Detailed financial statements for F.N.B. Corporation (FNB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
F.N.B. Corporation functions as a financial holding entity, delivering a broad spectrum of financial solutions. Its primary clientele includes individual consumers, corporate enterprises, governmental bodies, and small to mid-sized businesses. The organization's operations are divided into three main segments: Community Banking, Wealth Management, and Insurance. Through its commercial banking division, F.N.B.
Analysis Summary
F.N.B. Corporation reported revenue of $2.69B in the most recent fiscal year, growing at a 5-year CAGR of 13.3%. Net income reached $565.4M, with a 14.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 65.2%, operating margin 27.8%, net margin 22.5%. Free cash flow grew at 39.2% CAGR over 5 years.
At $18.44 (closing price, November 2, 2026), FNB trades at a P/E of 10.85 and an ROE of 8.93%. Market capitalisation stands at $6.5B.
Balance sheet quality for FNB: debt-to-equity ratio of 0.71, current ratio of 0.14 over the last 12 months, net cash position of $2.31B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $376.0M represents 67% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $880.0M | $1.23B | $1.45B | $1.54B | $1.44B | $1.33B | $1.61B | $2.23B | $2.57B | $2.69B |
| Cost of Revenue | $123.0M | $195.0M | $299.0M | $374.0M | $331.0M | $99.0M | $229.0M | $728.0M | $1.05B | $1.02B |
| Gross Profit | $757.0M | $1.04B | $1.15B | $1.17B | $1.11B | $1.24B | $1.38B | $1.50B | $1.52B | $1.68B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $294.6M | $395.7M | $403.0M | $411.0M | $439.0M | $450.0M | $462.0M | $540.0M | $566.0M | $715.8M |
| Operating Expenses | $511.0M | $681.0M | $695.0M | $696.0M | $767.0M | $733.0M | $826.0M | $915.0M | $961.0M | $1.01B |
| Operating Income | $246.0M | $356.0M | $452.0M | $471.0M | $343.0M | $503.0M | $553.0M | $584.0M | $555.0M | $669.4M |
| EBITDA | $307.0M | $445.0M | $561.0M | $516.0M | $340.0M | $513.0M | $626.0M | $662.0M | $622.0M | $746.4M |
| Interest Expense | $67.0M | $134.0M | $238.0M | $330.0M | $208.0M | $98.0M | $165.0M | $656.0M | $971.7M | $929.8M |
| Pre-tax Income | $246.0M | $356.0M | $452.0M | $471.0M | $343.0M | $503.0M | $553.0M | $584.0M | $555.0M | $669.4M |
| Income Tax | $75.0M | $157.0M | $79.0M | $84.0M | $57.0M | $98.0M | $114.0M | $99.0M | $90.0M | $104.0M |
| Net Income | $171.0M | $199.0M | $373.0M | $387.0M | $286.0M | $405.0M | $439.0M | $485.0M | $465.0M | $565.4M |
| EPS | $0.79 | $0.63 | $1.13 | $1.17 | $0.86 | $1.24 | $1.23 | $1.32 | $1.27 | $1.57 |
| EPS (Diluted) | $0.78 | $0.63 | $1.12 | $1.16 | $0.85 | $1.23 | $1.22 | $1.31 | $1.27 | $1.56 |
| Shares Outstanding (Diluted) | 207.8 M | 303.9 M | 325.6 M | 326.1 M | 325.5 M | 323.5 M | 354.1 M | 362.9 M | 362.6 M | 362.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $679.8M | $660.3M | $675.0M | $688.6M |
| Gross Profit | $438.9M | $431.8M | $441.3M | $449.5M |
| Operating Income | $165.7M | $173.9M | $188.1M | $222.6M |
| EBITDA | $187.7M | $196.9M | $213.1M | $222.6M |
