Wells Fargo & Company

04/14/2026 | Press release | Distributed by Public on 04/14/2026 04:28

Regulation FD Presentation, Business/Financial Results (Form 8-K)

News Release | April 14, 2026
Wells Fargo Reports First Quarter 2026 Net Income of $5.3 billion, or $1.60 per Diluted Share

Company-wide Financial Summary
Quarter ended
Mar 31,
2026 		Mar 31,
2025
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue $ 21,446 20,149
Noninterest expense 14,330 13,891
Provision for credit losses1
1,135 932
Net income 5,253 4,894
Diluted earnings per common share 1.60 1.39
Selected Balance Sheet Data
($ in billions)
Average loans $ 996.0 908.2
Average deposits 1,415.0 1,339.3
CET12
10.3 % 11.1
Performance Metrics
ROE3
12.2 % 11.5
ROTCE4
14.5 13.6
Operating Segments and Other Highlights
Quarter ended Mar 31, 2026
% Change from
($ in billions) Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025
Average loans
Consumer Banking and Lending (CBL)5
$ 335.3 1 % 4
Commercial Banking (CB)5
229.1 2 2
Corporate and Investment Banking 342.3 9 23
Wealth and Investment Management 88.4 4 9
Average deposits
Consumer Banking and Lending5
816.6 1 2
Commercial Banking5
185.9 3 2
Corporate and Investment Banking 214.3 - 5
Wealth and Investment Management 112.1 6 10
Capital
◦Repurchased 46.3 million shares, or $4.0 billion, of common stock in first quarter 2026
First quarter 2026 notable item:
◦$135 million, or $0.04 per share, of discrete tax benefits related to the resolution of prior period matters
Chairman and Chief Executive Officer Charlie Scharf commented, "We saw continued positive impacts from the investments we have been making with diluted earnings per share increasing 15%, revenue increasing 6%, loans increasing 11%, and deposits increasing 7% compared to a year ago. Revenue growth was driven by both a 5% increase in net interest income and an 8% increase in noninterest income. Credit performance remained strong with net loan charge-offs stable at 45 basis points. We returned $4 billion to shareholders through common stock repurchases while continuing to operate with significant excess capital."
"Our consistent focus on investing across all of our businesses helped contribute to broad-based revenue growth, with each of our operating segments increasing revenue from a year ago. Consumer Banking and Lending revenue grew 7% and Commercial Banking grew 7% as well. Within our Corporate and Investment Bank we saw an 11% increase in Banking revenue and a 19% increase in Markets revenue. Wealth and Investment Management grew 14%," Scharf added.
"In our credit card business, we launched two new cards in the first quarter, and the product enhancements we have made over the past five years drove higher card fees and purchase volume. Auto originations and balances increased, and new consumer checking account openings were higher. We continued to see momentum in our Wealth and Investment Management business with client assets growth of 11% to $2.2 trillion. Strong customer engagement helped to drive higher loan and deposit balances in Commercial Banking. We continued to grow our Investment Banking business, including increasing market share in Equity Capital Markets in the first quarter, and we ended the quarter with a strong investment banking pipeline," Scharf continued.
"While markets have been volatile, we still see continued resiliency in the underlying economy and the financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize. We will continue to monitor trends and respond accordingly, and we are well positioned to support our customers across a range of economic scenarios. We have clear strategic plans in place that are focused on growing returns by using our broad set of capabilities. I am encouraged by the momentum we are seeing and confident in our ability to continue to grow across our businesses," Scharf concluded.
Endnotes are presented on page 9.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.
Selected Company-wide Financial Information
Quarter ended Mar 31, 2026
% Change from
Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025 		Dec 31,
2025 		Mar 31,
2025
Earnings ($ in millions except per share amounts)
Net interest income $ 12,096 12,331 11,495 (2) % 5
Noninterest income 9,350 8,961 8,654 4 8
Total revenue 21,446 21,292 20,149 1 6
Net charge-offs 1,106 1,030 1,009 7 10
Change in the allowance for credit losses 29 10 (77) 190 138
Provision for credit losses1
1,135 1,040 932 9 22
Noninterest expense 14,330 13,726 13,891 4 3
Income tax expense
691 1,103 522 (37) 32
Wells Fargo net income $ 5,253 5,361 4,894 (2) 7
Diluted earnings per common share 1.60 1.62 1.39 (1) 15
Balance Sheet Data (average) ($ in billions)
Loans $ 996.0 955.8 908.2 4 10
Deposits 1,415.0 1,377.7 1,339.3 3 6
Assets 2,168.2 2,079.8 1,919.7 4 13
Financial Ratios
Return on assets (ROA) 0.98 % 1.02 1.03
Return on equity (ROE) 12.2 12.3 11.5
Return on average tangible common equity (ROTCE)2
14.5 14.5 13.6
Efficiency ratio3
67 64 69
Net interest margin on a taxable-equivalent basis 2.47 2.60 2.67
First Quarter 2026 vs. First Quarter 2025
◦Net interest income increased 5%, driven by higher deposit balances and lower deposit costs, improved results in our Markets business, higher loan and investment securities balances, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets
◦Noninterest income increased 8%. First quarter 2025 included a $263 million gain from the sale of our commercial mortgage servicing business and $149 million of net losses due to a repositioning of the investment securities portfolio. First quarter 2026 included improved results from our venture capital investments and higher asset-based fees primarily in Wealth and Investment Management on higher market valuations, as well as increases in most other fee categories, partially offset by lower lease income related to the sale of our rail car leasing business and lower mortgage banking fees
◦Noninterest expense increased 3%, driven by higher revenue-related compensation expense primarily in Wealth and Investment Management, an increase in advertising expense, and higher technology and equipment expense, partially offset by lower lease and other expense related to the sale of our rail car leasing business and the impact of efficiency initiatives
◦Provision for credit losses in first quarter 2026 included a modest increase in the allowance reflecting higher commercial and industrial and auto loan balances, largely offset by a lower allowance for commercial real estate and credit card loans
◦Income tax expense in first quarter 2026 included $135 million of discrete tax benefits related to the resolution of prior period matters, as well as tax benefits related to the annual vesting of stock-based compensation

