Wells Fargo (WFC) investor relations material

Executive summary

• Net income for Q2 2026 was $6.4 billion, or $2.00 per diluted share, up 25% year-over-year, including $132 million in discrete tax benefits, with revenue up 9% to $22.6 billion and broad-based growth across all operating segments.

• Return on equity (ROE) was 15.0% and return on average tangible common equity (ROTCE) was 17.7%, with an efficiency ratio of 60%.

• Pre-tax pre-provision profit rose 20% year-over-year to $9.0 billion.

• Expense discipline led to positive operating leverage; total expenses rose 2% year-over-year, with a 7% headcount reduction.

• Credit quality remained strong, with net loan charge-offs declining 10 basis points year-over-year.

Financial highlights

• Net interest income increased 5% year-over-year to $12.3 billion, while noninterest income rose 13% to $10.3 billion.

• Average loans grew 12% to $1.03 trillion and average deposits increased 10% to $1.47 trillion year-over-year.

• Noninterest expense was $13.7 billion, up 2% year-over-year, with the efficiency ratio improving to 60%.

• Provision for credit losses was $914 million, with net loan charge-offs of $876 million (0.34% of average loans, annualized).

• CET1 ratio at 10.3%, within the 10%-10.5% target range; liquidity coverage ratio at 119%.

Outlook and guidance

• Full-year 2026 net interest income guidance maintained at ~$50 billion, with NII excluding markets at ~$48 billion.

• Noninterest expense for 2026 expected at ~$55.7 billion, with higher revenue-related expenses offset by efficiency gains.

• Expect modest NIM compression in Q3, stabilizing in Q4; loan growth for Q4 expected to exceed original outlook.

• Dividend per share is expected to increase to $0.50 in Q3 2026, up 11% from 2Q26, pending board approval.

• Confident in achieving medium-term ROTCE target of 17%-18%, with potential to raise the bar higher.