Net interest income growth turned positive at 5.2% in 2026Q1, though the efficiency ratio remains pressured, fluctuating between 41.3% and 51.7% over the last ten quarters.
Wells Fargo & Company (WFC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 48.09B | 47.48B | 47.68B | 52.38B | 44.95B | 35.78B | 39.96B | 47.3B | 49.99B | 49.56B | 47.75B | 45.3B | 43.53B | 42.8B | 43.23B | 42.76B | 44.76B | 46.32B | 25.14B | 20.97B | 19.95B | 18.5B | 17.15B | 16.01B | 14.48B | 11.98B | 10.87B | 10.12B | 8.99B | 8.65B | 8.22B |
| NII Growth % | 9.83% | -0.4% | -8.97% | 16.52% | 25.63% | -10.45% | -15.53% | -5.38% | 0.88% | 3.78% | 5.41% | 4.08% | 1.7% | -0.99% | 1.09% | -4.46% | -3.38% | 84.24% | 19.88% | 5.13% | 7.82% | 7.9% | 7.14% | 10.53% | 20.93% | 10.23% | 7.4% | 12.53% | 3.95% | 5.18% | 151.49% |
| Net Interest Margin % | 2.18% | 2.21% | 2.47% | 2.71% | 2.39% | 1.84% | 2.05% | 2.45% | 2.64% | 2.54% | 2.47% | 2.53% | 2.58% | 2.81% | 3.04% | 3.25% | 3.56% | 3.72% | 1.92% | 3.64% | 4.14% | 3.84% | 4.01% | 4.13% | 4.15% | 3.89% | 3.99% | 4.2% | 4.44% | 4.66% | 10.26% |
| Interest Income | 88.79B | 87.31B | 90.78B | 85.12B | 54.02B | 39.69B | 47.92B | 66.16B | 64.65B | 58.91B | 53.66B | 49.28B | 47.55B | 47.09B | 48.39B | 49.41B | 52.8B | 56.27B | 34.9B | 35.18B | 32.24B | 25.96B | 20.97B | 19.42B | 18.46B | 18.72B | 18.73B | 15.93B | 14.05B | 13.6B | 12.84B |
| Interest Expense | 40.7B | 39.83B | 43.1B | 32.74B | 9.07B | 3.92B | 7.96B | 18.85B | 14.65B | 9.35B | 5.91B | 3.98B | 4.03B | 4.29B | 5.16B | 6.65B | 8.04B | 9.95B | 9.76B | 14.2B | 12.29B | 7.46B | 3.82B | 3.41B | 3.98B | 6.74B | 7.86B | 5.82B | 5.07B | 4.95B | 4.62B |
| Loan Loss Provision | 3.86B | 3.66B | 4.33B | 5.4B | 1.53B | -4.16B | 14.13B | 2.69B | 1.74B | 2.53B | 3.77B | 2.44B | 1.4B | 2.31B | 7.22B | 7.9B | 15.75B | 21.67B | 15.98B | 4.94B | 2.2B | 2.38B | 1.72B | 1.72B | 1.68B | 1.73B | 1.33B | 1.1B | 1.54B | 1.14B | 500M |
| Non-Interest Income | 36.91B | 36.22B | 34.62B | 30.22B | 29.42B | 43.39B | 34.31B | 39.53B | 36.41B | 38.83B | 40.51B | 38.53B | 38.44B | 39.51B | 41.37B | 36.7B | 39.67B | 42.18B | 17.49B | 17.68B | 15B | 13.93B | 12.52B | 12.38B | 10.77B | 9.01B | 8.84B | 7.97B | 6.43B | 5.67B | 4.77B |
| Non-Interest Income % | 43.43% | 43.27% | 42.07% | 36.59% | 39.56% | 54.81% | 46.2% | 45.52% | 42.14% | 43.93% | 45.9% | 45.96% | 46.9% | 48% | 48.9% | 46.19% | 46.99% | 47.66% | 41.03% | 45.74% | 42.92% | 42.96% | 42.19% | 43.62% | 42.64% | 42.92% | 44.87% | 44.08% | 41.69% | 39.62% | 36.71% |
| Total Net Revenue | 85B | 83.7B | 82.3B | 82.6B | 74.37B | 79.17B | 74.26B | 86.83B | 86.41B | 88.39B | 88.27B | 83.83B | 81.97B | 82.31B | 84.6B | 79.47B | 84.43B | 88.5B | 42.63B | 38.66B | 34.95B | 32.44B | 29.66B | 28.39B | 25.25B | 20.98B | 19.71B | 18.09B | 15.42B | 14.32B | 12.99B |
