PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 as Adjusted

PNC Reports Third Quarter 2026 Net Income of $2.1 Billion, $4.97 Diluted EPS or $5.09 as Adjusted Grew average loans and deposits; increased NII and reduced expenses; 57% efficiency ratio

PITTSBURGH, Oct 15, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

3Q26

2Q26

3Q25

Third Quarter Highlights

Financial Results

Comparisons reflect 3Q26 vs. 2Q26

Net interest income (NII)

$ 4,206

$ 4,107

$ 3,648

Income Statement

Balance Sheet

Fee income (non-GAAP)

2,142

2,279

2,069

Other noninterest income

214

489

198

Noninterest income

2,356

2,768

2,267

Revenue

6,562

6,875

5,915

Noninterest expense

3,751

4,098

3,461

Integration costs and significant items

261

—

Noninterest expense - as adjusted (non-GAAP)

3,724

3,837

3,461

Pretax, pre-provision earnings (PPNR) (non-GAAP)

2,811

2,777

2,454

Provision for credit losses

189

191

167

Net income

2,097

2,055

1,822

Per Common Share

Diluted earnings per share (EPS)

$ 4.97

$ 4.81

$ 4.35

EPS impact of integration costs and significant items

0.12

0.04

Diluted EPS - as adjusted (non-GAAP)

5.09

4.85

Average diluted common shares outstanding

401

403

396

Book value

142.17

145.52

135.67

Tangible book value (TBV) (non-GAAP)

107.64

111.09

107.84

Balance Sheet & Credit Quality

Average loans In billions

$ 372.2

$ 363.2

$ 325.9

Average securities In billions

151.4

147.1

144.4

Average deposits In billions

461.2

457.0

431.8

Accumulated other comprehensive income (loss) (AOCI)

In billions

(6.5)

(4.1)

Net loan charge-offs

257

226

179

Allowance for credit losses to total loans

1.42 %

1.48 %

1.61 %

Selected Ratios

Return on average common shareholders' equity

13.89 %

13.61 %

13.24 %

Return on avg. tangible common equity (ROTCE) (non-GAAP)

18.28

17.88

16.77

Return on average assets

1.32

1.34

1.27

Net interest margin (NIM) (non-GAAP)

2.94

2.96

2.79

Noninterest income to total revenue

Efficiency

Common equity tier 1 (CET1) capital ratio

9.8

9.9

10.7

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals may not sum due to rounding.

From Bill Demchak, PNC Chairman and Chief Executive Officer:

"Our strategy continues to drive growth across our businesses, as we deepen our presence in key markets and expand our reach nationally. During the third quarter, we continued to build on the strong momentum we delivered in the first half of the year, and we generated an 18.3% return on average tangible common equity. We are well positioned, and remain confident in our long-term outlook."

Integration Costs and Significant Items

In the third quarter of 2026, PNC incurred integration costs related to the FirstBank acquisition of $36 million. Results also included significant items of negative $25 million related to net Visa activity, including an $11 million valuation gain on remaining Visa shares received in the second quarter exchange and negative $36 million of Visa Class B-3 derivative fair value adjustments, primarily related to litigation escrow funding. The combined after-tax impact of both integration costs and 3Q26 significant items resulted in a $48 million decline in net income, or a 12 cent reduction to EPS.

During the second quarter of 2026, PNC incurred integration costs of $127 million and significant items with a net benefit of $84 million, as outlined in the table below. The combined after-tax impact of both integration costs and 2Q26 significant items resulted in a $15 million decline in net income, or a 4 cent reduction to EPS.

Impact of Integration Costs and Significant Items

In millions, except per share data

Noninterest Income

3Q26

2Q26

Gains related to Visa share exchange

$ 11

$ 448

Visa Class B-3 derivative fair value adjustments

(36)

(85)

2Q26 loss on sale of securities

(139)

Significant items

$ (25)

$ 224

Integration costs

(9)

(6)

Noninterest income impact of integration costs and significant items

$ (34)

$ 218

Noninterest Expense

Significant item - contribution to PNC Foundation

$ 140

Integration costs

$ 27

121

Noninterest expense impact of integration costs and significant items

$ 27

$ 261

Net Income and EPS

Total significant items

$ (25)

$ 84

Total integration costs

(36)

(127)

Pretax, pre-provision impact

$ (61)

$ (43)

Income taxes (benefit)

(13)

(28)

Net income decrease from integration costs and significant items

$ (48)

$ (15)

EPS impact of integration costs and significant items

$ (0.12)

$ (0.04)

Income taxes on integration costs and significant items are calculated at a statutory tax rate of 21% on pretax, pre-provision

earnings. 2Q26 significant items tax impact also includes the benefit of shares donated to the PNC Foundation.

