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PNC Financial Services Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.1B in Q3 2026 · $7.9B over twelve months

Operating cash flow$3.1B
Free cash flow+$3.1B
Cash / net income1.5×

Analysis

In Q3 2026, PNC Financial Services Group generated $3.1B of operating cash flow. That is $409M more than in Q3 2025 ($2.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $7.9B; the largest uses were other investing ($40.0B), dividends ($2.9B), buybacks ($2.4B); besides operations, cash came from other financing ($29.6B); the cash balance fell by $8.4B.

Operating cash flow was $3.1B against net income of $2.1B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$1.9B, accrued liabilities +$1.1B, other operating capital +$589M.

Free cash flow

PNC Financial Services Group: free cash flow by quarterPNC Financial Services Group: free cash flow by quarter$1.8BQ4 2024−$509MQ1 2025$1.5BQ2 2025$2.7BQ3 2025$757MQ4 2025$1.9BQ1 2026$2.1BQ2 2026$3.1BQ3 2026
Operating cash flow less capital spending.
PNC Financial Services Group: operating cash flow against capital spendingPNC Financial Services Group: operating cash flow against capital spendingOperating cash flowCapital spending$1.8B$0Q4 2024−$509M$0Q1 2025$1.5B$0Q2 2025$2.7B$0Q3 2025$757M$0Q4 2025$1.9B$0Q1 2026$2.1B$0Q2 2026$3.1B$0Q3 2026
Latest (Q3 2026): Operating cash flow $3.1B, Capital spending $0.

Capital allocation, year by year

PNC Financial Services Group: where the cash came from (up) and went (down), by fiscal yearPNC Financial Services Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.2BFY2021: Net borrowing $44.0MFY2021: Shares issued $1.5BFY2021: Acquisitions −$10.5BFY2021: Buybacks −$1.1BFY2021: Dividends −$2.1B$8.7BFY2021FY2022: Operating cash flow $9.1BFY2022: Net borrowing $636MFY2022: Shares issued $2.2BFY2022: Buybacks −$3.7BFY2022: Dividends −$2.4B$11.9BFY2022FY2023: Operating cash flow $10.1BFY2023: Net borrowing −$549MFY2023: Shares issued $1.5BFY2023: Buybacks −$651MFY2023: Dividends −$2.5B$11.6BFY2023FY2024: Operating cash flow $7.9BFY2024: Net borrowing $431MFY2024: Buybacks −$687MFY2024: Dividends −$2.5B$8.3BFY2024FY2025: Operating cash flow $4.4BFY2025: Net borrowing −$377MFY2025: Buybacks −$1.3BFY2025: Dividends −$2.6B$4.4BFY2025
Over these 5 years operating cash flow totalled $38.7B; the largest uses were dividends ($12.1B) and acquisitions ($10.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.4B
Debt$79.8B
Net debt$49.3B
Due within a year$11.7B

PNC Financial Services Group funds itself: free cash flow was $7.9B over the last twelve months, and $30.4B of cash and investments stands against $79.8B of debt ($11.7B due within a year, 2.6× covered by cash).

PNC Financial Services Group: debt maturities by year (FY2025)PNC Financial Services Group: debt maturities by year (FY2025)$11.7BYear 1$12.3BYear 2$6.4BYear 3$4.7BYear 4$3.7BYear 5$18.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $30.4B of cash and investments now.

Where the cash came from and went

PNC Financial Services Group: sources (+) and uses (−) of cash, Q3 2026PNC Financial Services Group: sources (+) and uses (−) of cash, Q3 2026Other investing−$12.2BOther financing$11.9BOperating cash flow$3.1BCash drawn (+) / kept (−)−$1.7BDividends−$809MBuybacks−$566MNet borrowing (+) / repaid (−)$252M
PNC Financial Services Group: sources (+) and uses (−) of cash, TTM to Q3 2026PNC Financial Services Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$40.0BOther financing$29.6BCash drawn (+) / kept (−)$8.4BOperating cash flow$7.9BDividends−$2.9BBuybacks−$2.4BNet borrowing (+) / repaid (−)−$697M

From profit to cash

PNC Financial Services Group: net income to operating cash flow, Q3 2026PNC Financial Services Group: net income to operating cash flow, Q3 2026Net income$2.1BDepreciation & amortization$127MDeferred taxes$39.0MAccrued liabilities$1.1BPrepaid and other assets−$1.9BOther operating capital$589MOperating cash flow$3.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$3.1B—−$566M−$809M$252M−$1.7B$3.1B
Q2 2026$2.1B—−$622M−$691M−$92.0M$3.0B$2.1B
Q1 2026$1.9B−$80.0M−$796M−$696M$290M$8.0B$1.9B
Q4 2025$757M—−$406M−$676M−$1.1B−$842M$757M
Q3 2025$2.7B—−$334M−$678M$621M−$8.5B$2.7B
Q2 2025$1.5B—−$336M−$642M−$270M$8.0B$1.5B
Q1 2025−$509M—−$262M−$639M$419M$7.9B−$509M
Q4 2024$1.8B—−$221M−$644M−$73.0M−$5.1B$1.8B

PNC Financial Services Group: income statement and cash flow

PNC Financial Services Group, Q3 2026: revenue $6.6B (+11% year over year), operating margin 40.0%. The chart follows the revenue to costs, profit and cash.

PNC Financial Services Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.