What happened
The PNC Financial Services Group, Inc. (NYSE: PNC) reported third-quarter 2026 net income of $2.1 billion. Diluted EPS was $4.97, or $5.09 as adjusted. Total revenue was $6.6 billion, down $313 million, or 5%, because growth in net interest income was more than offset by lower noninterest income. Net income attributable to common shareholders was $2.01 billion.
Net interest income was $4.21 billion and noninterest income was $2.36 billion. On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including FirstBank. During the third quarter of 2026, PNC transferred its $1.4 billion education loan portfolio to loans held for sale and took $35 million in charge-offs on the transfer.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Total revenue | $6.56 billion | from $5.92 billion, +10.9% | SEC 8-K financial supplement |
| Net income | $2.1 billion | from $1.82 billion, +15.1% | SEC 8-K financial supplement |
| Diluted EPS | $4.97 | from $4.35, +$0.62 | SEC 8-K financial supplement |
| Total loans | $378.79 billion | from $326.62 billion, +16.0% | SEC 8-K financial supplement |
| Total deposits | $466.36 billion | from $432.75 billion, +7.8% | SEC 8-K financial supplement |
Why it matters
Year over year, total revenue rose $647 million to $6.56 billion from $5.92 billion, which still shows the franchise growing. OptimistFi's case is that PNC's scale and diversified balance sheet should keep net interest and fee income durable through cycles. Deposits were $466.4 billion and loans were $378.8 billion at quarter end. Total deposits rose from $432.7 billion a year earlier.
Total shareholders equity was $62.4 billion and total assets were $627.8 billion. Nonperforming assets were $2.33 billion, or 0.37% of total assets, and nonperforming loans were 0.58% of total loans. Retail Banking and Corporate Institutional Banking remained the largest revenue segments, at $4.09 billion and $3.21 billion, respectively. The counterweight is that the quarter was not uniformly strong: revenue fell $313 million from the second quarter as net interest income growth was more than offset by lower noninterest income.
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What's next
The third quarter 2026 Form 10-Q will include additional information regarding these items. That filing will be the next dated update on the FirstBank acquisition, the education-loan transfer and the ASU 2025-08 adoption for purchased seasoned loans.
A cleaner read on whether revenue can keep rising while noninterest income stabilizes and charge-offs stay contained would strengthen the case. If the filing shows more pressure in noninterest income or credit costs, that would weaken the case.
More from OptimistFi
- PNC stock: the The PNC Financial Services Group thesis, its status and the next test to watch
- Stock research on every company OptimistFi covers
- Latest stock research and investment-case updates
- OptimistFi: evidence-first equity research
Sources
- SEC 8-K financial highlights — Third quarter 2026 net income and revenue highlights
- SEC 8-K financial supplement — Third quarter 2026 income statement, balance sheet and segment tables
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
