{"schemaVersion":1,"research":true,"symbol":"tfc","name":"Truist Financial","topic":"moat","path":"/stock/tfc/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:21:08.976Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Truist demonstrates growing customer demand, improving earnings and regulatory capital strength, but the supplied passages do not establish a durable competitive advantage. Customer relationships could support switching costs, yet persistent customer dependency and superior funding economics remain unproven. Pricing outcomes are mixed: lower loan spreads offset falling deposit costs, while mortgage servicing fee rates increased slightly. Competition and technology disclosures identify possible erosion channels, rather than demonstrated franchise deterioration.","advantages":[{"mechanism":"switching_costs","claim":"Potential relationship-based switching costs remain unestablished. Net new checking account growth and reported deeper engagement support current demand, but do not demonstrate that customers face material obstacles to leaving.","durability":"No defensible duration can be established from the supplied evidence. Mortgage servicing portfolio growth partly reflects acquisitions rather than organic customer persistence.","risks":"Lower loan spreads show actual pricing pressure. Management acknowledges that deposits need further improvement. Technology and competitive pricing risks could weaken relationships, although the risk disclosures do not establish realized customer losses.","invalidation":"The relationship-based thesis would weaken if net checking account growth reversed, deposits contracted persistently, or maintaining balances required rising deposit costs while loan spreads continued to decline. Establishing an advantage would require persistent engagement or retention accompanied by demonstrated funding or pricing benefits.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7","e8"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Compensation Discussion and Analysis / CSBB performance","excerpt":"CSBB also strengthened client acquisition and relationship primacy, including another year of net new checking account growth and meaningful momentum among younger demographics."},{"id":"e2","sourceId":"filing-3","location":"Compensation Discussion and Analysis / relationship primacy","excerpt":"Relationship primacy increased, reflecting deeper engagement and Truist’s success in positioning itself as clients’ primary financial partner."},{"id":"e3","sourceId":"filing-2","location":"MD&A / six-month average funding balances","excerpt":"•Average deposits increased $5.5 billion, or 1.4%, average short-term borrowings increased $1.5 billion, or 5.3%, and average long-term debt increased $5.6 billion, or 17%."},{"id":"e4","sourceId":"filing-2","location":"MD&A / six-month net interest income","excerpt":"Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025 TE net interest income for the six months ended June 30, 2026 was up $121 million, or 1.7%, driven by higher earning assets and loan growth, partially offset by lower loan spreads and fixed-rate debt repricing."},{"id":"e5","sourceId":"filing-3","location":"Compensation Discussion and Analysis / CSBB deposit performance","excerpt":"Under Mr. Wilson’s leadership, CSBB has improved Premier Banking deposit productivity; however, overall deposit levels still need to grow, underscoring the continued focus required as the Company navigates an important transition period."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors / strategic competition risk","excerpt":"•Competition may reduce Truist’s client base or cause Truist to modify the pricing or other terms for products and services, or require significant investments to maintain competitiveness, which could have an adverse impact on our business and financial results."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors / technology competitiveness","excerpt":"A failure to maintain or enhance the Company’s competitive position with respect to technology, whether because of a failure to anticipate client expectations or keep pace with new or enhanced product or service offerings by competitors, a failure in the performance or reception of technological enhancements, or an untimely rollout of technological enhancements, may cause the Company to lose market share, miss growth opportunities, or adversely affect our financial results."},{"id":"e8","sourceId":"filing-2","location":"MD&A / mortgage banking income","excerpt":"•Mortgage banking income increased primarily due to residential servicing portfolio acquisitions and higher commercial and residential production revenues, partially offset by higher prepayment speeds."},{"id":"e9","sourceId":"filing-2","location":"MD&A / six-month deposit cost","excerpt":"•The average cost of total deposits was 1.56%, down 26 basis points."