PNC reported full year net income of $7.0 billion, up from $5.95 billion a year earlier, translating into diluted earnings per share of $16.59, a 21% increase over 2024’s $13.74. Record revenue of $23.10 billion reflected a 7% gain driven by net interest income growth of 7% to $14.41 billion and noninterest income growth of 8% to $8.69 billion. Positive operating leverage of 5% was achieved through disciplined expense control, with noninterest expense rising only 2% to $13.83 billion and efficiency ratio improving to 60% from 63% in 2024. The provision for credit losses totaled $779 million, largely stable with the prior year.

In the fourth quarter, PNC generated net income of $2.03 billion, or $4.88 per diluted share, versus $1.82 billion and $4.35 in the third quarter. Revenue reached a record $6.07 billion, up 3% quarter-over-quarter, supported by net interest income of $3.73 billion (up 2%) and noninterest income of $2.34 billion (up 3%). Net interest margin expanded 5 basis points to 2.84%, reflecting loan repricing and lower funding costs. Fee income grew 3%, led by higher capital markets and advisory fees, while other noninterest income included a $217 million contribution that absorbed a $41 million Visa derivative adjustment. Noninterest expense rose 4%, yielding a fourth quarter efficiency ratio of 59%. The effective tax rate declined to 12.7% due to favorable tax matter resolutions.

Average loans grew by $2.0 billion, or 1%, to $327.9 billion in the fourth quarter, anchored by commercial and industrial loan growth, while average deposits increased $7.7 billion, or 2%, to $439.5 billion. Net loan charge-offs fell to $162 million (0.20% annualized), and the allowance for credit losses represented 1.58% of total loans. Accumulated other comprehensive loss improved by $0.7 billion to negative $3.4 billion. Tangible book value per share rose 4% to $112.51. PNC maintained a CET1 capital ratio of 10.6% and returned $1.1 billion of capital to shareholders through $0.7 billion of dividends and $0.4 billion of share repurchases.

On January 5, 2026, PNC completed the acquisition of FirstBank Holding Company, adding $26 billion of assets, $16 billion of loans and $23 billion of deposits to its balance sheet. FirstBank’s results will be consolidated beginning in the first quarter of 2026. Management highlighted that this transaction strengthens PNC’s presence in key regional markets and is expected to contribute to both revenue growth and earnings per share accretion as integration synergies are realized.