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Wells Fargo (WFC)

Market Price (11/12/2025): $86.44 | Market Cap: $275.1 Bil
Sector: Financials | Industry: Diversified Banks

Wells Fargo (WFC)

Market Price (11/12/2025): $86.44
Market Cap: $275.1 Bil
Sector: Financials
Industry: Diversified Banks

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%	Trading close to highs Dist 52W High is -0.8%, Dist 3Y High is -0.8%	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -61%
2	Low stock price volatility Vol 12M is 29%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, AI in Financial Services, and Sustainable Finance. Themes include Online Banking & Lending, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -61%
2	Low stock price volatility Vol 12M is 29%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, AI in Financial Services, and Sustainable Finance. Themes include Online Banking & Lending, Show more.
4	Trading close to highs Dist 52W High is -0.8%, Dist 3Y High is -0.8%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -17%

Market Valuation & Key Metrics

	11/12/25	2024	2023	2022	2021
Share Price CYE	$86.44	$68.75	$46.93	$38.18	$43.34
Market Cap CYE ($ Bil)	275.1	227.7	169.9	145.1	170.2
Total Debt ($ Bil)	214.2	186.6	219.5	195.4	173.9
Total Cash ($ Bil)	174.3	203.4	237.2	159.2	234.2
Enterprise Value ($ Bil)	314.9	414.3	389.4	340.5	344.1
Valuation Ratios
P/S TTM	3.3	2.9	2.2	2.1	2.5
P/EBIT TTM	0.0	0.0	0.0	0.0	0.0
P/E TTM	13.1	12.2	9.5	11.5	8.8
Sector Ratios
P/S TTM (Sector)	3.1	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	6.4	6.9	7.0	6.7	6.8
P/E TTM (Sector)	12.0	11.6	10.1	9.3	9.9

	11/12/25	2024	2023
Share Price CYE	$86.44	$68.75	$46.93
Market Cap CYE ($ Bil)	275.1	227.7	169.9
Total Debt ($ Bil)	214.2	186.6	219.5
Total Cash ($ Bil)	174.3	203.4	237.2
Enterprise Value ($ Bil)	314.9	414.3	389.4
Valuation Ratios
P/S TTM	3.3	2.9	2.2
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	13.1	12.2	9.5
Sector Ratios
P/S TTM (Sector)	3.1	3.1	2.8
P/EBIT TTM (Sector)	6.4	6.9	7.0
P/E TTM (Sector)	12.0	11.6	10.1

	WFC	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	82.5
Rev Chg Q	5.3%	7.1%
Rev Chg LTM	0.2%	6.1%
Rev Chg 3Y Avg	2.9%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	-14.2
Net Inc LTM ($ Bil)	21.1
CFO/Rev LTM	-17.2%	20.5%
Net Inc Mgn	25.5%	13.1%
VALUATION	LOW
P/S	3.3	3.2
P/CFO	-19.3	15.3
P/FCF	-19.3	20.3
P/E	13.1	23.6

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Customers	70 million	11052024	Link
Total Client Assets (Wealth and Investment Management)	$2.473 trillion	9302025	Link
Number of Branches	4177	11052024	Link
Number of ATMs	13000	11052021	Link
Active Mobile Customers	1.5 million new active users	12312024	Link
Online Banking Users	Over 30 million	9012025	Link
Common Equity Tier 1 (CET1) Ratio	11.0%	9302025	Link
Zelle Transaction Volume (Annual)	$1 trillion	12312024	Link
U.S. Banking Mobile App Satisfaction (J.D. Power)	676	5292025	Link

WFC Stock

Stock Price
Market Cap

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Wells Fargo (WFC) experienced an 8.1% stock movement from approximately July 31, 2025, to November 12, 2025, driven by several key factors:

1. Lifting of the Asset Cap: The Federal Reserve removed the $1.95 trillion asset cap in June 2025, which had been in place since 2018. This significant regulatory change unlocked growth opportunities, allowing Wells Fargo to expand its loan book, increase deposits, and boost fee-based revenues.

2. Strong Third Quarter 2025 Financial Results: The company reported robust third-quarter earnings that exceeded analyst expectations. Earnings per share (EPS) reached $1.66 against a forecast of $1.55, and revenue hit $21.43 billion, surpassing the expected $21.14 billion. Net income for Q3 2025 rose by 9% year-over-year to $5.6 billion, and non-interest income also increased by 9%. This strong performance led to a notable surge in the stock price following the announcement on October 14, 2025.

3. Increased Capital Distribution and Share Repurchases: Wells Fargo enhanced shareholder returns by increasing its third-quarter common stock dividend by 12.5% to $0.45 per share after successfully clearing the Fed's 2025 stress test. Furthermore, in April 2025, the board authorized an additional $40 billion share repurchase program, and the company repurchased $6.1 billion of common stock in the third quarter of 2025.

4. Ongoing Cost Efficiency and Operational Streamlining: The bank continued its efforts to improve cost efficiency through initiatives like streamlining its organizational structure, optimizing its branch network (with a 2.1% year-over-year reduction in branches by the end of Q3 2025), and reducing headcount (a 4.3% year-over-year decrease by the end of Q3 2025). These measures are projected to contribute to $15 billion in gross expense savings by the end of 2025.

5. Favorable Interest Rate Environment and Resilient Economy: The Federal Reserve's rate cuts in 2025 (twice to 3.75-4%) after a 100-basis point cut in 2024 created a more favorable interest rate environment. These easing rates, coupled with a resilient U.S. economy, are expected to boost lending activity and support growth in Net Interest Income (NII). Management anticipated Q4 2025 NII to be between $12.4 billion and $12.5 billion, an increase from the $11.8 billion reported a year prior.

Show less

Stock Movement Drivers

Fundamental Drivers

The 9.0% change in WFC stock from 8/12/2025 to 11/11/2025 was primarily driven by a 4.9% change in the company's P/E Multiple.