},{"id":"e10","sourceId":"filing-2","location":"Notes / residential mortgage servicing activities","excerpt":"Residential Mortgage Activities The following tables summarize residential mortgage servicing activities: (Dollars in millions) Jun 30, 2026 Dec 31, 2025 UPB of residential mortgage loan servicing portfolio $ 298,658 $ 285,966 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 240,764 228,383 As of / For the Six Months Ended June 30, (Dollars in millions) 2026 2025 UPB of residential mortgage loans sold from LHFS $ 8,115 $ 4,990 Pre-tax gains recognized on mortgage loans sold and held for sale 39 35 Servicing fees recognized from mortgage loans serviced for others 336 309 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.29 % 0.28 % Weighted average interest rate on mortgage loans serviced for others 3.79 3.70 The following table presents a roll forward of residential MSRs recorded at fair value: (Dollars in millions) 2026 2025 Residential MSRs, carrying value, January 1 $ 3,724 $ 3,431 Acquired 275 — Additions 197 102 Change in fair value due to changes in valuation inputs or assumptions 39 (31) Realization of expected net servicing cash flows, passage of time, and other (189) (152) Residential MSRs, carrying value, June 30 $ 4,046 $ 3,350 The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table."},{"id":"e11","sourceId":"filing-2","location":"MD&A / six-month net interest margin","excerpt":"NIM - TE was 3.0%, down two basis points."},{"id":"e12","sourceId":"filing-1","location":"MD&A / 2025 net interest margin","excerpt":"Net interest margin - TE was 3.03%, flat compared to the prior year."},{"id":"e13","sourceId":"filing-2","location":"Consolidated Statements of Income / quarter and six months ended June 30, 2026","excerpt":"4 Truist Financial Corporation CONSOLIDATED STATEMENTS OF INCOME TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES Unaudited (Dollars in millions, except per share data, shares in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Interest Income Interest and fees on loans and leases $ 4,659 $ 4,657 $ 9,258 $ 9,150 Interest on securities 871 961 1,720 1,936 Interest on other earning assets 437 536 844 1,056 Total interest income 5,967 6,154 11,822 12,142 Interest Expense Interest on deposits 1,575 1,844 3,100 3,580 Interest on long-term debt 485 431 930 840 Interest on other borrowings 286 292 572 628 Total interest expense 2,346 2,567 4,602 5,048 Net Interest Income 3,621 3,587 7,220 7,094 Provision for credit losses 395 488 874 946 Net Interest Income After Provision for Credit Losses 3,226 3,099 6,346 6,148 Noninterest Income Wealth management income 375 348 745 692 Card and treasury management fees 353 351 691 684 Investment banking and trading income 352 205 724 478 Other deposit revenue 120 108 240 225 Mortgage banking income 116 107 249 215 Lending related fees 120 99 238 194 Securities gains (losses) — (18) — (19) Other income 208 200 310 323 Total noninterest income 1,644 1,400 3,197 2,792 Noninterest Expense Personnel expense 1,792 1,678 3,519 3,282 Professional fees and outside processing 335 373 648 737 Software expense 239 231 469 461 Net occupancy expense 171 181 350 349 Equipment expense 79 89 164 171 Marketing and customer development 91 82 170 157 Amortization of intangibles 63 73 127 148 Regulatory costs 61 55 129 124 Other expense 224 224 462 463 Total noninterest expense 3,055 2,986 6,038 5,892 Earnings Income before income taxes 1,815 1,513 3,505 3,048 Provision for income taxes 262 273 471 547 Net income 1,553 1,240 3,034 2,501 Preferred stock dividends and other 34 60 138 164 Net income available to common shareholders $ 1,519 $ 1,180 $ 2,896 $ 2,337 Basic EPS $ 1.24 $ 0.91 2.34 1.80 Diluted EPS 1.23 0.90 2.31 1.78 Basic weighted average shares outstanding 1,224,867 1,292,292 1,236,682 1,299,833 Diluted weighted average shares outstanding 1,239,040 1,305,005 1,252,766 1,314,779 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e14","sourceId":"filing-2","location":"MD&A / executive overview / returns","excerpt":"Truist’s results of operations for the second-quarter of 2026 produced an annualized return on average assets of 1.1%, an annualized return on average common shareholders’ equity of 10.4%, and ROTCE of 15.4% compared to prior year returns of 0.9%, 8.1%, and 12.3%,respectively."},{"id":"e15","sourceId":"filing-2","location":"MD&A / Capital / Table 24 capital requirements","excerpt":"Table 24: Capital Requirements Minimum Capital Well-Capitalized Minimum Capital Plus Stress Capital Buffer(1) Truist Truist Bank CET1 4.5 % NA 6.5 % 7.0 % Tier 1 capital 6.0 6.0 % 8.0 8.5 Total capital 8.0 10.0 10.0 10.5 Leverage ratio 4.0 NA 5.0 NA Supplementary leverage ratio 3.0 NA NA NA (1)Reflects an SCB requirement of 2.5% applicable to Truist as of June 30, 2026."