Wells Fargo & (WFC) FY2020 results: revenue $74.3 billion, down 14.5% on the year
Wells Fargo & Company (WFC) reported revenue of $74.3 billion for fiscal 2020, the year ended 31 December 2020, down 14.5% on the year before. Net income was $3.4 billion, down 82.9%, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$74.3 billion
-14.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$3.4 billion
-82.9% on the year
FY2013FY2020
Diluted EPS
$0.41
-89.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
74,264
86,832
86,408
-14.5%
Interest expense
7,963
18,852
14,652
-57.8%
Pre-tax income
2,505
25,967
28,538
-90.4%
Income tax
-1,157
5,761
5,662
Effective tax rate
-46.2%
22.2%
19.8%
Net income
3,377
19,715
22,393
-82.9%
Net margin
4.5%
22.7%
25.9%
Diluted EPS
$0.41
$4.05
$4.28
-89.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,051
6,730
36,073
-69.5%
Cash from investing
122,554
-29,631
-7,754
Cash from financing
-1,243
-9,136
-70,979
Depreciation and amortisation
1,400
1,400
1,300
0.0%
Share-based compensation
622
1,217
1,022
-48.9%
Buybacks
3,415
24,533
20,633
-86.1%
Dividends paid
4,852
8,198
7,692
-40.8%
Dividend per share
$1.22
$1.92
$1.64
-36.5%
Diluted shares, weighted
4,134m
4,425m
4,838m
-6.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
184,887
187,146
196,166
-1.2%
Non-controlling interest
1,033
838
900
+23.3%
Deposits
1,404,381
1,322,626
1,286,170
+6.2%
Trading liabilities
36,282
25,217
27,259
+43.9%
Debt
271,949
332,703
334,831
-18.3%
Other liabilities
56,631
59,025
50,557
-4.1%
Total liabilities and equity
1,955,163
1,927,555
1,895,883
+1.4%
Fixed assets
n/a
9,309
8,920
Goodwill
26,392
26,390
26,418
+0.0%
Intangible assets
1,640
1,853
1,988
-11.5%
Securities held for sale or to maturity
426,153
417,392
414,700
+2.1%
Loans
869,121
952,714
943,335
-8.8%
Cash and equivalents
264,612
141,250
173,287
+87.3%
Other assets
367,245
378,647
327,235
-3.0%
Total assets
1,955,163
1,927,555
1,895,883
+1.4%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.