Q3 25 EPS
$1.66
BEAT +7.43%
Est. $1.55
Q3 25 Revenue
$21.44B
BEAT +1.29%
Est. $21.16B
vs S&P Since Q3 25
-9.6%
TRAILING MARKET
WFC -0.8% vs S&P +8.8%
Market Reaction
Did WFC Beat Earnings? Q3 2025 Results
Wells Fargo delivered a convincing beat to open its third quarter 2025 results, posting adjusted EPS of $1.66 against a consensus estimate of $1.55, a 7.43% beat, while revenue of $21.44 billion edged past expectations by 1.29%. The headline revenue … Read more Wells Fargo delivered a convincing beat to open its third quarter 2025 results, posting adjusted EPS of $1.66 against a consensus estimate of $1.55, a 7.43% beat, while revenue of $21.44 billion edged past expectations by 1.29%. The headline revenue figure reflected a 32.3% year-over-year decline, though that comparison was heavily distorted by prior-period items; on an underlying basis, the bank pointed to broad momentum across both net interest income and fee-based businesses as the primary driver of outperformance. Net interest income of $11.95 billion rose 2% year-over-year on fixed-rate asset repricing and higher loan balances, while a 25% jump in investment banking fees helped lift noninterest income to $9.49 billion. Credit quality improved meaningfully, with net charge-offs falling 14% year-over-year to $942 million. Capital return remained aggressive, with $6.10 billion in share buybacks completed during the quarter and a 12.5% dividend increase to $0.45 per share. Looking ahead, management held its full-year net interest income guidance roughly in line with 2024's $47.70 billion and introduced a medium-term return on tangible common equity target of 17-18%.
Key Takeaways
- • Fixed rate asset repricing driving net interest income growth
- • Strong broad-based growth in fee-based income across consumer and commercial businesses
- • Highest linked-quarter loan growth in over three years
- • Higher asset-based fees in Wealth and Investment Management on higher market valuations
- • 25% increase in investment banking fees YoY
- • Credit Card revenue up 13% YoY on higher loan balances and card fees
- • Improved credit performance with net charge-offs declining 14% YoY
- • Auto loan originations up 115% YoY
- • Markets revenue up 6% driven by equities, commodities, foreign exchange, and credit products
- • Deposit mix changes partially offsetting NII gains
WFC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
WFC Revenue by Segment
With YoY comparisons, source: SEC Filings
“The momentum we are building across our businesses drove strong financial results in the third quarter with net income and diluted earnings per share both up from a year ago and the second quarter. Revenue grew with higher net interest income and strong, broad-based growth in fee-based income across both our consumer and commercial businesses. We grew our balance sheet, including the highest linked-quarter loan growth in over three years. Credit performance was strong and continued to improve. We returned a significant amount of capital to our shareholders in the third quarter including increasing our common stock dividend by 12.5% and repurchasing $6.1 billion of common stock.”
— Charlie Scharf, Q3 2025 Earnings Press Release
WFC Earnings Trends
WFC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WFC EPS Trend
Earnings per share: estimate vs actual
WFC Revenue Trend
Quarterly revenue: estimate vs actual
WFC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.60 | — | $21.45B | — |
| Q4 25 MISS FY | $1.67 | $1.62 | -2.99% | $21.29B | — |
| FY Full Year | $6.31 | $6.26 | -0.87% | $83.70B | -0.45% |
| Q3 25 BEAT | $1.55 | $1.66 | +7.43% | $21.44B | +1.29% |
| Q2 25 BEAT | $1.40 | $1.60 | +14.10% | $20.82B | +0.28% |
| Q1 25 BEAT | $1.23 | $1.39 | +13.31% | $20.15B | -2.94% |