Wells Fargo & Company · NYSE:WFC
Wells Fargo & — Q4 2025 Earnings Presentation
25 slides from Wells Fargo &'s earnings presentation, Jan 14, 2026
Slide 1: 4Q25 Financial Results
4Q25 Financial Results January 14, 2026 © 2026 Wells Fargo Bank, N.A. All rights reserved.
Slide 2: 4Q25 results
4Q25 results • Net Income of $5.4 billion, or $1.62 per diluted share, included $612 million (pre-tax), or $0.14 per share, of severance expense – Net income, excluding severance expense, of $5.8 billion, or $1.76 per diluted share3 • Revenue of $21.3 billion, up 4% Financial Results – Net interest
Slide 3: 4Q25 earnings
4Q25 earnings Quarter ended $ Change from Year ended $ Change from $ in millions, except per share data 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 Net interest income $12,331 11,950 11,836 $381 495 $47,484 47,676 ($192) Noninterest income 8,961 9,486 8,542 (525) 419 36,215 34,620 1,595 Total revenue 21
Slide 4: Net interest income
Net interest income Net Interest Income ($ in millions) • Net interest income (NII) of $12.3 billion, up $495 million, or 4%, from 4Q24 – NII excluding Markets2 of $12.0 billion, up $317 million, or 3%, from 4Q24 on higher loan and investment securities balances, and fixed rate asset 12,331 repricin
Slide 5: Loans
Loans Average Loans Outstanding ($ in billions) Period-End Loans Outstanding 928.7 955.8 • Period-end loans up $73.5 billion YoY and up $43.1 billion from 3Q25 driven 906.4 908.2 916.7 by growth in commercial and industrial loans, auto loans, securities-based loans in WIM, and credit card loans 376.
Slide 6: Deposits
Deposits Average Deposits ($ in billions) Period-End Deposits ($ in billions) 1,377.7 1,426.2 1,353.8 1,339.3 1,331.7 1,339.9 1,371.8 1,361.7 1,340.7 1,367.4 47.6 73.5 72.5 50.5 46.3 55.1 69.1 Corporate 59.7 48.9 64.4 Corporate 134.5 127.0 124.6 147.6 118.3 123.4 123.6 127.4 122.9 132.7 Wealth and W
Slide 7: Noninterest income
Noninterest income Noninterest Income ($ in millions) • Noninterest income up $419 million, or 5%, from 4Q24 – Investment advisory fees and brokerage commissions1 up $259 million, or 9,486 8%, driven by higher asset-based fees reflecting higher market valuations, 9,114 8,961 as well as higher retail
Slide 8: Noninterest expense
Noninterest expense Noninterest Expense ($ in millions) • Noninterest expense down $174 million, or 1%, from 4Q24 – Personnel expense up $6 million as higher revenue-related compensation expense primarily in WIM was largely offset by the impact of efficiency initiatives and lower severance expense 1
Slide 9: Credit quality: net loan charge-offs
Credit quality: net loan charge-offs Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) • Commercial net loan charge-offs up $75 million to 22 bps of average loans (annualized) on higher commercial real estate (CRE) and commercial and industrial net loan charge-offs – CRE net loan
Slide 10: Credit quality: allowance for credit losses for loans
Credit quality: allowance for credit losses for loans Allowance for Credit Losses for Loans ($ in millions) • Allowance for credit losses (ACL) for loans up $26 million on higher commercial and industrial, auto, and credit card loan balances, largely offset by a lower ACL for CRE loans – Allowance c
Slide 11: Capital and liquidity
Capital and liquidity Common Equity Tier 1 Ratio under the Standardized Approach1 Capital Position • Common Equity Tier 1 (CET1) ratio1 of 10.6% at December 31, 2025 • CET1 ratio down 45 bps from 4Q24 and down 37 bps from 3Q25 11.1% 11.1% 11.1% 11.0% 10.6% 8.5% Capital Return Regulatory • $5.0 billi
Slide 12: Consumer Banking and Lending (CBL)
Consumer Banking and Lending (CBL) Summary Financials • Total revenue up 7% YoY and down 1% from 3Q25 $ in millions 4Q25 vs. 3Q25 vs. 4Q24 – CSBB up 9% YoY driven by lower deposit pricing and higher deposit and Revenue by line of business: loan balances, including the impact of the transfer of certa
