Wells Fargo & Company Earnings Call Transcripts
Fiscal Year 2026
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Q3 EPS rose 13% YoY to $1.87 as revenue grew 2% and ROTCE reached 16.3%. Loan and deposit growth, disciplined expenses and solid credit supported results; FY2026 NII is expected at $50 billion.
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Consumer and commercial activity remains robust, supporting strong loan and deposit growth, especially after the removal of regulatory constraints. Technology and AI are driving efficiency, while new products like tokenized deposits expand market reach. Financial guidance and credit quality remain stable, with continued focus on organic growth and higher returns.
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Earnings and revenue grew strongly year-over-year, with broad-based gains across all segments and improved efficiency. Credit quality remains robust, capital returns are significant, and guidance for 2026 is reaffirmed, with confidence in achieving higher ROTCE targets.
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Client activity remains strong and resilient, with robust consumer spending and improving credit performance. Growth is accelerating in consumer banking, wealth management, and commercial banking, supported by technology investments and new product rollouts. NII and expense guidance are unchanged, and multiple growth drivers support the path to higher returns.
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Consumer and business fundamentals remain strong, supporting renewed growth after regulatory constraints were lifted. Strategic investments and efficiency initiatives are driving revenue growth, with a focus on disciplined risk management and restrained expense growth. Medium-term return targets remain intact.
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The meeting highlighted strong financial results, the lifting of regulatory constraints, and strategic investments in technology and growth. All management proposals passed, while shareholder proposals on governance, climate, and social issues did not gain majority support.
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First quarter results showed strong year-over-year growth in revenue, loans, and deposits, with all segments contributing and credit performance remaining robust. Guidance for net interest income and expenses is unchanged, and management remains confident in achieving higher returns and organic growth.
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Strong consumer and commercial activity, strategic growth in cards, markets, and wealth, and ongoing efficiency initiatives position the company for continued expansion. Post-asset cap, focus remains on organic growth, market share gains, and leveraging technology for further productivity.
Fiscal Year 2025
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Net income and EPS saw strong double-digit growth in 2025, with broad-based loan and deposit increases and robust credit performance. 2026 guidance calls for continued NII and balance sheet growth, disciplined expense management, and a medium-term ROTCE target of 17%-18%.
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Attendance and market cap at the conference hit new highs. Consumer and commercial trends remain stable, with strong spending and cautious investment. Strategic priorities focus on growth post-asset cap, efficiency gains, and AI adoption. ROTCE targets are raised, and capital is being returned via buybacks and dividends.
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Raised ROTCE targets and achieved significant efficiency gains, with ongoing growth in commercial, investment, and wealth segments. Capital levels remain strong, with continued share buybacks and optimism about regulatory clarity. Credit quality and consumer trends are stable, supporting a positive outlook.
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Q3 2025 saw net income rise 9% year-over-year, with revenue up 5% and strong fee-based growth. The lifting of the asset cap enabled balance sheet expansion, while credit quality improved and capital returns increased. ROTCE reached 15.2%, with a new medium-term target of 17%-18%.
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Consumer and commercial segments show strong, stable performance, with renewed growth focus following the asset cap removal. Efficiency initiatives and capital strength support ongoing investments, share buybacks, and improved returns. Credit quality remains robust, and fee income is growing, especially in wealth and markets businesses.
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Net income, EPS, and ROTCE rose year-over-year and sequentially, supported by fee-based growth, expense discipline, and the lifting of the asset cap. Management expects stable NII for 2025, continued efficiency gains, and balanced capital deployment between growth and shareholder returns.
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The asset cap removal marks a major milestone, enabling long-term growth across consumer, wealth, and commercial banking, with a focus on efficiency and technology-driven improvements. Credit quality remains stable, ROTCE is nearing targets, and capital flexibility supports future expansion.
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Consumer and business activity remains resilient amid policy uncertainty, with strategic focus on technology, efficiency, and growth across all core business lines. Regulatory progress and asset cap removal are expected to unlock further opportunities, while credit quality and capital management remain priorities.