| Net Income | $168.7M | $137.0M | $148.7M | $152.9M |
| EPS | $0.47 | $0.38 | $0.42 | $0.43 |
| EPS (Diluted) | $0.47 | $0.38 | $0.42 | $0.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $371.4M | $479.4M | $488.0M | $599.0M | $1.38B | $3.49B | $1.67B | $1.58B | $2.42B | $2.50B |
| Short-term Investments | $2.23B | $2.76B | $3.34B | $3.29B | $3.46B | $3.43B | $3.27B | $3.25B | $2.98B | $3.73B |
| Receivables | $196.6M | $267.0M | $373.0M | $432.0M | $468.0M | $480.3M | $505.5M | $578.0M | $742.0M | $34.34B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.80B | $3.51B | $4.20B | $4.32B | $5.31B | $7.41B | $5.45B | $5.41B | $6.14B | $41.08B |
| Property, Plant & Equipment | $244.0M | $336.5M | $330.0M | $333.0M | $332.0M | $345.0M | $432.0M | $461.0M | $536.0M | $568.0M |
| Goodwill | $1.03B | $2.25B | $2.25B | $2.26B | $2.26B | $2.26B | $2.48B | $2.48B | $2.48B | $2.48B |
| Intangible Assets | $53.8M | $92.1M | $79.0M | $67.0M | $54.0M | $42.0M | $89.0M | $69.0M | $51.0M | $36.0M |
| Total Assets | $21.84B | $31.42B | $33.10B | $34.62B | $37.35B | $39.51B | $43.73B | $46.16B | $48.62B | $50.23B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $2.38B | $3.54B | $4.02B | $3.11B | $1.68B | $1.41B | $1.25B | $2.39B | $1.12B | $2.02B |
| Total Current Liabilities | $18.44B | $25.94B | $27.47B | $27.89B | $30.80B | $33.13B | $36.02B | $37.10B | $38.23B | $40.78B |
| Long-term Debt | $667.4M | $806.0M | $740.0M | $1.45B | $1.22B | $812.0M | $1.22B | $2.08B | $3.15B | $1.90B |
| Total Liabilities | $19.27B | $27.01B | $28.49B | $29.73B | $32.40B | $34.36B | $38.07B | $40.11B | $42.32B | $43.47B |
| Retained Earnings | $304.4M | $368.0M | $576.0M | $798.0M | $869.0M | $1.11B | $1.37B | $1.67B | $1.95B | $2.34B |
| Total Equity | $2.57B | $4.41B | $4.61B | $4.88B | $4.96B | $5.15B | $5.65B | $6.05B | $6.30B | $6.76B |
| Total Debt | $3.04B | $4.35B | $4.76B | $4.56B | $2.90B | $2.22B | $2.46B | $4.48B | $4.27B | $3.92B |
| Net Debt | $439.1M | $1.10B | $927.0M | $668.0M | -$1.95B | -$4.70B | -$2.48B | -$353.0M | -$1.13B | -$2.31B |
| Working Capital | -$15.64B | -$22.43B | -$23.27B | -$23.57B | -$25.49B | -$25.72B | -$30.56B | -$31.70B | -$32.09B | $302.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.50B | $452.0M | $426.0M | $416.0M |
| Total Assets | $50.23B | $50.63B | $51.00B | $52.05B |
| Total Liabilities | $43.47B | $43.83B | $44.16B | $45.24B |
| Total Equity | $6.76B | $6.80B | $6.84B | $6.81B |
| Total Debt | $3.92B | $4.16B | $4.97B | $4.80B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $171.0M | $199.0M | $373.0M | $387.0M | $286.0M | $405.0M | $439.0M | $485.0M | $465.0M | $565.0M |
| Depreciation & Amortization | $61.0M | $89.0M | $109.0M | $45.0M | -$3.0M | $10.0M | $73.0M | $78.0M | $67.0M | $77.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$10.0M | -$27.0M | -$9.0M | -$14.0M | $5.0M | $14.0M | -$27.0M | -$3.0M | -$9.0M | -$20.0M |
| Operating Cash Flow | $293.0M | $279.0M | $611.0M | $259.0M | $113.0M | $530.0M | $1.22B | $423.0M | $642.0M | $482.0M |
| Capital Expenditure | -$60.0M | -$57.0M | -$35.0M | -$46.0M | -$41.0M | -$58.0M | -$95.0M | -$88.0M | -$139.0M | -$106.0M |
