WFC Wells Fargo 10-Q 2026-09-30 section summaries

Wells Fargo & Company — Cover Page

Wells Fargo filed a Form 10-Q for the quarter ended September 30, 2026. The company reported 3,001,850,317 common shares outstanding as of October 19, 2026.

Wells Fargo is a large accelerated filer. It reported that it had filed all required reports and submitted all required Interactive Data Files, was not a shell company, and was not an emerging growth company. The cover page lists common stock, preferred securities, and a guarantee of medium-term notes as registered securities.

This section contains no operating results, balance-sheet metrics, or substantive business developments or risks.

Q3 2026 performance

Wells Fargo reported Q3 revenue of $21.870B, down from $22.622B in Q2 2026 but up from $21.436B in Q3 2025. For the first nine months (9M), revenue was $65.938B, compared with $62.407B a year earlier, up 6%.

Noninterest expense was $13.743B in Q3, versus $13.661B in Q2 and $13.846B in Q3 2025; 9M expense was $41.734B, versus $41.116B. Pre-tax pre-provision profit (revenue less noninterest expense) was $8.127B in Q3, down from $8.961B in Q2 but up from $7.590B in Q3 2025. 9M PTPP was $24.204B, versus $21.291B.

Provision for credit losses—including loans, debt securities, and other financial assets—rose to $1.029B in Q3 from $914M in Q2 and $681M in Q3 2025. The 9M provision was $3.078B, compared with $2.618B.

Net income was $5.951B in Q3, versus $6.407B in Q2 and $5.589B in Q3 2025; 9M net income was $17.611B, versus $15.977B. Net income applicable to common stock was $5.703B in Q3, compared with $6.160B in Q2 and $5.341B in Q3 2025; 9M common net income was $16.863B, versus $15.171B.

Diluted EPS was $1.87 in Q3, down from $2.00 in Q2 but up from $1.66 in Q3 2025. 9M diluted EPS was $5.47, compared with $4.64. The bank declared a $0.50 common-share dividend in Q3, up from $0.45 in each comparison quarter; 9M dividends were $1.40, versus $1.25.

Returns, margin and balance sheet

Q3 return on average assets was 1.05% (1.15% in Q2; 1.10% in Q3 2025), return on average equity was 13.8% (15.0%; 12.8%), and return on average tangible common equity was 16.3% (17.7%; 15.2%). The efficiency ratio was 63%, versus 60% in Q2 and 65% in Q3 2025; 9M was 63%, compared with 66%. Taxable-equivalent net interest margin was 2.43% in Q3, unchanged from Q2 but below 2.61% in Q3 2025; 9M margin was 2.44%, versus 2.65%. The lower year-over-year margin and higher credit-loss provision indicate continuing margin and credit-cost pressure, even as revenue and PTPP increased year over year.

Average Q3 loans were $1.033T (Q2: $1.026T; Q3 2025: $928.677B), average assets were $2.244T ($2.228T; $2.010T), and average deposits were $1.483T ($1.466T; $1.340T). For 9M, average loans were $1.019T versus $917.935B, average assets $2.213T versus $1.955T, and average deposits $1.455T versus $1.337T.

At Q3 end, loans were $1.048T (Q2: $1.031T; Q3 2025: $943.102B), available-for-sale and held-to-maturity debt securities were $448.356B ($448.899B; $420.914B), and deposits were $1.503T ($1.501T; $1.367T). The loan allowance for credit losses was $14.458B, versus $14.407B and $14.311B, respectively. Total assets were $2.253T, down from $2.282T at Q2 end but up from $2.063T a year earlier. Period-end headcount was 194,369, down 2% sequentially and 8% year over year.

Equity, capital and liquidity

Total equity at Q3 end was $177.877B (Q2: $182.323B; Q3 2025: $183.012B); common stockholders’ equity was $158.804B ($164.981B; $164.687B). Tangible common equity, a non-GAAP measure, was $133.447B ($139.703B; $139.119B). Book value per common share was $52.91 and tangible book value per common share was $44.46. Goodwill and intangible-asset balances were not provided in this section.

Period-end common shares outstanding were 3,001.6M, versus 3,028.5M at Q2 end and 3,148.9M a year earlier. Average diluted shares were 3,051.5M in Q3 (3,074.6M in Q2; 3,223.5M in Q3 2025); the 9M average was 3,081.0M, versus 3,270.3M.

Standardized CET1 was 10.03% at Q3 end (10.26% in Q2; 10.99% in Q3 2025); Tier 1 capital was 11.28% (11.38%; 12.30%) and total capital 13.58% (13.72%; 14.79%). Advanced-approach CET1 was 11.78% (12.08%; 12.74%), Tier 1 capital 13.24% (13.40%; 14.25%) and total capital 15.06% (15.28%; 16.18%). Standardized risk-weighted assets were $1,341.3B ($1,342.3B; $1,242.4B); advanced-approach risk-weighted assets were $1,142.6B ($1,140.2B; $1,072.2B). The Tier 1 leverage ratio was 6.83% (6.94%; 7.71%), and the supplementary leverage ratio was 5.68% (5.78%; 6.42%). TLAC was 22.99% (22.81%; 24.62%). The liquidity coverage ratio was 122%, up from 119% in Q2 and 121% in Q3 2025. Capital ratios declined year over year, while liquidity coverage improved sequentially.

Wells Fargo — Q3 and 9M 2026

Wells Fargo reported approximately $2.3 trillion in assets and operated through four reportable segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

Earnings and revenue

Q3 2026 net income was $5.951 billion, up from $5.589 billion a year earlier. Net income applicable to common stock was $5.703 billion, from $5.341 billion, and diluted EPS was $1.87, versus $1.66. For 9M 2026, net income was $17.611 billion, from $15.977 billion; net income applicable to common stock was $16.863 billion, from $15.171 billion, and diluted EPS was $5.47, versus $4.64.

Q3 revenue increased 2% to $21.870 billion from $21.436 billion. Net interest income rose 5% to $12.517 billion from $11.950 billion, partly offset by noninterest income declining 1% to $9.353 billion from $9.486 billion. For 9M, revenue grew 6% to $65.938 billion from $62.407 billion: net interest income rose 5% to $36.930 billion from $35.153 billion, and noninterest income rose 6% to $29.008 billion from $27.254 billion.

Credit costs and expenses

Q3 provision for credit losses on loans, debt securities and other financial assets increased 51% to $1.029 billion from $681 million; net charge-offs were $983 million, versus $954 million. Noninterest expense declined 1% to $13.743 billion from $13.846 billion, as lower personnel expense more than offset higher technology, telecommunications and equipment costs.

For 9M, provision was $3.078 billion, versus $2.618 billion, while net charge-offs were $2.972 billion, versus $2.960 billion. Noninterest expense increased 2% to $41.734 billion from $41.116 billion, reflecting higher technology, telecommunications and equipment, and advertising and promotion costs, partly offset by lower other expense. Income tax expense was $1.161 billion in Q3, versus $1.300 billion, and $3.254 billion for 9M, versus $2.738 billion.

Lending, credit quality and deposits

Average loans grew, particularly commercial and industrial (C&I) and auto loans; average deposits also increased, led by interest-bearing deposits. At September 30, 2026, the loan allowance for credit losses (ACL) was $14.5 billion, up $121 million from December 31, 2025. Higher C&I and auto balances were partly offset by improved commercial real estate (CRE) credit performance. Loan allowance coverage declined to 1.38% from 1.45%. The 9M provision for loans was $3.1 billion, versus $2.6 billion, reflecting higher C&I and auto allowances partly offset by lower CRE allowances.

Q3 commercial net loan charge-offs increased to $281 million from $250 million, remaining 18 basis points of average commercial loans as C&I losses rose. Consumer net loan charge-offs were $702 million, versus $692 million, but fell to 70 basis points from 73 basis points of average consumer loans: higher auto losses were partly offset by lower credit-card and other consumer losses. Nonperforming assets were $7.4 billion at September 30, down $1.1 billion from December 31, mainly due to lower CRE nonaccrual loans, and represented 0.70% of total loans.

Capital and regulatory developments

At September 30, the Common Equity Tier 1 ratio under the binding Standardized Approach was 10.03%, above the 8.50% regulatory minimum and buffers. Total loss-absorbing capacity was 22.99% of risk-weighted assets, compared with a 21.50% minimum, and the liquidity coverage ratio was 122%, versus a 100% minimum.

Federal Reserve rules issued September 30, 2026, revise stress-test and stress capital buffer (SCB) processes with the stated aims of greater transparency and reduced capital-requirement volatility. Changes include annual public input on scenarios and material model changes; moving SCB effective dates from October 1 to January 1 beginning January 1, 2028, based on the 2027 stress test; and, from 2029, calculating SCB using the average capital-ratio decline in the prior two annual severely adverse tests plus four quarters of planned common dividends.

Wells Fargo — Management’s Discussion and Analysis

Overall results and drivers

Wells Fargo reported Q3 2026 net income of $5.951B ($1.87 diluted EPS), up from $5.589B ($1.66) in Q3 2025. Higher net interest income drove the improvement, partly offset by a $348M year-over-year increase in provision for credit losses. For the first nine months of 2026, net income was $17.611B ($5.47 diluted EPS), versus $15.977B ($4.64). The increase reflected approximately $1.8B growth in both net interest income and noninterest income, partly offset by $618M higher noninterest expense and $516M higher income tax expense.

Consolidated Q3 revenue was $21.870B, versus $21.436B; 9M revenue was $65.938B, versus $62.407B. Q3 noninterest expense declined to $13.743B from $13.846B, while 9M expense rose to $41.734B from $41.116B. Personnel expense was lower in Q3, reflecting reduced severance and efficiency actions, but technology and advertising costs increased. Technology expense was $1.492B versus $1.319B in Q3 and $4.346B versus $3.829B for 9M; advertising was $337M versus $295M in Q3 and $1.067B versus $742M for 9M.

Net interest income, balance sheet trends and fees

GAAP net interest income increased to $12.517B from $11.950B in Q3 and to $36.930B from $35.153B for 9M. Taxable-equivalent net interest margin nevertheless compressed to 2.43% from 2.61% in Q3 and 2.44% from 2.65% for 9M. Loan and securities growth, lower funding costs, Markets balance-sheet growth, and fixed-rate asset repricing supported net interest income. Lower floating-rate asset yields, growth in higher-cost deposits, and a slightly lower noninterest-bearing deposit balance weighed on results; the larger mix of lower-yielding Markets assets and interest-bearing deposits also pressured margin.

Q3 average interest-earning assets grew to $2.060T from $1.833T, including average loans of $1.033T from $928.677B. Average interest-bearing deposits rose to $1.132T from $984.197B, while noninterest-bearing deposits declined to $351.180B from $355.742B. The average yield on interest-earning assets fell to 4.63% from 4.88%, and the cost of interest-bearing liabilities declined to 2.75% from 2.94%.

Noninterest income was $9.353B versus $9.486B in Q3 and $29.008B versus $27.254B for 9M. Q3 advisory fees increased to $3.046B from $2.660B, supported by higher market valuations; deposit fees rose to $1.415B from $1.290B. Offsets included trading gains of $1.109B versus $1.408B, mortgage banking income of $164M versus $268M, and equity-security gains of $4M versus $149M. For 9M, advisory fees increased to $8.691B from $7.695B, investment banking fees to $2.629B from $2.311B, and equity-security results improved to a $1.023B gain from a $75M loss. Other income declined, partly reflecting prior-year transaction gains and the Q1 2026 rail-car leasing business sale. Merchant-services revenue has been included in card fees since the April 2025 joint-venture acquisition.

Q3 segment performance

Consumer revenue growth reflected deposit and loan balances and fees; its Q3 revenue included Consumer, Small and Business Banking $7.579B from $7.089B, Credit Card $1.710B from $1.663B, Home Lending $743M from $870M, Auto $341M from $256M, and Personal Lending $283M from $294M. Consumer provision was $791M, up 3%, with net charge-offs up 2% to $780M. Auto originations increased 15% to $10.1B and card purchase volume 12% to $45.0B. Credit-card 30+ day delinquency was 2.69% versus 2.68%; auto delinquency improved to 1.39% from 1.54%.

