Analyst Consensus ?
ConsensusHold60 ratings
Bullish2846.7%
Neutral2846.7%
Bearish46.6%
Wells Fargo & Company · WFC · FY2026 Q1 · Calendar Q2 2026
Wells Fargo Q1 FY26: EPS Up 15% on Double-Digit Loan Growth; Shares Fall ~7%
Wells Fargo entered 2026 with operating momentum: Q1 FY26 earnings per share rose 15% year over year on double-digit loan and deposit growth, the final regulatory consent order was closed, and management reaffirmed its ~$50B net interest income guidance and 17-18% ROTCE target. The market nonetheless read the quarter warily. The stock fell roughly 7% on the session and drifted about 8% lower afterward, with investors focused on net interest margin compression and prospective capital-rule changes that cloud the path to the stated ROTCE goal. That tension between solid execution and forward-looking concerns about the durability of earnings is the central investment debate coming out of this report.
Reported Before market openNYSEFinancial Services
$248.54B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.56
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
prior-close to event-session close
Stock move
-5.7%
Event window
SPY move
+1.2%
Same window
Abnormal move
-6.9%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-8.0%
Up to 20 sessions
WFCSPY benchmark
Ask FN2 about WFC FY2026 Q1
Transcript, numbers and history already loaded
Why did WFC fall 5.7% after missing EPS estimates in FY2026 Q1?What changed in WFC's guidance and outlook in FY2026 Q1?Give me the bull and bear case for WFC after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior quarter's full-year 2025 framing (EPS +17%, fee revenue +5%, net income of $21.3B), management's Q1 2026 narrative centered on EPS +15% and revenue +6% with loan and deposit balances growing double digits, plus the closure of the final consent order. Ahead of the print the stated trajectory was balance-sheet expansion following removal of the asset cap; after it, investor attention shifted to net interest margin compression and proposed capital rules, producing a negative market reaction of roughly -6.9% versus SPY +1.2% and a further drift of about -8%.
Guidance delta
Management reaffirmed its 2026 net interest income guidance of approximately $50 billion and expense guidance of $55.7 billion, and kept the 17-18% ROTCE target unchanged. Effectively, guidance was maintained versus the prior quarter rather than raised or lowered.
Key takeaways
- Q1 FY26 diluted EPS rose 15% year over year and revenue grew 6%, with loan growth of 11% and deposit growth of 7%
- Management reaffirmed 2026 net interest income guidance of ~$50B and expense guidance of $55.7B, with the 17-18% ROTCE target unchanged
- Wells Fargo closed its final outstanding consent order (the 14th termination since 2019) and returned $5.4B to shareholders during the quarter
- Against consensus the print was roughly in line: actual EPS of $1.56 versus an estimate of $1.58 and actual revenue of $21.45B versus $21.79B estimated
- The shares fell about 6.9% on an abnormal basis (versus SPY +1.2%) and drifted roughly 8% lower afterward, as net interest margin compression and prospective capital-rule changes tempered the positive operating story
Management priorities
- Scale the AI-powered virtual assistant Fargo and advance digital modernization
- Grow the card portfolio via new travel-reward cards and boost auto originations, including the VW/Audi financing partnership
- Maintain the share-repurchase program and keep returning excess capital to shareholders
- Expand Markets and investment-banking activities while monitoring capital efficiency
- Manage net interest margin and deposit costs amid rate cuts
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$82.97Current
$47Low
$78.05Average
$125.5High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Jul 29, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 15, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 15, 2026 |
| UBS | Buy | Buy | Maintain | Jul 7, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 7, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 26, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 6, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Mar 23, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jan 22, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jan 15, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 15, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 15, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Sep 23, 2025 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Jul 7, 2025 |
