8-K ·Filed Jul 15, 2026

PNC

PNC FINANCIAL SERVICES GROUP, INC.
BULLISH
Impact 7/10
Horizonweeks Processed2mo ago SEC0001628280-26-048308
8-K context-dependent: Items 7.01
Actionable Insight ▲ Bullish

PNC delivered a clean beat-and-raise quarter with record revenue, strong loan growth, improving credit quality, and an 18% dividend hike. The raised FY26 guidance across NII, fee income, and total revenue signals accelerating momentum. Traders should watch for continued execution on loan growth and expense control in Q3, as well as the impact of the securities restructuring ($4B redeployed at +120bps yield). The 3Q26 guidance for fee income to decline 5%-5.5% sequentially is a modest headwind but likely already priced given the strong Q2 beat.

DirectionBullish
Confidencehigh
Horizonweeks
Latest settled — T+20d ⚠ clustered
PNC ▲ +0.52% at T+20d
LONG call ✓ call won +0.52% · α vs SPY -1.83% · entry $254.15 → $255.46
Next anchor: T+60d in 6d
Latest observation: T+54 -14.93% FF3 residual α
Entry anchored
Jul 15, 01:43 PM ET
via exchange tick
T+1d
+0.41%
call +0.41% · α +0.95%
$255.20
settled 3mo ago
T+5d
-0.65%
call -0.65% · α +0.34%
$252.51
settled 2mo ago
T+20d
+0.52%
call +0.52% · α -1.83%
$255.46
settled 7w ago
T+60d
—
call — · α —
—
in 6d

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Executive Summary

PNC reported strong Q2 2026 results with net income of $2.1 billion ($4.81 diluted EPS; $4.85 adjusted), record revenue of $6.875 billion (+21% YoY), and record net interest income and fee income. The company raised its full-year 2026 guidance for average loans (to ~+12.5%), net interest income (to +15%-15.5%), noninterest income (to ~+9%), and total revenue (to ~+13%), while also announcing an 18% dividend increase to $2.00 per common share. Credit quality strengthened across all key indicators, with NPLs/total loans declining to 0.55% and NCOs/average loans at 0.25%.

Key Facts

  • Net income of $2.1 billion, or $4.81 diluted EPS ($4.85 adjusted)
  • Record total revenue of $6.875 billion, up 21% YoY and 12% linked quarter
  • Record net interest income of $4.107 billion, up 16% YoY and 4% linked quarter
  • Record fee income (non-GAAP) of $2.279 billion, up 20% YoY and 10% linked quarter
  • Average loans grew 4% linked quarter and 13% YoY to $363.2 billion
  • Total deposits stable linked quarter at $457.0 billion, up 8% YoY; NIB deposits grew 4% linked quarter and 11% YoY
  • Noninterest expense, as adjusted (non-GAAP), up 5% linked quarter and 13% YoY to $3.837 billion
  • PPNR (non-GAAP) of $2.777 billion, up 16% linked quarter and 22% YoY
  • Provision for credit losses of $191 million, down 9% linked quarter and 25% YoY
  • NPLs/total loans improved to 0.55% from 0.62% linked quarter and 0.65% YoY
  • NCOs/average loans of 0.25%, flat YoY and down from 0.29% linked quarter
  • Allowance for credit losses to total loans of 1.48%, down from 1.52% linked quarter and 1.62% YoY
  • Basel III CET1 capital ratio of 9.9% (estimated), down 20 bps linked quarter and 60 bps YoY
  • Return on average tangible common equity (non-GAAP) of 17.88%, up 222 bps linked quarter and 233 bps YoY
  • Tangible book value per common share (non-GAAP) of $111.09, up 2% linked quarter and 7% YoY
  • Returned $1.3 billion to shareholders: $0.7 billion in dividends on common shares and $0.6 billion in share repurchases
  • Announced dividend increase of $0.30, or 18%, to $2.00 per common share
  • Full-year 2026 guidance raised: average loans up ~12.5% (from ~11%), NII up 15%-15.5% (from ~14.5%), noninterest income up ~9% (from ~6%), total revenue up ~13% (from ~11%), noninterest expense up ~8.5% (from ~7%)
  • Q3 2026 guidance: average loans up 1%-2% linked quarter, NII up 3%-3.5%, fee income down 5%-5.5%, other noninterest income $150-$200 million, adjusted noninterest expense down 2%-3%, NCOs ~$225 million
  • Integration costs of ~$325 million expected for FY26; $140 million PNC Foundation contribution in Q2

Financial Impact

Record revenue of $6.875B (+21% YoY), net income $2.055B (+25% YoY), EPS $4.81 (+25% YoY). Raised FY26 guidance across all key metrics. Dividend increased 18% to $2.00/share.

revenuenet interest incomefee incomeearnings per shareloan growthdeposit growthcredit qualitycapital ratiosdividend

Risk Factors

  • Net interest margin compressed slightly to 2.96% from 2.95% linked quarter, though up from 2.80% YoY
  • CET1 ratio declined 20 bps linked quarter to 9.9%, and 60 bps YoY from 10.5%
  • FY26 guidance excludes ~$325M in integration costs and $140M PNC Foundation contribution, which will pressure GAAP expense growth to ~11%
  • Q3 fee income guidance of down 5%-5.5% sequentially could signal seasonal or competitive pressure
  • Elevated inflation and potential for tighter Fed policy could pressure net interest margins and loan demand

Market Snapshot

Exchange
NYSE
Sector
National Commercial Banks
Analyst Consensus
74% bullish (27 analysts)

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001628280-26-048308
Document: pnc-20260715.htm0001628280-26-048308
Document: 0001628280-26-048308-index-headers.html0001628280-26-048308
Document: 0001628280-26-048308-index.html0001628280-26-048308
Document: 0001628280-26-048308.txt0001628280-26-048308
22 reports for PNC
Performance horizon
100% Hit rate 9 of 9 directional calls best @ T+60▲ +12.99%Apr 15, 2026
Filters
Rows
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8w ago
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