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The meeting reviewed strong 2024 financial results, major board refreshment, and strategic business shifts. All management proposals passed, while shareholder proposals on workplace, climate, and social issues failed. Progress on regulatory consent orders and ongoing transformation were emphasized.
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Earnings per share rose 16% year-over-year, with net income at $4.9 billion and strong fee-based revenue growth offsetting lower net interest income. Five consent orders were closed, expenses declined, and capital returns remained robust, though management expects continued volatility and guides to the low end of NII growth for 2025.
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Optimism for pro-growth policies drives strong client engagement and robust pipelines. Investment banking and markets grow through talent and tech investments. Consumer and wealth businesses show resilience. Efficiency initiatives, AI adoption, and regulatory progress continue, with guidance pointing to stable deposits, modest loan growth, and NIM optimization.
Fiscal Year 2024
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Fourth-quarter results showed strong fee-based revenue growth, improved efficiency, and robust capital returns, with net income of $5.1 billion and ROTCE at 13.4%. 2025 guidance anticipates modest growth in net interest income and continued investment in technology and risk controls.
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Consumer and business spending remains resilient, with stable credit and deposit trends. Strategic focus is on risk controls, efficiency, and targeted growth in cards and investment banking. ROTCE is nearing 15%, with further upside expected as regulatory clarity improves.
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The conference highlighted strong consumer and business health, ongoing investments in technology and talent, and strategic growth in banking, lending, and wealth management. Efficiency initiatives and capital strength support a positive outlook, with a focus on sustainable returns.
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Net income rose to $5.1B with EPS of $1.42, while fee-based revenue offset NII headwinds. CET1 ratio improved to 11.3%, and $3.5B in stock was repurchased. Commercial real estate remains a risk, but credit quality and capital returns are strong.
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Consumer and commercial segments remain resilient, with higher-income clients showing strong liquidity and investments. Strategic investments in credit cards, wealth, and corporate banking are expected to drive future growth. Expense and capital management remain disciplined, with confidence in achieving a 15% ROTCE as regulatory progress continues.
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Q2 2024 saw strong fee-based revenue growth offsetting a decline in net interest income, with net income of $4.9B and EPS up year-over-year. Non-interest expense guidance was raised due to higher compensation, remediation, and FDIC costs, while capital and credit quality remain robust.
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NII guidance is unchanged despite rate volatility, with deposit trends stable and loan demand muted. CRE and residential portfolios are performing well, while card and fee businesses show growth potential. Efficiency initiatives and capital deployment remain key to achieving a 15% ROTCE.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2019
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Sloan will retire June 30, with Allen Parker serving as interim CEO while the board pursues an external successor. CCAR and year-end expense plans remained on track, while regulatory remediation and asset-cap work continued.
Fiscal Year 2018
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2018 earnings reached a record $22.4B, with Q4 loan and deposit growth and strong credit quality. Key uncertainties include the asset cap through 2019, market-sensitive revenue and rate-dependent NII growth.
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Q3 earnings were $6.0B, with positive operating leverage, strong credit quality and record $8.9B capital returns. Expense targets remain on track, while deposit pricing, the asset cap and mortgage overcapacity shape the outlook.
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Q2 net income was $5.2B, with discrete tax expense and customer-remediation losses weighing on results. NII and NIM improved QoQ, credit quality remained strong, and capital returns increased; regulatory remediation and expense targets remained central priorities.
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Preliminary Q1 earnings were $5.9B, supported by strong credit and capital but affected by litigation accruals, seasonal costs and an unresolved $1B regulatory matter. The asset cap is expected to weigh on 2018 earnings, while the $4B expense-reduction target by end-2019 remains on track.
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The Fed consent order requires governance and risk-management plans within 60 days, with an asset cap near $2T until an independent review is satisfactory. A preliminary asset-optimization scenario estimates a $300M-$400M after-tax 2018 net income impact; expense guidance remains unchanged.
