PNC reports Q2 2026 EPS of $4.81, raises dividend 18%, completes FirstBank integration

PNC reported Q2 2026 net income attributable to common shareholders of $1,953 million, or $4.81 per diluted share, compared or $3.85 per diluted share in Q2 2025. The increase was driven by higher net interest income, a one-time Visa gain, and strong capital markets revenue, partially offset by higher expenses.

PNC completed the systems conversion and integration of FirstBank on June 22, 2026, bringing 780,000 customers, 1,600 employees, and 95 branches in Colorado and Arizona onto PNC's platform. The acquisition, which closed January 5, 2026, added $26 billion in assets, $16 billion in loans, and $23 billion in deposits. Integration is now substantially complete.

PNC's net interest margin expanded to 2.84% in Q2 2026, up from 2.80% in Q2 2025 and 2.84% in Q1 2026. The improvement reflects higher yields on earning assets and lower deposit costs as the rate environment stabilized. Net interest income rose to $4,107 million in Q2 2026 from $3,555 million in Q2 2025.

Capital markets and advisory revenue reached $577 million in Q2 2026, up 80% from $321 million in Q2 2025, reflecting strong M&A advisory, equity capital markets, and syndication activity. For the first half of 2026, this revenue totaled $1,040 million, up 66% from $627 million in the prior-year period, indicating robust corporate client activity.

PNC reported second quarter 2026 net income of $2.1 billion, or $4.81 per diluted share ($4.85 adjusted). The company raised its quarterly common dividend by 30 cents (18%) to $2.00 per share, payable August 5, 2026. Revenue reached a record $6.9 billion, driven by net interest income of $4.1 billion and fee income of $2.3 billion.

PNC monetized 50% of its Visa Class B-2 shares for a $448 million gain and converted remaining holdings to 0.9 million Visa Class B-3 shares. The company also repositioned approximately $4 billion of available-for-sale securities from a weighted average yield of 3.2% to 4.4%, incurring a $139 million loss. These gains were partially offset by a $140 million PNC Foundation contribution and $85 million in negative Visa Class B-3 derivative fair value adjustments.

Average loans grew $12.3 billion (4%) to $363.2 billion, driven by commercial loan growth of $13.0 billion (5%) from strong production and higher utilization. Consumer loans declined $0.7 billion (1%) due to residential mortgage and auto loan runoff, partially offset by credit card growth. Average deposits remained stable at $457.0 billion, while the rate paid on interest-bearing deposits declined 5 basis points to 1.91%.

PNC's CET1 capital ratio was an estimated 9.9% at June 30, 2026, down from 10.1% at March 31, 2026. The company returned $1.3 billion to shareholders in Q2 2026, including $0.7 billion in common dividends and $0.6 billion in share repurchases.

PNC announced its second quarter 2026 financial results through a press release. The 8-K itself does not contain the actual earnings figures or performance metrics — those are in the attached exhibits (press release and supplementary financials), which are furnished rather than filed.

PNC made supplementary financial data available on its website alongside the earnings release. This additional detail typically includes segment breakdowns, loan portfolio metrics, capital ratios, and other operational data beyond the headline earnings numbers.