Wells Fargo & Company

10/13/2026 | Press release | Distributed by Public on 10/13/2026 04:28

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

News Release | October 13, 2026
Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 billion, or $1.87 per Diluted Share

Company-wide Financial Summary
Quarter ended
Sep 30,
2026 		Sep 30,
2025
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue $ 21,870 21,436
Noninterest expense 13,743 13,846
Provision for credit losses1
1,029 681
Net income 5,951 5,589
Diluted earnings per common share 1.87 1.66
Selected Balance Sheet Data
($ in billions)
Average loans $ 1,033.4 928.7
Average deposits 1,482.9 1,339.9
CET12
10.0 % 11.0
Performance Metrics
ROE3
13.8 % 12.8
ROTCE4
16.3 15.2
Operating Segments and Other Highlights
Quarter ended Sep 30, 2026
% Change from
($ in billions) Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025
Average loans
Consumer Banking and Lending $ 342.1 1 % 4
Commercial Banking 240.5 1 10
Corporate and Investment Banking 353.4 (2) 19
Wealth and Investment Management 95.4 5 16
Average deposits
Consumer Banking and Lending 825.1 - 2
Commercial Banking 198.9 5 16
Corporate and Investment Banking 248.1 6 22
Wealth and Investment Management 108.7 (1) 9
Capital
◦Repurchased 28.6 million shares, or $2.5 billion, of common stock in third quarter 2026

Chairman and Chief Executive Officer Charlie Scharf commented, "Our third quarter results reflect broad-based growth, higher earnings, and stronger returns. Diluted earnings per share increased to $1.87 in the third quarter, up 13% from a year ago. Our ROTCE4 increased from 14.7% during the first nine months of 2025 to 16.2% during the same period this year and 16.3% in the third quarter. Both average loans and average deposits increased 11% from a year ago."
"Wealth and Investment Management revenue grew 12% versus a year ago, Commercial Banking grew 6%, Consumer Banking and Lending grew 5%, and Corporate and Investment Banking revenue increased 3%. These increases were partially offset by lower revenue from our venture capital investments and lower lease income following the sale of our rail car leasing business in the first quarter," Scharf added.
"Key growth metrics across our businesses showed continued strength. In the quarter we had continued growth in consumer primary checking accounts, opened more than 660,000 new credit card accounts, and auto originations increased 15% from a year ago. Wealth and Investment Management client assets grew 11%, investment banking and markets fees from Commercial Banking clients grew 25%, and within Corporate and Investment Banking, overall Banking revenue increased 8%, including M&A revenue increasing 30% and both equity capital markets and investment grade underwriting fees increasing 33%. While Markets revenue was relatively stable from a year ago, equities revenue grew 21%," Scharf continued.
"Expenses declined from a year ago even though revenue-related expenses increased 15%. Expense savings have funded much of the investments that are making the company stronger, improving our capabilities, and positioning us for continued future growth," Scharf continued.
"While economic uncertainty exists and consumer sentiment remains mixed, our data shows that our consumer and business customers are doing well. Consumers are spending more, loan delinquencies are low, and deposit and investment balances have grown. Businesses continue to have strong balance sheets and losses remain low. While higher interest rates, higher oil prices and persistent inflation create risks to the economy, strong positive forces such as the investment in AI infrastructure, high employment levels and consistent wage growth continue to outweigh the risks," Scharf added.
"I'm proud of the Wells Fargo team and we will continue to remain vigilant about risk as we build for the long term," 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 September 30, 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 Sep 30, 2026
% Change from
Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025 		Jun 30,
2026 		Sep 30,
2025
Earnings ($ in millions except per share amounts)
Net interest income $ 12,517 12,317 11,950 2 % 5
Noninterest income 9,353 10,305 9,486 (9) (1)
Total revenue 21,870 22,622 21,436 (3) 2
Net charge-offs 983 883 954 11 3
Change in the allowance for credit losses 46 31 (273) 48 117
Provision for credit losses1
1,029 914 681 13 51
Noninterest expense 13,743 13,661 13,846 1 (1)
Income tax expense
1,161 1,402 1,300 (17) (11)
Wells Fargo net income $ 5,951 6,407 5,589 (7) 6
Diluted earnings per common share 1.87 2.00 1.66 (6) 13
Balance Sheet Data (average) ($ in billions)
Loans $ 1,033.4 1,026.5 928.7 1 11
Deposits 1,482.9 1,465.6 1,339.9 1 11
Assets 2,243.5 2,227.9 2,010.2 1 12
Financial Ratios
Return on assets (ROA) 1.05 % 1.15 1.10
Return on equity (ROE) 13.8 15.0 12.8
Return on average tangible common equity (ROTCE)2
16.3 17.7 15.2
Efficiency ratio3
63 60 65
Net interest margin on a taxable-equivalent basis 2.43 2.43 2.61
Third Quarter 2026 vs. Third Quarter 2025
◦Net interest income increased 5%, driven by higher loan and investment securities balances, the impact of lower interest rates and balance sheet growth in our Markets business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, higher deposit costs reflecting growth in interest-bearing commercial deposits, and a modest decline in noninterest-bearing deposits
◦Noninterest income decreased 1%, as higher investment advisory fees, deposit-related fees, investment banking fees, and card fees, were more than offset by lower trading gains, lower lease income related to the first quarter 2026 sale of our rail car leasing business, lower equity gains reflecting lower results from our venture capital investments, as well as lower mortgage banking income
◦Noninterest expense decreased 1%, driven by the impact of efficiency initiatives, including an 8% reduction in headcount, lower severance expense, and lower lease expense, partially offset by higher revenue-related compensation expense reflecting improved performance and an increase in technology and equipment expense. Third quarter 2025 included $296 million of severance expense
◦Provision for credit losses in third quarter 2026 included an increase in the allowance for credit losses, reflecting a higher allowance for commercial and industrial loans and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans
◦Income tax expense in third quarter 2026 included $170 million of discrete tax benefits related to the resolution of prior period matters

