Wells Fargo & Company: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 14 January 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Net income and EPS rose: Net income was $5.4 billion, or $1.62 per diluted share, against $5.1 billion and $1.43 a year earlier. Excluding severance, net income was $5.8 billion, or $1.76 per share. Source
Severance excluded from non-GAAP results: The company recorded $612 million of pre-tax severance, or $0.14 per share, excluded from the non-GAAP net income and EPS figures. Source
Commercial charge-offs rose to 0.22%: Commercial net charge-offs were 0.22% annualized, up from 0.18% in the prior quarter. Source
Nonperforming assets rose 3 basis points: Nonperforming assets were $8.5 billion, or 0.86% of total loans, driven by commercial real estate and commercial and industrial nonaccrual loans. Source
Net interest income rose 4%: Net interest income was $12.3 billion, up 4% year on year, on higher loan and investment securities balances, Markets results and fixed rate repricing. Source
Repurchased $5.0 billion of stock: The company repurchased 58.2 million shares, or $5.0 billion, in the quarter, against $6.1 billion in the third quarter. Source

“We are excited to now compete on a level playing field and are able to dedicate even more resources to growth with the ability to grow our balance sheet.”
Charlie Scharf, Chairman and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Return on average tangible common equity (ROTCE) Source	medium term	17-18%	New

What changed from last quarter

Ended: The Federal Reserve asset cap on the company was removed, which management said allows it to compete on a level playing field. Source
Ended: Multiple consent orders were terminated. Source
New guidance: A new medium-term ROTCE target of 17-18% was set, following achievement of the prior 15% target. Source

Quarter headline results

Net income and EPS rose: Net income was $5.4 billion, or $1.62 per diluted share, against $5.1 billion and $1.43 a year earlier. Excluding severance, net income was $5.8 billion, or $1.76 per share. Source
Full-year diluted EPS grew 17%: Full-year 2025 diluted EPS was $6.26 against $5.37 in 2024. Management said fee-based income grew 5% over the same period. Source
Severance excluded from non-GAAP results: The company recorded $612 million of pre-tax severance, or $0.14 per share, excluded from the non-GAAP net income and EPS figures. Source

Growth drivers across businesses

New card accounts grew over 20%: Credit card new accounts grew over 20% from a year earlier, and management described card spend as increasing. Source
Auto balances returned to growth: Auto lending balances rose 19% from a year earlier, which management described as a return to growth. Source
Affluent deposits and investments grew 14%: Deposits and investment balances in the affluent offering Wells Fargo Premier grew 14% year on year. Net checking account growth also rose. Source
Commercial loans grew 12%: Commercial loans grew 12% and investment banking fees rose 14% from a year earlier. Source
Investment banking share and M&A rank rose: Management said investment banking market share grew, and the M&A ranking moved from 12 to 8. Source

“The dedication and hard work of all those at Wells Fargo has positioned us to enter 2026 in a position of strength”
Charlie Scharf, Chairman and Chief Executive Officer

Segment results

Consumer small business revenue rose 9%: Consumer, small and business banking revenue rose 9% on lower deposit pricing and higher balances, including a transfer from Commercial Banking. The consuming segment revenue rose 7%. Source
Home Lending revenue fell 6%: Home Lending revenue fell 6% on lower net interest income from lower loan balances. Personal Lending fell 5% on lower loan balances and spread compression. Source
Commercial Banking fee income rose 18%: Commercial Banking revenue fell 3%, while noninterest income rose 18% on tax credit and equity investments. Source
Markets revenue rose 7%: Corporate and Investment Banking revenue was flat. Markets rose 7% while Banking fell 4% on lower investment banking revenue. Source
Wealth management net interest income rose 16%: Wealth and Investment Management net interest income rose 16% on lower deposit pricing and higher balances. Its total revenue rose 10%. Source
Client assets reached $2.5 trillion: Total client assets in Wealth and Investment Management were $2,509 billion, up 9% from a year earlier. Source