Commercial Banking benefited from higher loan and deposit balances, but provision rose to $240M from $39M, primarily due to a higher allowance for commercial and industrial loans. CIB’s stronger net interest income and investment banking fees (up 10% to $908M) were partly offset by trading revenue falling 23% to $1.053B, mainly from weaker fixed-income, currencies and commodities results. WIM’s higher advisory fees reflected market valuations, while larger loan and deposit balances and lower deposit costs supported net interest income. Company-wide client assets reached $2.739T, up from $2.473T; Q3 advisory net inflows were $3.6B versus $5.1B.

Nine-month and corporate developments

For 9M, revenue/net income were: Consumer Banking and Lending $30.942B from $29.243B / $6.986B from $5.925B; Commercial Banking $9.474B from $8.899B / $3.388B from $3.042B; CIB $15.711B from $14.616B / $6.062B from $5.644B; and WIM $11.871B from $10.516B / $1.608B from $1.275B. Corporate revenue was $(429)M versus $558M and net loss $(433)M versus $91M; eliminations were $(1.631)B versus $(1.425)B.

Corporate’s results reflected lower funding credits to operating segments as rates fell, reduced lease income following the rail-car sale, and comparison effects from prior-year gains. Its Q3 expense declined to $415M from $650M; 9M expense fell to $900M from $1.672B, helped by the sale and efficiency actions. Overall, loan growth supported net interest income but also contributed to higher allowance provisions in certain portfolios, while technology and marketing investment increased and efficiency initiatives helped contain costs.

Balance-sheet growth and lending

Wells Fargo’s total assets were $2.3T at September 30, 2026, up $104.7B from December 31, 2025. Total loans increased $61.946B (6%) to $1.048113T, from $986.167B.

• Commercial loans rose $47.250B (8%) to $647.145B, from $599.895B. Higher C&I originations and customer draws exceeded paydowns.
• Consumer loans rose $14.696B (4%) to $400.968B, from $386.272B. Growth in auto and securities-based lending was partly offset by declines in residential mortgages and credit cards.

Deposits and funding costs

Deposits grew $76.445B (5%) to $1.502652T, from $1.426207T. Interest-bearing deposits increased $76.147B (7%) to $1.136986T; noninterest-bearing deposits were nearly unchanged at $365.666B, compared with $365.368B. Growth reflected higher commercial customer balances and corporate-treasury CD issuance, partly offset by CD maturities. The average deposit cost rose to 1.56% in Q3 2026, from 1.44% in Q4 2025, signaling higher funding costs.

Investment securities

Combined AFS and HTM securities had $458.703B of amortized cost, net of credit-loss allowance, versus $423.798B at December 31, 2025; fair value was $405.128B, versus $389.370B. Net unrealized losses widened to $53.575B from $34.428B, primarily reflecting interest-rate changes.

• AFS securities, carried at fair value, had $266.119B of amortized cost and $255.772B of fair value, compared with $215.775B and $213.573B, respectively.
• HTM securities, carried at amortized cost net of allowance, had $192.584B of amortized cost and $149.356B of fair value, compared with $208.023B and $175.797B, respectively.

Purchases drove AFS growth, partly offset by paydowns, maturities, and sales. Weighted-average expected maturities were 7.4 years for AFS and 10.0 years for HTM securities. 99% of the combined portfolio was rated AA- or higher, a credit-quality strength alongside the material increase in interest-rate-related unrealized losses.

Off-Balance-Sheet Arrangements

Wells Fargo uses off-balance-sheet and notional transactions to support customer financing needs, manage credit, market and liquidity risks, and diversify funding. These arrangements include unfunded lending commitments, derivatives, transactions involving special-purpose entities (SPEs) and variable interest entities (VIEs), guarantees, and other commitments. This section provides no exposure amounts, so aggregate exposure cannot be assessed from the information summarized here.

• Unfunded credit commitments: These are legally binding lending agreements. Maximum credit risk is generally less than the contractual commitment because customers may not draw the funds or may be able to cancel. Wells Fargo monitors commitment size and maturity structure, including concentrations to individual customers and across its portfolio.
• Derivatives: Derivatives are recognized on the balance sheet at fair value. Their notional amounts, which generally are not exchanged, determine the basis for payments but are not themselves balance-sheet amounts and are not, in isolation, a meaningful measure of risk. Wells Fargo uses derivatives to manage interest-rate, commodity, equity-price, foreign-currency and credit exposures, and to meet customers’ risk-management needs.
• SPEs and VIEs: Wells Fargo enters into on- and off-balance-sheet transactions with special-purpose entities, generally in connection with securitizations; these entities are generally considered VIEs.
• Guarantees and other commitments: Guarantees include letters of credit, written options, recourse obligations, clearing-house guarantees and indemnifications. Other commitments include agreements to purchase securities under resale agreements.

Further details are referred to the filing’s notes on loans and credit losses, derivatives, securitizations and VIEs, and guarantees and other commitments.

Loan growth and portfolio mix

Wells Fargo’s loans grew 6.3% to $1.048113T at September 30, 2026, from $986.167B at December 31, 2025. Commercial loans increased to $647.145B from $599.895B, while consumer loans rose to $400.968B from $386.272B. C&I loans were the main commercial growth driver: C&I loans and lease financing reached $515.125B from $467.611B, or 49% of total loans versus 47%; related commitments increased to $962.505B from $913.521B. Growth reflected originations and draws, partly offset by paydowns.

Consumer balances showed divergent trends. Auto loans increased to $60.177B from $50.487B, and other consumer loans to $40.866B from $34.055B, driven in part by securities-based lending, which rose to $34.187B from $26.206B. Credit-card balances were nearly unchanged at $59.488B versus $59.540B. Together, credit-card, auto and other consumer loans totaled $160.531B versus $144.082B. Securities-based loans are collateralized by customers’ brokerage securities; the bank may require additional collateral if values decline and says expected credit risk is generally minimal.

Residential mortgage loans declined to $240.437B from $242.190B, representing 22% of total loans versus 25%; first liens were 97% of the portfolio. California first-lien mortgages were $109.575B, or 10% of total loans. Adjustable-rate mortgages increased to $76.7B from $70.8B, with most initial resets in 2028 or later. Mortgage lines of credit declined to $8.8B from $10.3B, and related unfunded commitments to $9.8B from $15.2B. Wells Fargo does not offer option ARMs or negative-amortization loans.

CRE loans were broadly stable at $132.020B versus $132.284B. Office loans were $18.643B, including $1.876B on nonaccrual, down from $21.958B at year-end 2025. Apartments and industrial/warehouse represented 27% and 22% of CRE loans, respectively; the five largest state exposures made up 52%. CRE unfunded commitments rose to $6.8B from $6.2B for mortgage and $9.8B from $9.2B for construction.

Credit quality, losses and reserves

Nonaccrual loans declined to $7.060B from $8.201B, or 0.67% of loans versus 0.83%, primarily as CRE nonaccruals fell to $2.716B from $3.879B. Commercial nonaccrual loans were $4.169B versus $5.266B and consumer nonaccruals $2.891B versus $2.935B. Foreclosed assets were $299M versus $302M, bringing total nonperforming assets to $7.359B versus $8.503B (0.70% versus 0.86% of loans). While commercial nonaccrual inflows were higher in 9M 2026 ($4.689B versus $3.233B), outflows also increased ($5.786B versus $3.392B). At September 30, 97% of commercial nonaccrual loans were secured; 74% were current on interest and 57% current on both principal and interest. 99% of consumer nonaccrual loans were secured, and 98% had LTV ratios of 80% or less.

Q3 2026 net loan charge-offs were $983M versus $942M, but the annualized rate improved to 0.38% from 0.40%. For 9M, charge-offs were $2.959B versus $2.948B, with the rate declining to 0.39% from 0.43%. Q3 commercial charge-offs rose to $281M from $250M, including C&I losses of $162M versus $131M; CRE losses were $107M in both periods. Consumer charge-offs were $702M versus $692M: higher auto losses ($84M versus $50M) were partly offset by lower credit-card losses ($554M versus $571M) and other-consumer losses ($79M versus $93M). For 9M, commercial charge-offs were $797M versus $708M and consumer charge-offs $2.162B versus $2.240B. Annualized commercial charge-off rates were unchanged at 0.18% in Q3 and 0.17% for 9M; consumer rates improved to 0.70% from 0.73% in Q3 and 0.74% from 0.80% for 9M.

Total allowance for credit losses, including unfunded commitments, increased to $14.458B from $14.337B. The loan-loss allowance was $13.819B versus $13.797B and the unfunded-commitment allowance $639M versus $540M. Commercial ACL was $7.428B versus $7.457B (C&I $5.081B versus $4.510B; CRE $2.128B versus $2.737B); consumer ACL was $7.030B versus $6.880B (credit card $4.962B versus $4.956B; auto $1.033B versus $817M; other consumer $508M versus $552M). ACL was 1.38% of loans versus 1.45%; coverage improved to 3.54x quarterly annualized charge-offs and 1.96x nonaccrual loans, from 3.45x and 1.68x at year-end. Higher C&I and auto reserves from loan growth were largely offset by lower CRE reserves.

The allowance incorporates weighted base and downside scenarios amid trade-policy uncertainty, inflation, slower growth, unemployment risk, CRE price declines and geopolitical uncertainty. The weighted forecast has unemployment rising from 4.5% in Q4 2026 to 5.5% in Q4 2027; real GDP growth is forecast at 0.4% in Q4 2026, -0.3% in Q2 2027 and 0.9% in Q4 2027. Home-price changes are forecast at -0.4%, -2.9% and -4.5%, and CRE asset-price changes at -0.2%, -5.9% and -6.8%, respectively. Management considers the $14.5B ACL appropriate but cautions that changing conditions could produce unanticipated incremental losses.

Concentrations and other risks

Criticized C&I and lease-financing exposure increased to $16.9B from $15.9B, mainly in technology, telecom and media, and equipment, machinery and parts manufacturing. Financials other than banks remained the largest industry grouping, with $200.884B of loans and $304.458B of commitments, versus $181.692B and $293.715B. Credit derivatives hedging certain loans had $11.3B notional versus $8.2B; they are not deducted from reported commitments. Criticized CRE mortgage loans declined to $10.6B from $13.4B and construction loans to $1.0B from $1.7B, primarily reflecting office and apartment exposures.

Non-U.S. loans were $86.2B, about 8% of consolidated loans, versus $86.7B, about 9%; they were about 4% of assets at both dates. The U.K. was the largest single foreign-country exposure at $35.9B, including $4.6B of sovereign exposure and Bank of England deposits. Top-20 country exposure was $130.615B versus $132.847B, including $82.0B to central banks and financial institutions. Foreign exposures carry economic, political, legal and transfer risks.

Mortgage servicing may require advances of delinquent principal and interest, with reimbursement timing governed by investor agreements. Certain arrangements give the bank an option to repurchase loans after specified delinquency, such as three missed payments, requiring recognition of the loan and a corresponding liability when the option exists. The filing also highlights that advances in AI may enable identification and exploitation of previously unknown cybersecurity vulnerabilities.

Market risk and interest-rate sensitivity

Wells Fargo’s estimated next-12-month net interest income (NII) sensitivity improved across the reported scenarios compared with December 31, 2025. A parallel +100 bp shock is estimated to increase NII by $1.5B, versus $1.9B previously; −100 bp would reduce it by $1.9B, versus $2.3B; and −200 bp would reduce it by $4.0B, versus $5.3B. Under a steeper curve, +100 bp in long rates adds $0.3B, versus $0.5B, while −100 bp in short rates reduces NII by $1.5B, versus $1.8B. Under a flatter curve, +100 bp in short rates adds $1.3B, versus $1.4B, while −100 bp in long rates reduces NII by $0.3B, versus $0.4B.

The sensitivity reflects expected balance-sheet composition: assets are expected to reprice faster and more than liabilities, so rising rates are expected to benefit NII and falling rates to hurt it. Actual outcomes may differ, particularly because of deposit repricing lags, customer behavior, deposit mix, and market funding needs; the analysis excludes Markets trading NII.

The company uses interest-rate derivatives and its debt-securities portfolio to manage exposures, including converting selected cash flows between fixed and floating rates, reducing AFS securities’ AOCI sensitivity, and hedging mortgage pipelines, funded mortgage loans, and mortgage servicing rights (MSRs). Higher rates can reduce AOCI and regulatory capital through AFS fair-value losses. Mortgage banking income and the fair values of MSRs, loans held for sale, and mortgage rate locks are also rate-sensitive, with effects that may lag market changes and move opposite to NII. Mortgage origination and servicing bring market, credit, and liquidity risks; loan sales and securitizations can reduce credit and liquidity exposure.

