Several major U.S. financial institutions have reported first-quarter 2025 earnings, with results showing a mix of revenue and earnings outcomes across the sector. PNC Financial Services Group reported earnings per share (EPS) of $3.51, surpassing analyst estimates of $3.39, on revenue of $5.45 billion, which was slightly below the expected $5.49 billion. The bank's net income attributable to diluted common shareholders rose to $1.40 billion, up from $1.24 billion a year earlier, supported by higher net interest income of $3.48 billion. PNC also saw increases in capital markets, advisory, asset management, and brokerage revenues. Revenue grew 5.97% year-over-year and EPS rose 4.46% year-over-year. Pinnacle Financial Partners posted adjusted EPS of $1.90 and diluted EPS of $1.77, with adjusted EPS beating the $1.80 estimate. Revenue was $462.85 million, up 8.11% year-over-year but missing the $478.54 million forecast. EPS increased 24.18% year-over-year. The company reported strong loan growth of 9% year-over-year and deposit growth of 15.3% annualized. Citizens Financial Group reported GAAP EPS of $0.77, beating the $0.75 estimate but missing the consensus estimate of $0.79, with revenue of $1.94 billion in line with expectations. The company reaffirmed its full-year 2025 guidance, set a medium-term net interest margin target of 3.25%-3.5%, and reported a CET1 ratio of 10.6% and loan-to-deposit ratio of 77.5%. Citizens expects second-quarter net interest income to rise about 3% and net interest margin to increase by approximately 5 basis points. Non-interest income is projected to grow mid-to-high single digits, with stable expenses and a CET1 ratio forecast of 10.5%-10.75%. U.S. Bancorp reported GAAP EPS of $1.03, exceeding the $0.98 estimate, on net revenue of $6.958 billion, which beat the $6.912 billion estimate. Net income was $1,709 million, with a return on tangible common equity of 17.5%, return on average assets of 1.04%, and an efficiency ratio of 60.8%. Revenue increased 3.64% year-over-year and EPS rose 14.44% year-over-year. Net interest margin was 2.72%, up 2 basis points year-over-year, and net interest income rose 2.7%. The bank provided guidance for second-quarter net interest income in the range of $4.1 billion to $4.2 billion. Other financial institutions reporting included Commerce Bancshares (EPS $0.98, revenue $428.05 million), Banner (adjusted EPS $1.29, revenue $160.19 million), Bank OZK (GAAP EPS $1.47), Community Trust Bancorp (EPS $1.22), Prologis (EPS $0.63, revenue $2.14 billion, adjusted EBITDA $1.77 billion), and Rexford Industrial Realty (FFO $0.62, revenue $248.82 million, updated FY25 EPS guidance to $1.31-$1.35, and FY25 FFO guidance to $2.37-$2.41). The Progressive Corporation reported GAAP EPS of $4.37, missing by $0.35, and revenue of $22.21 billion, beating by $480 million. On an adjusted basis, Progressive reported revenue of $19.41 billion, up 20.19% year-over-year, and EPS of $4.66, up 24.93% year-over-year, missing by $0.15. Progressive delivered its lowest underwriting combined ratio in a decade and continued to grow premium volumes at over 15% annually, with a five-year compound annual growth rate of 17%. For comparison, GEICO's premium growth was 4% annually.