Income Statement Highlights

Third quarter 2026 compared with second quarter 2026

Balance Sheet Highlights

Third quarter 2026 compared with second quarter 2026 or September 30, 2026 compared with June 30, 2026

Earnings Summary

In millions, except per share data

3Q26

2Q26

3Q25

Net income

$ 2,097

$ 2,055

$ 1,822

Net income attributable to diluted common shareholders

$ 1,994

$ 1,941

$ 1,723

Net income attributable to diluted common shareholders - as adjusted (non-

GAAP)

$ 2,042

$ 1,956

Diluted earnings per common share

$ 4.97

$ 4.81

$ 4.35

Diluted earnings per common share - as adjusted (non-GAAP)

$ 5.09

$ 4.85

Average diluted common shares outstanding

401

403

396

Cash dividends declared per common share

$ 2.00

$ 1.70

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Information in this news release, including the financial tables, is unaudited.

CONSOLIDATED REVENUE REVIEW

Revenue

Change

3Q26 vs

In millions

3Q26

2Q26

3Q25

2Q26

3Q25

Net interest income

$ 4,206

$ 4,107

$ 3,648

2 %

15 %

Noninterest income

2,356

2,768

2,267

(15) %

4 %

Total revenue

$ 6,562

$ 6,875

$ 5,915

(5) %

11 %

Total revenue for the third quarter of 2026 decreased $313 million compared to the second quarter of 2026 as growth in net interest income was more than offset by lower noninterest income. Noninterest income in the third quarter of 2026 included integration costs and significant items of negative $34 million compared to a benefit of $218 million in the second quarter of 2026. Compared to the third quarter of 2025, total revenue increased $647 million due to both higher net interest income and noninterest income.

Net interest income of $4.2 billion increased $99 million from the second quarter of 2026 driven by commercial loan growth and higher yields on interest-earning assets, partially offset by increased funding costs. Compared to the third quarter of 2025, net interest income increased $558 million due to commercial loan growth, the benefit of FirstBank and lower funding costs.

Net interest margin was 2.94% in the third quarter of 2026, 2.96% in the second quarter of 2026 and 2.79% in the third quarter of 2025.

Noninterest Income

Change

3Q26 vs

In millions

3Q26

2Q26

3Q25

2Q26

3Q25

Asset management and brokerage

$ 447

$ 440

$ 404

2 %

11 %

Capital markets and advisory

433

577

432

(25) %

—

Card and cash management

769

772

737

—

4 %

Lending and deposit services

358

346

335

3 %

7 %

Residential and commercial mortgage

135

144

161

(6) %

(16) %

Fee income (non-GAAP)

2,142

2,279

2,069

(6) %

4 %

Other noninterest income

214

489

198

(56) %

8 %

Total noninterest income

$ 2,356

$ 2,768

$ 2,267

(15) %

4 %

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

Noninterest income for the third quarter of 2026 decreased $412 million from the second quarter of 2026 primarily due to the change in integration costs and significant items, as well as lower capital markets and advisory revenue. Asset management and brokerage fees increased $7 million as a result of higher average equity markets and increased client activity. Capital markets and advisory revenue decreased $144 million due to elevated second quarter activity. Card and cash management decreased $3 million as higher treasury management product revenue was more than offset by FirstBank integration related fee waivers. Lending and deposit services revenue increased $12 million primarily due to increased customer activity. Residential and commercial mortgage revenue decreased $9 million driven by lower residential mortgage revenue. Other noninterest income of $214 million included higher private equity revenue and negative $25 million of significant items related to net Visa activity. Second quarter of 2026 other noninterest income included the benefit of $218 million of both integration costs and significant items.

Compared to the third quarter of 2025, noninterest income increased $89 million. Asset management and brokerage fees increased $43 million as a result of higher average equity markets and growth in client relationships. Card and cash management increased $32 million driven by increased treasury management product revenue, as well as growth in customer relationships and activity. Lending and deposit related revenue increased $23 million due to increased customer activity and higher loan commitment fee revenue. Residential and commercial mortgage revenue decreased $26 million primarily driven by lower mortgage servicing rights valuation, net of economic hedge. Other noninterest income increased $16 million reflecting higher private equity revenue.

CONSOLIDATED EXPENSE REVIEW

Noninterest Expense

Change

3Q26 vs

In millions

3Q26

2Q26

3Q25

2Q26

3Q25

Personnel

$ 2,031

$ 2,273

$ 1,970

(11) %

3 %

Occupancy

262

252

235

4 %

11 %

Equipment

435

416

—

5 %

Marketing

106

110

(4) %

14 %

Other

917

1,028

747

(11) %

23 %

Total noninterest expense

$ 3,751

$ 4,098

$ 3,461

(8) %

8 %

Integration costs and significant items

261

—

Noninterest expense - as adjusted (non-GAAP)

$ 3,724

$ 3,837

$ 3,461

(3) %

8 %

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

Noninterest expense for the third quarter of 2026 of $3.8 billion decreased $347 million from the second quarter of 2026. Noninterest expense, as adjusted for both quarters, decreased $113 million from the second quarter of 2026 driven by lower compensation expense and continued expense discipline. Compared to the third quarter of 2025, noninterest expense, as adjusted for the third quarter of 2026, increased $263 million reflecting continued investments to support business growth as well as the addition of FirstBank operating expenses.

