The adjusted EPS beat and strong NII growth are credit positives, but the revenue miss and widening AOCI losses warrant caution. Monitor the Q4 2026 earnings call for updates on NIM trajectory and loan growth sustainability, as well as any further impact from rate hikes on securities portfolios.
Price Chart
Executive Summary
PNC reported Q3 2026 GAAP diluted EPS of $4.97 (vs. consensus $4.89, a 1.6% beat) and total revenue of $6.562B (vs. consensus $6.59B, a slight miss). Adjusted EPS of $5.09 beat the Street estimate of $4.97 by 2.4%. Net interest income grew 2% QoQ and 15% YoY, while fee income declined 6% QoQ. The bank returned $1.4B to shareholders via dividends and buybacks. The modest beat on adjusted EPS and solid NII growth are positive, but the revenue miss and elevated AOCI losses temper the outlook.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $4.97 vs. consensus $4.89 (1.6% beat)
- Adjusted diluted EPS of $5.09 vs. consensus $4.97 (2.4% beat)
- Total revenue of $6.562B vs. consensus $6.59B (0.4% miss)
- Net interest income of $4.206B, up 2% QoQ and 15% YoY
- Fee income of $2.142B, down 6% QoQ due to elevated prior-quarter capital markets activity
- Average loans grew $9.0B QoQ to $372.2B; average deposits up $4.2B to $461.2B
- Returned $1.4B to shareholders: $0.8B dividends + $0.6B share repurchases
- CET1 ratio of 9.8%, down from 9.9% in Q2 2026
- AOCI worsened to -$6.5B from -$4.1B in Q2 2026 due to higher interest rates
- Efficiency ratio improved to 57% from 60% in Q2 2026
Financial Impact
GAAP EPS beat by $0.08 (1.6%); adjusted EPS beat by $0.12 (2.4%); revenue missed by $28M (0.4%)
Risk Factors
- Revenue miss driven by lower fee income, which may pressure top-line growth if capital markets activity does not rebound
- AOCI deterioration to -$6.5B from higher rates could pressure book value and regulatory capital ratios
- Net charge-offs increased to $257M, including $35M from student loan transfer; credit quality trends bear watching
- CET1 ratio declined to 9.8%, limiting flexibility for additional buybacks if economic conditions worsen
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302909928 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $224.46 | awaiting T+1 | — | $227.24 (+1.24%) |
Oct 20, 2026 7d ago | 424B5 | $220.99 $222.89 | ▲ +0.86% | ▲ +0.33% | $227.24 (+2.83%) |
Oct 15, 2026 11d ago | 8-K | $217.39 $216.21 | ▼ −0.54% | ▼ −0.97% | $227.24 (+4.53%) |
Oct 15, 2026 12d ago | 8-K | $214.94 $217.39 | ▲ +1.14% | ▲ +2.25% | $227.24 (+5.72%) |
Oct 15, 2026 12d ago | Press Release | $214.94 $217.39 | ▲ +1.14% | ▲ +2.25% | $227.24 (+5.72%) |
Oct 2, 2026 25d ago | Press Release | $221.03 $220.28 | ▼ −0.34% | ▼ −1.01% | $227.24 (+2.81%) |
Sep 29, 2026 28d ago | 8-K | $221.65 $222.26 | ▲ +0.28% | ▲ +0.48% | $227.24 (+2.52%) |
Aug 7, 2026 11w ago | 13F-HR | $252.43 $251.51 | ▼ −0.36% | ▼ −0.34% | $227.24 (−9.98%) |
Jul 16, 2026 14w ago | 424B5 | $255.20 $252.86 | ▼ −0.92% | ▲ +0.07% | $227.24 (−10.96%) |
Jul 15, 2026 14w ago | 8-K | $254.15 $255.20 | ▲ +0.41% | ▲ +0.95% | $227.24 (−10.59%) |
US Market Status
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