PNC Financial Services Group (PNC) risk factors, FY2025 10-K

PNC Financial Services Group's FY2025 10-K, filed Feb 20, 2026, lists 30 risk factors in 7 groups. Against the prior year's 32: 3 new, 5 dropped, 19 substantially reworded.

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Risk factors listed
307 groups
New this year
3vs 32 last year
Dropped
5since the prior 10-K
Substantially reworded
19of those kept
Section length
15k wordsItem 1A

What the changes say

  • New risks emphasize interest-rate sensitivity, accounting estimates and fair values, and limits of resiliency planning.
  • Dropped disclosures cover privacy, cyberattacks, legal proceedings, regulatory compliance, and disruption-related credit losses.
  • Rewording highlights Basel III uncertainty, legal consequences, on- and off-balance-sheet rate exposure, and expanded technology-data processing.

What changed since the prior 10-K

New

  • NewRisks Related to the Business of Banking

    The PNC Financial Services Group, Inc. – 2025 Form 10-K 19

    Interest-rate and spread changes can reduce net interest income, increase variable-rate borrower losses, weaken hedges, alter loan demand, and impair mortgage servicing assets.

  • NewRisks Related to Estimates and Assumptions

    20 The PNC Financial Services Group, Inc. – 2025 Form 10-K materially affect our financial statements. In some cases, PNC may be required to retrospectively apply a new or amended standard resulting in changes to previously reported financial results

    Subjective assumptions for CECL credit reserves, legal reserves, fair values, and other estimates could materially change PNC’s financial statements and results.

  • NewOther Key Risks

    The PNC Financial Services Group, Inc. – 2025 Form 10-K 25

    Resiliency plans may not handle simultaneous or prolonged disruptions, especially when emergency responders or dependent organizations are unprepared.

Dropped

  • DroppedRisks Related to the Economy and Other External Factors, Including Regulation

    16 The PNC Financial Services Group, Inc. – 2024 Form 10-K intended to protect PNC security holders. In addition to regulation in the U.S., we are also subject to foreign regulation to a limited extent as a result of our business activities outside the U.S

  • DroppedRisks Related to the Economy and Other External Factors, Including Regulation

    Privacy and consumer data rights initiatives have imposed and will continue to impose additional operational burdens on PNC, and they may limit our ability to pursue desirable business initiatives and increase the risks associated with any future use of personal data

  • DroppedRisks Related to the Use of Technology

    The PNC Financial Services Group, Inc. – 2024 Form 10-K 21 more consumer confidential information becomes available to bad actors through the cumulative effect of data breaches at companies generally, bad actors may find it easier to use such information to gain access to our customer accounts

  • DroppedOther Key Risks

    28 The PNC Financial Services Group, Inc. – 2024 Form 10-K they face, such as in connection with the sale of a business or assets by us. The results of these legal proceedings could lead to significant monetary damages or penalties, restrictions on the way in which we conduct our business or reputational harm

  • DroppedOther Key Risks

    The PNC Financial Services Group, Inc. – 2024 Form 10-K 29 could result in PNC experiencing higher levels of nonperforming assets, net charge-offs and provisions for credit losses. They could also cause a reduction in demand for lending or other services that we provide

    Laws and regulations restrict activities, protect customers and information, and require anti-money-laundering and sanctions compliance.

Reworded

  • 100% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    The PNC Financial Services Group, Inc. – 2025 Form 10-K 13

    The risk shifts from foreign economic and geopolitical exposure to uncertain Basel III-related regulatory capital and liquidity requirements.

    Was: The PNC Financial Services Group, Inc. – 2024 Form 10-K 15

  • 93% rewrittenOther Key Risks

    We are at risk for the impact of adverse results in legal proceedings

    The update adds indemnified legal proceedings and explicitly identifies monetary damages, penalties, business restrictions, and reputational harm.

  • 91% rewrittenRisks Related to the Business of Banking

    Our business and financial performance are impacted significantly by market interest rates and movements in those rates

    The shown update largely preserves the prior interest-rate, yield-curve, and spread exposure, with no substantive change visible.

  • 80% rewrittenRisks Related to Estimates and Assumptions

    Our asset and liability valuations and the determination of the amount of loss allowances and impairments taken on our assets are highly subjective. Our estimates could materially impact our results of operations or financial position

    The updated wording continues GAAP-policy judgment risk and emphasizes that accounting estimates and assumptions can materially affect results.

  • 70% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    The policies of the Federal Reserve and other governmental agencies have a significant impact on interest rates and overall financial market performance, which are important to our business and financial performance

    The update adds that Federal Reserve-driven rates can affect PNC’s on-balance-sheet and off-balance-sheet financial instruments.

  • 66% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    A downgrade in our credit ratings could significantly impact our liquidity, funding costs and access to the capital markets

    The downgrade discussion removes the explicit reference to counterparties willing to lend to PNC; the other funding and liquidity effects remain.

  • 66% rewrittenRisks Related to the Use of Technology

    We need effective programs to limit the risk of failures, interruptions and security breaches occurring in our technology and to mitigate and remediate the impact when they do

    Technology programs are now described as mitigating and remediating failures and breaches, while the shown text omits explicit guarantees and third-party oversight limits.

    Was: We need effective programs to limit the risk of failures or breaches occurring in our information systems and to mitigate the impact when they do

  • 65% rewrittenRisks Related to the Use of Technology

    We are vulnerable to the risk of cyber attacks and breaches affecting the functioning of technology or the confidentiality of information that could adversely affect our customers and our business

    The update broadens the exposure from electronic transactions to access to products and services, and expressly covers gathering, use, transmission, and processing of personal data.

    Was: We are vulnerable to the risk of breaches of data security affecting the functioning of systems or the confidentiality of information that could adversely affect our customers and our business

  • 62% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    Climate-related risks could adversely affect our business and performance, including indirectly through impacts on our customers

    Was: Climate change-related risks could adversely affect our business and performance, including indirectly through impacts on our customers

  • 58% rewrittenRisks Related to the Use of Technology

    Our use of technology is dependent on having the right to use its underlying intellectual property

  • 56% rewrittenRisks Related to the Use of Technology

    We could suffer a material adverse impact from failures and interruptions in the effective operation of our technology

    Was: We could suffer a material adverse impact from interruptions in the effective operation of our information systems and other technology

  • 51% rewrittenRisks Related to Our Need for Customers

    We depend on skilled labor, and employee attrition, competition for talented employees and labor shortages may have a material adverse effect on our business and operations

  • 50% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    Our business and financial performance are vulnerable to the impact of adverse economic conditions

  • 41% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    We are subject to regulatory capital and liquidity standards that affect our business, operations and ability to pay dividends or otherwise return capital to shareholders

  • 37% rewrittenRisks Related to Our Need for Customers

    We operate in a highly competitive environment in terms of the products and services we offer and the geographic markets in which we conduct business

  • 32% rewrittenRisks Related to the Economy and Other External Factors, Including Regulation

    The impact of government legislation, regulation and policy and other political factors on the economy could have an adverse effect on our business and financial performance

  • 30% rewrittenRisks Related to the Business of Banking

    The concentration and mix of our assets could increase the potential for significant credit losses

  • 26% rewrittenRisks Related to Estimates and Assumptions

    There are risks resulting from the extensive use of models, some of which use AI, in our business

  • 25% rewrittenRisks Related to the Use of Technology

    The use of technology is critical to our ability to maintain or enhance the competitiveness of our businesses

All 30 risk factors

Headings as the filing states them, in filing order.

Risks Related to the Economy and Other External Factors, Including Regulation

  1. 01Our business and financial performance are vulnerable to the impact of adverse economic conditions50% rewritten
  2. 02The impact of government legislation, regulation and policy and other political factors on the economy could have an adverse effect on our business and financial performance32% rewritten
  3. 03The policies of the Federal Reserve and other governmental agencies have a significant impact on interest rates and overall financial market performance, which are important to our business and financial performance70% rewritten
  4. 04We are subject to regulatory capital and liquidity standards that affect our business, operations and ability to pay dividends or otherwise return capital to shareholders41% rewritten
  5. 05The PNC Financial Services Group, Inc. – 2025 Form 10-K 13100% rewritten
  6. 06Our ability to operate our business could be impaired if our liquidity is unexpectedly constrained
  7. 07A downgrade in our credit ratings could significantly impact our liquidity, funding costs and access to the capital markets66% rewritten
  8. 08Climate-related risks could adversely affect our business and performance, including indirectly through impacts on our customers62% rewritten

Risks Related to the Use of Technology

  1. 09The use of technology is critical to our ability to maintain or enhance the competitiveness of our businesses25% rewritten
  2. 10Our use of technology is dependent on having the right to use its underlying intellectual property58% rewritten
  3. 11We could suffer a material adverse impact from failures and interruptions in the effective operation of our technology56% rewritten
  4. 12We are vulnerable to the risk of cyber attacks and breaches affecting the functioning of technology or the confidentiality of information that could adversely affect our customers and our business65% rewritten
  5. 13We need effective programs to limit the risk of failures, interruptions and security breaches occurring in our technology and to mitigate and remediate the impact when they do66% rewritten

Risks Related to the Business of Banking

  1. 14Our business and financial results are subject to risks associated with the creditworthiness of our customers and counterparties
  2. 15The concentration and mix of our assets could increase the potential for significant credit losses30% rewritten
  3. 16Our business and financial performance are impacted significantly by market interest rates and movements in those rates91% rewritten
  4. 17The PNC Financial Services Group, Inc. – 2025 Form 10-K 19New
  5. 18Our business and financial performance are vulnerable to the impact of changes in the values of financial assets

Risks Related to Estimates and Assumptions

  1. 19Our asset and liability valuations and the determination of the amount of loss allowances and impairments taken on our assets are highly subjective. Our estimates could materially impact our results of operations or financial position80% rewritten
  2. 2020 The PNC Financial Services Group, Inc. – 2025 Form 10-K materially affect our financial statements. In some cases, PNC may be required to retrospectively apply a new or amended standard resulting in changes to previously reported financial resultsNew
  3. 21There are risks resulting from the extensive use of models, some of which use AI, in our business26% rewritten

Risks Related to Our Need for Customers

  1. 22Our success depends on our ability to attract and retain customers for our products and services
  2. 23We are at risk of an adverse impact on our business due to damage to our reputation
  3. 24We operate in a highly competitive environment in terms of the products and services we offer and the geographic markets in which we conduct business37% rewritten
  4. 25We depend on skilled labor, and employee attrition, competition for talented employees and labor shortages may have a material adverse effect on our business and operations51% rewritten

Risks Related to Other Operational Issues

  1. 26We depend on the effectiveness and integrity of employees, and the systems and controls for which they are responsible, to manage operational risks
  2. 27We rely on third-party vendors, service providers and other counterparties to help support many aspects of our business. When we do so, our direct control of activities related to our business is reduced, which introduces risk

Other Key Risks

  1. 28We are at risk for the impact of adverse results in legal proceedings93% rewritten
  2. 29Our business and financial performance could be adversely affected, directly or indirectly, by disasters, natural or otherwise, by terrorist activities, by international hostilities or by domestic civil unrest
  3. 30The PNC Financial Services Group, Inc. – 2025 Form 10-K 25New

Other PNC Financial Services Group 10-Ks

  • FY2024 10-K risk factors
    37 risks

    Technology failures, cyberattacks and third-party disruptions threaten PNC’s transaction processing, customer data and operational resilience.

    Filed Feb 21, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.