Slide 13: Commercial Banking (CB)
Commercial Banking (CB) Summary Financials • Total revenue down 3% YoY and up 1% from 3Q25 $ in millions 4Q25 vs. 3Q25 vs. 4Q24 – Net interest income down 11% YoY driven by the impact of lower interest Net interest income $1,993 $44 (255) rates and the impact of the transfer of certain business cust
Slide 14: Corporate and Investment Banking (CIB)
Corporate and Investment Banking (CIB) Summary Financials • Total revenue relatively flat YoY and down 5% from 3Q25 $ in millions 4Q25 vs. 3Q25 vs. 4Q24 Revenue by line of business: – Banking revenue down 4% YoY on lower investment banking revenue and the impact of lower interest rates, partially of
Slide 15: Wealth and Investment Management (WIM)
Wealth and Investment Management (WIM) Summary Financials • Total revenue up 10% YoY and up 4% from 3Q25 $ in millions 4Q25 vs. 3Q25 vs. 4Q24 – Net interest income up 16% YoY driven by lower deposit pricing and higher Net interest income $993 $19 137 deposit and loan balances Noninterest income 3,36
Slide 16: Corporate
Corporate Summary Financials • Revenue increased YoY from a 4Q24 that included $448 million of net losses $ in millions 4Q25 vs. 3Q25 vs. 4Q24 due to a repositioning of the investment securities portfolio, and 4Q25 Net interest income ($199) $74 65 included lower results from our venture capital inv
Slide 17: 2026 net interest income expectation
2026 net interest income expectation 2026 Net Interest Income (NII) Expectation • 2026 NII excluding Markets1 is expected to increase from 2025 driven by growth in the balance sheet and changes in loan and deposit mix, as well as ($ in billions) +/- $50 continued fixed asset repricing – Key assumpti
Slide 18: 2026 expense expectation
2026 expense expectation 2026 Expense Expectation • 2026 expense expectations ($ in billions) 0.3 ~ $55.7 – Lower severance expense 0.4 $54.8 0.8 – Higher revenue-related expense in Wealth and Investment Management Net other (assumes modestly higher equity markets) Higher (0.7) expense Higher FDIC –
Slide 19: Areas of focus for 2026 investments
Areas of focus for 2026 investments Firmwide Consumer, Small and Business Banking Consumer Lending • Continue to enhance risk and control infrastructure • Continue to modernize core banking and call center • Continue to improve and accelerate rollout of core credit • Enhance cybersecurity monitoring
Slide 20: Endnotes
Endnotes Page 2 – 4Q25 results 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table on page 23. 2. The ef
Slide 21: Endnotes (continued)
Endnotes (continued) Page 8 – Noninterest expense 1. 4Q25, 3Q25, and 4Q24 total personnel expense of $9.1 billion, $9.0 billion, and $9.1 billion, respectively, included severance expense of $612 million, $296 million, and $647 million, respectively. Page 9 – Credit quality: net loan charge-offs 1.
Slide 22: Net Interest Income Excluding Markets
Net Interest Income Excluding Markets Wells Fargo & Company and Subsidiaries NET INTEREST INCOME EXCLUDING MARKETS We also evaluate the Company’s net interest income excluding the net interest income of the Corporate and Investment Banking Markets (Markets) line of business. Net interest income excl
Slide 23: Tangible Common Equity
Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling int
Slide 24: Common Equity Tier 1 under Basel III
Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, ($ in billions) 2025 2025 2025 2025 2024 Total equity $183.0 183.0 183.0 182.9 181.1 Adjustments: Preferred stock (16.6) (16.6) (16
Slide 25: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2025, and may differ materially from the results and disclosures in
Wells Fargo & Company — Q4 2025 Earnings Presentation on 6ix