Q1 26 EPS
$1.60
Q1 26 Revenue
$21.45B
Did WFC Beat Earnings? Q1 2026 Results
Wells Fargo delivered a solid first quarter for 2026, posting earnings of $1.60 per share on revenue of $21.45 billion, as broad-based growth across all four operating segments painted a picture of a bank firing on multiple cylinders. The clearest en… Read more Wells Fargo delivered a solid first quarter for 2026, posting earnings of $1.60 per share on revenue of $21.45 billion, as broad-based growth across all four operating segments painted a picture of a bank firing on multiple cylinders. The clearest engine behind the results was a 5% year-over-year rise in net interest income to $12.10 billion, fueled by higher deposit balances, lower deposit costs, and fixed-rate asset repricing, even as net interest margin compressed to 2.47% from 2.67% a year ago. Noninterest income added to the momentum, climbing 8% year-over-year to $9.35 billion, with investment advisory fees up 10% and trading gains jumping 38% from the prior quarter. Capital deployment remained assertive, with the company buying back $4.00 billion in common stock during the period. Looking ahead, management held its full-year guidance steady, projecting 2026 net interest income of approximately $50.00 billion and noninterest expense of approximately $55.70 billion, signaling confidence in the underlying trajectory of the business.
Key Takeaways
- • Net interest income up 5% YoY driven by higher deposit balances, lower deposit costs, improved Markets results, and fixed rate asset repricing
- • Noninterest income up 8% YoY driven by higher investment advisory fees on higher market valuations and higher trading activity
- • Broad-based revenue growth with all four operating segments increasing revenue YoY
- • Average loans up 10% YoY driven by commercial and industrial, auto, securities-based lending, and credit card growth
- • Average deposits up 6% YoY across all operating segments
- • Positive operating leverage with headcount down 7% YoY and continued expense discipline
- • Consumer checking account openings up more than 15% YoY
- • Credit card new accounts up nearly 60% YoY
- • Auto originations more than 2x prior year
WFC Forward Guidance & Outlook
Wells Fargo expects 2026 net interest income to be approximately $50 billion (unchanged from prior guidance), with NII excluding Markets at approximately $48 billion and Markets NII at approximately $2 billion. NII performance will depend on the absolute level of rates and yield curve shape, deposit balances/mix/pricing, and loan demand. The company expects 2026 noninterest expense to be approximately $55.7 billion, also unchanged from prior guidance. CEO Scharf noted continued resiliency in the underlying economy, though acknowledged the impact of higher oil prices may take time to materialize, and expressed confidence in the company's ability to grow across businesses.
WFC YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
WFC Revenue by Segment
With YoY comparisons, source: SEC Filings
“We saw continued positive impacts from the investments we have been making with diluted earnings per share increasing 15%, revenue increasing 6%, loans increasing 11%, and deposits increasing 7% compared to a year ago. Revenue growth was driven by both a 5% increase in net interest income and an 8% increase in noninterest income. Credit performance remained strong with net loan charge-offs stable at 45 basis points. We returned $4 billion to shareholders through common stock repurchases while continuing to operate with significant excess capital.”
— Charlie Scharf, Q1 2026 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% |