Wells Fargo mpany : Form 8-K

Published: 2025-07-15 13:38:06 ET WFC

Published on 07/15/2025 at 13:38

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 15, 2025

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

Delaware 001-02979 No. 41-0449260

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

420 Montgomery Street, San Francisco, California 94104

(Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 415-371-2921

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Trading

Name of Each Exchange

Title of Each Class

Symbol

on Which Registered

New York Stock

Exchange

Common Stock, par value $1-2/3

WFC

(NYSE)

7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L

WFC.PRL

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y

WFC.PRY

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z

WFC.PRZ

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA

WFC.PRA

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC

WFC.PRC

NYSE

Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD

WFC.PRD

NYSE

Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC

WFC/28A

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

On July 15, 2025, Wells Fargo & Company (the "Company") issued a news release regarding its results of operations and financial condition for the quarter ended June 30, 2025, and posted on its website its 2Q25 Quarterly Supplement, which contains certain additional information about the Company's financial results for the quarter ended June 30, 2025. The news release is included as Exhibit 99.1 and the 2Q25 Quarterly Supplement is included as Exhibit 99.2 to this report, and each is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 and Exhibit 99.2 is considered to be "filed" for purposes of Section 18 under the Securities Exchange Act of 1934.

On July 15, 2025, the Company intends to host a live conference call that will also be available by webcast to discuss the Company's second quarter 2025 financial results and other matters relating to the Company. In connection therewith, the Company has posted on its website presentation materials containing certain historical and forward-looking information relating to the Company. The presentation materials are included as Exhibit 99.3 to this report and are incorporated by reference into this Item 7.01. Exhibit 99.3 shall not be considered "filed" for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

(d) Exhibits

Exhibit No. Description Location

News Release dated July 15, 2025 Filed herewith

2Q25 Quarterly Supplement Filed herewith

Presentation Materials - 2Q25 Financial Results Furnished herewith

104 Cover Page Interactive Data File Embedded within the Inline XBRL document

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 15, 2025 WELLS FARGO & COMPANY

By: /s/ MUNEERA S. CARR

Muneera S. Carr Executive Vice President,

Chief Accounting Officer and

Controller

News Release | July 15, 2025

Company-wide Financial Summary

Operating Segments and Other Highlights

Quarter ended

Jun 30, 2025

% Change from

($ in billions)

Jun 30,

2025

Mar 31, Jun 30,

2025 2024

Quarter ended

Selected Income Statement Data

($ in millions except per share amounts)

Jun 30,

2025

Jun 30,

2024

Average loans

Total revenue $ 20,822 20,689

Noninterest expense 13,379 13,293

Provision for credit losses1 1,005 1,236

Net income 5,494 4,910

Diluted earnings per common share 1.60 1.33

Selected Balance Sheet Data

($ in billions)

Average loans $ 916.7 917.0

Average deposits 1,331.7 1,346.5

Consumer Banking and

Lending $ 315.4 (1)% (3)

Commercial Banking 226.5 1 1Corporate and Investment

Wealth and Investment Management

84.9

Banking 285.9 3 4

Average deposits

Consumer Banking and

Lending 781.4 - -

CET12

Performance Metrics

ROE3 ROTCE4

11.1 % 11.0

12.8 % 11.5

15.2 13.7

Commercial Banking 178.0 (3) 7

Corporate and Investment

Banking 202.4 (1) 8

Wealth and Investment

Management 123.6 - 20

Capital

Repurchased 43.9 million shares, or $3.0 billion, of common stock in second quarter 2025

Second quarter 2025 results included:

$253 million, or $0.06 per share, gain associated with our acquisition of the remaining interest in our merchant services joint venture

Chief Executive Officer Charlie Scharf commented, "Our second quarter results reflect the progress we are making to consistently produce stronger financial results with net income and diluted earnings per share up from both the first quarter and a year ago. Our efforts to increase fee-based income drove revenue growth and both net interest income and noninterest income grew from the first quarter. We are investing in our businesses but remain focused on expense management. While there continue to be risks as we look forward, activity levels have remained consistent and our strong credit performance continues to point to the strength of our commercial and consumer customers' financial position."

