Wells Fargo & (WFC) FY2018 results: revenue $86.4 billion, down 2.2% on the year
Wells Fargo & Company (WFC) reported revenue of $86.4 billion for fiscal 2018, the year ended 31 December 2018, down 2.2% on the year before. Net income was $22.4 billion, up 0.9%, and diluted earnings per share $4.28. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$86.4 billion
-2.2% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$22.4 billion
+0.9% on the year
FY2011FY2018
Diluted EPS
$4.28
+4.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
86,408
88,389
88,267
-2.2%
Interest expense
14,652
9,352
5,909
+56.7%
Pre-tax income
28,538
27,377
32,120
+4.2%
Income tax
5,662
4,917
10,075
+15.2%
Effective tax rate
19.8%
18.0%
31.4%
Net income
22,393
22,183
21,938
+0.9%
Net margin
25.9%
25.1%
24.9%
Diluted EPS
$4.28
$4.10
$3.99
+4.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
36,073
18,619
n/a
+93.7%
Cash from investing
-7,754
-13,152
n/a
Cash from financing
-70,979
-10,920
n/a
Depreciation and amortisation
1,300
1,200
1,200
+8.3%
Share-based compensation
1,022
849
779
+20.4%
Buybacks
20,633
9,908
8,116
+108.2%
Dividends paid
7,692
7,480
7,472
+2.8%
Dividend per share
$1.64
$1.54
$1.51
+6.5%
Diluted shares, weighted
4,838m
5,017m
5,108m
-3.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
196,166
206,936
199,581
-5.2%
Non-controlling interest
900
1,143
916
-21.3%
Deposits
1,286,170
1,335,991
1,306,079
-3.7%
Trading liabilities
27,259
26,796
n/a
+1.7%
Debt
334,831
328,276
351,858
+2.0%
Other liabilities
50,557
52,615
71,681
-3.9%
Total liabilities and equity
1,895,883
1,951,757
1,930,115
-2.9%
Fixed assets
8,920
8,847
8,333
+0.8%
Goodwill
26,418
26,587
26,693
-0.6%
Intangible assets
1,988
3,034
4,115
-34.5%
Securities held for sale or to maturity
414,700
415,742
406,736
-0.3%
Loans
943,335
945,766
956,185
-0.3%
Resale agreements
n/a
78,999
58,215
Cash and equivalents
173,287
215,947
221,043
-19.8%
Other assets
327,235
256,835
248,795
+27.4%
Total assets
1,895,883
1,951,757
1,930,115
-2.9%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.