The PNC Financial Services Group, Inc. (NYSE: PNC) reported mixed results for the first quarter of fiscal 2026, with adjusted earnings beating and revenues missing analysts’ estimates.
Adjusted earnings, excluding FirstBank integration costs, rose sharply to $4.32 per share in Q1 from $3.51 per share in the year-ago quarter. Unadjusted net income was $1.77 billion or $4.13 per share, compared to $1.50 billion or $3.51 per share in the first quarter of fiscal 2025.
The bottom line growth was driven by a 13% increase in first-quarter revenues to $6.17 billion. At $3.96 billion, net interest income was up 14%. Non-interest income increased 12% annually to $2.20 billion.
Commenting on the results, PNC’s CEO Bill Demchak said, “2026 is off to a great start for PNC. During the first quarter, we successfully closed the FirstBank acquisition, and in addition, generated strong legacy loan growth. Client activity remains robust across all our geographies, and importantly, we’re well-positioned to continue our strong momentum.”