PNC FINANCIAL SERVICES GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Income Taxes Paid, Net of Refunds
The income taxes paid (refunded), disaggregated between federal, state and foreign sources are as follows:
Table 112: Income Taxes Paid, Net of Refunds
| Year ended December 31In millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| U.S. federal income taxes paid (refunded) | $385 | $132 | $(185) |
| U.S. state and local income taxes paid | |||
| New York City | $45 | $48 | $25 |
| California | 46 | 42 | 29 |
| New Jersey | * | 28 | 44 |
| Illinois | * | 20 | 36 |
| Florida | * | * | 22 |
| New York | * | * | 32 |
| Maryland | * | * | 20 |
| Massachusetts | * | * | 12 |
| Oregon | * | * | 10 |
| Indiana | * | * | 9 |
| Kentucky | * | * | 8 |
| All other states | 171 | 86 | 67 |
| Total | $262 | $224 | $314 |
| Foreign income taxes paid | |||
| United Kingdom | * | $28 | $27 |
| Canada | * | * | 9 |
| Other | 57 | 5 | * |
| Total | $57 | $33 | $36 |
| Total income taxes paid, net of refunds | $704 | $389 | $165 |
- Amounts are below the 5% threshold for disaggregation.
The PNC Financial Services Group, Inc. –2025 Form 10-K 163
NOTE 19 REGULATORY MATTERS
We are subject to the regulations of certain federal, state and foreign agencies and undergo examinations by such regulatory authorities.
The ability to undertake new business initiatives (including acquisitions), the access to and cost of funding for new business initiatives, the ability to pay dividends, the ability to repurchase shares or other capital instruments, the level of deposit insurance costs, and the level and nature of regulatory oversight depend, in large part, on a financial institution’s capital strength.
Under the 2019 Tailoring Rules, PNC excludes specific AOCI items from CET1 capital and higher thresholds are used to calculate CET1 capital deductions.
PNC elected a five-year transition provision effective March 31, 2020 to delay until December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter of 2022, PNC entered a three-year transition period, and the full impact of the CECL standard was phased-in to regulatory capital through December 31, 2024. Beginning in the first quarter of 2025, CECL is fully reflected in regulatory capital.
At December 31, 2025 and 2024, PNC and PNC Bank were both considered “well capitalized,” based on applicable U.S. regulatory capital ratio requirements.
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