Wells Fargo mpany : Q1 2026 presentation

Published: 2026-04-14 07:00:12 ET WFC

Published on 04/14/2026 at 07:00 am EDT

‌1Q26 Financial Results

April 14, 2026

‌Improved financial results driven by momentum across businesses

Company Highlights

Earnings per diluted share of $1.60, up 15%

Revenue up 6%, driven by a 5% increase in net interest income and an 8% increase in noninterest income

Loans and deposits up 11% and 7%, respectively

Headcount down 7%; positive operating leverage and continued focus on expense discipline

Returned $5.4 billion to shareholders, including $4.0 billion of common share repurchases, while maintaining significant excess capital

Consumer Banking and Lending

Revenue up 7%

Consumer checking account openings up more than 15%

New credit card accounts up nearly 60%

Auto originations more than 2x prior year

Wealth and Investment Management

Revenue up 14%

Company-wide client assets up 11%

Third consecutive quarter of advisor hiring with

$100mm+ production across all channels

Onboarded independent advisor channel (FiNet) teams managing ~$9 billion in client assets

Corporate and Investment Banking

Revenue up 4%

Banking revenue up 11%

Investment Banking market share stable at 4.3%; Equity Capital Markets market share up from FY251

Markets revenue up 19%

Commercial Banking

Revenue up 7%

Early signs of success from coverage banker hires, with higher new client acquisition and balance growth

Loans and deposits up 7% and 8%, respectively (absent the 3Q25 transfer to Consumer Banking and Lending)2

Comparisons in the bullet points are for 1Q26 versus 1Q25, unless otherwise noted. Operating leverage means the percentage change in revenue minus the percentage change in noninterest expense. Endnotes are presented starting on page 22.

‌1Q26 results

Financial Results

ROE: 12.2%

ROTCE: 14.5%1

Efficiency ratio: 67%2

Net Income of $5.3 billion, or $1.60 per diluted share included $135 million of discrete tax benefits, or $0.04 per share, related to the resolution of prior period matters

Revenue of $21.4 billion, up 6%

Net interest income of $12.1 billion, up 5%

Noninterest income of $9.4 billion, up 8%

Noninterest expense of $14.3 billion, up 3%

Pre-tax pre-provision profit3 of $7.1 billion, up 14%

Effective income tax rate of 11.6%

Average loans of $996.0 billion, up 10%

Average deposits of $1.4 trillion, up 6%

Credit Quality

Provision for credit losses4 of $1.1 billion

Total net loan charge-offs of $1.1 billion, up $91 million, with net loan charge-offs of 0.45% of average loans (annualized)

Allowance for credit losses for loans of $14.4 billion, down 1%

Capital and Liquidity

CET1 ratio: 10.3%5

LCR: 120%6

TLAC ratio: 23.0%7

Common Equity Tier 1 (CET1) capital5 of $135.4 billion

CET1 ratio5 of 10.3% under the Standardized Approach

Liquidity coverage ratio (LCR)6 of 120%

Comparisons in the bullet points are for 1Q26 versus 1Q25, unless otherwise noted. Endnotes are presented starting on page 22.

‌1Q26 earnings

Quarter ended

$ Change from

$ in millions, except per share data

1Q26

4Q25

1Q25

4Q25

1Q25

Net interest income

$12,096

12,331

11,495

($235)

601

Noninterest income

9,350

8,961

8,654

389

696

Total revenue

21,446

21,292

20,149

154

1,297

Net charge-offs

1,106

1,030

1,009

Change in the allowance for credit losses

(77)

106

Provision for credit losses1

1,135

1,040

932

203

Noninterest expense

14,330

13,726

13,891

604

439

Pre-tax income

5,981

6,526

5,326

(545)

655

Income tax expense

691

1,103

522

(412)

169

Effective income tax rate (%)

11.6 %

16.9

9.6

(535) bps

192

Net income

$5,253

5,361

4,894

($108)

359

Diluted earnings per common share

$1.60

1.62

1.39

($0.02)

0.21

Diluted average common shares (# mm)

3,117.7

3,159.0

3,321.6

(41)

(204)

Return on equity (ROE)

12.2 %

12.3

11.5

(1) bps

Return on average tangible common equity (ROTCE)2

14.5

13.6

(3)

Efficiency ratio

235

(212)

‌Net interest income

Net Interest Income ($ in millions)

