The PNC Financial Services Group, Inc. (PNC) Balance Sheet
PNC balance sheet, 2025
December 31, 2025 · U.S. dollars$573.57B assets = $512.94B liabilities + $60.64B equity
Both columns are drawn to the same scale: what PNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PNC financial health
Debt / equity0.94
Moderate leverage · $0.94 of debt for each $1 of equity
Cash / debt88.2%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles2.5%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
PNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $366.38B2016 | $573.57B2025 | +5.1%/yr | |
| Total liabilities | $319.53B2016 | $512.94B2025 | +5.4%/yr | |
| Shareholders’ equity | $45.70B2016 | $60.59B2025 | +3.2%/yr | |
| Cash & short-term investments | $90.69B2016 | $50.39B2025 | −6.3%/yr | |
| Total debt | $53.01B2016 | $57.10B2025 | +0.8%/yr | |
| Net cash (debt) | $37.69B2016 | −$6.71B2025 | −$44.4B | |
| Working capital | −$167.69B2016 | −$390.48B2025 | −$222.8B | |
| Book value per share | $91.402016 | $153.772025 | +6.0%/yr | |
| Debt / equity | 1.162016 | 0.942025 | −0.22 | |
| Shares outstanding | 500.0M2016 | 394.0M2025 | −2.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PNC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
PNC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
PNC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $50.39B | $55.64B | $92.51B | $78.52B | $213.79B | $179.55B | $97.64B | $79.89B | $91.46B | $90.69B |
| Cash & equivalents | $39.71B | $46.25B | $50.73B | $34.36B | $82.25B | $92.19B | $28.47B | $16.50B | $33.84B | $30.59B |
| Short-term investments | $10.67B | $9.38B | $41.78B | $44.16B | $131.54B | $87.36B | $69.16B | $63.39B | $57.62B | $60.10B |
| Receivables | $327.07B | $6.70B | $6.46B | $6.40B | $6.04B | $6.41B | $7.11B | $7.27B | $7.90B | $7.55B |
| Inventory | $0 | $0 | −$57.19B | −$44.39B | −$85.15B | −$94.72B | −$31.81B | −$20.57B | −$73.68B | −$66.86B |
| Other current assets | $0 | $0 | $57.19B | $44.39B | $85.15B | $94.72B | $31.81B | $20.57B | $73.68B | $66.86B |
| Total current assets | $50.39B | $62.33B | $98.97B | $84.93B | $219.83B | $185.96B | $104.75B | $87.16B | $99.36B | $98.24B |
| Property, plant & equipment (net) | $0 | $10.29B | $10.26B | $10.61B | $1.92B | $1.88B | $9.73B | $5.73B | $5.44B | $5.52B |
| Goodwill & intangible assets | $14.62B | $14.64B | $14.62B | $14.41B | $12.73B | $10.47B | $10.88B | $11.20B | $11.01B | $10.86B |
| Long-term investments | $149.03B | $149.33B | $140.88B | $147.77B | $141.14B | $90.40B | $325.01B | $95.59B | $87.52B | $86.67B |
| Other non-current assets | $359.54B | $323.44B | $296.85B | $299.55B | $181.57B | $177.97B | $0 | $182.64B | $177.44B | $165.08B |
| Total assets | $573.57B | $560.04B | $561.58B | $557.26B | $557.19B | $466.68B | $410.30B | $382.31B | $380.77B | $366.38B |
| Liabilities | ||||||||||
| Accounts payable | $440.87B | — | — | $15.76B | $457.28B | $9.51B | $11.83B | $9.00B | $8.74B | $9.36B |
| Short-term debt | $15.44B | $19.73B | $26.32B | $6.08B | $9.00B | $9.62B | $318.0M | $285.0M | $297.0M | $301.0M |
| Total current liabilities | $440.87B | $426.74B | $421.42B | $452.04B | $356.71B | $182.00B | $300.69B | $277.13B | $274.10B | $265.93B |
| Long-term debt | $44.10B | $39.67B | $34.74B | $26.64B | $30.78B | $33.70B | $43.92B | $35.92B | $38.05B | $35.16B |
| Lease obligations | — | — | — | — | $2.22B | $2.10B | — | — | — | — |
| Other long-term liabilities | $27.97B | $39.16B | $54.28B | $32.77B | $0 | $3.50B | $16.34B | $21.50B | $21.04B | $18.44B |
| Total liabilities | $512.94B | $505.57B | $510.44B | $511.45B | $501.46B | $412.64B | $360.95B | $334.55B | $333.18B | $319.53B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.72B | $2.72B | $2.72B | $2.71B | $2.71B | $2.71B | $2.71B | $2.71B | $2.71B | $2.71B |
