Wells Fargo & Company · WFC-PC · FY2026 Q1 · Calendar Q2 2026

Wells Fargo Q1 2026: Growth Holds, Guidance Maintained

The current analysis supports a constructive operating picture: loan and deposit growth, expanding markets and wealth activity, stable credit, and regulatory progress reinforce Wells Fargo’s growth trajectory. The thesis remains conditional on maintaining margins, credit quality, capital efficiency, and the 17–18% ROTCE target.

Reported April 14, 2026Before market openNYSEFinancial Services $258.06B market cap

85quality score

Earnings scorecard

Reported versus consensus

Reported EPS $1.60 Consensus $1.58

EPS surprise +1.3% Reported versus consensus

Reported revenue $21.45B Consensus $21.79B

Revenue surprise -1.6% Reported versus consensus

Market reaction

unavailable

Stock move — Event window

SPY move — Same window

Abnormal move — Stock minus SPY

Volume — Versus trailing sessions

Subsequent drift — Up to 20 sessions

Price and volume data were unavailable at publication time.

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How did the market react to WFC-PC FY2026 Q1 earnings, and why?What changed in WFC-PC's guidance and outlook in FY2026 Q1?Give me the bull and bear case for WFC-PC after FY2026 Q1 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, Wells Fargo moved from a strong 2025 setup to reported Q1 2026 execution: revenue and EPS grew, loans surpassed $1 trillion, the final outstanding consent order was terminated, and the railcar leasing sale completed. Management maintained key full-year guidance; market-reaction data is unavailable.

Guidance delta

Maintained: management reaffirmed full-year net interest income guidance of approximately $50 billion, non-interest expense guidance of $55.7 billion, and a 17–18% ROTCE target.

Key takeaways

Q1 revenue grew 6% year over year and diluted EPS rose 15%.
Loan balances exceeded $1 trillion for the first time since 2020, with strong auto and commercial loan growth.
The net charge-off ratio remained stable at 45 basis points.
Management reported progress on regulatory remediation, including termination of the final outstanding consent order.
Markets revenue rose 19% year over year, while wealth-management assets and fee growth also advanced.

Management priorities

Accelerate organic growth across consumer, commercial, and wealth franchises.
Expand AI and digital platforms, including the Fargo virtual assistant.
Pursue additional share repurchases while maintaining excess capital.
Target 17–18% ROTCE through higher-margin businesses and cost efficiency.
Continue simplification by divesting non-core assets and evaluating strategic M&A opportunities.

Risks

Higher energy prices could pressure lower-income consumer spending and credit performance.
Rate cuts and a higher-cost deposit mix could compress net interest margin.
Non-bank financial institution exposure and an isolated fraud loss remain areas to monitor.
Macroeconomic volatility, geopolitical uncertainty, and slower employment growth could weigh on credit.

Analyst concerns

Proposed capital rules could affect risk-weighted assets, CET1, and excess capital.
Sustaining the 17–18% ROTCE target amid net interest margin compression and higher deposit costs.
Credit quality and provisioning in the non-bank financial institution portfolio.
The depth of the investment banking and equity-capital-markets pipeline.

Editorial confidence: high
Market-reaction data is unavailable. · Price-bar data is unavailable. · Synthesis is based on the current and prior transcript analyses supplied for…

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Earnings History

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Analyst Consensus ?

ConsensusHold41 ratings

Bullish2048.8%

Neutral1843.9%

Bearish37.3%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

Firm	Rating	Prior rating	Action	Date
BMO Capital	Market Perform	Market Perform	Maintain	Oct 15, 2023
Deutsche Bank	Buy	Buy	Maintain	Sep 21, 2023
Morgan Stanley	Overweight	Overweight	Maintain	Jul 31, 2023
Atlantic Equities	Overweight	Overweight	Maintain	Jul 31, 2023
Raymond James	Strong Buy	Strong Buy	Maintain	Jul 16, 2023
Piper Sandler	Neutral	Neutral	Maintain	Jul 16, 2023
Odeon Capital	Hold	Buy	Downgrade	Jul 16, 2023
Citigroup	Buy	Buy	Maintain	Jul 16, 2023
Jefferies	Hold	Hold	Maintain	Jul 10, 2023
Wolfe Research	Peer Perform	Outperform	Downgrade	Jul 6, 2023
JP Morgan	Neutral	Neutral	Maintain	Jun 26, 2023
RBC Capital	Sector Perform	Sector Perform	Maintain	Jun 13, 2023
Keefe, Bruyette & Woods	Outperform	Outperform	Maintain	Apr 16, 2023
Goldman Sachs	Buy	Buy	Maintain	Apr 13, 2023
Barclays	Overweight	Overweight	Maintain	Apr 11, 2023
Baird	Outperform	Outperform	Maintain	Apr 4, 2023
Evercore ISI Group	Outperform	Outperform	Maintain	Jan 16, 2023
Credit Suisse	Outperform	Outperform	Maintain	Jul 17, 2022
Argus Research	Buy	Buy	Maintain	Jan 17, 2022
B of A Securities	Buy	Neutral	Upgrade	Jun 3, 2021
UBS	Neutral	Buy	Downgrade	May 18, 2021
Seaport Global	Buy	Neutral	Upgrade	Jan 18, 2021
Compass Point	Neutral	Neutral	Maintain	May 12, 2020
Nomura	Buy	Buy	Maintain	Apr 6, 2020
CFRA	Hold	Sell	Upgrade	Mar 3, 2020
Buckingham Research	Neutral	Neutral	Maintain	Jul 16, 2019
Macquarie	Outperform	Neutral	Upgrade	Oct 14, 2018
Bernstein	Outperform	Market Perform	Upgrade	Jan 2, 2018
Berenberg	Sell	Hold	Downgrade	Jul 20, 2017
Guggenheim	Neutral	Sell	Upgrade	Apr 24, 2017
Rafferty Capital	Sell	Hold	Downgrade	Apr 11, 2017
Susquehanna	Neutral	Positive	Downgrade	Nov 30, 2016
FBR Capital	Market Perform	Outperform	Downgrade	Oct 18, 2016
Keefe, Bruyette& Woods	Perform	Outperform	Downgrade	Oct 16, 2016
Societe Generale	Sell	Hold	Downgrade	Mar 8, 2015
Miller Tabak	Buy	Hold	Upgrade	Mar 8, 2015
S&P Capital IQ	Hold	Buy	Downgrade	Jan 13, 2014
Sterne Agee	Neutral	Buy	Downgrade	Jun 13, 2013
Stifel	Buy	Hold	Upgrade	Feb 10, 2013
Oppenheimer	Perform	Outperform	Downgrade	Jan 13, 2013
ISI Group	Buy	Buy	Maintain	Jul 12, 2012

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Company context

Snapshot as of publication

Wells Fargo & Company stands as a comprehensive financial institution, extending its diverse range of banking, investment, mortgage, and both consumer and commercial financing solutions across the United States and internationally. The enterprise organizes its operations into four key divisions: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The Consumer Banking and Lending unit caters to individuals and small businesses, providing a wide array of financial instruments. This includes foundational services such as checking and savings accounts, credit and debit cards, alongside various lending options for homes, vehicles, personal needs, and entrepreneurial ventures. Within its Commercial Banking division, the company delivers tailored financial strategies to private, family-owned, and specific publicly held corporations.…

Historical context

All WFC-PC earnings

—FY2026 Q3 · Calendar Q4 2026—FY2026 Q2 · Calendar Q3 2026

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Sources

Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
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Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated October 15, 2026 · As of 2026-10-15. For educational purposes only; not investment advice.