Wells Fargo (WFC) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $6.4 billion ($2.00 diluted EPS), up 17%-25% year-over-year, 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%.

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

• Expense discipline led to a 2% rise in noninterest expense, with efficiency initiatives and positive operating leverage.

• Credit quality remained strong, with net loan charge-offs at 0.34% of average loans and a 10 bps year-over-year decline.

Financial highlights

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

• Noninterest expense was $13.7 billion, up 2% year-over-year, with an improved efficiency ratio of 60%.

• CET1 ratio stood at 10.3%, with a liquidity coverage ratio of 119% and TLAC ratio of 22.8%.

• Book value per common share rose to $54.48; tangible book value per share to $46.13.

• Discrete tax benefit of $132 million ($0.04 per share) from resolution of prior period matters.

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.

• Dividend per share is expected to increase to $0.50 in Q3 2026, up 11% from Q2 2026, pending board approval.

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

• Management expects continued revenue growth from higher loan balances and fee income.