The PNC Financial (0KEF.L) Q4 2025 Earnings Report

Financial highlights and trend analysis for QQ4 2025:
- Revenue: 6.071B; YoY change: -28.84%; QoQ change: -30.96%
- Gross Profit: 6.071B; YoY: +12.20%; QoQ: +5.62% (illustrates a non-GAAP presentation where gross profit tracks revenue; note potential data construct)
- Operating Income: 2.329B; YoY: +22.26%; QoQ: +1.84%
- Net Income: 2.020B; YoY: +25.47%; QoQ: +11.73%
- EPS: 4.88; YoY: +29.44%; QoQ: +11.93%
- EBITDA: 2.329B; EBITDA Margin: 38.36%
- Operating Margin: 38.36%; Net Margin: 33.27%
- Income Before Tax: 2.329B; Tax Expense: 296M; Effective Tax Rate: ~12.7%
- Weighted Average Shs Out: 394.0M; EPS Diluted: 4.88
Interpretation: The quarter shows a sharp revenue decline driven by external rate and product-cycle dynamics, yet PNC sustains a high-margin earnings framework driven by cost discipline and favorable expense management. The low tax rate relative to pre-tax income supports the solid net margin backdrop. Investors should monitor net interest income sensitivity to rate moves, fee-based revenue trajectory, and the pace of loan loss provisions going forward.