	8122025	11112025	Change
Stock Price ($)	79.06	86.19	9.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	81462.00	82532.00	1.31%
Net Income Margin (%)	25.26%	25.51%	0.98%
P/E Multiple	12.42	13.03	4.89%
Shares Outstanding (Mil)	3232.70	3182.20	1.56%
Cumulative Contribution			8.99%

LTM = Last Twelve Months as of date shown

Market Drivers

8/12/2025 to 11/11/2025

	Return	Correlation
WFC	9.0%
Market (SPY)	6.3%	33.9%
Sector (XLF)	1.4%	68.5%

Fundamental Drivers

The 14.7% change in WFC stock from 5/13/2025 to 11/11/2025 was primarily driven by a 5.7% change in the company's P/E Multiple.

	5132025	11112025	Change
Stock Price ($)	75.15	86.19	14.69%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	81582.00	82532.00	1.16%
Net Income Margin (%)	24.51%	25.51%	4.08%
P/E Multiple	12.33	13.03	5.66%
Shares Outstanding (Mil)	3280.40	3182.20	2.99%
Cumulative Contribution			14.59%

LTM = Last Twelve Months as of date shown

Market Drivers

5/13/2025 to 11/11/2025

	Return	Correlation
WFC	14.7%
Market (SPY)	16.7%	45.8%
Sector (XLF)	4.5%	71.6%

Fundamental Drivers

The 21.4% change in WFC stock from 11/11/2024 to 11/11/2025 was primarily driven by a 16.2% change in the company's Net Income Margin (%).

	11112024	11112025	Change
Stock Price ($)	71.02	86.19	21.37%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	82396.00	82532.00	0.17%
Net Income Margin (%)	21.95%	25.51%	16.21%
P/E Multiple	13.29	13.03	-1.98%
Shares Outstanding (Mil)	3384.80	3182.20	5.99%
Cumulative Contribution			20.93%

LTM = Last Twelve Months as of date shown

Market Drivers

11/11/2024 to 11/11/2025

	Return	Correlation
WFC	21.4%
Market (SPY)	15.1%	67.0%
Sector (XLF)	7.9%	81.1%

Fundamental Drivers

The 96.0% change in WFC stock from 11/12/2022 to 11/11/2025 was primarily driven by a 31.4% change in the company's P/E Multiple.

	11122022	11112025	Change
Stock Price ($)	43.96	86.19	96.04%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	75864.00	82532.00	8.79%
Net Income Margin (%)	22.19%	25.51%	14.98%
P/E Multiple	9.92	13.03	31.37%
Shares Outstanding (Mil)	3796.50	3182.20	16.18%
Cumulative Contribution			90.91%

LTM = Last Twelve Months as of date shown

Market Drivers

11/12/2023 to 11/11/2025

	Return	Correlation
WFC	121.1%
Market (SPY)	58.6%	54.0%
Sector (XLF)	61.3%	77.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
WFC Return	-42%	61%	-12%	23%	46%	25%	87%
Peers Return	-3%	30%	-18%	15%	35%	29%	107%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
WFC Win Rate	25%	67%	50%	67%	58%	70%
Peers Win Rate	55%	62%	42%	50%	62%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
WFC Max Drawdown	-59%	-2%	-21%	-12%	-6%	-13%
Peers Max Drawdown	-49%	-4%	-30%	-18%	-6%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JPM, BAC, MS, C, USB. See WFC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/11/2025 (YTD)

How Low Can It Go

Unique Key	Event	WFC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	63.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	392 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	154.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	435 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-33.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	51.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2144 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-79.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	390.1%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1534 days	1480 days

Compare to JPM, BAC, MS, C, USB

In The Past

Wells Fargo's stock fell -38.7% during the 2022 Inflation Shock from a high on 2/9/2022. A -38.7% loss requires a 63.0% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About Wells Fargo (WFC)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The Consumer Banking and Lending segment offers diversified financial products and services for consumers and small businesses. Its financial products and services include checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. The Commercial Banking segment provides financial solutions to private, family owned, and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products, and treasury management services. The Corporate and Investment Banking segment offers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government, and institutional clients. Its products and services comprise corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services. The Wealth and Investment Management segment provides personalized wealth management, brokerage, financial planning, lending, private banking, and trust and fiduciary products and services to affluent, high-net worth, and ultra-high-net worth clients. It also operates through financial advisors. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.

AI Generated Analysis | Feedback

One of America's "Big Four" banks, akin to JPMorgan Chase or Bank of America.
A full-service financial institution, similar to Citigroup, providing retail banking, wealth management, and commercial lending.

AI Generated Analysis | Feedback

Checking and Savings Accounts: These provide secure deposit services for everyday transactions and interest-bearing savings, respectively.
Credit Cards: Wells Fargo offers various credit cards providing revolving lines of credit for consumer purchases and cash advances.
Mortgage Loans: The company provides financing for the purchase or refinancing of residential properties.
Auto Loans: Wells Fargo offers loans to finance the purchase of new and used vehicles.
Personal Loans & Lines of Credit: These provide unsecured funds to individuals for various personal needs, repaid in installments or as a revolving line.
Small Business Banking & Lending: This segment offers tailored deposit accounts, loans, lines of credit, and payment solutions for small businesses.
Commercial Banking & Lending: Wells Fargo provides comprehensive banking, lending, treasury management, and commercial real estate financing services to mid-market and large corporations.
Investment Banking Services: This involves advisory for mergers and acquisitions, and capital markets solutions including equity and debt financing for corporate clients.
Wealth Management & Investment Services: These services include financial planning, brokerage, private banking, and investment advisory for individuals and institutions seeking to grow and manage their assets.

AI Generated Analysis | Feedback

Wells Fargo (symbol: WFC) primarily sells financial products and services to a broad base of individuals and small businesses. Based on its business segments, here are up to three major categories of customers it serves:

Individual Consumers: This category encompasses a vast number of retail customers who utilize a wide range of personal banking services, including checking accounts, savings accounts, credit cards, mortgages, auto loans, and other personal lending products. These are everyday individuals and families banking for their personal financial needs.
Small Businesses: Wells Fargo has a significant focus on serving small and medium-sized businesses. These customers typically use business checking and savings accounts, commercial real estate loans, business credit cards, lines of credit, and treasury management services tailored for smaller enterprises. While technically "companies," they are often grouped separately from large corporations in banking segmentation.
Affluent and High-Net-Worth Individuals & Families: Through its Wealth & Investment Management segment, Wells Fargo serves individuals, families, and trusts with significant assets. These clients require specialized services such as investment management, financial planning, private banking, trust services, and wealth advisory solutions.

