Wells Fargo Q3 FY2026: EPS up 12.7%, expenses fall, CET1 thins
Wells Fargo delivered a solid, if not spectacular, quarter: diluted EPS of $1.87, up 12.7% from a year ago, on $21.87 billion of revenue and noninterest expense that actually fell. The catch is sequencing — revenue, net income and EPS all slipped from the second quarter, and the CET1 capital cushion thinned to 10.0%. Read the segment detail for the growth and the credit tables for the risk.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $1.87 was up 12.7% from $1.66 a year ago and essentially in line with the $1.8724 consensus estimate — a hair light, not a miss worth arguing about. Net income of $5.95 billion rose 6.5% year over year but fell 7.1% from the second quarter's $6.41 billion, and EPS fell 6.5% from $2.00. The year-over-year gain came from revenue growth plus a 0.7% decline in noninterest expense to $13.74 billion, helped by an 8% headcount reduction.
Total revenue of $21.87 billion rose 2.0% from $21.44 billion a year ago but fell 3.3% from $22.62 billion in the second quarter. Net interest income of $12.52 billion did the work, up 5.0% year over year, while noninterest income slipped 1.0% to $9.35 billion on lower trading gains, lost rail car lease income and weaker venture capital results. The net interest margin of 2.43% was down from 2.61% a year ago, so volume growth, not pricing, is carrying the top line.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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