PNC FINANCIAL SERVICES GROUP, INC.PNC
PNC FINANCIAL SERVICES GROUP, INC. Revenue Disclosure
FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS
A subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606). The objective of the standard is to clarify the principles for recognizing revenue from contracts with customers across all industries and to develop a common revenue standard under GAAP. The standard requires the application of a five-step recognition model to contracts, allocating the amount of consideration we expect to be entitled to across distinct promises in the contract, called performance obligations, and recognizing revenue when or as those services are transferred to the customer.
Fee-based revenue within the scope of Topic 606 is recognized within our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.
Table 120 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams reported on our Consolidated Income Statement. A description of the fee-based revenue and how it is recognized for each segment’s principal products and services follows this Table 120.
Table 120: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income
| Year ended December 31 In millions | Retail Banking | Corporate & Institutional Banking | Asset Management Group | |||||||||||||||||
| 2025 | ||||||||||||||||||||
| Asset management and brokerage | ||||||||||||||||||||
| Asset management fees | $ | — | $ | — | $ | 986 | ||||||||||||||
| Brokerage fees | 611 | — | — | |||||||||||||||||
| Total asset management and brokerage | 611 | — | 986 | |||||||||||||||||
| Card and cash management | ||||||||||||||||||||
| Treasury management fees | 41 | 1,591 | — | |||||||||||||||||
| Debit card fees | 717 | — | — | |||||||||||||||||
| Net credit card fees (a) | 206 | — | — | |||||||||||||||||
| Merchant services | 147 | 76 | — | |||||||||||||||||
| Other | 81 | — | — | |||||||||||||||||
| Total card and cash management | 1,192 | 1,667 | — | |||||||||||||||||
| Lending and deposit services | ||||||||||||||||||||
| Deposit account fees | 676 | — | — | |||||||||||||||||
| Other | 72 | 31 | — | |||||||||||||||||
| Total lending and deposit services | 748 | 31 | — | |||||||||||||||||
| Residential and commercial mortgage (b) | — | 114 | — | |||||||||||||||||
| Capital markets and advisory | — | 1,087 | — | |||||||||||||||||
| Other | — | 83 | — | |||||||||||||||||
| Total in-scope noninterest income | 2,551 | 2,982 | 986 | |||||||||||||||||
| Out-of-scope noninterest income (c) | 497 | 1,360 | 15 | |||||||||||||||||
| Noninterest income by business segment | $ | 3,048 | $ | 4,342 | $ | 1,001 | ||||||||||||||
| Reconciliation to consolidated noninterest income | For the year ended December 31, 2025 | |||||||||||||||||||
| Total in-scope business segment noninterest income | $ | 6,519 | ||||||||||||||||||
| Out-of-scope business segment noninterest income (c) | 1,872 | |||||||||||||||||||
| Noninterest income from other activities (d) | 298 | |||||||||||||||||||
| Noninterest income as shown on the Consolidated Income Statement | $ | 8,689 | ||||||||||||||||||
| (Continued from previous page) | ||||||||||||||||||||
| Year ended December 31 In millions | Retail Banking | Corporate & Institutional Banking | Asset Management Group | |||||||||||||||||
| 2024 | ||||||||||||||||||||
| Asset management and brokerage | ||||||||||||||||||||
| Asset management fees | $ | — | $ | — | $ | 933 | ||||||||||||||
| Brokerage fees | 551 | — | 1 | |||||||||||||||||
| Total asset management and brokerage | 551 | — | 934 | |||||||||||||||||
| Card and cash management | ||||||||||||||||||||
| Treasury management fees | 41 | 1,481 | — | |||||||||||||||||
| Debit card fees | 699 | — | — | |||||||||||||||||
| Net credit card fees (a) | 189 | — | — | |||||||||||||||||
| Merchant services | 157 | 74 | — | |||||||||||||||||
| Other | 87 | — | — | |||||||||||||||||
| Total card and cash management | 1,173 | 1,555 | — | |||||||||||||||||
| Lending and deposit services | ||||||||||||||||||||
| Deposit account fees | 645 | — | — | |||||||||||||||||
| Other | 74 | 32 | — | |||||||||||||||||
| Total lending and deposit services | 719 | 32 | — | |||||||||||||||||
| Residential and commercial mortgage (b) | — | 117 | — | |||||||||||||||||
| Capital markets and advisory | — | 888 | — | |||||||||||||||||
| Other | — | 75 | — | |||||||||||||||||
| Total in-scope noninterest income | 2,443 | 2,667 | 934 | |||||||||||||||||
| Out-of-scope noninterest income (c) | 1,139 | 1,260 | 15 | |||||||||||||||||
| Noninterest income by business segment | $ | 3,582 | $ | 3,927 | $ | 949 | ||||||||||||||
| Reconciliation to consolidated noninterest income | For the year ended December 31, 2024 | |||||||||||||||||||
| Total in-scope business segment noninterest income | $ | 6,044 | ||||||||||||||||||
| Out-of-scope business segment noninterest income (c) | 2,414 | |||||||||||||||||||
| Noninterest income from other activities (d) | (402) | |||||||||||||||||||
| Noninterest income as shown on the Consolidated Income Statement | $ | 8,056 | ||||||||||||||||||
| (Continued from previous page) | ||||||||||||||||||||
| Year ended December 31 In millions | Retail Banking | Corporate & Institutional Banking | Asset Management Group | |||||||||||||||||
| 2023 | ||||||||||||||||||||
| Asset management and brokerage | ||||||||||||||||||||
| Asset management fees | $ | — | $ | — | $ | 882 | ||||||||||||||
| Brokerage fees | 523 | — | 7 | |||||||||||||||||
| Total asset management and brokerage | 523 | — | 889 | |||||||||||||||||
| Card and cash management | ||||||||||||||||||||
| Treasury management fees | 41 | 1,377 | — | |||||||||||||||||
| Debit card fees | 691 | — | — | |||||||||||||||||
| Net credit card fees (a) | 228 | — | — | |||||||||||||||||
| Merchant services | 168 | 77 | — | |||||||||||||||||
| Other | 96 | — | — | |||||||||||||||||
| Total card and cash management | 1,224 | 1,454 | — | |||||||||||||||||
| Lending and deposit services | ||||||||||||||||||||
| Deposit account fees | 637 | — | — | |||||||||||||||||
| Other | 73 | 34 | — | |||||||||||||||||
| Total lending and deposit services | 710 | 34 | — | |||||||||||||||||
| Residential and commercial mortgage (b) | — | 140 | — | |||||||||||||||||
