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Wells Fargo & (WFC) FY2025 results: revenue $83.7 billion, up 1.7% on the year

Wells Fargo & Company (WFC) reported revenue of $83.7 billion for fiscal 2025, the year ended 31 December 2025, up 1.7% on the year before. Net income was $21.3 billion, up 8.2%, and diluted earnings per share $6.26. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$83.7 billion
+1.7% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$21.3 billion
+8.2% on the year
FY2018FY2025
Diluted EPS
$6.26
+16.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new.

  • 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.
  • 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.
  • Commercial charge-offs rose to 0.22%: Commercial net charge-offs were 0.22% annualized, up from 0.18% in the prior quarter.
  • 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.
  • 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.
Read the Q4 FY2025 earnings call summary

From this 10-K

Wells Fargo is a Delaware corporation and a holding company: its own business is owning its subsidiaries. Nearly all the banking happens inside one of them, Wells Fargo Bank, N.A., which held 85 percent of the group's assets at the end of 2025. It sells banking, investment and mortgage products, and consumer and commercial finance, to individuals, businesses and institutions, mostly in the United States. It reports in four segments.

Wells Fargo & Company, the 10-K for 2025

Wells Fargo is a Delaware corporation and a holding company: its own business is owning its subsidiaries. Nearly all the banking happens inside one of them, Wells Fargo Bank, N.A., which held 85 percent of the group's assets at the end of 2025. It sells banking, investment and mortgage products, and consumer and commercial finance, to individuals, businesses and institutions, mostly in the United States. It reports in four segments.

What it sells to whom

For consumers: current and savings accounts, credit and debit cards, and lending for homes, cars, personal borrowing and small business. Beside that sits a wealth offering of personalised wealth management, brokerage, financial planning, lending, private banking, and trust and fiduciary services.

For companies, from private and family-owned businesses through to listed ones and municipalities: banking and credit products across a range of industry sectors, secured lending, lease products and treasury management.

For corporate, commercial real estate, government and institutional clients: a capital markets and banking offering that runs to corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income products, and sales, trading and research.

The four segments

Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. The filing states that the descriptions and financial detail of those segments live in the Annual Report to Shareholders rather than in the body of the 10-K itself.

The people

At the end of 2025 the company had about 205,000 active employees, about 76 percent of them based in the United States. The global workforce was 50 percent female and 50 percent male. In the United States, 50 percent identified as white, 49 percent as other races or ethnicities, and 1 percent did not declare.

Wells Fargo answers Item 7 of its Form 10-K by pointing at its Annual Report to Shareholders, which is not attached to the filing, so this description is drawn from the business section alone and the segment-level detail sits in that shareholder report. From Wells Fargo's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue83,69982,29682,597+1.7%
Interest expensen/an/a32,743
Pre-tax income25,19923,36421,636+7.9%
Income tax3,8413,3992,607+13.0%
Effective tax rate15.2%14.5%12.0%
Net income21,33819,72219,142+8.2%
Net margin25.5%24.0%23.2%
Diluted EPS$6.26$5.37$4.83+16.6%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow-19,0013,03540,358
Cash from investing-187,895-15,65116,043
Cash from financing177,587-21,53420,494
Depreciation and amortisation1,7001,4001,300+21.4%
Share-based compensation1,4761,2811,122+15.2%
Buybacks17,51619,44811,851-9.9%
Dividends paid5,4345,1334,789+5.9%
Dividend per share$1.70$1.50$1.30+13.3%
Diluted shares, weighted3,242m3,468m3,720m-6.5%
Shares outstanding at period end3,093m3,289m3,599m-6.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity181,117179,120185,735+1.1%
Non-controlling interest1,9211,9461,708-1.3%
Deposits1,426,2071,371,8041,358,173+4.0%
Repurchase agreements232,68795,235n/a+144.3%
Trading liabilities45,46844,813n/a+1.5%
Debt425,722271,017297,147+57.1%
Other liabilitiesn/an/a89,705
Total liabilities and equity2,148,6311,929,8451,932,468+11.3%
Goodwill24,96725,16725,175-0.8%
Securities held for sale or to maturity421,596397,926393,156+5.9%
Resale agreements193,929105,330n/a+84.1%
Cash and equivalents172,593201,902236,052-14.5%
Other assets1,335,5461,199,5201,278,085+11.3%
Total assets2,148,6311,929,8451,932,468+11.3%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.