# Wells Fargo & Company (WFC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WFC/thesis · /stocks/WFC/memo

## Financial Snapshot

---
ticker: WFC
step: 04
generated: 2026-05-12
source: quick-research
---

### Wells Fargo & Company (WFC) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $115.3B | $125.4B | $123.5B | -1.5% |
| Net Interest Income | $52.4B | $47.7B | $46.7B | -2.1% |
| Noninterest Income | $44.8B | $48.0B | $47.0B | -2.1% |
| Net Income | $19.1B | $19.7B | $20.3B | +9% |
| EPS (diluted) | $4.83 | $5.37 | $5.95 | +11% |
| Return on Tangible Common Equity | 13.0% | 14.0% | 15.0% | +1pp |

#### Q1 2026 Highlights (most recent reported)

| Metric | Q1 2026 | YoY |
|--------|---------|-----|
| Net Income | $5.3B | +12% |
| EPS | $1.60 | +13% |
| Consumer Banking & Lending Revenue | +7% | |
| Commercial Banking Revenue | +7% | (tax credit/equity investment gain) |
| CIB Markets Revenue | +19% | FICC +15%, Equities +21% |
| Wealth & Investment Management Revenue | +14% | $2.2T client assets (+11%) |
| Loans Average Growth | +10% YoY | First post-asset-cap quarter at full pace |

#### Asset Cap Removed (June 2025)

| Milestone | Date |
|-----------|------|
| Asset cap imposed | February 2018 ($1.95T cap) |
| Asset cap removed | June 2025 |
| Loan book crossed $1T for first time since 2020 | 2H 2025 |
| All 14 consent orders resolved | 2025 |

#### Balance Sheet & Capital (Q1 2026)

| Metric | Value |
|--------|-------|
| Total Assets | ~$2.05T (now growing post-cap) |
| Total Deposits | ~$1.45T |
| Total Loans | $1.0T+ |
| CET1 Capital Ratio | ~11.3% (well above 9.4% required) |
| Tangible Book Value/Share | ~$48 |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~11x | P/TBV: ~1.4x | Dividend Yield: ~2.0%
- ROTCE: 15% (medium-term target raised to 17-18%)
- Efficiency Ratio: ~65%

#### Growth Profile
2025 was the inflection year — asset cap removed June 2025; 2H 2025 saw loan growth normalize at +10% YoY. Q1 2026 was the first full post-cap quarter with broad segment strength (Markets +19%, Wealth +14%). FY26 NII guidance ~$50B reaffirmed (from FY25's $46.7B). Management has raised medium-term ROTCE target to 17-18% (from prior 15%) — reflecting the cap-removal upside, expense leverage, and CIB growth.

#### Forward Estimates
- **2026E Revenue:** ~$130-135B (+5-9%)
- **2026E EPS:** ~$6.50-7.00 (consensus, +9-18%)
- **2026E ROTCE:** 16-17% (vs 15% FY25)
- **2027E EPS:** ~$7.50-8.00
- **2027E ROTCE target:** 17-18%

#### Capital Return
- 2025 returned $23B to shareholders: $5B dividends + $18B buybacks
- Quarterly dividend $0.40/share = $1.60 annual ($5-6B paid)
- Buyback potential reduces share count by 5-8% over 18 months
- CET1 well above requirements provides flexibility for accelerated returns

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WFC/fundamental

## Navigation

- Overview: /stocks/WFC
- Financials (this page): /stocks/WFC/financials
- Thesis: /stocks/WFC/thesis
- Investment Memo: /stocks/WFC/memo
- Coverage universe: /stocks