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Google Cloud (GOOGL)
Microsoft (MSFT)
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Mastercard (MA)
Experian (XPNGY)
Equifax (EFX)
TransUnion (TRU)

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Charles W. Scharf
Chairman and Chief Executive Officer
Charles W. Scharf has been Chief Executive Officer of Wells Fargo & Company since October 2019, and became Chairman of the Board of Directors in October 2025. He has over 30 years of experience in financial services, holding CEO positions at Bank of New York Mellon from 2017 to 2019 and Visa Inc. from 2012 to 2016. Prior to these roles, he was a managing director of One Equity Partners, the private investment arm of JPMorgan Chase & Co., indicating experience with private equity-backed companies. He also served as CEO of Retail Financial Services at JPMorgan Chase and CEO of the retail division of Bank One Corp. Scharf oversaw the integration of Washington Mutual into JPMorgan Chase during the 2008 financial crisis. He has also held several CFO roles at Bank One Corp., Citigroup's Global Corporate and Investment Bank division, and Salomon Smith Barney.

Michael P. Santomassimo
Chief Financial Officer
Michael P. Santomassimo is the Chief Financial Officer of Wells Fargo, responsible for the company's financial management functions. He has over 25 years of experience in banking and finance. Before joining Wells Fargo in 2020, he served as CFO at BNY Mellon from 2018, where he was responsible for financial management functions, regulatory relations, and corporate services. He also spent 11 years at JPMorgan Chase in key finance leadership roles, including CFO for Banking (Investment Banking and Treasury Services) and CFO of Securities Services & U.S. Private Banking businesses. He began his career at Smith Barney. There is no information indicating he founded or sold companies, or has a pattern of managing private equity-backed companies.

Scott E. Powell
Chief Operating Officer
Scott E. Powell has served as Chief Operating Officer of Wells Fargo since December 2019 and is a member of the company's Operating Committee. He has more than three decades of experience in retail banking, risk management, and consumer and auto lending. Prior to Wells Fargo, he was CEO of Santander Holdings USA, Inc., and CEO of Santander Consumer USA Holdings Inc. His career also includes senior roles at JPMorgan Chase, such as Head of Banking and Consumer Lending Operations and CEO of Consumer Banking and Retail Investments, as well as CEO of consumer lending at Bank One and various risk management roles at Citi.

Derek A. Flowers
Chief Risk Officer
Derek A. Flowers is the Senior Executive Vice President and Chief Risk Officer of Wells Fargo. He was appointed to this role in 2022.

AI Generated Analysis | Feedback

Neobanks and challenger banks such as SoFi, Chime, and Revolut are capturing market share, particularly among younger demographics, by offering lower fees, more user-friendly mobile experiences, and faster services in areas like deposits, consumer lending, and payments.

Large technology companies like Apple (e.g., Apple Card, Apple Pay Later) and Amazon (e.g., lending to merchants, co-branded credit cards) are increasingly entering financial services, leveraging their vast customer bases and technological capabilities to offer banking-adjacent products and potentially disintermediate traditional banks from their customers.

AI Generated Analysis | Feedback

Wells Fargo & Company (symbol: WFC) offers a diversified set of banking, investment, and mortgage products and services across its operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The addressable markets for their main products and services primarily in the U.S. are sized as follows:

Retail/Consumer Banking: The U.S. retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030.
Commercial Banking: The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is expected to grow to USD 915.45 billion by 2030.
Mortgage Loans: Americans collectively owe approximately USD 12.94 trillion on mortgages as of September 2025. The U.S. home mortgage market size was valued at around USD 180.91 billion in 2023 and is predicted to reach approximately USD 501.67 billion by 2032.
Auto Loans: The U.S. auto loan market stood at USD 676.20 billion in 2025 and is projected to reach USD 870.78 billion by 2030.
Wealth Management: The U.S. wealth management market had approximately USD 64.4 trillion in Assets Under Management (AUM) in 2024, with projections to reach USD 87.35 trillion by 2028. Revenues from fee-based advisory relationships in the U.S. wealth management industry are estimated to have grown from around USD 150 billion in 2015 to USD 260 billion in 2024. The U.S. private banking market is valued at USD 59.54 billion in 2025 and is expected to reach USD 94.89 billion by 2030.
Investment Banking: The U.S. investment banking market is valued at USD 54.74 billion in 2025 and is forecasted to reach USD 66.15 billion by 2030. North America held a significant share of the global investment banking market, generating USD 47.26 billion in revenue in 2023.

AI Generated Analysis | Feedback

Wells Fargo (WFC) is strategically positioning itself for future revenue growth over the next two to three years by focusing on several key areas, following the significant milestone of the Federal Reserve's asset cap removal. These drivers include expanded balance sheet capacity, growth in investment banking, increased consumer lending and deposits, and continued digital transformation and enhanced customer engagement.

