Analyst Consensus ?
ConsensusHold46 ratings
Bullish2350.0%
Neutral2247.8%
Bearish12.2%
The PNC Financial Services Group, Inc. · PNC · FY2025 Q3 · Calendar Q4 2025
PNC’s record quarter met with a margin and growth balancing act
The current analysis supports a constructive but qualified view of PNC’s operating trajectory: record revenue, commercial banking and fee-income growth, strong capital, branch expansion and the FirstBank acquisition provide growth support. The counterweight is near-term margin pressure from commercial deposits, modest maintained guidance and risks around credit, fees and capital constraints.
Reported Before market openNYSEFinancial Services
$88.19B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.35
Consensus $4.05
EPS surprise
+7.4%
Reported versus consensus
Reported revenue
$5.92B
Consensus $5.83B
Revenue surprise
+1.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.9%
Event window
SPY move
+0.4%
Same window
Abnormal move
-4.3%
Stock minus SPY
Volume
4.0×
Versus trailing sessions
Subsequent drift
+2.5%
Up to 20 sessions
PNCSPY benchmark
Ask FN2 about PNC FY2025 Q3
Transcript, numbers and history already loaded
Why did PNC fall 3.9% after beating EPS estimates in FY2025 Q3?What changed in PNC's guidance and outlook in FY2025 Q3?Give me the bull and bear case for PNC after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior quarter, the analysis shifts from raised guidance and Southwest-led growth to maintained guidance, a $9 billion increase in commercial interest-bearing deposits that temporarily compressed margin, and the announced FirstBank acquisition. The current analysis also emphasizes a 2026 net-interest-margin target above 3%, continued branch expansion and a larger Colorado and Arizona footprint.
Guidance delta
Guidance was maintained. The supplied analysis points to total revenue flat to down about 1%, net interest income up about 1.5%, fee income down about 3%, and non-interest expense up 1% to 2%.
Key takeaways
- The supplied analysis describes record third-quarter revenue and $1.8 billion of net income, with growth in loans, deposits and fee income.
- Commercial interest-bearing deposits grew by $9 billion, temporarily compressing net interest margin; management still expects margin above 3% in 2026.
- The FirstBank acquisition expands PNC’s Colorado and Arizona presence, while branch expansion and technology investment remain priorities.
Management priorities
- Integrate FirstBank and expand the Colorado and Arizona footprint.
- Continue branch expansion and invest in technology and digital channels.
- Grow commercial banking, deposits, fee income and asset management while maintaining capital strength.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$221.03Current
$162Low
$237.92Average
$305High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 2, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 1, 2026 |
| HSBC | Buy | Buy | Maintain | Sep 28, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 20, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 16, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 16, 2026 |
| UBS | Buy | Buy | Maintain | Jul 7, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Apr 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 16, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 20, 2026 |
| Keefe, Bruyette& Woods | Market Perform | Market Perform | Maintain | Dec 17, 2025 |
| Piper Sandler | Overweight | Neutral | Upgrade | Oct 9, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Sep 19, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 3, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 2, 2025 |
| Compass Point | Neutral | Neutral | Maintain | Dec 10, 2024 |
| Jefferies | Hold | Hold | Maintain | Jul 3, 2024 |
| Odeon Capital | Buy | Hold | Upgrade | Dec 14, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jul 19, 2023 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 6, 2023 |
| Nomura | Buy | Neutral | Upgrade | Apr 16, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jan 10, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Nov 27, 2018 |
| BMO Capital | Market Perform | Outperform | Downgrade | Nov 19, 2018 |
| Bernstein | Outperform | Market Perform | Upgrade | Oct 15, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Nov 29, 2016 |