},{"id":"e16","sourceId":"filing-2","location":"MD&A / Capital / Table 25 parent company capital ratios","excerpt":"The Parent Company’s capital ratios are presented in the following table: Table 25: Capital Ratios - Truist Financial Corporation (Dollars in millions) Jun 30, 2026 Dec 31, 2025 Risk-based: (preliminary) CET1 10.9 % 10.8 % Tier 1 capital 12.2 11.9 Total capital 14.0 13.8 Leverage ratio 9.8 10.0 Supplementary leverage ratio 8.2 8.3 Risk-weighted assets $ 434,799 $ 443,257 74 Truist Financial Corporation Capital Contingency Plan In the event of a realized or potential capital shortfall, Truist has a capital contingency plan that is designed to facilitate improvement of the Company’s capital position through the execution of specific contingency actions which either increase capital, decrease risk-weighted assets, or both."},{"id":"e17","sourceId":"filing-2","location":"MD&A / Capital / CET1 movement","excerpt":"Truist’s CET1 ratio was 10.9% as of June 30, 2026, up 10 basis points compared to December 31, 2025, primarily due to current quarter earnings and a reduction in risk-weighted assets, partially offset by capital returned to shareholders."},{"id":"e18","sourceId":"filing-2","location":"MD&A / Liquidity / available secured borrowing capacity","excerpt":"At June 30, 2026, Truist Bank’s available secured borrowing capacity represented approximately 4.8 times the amount of wholesale funding maturities in one year or less."},{"id":"e19","sourceId":"filing-2","location":"MD&A / asset quality / nonperforming loans","excerpt":"•Nonperforming loans and leases HFI were 0.51% of loans and leases HFI at June 30, 2026, up three basis points compared to December 31, 2025."},{"id":"e20","sourceId":"filing-2","location":"MD&A / asset quality / nonguaranteed delinquent loans","excerpt":"Excluding government guaranteed loans, the ratio of loans 90 days or more past due and still accruing was 0.04% as a percentage of loans and leases HFI at June 30, 2026, down one basis point compared to December 31, 2025."},{"id":"e21","sourceId":"filing-2","location":"Consolidated Statements of Comprehensive Income","excerpt":"Truist Financial Corporation 5 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES Unaudited (Dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 1,553 $ 1,240 $ 3,034 $ 2,501 OCI, net of tax: Net change in net pension and postretirement costs 1 2 (5) 7 Net change in cash flow hedges (463) 275 (862) 704 Net change in AFS securities 31 16 (180) 494 Net change in HTM securities 50 59 97 109 Other, net 2 5 3 6 Total OCI, net of tax (379) 357 (947) 1,320 Total comprehensive income $ 1,174 $ 1,597 $ 2,087 $ 3,821 Income Tax Effect of Items Included in OCI: Net change in net pension and postretirement costs $ — $ (1) $ (2) $ — Net change in cash flow hedges (146) 84 (270) 217 Net change in AFS securities 10 (10) (55) 139 Net change in HTM securities 16 12 30 27 Other, net 1 — 1 — Total income taxes related to OCI $ (119) $ 85 $ (296) $ 383 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e22","sourceId":"filing-2","location":"MD&A / executive overview / actual capital distributions","excerpt":"During the second quarter of 2026, we returned $1.8 billion of capital to our common shareholders through $636 million of common stock dividends and $1.2 billion in common share repurchases."},{"id":"e23","sourceId":"filing-2","location":"MD&A / Capital / second-quarter payout ratios","excerpt":"The dividend and total payout ratios for the second quarter of 2026 were 42% and 121%, respectively."},{"id":"e24","sourceId":"filing-6","location":"MD&A / Capital / first-quarter payout ratios","excerpt":"For the first quarter of 2026, the dividend payout ratio was 47%, and the total payout ratio was 129%."},{"id":"e25","sourceId":"filing-2","location":"Notes / preferred stock issuance","excerpt":"On May 15, 2026, Truist issued $500 million of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum for net proceeds of approximately $495 million."},{"id":"e26","sourceId":"filing-3","location":"Compensation Discussion and Analysis / granted 2025 long-term incentive awards","excerpt":"Award Type Payment Portion of Target Long-Term Incentive Program Amount Potential Award Amount Vesting PSU Stock 0% to 150% of target Cliff vesting based on performance over a 3-year performance period (January 1, 2025 – December 31, 2027) LTIP Cash 0% to 150% of target Cliff vesting based on performance over a 3-year performance period (January 1, 2025 – December 31, 2027) RSU Stock N/A 4-year vesting in three equal, back-loaded installments on March 15 of 2027, 2028, and 2029 Award amounts reflected in the 2025–2027 PSU and LTIP Awards and 2025 RSU Awards sections below reflect the grant date values for NEO long-term incentive program awards for 2025."