Wells Fargo (1WFC) Q3 2026 Earnings Report
IT:1WFC Q3 2026 EPS Results
- Actual EPS
- EUR 1.67
- Consensus EPS
- EUR 1.65
- Beat/Miss
- Beat by +EUR 0.02
- One Year Ago EPS
- EUR 1.49
IT:1WFC Q3 2026 Revenue Results
- Actual Revenue
- EUR 30.57B
- Expected Revenue
- EUR 19.97B
- Beat/Miss
- Beat by +EUR 10.60B
- YoY Revenue Growth
- +7.84%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/13/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 13, 2026
Wells Fargo's next earnings date is estimated for January 14, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by 13% EPS growth, improving ROTCE, broad-based revenue and balance-sheet growth, strong credit quality, expense discipline and continued progress in strategic investments across wealth management, payments and AI. The main negatives were weaker late-quarter markets performance, lower venture capital and equity gains, modestly declining noninterest income, higher revenue-related expenses and acknowledged macroeconomic, commercial real estate, consumer credit and AI-related risks. Management nevertheless described current customer, commercial and credit conditions as strong and maintained its earnings, expense and capital outlook.
Management expects full year 2026 net interest income to be $50 billion, plus or minus, with fourth quarter net interest income approximately $13 billion and the net interest margin stable from the third quarter; fourth quarter net interest income growth is expected to increase versus the prior 2 quarters, with markets net interest income slightly below $2 billion, call it, $1.8-ish billion, and non-markets net interest income making up some of it to get back to the full year of $50 billion. 2026 noninterest expense is expected to be approximately $55.7 billion, while full year revenue-related expenses are expected to be approximately $400 million above original expectations. Wells Fargo plans to manage its CET1 ratio within its targeted range of 10% to 10.5%, and estimated risk-weighted assets could decrease by approximately 7% under the Basel III proposal. Credit card originations are expected to operate in this 600,000 to 700,000 cards a quarter, somewhere in that range, for a little bit, and net gains from equity securities are currently expected to remain low in the fourth quarter.
- Higher Earnings and ReturnsThird-quarter earnings per share increased to $1.87, up 13% from a year ago. ROTCE increased to 16.3% in the quarter and 16.2% for the first nine months of 2026, compared with 14.7% during the first nine months of 2025, moving closer to the 17% to 18% target.
- Broad-Based Revenue GrowthRevenue grew 2% year-over-year, with growth across all operating segments. Wealth and Investment Management revenue increased 12%, Commercial Banking increased 6%, Consumer Banking and Lending increased 5%, and Corporate and Investment Banking increased 3%, including 8% growth in Banking.
- Strong Investment Banking PerformanceM&A revenue increased 30%, while equity capital markets and investment-grade underwriting fees each increased 33% from a year ago. Investment banking revenue was just under $900 million for the quarter, and Banking revenue increased 8% year-over-year, including a 10% increase in investment banking.
- Improved Investment Banking Market PositionEquity capital markets share increased 84 basis points to 3.9%, and Wells Fargo rose to number 6 in announced U.S. M&A volume, up from number 9 a year ago.
- Expense Discipline and Efficiency GainsExpenses declined modestly from a year ago. Revenue-related expenses increased 15%, but were more than offset by a 4% decline in nonrevenue-related expenses. Noninterest expense declined $103 million, and the efficiency ratio improved to 63%, down 2 percentage points year-over-year.
- Continued Headcount ReductionHeadcount declined 2% in the quarter and 8% year-over-year, is down 30% from its second-quarter 2020 peak, and has decreased every quarter for the past six years.
- Strong Loan and Deposit GrowthThird-quarter average loans and average deposits both increased 11% from a year ago. Average loans rose $105 billion, driven by commercial and industrial lending, auto, securities-based lending and credit cards, while average deposits increased $143 billion.
- Consumer Banking MomentumPrimary checking accounts achieved a 14th consecutive quarter of year-over-year growth. More than 660,000 new accounts were opened in the third quarter, checking account openings in business banking increased 9%, and credit card openings increased 61% from a year ago.
- Growth in Consumer Lending and Affluent RelationshipsAuto originations increased 15% year-over-year and average auto balances increased 31%. Premier client assets increased 10% year-over-year, with double-digit growth in Premier bankers and financial advisers.