Net interest income (NII) of $12.1 billion, up $601 million, or 5%, from 1Q25

NII excluding Markets2 of $11.6 billion, up $251 million, or 2%, driven by higher deposit balances and lower deposit costs, higher loan and investment securities balances, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets

Markets NII of $481 million, up $350 million

NII down $235 million, or 2%, from 4Q25

NII excluding Markets2 down $358 million, or 3%, driven by two fewer days in the quarter and the impact of lower interest rates on floating rate assets, partially offset by higher loan and deposit balances and fixed asset repricing

Markets NII up $123 million

Net interest margin (NIM) of 2.47% down 13 bps reflecting growth in lower-yielding assets in Markets, as well as growth in interest-bearing deposits, other short-term borrowings and the impact of lower interest rates

2.47%

2.60%

2.61%

2.68%

2.67%

1Q25 2Q25 3Q25 4Q25 1Q26

‌Loans

610.6

573.3

552.4

543.3

533.2

5.62%

5.78%

376.3

373.4

375.0

382.5

385.4

Total Average Loan Yield

Consumer Loans

Commercial Loans

Consumer Loans

549.8

540.7

563.5

599.9

629.6

374.6

373.1

379.6

386.3

387.2

Commercial Loans

1Q25 2Q25 3Q25 4Q25 1Q26

Average loans up $87.8 billion, or 10%, year-over-year (YoY) as higher commercial and industrial loans, auto loans, securities-based loans in Wealth and Investment Management (WIM), and credit card loans were partially offset by declines in residential mortgage loans and commercial real estate loans; up $40.2 billion, or 4%, from 4Q25 driven by higher commercial loans, auto loans, and securities-based loans in WIM

Total average loan yield of 5.62%, down 34 bps YoY and 16 bps from 4Q25 reflecting the impact of lower interest rates

1Q25 2Q25 3Q25 4Q25 1Q26

Period-end loans up $103.0 billion, or 11%, YoY driven by growth in commercial and industrial loans, auto loans, securities-based loans in WIM, and credit card loans; up $30.6 billion, or 3%, from 4Q25

Commercial and industrial loans up $91.4 billion, or 23%, YoY and up

$29.8 billion, or 7%, from 4Q25

‌Financials except banks loans

$210.2

Consumer Finance4

$33.9, 16%

Real Estate Finance3

$38.0, 18%

Commercial Finance2

$62.1, 30%

Asset Managers and Funds1

$76.2, 36%

Page 8

Diversified collateral across commercial and consumer products, industries and property types with structural protections such as triggers and/or covenants related to collateral performance

Lending structures and overall risk management are executed by specialist groups

Typically underwrite both the counterparty and the underlying collateral

Advance rates provide significant margins of protection

Typically includes structural protections if collateral performance deteriorates

Real Estate Finance

CIB Commercial Real Estate = ~$25 billion

Predominantly whole loan repo facilities for CRE mortgage loan originators

Focused on clients with origination and portfolio management experience with exposure diversified by property type, geography and underlying sponsors

CIB Residential Mortgage = ~$13 billion

Residential mortgage warehouse lending to originators and servicers

Page 9

Consumer Finance

Consumer asset-backed securities (CIB)

~74% secured by auto lending with a weighted-average effective advance rate of ~77%5

Remainder secured by consumer installment, credit card, small business lending, and student lending

Data as of 3/31/26, unless otherwise noted. Endnotes are presented starting on page 22.

‌Financials except banks loans - Asset Managers and Funds

85%

15%

$76.2

Fund Finance

Predominantly subscription facilities, also known as capital call facilities, which are secured lending backed by diversified limited partner commitments and targeted to managers with established track records where we have long-standing relationships

Portfolio characteristics of subscription facilities include:

~90% of commitments are to asset mangers with >$20 billion in assets under management

Borrowers span ~445 funds with no individual fund representing more than 1.5% of total commitments

Subscription line collateral spans ~38 thousand investors, predominantly institutional investors

Advance rates provide significant margins of protection and are determined by underwriting each limited partner, which drives the deal's overall advance rate

Weighted-average effective advance rate of ~64%

Collateral for these facilities includes a security interest in the uncalled capital of the investors, including the right to direct the managers to make capital calls and receive capital contributions

Other is primarily secured loans that are diversified by both counterparty and collateral (primarily public securities, loans and private securities)

Data as of 3/31/26.

