Short answer
PNC Financial Services (PNC) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $23.1B (+7.2% year over year) and net income of $6.6B.
- Top risk flagged: Regulatory risk from evolving deposit beta assumptions amidst Federal Funds rate changes since Aug 2024, impacting interest rate risk modeling
FY2025 key financial metrics · XBRL
- Revenue
- $23.1B
- +7.2% YoY
- Net income
- $6.6B
- +19.7% YoY
- EPS (diluted)
- $16.59
- +20.7% YoY
- ROE
- 10.9%
- +0.8 pp YoY
- Operating cash flow
- $4.4B
- −44.4% YoY
Source: XBRL data from the PNC Financial Services (PNC) FY2025 10-K on SEC EDGAR. USD.
PNC Financial Services FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: diversified financial services including retail and corporate banking, asset management, and wealth management
- No new products or segments introduced; emphasis on equity compensation plans with 5.5 million securities issuable under options and 8.9 million shares available for future issuance
- Continued strategic focus on shareholder value through equity compensation, no significant shift in competitive positioning disclosed
- Equity compensation plans with 4.7 million restricted stock units and 0.8 million performance share units outstanding under 2016 Incentive Plan
- 4.1 million shares available under Employee Stock Purchase Plan, indicating active employee equity participation efforts this year
Management Discussion & Analysis
- Revenue: Net interest income $14,527M in 2025, up $897M YoY from $13,630M in 2024
- Profitability: Net interest margin 2.83% in 2025 vs 2.66% in 2024
- Segment performance: Loans portfolio generated $18,569M interest income in 2025 vs $19,456M in 2024, commercial and industrial loans best at $10,756M, commercial real estate worst at $1,908M
- Capital allocation: Equity $57,104M in 2025, tangible book value per share $112.51 vs $95.33 in 2024, no explicit buyback or dividend amounts disclosed
- Outlook: Management expects slower 2026 GDP growth at 0.5%-2.0%, unemployment ~5.1%, forecast stable Fed funds rate range 3.50%-3.75% H1 2026 with 25 bp cuts in H2; risks from tariffs, inflation, recession possibility
Risk Factors
- Regulatory risk from evolving deposit beta assumptions amidst Federal Funds rate changes since Aug 2024, impacting interest rate risk modeling
- Macroeconomic threat of 200 bps interest rate shocks affecting Net Interest Income by +2.0% (increase) and -2.9% (decrease) as of Dec 31, 2025
- Operational exposure from $60.0 billion in interest rate derivatives (receive fixed/pay float swaps) with 2.3 years duration for hedging loan and securities portfolios
- Market disruption risk from private equity investments totaling $5.2 billion with fair value fluctuations influencing Other noninterest income performance
- Financial risk due to unfunded tax credit investment commitments of $3.4 billion included in Other liabilities at Dec 31, 2025
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