Endnotes are presented on page 9.
2

Selected Company-wide Capital and Liquidity Information
Quarter ended
($ in billions) Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025
Capital:
Total equity $ 180.3 183.0 182.9
Common stockholders' equity 163.2 164.7 162.6
Tangible common equity1
137.8 139.2 137.8
Common Equity Tier 1 (CET1) ratio2
10.3 % 10.6 11.1
Total loss absorbing capacity (TLAC) ratio3
23.0 23.2 25.1
Supplementary Leverage Ratio (SLR)4
5.9 6.2 6.8
Liquidity:
Liquidity Coverage Ratio (LCR)5
120 % 119 125

Selected Company-wide Loan Credit Information
Quarter ended
($ in millions) Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025
Net loan charge-offs $ 1,100 1,046 1,009
Net loan charge-offs as a % of average total loans (annualized) 0.45 % 0.43 0.45
Total nonaccrual loans $ 8,469 8,201 7,978
As a % of total loans 0.83 % 0.83 0.87
Total nonperforming assets $ 8,768 8,503 8,225
As a % of total loans 0.86 % 0.86 0.90
Allowance for credit losses for loans $ 14,374 14,337 14,552
As a % of total loans 1.41 % 1.45 1.59
First Quarter 2026 vs. Fourth Quarter 2025
◦Commercial net loan charge-offs as a percentage of average loans were 0.24% (annualized), up from 0.22%, driven by higher commercial and industrial net loan charge-offs, partially offset by lower commercial real estate net loan charge-offs. The consumer net loan charge-off rate increased to 0.78% (annualized), up from 0.75%, on seasonally higher credit card net loan charge-offs
◦Nonperforming assets were up $265 million, primarily driven by higher commercial and industrial nonaccrual loans, partially offset by lower commercial real estate nonaccrual loans. Nonperforming assets as a percentage of total loans were 0.86%, stable with fourth quarter 2025
Endnotes are presented on page 9.
3

Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending. We also provide personalized wealth management and financial planning services through our branch channel.
Selected Financial Information1
Quarter ended Mar 31, 2026
% Change from
Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025 		Dec 31,
2025 		Mar 31,
2025
Earnings (in millions)
Consumer, Small and Business Banking $ 7,019 7,130 6,451 (2) % 9
Credit Card
1,595 1,600 1,524 - 5
Home Lending 787 807 866 (2) (9)
Auto 295 282 237 5 24
Personal Lending 302 291 305 4 (1)
Total revenue 9,998 10,110 9,383 (1) 7
Provision for credit losses 818 911 739 (10) 11
Noninterest expense 6,589 6,238 6,342 6 4
Net income $ 1,941 2,219 1,732 (13) 12
Average balances (in billions)
Loans $ 335.3 333.0 321.5 1 4
Deposits 816.6 807.6 799.9 1 2
In first quarter 2026, we moved the revenue, noninterest expense, loans, and deposits associated with clients who receive wealth management and financial planning services in our consumer bank branches from the Wealth and Investment Management operating segment to Consumer, Small and Business Banking. Prior period balances have been revised to conform with the current period presentation.

First Quarter 2026 vs. First Quarter 2025
◦Revenue increased 7%
▪Consumer, Small and Business Banking was up 9% driven by lower deposit pricing, higher deposit and loan balances, including the impact of the third quarter 2025 transfer of certain business customers from the Commercial Banking operating segment, as well as higher deposit-related fees, higher asset-based fees driven by an increase in market valuations, and higher debit card fees on higher volume
▪Credit Card was up 5% reflecting higher net interest income on higher loan balances
▪Home Lending was down 9% due to lower net interest income on lower loan balances and lower mortgage banking fees reflecting lower servicing income
▪Auto was up 24% due to higher loan balances
◦Noninterest expense increased 4% driven by higher advertising expense and higher revenue-related compensation expense, as well as the impact of the third quarter 2025 transfer of certain business customers from the Commercial Banking operating segment, partially offset by the impact of efficiency initiatives
Endnotes are presented on page 9.
4

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.
Selected Financial Information
Quarter ended Mar 31, 2026
% Change from
Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025 		Dec 31,
2025 		Mar 31,
2025
Earnings (in millions)
Net interest income
$ 1,988 1,993 1,977 - % 1
Noninterest income
1,132 1,086 948 4 19
Total revenue 3,120 3,079 2,925 1 7
Provision for credit losses 150 105 187 43 (20)
Noninterest expense 1,608 1,443 1,670 11 (4)
Net income $ 1,017 1,142 794 (11) 28
Average balances (in billions)
Loans $ 229.1 224.0 223.8 2 2
Deposits 185.9 181.0 182.9 3 2
In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

First Quarter 2026 vs. First Quarter 2025
◦Revenue increased 7%
▪Net interest income was up 1% due to higher loan and deposit balances, partially offset by the impact of lower interest rates and the transfer noted above
▪Noninterest income was up 19% driven by higher revenue from tax credit investments and equity investments
◦Noninterest expense decreased 4% due to the impact of the transfer noted above, as well as the impact of efficiency initiatives
5

Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and capital markets, equity and fixed income solutions, as well as sales, trading, and research capabilities.
Selected Financial Information
Quarter ended Mar 31, 2026
% Change from
Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025 		Dec 31,
2025 		Mar 31,
2025
Earnings (in millions)
Banking:
Lending $ 700 656 618 7 % 13
Treasury Management and Payments 655 648 618 1 6
Investment Banking 602 457 534 32 13
Total Banking 1,957 1,761 1,770 11 11
Commercial Real Estate 1,146 1,236 1,449 (7) (21)
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,583 1,164 1,382 36 15
Equities 543 453 448 20 21
Credit Adjustment (CVA/DVA/FVA) and Other 47 (15) (3) 413 NM
Total Markets 2,173 1,602 1,827 36 19
Other 2 17 18 (88) (89)
Total revenue 5,278 4,616 5,064 14 4
Provision for credit losses 175 78 - 124 NM
Noninterest expense 2,692 2,347 2,476 15 9
Net income $ 1,809 1,639 1,941 10 (7)
Average balances (in billions)
Loans $ 342.3 312.9 277.3 9 23
Deposits 214.3 214.5 203.9 - 5
NM - Not meaningful
First Quarter 2026 vs. First Quarter 2025
◦Revenue increased 4%
▪Banking was up 11% driven by higher loan and deposit balances and higher investment banking revenue, partially offset by the impact of lower interest rates
▪Commercial Real Estate was down 21%. First quarter 2025 included a $263 million gain from the sale of our commercial mortgage servicing business. First quarter 2026 included higher revenue in our affordable housing business
▪Markets was up 19% driven by higher revenue across most asset classes
◦Noninterest expense increased 9% driven by higher incentive compensation expense and higher professional and outside services expense, partially offset by the impact of efficiency initiatives