‌Financials except banks loans - Commercial Finance

Commercial Finance Loans Outstanding ($ in billions) Commercial Finance: Loans have structural protections, which may include

collateral approval and re-margining rights, and credit oversight includes ongoing collateral monitoring. This category is comprised of five components:

$62.1

59%

Market Coverage and Specialized Industries

Secured lending against portfolios of corporate loans with underwriting of both the counterparty and the underlying collateral

See next page for additional details

Supply Chain, Market Coverage and Specialized Industries (Commercial Banking)

Largely trade accounts receivable securitizations secured by accounts receivable and margined against a borrowing base

Diversified collateral pool with established, high-quality counterparties

Weighted-average effective advance rate of ~60%1

Commercial Asset-Backed Securities (ABS) (CIB)

Primarily loans to clients engaged in leasing aircraft, containers, rail cars, and equipment; weighted-average effective advance rate of ~63%2

Asset-based Lending (Commercial Banking)

Primarily secured lending facilities to asset-based lenders

Weighted-average effective advance rate of ~72%2

Risk diversified by obligor, industry, geography, and collateral type

Includes broadly syndicated loan warehouses providing secured lending against portfolios of corporate loans with underwriting of both the counterparty (asset manager) and the underlying collateral

‌Financials ex. banks loans - Commercial Finance

Food & Beverage (ex-restaurants)

IT - Non-

Software

Consumer Products & Services

Other2

Business Services

Software

Structural protections:

Operating as agent on over 98% of the transactions for re-margining flexibility based on credit performance (e.g., leverage increases, interest coverage decreases, material modifications or defaults)

Weighted-average effective advance rate of <60%1, i.e. on average the facility portfolios (not the individual loans) would absorb a ~40% loss before a loss would be recognized by us

Structured to an A/AA equivalent credit rating

Collateral characteristics include:

>98% senior first lien loans1

Median EBITDA of ~$60 million and ~45% of the underlying loans had EBITDA of greater than $100 million1

Diverse across industry and obligor (over 3,100 unique obligors); average obligor concentration in an individual facility was <2%1

~23% of exposure is to business development companies (BDCs) as the equity counterparty (public BDCs = ~6% and private BDCs = ~17%)

Financials

Healthcare

Capital Equipment/ Industrial Production

‌Deposits

1,339.3

50.5

102.1

203.9

182.9

1,331.7

46.3

99.5

202.4

178.0

1,339.9

55.1 99.8

204.1

172.0

1,377.7

69.1 105.5

214.5

181.0

1,415.0

86.1 112.1

214.3

185.9

Corporate

Wealth and Investment Management (WIM)

Corporate and Investment Banking (CIB)

1,361.7

47.6

102.1

209.2

181.5

1,340.7

48.9

97.3

208.0

179.9

1,367.4

64.4

104.0

211.1

176.9

1,426.2

73.5

117.5

224.1

190.0

1,454.9

96.4

113.7

214.5

189.8

Corporate

Wealth and Investment Management (WIM)

Corporate and Investment Banking (CIB)

799.9

805.5

808.9

807.6

816.6

Commercial Banking (CB)

821.3

806.6

811.0

821.1

840.5

Commercial Banking (CB)

Consumer Banking and Lending (CBL)

1Q25 2Q25 3Q25 4Q25 1Q26

Average deposits up $75.7 billion, or 6%, YoY on growth in customer deposits across all of the operating segments, as well as higher Corporate deposits; up

$37.3 billion, or 3%, from 4Q25 and included growth in CBL, WIM and CB

Average deposit cost of 1.43%, down 15 bps YoY; down 1 bp from 4Q25

1Q25 2Q25 3Q25 4Q25 1Q26

Period-end deposits up $93.2 billion, or 7%, YoY driven by growth in customer deposits across all of the operating segments, as well as higher Corporate deposits; up $28.7 billion, or 2%, from 4Q25 as increases in Corporate and CBL deposits were partially offset by lower CIB and WIM deposits

‌Noninterest income

Noninterest Income ($ in millions) • Noninterest income up $696 million, or 8%, from 1Q25

- Investment advisory fees and brokerage commissions1 up $317 million, or

3,109

3,311

3,491

3,174

3,460

1,622

1,674

1,712

1,633 1,684

1,376

1,408

1,384

979

1,351

696 840

716

796

775

1,173

1,223

1,149

1,044

1,138

644

1,138

1,030

973

862

10%, driven by higher asset-based fees reflecting higher market valuations, as well as higher retail brokerage commissions on higher transactional activity

Card fees2 up $94 million, or 9%, on higher merchant processing card fees and higher debit card interchange income