For Q3 2026, average 1-day, 99% Trading General VaR was $32M (low $31M, high $33M). Average VaR by category was credit $15M (Q3 2025: $21M), interest rate $16M ($5M), equity $27M ($20M), commodity $4M ($3M), and foreign exchange $1M ($7M). Average diversification benefit was $31M, compared with $30M in Q2 2026 and $23M in Q3 2025. The year-over-year increases in interest-rate and equity VaR indicate greater measured exposure in those categories; VaR is supplemented by sensitivity analysis and stress testing.

Liquidity and funding

Wells Fargo and Wells Fargo Bank, N.A. exceeded the minimum 100% LCR requirement. The company’s average LCR was 122% in Q3 2026, versus 119% in Q2 2026 and 121% in Q3 2025. Average HQLA was $432.461B—$154.054B of eligible cash and $278.407B of eligible securities—compared with $414.240B in Q2 2026 and $381.075B in Q3 2025. Average projected net cash outflows were $353.567B, versus $347.085B and $315.355B, respectively. HQLA excludes excess liquidity at certain subsidiaries that is not transferable to other Wells Fargo entities. The company also reported compliance with the NSFR as of September 30, 2026.

Available liquidity sources totaled $970.319B at September 30, 2026, down from $979.679B at June 30, 2026 but up from $866.088B at September 30, 2025. Primary sources were $541.070B, comprising $136.189B of central-bank deposits and $404.881B of high-quality liquid debt securities at fair value, including unencumbered securities. Contingent sources were $429.249B of borrowing capacity from pledged loans and other assets, net of haircuts. Separately, stated Federal Reserve Discount Window and FHLB capacity was approximately $706.1B, including $276.8B related to pledged high-quality liquid securities and $429.3B related to pledged loans and other debt securities; these capacities overlap with the liquidity-source categories and should not be added to them.

Deposits remain a sizable, relatively low-cost funding source. Loans were 70% of total deposits at September 30, 2026, versus 69% at December 31, 2025. Other funding sources include parent-issued long-term debt and equity, subsidiary deposits, short-term borrowing, and capital-market issuance. Short-term funding generally matures in less than 30 days and can vary with Markets client activity and financing needs.

Long-term debt and credit ratings

Long-term debt carrying value was $182.851B at September 30, 2026, up $8.139B (4.66%) from $174.712B at December 31, 2025. Parent-company debt was $155.673B (from $153.748B); Bank debt was $22.493B (from $19.236B); and debt of other consolidated subsidiaries was $4.685B (from $1.728B). Parent debt included $142.354B of senior debt and $12.467B of subordinated debt. Bank debt included $12.635B of senior debt and $4.928B of credit-card securitizations. Debt proceeds are generally used for corporate purposes; the company may redeem or repurchase debt depending on market conditions and liquidity.

Contractual maturities were $9.349B for the remainder of 2026, $13.581B in 2027, $26.990B in 2028, $24.215B in 2029, $17.347B in 2030, and $91.369B thereafter—about half of total debt. Maturities are based on contractual payment dates.

On September 29, 2026, S&P upgraded Wells Fargo & Company’s long-term rating to A- from BBB+ and changed its outlook to stable from positive. It affirmed the Parent’s short-term rating and Wells Fargo Bank, N.A.’s long- and short-term ratings; no other agency actions occurred in Q3 2026. At September 30, 2026, Parent ratings were Moody’s A1 / P-1, S&P A- / A-2, and Fitch A+ / F1; Bank ratings were Moody’s Aa2 / P-1, S&P A+ / A-1, and Fitch AA- / F1+ (long-term / short-term). Debt securities have no credit-rating covenants, but downgrades could affect liquidity and operations; certain derivatives may require additional collateral or funding if ratings fall below investment grade.

Capital position and regulatory requirements

At September 30, 2026, Wells Fargo remained above regulatory capital minimums, but capital ratios declined from December 31, 2025 as higher risk-weighted assets (RWAs) and a negative accumulated other comprehensive income (AOCI) movement outweighed retained earnings. The Standardized Approach remained the binding risk-based capital framework.

• Standardized Approach capital: CET1 was $134.561B, down from $137.346B; Tier 1 capital was $151.246B, down from $153.567B; and total capital was $182.170B, down from $184.682B.
• Capital ratios: Standardized CET1 was 10.03% (10.61% at year-end 2025), Tier 1 was 11.28% (11.86%), and total capital was 13.58% (14.27%). Minimum ratios to avoid distribution and discretionary-bonus restrictions were 8.50% CET1, 10.00% Tier 1, and 12.00% total capital.
• Advanced Approach: Total capital was $172.114B, versus $174.617B at year-end 2025. September 30, 2026 ratios were 11.78% CET1, 13.24% Tier 1, and 15.06% total capital. More limited recognition of eligible credit-loss allowances in Tier 2 under this approach contributes to lower qualifying total capital.
• RWAs: Standardized RWAs increased $46.710B to $1,341.319B from $1,294.609B. Credit-risk RWAs rose $47.624B to $1,291.079B, while market-risk RWAs declined $0.914B to $50.240B. Advanced RWAs rose $30.051B to $1,142.584B, comprising $810.581B credit risk, $50.240B market risk, and $281.763B operational risk.

Over 9M 2026, CET1 declined $2.785B, from $137.346B to $134.561B. Common net income added $16.863B; common dividends reduced capital by $4.266B; common stock issuance, repurchases, and stock-compensation-related items reduced it by $8.603B; AOCI changes reduced it by $9.839B; and other items added $2.985B.

Equity, returns, and capital distributions

At September 30, 2026, total equity was $177.877B, common stockholders’ equity was $158.804B, and non-GAAP tangible common equity (TCE) was $133.447B, compared with $139.703B at June 30, 2026 and $139.119B at September 30, 2025. TCE deductions included $24.963B of goodwill, $0.701B of identifiable intangible assets other than mortgage servicing rights, and $0.759B of goodwill and other intangibles on venture-capital investments, partly offset by $1.066B of applicable deferred taxes.

Common shares outstanding were 3,001.6M at September 30, 2026, versus 3,028.5M at June 30, 2026 and 3,148.9M a year earlier. Tangible book value per share was $44.46, compared with $46.13 and $44.18, respectively.

Q3 2026 net income applicable to common stock was $5.703B, versus $6.160B in Q2 2026 and $5.341B in Q3 2025; 9M 2026 was $16.863B, compared with $15.171B in 9M 2025. ROTCE was 16.27% in Q3 2026 (17.73% in Q2 2026; 15.19% in Q3 2025) and 16.16% for 9M 2026 (14.65% in 9M 2025).

During 9M 2026, the company issued $1.0B of common stock, substantially all for employee compensation and benefits; repurchased 112M shares for $9.6B; and paid $5.0B of common and preferred dividends. It issued Series HH preferred stock in August. About $20.2B remained under the Board’s $40B repurchase authorization announced in April 2025. Repurchases may vary in price and timing, occur without advance public notice, or be suspended; employee-plan purchases also reduce the authorization. The company cites earnings, liquidity, capital needs, stress-test results, market conditions, and legal or regulatory considerations as factors affecting repurchases.

Leverage, loss-absorption, and regulatory outlook

At September 30, 2026, the company’s supplementary leverage ratio (SLR) was 5.68%, its Tier 1 leverage ratio was 6.83%, total leverage exposure was $2,662.320B, and Tier 1 capital was $151.246B. Each insured depository institution exceeded its applicable SLR and Tier 1 leverage requirements. Total loss-absorbing capacity was $308.387B, or 22.99% of RWAs, versus a regulatory minimum of $145.182B, or 21.50%. Eligible unsecured long-term debt was $145.182B, or 10.82% of RWAs, against a minimum equivalent of $100.575B, or 7.50%.

The current 2.50% stress capital buffer remains in effect through December 31, 2027. Beginning January 1, 2029, the Federal Reserve plans to calculate the buffer using the average capital-ratio decline in the prior two annual stress tests plus four quarters of planned common dividends. The countercyclical buffer was 0.00%, and the 2026 G-SIB surcharge was 1.50%. A March 2026 proposal would replace the current Standardized and Advanced RWA frameworks with an Expanded Risk-Based Approach; a separate proposed G-SIB surcharge methodology change is not expected by Wells Fargo to significantly change its current surcharge. Regulatory changes and ongoing U.S. financial-services oversight could affect capital requirements, distributions, business constraints, and compliance costs.

Critical accounting estimates

Five critical accounting policies involve subjective and uncertain estimates that could materially affect reported results or financial position: the allowance for credit losses, fair value measurements, income taxes, legal-action liabilities, and goodwill impairment. Management reviewed these judgments with the Board Audit Committee.

Accounting developments

Wells Fargo has several issued accounting standards that are not yet effective. The company has not quantified their financial impacts. It expects no material effect on its consolidated financial statements for standards where it has stated an expectation; the effects of the expense-disaggregation and internal-use software standards remain under evaluation.

• ASU 2024-03 — Expense disaggregation: Effective for FY2027 annual statements and interim periods beginning in 2028; early adoption is permitted. It requires tabular note disclosure of certain income-statement expenses, including total selling expenses, and an annual definition of selling expenses. Wells Fargo is evaluating the disclosure impact.
• ASU 2025-06 — Internal-use software: Effective January 1, 2028; early adoption is permitted. It replaces project-stage criteria with capitalization when management authorizes and funds a project and completion and intended use are probable. The impact is under evaluation, though Wells Fargo does not expect a material effect on its consolidated financial statements.
• ASU 2025-07 — Derivatives and customer share-based noncash consideration: Effective January 1, 2027; early adoption is permitted. It adds a derivatives scope exception for contracts tied to a party’s operations or activities, including certain ESG-linked instruments, and clarifies accounting for share-based noncash consideration received from customers. Wells Fargo is evaluating the standard and expects no material impact.
• ASU 2025-08 — Purchased loans: Effective January 1, 2027; early adoption is permitted. It expands the credit-loss gross-up approach to qualifying purchased seasoned loans that are not purchased credit-deteriorated loans, including specified acquisitions made more than 90 days after origination without purchaser involvement in origination. Wells Fargo is evaluating the standard and expects no material impact.
• ASU 2025-09 — Hedge accounting: Effective January 1, 2027; early adoption is permitted. It aligns hedge accounting with risk-management economics, principally affecting cash-flow hedges and certain fair-value and net-investment hedges. Wells Fargo is evaluating the standard and expects no material impact.
• ASU 2025-10 — Government grants: Effective January 1, 2029; early adoption is permitted. It establishes recognition, measurement, and presentation guidance; grant recognition requires probable compliance with conditions and probable receipt. Wells Fargo expects no material impact.
• ASU 2026-02 — Environmental credits and obligations: Effective January 1, 2028; early adoption is permitted. It establishes recognition, measurement, presentation, and disclosure guidance. Wells Fargo expects no material impact.

Overall, the standards primarily introduce disclosure requirements or changes to accounting methods; the company expects no material consolidated financial-statement impact for those standards for which it has provided an expectation.

Forward-Looking Statements

Wells Fargo’s forward-looking statements address expectations for future financial performance and expenses; efficiency; credit losses and allowance assumptions; net interest income and margin; loan growth; capital and liquidity; legal and regulatory outcomes; dividends and share repurchases; returns and taxes; and strategic and sustainability goals. These statements are expectations, not guarantees. Actual results may differ materially, and Wells Fargo disclaims a general obligation to update them.

Principal risks and uncertainties

• Economic, credit, and market conditions: Economic weakness or falling residential and commercial real estate prices could affect credit outcomes. Interest-rate movements and changes in deposit mix could alter funding costs and net interest margin. Market disruption could restrict or raise the cost of funding, impair loan sales or securitizations, reduce asset values, or result in impairments. Stock-market declines could also reduce investment-banking and brokerage and wealth-management fees.
• Capital, liquidity, and expenses: Capital generation, liquidity, regulatory capital requirements, and expense targets are subject to operating cyclicality, business mix and growth, acquisitions, and unexpected litigation or regulatory costs.
• Legal and regulatory matters: Existing or new legislation and regulation, unresolved regulatory matters, litigation, and cases involving customer financial harm could lead to costs, fines, penalties, business restrictions, retention challenges for customers or employees, and reputational damage.
• Operations and technology: Operational or cybersecurity failures at Wells Fargo or third parties, as well as technological change—including developments in artificial intelligence and digital assets—could adversely affect the company.
• Capital distributions: Dividends and repurchases depend on earnings, cash needs, customer activity, capital requirements and targets, supervisory stress-test results, market conditions, and legal or regulatory constraints, including potential Federal Reserve approval or conditions.

