PNC raised full-year guidance on loans, NII, fee income, and total revenue, while Q4 guidance points to continued NIM expansion above 3.0%. The combination of strong organic loan growth, deposit franchise expansion, and disciplined expense management supports the positive trajectory. Monitor Q4 results for NIM realization and credit cost trends.
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Executive Summary
PNC reported strong Q3 2026 results with diluted EPS of $4.97 ($5.09 adjusted), net income of $2.1 billion, and total revenue of $6.562 billion. Net interest income grew 2% linked quarter and 15% YoY, driven by solid loan growth (+$9B average loans LQ, +14% YoY) and deposit expansion. The company raised its full-year 2026 guidance for average loans (to ~+13.5%), net interest income (to ~+15.5%), noninterest income (to ~+10.5%), and total revenue (to ~+13.7%), while also providing Q4 2026 guidance for NIM of 3.0% or higher. Credit quality remains strong with NPLs at 0.58% of loans and NCOs at 0.28% annualized. The filing is a routine quarterly earnings update with positive operational momentum and an improved outlook.
Key Facts
- Q3 2026 diluted EPS of $4.97 (GAAP) and $5.09 (adjusted non-GAAP), up 3% and 5% linked quarter respectively
- Net income of $2.097 billion, up 2% linked quarter and 15% YoY
- Total revenue of $6.562 billion, down 5% linked quarter but up 11% YoY; net interest income $4.206 billion, up 2% LQ and 15% YoY
- Average loans grew $9 billion (2%) linked quarter and $46.2 billion (14%) YoY to $372.2 billion
- Average deposits grew $4.2 billion (1%) LQ and $29.4 billion (7%) YoY to $461.2 billion
- Full-year 2026 guidance raised: average loans now up ~13.5% (from ~12.5%), NII up ~15.5% (from 15-15.5%), noninterest income up ~10.5% (from ~9%), total revenue up ~13.7% (from ~13%)
- Q4 2026 guidance: average loans up ~2.5%, NII up ~4.0%, fee income up ~3.5%, NIM expected at 3.0% or higher
- Returned $1.4 billion to shareholders in Q3 ($0.8B dividends, $0.6B buybacks)
- CET1 ratio of 9.8% (estimated); NCOs of $257 million (0.28% annualized); NPL ratio 0.58%
Financial Impact
Q3 2026 net income of $2.097 billion, diluted EPS $4.97; full-year 2026 guidance raised across all key metrics
Risk Factors
- Net interest margin compressed slightly to 2.94% from 2.96% linked quarter; guidance for 3.0%+ in Q4 is not guaranteed
- Noninterest income declined 15% linked quarter due to integration costs and significant items; core fee income also down 6% LQ
- AOCI worsened to -$6.5 billion from -$4.1 billion linked quarter, pressuring tangible book value (-3% LQ)
- CET1 ratio declined 10 bps LQ to 9.8% and 80 bps YoY; regulatory capital trajectory depends on Basel III endgame implementation
- Provision for credit losses increased 13% YoY; NCOs rose to 0.28% annualized from 0.22% a year ago
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065997 |
| Document: pnc-20261015.htm | 0001628280-26-065997 |
| Document: 0001628280-26-065997-index-headers.html | 0001628280-26-065997 |
| Document: 0001628280-26-065997-index.html | 0001628280-26-065997 |
| Document: 0001628280-26-065997.txt | 0001628280-26-065997 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $225.84 $227.54 | ▲ +0.75% | ▲ +0.19% | $227.54 (+0.75%) |
Oct 20, 2026 7d ago | 424B5 | $220.99 $222.89 | ▲ +0.86% | ▲ +0.33% | $227.54 (+2.96%) |
Oct 15, 2026 12d ago | 8-K | $217.39 $216.21 | ▼ −0.54% | ▼ −0.97% | $227.54 (+4.67%) |
Oct 15, 2026 12d ago | 8-K | $214.94 $217.39 | ▲ +1.14% | ▲ +2.25% | $227.54 (+5.86%) |
Oct 15, 2026 12d ago | Press Release | $214.94 $217.39 | ▲ +1.14% | ▲ +2.25% | $227.54 (+5.86%) |
Oct 2, 2026 25d ago | Press Release | $221.03 $220.28 | ▼ −0.34% | ▼ −1.01% | $227.54 (+2.95%) |
Sep 29, 2026 28d ago | 8-K | $221.65 $222.26 | ▲ +0.28% | ▲ +0.48% | $227.54 (+2.66%) |
Aug 7, 2026 11w ago | 13F-HR | $252.43 $251.51 | ▼ −0.36% | ▼ −0.34% | $227.54 (−9.86%) |
Jul 16, 2026 14w ago | 424B5 | $255.20 $252.86 | ▼ −0.92% | ▲ +0.07% | $227.54 (−10.84%) |
Jul 15, 2026 14w ago | 8-K | $254.15 $255.20 | ▲ +0.41% | ▲ +0.95% | $227.54 (−10.47%) |
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