- Wealth and Investment Management ExpansionWealth and Investment Management client assets increased 11% year-over-year to $2.5 trillion, while average loan balances increased 16%. The company increased alternative product offerings by over 30% this year and added portfolio analysis and client proposal tools using Aladdin Wealth technology.
- Wealth Management AI DeploymentWells Fargo launched an AI-powered tool for financial advisers that streamlines routine work and helps advisers access information needed to serve clients. The tool is described as the first of several capabilities planned under the broader Wealth and Investment Management AI strategy.
- Commercial Banking GrowthCommercial Banking average loans increased 10% year-over-year and average deposits increased 16%, supported by new-client acquisition, deeper existing relationships, additional bankers and deposit-gathering initiatives. Commercial Banking clients' investment banking and markets gross fees increased 25%.
- Payments and Tokenized Deposit LaunchWells Fargo launched tokenized deposits on its proprietary blockchain platform for corporate and commercial clients. The company stated that payments currently in production, though at small volume, can move from initiation to the beneficiary account in 2 minutes or less, compared with potentially a day or two through existing cross-border payment rails.
- Stablecoin InitiativeWells Fargo is joining 20 other international financial institutions in establishing a company to issue stablecoins beginning in the first half of 2027. The planned product is intended to support wholesale, institutional and retail use cases, including cross-border payments and digital asset settlements.
- AI Investment and Industry RecognitionThe company is investing in AI for coding, marketing, cybersecurity, risk management, customer service, payments, card replacement, spending insights, underwriting decisions and complaint response. Wells Fargo increased its ranking to number 5 globally and number 3 in the U.S. in the Evident AI Index.
- Net Interest Income Growth and OutlookNet interest income increased $567 million, or 5%, year-over-year and 2% from the second quarter. The company expects full-year 2026 net interest income of $50 billion, plus or minus, fourth-quarter net interest income of approximately $13 billion, and a stable fourth-quarter net interest margin.
- Strong Credit PerformanceThe net loan charge-off ratio was 38 basis points, down from a year ago. Consumer net loan charge-offs declined to 70 basis points, early-stage delinquencies remained at historically low levels, and commercial customers recorded only 18 basis points of losses in the third quarter, with nonaccrual loans down from both the second quarter and a year ago.
- Solid Capital Position and Shareholder ReturnsThe CET1 ratio was 10%, above the 8.5% regulatory minimum plus buffers. Wells Fargo increased its common stock dividend to $0.50 per share and repurchased $2.5 billion of common stock during the quarter.
- Potential Basel III Capital BenefitBased on the proposal, Wells Fargo estimates that Basel III capital rules could reduce risk-weighted assets by approximately 7%, which, all else being equal, would increase the CET1 ratio.
- Credit Card and Auto Portfolio OpportunitiesThe company expects recent credit card vintages to mature and contribute more meaningfully to profitability beginning next year and in a bigger way the year after. In auto lending, Volkswagen and Audi originations were performing at expected returns, while near-prime originations, which represented about 5% of originations, also contributed to returns.
- Planned Risk Leadership TransitionChief Risk Officer Derek Flowers plans to retire early next year, and he will work with Chief Operating Officer Scott Powell to support a smooth transition when Scott assumes the Chief Risk Officer role.
IT:1WFC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 14, 2027 | 2026 (Q4) | 1.67- | 1.45 | ― | ― |
| Oct 13, 2026 | 2026 (Q3) | 1.651.67 | 1.49 | 12.65% (+0.19) | |
| Jul 14, 2026 | 2026 (Q2) | 1.541.79 | 1.43 | 25.00% (+0.36) | |
| Apr 14, 2026 | 2026 (Q1) | 1.411.43 | 1.24 | 15.11% (+0.19) | |
| Jan 14, 2026 | 2025 (Q4) | 1.491.45 | 1.28 | 13.29% (+0.17) | |
| Oct 14, 2025 | 2025 (Q3) | 1.391.49 | 1.27 | 16.90% (+0.21) | |
| Jul 15, 2025 | 2025 (Q2) | 1.261.43 | 1.19 | 20.30% (+0.24) | |
| Apr 11, 2025 | 2025 (Q1) | 1.101.24 | 1.07 | 15.83% (+0.17) | |
| Jan 15, 2025 | 2024 (Q4) | 1.211.28 | 0.77 | 66.28% (+0.51) | |
| Oct 11, 2024 | 2024 (Q3) | 1.151.27 | 1.33 | -4.05% (-0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