Wells Fargo may also provide forward-looking non-GAAP targets, including return on average tangible common equity and net interest income excluding Markets. It says it cannot reconcile these targets to GAAP without unreasonable effort because forecast components and their timing are difficult to quantify; the unavailable information could be significant. This section provides no current-period financial metrics or quantified changes from prior periods.

Controls and Procedures

Management, including the CEO and CFO, concluded that Wells Fargo’s disclosure controls and procedures were effective as of September 30, 2026. No change during Q3 2026 materially affected, or was reasonably likely to materially affect, internal control over financial reporting. The filing cautions that controls have inherent limitations: they may not prevent or detect every misstatement and may become inadequate as conditions or compliance requirements change.

Wells Fargo — financial statements, quarter and nine months ended September 30, 2026

Earnings and revenue

Q3 2026 total revenue was $21.870B, up from $21.436B in Q3 2025; 9M revenue was $65.938B, up from $62.407B. Net interest income increased to $12.517B from $11.950B in Q3 and $36.930B from $35.153B in 9M. Noninterest income was $9.353B from $9.486B in Q3 and $29.008B from $27.254B in 9M.

Wells Fargo net income was $5.951B from $5.589B in Q3 and $17.611B from $15.977B in 9M. Net income applicable to common stock was $5.703B from $5.341B in Q3 and $16.863B from $15.171B in 9M. Diluted EPS rose to $1.87 from $1.66 in Q3 and $5.47 from $4.64 in 9M.

Q3 noninterest-income categories showed strength in deposit and lending fees ($1.835B from $1.674B), investment advisory and asset-based fees ($3.046B from $2.660B), investment banking fees ($894M from $840M) and card fees ($1.274B from $1.223B). Mortgage banking declined to $164M from $268M; trading and securities gains to $1.084B from $1.557B; and other noninterest income to $386M from $613M.

Credit costs, expenses and funding costs

Provision for credit losses rose to $1.029B from $681M in Q3 and $3.078B from $2.618B in 9M, a material earnings pressure alongside revenue growth. Noninterest expense was $13.743B from $13.846B in Q3 and $41.734B from $41.116B in 9M. Q3 personnel expense fell to $8.745B from $9.021B, while technology expense increased to $1.492B from $1.319B and advertising to $337M from $295M.

Total interest expense increased to $11.391B from $10.469B in Q3 and $32.707B from $29.559B in 9M. Q3 deposit interest expense was $5.845B from $5.188B, while long-term debt interest expense declined to $2.427B from $2.593B. Cash paid for interest in 9M was $31.897B, versus $29.695B.

Balance sheet, capital and comprehensive income

At September 30, 2026, total assets were $2.253291T, versus $2.148631T at December 31, 2025; total equity was $177.877B, versus $183.038B. Goodwill was $24.963B, versus $24.967B. The balance sheet does not present a separate line for intangible assets other than goodwill. Wells Fargo stockholders’ equity was $175.760B, and preferred stock carrying value was $17.098B. Accumulated other comprehensive loss widened to $16.512B from $6.673B.

Deposits increased to $1.502652T from $1.426207T. Gross loans were $1.048113T, versus $986.167B, with an allowance for loan losses of $13.819B, versus $13.797B. Long-term debt rose to $182.851B from $174.712B and short-term borrowings to $38.192B from $18.323B.

Q3 other comprehensive loss, net of tax, was $8.235B, compared with income of $1.719B in Q3 2025; 9M OCI loss was $9.839B, versus income of $4.529B. Debt securities and derivatives/hedging drove the deterioration. Q3 comprehensive loss attributable to Wells Fargo was $2.284B, compared with comprehensive income of $7.308B; 9M comprehensive income was $7.772B, versus $20.506B.

Cash flows, shareholder returns and shares

9M net cash provided by operating activities was $24.785B, compared with cash used of $23.122B in 9M 2025. Investing cash outflow was $103.900B, versus $102.325B, including $72.404B of net loan originations ($35.605B prior year) and $97.377B of AFS securities purchases ($57.895B). Financing cash inflow was $85.882B, versus $96.061B; deposits provided $76.450B, compared with a $4.443B outflow. No conventional capital-expenditure line is reported.

9M common stock repurchases were $9.591B in the equity statement ($9.515B cash-flow amount), versus $12.623B ($12.516B) in 9M 2025. Common dividends were $4.339B in retained earnings and $4.261B cash paid, versus $4.114B and $4.036B. The company issued $4.000B of preferred stock and redeemed $3.510B during 9M. Stock-based compensation was $1.303B, versus $1.238B.

Common shares outstanding, based on issued shares less treasury shares, were approximately 3.0016B at September 30, 2026, versus 3.0926B at December 31, 2025. Average diluted shares were 3.0515B from 3.2235B in Q3 and 3.0810B from 3.2703B in 9M. Certain prior-period trading and short-term borrowing items were revised to conform to the 2025 presentation change.

Consolidated assets included $18.4B in VIEs usable only to settle those entities’ liabilities, versus $13.8B at year-end 2025. VIE liabilities without creditor recourse to Wells Fargo were $6.3B, versus $4.0B.

Significant Accounting Policies

Wells Fargo’s accounting policies were unchanged during the first nine months of 2026, and it adopted no accounting standards during that period. Its GAAP estimates depend on future economic and market conditions—including unemployment, market liquidity, and real-estate prices. Actual conditions may differ from management’s assumptions and could materially affect results and financial condition. Significant estimates include allowances for credit losses, fair-value measurements, income taxes, liabilities for legal actions, and goodwill impairment.

In Q4 2025, Wells Fargo changed the presentation of certain balance-sheet items, including trading assets and liabilities and short-term borrowings, and made corresponding income-statement presentation changes, including for prior periods. The Company identified no material subsequent events requiring recognition or disclosure after September 30, 2026.

Wells Fargo debt securities

Portfolio size, mix, and valuation

At September 30, 2026, available-for-sale (AFS) securities had amortized cost of $266.119B, including a $(970)M portfolio-level hedge basis adjustment, and fair value of $255.772B. Held-to-maturity (HTM) securities had amortized cost, net of allowance for credit losses (ACL), of $192.584B and fair value of $149.356B. Combined amortized cost was $458.703B versus fair value of $405.128B, a net unrealized shortfall of $53.575B. At December 31, 2025, combined amortized cost was $423.798B, fair value was $389.370B, and the shortfall was $34.428B.

The mix shifted toward AFS: AFS amortized cost increased to $266.119B from $215.775B, and fair value to $255.772B from $213.573B. HTM amortized cost declined to $192.584B from $208.023B, and fair value to $149.356B from $175.797B. Federal agency mortgage-backed securities (MBS) were the largest exposure: AFS amortized cost was $148.858B and fair value $138.582B; HTM amortized cost was $167.865B and fair value $131.282B.

Unrealized losses

AFS gross unrealized losses rose to $11.684B at September 30, 2026, from $3.991B at year-end 2025. Agency MBS accounted for $10.318B of current AFS gross losses, compared with $3.389B at year-end; their current fair value of $138.582B was below amortized cost of $148.858B. AFS securities in a continuous loss position had fair value of $186.884B and gross losses of $11.684B, versus fair value of $63.317B and losses of $3.991B at year-end. Of current losses, $5.852B related to securities in a loss position for 12 months or more, with fair value of $34.486B; $5.832B related to securities in a loss position for less than 12 months, with fair value of $152.398B. HTM agency MBS had a fair-value shortfall of $36.583B against amortized cost, up from $27.353B at year-end.

Interest income, realized results, and credit losses

Q3 2026 AFS and HTM interest income totaled $3.938B, up from $3.578B in Q3 2025. AFS interest income was $2.867B from $2.319B; HTM interest income was $1.071B from $1.259B. For 9M 2026, total interest income was $11.190B, compared with $10.354B in 9M 2025: AFS contributed $7.841B from $6.407B, while HTM contributed $3.349B from $3.947B.

Net realized AFS losses were $29M in Q3 2026 versus zero in Q3 2025, and $28M in 9M 2026 versus $147M in 9M 2025. Q3/9M 2026 included gross realized gains of $46M/$142M and gross losses of $75M/$170M. There were no impairment write-downs in 2026, compared with $33M in 9M 2025. Credit-loss provision was a $4M benefit in Q3 2026 versus a $6M benefit in Q3 2025, and a $5M benefit in 9M 2026 versus a $1M benefit in 9M 2025.

Credit quality, maturities, and interest-rate exposure

At September 30, 2026, 99% of both AFS fair value and HTM amortized cost was investment grade; 99% of the portfolio was rated AA- or above, unchanged from year-end. Among other debt securities, investment-grade ratings covered 89% of AFS and 61% of HTM, versus 91% and 59% at year-end. Past-due and nonaccrual securities and net charge-offs were insignificant. Wells Fargo stated it did not intend, and was not more likely than not required, to sell securities with unrealized losses before recovery of amortized cost. AFS ACL was $0 versus $23M at year-end; HTM ACL was $88M versus $95M.

Weighted-average yields at September 30 were 4.36% for AFS and 2.39% for HTM. Contractual maturities were concentrated at the long end: $154.615B of AFS and $187.186B of HTM amortized cost were due after ten years, largely reflecting agency MBS. Actual MBS maturities can differ from contractual schedules because borrowers may prepay. HTM purchases, entirely non-agency MBS, were $40M in Q3 2026 versus $33M in Q3 2025, and $143M in 9M 2026 versus $139M in 9M 2025; there were no transfers into HTM.

Loans, commitments and portfolio mix

Total loans were $1.04811T at September 30, 2026, up $61.946B (6.3%) from $986.167B at December 31, 2025. Commercial loans grew to $647.145B from $599.895B, led by C&I, which rose to $499.337B from $452.068B. CRE was nearly flat at $132.020B from $132.284B, and lease financing was $15.788B from $15.543B.

Consumer loans increased to $400.968B from $386.272B. Auto loans rose to $60.177B from $50.487B, and other consumer loans to $40.866B from $34.055B; residential mortgage declined to $240.437B from $242.190B, while credit card was essentially unchanged at $59.488B versus $59.540B. Securities-based loans accounted for $34.2B of other consumer loans, up from $26.2B at year-end; substantially all other-consumer loans without FICO scores are revolving securities-based loans. Non-U.S. commercial loans were $86.100B versus $86.647B.

Net loan sales and transfers to held-for-sale increased to $1.814B in Q3 2026 from $639M in Q3 2025, and $6.430B for 9M 2026 from $3.341B for 9M 2025. Loan purchases were $102M in Q3 from $392M and $741M for 9M from $980M.

Unfunded credit commitments reached $681.888B, up from $666.735B at year-end. Commercial commitments were $463.978B versus $461.279B and consumer commitments $217.910B versus $205.456B. Credit card commitments rose to $198.001B from $180.563B, while residential mortgage commitments fell to $12.464B from $17.496B (including mortgage lines of credit of $9.8B versus $15.2B). These are contractual maximums; actual exposure may be lower, and unconditionally cancellable commitments have no ACL.

Allowance and credit performance

The loan ACL was $14.458B at September 30, 2026, up $121M from $14.337B at December 31, 2025, and above $14.311B a year earlier. The allowance comprised $13.819B for loan losses and $639M for unfunded commitments, versus $13.744B and $567M, respectively, at September 30, 2025. Management attributed the increase since year-end to higher C&I and auto balances, partly offset by a lower CRE allowance.

Provision expense was $1.033B in Q3 2026 versus $687M in Q3 2025, and $3.083B for 9M 2026 versus $2.619B. Q3 included $720M of consumer and $313M of commercial provision, compared with $719M of consumer and a $32M commercial provision benefit in Q3 2025. Net loan charge-offs were $983M in Q3 versus $942M, and $2.959B for 9M versus $2.948B. Annualized net charge-offs as a share of average loans improved to 0.38% in Q3 from 0.40% and 0.39% for 9M from 0.43%. Despite loan growth and higher provision, allowance coverage declined: loan-loss allowance was 1.32% of total loans versus 1.46% a year earlier, and total loan ACL was 1.38% versus 1.52%.

Nonaccrual loans declined to $7.060B from $8.201B at year-end; balances without a related allowance fell to $2.273B from $2.619B. CRE nonaccruals improved to $2.716B from $3.879B, while C&I rose to $1.372B from $1.312B; consumer nonaccruals were $2.891B versus $2.935B. Interest recognized on nonaccrual loans was $165M for 9M 2026 versus $203M in the prior-year period.