},{"id":"e27","sourceId":"filing-3","location":"Compensation Discussion and Analysis / actual CEO annual incentive adjustment","excerpt":"The Committee concluded that Mr. Rogers’s individual leadership contributions towards Truist’s financial results, strategic priorities, risk posture, and cultural alignment during 2025 warranted a positive adjustment to the overall Company performance results under the AIP."},{"id":"e28","sourceId":"filing-3","location":"Security ownership / directors and current executive officers","excerpt":"Our directors and current executive officers collectively have sole voting and investment authority over 1,474,800 shares of common stock and shared voting and investment authority over 327,269 shares of common stock."},{"id":"e29","sourceId":"filing-3","location":"Lead Independent Director letter / 2025 say-on-pay outcome","excerpt":"After many years of strong shareholder support, our say-on-pay vote passed with a disappointing level of approval at our 2025 annual meeting."},{"id":"e30","sourceId":"filing-3","location":"Audit Committee Report / committee independence","excerpt":"The Audit Committee is currently composed of four independent directors and operates under a charter adopted by our Board."},{"id":"e31","sourceId":"filing-1","location":"Item 9A / audited effectiveness of internal control over financial reporting","excerpt":"The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their accompanying report, which expresses an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025."},{"id":"e32","sourceId":"filing-1","location":"MD&A / 2025 net interest income and balance sheet repositioning","excerpt":"Net interest income - TE for the year ended December 31, 2025 was up $316 million, or 2.2%, compared to the year ended December 31, 2024 primarily due to loan and deposit growth, fixed-rate asset repricing, and the balance sheet repositioning in the second quarter of 2024, partially offset by the impact of reductions in interest rates throughout 2025."},{"id":"e33","sourceId":"filing-1","location":"MD&A / securities yield and reinvestment","excerpt":"The yield on the average securities portfolio was 3.13% for 2025, up 30 basis points compared to the prior year, reflecting the impact of balance sheet repositioning in 2024 and the reinvestment of cash flows into higher yielding securities."},{"id":"e34","sourceId":"filing-4","location":"MD&A / 2024 securities losses from balance sheet repositioning","excerpt":"Noninterest income was down $6.3 billion for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to $6.7 billion of securities losses resulting from the balance sheet repositioning, lower lending related fees, operating lease income, and card and payment related fees, partially offset by higher investment banking and trading income, wealth management income, service charges on deposits, and other income."},{"id":"e35","sourceId":"filing-6","location":"Exhibits / incentive plan amended and restated April 28, 2026","excerpt":"Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)"}],"changes":["The uncertain moat verdict is unchanged. Proxy disclosures add net new checking account growth and relationship primacy claims, strengthening evidence of demand without establishing switching costs.","Added evidence-based management, pricing and bank financial assessments. Capital distributions above quarterly earnings and historical repositioning losses qualify the favorable earnings and capital results.","The March incentive-plan proposal is distinguished from the later May filing identifying the plan as amended and restated on April 28, 2026; grants are not treated as completed vesting."],"limitations":["No supplied passage establishes a named product-market competitor comparison. Entities named as shareholders, transaction parties, former merger constituents or failed banks are not treated as demonstrated competitors.","Customer engagement and checking account achievements are issuer disclosures without quantified retention, switching costs or relative funding-cost evidence.","Pricing outcomes are observable, but contractual repricing discretion, customer price sensitivity and peer comparisons are absent.","Ownership and compensation disclosures are supplied, but do not establish exceptional alignment or the subsequent vesting of performance awards.","Financial assessments use filings dated February 24, March 16, May 1 and July 31, 2026, all within 550 days of October 18, 2026. Dates retain their supplied filed classification. The February 25, 2025 filing supports historical comparison only.","Deposit concentration, uninsured deposit mix, actual LCR and NSFR ratios, and comprehensive interest-rate sensitivity results are absent. Preliminary June capital ratios describe Truist Financial Corporation; they do not establish every bank-subsidiary ratio.","The supplied 2025 filing reports an unqualified internal-control opinion; this does not resolve the nature or significance of the separately indicated financial-statement error correction."