Wells Fargo Q3 2026 earnings: EPS up 13% to $1.87 as loans and deposits grow 11%; $2.5 billion buyback

Wells Fargo grew its balance sheet at a double-digit clip in the third quarter while keeping a lid on costs. The bank reported net income of $5.95 billion, or $1.87 per diluted share, on Tuesday, up 13% from $1.66 a year earlier.

Total revenue rose 2% to $21.87 billion. Average loans climbed 11% to $1.03 trillion, and average deposits also grew 11%, to $1.48 trillion.

"Our third quarter results reflect broad-based growth, higher earnings, and stronger returns," Chairman and CEO Charlie Scharf said. Return on tangible common equity rose to 16.3% from 15.2%.

Lending up, fee income flat

Net interest income increased 5% to $12.5 billion, driven by higher loan and securities balances, balance sheet growth in Markets and fixed-rate asset repricing.

Noninterest income dipped 1% to $9.35 billion. Higher advisory, deposit, investment banking and card fees were more than offset by lower trading gains, weaker venture capital results, lower mortgage banking income and the loss of lease income after the bank sold its rail car leasing business in the first quarter.

Within Corporate and Investment Banking, Scharf said M&A revenue rose 30%, and equity capital markets and investment-grade underwriting fees each increased 33%.

Costs down, credit provisions up

Noninterest expense fell 1% to $13.74 billion. The bank cited efficiency initiatives, including an 8% reduction in headcount, along with lower severance and lease expense.

The provision for credit losses rose to $1.03 billion from $681 million, reflecting a higher allowance for commercial and industrial and auto loans on bigger balances. Net charge-offs were $983 million.

Wells Fargo repurchased 28.6 million shares, or $2.5 billion of common stock, in the quarter. Its common equity Tier 1 ratio was 10.0%, down from 11.0% a year earlier.

Scharf said "higher interest rates, higher oil prices and persistent inflation create risks to the economy," but that AI infrastructure investment, high employment and wage growth "continue to outweigh the risks."

By the numbers

• Diluted EPS: $1.87 (vs. $1.66), up 13%
• Revenue: $21.87 billion, up 2%
• Net interest income: $12.52 billion, up 5%
• Provision for credit losses: $1.03 billion (vs. $681 million)
• Q3 buybacks: $2.5 billion (28.6 million shares)
• CET1: 10.0% (vs. 11.0%)

Sources

1. Wells Fargo & Company, Form 8-K, Exhibit 99.1, "Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 billion, or $1.87 per Diluted Share," filed Oct. 13, 2026 (accession 0000072971-26-000318)

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