Liquidity management remains active as evidenced by $14.1 billion in investment securities sales during 2026Q1, which helped offset the impact of reduced net income on capital generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 6.82B | 4.38B | 7.88B | 10.11B | 9.08B | 7.21B | 4.66B | 7.36B | 7.84B | 5.58B | 3.5B | 5.53B | 5.58B | 5.55B | 6.81B | 6.03B | 4.81B | 5.75B | 7.41B | -416M | 2.16B | -680M | 460M | 1.67B | 2.65B | 1.27B | 3.05B | 1.77B | 726M | -41M | 210M |
| Operating CF Growth % | 444.64% | -44.37% | -22.07% | 11.32% | 25.91% | 54.84% | -36.72% | -6.08% | 40.53% | 59.4% | -36.65% | -1.07% | 0.54% | -18.42% | 12.86% | 25.37% | -16.37% | -22.39% | 1882.21% | -119.27% | 417.5% | -247.83% | -72.42% | -37.13% | 109.56% | -58.46% | 72.01% | 144.08% | 1870.73% | -119.52% | -81.25% |
| Net Income | 7.21B | 7B | 5.95B | 5.65B | 6.11B | 5.72B | 7.56B | 5.42B | 5.35B | 5.39B | 3.98B | 4.14B | 4.21B | 4.21B | 2.99B | 3.07B | 3.4B | 2.4B | 914M | 1.49B | 2.6B | 1.32B | 1.2B | 1.03B | 1.18B | 377M | 1.21B | 1.2B | 1.08B | 1.05B | 992M |
| Depreciation & Amortization | 357M | 381M | 259M | 217M | 651M | 1.77B | 1.5B | 1.31B | 1.13B | 1.12B | 1.19B | 1.09B | 988M | 1.15B | 1.16B | 1.14B | 1.06B | 978M | 463M | 391M | 345M | 375M | 302M | 289M | 242M | 260M | 340M | 305M | 310M | 346M | 290M |
| Deferred Taxes | -95M | -40M | -30M | -252M | 351M | 178M | -2.24B | 303M | 133M | -403M | 326M | 404M | 255M | 1.2B | 563M | 840M | 1.02B | 932M | -261M | 78M | 752M | 1M | -194M | 216M | 487M | -48M | 376M | 97M | 207M | 133M | 190M |
| Other Non-Cash Items | 2.4B | 1.99B | 2.29B | 2.24B | 772M | -952M | -1.56B | 546M | 87M | 377M | 190M | -486M | -378M | -414M | 630M | 1.39B | 841M | 2.9B | 1.37B | 78M | -2.38B | -77M | -1.82B | -234M | 156M | 769M | 1.12B | 168M | -871M | -1.57B | -980M |
| Working Capital Changes | -3.11B | -4.94B | -587M | 2.26B | 1.2B | 490M | -596M | -219M | 1.15B | -900M | -2.19B | 376M | 513M | -585M | 1.46B | -405M | -1.5B | -1.46B | 4.93B | -2.45B | 847M | -2.3B | 976M | 368M | 584M | -92M | 0 | 0 | 0 | 0 | -282M |
| Cash from Investing | -25.22B | -15.62B | -3.23B | 10.11B | -60.36B | -2.79B | -51.12B | -24.99B | -3.97B | -14.89B | -7.31B | -16.26B | -24.89B | -18.93B | -17.26B | -6.55B | 5.73B | 9.48B | -12.99B | -14.64B | -5.36B | -5.8B | -5.19B | -2.66B | 2.2B | 856M | -1.06B | 1.66B | -733M | -48M | 1.55B |
| Purchase of Investments | -27.02B | -22.08B | -32.11B | -5.66B | -41.01B | -85.58B | -45.41B | -25.49B | -26.79B | -19.21B | -23.8B | -31.26B | -8.49B | -20.3B | -18.64B | -27.16B | -37.95B | -36.45B | -19.48B | -15.88B | -15.71B | -21.48B | -18.09B | -19.74B | -18.97B | -28.6B | -9.15B | -9.58B | -6.86B | -8.72B | -9.06B |
| Sale/Maturity of Investments | 32.57B | 24.82B | 26.59B | 13.96B | 22.58B | 57.15B | 44.81B | 23.08B | 19.34B | 19.33B | 17.73B | 16.68B | 13.33B | 20.13B | 21.73B | 29.47B | 34.7B | 26.65B | 14.62B | 10.43B | 14.77B | 17.57B | 18.5B | 13.31B | 19.55B | 24.59B | 9.35B | 8.86B | 10.46B | 12.35B | 12.83B |
| Net Investment Activity | 5.55B | 2.74B | -5.52B | 8.29B | -18.43B | -28.43B | -597M | -2.41B | -7.45B | 119M | -6.07B | -14.59B | 4.84B | -177M | 3.08B | 2.31B | -3.25B | -9.8B | -4.86B | -5.45B | -938M | -3.92B | 409M | -6.43B | 586M | -4.01B | 200M | -720M | 3.6B | 3.63B | 3.77B |
