PNC Financial Services Group, Inc. (The)

Greetings and welcome to the PNC Financial Services Group Earnings Conference Call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If you'd like to ask a question during this time, please press star 1 on your telephone keypad. If you'd like to withdraw your question, please press star 2 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Brian Gill. Thank you, Brian. You may begin.

Well, good morning, and welcome to today's conference call for the PNC Financial Services Group. I am Brian Gill, the Director of Investor Relations for PNC, and participating on this call are PNC's Chairman and CEO, Bill Demchek, and Rob Rulley, Executive Vice President and CFO. Today's presentation contains forward-looking information. Cautionary statements about this information as well as reconciliations of non-GAAP measures, are included in today's earnings release materials, as well as our SEC filings and other investor materials. These are all available on our corporate website, pnc.com, under investor relations. These statements speak only as of January 16, 2026, and PNC undertakes no obligation to update them. Now I'd like to turn to call over to Bill.

Thank you, Brian, and good morning, everyone. As you've seen, by virtually all measures, 2025 was a successful year for PNC. We earned $7 billion in net income, or $16.59 per share. Strong performance across all our lines of business resulted in record revenue, 5% operating leverage, and 21% EPS growth for the year. As you've likely seen on January 5th, we closed the acquisition of First Bank and we're all excited about the opportunity in front of us. And I'd like to welcome the First Bank employees to PNC. You know, we ended 2025 with substantial momentum marked by meaningful client growth across all of our businesses and our ongoing branch expansion. And we're poised to accelerate that growth in 2026. As Rob will highlight in a second, we're positioned to generate meaningful, positive operating leverage again this year. Importantly, we expect to do so on a PNC standalone basis and also with the addition of FirstBank. Further, we will exit 2026 with FirstBank's fully integrated results, which we expect will add approximately a dollar per share to the 2027 results. Finally, we expect to achieve all this while also executing one of the largest investment agendas we've ever pursued, including all of our technology initiatives, payments capabilities, and consumer rewards platforms. and of course, our branch expansions. Now, before I wrap up, I want to thank all of our employees for everything they do for our company and our customers, including our new teammates from First Bank. I'm incredibly excited about what we're going to be able to accomplish together. With that, I'll turn it over to Rob to take you through the numbers. Rob?