2

Selected Company-wide Capital and Liquidity Information
Quarter ended
($ in billions) Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025
Capital:
Total equity $ 177.9 182.3 183.0
Common stockholders' equity 158.8 165.0 164.7
Tangible common equity1
133.4 139.7 139.1
Common Equity Tier 1 (CET1) ratio2
10.0 % 10.3 11.0
Total loss absorbing capacity (TLAC) ratio3
23.0 22.8 24.6
Supplementary Leverage Ratio (SLR)4
5.7 5.8 6.4
Liquidity:
Liquidity Coverage Ratio (LCR)5
122 % 119 121

Selected Company-wide Loan Credit Information
Quarter ended
($ in millions) Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025
Net loan charge-offs $ 983 876 942
Net loan charge-offs as a % of average total loans (annualized) 0.38 % 0.34 0.40
Total nonaccrual loans $ 7,060 7,643 7,614
As a % of total loans 0.67 % 0.74 0.81
Total nonperforming assets $ 7,359 7,944 7,832
As a % of total loans 0.70 % 0.77 0.83
Allowance for credit losses for loans $ 14,458 14,407 14,311
As a % of total loans 1.38 % 1.40 1.52
Third Quarter 2026 vs. Second Quarter 2026
◦Commercial net loan charge-offs as a percentage of average loans were 0.18% (annualized), up from 0.10%, driven by higher commercial real estate and commercial and industrial net loan charge-offs. The consumer net loan charge-off rate decreased to 0.70% (annualized), reflecting solid performance across all consumer portfolios
◦Nonperforming assets were down $585 million, driven by lower commercial real estate nonaccrual loans. Nonperforming assets as a percentage of total loans were 0.70%, down from 0.77%
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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 Information
Quarter ended Sep 30, 2026
% Change from
Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025 		Jun 30,
2026 		Sep 30,
2025
Earnings (in millions)
Consumer, Small and Business Banking $ 7,579 7,308 7,089 4 % 7
Credit Card
1,710 1,614 1,663 6 3
Home Lending 743 762 870 (2) (15)
Auto 341 320 256 7 33
Personal Lending 283 284 294 - (4)
Total revenue 10,656 10,288 10,172 4 5
Provision for credit losses 791 945 767 (16) 3
Noninterest expense 6,188 6,286 6,376 (2) (3)
Net income $ 2,755 2,290 2,270 20 21
Average balances (in billions)
Loans $ 342.1 337.8 329.1 1 4
Deposits 825.1 828.4 808.9 - 2
Third Quarter 2026 vs. Third Quarter 2025
◦Revenue increased 5%
▪Consumer, Small and Business Banking was up 7% driven by higher deposit balances, wider deposit spreads, as well as higher deposit-related fees, investment advisory fees, and debit card fees on higher volume
▪Credit Card was up 3% reflecting higher net interest income on higher loan balances and higher card fees
▪Home Lending was down 15% due to lower mortgage servicing income and lower net interest income on lower loan balances
▪Auto was up 33% due to higher loan balances and wider loan spreads
◦Noninterest expense decreased 3% driven by lower operating costs and operating losses, as well as the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense and higher occupancy expense
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 Sep 30, 2026
% Change from
Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025 		Jun 30,
2026 		Sep 30,
2025
Earnings (in millions)
Net interest income
$ 2,134 2,047 1,949 4 % 9
Noninterest income
1,102 1,071 1,092 3 1
Total revenue 3,236 3,118 3,041 4 6
Provision for credit losses 240 131 39 83 515
Noninterest expense 1,400 1,412 1,445 (1) (3)
Net income $ 1,195 1,176 1,162 2 3
Average balances (in billions)
Loans $ 240.5 237.1 219.4 1 10
Deposits 198.9 189.5 172.0 5 16
Third Quarter 2026 vs. Third Quarter 2025
◦Revenue increased 6%
▪Net interest income was up 9% due to higher deposit and loan balances
▪Noninterest income was up 1% driven by higher deposit-related fees and higher investment banking and markets fees, partially offset by lower revenue from equity investments
◦Noninterest expense decreased 3% due to lower operating losses and the impact of efficiency initiatives
◦Provision for credit losses increased $201 million largely reflecting an increase in the allowance for loan losses due to loan growth
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 Sep 30, 2026
% Change from
Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025 		Jun 30,
2026 		Sep 30,
2025
Earnings (in millions)
Banking:
Lending $ 692 724 647 (4) % 7
Treasury Management and Payments 683 661 630 3 8
Investment Banking 611 628 554 (3) 10
Total Banking 1,986 2,013 1,831 (1) 8
Commercial Real Estate 1,171 1,197 1,186 (2) (1)
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,262 1,536 1,355 (18) (7)
Equities 543 635 450 (14) 21
