The PNC Financial Services Group, Inc. (PNC) Cash Flow Statement
Where PNC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.38B −44.4% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $4.38B 12.9% margin
- Returned to shareholders
- $4.28B 98% of free cash flow
- Change in cash
- −$6.54B cash at year-end $39.71B
Cash from operations
$4.38B
Investments (net)
+$2.74B
Acquisitions & other
−$18.36B
Dividends
−$2.94B
Share buybacks (net)
−$1.34B
Net borrowing (repayment)
−$5.30B
Shares issued
+$70.0M
Other financing
+$14.20B
Change in cash
−$6.54B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PNC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PNC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.50B2016 | $4.38B2025 | +2.5%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $3.50B2016 | $4.38B2025 | +2.5%/yr | |
| Free cash flow margin | 21.3%2016 | 12.9%2025 | −8.4 pts | |
| Operating cash flow / net income | 0.882016 | 0.632025 | −0.25 | |
| Stock-based compensation | −$54.0M2016 | $1.04B2023 | — | |
| Dividends paid | $1.27B2016 | $2.94B2025 | +9.8%/yr | |
| Share buybacks (net) | $2.06B2016 | $1.34B2025 | −4.7%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PNC cash flow by activity
OperatingInvestingFinancingChange in cash
PNC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PNC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.00B | $5.95B | $5.65B | $6.11B | $5.72B | $7.56B | $5.42B | $5.35B | $5.39B | $3.98B |
| Depreciation & amortization | $381.0M | $259.0M | $217.0M | $651.0M | $1.77B | $1.50B | $1.31B | $1.13B | $1.12B | $1.19B |
| Stock-based compensation | — | — | $1.04B | — | −$843.0M | −$3.04B | $242.0M | −$117.0M | −$286.0M | −$54.0M |
| Change in working capital | −$4.94B | −$587.0M | $2.26B | $653.0M | $575.0M | $203.0M | $426.0M | $1.15B | −$900.0M | −$2.19B |
| Other non-cash items | $1.95B | $2.25B | $945.0M | $1.67B | −$16.0M | −$1.55B | −$38.0M | $337.0M | $260.0M | $570.0M |
| Cash from operating activities | $4.38B | $7.88B | $10.11B | $9.08B | $7.21B | $4.66B | $7.36B | $7.84B | $5.58B | $3.50B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | −$50.0M | −$39.78B | −$63.49B | −$21.95B | $0 | −$12.45B | $0 |
| Investments (net) | $2.74B | −$3.23B | −$4.47B | −$10.38B | $11.35B | −$64.08B | −$24.36B | −$2.29B | −$15.02B | −$7.44B |
| Acquisitions & other investing | −$18.36B | $0 | $14.57B | −$3.00B | $25.64B | $76.45B | $21.32B | −$1.68B | $12.57B | $135.0M |
| Cash from investing activities | −$15.62B | −$3.23B | $10.11B | −$13.43B | −$2.79B | −$51.12B | −$24.99B | −$3.97B | −$14.89B | −$7.31B |
| Financing activities | ||||||||||
| Dividends paid | −$2.94B | −$2.89B | −$2.88B | −$2.69B | −$2.29B | −$2.21B | −$2.13B | −$1.84B | −$1.50B | −$1.27B |
| Share repurchases & issuance (net) | −$1.34B | −$1.19B | −$1.65B | −$5.23B | −$1.08B | −$2.10B | −$3.58B | −$2.88B | −$2.45B | −$2.06B |
| Net borrowing (repayment) | −$5.30B | −$10.35B | $13.61B | $481.0M | −$2.0M | −$12.04B | $8.61B | $2.48B | $6.51B | −$1.30B |
| Shares issued | $70.0M | $69.0M | $1.56B | $2.29B | $1.55B | $65.0M | $90.0M | $69.0M | $0 | $0 |
| Other financing | $14.20B | $5.23B | −$14.49B | $8.53B | −$1.61B | $64.70B | $14.09B | −$1.35B | $7.12B | $9.25B |
| Cash from financing activities | $4.70B | −$9.12B | −$3.85B | $3.38B | −$3.43B | $48.42B | $17.08B | −$3.51B | $9.69B | $4.62B |
| Summary | ||||||||||
| Net change in cash | −$6.54B | −$4.47B | $16.36B | −$961.0M | $987.0M | $1.96B | −$547.0M | $359.0M | $370.0M | $814.0M |
| Cash at end of period | $39.71B | $46.25B | $50.73B | $7.04B | $8.00B | $7.02B | $5.06B | $5.61B | $5.25B | $4.88B |
| Free cash flow | $4.38B | $7.88B | $10.11B | $9.08B | $46.99B | −$58.83B | −$14.58B | $7.84B | $5.58B | $3.50B |
| Free cash flow margin | 12.9% | 23.4% | 31.7% | 38.6% | 238.6% | −322.1% | −70.7% | 41.2% | 30.9% | 21.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.2% | 201.9% | 347.6% | 106.4% | 0.0% | 69.0% | 0.0% |
| Operating cash flow / net income | 0.63 | 1.32 | 1.79 | 1.49 | 1.26 | 0.62 | 1.36 | 1.47 | 1.04 | 0.88 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.06B | $1.77B | $2.03B | $1.82B | $1.64B | $1.50B | $1.63B | $1.50B | $1.48B | $1.34B | $883.0M | $1.57B |
| Depreciation & amortization | $107.0M | $66.0M | $108.0M | $101.0M | $82.0M | $90.0M | $164.0M | $21.0M | $37.0M | $37.0M | $43.0M | $49.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$277.0M | $129.0M |
| Change in working capital | −$773.0M | −$606.0M | −$1.96B | $229.0M | −$775.0M | −$2.44B | −$1.20B | $1.51B | −$780.0M | −$118.0M | $3.58B | −$1.90B |
| Other non-cash items | $758.0M | $696.0M | $573.0M | $504.0M | $530.0M | $341.0M | $1.21B | $252.0M | $301.0M | $495.0M | $631.0M | $265.0M |
| Cash from operating activities | $2.15B | $1.93B | $757.0M | $2.66B | $1.48B | −$509.0M | $1.80B | $3.29B | $1.03B | $1.76B | $4.86B | $115.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$6.84B | $5.07B | $2.89B | −$820.0M | −$11.71B | −$980.0M | $7.13B | −$3.78B | −$220.0M | −$6.37B | −$4.67B | $1.69B |
| Acquisitions & other investing | −$8.22B | −$15.66B | −$5.00B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.23B |
| Cash from investing activities | −$15.06B | −$10.59B | −$2.11B | −$820.0M | −$11.71B | −$980.0M | $7.13B | −$3.78B | −$220.0M | −$6.37B | −$4.67B | $4.91B |
| Financing activities | ||||||||||||
| Dividends paid | −$776.0M | −$769.0M | −$759.0M | −$749.0M | −$725.0M | −$710.0M | −$738.0M | −$728.0M | −$718.0M | −$705.0M | −$742.0M | −$728.0M |
| Share repurchases & issuance (net) | −$622.0M | −$796.0M | −$406.0M | −$334.0M | −$336.0M | −$262.0M | −$721.0M | −$130.0M | −$113.0M | −$223.0M | −$1.05B | −$11.0M |
| Net borrowing (repayment) | $19.23B | $8.35B | −$4.75B | $1.51B | −$475.0M | −$1.59B | −$5.15B | −$4.48B | — | — | — | $1.89B |
| Shares issued | $8.0M | $26.0M | $9.0M | $27.0M | $9.0M | $25.0M | $9.0M | $27.0M | $9.0M | $24.0M | $10.0M | $26.0M |
| Other financing | −$7.88B | −$6.17B | $8.10B | $6.18B | $3.75B | −$3.83B | $2.73B | $7.71B | −$10.45B | $4.52B | $3.21B | −$3.87B |
| Cash from financing activities | $9.96B | $644.0M | $2.19B | $6.64B | $2.22B | −$6.36B | −$3.87B | $2.40B | −$11.27B | $3.62B | $1.42B | −$2.69B |
| Summary | ||||||||||||
| Net change in cash | −$2.95B | −$8.01B | $842.0M | $8.48B | −$8.01B | −$7.85B | $5.07B | $1.91B | −$10.46B | −$988.0M | $1.62B | $2.33B |
| Cash at end of period | $28.75B | $31.70B | $39.71B | $38.87B | $30.39B | $38.40B | $46.25B | $41.19B | $39.28B | $5.93B | $6.92B | $46.78B |
| Free cash flow | $2.15B | $1.93B | $757.0M | $2.66B | $1.48B | −$509.0M | $1.80B | $3.29B | $1.03B | $1.76B | $4.86B | $115.0M |
| Free cash flow margin | 23.8% | 22.3% | 8.7% | 30.3% | 17.7% | −6.3% | 21.1% | 37.2% | 13.0% | 21.0% | 57.4% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 1.04 | 1.09 | 0.37 | 1.46 | 0.90 | −0.34 | 1.11 | 2.18 | 0.70 | 1.31 | 5.51 | 0.07 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PNC cash generation
In fiscal 2025 (ended December 31, 2025), PNC generated $4.4 billion of cash from operations (down 44.4%) and spent $0 on capital expenditures, leaving free cash flow of $4.4 billion, 12.9% of revenue. It returned $4.3 billion to shareholders through dividends ($2.9 billion) and net share buybacks ($1.3 billion). Cash and equivalents fell by $6.5 billion over the year.
Related: PNC income statement, PNC balance sheet, PNC dividend history. See the PNC stock overview for the latest quote and news.
PNC cash flow FAQ
What is PNC's free cash flow?
PNC's free cash flow was $4.4 billion in fiscal 2025: $4.4 billion of operating cash flow minus $0 of capital expenditures It was $7.9 billion a year earlier..
How much cash does PNC generate from operations?
PNC generated $4.4 billion of cash from operating activities in fiscal 2025, 0.63 times its net income of $7.0 billion.
How much stock does PNC buy back?
PNC spent $1.3 billion on net share repurchases in fiscal 2025.
How much does PNC pay in dividends?
PNC paid $2.9 billion in dividends in fiscal 2025, 67.1% of free cash flow.