| Revenue Growth % | 4.18% | 1.7% | -0.36% | 11.07% | -6.06% | 6.6% | -14.47% | 0.49% | -2.24% | 0.14% | 5.3% | 2.27% | -0.41% | -2.71% | 6.46% | -5.88% | -4.6% | 107.58% | 10.29% | 10.59% | 7.75% | 9.35% | 4.49% | 12.44% | 20.34% | 6.46% | 8.94% | 17.34% | 7.64% | 10.25% | 153.85% |
| Non-Interest Expense | 55.41B | 54.84B | 54.6B | 55.56B | 57.2B | 53.76B | 57.63B | 58.18B | 56.13B | 58.48B | 52.38B | 47.74B | 46.66B | 47.37B | 48.91B | 47.91B | 49.68B | 48.84B | 23.36B | 21.88B | 20.1B | 18.51B | 17.18B | 17.19B | 14.71B | 13.79B | 11.83B | 10.64B | 10.58B | 8.99B | 8.72B |
| Efficiency Ratio | 65.19% | 65.52% | 66.34% | 67.27% | 76.92% | 67.91% | 77.6% | 67% | 64.95% | 66.17% | 59.34% | 56.96% | 56.92% | 57.55% | 57.82% | 60.29% | 58.84% | 55.18% | 54.78% | 56.61% | 57.5% | 57.05% | 57.91% | 60.55% | 58.26% | 65.75% | 60.03% | 58.8% | 68.62% | 62.77% | 67.15% |
| Operating Income | 25.72B | 25.2B | 23.36B | 21.64B | 15.63B | 29.56B | 2.5B | 25.97B | 28.54B | 27.38B | 32.12B | 33.64B | 33.91B | 32.63B | 28.47B | 23.66B | 19B | 18B | 3.3B | 11.84B | 12.65B | 11.55B | 10.77B | 9.48B | 8.85B | 5.46B | 6.55B | 6.35B | 3.29B | 4.19B | 3.77B |
| Operating Margin % | 30.26% | 30.11% | 28.39% | 26.19% | 21.02% | 37.34% | 3.37% | 29.9% | 33.03% | 30.97% | 36.39% | 40.13% | 41.38% | 39.64% | 33.65% | 29.77% | 22.5% | 20.34% | 7.74% | 30.62% | 36.19% | 35.6% | 36.3% | 33.38% | 35.07% | 26.02% | 33.23% | 35.1% | 21.36% | 29.27% | 29% |
| Operating Income Growth % | - | 7.85% | 7.99% | 38.44% | -47.13% | 1080.16% | -90.35% | -9.01% | 4.24% | -14.77% | -4.52% | -0.81% | 3.94% | 14.6% | 20.35% | 24.5% | 5.57% | 445.39% | -72.12% | -6.44% | 9.54% | 7.23% | 13.63% | 7.04% | 62.16% | -16.63% | 3.13% | 92.83% | -21.46% | 11.31% | 164.76% |
| Pretax Income | 25.85B | 25.2B | 23.36B | 21.64B | 15.63B | 29.56B | 2.5B | 25.97B | 28.54B | 27.38B | 32.12B | 33.64B | 33.91B | 32.63B | 28.47B | 23.66B | 19B | 18B | 3.3B | 11.84B | 12.65B | 11.55B | 10.77B | 9.48B | 8.85B | 5.46B | 6.55B | 6.35B | 3.29B | 4.19B | 3.77B |
| Pretax Margin % | 30.42% | 30.11% | 28.39% | 26.19% | 21.02% | 37.34% | 3.37% | 29.9% | 33.03% | 30.97% | 36.39% | 40.13% | 41.38% | 39.64% | 33.65% | 29.77% | 22.5% | 20.34% | 7.74% | 30.62% | 36.19% | 35.6% | 36.3% | 33.38% | 35.07% | 26.02% | 33.23% | 35.1% | 21.36% | 29.27% | 29% |
| Income Tax | 4.05B | 3.84B | 3.4B | 2.61B | 2.25B | 5.76B | -1.16B | 5.76B | 5.66B | 4.92B | 10.07B | 10.37B | 10.31B | 10.4B | 9.1B | 7.45B | 6.34B | 5.33B | 602M | 3.57B | 4.23B | 3.88B | 3.75B | 3.27B | 3.14B | 2.05B | 2.52B | 2.34B | 1.34B | 1.69B | 1.54B |
| Effective Tax Rate % | 15.65% | 15.24% | 14.55% | 12.05% | 14.4% | 19.5% | -46.19% | 22.19% | 19.84% | 17.96% | 31.37% | 30.81% | 30.39% | 31.89% | 31.97% | 31.47% | 33.36% | 29.62% | 18.24% | 30.16% | 33.44% | 33.57% | 34.87% | 34.56% | 35.51% | 37.53% | 38.52% | 36.82% | 40.78% | 40.4% | 40.85% |