The effective tax rate was 20.0% for the third quarter of 2026, 20.5% for the second quarter of 2026 and 20.3% for the third quarter of 2025.

CONSOLIDATED BALANCE SHEET REVIEW

Loans

Change

3Q26 vs

In billions

3Q26

2Q26

3Q25

2Q26

3Q25

Average

Commercial and industrial

$ 232.6

$ 223.7

$ 195.9

4 %

19 %

Commercial real estate

36.6

35.1

30.9

4 %

19 %

Commercial

$ 269.2

$ 258.8

$ 226.8

4 %

19 %

Consumer

103.0

104.4

99.2

(1) %

4 %

Average loans

$ 372.2

$ 363.2

$ 325.9

2 %

14 %

Quarter end

Commercial and industrial

$ 240.0

$ 227.9

$ 197.1

5 %

22 %

Commercial real estate

37.0

36.0

30.3

3 %

22 %

Commercial

$ 277.0

$ 263.9

$ 227.4

5 %

22 %

Consumer

101.8

104.1

99.2

(2) %

3 %

Total loans

$ 378.8

$ 368.0

$ 326.6

3 %

16 %

Totals may not sum due to rounding

Average loans for the third quarter of 2026 increased $9.0 billion compared to the second quarter of 2026 and $46.2 billion compared to the third quarter of 2025.

Average commercial loans increased $10.4 billion and $42.4 billion compared to the second quarter of 2026 and the third quarter of 2025, respectively. In each comparison, the growth was driven by strong new production and increased utilization. Compared to the third quarter of 2025, the increase was also attributable to acquired FirstBank loans.

Average consumer loans decreased $1.4 billion compared to the second quarter of 2026, primarily due to lower residential mortgage loans and the student loan portfolio transfer. Compared to the third quarter of 2025, average consumer loans increased $3.8 billion driven by the benefit of FirstBank loans.

Loans at September 30, 2026 increased $10.8 billion from June 30, 2026, driven by commercial loan growth partially offset by lower consumer loans. The decrease in consumer loans was primarily attributable to the transfer of the $1.4 billion student loan portfolio to held-for-sale, in addition to lower residential mortgage loans. Compared to September 30, 2025, loans increased $52.2 billion, as a result of commercial loan growth as well as the benefit from acquired FirstBank commercial and consumer loans.

Average Investment Securities

Change

3Q26 vs

In billions

3Q26

2Q26

3Q25

2Q26

3Q25

Available for sale

$ 72.0

$ 73.7

$ 69.8

(2) %

3 %

Held to maturity

79.3

73.4

74.6

8 %

6 %

Total

$ 151.4

$ 147.1

$ 144.4

3 %

5 %

Totals may not sum due to rounding

Average investment securities of $151.4 billion in the third quarter of 2026 increased $4.3 billion compared to the second quarter of 2026 and $6.9 billion compared to the third quarter of 2025. In both comparisons, the increase reflected higher residential mortgage-backed securities.

The duration of the investment securities portfolio was 4.1 years as of September 30, 2026, 3.6 years at June 30, 2026 and 3.4 years as of September 30, 2025. Net unrealized losses on available-for-sale securities were $4.0 billion at September 30, 2026 and $2.1 billion at both June 30, 2026 and September 30, 2025.

Deposits

Change

3Q26 vs

In billions

3Q26

2Q26

3Q25

2Q26

3Q25

Average

Interest-bearing (IB) deposits

$ 360.0

$ 353.5

$ 339.1

2 %

6 %

Noninterest-bearing (NIB) deposits

101.2

103.5

92.8

(2) %

9 %

Average deposits

$ 461.2

$ 457.0

$ 431.8

1 %

7 %

Quarter end

Interest-bearing deposits

$ 366.6

$ 350.4

$ 341.5

5 %

7 %

Noninterest-bearing deposits

99.7

99.4

91.2

—

9 %

Total deposits

$ 466.4

$ 449.8

$ 432.7

4 %

8 %

IB % of total avg. deposits

78 %

77 %

79 %

NIB % of total avg. deposits

22 %

23 %

21 %

Totals may not sum due to rounding

Third quarter 2026 average deposits of $461.2 billion increased $4.2 billion compared to the second quarter of 2026, driven by seasonally higher commercial interest-bearing deposits. Compared to the third quarter of 2025, average deposits increased $29.4 billion, reflecting the addition of FirstBank and growth in commercial interest-bearing deposits.

Deposits at September 30, 2026 increased $16.6 billion and $33.6 billion from June 30, 2026 and September 30, 2025, respectively. In each comparison, the increase included higher commercial interest-bearing deposits, reflecting new and expanded client relationships. Compared to the third quarter of 2025, the increase was also attributable to acquired FirstBank deposits.

Average noninterest-bearing deposits as a percentage of total average deposits was 22% in the third quarter of 2026, 23% in the second quarter of 2026 and 21% in the third quarter of 2025.