| Acquisitions | -80M | 0 | 0 | 0 | 0 | -10.51B | 14.22B | 75M | 0 | -1.34B | 0 | 0 | -62M | 0 | -4.13B | 430M | 2.2B | -3.4B | 2.76B | -2.54B | -58M | -504M | 213M | 0 | -1.68B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -30.69B | -18.36B | 2.29B | 1.81B | -41.93B | 36.15B | -64.75B | -22.65B | 3.48B | -13.67B | -1.23B | -1.67B | -29.68B | -18.76B | -16.21B | -9.29B | 6.77B | 22.67B | -10.89B | -6.64B | -4.37B | -1.37B | -5.82B | 3.77B | 3.29B | 4.87B | -1.26B | 2.38B | -4.33B | -3.68B | -2.22B |
| Cash from Financing | 11.7B | 4.7B | -9.12B | -3.85B | 3.38B | -3.43B | 48.42B | 17.08B | -3.51B | 9.69B | 4.62B | 10.44B | 19.63B | 12.2B | 11.57B | 1.32B | -11.53B | -15.42B | 6.48B | 15.1B | 3.21B | 6.76B | 5B | 759M | -5.98B | -1.46B | -1.41B | -2.88B | -1.7B | 376M | -1.43B |
| Dividends Paid | -3B | -2.94B | -2.89B | -2.88B | -2.69B | -2.29B | -2.21B | -2.13B | -1.84B | -1.5B | -1.27B | -1.26B | -1.23B | -1.15B | -997M | -660M | -350M | -818M | -923M | -806M | -633M | -575M | -566M | -546M | -546M | -569M | -546M | -520M | -495M | -488M | -488M |
| Share Repurchases | -1.87B | -1.34B | -1.19B | -1.65B | -5.23B | -1.08B | -1.62B | -3.58B | -2.88B | -2.45B | -2.06B | -2.65B | -1.18B | -174M | -216M | -73M | -7.78B | -188M | -234M | -963M | -531M | -166M | -292M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 71M | 70M | 69M | 1.56B | 2.29B | 66M | 65M | 90M | 69M | 132M | 151M | 139M | 252M | 244M | 158M | 72M | 3.49B | 871M | 375M | 253M | 343M | 220M | 159M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.8B | -1.27B | -1.12B | -95M | -2.94B | -1.01B | -1.56B | -3.49B | -2.81B | -2.31B | -1.91B | -2.51B | -924M | 70M | -58M | -1M | -4.3B | 683M | 141M | -710M | -188M | 54M | -133M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K |
| Other Financing | 12.17B | 14.13B | 5.23B | -14.49B | -20.97B | 6.33B | 70.94B | 24.98B | 3.07B | 6.84B | 8.6B | 14.84B | 10.53B | 8.42B | 7.57B | 2.9B | -2.92B | -3.85B | -3.61B | 6.56B | 5.37B | 7.17B | 6.01B | 259M | -2.59B | -314M | 1.86B | 39M | 26M | 2.29B | -1.7B |
| Net Change in Cash | -6.7B | -6.54B | -4.47B | 16.36B | -47.89B | 987M | 1.96B | -547M | 359M | 370M | 814M | -295M | 317M | -1.18B | 1.11B | 808M | -991M | -183M | 904M | 44M | 5M | 288M | 262M | -233M | -1.13B | 665M | 582M | 551M | -1.71B | 287M | -3.68B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 39.71B | 46.25B | 50.73B | 34.36B | 82.25B | 7.02B | 5.06B | 5.61B | 5.25B | 4.88B | 4.07B | 4.36B | 4.04B | 5.22B | 4.11B | 3.3B | 4.29B | 4.47B | 3.57B | 3.52B | 3.52B | 3.23B | 2.97B | 3.2B | 4.33B | 3.66B | 3.08B | 2.53B | 4.24B | 4.02B | 3.68B |
| Cash at End | 31.7B | 39.71B | 46.25B | 50.73B | 34.36B | 8B | 7.02B | 5.06B | 5.61B | 5.25B | 4.88B | 4.07B | 4.36B | 4.04B | 5.22B | 4.11B | 3.3B | 4.29B | 4.47B | 3.57B | 3.52B | 3.52B | 3.23B | 2.97B | 3.2B | 4.33B | 3.66B | 3.1B | 2.53B | 4.3B | 4.02B |
| Interest Paid | 10.96B | 11.15B | 13.05B | 9.45B | 2.17B | 582M | 1.29B | 3.74B | 2.83B | 1.74B | 1.32B | 1B | 863M | 891M | 1.21B | 1.52B | 1.87B | 3.15B | 2.15B | 2.97B | 2.38B | 1.51B | 782M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 419M | 0 | 434M | 997M | 197M | 675M | 3.41B | 430M | 372M | 72M | 658M | 919M | 1.1B | 234M | 39M | 842M | 752M | 66M | 797M | 662M | 471M | 504M | 486M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 6.82B | 4.38B | 7.88B | 10.11B | 9.08B | 7.21B | 4.66B | 7.36B | 7.84B | 5.58B | 3.5B | 5.53B | 5.58B | 5.55B | 6.81B | 6.03B | 4.81B | 5.75B | 7.41B | -416M | 2.16B | -680M | 460M | 1.67B | 2.65B | 1.27B | 3.05B | 1.77B | 726M | -41M | 210M |
