At a glance
PNC Financial Services Group Inc is worth $92.42B, about 14 times its fiscal 2025 earnings. Revenue grew 7.2% to $23.10B in fiscal 2025, with 28.5% kept as profit; over 5 years it has grown 6.4% a year. It pays a 3.19% dividend yield, raised every year for at least 9 years, and returned $19.57B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +31.1% over the past year with dividends reinvested and +5.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.8% in the 2020 crash (S&P 500: 33.7%) and 33.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 25 months after the lows.
The business in plain English
PNC Financial Services Group is a bank holding company based in Pittsburgh, Pennsylvania, and one of the largest diversified financial institutions in the U.S. It operates mainly through PNC Bank, a national bank chartered in Wilmington, Delaware. Its three main businesses are retail and business banking, with a full range of loans; corporate and institutional banking for companies and government entities, including real estate finance; and wealth and asset management. Its branches run coast to coast, and it has offices in four countries outside the U.S.
Like most banks, PNC earns the bulk of its revenue from net interest income: the interest it collects on loans and securities minus the interest it pays on deposits and borrowings. In fiscal 2025 that came to $14.4 billion of its $23.1 billion in revenue. The other $8.7 billion was noninterest income, which includes fees from services such as wealth and asset management, advisory work and securities underwriting.
PNC has grown partly through acquisitions. On January 5, 2026, it completed its purchase of FirstBank Holding Company, parent of FirstBank, a Colorado bank with $26.4 billion of assets, $16.0 billion of loans and $23.1 billion of deposits at closing. As of June 30, 2026, PNC had $616.0 billion in total assets, $449.8 billion in deposits and $363.3 billion in loans.
Price history
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PNC +31.1% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $6.88B, up 21.4% from a year earlier, and net income was $2.04B (+25.4%).
- For fiscal 2025, revenue was $23.10B (+7.2% year over year; +6.4% a year from FY2020 to FY2025) with a 28.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.4% good |
|---|---|
| Return on equity | 10.9% watch |
| Net income / revenue | 28.5% good |
| Deposits | $449.79B |
| Loans | $363.30B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $16.90B | $2.72B | — |
| FY2021 | $19.21B | $5.41B | — |
| FY2022 | $21.12B | $5.71B | — |
| FY2023 | $21.49B | $5.13B | — |
| FY2024 | $21.55B | $5.50B | — |
| FY2025 | $23.10B | $6.58B | — |
Valuation snapshot
| Market value | $92.42B |
|---|---|
| P/E ratio | 14 |
| Dividend yield | 3.19% |
Rank among 1514 US companies
Market value at each year end
PNC Financial Services Group’s market value went from $56.90B at the end of 2016 to $92.42B on Nov 2, 2026, up 62%; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $92.42B | +12.9% |
| 2025 | $81.86B | +7.0% |
| 2024 | $76.52B | +24.1% |
| 2023 | $61.68B | -3.2% |
| 2022 | $63.70B | -24.8% |
| 2021 | $84.75B | +34.2% |
| 2020 | $63.13B | -9.7% |
| 2019 | $69.95B | +29.7% |
| 2018 | $53.95B | -21.4% |
| 2017 | $68.65B | +20.7% |
| 2016 | $56.90B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PNC price data to Nov 2, 2026 | +14.7% | +31.1% | +29.1% | +5.9% | +13.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.7% |
| 2025 | +12.2% |
| 2024 | +29.4% |
| 2023 | +2.7% |
| 2022 | -18.6% |
| 2021 | +38.2% |
| 2020 | -2.7% |
| 2019 | +40.9% |
| 2018 | -17.0% |
| 2017 | +26.0% |
| 2016 | +25.8% |
| 2015 | +6.8% |
| 2014 | +20.3% |
| 2013 | +36.5% |
| 2012 | +3.7% |
| 2011 | -3.1% |
| 2010 | +15.8% |
| 2009 | +10.3% |
| 2008 | -22.2% |
| 2007 | -8.3% |
| 2006 | +23.6% |
| 2005 | +11.7% |
| 2004 | +8.9% |
| 2003 | +36.2% |
| 2002 | -22.4% |
| 2001 | -20.7% |
| 2000 | +70.3% |
| 1999 | -15.0% |
| 1998 | -2.2% |
| 1997 | +56.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.6% over that stretch · deepest drop along the way 76.6%, back to its old high 51.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.4% over that stretch · deepest drop along the way 47.8%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.2% over that stretch · deepest drop along the way 33.9%, back to its old high 24.8 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 8 sales ($12.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 26, 2026 | Andrew T Feldstein Director | sell | $5.1M |
| May 26, 2026 | Andrew T Feldstein Director | sell | $4.0M |
| May 26, 2026 | Andrew T Feldstein Director | sell | $882K |
| Aug 13, 2026 | Stacy M. Juchno Executive Vice President | sell | $858K |
| Jun 5, 2026 | Stephanie Novosel Executive Vice President | sell | $412K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
ETFs with the most weight in PNC
| IAT iShares U.S. Regional Banks ETF | 13.86% |
| DFNL Davis Select Financial ETF | 4.49% |
| KBWB Invesco KBW Bank ETF | 4.02% |
| FTXO First Trust Nasdaq Bank ETF | 3.95% |
| PJFV PGIM Jennison Focused Value ETF | 3.06% |
| FDV Federated Hermes U.S. Strategic Dividend ETF | 2.65% |
| BDVG IMGP Berkshire Dividend Growth ETF | 2.43% |
| BUSA Brandes U.S. Value ETF | 1.9% |
What could go wrong
- Folding FirstBank into PNC. PNC closed its FirstBank deal on January 5, 2026, adding $26.4 billion of assets. Converting FirstBank customers to PNC Bank and combining operations can cost more or take longer than planned.