Borrowed Funds

Change

3Q26 vs

In billions

3Q26

2Q26

3Q25

2Q26

3Q25

Average borrowed funds

$ 85.7

$ 78.9

$ 66.3

9 %

29 %

Quarter end

Total borrowed funds

$ 79.8

$ 85.7

$ 62.3

(7) %

28 %

Avg. borrowed funds to avg. liabilities

15 %

14 %

13 %

Totals may not sum due to rounding

Average borrowed funds of $85.7 billion in the third quarter of 2026 increased $6.7 billion compared to the second quarter of 2026 and $19.4 billion compared to the third quarter of 2025. In both comparisons, the increase was primarily due to higher Federal Home Loan Bank advances added late in the second quarter of 2026.

Borrowed funds at September 30, 2026 decreased $6.0 billion from June 30, 2026, driven by a reduction in Federal Home Loan Bank advances.

Capital

September 30, 2026

June 30, 2026

September 30, 2025

Common shareholders' equity In billions

$ 56.5

$ 58.1

$ 53.2

Accumulated other comprehensive income (loss)

In billions

$ (6.5)

$ (4.1)

Basel III common equity tier 1 capital ratio *

9.8 %

9.9 %

10.7 %

*September 30, 2026 ratio is estimated.

PNC maintained a strong capital position. Common shareholders' equity at September 30, 2026 decreased $1.6 billion from June 30, 2026 due to a decline in accumulated other comprehensive income, common dividends paid and share repurchases, partially offset by net income.

As a Category III institution, PNC has elected to exclude accumulated other comprehensive income related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital. Accumulated other comprehensive income was negative $6.5 billion at September 30, 2026 compared to negative $4.1 billion at both June 30, 2026 and September 30, 2025. The decline in each comparison reflected the impact of higher interest rates on securities and swaps, partially offset by the continued accretion of unrealized losses.

In the third quarter of 2026, PNC returned $1.4 billion of capital to shareholders, reflecting $0.8 billion of dividends on common shares and $0.6 billion of common share repurchases. The Stress Capital Buffer (SCB) framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 27% of the 100 million common shares still available for repurchase at September 30, 2026 under the repurchase program previously approved by our board of directors.

Share repurchase activity in the fourth quarter of 2026 is expected to approximate third quarter of 2026 share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC's SCB will be maintained at the regulatory minimum of 2.5% through December 31, 2027.

On October 2, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $2.00 per share to be paid on November 5, 2026 to shareholders of record at the close of business October 14, 2026.

At September 30, 2026, PNC was considered "well capitalized" based on applicable U.S. regulatory capital ratio requirements. For additional information regarding PNC's Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights.

CREDIT QUALITY REVIEW

Credit Quality

Change

September

30, 2026

June 30,

2026

September

30, 2025

09/30/26 vs

In millions

06/30/26

09/30/25

Provision for credit losses (a)

$ 189

$ 191

$ 167

$ (2)

$ 22

Net loan charge-offs (a)

$ 257

$ 226

$ 179

14 %

44 %

Allowance for credit losses (b)

$ 5,386

$ 5,461

$ 5,253

(1) %

3 %

Total delinquencies (c)

$ 1,301

$ 1,436

$ 1,233

(9) %

6 %

Nonperforming loans

$ 2,194

$ 2,027

$ 2,137

8 %

3 %

Net charge-offs to average loans (annualized)

0.28 %

0.25 %

0.22 %

Allowance for credit losses to total loans

1.42 %

1.48 %

1.61 %

Nonperforming loans to total loans

0.58 %

0.55 %

0.65 %

(a) Represents amounts for the three months ended for each respective period

(b) Excludes allowances for investment securities and other financial assets

Provision for credit losses was $189 million in the third quarter of 2026, $191 million in the second quarter of 2026 and $167 million in the third quarter of 2025.

Net loan charge-offs were $257 million in the third quarter of 2026, increasing $31 million and $78 million compared to the second quarter of 2026 and the third quarter of 2025, respectively. In both comparisons, the increase included $35 million in net loan charge-offs related to the student loan portfolio transfer. Compared to the third quarter of 2025, net loan charge-offs also increased due to higher commercial loan net charge-offs.

The allowance for credit losses was $5.4 billion at September 30, 2026, $5.5 billion at June 30, 2026 and $5.3 billion at September 30, 2025. The allowance for credit losses as a percentage of total loans was 1.42% at September 30, 2026, 1.48% at June 30, 2026 and 1.61% at September 30, 2025.

Delinquencies at September 30, 2026 were $1.3 billion, decreasing $135 million from June 30, 2026 due to lower consumer loan delinquencies. Compared to September 30, 2025, delinquencies increased $68 million due to higher commercial loan delinquencies.

Nonperforming loans of $2.2 billion at September 30, 2026 increased $167 million compared to June 30, 2026 and $57 million compared to September 30, 2025. In both comparisons, the increase was driven by higher commercial nonperforming loans.