Credit quality and allowance

Commercial charge-offs rose to 0.22%: Commercial net charge-offs were 0.22% annualized, up from 0.18% in the prior quarter. Source
Nonperforming assets rose 3 basis points: Nonperforming assets were $8.5 billion, or 0.86% of total loans, driven by commercial real estate and commercial and industrial nonaccrual loans. Source
Provision and allowance changes: The provision was $1,040 million. The allowance rose slightly on higher commercial and industrial, auto and credit card loans, largely offset by a lower commercial real estate allowance. Source

Expenses and efficiency

Noninterest expense fell 1%: Noninterest expense was $13,726 million, down 1% year on year, on lower FDIC assessments, lower operating losses and efficiency initiatives. Source
Efficiency ratio fell to 64%: Efficiency ratio was 64%, against 65% in the third quarter and 68% a year earlier. Source
Revenue-linked pay and advertising rose: Higher revenue-linked pay in Wealth and Investment Management, advertising and technology spend partly offset the lower expense. Source

Net interest income and margin

Net interest income rose 4%: Net interest income was $12.3 billion, up 4% year on year, on higher loan and investment securities balances, Markets results and fixed rate repricing. Source
Net interest margin was 2.60%: Net interest margin was 2.60% against 2.61% in the third quarter and 2.70% a year earlier. Source
Corporate revenue rose on prior-year loss: Corporate revenue increased from a year earlier, as the prior-year quarter included a $448 million repositioning loss. Source

Capital, liquidity and buybacks

Repurchased $5.0 billion of stock: The company repurchased 58.2 million shares, or $5.0 billion, in the quarter, against $6.1 billion in the third quarter. Source
Full-year capital returns reached $23 billion: In 2025 the company returned $23 billion, including $18 billion of buybacks, and raised the dividend per share 13%. Source
CET1 ratio at 10.6%: The CET1 ratio was 10.6% at December 31, 2025, against 11.0% at September 30 and 11.1% a year earlier. The year-end figure is a preliminary estimate. Source

Strategy and investment

Expense reductions funded investment: Management said $15 billion of gross expense reductions over five years funded investment in infrastructure and growth while lowering the total expense base. Source
Balancing performance with investment: Management said it has sought to balance short-term performance with investing for long-term success. Source
Asset cap and consent orders ended: The removal of the Federal Reserve asset cap and the termination of multiple consent orders were cited as ending constraints on the company. Source

Coming up, as management said on 14 January 2026

Final 2025 figures in Form 10-K: Final results and disclosures for 2025 will be reported in the Form 10-K and may differ from these preliminary figures. Source
Year-end capital ratios are preliminary: CET1, TLAC, SLR and LCR figures for December 31, 2025 are preliminary estimates. Source

Figures management reported

Figure	Reported
Net interest margin Source	2.60%
Net interest income Source	$12,331 million
Loans Source	$955.8 billion average
Deposits Source	$1,377.7 billion average
Provision for credit losses Source	$1,040 million
Net charge-offs Source	$1,030 million
Nonperforming assets Source	$8,503 million, 0.86% of total loans
CET1 ratio Source	10.6%
Efficiency ratio Source	64%

Risks management discussed

Financial: Commercial real estate charge-offs rose, concentrated in the office portfolio, alongside higher commercial and industrial charge-offs. Source
Financial: Consumer net charge-off rate rose, driven by credit card and auto charge-offs. Source
External: Lower interest rates and a transfer of customers reduced Commercial Banking net interest income by 11%. Source
Financial: Results from venture capital investments were lower than in the prior year. Source

Earlier plans management reported on

Met: Management said the company achieved its prior ROTCE target of 15%. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

News Release | January 14, 2026Wells Fargo Reports Fourth Quarter 2025 Net Income of $5.4 billion, or $1.62 per Diluted Share Net income, excluding a notable item, of $5.8 billion, or $1.76 per diluted share

		Quarter ended
		Dec 31, 2025	Dec 31, 2024
	Total revenue	$21,292	20,378
	Noninterest expense	13,726	13,900
	Provision for credit losses	1,040	1,095
	Net income	5,361	5,079
	Diluted earnings per common share	1.62	1.43
	Average loans	$955.8	906.4
	Average deposits	1,377.7	1,353.8
	CET1	10.6%	11.1
	ROE	12.3%	11.7
	ROTCE	14.5	13.9
Company-wide Financial Summary
Selected Income Statement Data($ in millions except per share amounts)
Selected Balance Sheet Data($ in billions)
Performance Metrics