| Net Income | 21.73B | 21.34B | 19.72B | 19.14B | 13.68B | 22.11B | 3.38B | 19.71B | 22.39B | 22.18B | 21.94B | 22.89B | 23.06B | 21.88B | 18.9B | 15.87B | 12.36B | 12.28B | 2.65B | 8.06B | 8.42B | 7.67B | 7.01B | 6.2B | 5.43B | 3.41B | 4.03B | 4.01B | 1.95B | 2.5B | 2.23B |
| Net Margin % | 25.57% | 25.49% | 23.96% | 23.18% | 18.39% | 27.93% | 4.55% | 22.7% | 25.92% | 25.1% | 24.85% | 27.31% | 28.13% | 26.58% | 22.34% | 19.97% | 14.64% | 13.87% | 6.23% | 20.84% | 24.09% | 23.65% | 23.64% | 21.85% | 21.52% | 16.26% | 20.43% | 22.18% | 12.65% | 17.45% | 17.15% |
| Net Income Growth % | 8.69% | 8.19% | 3.03% | 39.96% | -38.14% | 554.69% | -82.87% | -11.96% | 0.95% | 1.12% | -4.18% | -0.71% | 5.39% | 15.78% | 19.08% | 28.37% | 0.71% | 362.34% | -67.05% | -4.31% | 9.76% | 9.37% | 13.09% | 14.13% | 59.31% | -15.28% | 0.35% | 105.74% | -21.97% | 12.16% | 133.05% |
| Net Income (Continuing) | 21.81B | 21.36B | 19.96B | 19.03B | 13.38B | 23.8B | 3.66B | 20.21B | 22.88B | 22.46B | 22.05B | 23.28B | 23.61B | 22.22B | 19.37B | 16.21B | 12.66B | 12.67B | 2.7B | 8.27B | 8.42B | 7.67B | 7.01B | 6.2B | 5.71B | 3.41B | 4.03B | 4.01B | 1.95B | 2.5B | 2.23B |
| EPS (Diluted) | 6.76 | 6.32 | 5.37 | 4.83 | 3.14 | 4.99 | 0.41 | 4.09 | 4.28 | 4.10 | 3.99 | 4.12 | 4.10 | 3.89 | 3.36 | 2.82 | 2.21 | 1.75 | 0.75 | 2.38 | 2.47 | 2.25 | 2.05 | 1.83 | 1.58 | 0.99 | 1.16 | 1.15 | 0.59 | 0.74 | 0.68 |
| EPS Growth % | 17.24% | 17.69% | 11.18% | 53.82% | -37.07% | 1117.07% | -89.98% | -4.44% | 4.39% | 2.76% | -3.16% | 0.49% | 5.4% | 15.77% | 19.15% | 27.6% | 26.29% | 133.33% | -68.49% | -3.64% | 9.78% | 9.76% | 12.02% | 15.82% | 59.6% | -14.66% | 0.87% | 94.92% | -20.27% | 8.82% | 0% |
| EPS (Basic) | - | 6.39 | 5.43 | 4.88 | 3.17 | 4.99 | 0.42 | 4.12 | 4.31 | 4.14 | 4.03 | 4.18 | 4.17 | 3.95 | 3.40 | 2.85 | 2.23 | 1.76 | 0.76 | 2.41 | 2.50 | 2.27 | 2.07 | 1.85 | 1.60 | 1.00 | 1.18 | 1.16 | 0.59 | 0.75 | 0.69 |
| Diluted Shares Outstanding | 3.22B | 3.22B | 3.47B | 3.72B | 3.84B | 4.1B | 4.13B | 4.43B | 4.84B | 5.02B | 5.11B | 5.21B | 5.32B | 5.37B | 5.35B | 5.32B | 5.26B | 4.56B | 3.39B | 3.38B | 3.41B | 3.41B | 3.43B | 3.4B | 3.44B | 3.45B | 3.46B | 3.47B | 3.28B | 1.52B | 1.47B |
Quick answers to the most common questions about buying WFC stock.
For fiscal year 2025, Wells Fargo & Company (WFC) reported total revenue of $83.70B. This represents a 544.3% increase compared to $12.99B in 1996.
Wells Fargo & Company (WFC) is profitable, generating $21.34B in net income for the fiscal year ending 2025 with a net profit margin of 17.3%.
Wells Fargo & Company (WFC) reported an operating income of $25.20B, resulting in an operating profit margin of 20.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Wells Fargo & Company (WFC) generated $80.04B in gross profit for the year, representing a gross profit margin of 64.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory Asset Cap Constraints
Metrics are mathematically derived from official filings.
