Analyst Consensus ?
ConsensusHold60 ratings
Bullish2846.7%
Neutral2846.7%
Bearish46.6%
Wells Fargo & Company · WFC · FY2026 Q2 · Calendar Q3 2026
Wells Fargo Beats on EPS and Revenue, Reaffirms $50B NII as Balance Sheet Expands
Wells Fargo's Q2 extended Q1's momentum with broad-based beats: EPS of $1.96 (vs. $1.73 estimated) and revenue of $22.62B (vs. $21.86B estimated). NII rose 5% and non-interest income 13% YoY, supported by double-digit loan and deposit growth and an $847M venture capital equity gain. Capital returns remained aggressive at $9.8B in H1. Management reaffirmed $50B full-year NII guidance and confidence in the 17-18% ROTE target. Shares declined 2.7% on the report day with 2.6x baseline volume before recovering 2.3% subsequently. The stock now trades at $87.30, below the lowest analyst price target of $92, suggesting the market remains skeptical about the quality of earnings given the lumpy VC contribution and unresolved NIM timing questions.
Reported Before market openNYSEFinancial Services
$267.15B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.96
Consensus $2
EPS surprise
+13.3%
Reported versus consensus
Reported revenue
$22.62B
Consensus $21.86B
Revenue surprise
+3.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$84.72Previous close
$47Low
$78.05Average
$125.5High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Aug 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 previous close $84.72. 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 | +8.6% | Jul 15, 2026 |
| UBS | Erika Najarian | $104 | $88.12 | +22.8% | Jul 7, 2026 |
| Wells Fargo | Analyst unavailable | $93 | $82.62 | +9.8% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $84.02 | +20.4% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $98 | $79.9 | +15.7% | May 6, 2026 |
| Wells Fargo | Eric Shih | $88 | $81.74 | +3.9% | Apr 16, 2026 |
| Piper Sandler | Analyst unavailable | $94 | $81.73 | +11.0% | Apr 15, 2026 |
| Barclays | Jason Goldberg | $108 | $81.73 | +27.5% | Apr 15, 2026 |
| Truist Financial | John McDonald | $94 | $76.48 | +11.0% | Mar 17, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $86.29 | +0.3% | Feb 13, 2026 |
| UBS | Analyst unavailable | $113 | $93.51 | +33.4% | Feb 4, 2026 |
| Evercore ISI | John Pancari | $105 | $89.11 | +23.9% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $96 | $93.48 | +13.3% | Jan 14, 2026 |
| Wolfe Research | Analyst unavailable | $109 | $94.44 | +28.7% | Jan 7, 2026 |
| HSBC | Analyst unavailable | $74 | $94.96 | -12.7% | Jan 7, 2026 |
| Evercore ISI | John Pancari | $110 | $95.66 | +29.8% | Jan 6, 2026 |
| Truist Financial | John McDonald | $104 | $96.4 | +22.8% | Jan 6, 2026 |
| Wells Fargo | Analyst unavailable | $90 | $96.4 | +6.2% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $113 | $95.2 | +33.4% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $100 | $93.27 | +18.0% | Dec 18, 2025 |
| Evercore ISI | Analyst unavailable | $107 | $93.8 | +26.3% | Dec 15, 2025 |
| Truist Financial | Analyst unavailable | $90 | $85.92 | +6.2% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $97 | $84.56 | +14.5% | Oct 15, 2025 |
| Barclays | Analyst unavailable | $94 | $84.56 | +11.0% | Oct 15, 2025 |
| UBS | Analyst unavailable | $93 | $80.84 | +9.8% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $98 | $84.65 | +15.7% | Sep 30, 2025 |
| Wells Fargo | Betsy Graseck | $95 | $85.01 | +12.1% | Sep 29, 2025 |
