PNC Financial Services (PNC): 2Q26 First Take: Robust quarterly results and modestly better full year guide

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PNC Financial Services (PNC): 2Q26 First Take: Robust quarterly results and modestly better full year guide

Equity Research

15 July 2026 | 7:57AM EDT

PNC Financial Services (PNC): 2Q26 First Take: Robust quarterly results

and modestly better full year guide

PNC reported 2Q26 EPS of $4.811, with core EPS of $4.93, vs. our/consensus-like Richard Ramsden

+1(212)357-9981 |

estimates of $4.67/$4.632 (adjusting for integration expenses, Visa derivative richard.ramsden@gs.com

Goldman Sachs & Co. LLC

fair value adjustments, foundation contribution, securities loss, normalizing the

James Yaro

tax rate, and coring out the reserve build) with +5%/+6% core PPNR vs +1(212)902-1913 |

GSe/Consensus, driven by 10% better core fee income, modestly better NII, as well james.e.yaro@gs.comGoldman Sachs & Co. LLC

as ~90bps lower core efficiency ratio vs. the Street. Divyam Harlalka

+1(332)245-7818 |

Key takeaways: We expect a modestly positive investor response given the better divyam.harlalka@gs.comGoldman Sachs India SPL

results and the increased 2026 guidance. We note: 1) the 2026 average loan growth Matthew Weng

guide was increased by 1.5pp and is now 1% higher than the Street; 2) 2026 revenue +1(212)902-8484matthew.weng@gs.com|

guide was increased by 2pp and is ~1% higher than Street estimates; and 3) 2026 Goldman Sachs & Co. LLC

Kumar Sangewarexpenses guide was increased by 1.5pp, and is 1% higher than the Street. Overall, it Lokesh | +1(332)245-7846

implies ~50bps higher 2026 core PPNR versus consensus. lokesh.sangewar@gs.com Goldman Sachs India SPL

Summary of key quarterly trends: The 6% core PPNR beat vs. the Street was driven

by 10% higher core fee income (broad based, but with strong capital markets

momentum), ~50bps higher NII, and a 90bps better efficiency ratio, despite 2%