All other3 up $218 million on higher net gains from equity and debt securities, partially offset by $151 million lower lease income from the 1/1/26 sale of our rail car leasing business and lower mortgage banking fees from a 1Q25 which included a $263 million gain on the sale of our commercial non-agency third party servicing business

Noninterest income up $389 million, or 4%, from 4Q25

Net gains from trading activities up $372 million, or 38%, reflecting higher gains across nearly all asset classes reflecting higher customer activity

Investment banking fees up $80 million, or 11%, reflecting higher advisory and equity underwriting fees

All other3 down $111 million and included lower lease income from the sale of our rail car leasing business

1Q25 2Q25 3Q25 4Q25 1Q26

‌Noninterest expense

Noninterest Expense ($ in millions)

Noninterest expense up $439 million, or 3%, from 1Q25

Personnel expense up $119 million as higher revenue-related compensation expense primarily in WIM was partially offset by the impact of efficiency initiatives

Non-personnel expense up $320 million, or 7%, as higher advertising expense and technology and equipment expense were partially offset by lower lease and other expense related to the 1Q26 sale of our rail car leasing business, as well as the impact of efficiency initiatives

Noninterest expense up $604 million, or 4%, from 4Q25

Personnel expense up $516 million on seasonal personnel expense

Non-personnel expense up $88 million, or 2%, including a higher FDIC assessment expense from a 4Q25 which included a ~$200 million FDIC special assessment credit, partially offset by lower professional and outside services expense and lower lease expense

2961

6121

9,474

8,709

8,7251

8,4651

9,593

4,417

4,670

4,825

4,649

4,737

1Q25 2Q25 3Q25 4Q25 1Q26

1Q25

2Q25

3Q25

4Q25

1Q26

215

213

211

205

201

‌Credit quality

14,552 14,568 14,311 14,337 14,374

1,009 1,005 997

0.4

6,622

6,733

7,930

7,529

7,457

7,552

7,835

1.41%

1.52%

6,845

6,880

6,759

1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26

Commercial net loan charge-offs up $35 million to 24 bps of average loans (annualized) on higher commercial and industrial net loan charge-offs, partially offset by lower commercial real estate (CRE) net loan charge-offs

Consumer net loan charge-offs up $19 million to 78 bps of average loans (annualized) on seasonally higher credit card net loan charge-offs

Nonperforming assets of $8.8 billion, or 0.86% of total loans, up $265 million, driven by an increase in commercial and industrial nonaccrual loans, partially offset by lower CRE nonaccrual loans

Allowance for credit losses (ACL) for loans up $37 million on higher commercial and industrial and auto loan balances, largely offset by a lower allowance for CRE office and credit card loans

- Allowance coverage for total loans down 18 bps from 1Q25 and down 4 bps from 4Q25 primarily driven by a reduction in the allowance coverage for CRE office loans

‌Capital and liquidity

8.5%

Regulatory Minimum and Buffers2

1Q25 2Q25 3Q25 4Q25 1Q26

Estimated

Capital Position

Common Equity Tier 1 (CET1) ratio1 of 10.3% at March 31, 2026

CET1 ratio down 80 bps from 1Q25 and down 32 bps from 4Q25

Included a (17) bps decline due to growth in risk-weighted assets and a

(7) bps decline due to a decrease in accumulated other comprehensive income driven by higher interest rates and wider agency mortgage-backed securities spreads compared with 4Q25

Capital Return

$4.0 billion in gross common stock repurchases, or 46.3 million shares, in 1Q26; period-end common shares outstanding down 197.4 million, or 6%, from 1Q25

1Q26 common stock dividend of $0.45 per share with $1.4 billion in common stock dividends paid

Total Loss Absorbing Capacity (TLAC)

As of March 31, 2026, our TLAC as a percentage of total risk-weighted assets3 was 23.0% compared with the required minimum of 21.5%

Liquidity Position

Strong liquidity position with a 1Q26 LCR4 of 120% which remained above the regulatory minimum of 100%

‌Consumer Banking and Lending (CBL)

$ in millions 1Q26 vs. 4Q25 vs. 1Q25

Revenue by line of business:

Consumer, Small and Business Banking (CSBB)

$7,019

($111)

568

Credit Card

1,595

(5)

Home Lending

787

(20)

(79)

Auto

295

Personal Lending

302

(3)

Total revenue

9,998

(112)

615

Provision for credit losses

818

(93)