Credit Adjustment (CVA/DVA/FVA) and Other 30 35 48 (14) (38)
Total Markets 1,835 2,206 1,853 (17) (1)
Other 16 9 9 78 78
Total revenue 5,008 5,425 4,879 (8) 3
Provision for credit losses (18) (181) (107) 90 83
Noninterest expense 2,454 2,497 2,362 (2) 4
Net income $ 1,924 2,329 1,966 (17) (2)
Average balances (in billions)
Loans $ 353.4 359.4 295.9 (2) 19
Deposits 248.1 234.8 204.1 6 22
Third Quarter 2026 vs. Third Quarter 2025
◦Revenue increased 3%
▪Banking was up 8% and included higher investment banking revenue driven by higher investment grade Debt Capital Markets, Equity Capital Markets, and M&A advisory fees, partially offset by lower leveraged finance revenue. Growth also reflected increased Treasury Management and Payments revenue on higher deposit balances, as well as higher loan balances
▪Commercial Real Estate was down 1% driven by interest rate impacts, partially offset by higher capital markets fees and higher loan balances
▪Markets was down 1% as stronger performance in equities was more than offset by lower performance across most FICC products
◦Noninterest expense increased 4% driven by higher personnel expense and 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 Sep 30, 2026
% Change from
Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025 		Jun 30,
2026 		Sep 30,
2025
Earnings (in millions)
Net interest income $ 950 919 851 3 % 12
Noninterest income 3,154 2,973 2,823 6 12
Total revenue 4,104 3,892 3,674 5 12
Provision for credit losses 16 17 (14) (6) 214
Noninterest expense 3,286 3,160 3,013 4 9
Net income $ 603 537 506 12 19
Total Company-wide client assets (in billions) 2,739 2,691 2,473 2 11
Average balances (in billions)
Loans $ 95.4 91.1 82.3 5 16
Deposits 108.7 109.8 99.8 (1) 9
Third Quarter 2026 vs. Third Quarter 2025
◦Revenue increased 12%
▪Net interest income was up 12% driven by higher deposit and loan balances, as well as lower deposit costs
▪Noninterest income was up 12% on higher investment advisory fees driven by an increase in market valuations
◦Noninterest expense increased 9% 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 Sep 30, 2026
% Change from
Sep 30,
2026 		Jun 30,
2026 		Sep 30,
2025 		Jun 30,
2026 		Sep 30,
2025
Earnings (in millions)
Net interest income $ (725) (589) (273) (23) % NM
Noninterest income 115 1,002 449 (89) (74)
Total revenue (610) 413 176 NM NM
Provision for credit losses - 2 (4) (100) 100
Noninterest expense 415 306 650 36 (36)
Net income (loss) $ (526) 75 (315) NM (67)
NM - Not meaningful
Third Quarter 2026 vs. Third Quarter 2025
◦Revenue decreased driven by lower net interest income due to the impact of lower interest rates on crediting rates to our operating segments, lower results from our venture capital investments, and lower lease income related to the sale of our rail car leasing business.
◦Noninterest expense decreased due to lower severance expense and lower lease expense related to the sale of our rail car leasing business
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Endnotes

Page 1 - Company-wide Financial Summary / Operating Segments and Other Highlights
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 26 of the 3Q26 Quarterly Supplement for more information on CET1. CET1 for September 30, 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 24-25 of the 3Q26 Quarterly Supplement.

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 24-25 of the 3Q26 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 24-25 of the 3Q26 Quarterly Supplement.
2.Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 framework. See the table on page 26 of the 3Q26 Quarterly Supplement for more information on CET1. CET1 for September 30, 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 September 30, 2026, is a preliminary estimate.
4.SLR for September 30, 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 September 30, 2026, is a preliminary estimate.

Conference Call
The Company will host a live conference call on Tuesday, October 13, 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 on our Investor Relations webpage and through this earnings webcast link.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Tuesday, October 13 through
Tuesday, October 27. Please dial 1-800-835-4112 (U.S. and Canada) or 203-369-3829 (International/U.S. Toll) and enter passcode: 9911#. The replay will also be available online on our Investor Relations webpage and through this earnings webcast link.
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Wells Fargo & Company published this content on October 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 13, 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]