WFC's Q3 results were in line with consensus on EPS, but revenue missed expectations ($21.87B vs $22.39B consensus). The CET1 ratio continues to erode (10.0%) and is approaching the regulatory minimum of 8.5% plus buffers, limiting capital return flexibility. Watch the Q4 NII guidance of ~$13B and whether the CET1 trajectory stabilizes — further declines could trigger a capital plan revision.
Price Chart
Executive Summary
Wells Fargo reported Q3 2026 net income of $6.0 billion ($1.87 diluted EPS), up 13% YoY, with revenue of $21.87 billion (+2% YoY) and net interest income of $12.5 billion (+5% YoY). Average loans and deposits both grew 11% YoY. The CET1 ratio declined to 10.0% (from 11.0% a year ago) due to higher RWA and AOCI impact, while the dividend was raised to $0.50/share. The company maintained its 2026 NII guidance at ~$50B and expense guidance at ~$55.7B.
Key Financial Metrics
Key Facts
- Diluted EPS of $1.87 vs $1.66 YoY (+13%), in line with consensus of $1.87
- Total revenue $21.87B, up 2% YoY but down 3% QoQ; net interest income $12.52B, up 5% YoY
- Average loans $1.03T (+11% YoY); average deposits $1.48T (+11% YoY)
- CET1 ratio (Standardized) 10.0%, down from 11.0% YoY and 10.3% last quarter
- Common stock dividend raised to $0.50/share from $0.45; $2.5B in share repurchases during Q3
- Noninterest expense $13.74B, down 1% YoY; efficiency ratio 63% vs 65% a year ago
- Provision for credit losses $1.03B, up 51% YoY; net charge-offs $983M (0.38% annualized)
- 2026 NII guidance maintained at ~$50B; 2026 expense guidance unchanged at ~$55.7B
Financial Impact
Revenue $21.87B, net income $6.0B, diluted EPS $1.87 — all YoY improvements but QoQ declines
Risk Factors
- CET1 ratio declining (10.0%) — approaching regulatory minimum of 8.5% + buffers, constraining buyback capacity
- Net interest margin compressed to 2.43% from 2.61% a year ago, stable QoQ but down 18 bps YoY
- Noninterest income down 9% QoQ driven by lower trading and equity gains
- Provision for credit losses up 51% YoY to $1.03B; net charge-offs rising to 0.38% annualized
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000072971-26-000318 |
| Exhibit: ex993-wellsfargo3q26pres.htm | 0000072971-26-000318 |
| Document: wfc3qer10-13x26ex991xrelea.htm | 0000072971-26-000318 |
| Document: wfc-20261013.htm | 0000072971-26-000318 |
| Document: 0000072971-26-000318-index-headers.html | 0000072971-26-000318 |
| Document: 0000072971-26-000318-index.html | 0000072971-26-000318 |
| Document: 0000072971-26-000318.txt | 0000072971-26-000318 |
| 8-K Data (Synthetic) | 0000072971-26-000318 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 5d ago | Court Ruling | $82.65 $82.66 | ▲ +0.01% | ▼ −0.55% | $82.66 (+0.01%) |
Oct 22, 2026 6d ago | Court Ruling | $82.39 $82.65 | ▲ +0.32% | ▼ −0.40% | $82.66 (+0.33%) |
Oct 22, 2026 6d ago | Court Ruling | $82.39 $82.65 | ▲ +0.32% | ▼ −0.40% | $82.66 (+0.33%) |
Oct 19, 2026 9d ago | Court Ruling | $82.20 $82.42 | ▲ +0.27% | ▼ −0.26% | $82.66 (+0.56%) |
Oct 17, 2026 11d ago | Court Ruling | $81.80 $82.20 | ▲ +0.49% | ▲ +0.15% | $82.66 (+1.05%) |
Oct 16, 2026 11d ago | Institutional Cluster | $83.87 $81.80 | ▼ −2.47% | ▼ −2.89% | $82.66 (−1.44%) |
Oct 15, 2026 13d ago | Court Ruling | $83.87 $81.80 | ▼ −2.47% | ▼ −2.89% | $82.66 (−1.44%) |
Oct 15, 2026 13d ago | Court Ruling | $83.87 $81.80 | ▼ −2.47% | ▼ −2.89% | $82.66 (−1.44%) |
Oct 13, 2026 14d ago | 8-K | $80.74 $80.90 | ▲ +0.20% | ▲ +1.28% | $82.66 (+2.38%) |
Oct 7, 2026 21d ago | Court Ruling | $82.03 $83.55 | ▲ +1.85% | ▲ +1.25% | $82.66 (+0.77%) |
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