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Account growth and engagement do not establish structural switching costs, a cost advantage or another durable competitive mechanism.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":null,"rationale":"The passages do not demonstrate persistence of a relative advantage across competitive or interest-rate cycles.","evidenceIds":["e4","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Reported relationship primacy supports engagement, but material customer dependency or switching friction is unproven.","evidenceIds":["e1","e2"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Actual loan-spread pressure is disclosed, but resilience of an established moat cannot be assessed. Generic technology risks do not prove realized erosion.","evidenceIds":["e4","e7"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Outcomes are mixed: first-half 2026 loan spreads declined, deposit costs fell 26 basis points to 1.56%, and the mortgage servicing fee rate rose from 0.28% to 0.29%. Rate and portfolio effects prevent attributing these changes wholly to pricing power.","evidenceIds":["e4","e9","e10"]},{"criterion":"retention","grade":2,"rationale":"Net new checking account growth, reported deeper engagement and 1.4% average deposit growth provide indirect evidence of repeat demand. They do not measure customer retention, and management acknowledges further deposit improvement is needed.","evidenceIds":["e1","e2","e3","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"TE net interest margin was flat at 3.03% in 2025 and declined only two basis points to 3.0% in first-half 2026. This demonstrates moderate resilience, tempered by lower loan spreads and funding repricing; it does not establish a moat.","evidenceIds":["e11","e12","e4"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Observed repricing and servicing fee rates do not disclose sufficient contractual authority to reset customer prices or terms.","evidenceIds":[]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"CET1 increased while capital was returned, but total payout ratios of 129% and 121% in the first two quarters exceeded quarterly earnings. Historical repositioning incurred substantial securities losses before subsequent income benefits.","evidenceIds":["e17","e22","e23","e24","e32","e34"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 awards include multiyear performance vesting and back-loaded RSUs, and executive/director ownership is disclosed. Discretionary upward adjustment of the CEO's annual award and weak say-on-pay support temper alignment. Grants do not establish eventual vesting.","evidenceIds":["e26","e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Reported first-half pretax income rose from $3.048 billion to $3.505 billion, net income increased, and quarterly GAAP common ROE improved to 10.4%. Revenue growth exceeded expense growth. These are demonstrated operating results, though the short period and lower tax rate limit extrapolation.","evidenceIds":["e13","e14"]},{"criterion":"governance","grade":2,"rationale":"An independent audit committee and audited effective financial-reporting controls provide substantive support. Disappointing say-on-pay approval indicates shareholder concern. The later filing identifies the incentive plan as amended, but that alone does not demonstrate improved governance outcomes.","evidenceIds":["e29","e30","e31","e35"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"Preliminary June 2026 parent-company CET1 of 10.9%, Tier 1 of 12.2% and total capital of 14.0% exceed disclosed minimum-plus-SCB requirements of 7.0%, 8.5% and 10.5%. This supports strong current regulatory capitalization, without establishing exceptional durability or all subsidiary ratios.","evidenceIds":["e15","e16"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Secured borrowing capacity covered approximately 4.8 times wholesale funding maturities within one year, and average deposits grew. However, average long-term debt rose 17%, and deposit concentration and actual liquidity ratios are missing.","evidenceIds":["e18","e3"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Nonperforming loans rose three basis points to 0.51%, while nonguaranteed loans at least 90 days past due fell to 0.04% and provision expense declined. First-half negative OCI of $947 million, principally including cash-flow hedge movements, shows balance-sheet valuation exposure. Comprehensive rate sensitivity is unavailable.","evidenceIds":["e19","e20","e13","e21"]},{"criterion":"earnings_resilience","grade":3,"rationale":"First-half