| Retained earnings (deficit) | $63.27B | $59.28B | $56.29B | $53.57B | $50.23B | $46.85B | $42.22B | $38.92B | $35.48B | $31.67B |
| Treasury stock | — | — | — | −$18.72B | −$15.11B | −$14.21B | −$12.78B | −$9.45B | −$6.90B | −$5.07B |
| Accumulated other comprehensive income | −$3.41B | −$6.57B | −$7.71B | −$10.17B | $409.0M | $2.77B | $799.0M | −$725.0M | −$148.0M | −$265.0M |
| Minority interest | $51.0M | $44.0M | $36.0M | $38.0M | $31.0M | $31.0M | $29.0M | $42.0M | $72.0M | $1.16B |
| Total shareholders' equity | $60.59B | $54.42B | $51.10B | $45.77B | $55.73B | $54.04B | $49.31B | $47.73B | $47.51B | $45.70B |
| Key figures | ||||||||||
| Total debt | $57.10B | $61.67B | $72.74B | $58.71B | $39.78B | $43.32B | $60.58B | $57.70B | $59.38B | $53.01B |
| Net cash (debt) | −$6.71B | −$6.04B | $19.77B | $19.81B | $174.01B | $136.23B | $37.06B | $22.19B | $32.08B | $37.69B |
| Working capital | −$390.48B | −$364.41B | −$322.45B | −$367.12B | −$136.88B | $3.97B | −$195.94B | −$189.97B | −$174.74B | −$167.69B |
| Tangible book value | $45.97B | $39.78B | $36.49B | $31.36B | $42.99B | $43.57B | $38.44B | $36.53B | $36.51B | $34.84B |
| Book value per share | $153.77 | $136.06 | $127.44 | $111.10 | $130.81 | $126.56 | $110.08 | $101.55 | $97.76 | $91.40 |
| Shares outstanding | 394.0M | 400.0M | 401.0M | 412.0M | 426.0M | 427.0M | 448.0M | 470.0M | 486.0M | 500.0M |
| Current ratio | 0.11 | 0.15 | 0.23 | 0.19 | 0.62 | 1.02 | 0.35 | 0.31 | 0.36 | 0.37 |
| Quick ratio | 0.86 | 0.15 | 0.23 | 0.19 | 0.62 | 1.02 | 0.35 | 0.31 | 0.36 | 0.37 |
| Debt / equity | 0.94 | 1.13 | 1.42 | 1.28 | 0.71 | 0.80 | 1.23 | 1.21 | 1.25 | 1.16 |
| Equity / assets | 10.6% | 9.7% | 9.1% | 8.2% | 10.0% | 11.6% | 12.0% | 12.5% | 12.5% | 12.5% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $176.79B | $37.35B | $185.32B | $50.39B | $107.17B | $39.62B | $48.55B | $55.64B | $52.88B | $51.35B | $71.02B | $92.51B |
| Cash & equivalents | $30.43B | $28.75B | $31.70B | $39.71B | $38.87B | $30.39B | $38.40B | $46.25B | $41.19B | $39.28B | $59.55B | $50.73B |
| Short-term investments | $146.37B | $8.60B | $153.62B | $10.67B | $68.30B | $9.23B | $10.15B | $9.38B | $11.70B | $12.06B | $11.47B | $41.78B |
| Receivables | $0 | $0 | $0 | $327.07B | $6.81B | $6.84B | $6.66B | $6.70B | $6.66B | $6.48B | $6.39B | $6.46B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $32.36B | −$12.32B | −$57.19B |
| Other current assets | $2.75B | $0 | $1.33B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.32B | $57.19B |
| Total current assets | $179.55B | $37.35B | $186.66B | $50.39B | $107.17B | $46.47B | $55.21B | $62.33B | $59.54B | $57.83B | $77.40B | $98.97B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10.29B | $0 | $0 | $0 | $10.26B |
| Goodwill & intangible assets | $17.37B | $17.12B | $17.10B | $14.62B | $14.59B | $14.40B | $14.50B | $14.64B | $14.44B | $14.67B | $14.69B | $14.62B |
| Long-term investments | $0 | $161.24B | $153.62B | $149.03B | $151.50B | $152.10B | $147.22B | $149.33B | $153.40B | $147.68B | $138.74B | $140.88B |
| Other non-current assets | $430.90B | $400.33B | $245.65B | $359.54B | $295.51B | $346.14B | $337.79B | $323.44B | $337.51B | $336.34B | $335.33B | $296.85B |
| Total assets | $627.82B | $616.03B | $603.03B | $573.57B | $568.77B | $559.11B | $554.72B | $560.04B | $564.88B | $556.52B | $566.16B | $561.58B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | $440.87B | — | — | — | — | — | — | — | — |
| Short-term debt | $2.70B | $40.42B | $66.67B | $15.44B | $16.06B | — | — | — | $26.39B | $30.08B | $28.50B | $26.32B |
| Total current liabilities | $469.06B | $449.79B | $524.31B | $440.87B | $432.75B | $426.70B | $422.92B | $426.74B | $423.97B | $416.39B | $425.62B | $421.42B |
| Long-term debt | $0 | $85.72B | $66.67B | $44.10B | $46.24B | $42.42B | $42.72B | $39.67B | $68.07B | $71.39B | $72.71B | $72.74B |
