PNC FINANCIAL SERVICES GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Reconciliation of Statutory and Effective Tax Rates
A reconciliation between the statutory and effective tax rates follows:
Table 108: Reconciliation of Statutory and Effective Tax Rates
| Year ended December 31Dollars in millions · 2025 · 2024 · 2023 | ||||||
|---|---|---|---|---|---|---|
| Amount · Percent · Amount · Percent · Amount · Percent | ||||||
| Statutory tax rate | $1,782 | 21.0% | $1,521 | 21.0% | $1,415 | 21.0% |
| State and local income tax, net of federal (national) income tax effect (a) | 198 | 2.3 | 200 | 2.8 | 162 | 2.4 |
| Foreign tax effects | (12) | (0.1) | 12 | 0.2 | (1) | — |
| Tax credits | ||||||
| LIHTC | (138) | (1.6) | (102) | (1.4) | (97) | (1.4) |
| NMTC | (35) | (0.4) | (76) | (1.1) | (130) | (1.9) |
| Other | (84) | (1.0) | (92) | (1.3) | (65) | (1.0) |
| Nontaxable or nondeductible items | ||||||
| Tax-exempt interest | (93) | (1.1) | (103) | (1.4) | (117) | (1.7) |
| Other | (39) | (0.5) | (77) | (1.1) | 1 | — |
| Changes in unrecognized tax benefits | (69) | (0.8) | 11 | 0.2 | 51 | 0.8 |
| Other (b) | (21) | (0.3) | (5) | (0.1) | (51) | (0.8) |
| Tax claims and adjustments | — | — | — | — | (79) | (1.2) |
| Income tax expense/effective tax rate | $1,489 | 17.5% | $1,289 | 17.8% | $1,089 | 16.2% |
(a)The states and local jurisdictions accounting for the majority of total state and local income tax expense include California, New Jersey, Illinois, New York and New York City for all periods presented.
(b)Includes an insignificant amount related to the effect of cross-border tax laws for all periods presented.
The net operating loss carryforwards at December 31, 2025 and 2024 follow:
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.