Commercial criticized loans fell to $28.517B from $31.006B, reflecting CRE’s decline to $11.625B from $15.058B, partly offset by C&I’s increase to $15.528B from $14.624B. Commercial nonaccrual improvement was also concentrated in CRE. However, commercial loans 90+ days past due but still accruing rose to $923M from $371M—including C&I at $281M from $120M and CRE at $642M from $251M. Total 90+ day accruing loans were $2.892B versus $3.000B; excluding government-insured or guaranteed loans, they increased to $1.833B from $1.312B.

Consumer indicators were mixed. Mortgage 30+ day delinquencies were $1.528B versus $1.491B; credit card 90+ day delinquencies improved to $781M from $813M. Auto 30+ day delinquencies were $841M, including $62M 90+ days. The residential mortgage portfolio included $213.965B with updated FICO scores of 740+; balances above 100% LTV were $182M. Mortgage loans in foreclosure declined to $436M from $525M, including government-insured or guaranteed loans of $306M versus $383M.

Loan modifications and other credit details

C&I modifications increased to $650M in Q3 2026 from $408M and $1.232B for 9M from $801M. CRE modifications fell to $149M in Q3 from $1.174B and $599M for 9M from $2.095B. Loans modified in the prior 12 months totaled $2.403B at September 30, 2026, versus $3.614B a year earlier; $228M was 90+ days delinquent versus $219M. Related gross charge-offs declined to $46M in Q3 and $90M for 9M, from $104M and $205M, respectively; subsequent defaults on recently modified commercial loans were described as insignificant.

Residential mortgage modifications were $274M in Q3 versus $327M and $618M for 9M versus $717M. Credit card modifications were $267M versus $290M in Q3 and $713M versus $742M for 9M. Modified consumer loans subsequently defaulting totaled $110M in Q3 and $270M for 9M, versus $139M and $206M in 2025. Modified consumer loans 90+ days delinquent increased to $391M from $177M, driven by residential mortgage at $311M versus $88M; related consumer gross charge-offs declined to $66M in Q3 and $153M for 9M, from $80M and $215M. During 9M 2026, Wells Fargo reversed $31M of commercial and $275M of consumer accrued interest through interest income, versus $42M and $284M in 9M 2025.

Equity securities and related assets

Wells Fargo’s non-trading equity securities had a carrying value of $42.245B at September 30, 2026, up $1.313B (3.2%) from $40.932B at December 31, 2025. The portfolio comprised:

• Tax credit investments: $21.490B, from $21.395B. Affordable-housing investments were $11.0B, down from $11.6B, while renewable-energy investments were $10.2B, up from $9.6B. Renewable-energy balances are net of $1.7B of deferred investment tax credits at both dates.
• Private equity: $13.780B, from $13.206B, including $10.3B of measurement-alternative securities at September 30, 2026, predominantly venture-capital investments, compared with $9.8B at year-end.
• Securities carried at fair value: $1.861B, from $2.008B. Securities subject to sale lockups were $250M, versus $218M.
• Federal Reserve Bank stock and other investments carried at cost: $5.114B, from $4.323B. Federal Home Loan Bank stock rose to $1.5B from $762M, while Federal Reserve Bank stock remained $3.5B.

Equity-security gains were markedly stronger year to date but nearly flat in Q3. Q3 2026 net gains were $4M, versus $149M in Q3 2025: fair-value securities recorded a $97M loss versus a $103M gain, partly offset by $101M of gains on securities not carried at fair value versus $46M. For 9M 2026, net gains were $1.023B, compared with a $75M loss in 9M 2025. Securities not carried at fair value contributed $1.038B of gains versus a $138M loss; fair-value securities recorded a $15M loss versus a $63M gain. These amounts are reported in net gains from trading and securities and exclude equity-method earnings adjustments.

Measurement-alternative securities were a significant source of the year-to-date improvement: recognized net gains were $107M in Q3 2026 versus $40M in Q3 2025, and $919M in 9M 2026 versus a $104M loss in 9M 2025. The 9M 2026 result included $936M of gross unrealized gains from observable price changes, $421M of impairment write-downs, and $404M of realized gains from sales. For measurement-alternative securities still held at September 30, cumulative adjustments included $7.926B of gross unrealized gains, $101M of gross unrealized losses, and $3.675B of impairment write-downs—substantial accumulated gains alongside material impairment and valuation exposure.

Goodwill and other assets

Goodwill was $24.963B at September 30, 2026, essentially unchanged from $24.967B at December 31, 2025; the $4M decrease reflected foreign-currency translation. It was concentrated in Consumer Banking and Lending ($16.418B), Corporate and Investment Banking ($5.274B), and Commercial Banking ($2.927B).

Other assets increased to $90.583B from $81.297B. Accounts receivable rose to $25.056B from $19.651B, and “Other” assets increased to $24.194B from $15.578B. Wells Fargo completed the rail-car leasing business sale in January 2026, including $1.0B of finance leases classified as loans held for sale and $4.3B of operating leases. Operating lease assets (lessor) declined to $690M from $4.999B, while loans held for sale fell to $3.792B from $4.482B. Other assets include intangible assets, but their carrying value is not specified here; estimated intangible amortization is $31M for the remainder of 2026 and $125M annually for 2027–2031.

Mortgage banking

At September 30, 2026, total mortgage servicing rights (MSRs) were $6.069B, down from $6.785B a year earlier. Residential MSRs measured at fair value were $5.487B (vs. $6.167B); commercial MSRs carried at amortized cost were $582M (vs. $618M). Commercial MSRs’ estimated fair value was $809M, up from $728M.

Residential MSR fair value rose $250M in Q3 2026, compared with a $94M decline in Q3 2025; for 9M 2026 it rose $84M, compared with a $459M decline in 9M 2025. In 9M 2026, positive changes from market rates ($462M) and other valuation inputs ($120M) were partly offset by $479M of reductions as expected cash flows were collected or realized. Because market-rate exposure is economically hedged with derivatives, MSR valuation changes should be considered together with hedge results.

Mortgage banking noninterest income was $164M in Q3 2026, down from $268M, and $621M in 9M 2026, down from $830M:

• Net servicing fees: $62M vs. $59M in Q3; $209M vs. $259M in 9M. Components, in Q3 and 9M respectively: contractually specified, late and ancillary fees were $276M vs. $347M and $876M vs. $1.120B; unreimbursed servicing costs were $(22)M vs. $(60)M and $(75)M vs. $(163)M; commercial MSR amortization was $(37)M vs. $(36)M and $(113)M vs. $(121)M; and reductions from collection or realization of expected residential MSR cash flows were $(155)M vs. $(192)M and $(479)M vs. $(577)M.
• Residential MSR valuation changes related to markets, net of hedge results: +$15M vs. +$100M in Q3 and +$92M vs. +$246M in 9M. These net figures reflected substantial offsets: market-rate MSR changes were +$379M vs. +$1M in Q3 and +$462M vs. $(124)M in 9M; net derivative hedge results were $(390)M vs. +$2M and $(471)M vs. +$128M; other valuation-input changes were +$26M vs. +$97M and +$101M vs. +$242M.
• Net gains on mortgage loan originations and sales: $87M vs. $109M in Q3 and $320M vs. $325M in 9M. These included economic-hedge derivative gains of $87M in Q3 and $116M in 9M 2026, compared with losses of $6M and $20M in the corresponding 2025 periods.

Residential MSR fair value was $5.487B at September 30, 2026, compared with $5.696B at December 31, 2025. Over that period, expected weighted-average life increased to 6.5 from 6.3 years, the prepayment rate fell to 7.2% from 8.0%, the discount rate rose to 10.3% from 9.1%, and servicing cost declined to $82 from $96 per loan. At September 30, hypothetical adverse sensitivities were $(139)M/$(336)M for prepayment assumptions 10%/25% worse, $(223)M/$(428)M for discount rates 100/200 basis points higher, and $(78)M/$(178)M for servicing costs 10%/25% worse. These sensitivities are not necessarily linear or additive.

Loans serviced for others at September 30, 2026 included $344B residential UPB, down from $397B at December 31, 2025, and $76B commercial UPB, versus $77B. Weighted-average loan rates were 3.78% residential and 4.27% commercial, compared with 3.78% and 4.11%. Net servicer advances, after allowance for uncollectible amounts, were $177M residential and $20M commercial, versus $437M and $24M at year-end. Advance credit risk is described as limited because reimbursement is generally senior to investor cash payments and typically comes from trust, GSE, insurer or borrower cash flows, although servicing or insurance terms can restrict recovery.

Leasing

Leasing revenue was $345M in Q3 2026, down from $505M, and $1.018B in 9M 2026, down from $1.507B. The January 2026 sale of the rail car leasing business, including finance and operating leases, was a key driver of the decline. Revenue components, Q3 and 9M respectively, were: lease-financing interest income $230M vs. $239M and $677M vs. $705M; other lease-financing revenue $22M vs. $22M and $65M vs. $68M; operating-lease revenue $83M vs. $229M and $247M vs. $696M; and other lease-related revenue $10M vs. $15M and $29M vs. $38M. Noninterest income on leases totaled $115M vs. $266M in Q3 and $341M vs. $802M in 9M. Lease expense was $56M vs. $144M in Q3 and $175M vs. $455M in 9M.

At September 30, 2026, operating-lease right-of-use assets were $3.681B and lease liabilities were $4.172B, compared with $3.641B and $4.162B at December 31, 2025. Lessee lease costs included in occupancy expense were $313M in Q3 2026 vs. $283M, and $915M in 9M 2026 vs. $876M.

Preferred stock

Preferred stock is senior to common stock for dividends and liquidation, generally carries no voting rights, and may be redeemed only with regulatory approval or subject to regulatory conditions. At September 30, 2026, total preferred stock had a $17.866B liquidation preference and $17.098B carrying value, compared with $17.376B and $16.608B, respectively, at December 31, 2025. Preferred shares issued and outstanding were 4.620343M, up from 4.600746M. Wells Fargo was also authorized to issue 4M preference shares, but none were outstanding.

The preferred-stock mix changed during 2026. Wells Fargo redeemed Series BB in March; its prior liquidation preference and carrying value were each $3.510B. The company issued Series GG in March with a $2.250B liquidation preference and carrying value. Series GG has a 6.125% fixed-reset rate and is earliest redeemable June 15, 2031. In August, Wells Fargo issued Series HH with a $1.750B liquidation preference and carrying value; it has a 6.55% fixed-reset rate and is earliest redeemable September 15, 2031.

Series L remained the largest individual issue, with a $3.968B liquidation preference and $3.200B carrying value. Holders may convert each preferred share into 6.3814 common shares, subject to adjustment. Quarterly Series L dividends were $74M in each quarter of 2025 and 2026.

Common shares and repurchases

Common shares outstanding (millions) declined in both the third quarter and first nine months of 2026, with lower repurchases year over year in each period:

The lower repurchase volumes in 2026 reflect a slower pace of share reduction: Q3 repurchases fell from 74.6M to 28.5M shares, and 9M repurchases fell from 163.0M to 112.2M shares.

Legal actions and contingencies

As of September 30, 2026, Wells Fargo disclosed approximately $1.5 billion as the high end of reasonably possible losses in excess of accruals for legal losses that are probable and estimable. The company cautions that legal outcomes could materially affect results of operations in a particular period, but does not believe the matters, individually or collectively, will materially adversely affect its consolidated financial condition. Accruals are recorded when a loss is probable and reasonably estimable; actual costs may differ substantially, and some potential losses may not yet be estimable. The filing does not provide individual Wells Fargo reserve or loss estimates for the matters described below.

Significant matters

• Interchange litigation: Wells Fargo is among issuing-bank defendants in merchant litigation alleging anticompetitive interchange rates and payment-card rules. A settlement covering damages claims for transactions from January 2004 through January 24, 2019, required defendants collectively to pay approximately $6.2 billion; this is not Wells Fargo’s individual share. Wells Fargo is party to loss- and judgment-sharing agreements. In 2026, the court upheld the settlement’s forward-looking release, which plaintiffs appealed. A separate merchant action seeks damages for transactions beginning January 25, 2019. Visa and Mastercard separately received preliminary approval in June 2026 for a settlement resolving equitable-relief claims.