net income increased from $2.501 billion to $3.034 billion, supported by higher pretax earnings, fee income growth and lower credit provisions despite spread pressure. Strong demonstrated recent performance is tempered by lower taxes and limited through-cycle coverage.","evidenceIds":["e13","e4"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"Second-quarter annualized GAAP common ROE improved from 8.1% to 10.4% and ROA from 0.9% to 1.1%. Non-GAAP ROTCE improved from 12.3% to 15.4%, but excludes intangible-asset effects. These improved returns do not establish exceptional capital productivity.","evidenceIds":["e14"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual second-quarter dividends and repurchases totaled approximately $1.8 billion while CET1 increased to 10.9%. However, first- and second-quarter total payout ratios exceeded earnings, limiting evidence that this distribution pace is sustainable.","evidenceIds":["e22","e17","e23","e24","e15","e16"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"First-half diluted weighted-average common shares fell from approximately 1.315 billion to 1.253 billion despite equity awards. Offsetting costs include higher personnel expense, higher long-term debt interest expense and issuance of $500 million preferred stock at a stated 6.25% rate. Separate total stock-compensation cost is unavailable.","evidenceIds":["e13","e25","e26"]},{"criterion":"investment_discipline","grade":2,"rationale":"Repositioning and reinvestment contributed to 2025 net interest income and securities yield improvements. Mortgage servicing acquisitions contributed to 2026 income growth, but acquisition returns are not isolated. Historical $6.7 billion securities losses temper the assessment and are used only as comparison, not current capital evidence.","evidenceIds":["e32","e33","e8","e10","e34"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"bank","basisHash":"b2519d78ccd024cd6a4aecc691b8fbe0ceac8176701a5d663bbb72456a267c91","updatedAt":"2026-10-18T13:21:08.976Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm","publishedAt":"2026-02-24","sha256":"93a9c73021e11da3731984c1fb1a4f8f5a7674c3ec0bcbe703ee87009955e1c4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223026000099/tfc-20260630.htm","publishedAt":"2026-07-31","sha256":"09ffa105222f31990be18f1dd1f020eaa4ad74431648d3d48be8c99dd75ab9c1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/92230/000119312526107144/d12240ddef14a.htm","publishedAt":"2026-03-16","sha256":"b857fda98eeb535c701bd863fdbdab41413d10a69078266641a14d854dfc2382","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223025000020/tfc-20241231.htm","publishedAt":"2025-02-25","sha256":"e00f51309ff65a63b2464e3ae481fd632493de7688be1e8b350cdc5388341468","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223024000010/tfc-20231231.htm","publishedAt":"2024-02-27","sha256":"0463ceb396bf2d2fe7cfc93800e5e0edfb8fc3f39bc3f45374bf7e07a0e3ea29","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223026000062/tfc-20260331.htm","publishedAt":"2026-05-01","sha256":"7eadda693a56f9607ee40f93276c5352832090c7d02ff30b3782a2c8f5efef3d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:6283afca78e2d812a068257c0cdc4716b2b8e5c84c4dacea35ae15270f9a5dd9","usage":{"input_tokens":83842,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4458,"reasoning_output_tokens":120},"basisSupplement":{"previousHash":"233df2c3ef37a076f9d44e33a98ce83035b48d5b2b7faff1743c509aec836b24","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"ps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","net_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ocf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm","publishedAt":"2026-02-24","sha256":"93a9c73021e11da3731984c1fb1a4f8f5a7674c3ec0bcbe703ee87009955e1c4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223026000099/tfc-20260630.htm","publishedAt":"2026-07-31","sha256":"09ffa105222f31990be18f1dd1f020eaa4ad74431648d3d48be8c99dd75ab9c1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/92230/000119312526107144/d12240ddef14a.htm","publishedAt":"2026-03-16","sha256":"b857fda98eeb535c701bd863fdbdab41413d10a69078266641a14d854dfc2382","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223025000020/tfc-20241231.htm","publishedAt":"2025-02-25","sha256":"e00f51309ff65a63b2464e3ae481fd632493de7688be1e8b350cdc5388341468","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223024000010/tfc-20231231.htm","publishedAt":"2024-02-27","sha256":"0463ceb396bf2d2fe7cfc93800e5e0edfb8fc3f39bc3f45374bf7e07a0e3ea29","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/92230/000009223026000062/tfc-20260331.htm","publishedAt":"2026-05-01","sha256":"7eadda693a56f9607ee40f93276c5352832090c7d02ff30b3782a2c8f5efef3d","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}