Here are 4 expected drivers of future revenue growth for Wells Fargo:

Expanded Balance Sheet and Loan Growth Post-Asset Cap Removal: The lifting of the Federal Reserve's asset cap is a pivotal driver, enabling Wells Fargo to significantly grow its balance sheet. This allows the bank to boost deposits, expand its loan portfolio across various segments, and increase its securities holdings. This expansion directly contributes to a rise in net interest income, a primary revenue source for banks, and opens avenues for broader fee-generating activities.
Growth in Investment Banking Services: Wells Fargo is actively pursuing an increase in its market share within the investment banking sector. The bank plans to enhance its service offerings, broaden its client base, and make targeted investments in key areas such as technology and healthcare. This strategic focus is already yielding results, with significant year-over-year increases in investment banking fees, and the company aspires to become a top five U.S. investment bank.
Expansion in Consumer Lending and Deposit Gathering: A renewed focus on consumer businesses is expected to drive revenue growth. This includes efforts to expand the credit card portfolio, with new accounts showing robust growth, and to increase net checking accounts. The bank is also re-engaging in deposit growth through enhanced marketing and digital onboarding initiatives. Growth in auto loan originations further contributes to this segment's revenue.
Digital Transformation and Enhanced Customer Engagement: Wells Fargo is investing heavily in its digital infrastructure to improve customer experiences and streamline operations. This involves modernizing its branch network, scaling marketing efforts, and promoting mobile banking, which has shown increased customer engagement. These digital enhancements and customer-centric strategies are designed to attract new customers and deepen relationships with existing ones, leading to growth in customer accounts and increased utilization of banking services.

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Share Repurchases

Wells Fargo repurchased $8.7 billion of common stock in 2022.
In 2023, the company repurchased $5.0 billion of common stock.
In July 2024, Wells Fargo's Board of Directors authorized a new common stock repurchase program for up to $30.0 billion.

Share Issuance

Share issuances over the past 3-5 years have been primarily related to employee stock plans and compensation, without significant public offerings for capital raising purposes.

Outbound Investments

Wells Fargo has made strategic investments, particularly in financial technology companies, but no major acquisitions or large-scale strategic investments materially impacting overall capital allocation were identified in the specified timeframe.

Capital Expenditures

Capital expenditures were approximately $2.6 billion in 2021, $3.0 billion in 2022, and $3.4 billion in 2023.
The primary focus of capital expenditures has been on technology modernization, digital transformation initiatives, and optimizing the company's real estate footprint.
For 2024, Wells Fargo projected capital expenditures to be in a similar range to 2023, continuing investments in technology.

Interactive Breakdown

Wells Fargo Interactive Breakdown Analysis

Better Bets than Wells Fargo (WFC)

	WFC	Better Performance than WFC
Metric	Value	Industry (Diversified Banks)
Rev Chg LTM	0.2%	JPM (8.6%), BAC (8.9%), HSBC (6.6%), RY (16.4%), C (8.4%)
Rev Chg 3Y Avg	2.9%	JPM (13.4%), BAC (5.2%), HSBC (9.4%), RY (9.9%), C (5.0%)
CFO/Rev LTM	-17.2%	BAC (57.3%), RY (135.4%), TD (32.4%), UBS (9.3%), BMO (12.8%)
FCF/Rev LTM	-17.2%	BAC (57.3%), RY (131.7%), TD (28.7%), UBS (4.5%), BMO (8.1%)
Total Yield	9.6%	TD (14.9%), BMO (9.7%), BNS (11.9%), CM (10.2%), USB (13.9%)

	WFC	Better Performance than WFC
Metric	Value	Sector (Financials)
Rev Chg LTM	0.2%	JPM (8.6%), MA (14.6%), V (11.3%), BAC (8.9%), MS (17.6%)
Rev Chg 3Y Avg	2.9%	BRK-B (19.8%), JPM (13.4%), MA (13.2%), V (10.9%), BAC (5.2%)
CFO/Rev LTM	-17.2%	BRK-B (9.8%), MA (56.1%), V (57.6%), BAC (57.3%), MS (-5.7%)
FCF/Rev LTM	-17.2%	BRK-B (4.8%), MA (52.5%), V (53.9%), BAC (57.3%), MS (-10.5%)
Total Yield	9.6%	TD (14.9%), PGR (10.3%), BMO (9.7%), BNS (11.9%), CM (10.2%)

	WFC	Better Performance than WFC
Metric	Value	All Other Sectors
Rev Chg LTM	0.2%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	2.9%	NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
CFO/Rev LTM	-17.2%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	-17.2%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	9.6%	BABA (39.2%), TM (2164.0%), MRK (12.0%), T (12.3%), VZ (18.2%)

		Best Bets In Financials Sector
	WFC	CME	KNSL	MTG	NMIH	CACC	ENVA	FNF	TW	PLMR	ACGL
What You Pay
P/E	13.0	26.6	19.2	8.7	7.7	10.9	10.8	14.8	37.4	20.0	8.2
P/EBIT	�	20.0	15.0	6.6	5.6	8.7	8.3	9.5	25.3	15.6	7.2
What You Get
Rev Chg Q	5.3%	-3.0%	19.0%	-0.7%	7.6%	6.0%	16.3%	16.8%	13.3%	64.9%	11.0%
Rev Chg LTM	0.2%	5.8%	18.1%	2.2%	8.9%	10.2%	21.1%	7.4%	22.2%	54.1%	17.5%
Rev Chg 3Y Avg	2.9%	8.9%	32.4%	1.2%	10.3%	7.6%	23.5%	-0.7%	19.7%	36.5%	28.9%
FCF/Rev 3Y Avg	11.2%	61.9%	60.8%	62.2%	58.4%	55.6%	54.7%	50.8%	49.8%	43.9%	38.2%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Wells Fargo Stock Jumped 9.8% in a Month, What Now?	Return
2	WFC Dip Buy Analysis
3	Day 6 of Gains Streak for Wells Fargo Stock with 10% Return (vs. 15% YTD) [6/26/2025]
4	Day 5 of Gains Streak for Wells Fargo Stock with 5.8% Return (vs. 14% YTD) [6/25/2025]
5	Wells Fargo Total Shareholder Return (TSR): 48.2% in 2024 and 19.0% 3-yr compounded annual returns (above peer average)
6	Wells Fargo (WFC) Operating Cash Flow Comparison	Financials
7	Wells Fargo (WFC) Net Income Comparison	Financials
8	Wells Fargo vs. S&P500 Correlation	Correlation
9	Wells Fargo Price Volatility	Volatility
10	Fundamental Metrics: ...
11	ARTICLES
12	How To Trade Wells Fargo Stock Ahead Of Q3 Earnings?		October 8th, 2025
13	WFC Down -5.5% In A Day. What Happened Next Before?		July 16th, 2025
14	How Will Wells Fargo Stock React To Its Upcoming Earnings?		July 14th, 2025
15	WFC Stock Up 10% after 6-Day Win Streak		June 27th, 2025
16	Wells Fargo Stock A Buy As Asset Cap Lifted?		June 9th, 2025