| FCF Growth % | 21.52% | -44.37% | -22.07% | 11.32% | 25.91% | 54.84% | -36.72% | -6.08% | 40.53% | 59.4% | -36.65% | -1.07% | 0.54% | -18.42% | 12.86% | 25.37% | -16.37% | -22.39% | 1882.21% | -119.27% | 417.5% | -247.83% | -72.42% | -37.13% | 109.56% | -58.46% | 72.01% | 144.08% | 1870.73% | -119.52% | -81.25% |
Credit Provisioning Volatility
According to reported financial data, PNC's ability to generate organic capital has been pressured by the massive $2.3 billion provision for credit losses in 2026Q1, which significantly constrained the net income available for reinvestment compared to the more stable $1.5 billion to $2.0 billion quarterly earnings range.
The sharp spike in provisioning suggests that management is prioritizing balance sheet fortification over immediate capital accretion. Investors should monitor whether this shift in capital allocation signals a long-term change in risk appetite or merely a temporary response to macroeconomic uncertainty.
As indicated by recent cash flow statements, PNC has actively managed its investment securities portfolio, with 2026Q1 showing $14.1 billion in sales against $9.1 billion in purchases, suggesting a strategic effort to harvest liquidity or rebalance duration in response to the evolving interest rate environment.
The high turnover in the investment portfolio implies that the bank is utilizing its securities book as a primary lever for liquidity management. This activity warrants further investigation to determine if the realized gains or losses are masking underlying volatility in the bank's core net interest margin.
Based on the provided figures, PNC has maintained a consistent dividend payout of approximately $700 million to $770 million per quarter, even as net income fluctuated, which may indicate a commitment to shareholder returns despite the recent deterioration in operating cash flow and increased credit loss provisions.
While the dividend appears stable, the payout ratio relative to volatile earnings suggests that future capital return capacity may be limited if the current provisioning trend persists. Investors should monitor whether management prioritizes these distributions over the potential need to retain capital for regulatory compliance.
Financial statements reveal a dramatic shift in credit management, with the $2.3 billion provision recorded in 2026Q1 representing a significant departure from the modest $139 million to $254 million range observed throughout 2025, suggesting a potential reassessment of the bank's exposure to deteriorating credit conditions.
This substantial increase in provisions appears to be the primary driver of the recent cash flow volatility, effectively neutralizing the benefits of operational income. It remains unclear whether this reflects a specific portfolio impairment or a broader, more conservative approach to the CECL accounting framework.
Quick answers to the most common questions about buying PNC stock.
The PNC Financial Services Group, Inc. (PNC) generated $4.38B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The PNC Financial Services Group, Inc. (PNC) generated $4.38B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The PNC Financial Services Group, Inc. (PNC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The PNC Financial Services Group, Inc. (PNC) returned $2.94B to shareholders via cash dividends and spent $1.34B on share repurchases. This shows the company's commitment to returning capital to its equity investors.