| Other long-term liabilities | $96.35B | $16.46B | $0 | $27.97B | $30.74B | $32.33B | $32.63B | $39.16B | $17.12B | $16.06B | $16.46B | $16.28B |
| Total liabilities | $565.41B | $551.97B | $539.35B | $512.94B | $509.73B | $501.45B | $498.27B | $505.57B | $509.15B | $503.84B | $514.79B | $510.44B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.79B | $2.79B | $2.79B | $2.72B | $2.72B | $2.72B | $2.72B | $2.72B | $2.72B | $2.72B | $2.72B | $2.72B |
| Retained earnings (deficit) | $66.72B | $65.52B | $64.26B | $63.27B | $62.01B | $60.95B | $60.05B | $59.28B | $58.41B | $57.65B | $56.91B | $56.29B |
| Accumulated other comprehensive income | −$6.47B | −$4.12B | −$3.77B | −$3.41B | −$4.08B | −$4.68B | −$5.24B | −$6.57B | −$5.09B | −$7.45B | −$8.04B | −$7.71B |
| Minority interest | — | $53.0M | $49.0M | $51.0M | $48.0M | $48.0M | — | — | — | — | — | — |
| Total shareholders' equity | $62.35B | $64.01B | $63.63B | $60.59B | $58.99B | $57.61B | $56.41B | $54.42B | $55.69B | $52.64B | $51.34B | $51.10B |
| Key figures | ||||||||||||
| Total debt | $79.76B | $85.72B | $66.67B | $57.10B | $62.34B | $60.42B | $60.72B | $61.67B | $68.07B | $71.39B | $72.71B | $72.74B |
| Net cash (debt) | $97.04B | −$48.37B | $118.66B | −$6.71B | $44.82B | −$20.80B | −$12.17B | −$6.04B | −$15.19B | −$20.05B | −$1.69B | $19.77B |
| Working capital | −$289.51B | −$412.44B | −$337.66B | −$390.48B | −$325.58B | −$380.23B | −$367.70B | −$364.41B | −$364.43B | −$358.56B | −$348.22B | −$322.45B |
| Tangible book value | $44.99B | $46.89B | $46.53B | $45.97B | $44.40B | $43.21B | $41.91B | $39.78B | $41.25B | $37.97B | $36.65B | $36.49B |
| Book value per share | $155.49 | $158.46 | $154.76 | $153.77 | $148.96 | $145.11 | $141.72 | $136.40 | $139.22 | $131.60 | $128.35 | $127.44 |
| Shares outstanding | 401.0M | 403.9M | 411.1M | 394.0M | 396.0M | 397.0M | 398.0M | 399.0M | 400.0M | 400.0M | 400.0M | 401.0M |
| Current ratio | 0.38 | 0.08 | 0.36 | 0.11 | 0.25 | 0.11 | 0.13 | 0.15 | 0.14 | 0.14 | 0.18 | 0.23 |
| Quick ratio | 0.38 | 0.08 | 0.35 | 0.86 | 0.26 | 0.11 | 0.13 | 0.15 | 0.14 | 0.14 | 0.18 | 0.23 |
| Debt / equity | 1.28 | 1.34 | 1.05 | 0.94 | 1.06 | 1.05 | 1.08 | 1.13 | 1.22 | 1.36 | 1.42 | 1.42 |
| Equity / assets | 9.9% | 10.4% | 10.6% | 10.6% | 10.4% | 10.3% | 10.2% | 9.7% | 9.9% | 9.5% | 9.1% | 9.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
PNC financial position
At the end of fiscal 2025 (December 31, 2025), PNC had total assets of $573.6 billion (up 2.4% from a year earlier), total liabilities of $512.9 billion and shareholders' equity of $60.6 billion. It held $50.4 billion in cash and short-term investments against $57.1 billion of debt, net debt of $6.7 billion. Its current ratio was 0.11. In the latest quarter (ended September 30, 2026) total assets were $627.8 billion and equity $62.4 billion.
Related: PNC income statement, PNC cash flow statement, PNC key metrics. See the PNC stock overview for the latest quote and news.
PNC balance sheet FAQ
What are PNC's total assets?
PNC reported total assets of $573.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $560.0 billion a year earlier.
How much debt does PNC have?
PNC had $57.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.94.
How much cash does PNC have?
PNC held $50.4 billion in cash and short-term investments at the end of fiscal 2025; with $57.1 billion of debt that is net debt of $6.7 billion.
What is PNC's book value?
PNC's shareholders' equity (book value) was $60.6 billion at the end of fiscal 2025, or $153.77 per share.
What is PNC's current ratio?
PNC had current assets of $50.4 billion and current liabilities of $440.9 billion, a current ratio of 0.11 (current liabilities exceed current assets).
How much goodwill does PNC have?
PNC carried $14.6 billion of goodwill and intangible assets, 2.5% of total assets, at the end of fiscal 2025.