| Capital markets and advisory | — | 653 | — | |||||||||||||||||
| Other | — | 68 | — | |||||||||||||||||
| Total in-scope noninterest income | 2,457 | 2,349 | 889 | |||||||||||||||||
| Out-of-scope noninterest income (c) | 494 | 1,188 | 16 | |||||||||||||||||
| Noninterest income by business segment | $ | 2,951 | $ | 3,537 | $ | 905 | ||||||||||||||
| Reconciliation to consolidated noninterest income | For the year ended December 31, 2023 | |||||||||||||||||||
| Total in-scope business segment noninterest income | $ | 5,695 | ||||||||||||||||||
| Out-of-scope business segment noninterest income (c) | 1,698 | |||||||||||||||||||
| Noninterest income from other activities (d) | 181 | |||||||||||||||||||
| Noninterest income as shown on the Consolidated Income Statement | $ | 7,574 | ||||||||||||||||||
(a)Net credit card fees consist of interchange fees of $696 million, $671 million and $673 million and credit card reward costs totaled $490 million, $482 million and $445 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(b)Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment.
(c)Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.
(d)Includes residual activities from corporate operations. For additional information, see Note 22 Segment Reporting.
Retail Banking
Brokerage Fees
Retail Banking earns fee revenue by providing its customers a wide range of investment options through its brokerage services including mutual funds, annuities, stocks, bonds, long-term care and insurance products and managed accounts. We earn fee revenue for transaction-based brokerage services, such as the execution of market trades once the transaction has been completed as of the trade date. In other cases, such as investment management services, we earn fee revenue over the term of the customer contract.
Treasury Management Fees
Retail Banking earns fee revenue by providing customers with receivables and payables management services, funds transfer services, and access to online/mobile information management and reporting services. Treasury management fees are primarily recognized over time as we perform these services.
Debit Card and Net Credit Card Fees
As an issuing bank, Retail Banking earns interchange fee revenue from debit and credit card transactions. By offering card products, we maintain and administer card-related services, such as credit card reward programs, account data and statement information, card activation, card renewals, and card suspension and blockage. Interchange fees are earned when cardholders make purchases and are presented in Table 120 net of credit card reward costs, which are earned by customers when they make purchases.
Merchant Services
Retail Banking earns fee revenue for debit and credit card processing services and products. We provide these services to merchant businesses including point-of-sale payment acceptance capabilities and customized payment processing built around the merchant’s specific requirements. We earn fee revenue as the merchant’s customers make purchases.
Deposit Account Fees
Retail Banking provides demand deposit, money market and savings account products for consumer and small business customers. Services include online and branch banking, overdraft and wire transfer services, imaging services and cash alternative services, such as money orders and cashier’s checks. We recognize fee income at the time these services are performed for the customer.
Other
Other noninterest income primarily includes ATM fees earned from our customers and non-PNC customers. These fees are recognized as transactions occur.
Corporate & Institutional Banking
Treasury Management Fees
Corporate & Institutional Banking provides corporations with cash and investment management services, receivables and disbursement management services, funds transfer services and access to online/mobile information management and reporting services. Treasury management fees are primarily recognized over time as we perform these services.
Merchant Services
Corporate & Institutional Banking earns fee revenue for debit and credit card processing services and products. We provide these services to merchant businesses including point-of-sale payment acceptance capabilities and customized payment processing built around the merchant’s specific requirements. We earn fee revenue as the merchant’s customers make purchases.
Commercial Mortgage
Commercial mortgage banking activities include servicing responsibilities where we do not own the servicing rights. Servicing responsibilities typically consist of collecting and remitting monthly borrower principal and interest payments, maintaining escrow deposits, performing loss mitigation and foreclosure activities, and, in certain instances, funding of servicing advances. We recognize servicing fees over time as we perform these activities.
Capital Markets and Advisory
Capital markets and advisory fees include securities underwriting fees, merger and acquisition advisory fees and other advisory-related fees. We generally recognize these fees when the Company’s performance obligation related to the underlying transaction is met.
Other
Other noninterest income within Corporate & Institutional Banking is primarily comprised of fees from collateral management and asset management services. We earn these fees over time as we perform these services.
Asset Management Group
Asset Management Fees
Asset Management Group provides both personal wealth and institutional asset management services including investment management, custody services, retirement planning, family planning, trust management and retirement plan fiduciary investment services. Asset management fees are recognized over the term of the customer contract based on the value of assets under management at a point in time.
Brokerage Fees
Asset Management Group provides a wide range of investment options through its brokerage services including mutual funds, annuities, stocks, bonds, insurance products and managed accounts. Brokerage fees are recognized over the term of the customer contract either based on the value of brokerage assets at a point in time or based on transactions executed on behalf of the customer.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.