PNFP NYSE Russell 1000 Earnings call
Pinnacle Financial Partners (PNFP) · Q2 2026 results and valuation
Share price: $101.84 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026
Net income up 118.7% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+118.7%
Net income vs Q1 2026
Outlook given
Net income 328.0M vs 150.0M
Revenue −0.6%
Against the same quarter last year (Q2 2025) it is +106.3%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance
PNFP anticipates an increase in revenue compared to the first half of the year driven by producer hiring, market expansion, third-party partnership…
Valuation
Is Pinnacle Financial Partners undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $94.38 a share — the stock trades 8% above it. Today's price assumes 10.5% growth a year.
Current price
$101.84
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+10.5% for 10 yrs
Fair value / share
$94.38
Buy below
$70.78
Price vs fair value
Overvalued 8%
Price vs buy-below price
Overvalued 44%
Read between the lines
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Guidance
Adjusted expenses are expected to settle near the midpoint of the $2.675 billion to $2.775 billion guidance range.
Source quote
“On the balance of ranges, we expect adjusted expenses in the middle of our $2.675 billion to $2.775 billion guidance.”
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Key theme
As Pinnacle Financial Partners looks forward into the second half of the year, it believes the seasonal impacts will contribute $1.5…
Source quote
“But as we look forward into the second half of the year, we believe the seasonal impacts will contribute $1.5... We believe that, that shows the momentum in what is typically a challenging quarter due to tax payments. Just like our loan forecast, prior year hires will also contribute to growth.”
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Figure
Year-to-date, adjusted EPS is up 26% versus the same period last year.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And so as we look forward, we believe that the earnings generation of this company will be strong enough to sustain both really strong best-in-class loan growth as well as...”
“Balance sheet growing, core client fee income up significantly, credit strong, capital ratios increasing, bankers joining, retention of team members high clients responding with loyalty.”
“And I appreciate your point about all of this growth is as profitable or more profitable than the back book.”
Full figures
USD · ROIC.AI fundamentals (NYSE:PNFP, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.18B | 1.19B | −0.6% | 479.0M | +146.1% |
| Net income | 328.0M | 150.0M | +118.7% | 159.0M | +106.3% |
| EPS | 2.07 | 0.89 | +131.7% | 2.02 | +2.8% |
| P/E today 13.2 | 13.9 | 12.0 | +1.9 | — | — |
Topics
Most discussed now
- I would expect to continue to see strong loan growth across both the specialties and the geographic areas.
- In the second half of the year, Pinnacle Financial Partners is forecasting core deposit growth to outpace loan growth.
- To your point, Pinnacle Financial Partners did have some lead arranger fees this quarter as it goes up market and it is playing...
- Included in this accretion is the revenue increase from the loan mark and first quarter securities restructuring, which was completely...
- This growth included normal headwinds such as tax season and seasonality in public funds, which generally reversed in the second...
Faded since Q1 2026
- Fading The net interest margin expanded to 3.53%, which was in line with Pinnacle Financial Partners' previous guidance of 3.45% to 3.55% and...
- Fading This increase in the reserve was driven by net loan growth, a deterioration in the economic forecast and an increase...
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Director or officer change; Articles or bylaws amended · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- New financial obligation · SEC 8-K
- Material agreement · SEC 8-K
- Other events · SEC 8-K