	Title
0	DASHBOARDS
1	Wells Fargo Stock Jumped 9.8% in a Month, What Now?
2	WFC Dip Buy Analysis
3	Day 6 of Gains Streak for Wells Fargo Stock with 10% Return (vs. 15% YTD) [6/26/2025]
4	Day 5 of Gains Streak for Wells Fargo Stock with 5.8% Return (vs. 14% YTD) [6/25/2025]
5	Wells Fargo Total Shareholder Return (TSR): 48.2% in 2024 and 19.0% 3-yr compounded annual returns (above peer average)
6	Wells Fargo (WFC) Operating Cash Flow Comparison
7	Wells Fargo (WFC) Net Income Comparison
8	Wells Fargo vs. S&P500 Correlation
9	Wells Fargo Price Volatility
10	Fundamental Metrics: ...
11	ARTICLES
12	How To Trade Wells Fargo Stock Ahead Of Q3 Earnings?
13	WFC Down -5.5% In A Day. What Happened Next Before?
14	How Will Wells Fargo Stock React To Its Upcoming Earnings?
15	WFC Stock Up 10% after 6-Day Win Streak
16	Wells Fargo Stock A Buy As Asset Cap Lifted?

Trade Ideas

Select past ideas related to WFC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BRO_10312025_Dip_Buyer_FCFYield	10312025	BRO	Brown & Brown	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.4%	0.4%	-4.2%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.6%	11.6%	0.0%
EEFT_10312025_Dip_Buyer_FCFYield	10312025	EEFT	Euronet Worldwide	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.3%	-5.3%	-5.6%
GPN_10312025_Dip_Buyer_FCFYield	10312025	GPN	Global Payments	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.7%	-0.7%	-2.7%
APO_10102025_Dip_Buyer_FCFYield	10102025	APO	Apollo Asset Management	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BRO_10312025_Dip_Buyer_FCFYield	10312025	BRO	Brown & Brown	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.4%	0.4%	-4.2%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.6%	11.6%	0.0%
EEFT_10312025_Dip_Buyer_FCFYield	10312025	EEFT	Euronet Worldwide	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.3%	-5.3%	-5.6%
GPN_10312025_Dip_Buyer_FCFYield	10312025	GPN	Global Payments	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.7%	-0.7%	-2.7%
APO_10102025_Dip_Buyer_FCFYield	10102025	APO	Apollo Asset Management	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LXP	LXP Industrial Trust	14.0	404.6%	23.6%
REAL	RealReal	1.8	38.1%	41.6%
TBPH	Theravance Biopharma	0.9	22.7%	96.6%
NRGV	Energy Vault	0.7	20.8%	88.2%
SOC	Sable Offshore	0.7	20.5%	-68.4%
HNRG	Hallador Energy	1.0	19.0%	107.9%
QURE	uniQure	1.7	17.9%	74.6%
EWTX	Edgewise Therapeutics	2.3	17.5%	-19.6%
SIBN	SI-BONE	0.8	16.2%	30.0%
LB	LandBridge	2.1	14.1%	33.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LIF	Life360	5.6	-22.0%	76.4%
AEVA	Aeva Technologies	0.6	-16.8%	138.1%
CRWV	CoreWeave	43.0	-16.3%
TLS	Telos	0.5	-15.7%	91.2%
BTDR	Bitdeer Technologies	2.9	-14.9%	-30.7%
CENX	Century Aluminum	2.6	-13.7%	53.0%
WULF	TeraWulf	4.8	-13.5%	118.6%
FRMI	Fermi	15.3	-13.4%
LUMN	Lumen Technologies	9.2	-11.8%	74.2%
VG	Venture Global	18.2	-11.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	14.0	397.8%	23.6%
COGT	Cogent Biosciences	3.8	136.5%	328.5%
ORGO	Organogenesis	0.8	67.5%	103.1%
SKYT	SkyWater Technology	1.1	53.8%	60.1%
APPN	Appian	3.3	53.0%	34.1%
FSLY	Fastly	1.7	50.6%	27.0%
GDEN	Golden Entertainment	0.8	48.5%	-2.8%
IOVA	Iovance Biotherapeutics	0.9	45.6%	-64.2%
LB	LandBridge	2.1	45.0%	33.1%
RIVN	Rivian Automotive	20.8	44.2%	35.5%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-49.7%	-69.5%
CCOI	Cogent Communications	1.0	-48.4%	-71.5%
BLZE	Backblaze	0.3	-41.7%	-6.5%
BHVN	Biohaven	0.9	-38.9%	-77.2%
ACVA	ACV Auctions	0.9	-38.7%	-74.6%
AIRS	AirSculpt Technologies	0.3	-35.9%	11.2%
ELF	e.l.f. Beauty	4.4	-34.1%	-37.9%
FOXF	Fox Factory	0.6	-33.1%	-50.3%
JBI	Janus International	0.9	-32.8%	-14.4%
PRMB	Primo Brands	5.8	-30.3%	-49.2%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.9	250.7%	138.5%
VTYX	Ventyx Biosciences	0.7	154.2%	330.6%
TERN	Terns Pharmaceuticals	1.9	151.0%	271.5%
INBX	Inhibrx Biosciences	1.2	126.4%	405.5%
CSIQ	Canadian Solar	2.0	110.0%	168.0%
PUMP	ProPetro	1.1	107.1%	15.2%
COGT	Cogent Biosciences	3.8	106.3%	328.5%
SNDK	SanDisk	39.4	101.8%
REPL	Replimune	0.8	100.2%	-24.6%
VICR	Vicor	4.2	78.2%	91.6%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NKLR	Terra Innovatum Global	0.4	-67.5%
SOC	Sable Offshore	0.7	-61.1%	-68.4%
ASPN	Aspen Aerogels	0.3	-57.2%	-69.5%
NTLA	Intellia Therapeutics	1.1	-57.2%	-12.7%
METC	Ramaco Resources	1.3	-54.4%	136.6%
LRN	Stride	2.9	-54.1%	-35.9%
USAR	USA Rare Earth	1.6	-54.1%	59530.9%
FMC	FMC	1.7	-52.9%	-70.1%
CCOI	Cogent Communications	1.0	-52.7%	-71.5%
UAMY	United States Antimony	1.0	-51.7%	355.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LXP	LXP Industrial Trust	14.0	404.6%	23.6%
REAL	RealReal	1.8	38.1%	41.6%
TBPH	Theravance Biopharma	0.9	22.7%	96.6%
NRGV	Energy Vault	0.7	20.8%	88.2%
SOC	Sable Offshore	0.7	20.5%	-68.4%
HNRG	Hallador Energy	1.0	19.0%	107.9%
QURE	uniQure	1.7	17.9%	74.6%
EWTX	Edgewise Therapeutics	2.3	17.5%	-19.6%
SIBN	SI-BONE	0.8	16.2%	30.0%
LB	LandBridge	2.1	14.1%	33.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LIF	Life360	5.6	-22.0%	76.4%
AEVA	Aeva Technologies	0.6	-16.8%	138.1%
CRWV	CoreWeave	43.0	-16.3%
TLS	Telos	0.5	-15.7%	91.2%
BTDR	Bitdeer Technologies	2.9	-14.9%	-30.7%
CENX	Century Aluminum	2.6	-13.7%	53.0%
WULF	TeraWulf	4.8	-13.5%	118.6%
FRMI	Fermi	15.3	-13.4%
LUMN	Lumen Technologies	9.2	-11.8%	74.2%
VG	Venture Global	18.2	-11.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	14.0	397.8%	23.6%
COGT	Cogent Biosciences	3.8	136.5%	328.5%
ORGO	Organogenesis	0.8	67.5%	103.1%
SKYT	SkyWater Technology	1.1	53.8%	60.1%
APPN	Appian	3.3	53.0%	34.1%
FSLY	Fastly	1.7	50.6%	27.0%
GDEN	Golden Entertainment	0.8	48.5%	-2.8%
IOVA	Iovance Biotherapeutics	0.9	45.6%	-64.2%
LB	LandBridge	2.1	45.0%	33.1%
RIVN	Rivian Automotive	20.8	44.2%	35.5%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-49.7%	-69.5%
CCOI	Cogent Communications	1.0	-48.4%	-71.5%
BLZE	Backblaze	0.3	-41.7%	-6.5%
BHVN	Biohaven	0.9	-38.9%	-77.2%
ACVA	ACV Auctions	0.9	-38.7%	-74.6%
AIRS	AirSculpt Technologies	0.3	-35.9%	11.2%
ELF	e.l.f. Beauty	4.4	-34.1%	-37.9%
FOXF	Fox Factory	0.6	-33.1%	-50.3%
JBI	Janus International	0.9	-32.8%	-14.4%
PRMB	Primo Brands	5.8	-30.3%	-49.2%

