PNFP

MKT CAP:$7B

Pinnacle Financial Partners, Inc.

Market Cap

$7B

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$98.52+$3.42 (+3.59%)

Apr 23, 2026

Company Details

Pinnacle Financial Partners, Inc., together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, includ...

CEO

Kevin S. Blair

IPO Date

Aug 22, 2000

Website

www.pnfp.com

Key Metrics TTM

Revenue

$2.9B

+2.3% YoY

Net Income

$642M

EPS (Diluted)

$8.09

Free Cash Flow

$1.1B

Revenue / Share

$37.59

Gross Margin

65.9%

Operating Margin

26.7%

Net Margin

22.0%

FCF Margin

38.2%

P/S

2.5x

P/E

11.5x

Earnings Reports

FY 2025

Jan 22, 2026

$2.9B+2.4%EPS $8.09

Q4 2025

Jan 22, 2026

$846M+13.5%EPS $2.13

Q3 2025

Nov 4, 2025

$545M-27.5%EPS $2.19

Q2 2025

Aug 7, 2025

$820M+25.5%EPS $2.00

Q1 2025

May 9, 2025

$711M+0.6%EPS $1.77

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$308M	$286M	$158M
Q2 22	$339M	$298M	$181M
Q3 22	$414M	$320M	$184M
Q4 22	$489M	$332M	$175M
Q1 23	$552M	$340M	$171M
Q2 23	$612M	$321M	$246M
Q3 23	$660M	$323M	$168M
Q4 23	$654M	$310M	$129M
Q1 24	$707M	$340M	$151M
Q2 24	$654M	$287M	$65M
Q3 24	$751M	$382M	$181M
Q4 24	$746M	$395M	$184M
Q1 25	$711M	$390M	$170M
Q2 25	$820M	$481M	$194M
Q3 25	$545M	$513M	$210M
Q4 25	$846M	$542M	$205M

Valuation

Quarter	P/S	P/E
Q1 22	5.9x	13.5x
Q2 22	4.3x	10.1x
Q3 22	4.6x	11.4x
Q4 22	3.6x	10.0x
Q1 23	2.3x	7.2x
Q2 23	2.1x	7.0x
Q3 23	2.1x	8.2x
Q4 23	2.7x	11.8x
Q1 24	2.4x	11.6x
Q2 24	2.3x	14.9x
Q3 24	2.7x	17.9x
Q4 24	3.0x	18.3x
Q1 25	2.8x	16.5x
Q2 25	2.8x	14.2x
Q3 25	2.6x	11.7x
Q4 25	2.6x	11.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$219M	$212M
Q1 22	$52M	$42M
Q2 22	$148M	$135M
Q3 22	$300M	$276M
Q4 22	$105M	$88M
Q1 23	$360M	$324M
Q2 23	-$111M	-$122M
Q3 23	$122M	$107M
Q4 23	$107M	$91M
Q1 24	$197M	$180M
Q2 24	$86M	$59M
Q3 24	$121M	$96M
Q4 24	$500M	$472M
Q1 25	-$22M	-$43M
Q2 25	$262M	$244M
Q3 25	$403M	$443M