| Acquisitions | $245.8M | $197.0M | $134.0M | 0 | 0 | 0 | $188.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$38.0M | -$43.0M | -$43.0M | -$36.0M | -$3.0M | -$50.0M |
| Dividends Paid | -$110.0M | -$151.0M | -$165.0M | -$165.0M | -$165.0M | -$164.0M | -$179.0M | -$182.0M | -$177.0M | -$174.0M |
| Free Cash Flow | $233.0M | $222.0M | $576.0M | $213.0M | $72.0M | $472.0M | $1.12B | $335.0M | $503.0M | $376.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $167.0M | $128.0M | $151.0M | $258.0M |
| Capital Expenditure | -$18.0M | -$29.0M | -$18.0M | -$17.0M |
| Free Cash Flow | $149.0M | $99.0M | $133.0M | $241.0M |
| Dividends Paid | -$44.0M | -$43.0M | -$43.0M | -$47.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +40.0% | +17.4% | +6.6% | -6.5% | -7.4% | +20.4% | +38.5% | +15.3% | +4.9% | |
| Net Income Growth (YoY) | +16.4% | +87.4% | +3.8% | -26.1% | +41.6% | +8.4% | +10.5% | -4.1% | +21.6% | |
| EPS Growth (YoY) | -20.3% | +79.4% | +3.5% | -26.5% | +44.2% | -0.8% | +7.3% | -3.8% | +23.6% | |
| Shares Change (YoY) | +46.2% | +7.2% | +0.1% | -0.2% | -0.6% | +9.5% | +2.5% | -0.1% | -0.2% | |
| FCF Growth (YoY) | -4.7% | +159.5% | -63.0% | -66.2% | +555.6% | +137.9% | -70.2% | +50.1% | -25.2% | |
| Gross Margin | 86.0% | 84.2% | 79.3% | 75.7% | 77.0% | 92.6% | 85.8% | 67.3% | 59.0% | 62.3% |
| Operating Margin | 28.0% | 28.9% | 31.3% | 30.6% | 23.8% | 37.7% | 34.4% | 26.2% | 21.6% | 24.8% |
| EBITDA Margin | 34.9% | 36.1% | 38.8% | 33.5% | 23.6% | 38.4% | 38.9% | 29.7% | 24.2% | 27.7% |
| Net Margin | 19.4% | 16.2% | 25.8% | 25.1% | 19.8% | 30.3% | 27.3% | 21.8% | 18.1% | 21.0% |
| FCF Margin | 26.5% | 18.0% | 39.8% | 13.8% | 5.0% | 35.4% | 69.8% | 15.0% | 19.6% | 14.0% |
| Effective Tax Rate | 30.5% | 44.1% | 17.5% | 17.8% | 16.6% | 19.5% | 20.6% | 17.0% | 16.2% | 15.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.12 | $0.73 | $1.77 | $0.65 | $0.22 | $1.46 | $3.17 | $0.92 | $1.39 | $1.04 |
| Dividends Per Share | $0.53 | $0.50 | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.50 | $0.49 | $0.48 |
| Shares Outstanding (Basic) | 206.1 M | 303.4 M | 322.8 M | 324.9 M | 323.4 M | 319.8 M | 350.0 M | 361.2 M | 361.3 M | 359.1 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 8.93% |
| Return on Invested Capital | 1.22% |
| Return on Assets | 1.17% |
| Gross Margin | 65.15% |
| Operating Margin | 27.75% |
| Net Margin | 22.46% |
Financial Health
| Debt / Equity | 0.71 |
| Current Ratio | 0.14 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.29 | 21.94 | 8.71 | 10.85 | 11.05 | 9.78 | 10.61 | 10.43 | 11.64 | 10.89 |
| P/B | 1.28 | 0.95 | 0.69 | 0.85 | 0.62 | 0.75 | 0.81 | 0.82 | 0.85 | 0.91 |
| P/S | 3.76 | 3.40 | 2.20 | 2.68 | 2.13 | 2.91 | 2.84 | 2.23 | 2.08 | 2.28 |
| Gross Margin | 86.0% | 84.2% | 79.3% | 75.7% | 77.0% | 92.6% | 85.8% | 67.3% | 59.0% | 62.3% |
| Operating Margin | 28.0% | 28.9% | 31.3% | 30.6% | 23.8% | 37.7% | 34.4% | 26.2% | 21.6% | 24.8% |
| Net Margin | 19.4% | 16.2% | 25.8% | 25.1% | 19.8% | 30.3% | 27.3% | 21.8% | 18.1% | 21.0% |
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