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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Reconciliation of Business Segment Results to Consolidated
The following table represents reconciliations of financial results for thethree reportable segments to our consolidated reporting.
Table 80: Reconciliation of Business Segment Results to Consolidated
| Three months ended September 30 | Nine months ended September 30 | |||
|---|---|---|---|---|
| In millions | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Total business segment revenue (a) | $7,120 | $6,505 | $20,561 | $19,663 |
| Revenues from other activities (a) | (1,205) | (1,073) | (3,533) | (3,675) |
| Total revenue | $5,915 | $5,432 | $17,028 | $15,988 |
| Noninterest Expense | ||||
| Total business segment noninterest expense (b) | $3,190 | $3,062 | $9,435 | $9,099 |
| FDIC special assessment | (48) | — | (48) | 130 |
| PNC Foundation Contribution | — | — | — | 120 |
| Noninterest expense from other activities (b) | 319 | 265 | 844 | 669 |
| Total noninterest expense | $3,461 | $3,327 | $10,231 | $10,018 |
| Net Income | ||||
| Total business segment net income (a) | $2,914 | $2,479 | $8,129 | $7,668 |
| FDIC special assessment | 48 | — | 48 | (130) |
| PNC Foundation Contribution | — | — | — | (120) |
| Net income (loss) from other activities (a) | (1,140) | (974) | (3,213) | (3,092) |
| Net income | $1,822 | $1,505 | $4,964 | $4,326 |
| Average Assets | ||||
| Total business segment average assets | $367,059 | $358,444 | $362,316 | $359,913 |
| Average assets from other activities | 204,474 | 211,069 | 200,988 | 205,233 |
| Total average assets | $571,533 | $569,513 | $563,304 | $565,146 |
(a)During the second quarter of 2025, brokered time deposits, and the associated income statement impact, were reclassified from Retail Banking to other activities, reflecting their use for asset and liability management. Prior periods have been adjusted to conform with the current presentation.
(b)As a result of an organizational realignment, certain expenses were reclassified as corporate operations and were moved from Retail Banking to other activities during the second quarter of 2025. Prior periods have been adjusted to conform with the current presentation.
Other activities reflect the remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business. These include residual activities such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from FTP operations.
NOTE 15 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS
As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2024 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 -Revenue from Contracts with Customers (Topic 606).
Fee-based revenue within the scope of Topic 606 is recognized within ourthree reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.
The PNC Financial Services Group, Inc. –Form 10-Q 97
Table 81 presents the noninterest income recognized within the scope of Topic 606 for each of ourthree reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams reported on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 23 Fee-based Revenue from Contracts with Customers in our 2024 Form 10-K.
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