Results
News ReleaseOctober 13, 2026 Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 billion, or $1.87 per Diluted Share
Capital return
Repurchased 28.6 million shares, or $2.5 billion, of common stock in third quarter 2026
Management commentary
Chairman and Chief Executive Officer Charlie Scharf commented, “Our third quarter results reflect broad-based growth, higher earnings, and stronger returns.
5Diluted earnings per share increased to $1.87 in the third quarter, up 13% from a year ago.
6Our ROTCE 4 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.
4Wealth 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.
Results
Selected Company-wide Financial Information
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
Selected Company-wide Capital and Liquidity Information
Selected Company-wide Loan Credit Information
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%
Operating Segment Performance
Selected Financial Information
Third Quarter 2026 vs. Third Quarter 2025
2Revenue 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
Selected Financial Information
Third Quarter 2026 vs. Third Quarter 2025
3Revenue 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
Selected Financial Information
Third Quarter 2026 vs. Third Quarter 2025
7Revenue increased 3%
8Banking 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
Selected Financial Information
Third Quarter 2026 vs. Third Quarter 2025
1Revenue 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
Selected Financial Information
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
Capital return
In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.
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