$PNC · PNC FINANCIAL SERVICES GROUP, INC.
PNC Financial Services Group filed its Q3 2026 10-Q, reporting net income of $2.097B ($4.97 diluted EPS), up from $1.822B ($4.35 EPS) in Q3 2025. Total revenue grew 10.9% YoY to $6.562B, with net interest income of $4.206B benefiting from a 15-basis-point NIM expansion to 2.94%. The provision for credit losses was $189M versus $167M a year ago. For the nine months ended September 30, 2026, net income reached $5.924B compared to $4.964B in the prior-year period.
- Net income of $2.097B, up 15.1% YoY from $1.822B in Q3 2025.
- Diluted EPS of $4.97 vs. $4.35 a year ago, a 14.3% increase.
- Total revenue reached $6.562B, +10.9% YoY, driven by net interest income of $4.206B.
- Net interest margin expanded to 2.94% from 2.79% in the prior-year quarter.
- Provision for credit losses was $189M, modestly above $167M in Q3 2025.
PNC shares are down 0.94% on the day at $229.48 despite the earnings beat, with the modest decline since filing (-0.16%) suggesting the strong results were largely priced in or offset by macro headwinds.
PNC's double-digit earnings growth and NIM expansion confirm the super-regional banking model is thriving in the current rate environment, even as the bank braces for further tightening.
PNC's NIM expansion to 2.94% reflects the broader regional-bank tailwind from higher-for-longer rates, though the sequential dip from 2.96% in Q2 2026 suggests margin pressure may be emerging even as the Fed contemplates additional hikes.
PNC flags its baseline forecast for two more Fed rate hikes (Dec 2026 and Mar 2027) to 4.25%-4.50%, which could pressure loan demand and credit quality. The company also highlights elevated inflation risks with core inflation staying above 3% through year-end and potential reversal in AI-related sentiment affecting capex and wealth-driven consumer spending.