Peer Comparisons for Wells Fargo

Financials

	WFC	JPM	BAC	MS	C	USB	Median
Name	Wells Fa.	JPMorgan.	Bank of .	Morgan S.	Citigroup	U.S. Ban.
Mkt Price	86.19	315.62	53.63	166.50	100.76	47.62	93.47
Mkt Cap	274.3	871.9	400.4	261.6	183.4	74.1	267.9
Rev LTM	82,532	179,430	107,264	64,247	85,244	28,182	83,888
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	-14,218	-119,748	61,472	-6,747	-75,968	9,900	-10,482
FCF 3Y Avg	9,172	-65,107	34,244	-23,827	-64,799	10,581	-7,328
CFO LTM	-14,218	-119,748	61,472	-3,679	-69,391	9,900	-8,948
CFO 3Y Avg	9,172	-65,107	34,244	-20,550	-58,153	10,581	-5,689

Growth & Margins

	WFC	JPM	BAC	MS	C	USB	Median
Name	Wells Fa.	JPMorgan.	Bank of .	Morgan S.	Citigroup	U.S. Ban.
Rev Chg LTM	0.2%	8.6%	8.9%	17.6%	8.4%	4.0%	8.5%
Rev Chg 3Y Avg	2.9%	13.4%	5.2%	7.6%	5.0%	6.5%	5.9%
Rev Chg Q	5.3%	8.8%	10.8%	19.1%	9.6%	6.8%	9.2%
QoQ Delta Rev Chg LTM	1.3%	2.1%	2.6%	4.5%	2.3%	1.7%	2.2%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	-17.2%	-66.7%	57.3%	-5.7%	-81.4%	35.1%	-11.5%
CFO/Rev 3Y Avg	11.2%	-36.4%	32.7%	-38.8%	-72.0%	38.2%	-12.6%
FCF/Rev LTM	-17.2%	-66.7%	57.3%	-10.5%	-89.1%	35.1%	-13.9%
FCF/Rev 3Y Avg	11.2%	-36.4%	32.7%	-44.6%	-80.3%	38.2%	-12.6%

Valuation

	WFC	JPM	BAC	MS	C	USB	Median
Name	Wells Fa.	JPMorgan.	Bank of .	Morgan S.	Citigroup	U.S. Ban.
Mkt Cap	274.3	871.9	400.4	261.6	183.4	74.1	267.9
P/S	3.3	4.9	3.7	4.1	2.2	2.6	3.5
P/EBIT	-	-	-	-	-	-	-
P/E	13.0	15.0	13.5	16.2	12.5	10.3	13.3
P/CFO	-19.3	-7.3	6.5	-71.1	-2.6	7.5	-5.0
Total Yield	9.6%	6.7%	7.4%	6.2%	8.0%	13.9%	7.7%
Dividend Yield	2.0%	0.0%	0.0%	0.0%	0.0%	4.2%	0.0%
FCF Yield 3Y Avg	6.9%	-7.5%	11.7%	-15.6%	-55.7%	17.3%	-0.3%
D/E	0.8	0.6	0.9	1.3	2.0	1.1	1.0
Net D/E	-0.6	-0.3	-0.7	1.0	-1.2	-1.0	-0.7

