Wells Fargo & (WFC) FY2023 results: revenue $82.6 billion, up 11.1% on the year
Wells Fargo & Company (WFC) reported revenue of $82.6 billion for fiscal 2023, the year ended 31 December 2023, up 11.1% on the year before. Net income was $19.1 billion, up 40.0%, and diluted earnings per share $4.83. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$82.6 billion
+11.1% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$19.1 billion
+40.0% on the year
FY2016FY2023
Diluted EPS
$4.83
+53.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
40,358
27,048
-11,525
+49.2%
Cash from investing
16,043
-42,476
-7,619
Cash from financing
20,494
-59,645
-11,238
Depreciation and amortisation
1,300
1,200
1,400
+8.3%
Share-based compensation
1,122
978
1,005
+14.7%
Buybacks
11,851
6,033
14,464
+96.4%
Dividends paid
4,789
4,178
2,422
+14.6%
Dividend per share
$1.30
$1.10
$0.60
+18.2%
Diluted shares, weighted
3,720m
3,837m
4,096m
-3.0%
Shares outstanding at period end
3,599m
3,834m
n/a
-6.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
185,735
179,889
187,606
+3.2%
Non-controlling interest
1,708
1,986
2,504
-14.0%
Deposits
1,358,173
1,383,985
1,482,479
-1.9%
Trading liabilities
n/a
40,116
29,156
Debt
297,147
226,015
195,098
+31.5%
Other liabilities
89,705
49,025
51,225
+83.0%
Total liabilities and equity
1,932,468
1,881,016
1,948,068
+2.7%
Goodwill
25,175
25,173
25,180
+0.0%
Intangible assets
n/a
1,322
1,480
Securities held for sale or to maturity
393,156
410,653
449,362
-4.3%
Loans
n/a
n/a
882,904
Cash and equivalents
236,052
159,157
234,230
+48.3%
Other assets
1,278,085
1,284,711
354,912
-0.5%
Total assets
1,932,468
1,881,016
1,948,068
+2.7%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.