"The lifting of the asset cap in the second quarter marked a pivotal milestone in Wells Fargo's ongoing transformation, along with the termination of thirteen consent orders since 2019, including seven this year alone. We are a far stronger company today because of the work we've done. This is a huge accomplishment, and I appreciate the focus and dedication that was required of everyone at Wells Fargo. We now have the opportunity to grow in ways we could not while the asset cap was in place and are able to move forward more aggressively to serve consumers, businesses, and communities to support U.S. economic growth," Scharf added.

"As we have been investing to drive organic growth and improve the earnings capacity in each of our businesses, we have also been returning excess capital to shareholders. During the first half of this year, we repurchased over $6 billion of common stock and as previously announced, we expect to increase our third quarter common stock dividend by 12.5%, subject to approval by the Company's Board of Directors at its regularly scheduled meeting later this month," 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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

Jun 30, 2025

% Change from

Jun 30,

Mar 31,

Jun 30,

Mar 31,

Jun 30,

2025

2024

2025

2024

Earnings ($ in millions except per share amounts)

Net interest income

$ 11,708

11,495

11,923

(2)

Noninterest income

9,114

8,654

8,766

Total revenue

20,822

20,149

20,689

Net charge-offs

997

1,009

1,303

(1)

(23)

Change in the allowance for credit losses

(77)

(67)

110

112

Provision for credit losses1

1,005

932

1,236

(19)

Noninterest expense

13,379

13,891

13,293

(4)

Income tax expense

916

522

1,251

(27)

Wells Fargo net income

$ 5,494

4,894

4,910

Diluted earnings per common share

1.60

1.39

1.33

Balance Sheet Data (average) ($ in billions)

Loans

$ 916.7

908.2

917.0

Deposits

1,331.7

1,339.3

1,346.5

(1)

Assets

1,933.4

1,919.7

1,914.6

Financial Ratios

Return on assets (ROA)

1.14 %

1.03

Return on equity (ROE)

12.8

11.5

Return on average tangible common equity (ROTCE)2

15.2

13.6

13.7

Efficiency ratio3

Net interest margin on a taxable-equivalent basis

2.68

2.67

2.75

Net interest income decreased 2%, driven by the impact of lower interest rates on floating rate assets and deposit mix changes, partially offset by lower market funding and lower deposit pricing

Noninterest income increased 4%, and included the gain associated with our merchant services joint venture acquisition, an increase in asset-based fees in Wealth and Investment Management on higher market valuations, and higher investment banking fees, partially offset by lower net gains from trading in our Markets business

Noninterest expense increased 1%, driven by higher revenue-related compensation expense predominantly in Wealth and Investment Management and higher technology and equipment expense, partially offset by lower operating losses, lower salaries expense reflecting the impact of efficiency initiatives, and a decrease in Federal Deposit Insurance Corporation (FDIC) assessment expense

Provision for credit losses in second quarter 2025 included a slight increase in the allowance for credit losses, reflecting a higher allowance for credit card loans on higher loan balances, partially offset by a lower allowance for commercial real estate loans on lower loan balances

Endnotes are presented on page 9. 2

Selected Company-wide Capital and Liquidity Information

Quarter ended

($ in billions)

Jun 30,

2025

Mar 31,

2025

Jun 30,

2024

Capital:

Total equity

$ 183.0

182.9

178.1

Common stockholders' equity

164.6

162.6

160.0

Tangible common equity1

139.1

137.8

134.7

Common Equity Tier 1 (CET1) ratio2

11.1 %

11.1

11.0

Total loss absorbing capacity (TLAC) ratio3

24.4

25.1

24.8

Supplementary Leverage Ratio (SLR)4

6.7

6.8

6.7

Liquidity:

Liquidity Coverage Ratio (LCR)5 121 % 125 124

In June, the Company completed the 2025 Comprehensive Capital Analysis and Review stress test process

The Federal Reserve Board (FRB) revised our current stress capital buffer (SCB) to 3.7%, down from 3.8%, effective immediately

The Company's SCB is expected to decrease to 2.5%; however, the FRB has a pending notice of proposed rulemaking that, if finalized as proposed, would result in the Company's expected SCB being 2.6%

Third quarter 2025 common stock dividend is expected to be $0.45 per share, up from $0.40 per share, subject to approval by the Company's Board of Directors at its regularly scheduled meeting in July

Selected Company-wide Loan Credit Information

Quarter ended

Jun 30,

Mar 31,

Jun 30,

($ in millions)

2025

2024

Net loan charge-offs

$ 997

1,009

1,301

Net loan charge-offs as a % of average total loans (annualized)

0.44 %

0.45

0.57

Total nonaccrual loans

$ 7,757

7,978

8,434

As a % of total loans

0.84 %

0.87

0.92

Total nonperforming assets

$ 7,964

8,225

8,650

As a % of total loans

0.86 %

0.90

0.94

Allowance for credit losses for loans

$ 14,568

14,552

14,789

As a % of total loans

1.58 %

1.59

1.61

Commercial net loan charge-offs as a percentage of average loans were 0.18% (annualized), up from 0.16%, driven by higher commercial and industrial net loan charge-offs, partially offset by lower commercial real estate net loan charge-offs, predominantly in the office portfolio. The consumer net loan charge-off rate decreased to 0.81% (annualized), down from 0.86%, on lower auto and credit card net loan charge-offs

Nonperforming assets were down $261 million, or 3%, driven by lower commercial real estate nonaccrual loans, predominantly in the office portfolio

Endnotes are presented on page 9. 3

Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with annual sales generally up to $10 million. 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

Jun 30, 2025

Change from

Jun 30,

Mar 31,

Jun 30,

Mar 31,

Jun 30,

2025

2024

2025

2024

Earnings (in millions)

Consumer, Small and Business Banking

$ 6,288

5,981

6,129

Consumer Lending:

Home Lending

821

866

823

(5)

Credit Card

1,588

1,524

1,452

Auto

241

237

282

(15)

Personal Lending

290

305

320

(5)

(9)

Total revenue

9,228

8,913

9,006

Provision for credit losses

945

739

932

Noninterest expense

5,799

5,928

5,701

(2)

Net income

$ 1,863

1,689

1,777

Average balances (in billions)

Loans

$ 315.4

318.1

325.9

(1)

(3)

Deposits

781.4

778.6

778.2

Revenue increased 2%

Consumer, Small and Business Banking was up 3% driven by the impact of lower interest rates on deposit pricing and higher deposit balances, partially offset by lower deposit-related fees

Home Lending was stable and included lower net interest income on lower loan balances, offset by higher mortgage banking fees

Credit Card was up 9% driven by higher loan balances

Auto was down 15% due to lower loan balances and loan spread compression

Personal Lending was down 9% driven by lower loan balances

Noninterest expense increased 2% driven by higher branch personnel and advertising expense, partially offset by lower operating losses and the impact of efficiency initiatives

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

Jun 30, 2025

Change from

Jun 30,

Mar 31,

Jun 30,

Mar 31,

Jun 30,

2025

2024

2025

2024

Earnings (in millions)

Net interest income

$ 1,983

1,977

2,281

(13)

Noninterest income

950

948

841

Total revenue

2,933

2,925

3,122

(6)

Provision for credit losses

(43)

187

Noninterest expense

1,519

1,670

1,506

(9)

Net income

$ 1,086

794

1,182

(8)

Average balances (in billions)

Loans

$ 226.5

223.8

224.4

Deposits

178.0

182.9

166.9

(3)

NM - Not meaningful

Revenue decreased 6%

Net interest income was down 13% due to the impact of lower interest rates, partially offset by lower deposit pricing and higher deposit and loan balances

Noninterest income was up 13% driven by higher revenue from tax credit investments and higher treasury management fees

Noninterest expense increased 1% driven by higher operating costs, partially offset by lower personnel expense reflecting 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

Jun 30, 2025

Change from

Jun 30,

Mar 31,

Jun 30,

Mar 31,

Jun 30,

2025

2024

2025

2024

Earnings (in millions)

Banking:

Lending

$ 601

618

688

(3)%

(13)

Treasury Management and Payments

611

618

687

(1)

(11)

Investment Banking

463

534

430

(13)

Total Banking

1,675

1,770

1,805

(5)

(7)

Commercial Real Estate

1,212

1,449

1,283

(16)