	Quarter ended
Operating Segments and Other Highlights
($ in billions)	Dec 31, 2025	Sep 30, 2025	Dec 31, 2024
Average loans
Consumer Banking and Lending (CBL)	$329.3	1%	2
Commercial Banking (CB)	224.0	2	1
Corporate and Investment Banking	312.9	6	14
Wealth and Investment Management	88.7	3	6
Average deposits
Consumer Banking and Lending	778.6	-	1
Commercial Banking	181.0	5	(2)
Corporate and Investment Banking	214.5	5	5
Wealth and Investment Management	134.5	6	14

Capital

Repurchased 58.2 million shares, or $5.0 billion, of common stock in fourth quarter 2025

Fourth quarter 2025 notable item:

$612 million, or $0.14 per share, of severance expense

Chairman and Chief Executive Officer Charlie Scharf commented, “Strong financial performance, removal of the asset cap imposed by the Federal Reserve, termination of multiple consent orders, and stronger growth in both our consumer and commercial businesses make me proud of our 2025 results.We achieved our prior ROTCE target of 15% and have set a new medium-term target of 17-18%. As compared to full year 2024, diluted earnings per share grew 17%, fee-based income grew 5%, credit performance was strong as net charge-offs declined by 16%, and expenses grew less than 1%. We continued to operate with significant excess capital while returning $23 billion to shareholders through $18 billion in common stock repurchases and increasing our dividend per common share by 13% in 2025. We have worked hard to balance short-term performance and investing for long-term success. We have funded significant increased investments in infrastructure and business growth by driving greater savings from efficiencies across the company. Over the past 5 years, gross expense reductions of $15 billion have allowed us to make these investments while reducing the total expense base.”“Evidence of increased growth can be seen across the company. In our consumer businesses, credit card continues to see strong increases in spend and new accounts grew over 20% from a year ago. Auto lending returned to growth with balances up 19% from the prior year. Net checking account growth was stronger and deposits and investment balances in our affluent offering - Wells Fargo Premier® - grew 14% from the prior year. Advisory fees in our Wealth and Investment Management business grew 8%. In our commercial businesses, loans grew 12%. Investment banking fees increased 14%. We grew investment banking market share and our M&A ranking increased from 12 to 8,” Scharf added.“We have built a strong foundation and have made great progress in improving growth and returns though we have operated with significant constraints. We are excited to now compete on a level playing field and are able to dedicate even more resources to growth with the ability to grow our balance sheet. The dedication and hard work of all those at Wells Fargo has positioned us to enter 2026 in a position of strength and we are excited by the momentum we have and opportunities in front of us,” 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 Annual Report on Form 10-K for the year ended December 31, 2025, 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			Dec 31, 2025 % Change from		Year ended
		Dec 31, 2025	Sep 30, 2025	Dec 31, 2024	Sep 30, 2025	Dec 31, 2024	Dec 31, 2025	Dec 31, 2024
	Net interest income	$12,331	11,950	11,836	3%	4	$47,484	47,676
	Noninterest income	8,961	9,486	8,542	(6)	5	36,215	34,620
	Total revenue	21,292	21,436	20,378	(1)	4	83,699	82,296
	Net charge-offs	1,030	954	1,188	8	(13)	3,990	4,759
	Change in the allowance for credit losses	10	(273)	(93)	104	111	(332)	(425)
	Provision for credit losses	1,040	681	1,095	53	(5)	3,658	4,334
	Noninterest expense	13,726	13,846	13,900	(1)	(1)	54,842	54,598
	Income tax expense	1,103	1,300	120	(15)	819	3,841	3,399
	Wells Fargo net income	$5,361	5,589	5,079	(4)	6	$21,338	19,722
	Diluted earnings per common share	1.62	1.66	1.43	(2)	13	6.26	5.37
	Loans	$955.8	928.7	906.4	3	5	$927.5	915.4
	Deposits	1,377.7	1,339.9	1,353.8	3	2	1,347.2	1,345.9
	Assets	2,079.8	2,010.2	1,918.5	3	8	1,986.3	1,916.7
	Return on assets (ROA)	1.02%	1.10	1.05			1.07%	1.03
	Return on equity (ROE)	12.3	12.8	11.7			12.4	11.4
	Return on average tangible common equity (ROTCE)	14.5	15.2	13.9			14.6	13.4
	Efficiency ratio	64	65	68			66	66
	Net interest margin on a taxable-equivalent basis	2.60	2.61	2.70			2.64	2.73
Earnings ($ in millions except per share amounts)
Balance Sheet Data (average) ($ in billions)
Financial Ratios