Noninterest expense

6,589

351

247

Pre-tax income

2,591

(370)

289

Net income

$1,941

($278)

209

$ in billions 1Q26 4Q25 1Q25

Total revenue up 7% YoY and down 1% from 4Q25

CSBB up 9% YoY driven by lower deposit pricing and higher deposit and loan balances, including the impact of the 3Q25 transfer of certain business customers4; down 2% from 4Q25 on lower NII

Credit Card up 5% YoY and included higher NII on higher loan balances

Home Lending down 9% YoY and down 2% from 4Q25 on lower NII on lower loan balances, and lower mortgage banking fees

Auto up 24% YoY and 5% from 4Q25 on higher loan balances

Noninterest expense up 4% YoY driven by higher advertising and promotion expense, as well as the impact of the 3Q25 transfer of certain business customers4 ; up 6% from 4Q25 on seasonal personnel expense and higher advertising and promotion expense

Return on allocated capital2

23.1 %

18.8

14.9

$ in billions

1Q26

4Q25

1Q25

Efficiency ratio3

Debit card purchase volume6

$134.3

137.3

126.0

Average loans4

$335.3

333.0

321.5

Client assets in advisory and brokerage accounts7

261

265

237

Average deposits4

816.6

807.6

799.9

Retail bank branches (#, period-end)

4,093

4,090

4,155

Mobile active customers5 (# in mm, period-end)

33.5

32.8

31.8

Average Home Lending loans 198.5 200.2 205.5

Mortgage loan originations

6.3

7.5

4.4

Average Credit Card loans

53.0

52.9

50.1

Credit Card purchase volume6, 8

40.0

42.2

36.7

Credit Card new accounts (# in thousands)6, 8

631

710

396

Average Auto loans

$52.6

48.7

42.5

Auto loan originations

9.7

10.2

4.6

‌Commercial Banking (CB)

$ in millions 1Q26 vs. 4Q25 vs. 1Q25

In 3Q25, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers to

Net interest income

$1,988

($5)

Consumer, Small and Business Banking in the Consumer Banking and Lending

Noninterest income

1,132

184

operating segment.

Total revenue

3,120

195

Provision for credit losses

150

(37)

Noninterest expense

1,608

165

(62)

Pre-tax income

1,362

(169)

294

Net income

$1,017

($125)

223

Selected Metrics

1Q26

4Q25

1Q25

Return on allocated capital

15.0 %

16.5

11.4

Efficiency ratio

Average balances ($ in billions)

Loans

$229.1

224.0

223.8

Deposits

185.9

181.0

182.9

Total revenue up 7% YoY and up 1% from 4Q25

Net interest income up 1% YoY on higher loan and deposit balances, partially offset by the impact of lower interest rates and the 3Q25 transfer noted above

Noninterest income up 19% YoY on higher revenue from tax credit investments and equity investments

Noninterest expense down 4% YoY due to the impact of the 3Q25 transfer noted above, as well as the impact of efficiency initiatives; up 11% from 4Q25 driven by seasonal personnel expense

‌Corporate and Investment Banking (CIB)

$ in millions 1Q26 vs. 4Q25 vs. 1Q25

Lending

$700

$44

Treasury Management and Payments

655

Investment Banking

602

145

Total Banking

1,957

196

187

Commercial Real Estate

Markets:

1,146

(90)

(303)

Fixed Income, Currencies and Commodities (FICC)

1,583

419

201

Equities

543

Credit Adjustment (CVA/DVA/FVA) and Other

Total Markets

2,173

571

346

Other

(15)

(16)

Total revenue

5,278

662

214

Provision for credit losses

175

Noninterest expense

2,692

345

216

Pre-tax income

2,411

220

(177)

Net income

$1,809

$170

(132)

Selected Metrics

Revenue by line of business: Banking:

Total revenue up 4% YoY and up 14% from 4Q25

Banking revenue up 11% YoY on growth in loans and deposits and higher investment banking revenue; up 11% from 4Q25 on higher investment banking revenue and growth in loan balances

Commercial Real Estate revenue down 21% YoY on lower revenue resulting from the sale of our non-agency third party servicing business in 1Q25, partially offset by higher income from our affordable housing business; down 7% from 4Q25 driven by the impact of lower interest rates, lower deposit balances and lower capital market fees

Markets revenue up 19% YoY; up 36% from 4Q25 driven by higher revenue across most asset classes reflecting higher customer activity

