富国银行3Q26 EPS $1.87 小幅超预期但含一次性税益，NII 指引维持、CET1 降至10.0%，整体喜忧参半

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
October 13, 2026
WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
Delaware
001-02979
No.
41-0449260
(State or Other Jurisdiction
of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
Attention: Investor Relations
333 Market Street
,
MAC: A0109-055
San Francisco
,
California
94105
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
415
-
371-2921
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1-2/3
WFC
New York Stock
Exchange
(
NYSE
)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L
WFC.PRL
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
WFC.PRY
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z
WFC.PRZ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA
WFC.PRA
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC
WFC.PRC
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD
WFC.PRD
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b‑2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Item 2.02    Results of Operations and Financial Condition.
On October 13, 2026, Wells Fargo & Company (the “Company”) issued a news release regarding its results of operations and financial condition for the quarter ended September 30, 2026, and posted on its website its 3Q26 Quarterly Supplement, which contains certain additional information about the Company’s financial results for the quarter ended September 30, 2026. The news release is included as Exhibit 99.1 and the 3Q26 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934.
Item 7.01 Regulation FD Disclosure.
On October 13, 2026, the Company intends to host a live conference call that will also be available by webcast to discuss the Company’s third quarter 2026 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.
Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit No.
Description
Location
99.1
News Release dated October 13, 2026
Filed herewith
99.2
3Q26 Quarterly Supplement
Filed herewith
99.3
Presentation Materials - 3Q26 Financial Results
Furnished herewith
104
Cover Page Interactive Data File
Embedded within the Inline XBRL document
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:
October 13, 2026
WELLS FARGO & COMPANY
By:
/s/ MUNEERA S. CARR
Muneera S. Carr
Executive Vice President,
Chief Accounting Officer and Controller

----- ex993-wellsfargo3q26pres.htm -----
EX-99.3
4
ex993-wellsfargo3q26pres.htm
EXHIBIT 99.3
ex993-wellsfargo3q26pres
© 2026 Wells Fargo Bank, N.A. All rights reserved. 3Q26 Financial Results October 13, 2026 Exhibit 99.3
23Q26 Financial Results 14.7% 16.2% YTD25 YTD26 $13.8 $13.7 Revenue-related Expenses Non-revenue Related Expenses 3Q25 3Q26 211 194 Headcount 3Q25 3Q26 Clear progress on path to improved financial results and returns Earnings Per Share ($ per diluted share) $20.4 $21.4 $21.9 3Q24 3Q25 3Q26 Return on Average Tangible Common Equity (ROTCE)1 Noninterest Expense ($ in billions) and Headcount (# in '000s, period-end) YoY defined as year-over-year. YTD defined as the first nine months of the year. Endnotes are presented starting on page 18. Revenue ($ in billions) $1.42 $1.66 $1.87 3Q24 3Q25 3Q26 (4)% 17% 13% (2)% 5% 2% +1.5 ppts Average Loans YoY Growth Average Deposits YoY Growth 2% (3)% 1% 10% 12% 11% 2023 2024 2025 1Q26 2Q26 3Q26 (5)% 0% 0% 6% 10% 11% 2023 2024 2025 1Q26 2Q26 3Q26 (8)% (1)% (4)% 15% YoY growth YoY growth
33Q26 Financial Results $10.2 $10.7 3Q25 3Q26 $4.9 $5.0 3Q25 3Q26 $3.0 $3.2 3Q25 3Q26 $3.7 $4.1 3Q25 3Q26 ...driven by growth across all our businesses Consumer Banking and Lending Corporate and Investment Banking Wealth and Investment Management Commercial Banking Revenue is $ in billions. Comparisons in the bullet points are for 3Q26 versus 3Q25, unless otherwise noted. Endnotes are presented starting on page 18. • Consumer primary checking account YoY growth for 14 consecutive quarters • Added ~660k new credit card accounts in the quarter • Auto originations up 15% and average balances up 31% • Premier client assets up 10%1 • Average loans up 19% • Average deposits up 22% • Equity Capital Markets YTD share up 84 bps to 3.9%2 • Announced U.S. M&A deal volume YTD rank of #6; up from #93 • Leveraged Finance YTD share of 7.7% (#3 overall)4 • Client assets up 11% • Average loans up 16% largely driven by securities-based lending • Average deposits up 9% • Average loans up 10% • Average deposits up 16% • Gross investment banking and markets fees from Commercial Banking clients up 25% +5% Revenue +3% Revenue Revenue +12% Revenue +6%
43Q26 Financial Results 3Q26 results Financial Results ROE: 13.8% ROTCE: 16.3%1 Efficiency ratio: 63%2 Credit Quality Capital and Liquidity CET1 ratio: 10.0%5 LCR: 122%6 TLAC ratio: 23.0%7 • Provision for credit losses4 of $1.0 billion – Total net loan charge-offs of $983 million, up $41 million, with net loan charge-offs of 0.38% of average loans (annualized) – Allowance for credit losses for loans of $14.5 billion, up 1% • Common Equity Tier 1 (CET1) capital5 of $134.6 billion • CET1 ratio5 of 10.0% under the Standardized Approach • Liquidity coverage ratio (LCR)6 of 122% • Net income of $6.0 billion, or $1.87 per diluted share • Revenue of $21.9 billion, up 2% – Net interest income of $12.5 billion, up 5% – Noninterest income of $9.4 billion, down 1% • Noninterest expense of $13.7 billion, down 1% • Pre-tax pre-provision profit3 of $8.1 billion, up 7% • Effective income tax rate of 16.4% – Included $170 million of discrete tax benefits related to the resolution of prior period matters • Average loans of $1.0 trillion, up 11% • Average deposits of $1.5 trillion, up 11% Comparisons in the bullet points are for 3Q26 versus 3Q25, unless otherwise noted. Endnotes are presented starting on page 18.
53Q26 Financial Results 3Q26 earnings Quarter ended $ Change from $ in millions, except per share data 3Q26 2Q26 3Q25 2Q26 3Q25 Net interest income $12,517 12,317 11,950 $200 567 Noninterest income 9,353 10,305 9,486 (952) (133) Total revenue 21,870 22,622 21,436 (752) 434 Net charge-offs 983 883 954 100 29 Change in the allowance for credit losses 46 31 (273) 15 319 Provision for credit losses1 1,029 914 681 115 348 Noninterest expense 13,743 13,661 13,846 82 (103) Pre-tax income 7,098 8,047 6,909 (949) 189 Income tax expense 1,161 1,402 1,300 (241) (139) Effective income tax rate (%) 16.4 % 17.4 18.9 (107) bps (251) Net income $5,951 6,407 5,589 ($456) 362 Diluted earnings per common share $1.87 2.00 1.66 ($0.13) 0.21 Diluted average common shares (# mm) 3,051.5 3,074.6 3,223.5 (23) (172) Return on equity (ROE) 13.8 % 15.0 12.8 (123) bps 94 Return on average tangible common equity (ROTCE)2 16.3 17.7 15.2 (146) 109 Efficiency ratio 63 60 65 246 (175) Endnotes are presented starting on page 18.
63Q26 Financial Results Net Interest Income ($ in millions) 11,950 12,331 12,096 12,317 12,517 Net Interest Margin (NIM) on a taxable-equivalent basis 3Q25 4Q25 1Q26 2Q26 3Q26 2.43% Net interest income • Net interest income (NII) of $12.5 billion, up $567 million, or 5%, from 3Q25 – NII excluding Markets2 of $12.1 billion, up $283 million, or 2%, driven by higher loan and investment securities balances and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, as well as higher deposit costs reflecting growth in interest- bearing commercial deposits and a modest decline in noninterest-bearing deposits – Markets NII of $428 million, up $284 million, reflecting the impact of lower interest rates and balance sheet growth • NII up $200 million, or 2%, from 2Q26 – NII excluding Markets2 up $273 million, or 2%, driven by higher loan and investment securities balances, one additional day in the quarter, fixed rate asset repricing, and the impact of higher interest rates on floating rate assets, partially offset by higher deposit costs reflecting a higher mix of interest-bearing deposits • Net interest margin of 2.43%, stable with 2Q26 2.61% 2.60% 2.47% 2.43% 1 Endnotes are presented starting on page 18.
73Q26 Financial Results Loans and deposits • Average loans up $104.7 billion, or 11%, year-over-year (YoY) as higher commercial and industrial loans, auto loans, securities-based loans in Wealth and Investment Management (WIM), and credit card loans were partially offset by lower residential mortgage loans; up $6.9 billion, or 1%, from 2Q26 driven by higher auto loans, securities-based loans in WIM, and credit card loans • Total average loan yield of 5.65%, down 32 bps YoY reflecting the impact of lower interest rates and up 5 bps from 2Q26 and included the impact of higher interest rates Average Loans Outstanding ($ in billions) 928.7 955.8 996.0 1,026.5 1,033.4 552.4 573.3 610.6 636.6 636.7 376.3 382.5 385.4 389.9 396.7 Total Average Loan Yield Consumer Loans Commercial Loans 3Q25 4Q25 1Q26 2Q26 3Q26 5.97% 5.78% 5.62% 5.60% 5.65% Average Deposits ($ in billions) 1,339.9 1,377.7 1,415.0 1,465.6 1,482.9 808.9 807.6 816.6 828.4 825.1 172.0 181.0 185.9 189.5 198.9 204.1 214.5 214.3 234.8 248.1 99.8 105.5 112.1 109.8 108.7 Average Deposit Cost Corporate Wealth and Investment Management (WIM) Corporate and Investment Banking (CIB) Commercial Banking Consumer Banking and Lending 3Q25 4Q25 1Q26 2Q26 3Q26 Period-End Loans Outstanding ($ in billions) 3Q26 vs 2Q26 vs 3Q25 Commercial $647.1 2 % 15 % Consumer 401.0 2 6 Total loans $1,048.1 2 % 11 % • Average deposits up $143.0 billion, or 11%, YoY on growth in customer deposits across all of the operating segments, as well as higher Corporate deposits; up $17.3 billion, or 1%, from 2Q26 • Average deposit cost of 1.56%, up 2 bps YoY; up 5 bps from 2Q26 on higher interest-bearing deposit balances 102.1103.1 86.169.155.1 1.56%1.51%1.43%1.44% 1.54%
83Q26 Financial Results 9,486 8,961 9,350 10,305 9,353 1,030 973 862 1,481 525 1,223 1,149 1,138 1,222 1,274 840 716 796 939 894 1,408 979 1,351 1,393 1,109 1,674 1,684 1,712 1,762 1,835 3,311 3,460 3,491 3,508 3,716 Investment Advisory Fees and Brokerage Commissions Deposit and Lending-related Fees Net Gains from Trading Activities Investment Banking Fees Card Fees All Other 3Q25 4Q25 1Q26 2Q26 3Q26 Noninterest Income ($ in millions) • Noninterest income down $133 million, or 1%, from 3Q25 – Investment advisory fees and brokerage commissions1 up $405 million, or 12%, driven by higher asset-based fees – Deposit and lending-related fees up $161 million, or 10%, driven by higher consumer and commercial deposit service charges – Net gains from trading activities down $299 million, or 21%, reflecting higher revenue in equities more than offset by lower revenue across most fixed income, currencies, and commodities (FICC) products – All other2 down $505 million and reflected lower lease income from the 1Q26 sale of our rail car leasing business, lower net gains from equity securities, and a decrease in mortgage banking fees • Noninterest income down $952 million, or 9%, from 2Q26 – Investment advisory fees and brokerage commissions1 up $208 million, or 6%, driven by higher asset-based fees – Net gains from trading activities down $284 million, or 20%, reflecting lower results across most asset classes – All other2 down $956 million predominantly due to lower net gains from equity securities reflecting strong performance in our venture capital investments in 2Q26 Noninterest income 2 1 Endnotes are presented starting on page 18.