Capital Expenditures

Quarter	CapEx
Q4 21	$7M
Q1 22	$10M
Q2 22	$13M
Q3 22	$24M
Q4 22	$17M
Q1 23	$36M
Q2 23	$11M
Q3 23	$15M
Q4 23	$16M
Q1 24	$17M
Q2 24	$27M
Q3 24	$25M
Q4 24	$27M
Q1 25	$21M
Q2 25	$18M
Q3 25	$39M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.6%	+4.7%
Q2 22	+12.5%	+13.8%
Q3 22	+33.6%	+64.0%
Q4 22	+58.7%	+121.6%
Q1 23	+79.3%	+153.3%
Q2 23	+80.7%	+132.2%
Q3 23	+59.5%	+113.9%
Q4 23	+33.8%	+67.3%
Q1 24	+28.0%	+45.8%
Q2 24	+6.7%	+60.6%
Q3 24	+13.9%	+15.9%
Q4 24	+14.0%	+7.0%
Q1 25	+0.6%	-2.7%
Q2 25	+25.5%	+6.4%
Q3 25	-27.5%	-41.2%
Q4 25	+13.5%	+14.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$7M	2.3%
Q1 22	$9M	3.1%
Q2 22	$11M	3.2%
Q3 22	$11M	2.6%
Q4 22	$9M	1.8%
Q1 23	$10M	1.8%
Q2 23	$9M	1.5%
Q3 23	$10M	1.5%
Q4 23	$12M	1.9%
Q1 24	$10M	1.5%
Q2 24	$11M	1.6%
Q3 24	$10M	1.4%
Q4 24	$10M	1.3%
Q1 25	$11M	1.5%
Q2 25	$11M	1.3%
Q3 25	$11M	2.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$122M	$4M
Q2 22	$127M	$5M
Q3 22	$130M	$5M
Q4 22	$159M	$8M
Q1 23	$136M	$6M
Q2 23	$132M	$6M
Q3 23	$130M	$5M
Q4 23	$165M	$7M
Q1 24	$146M	$6M
Q2 24	$150M	$7M
Q3 24	$160M	$6M
Q4 24	$196M	$8M
Q1 25	$172M	$9M
Q2 25	$181M	$9M
Q3 25	$250M	$53M
Q4 25	$237M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3.3B	$3.6B	$6.9B
Q2 22	$1.6B	$3.8B	$5.4B
Q3 22	$1.8B	$3.5B	$5.3B
Q4 22	$1.1B	$3.6B	$4.7B
Q1 23	$2.8B	$3.8B	$6.6B
Q2 23	$3.8B	$3.6B	$7.4B
Q3 23	$3.1B	$3.9B	$7.0B
Q4 23	$2.1B	$4.3B	$6.5B
Q1 24	$2.6B	$4.4B	$7.0B
Q2 24	$2.3B	$4.9B	$7.2B
Q3 24	$2.6B	$5.4B	$8.0B
Q4 24	$3.3B	$5.6B	$8.9B
Q1 25	$3.8B	$2.5B	$6.3B
Q2 25	$3.0B	$6.4B	$9.4B
Q3 25	$3.3B	$6.4B	$9.7B
Q4 25	$3.6B	$9.3B	$12.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	76M	-0.7%	+0.4%
Q2 22	76M	+0.0%	+0.2%
Q3 22	76M	+0.1%	+0.2%
Q4 22	76M	+0.3%	-0.3%
Q1 23	76M	-0.2%	+0.1%
Q2 23	76M	+0.1%	+0.2%
Q3 23	76M	+0.1%	+0.3%
Q4 23	77M	+0.8%	+0.8%
Q1 24	76M	-0.5%	+0.5%
Q2 24	77M	+0.3%	+0.7%
Q3 24	77M	+0.2%	+0.7%
Q4 24	77M	+0.8%	+0.7%
Q1 25	77M	-0.5%	+0.7%
Q2 25	77M	+0.4%	+0.8%
Q3 25	77M	+0.0%	+0.7%
Q4 25	78M	+0.6%	+0.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$108.4K	3K
Q2 22	$119.3K	3K
Q3 22	$145.6K	3K
Q4 22	$150.8K	3K
Q1 23	$170.4K	3K
Q2 23	$189.0K	3K
Q3 23	$203.6K	3K
Q4 23	$194.8K	3K
Q1 24	$210.5K	3K
Q2 24	$194.7K	3K
Q3 24	$223.8K	3K
Q4 24	$209.1K	4K
Q1 25	$199.4K	4K
Q2 25	$230.0K	4K
Q3 25	$152.8K	4K
Q4 25	$237.3K	4K

Revenue / Employee