Noninterest expense up 9% YoY driven by higher incentive compensation expense and higher professional and outside services expense on higher volume-related expenses, partially offset by the impact of efficiency initiatives; up 15% from 4Q25 driven by seasonal personnel expense

Loans by line of business

1Q26

4Q25

1Q25

Banking

$117.7

101.0

86.5

Commercial Real Estate

119.5

116.6

117.4

Markets

105.1

95.3

73.4

1Q26

4Q25

1Q25

Total loans

$342.3

312.9

277.3

Return on allocated capital

14.9 %

13.8

17.0

Deposits

214.3

214.5

203.9

Efficiency ratio

Trading-related assets

397.9

364.4

276.4

‌Wealth and Investment Management (WIM)

Total revenue up 14% YoY and up 1% from 4Q25

$ in millions

1Q26

vs. 4Q25

vs. 1Q25

Net interest income

$905

$37

175

Noninterest income

2,970

296

Total revenue

3,875

471

Provision for credit losses

(10)

(1)

(21)

Noninterest expense

3,262

188

316

Pre-tax income

623

(133)

176

Net income

$468

($97)

119

Selected Metrics

$ in billions

1Q26

4Q25

1Q25

Return on allocated capital

28.4 %

33.6

20.9

Efficiency ratio

Average loans

$88.4

84.9

80.9

Average deposits

112.1

105.5

102.1

WIM client assets

$2,222

2,244

1,996

Net interest income up 24% YoY and up 4% from 4Q25 driven by higher deposit and loan balances

Noninterest income up 11% YoY on higher asset-based fees driven by an increase in market valuations

Noninterest expense up 11% YoY on higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives; up 6% from 4Q25 driven by seasonal personnel expense

Endnotes are presented starting on page 22.

‌Corporate

$ in millions

1Q26

vs. 4Q25

vs. 1Q25

Net interest income

($460)

($261)

(496)

Noninterest income

228

(160)

441

Total revenue

(232)

(421)

(55)

Provision for credit losses

Noninterest expense

179

(445)

(278)

Pre-tax loss

(413)

(23)

216

Income tax benefit

(466)

(220)

149

Less: Net income from noncontrolling interests

(25)

127

Net income

$18

$222

(60)

Summary Financials

Revenue decreased YoY on lower net interest income due to the impact of lower interest rates on crediting rates to our operating segments, and lower lease income related to the sale of our rail car leasing business, partially offset by improved results from our venture capital investments. 1Q25 included $149 million of net losses from the repositioning of the investment portfolio

Noninterest expense down YoY and included lower lease and other expense associated with the sale of our rail car leasing business

‌Outlook

Expect 2026 net interest income (NII) to be +/- $50 billion, unchanged from prior guidance

Expect NII excluding Markets1 to be +/- $48 billion

Expect Markets NII to be +/- $2 billion

Net interest income performance will ultimately be determined by a variety of factors, many of which are uncertain, including the absolute level of rates and the shape of the yield curve; deposit balances, mix and pricing; and loan demand

Expect 2026 noninterest expense to be ~$55.7 billion, unchanged from prior guidance

Endnotes are presented starting on page 22.

‌Endnotes

Page 2 - Improved financial results driven by momentum across businesses

Source: Dealogic.

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. The year-over-year percentage changes for loans and deposits in the Commercial Banking operating segment are calculated assuming the third quarter 2025 transfer occurred during first quarter 2025 to provide a consistent basis of comparison for loan and deposit balances between periods. This assumption had the effect of increasing the year-over-year growth rates for both loans and deposits by three percentage points. For additional information on loans and deposits in the Commercial Banking operating segment, see page 12 of our 1Q26 Quarterly Supplement.

Page 3 - 1Q26 results

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" table on page 29.

The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company's ability to generate capital to cover credit losses through a credit cycle.

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

The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach is our binding CET1 framework. See page 30 for additional information regarding CET1 capital and ratios. CET1 for March 31, 2026, is a preliminary estimate.

Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for March 31, 2026, is a preliminary estimate.

Represents total loss absorbing capacity (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 March 31, 2026, is a preliminary estimate.

Page 4 - 1Q26 earnings

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

Page 5 - Net interest income

Includes taxable-equivalent adjustments predominantly related to tax-exempt income on certain loans and securities.

Net interest income excluding Markets is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to a GAAP financial measure, see the "Net Interest Income Excluding Markets" table on page 28.

Page 7 - Financials except banks loans

Includes loans for subscription or capital calls and loans to securities firms.

Includes asset-based lending and leasing, including loans to special purpose entities, loans to commercial leasing entities, and structured lending facilities to commercial loan managers.

Includes originators or servicers of financial assets collateralized by commercial or residential real estate loans.

Includes originators or servicers of financial assets collateralized by consumer loans such as auto loans and leases, and credit cards.

As of 12/31/2025.

‌Endnotes (continued)

As of 2/28/2026.

As of 12/31/2025.

As of 1/31/2026.

Other industry exposure represents 12 industries with exposures less than 3% each.

Investment advisory fees and brokerage commissions includes investment advisory and other asset-based fees and commissions and brokerage services fees.

In April 2025, we completed our acquisition of the remaining interest in our merchant services joint venture. Following the acquisition, the revenue from this business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture was included in other noninterest income.

All other includes mortgage banking, net gains (losses) from debt securities, net gains (losses) from equity securities, and other.

4Q25 and 3Q25 total personnel expense of $9.1 billion and $9.0 billion, respectively, included severance expense of $612 million and $296 million, respectively.

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

Page 15 - Capital and liquidity

Includes a 4.50% minimum requirement, a stress capital buffer (SCB) of 2.50%, and a G-SIB capital surcharge of 1.50%.

Liquidity coverage ratio (LCR) represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 1Q26 LCR is a preliminary estimate.

‌Endnotes (continued)

In first quarter 2026, we moved the revenue, noninterest expense, loans, and deposits associated with clients who receive wealth management and financial planning services in our consumer bank branches from the Wealth and Investment Management operating segment to Consumer, Small and Business Banking. Prior period balances have been revised to conform with the current period presentation.

Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

Efficiency ratio is segment noninterest expense divided by segment total revenue.

Mobile active customers is the number of consumer and small business customers who have logged on via a mobile device in the prior 90 days.

Reflects combined activity for consumer and small business customers.

In first quarter 2026, we moved the client assets, including advisory and other brokerage assets and deposits, associated with clients who receive wealth management and financial planning services in our consumer bank branches from the Wealth and Investment Management operating segment to Consumer, Small and Business Banking. Prior period balances have been included to conform with the current period presentation.

In first quarter 2026, credit card metrics were revised to exclude co-branded cards. Prior period balances have been revised to conform with the current period presentation.

In first quarter 2026, we moved the revenue, noninterest expense, loans, and deposits associated with clients who receive wealth management and financial planning services in our consumer bank branches to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment. Prior period balances have been revised to conform with the current period presentation.

‌Appendix

‌Reconciliation of call report to financials except banks loans

Bank regulators require reporting of non-depository financial institutions (NDFI) loans in the quarterly call report based on specific instructions and definitions with classifications generally driven by the customer's primary business purpose

We report financials except banks loans in our SEC financial disclosures with classifications generally driven by the primary source of repayment

These classification differences contribute to differences in reported amounts. The call report for first quarter 2026 has not yet been filed, so the reconciliation below is as of 12/31/2025

Loans in real estate and construction industry category

Loans in auto related industry category

Loans in other industry categories

$27.8

Consumer Finance

$34.5

Real Estate Finance

$61.0

Commercial Finance

$69.7

Asset Managers and Funds

$27.8

Other NDFI loans

$71.0

Business credit intermediaries

$51.2

Private equity funds

$38.1

Mortgage credit intermediaries

$24.0

Consumer credit intermediaries

‌Reconciliation of call report business credit intermediary loans to commercial finance loans

In the call report, business credit intermediary loans is our biggest category of NDFI loans. A reconciliation of that portfolio to commercial finance loans within our financials except banks loans is provided below

Reported in Asset Managers and Funds loans (see page 8)

Reported in Consumer Finance loans (see page 7)

Other loans

$36.4

Corporate Debt Finance (see

page 10)

$24.6

Other Commercial Finance Loans

(see page 9)

$27.8

Other NDFI loans

$71.0

Business credit intermediaries

$51.2

Private equity funds

$38.1

Mortgage credit intermediaries

$24.0

Consumer credit intermediaries

1Q26 Financial Results

‌Net Interest Income Excluding Markets

Wells Fargo & Company and Subsidiaries

We also evaluate the Company's net interest income excluding the net interest income of the Corporate and Investment Banking Markets (Markets) line of business. Markets net interest income includes interest income earned on the assets and interest expense paid on the liabilities of the line of business, as well as funding charges and credits using our funds transfer pricing methodology. Net interest income excluding Markets is a non-GAAP financial measure that management believes is useful because it enables management, investors, and others to assess the net interest income from the Company's lending, investing, and deposit-raising activities without the volatility that may be associated with Markets activities.