• Anti-money-laundering and sanctions: Government inquiries into Wells Fargo’s AML and sanctions programs continue. In September 2024, Wells Fargo Bank, N.A. entered into a formal OCC agreement concerning related risk-management practices.

• Fair access to banking: Government inquiries are examining policies and practices for providing, maintaining, or discontinuing financial products and services, including under Executive Order 14331.

• Mortgage discrimination: Putative class actions allege disparate treatment and disparate impact against minority mortgage applicants. The court denied class certification in August 2025; plaintiffs’ interlocutory appeal was denied in January 2026.

• Seminole Tribe trustee matter: A March 2025 trial verdict found against Wells Fargo over alleged excessive trust fees and imprudent investment. Wells Fargo appealed.

• Cash-sweep litigation: Putative class actions allege that rates paid to investment-advisory clients on cash-sweep balances breached fiduciary duties or agreements. The cases are consolidated in federal court.

Overall, the disclosures reflect continuing regulatory scrutiny of compliance and banking-access practices, renewed merchant claims notwithstanding prior interchange settlements, and other litigation with uncertain outcomes.

Derivatives: activity, exposure and risk management

Wells Fargo uses derivatives to manage its own market risks and accommodate customers. At September 30, 2026, aggregate notional/contractual amounts were $19.4929T, up from $18.7287T at December 31, 2025. Notional is a reference amount used to calculate contractual cash flows, not a balance-sheet amount or stand-alone measure of risk. By type, notional amounts were $11.6082T in interest-rate contracts (from $12.2969T), $6.8397T in foreign-exchange contracts (from $5.6083T), $773.131B in equity contracts (from $634.436B), $172.207B in commodity contracts (from $126.717B), and $99.675B in credit contracts (from $62.336B).

Before netting, derivative fair-value assets and liabilities were $130.683B and $124.726B, respectively, compared with $84.530B and $86.956B at year-end 2025. After balance-sheet netting, recognized derivative assets were $33.734B and liabilities $18.192B, versus $21.810B and $13.624B. For derivatives under enforceable master netting arrangements, gross assets/liabilities of $124.711B/$119.534B were reduced by counterparty netting of $88.982B/$88.837B and cash-collateral netting of $7.967B/$17.697B, leaving $27.762B/$13.000B. After derivatives outside those arrangements, recognized balances were $33.734B/$18.192B. Associated non-cash collateral was $8.384B/$3.039B, leaving disclosed total derivatives, net, of $25.350B in assets and $15.153B in liabilities (versus $16.904B/$10.533B at year-end). Non-cash collateral is not netted on the balance sheet. The company manages counterparty exposure through limits, enforceable netting arrangements and collateral.

Hedge accounting and earnings effects

Fair-value hedges primarily use interest-rate swaps for fixed-rate debt, time deposits and available-for-sale (AFS) securities; other hedges address foreign-currency debt and commodity inventory. Cash-flow hedges cover interest receipts on deposits and floating-rate commercial loans, as well as foreign-currency debt cash flows. At September 30, 2026, $1.1B of pre-tax deferred cash-flow-hedge net losses in OCI was expected to be reclassified into net interest income over the following 12 months; forecast cash flows were hedged for up to approximately nine years.

Cash-flow hedges recorded $4.127B of pre-tax net losses in OCI in Q3 2026, versus $175M of gains in Q3 2025; for 9M 2026, OCI losses were $5.279B, versus $1.204B of gains in 9M 2025. Pre-tax losses reclassified into earnings were $71M in Q3 2026 (versus $180M) and $219M in 9M 2026 (versus $486M).

Fair-value hedges produced $129M of pre-tax net losses in Q3 2026, versus $500M of losses in Q3 2025, and $179M of losses in 9M 2026, versus $1.327B of losses in 9M 2025. The 9M 2026 result included $450M of commodity-hedge gains, compared with $59M in 9M 2025.

Economic and other non-designated hedges swung to $661M of net losses in Q3 2026 from $602M of gains in Q3 2025; 9M 2026 gains were $158M, versus $107M. Q3 losses were concentrated in interest-rate contracts ($526M loss, versus $53M gain) and equity contracts ($124M loss, versus $219M gain); foreign-exchange contracts recorded a $1M gain (versus $358M), and credit contracts a $12M loss (versus $28M). For 9M, interest-rate contracts lost $543M (versus $298M gain), equity contracts gained $293M (versus $267M), foreign-exchange contracts gained $455M (versus $387M loss), and credit contracts lost $47M (versus $71M).

Fair-value hedge basis adjustments were substantial: AFS debt securities subject to fair-value hedges had amortized cost of $126.941B at September 30, 2026 (versus $94.388B at year-end 2025) and active hedge basis adjustments of -$5.596B (versus -$708M). Long-term debt in fair-value hedges had a carrying amount of -$153.043B (versus -$154.397B) and active basis adjustments of $11.940B (versus $9.370B). Closed AFS portfolios under the portfolio-layer method had $50.6B of amortized cost, of which $19.5B was designated as hedged, versus $43.2B and $15.3B at year-end 2025.

Valuation adjustments and credit-related exposures

Derivative valuation adjustments excluding related hedges, recognized in net gains from trading and securities, produced a $4M net gain in Q3 2026, down from $53M in Q3 2025. Components were CVA losses of $17M (versus a $39M gain), DVA gains of $41M (versus a $10M loss), and FVA losses of $20M (versus a $24M gain). For 9M 2026, the net gain was $34M, versus a $61M loss in 9M 2025; CVA was a $34M loss (versus $20M), DVA a $90M gain (versus an $18M loss), and FVA a $22M loss (versus $23M). At September 30, 2026, net fair-value adjustments totaled -$145M, compared with -$179M at year-end 2025: CVA was -$320M (versus -$286M), DVA $290M (versus $200M), and FVA -$115M (versus -$93M).

Estimated maximum exposure from sold credit derivatives rose to $37.980B at September 30, 2026, from $18.776B at year-end 2025; non-investment-grade exposure increased to $8.459B from $4.974B. Credit default swaps accounted for $23.363B ($3.236B non-investment-grade), versus $12.568B ($922M); written options were $7.972B ($872M non-investment-grade), versus none; and risk participation swaps were $6.645B ($4.351B non-investment-grade), versus $6.208B ($4.052B). Maximum exposure assumes referenced interests and associated collateral fall to zero, excludes recoveries, collateral held and economic hedges, and is managed through collateral and purchased credit derivatives with similar reference positions.

OTC bilateral derivative net liabilities with credit-risk contingent features were $30.8B, versus $26.3B at year-end 2025. Collateral already posted was $26.1B, versus $22.7B; a downgrade below investment grade could require up to an additional $4.7B of collateral, versus $3.7B.

Fair-value measurements

Recurring and nonrecurring measurements

At September 30, 2026, recurring fair-value assets were $588.459B, up from $513.232B at December 31, 2025; recurring fair-value liabilities were $179.781B, compared with $126.239B. Level 3 assets increased to $7.910B from $7.027B, and Level 3 liabilities to $4.005B from $1.857B. The growing Level 3 balances reflect greater reliance on significant unobservable inputs and associated estimation and model risk.

Trading and derivatives represent substantial fair-value exposure. Trading assets before derivative netting were $323.949B versus $290.655B; after netting, they were $227.000B versus $227.935B. Gross derivative assets rose to $130.683B from $84.530B, and gross derivative liabilities to $124.726B from $86.956B. Trading liabilities after netting were $56.133B, up from $45.468B. Balance-sheet netting reflects derivative balances, related cash collateral, and portfolio-level valuation adjustments.

Available-for-sale debt securities at fair value increased to $255.772B from $213.573B; U.S. Treasury and federal agency securities accounted for $94.543B, compared with $51.809B. Residential mortgage servicing rights (MSRs), all Level 3, were $5.487B, down from $5.696B.

MSRs produced Q3 2026 net gains of $250M, versus a $94M loss in Q3 2025; for 9M 2026, they generated $84M of gains, versus $459M of losses in 9M 2025. The MSR discounted-cash-flow valuation used a weighted-average discount rate of 10.3% at September 2026, up from 9.1% at year-end 2025, and a prepayment rate of 7.2%, down from 8.0%. Interest-rate net derivative liabilities ended Q3 at $865M, versus $344M at the quarter’s start; equity net derivative liabilities were $776M, versus $936M.

Assets measured at fair value on a nonrecurring basis totaled $5.759B at September 30, 2026, versus $6.233B at December 31, 2025; Level 3 assets were $2.974B versus $2.040B. 9M 2026 losses recognized in earnings were $145M, substantially less than the $998M loss in 9M 2025. Loan losses were $545M versus $719M (commercial: $239M versus $421M; consumer: $306M versus $298M). Equity securities generated a $431M gain, versus a $243M loss, partly offsetting loan losses. Level 3 equity valuations used market comparables, with weighted-average multiples of 7.7x versus 12.3x at year-end and average comparability adjustments of (58.7)% versus (49.1)%.

Fair-value option and instruments not carried at fair value

Long-term debt measured under the fair-value option had a $16.728B fair-value carrying liability against $18.010B aggregate unpaid principal at September 30, 2026, a $1.282B discount. At December 31, 2025, the corresponding figures were $7.082B, $7.647B, and $565M. Fair-value changes on this debt contributed Q3 2026 gains of $419M and 9M 2026 gains of $648M to net gains from trading and securities, compared with $12M and an $11M loss, respectively, in 2025. The changes include effects associated with WFC’s own credit spread; instrument-specific credit effects are recognized in OCI as debit valuation adjustments. Instrument-specific credit gains or losses on trading loans and loans held for sale were insignificant.

For financial instruments in the filing’s estimate table that are not carried at fair value, September 30, 2026 carrying and estimated fair values were $1,593.564B and $1,514.000B for financial assets, compared with $1,540.140B and $1,482.960B at year-end 2025. Financial liabilities were $613.934B carrying value versus $617.693B estimated fair value, compared with $585.314B and $591.078B previously. These totals cover only the instruments included in the table, not Wells Fargo’s overall fair value.

• Loans, net: carrying value $1,018.725B versus fair value $982.274B at September 30, 2026; $980.196B of fair value was Level 3. At year-end, the figures were $957.037B, $931.928B, and $931.108B. The carrying-to-fair-value discount widened to $36.451B from $25.109B. Loan figures exclude lease financing in loans and loans held for sale, net of allowance for credit losses: $15.6B versus $16.4B.
• Held-to-maturity debt securities: carrying value $192.584B versus fair value $149.356B, including $3.225B Level 3; at year-end, $208.023B, $175.797B, and $3.256B. The discount widened to $43.228B from $32.226B.
• Deposits included in the table: carrying value $189.204B versus fair value $188.842B, including $87.158B Level 3; previously $166.686B, $166.107B, and $90.379B. The table excludes $1.3T of deposit liabilities without defined or contractual maturity at both dates, so these figures do not represent total deposits.
• Long-term debt: carrying value $166.113B versus fair value $170.236B, including $1.087B Level 3; previously $167.618B, $173.953B, and $1.390B.

Total Level 3 estimated fair value was $988.786B for financial assets and $88.245B for financial liabilities, compared with $939.042B and $91.769B at year-end—highlighting significant reliance on less observable inputs, particularly for loans. The estimates exclude certain insurance contracts, nonmarketable equity securities, leases, and nonfinancial assets such as MSRs, goodwill, premises and equipment, and deferred taxes. Loan commitments and letters of credit are also excluded; their estimated fair-value proxy, deferred fees plus the allowance for unfunded credit commitments, was $748M, up from $639M.

Securitizations and variable-interest entities

Transfers, repurchases and servicing

For conforming mortgages with unilateral repurchase options that Wells Fargo had not exercised, recognized assets and related liabilities were $304M at September 30, 2026, down from $751M at December 31, 2025. Mortgage repurchases were $39M in Q3 2026 from $113M in Q3 2025, and $148M in 9M 2026 from $309M in 9M 2025. The liability for mortgage repurchase and recourse arrangements was $149M from $189M, while maximum exposure was $13.6B from $13.9B. Exposure is principally tied to representations and warranties and other contractual recourse.

For transfers with continuing involvement (Q3 and 9M 2026 compared with the corresponding 2025 periods):

Servicing rights recognized on residential transfers were $24M from $25M in Q3 and $63M from $75M in 9M; on commercial transfers, $21M from $23M in Q3 and $62M from $56M in 9M. Securities and loans recognized from commercial transfers were $40M from $33M in Q3 and $597M from $139M in 9M. Trading debt securities sold at or shortly after settlement for market-making were $973M from $1.4B in Q3 and $2.1B from $3.2B in 9M. Principal and interest cash flows from investment securities and loans associated with VIEs with continuing involvement were $198M from $100M in Q3 and $379M from $110M in 9M.