| CLSA | Underperform | Underperform | Maintain | Sep 23, 2016 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Mar 14, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Oct 27, 2014 |
| Rafferty Capital | Hold | Buy | Downgrade | Apr 17, 2014 |
| Rafferty | Hold | Buy | Downgrade | Apr 17, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Jan 16, 2014 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Dec 16, 2013 |
| SunTrust Robinson Humphrey | Neutral | Buy | Downgrade | Feb 6, 2013 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Oct 17, 2012 |
| Stifel | Hold | Buy | Downgrade | Oct 17, 2012 |
| ISI Group | Hold | Buy | Downgrade | Oct 16, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 19, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $221.03. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | John McDonald | $252 | $216.4 | +14.0% | Oct 1, 2026 |
| Evercore ISI | John Pancari | $265 | $222.26 | +19.9% | Oct 1, 2026 |
| HSBC | Domenico Santoro | $283 | $224.42 | +28.0% | Sep 28, 2026 |
| Deutsche Bank | Analyst unavailable | $265 | $252.51 | +19.9% | Jul 23, 2026 |
| Argus Research | Analyst unavailable | $280 | $254.57 | +26.7% | Jul 16, 2026 |
| Oppenheimer | Analyst unavailable | $281 | $253.41 | +27.1% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $273 | $254.15 | +23.5% | Jul 16, 2026 |
| Stephens | Analyst unavailable | $275 | $254.15 | +24.4% | Jul 16, 2026 |
| Robert W. Baird | Analyst unavailable | $280 | $254.15 | +26.7% | Jul 16, 2026 |
| Barclays | Jason Goldberg | $284 | $254.15 | +28.5% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $285 | $254.15 | +28.9% | Jul 16, 2026 |
| Goldman Sachs | Richard Ramsden | $280 | $254.15 | +26.7% | Jul 15, 2026 |
| Jefferies | David Chiaverini | $305 | $254.15 | +38.0% | Jul 15, 2026 |
| UBS | Analyst unavailable | $288 | $255.06 | +30.3% | Jul 7, 2026 |
| Evercore ISI | John Pancari | $280 | $251.69 | +26.7% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $270 | $249.49 | +22.2% | Jul 6, 2026 |
| Oppenheimer | Analyst unavailable | $271 | $246.13 | +22.6% | Jun 30, 2026 |
| Morgan Stanley | Manan Gosalia | $278 | $246.06 | +25.8% | Jun 29, 2026 |
| Truist Financial | Analyst unavailable | $257 | $243.7 | +16.3% | Jun 26, 2026 |
| Truist Financial | Analyst unavailable | $245 | $222.71 | +10.8% | Apr 16, 2026 |
| Oppenheimer | Analyst unavailable | $268 | $222.96 | +21.3% | Apr 16, 2026 |
| Morgan Stanley | Manan Gosalia | $267 | $223.17 | +20.8% | Apr 16, 2026 |
| Barclays | Analyst unavailable | $277 | $222.06 | +25.3% | Apr 16, 2026 |
| Truist Financial | John McDonald | $234 | $205.46 | +5.9% | Mar 26, 2026 |
| UBS | Analyst unavailable | $263 | $238.86 | +19.0% | Feb 4, 2026 |
| Oppenheimer | Analyst unavailable | $284 | $221.38 | +28.5% | Jan 20, 2026 |
| Evercore ISI | Analyst unavailable | $260 | $221.38 | +17.6% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $221 | $221.09 | -0.0% | Jan 20, 2026 |
| Truist Financial | John McDonald | $240 | $223.18 | +8.6% | Jan 20, 2026 |
| RBC Capital | Analyst unavailable | $235 | $223.18 | +6.3% | Jan 20, 2026 |
| HSBC | Saul Martinez | $206 | $215.99 | -6.8% | Jan 7, 2026 |
| Evercore ISI | John Pancari | $247 | $216.97 | +11.7% | Jan 6, 2026 |
| Barclays | Jason Goldberg | $271 | $211.46 | +22.6% | Jan 5, 2026 |
| Morgan Stanley | Betsy Graseck | $211 | $209.86 | -4.5% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $229 | $212.66 | +3.6% | Dec 18, 2025 |
| Piper Sandler | Analyst unavailable | $220 | $190.16 | -0.5% | Oct 9, 2025 |
| UBS | Analyst unavailable | $229 | $194.43 | +3.6% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $230 | $201.85 | +4.1% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $206 | $203.32 | -6.8% | Sep 29, 2025 |
| Truist Financial | John McDonald | $210 | $205.1 | -5.0% | Sep 24, 2025 |
| Raymond James | Analyst unavailable | $225 | $206.27 | +1.8% | Sep 19, 2025 |
| Piper Sandler | Analyst unavailable | $211 | $201.89 | -4.5% | Sep 10, 2025 |
| Truist Financial | John McDonald | $201 | $203.77 | -9.1% | Sep 8, 2025 |
| Oppenheimer | Analyst unavailable | $238 | $192.55 | +7.7% | Jul 30, 2025 |
| Goldman Sachs | Richard Ramsden | $190 | $189.93 | -14.0% | Oct 16, 2024 |
| Wells Fargo | Mike Mayo | $215 | $192.34 | -2.7% | Oct 16, 2024 |