(6)

Markets:

Fixed Income, Currencies, and Commodities (FICC)

1,391

1,382

1,228

Equities

387

448

558

(14)

(31)

Credit Adjustment (CVA/DVA/FVA) and Other

(3)

133

(86)

Total Markets

1,779

1,827

1,793

(3)

(1)

Other

(43)

(61)

116

Total revenue

4,673

5,064

4,838

(8)

(3)

Provision for credit losses

103

285

(64)

Noninterest expense

2,251

2,476

2,170

(9)

Net income

$ 1,737

1,941

1,785

(11)

(3)

Average balances (in billions)

Loans

$ 285.9

277.3

275.8

Deposits

202.4

203.9

187.5

(1)

NM - Not meaningful

Revenue decreased 3%

Banking was down 7% driven by the impact of lower interest rates, partially offset by lower deposit pricing and higher investment banking revenue including higher advisory fees

Commercial Real Estate was down 6% due to lower loan balances, the impact of lower interest rates, and lower mortgage banking income reflecting the sale of our commercial non-agency third party servicing business in first quarter 2025. These decreases were partially offset by higher revenue in our affordable housing business and increased capital markets activity

Markets was down 1% driven by lower revenue in equities as second quarter 2024 included a $122 million gain related to an exchange of shares of Visa Inc. Class B common stock, partially offset by higher revenue in foreign exchange and rates products

Noninterest expense increased 4% driven by higher incentive compensation expense and higher operating costs, 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

Jun 30, 2025

% Change from

Jun 30,

2025

Mar 31,

2025

Jun 30,

2024

Mar 31,

2025

Jun 30,

2024

Earnings (in millions)

Net interest income

$ 891

826

906

(2)

Noninterest income

3,007

3,048

2,952

(1)

Total revenue

3,898

3,874

3,858

Provision for credit losses

(14)

186

Noninterest expense

3,245

3,360

3,193

(3)

Net income

$ 480

392

484

(1)

Total client assets (in billions)

2,346

2,233

2,200

Average balances (in billions)

Loans

$ 84.9

84.3

83.2

Deposits

123.6

123.4

102.8

Revenue increased 1%

Net interest income was down 2% driven by the impact of lower interest rates, partially offset by higher deposit and loan balances

Noninterest income was up 2% on higher asset-based fees driven by an increase in market valuations

Noninterest expense increased 2% due to higher revenue-related compensation expense, partially offset by lower operating losses and 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.

Quarter ended

Jun 30, 2025

% Change from

Jun 30,

2025

Mar 31,

2025

Jun 30,

2024

Mar 31,

2025

Jun 30,

2024

Earnings (in millions)

Net interest income

$ (103)

(144)

Noninterest income

662

(213)

392

411%

Total revenue

559

(177)

248

416

125

Provision for credit losses

(12)

(5)

Noninterest expense

565

457

723

(22)

Net income (loss)

$ 328

(318)

321

203

NM - Not meaningful

Revenue increased reflecting the gain associated with our merchant services joint venture acquisition

Noninterest expense decreased reflecting lower FDIC assessment expense and lower professional and outside services expense

Endnotes

Page 1 - Company-wide Financial Summary

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

Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See table on page 26 of the 2Q25 Quarterly Supplement for more information on CET1. CET1 for June 30, 2025, is a preliminary estimate.

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

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 2Q25 Quarterly Supplement.

Page 2 - Selected Company-wide Financial Information

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

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

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 2Q25 Quarterly Supplement.

Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 ratio. See table on page 26 of the 2Q25 Quarterly Supplement for more information on CET1. CET1 for June 30, 2025, is a preliminary estimate.

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 June 30, 2025, is a preliminary estimate.

SLR for June 30, 2025, is a preliminary estimate.

Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for June 30, 2025, is a preliminary estimate.

Conference Call

The Company will host a live conference call on Tuesday, July 15, 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/wf2Qearnings25.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Tuesday, July 15 through

Tuesday, July 29. Please dial 1-866-360-7722 (U.S. and Canada) or 203-369-0174 (International/U.S. Toll) and enter passcode: 6786#.

The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and https://metroconnections-events.com/wf2Qearnings25.

