The PNC Financial Services Group (PNC) Cash Flow: Operating & Free Cash Flow

The PNC Financial Services Group (PNC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), The PNC Financial Services Group generated $4.38B of operating cash flow. Free cash flow was $4.38B, down 44.4% from $7.88B a year earlier, or 19.6% of revenue. It returned $4.28B to shareholders through $2.94B in dividends and $1.34B in share buybacks.

The PNC Financial Services Group Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The PNC Financial Services Group, Inc. (PNC) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	7.00	5.95	5.65	6.11	5.73	7.56	5.42	5.35	5.39
Depreciation & Amortization	0.38	0.26	0.22	0.65	1.77	1.50	1.32	1.13	1.12
Deferred Income Tax	-0.04	-0.03	-0.25	0.35	0.18	-2.24	0.30	0.13	-0.40
Change in Working Capital	-4.94	-0.59	2.26	1.20	0.49	-0.60	-0.22	1.15	-0.90
Change in Other Working Capital	0.71	2.49	3.51	0.83	-0.71	-0.60	-0.22	1.15	-0.90
Other Operating Activities	0.71	-0.13	0.05	0.83	0.26	-1.56	0.55	0.09	0.38
Net Cash from Operating Activities	4.38	7.88	10.11	9.08	7.21	4.66	7.36	7.84	5.58
Investing Activities
Acquisitions	0.00	0.00	0.00	0.00	-10.51	14.23	0.08	0.00	-1.34
Purchases of Investments	-22.08	-32.11	-5.66	-41.01	-85.58	-45.41	-25.49	-26.79	-19.21
Sales/Maturities of Investments	24.83	26.59	13.96	22.58	57.15	44.81	23.08	19.34	19.33
Other Investing Activities	-2.64	-1.10	-1.99	-3.05	-3.63	-64.75	-22.65	3.48	-13.67
Net Cash from Investing Activities	-15.62	-3.23	10.11	-60.36	-2.80	-51.12	-24.99	-3.97	-14.90
Financing Activities
Debt Repayment	-17.43	-23.75	-3.13	-8.06	-8.75	-18.27	-2.28	-1.93	6.66
Common Stock Issued	0.07	0.07	0.07	0.07	0.07	0.07	0.09	0.07	0.13
Common Stock Repurchased	-1.34	-0.69	-0.65	-5.23	-2.06	-1.62	-3.58	-2.88	-2.45
Dividends Paid	-2.94	-2.54	-2.46	-2.69	-3.43	-2.21	-2.13	-1.84	-1.50
Other Financing Activities	14.13	5.23	-14.49	-20.97	7.82	70.46	24.98	3.07	6.84
Net Cash from Financing Activities	4.70	-9.12	-3.85	3.38	-3.43	48.42	17.08	-3.51	9.69
Summary
Net Change in Cash	-6.54	-4.47	16.36	-47.89	0.99	1.96	-0.55	0.36	0.37
Cash at Beginning of Period	46.25	50.73	34.36	82.25	7.02	5.06	5.61	5.25	4.88
Cash at End of Period	39.71	46.25	50.73	34.36	8.00	7.02	5.06	5.61	5.25
Free Cash Flow	4.38	7.88	10.11	9.08	7.21	4.66	7.36	7.84	5.58
Supplemental Disclosures
Interest Paid	-	13.05	9.45	2.17	0.58	-	-	-	-
Income Taxes Paid	-	0.39	0.17	0.17	0.60	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About The PNC Financial Services Group Cash Flow

What is The PNC Financial Services Group's free cash flow?

The PNC Financial Services Group generated free cash flow of $4.38B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 44.4% from $7.88B a year earlier. Free cash flow equaled 19.6% of revenue.

Does The PNC Financial Services Group pay dividends or buy back shares?

Yes. In fiscal 2025 The PNC Financial Services Group returned $2.94B in dividends and $1.34B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition