The EPS miss and revenue shortfall vs consensus may weigh on the stock near-term, but strong NII growth, expense discipline, and stable credit quality provide a floor. Watch for Q4 guidance on NIM trajectory and commercial loan growth sustainability, as well as the impact of the student loan portfolio sale on future charge-off trends.
Price Chart
Executive Summary
PNC reported Q3 2026 diluted EPS of $4.97, a 1.4% miss vs consensus of $5.04, while total revenue of $6.562B fell short of the $6.83B estimate. Net interest income grew 2% QoQ to $4.206B, but fee income declined 6% and noninterest income fell 15% due to lower capital markets activity and the absence of prior-period Visa gains. Credit quality remained stable with a provision of $189M, though net charge-offs rose to $257M, including $35M from a student loan portfolio transfer. The CET1 ratio was 9.8% and the company returned $1.4B to shareholders via dividends and buybacks.
Key Financial Metrics
Key Facts
- Diluted EPS of $4.97 missed consensus of $5.04 (-1.4%)
- Total revenue of $6.562B missed consensus of $6.83B
- Net interest income rose 2% QoQ to $4.206B; NIM was 2.94%
- Fee income (non-GAAP) fell 6% QoQ to $2.142B
- Noninterest expense declined 8% QoQ to $3.751B; adjusted expense down 3%
- Provision for credit losses was $189M, stable vs $191M in Q2
- Net charge-offs were $257M, including $35M from student loan portfolio transfer
- Average loans grew 2% QoQ to $372.2B; commercial loans up 4%
- Average deposits rose 1% QoQ to $461.2B; spot deposits up 4%
- CET1 ratio was 9.8% (estimated); returned $1.4B to shareholders
- AOCI worsened to -$6.5B from -$4.1B in Q2 due to higher rates
- Efficiency ratio improved to 57% from 60% in Q2
Financial Impact
EPS miss of ~1.4% vs consensus; revenue miss of ~3.9% vs consensus; net income of $2.097B vs $2.055B in Q2
Risk Factors
- Higher-for-longer interest rates pressuring AOCI and capital ratios
- Commercial loan growth may slow if economic conditions weaken
- Fee income volatility from capital markets and Visa-related items
- Integration costs from FirstBank acquisition may persist
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065936 |
| Document: q32026financialhighlightsa.htm | 0001628280-26-065936 |
| Document: pnc-20261015.htm | 0001628280-26-065936 |
| Document: 0001628280-26-065936-index-headers.html | 0001628280-26-065936 |
| Document: 0001628280-26-065936-index.html | 0001628280-26-065936 |
| Document: 0001628280-26-065936.txt | 0001628280-26-065936 |
| 8-K Data (Synthetic) | 0001628280-26-065936 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $224.46 | awaiting T+1 | — | $224.46 (+0.00%) |
Oct 20, 2026 6d ago | 424B5 | $220.99 $222.89 | ▲ +0.86% | ▲ +0.33% | $224.46 (+1.57%) |
Oct 15, 2026 11d ago | 8-K | $217.39 $216.21 | ▼ −0.54% | ▼ −0.97% | $224.46 (+3.25%) |
Oct 15, 2026 11d ago | 8-K | $214.94 $217.39 | ▲ +1.14% | ▲ +2.25% | $224.46 (+4.43%) |
Oct 15, 2026 11d ago | Press Release | $214.94 $217.39 | ▲ +1.14% | ▲ +2.25% | $224.46 (+4.43%) |
Oct 2, 2026 24d ago | Press Release | $221.03 $220.28 | ▼ −0.34% | ▼ −1.01% | $224.46 (+1.55%) |
Sep 29, 2026 27d ago | 8-K | $221.65 $222.26 | ▲ +0.28% | ▲ +0.48% | $224.46 (+1.27%) |
Aug 7, 2026 11w ago | 13F-HR | $252.43 $251.51 | ▼ −0.36% | ▼ −0.34% | $224.46 (−11.08%) |
Jul 16, 2026 14w ago | 424B5 | $255.20 $252.86 | ▼ −0.92% | ▲ +0.07% | $224.46 (−12.05%) |
Jul 15, 2026 14w ago | 8-K | $254.15 $255.20 | ▲ +0.41% | ▲ +0.95% | $224.46 (−11.68%) |
US Market Status
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