PNC Financial Services Group (NYSE: PNC) reported fourth-quarter earnings that exceeded expectations, supported by record revenue and improved operating leverage, sending shares more than 3% higher intra-day on Friday.

The bank posted adjusted earnings of $4.88 per share, well above the analyst consensus of $4.19. Revenue reached a record $6.1 billion, surpassing estimates of $5.95 billion and increasing 9% year over year, driven by growth in both net interest income and noninterest income.

Net interest income rose to $3.7 billion, up 2% from the prior quarter and 6% year over year, benefiting from lower funding costs, loan growth, and continued repricing of fixed-rate assets. Net interest margin improved 5 basis points sequentially to 2.84%. Fee income increased 3% quarter over quarter to $2.1 billion, led by stronger capital markets and advisory activity.

PNC also announced the completion of its acquisition of FirstBank Holding Company on January 5, 2026, adding $26 billion in assets, $16 billion in loans, and $23 billion in deposits. The bank said it expected to increase share repurchases to approximately $600 million to $700 million in the first quarter of 2026.