The table below provides a reconciliation of this non-GAAP financial measure to a GAAP financial measure.

Quarter ended

Mar 31, 2026

% Change from

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Dec 31,

Mar 31,

($ in millions)

2026

2025

Net interest income

$ 12,096

12,331

11,950

11,708

11,495

(2)%

Markets net interest income

481

358

144

104

131

267

Net interest income excluding Markets

$ 11,615

11,973

11,806

11,604

11,364

(3)

‌Tangible Common Equity

Wells Fargo & Company and Subsidiaries

We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on venture capital investments in consolidated portfolio companies, net of applicable deferred taxes. One of these ratios is return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables management, investors, and others to assess the Company's use of equity.

The table below provides a reconciliation of this non-GAAP financial measure to GAAP financial

measures.

Quarter ended

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

($ in millions)

2026

2025

Return on average tangible common equity:

Net income applicable to common stock

(A)

$5,000

5,114

5,341

5,214

4,616

Average total equity

183,693

183,844

183,428

183,268

183,358

Adjustments:

Preferred stock

(16,333)

(16,608)

(18,278)

(18,608)

Additional paid-in capital on preferred stock

140

141

143

145

Noncontrolling interests

(1,915)

(1,879)

(1,850)

(1,818)

(1,894)

Average common stockholders' equity

(B)

165,585

165,498

165,111

163,315

163,001

Adjustments:

Goodwill

(24,967)

(25,055)

(25,070)

(25,135)

Certain identifiable intangible assets (other than MSRs)

(788)

(847)

(889)

(863)

(69)

Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)

(705)

(698)

(674)

(734)

Applicable deferred taxes related to goodwill and other intangible assets1

1,063

1,061

989

952

Average tangible common equity

(C)

$140,188

139,961

139,539

137,697

138,015

Return on average common stockholders' equity (ROE) (annualized)

(A)/(B)

12.2 %

12.3

12.8

11.5

Return on average tangible common equity (ROTCE) (annualized)

(A)/(C)

14.5

15.2

13.6

Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

‌Common Equity Tier 1 under Basel III

Wells Fargo & Company and Subsidiaries

RISK-BASED CAPITAL RATIOS UNDER BASEL III1

Estimated

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

($ in billions)

2026

2025

Total equity

$180.3

183.0

182.9

Adjustments:

Preferred stock

(15.3)

(16.6)

(18.6)

Additional paid-in capital on preferred stock

0.1

0.2

0.1

Noncontrolling interests

(1.9)

(1.8)

(1.9)

(1.8)

Total common stockholders' equity

163.2

164.7

164.6

162.6

Adjustments:

Goodwill

(25.0)

(25.1)

Certain identifiable intangible assets (other than MSRs)

(0.8)

(0.9)

(0.1)

Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)

(0.7)

Applicable deferred taxes related to goodwill and other intangible assets2

1.1

1.0

Other

(2.4)

(2.0)

(2.5)

(2.6)

(2.1)

Common Equity Tier 1

(A)

$135.4

137.3

136.6

136.4

135.6

Total risk-weighted assets (RWAs) under the Standardized Approach

(B)

1,315.6

1,294.6

1,242.4

1,225.9

1,222.0

Total RWAs under the Advanced Approach

(C)

1,124.5

1,112.5

1,072.2

1,070.4

1,063.6

Common Equity Tier 1 to total RWAs under the Standardized Approach

(A)/(B)

10.3 %

10.6

11.0

11.1

Common Equity Tier 1 to total RWAs under the Advanced Approach

(A)/(C)

12.0

12.4

12.7

The Basel III capital rules provide for two capital frameworks (the Standardized Approach and the Advanced Approach applicable to certain institutions), and we must calculate our CET1, Tier 1 capital and total capital ratios under both approaches.

‌Disclaimer and forward-looking statements

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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.

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. Investors are urged to not unduly rely on forward-looking statements as actual results may differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For additional information about factors that could cause actual results to differ materially from our expectations, refer to the "Forward-Looking Statements" discussion in Wells Fargo's press release announcing our first quarter 2026 results and in our most recent Quarterly Report on

Form 10-Q, as well as to Wells Fargo's other 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, 2025.

rese

Disclaimer

Wells Fargo & Company published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 10:59 UTC.