6

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, independent offices, and digitally through WellsTrade® and Intuitive Investor®.
Selected Financial Information
Quarter ended Mar 31, 2026
% Change from
Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025 		Dec 31,
2025 		Mar 31,
2025
Earnings (in millions)
Net interest income $ 905 868 730 4 % 24
Noninterest income 2,970 2,953 2,674 1 11
Total revenue 3,875 3,821 3,404 1 14
Provision for credit losses (10) (9) 11 (11) NM
Noninterest expense 3,262 3,074 2,946 6 11
Net income $ 468 565 349 (17) 34
Total Company-wide client assets (in billions)
2,483 2,509 2,233 (1) 11
Average balances (in billions)
Loans $ 88.4 84.9 80.9 4 9
Deposits 112.1 105.5 102.1 6 10
NM - Not meaningful
In first quarter 2026, we moved the revenue, noninterest expense, loans, and deposits associated with clients who receive wealth management and financial planning services in our consumer bank branches to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment. Prior period balances have been revised to conform with the current period presentation.

First Quarter 2026 vs. First Quarter 2025
◦Revenue increased 14%
▪Net interest income was up 24% driven by lower deposit pricing and higher deposit and loan balances
▪Noninterest income was up 11% on higher asset-based fees driven by an increase in market valuations
◦Noninterest expense increased 11% due to higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives

7

Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), as well as our investment portfolio and venture capital investments. Corporate also includes results for previously divested businesses.
Selected Financial Information
Quarter ended Mar 31, 2026
% Change from
Mar 31,
2026 		Dec 31,
2025 		Mar 31,
2025 		Dec 31,
2025 		Mar 31,
2025
Earnings (in millions)
Net interest income $ (460) (199) 36 NM NM
Noninterest income 228 388 (213) (41) % 207
Total revenue (232) 189 (177) NM (31)
Provision for credit losses 2 (45) (5) 104 140
Noninterest expense 179 624 457 (71) (61)
Net income (loss)
$ 18 (204) 78 109 (77)
NM - Not meaningful
First Quarter 2026 vs. First Quarter 2025
◦Revenue decreased as first quarter 2026 included lower net interest income due to the impact of lower interest rates on crediting rates to our operating segments and lower lease income related to the sale of our rail car leasing business, partially offset by improved results from our venture capital investments. First quarter 2025 included $149 million of net losses due to a repositioning of the investment securities portfolio
◦Noninterest expense decreased and included lower lease and other expense related to the sale of our rail car leasing business
8

Endnotes

Page 1 - Company-wide Financial Summary / Operating Segments
1.Includes provision for credit losses for loans, debt securities, and other financial assets.
2.Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 framework. See the table on page 25 of the 1Q26 Quarterly Supplement for more information on CET1. CET1 for March 31, 2026, is a preliminary estimate.
3.Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders' equity.
4.Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 23-24 of the 1Q26 Quarterly Supplement.
5.In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Page 2 - Selected Company-wide Financial Information
1.Includes provision for credit losses for loans, debt securities, and other financial assets.
2.Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 23-24 of the 1Q26 Quarterly Supplement.
3.The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Page 3 - Selected Company-wide Capital and Liquidity Information
1.Tangible common equity is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 23-24 of the 1Q26 Quarterly Supplement.
2.Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 framework. See the table on page 25 of the 1Q26 Quarterly Supplement for more information on CET1. CET1 for March 31, 2026, is a preliminary estimate.
3.Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for March 31, 2026, is a preliminary estimate.
4.SLR for March 31, 2026, is a preliminary estimate.
5.Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for March 31, 2026, is a preliminary estimate.

Page 4 - Operating Segment Performance - Consumer Banking and Lending
1.In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Conference Call
The Company will host a live conference call on Tuesday, April 14, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 8320644#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://metroconnections-events.com/wf1Qearnings26.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Tuesday, April 14 through
Tuesday, April 28. Please dial 1-800-835-4112 (U.S. and Canada) or 203-369-3829 (International/U.S. Toll) and enter passcode: 5148#. The replay will also be available online at
https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://metroconnections-events.com/wf1Qearnings26.

9

Wells Fargo & Company published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 14, 2026 at 10:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]