Fourth Quarter 2025 vs. Fourth Quarter 2024

Net interest income increased 4%, driven by higher loan and investment securities balances, improved results in our Markets business, and fixed rate asset repricing, partially offset by deposit mix changes
Noninterest income increased 5%. Fourth quarter 2024 included $448 million of net losses due to a repositioning of the investment securities portfolio. Fourth quarter 2025 included higher asset-based fees in Wealth and Investment Management (WIM) on higher market valuations, as well as higher card fees, deposit-related fees, and mortgage banking fees, while results from our venture capital investments were lower
Noninterest expense decreased 1%, driven by lower Federal Deposit Insurance Corporation (FDIC) assessment expense, lower operating losses, and the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense primarily in WIM, an increase in advertising expense, and higher technology and equipment expense. Fourth quarter 2025 and 2024 included $612 million and $647 million of severance expense, respectively
Provision for credit losses in fourth quarter 2025 included a slight increase in the allowance reflecting higher commercial and industrial, auto, and credit card loan balances, largely offset by a lower allowance for commercial real estate loans

Endnotes are presented on page 9.

Selected Company-wide Capital and Liquidity Information

			Quarter ended
($ in billions)		Dec 31, 2025	Sep 30, 2025	Dec 31, 2024
Capital:
	Total equity	$183.0	183.0	181.1
	Common stockholders’ equity	164.7	164.7	160.7
	Tangible common equity	139.2	139.1	135.6
	Common Equity Tier 1 (CET1) ratio	10.6%	11.0	11.1
	Total loss absorbing capacity (TLAC) ratio	23.2	24.6	24.8
	Supplementary Leverage Ratio (SLR)	6.2	6.4	6.7
Liquidity:
	Liquidity Coverage Ratio (LCR)	119%	121	125

Selected Company-wide Loan Credit Information

			Quarter ended
($ in millions)		Dec 31, 2025	Sep 30, 2025	Dec 31, 2024
Net loan charge-offs		$1,046	942	1,211
	Net loan charge-offs as a % of average total loans (annualized)	0.43%	0.40	0.53
Total nonaccrual loans		$8,201	7,614	7,730
	As a % of total loans	0.83%	0.81	0.85
Total nonperforming assets		$8,503	7,832	7,936
	As a % of total loans	0.86%	0.83	0.87
Allowance for credit losses for loans		$14,337	14,311	14,636
	As a % of total loans	1.45%	1.52	1.60

Fourth Quarter 2025 vs. Third Quarter 2025

Commercial net loan charge-offs as a percentage of average loans were 0.22% (annualized), up from 0.18%, driven by higher commercial real estate net loan charge-offs, predominantly in the office portfolio, and higher commercial and industrial net loan charge-offs. The consumer net loan charge-off rate increased to 0.75% (annualized), up from 0.73%, on higher credit card and auto net loan charge-offs
Nonperforming assets as a percentage of total loans were 0.86%, up 3 basis points, driven by higher commercial real estate and commercial and industrial nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans

Endnotes are presented on page 9.

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.