Fiscal Year 2017
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Q4 earnings included a substantial tax-reform benefit, a sale gain, and a large litigation accrual. Strong capital and credit quality supported record shareholder returns, while 2018 guidance emphasized expense reductions and cautious loan growth.
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Q3 earnings included a $1B litigation accrual, while deposits, capital and credit quality remained strong. Guidance targeted a ~61% FY17 efficiency ratio and 59% or below during 2018, alongside $4B in expense reductions.
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Q2 earnings rose 5% to $5.8B, with record $12.5B NII and strong credit metrics. Expense cuts, litigation exposure, slower loan growth, and mortgage-margin pressure shaped the outlook.
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Q1 earnings were $5.5B, with 5% YoY NII growth, record deposits and improving credit quality. Elevated expenses and the 62.7% efficiency ratio remained central challenges as trust rebuilding and cost initiatives continued.
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February retail trends were generally stable after adjusting for fewer days and seasonality; primary checking customers reached 23.5m and deposits rose 6% YoY. Customer experience improved as broad reviews and expense-reduction efforts continued.
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Retail activity stabilized, with January branch interactions down 4% YoY and checking openings at their highest monthly level since September. Deposits, card balances and transaction volumes grew YoY, while credit card applications remained weak.
Fiscal Year 2016
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FY16 earnings reached $21.9B, with 3% revenue growth, record loan and deposit balances, and $12.5B returned to shareholders. Q4 included a $592M hedge-accounting loss as sales-practice remediation and cost initiatives advanced.
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Q3 earnings topped $5B for the 16th straight quarter, with record balances and strong performance in several businesses. Retail sales-practices fallout, added oversight costs and weaker new-account activity cloud the outlook, while customer remediation and governance changes take priority.
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Q1 earnings were $5.5B, with revenue up 4% YoY and loans and deposits growing. Oil and gas stress drove a $200M reserve build, while 2016 NII growth and modest GE acquisition accretion remained expected.
Fiscal Year 2015
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2015 earnings reached $23 billion as loans and deposits expanded, while credit quality remained strong. 2016 guidance anticipated higher net interest income, but flagged energy losses, elevated expenses, and market volatility as key uncertainties.
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Q3 earnings rose 3% YoY to $1.05 per share, with record loans and deposits and positive operating leverage. Credit remained strong, while energy-sector reserves, legal costs, and global weakness tempered the outlook.
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Q2 net income was $5.7B and EPS rose 2% YoY, supported by broad loan growth, stronger fee income and improving credit. Guidance called for FY 2015 net interest income above 2014, with continued capital returns and a 55%-59% efficiency-ratio target.
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FY2014 delivered strong profitability, a 21% share-price increase, $12.5B in capital returns, and a 10.43% CET1 ratio. Shareholders approved director, compensation, and auditor items but rejected independent-chair and lobbying-disclosure proposals.
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Q1 earnings were $5.8B, with 3% revenue growth, broad loan and deposit growth, and strong credit quality. Capital returns continued, while low rates and higher risk-management investment shaped margin and expense outlook.
Fiscal Year 2014
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Record FY14 earnings and broad growth underpin a constructive 2015 outlook.
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Q2 net income reached $5.7 billion, with broad loan and deposit growth, improving credit, and stronger shareholder returns. Mortgage volumes and legal-related expenses remained pressure points, while guidance retained a 55%–59% efficiency ratio target.
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Q1 delivered record $5.9B earnings and $1.05 EPS, supported by loan and deposit growth, lower expenses, and improved credit. Management expected NII and loans to grow, while raising planned shareholder returns and anticipating seasonal mortgage recovery.
Fiscal Year 2013
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Q4 earnings rose 10% YoY to $5.6B, with record $1 EPS, broad loan and deposit growth, and improving credit. Mortgage refinance weakness and liquidity actions pressured NIM, while 2014 outlook called for continued loan growth and a Q1 mortgage decline.