93Q26 Financial Results 13,846 13,726 14,330 13,661 13,743 4,825 4,649 4,737 4,810 4,998 8,725 8,465 9,593 8,851 8,745 Personnel Expense Non-personnel Expense 3Q25 4Q25 1Q26 2Q26 3Q26 Noninterest expense • Noninterest expense down $103 million, or 1%, from 3Q25 – Personnel expense down $276 million as lower severance expense and the impact of efficiency initiatives including an 8% reduction in headcount were partially offset by higher revenue-related compensation expense – Non-personnel expense up $173 million, or 4%, predominantly due to higher technology and equipment expense • Noninterest expense up $82 million, or 1%, from 2Q26 as higher revenue-related compensation expense and higher professional and outside services expense were partially offset by the impact of efficiency initiatives Noninterest Expense ($ in millions) Headcount (Period-end, '000s) 3Q25 4Q25 1Q26 2Q26 3Q26 211 205 201 197 194 Endnotes are presented starting on page 18. 1 612 1 1 2961 $13.8 $13.7 Revenue-related Expenses Non-revenue Related Expenses 3Q25 3Q26 (1)% (4)% 15% Noninterest expense ($ in billions)• 1% YoY decrease in noninterest expense driven by a 4% decline in non-revenue related expenses, partially offset by a 15% increase in revenue-related expenses
103Q26 Financial Results • Commercial net loan charge-offs up $125 million to 18 bps of average loans (annualized) on higher commercial real estate (CRE) and commercial and industrial net loan charge-offs • Consumer net loan charge-offs decreased $18 million to 70 bps of average loans (annualized) on lower credit card net loan charge-offs, partially offset by higher auto net loan charge-offs • Nonperforming assets of $7.4 billion, or 0.70% of total loans, down $585 million, driven by lower CRE nonaccrual loans, partially offset by higher commercial and industrial nonaccrual loans 681 1,040 1,135 914 1,029 942 1,046 1,100 876 983 Provision for Credit Losses Net Loan Charge-offs Net Loan Charge-off Ratio 3Q25 4Q25 1Q26 2Q26 3Q26 Credit quality Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) Comparisons in the bullet points are for 3Q26 versus 2Q26, unless otherwise noted. Endnotes are presented starting on page 18. 0.40% 0.43% 0.34% 0.45% 1 0.38% 14,311 14,337 14,374 14,407 14,458 7,552 7,457 7,529 7,395 7,428 6,759 6,880 6,845 7,012 7,030 Commercial Consumer Allowance Coverage for Total Loans 3Q25 4Q25 1Q26 2Q26 3Q26 Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses (ACL) for loans up $51 million on higher allowance for commercial and industrial loans and auto loans reflecting loan growth, partially offset by a lower allowance for CRE office loans – Allowance coverage for total loans down 14 bps from 3Q25; down 2 bps from 2Q26 driven by a reduction in the allowance coverage for credit card loans and CRE office loans 1.45%1.52% 1.41% 1.40% 1.38%
113Q26 Financial Results Capital and liquidity Capital Position • Common Equity Tier 1 (CET1) ratio1 of 10.0% at September 30, 2026 – A decrease in accumulated other comprehensive income driven by the impact of higher interest rates reduced the CET1 ratio 38 bps from 2Q26 Capital Return • $2.5 billion in gross common stock repurchases, or 28.6 million shares, in 3Q26; period-end common shares outstanding down 147.3 million, or 5%, from 3Q25 • 3Q26 common stock dividend increased to $0.50 per share, up from $0.45 per share in 2Q26; $1.5 billion in common stock dividends paid in 3Q26 Total Loss Absorbing Capacity (TLAC) • As of September 30, 2026, our TLAC as a percentage of total risk-weighted assets3 was 23.0% compared with the required minimum of 21.5% Liquidity Position • Strong liquidity position with a 3Q26 LCR4 of 122%, which remained above the regulatory minimum of 100% 11.0% 10.6% 10.3% 10.3% 10.0% 3Q25 4Q25 1Q26 2Q26 3Q26 Estimated 8.5% Regulatory Minimum and Buffers2 Common Equity Tier 1 Ratio under the Standardized Approach1 Endnotes are presented starting on page 18.
123Q26 Financial Results • Total revenue up 5% YoY and up 4% from 2Q26 – CSBB up 7% YoY driven by higher deposit balances and wider deposit spreads, as well as higher deposit-related fees, investment advisory fees, and debit card fees on higher volume; up 4% from 2Q26 – Credit Card up 3% YoY and up 6% from 2Q26 reflecting higher NII on higher loan balances and higher card fees – Home Lending down 15% YoY due to lower mortgage servicing income and lower NII on lower loan balances – Auto up 33% YoY and up 7% from 2Q26 on higher loan balances and wider loan spreads • Noninterest expense down 3% YoY driven by lower operating costs and operating losses, as well as the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense; down 2% from 2Q26 on lower advertising expense and operating costs Consumer Banking and Lending (CBL) Summary Financials $ in millions 3Q26 vs. 2Q26 vs. 3Q25 Revenue by line of business: Consumer, Small and Business Banking (CSBB) $7,579 $271 490 Credit Card 1,710 96 47 Home Lending 743 (19) (127) Auto 341 21 85 Personal Lending 283 (1) (11) Total revenue 10,656 368 484 Provision for credit losses 791 (154) 24 Noninterest expense 6,188 (98) (188) Pre-tax income 3,677 620 648 Net income $2,755 $465 485 Selected Metrics and Average Balances $ in billions 3Q26 2Q26 3Q25 Return on allocated capital1 32.4 % 27.1 19.2 Efficiency ratio2 58 61 63 Average loans $342.1 337.8 329.1 Average deposits 825.1 828.4 808.9 Retail bank branches (#, period-end) 4,068 4,079 4,108 Mobile active customers3 (# in mm, period-end) 34.0 33.7 32.5 Other Selected Metrics $ in billions 3Q26 2Q26 3Q25 Debit card purchase volume 4 $144.9 144.8 133.6 Client assets in advisory and brokerage accounts 289 282 262 Average Home Lending loans 197.4 197.9 201.8 Mortgage loan originations 7.8 9.0 7.0 Average Credit Card loans 53.9 52.7 51.1 Credit Card purchase volume4 45.0 44.5 40.3 Credit Card new accounts (# in thousands)4 661 662 707 Average Auto loans $58.8 55.7 44.8 Auto loan originations 10.1 9.7 8.8 Endnotes are presented starting on page 18.
133Q26 Financial Results Commercial Banking (CB) • Total revenue up 6% YoY and up 4% from 2Q26 – Net interest income up 9% YoY and up 4% from 2Q26 on higher deposit and loan balances – Noninterest income up 1% YoY reflecting higher deposit-related fees and higher investment banking and markets fees, partially offset by lower revenue from equity investments • Noninterest expense down 3% YoY due to lower operating losses and the impact of efficiency initiatives • Provision for credit losses increased $201 million YoY reflecting an increase in the allowance for loan losses due to loan growth Summary Financials $ in millions 3Q26 vs. 2Q26 vs. 3Q25 Net interest income $2,134 $87 185 Noninterest income 1,102 31 10 Total revenue 3,236 118 195 Provision for credit losses 240 109 201 Noninterest expense 1,400 (12) (45) Pre-tax income 1,596 21 39 Net income $1,195 $19 33 Selected Metrics 3Q26 2Q26 3Q25 Return on allocated capital 17.3 % 17.2 16.8 Efficiency ratio 43 45 48 Average balances ($ in billions) Loans $240.5 237.1 219.4 Deposits 198.9 189.5 172.0
143Q26 Financial Results Corporate and Investment Banking (CIB) • Total revenue up 3% YoY and down 8% from 2Q26 – Banking revenue up 8% YoY driven by: ◦ Higher Investment Banking revenue reflecting higher investment grade Debt Capital Markets, Equity Capital Markets, and M&A advisory fees, partially offset by lower leveraged finance revenue ◦ Increased Treasury Management and Payments revenue on higher deposit balances ◦ Higher Lending revenue on higher loan balances – Commercial Real Estate revenue down 2% from 2Q26 driven by lower capital markets activity, partially offset by higher net interest income – Markets revenue down 1% YoY; down 17% from strong performance in 2Q26 and reflected lower results across most asset classes • Noninterest expense up 4% YoY driven by higher personnel expense and professional and outside services expense, partially offset by the impact of efficiency initiatives Summary Financials $ in millions 3Q26 vs. 2Q26 vs. 3Q25 Revenue by line of business: Banking: Lending $692 ($32) 45 Treasury Management and Payments 683 22 53 Investment Banking 611 (17) 57 Total Banking 1,986 (27) 155 Commercial Real Estate 1,171 (26) (15) Markets: Fixed Income, Currencies and Commodities (FICC) 1,262 (274) (93) Equities 543 (92) 93 Credit Adjustment (CVA/DVA/FVA) and Other 30 (5) (18) Total Markets 1,835 (371) (18) Other 16 7 7 Total revenue 5,008 (417) 129 Provision for credit losses (18) 163 89 Noninterest expense 2,454 (43) 92 Pre-tax income 2,572 (537) (52) Net income $1,924 ($405) (42) Selected Metrics 3Q26 2Q26 3Q25 Return on allocated capital 15.5 % 19.2 16.8 Efficiency ratio 49 46 48 Average Balances ($ in billions) Loans by line of business 3Q26 2Q26 3Q25 Banking $119.3 125.0 92.8 Commercial Real Estate 123.4 123.2 117.1 Markets 110.7 111.2 86.0 Total loans $353.4 359.4 295.9 Deposits 248.1 234.8 204.1 Trading-related assets 402.6 401.5 315.6
153Q26 Financial Results Wealth and Investment Management (WIM) Summary Financials $ in millions 3Q26 vs. 2Q26 vs. 3Q25 Net interest income $950 $31 99 Noninterest income 3,154 181 331 Total revenue 4,104 212 430 Provision for credit losses 16 (1) 30 Noninterest expense 3,286 126 273 Pre-tax income 802 87 127 Net income $603 $66 97 Selected Metrics $ in billions 3Q26 2Q26 3Q25 Return on allocated capital 36.0 % 32.4 29.9 Efficiency ratio 80 81 82 Average loans $95.4 91.1 82.3 Average deposits 108.7 109.8 99.8 WIM client assets $2,450 2,409 2,211 • Total revenue up 12% YoY and up 5% from 2Q26 – Net interest income up 12% YoY driven by higher deposit and loan balances and lower deposit costs – Noninterest income up 12% YoY and up 6% from 2Q26 on higher investment advisory fees driven by an increase in market valuations • Noninterest expense up 9% YoY and up 4% from 2Q26 on higher revenue- related compensation expense, partially offset by the impact of efficiency initiatives
163Q26 Financial Results Corporate • Revenue decreased YoY on lower net interest income due to the impact of lower interest rates on crediting rates to our operating segments and lower noninterest income reflecting lower revenue from our venture capital investments and a decrease in lease income related to the sale of our rail car leasing business • Noninterest expense down YoY due to lower severance expense and lower lease expense associated with the sale of our rail car leasing business Summary Financials $ in millions 3Q26 vs. 2Q26 vs. 3Q25 Net interest income ($725) ($136) (452) Noninterest income 115 (887) (334) Total revenue (610) (1,023) (786) Provision for credit losses — (2) 4 Noninterest expense 415 109 (235) Pre-tax loss (1,025) (1,130) (555) Income tax benefit (484) (278) (311) Less: Net loss from noncontrolling interests (15) (251) (33) Net loss ($526) ($601) (211)
173Q26 Financial Results Outlook Net Interest Income Noninterest Expense • Expect 2026 net interest income (NII) to be +/- $50 billion, unchanged from prior guidance • Expect 4Q26 net interest income to be ~$13 billion Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand • Expect 2026 noninterest expense to be ~$55.7 billion, unchanged from prior guidance
183Q26 Financial Results Endnotes Page 2 – Clear progress on path to improved financial results and returns 1. 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” table on page 21. Page 3 – ...driven by growth across all our businesses 1. Represents Consumer, Small and Business Banking client assets in advisory and brokerage accounts. 2. Year-to-date (YTD) market share compared to full year 2025. Source: Dealogic, as of 10/1/2026. 3. YTD rank compared to full year 2025. Source: Dealogic, as of 10/1/2026. 4. YTD market share and rank through September 30, 2026. Source: Dealogic, as of 10/1/2026. Page 4 – 3Q26 results 1. 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” table on page 21. 2. The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). 3. Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle. 4. Includes provision for credit losses for loans, debt securities, and other financial assets. 5. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 framework. See page 22 for additional information regarding CET1 capital and ratios. CET1 for September 30, 2026, is a preliminary estimate. 6. Liquidity coverage ratio (LCR) 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. 7. Represents total loss absorbing capacity (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. Page 5 – 3Q26 earnings 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” table on page 21.
193Q26 Financial Results Page 6 – Net interest income 1. Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities. 2. Net interest income excluding Markets is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to a GAAP financial measure, see the “Net Interest Income Excluding Markets” table on page 20. Page 8 – Noninterest income 1. Investment advisory fees and brokerage commissions includes investment advisory and other asset-based fees and commissions and brokerage services fees. 2. All other includes mortgage banking, net gains (losses) from debt securities, net gains (losses) from equity securities, and other. Page 9 – Noninterest expense 1. 4Q25 and 3Q25 total personnel expense of $9.1 billion and $9.0 billion, respectively, included severance expense of $612 million and $296 million, respectively. Page 10 – Credit quality 1. Includes provision for credit losses for loans, debt securities, and other financial assets. Page 11 – Capital and liquidity 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 framework. See page 22 for additional information regarding CET1 capital and ratios. 3Q26 CET1 is a preliminary estimate. 2. Includes a 4.50% minimum requirement, a stress capital buffer (SCB) of 2.50%, and a G-SIB capital surcharge of 1.50%. 3. Represents total loss absorbing capacity (TLAC) divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC is a preliminary estimate. 4. Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 3Q26 LCR is a preliminary estimate. Page 12 – Consumer Banking and Lending (CBL) 1. Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. 2. Efficiency ratio is segment noninterest expense divided by segment total revenue. 3. Mobile active customers is the number of consumer and small business customers who have logged on via a mobile device in the prior 90 days. 4. Reflects combined activity for consumer and small business customers. Endnotes (continued)
203Q26 Financial Results Net Interest Income Excluding Markets Quarter ended Sep 30, 2026 % Change from ($ in millions) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2026 Sep 30, 2025 Net interest income $ 12,517 12,317 12,096 12,331 11,950 2 % 5 Markets net interest income 428 501 481 358 144 (15) 197 Net interest income excluding Markets $ 12,089 11,816 11,615 11,973 11,806 2 2 Wells Fargo & Company and Subsidiaries NET INTEREST INCOME EXCLUDING MARKETS We also evaluate the Company’s net interest income excluding the net interest income of the Corporate and Investment Banking Markets (Markets) line of business. Markets net interest income includes interest income earned on the assets and interest expense paid on the liabilities of the line of business, as well as funding charges and credits using our funds transfer pricing methodology. Net interest income excluding Markets is a non-GAAP financial measure that management believes is useful because it enables management, investors, and others to assess the net interest income from the Company's lending, investing, and deposit-raising activities without the volatility that may be associated with Markets activities. The table below provides a reconciliation of this non-GAAP financial measure to a GAAP financial measure.
213Q26 Financial Results Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on venture capital investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company’s use of equity. The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial measures. Quarter ended Nine months ended ($ in millions) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Return on average tangible common equity: Net income applicable to common stock (A) $5,703 6,160 5,000 5,114 5,341 $16,863 15,171 Average total equity 182,469 181,910 183,693 183,844 183,428 182,686 183,351 Adjustments: Preferred stock (16,165) (15,348) (16,333) (16,608) (16,608) (15,948) (17,824) Additional paid-in capital on preferred stock 141 139 140 141 141 140 143 Noncontrolling interests (2,128) (1,972) (1,915) (1,879) (1,850) (2,006) (1,854) Average common stockholders’ equity (B) 164,317 164,729 165,585 165,498 165,111 164,872 163,816 Adjustments: Goodwill (24,965) (24,966) (24,967) (25,055) (25,070) (24,966) (25,092) Certain identifiable intangible assets (other than MSRs) (716) (748) (788) (847) (889) (751) (610) Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) (649) (704) (705) (698) (674) (686) (694) Applicable deferred taxes related to goodwill and other intangible assets1 1,065 1,065 1,063 1,063 1,061 1,064 1,001 Average tangible common equity (C) $139,052 139,376 140,188 139,961 139,539 $139,533 138,421 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 13.8 % 15.0 12.2 12.3 12.8 13.7 % 12.4 Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 16.3 17.7 14.5 14.5 15.2 16.2 14.7 1. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
223Q26 Financial Results 1. The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 capital and total capital ratios under both approaches. 2. Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated ($ in billions) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Total equity $177.9 182.3 180.3 183.0 183.0 Adjustments: Preferred stock (17.1) (15.3) (15.3) (16.6) (16.6) Additional paid-in capital on preferred stock 0.1 0.1 0.1 0.1 0.2 Noncontrolling interests (2.1) (2.1) (1.9) (1.8) (1.9) Total common stockholders' equity 158.8 165.0 163.2 164.7 164.7 Adjustments: Goodwill (25.0) (25.0) (25.0) (25.0) (25.1) Certain identifiable intangible assets (other than MSRs) (0.7) (0.7) (0.8) (0.8) (0.9) Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) (0.8) (0.6) (0.7) (0.7) (0.7) Applicable deferred taxes related to goodwill and other intangible assets2 1.1 1.1 1.1 1.1 1.1 Other 1.2 (2.1) (2.4) (2.0) (2.5) Common Equity Tier 1 (A) $134.6 137.7 135.4 137.3 136.6 Total risk-weighted assets (RWAs) under the Standardized Approach (B) 1,339.8 1,342.3 1,316.0 1,294.6 1,242.4 Total RWAs under the Advanced Approach (C) 1,140.8 1,140.2 1,121.0 1,112.5 1,072.2 Common Equity Tier 1 to total RWAs under the Standardized Approach (A)/(B) 10.0 % 10.3 10.3 10.6 11.0 Common Equity Tier 1 to total RWAs under the Advanced Approach (A)/(C) 11.8 12.1 12.1 12.4 12.7
233Q26 Financial Results Disclaimer and forward-looking statements 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. This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) sustainability and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results may differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For additional information about factors that could cause actual results to differ materially from our expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our third quarter 2026 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

----- wfc3qer10-13x26ex991xrelea.htm -----
EX-99.1
2
wfc3qer10-13x26ex991xrelea.htm
EXHIBIT 99.1
Document
Exhibit 99.1
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 losses
1
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
CET1
2
10.0
%
11.0
Performance Metrics
ROE
3
13.8
%
12.8
ROTCE
4
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 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. 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 losses
1
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 ratio
3
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 equity
1
133.4
139.7
139.1
Common Equity Tier 1 (CET1) ratio
2
10.0
%
10.3
11.0
Total loss absorbing capacity (TLAC) ratio
3
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%
3
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
8
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.
9
Forward-Looking Statements
This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission (SEC), and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) sustainability and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•
current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade policies, and any slowdown in global economic growth;
•
our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
•
current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services;
•
our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;
•
the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income and net interest margin;
•
significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, a reduction in our ability to sell or securitize loans, and declines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities portfolios;
•
the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage and wealth management businesses;
•
negative effects from instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation;
•
regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
•
a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks;
•
the effect of technological changes, including artificial intelligence and digital assets, on us, our customers, or our competitive landscape;
•
the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
10
•
fiscal and monetary policies of the Federal Reserve Board;
•
changes to tax laws, regulations, and guidance as well as the effect of discrete items on our effective income tax rate;
•
our ability to develop and execute effective business plans and strategies; and
•
the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.
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.
For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the SEC, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC and available on its website at www.sec.gov
1
.
Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Forward-looking Non-GAAP Financial Measures
. From time to time we may provide forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity or for net interest income excluding Markets. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.
1
We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.
11
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations.
Contact Information
Media
Beth Richek, 980-308-1568
beth.richek@wellsfargo.com
or
Investor Relations
John M. Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
12

----- wfc3qer10-13x26ex992xsuppl.htm -----
EX-99.2
3
wfc3qer10-13x26ex992xsuppl.htm
EXHIBIT 99.2
Document
Exhibit 99.2
3Q26 Quarterly Supplement
Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS
Page
Consolidated Results
Summary Financial Data
3
Consolidated Statement of Income
5
Consolidated Balance Sheet
6
Average Balances and Interest Rates (Taxable-Equivalent Basis)
7
Reportable Operating Segment Results
Combined
Segment Results
8
Consumer Banking and Lending
10
Commercial Banking
12
Corporate and Investment Banking
14
Wealth and Investment Management
16
Corporate
17
Credit-Related Information
Consolidated
Loans
Outstanding – Period-End Balances, Average Balances, and Average Interest Rates
18
Net Loan Charge-offs
19
Changes in Allowance for Credit Losses for Loans
20
Allocation of the Allowance for Credit Losses for Loans
21
Nonperforming Assets
(Nonaccrual Loans and Foreclosed Assets)
22
Commercial Loan Portfolio – Commercial and Industrial Loans and Lease Financing by Industry and Commercial Real Estate Loans by Property Type
23
Other
Tangible Common Equity
24
Risk-Based Capital Ratios Under Basel III
26
Net Interest Income Excluding Markets
27
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.
Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
(in millions, except ratios and per share amounts)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Selected Income Statement Data
Total revenue
$
21,870
22,622
21,446
21,292
21,436
(3)
%
2
$
65,938
62,407
6
%
Noninterest expense
13,743
13,661
14,330
13,726
13,846
1
(1)
41,734
41,116
2
Pre-tax pre-provision profit (PTPP) (1)
8,127
8,961
7,116
7,566
7,590
(9)
7
24,204
21,291
14
Provision for credit losses (2)
1,029
914
1,135
1,040
681
13
51
3,078
2,618
18
Wells Fargo net income
5,951
6,407
5,253
5,361
5,589
(7)
6
17,611
15,977
10
Wells Fargo net income applicable to common stock
5,703
6,160
5,000
5,114
5,341
(7)
7
16,863
15,171
11
Common Share Data
Diluted earnings per common share
1.87
2.00
1.60
1.62
1.66
(6)
13
5.47
4.64
18
Dividends declared per common share
0.50
0.45
0.45
0.45
0.45
11
11
1.40
1.25
12
Common shares outstanding
3,001.6
3,028.5
3,064.3
3,092.6
3,148.9
(1)
(5)
Average common shares outstanding
3,015.8
3,044.0
3,080.0
3,113.8
3,182.2
(1)
(5)
3,046.4
3,231.4
(6)
Diluted average common shares outstanding
3,051.5
3,074.6
3,117.7
3,159.0
3,223.5
(1)
(5)
3,081.0
3,270.3
(6)
Book value per common share (3)
$
52.91
54.48
53.25
53.24
52.30
(3)
1
Tangible book value per common share (3)(4)
44.46
46.13
44.98
45.02
44.18
(4)
1
Selected Equity Data (period-end)
Total equity
177,877
182,323
180,313
183,038
183,012
(2)
(3)
Common stockholders' equity
158,804
164,981
163,188
164,651
164,687
(4)
(4)
Tangible common equity (4)
133,447
139,703
137,817
139,219
139,119
(4)
(4)
Performance Ratios
Return on average assets (ROA) (5)
1.05
%
1.15
0.98
1.02
1.10
1.06
%
1.09
Return on average equity (ROE) (6)
13.8
15.0
12.2
12.3
12.8
13.7
12.4
Return on average tangible common equity (ROTCE) (4)
16.3
17.7
14.5
14.5
15.2
16.2
14.7
Efficiency ratio (7)
63
60
67
64
65
63
66
Net interest margin on a taxable-equivalent basis
2.43
2.43
2.47
2.60
2.61
2.44
2.65
Average deposit cost
1.56
1.51
1.43
1.44
1.54
1.50
1.55
(1)
Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(2)
Includes provision for credit losses for loans, debt securities, and other financial assets.
(3)
Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.
(4)
Tangible common equity, tangible book value per common share, and return on average tangible common equity 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 and 25.
(5)
Represents Wells Fargo net income divided by average assets.
(6)
Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.
(7)
The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
-3-
Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA (continued)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions, unless otherwise noted)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Selected Balance Sheet Data (average)
Loans
$
1,033,390
1,026,479
996,025
955,849
928,677
1
%
11
$
1,018,768
917,935
11
%
Assets
2,243,524
2,227,923
2,168,224
2,079,777
2,010,200
1
12
2,213,499
1,954,742
13
Deposits
1,482,928
1,465,600
1,415,034
1,377,718
1,339,939
1
11
1,454,770
1,336,975
9
Selected Balance Sheet Data (period-end)
Available-for-sale and held-to-maturity debt securities
448,356
448,899
426,953
421,596
420,914
—
7
Loans
1,048,113
1,031,115
1,016,787
986,167
943,102
2
11
Allowance for credit losses for loans
14,458
14,407
14,374
14,337
14,311
—
1
Assets
2,253,291
2,282,201
2,205,752
2,148,631
2,062,926
(1)
9
Deposits
1,502,652
1,501,405
1,454,939
1,426,207
1,367,361
—
10
Headcount (#) (period-end)
194,369
197,466
200,999
205,198
210,821
(2)
(8)
Capital and other metrics (1)
Risk-based capital ratios and components (2):
Standardized Approach:
Common Equity Tier 1 (CET1)
10.0
%
10.3
10.3
10.6
11.0
Tier 1 capital
11.3
11.4
11.4
11.9
12.3
Total capital
13.6
13.7
13.8
14.3
14.8
Risk-weighted assets (RWAs) (in billions)
$
1,339.8
1,342.3
1,316.0
1,294.6
1,242.4
—
8
Advanced Approach:
Common Equity Tier 1 (CET1)
11.8
%
12.1
12.1
12.4
12.7
Tier 1 capital
13.3
13.4
13.4
13.8
14.3
Total capital
15.1
15.3
15.3
15.7
16.2
Risk-weighted assets (RWAs) (in billions)
$
1,140.8
1,140.2
1,121.0
1,112.5
1,072.2
—
6
Tier 1 leverage ratio
6.8
%
6.9
7.0
7.5
7.7
Supplementary Leverage Ratio (SLR)
5.7
5.8
5.9
6.2
6.4
Total Loss Absorbing Capacity (TLAC) Ratio (3)
23.0
22.8
23.0
23.2
24.6
Liquidity Coverage Ratio (LCR) (4)
122
119
120
119
121
(1)
Ratios and metrics for September 30, 2026, are preliminary estimates.
(2)
See the table on page 26 for more information on CET1, Tier 1 capital, and total capital.
(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.
(4)
Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.
-4-
Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
(in millions, except per share amounts)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Interest income
$
23,908
23,284
22,445
22,602
22,419
3
%
7
$
69,637
64,712
8
%
Interest expense
11,391
10,967
10,349
10,271
10,469
4
9
32,707
29,559
11
Net interest income
12,517
12,317
12,096
12,331
11,950
2
5
36,930
35,153
5
Noninterest income
Deposit-related fees
1,415
1,357
1,319
1,291
1,290
4
10
4,091
3,808
7
Lending-related fees
420
405
393
393
384
4
9
1,218
1,121
9
Investment advisory and other asset-based fees
3,046
2,821
2,824
2,803
2,660
8
15
8,691
7,695
13
Commissions and brokerage services fees
670
687
667
657
651
(2)
3
2,024
1,899
7
Investment banking fees
894
939
796
716
840
(5)
6
2,629
2,311
14
Card fees
1,274
1,222
1,138
1,149
1,223
4
4
3,634
3,440
6
Mortgage banking
164
256
201
322
268
(36)
(39)
621
830
(25)
Net gains from trading activities
1,109
1,393
1,351
979
1,408
(20)
(21)
3,853
4,168
(8)
Net gains (losses) from debt securities
(29)
1
—
3
—
NM
NM
(28)
(147)
81
Net gains (losses) from equity securities
4
847
172
319
149
(100)
(97)
1,023
(75)
NM
Other
386
377
489
329
613
2
(37)
1,252
2,204
(43)
Total noninterest income
9,353
10,305
9,350
8,961
9,486
(9)
(1)
29,008
27,254
6
Total revenue
21,870
22,622
21,446
21,292
21,436
(3)
2
65,938
62,407
6
Provision for credit losses (1)
1,029
914
1,135
1,040
681
13
51
3,078
2,618
18
Noninterest expense
Personnel
8,745
8,851
9,593
9,077
9,021
(1)
(3)
27,189
27,204
—
Technology, telecommunications and equipment
1,492
1,457
1,397
1,374
1,319
2
13
4,346
3,829
14
Occupancy
804
803
778
840
784
—
3
2,385
2,311
3
Professional and outside services
1,168
1,109
1,066
1,236
1,177
5
(1)
3,343
3,304
1
Advertising and promotion
337
361
369
352
295
(7)
14
1,067
742
44
Other
1,197
1,080
1,127
847
1,250
11
(4)
3,404
3,726
(9)
Total noninterest expense
13,743
13,661
14,330
13,726
13,846
1
(1)
41,734
41,116
2
Income before income tax expense
7,098
8,047
5,981
6,526
6,909
(12)
3
21,126
18,673
13
Income tax expense
1,161
1,402
691
1,103
1,300
(17)
(11)
3,254
2,738
19
Net income before noncontrolling interests
5,937
6,645
5,290
5,423
5,609
(11)
6
17,872
15,935
12
Less: Net income (loss) from noncontrolling interests
(14)
238
37
62
20
NM
NM
261
(42)
721
Wells Fargo net income
$
5,951
6,407
5,253
5,361
5,589
(7)
%
6
$
17,611
15,977
10
%
Less: Preferred stock dividends and other
248
247
253
247
248
—
—
748
806
(7)
Wells Fargo net income applicable to common stock
$
5,703
6,160
5,000
5,114
5,341
(7)
%
7
$
16,863
15,171
11
%
Per share information
Earnings per common share
$
1.89
2.02
1.62
1.64
1.68
(6)
%
13
$
5.54
4.69
18
%
Diluted earnings per common share
1.87
2.00
1.60
1.62
1.66
(6)
13
5.47
4.64
18
NM – Not meaningful
(1)
Includes provision for credit losses for loans, debt securities, and other financial assets.
-5-
Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
Sep 30, 2026
% Change from
(in millions, except shares)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Assets
Cash and due from banks
$
40,556
42,161
33,543
39,182
34,801
(4)
%
17
Interest-earning deposits with banks
140,503
161,214
141,241
135,028
139,524
(13)
1
Federal funds sold and securities borrowed or purchased under resale agreements
193,106
205,345
215,599
193,929
154,576
(6)
25
Trading assets
227,000
243,168
221,711
227,935
225,624
(7)
1
Available-for-sale debt securities
255,772
250,326
222,873
213,573
206,682
2
24
Held-to-maturity debt securities
192,584
198,573
204,080
208,023
214,232
(3)
(10)
Loans
1,048,113
1,031,115
1,016,787
986,167
943,102
2
11
Allowance for loan losses
(13,819)
(13,905)
(13,864)
(13,797)
(13,744)
1
(1)
Net loans
1,034,294
1,017,210
1,002,923
972,370
929,358
2
11
Premises and equipment, net
11,685
11,631
11,499
11,395
11,040
—
6
Goodwill
24,963
24,963
24,965
24,967
25,069
—
—
Equity securities
42,245
42,378
41,126
40,932
39,267
—
8
Other assets
90,583
85,232
86,192
81,297
82,753
6
9
Total assets
$
2,253,291
2,282,201
2,205,752
2,148,631
2,062,926
(1)
9
Liabilities
Noninterest-bearing deposits
$
365,666
370,116
365,712
365,368
366,814
(1)
—
Interest-bearing deposits
1,136,986
1,131,289
1,089,227
1,060,839
1,000,547
1
14
Total deposits
1,502,652
1,501,405
1,454,939
1,426,207
1,367,361
—
10
Federal funds purchased and securities loaned or sold under repurchase agreements
220,519
251,804
234,371
232,687
202,274
(12)
9
Short-term borrowings
38,192
25,168
32,282
18,323
16,449
52
132
Trading liabilities
56,133
56,631
53,647
45,468
45,258
(1)
24
Accrued expenses and other liabilities
75,067
82,731
66,259
68,196
70,799
(9)
6
Long-term debt
182,851
182,139
183,941
174,712
177,773
—
3
Total liabilities
2,075,414
2,099,878
2,025,439
1,965,593
1,879,914
(1)
10
Equity
Wells Fargo stockholders’ equity:
Preferred stock
17,098
15,348
15,348
16,608
16,608
11
3
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares
9,136
9,136
9,136
9,136
9,136
—
—
Additional paid-in capital
61,515
61,192
60,852
61,288
61,016
1
1
Retained earnings
241,397
237,230
232,459
228,873
225,189
2
7
Accumulated other comprehensive loss
(16,512)
(8,277)
(7,922)
(6,673)
(7,647)
(99)
NM
Treasury stock (1)
(136,874)
(134,439)
(131,477)
(128,115)
(123,148)
(2)
(11)
Total Wells Fargo stockholders’ equity
175,760
180,190
178,396
181,117
181,154
(2)
(3)
Noncontrolling interests
2,117
2,133
1,917
1,921
1,858
(1)
14
Total equity
177,877
182,323
180,313
183,038
183,012
(2)
(3)
Total liabilities and equity
$
2,253,291
2,282,201
2,205,752
2,148,631
2,062,926
(1)
9
NM – Not meaningful
(1)
Number of shares of treasury stock were 2,480,172,539, 2,453,296,138, 2,417,471,421, 2,389,192,624, and 2,332,874,793 at September 30, June 30, and March 31, 2026, and December 31, and September 30, 2025, respectively.
-6-
Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES AND INTEREST RATES (TAXABLE-EQUIVALENT BASIS) (1)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
%
Change
($ in millions)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Average Balances
Assets
Interest-earning deposits with banks
$
160,498
161,991
152,119
144,428
158,704
(1)
%
1
$
158,234
148,927
6
%
Federal funds sold and securities borrowed or purchased under resale agreements
190,609
191,176
192,250
159,759
120,900
—
58
191,339
109,426
75
Trading assets
189,364
193,690
192,209
183,706
172,409
(2)
10
191,744
162,235
18
Available-for-sale debt securities
257,991
235,644
217,181
212,487
200,309
9
29
237,088
187,841
26
Held-to-maturity debt securities
197,779
204,500
209,089
213,545
221,447
(3)
(11)
203,748
227,595
(10)
Loans
1,033,390
1,026,479
996,025
955,849
928,677
1
11
1,018,768
917,935
11
Equity securities
13,840
13,014
13,123
11,712
12,450
6
11
13,328
12,193
9
Other interest-earning assets
16,556
18,119
15,321
17,809
17,614
(9)
(6)
16,669
16,471
1
Total interest-earning assets
2,060,027
2,044,613
1,987,317
1,899,295
1,832,510
1
12
2,030,918
1,782,623
14
Total noninterest-earning assets
183,497
183,310
180,907
180,482
177,690
—
3
182,581
172,119
6
Total assets
$
2,243,524
2,227,923
2,168,224
2,079,777
2,010,200
1
12
$
2,213,499
1,954,742
13
Liabilities
Interest-bearing deposits
$
1,131,748
1,111,204
1,064,033
1,020,494
984,197
2
15
$
1,102,576
975,977
13
Federal funds purchased and securities loaned or sold under repurchase agreements
233,288
242,917
242,429
215,871
182,636
(4)
28
239,512
143,088
67
Short-term borrowings
37,444
33,104
29,397
10,869
17,936
13
109
33,344
9,007
270
Trading liabilities
43,109
38,368
35,831
35,702
33,086
12
30
39,129
31,537
24
Long-term debt
179,806
182,830
181,875
177,130
175,944
(2)
2
181,496
174,772
4
Other interest-bearing liabilities
22,226
21,787
20,498
19,619
20,382
2
9
21,510
19,976
8
Total interest-bearing liabilities
1,647,621
1,630,210
1,574,063
1,479,685
1,414,181
1
17
1,617,567
1,354,357
19
Noninterest-bearing deposits
351,180
354,396
351,001
357,224
355,742
(1)
(1)
352,194
360,998
(2)
Other noninterest-bearing liabilities
62,254
61,407
59,467
59,024
56,849
1
10
61,052
56,036
9
Total liabilities
2,061,055
2,046,013
1,984,531
1,895,933
1,826,772
1
13
2,030,813
1,771,391
15
Total equity
182,469
181,910
183,693
183,844
183,428
—
(1)
182,686
183,351
—
Total liabilities and equity
$
2,243,524
2,227,923
2,168,224
2,079,777
2,010,200
1
12
$
2,213,499
1,954,742
13
Average Interest Rates
Interest-earning assets
Interest-earning deposits with banks
3.46
%
3.35
3.38
3.65
4.01
3.40
%
3.98
Federal funds sold and securities borrowed or purchased under resale agreements
3.66
3.64
3.67
3.95
4.22
3.65
4.22
Trading assets
3.97
3.94
3.89
4.11
3.97
3.94
3.96
Available-for-sale debt securities
4.45
4.43
4.44
4.60
4.66
4.44
4.59
Held-to-maturity debt securities
2.22
2.24
2.27
2.27
2.32
2.24
2.36
Loans
5.65
5.60
5.62
5.78
5.97
5.62
5.96
Equity securities
2.96
2.87
2.79
2.64
2.22
2.87
2.34
Other interest-earning assets
3.76
4.28
3.55
4.78
5.61
3.88
4.83
Total interest-earning assets
4.63
4.58
4.58
4.75
4.88
4.60
4.87
Interest-bearing liabilities
Interest-bearing deposits
2.05
1.99
1.90
1.94
2.09
1.98
2.12
Federal funds purchased and securities loaned or sold under repurchase agreements
3.76
3.72
3.74
4.05
4.39
3.74
4.39
Short-term borrowings
4.08
4.00
4.04
4.47
4.68
4.04
4.84
Trading liabilities
3.06
3.08
3.15
3.23
3.20
3.09
3.19
Long-term debt
5.40
5.22
5.25
5.61
5.89
5.29
5.94
Other interest-bearing liabilities
3.46
3.47
3.60
3.61
3.75
3.51
3.63
Total interest-bearing liabilities
2.75
2.70
2.66
2.76
2.94
2.70
2.92
Interest rate spread on a taxable-equivalent basis (2)
1.88
1.88
1.92
1.99
1.94
1.90
1.95
Net interest margin on a taxable-equivalent basis (2)
2.43
2.43
2.47
2.60
2.61
2.44
2.65
(1)
The average balance amounts represent amortized costs. The average interest rates are based on interest income or expense amounts for the period and are annualized, if applicable. Interest rates include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)
Includes taxable-equivalent adjustments of $74 million, $75 million, $72 million, $74 million, and $75 million for the quarters ended September 30, June 30, and March 31, 2026, and December 31, and September 30, 2025, respectively, and $221 million and $229 million for the first nine months of 2026 and 2025, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate utilized was 21% for the periods presented.
-7-
Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (1)
Quarter ended September 30, 2026
(in millions)
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate (2)
Reconciling Items (3)
Consolidated
Company
Net interest income
$
8,016
2,134
2,216
950
(725)
(74)
12,517
Noninterest income
2,640
1,102
2,792
3,154
115
(450)
9,353
Total revenue
10,656
3,236
5,008
4,104
(610)
(524)
21,870
Provision for credit losses
791
240
(18)
16
—
—
1,029
Noninterest expense
6,188
1,400
2,454
3,286
415
—
13,743
Income (loss) before income tax expense (benefit)
3,677
1,596
2,572
802
(1,025)
(524)
7,098
Income tax expense (benefit)
922
400
648
199
(484)
(524)
1,161
Net income (loss) before noncontrolling interests
2,755
1,196
1,924
603
(541)
—
5,937
Less: Net income (loss) from noncontrolling interests
—
1
—
—
(15)
—
(14)
Net income (loss)
$
2,755
1,195
1,924
603
(526)
—
5,951
Quarter ended June 30, 2026
Net interest income
$
7,742
2,047
2,273
919
(589)
(75)
12,317
Noninterest income
2,546
1,071
3,152
2,973
1,002
(439)
10,305
Total revenue
10,288
3,118
5,425
3,892
413
(514)
22,622
Provision for credit losses
945
131
(181)
17
2
—
914
Noninterest expense
6,286
1,412
2,497
3,160
306
—
13,661
Income (loss) before income tax expense (benefit)
3,057
1,575
3,109
715
105
(514)
8,047
Income tax expense (benefit)
767
397
780
178
(206)
(514)
1,402
Net income before noncontrolling interests
2,290
1,178
2,329
537
311
—
6,645
Less: Net income from noncontrolling interests
—
2
—
—
236
—
238
Net income
$
2,290
1,176
2,329
537
75
—
6,407
Quarter ended September 30, 2025
Net interest income
$
7,628
1,949
1,870
851
(273)
(75)
11,950
Noninterest income
2,544
1,092
3,009
2,823
449
(431)
9,486
Total revenue
10,172
3,041
4,879
3,674
176
(506)
21,436
Provision for credit losses
767
39
(107)
(14)
(4)
—
681
Noninterest expense
6,376
1,445
2,362
3,013
650
—
13,846
Income (loss) before income tax expense (benefit)
3,029
1,557
2,624
675
(470)
(506)
6,909
Income tax expense (benefit)
759
393
658
169
(173)
(506)
1,300
Net income (loss) before noncontrolling interests
2,270
1,164
1,966
506
(297)
—
5,609
Less: Net income from noncontrolling interests
—
2
—
—
18
—
20
Net income (loss)
$
2,270
1,162
1,966
506
(315)
—
5,589
(1)
The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)
All other business activities that are not included in the reportable operating segments have been included in Corporate. 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.
(3)
Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-8-
Wells Fargo & Company and Subsidiaries
COMBINED SEGMENT RESULTS (continued) (1)
Nine months ended September 30, 2026
(in millions)
Consumer Banking and Lending
Commercial Banking
Corporate and Investment Banking
Wealth and Investment Management
Corporate (2)
Reconciling Items (3)
Consolidated
Company
Net interest income
$
23,309
6,169
6,673
2,774
(1,774)
(221)
36,930
Noninterest income
7,633
3,305
9,038
9,097
1,345
(1,410)
29,008
Total revenue
30,942
9,474
15,711
11,871
(429)
(1,631)
65,938
Provision for credit losses
2,554
521
(24)
23
4
—
3,078
Noninterest expense
19,063
4,420
7,643
9,708
900
—
41,734
Income (loss) before income tax expense (benefit)
9,325
4,533
8,092
2,140
(1,333)
(1,631)
21,126
Income tax expense (benefit)
2,339
1,140
2,030
532
(1,156)
(1,631)
3,254
Net income (loss) before noncontrolling interests
6,986
3,393
6,062
1,608
(177)
—
17,872
Less: Net income from noncontrolling interests
—
5
—
—
256
—
261
Net income (loss)
$
6,986
3,388
6,062
1,608
(433)
—
17,611
Nine months ended September 30, 2025
Net interest income
$
21,972
5,909
5,475
2,366
(340)
(229)
35,153
Noninterest income
7,271
2,990
9,141
8,150
898
(1,196)
27,254
Total revenue
29,243
8,899
14,616
10,516
558
(1,425)
62,407
Provision for credit losses
2,451
183
(4)
9
(21)
—
2,618
Noninterest expense
18,897
4,634
7,089
8,824
1,672
—
41,116
Income (loss) before income tax expense (benefit)
7,895
4,082
7,531
1,683
(1,093)
(1,425)
18,673
Income tax expense (benefit)
1,970
1,034
1,887
408
(1,136)
(1,425)
2,738
Net income before noncontrolling interests
5,925
3,048
5,644
1,275
43
—
15,935
Less: Net income (loss) from noncontrolling interests
—
6
—
—
(48)
—
(42)
Net income
$
5,925
3,042
5,644
1,275
91
—
15,977
(1)
The management reporting process is based on U.S. GAAP and includes specific adjustments, such as for funds transfer pricing for asset/liability management, shared revenues and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance across the operating segments. We define our operating segments by type of product and customer segment.
(2)
All other business activities that are not included in the reportable operating segments have been included in Corporate. 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.
(3)
Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.
-9-
Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Income Statement
Net interest income
$
8,016
7,742
7,551
7,661
7,628
4
%
5
$
23,309
21,972
6
%
Noninterest income:
Deposit-related fees
797
747
720
693
698
7
14
2,264
2,002
13
Investment advisory and other asset-based fees
292
264
264
253
249
11
17
820
721
14
Commissions and brokerage services fees
124
127
115
118
133
(2)
(7)
366
357
3
Card fees
1,201
1,148
1,064
1,088
1,162
5
3
3,413
3,249
5
Mortgage banking
119
154
163
179
199
(23)
(40)
436
590
(26)
Other
107
106
121
118
103
1
4
334
352
(5)
Total noninterest income
2,640
2,546
2,447
2,449
2,544
4
4
7,633
7,271
5
Total revenue
10,656
10,288
9,998
10,110
10,172
4
5
30,942
29,243
6
Net charge-offs
780
799
820
775
766
(2)
2
2,399
2,461
(3)
Change in the allowance for credit losses
11
146
(2)
136
1
(92)
NM
155
(10)
NM
Provision for credit losses
791
945
818
911
767
(16)
3
2,554
2,451
4
Noninterest expense
6,188
6,286
6,589
6,238
6,376
(2)
(3)
19,063
18,897
1
Income before income tax expense
3,677
3,057
2,591
2,961
3,029
20
21
9,325
7,895
18
Income tax expense
922
767
650
742
759
20
21
2,339
1,970
19
Net income
$
2,755
2,290
1,941
2,219
2,270
20
21
$
6,986
5,925
18
Revenue by Line of Business
Consumer, Small and Business Banking
$
7,579
7,308
7,019
7,130
7,089
4
7
$
21,906
20,288
8
Credit Card
1,710
1,614
1,595
1,600
1,663
6
3
4,919
4,775
3
Home Lending
743
762
787
807
870
(2)
(15)
2,292
2,557
(10)
Auto
341
320
295
282
256
7
33
956
734
30
Personal Lending
283
284
302
291
294
—
(4)
869
889
(2)
Total revenue
$
10,656
10,288
9,998
10,110
10,172
4
5
$
30,942
29,243
6
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking
$
18,028
17,892
17,399
17,201
17,520
1
3
$
17,775
12,190
46
Credit Card
53,896
52,655
53,041
52,898
51,121
2
5
53,200
50,396
6
Home Lending
197,423
197,949
198,493
200,226
201,803
—
(2)
197,951
203,608
(3)
Auto
58,803
55,701
52,567
48,699
44,775
6
31
55,713
43,221
29
Personal Lending
13,969
13,631
13,765
13,977
13,880
2
1
13,790
13,812
—
Total loans
$
342,119
337,828
335,265
333,001
329,099
1
4
$
338,429
323,227
5
Total deposits
825,120
828,363
816,621
807,643
808,942
—
2
823,399
804,820
2
Allocated capital (1)
33,000
33,000
33,000
45,500
45,500
—
(27)
33,000
45,500
(27)
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking
$
18,353
18,197
17,891
17,203
17,755
1
3
Credit Card
54,452
53,334
52,266
54,059
51,572
2
6
Home Lending
197,454
198,187
198,516
199,742
201,345
—
(2)
Auto
60,627
57,391
54,279
50,954
46,524
6
30
Personal Lending
14,151
13,830
13,608
14,052
13,984
2
1
Total loans
$
345,037
340,939
336,560
336,010
331,180
1
4
Total deposits
833,092
832,165
840,556
821,100
810,992
—
3
NM – Not meaningful
(1)
In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.
-10-
Wells Fargo & Company and Subsidiaries
CONSUMER BANKING AND LENDING SEGMENT (continued)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions, unless otherwise noted)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)
32.4
%
27.1
23.1
18.8
19.2
27.6
%
16.8
Efficiency ratio (2)
58
61
66
62
63
62
65
Retail bank branches (#, period-end)
4,068
4,079
4,093
4,090
4,108
—
%
(1)
Digital active customers (# in millions, period-end) (3)
38.2
38.0
38.1
37.2
37.0
1
3
Mobile active customers (# in millions, period-end) (3)
34.0
33.7
33.5
32.8
32.5
1
5
Consumer, Small and Business Banking:
Deposit spread (4)
2.68
%
2.60
2.58
2.60
2.59
2.62
%
2.52
Debit card purchase volume ($ in billions) (5)
$
144.9
144.8
134.3
137.3
133.6
—
8
$
424.0
393.2
8
%
Debit card purchase transactions (# in millions) (5)
2,797
2,780
2,582
2,696
2,674
1
5
8,159
7,815
4
Client assets in advisory and brokerage accounts ($ in billions, period-end)
$
289
282
261
265
262
2
10
Home Lending:
Mortgage loan originations ($ in billions)
$
7.8
9.0
6.3
7.5
7.0
(13)
11
$
23.1
18.8
23
% of originations held for sale (HFS)
23.8
%
20.6
24.4
21.9
31.0
22.7
%
33.9
Third party mortgage loans serviced ($ in billions, period-end) (6)
$
343.9
361.4
386.6
397.0
433.8
(5)
(21)
Home lending loans 30+ days delinquency rate (period-end) (7)(8)
0.33
%
0.32
0.30
0.31
0.32
Credit Card (5):
Credit card purchase volume ($ in billions)
$
45.0
44.5
40.0
42.2
40.3
1
12
$
129.5
116.9
11
Credit card new accounts (# in thousands)
661
662
631
710
707
—
(7)
1,954
1,555
26
Credit card loans 30+ days delinquency rate (period-end) (8)
2.69
%
2.58
2.77
2.78
2.68
Credit card loans 90+ days delinquency rate (period-end) (8)
1.34
1.34
1.45
1.42
1.34
Auto:
Auto loan originations ($ in billions)
$
10.1
9.7
9.7
10.2
8.8
4
15
$
29.5
20.3
45
Auto loans 30+ days delinquency rate (period-end) (8)
1.39
%
1.31
1.26
1.52
1.54
(1)
Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.
(2)
Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).
(3)
Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.
(4)
Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.
(5)
Reflects combined activity for consumer and small business customers.
(6)
Excludes residential mortgage loans subserviced for others.
(7)
Excludes residential mortgage loans that are insured or guaranteed by U.S. government agencies.
(8)
Delinquency balances exclude nonaccrual loans and loans held for sale.
-11-
Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Income Statement
Net interest income
$
2,134
2,047
1,988
1,993
1,949
4
%
9
$
6,169
5,909
4
%
Noninterest income:
Deposit-related fees
327
325
319
320
311
1
5
971
970
—
Lending-related fees
156
148
150
147
144
5
8
454
418
9
Lease income
115
106
121
115
119
8
(3)
342
358
(4)
Other
504
492
542
504
518
2
(3)
1,538
1,244
24
Total noninterest income
1,102
1,071
1,132
1,086
1,092
3
1
3,305
2,990
11
Total revenue
3,236
3,118
3,120
3,079
3,041
4
6
9,474
8,899
6
Net charge-offs
131
93
58
96
83
41
58
282
222
27
Change in the allowance for credit losses
109
38
92
9
(44)
187
348
239
(39)
713
Provision for credit losses
240
131
150
105
39
83
515
521
183
185
Noninterest expense
1,400
1,412
1,608
1,443
1,445
(1)
(3)
4,420
4,634
(5)
Income before income tax expense
1,596
1,575
1,362
1,531
1,557
1
3
4,533
4,082
11
Income tax expense
400
397
343
387
393
1
2
1,140
1,034
10
Less: Net income from noncontrolling interests
1
2
2
2
2
(50)
(50)
5
6
(17)
Net income
$
1,195
1,176
1,017
1,142
1,162
2
3
$
3,388
3,042
11
Revenue by Product
Lending and leasing
$
1,316
1,278
1,250
1,254
1,251
3
5
$
3,844
3,780
2
Treasury management and payments
1,352
1,307
1,304
1,284
1,206
3
12
3,963
3,716
7
Other
568
533
566
541
584
7
(3)
1,667
1,403
19
Total revenue
$
3,236
3,118
3,120
3,079
3,041
4
6
$
9,474
8,899
6
Selected Metrics
Return on allocated capital
17.3
%
17.2
15.0
16.5
16.8
16.5
%
14.7
Efficiency ratio
43
45
52
47
48
47
52
-12-
Wells Fargo & Company and Subsidiaries
COMMERCIAL BANKING SEGMENT (continued)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial
$
183,872
181,739
174,308
170,565
166,946
1
%
10
$
180,008
166,075
8
%
Commercial real estate
41,090
40,179
39,481
38,405
37,605
2
9
40,256
42,166
(5)
Lease financing and other
15,496
15,209
15,271
15,046
14,805
2
5
15,326
14,950
3
Total loans
$
240,458
237,127
229,060
224,016
219,356
1
10
$
235,590
223,191
6
Total deposits
198,946
189,534
185,897
180,989
171,976
5
16
191,507
177,570
8
Allocated capital
26,000
26,000
26,000
26,000
26,000
—
—
26,000
26,000
—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial
$
189,482
183,633
181,173
173,931
170,031
3
11
Commercial real estate
41,867
40,648
40,029
39,227
38,030
3
10
Lease financing and other
15,621
15,527
15,375
15,469
15,174
1
3
Total loans
$
246,970
239,808
236,577
228,627
223,235
3
11
Total deposits
205,813
198,805
189,802
190,004
176,954
4
16
-13-
Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Income Statement
Net interest income
$
2,216
2,273
2,184
2,082
1,870
(3)
%
19
$
6,673
5,475
22
%
Noninterest income:
Deposit-related fees
283
277
274
272
273
2
4
834
814
2
Lending-related fees
236
229
217
220
214
3
10
682
624
9
Investment banking fees
908
948
844
694
826
(4)
10
2,700
2,291
18
Net gains from trading activities
1,053
1,309
1,382
927
1,367
(20)
(23)
3,744
4,060
(8)
Other
312
389
377
421
329
(20)
(5)
1,078
1,352
(20)
Total noninterest income
2,792
3,152
3,094
2,534
3,009
(11)
(7)
9,038
9,141
(1)
Total revenue
5,008
5,425
5,278
4,616
4,879
(8)
3
15,711
14,616
7
Net charge-offs
73
(15)
224
182
96
587
(24)
282
268
5
Change in the allowance for credit losses
(91)
(166)
(49)
(104)
(203)
45
55
(306)
(272)
(13)
Provision for credit losses
(18)
(181)
175
78
(107)
90
83
(24)
(4)
NM
Noninterest expense
2,454
2,497
2,692
2,347
2,362
(2)
4
7,643
7,089
8
Income before income tax expense
2,572
3,109
2,411
2,191
2,624
(17)
(2)
8,092
7,531
7
Income tax expense
648
780
602
552
658
(17)
(2)
2,030
1,887
8
Net income
$
1,924
2,329
1,809
1,639
1,966
(17)
(2)
$
6,062
5,644
7
Revenue by Line of Business
Banking:
Lending
$
692
724
700
656
647
(4)
7
$
2,116
1,866
13
Treasury Management and Payments
683
661
655
648
630
3
8
1,999
1,859
8
Investment Banking
611
628
602
457
554
(3)
10
1,841
1,551
19
Total Banking
1,986
2,013
1,957
1,761
1,831
(1)
8
5,956
5,276
13
Commercial Real Estate
1,171
1,197
1,146
1,236
1,186
(2)
(1)
3,514
3,847
(9)
Markets:
Fixed Income, Currencies, and Commodities (FICC)
1,262
1,536
1,583
1,164
1,355
(18)
(7)
4,381
4,128
6
Equities
543
635
543
453
450
(14)
21
1,721
1,285
34
Credit Adjustment (CVA/DVA/FVA) and Other
30
35
47
(15)
48
(14)
(38)
112
46
143
Total Markets
1,835
2,206
2,173
1,602
1,853
(17)
(1)
6,214
5,459
14
Other
16
9
2
17
9
78
78
27
34
(21)
Total revenue
$
5,008
5,425
5,278
4,616
4,879
(8)
3
$
15,711
14,616
7
Selected Metrics
Return on allocated capital
15.5
%
19.2
14.9
13.8
16.8
16.5
%
16.2
Efficiency ratio
49
46
51
51
48
49
49
NM – Not meaningful
-14-
Wells Fargo & Company and Subsidiaries
CORPORATE AND INVESTMENT BANKING SEGMENT (continued)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial
$
274,329
278,389
262,181
233,429
214,774
(1)
%
28
$
271,677
203,381
34
%
Commercial real estate
79,101
80,984
80,134
79,437
81,121
(2)
(2)
80,069
83,043
(4)
Total loans
$
353,430
359,373
342,315
312,866
295,895
(2)
19
$
351,746
286,424
23
Loans by Line of Business:
Banking
$
119,355
124,981
117,741
100,961
92,787
(5)
29
$
120,698
89,459
35
Commercial Real Estate
123,403
123,146
119,452
116,584
117,115
—
5
122,015
117,449
4
Markets
110,672
111,246
105,122
95,321
85,993
(1)
29
109,033
79,516
37
Total loans
$
353,430
359,373
342,315
312,866
295,895
(2)
19
$
351,746
286,424
23
Trading-related assets:
Trading assets, excluding derivative assets
$
200,006
204,106
205,653
197,928
177,045
(2)
13
$
203,234
165,078
23
Derivative assets
30,130
26,518
22,375
22,392
22,682
14
33
26,369
21,936
20
Securities borrowed or purchased under resale agreements
172,424
170,853
169,870
144,040
115,868
1
49
171,058
105,046
63
Total trading-related assets
$
402,560
401,477
397,898
364,360
315,595
—
28
$
400,661
292,060
37
Total assets
818,661
825,944
801,973
735,281
679,877
(1)
20
815,587
644,390
27
Total deposits
248,075
234,762
214,345
214,520
204,056
6
22
232,518
203,464
14
Allocated capital (1)
46,500
46,500
46,500
44,000
44,000
—
6
46,500
44,000
6
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial
$
277,910
275,653
272,820
253,004
224,462
1
24
Commercial real estate
77,949
80,099
80,331
80,505
79,518
(3)
(2)
Total loans
$
355,859
355,752
353,151
333,509
303,980
—
17
Loans by Line of Business:
Banking
$
122,965
120,812
124,115
111,260
95,215
2
29
Commercial Real Estate
123,153
123,316
119,402
118,516
116,314
—
6
Markets
109,741
111,624
109,634
103,733
92,451
(2)
19
Total loans
$
355,859
355,752
353,151
333,509
303,980
—
17
Trading-related assets:
Trading assets, excluding derivative assets
$
192,394
217,646
198,601
205,356
202,471
(12)
(5)
Derivative assets
34,722
25,759
23,221
22,474
22,574
35
54
Securities borrowed or purchased under resale agreements
167,601
201,312
166,833
170,661
130,196
(17)
29
Total trading-related assets
$
394,717
444,717
388,655
398,491
355,241
(11)
11
Total assets
818,817
862,472
805,350
787,751
715,683
(5)
14
Total deposits
258,551
250,097
214,501
224,146
211,051
3
23
(1)
In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.
-15-
Wells Fargo & Company and Subsidiaries
WEALTH AND INVESTMENT MANAGEMENT (WIM) SEGMENT
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions, unless otherwise noted)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Income Statement
Net interest income
$
950
919
905
868
851
3
%
12
$
2,774
2,366
17
%
Noninterest income:
Investment advisory and other asset-based fees
2,706
2,506
2,503
2,492
2,353
8
15
7,715
6,795
14
Commissions and brokerage services fees
426
437
438
442
424
(3)
—
1,301
1,245
4
Other
22
30
29
19
46
(27)
(52)
81
110
(26)
Total noninterest income
3,154
2,973
2,970
2,953
2,823
6
12
9,097
8,150
12
Total revenue
4,104
3,892
3,875
3,821
3,674
5
12
11,871
10,516
13
Net charge-offs
(1)
(1)
(1)
—
(1)
—
—
(3)
(1)
NM
Change in the allowance for credit losses
17
18
(9)
(9)
(13)
(6)
231
26
10
160
Provision for credit losses
16
17
(10)
(9)
(14)
(6)
214
23
9
156
Noninterest expense
3,286
3,160
3,262
3,074
3,013
4
9
9,708
8,824
10
Income before income tax expense
802
715
623
756
675
12
19
2,140
1,683
27
Income tax expense
199
178
155
191
169
12
18
532
408
30
Net income
$
603
537
468
565
506
12
19
$
1,608
1,275
26
Selected Metrics
Return on allocated capital
36.0
%
32.4
28.4
33.6
29.9
32.3
%
25.3
Efficiency ratio
80
81
84
80
82
82
84
Client assets ($ in billions, period-end):
Advisory assets
$
1,230
1,225
1,119
1,127
1,104
—
11
Other brokerage assets and deposits
1,509
1,466
1,364
1,382
1,369
3
10
Total Company-wide client assets (1)
$
2,739
2,691
2,483
2,509
2,473
2
11
Total WIM client assets
$
2,450
2,409
2,222
2,244
2,211
2
11
Selected Balance Sheet Data (average)
Total loans
$
95,371
91,143
88,386
84,949
82,330
5
16
$
91,659
81,515
12
Total deposits
108,671
109,788
112,098
105,542
99,764
(1)
9
110,173
100,431
10
Allocated capital
6,500
6,500
6,500
6,500
6,500
—
—
6,500
6,500
—
Selected Balance Sheet Data (period-end)
Total loans
$
97,986
93,804
89,537
87,106
83,786
4
17
Total deposits
110,229
110,599
113,659
117,478
103,957
—
6
NM – Not meaningful
(1)
Includes amounts for clients of the Consumer Banking and Lending operating segment.
-16-
Wells Fargo & Company and Subsidiaries
CORPORATE (1)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Income Statement
Net interest income
$
(725)
(589)
(460)
(199)
(273)
(23)
%
NM
$
(1,774)
(340)
NM
Noninterest income
115
1,002
228
388
449
(89)
(74)
1,345
898
50
%
Total revenue
(610)
413
(232)
189
176
NM
NM
(429)
558
NM
Net charge-offs
—
7
5
(23)
10
(100)
(100)
12
10
20
Change in the allowance for credit losses
—
(5)
(3)
(22)
(14)
100
100
(8)
(31)
74
Provision for credit losses
—
2
2
(45)
(4)
(100)
100
4
(21)
119
Noninterest expense
415
306
179
624
650
36
(36)
900
1,672
(46)
Income (loss) before income tax benefit
(1,025)
105
(413)
(390)
(470)
NM
NM
(1,333)
(1,093)
(22)
Income tax benefit
(484)
(206)
(466)
(246)
(173)
NM
NM
(1,156)
(1,136)
(2)
Less: Net income (loss) from noncontrolling interests
(15)
236
35
60
18
NM
NM
256
(48)
633
Net income (loss)
$
(526)
75
18
(204)
(315)
NM
(67)
$
(433)
91
NM
Selected Balance Sheet Data (average)
Available-for-sale debt securities
$
245,645
226,383
208,869
203,202
188,103
9
31
$
227,100
174,235
30
Held-to-maturity debt securities
191,090
197,708
202,212
206,595
214,409
(3)
(11)
196,963
220,451
(11)
Equity securities
18,749
17,316
17,487
16,062
16,450
8
14
17,855
15,784
13
Total assets
684,304
672,761
649,698
638,732
636,359
2
8
669,048
618,635
8
Total deposits
102,116
103,153
86,073
69,024
55,201
(1)
85
97,173
50,690
92
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities
$
247,718
241,832
214,935
205,670
198,665
2
25
Held-to-maturity debt securities
189,329
195,315
200,842
204,811
211,069
(3)
(10)
Equity securities
17,862
17,430
17,091
16,451
16,273
2
10
Total assets
670,707
671,987
669,736
638,664
642,044
—
4
Total deposits
94,967
109,739
96,421
73,479
64,407
(13)
47
NM – Not meaningful
(1)
All other business activities that are not included in the reportable operating segments have been included in Corporate. 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.
-17-
Wells Fargo & Company and Subsidiaries
CONSOLIDATED LOANS OUTSTANDING – PERIOD-END BALANCES, AVERAGE BALANCES, AND AVERAGE INTEREST RATES
Quarter ended
Sep 30, 2026
$ Change from
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Period-End Loans
Commercial and industrial
$
499,337
487,630
481,915
452,068
417,904
11,707
81,433
Commercial real estate
132,020
132,986
132,213
132,284
130,250
(966)
1,770
Lease financing
15,788
15,683
15,512
15,543
15,311
105
477
Total commercial
647,145
636,299
629,640
599,895
563,465
10,846
83,680
Residential mortgage
240,437
240,774
240,839
242,190
243,910
(337)
(3,473)
Credit card
59,488
58,394
57,277
59,540
56,996
1,094
2,492
Auto
60,177
56,924
53,794
50,487
46,041
3,253
14,136
Other consumer (1)
40,866
38,724
35,237
34,055
32,690
2,142
8,176
Total consumer
400,968
394,816
387,147
386,272
379,637
6,152
21,331
Total loans
$
1,048,113
1,031,115
1,016,787
986,167
943,102
16,998
105,011
Average Loans
Commercial and industrial
$
488,336
487,527
463,064
427,616
405,753
809
82,583
Commercial real estate
132,696
133,701
132,134
130,507
131,623
(1,005)
1,073
Lease financing
15,693
15,408
15,462
15,243
14,986
285
707
Total commercial
636,725
636,636
610,660
573,366
552,362
89
84,363
Residential mortgage
240,369
240,656
241,078
242,848
244,562
(287)
(4,193)
Credit card
58,911
57,580
58,215
58,245
56,420
1,331
2,491
Auto
58,348
55,226
52,099
48,231
44,292
3,122
14,056
Other consumer
39,037
36,381
33,973
33,159
31,041
2,656
7,996
Total consumer
396,665
389,843
385,365
382,483
376,315
6,822
20,350
Total loans
$
1,033,390
1,026,479
996,025
955,849
928,677
6,911
104,713
Average Interest Rates
Commercial and industrial
5.68
%
5.65
5.68
5.94
6.26
Commercial real estate
5.63
5.56
5.62
5.94
6.15
Lease financing
5.93
5.88
5.81
5.86
5.85
Total commercial
5.68
5.64
5.67
5.93
6.23
Residential mortgage
3.79
3.74
3.72
3.72
3.72
Credit card
12.12
12.11
12.31
12.27
12.70
Auto
5.95
5.84
5.72
5.70
5.59
Other consumer
6.45
6.46
6.66
6.98
7.40
Total consumer
5.61
5.53
5.55
5.55
5.59
Total loans
5.65
5.60
5.62
5.78
5.97
(1)
Includes $34.2 billion, $32.2 billion, $28.5 billion, $26.2 billion, and $25.1 billion at September 30, June 30, and March 31, 2026, and December 31, and September 30, 2025, respectively, of securities-based loans, including margin loans and securities-based credit lines, originated by the Wealth and Investment Management operating segment.
-18-
Wells Fargo & Company and Subsidiaries
NET LOAN CHARGE-OFFS
Quarter ended
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Sep 30, 2026
$ Change from
($ in millions)
Net loan
charge-offs
As a % of average loans (1)
Net loan
charge-offs
As a % of average loans (1)
Net loan
charge-offs
As a % of average loans (1)
Net loan
charge-offs
As a % of average loans (1)
Net loan
charge-offs
As a % of average loans (1)
Jun 30,
2026
Sep 30,
2025
By product:
Commercial and industrial
$
162
0.13
%
$
131
0.11
%
$
331
0.29
%
$
157
0.15
%
$
131
0.13
%
$
31
31
Commercial real estate
107
0.32
16
0.05
19
0.06
158
0.48
107
0.32
91
—
Lease financing
12
0.30
9
0.23
10
0.26
10
0.26
12
0.32
3
—
Total commercial
281
0.18
156
0.10
360
0.24
325
0.22
250
0.18
125
31
Residential mortgage
(15)
(0.02)
(14)
(0.02)
(14)
(0.02)
(13)
(0.02)
(22)
(0.04)
(1)
7
Credit card
554
3.73
600
4.18
605
4.21
583
3.97
571
4.02
(46)
(17)
Auto
84
0.57
54
0.39
63
0.49
60
0.49
50
0.45
30
34
Other consumer
79
0.80
80
0.88
86
1.03
91
1.09
93
1.19
(1)
(14)
Total consumer
702
0.70
720
0.74
740
0.78
721
0.75
692
0.73
(18)
10
Total net loan charge-offs
$
983
0.38
%
$
876
0.34
%
$
1,100
0.45
%
$
1,046
0.43
%
$
942
0.40
%
$
107
41
By segment:
Consumer Banking and Lending
$
780
0.90
%
$
799
0.95
%
$
820
0.99
%
$
775
0.93
%
$
766
0.93
%
$
(19)
14
Commercial Banking
131
0.22
92
0.16
57
0.10
90
0.16
83
0.15
39
48
Corporate and Investment Banking
73
0.08
(15)
(0.02)
224
0.27
181
0.23
94
0.13
88
(21)
Wealth and Investment Management
(1)
—
(1)
—
(1)
—
—
—
(1)
—
—
—
Corporate
—
—
1
0.40
—
—
—
—
—
—
(1)
—
Total net loan charge-offs
$
983
0.38
%
$
876
0.34
%
$
1,100
0.45
%
$
1,046
0.43
%
$
942
0.40
%
$
107
41
(1)
Quarterly net loan charge-offs (recoveries) as a percentage of average loans are annualized.
-19-
Wells Fargo & Company and Subsidiaries
CHANGES IN ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Quarter ended
Sep 30, 2026
$ Change from
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Balance, beginning of period
$
14,407
14,374
14,337
14,311
14,568
33
(161)
Provision for credit losses for loans
1,033
911
1,139
1,071
687
122
346
Net loan charge-offs:
Commercial and industrial
(162)
(131)
(331)
(157)
(131)
(31)
(31)
Commercial real estate
(107)
(16)
(19)
(158)
(107)
(91)
—
Lease financing
(12)
(9)
(10)
(10)
(12)
(3)
—
Total commercial
(281)
(156)
(360)
(325)
(250)
(125)
(31)
Residential mortgage
15
14
14
13
22
1
(7)
Credit card
(554)
(600)
(605)
(583)
(571)
46
17
Auto
(84)
(54)
(63)
(60)
(50)
(30)
(34)
Other consumer
(79)
(80)
(86)
(91)
(93)
1
14
Total consumer
(702)
(720)
(740)
(721)
(692)
18
(10)
Net loan charge-offs
(983)
(876)
(1,100)
(1,046)
(942)
(107)
(41)
Other
1
(2)
(2)
1
(2)
3
3
Balance, end of period
$
14,458
14,407
14,374
14,337
14,311
51
147
Components:
Allowance for loan losses
$
13,819
13,905
13,864
13,797
13,744
(86)
75
Allowance for unfunded credit commitments
639
502
510
540
567
137
72
Allowance for credit losses for loans
$
14,458
14,407
14,374
14,337
14,311
51
147
Ratio of allowance for loan losses to total net loan charge-offs (annualized)
3.54x
3.96
3.11
3.32
3.68
Allowance for loan losses as a percentage of:
Total loans
1.32
%
1.35
1.36
1.40
1.46
Nonaccrual loans
196
182
164
168
181
Allowance for credit losses for loans as a percentage of:
Total loans
1.38
1.40
1.41
1.45
1.52
Nonaccrual loans
205
188
170
175
188
-20-
Wells Fargo & Company and Subsidiaries
ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES FOR LOANS
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
($ in millions)
ACL
ACL
as %
of loan
class
ACL
ACL
as %
of loan
class
ACL
ACL
as %
of loan
class
ACL
ACL
as %
of loan
class
ACL
ACL
as %
of loan
class
By product:
Commercial and industrial
$
5,081
1.02
%
$
4,834
0.99
%
$
4,840
1.00
%
$
4,510
1.00
%
$
4,376
1.05
%
Commercial real estate
2,128
1.61
2,349
1.77
2,478
1.87
2,737
2.07
2,965
2.28
Lease financing
219
1.39
212
1.35
211
1.36
210
1.35
211
1.38
Total commercial
7,428
1.15
7,395
1.16
7,529
1.20
7,457
1.24
7,552
1.34
Residential mortgage (1)
527
0.22
543
0.23
525
0.22
555
0.23
569
0.23
Credit card
4,962
8.34
4,974
8.52
4,902
8.56
4,956
8.32
4,907
8.61
Auto
1,033
1.72
948
1.67
878
1.63
817
1.62
717
1.56
Other consumer
508
1.24
547
1.41
540
1.53
552
1.62
566
1.73
Total consumer
7,030
1.75
7,012
1.78
6,845
1.77
6,880
1.78
6,759
1.78
Total allowance for credit losses for loans
$
14,458
1.38
%
$
14,407
1.40
%
$
14,374
1.41
%
$
14,337
1.45
%
$
14,311
1.52
%
By segment:
Consumer Banking and Lending
$
7,888
2.29
%
$
7,878
2.31
%
$
7,732
2.30
%
$
7,734
2.30
%
$
7,599
2.29
%
Commercial Banking
2,435
0.99
2,325
0.97
2,287
0.97
2,194
0.96
2,184
0.98
Corporate and Investment Banking
3,865
1.09
3,953
1.11
4,122
1.17
4,167
1.25
4,275
1.41
Wealth and Investment Management
267
0.27
250
0.27
232
0.26
241
0.28
251
0.30
Corporate
3
0.13
1
0.12
1
0.10
1
0.11
2
0.22
Total allowance for credit losses for loans
$
14,458
1.38
%
$
14,407
1.40
%
$
14,374
1.41
%
$
14,337
1.45
%
$
14,311
1.52
%
(1)
Includes negative allowance for expected recoveries of amounts previously charged off.
-21-
Wells Fargo & Company and Subsidiaries
NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Sep 30, 2026
$ Change from
($ in millions)
Balance
% of
total
loans
Balance
% of
total
loans
Balance
% of
total
loans
Balance
% of
total
loans
Balance
% of
total
loans
Jun 30,
2026
Sep 30,
2025
By product:
Nonaccrual loans:
Commercial and industrial
$
1,372
0.27
%
$
1,248
0.26
%
$
1,646
0.34
%
$
1,312
0.29
%
$
1,050
0.25
%
$
124
322
Commercial real estate
2,716
2.06
3,402
2.56
3,779
2.86
3,879
2.93
3,334
2.56
(686)
(618)
Lease financing
81
0.51
85
0.54
88
0.57
75
0.48
75
0.49
(4)
6
Total commercial
4,169
0.64
4,735
0.74
5,513
0.88
5,266
0.88
4,459
0.79
(566)
(290)
Residential mortgage (1)
2,787
1.16
2,811
1.17
2,860
1.19
2,838
1.17
3,057
1.25
(24)
(270)
Auto
78
0.13
72
0.13
70
0.13
70
0.14
71
0.15
6
7
Other consumer
26
0.06
25
0.06
26
0.07
27
0.08
27
0.08
1
(1)
Total consumer
2,891
0.72
2,908
0.74
2,956
0.76
2,935
0.76
3,155
0.83
(17)
(264)
Total nonaccrual loans
7,060
0.67
7,643
0.74
8,469
0.83
8,201
0.83
7,614
0.81
(583)
(554)
Foreclosed assets
299
301
299
302
218
(2)
81
Total nonperforming assets
$
7,359
0.70
%
$
7,944
0.77
%
$
8,768
0.86
%
$
8,503
0.86
%
$
7,832
0.83
%
$
(585)
(473)
By segment:
Consumer Banking and Lending
$
2,903
0.84
%
$
2,908
0.85
%
$
2,966
0.88
%
$
2,941
0.88
%
$
3,181
0.97
%
$
(5)
(278)
Commercial Banking
1,333
0.54
1,199
0.50
1,668
0.71
1,324
0.58
1,086
0.49
134
247
Corporate and Investment Banking
2,853
0.80
3,560
1.00
3,860
1.09
3,973
1.19
3,276
1.08
(707)
(423)
Wealth and Investment Management
270
0.28
277
0.30
274
0.31
265
0.29
289
0.33
(7)
(19)
Corporate
—
—
—
—
—
—
—
—
—
—
—
—
Total nonperforming assets
$
7,359
0.70
%
$
7,944
0.77
%
$
8,768
0.86
%
$
8,503
0.86
%
$
7,832
0.83
%
$
(585)
(473)
(1)
Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration or the Department of Veterans Affairs.
-22-
Wells Fargo & Company and Subsidiaries
COMMERCIAL LOAN PORTFOLIO
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
($ in millions)
Nonaccrual
loans
Loans outstanding balance
Total commitments (1)
Nonaccrual
loans
Loans outstanding balance
Total commitments (1)
Nonaccrual
loans
Loans outstanding balance
Total commitments (1)
Commercial and industrial loans and lease financing by industry:
Financials except banks
Asset managers and funds (2)
$
—
72,844
125,656
2
73,530
127,199
1
56,518
109,078
Commercial finance (3)
81
54,441
86,004
90
51,768
86,293
20
46,648
80,827
Consumer finance (4)
111
33,351
48,753
117
31,945
47,353
133
24,280
41,054
Real estate finance (5)
21
40,248
44,045
19
40,986
44,598
11
31,101
34,498
Total financials except banks
213
200,884
304,458
228
198,229
305,443
165
158,547
265,457
Technology, telecom and media
267
30,422
74,156
256
28,634
75,546
117
22,545
63,180
Real estate and construction
85
32,795
66,753
84
31,772
65,977
70
28,432
59,650
Equipment, machinery and parts manufacturing
24
31,083
60,304
29
30,995
61,714
66
26,805
54,768
Retail
110
24,540
48,393
176
21,665
46,518
85
20,382
43,152
Materials and commodities
137
16,363
39,241
90
15,322
38,887
104
14,192
34,722
Food and beverage manufacturing
150
17,200
36,317
46
17,068
36,191
8
17,143
33,111
Auto related
19
16,881
34,757
7
17,316
32,326
6
15,998
30,685
Oil, gas and pipelines
2
11,311
34,137
1
11,432
34,617
5
9,669
30,007
Health care and pharmaceuticals
21
13,751
33,596
22
13,364
33,624
35
13,692
31,246
Utilities
17
8,505
30,224
17
8,653
29,580
18
8,132
27,919
Commercial services
217
12,024
29,674
98
11,705
29,938
76
10,682
27,507
Entertainment and recreation
26
13,912
22,300
89
13,505
21,777
23
12,248
18,383
Insurance and fiduciaries
1
4,976
20,335
1
4,941
20,585
1
3,723
15,774
Transportation services
39
9,160
19,926
65
8,863
17,963
183
7,831
15,503
Diversified or miscellaneous
54
9,571
18,782
50
8,594
17,327
77
10,866
26,717
Government and education
7
8,462
15,361
5
7,638
14,028
32
6,725
12,946
Securities-based (6)
—
27,998
32,498
—
28,193
28,193
—
23,001
23,001
Other
64
25,287
41,293
69
25,424
39,734
54
22,602
37,217
Total commercial and industrial loans and lease financing
1,453
515,125
962,505
1,333
503,313
949,968
1,125
433,215
850,945
Commercial real estate loans by property type (7):
Apartments
385
36,192
42,121
337
36,456
42,146
287
37,677
41,732
Industrial/warehouse
22
29,651
34,193
22
29,130
36,127
46
23,854
30,020
Office
1,876
18,643
19,669
2,225
20,002
21,084
2,450
23,670
24,613
Hotel/motel
169
11,943
12,375
608
11,791
12,357
289
11,882
12,262
Shopping center
1
10,052
11,055
2
9,755
10,600
55
8,092
8,514
Retail (excluding shopping center)
106
9,984
11,017
45
10,037
10,833
96
10,714
11,687
Institutional
8
5,033
5,440
9
5,648
6,033
12
5,891
6,151
Other
149
10,522
12,748
154
10,167
11,823
99
8,470
10,375
Total commercial real estate loans
2,716
132,020
148,618
3,402
132,986
151,003
3,334
130,250
145,354
Total commercial loans
$
4,169
647,145
1,111,123
4,735
636,299
1,100,971
4,459
563,465
996,299
(1)
Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.
(2)
Includes loans for subscription or capital calls and loans to securities firms.
(3)
Includes asset-based lending and leasing, including loans to special purpose entities, loans to commercial leasing entities, and structured lending facilities to commercial loan managers. In third quarter 2026, we reclassified loans to special purpose entities related to financing for trade receivables for companies across various industries from Commercial finance within the Financials except banks industry category to Other. We also reclassified certain loans from Commercial finance within the Financials except banks industry category to the Equipment, machinery and parts manufacturing and Technology, telecom and media industry categories to more closely align those loans with the industry categories of the underlying repayment sources and collateral. Prior period balances have been revised to conform with the current period presentation.
(4)
Includes originators or servicers of financial assets collateralized by consumer loans such as auto loans and leases, and credit cards.
(5)
Includes originators or servicers of financial assets collateralized by commercial or residential real estate loans.
(6)
In second quarter 2026, we reclassified prime brokerage and other margin loans to clients of the Corporate and Investment Banking operating segment from Other to Securities-based. We also reclassified securities-based loans to clients of the Wealth and Investment Management operating segment from various industry categories, including the Technology, telecom and media and Insurance and fiduciaries industry categories, to Securities-based. Securities-based loans are collateralized by securities in client accounts. Prior period balances have been revised to conform with the current period presentation.
(7)
Our commercial real estate (CRE) loan portfolio is comprised of CRE mortgage and CRE construction loans.
-23-
Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY
We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on venture capital investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.
The tables below provide a reconciliation of these non-GAAP financial measures to GAAP financial measures.
Sep 30, 2026
% Change from
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Tangible book value per common share:
Total equity
$
177,877
182,323
180,313
183,038
183,012
(2)
%
(3)
Adjustments:
Preferred stock
(17,098)
(15,348)
(15,348)
(16,608)
(16,608)
(11)
(3)
Additional paid-in capital on preferred stock
142
139
139
141
141
2
1
Noncontrolling interests
(2,117)
(2,133)
(1,916)
(1,920)
(1,858)
1
(14)
Total common stockholders' equity
(A)
158,804
164,981
163,188
164,651
164,687
(4)
(4)
Adjustments:
Goodwill
(24,963)
(24,963)
(24,965)
(24,967)
(25,069)
—
—
Certain identifiable intangible assets (other than MSRs)
(701)
(732)
(765)
(823)
(863)
4
19
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)
(759)
(648)
(705)
(705)
(698)
(17)
(9)
Applicable deferred taxes related to goodwill and other intangible assets (1)
1,066
1,065
1,064
1,063
1,062
—
—
Tangible common equity
(B)
$
133,447
139,703
137,817
139,219
139,119
(4)
(4)
Common shares outstanding
(C)
3,001.6
3,028.5
3,064.3
3,092.6
3,148.9
(1)
(5)
Book value per common share
(A)/(C)
$
52.91
54.48
53.25
53.24
52.30
(3)
1
Tangible book value per common share
(B)/(C)
44.46
46.13
44.98
45.02
44.18
(4)
1
(1)
Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
-24-
Wells Fargo & Company and Subsidiaries
TANGIBLE COMMON EQUITY (continued)
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Return on average tangible common equity:
Net income applicable to common stock
(A)
$
5,703
6,160
5,000
5,114
5,341
(7)
%
7
$
16,863
15,171
11
%
Average total equity
182,469
181,910
183,693
183,844
183,428
—
(1)
182,686
183,351
—
Adjustments:
Preferred stock
(16,165)
(15,348)
(16,333)
(16,608)
(16,608)
(5)
3
(15,948)
(17,824)
11
Additional paid-in capital on preferred stock
141
139
140
141
141
1
—
140
143
(2)
Noncontrolling interests
(2,128)
(1,972)
(1,915)
(1,879)
(1,850)
(8)
(15)
(2,006)
(1,854)
(8)
Average common stockholders’ equity
(B)
164,317
164,729
165,585
165,498
165,111
—
—
164,872
163,816
1
Adjustments:
Goodwill
(24,965)
(24,966)
(24,967)
(25,055)
(25,070)
—
—
(24,966)
(25,092)
1
Certain identifiable intangible assets (other than MSRs)
(716)
(748)
(788)
(847)
(889)
4
19
(751)
(610)
(23)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)
(649)
(704)
(705)
(698)
(674)
8
4
(686)
(694)
1
Applicable deferred taxes related to goodwill and other intangible assets (1)
1,065
1,065
1,063
1,063
1,061
—
—
1,064
1,001
6
Average tangible common equity
(C)
$
139,052
139,376
140,188
139,961
139,539
—
—
$
139,533
138,421
1
Return on average common stockholders’ equity (ROE) (annualized)
(A)/(B)
13.8
%
15.0
12.2
12.3
12.8
13.7
%
12.4
%
Return on average tangible common equity (ROTCE) (annualized)
(A)/(C)
16.3
17.7
14.5
14.5
15.2
16.2
14.7
(1)
Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
-25-
Wells Fargo & Company and Subsidiaries
RISK-BASED CAPITAL RATIOS UNDER BASEL III (1)
Estimated
($ in billions)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Total equity
$
177.9
182.3
180.3
183.0
183.0
Adjustments:
Preferred stock
(17.1)
(15.3)
(15.3)
(16.6)
(16.6)
Additional paid-in capital on preferred stock
0.1
0.1
0.1
0.1
0.2
Noncontrolling interests
(2.1)
(2.1)
(1.9)
(1.8)
(1.9)
Total common stockholders' equity
158.8
165.0
163.2
164.7
164.7
Adjustments:
Goodwill
(25.0)
(25.0)
(25.0)
(25.0)
(25.1)
Certain identifiable intangible assets (other than MSRs)
(0.7)
(0.7)
(0.8)
(0.8)
(0.9)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)
(0.8)
(0.6)
(0.7)
(0.7)
(0.7)
Applicable deferred taxes related to goodwill and other intangible assets (2)
1.1
1.1
1.1
1.1
1.1
Other
1.2
(2.1)
(2.4)
(2.0)
(2.5)
Common Equity Tier 1 under the Standardized and Advanced Approaches
(A)
134.6
137.7
135.4
137.3
136.6
Preferred stock
17.1
15.3
15.3
16.6
16.6
Additional paid-in capital on preferred stock
(0.1)
(0.1)
(0.1)
(0.1)
(0.2)
Other
(0.4)
(0.2)
(0.2)
(0.2)
(0.2)
Total Tier 1 capital under the Standardized and Advanced Approaches
(B)
151.2
152.7
150.4
153.6
152.8
Long-term debt and other instruments qualifying as Tier 2
16.7
17.1
17.0
16.7
16.7
Qualifying allowance for credit losses (3)
14.8
14.8
14.8
14.7
14.6
Other
(0.5)
(0.4)
(0.4)
(0.3)
(0.4)
Total Tier 2 capital under the Standardized Approach
(C)
31.0
31.5
31.4
31.1
30.9
Total qualifying capital under the Standardized Approach
(B)+(C)
$
182.2
184.2
181.8
184.7
183.7
Long-term debt and other instruments qualifying as Tier 2
16.7
17.1
17.0
16.7
16.7
Qualifying allowance for credit losses (3)
4.7
4.8
4.7
4.6
4.4
Other
(0.5)
(0.4)
(0.4)
(0.3)
(0.4)
Total Tier 2 capital under the Advanced Approach
(D)
20.9
21.5
21.3
21.0
20.7
Total qualifying capital under the Advanced Approach
(B)+(D)
$
172.1
174.2
171.7
174.6
173.5
Total risk-weighted assets (RWAs) under the Standardized Approach
(E)
$
1,339.8
1,342.3
1,316.0
1,294.6
1,242.4
Total RWAs under the Advanced Approach
(F)
$
1,140.8
1,140.2
1,121.0
1,112.5
1,072.2
Ratios under the Standardized Approach:
Common Equity Tier 1
(A)/(E)
10.0
%
10.3
10.3
10.6
11.0
Tier 1 capital
(B)/(E)
11.3
11.4
11.4
11.9
12.3
Total capital
(B)+(C)/(E)
13.6
13.7
13.8
14.3
14.8
Ratios under the Advanced Approach:
Common Equity Tier 1
(A)/(F)
11.8
%
12.1
12.1
12.4
12.7
Tier 1 capital
(B)/(F)
13.3
13.4
13.4
13.8
14.3
Total capital
(B)+(D)/(F)
15.1
15.3
15.3
15.7
16.2
(1)
The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 capital and total capital ratios under both approaches.
(2)
Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.
(3)
Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs.
-26-
Wells Fargo & Company and Subsidiaries
NET INTEREST INCOME EXCLUDING MARKETS
We also evaluate the Company’s net interest income excluding the net interest income of the Corporate and Investment Banking Markets (Markets) line of business. Markets net interest income includes interest income earned on the assets and interest expense paid on the liabilities of the line of business, as well as funding charges and credits using our funds transfer pricing methodology. Net interest income excluding Markets is a non-GAAP financial measure that management believes is useful because it enables management, investors, and others to assess the net interest income from the Company's lending, investing, and deposit-raising activities without the volatility that may be associated with Markets activities.
The table below provides a reconciliation of this non-GAAP financial measure to a GAAP financial measure.
Quarter ended
Sep 30, 2026
% Change from
Nine months ended
($ in millions)
Sep 30,
2026
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
%
Change
Net interest income
$
12,517
12,317
12,096
12,331
11,950
2
%
5
$
36,930
35,153
5
%
Markets net interest income
428
501
481
358
144
(15)
197
1,410
379
272
Net interest income excluding Markets
$
12,089
11,816
11,615
11,973
11,806
2
2
$
35,520
34,774
2
-27-