The PNC Financial Services Group (PNC) Q1 2026 earnings summary

Executive summary

• Delivered strong Q1 2026 results, highlighted by the completed FirstBank acquisition, which added significant assets, loans, and deposits, and robust organic loan growth at a three-year high.

• Net income reached $1.8 billion ($4.13 per share; $4.32 adjusted for integration costs), with adjusted EPS up 18% year-over-year.

• Returned $1.4 billion to shareholders in Q1 2026, including $0.7 billion in share repurchases.

• Maintained strong capital position and continued investments in technology and branch network.

Financial highlights

• Q1 2026 net income was $1.8 billion ($4.13 per share; $4.32 adjusted), with total revenue of $6.2 billion, up 2% sequentially and 13% year-over-year.

• Net interest income rose 6% sequentially and 14% year-over-year to $4 billion, driven by FirstBank and organic loan growth.

• Noninterest income was $2.2 billion, down 6% sequentially but up 13% year-over-year; capital markets and advisory fees up 51% year-over-year.

• Noninterest expense, excluding integration costs, increased 2% sequentially and 8% year-over-year.

• Tangible book value per share was $109.42, down 3% sequentially but up 9% year-over-year.

Outlook and guidance

• Q2 2026: Average loans expected up 2%-3%, net interest income up ~3% or down 3% (depending on source), fee income up ~2.5%, total revenue up ~3.5% or down 3.5%.

• Full year 2026: Average loan growth up ~11% (some sources 8%), net interest income up ~14.5% (some sources 11%), noninterest income up ~6%, total revenue up ~11%, noninterest expense (ex-integration) up ~7%, integration costs $325 million.

• Effective tax rate expected at ~19.5%.