Returns

	WFC	JPM	BAC	MS	C	USB	Median
Name	Wells Fa.	JPMorgan.	Bank of .	Morgan S.	Citigroup	U.S. Ban.
1M Rtn	11.6%	4.9%	10.2%	10.3%	7.9%	5.2%	9.1%
3M Rtn	9.0%	8.3%	13.5%	13.7%	5.9%	5.2%	8.7%
6M Rtn	14.7%	21.2%	22.5%	30.4%	35.0%	9.7%	21.8%
12M Rtn	21.4%	34.7%	19.1%	28.2%	48.4%	-2.5%	24.8%
3Y Rtn	96.0%	151.2%	51.2%	103.0%	123.9%	22.5%	99.5%
1M Excs Rtn	6.9%	-0.4%	6.9%	5.1%	2.6%	0.3%	3.8%
3M Excs Rtn	5.4%	3.3%	8.3%	7.5%	1.2%	-2.6%	4.3%
6M Excs Rtn	-1.6%	4.9%	6.2%	14.1%	18.7%	-6.6%	5.5%
12M Excs Rtn	12.2%	21.7%	8.0%	18.6%	37.4%	-14.2%	15.4%
3Y Excs Rtn	17.9%	78.5%	-23.8%	35.6%	67.4%	-53.1%	26.7%

FDIC Bank Data

Bank Capital

Bank Deposits

FDIC Data As Of	3311986
DEPOSITS
Total Deposits ($ Bil)	14
Uninsured Deposits ($ Bil)	4
Uninsured Deposits Ratio %	30.3%

Bank Assets

FDIC Data As Of	3311986
ASSETS
Cash Balance ($ Bil)	5
Securities ($ Bil)	1
Net Loans ($ Bil)	12
Trading Assets ($ Bil)	0
Bank Premises Assets ($ Bil)	0
Other Real Estate Owned ($ Bil)	0
Goodwill & Intangibles ($ Bil)	0
Other Assets ($ Bil)	1
Total Assets (Sum) ($ Bil)	19
Total Assets (Reported) ($ Bil)	20

Bank Loans

[valid:false, table:

FDIC Data As Of	3311986
LOAN DETAILS
All Real Estate Loans ($ Bil)	5
Farm Loans ($ Bil)	0
Commercial and Industrial Loans ($ Bil)	4
Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)	2

, map:[FDIC Data As Of:3311986, LOAN DETAILS:null, All Real Estate Loans ($ Bil):4.867217, Farm Loans ($ Bil):0.231728, Commercial and Industrial Loans ($ Bil):3.762395, Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil):1.994221]]

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/25/2025	2/20/2024	2/21/2023	2/22/2022	2/23/2021	2/27/2020
Key Financials
Total Revenue	82,532	82,296	82,597	74,368	79,166	74,264	86,832
Net Income	21,056	19,722	19,142	13,677	22,109	3,377	19,715
EPS	6.15	5.43	4.88	3.30	5.13	0.43	4.12
Growth Rates
Total Revenue Growth	0.2%	-0.4%	11.1%	-6.1%	6.6%	-14.5%	0.5%
Net Income Growth	16.4%	3.0%	40.0%	-38.1%	554.7%	-82.9%	-12.0%
Margins
Net Income Margin	25.5%	24.0%	23.2%	18.4%	27.9%	4.5%	22.7%
Cash & Debt
Total Cash	380,449	363,464	362,612	272,751	411,474	485,004	404,709
Total Debt	214,182	186,649	219,471	195,392	173,907	225,587	240,300
Net Debt / (Cash)	-166,267	-176,815	-143,141	-77,359	-237,567	-259,417	-164,409
Cash Flows
Net Cash from Operations	-14,218	3,035	40,358	27,048	-11,525	2,051	6,730
Free Cash from Operations	-14,218	3,035	40,358	27,048	-11,525	2,051	6,730
Returns to Shareholders
Dividends	5,361	6,232	5,930	5,293	3,627	6,142	9,589
Share Repurchases	18,516	22,288	13,576	6,033	21,139	7,017	26,083

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/31/2025	8/5/2025	4/29/2025	2/25/2025	10/31/2024	8/1/2024	5/2/2024	2/20/2024	10/31/2023	8/1/2023	5/2/2023	2/21/2023
Key Financials Quarterly
Total Revenue	21,436	20,569	20,149	20,378	20,366	20,689	20,863	20,478	20,857	20,533	20,729	20,034
Net Income	5,589	5,494	4,894	5,079	5,114	4,910	4,619	3,446	5,767	4,938	4,991	3,155
EPS	1.68	1.61	1.41	1.45	1.43	1.35	1.21	0.87	1.49	1.26	1.24	0.68
Key Financials TTM
Total Revenue TTM	82,532	81,462	81,582	82,296	82,396	82,887	82,731	82,597	82,153	80,862	77,369	74,368
Net Income TTM	21,056	20,581	19,997	19,722	18,089	18,742	18,770	19,142	18,851	16,676	14,880	13,677
Growth Rates Quarterly
Total Revenue Growth	5.3%	-0.6%	-3.4%	-0.5%	-2.4%	0.8%	0.6%	2.2%	6.6%	20.5%	16.9%	-6.9%
Net Income Growth	9.3%	11.9%	6.0%	47.4%	-11.3%	-0.6%	-7.5%	9.2%	60.6%	57.2%	31.8%	-50.0%
Margins Quarterly
Net Income Margin	26.1%	26.7%	24.3%	24.9%	25.1%	23.7%	22.1%	16.8%	27.7%	24.0%	24.1%	15.7%
Cash & Debt
Total Cash	380,449	377,976	352,312	363,464	350,248	378,279	404,581	362,612	234,358	166,905	171,505	272,751
Total Debt	214,182	210,221	188,611	186,649	196,365	192,137	210,292	219,471	202,476	187,285	192,238	195,392
Net Debt / (Cash)	-166,267	-167,755	-163,701	-176,815	-153,883	-186,142	-194,289	-143,141	-31,882	20,380	20,733	-77,359
Cash Flows Quarterly
FCF from Operations	-869	-11,216	-11,037	8,904	4,206	2,050	-12,125	18,202	15,505	-755	7,406	7,245
Cash Flows TTM
FCF from Operations TTM	-14,218	-9,143	4,123	3,035	12,333	23,632	20,827	40,358	29,401	25,912	34,255	27,048
Returns to Shareholders Quarterly
Dividends	1,431	1,287	1,318	1,325	1,357	1,204	1,247	1,265	1,275	1,112	1,137	1,138
Share Repurchases	6,000	5,016	3,500	4,000	3,435	8,012	6,841	2,350	3,205	4,005	4,016	6
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	96.2%	94.1%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	79.8%	69.2%	-

