v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We have three reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Our reportable business segments are defined by the nature of products and services, types of customers, methods used to distribute products or provide services and similar financial performance. Results of our reportable business segments are regularly reviewed by the CODM, our Chief Executive Officer. Specifically, the CODM reviews actual and forecasted quarterly financial reporting results, including net income, to assess performance and allocate resources accordingly. However, the CODM may use other metrics on an ad hoc basis as warranted.

The following describes the products and services of each business segment:

Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers who are serviced through our coast-to-coast branch network, digital channels, ATMs, or through our phone-based customer contact centers. Deposit products include checking, savings and money market accounts and time deposits. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to agency and/or third-party standards, and either sold, servicing retained or held on our balance sheet. PNC Wealth Management offers brokerage, investment management and cash management products and services which include managed, education, retirement and trust accounts.

Corporate & Institutional Banking provides lending, treasury management, capital markets and advisory products and services to mid-sized and large corporations and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. The Treasury Management business provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Capital markets and advisory includes services and activities primarily related to merger and acquisition advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally.

Asset Management Group provides private banking for high net worth and ultra high net worth clients and institutional asset management. The Asset Management Group is composed of two operating units:
•PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting.
•Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.

The remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business segment have been included in Other activities in Table 87 for reconciliation purposes. Other activities include residual activities such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from FTP operations.

Basis of Presentation

Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period.

Funds Transfer Pricing
Net interest income in business segment results reflects our internal FTP methodology, which is designed to consider interest rate and liquidity risks. Under our methodology, assets receive a funding charge while liabilities and capital receive a funding credit based on market interest rates, product characteristics and other factors.

Our FTP framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from FTP operations is not allocated to our reportable business segments. This residual gain or loss is reviewed by management quarterly, in accordance with the interagency guidance of the FDIC, Federal Reserve and OCC.

Segment Allocations
Financial results are presented, to the extent practicable, as if each business operated on a standalone basis, and includes expense allocations for corporate overhead services used by the business segments.

Certain costs are not allocated to our reportable business segments because they (i) are transitory or highly irregular in nature, (ii) exist solely to support corporate activities unrelated to business segment operations, or (iii) reflect residual costs for an exited business.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio.
Results of our reportable business segments for the three and six months ended June 30, 2026 and 2025 are as follows:
Table 87: Business Segment Results and Reconciliation to Consolidated

Three months ended June 30Retail BankingCorporate & Institutional BankingAsset Management Group
In millions202620252026202520262025
Net interest income (a)$3,290 $3,012 $1,972 $1,791 $191 $184 
Noninterest income1,227 782 1,291 1,022 271 244 
Total revenue (a)4,517 3,794 3,263 2,813 462 428 
Provision for credit losses120 83 76 184 (3)(13)
Noninterest expense
Personnel551 539 502 370 120 115 
Segment allocations (b)1,090 978 418 381 128 118 
Depreciation and amortization138 87 50 49 11 10 
Other (c)332 286 161 150 30 25 
Total noninterest expense2,111 1,890 1,131 950 289 268 
Income before income taxes and noncontrolling interests (a)2,286 1,821 2,056 1,679 176 173 
Income taxes (a)531 425 463 356 41 41 
Net income (a)1,755 1,396 1,593 1,323 135 132 
Less: Net income attributable to noncontrolling interests8 105 5— — 
Net income excluding noncontrolling interests (a)$1,747 $1,386 $1,588 $1,318 $135 $132 
Average assets$130,460 $114,061 $263,912 $234,391 $15,048 $14,629 
Three months ended June 30Other activitiesConsolidated
In millions2026202520262025
Net interest income (a)$(1,346)$(1,432)$4,107 $3,555 
Noninterest income(21)(d)58 2,768 2,106 
Total revenue (a)(1,367)(1,374)6,875 5,661 
Provision for credit losses(2)— 191 254 
Total noninterest expense567 (e)275 4,098 3,383 
Income before income taxes and noncontrolling interests (a)(1,932)(1,649)2,586 2,024 
Income taxes (a)(504)(441)531 381 
Net income (a)(1,428)(1,208)2,055 1,643 
Less: Net income attributable to noncontrolling interests2 1 15 16 
Net income excluding noncontrolling interests (a)$(1,430)$(1,209)$2,040 $1,627 
Average Assets$206,850 $198,605 $616,270 $561,686 
(Continued from previous page)
Six months ended June 30Retail BankingCorporate & Institutional BankingAsset Management Group
In millions202620252026202520262025
Net interest income (a)$6,525 $5,885 $3,893 $3,535 $384 $362 
Noninterest income1,997 1,488 2,435 2,000 533 487 
Total revenue (a)8,522 7,373 6,328 5,535 917 849 
Provision for credit losses244 251 153 233 2 (12)
Noninterest expense
Personnel1,122 1,077 962 746 245 236 
Segment allocations (b)2,178 1,945 842 764 255 235 
Depreciation and amortization270 173 96 100 21 18 
Other (c)656 597 307 296 60 58 
Total noninterest expense4,226 3,792 2,207 1,906 581 547 
Income before income taxes and noncontrolling interests (a)4,052 3,330 3,968 3,396 334 314 
Income taxes (a)941 777 890 736 78 74 
Net income (a)3,111 2,553 3,078 2,660 256 240 
Less: Net income attributable to noncontrolling interests1519109— — 
Net income excluding noncontrolling interests (a)$3,096 $2,534 $3,068 $2,651 $256 $240 
Average Assets $130,537 $114,601 $256,890 $230,750 $14,927 $14,556 
Six months ended June 30Other activitiesConsolidated
In millions2026202520262025
Net interest income (a)$(2,734)$(2,751)$8,068 $7,031 
Noninterest income7 (d)107 4,972 4,082 
Total revenue (a)(2,727)(2,644)13,040 11,113 
Provision for credit losses2 1 401 473 
Total noninterest expense852 (e)525 7,866 6,770 
Income before income taxes and noncontrolling interests (a)(3,581)(3,170)4,773 3,870 
Income taxes (a)(963)(859)946 728 
Net income (a)(2,618)(2,311)3,827 3,142 
Less: Net income attributable to noncontrolling interests2 6 27 34 
Net income excluding noncontrolling interests (a)$(2,620)$(2,317)$3,800 $3,108 
Average Assets$206,568 $199,139 $608,922 $559,046 
(a)During the second quarter of 2026, PNC updated its internal FTP methodology. The update resulted in impacts to net interest income and associated income statement line items for all business segments. Prior periods have been adjusted to conform with the current presentation.
(b)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)Includes a $139 million securities loss related to the repositioning of the available-for-sale investment securities portfolio in the second quarter of 2026.
(e)Includes a $140 million expense related to a PNC Foundation contribution in the second quarter of 2026.