Wells Fargo & Co

Latest Results (11.03.2026):

Wells Fargo & Co — Fourth Quarter 2025: reported net income of $5.4 billion, or $1.62 per diluted share; excluding a $612 million notable severance item, adjusted net income was $5.8 billion, or $1.76 per diluted share. Total revenue for the quarter was $21.292 billion, average loans were $955.8 billion and average deposits were $1,377.7 billion. The company repurchased $5.0 billion of stock in Q4 (58.2 million shares) and returned $23 billion to shareholders in 2025 (including $18 billion of repurchases and a 13% dividend increase).

Earnings and notable item

Net income was $5.4 billion (diluted EPS $1.62). Excluding the $612 million pre-tax severance notable item, management reports adjusted net income of $5.8 billion (adjusted EPS $1.76).

Revenue mix and margins

Total revenue was $21.292 billion (up ~4% year-over-year). Net interest income: $12.331 billion (up 4% y/y). Noninterest income: $8.961 billion (up 5% y/y). Taxable-equivalent net interest margin was 2.60% for the quarter.

Credit quality and provisions

Net charge-offs were $1.03 billion (annualized charge-off rate 0.43% of average loans), down vs. the prior year. Provision for credit losses was $1.04 billion. Allowance for credit losses was $14.337 billion (1.45% of total loans). Total nonperforming assets were $8.503 billion (0.86% of total loans).

Capital, liquidity and shareholder returns

Common Equity Tier 1 (CET1) ratio was 10.6% (preliminary). TLAC ratio 23.2%; Supplementary Leverage Ratio 6.2%; liquidity coverage ratio ~119%. Q4 share repurchases were $5.0 billion; full-year 2025 repurchases totaled $18 billion. Management noted continued excess capital while raising a new medium-term ROTCE target of 17–18% (company stated it achieved its prior ROTCE target).

Segment and business highlights

Consumer Banking & Lending revenue rose (credit card and auto lending growth noted); Consumer Lending average loans $329.3 billion and net income $2.128 billion (up 33% y/y). Commercial loans and investment banking fees increased (CEO cited 12% loan growth and a rise in M&A ranking). Wealth & Investment Management revenue grew ~10% with client assets of $2.509 trillion (up 9% y/y).

Costs, efficiency and outlook

Noninterest expense was $13.726 billion (down 1% y/y), with an efficiency ratio of about 64%. Management emphasized progress on efficiency initiatives, removal of the Federal Reserve asset cap and termination of multiple consent orders, and described entering 2026 with momentum; results in this release are preliminary pending final 10-K disclosures.