| Compass Point | Neutral | Neutral | Maintain | Dec 10, 2024 |
| Phillip Securities | Accumulate | Neutral | Upgrade | Oct 15, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 8, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 3, 2024 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 15, 2024 |
| Jefferies | Hold | Hold | Maintain | Jul 3, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Apr 15, 2024 |
| HSBC | Hold | Hold | Maintain | Mar 28, 2024 |
| Odeon Capital | Hold | Buy | Downgrade | Jan 18, 2024 |
| Atlantic Equities | Overweight | Overweight | Maintain | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 18, 2022 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 19, 2021 |
| DA Davidson | Neutral | Neutral | Maintain | May 29, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 7, 2020 |
| CFRA | Hold | Sell | Upgrade | Mar 4, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Jul 17, 2019 |
| Buckingham | Neutral | Buy | Downgrade | Apr 15, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Apr 15, 2019 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Apr 1, 2019 |
| Macquarie | Outperform | Neutral | Upgrade | Oct 15, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Sandler O'Neill | Buy | Hold | Upgrade | Jan 9, 2018 |
| Bernstein | Outperform | Market Perform | Upgrade | Jan 3, 2018 |
| Berenberg | Sell | Hold | Downgrade | Jul 21, 2017 |
| Guggenheim | Neutral | Sell | Upgrade | Apr 25, 2017 |
| Rafferty Capital | Sell | Hold | Downgrade | Apr 12, 2017 |
| Rafferty | Sell | Hold | Downgrade | Apr 12, 2017 |
| PiperJaffray | Neutral | Underweight | Upgrade | Apr 10, 2017 |
| Susquehanna | Neutral | Positive | Downgrade | Dec 1, 2016 |
| FBR Capital | Market Perform | Outperform | Downgrade | Oct 19, 2016 |
| Keefe, Bruyette& Woods | Perform | Outperform | Downgrade | Oct 16, 2016 |
| Societe Generale | Sell | Hold | Downgrade | Mar 9, 2015 |
| Miller Tabak | Buy | Hold | Upgrade | Mar 9, 2015 |
| Argus Capital | Buy | Sell | Upgrade | Oct 16, 2014 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jan 14, 2014 |
| ISI Group | Buy | Buy | Maintain | Oct 7, 2013 |
| Sterne Agee | Neutral | Buy | Downgrade | Jun 14, 2013 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Feb 11, 2013 |
| Stifel | Buy | Hold | Upgrade | Feb 11, 2013 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Dec 19, 2012 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Dec 7, 2012 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 2, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 16, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $82.97. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Robert W. Baird | Analyst unavailable | $92 | $85.29 | +10.9% | Jul 15, 2026 |
| UBS | Erika Najarian | $104 | $88.12 | +25.3% | Jul 7, 2026 |
| Wells Fargo | Analyst unavailable | $93 | $82.62 | +12.1% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $84.02 | +22.9% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $98 | $79.9 | +18.1% | May 6, 2026 |
| Wells Fargo | Eric Shih | $88 | $81.74 | +6.1% | Apr 16, 2026 |
| Piper Sandler | Analyst unavailable | $94 | $81.73 | +13.3% | Apr 15, 2026 |
| Barclays | Jason Goldberg | $108 | $81.73 | +30.2% | Apr 15, 2026 |
| Truist Financial | John McDonald | $94 | $76.48 | +13.3% | Mar 17, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $86.29 | +2.4% | Feb 13, 2026 |
| UBS | Analyst unavailable | $113 | $93.51 | +36.2% | Feb 4, 2026 |
| Evercore ISI | John Pancari | $105 | $89.11 | +26.6% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $96 | $93.48 | +15.7% | Jan 14, 2026 |
| Wolfe Research | Analyst unavailable | $109 | $94.44 | +31.4% | Jan 7, 2026 |
| HSBC | Analyst unavailable | $74 | $94.96 | -10.8% | Jan 7, 2026 |
| Evercore ISI | John Pancari | $110 | $95.66 | +32.6% | Jan 6, 2026 |
| Truist Financial | John McDonald | $104 | $96.4 | +25.3% | Jan 6, 2026 |
| Wells Fargo | Analyst unavailable | $90 | $96.4 | +8.5% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $113 | $95.2 | +36.2% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $100 | $93.27 | +20.5% | Dec 18, 2025 |
| Evercore ISI | Analyst unavailable | $107 | $93.8 | +29.0% | Dec 15, 2025 |
| Truist Financial | Analyst unavailable | $90 | $85.92 | +8.5% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $97 | $84.56 | +16.9% | Oct 15, 2025 |
| Barclays | Analyst unavailable | $94 | $84.56 | +13.3% | Oct 15, 2025 |
| UBS | Analyst unavailable | $93 | $80.84 | +12.1% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $98 | $84.65 | +18.1% | Sep 30, 2025 |
