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Company file · WFC

Wells Fargo

Wells Fargo's net income rose in 2025 while revenue was little changed

Total revenue rose 1.7% to $83.7B, and net income rose 8.2% to $21.3B. Net interest income was 57% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026) · Data pulled Oct 25, 2026

Key facts

Wells Fargo (NYSE: WFC) closed fiscal 2025 on Dec 31, 2025 with total revenue of $83.7B, up 1.7% from a year before; Wells Fargo net income came to $21.3B, up 8.2%. Its newest quarterly report covers the three months to Jun 30, 2026: total revenue of $22.6B, up 8.6% on the same stretch of the prior year, and net income of $6.4B. Broken down by operating segment (before Corporate and eliminations), Consumer Banking and Lending led with 44% of fiscal 2025 total revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).

Total revenue$83.7BFY2025 · +1.7% vs FY2024
Wells Fargo net income$21.3BFY2025 · +8.2% vs FY2024
Net interest income$47.5BFY2025 · −0.4% vs FY2024
Deposits$1.50Tat Jun 30, 2026 · +5.3% vs FY2025 end
Total assets$2.28Tat Jun 30, 2026 · +6.2% vs FY2025 end
Total revenue and Wells Fargo net income, three fiscal yearsBy fiscal year, $bn
Total revenueWells Fargo net income
Total revenue and Wells Fargo net income by fiscal yearTotal revenue FY2023: $82.6B82.6Wells Fargo net income FY2023: $19.1B19.1FY2023Total revenue FY2024: $82.3B82.3Wells Fargo net income FY2024: $19.7B19.7FY2024Total revenue FY2025: $83.7B83.7Wells Fargo net income FY2025: $21.3B21.3FY2025

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly total revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenue, fiscal 2026 vs 2025FY2025 Q1: $20.1B20.1FY2026 Q1: $21.4B21.4Q1FY2025 Q2: $20.8B20.8FY2026 Q2: $22.6B22.6Q2

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 28, 2026

How it makes money

FY2025 total by categoryConsumer Banking and Lending: $37.4B (44%)Corporate and Investment Banking: $19.2B (23%)Wealth and Investment Management: $16.3B (19%)Commercial Banking: $12.0B (14%)$84.9BFY2025 total

By operating segment (before Corporate and eliminations), FY2025

  • LineAmountSharevs FY2024
  • Consumer Banking and Lending$37.4B44%+3.2%
  • Corporate and Investment Banking$19.2B23%−0.6%
  • Wealth and Investment Management$16.3B19%+5.8%
  • Commercial Banking$12.0B14%−6.3%

Source: 10-K FY2025, XBRL breakdown

Net interest income, what it earns on loans and securities minus what it pays on deposits and borrowings, was $47.5B in 2025, 57% of revenue. Consumer Banking and Lending was the largest segment at 44% of segment revenue.

By operating segment (before Corporate and eliminations): three-year mixShare of the total each fiscal year
Consumer Banking and LendingCorporate and Investment BankingWealth and Investment ManagementCommercial Banking

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Total revenue
$22.6B Q2 2026
$20.8B Q2 2025
8.6% increase
Net income
$6.4B Q2 2026
$5.5B Q2 2025
16.6% increase

Source: Wells Fargo 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

By operating segment

Consumer Banking and Lending
$10.3B Q2 2026
$9.7B Q2 2025
6.2% increase
Corporate and Investment Banking
$5.4B Q2 2026
$4.7B Q2 2025
16.1% increase
Wealth and Investment Management
$3.9B Q2 2026
$3.4B Q2 2025
13.2% increase
Commercial Banking
$3.1B Q2 2026
$2.9B Q2 2025
6.3% increase

Source: Wells Fargo 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

The bull case and the bear case

The bull case

The bear case

  • Total revenue grew just 1.7% in 2025, to $83.7B. 10-K, FY2025
  • Commercial Banking revenue fell 6.3% in 2025. 10-K, FY2025
  • With 57% of revenue from net interest income, results are sensitive to interest rates. 10-K, FY2025
  • Wells Fargo's 10-K points to risk factors in its annual report, which cover credit, interest rates, liquidity, regulation, operations and cyber risk. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Wells Fargo is one of the largest US banks, serving consumers, small businesses, companies and wealthy clients through banking, lending, investment banking and wealth management.

It reports four operating segments. Consumer Banking and Lending covers branches, deposits, mortgages, credit cards and auto loans. Commercial Banking serves mid-sized companies. Corporate and Investment Banking covers lending, treasury services, investment banking and markets for larger companies and institutions. Wealth and Investment Management covers wealth advice and brokerage.

Most of its funding comes from customer deposits. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Wells Fargo's latest 10-K. Read the original for the full list.