| Goldman Sachs | Richard Ramsden | $86 | $82.34 | +1.5% | Jul 8, 2025 |
| Raymond James | David Long | $84 | $74.74 | -0.8% | Jun 18, 2025 |
| Needham | Mike Cikos | $125.5 | $73.73 | +48.1% | May 28, 2025 |
| Wells Fargo | Steven Alexopoulos | $83 | $76.28 | -2.0% | May 14, 2025 |
| Barclays | Jason Goldberg | $87 | $63.1 | +2.7% | Apr 14, 2025 |
| Morgan Stanley | Analyst unavailable | $79 | $74.28 | -6.8% | Mar 24, 2025 |
| Wells Fargo | Analyst unavailable | $65.63 | $66.78 | -22.5% | Mar 10, 2025 |
| Wolfe Research | Steven Chubak | $87 | $70.61 | +2.7% | Jan 3, 2025 |
| CFRA | Alexander Yokum | $92 | $52.76 | +8.6% | Nov 19, 2024 |
| Compass Point | David Rochester | $60 | $63.42 | -29.2% | Oct 15, 2024 |
| Wells Fargo | Gerard Cassidy | $61 | $62.16 | -28.0% | Oct 14, 2024 |
| Citigroup | Keith Horowitz | $67 | $63.02 | -20.9% | Oct 14, 2024 |
| Robert W. Baird | David George | $62 | $60.99 | -26.8% | Oct 14, 2024 |
| Piper Sandler | Scott Siefers | $62 | $60.99 | -26.8% | Oct 14, 2024 |
| Barclays | Jason Goldberg | $75 | $60.99 | -11.5% | Oct 14, 2024 |
| Evercore ISI | John Pancari | $71 | $60.99 | -16.2% | Oct 14, 2024 |
| Deutsche Bank | Matt O' Connor | $65 | $57.75 | -23.3% | Oct 11, 2024 |
| Bank of America Securities | Ebrahim Poonawala | $70 | $55.9 | -17.4% | Sep 27, 2024 |
| Wells Fargo | Matt O'Connor | $65 | $58.47 | -23.3% | Sep 3, 2024 |
| Daiwa | Kazuya Nishimura | $63 | $56.45 | -25.6% | Aug 20, 2024 |
| RBC Capital | Gerard Cassidy | $61 | $58.08 | -28.0% | Jul 15, 2024 |
| Goldman Sachs | Richard Ramsden | $64 | $56.54 | -24.5% | Jul 12, 2024 |
| Compass Point | David Rochester | $64 | $60.28 | -24.5% | Jul 11, 2024 |
| Piper Sandler | Scott Siefers | $61 | $61.04 | -28.0% | May 21, 2024 |
| Wells Fargo | Kenneth Leon | $70 | $56.47 | -17.4% | Apr 12, 2024 |
| Evercore ISI | John Pancari | $67 | $55.7 | -20.9% | Apr 12, 2024 |
| Goldman Sachs | Richard Ramsden | $65 | $55.64 | -23.3% | Apr 12, 2024 |
| Wells Fargo | David Rochester | $64 | $57.79 | -24.5% | Apr 8, 2024 |
| CFRA | Kenneth Leon | $59 | $57.61 | -30.4% | Apr 1, 2024 |
| Wells Fargo | David Konrad | $62 | $56.68 | -26.8% | Mar 27, 2024 |
| Robert W. Baird | David George | $55 | $48.74 | -35.1% | Jan 11, 2024 |
| Wells Fargo | Richard Bove | $56.08 | $47.76 | -33.8% | Dec 14, 2023 |
| Loop Capital Markets | James Fotheringham | $51 | $44.7 | -39.8% | Jul 17, 2023 |
| Wells Fargo | Richard Bove | $44.6 | $40.98 | -47.4% | Apr 17, 2023 |
| Wells Fargo | Gerard Cassidy | $42 | $40.88 | -50.4% | Apr 17, 2023 |
| Piper Sandler | Scott Siefers | $47 | $39.66 | -44.5% | Apr 14, 2023 |
| Wells Fargo | David Long | $47 | $37.92 | -44.5% | Apr 6, 2023 |
| Wells Fargo | Keith Horowitz | $50 | $46.78 | -41.0% | Nov 1, 2022 |
| Barclays | Jason Goldberg | $58 | $41.13 | -31.5% | Jul 17, 2022 |
| Morgan Stanley | Betsy Graseck | $59 | $41.13 | -30.4% | Jul 15, 2022 |
| Raymond James | David Long | $50 | $37.9 | -41.0% | Jun 24, 2022 |
| Raymond James | David Long | $60 | $47.83 | -29.2% | Apr 20, 2022 |
| Barclays | Jason Goldberg | $64 | $47.07 | -24.5% | Apr 18, 2022 |
| Morgan Stanley | Betsy Graseck | $66 | $48.71 | -22.1% | Apr 2, 2022 |
| Wells Fargo | Vivek Juneja | $58.5 | $56.33 | -30.9% | Feb 6, 2022 |
| Evercore ISI | John Pancari | $65 | $56.44 | -23.3% | Jan 18, 2022 |
| BMO Capital | James Fotheringham | $54 | $57.8 | -36.3% | Jan 17, 2022 |