Resecuritizations and serviced loans

Wells Fargo resecuritizes primarily GSE- or GNMA-backed mortgage securities for customers’ investment and risk-management needs. Trading securities transferred to resecuritization VIEs were $19.1B in 9M 2026 from $13.9B in 9M 2025; retained trading securities were $1.9B at both dates. Trading securities held were $1.5B at September 30, 2026, from $1.1B at December 31, 2025. Total assets of resecuritization VIEs to which Wells Fargo sold assets and retained an interest rose to $61.7B from $52.9B.

Off-balance-sheet loans sold or securitized and serviced for others fell to $617M from $3.075B; delinquent loans and foreclosed assets were $41M from $287M. Related net charge-offs were $6M in 9M 2026 from $7M in 9M 2025. Separately, GSE/GNMA loans excluded from that disclosure were $413.0B from $461.8B, with delinquent loans and foreclosed assets of $1.3B from $1.7B; government guarantees limit Wells Fargo’s credit risk on these balances.

Unconsolidated VIEs and tax-credit investments

Unconsolidated VIE assets declined to $6.287B at September 30, 2026, from $8.640B at December 31, 2025. Carrying-value net assets were $4.983B in 2026 ($4.949B loans; $34M other assets) and $5.294B in 2025 ($4.984B loans; $310M other assets). Disclosed guarantees and other commitments were $994M from $998M. Nonconforming mortgage securitization VIE assets fell to $270M from $2.585B, while commercial real estate loan VIE assets were $4.965B from $4.998B; commercial real estate structures accounted for $836M from $841M of disclosed maximum exposure. Maximum loss is a severe hypothetical measure that includes carrying values and specified commitments, guarantees and derivative exposures, without credit for hedges or recoveries; it is not expected loss.

Tax-credit VIE equity investments had a carrying value of $21.3B from $21.2B, with $2.0B of loans at both dates. Maximum exposure to loss was $31.1B at both dates, including unfunded equity and lending commitments of $7.9B from $7.8B. The liability for qualifying unfunded commitments rose to $6.3B from $5.7B. Substantially all commitments are expected to be funded within three years, though some additional support depends on sponsor decisions or tax credits earned.

Tax-credit investment-related net income was $349M in Q3 2026 from $253M in Q3 2025, and $1.053B in 9M 2026 from $878M in 9M 2025. Q3 pretax income was $20M from $50M—proportional-amortization investments contributed $38M from $29M, while equity-method investments were $(18)M from $21M. The net tax benefit was $329M from $203M, reflecting proportional-amortization expense of $953M from $765M and tax credits/other benefits of $1.282B from $968M. For 9M, pretax income was $38M from $76M (proportional amortization $126M from $141M; equity method $(88)M from $(65)M); the net tax benefit was $1.015B from $802M, comprising proportional-amortization expense of $3.027B from $2.370B and credits/other benefits of $4.042B from $3.172B. These investments generate substantial tax benefits despite modest or variable pretax results.

Consolidated VIEs and funding structures

Total assets of consolidated VIEs were $18.555B at September 30, 2026, up from $13.935B at December 31, 2025. The 2026 balance included $3.219B trading assets, $704M available-for-sale debt securities, $14.168B loans and $269M other assets. Reported liabilities included $1.091B short-term borrowings, $234M accrued expenses and other liabilities, and $4.928B long-term debt, versus $0, $206M and $3.775B, respectively, at year-end 2025. VIE asset totals include affiliate balances eliminated on consolidation and may differ from recognized balance-sheet carrying values.

Credit-card securitization VIE assets increased to $12.792B from $9.860B, primarily loans of $12.548B from $9.653B; long-term debt rose to $4.928B from $3.775B. Wells Fargo consolidates the master trust because it services the loans, directs key activities and holds significant interests. It held a $5.9B seller’s interest from $4.3B and $1.5B at par of subordinated securities at both dates. These interests are eliminated in consolidation; trust loans and third-party debt are recognized. Trust assets are dedicated to trust debt, whose investors have no recourse to Wells Fargo’s general credit.

Corporate-loan VIE assets rose to $2.919B from $2.307B, mainly trading assets of $2.860B from $2.271B. Wells Fargo funds these entities to purchase customer-referenced corporate loans, sponsors and controls them, and may hold the loans as derivative hedges. Commercial financing VIE assets were $1.764B from $1.768B, including loans of $1.620B from $1.629B; Wells Fargo supplies most debt and equity financing and services collateral. Newly reported municipal tender option bond trusts had $1.080B of assets, including $704M AFS debt securities and $359M trading assets, against $1.091B short-term borrowings. Wells Fargo retains residual interests and may provide remarketing or liquidity services; it consolidates these trusts because it directs significant activities. Other consolidated VIEs support customer derivatives, trading-loan activities and vendor financing/leasing, exposing Wells Fargo to gains and losses through financing, ownership, servicing or control.

Guarantees and other commitments

Guarantees

At September 30, 2026, guarantees had a $370M carrying value and $281.202B maximum exposure to loss, compared with $263M and $145.628B, respectively, at December 31, 2025. The increase was driven principally by exchange and clearing-house guarantees related to sponsored resale and repurchase activity through the Fixed Income Clearing Corporation, largely conducted in an agency capacity for customers.

Maximum exposure is a hypothetical loss measure assuming interests and collateral fall to zero; it excludes economic hedges and collateral recoveries and is not an estimate of expected loss. Wells Fargo considers carrying value a better representation of current exposure. Non-investment-grade maximum exposure was $19.436B at September 30, 2026, versus $19.692B at year-end 2025.

Guarantee exposure by category (carrying value; maximum exposure; non-investment-grade exposure):

Maximum guarantee exposure by expiry was $251.428B within one year, $12.079B after one through three years, $7.914B after three through five years, and $9.781B after five years at September 30, 2026. The corresponding December 31, 2025 amounts were $118.441B, $13.121B, $5.922B, and $8.144B. Letters of credit are reported net of syndications and participations.

Other exposures and commitments

• Written options: Fair value moved from a $101M asset at December 31, 2025 to a $227M liability at September 30, 2026. Maximum exposure, measured by notional value, increased to $70.3B from $45.4B; $67.1B expires within three years, versus $42.0B at year-end. Fair value reflects the bank’s assessment of performance probability and can be an asset because of deferred premiums.
• Subsidiary securities guarantee: The parent unconditionally guarantees securities issued by wholly owned Wells Fargo Finance LLC. Guaranteed liabilities were $4.9B at September 30, 2026, up from $1.7B at December 31, 2025. The guarantee ranks pari passu with the parent’s other unsecured, unsubordinated debt.
• Merchant services: Potential maximum charge-back exposure was approximately $257.7B at September 30, 2026, based on merchant transaction volume processed during the preceding four months. Related losses were insignificant.
• Other commitments: Commitments to purchase equity securities were $9.2B at both dates, predominantly Federal Reserve Bank stock and equity-method tax-credit investments. Unfunded resale and securities-borrowing commitments increased to $98.9B from $34.9B, while unfunded repurchase and securities-lending commitments rose to $25.2B from $6.8B. These commitments are excluded from the unfunded credit commitments table.

Securities financing activities

At September 30, 2026, Wells Fargo’s gross resale and securities-borrowing assets were $392.354B, up from $291.236B at December 31, 2025. After $199.248B of balance-sheet offsets, net recognized assets were $193.106B, compared with $193.868B. Fair value of collateral received, limited to recognized exposure, was $190.828B versus $192.410B, leaving residual exposure of $2.278B, up from $1.458B.

Gross repurchase and securities-lending liabilities rose to $419.754B from $330.040B. After the same $199.248B of offsets, net recognized liabilities declined to $220.506B from $232.672B. Pledged collateral fair value, limited to recognized liabilities, was $220.287B versus $232.618B; the residual obligation was $219M, compared with $54M. Most transactions subject to master netting agreements do not qualify for balance-sheet offsetting.

An additional $34.8B of resale agreements at September 30, 2026 ($29.0B at December 31, 2025) involved non-securities collateral, were associated with commercial lending, and were classified in loans rather than included in the table’s resale-asset amounts.

Repurchase and securities-lending activity

Repurchase obligations increased to $410.794B from $322.482B, while securities-lending obligations rose to $8.960B from $7.558B. U.S. Treasury and federal agency securities were the largest repurchase collateral category, increasing to $282.700B from $176.386B. Federal agency MBS declined to $98.292B from $118.503B. Other repurchase collateral comprised non-agency MBS of $5.036B (from $3.266B), corporate debt of $14.238B (from $13.567B), asset-backed securities of $4.609B (from $4.705B), equities of $2.489B (from $2.809B), and other collateral of $3.430B (from $3.246B).

Securities-lending collateral comprised corporate debt of $1.600B (from $1.735B), equities of $6.675B (from $5.700B), and other collateral of $685M (from $123M).

Maturities and risk

Repurchase obligations are short-dated: at September 30, 2026, $241.655B was overnight or continuous, $128.936B matured within 30 days, $14.950B in 30–90 days, and $25.253B after 90 days. The comparable December 31, 2025 amounts were $200.118B, $74.120B, $28.270B, and $19.974B, respectively. Securities-lending maturities at September 30, 2026 were $5.559B overnight or continuous, $851M in 30–90 days, and $2.550B after 90 days; at December 31, 2025, $3.907B was overnight or continuous and $3.651B matured after 90 days.

Wells Fargo says these transactions are generally collateralized and predominantly involve liquid Treasuries and agency securities. It mitigates counterparty credit risk through collateral monitoring, counterparty underwriting, and settlement controls. Nonetheless, short maturities and rollover features create liquidity and refinancing exposure; disclosed risks also include a counterparty failing to return securities, collateral values falling below the repurchase obligation and requiring additional collateral, and counterparties accelerating maturity on demand.

Pledged assets and collateral

At September 30, 2026, Wells Fargo had $1.129732T of pledged assets at carrying value, up from $1.020164T at December 31, 2025 (+10.7%). Most of the increase was in assets pledged to counterparties that do not have the right to sell or repledge them.

• Pledged to counterparties with the right to sell or repledge: $138.952B, down from $147.243B. This comprised trading assets of $138.130B (from $145.519B), available-for-sale (AFS) debt securities of $0 (from $0.563B), and loans of $0.822B (from $1.161B).
• Pledged to counterparties without the right to sell or repledge: $990.780B, up from $872.921B. Components were trading assets of $2.731B (from $6.953B), AFS debt securities of $187.426B (from $150.765B), held-to-maturity debt securities of $175.997B (from $189.730B), loans of $623.591B (from $524.290B), and all other assets of $1.035B (from $1.183B).

Growth in the latter category was led by pledged loans, which increased $99.301B, and AFS debt securities, up $36.661B; held-to-maturity securities declined $13.733B.

Wells Fargo also held collateral it had the right to sell or repledge with a fair value of $616.1B, compared with $469.2B at December 31, 2025. The bank had sold or repledged $462.1B of that collateral, up from $309.3B. These balances reflect the scale of securities-financing, customer-margin, and derivatives activities.

Pledged assets support securities and other collateralized financing, trust and public deposits, derivatives, and liquidity capacity, including potential borrowing from the Federal Home Loan Banks and the Federal Reserve discount window. Collateral can include third-party assets Wells Fargo is permitted to repledge. Assets pledged in connection with VIE transactions are excluded from the pledged-assets table and may be used only to settle those entities’ liabilities. Separately, Wells Fargo carries balance-sheet loans representing certain delinquent loans eligible for repurchase from GNMA securitizations.

Wells Fargo operating segments

Wells Fargo reports four operating segments—Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management—plus Corporate and reconciling items. The CEO reviews segment net income to assess performance and allocate resources. Segment results incorporate internal funds-transfer pricing, revenue sharing, expense allocations, and taxable-equivalent adjustments. Corporate Treasury records the net impact of segment funding charges and credits. Corporate also includes enterprise functions, the investment portfolio, venture investments, and previously divested businesses.

Q3 results

For the quarter ended September 30, 2026, compared with Q3 2025:

Consolidated revenue grew about 2.0% year over year, while net income increased about 6.5%. Q3 net interest income was $12.517B, up from $11.950B; noninterest income was $9.353B, down from $9.486B.