| Barclays | Jason Goldberg | $229 | $192.34 | +3.6% | Oct 16, 2024 |
| Evercore ISI | John Pancari | $225 | $192.34 | +1.8% | Oct 15, 2024 |
| Stephens | Terry McEvoy | $200 | $192.34 | -9.5% | Oct 15, 2024 |
| Goldman Sachs | Richard Ramsden | $180 | $178.78 | -18.6% | Sep 10, 2024 |
| Piper Sandler | Scott Siefers | $178 | $184.29 | -19.5% | Sep 3, 2024 |
| Bank of America Securities | Ebrahim Poonawala | $200 | $172.17 | -9.5% | Aug 15, 2024 |
| Goldman Sachs | Richard Ramsden | $182 | $179.71 | -17.7% | Jul 17, 2024 |
| UBS | Erika Najarian | $179 | $156.51 | -19.0% | Jul 8, 2024 |
| Wells Fargo | Mike Mayo | $194 | $150.25 | -12.2% | Jun 12, 2024 |
| Piper Sandler | Scott Siefers | $158 | $153.1 | -28.5% | May 24, 2024 |
| Jefferies | Ken Usdin | $162 | $146.67 | -26.7% | Apr 17, 2024 |
| Evercore ISI | John Pancari | $175 | $146.54 | -20.8% | Apr 17, 2024 |
| Jefferies | Ken Usdin | $171 | $157.37 | -22.6% | Apr 8, 2024 |
| HSBC | Saul Martinez | $155 | $159.97 | -29.9% | Mar 28, 2024 |
| UBS | Analyst unavailable | $176 | $164.3 | -20.4% | Jan 10, 2023 |
| Deutsche Bank | Analyst unavailable | $190 | $159.37 | -14.0% | Jan 6, 2023 |
| Barclays | Analyst unavailable | $218 | $160.42 | -1.4% | Jan 3, 2023 |
| Morgan Stanley | Analyst unavailable | $178 | $149.14 | -19.5% | Dec 19, 2022 |
| Morgan Stanley | Analyst unavailable | $177 | $148.81 | -19.9% | Dec 16, 2022 |
| Morgan Stanley | Analyst unavailable | $176 | $150.66 | -20.4% | Dec 6, 2022 |
| Deutsche Bank | Analyst unavailable | $200 | $166.64 | -9.5% | Sep 12, 2022 |
| Credit Suisse | Analyst unavailable | $170 | $156.46 | -23.1% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $222 | $153.42 | +0.4% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $153.42 | -18.6% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $168 | $158.38 | -24.0% | Jul 12, 2022 |
| Wells Fargo | Analyst unavailable | $202 | $157.77 | -8.6% | Jul 1, 2022 |
| Wolfe Research | Analyst unavailable | $177 | $167.63 | -19.9% | May 26, 2022 |
| Raymond James | Michael Rose | $210 | $178.05 | -5.0% | Apr 20, 2022 |
| Argus Research | Stephen Biggar | $220 | $175.75 | -0.5% | Apr 18, 2022 |
| Argus Research | Stephen Biggar | $245 | $200.96 | +10.8% | Jan 22, 2022 |
| Evercore ISI | John Pancari | $235 | $208.52 | +6.3% | Jan 19, 2022 |
| UBS | Erika Najarian | $245 | $208.52 | +10.8% | Jan 19, 2022 |
| Barclays | Jason Goldberg | $250 | $207.07 | +13.1% | Jan 3, 2022 |
| Citigroup | Keith Horowitz | $220 | $200.68 | -0.5% | Dec 16, 2021 |
| Wells Fargo | Mike Mayo | $240 | $215.36 | +8.6% | Oct 25, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $215 | $198.03 | -2.7% | Oct 15, 2021 |
| KBW | David Konrad | $193 | $184.53 | -12.7% | Jul 6, 2021 |
| Compass Point | Dave Rochester | $190 | $190.37 | -14.0% | May 18, 2021 |
| Stephens | Terry McEvoy | $195 | $174.48 | -11.8% | Apr 19, 2021 |
Track every rating change on PNC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPNC Financial Services Group, Inc. stands as a diversified financial institution operating across the United States. Founded in 1852 and headquartered in Pittsburgh, Pennsylvania, the company maintains an extensive physical footprint, boasting 2,591 branches and 9,502 ATMs. Its Retail Banking division delivers a full spectrum of financial solutions to individual consumers and small businesses. This includes a variety of deposit accounts such as checking, savings, money market, and certificates of deposit. Lending products span residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education financing, and personal and small business loans and credit lines. Additionally, the segment provides brokerage, insurance, investment, and cash management services, all accessible via its branch network, ATMs, call centers, and digital banking channels. The Corporate & Institutional Banking segment caters to the needs of mid-sized and large corporations, government entities, and not-for-profit organizations.…
Historical context
All PNC earningsFinancial Services peers this season
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|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the PNC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-04T12:50:41.756496+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T12:50:41.753687+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.