The release did not convert last quarter's verbal "comfortably above a billion" 2026 NII statement into a formal numerical guide; the FirstBank close means the 2026 base now shifts and the next formal anchor likely arrives with the Q1 FY2026 call. Status: Continue monitoring

CRE inflection at the start of 2026 — Not separately disclosed in the press release; loan-level inflection commentary is typically reserved for the call. Status: Continue monitoring

Capital ratios and the Basel III Endgame "binding constraint" — The press release does not address binding-constraint dynamics or RWA changes. Status: Not resolved

What to watch into next quarter

First consolidated quarter with FirstBank — revenue and expense bridge clarity. Q1 FY2026 is the first print where the deal sits inside the headline numbers; watch whether management discloses a clean "PNC standalone vs FirstBank contribution" walk or buries the integration noise.

NIM crossing 3%. With Q4 at 2.84% and the explicit 2026 target above 3%, the Q1 FY2026 NIM print is the next checkpoint — anything below 2.86% would suggest the trajectory is back-end-loaded into 2H 2026.

Formalization of 2026 NII guidance. Last quarter's "comfortably above a billion" was verbal; watch whether Q1 FY2026 sets a numerical FY2026 NII range, especially with the FirstBank consolidation re-basing the comparison.

Deposit growth sustaining above $440.9B post-close. The Q4 sequential add of $8.2B was the strongest of the year; any reversal in Q1 FY2026 would undercut the NIM-via-deposit-gathering thesis.

C&IB segment revenue holding double-digit YoY growth. C&IB at +11.3% YoY was the standout segment in Q4; whether that pace sustains into 2026 is the cleanest read on whether the recovery is broad-based.

Sources

PNC Q4 FY2025 Financial Supplement: https://www.sec.gov/Archives/edgar/data/713676/000071367626000006/q42025financialsupplement.htm
PNC Q3 FY2025 earnings call commentary (prior-quarter Q4 FY2025 guide reference points)

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