- Commercial real estate borrowers under strain. PNC says underused commercial property space, combined with higher interest rates, has hurt some borrowers' ability to refinance maturing loans. Concentration in particular loan types could magnify credit losses.
- Capital rules can limit shareholder payouts. PNC must keep its core capital (CET1) ratio at 7.0% or more to avoid limits on dividends and share repurchases. Growing past $700 billion in assets would trigger stricter capital and liquidity rules.
- Interest rates and Federal Reserve policy. Net interest income supplied $14.4 billion of PNC's $23.1 billion in fiscal 2025 revenue. Interest rate moves change what PNC earns on loans and pays on deposits, and can reduce the value of its securities.
- Economic downturns weaken borrowers. PNC's results depend mainly on the U.S. economy. Recessions, inflation, unemployment and trade policies such as tariffs can reduce loan demand and make it harder for customers to repay, raising credit losses.
- Cyber attacks and technology failures. PNC relies on technology and outside vendors to serve customers. A cyber attack, outage or vendor failure could disrupt service, expose customer data and damage its reputation, leading to losses and legal costs.
Recent events
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Executive or board change; Shareholder vote results
For income and retirement investors
PNC has raised its dividend at least nine years in a row, through fiscal 2025, and the streak may be longer. Dividends per share grew from $4.64 in fiscal 2020 to $6.60 in fiscal 2025, about 7.3% a year. In fiscal 2025, dividends took 40.1% of net income, a share called the payout ratio. The dividend yield (yearly dividends divided by share price) was 3.24% as of October 28, 2026. Over fiscal 2021–2025, PNC paid $12.1 billion in dividends and spent $7.5 billion repurchasing shares; the share count fell 5.6% between October 2021 and July 2026.
PNC's share price dropped 76.6% during the 2008 financial crisis and took about 52 months to recover. It fell 47.8% in the 2020 COVID crash, recovering in about 9.5 months, and 33.9% in the 2022 bear market, taking about 25 months to recover. Single stocks carry more risk than diversified funds, because one company's setbacks can hurt the whole investment.
Questions investors ask
How does PNC make money?
Mostly from interest on loans and securities. In fiscal 2025, PNC earned $14.4 billion of net interest income, which is the interest it collects minus the interest it pays on deposits and borrowings. Another $8.7 billion was noninterest income, which includes fees from services such as wealth and asset management, advisory work and securities underwriting. Total revenue was $23.1 billion and net income was $6.6 billion. Return on equity, or profit as a share of shareholders' equity, was 10.9%.
Does PNC raise its dividend every year?
Yes, it has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $4.64 in fiscal 2020 to $6.60 in fiscal 2025, an average gain of about 7.3% a year. In fiscal 2025, dividends took 40.1% of net income. As a large bank, PNC must meet federal capital requirements, which can limit how much it returns to shareholders. Past increases do not guarantee future ones.
What is PNC's dividend yield?
PNC's dividend yield was 3.24% as of October 28, 2026. Yield is a year's dividends divided by the share price, so it falls when the price rises and rises when the price falls. PNC paid $6.60 per share in dividends for fiscal 2025. On the same date, the stock traded at 13.8 times fiscal 2025 earnings per share of $16.59, a measure called the price-to-earnings (P/E) ratio.
Is PNC one of the biggest banks in the U.S.?
Yes. PNC describes itself as one of the largest diversified financial institutions in the U.S. As of June 30, 2026, it had $616.0 billion in total assets, $449.8 billion in deposits and $363.3 billion in loans, after adding FirstBank, a Colorado bank, on January 5, 2026. Its stock market value was about $91.1 billion as of October 28, 2026. Regulators treat PNC as a Category III bank, a tier for banks with $250 billion to $700 billion in assets, with less stringent rules than the largest U.S. banks.
How has PNC stock performed over the long run?
It has risen over time but with large swings. Over the 10 years to October 28, 2026, PNC's share price rose about 12.8% a year, a cumulative gain of 234%. Over five years the gain was 5.2% a year, and over one year 29%. The shares gained 29.4% in 2024 and lost 18.6% in 2022. The steepest drop in 30 years of price history was 76.6%, during the 2008 financial crisis. In the year to October 28, 2026, the deepest decline from a peak was 17.2%.