Net Interest Income Recovery Stalls
According to quarterly financial disclosures, Wells Fargo's net interest income growth turned positive in 2026Q1 at 5.2% after several quarters of contraction, suggesting that the bank is finally navigating past the peak funding cost pressures that hindered its interest-earning potential throughout the 2024 fiscal year.
The return to positive NII growth indicates a potential stabilization in deposit betas and a more favorable repricing of the loan book. However, investors should monitor whether this trajectory is sustainable given the persistent regulatory asset cap, which limits the bank's ability to aggressively expand its interest-earning asset base.
Operational Efficiency Remains Under Pressure
As reported in recent income statements, the efficiency ratio fluctuated between 41.3% and 51.7% over the last ten quarters, reflecting the ongoing difficulty in managing non-interest expenses while the bank continues to navigate complex regulatory remediation and legacy operational cleanup costs across its diverse business segments.
The volatility in the efficiency ratio suggests that management has yet to achieve a consistent operating leverage profile. While recent quarters show some improvement, the high baseline of non-interest expense warrants further investigation into whether these costs are truly structural or if they will continue to fluctuate based on litigation and compliance requirements.
Provisioning Reflects Cautious Credit Outlook
Based on the provided income statement data, provision expense for loan losses has remained elevated, consistently hovering around $1.0 billion per quarter, which suggests that the bank is maintaining a defensive posture against potential credit deterioration within its significant commercial real estate and consumer loan portfolios.
The consistency of these provisions implies that management is proactively accounting for potential losses rather than reacting to realized defaults. This conservative approach may protect the balance sheet, but it also serves as a persistent drag on net income that investors must account for when evaluating the bank's core earnings power.
Fee Income Diversification Efforts Ongoing
Financial filings indicate that non-interest fee income has steadily increased as a percentage of total revenue, rising from 25.2% in 2023Q4 to 29.4% in 2026Q1, which appears to reflect a strategic pivot toward wealth management and investment banking to reduce reliance on interest-rate-sensitive mortgage originations.
This shift toward fee-based revenue is a positive development for earnings quality, as it potentially decouples the bank from the volatility of the interest rate cycle. However, the success of this strategy depends on the bank's ability to retain talent and grow assets under management in a highly competitive landscape.