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Corporate	641,455	601,218	721,335	728,667	608,712
Corporate and Investment Banking	557,642	550,177	546,549	508,518	538,383
Consumer Banking and Lending	376,151	387,710	378,620	420,995	448,971
Commercial Banking	245,159	250,198	210,810	206,953	244,984
Wealth and Investment Management	88,854	91,717	90,754	87,778	86,505
Reconciling Items	0	0
Total	1,909,261	1,881,020	1,948,068	1,952,911	1,927,555

Price Behavior

Price Behavior

Market Price	$86.19
Market Cap ($ Bil)	278.6
First Trading Date	06/01/1972
Distance from 52W High	-0.8%
	50 Days	200 Days
DMA Price	$83.02	$76.67
DMA Trend	up	up
Distance from DMA	3.8%	12.4%
	3M	1YR
Volatility	26.3%	29.2%
Downside Capture	41.95	94.98
Upside Capture	73.26	100.97
Correlation (SPY)	36.2%	66.5%

WFC Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.99	1.01	0.95	1.10	1.06	0.97
Up Beta	2.19	1.83	1.12	1.02	0.92	0.81
Down Beta	1.56	1.37	1.38	1.54	1.29	1.14
Up Capture	49%	67%	74%	100%	116%	106%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	12	23	35	70	130	394
Down Capture	8%	47%	60%	100%	97%	99%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	11	21	30	57	119	355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of WFC With Other Asset Classes (Last 1Y)
	WFC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	22.2%	8.6%	16.6%	54.6%	3.0%	0.6%	40.4%
Annualized Volatility	29.5%	19.1%	19.4%	19.8%	16.1%	17.8%	36.4%
Sharpe Ratio	0.68	0.30	0.67	2.09	0.00	-0.12	0.74
Correlation With Other Assets		81.3%	65.5%	-3.9%	17.9%	48.8%	26.4%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of WFC With Other Asset Classes (Last 5Y)
	WFC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	34.5%	18.4%	16.8%	16.3%	13.7%	6.5%	50.1%
Annualized Volatility	31.6%	19.4%	17.1%	15.7%	18.9%	19.1%	49.2%
Sharpe Ratio	0.99	0.80	0.80	0.83	0.60	0.26	0.77
Correlation With Other Assets		81.6%	55.4%	-3.5%	17.8%	40.3%	22.4%

Based On 10-Year Data

		Comparison of WFC With Other Asset Classes (Last 10Y)
	WFC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.7%	12.4%	14.3%	13.5%	5.1%	5.3%	74.6%
Annualized Volatility	32.1%	22.4%	18.0%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.31	0.52	0.69	0.75	0.22	0.22	0.93
Correlation With Other Assets		85.3%	64.8%	-7.4%	24.6%	51.4%	17.6%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	30,037,679
Short Interest: % Change Since 10152025	-6.0%
Average Daily Volume	16,287,605
Days-to-Cover Short Interest	1.84
Basic Shares Quantity	3,182,200,000
Short % of Basic Shares	0.9%

Returns Analyses

	Title
0	Wells Fargo Stock Jumped 9.8% in a Month, What Now?
1	WFC YTD Stock Return Of 22% Outperforms BAC by 20% and Underperforms JPM by -2.3%
2	Wells Fargo Stock Return Comparison
3	[10/13/2021] Wells Fargo (WFC) Stock Price Forecast: AI Forecasts WFC Stock Price To Be Around $46.90 In A Month (Up 1.9%)
4	Wells Fargo Total Shareholder Return (TSR): ...% in 2022 and 0.0% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/14/2025	7.1%	9.0%
7/15/2025	-5.5%	-3.8%	-4.2%
4/11/2025	-1.0%	2.5%	19.3%
1/15/2025	6.7%	8.9%	11.3%
10/11/2024	5.6%	11.5%	22.0%
7/12/2024	-6.0%	-1.5%	-11.6%
4/12/2024	-0.4%	3.6%	9.8%
1/12/2024	-3.3%	-1.9%	0.5%
...
SUMMARY STATS
# Positive	10	14	16
# Negative	14	10	8
Median Positive	4.8%	6.0%	10.8%
Median Negative	-4.2%	-4.0%	-7.3%
Max Positive	7.1%	11.7%	22.0%
Max Negative	-7.8%	-11.9%	-22.0%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	4292025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2202024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2212023	10-K 12/31/2022
9302022	10312022	10-Q 9/30/2022
6302022	8012022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Wells Fargo (WFC)

Market Price (11/12/2025): $86.44 | Market Cap: $275.1 BilSector: Financials | Industry: Diversified Banks

Wells Fargo (WFC)

Market Price (11/12/2025): $86.44Market Cap: $275.1 BilSector: FinancialsIndustry: Diversified Banks

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Market Price (11/12/2025): $86.44 | Market Cap: $275.1 Bil
Sector: Financials | Industry: Diversified Banks

Market Price (11/12/2025): $86.44
Market Cap: $275.1 Bil
Sector: Financials
Industry: Diversified Banks