◆ Inside the Latest Quarter (Q2 2026)

Wells Fargo (WFC) — the variant view

Wells Fargo's second quarter of 2026 showed a bank growing freely for the first time in seven years, with some help from venture gains.

📈 WFC valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The second quarter of 2026 was the clearest look yet at Wells Fargo without a cap. Revenue was $22,622 million, up 9%, and net income $6,407 million; diluted earnings per share were $2.00 against $1.601. Return on tangible common equity was 17.7% and the efficiency ratio 60%2.

Q2 2026 vs Q2 2025 ($M)20,822Revenue Q2 202522,622Revenue Q2 20265,494Net income Q2 20256,407Net income Q2 2026Wells Fargo Q2 2026 earnings release
Revenue up 9%, net income up 17%.

Every segment grew. Consumer Banking and Lending revenue rose 6%, Commercial Banking 6%, Corporate and Investment Banking 16% and Wealth and Investment Management 13%3. Markets revenue rose 24% and investment banking fees 36%4.

The balance sheet grew faster than the income. Average assets were $2,227.9 billion against $1,933.4 billion a year earlier, average loans $1,026.5 billion against $916.7 billion and average deposits $1,465.6 billion against $1,331.7 billion5.

Some of the quarter was helped. It included $728 million higher net gains from equity securities than a year earlier and a $132 million discrete tax benefit6. Net loan charge-offs were low, at 0.34% of loans7.

The bank bought back $3.0 billion of stock and raised the dividend to $0.508. Its capital ratio was 10.3%9.

Fee income drove much of the quarter. Noninterest income rose $1.2 billion, or 13%, from a year earlier10, and net interest income rose to $12,317 million from $11,708 million11. Return on equity was 15.0% and return on assets 1.15%12. Rail car leasing, sold at the start of the year, took $158 million of lease income out of the comparison13.

Each segment's return improved. Consumer Banking and Lending earned 27.1% on allocated capital against 16.4% a year earlier, Commercial Banking 17.2% against 15.8%, Corporate and Investment Banking 19.2% against 14.9% and Wealth and Investment Management 32.4% against 25.0%14.

Segment net income was $2,290 million in Consumer Banking and Lending, $2,329 million in Corporate and Investment Banking, $1,176 million in Commercial Banking and $537 million in Wealth and Investment Management15, so the investment bank earned slightly more than the consumer bank in the quarter.

The quarter's weak point was the margin, 2.43% against 2.68%16. The number to take from it is the efficiency ratio: 60% in a strong quarter, and the question for the full year is whether it stays near there when the venture gains do not repeat.

References
  1. ReportedRevenue was $22,622 million, up 9%, and net income $6,407 million; diluted earnings per share were $2.00 against $1.60.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - consolidated results, credit quality, capital and the chief executive's comments. — Q2 2026 · publ. 14 July 2026 · source ↗
  2. ReportedReturn on tangible common equity was 17.7% and the efficiency ratio 60%.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - capital, capital return and credit quality. — Q2 2026 · publ. 14 July 2026 · source ↗
  3. ReportedConsumer Banking and Lending revenue rose 6%, Commercial Banking 6%, Corporate and Investment Banking 16% and Wealth and Investment Management 13%.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - segment results and business descriptions. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedMarkets revenue rose 24% and investment banking fees 36%.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - segment results and business descriptions. — Q2 2026 · publ. 14 July 2026 · source ↗
  5. ReportedAverage assets were $2,227.9 billion against $1,933.4 billion a year earlier, average loans $1,026.5 billion against $916.7 billion and average deposits $1,465.6 billion against $1,331.7 billion.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - consolidated results, credit quality, capital and the chief executive's comments. — Q2 2026 · publ. 14 July 2026 · source ↗
  6. ReportedIt included $728 million higher net gains from equity securities than a year earlier and a $132 million discrete tax benefit.
    Wells Fargo second-quarter 2026 earnings presentation, Form 8-K exhibit 99.3 - segment returns, deposit cost, market shares and the 2026 outlook - consolidated results, deposit cost, capital and the 2026 outlook. — Q2 2026 · publ. 14 July 2026 · source ↗
  7. ReportedNet loan charge-offs were low, at 0.34% of loans.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - capital, capital return and credit quality. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedThe bank bought back $3.0 billion of stock and raised the dividend to $0.50.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - capital, capital return and credit quality. — Q2 2026 · publ. 14 July 2026 · source ↗
  9. ReportedIts capital ratio was 10.3%.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - capital, capital return and credit quality. — Q2 2026 · publ. 14 July 2026 · source ↗
  10. ReportedNoninterest income rose $1.2 billion, or 13%, from a year earlier, and net interest income rose to $12,317 million from $11,708 million.
    Wells Fargo second-quarter 2026 earnings presentation, Form 8-K exhibit 99.3 - segment returns, deposit cost, market shares and the 2026 outlook - consolidated results, deposit cost, capital and the 2026 outlook. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedNoninterest income rose $1.2 billion, or 13%, from a year earlier, and net interest income rose to $12,317 million from $11,708 million.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - consolidated results, credit quality, capital and the chief executive's comments. — Q2 2026 · publ. 14 July 2026 · source ↗
  12. ReportedReturn on equity was 15.0% and return on assets 1.15%.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - consolidated results, credit quality, capital and the chief executive's comments. — Q2 2026 · publ. 14 July 2026 · source ↗
  13. ReportedRail car leasing, sold at the start of the year, took $158 million of lease income out of the comparison.
    Wells Fargo second-quarter 2026 earnings presentation, Form 8-K exhibit 99.3 - segment returns, deposit cost, market shares and the 2026 outlook - consolidated results, deposit cost, capital and the 2026 outlook. — Q2 2026 · publ. 14 July 2026 · source ↗
  14. ReportedConsumer Banking and Lending earned 27.1% on allocated capital against 16.4% a year earlier, Commercial Banking 17.2% against 15.8%, Corporate and Investment Banking 19.2% against 14.9% and Wealth and Investment Management 32.4% against 25.0%.
    Wells Fargo second-quarter 2026 earnings presentation, Form 8-K exhibit 99.3 - segment returns, deposit cost, market shares and the 2026 outlook - segment returns, average balances and business highlights. — Q2 2026 · publ. 14 July 2026 · source ↗
  15. ReportedSegment net income was $2,290 million in Consumer Banking and Lending, $2,329 million in Corporate and Investment Banking, $1,176 million in Commercial Banking and $537 million in Wealth and Investment Management, so the investment bank earned slightly more than the consumer bank in the quarter.
    Wells Fargo second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - segment results and business descriptions. — Q2 2026 · publ. 14 July 2026 · source ↗
  16. ReportedThe quarter's weak point was the margin, 2.43% against 2.68%.
    Wells Fargo second-quarter 2026 earnings presentation, Form 8-K exhibit 99.3 - segment returns, deposit cost, market shares and the 2026 outlook - consolidated results, deposit cost, capital and the 2026 outlook. — Q2 2026 · publ. 14 July 2026 · source ↗
Sources
Generated September 28, 2026