Selected Financial Information

			Quarter ended			Dec 31, 2025 % Change from
			Dec 31, 2025	Sep 30, 2025	Dec 31, 2024	Sep 30, 2025	Dec 31, 2024
	Consumer, Small and Business Banking		$6,591	6,567	6,067	- %	9
	Consumer Lending:
		Home Lending	807	870	854	(7)	(6)
		Credit Card	1,600	1,663	1,489	(4)	7
		Auto	282	256	263	10	7
		Personal Lending	291	294	307	(1)	(5)
	Total revenue		9,571	9,650	8,980	(1)	7
	Provision for credit losses		911	767	911	19	-
	Noninterest expense		5,820	5,968	5,925	(2)	(2)
	Net income		$2,128	2,185	1,602	(3)	33
	Loans		$329.3	325.3	321.4	1	2
	Deposits		778.6	781.3	773.6	-	1
Earnings (in millions)
Average balances (in billions)

In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Revenue increased 7%
Consumer, Small and Business Banking was up 9% driven by lower deposit pricing, higher deposit and loan balances, including the impact of the transfer noted above
Home Lending was down 6% due to lower net interest income on lower loan balances
Credit Card was up 7% on higher loan balances and higher card fees
Auto was up 7% due to higher loan balances
Personal Lending was down 5% driven by lower loan balances and loan spread compression
Noninterest expense decreased 2% driven by lower operating losses and the impact of efficiency initiatives, partially offset by higher advertising expense, as well as the impact of the transfer noted above

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			Dec 31, 2025 % Change from
		Dec 31, 2025	Sep 30, 2025	Dec 31, 2024	Sep 30, 2025	Dec 31, 2024
	Net interest income	$1,993	1,949	2,248	2%	(11)
	Noninterest income	1,086	1,092	923	(1)	18
	Total revenue	3,079	3,041	3,171	1	(3)
	Provision for credit losses	105	39	33	169	218
	Noninterest expense	1,443	1,445	1,525	-	(5)
	Net income	$1,142	1,162	1,203	(2)	(5)
	Loans	$224.0	219.4	221.8	2	1
	Deposits	181.0	172.0	184.3	5	(2)
Earnings (in millions)
Average balances (in billions)

Fourth Quarter 2025 vs. Fourth Quarter 2024

Revenue decreased 3%
Net interest income was down 11% due to the impact of lower interest rates and the transfer noted above, partially offset by lower deposit pricing and higher loan balances
Noninterest income was up 18% driven by higher revenue from tax credit investments and equity investments
Noninterest expense decreased 5% due to the impact of the transfer noted above, as well as the impact of efficiency initiatives

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 servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.

Selected Financial Information

			Quarter ended			Dec 31, 2025 % Change from
			Dec 31, 2025	Sep 30, 2025	Dec 31, 2024	Sep 30, 2025	Dec 31, 2024
	Banking:
		Lending	$656	647	691	1%	(5)
		Treasury Management and Payments	648	630	644	3	1
		Investment Banking	457	554	491	(18)	(7)
	Total Banking		1,761	1,831	1,826	(4)	(4)
	Commercial Real Estate		1,236	1,186	1,274	4	(3)
	Markets:
		Fixed Income, Currencies, and Commodities (FICC)	1,164	1,355	1,179	(14)	(1)
		Equities	453	450	385	1	18
		Credit Adjustment (CVA/DVA/FVA) and Other	(15)	48	(71)	NM	79
	Total Markets		1,602	1,853	1,493	(14)	7
	Other		17	9	20	89	(15)
	Total revenue		4,616	4,879	4,613	(5)	-
	Provision for credit losses		78	(107)	205	173	(62)
	Noninterest expense		2,347	2,362	2,300	(1)	2
	Net income		$1,639	1,966	1,580	(17)	4
	Loans		$312.9	295.9	274.0	6	14
	Deposits		214.5	204.1	205.1	5	5
Earnings (in millions)
Average balances (in billions)

NM - Not meaningful

Fourth Quarter 2025 vs. Fourth Quarter 2024

Revenue was relatively flat
Banking was down 4% driven by lower investment banking revenue and the impact of lower interest rates, partially offset by higher loan balances
Commercial Real Estate was down 3% due to the impact of lower interest rates, lower revenue resulting from the sale of our non-agency third party servicing business in first quarter 2025, as well as lower loan balances, partially offset by increased capital markets activity
Markets was up 7% driven by higher revenue in equities, commodities, and structured products, partially offset by lower revenue in credit, rates, and foreign exchange products
Noninterest expense increased 2% driven by higher operating costs and higher professional and outside services expense, partially offset by the impact of efficiency initiatives

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, 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, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.

