PNC FINANCIAL SERVICES GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
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Credit Ratings and Outlook
The following table presents credit ratings and outlook for PNC as of September 30, 2025 and October 31, 2025:
Table 29: Credit Ratings and Outlook
| September 30, 2025 | October 31, 2025 (c) | |||||
| Moody’s | Standard & Poor’s (a) | Fitch | DBRS (b) | Moody’s | DBRS (b) | |
| PNC | ||||||
|---|---|---|---|---|---|---|
| Senior debt | A3 | A- | A | A (high) | A3 | AA (low) |
| Subordinated debt | A3 | BBB+ | A- | A | A3 | A (high) |
| Preferred stock | Baa2 | BBB- | BBB | BBB (high) | Baa2 | A (low) |
| PNC Bank | ||||||
| Senior debt | A2 | A | A+ | AA (low) | A2 | AA |
| Subordinated debt | A2 | A- | A | A (high) | A2 | AA (low) |
| Long-term deposits | Aa3 | no rating | AA- | AA (low) | Aa3 | AA |
| Short-term deposits | P-1 | no rating | F1+ | no rating | P-1 | no rating |
| Short-term notes | P-1 | A-1 | F1 | R-1 (middle) | P-1 | R-1 (high) |
| PNC | ||||||
| Agency rating outlook | Negative | Stable | Stable | Positive | Stable | Stable |
(a)S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.
(b)DBRS does not provide a short-term depositor rating. PNC Bank’s short-term instrument rating was R-1 (middle) at September 30, 2025 and R-1 (high) at October 31, 2025.
(c)Reflects Moody’s and DBRS updates effective October 6, 2025 and October 28, 2025, respectively.
Capital Management
Detailed information on our capital management processes and activities is included in the Supervision and Regulation section of Item 1 of our 2024 Form 10-K.
We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases, and managing dividend policies and retaining earnings.
The PNC Financial Services Group, Inc. –Form 10-Q 31
In the third quarter of 2025, PNC returned $1.0 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.3 billion of common share repurchases. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 37% were still available for repurchase at September 30, 2025. Share repurchase activity in the fourth quarter of 2025 is expected to be generally consistent with our third quarter of 2025 share repurchase levels and approximate $300 million to $400 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. Based on the results of the Federal Reserve’s 2025 annual stress test, PNC’s SCB for the four-quarter period beginning October 1, 2025 is the regulatory minimum of 2.5%.
On October 2, 2025, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.70 per share, to be paid on November 5, 2025 to shareholders of record at the close of business October 14, 2025.
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