  1. Interest ratesChanges in rates affect what it earns on loans and pays on deposits.
  2. CreditBorrowers may not repay, especially in a weaker economy.
  3. Liquidity and fundingIt depends on deposits and market funding.
  4. RegulationCapital, liquidity and conduct rules, and supervisory actions, can limit what it does.
  5. Operations and cyberCyberattacks, outages, fraud and errors could disrupt service.
  6. Legal and reputationLawsuits, investigations and reputational damage can lead to costs and lost business.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenue$82.6B$82.3B$83.7B
Wells Fargo net income$19.1B$19.7B$21.3B
Net interest income$52.4B$47.7B$47.5B
Noninterest revenue$30.2B$34.6B$36.2B
Deposits (year end)$1.36T$1.37T$1.43T
Total assets (year end)$1.93T$1.93T$2.15T
Shareholders' equity (year end)$185.7B$179.1B$181.1B
Diluted shares3.72B3.47B3.24B
  • Total revenue: Net interest income plus noninterest income such as fees, card income and trading. It is counted after the interest paid to depositors and lenders.
  • Wells Fargo net income: Net income attributable to Wells Fargo, after credit-loss provisions, taxes and the share belonging to minority owners.
  • Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
  • Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
  • Deposits: Money customers keep at the bank, a liability on its balance sheet.
  • Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
  • Shareholders' equity: Book value, including preferred stock.
  • Diluted shares: Weighted average diluted common shares for the year.

About these numbers

  • Banks don't report revenue the way other companies do. Revenue here is net interest income plus noninterest income, after interest expense, as Wells Fargo reports it.
  • Segment revenue is before Corporate and reconciling items, so the four segments don't add up exactly to total revenue.
  • Net income is net income attributable to Wells Fargo.
  • Wells Fargo files its financial statements and risk factors in the annual report inside its 10-K, so annual figures and the risk link point to that document.
  • The provision for credit losses isn't shown: it isn't tagged in a form that could be matched to a consistent three-year series.

What we left out

  • Operating cash flow: for a bank it mostly reflects trading and lending flows and says little about the business, so we leave it out.
  • Total debt: borrowing is a normal part of how a bank funds itself, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
  • Cash: a bank's cash is mostly balances held with central banks for liquidity, not a cushion in the usual sense, so it isn't shown.

Recent filings

FormFiledPeriod
10-QJul 28, 2026Jun 30, 2026
10-QApr 29, 2026Mar 31, 2026
DEF 14AMar 18, 2026Dec 31, 2025
10-KFeb 24, 2026Dec 31, 2025

Latest filings

  1. Oct 136:28 AM ET

    8-K

    Wells Fargo files an 8-K on quarterly results and investor materials (Reg FD)

    Wells Fargo filed a Form 8-K on Oct 13, 2026 at 6:28 AM ET under Item 2.02 (Results of Operations and Financial Condition), Item 7.01 (Regulation FD Disclosure).

  2. Oct 54:37 PM ET

    Form 4

    Wells Fargo director Ronald Sargent reports an award of about 530 phantom stock units

    The filing reports about 530 phantom stock units in a grant or award (code A).

  3. Oct 54:34 PM ET

    Form 4

    Wells Fargo director Wayne M. Hewett reports an award of about 452 phantom stock units

    The filing reports about 452 phantom stock units in a grant or award (code A).

  4. Oct 54:32 PM ET

    Form 4

    Wells Fargo director Steven D. Black reports an award of about 1,153 phantom stock units

    The filing reports about 1,153 phantom stock units in a grant or award (code A).

All Wells Fargo filings notes →

Common questions about Wells Fargo

How does Wells Fargo make money?

Fiscal 2025 total revenue: $83.7B. Net interest income, what it earns on loans and securities minus what it pays on deposits and borrowings, was $47.5B in 2025, 57% of revenue. Consumer Banking and Lending was the largest segment at 44% of segment revenue. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Wells Fargo's revenue in fiscal 2025?

$83.7B, up 1.7% from fiscal 2024 ($82.3B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $82.6B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Wells Fargo profitable?

Wells Fargo net income was $21.3B in fiscal 2025 (up 8.2%; fiscal 2024 was $19.7B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $6.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Wells Fargo report in its latest quarterly filing?

For the three months to Jun 30, 2026: total revenue $22.6B (up 8.6% from $20.8B) and net income $6.4B (up 16.6% from $5.5B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.

What are the main risks Wells Fargo lists?

The risk factors are in Item 1A of the 10-K filed Feb 24, 2026. This page sorts them into 6 groups (Interest rates; credit; liquidity and funding; regulation; operations and cyber; legal and reputation). The first group in plain English: Changes in rates affect what it earns on loans and pays on deposits. Source: 10-K, Item 1A Risk Factors.

Where do these Wells Fargo numbers come from?

The 10-K filed Feb 24, 2026 (fiscal 2025) and the 10-Q filed Jul 28, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in WFC
The editor holds no position in Wells Fargo (WFC). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell WFC from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WFC, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Wells FargoWFCFY2025$83.7B+1.7%$21.3B
JPMorgan ChaseJPMFY2025$182.4B+2.8%$57.0B
Bank of AmericaBACFY2025$113.1B+6.8%$30.5B
CitigroupCFY2025$85.2B+5.6%$14.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.