Forward-Looking Statements

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) environmental, social 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 https://www.sec.gov1.

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 management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. 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.

1We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.0 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 Media

Beth Richek, 980-308-1568 [email protected]

Investor Relations

John M. Campbell, 415-396-0523 [email protected]

# # #

Exhibit 99.2

2Q25 Quarterly Supplement

Wells Fargo & Company and Subsidiaries QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

Page

Consolidated Results

Summary Financial Data

Consolidated Statement of Income

Consolidated Balance Sheet

Average Balances and Interest Rates (Taxable-Equivalent Basis)

Reportable Operating Segment Results

Combined Segment Results

Consumer Banking and Lending

Commercial Banking

Corporate and Investment Banking

Wealth and Investment Management

Corporate

Credit-Related Information

Consolidated Loans Outstanding - Period-End Balances, Average Balances, and Average Interest Rates

Net Loan Charge-offs

Changes in Allowance for Credit Losses for Loans

Allocation of the Allowance for Credit Losses for Loans

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

Commercial Loan Portfolio - Commercial and Industrial Loans and Lease Financing by Industry and Commercial Real Estate Loans by Property Type

Equity

Tangible Common Equity

Risk-Based Capital Ratios Under Basel III

‌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 June 30, 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.

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

Quarter ended

Jun 30, 2025

% Change from Six months ended

Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

Jun 30,

(in millions, except ratios and per share amounts) 2025

2025

2024

2025

2024

2025

2024

Change

Selected Income Statement Data

Total revenue

$ 20,822

20,149

20,378

20,366

20,689

$ 40,971

41,552

(1)%

Noninterest expense

13,379

13,891

13,900

13,067

13,293

(4)

27,270

27,631

(1)

Pre-tax pre-provision profit (PTPP) (1)

7,443

6,258

6,478

7,299

7,396

13,701

13,921

(2)

Provision for credit losses (2)

1,005

932

1,095

1,065

1,236

(19)

1,937

2,174

(11)

Wells Fargo net income

5,494

4,894

5,079

5,114

4,910

10,388

9,529

Wells Fargo net income applicable to common stock

5,214

4,616

4,801

4,852

4,640

9,830

8,953

Common Share Data

Diluted earnings per common share

1.60

1.39

1.43

1.42

1.33

2.98

2.53

Dividends declared per common share

0.40

0.35

0.80

0.70

Common shares outstanding

3,220.4

3,261.7

3,288.9

3,345.5

3,402.7

(1)

(5)

Average common shares outstanding

3,232.7

3,280.4

3,312.8

3,384.8

3,448.3

(1)

(6)

3,256.4

3,504.2

(7)

Diluted average common shares outstanding

3,267.0

3,321.6

3,360.7

3,425.1

3,486.2

(2)

(6)

3,294.2

3,543.2

(7)

Book value per common share (3)

$ 51.13

49.86

48.85

49.26

47.01

Tangible book value per common share (3)(4)

43.18

42.24

41.24

41.76

39.57

Selected Equity Data (period-end)

Total equity

182,954

182,906

181,066

185,011

178,148

Common stockholders' equity

164,644

162,627

160,656

164,801

159,963

Tangible common equity (4)

139,057

137,776

135,628

139,711

134,660

Performance Ratios

Return on average assets (ROA) (5)

1.14 %

1.03

1.05

1.06

1.03

1.09 %

1.00

Return on average equity (ROE) (6)

12.8

11.5

11.7

11.5

12.2

11.0

Return on average tangible common equity (ROTCE) (4)

15.2

13.6

13.9

13.7

14.4

13.0

Efficiency ratio (7)

Net interest margin on a taxable-equivalent basis

2.68

2.67

2.70

2.67

2.75

2.67

2.78

Average deposit cost

1.52

1.58

1.73

1.91

1.84

1.55

1.79

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.

Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

Tangible common equity, tangible book value per common share, and return on average tangible common equity 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 and 25.

Represents Wells Fargo net income divided by average assets.

Represents Wells Fargo net income applicable to common stock divided by average common stockholders' equity.

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

-3-

Disclaimer

Wells Fargo & Company published this content on July 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 15, 2025 at 17:37 UTC.