| Wells Fargo | Betsy Graseck | $95 | $85.01 | +14.5% | Sep 29, 2025 |
| Goldman Sachs | Richard Ramsden | $86 | $82.34 | +3.7% | Jul 8, 2025 |
| Raymond James | David Long | $84 | $74.74 | +1.2% | Jun 18, 2025 |
| Needham | Mike Cikos | $125.5 | $73.73 | +51.3% | May 28, 2025 |
| Wells Fargo | Steven Alexopoulos | $83 | $76.28 | +0.0% | May 14, 2025 |
| Barclays | Jason Goldberg | $87 | $63.1 | +4.9% | Apr 14, 2025 |
| Morgan Stanley | Analyst unavailable | $79 | $74.28 | -4.8% | Mar 24, 2025 |
| Wells Fargo | Analyst unavailable | $65.63 | $66.78 | -20.9% | Mar 10, 2025 |
| Wolfe Research | Steven Chubak | $87 | $70.61 | +4.9% | Jan 3, 2025 |
| CFRA | Alexander Yokum | $92 | $52.76 | +10.9% | Nov 19, 2024 |
| Compass Point | David Rochester | $60 | $63.42 | -27.7% | Oct 15, 2024 |
| Wells Fargo | Gerard Cassidy | $61 | $62.16 | -26.5% | Oct 14, 2024 |
| Citigroup | Keith Horowitz | $67 | $63.02 | -19.2% | Oct 14, 2024 |
| Robert W. Baird | David George | $62 | $60.99 | -25.3% | Oct 14, 2024 |
| Piper Sandler | Scott Siefers | $62 | $60.99 | -25.3% | Oct 14, 2024 |
| Barclays | Jason Goldberg | $75 | $60.99 | -9.6% | Oct 14, 2024 |
| Evercore ISI | John Pancari | $71 | $60.99 | -14.4% | Oct 14, 2024 |
| Deutsche Bank | Matt O' Connor | $65 | $57.75 | -21.7% | Oct 11, 2024 |
| Bank of America Securities | Ebrahim Poonawala | $70 | $55.9 | -15.6% | Sep 27, 2024 |
| Wells Fargo | Matt O'Connor | $65 | $58.47 | -21.7% | Sep 3, 2024 |
| Daiwa | Kazuya Nishimura | $63 | $56.45 | -24.1% | Aug 20, 2024 |
| RBC Capital | Gerard Cassidy | $61 | $58.08 | -26.5% | Jul 15, 2024 |
| Goldman Sachs | Richard Ramsden | $64 | $56.54 | -22.9% | Jul 12, 2024 |
| Compass Point | David Rochester | $64 | $60.28 | -22.9% | Jul 11, 2024 |
| Piper Sandler | Scott Siefers | $61 | $61.04 | -26.5% | May 21, 2024 |
| Wells Fargo | Kenneth Leon | $70 | $56.47 | -15.6% | Apr 12, 2024 |
| Evercore ISI | John Pancari | $67 | $55.7 | -19.2% | Apr 12, 2024 |
| Goldman Sachs | Richard Ramsden | $65 | $55.64 | -21.7% | Apr 12, 2024 |
| Wells Fargo | David Rochester | $64 | $57.79 | -22.9% | Apr 8, 2024 |
| CFRA | Kenneth Leon | $59 | $57.61 | -28.9% | Apr 1, 2024 |
| Wells Fargo | David Konrad | $62 | $56.68 | -25.3% | Mar 27, 2024 |
| Robert W. Baird | David George | $55 | $48.74 | -33.7% | Jan 11, 2024 |
| Wells Fargo | Richard Bove | $56.08 | $47.76 | -32.4% | Dec 14, 2023 |
| Loop Capital Markets | James Fotheringham | $51 | $44.7 | -38.5% | Jul 17, 2023 |
| Wells Fargo | Richard Bove | $44.6 | $40.98 | -46.2% | Apr 17, 2023 |
| Wells Fargo | Gerard Cassidy | $42 | $40.88 | -49.4% | Apr 17, 2023 |
| Piper Sandler | Scott Siefers | $47 | $39.66 | -43.4% | Apr 14, 2023 |
| Wells Fargo | David Long | $47 | $37.92 | -43.4% | Apr 6, 2023 |
| Wells Fargo | Keith Horowitz | $50 | $46.78 | -39.7% | Nov 1, 2022 |
| Barclays | Jason Goldberg | $58 | $41.13 | -30.1% | Jul 17, 2022 |
| Morgan Stanley | Betsy Graseck | $59 | $41.13 | -28.9% | Jul 15, 2022 |
| Raymond James | David Long | $50 | $37.9 | -39.7% | Jun 24, 2022 |
| Raymond James | David Long | $60 | $47.83 | -27.7% | Apr 20, 2022 |
| Barclays | Jason Goldberg | $64 | $47.07 | -22.9% | Apr 18, 2022 |
| Morgan Stanley | Betsy Graseck | $66 | $48.71 | -20.5% | Apr 2, 2022 |
| Wells Fargo | Vivek Juneja | $58.5 | $56.33 | -29.5% | Feb 6, 2022 |
| Evercore ISI | John Pancari | $65 | $56.44 | -21.7% | Jan 18, 2022 |
| BMO Capital | James Fotheringham | $54 | $57.8 | -34.9% | Jan 17, 2022 |
| KBW | David Konrad | $67 | $57.8 | -19.2% | Jan 17, 2022 |
| Goldman Sachs | Richard Ramsden | $56 | $57.8 | -32.5% | Jan 14, 2022 |
| Wolfe Research | Steven Chubak | $65 | $52.51 | -21.7% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $62 | $50.5 | -25.3% | Jan 3, 2022 |
| Credit Suisse | Susan Roth Katzke | $55 | $42.51 | -33.7% | Jul 19, 2021 |
| Compass Point | Dave Rochester | $53 | $46.27 | -36.1% | May 18, 2021 |
| Citigroup | Keith Horowitz | $50 | $41.62 | -39.7% | Apr 15, 2021 |
Track every rating change on WFC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company’s financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services.…
Historical context
All WFC earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
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
- Polygon adjusted daily market bars · 2026-09-25T18:41:19.945655+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T18:41:19.942850+00:00
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 · As of 2026-09-25. For educational purposes only; not investment advice.