PNC's record revenue and strong EPS beat, combined with an 18% dividend increase and continued buyback, signal robust operating momentum. The successful FirstBank integration and commercial loan growth provide a positive outlook. Watch for continued capital markets momentum and NIM expansion in Q3.
Price Chart
Executive Summary
PNC reported strong Q2 2026 results with record revenue, net interest income, and fee income. Diluted EPS of $4.81 (or $4.85 adjusted) beat consensus of $4.45 by 8.9%, driven by commercial loan growth, record capital markets and advisory revenue, and the full-quarter benefit of the FirstBank acquisition. The board raised the quarterly dividend 18% to $2.00/share, and the CET1 ratio remained strong at 9.9%.
Key Financial Metrics
Key Facts
- Record total revenue of $6.875B, up 12% QoQ and 21% YoY
- Diluted EPS of $4.81 beat consensus of $4.45 by 8.9%; adjusted EPS of $4.85
- Net interest income of $4.107B, up 4% QoQ and 16% YoY; NIM expanded 1bp to 2.96%
- Fee income of $2.279B, up 10% QoQ and 20% YoY, driven by record capital markets and advisory revenue
- Quarterly common dividend raised 18% to $2.00/share
- Average loans grew $12.3B (4%) QoQ to $363.2B, led by commercial loan growth
- Credit quality stable: NPLs fell 10% QoQ to 0.55% of loans; net charge-offs 0.25% annualized
- CET1 ratio of 9.9% (estimated); returned $1.3B to shareholders including $0.6B in buybacks
- FirstBank conversion completed on June 22, 2026; full-quarter benefit included
Financial Impact
EPS beat consensus by $0.36 (8.9%); revenue beat by ~$445M (6.9%); dividend increased 18%
Risk Factors
- Persistent inflation and elevated interest rates could pressure loan demand and deposit costs
- Higher FHLB advances ($40.4B vs $21.4B in Q1) increase funding costs
- AOCI losses of -$4.1B remain a drag on book value
- Integration costs and significant items ($261M in Q2) may continue to weigh on reported earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-048244 |
| Document: q22026financialhighlightsa.htm | 0001628280-26-048244 |
| Document: pnc-20260715.htm | 0001628280-26-048244 |
| Document: 0001628280-26-048244-index-headers.html | 0001628280-26-048244 |
| Document: 0001628280-26-048244-index.html | 0001628280-26-048244 |
| Document: 0001628280-26-048244.txt | 0001628280-26-048244 |
| 8-K Data (Synthetic) | 0001628280-26-048244 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 8w ago | 13F-HR | $252.43 $245.60 | ▼ −2.70% | ▼ −2.31% | $221.03 (−12.44%) |
Jul 16, 2026 11w ago | 424B5 | $255.20 $255.20 | · 0.00% | ▼ −3.62% | $221.03 (−13.39%) |
Jul 15, 2026 11w ago | 8-K | $254.15 $255.46 | ▲ +0.52% | ▼ −1.83% | $221.03 (−13.03%) |
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Jun 8, 2026 16w ago | 144 | $232.18 $254.01 | ▲ +9.40% | ▲ +7.96% | $221.03 (−4.80%) |
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