BUSINESS SEGMENT RESULTS

Business Segment Income (Loss)

In millions

3Q26

2Q26

3Q25

Retail Banking

$ 1,425

$ 1,747

$ 1,351

Corporate & Institutional Banking

1,552

1,588

1,545

Asset Management Group

128

135

120

Other

(1,024)

(1,430)

(1,208)

Net income excluding noncontrolling interests

$ 2,081

$ 2,040

$ 1,808

Retail Banking

Change

3Q26 vs

In millions

3Q26

2Q26

3Q25

2Q26

3Q25

Net interest income

$ 3,246

$ 3,291

$ 3,050

$ (45)

$ 196

Noninterest income

$ 842

$ 1,227

$ 790

$ (385)

$ 52

Noninterest expense

$ 2,104

$ 2,111

$ 1,941

$ (7)

$ 163

Provision for credit losses

$ 115

$ 120

$ 126

$ (5)

$ (11)

Earnings

$ 1,425

$ 1,747

$ 1,351

$ (322)

$ 74

In billions

Brokerage account client assets

$ 97

$ 89

—

$ 8

In billions

Average loans

$ 107.9

$ 110.5

$ 96.9

$ (2.6)

$ 11.0

Average deposits

$ 267.1

$ 271.6

$ 243.3

$ (4.5)

$ 23.8

Net loan charge-offs

In millions

$ 154

$ 123

$ 126

$ 31

$ 28

During the second quarter of 2026, PNC updated its internal funds transfer pricing methodology. The update resulted in impacts to net interest income and

associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

Retail Banking Highlights

Third quarter 2026 compared with second quarter 2026

Third quarter 2026 compared with third quarter 2025

Corporate & Institutional Banking

Change

3Q26 vs

In millions

3Q26

2Q26

3Q25

2Q26

3Q25

Net interest income

$ 2,045

$ 1,992

$ 1,888

$ 53

$ 157

Noninterest income

$ 1,167

$ 1,291

$ 1,132

$ (124)

$ 35

Noninterest expense

$ 1,106

$ 1,131

$ 976

$ (25)

$ 130

Provision for credit losses

$ 76

$ 44

—

$ 32

Earnings

$ 1,552

$ 1,588

$ 1,545

$ (36)

$ 7

In billions

Average loans

$ 247.7

$ 236.1

$ 212.5

$ 11.6

$ 35.2

Average deposits

$ 164.0

$ 158.6

$ 155.2

$ 5.4

$ 8.8

Net loan charge-offs

In millions

$ 106

$ 105

$ 53

$ 1

$ 53

During the second quarter of 2026, PNC updated its internal funds transfer pricing methodology. The update resulted in impacts to net interest income and

associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

Corporate & Institutional Banking Highlights

Third quarter 2026 compared with second quarter 2026

Third quarter 2026 compared with third quarter 2025

Asset Management Group

Change

3Q26 vs

In millions

3Q26

2Q26

3Q25

2Q26

3Q25

Net interest income

$ 188

$ 191

$ 179

$ (3)

$ 9

Noninterest income

$ 271

$ 254

—

$ 17

Noninterest expense

$ 296

$ 289

$ 273

$ 7

$ 23

Provision for (recapture of) credit losses

$ (4)

$ (3)

$ 4

$ (1)

$ (8)

Earnings

$ 128

$ 135

$ 120

$ (7)

$ 8

In billions

Discretionary client AUM

$ 250

$ 247

$ 228

$ 3

$ 22

Nondiscretionary client AUA

$ 249

$ 256

$ 212

$ (7)

$ 37

Total client AUA

$ 499

$ 503

$ 440

$ (4)

$ 59

In billions

Average loans

$ 14.8

$ 14.6

$ 14.2

$ 0.2

$ 0.6

Average deposits

$ 26.9

$ 27.0

$ 26.9

$ (0.1)

—

Net loan charge-offs (recoveries)

In millions

$ (1)

$ 1

$ 2

$ (2)

$ (3)

AUM - Assets under management; AUA - Assets under administration

During the second quarter of 2026, PNC updated its internal funds transfer pricing methodology. The update resulted in impacts to net interest income and

associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.

Asset Management Group Highlights

Third quarter 2026 compared with second quarter 2026

Third quarter 2026 compared with third quarter 2025

Other

The "Other" category, for the purposes of this release, includes remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations.