Consumer Banking’s earnings improvement reflected higher revenue and lower noninterest expense ($6.188B versus $6.376B), partly offset by higher provision for credit losses ($791M versus $767M). Commercial Banking’s provision increased to $240M from $39M, limiting earnings growth despite higher revenue. Corporate and Investment Banking net income declined as its provision benefit narrowed to $18M from $107M and expenses increased. Wealth and Investment Management had the strongest Q3 percentage revenue growth among reportable segments, with higher revenue and net income. Corporate revenue turned negative, with net interest income of negative $725M versus negative $273M and noninterest income of $115M versus $449M.

Nine-month results

For the nine months ended September 30, 2026, compared with the same period in 2025:

Nine-month consolidated revenue increased about 5.7%, and net income increased about 10.2%.

Balance-sheet and funding scale

At September 30, 2026, period-end loans were $1.048T, versus $943.102B a year earlier; deposits were $1.503T, versus $1.367T; and assets were $2.253T, versus $2.063T. Q3 average loans were $1.033T from $928.677B, average deposits were $1.483T from $1.340T, and average assets were $2.244T from $2.010T. Segment net interest income reflects management’s internal allocation of funding costs and credits based on interest-rate, liquidity, and product characteristics, in addition to actual interest income and expense.

Revenue and segment trends

Q3 2026 revenue increased 2.0% to $21.870B from $21.436B. Net interest income rose 4.7% to $12.517B from $11.950B, while noninterest income declined 1.4% to $9.353B from $9.486B. For the first nine months of 2026, revenue grew 5.7% to $65.938B from $62.407B: net interest income was $36.930B from $35.153B, and noninterest income was $29.008B from $27.254B.

Q3 segment revenue was:

Wealth and Investment Management had the fastest growth among the major segments. Corporate shifted from positive revenue to a loss.

Noninterest income drivers and volatility

Growth in advisory and asset-based fees supported wealth-related revenue: Q3 fees rose to $3.046B from $2.660B, and first-nine-month fees to $8.691B from $7.695B. Investment banking fees increased to $894M from $840M in Q3 and $2.629B from $2.311B for the first nine months. Q3 deposit-related fees were $1.415B from $1.290B, and card fees were $1.274B from $1.223B. Mortgage banking revenue weakened to $164M from $268M in Q3 and $621M from $830M year to date.

Net trading gains declined to $1.109B from $1.408B in Q3 and $3.853B from $4.168B for the first nine months, with sharply different results across markets. Q3 foreign-exchange gains were $1.258B from $214M, partly offset by interest-rate losses of $533M versus gains of $468M, and credit losses of $355M versus gains of $187M. For the first nine months, foreign-exchange gains were $2.805B from $171M, while interest-rate results swung to losses of $773M from gains of $2.037B and credit results to losses of $215M from gains of $523M. This mix makes noninterest income meaningfully sensitive to market movements. The company reclassified physical commodity inventory and related hedging gains and losses into trading revenue in Q4 2025 and revised prior periods to conform.

Equity-security gains were $4M from $149M in Q3; for the first nine months, gains were $1.023B versus losses of $75M, including $870M of Corporate gains in 2026 versus $147M of Corporate losses in 2025. Credit-card rewards and rebates, reported net against related revenue, were $852M from $737M in Q3 and $2.5B from $2.1B year to date. Trailing commissions were $264M from $240M in Q3 and $751M from $695M year to date.

Selected expenses and risks

Regulatory charges and assessments, predominantly FDIC deposit assessment expense, rose to $301M from $234M in Q3 and $892M from $781M for the first nine months. Legal-action expense declined to $32M from $89M in Q3 and $164M from $192M year to date, although the company cautions that legal expenses can be significant and unpredictable. Other operating losses, including fraud and deposit-overdraft losses, were $145M from $178M in Q3 and $436M from $507M year to date.

Employee benefit plans

Wells Fargo sponsors a frozen, noncontributory qualified defined-benefit Cash Balance Plan for eligible employees. The plan was frozen on July 1, 2009, so benefits no longer accrue.

Net periodic benefit cost

Amounts in millions:

The higher costs were principally due to a $109 million settlement loss in both Q3 2026 and 9M 2026; there was no settlement loss in the comparable 2025 periods. The charge accelerated recognition of a pro rata portion of the qualified plan’s accumulated net actuarial loss in accumulated other comprehensive income (AOCI), reflecting the reduction in projected benefit obligation from lump-sum payments during 9M 2026.

Qualified-plan cost components

Amounts in millions:

Service cost is recorded in personnel expense; all other components of net periodic benefit cost are recorded in other noninterest expense.

Earnings and dividends per common share

Wells Fargo reported Q3 2026 net income of $5.951B, up from $5.589B in Q3 2025. For the first nine months of 2026, net income was $17.611B, compared with $15.977B in 9M 2025. Preferred stock dividends and other deductions were $248M in each quarter and $748M in 9M 2026, versus $806M in 9M 2025. Net income applicable to common stock was $5.703B in Q3 2026 versus $5.341B, and $16.863B in 9M 2026 versus $15.171B.

• Basic EPS: $1.89 in Q3 2026 versus $1.68 in Q3 2025; $5.54 in 9M 2026 versus $4.69 in 9M 2025.
• Diluted EPS: $1.87 versus $1.66 for the quarters; $5.47 versus $4.64 for the nine-month periods. Diluted EPS increased 12.7% year over year for Q3 and 17.9% for 9M, outpacing net income growth, partly because of a lower average share count.

Average common shares outstanding were 3,015.8M in Q3 2026 versus 3,182.2M in Q3 2025, and 3,046.4M in 9M 2026 versus 3,231.4M in 9M 2025. Stock-based awards added 35.7M diluted shares in Q3 2026 versus 41.3M, and 34.6M in 9M 2026 versus 38.9M. Diluted average shares were 3,051.5M versus 3,223.5M for the quarters and 3,081.0M versus 3,270.3M for the nine-month periods.

Excluded from diluted EPS were 25.3M weighted-average shares of Series L convertible preferred stock in both comparison periods, as well as anti-dilutive stock awards of 1.1M versus 0.7M for Q3 and 4.1M versus 0.8M for 9M.

Declared common dividends increased to $0.50 per share in Q3 2026 from $0.45, and to $1.40 per share in 9M 2026 from $1.25.

Other comprehensive income (loss)

Wells Fargo’s OCI swung sharply from income to a substantial loss in 2026, driven principally by debt securities and cash flow hedge valuations. In Q3 2026, OCI was a $8.235B after-tax loss, compared with $1.719B of after-tax income in Q3 2025. Before tax, the loss was $10.928B, with a $2.693B tax benefit; in Q3 2025, pre-tax income was $2.303B and tax expense was $584M.

For 9M 2026, OCI was a $9.839B after-tax loss, versus $4.529B of after-tax income in 9M 2025. The pre-tax loss of $13.015B included a $3.176B tax benefit; 9M 2025 pre-tax income was $5.988B, with $1.459B of tax expense. None of the OCI was attributable to noncontrolling interests.

Main OCI components

• Debt securities: Q3 2026 OCI was a $5.248B loss, versus $1.653B of income in Q3 2025. For 9M, it was a $5.885B loss, versus $3.512B of income in 9M 2025.
• Cash flow hedges: Q3 2026 OCI was a $3.103B loss, versus $136M of income in Q3 2025. For 9M, it was a $3.961B loss, versus $920M of income in 9M 2025.
• Other 9M components were comparatively small: fair value hedge excluded components were $14M of income, versus $13M; defined benefit plans were $143M of income, versus $65M; DVA and other were $12M of income, versus a $41M loss; and foreign currency translation was a $148M loss, versus $73M of income in 9M 2025.

Accumulated OCI and securities overhang

Accumulated other comprehensive loss (AOCI) deepened to $16.512B at September 30, 2026, from $7.647B at September 30, 2025 and $6.673B at December 31, 2025. The year-to-date increase reflects the $9.839B 9M 2026 OCI loss. September 30, 2026 AOCI components were debt securities -$10.273B, cash flow hedges -$4.125B, defined benefit plans -$1.453B, foreign currency translation -$549M, DVA and other -$96M, and fair value hedges -$16M.

The AOCI balance included $2.5B of unamortized after-tax unrealized losses on securities transferred from available-for-sale (AFS) to held-to-maturity (HTM), down from $2.8B at September 30, 2025. These losses are amortized into earnings over the same period as the related unamortized premiums and discounts, creating a continuing securities-related earnings overhang. Cash flow hedge AOCI primarily reflects interest rate contracts; fair value hedge amounts are substantially related to foreign exchange contracts.

Regulatory capital and leverage

At September 30, 2026, the Standardized Approach was the binding capital framework for both Wells Fargo & Company (the Parent) and Wells Fargo Bank, N.A. (the Bank). Capital ratios declined from December 31, 2025, while risk-weighted assets and leverage exposures increased. The disclosed September ratios remained above applicable stated minimums, and the Bank and other insured depository institutions were considered well-capitalized.

• Parent: Standardized CET1 capital was $134.561B (from $137.346B), with a CET1 ratio of 10.03% (from 10.61%). Tier 1 capital was $151.246B (from $153.567B) and its ratio was 11.28% (from 11.86%); total capital was $182.170B (from $184.682B) and its ratio was 13.58% (from 14.27%). Standardized risk-weighted assets rose to $1.341T from $1.295T. Under the Advanced Approach, Parent CET1, Tier 1, and total capital ratios were 11.78%, 13.24%, and 15.06%, respectively, compared with 12.35%, 13.80%, and 15.70%.
• Bank: Standardized CET1 capital was $143.443B (from $151.833B). Its CET1 and Tier 1 ratios were both 11.66% (from 12.81%); total capital was $161.254B (from $169.520B), with a total capital ratio of 13.11% (from 14.31%). Standardized risk-weighted assets increased to $1.230T from $1.185T. Under the Advanced Approach, Bank CET1 and Tier 1 ratios were 14.76% (from 16.14%), and its total capital ratio was 15.51% (from 16.90%).
• Leverage: Parent supplementary leverage ratio (SLR) was 5.68% (from 6.23%) and Tier 1 leverage ratio was 6.83% (from 7.48%); Parent total leverage exposure rose to $2.662T from $2.467T. Bank SLR was 6.23% (from 7.09%) and Tier 1 leverage was 7.65% (from 8.69%); Bank total leverage exposure rose to $2.304T from $2.142T.

Parent capital requirements included a 1.50% G-SIB surcharge, a 0.00% countercyclical buffer, and a 2.50% stress capital buffer under the Standardized Approach; under the Advanced Approach, the capital conservation buffer was 2.50%. The Bank’s requirements included a 2.50% capital conservation buffer; the G-SIB surcharge and countercyclical buffer do not apply to it. Dividends and repurchases are subject to Federal Reserve capital-planning requirements and minimums. Federal restrictions also limit transactions between banks and nonbank affiliates and constrain bank dividends. Under a Support Agreement, dividends from the IHC to the Parent may be restricted if specified liquidity or capital triggers are breached or the Parent’s board authorizes a bankruptcy filing.

Capital returns

In Q3 2026, the Company repurchased 28,586,905 common shares under its $40B authorization announced April 29, 2025. It repurchased 11,427,471 shares in July at a weighted-average $87.51 per share, 6,000,220 in August at $85.41, and 11,159,214 in September at $88.49. Remaining authorization declined from $21.743B after July to $21.230B after August and $20.243B after September.

Restricted cash and trading arrangements

At September 30, 2026, $291M was reserved for non-U.S. central banks, compared with $259M at December 31, 2025; $880M was segregated for brokerage customers, compared with $1.085B. No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q3 2026.

Item 6 — Exhibits

This section contains no financial results, operating developments, or business-risk disclosures. It lists the Form 10-Q exhibits, including the amended Restated Certificate of Incorporation, CEO and CFO certifications under Sections 302 and 906, and Inline XBRL materials. The Certificate of Incorporation and Section 302 certifications are filed herewith; the Section 906 certifications are furnished herewith. The By-Laws are incorporated by reference to the July 31, 2025 Form 8-K, and the subsidiary guarantor exhibit is incorporated by reference to the Form 10-K for the year ended December 31, 2025.

Wells Fargo’s SEC file number is 001-2979. Before November 2, 1998, it filed under the name Norwest Corporation; the former Wells Fargo & Company used SEC file number 001-6214. The report was signed on October 28, 2026, by Muneera S. Carr, Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer).