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Total Equity and Other Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Rollforward of Total Equity | Activity in total equity for the three and six months ended June 30, 2025 and 2024 is as follows: Table 63: Rollforward of Total Equity
|  |  | Shareholders’ Equity |  |  |  |
In millions | Shares Outstanding Common Stock |  | Common Stock | Capital Surplus - Preferred Stock | Capital Surplus - Common Stock and Other | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |  | Noncontrolling Interests | Total Equity |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 (a) | 398 |  | $ | 2,716 |  | $ | 6,243 |  | $ | 12,789 |  | $ | 56,913 |  | $ | (8,042) |  | $ | (19,279) |  |  | $ | 34 |  | $ | 51,374 |  |
Net income | — |  |  | — |  | — |  | — |  | 1,459 |  | — |  | — |  |  | 18 |  | 1,477 |  |
Other comprehensive income, net of tax | — |  |  | — |  | — |  | — |  | — |  | 596 |  | — |  |  | — |  | 596 |  |
Cash dividends declared - Common | — |  |  | — |  | — |  | — |  | (623) |  | — |  | — |  |  | — |  | (623) |  |
Cash dividends declared - Preferred | — |  |  | — |  | — |  | — |  | (95) |  | — |  | — |  |  | — |  | (95) |  |
Preferred stock discount accretion | — |  |  | — |  | 2 |  | — |  | (2) |  | — |  | — |  |  | — |  | — |  |
Common stock activity | — |  |  | — |  | — |  | 16 |  | — |  | — |  | — |  |  | — |  | 16 |  |
Treasury stock activity | — |  |  | — |  | — |  | 6 |  | — |  | — |  | (99) |  |  | — |  | (93) |  |
Other | — |  |  | — |  | — |  | 42 |  | — |  | — |  | — |  |  | (13) |  | 29 |  |
Balance at June 30, 2024 (a) | 398 |  |  | $ | 2,716 |  | $ | 6,245 |  | $ | 12,853 |  | $ | 57,652 |  | $ | (7,446) |  | $ | (19,378) |  |  | $ | 39 |  | $ | 52,681 |  |
Balance at March 31, 2025 (a) | 396 |  |  | $ | 2,717 |  | $ | 5,751 |  | $ | 12,980 |  | $ | 60,051 |  | $ | (5,237) |  | $ | (19,857) |  |  | $ | 46 |  | $ | 56,451 |  |
Net income | — |  |  | — |  | — |  | — |  | 1,627 |  | — |  | — |  |  | 16 |  | 1,643 |  |
Other comprehensive income, net of tax | — |  |  | — |  | — |  | — |  | — |  | 555 |  | — |  |  | — |  | 555 |  |
Cash dividends declared - Common | — |  |  | — |  | — |  | — |  | (642) |  | — |  | — |  |  | — |  | (642) |  |
Cash dividends declared - Preferred | — |  |  | — |  | — |  | — |  | (83) |  | — |  | — |  |  | — |  | (83) |  |
Preferred stock discount accretion | — |  |  | — |  | 2 |  | — |  | (2) |  | — |  | — |  |  | — |  | — |  |
Common stock activity | — |  |  | — |  | — |  | 18 |  | — |  | — |  | — |  |  | — |  | 18 |  |
Treasury stock activity | (2) |  |  | — |  | — |  | 5 |  | — |  | — |  | (331) |  |  | — |  | (326) |  |
Other | — |  |  | — |  | — |  | 53 |  | — |  | — |  | — |  |  | (14) |  | 39 |  |
Balance at June 30, 2025 (a) | 394 |  |  | $ | 2,717 |  | $ | 5,753 |  | $ | 13,056 |  | $ | 60,951 |  | $ | (4,682) |  | $ | (20,188) |  |  | $ | 48 |  | $ | 57,655 |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 (a) | 398 |  |  | $ | 2,716 |  | $ | 6,241 |  | $ | 12,779 |  | $ | 56,290 |  | $ | (7,712) |  | $ | (19,209) |  |  | $ | 36 |  | $ | 51,141 |  |
Net income | — |  |  | — |  | — |  | — |  | 2,789 |  | — |  | — |  |  | 32 |  | 2,821 |  |
Other comprehensive income, net of tax | — |  |  | — |  | — |  | — |  | — |  | 266 |  | — |  |  | — |  | 266 |  |
Cash dividends declared - Common | — |  |  | — |  | — |  | — |  | (1,247) |  | — |  | — |  |  | — |  | (1,247) |  |
Cash dividends declared - Preferred | — |  |  | — |  | — |  | — |  | (176) |  | — |  | — |  |  | — |  | (176) |  |
Preferred stock discount accretion | — |  |  | — |  | 4 |  | — |  | (4) |  | — |  | — |  |  | — |  | — |  |
Common stock activity | — |  |  | — |  | — |  | 16 |  | — |  | — |  | — |  |  | — |  | 16 |  |
Treasury stock activity | — |  |  | — |  | — |  | 77 |  | — |  | — |  | (169) |  |  | — |  | (92) |  |
Other | — |  |  | — |  | — |  | (19) |  | — |  | — |  | — |  |  | (29) |  | (48) |  |
Balance at June 30, 2024 (a) | 398 |  |  | $ | 2,716 |  | $ | 6,245 |  | $ | 12,853 |  | $ | 57,652 |  | $ | (7,446) |  | $ | (19,378) |  |  | $ | 39 |  | $ | 52,681 |  |
Balance at December 31, 2024 (a) | 396 |  |  | $ | 2,717 |  | $ | 5,749 |  | $ | 12,961 |  | $ | 59,282 |  | $ | (6,565) |  | $ | (19,719) |  |  | $ | 44 |  | $ | 54,469 |  |
Net income | — |  |  | — |  | — |  | — |  | 3,108 |  | — |  | — |  |  | 34 |  | 3,142 |  |
Other comprehensive income, net of tax | — |  |  | — |  | — |  | — |  | — |  | 1,883 |  | — |  |  | — |  | 1,883 |  |
Cash dividends declared - Common | — |  |  | — |  | — |  | — |  | (1,281) |  | — |  | — |  |  | — |  | (1,281) |  |
Cash dividends declared - Preferred | — |  |  | — |  | — |  | — |  | (154) |  | — |  | — |  |  | — |  | (154) |  |
Preferred stock discount accretion | — |  |  | — |  | 4 |  | — |  | (4) |  | — |  | — |  |  | — |  | — |  |
Common stock activity | — |  |  | — |  | — |  | 18 |  | — |  | — |  | — |  |  | — |  | 18 |  |
Treasury stock activity | (2) |  |  | — |  | — |  | 107 |  | — |  | — |  | (469) |  |  | — |  | (362) |  |
Other | — |  |  | — |  | — |  | (30) |  | — |  | — |  | — |  |  | (30) |  | (60) |  |
Balance at June 30, 2025 (a) | 394 |  | $ | — |  | $ | 2,717 |  | $ | 5,753 |  | $ | 13,056 |  | $ | 60,951 |  | $ | (4,682) |  | $ | (20,188) |  | $ | — |  | $ | 48 |  | $ | 57,655 |  |
(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation.
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 64: Other Comprehensive Income (Loss)
| Three months ended June 30 |  | Six months ended June 30 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
In millions | Pre-tax | Tax effect | After-tax |  | Pre-tax | Tax effect | After-tax |  | Pre-tax | Tax effect | After-tax |  | Pre-tax | Tax effect | After-tax |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities | $ | 82 |  | $ | (20) |  | $ | 62 |  |  | $ | (216) |  | $ | 52 |  | $ | (164) |  |  | $ | 830 |  | $ | (202) |  | $ | 628 |  |  | $ | (611) |  | $ | 147 |  | $ | (464) |  |
Less: Net realized (losses) reclassified to earnings (a) | (181) |  | 44 |  | (137) |  |  | (691) |  | 166 |  | (525) |  |  | (362) |  | 88 |  | (274) |  |  | (907) |  | 218 | (689) |  |
Net change | 263 |  | (64) |  | 199 |  |  | 475 |  | (114) |  | 361 |  |  | 1,192 |  | (290) |  | 902 |  |  | 296 |  | (71) |  | 225 |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on cash flow hedge derivatives | 299 |  | (73) |  | 226 |  |  | (75) |  | 18 |  | (57) |  |  | 930 |  | (226) |  | 704 |  | (701) |  | 168 | (533) |  |
Less: Net realized (losses) reclassified to earnings (a) | (186) |  | 45 |  | (141) |  |  | (383) |  | 92 |  | (291) |  |  | (380) |  | 92 |  | (288) |  |  | (759) |  | 182 | (577) |  |
Net change | 485 |  | (118) |  | 367 |  |  | 308 |  | (74) |  | 234 |  |  | 1,310 |  | (318) |  | 992 |  |  | 58 |  | (14) |  | 44 |  |
Pension and other postretirement benefit plan adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) | (19) |  | 4 |  | (15) |  |  | 1 |  | — |  | 1 |  |  | (21) |  | 5 | (16) |  |  | (1) |  | — |  | (1) |  |
Net change | (19) |  | 4 |  | (15) |  |  | 1 |  | — |  | 1 |  |  | (21) |  | 5 | (16) |  |  | (1) |  | — |  | (1) |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on other transactions | (2) |  | 6 |  | 4 |  |  | — |  | — |  | — |  |  | (3) |  | 8 | 5 |  | (2) |  | — |  | (2) |  |
Net change | (2) |  | 6 |  | 4 |  |  | — |  | — |  | — |  |  | (3) |  | 8 |  | 5 |  |  | (2) |  | — |  | (2) |  |
Total other comprehensive income (loss) | $ | 727 |  | $ | (172) |  | $ | 555 |  |  | $ | 784 |  | $ | (188) |  | $ | 596 |  |  | $ | 2,478 |  | $ | (595) |  | $ | 1,883 |  |  | $ | 351 |  | $ | (85) |  | $ | 266 |  |
(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in Interest income and Noninterest income on the Consolidated Income Statement. (b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period service costs (credits), which are recorded in Noninterest expense on the Consolidated Income Statement.
Accumulated Other Comprehensive Income (Loss) Components | Table 65: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax | Debt securities |  | Cash flow hedge derivatives |  | Pension and other postretirement benefit plan adjustments |  | Other |  |  |  |  | Total |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | (5,966) |  |  | $ | (1,903) |  |  | $ | (127) |  |  | $ | (46) |  |  |  |  |  | $ | (8,042) |  |
Net activity | 361 |  |  | 234 |  |  | 1 |  |  | — |  |  |  |  |  | 596 |  |
Balance at June 30, 2024 (a) | $ | (5,605) |  |  | $ | (1,669) |  |  | $ | (126) |  |  | $ | (46) |  |  |  |  |  | $ | (7,446) |  |
Balance at March 31, 2025 | $ | (4,396) |  |  | $ | (689) |  |  | $ | (110) |  |  | $ | (42) |  |  |  |  |  | $ | (5,237) |  |
Net activity | 199 |  |  | 367 |  |  | (15) |  |  | 4 |  |  |  |  |  | 555 |  |
Balance at June 30, 2025 (a) | $ | (4,197) |  |  | $ | (322) |  |  | $ | (125) |  |  | $ | (38) |  |  |  |  |  | $ | (4,682) |  |
Six months ended |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (5,830) |  |  | $ | (1,713) |  |  | $ | (125) |  |  | $ | (44) |  |  |  |  |  | $ | (7,712) |  |
Net activity | 225 |  |  | 44 |  |  | (1) |  |  | (2) |  |  |  |  |  | 266 |  |
Balance at June 30, 2024 (a) | $ | (5,605) |  |  | $ | (1,669) |  |  | $ | (126) |  |  | $ | (46) |  |  |  |  |  | $ | (7,446) |  |
Balance at December 31, 2024 | $ | (5,099) |  |  | $ | (1,314) |  |  | $ | (109) |  |  | $ | (43) |  |  |  |  |  | $ | (6,565) |  |
Net activity | 902 |  |  | 992 |  |  | (16) |  |  | 5 |  |  |  |  |  | 1,883 |  |
Balance at June 30, 2025 (a) | $ | (4,197) |  |  | $ | (322) |  |  | $ | (125) |  |  | $ | (38) |  |  |  |  |  | $ | (4,682) |  |
(a)AOCI included pretax losses of $265 million and $285 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity at June 30, 2025 and June 30, 2024, respectively.
Dividends Per Share | The following table provides the dividends per share for PNC’s common and preferred stock: Table 66: Dividends Per Share (a)
| Three months ended June 30 | Six months ended June 30
| 2025 | 2024 | 2025 | 2024
Common Stock | $ | 1.60 |  | $ | 1.55 |  | $ | 3.20 |  | $ | 3.10 |
Preferred Stock |  |  |  |
Series B | $ | 0.45 |  | $ | 0.45 |  | $ | 0.90 |  | $ | 0.90 |
Series R | $ | — |  | $ | 2,209 |  | $ | — |  | $ | 4,403 |
Series S | $ | 2,500 |  | $ | 2,500 |  | $ | 2,500 |  | $ | 2,500 |
Series T | $ | 850 |  | $ | 850 |  | $ | 1,700 |  | $ | 1,700 |
Series U | $ | 1,500 |  | $ | 1,500 |  | $ | 3,000 |  | $ | 3,000 |
Series V | $ | 1,550 |  | $ | 1,550 |  | $ | 3,100 |  | $ | 3,100 |
Series W | $ | 1,562 |  | $ | 1,562 |  | $ | 3,125 |  | $ | 3,125 |
(a) Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.

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