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION

PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 10:00 a.m. Eastern Time regarding the topics addressed in this news release and the related earnings materials. Dial-in numbers for the conference call are (866) 604-1697 and (215) 268-9875 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC's third quarter 2026 earnings materials to accompany the conference call remarks will be available at www.pnc.com/investorevents prior to the beginning of the call. A telephone replay of the call will be available for four weeks at (877) 660-6853 and (201) 612-7415 (international), Access ID 13762272 and a replay of the audio webcast will be available on PNC's website for 30 days.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:

Anne Pace

(631) 338-3268

[email protected]

INVESTORS:

Bryan Gill

(412) 768-4143

[email protected]

[TABULAR MATERIAL FOLLOWS]

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

FINANCIAL RESULTS

Three months ended

Nine months ended

Dollars in millions, except per share data

September 30

June 30

September 30

2026

2025

2026

2025

Revenue

Net interest income

$ 4,206

$ 4,107

$ 3,648

$ 12,274

$ 10,679

Noninterest income

2,356

2,768

2,267

7,328

6,349

Total revenue

6,562

6,875

5,915

19,602

17,028

Provision for credit losses

189

191

167

590

640

Noninterest expense

3,751

4,098

3,461

11,617

10,231

Income before income taxes and noncontrolling interests

$ 2,622

$ 2,586

$ 2,287

$ 7,395

$ 6,157

Income taxes

525

531

465

1,471

1,193

Net income

$ 2,097

$ 2,055

$ 1,822

$ 5,924

$ 4,964

Less:

Net income attributable to noncontrolling interests

Preferred stock dividends (a)

231

225

Preferred stock discount accretion and redemptions

Net income attributable to common shareholders

$ 2,006

$ 1,953

$ 1,735

$ 5,645

$ 4,685

Less: Dividends and undistributed earnings allocated to

nonvested restricted shares

Net income attributable to diluted common shareholders

$ 1,994

$ 1,941

$ 1,723

$ 5,610

$ 4,654

Per Common Share

Basic

$ 4.98

$ 4.82

$ 4.36

$ 13.92

$ 11.73

Diluted

$ 4.97

$ 4.81

$ 4.35

$ 13.91

$ 11.72

Cash dividends declared per common share

$ 2.00

$ 1.70

$ 5.40

$ 4.90

Effective tax rate (b)

20.0 %

20.5 %

20.3 %

19.9 %

19.4 %

PERFORMANCE RATIOS

Net interest margin (c)

2.94 %

2.96 %

2.79 %

2.95 %

2.79 %

Noninterest income to total revenue

36 %

40 %

38 %

37 %

Efficiency (d)

57 %

60 %

59 %

60 %

Return on:

Average common shareholders' equity

13.89 %

13.61 %

13.24 %

13.15 %

12.39 %

Average assets

1.32 %

1.34 %

1.27 %

1.29 %

1.18 %

(a)

Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

(b)

The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.

(c)

Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 were $26 million, $27 million and $30 million, respectively. The taxable-equivalent adjustments to net interest income for the nine months ended September 30, 2026 and 2025 were $82 million and $86 million, respectively.

(d)

Calculated as noninterest expense divided by total revenue.

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

September 30

June 30

September 30

2026

2025

BALANCE SHEET DATA

Dollars in millions, except per share data and as noted

Assets

$ 627,816

$ 616,034

$ 568,767

Loans (a)

$ 378,792

$ 367,953

$ 326,616

Allowance for loan and lease losses

$ 4,536

$ 4,652

$ 4,478

Interest-earning deposits with banks

$ 24,670

$ 22,794

$ 33,318

Investment securities

$ 146,370

$ 149,506

$ 141,523

Total deposits (a)

$ 466,362

$ 449,792

$ 432,749

Borrowed funds (a)

$ 79,757

$ 85,723

$ 62,344

Allowance for unfunded lending related commitments

$ 850

$ 809

$ 775

Total shareholders' equity

$ 62,353

$ 64,008

$ 58,990

Common shareholders' equity

$ 56,474

$ 58,131

$ 53,235

Accumulated other comprehensive income (loss)

$ (6,472)

$ (4,120)

$ (4,077)

Book value per common share

$ 142.17

$ 145.52

$ 135.67

Tangible book value per common share (non-GAAP) (b)

$ 107.64

$ 111.09

$ 107.84

Period end common shares outstanding (In millions)

397

399

392

Loans to deposits

81 %

82 %

75 %

Common shareholders' equity to total assets

9.0 %

9.4 %

CLIENT ASSETS (In billions)

Discretionary client assets under management

$ 250

$ 247

$ 228

Nondiscretionary client assets under administration

249

256

212

Total client assets under administration

499

503

440

Brokerage account client assets

Total client assets

$ 598

$ 602

$ 532

CAPITAL RATIOS

Basel III (c)

Common equity tier 1

9.8 %

9.9 %

10.7 %

Tier 1 risk-based

11.0 %

11.1 %

12.0 %

Total capital risk-based

12.6 %

12.9 %

13.6 %

Leverage

8.9 %

9.0 %

9.2 %

Supplementary leverage

7.2 %

7.5 %

ASSET QUALITY

Nonperforming loans to total loans

0.58 %

0.55 %

0.65 %

Nonperforming assets to total loans, OREO, foreclosed and other assets (d)

0.61 %

0.58 %

0.70 %

Nonperforming assets to total assets

0.37 %

0.35 %

0.40 %

Net charge-offs to average loans (for the three months ended) (annualized)

0.28 %

0.25 %

0.22 %

Allowance for loan and lease losses to total loans

1.20 %

1.26 %

1.37 %

Allowance for credit losses to total loans (e)

1.42 %

1.48 %

1.61 %

Allowance for loan and lease losses to nonperforming loans

207 %

230 %

210 %

Total delinquencies (In millions) (f)

$ 1,301

$ 1,436

$ 1,233

(a)

Amounts include assets and liabilities for which we have elected the fair value option. Our second quarter 2026 Form 10-Q included, and our third quarter 2026 Form 10-Q will include, additional information regarding these Consolidated Balance Sheet line items.

(b)

See the Tangible Book Value per Common Share table on page 19 for additional information.

(c)

All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented and calculated based on the standardized approach. See Capital Ratios on page 16 for additional information. The ratios as of September 30, 2026 are estimated.

(d)

Amounts include nonaccrual servicing advances primarily to single asset/single borrower trusts with commercial real estate as collateral totaling $86 million, $90 million and $127 million at September 30, 2026, June 30, 2026 and September 30, 2025, respectively.

(e)

Excludes allowances for investment securities and other financial assets.

(f)

Total delinquencies represent accruing loans 30 days or more past due.

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

CAPITAL RATIOS

PNC's regulatory risk-based capital ratios in 2026 are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.

Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis. The following table summarizes our June 30, 2026, September 30, 2025 and estimated September 30, 2026 capital balances and ratios.

Basel lll Common Equity Tier 1 Capital Ratios

Basel III

September 30

2026

(estimated)

June 30

2026

September 30

2025

Dollars in millions

Common stock, related surplus and retained earnings, net of treasury stock

$ 62,943

$ 62,249

$ 57,312

Less regulatory capital adjustments:

Goodwill and disallowed intangibles, net of deferred tax liabilities

(13,714)

(13,752)

(10,920)

All other adjustments

(91)

(84)

(71)

Basel III Common equity tier 1 capital

$ 49,138

$ 48,413

$ 46,321

Basel III standardized approach risk-weighted assets (a)

$ 500,804

$ 487,843

$ 434,712

Basel III Common equity tier 1 capital ratio

9.8 %

9.9 %

10.7 %

(a)

Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

NON-GAAP MEASURES

Fee Income (non-GAAP)

Three months ended

September 30

June 30

September 30

Dollars in millions

2026

2025

Noninterest income

Asset management and brokerage

$ 447

$ 440

$ 404

Capital markets and advisory

433

577

432

Card and cash management

769

772

737

Lending and deposit services

358

346

335

Residential and commercial mortgage

135

144

161

Fee income (non-GAAP)

$ 2,142

$ 2,279

$ 2,069

Other noninterest income

214

489

198

Total noninterest income

$ 2,356

$ 2,768

$ 2,267

Fee income is a non-GAAP measure and is comprised of noninterest income in the following categories: asset management and brokerage, capital markets and advisory, card and cash management, lending and deposit services, and residential and commercial mortgage. We believe this non-GAAP measure serves as a useful tool for comparison of noninterest income related to fees.

Pretax Pre-Provision Earnings (non-GAAP)

Three months ended

September 30

June 30

September 30

Dollars in millions

2026

2025

Income before income taxes and noncontrolling interests

$ 2,622

$ 2,586

$ 2,287

Provision for credit losses

189

191

167

Pretax pre-provision earnings (non-GAAP)

$ 2,811

$ 2,777

$ 2,454

Pretax pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and noncontrolling interests to exclude provision for credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for credit losses, which can vary significantly between periods.

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

Noninterest Expense Excluding Integration Costs and Significant Items (non-GAAP)

Noninterest Income Excluding Integration Costs and Significant Items (non-GAAP)

Three months ended

September 30

June 30

Change

September 30

Change

Dollars in millions

2026

2025

Noninterest expense

$ 3,751

$ 4,098

$ (347)

(8) %

$ 3,751

$ 3,461

$ 290

8 %

Contribution to PNC Foundation

—

(140)

—

Integration costs

(27)

(121)

(27)

—

Noninterest expense excluding

integration costs and significant

items (non-GAAP)

$ 3,724

$ 3,837

$ (113)

(3) %

$ 3,724

$ 3,461

$ 263

8 %

Noninterest income

$ 2,356

$ 2,768

Gains related to Visa share

exchange

448

Visa Class B-3 derivative fair value

adjustments

(36)

(85)

2Q26 loss on sale of securities (a)

—

(139)

Integration costs

(9)

(6)

Noninterest income excluding

integration costs and significant

items (non-GAAP)

$ 2,390

$ 2,550

Pretax, pre-provision impact of

integration costs and significant

items

$ (61)

$ (43)

Income taxes (benefit) (b)

(13)

(28)

After tax impact of integration

costs and significant items

$ (48)

$ (15)

(a)

3Q26 results include a $(1) million loss on sale of securities that is not included in these adjustments as a significant item because it is immaterial and its inclusion would not alter the 3Q26 after tax impact of integration costs and significant items of $0.12 per common share.

(b)

Income taxes on integration costs and significant items are calculated at a statutory tax rate of 21% on pretax, pre-provision earnings. 2Q26 significant items tax impact also includes the benefit of shares donated to the PNC Foundation.