| KBW | David Konrad | $67 | $57.8 | -20.9% | Jan 17, 2022 |
| Goldman Sachs | Richard Ramsden | $56 | $57.8 | -33.9% | Jan 14, 2022 |
| Wolfe Research | Steven Chubak | $65 | $52.51 | -23.3% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $62 | $50.5 | -26.8% | Jan 3, 2022 |
| Credit Suisse | Susan Roth Katzke | $55 | $42.51 | -35.1% | Jul 19, 2021 |
| Compass Point | Dave Rochester | $53 | $46.27 | -37.4% | May 18, 2021 |
| Citigroup | Keith Horowitz | $50 | $41.62 | -41.0% | Apr 15, 2021 |
Track every rating change on WFC the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-2.7%
Event window
SPY move
+0.4%
Same window
Abnormal move
-3.1%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
+2.3%
Up to 20 sessions
WFCSPY benchmark
Follow WFC with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Q2 results beat on both lines: EPS of $1.96 vs. $1.73 estimated (+13.3%) and revenue of $22.62B vs. $21.86B estimated (+3.5%). Net interest income rose 5% YoY while non-interest income jumped 13%, driven by fee-based revenue expansion. Loan and deposit balances grew double-digit percentages across segments. An $847M venture capital equity gain provided a lumpy but significant boost to non-interest income. Capital returns accelerated with $9.8B returned to shareholders in H1 and a $7B share repurchase program ongoing. The stock fell 2.7% on the report day (benchmark SPY rose 0.4%) before drifting up 2.3% in subsequent sessions.
Guidance delta
Maintained. Management reaffirmed full-year net interest income guidance of approximately $50B and expressed continued confidence in achieving a 17-18% ROTE target. The CET1 ratio target remains 10-10.5% with compliance pending finalization of new capital rules. No changes to expense guidance or capital return cadence were indicated.
Key takeaways
- EPS of $1.96 beat consensus by 13.3%; revenue of $22.62B beat by 3.5%.
- NII up 5% YoY and non-interest income up 13% on broad fee-based revenue growth.
- Loan and deposit balances grew double-digit percentages across consumer and commercial segments.
- $847M venture capital equity gain boosted earnings — lumpy, not recurring.
- $9.8B returned to shareholders in H1; $7B repurchase program ongoing.
- 24 consecutive quarters of headcount reductions; efficiency ratio at 60%.
Management priorities
- Launch Advisor Gateway with GenAI capabilities for wealth advisors.
- Invest in branch bankers, investment advisers, and commercial relationship managers.
- Expand market share in investment banking, equity capital markets, and M&A advisory.
- Continue marketing and digital initiatives driving consumer checking and credit-card growth.
- Maintain aggressive capital returns through share repurchases and dividends.
Related earnings events
Financial ServicesHIG · FY2026 Q2 · Calendar Q3 2026The Hartford Beats on Q2 Core Earnings, Divests Hartford Funds, Expands Buyback to $4.2BAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedGL · FY2026 Q2 · Calendar Q3 2026Globe Life Q2: Net Income Up 20%, EPS Guidance Raised on AI and Reinsurance Initiatives
Sources
- Earnings call transcript and parsed analysis · 2026-07-14T18:03:43.348294+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T11:23:12.593424+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T11:23:12.590449+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 . For educational purposes only; not investment advice.