Selected Financial Information

		Quarter ended			Dec 31, 2025 % Change from
		Dec 31, 2025	Sep 30, 2025	Dec 31, 2024	Sep 30, 2025	Dec 31, 2024
	Net interest income	$993	974	856	2%	16
	Noninterest income	3,367	3,222	3,102	5	9
	Total revenue	4,360	4,196	3,958	4	10
	Provision for credit losses	(9)	(14)	(27)	36	67
	Noninterest expense	3,492	3,421	3,307	2	6
	Net income	$656	591	508	11	29
Earnings (in millions)
Total client assets (in billions)		2,509	2,473	2,293	1	9
Average balances (in billions)
	Loans	$88.7	86.2	83.6	3	6
	Deposits	134.5	127.4	118.3	6	14

Fourth Quarter 2025 vs. Fourth Quarter 2024

Revenue increased 10%
Net interest income was up 16% driven by lower deposit pricing and higher deposit and loan balances
Noninterest income was up 9% on higher asset-based fees driven by an increase in market valuations
Noninterest expense increased 6% due to higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives

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 and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

Selected Financial Information

		Quarter ended			Dec 31, 2025 % Change from
		Dec 31, 2025	Sep 30, 2025	Dec 31, 2024	Sep 30, 2025	Dec 31, 2024
	Net interest income	$(199)	(273)	(264)	27%	25
	Noninterest income	388	449	368	(14)	5
	Total revenue	189	176	104	7	82
	Provision for credit losses	(45)	(4)	(27)	NM	(67)
	Noninterest expense	624	650	843	(4)	(26)
	Net income (loss)	$(204)	(315)	186	35	NM
Earnings (in millions)

NM - Not meaningful

Fourth Quarter 2025 vs. Fourth Quarter 2024

Revenue increased as fourth quarter 2024 included $448 million of net losses due to a repositioning of the investment securities portfolio and fourth quarter 2025 included lower results from our venture capital investments
Noninterest expense decreased and included lower FDIC assessment expense

Endnotes

Page 1 - Company-wide Financial Summary / Operating Segments

1.Net income and diluted earnings per common share (EPS) excluding the notable item of severance expense are non-GAAP financial measures. Excluding $612 million (pre-tax) of severance expense in fourth quarter 2025 resulted in an increase of $461 million (after-tax) to reported net income from $5.4 billion to $5.8 billion and an increase of $0.14 per diluted share to reported EPS from $1.62 to $1.76. Management believes these non-GAAP financial measures provide useful information to management, investors, and others in assessing the Company’s financial results.

2.Includes provision for credit losses for loans, debt securities, and other financial assets.

3.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 4Q25 Quarterly Supplement for more information on CET1. CET1 for December 31, 2025, is a preliminary estimate.

4.Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.

5.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 4Q25 Quarterly Supplement.

6.In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

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 4Q25 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 4Q25 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 4Q25 Quarterly Supplement for more information on CET1. CET1 for December 31, 2025, 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 December 31, 2025, is a preliminary estimate.

4.SLR for December 31, 2025, 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 December 31, 2025, is a preliminary estimate.

Conference Call

The Company will host a live conference call on Wednesday, January 14, 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 at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://metroconnections-events.com/wf4qearnings25.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Wednesday, January 14 through

Wednesday, January 28. Please dial 1-800-835-4112 (U.S. and Canada) or 203-369-3829 (International/U.S. Toll) and enter passcode: 9408#. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://metroconnections-events.com/wf4qearnings25.

Forward-Looking Statements

Forward-looking statements notice

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. 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 changes in the level of checking or savings account deposits on our funding costs and net interest margin;
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, 2024.

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 Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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.

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.1 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. 33 on Fortune’s 2025 rankings of America’s largest corporations.

Contact Information

Contacts
Beth Richek, 980-308-1568 beth.richek@wellsfargo.com or
John M. Campbell, 415-396-0523 john.m.campbell@wellsfargo.com