Noninterest expense excluding integration costs and significant items is a non-GAAP measure and is based on adjusting noninterest expense to exclude integration costs related to the FirstBank acquisition and significant items during the period. The significant items are described in the Integration Costs and Significant Items section on page 1. We believe this non-GAAP measure to be a useful tool for comparison of operating expenses incurred during the normal course of business. The exclusion of integration costs and significant items increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC's expenses that are core to our business operations and expected to recur over time.

Noninterest income excluding integration costs and significant items is a non-GAAP measure and is based on adjusting noninterest income to exclude integration costs related to the FirstBank acquisition and significant items during the period. The significant items are described in the Integration Costs and Significant Items section on page 1. We believe this non-GAAP measure to be a useful tool for comparison of noninterest income earned during the normal course of business. The exclusion of integration costs and significant items increases comparability across periods, demonstrates the impact of significant items and provides a useful measure for determining PNC's noninterest income generating activities that are core to our business operations and expected to recur over time.

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

Adjusted Diluted Earnings per Common Share Excluding Integration Costs and Significant Items (non-GAAP)

Three months ended

September 30

Per Common

June 30

Per Common

Dollars in millions, except per share data

2026

Net income attributable to diluted common shareholders

$ 1,994

$ 4.97

$ 1,941

$ 4.81

After tax impact of integration costs and significant items

0.12

0.04

Adjusted net income attributable to diluted common shareholders excluding

integration costs and significant items (non-GAAP)

$ 2,042

$ 5.09

$ 1,956

$ 4.85

Average diluted common shares outstanding (In millions)

401

403

The adjusted diluted earnings per common share excluding integration costs and significant items is a non-GAAP measure and excludes integration costs related to the FirstBank acquisition and significant items during the period. It is calculated based on adjusting net income attributable to diluted common shareholders by removing post-tax effects of integration costs and significant items in the period. The significant items are described in the Integration Costs and Significant Items section on page 1. We believe this non-GAAP measure serves as a useful tool in understanding PNC's results by providing greater comparability between periods, as well as demonstrating the effect of significant items.

Tangible Book Value per Common Share (non-GAAP)

September 30

June 30

September 30

Dollars in millions, except per share data

2026

2025

Book value per common share

$ 142.17

$ 145.52

$ 135.67

Tangible book value per common share

Common shareholders' equity

$ 56,474

$ 58,131

$ 53,235

Goodwill and other intangible assets

(14,113)

$ (14,161)

(11,163)

Deferred tax liabilities on goodwill and other intangible assets

400

408

243

Tangible common shareholders' equity

$ 42,761

$ 44,378

$ 42,315

Period-end common shares outstanding (In millions)

397

399

392

Tangible book value per common share (non-GAAP)

$ 107.64

$ 111.09

$ 107.84

Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders' equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company's capital management strategies and as an additional, conservative measure of total company value.

Return on Average Tangible Common Equity (non-GAAP)

Three months ended

September 30

June 30

September 30

Dollars in millions

2026

2025

Return on average common shareholders' equity

13.89 %

13.61 %

13.24 %

Return on average tangible common equity

Average common shareholders' equity

$ 57,278

$ 57,556

$ 51,969

Average goodwill and other intangible assets

(14,138)

(14,162)

(11,157)

Average deferred tax liabilities on goodwill and other intangible assets

404

412

241

Average tangible common shareholders' equity

$ 43,544

$ 43,806

$ 41,053

Net income attributable to common shareholders

$ 2,006

$ 1,953

$ 1,735

Net income attributable to common shareholders, annualized

$ 7,958

$ 7,833

$ 6,883

Return on average tangible common equity (non-GAAP)

18.28 %

17.88 %

16.77 %

Return on average tangible common equity is a non-GAAP measure and is calculated based on annualized net income attributable to common shareholders divided by tangible common equity. We believe this non-GAAP measure serves as a useful tool to help measure and assess a company's use of common equity.

The PNC Financial Services Group, Inc.

Consolidated Financial Highlights (Unaudited)

Taxable-Equivalent Net Interest Income (non-GAAP)

Three months ended

September 30

June 30

September 30

Dollars in millions

2026

2025

Net interest income

$ 4,206

$ 4,107

$ 3,648

Taxable-equivalent adjustments

Net interest income (Fully Taxable-Equivalent - FTE) (non-GAAP)

$ 4,232

$ 4,134

$ 3,678

The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP. Taxable-equivalent net interest income is only used for calculating net interest margin. Net interest income shown elsewhere in this presentation is GAAP net interest income.

Cautionary Statement Regarding Forward-Looking Information

We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "see," "look," "intend," "outlook," "project," "forecast," "estimate," "goal," "will," "should" and other similar words and expressions.

Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake any obligation to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.

Our forward-looking statements are subject to the following principal risks and uncertainties.

We provide greater detail regarding these as well as other factors in our most recent Form 10-K and in any subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC's website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.

SOURCE The PNC Financial Services Group, Inc.