Wells Fargo Reports Q3 Earnings of $1.87 per Share as Assets Pass $2.25 Trillion

Wells Fargo & Company (WFC) delivered its third-quarter 2026 financial results, recording net income of $5.95 billion, or $1.87 per share, on revenue of $21.87 billion. Total assets at the banking giant climbed past $2.25 trillion, marking a key milestone after years under regulatory asset limits. Both average loans and average deposits rose 11% year-over-year to $1.03 trillion and $1.48 trillion, respectively, while credit card spending expanded by 12% and debit card spending increased by 8%.

Despite solid growth in consumer borrowing and account balances, profit margins faced headwind pressures. The firm's taxable-equivalent net interest margin declined year-over-year to 2.43% as competitive deposit rates, elevated funding expenses, and shifting Treasury yields pinched yields. To prepare for broader economic uncertainty, the bank increased its loan loss provisions, building up credit reserves. Net interest income still gained 4.7% to reach $12.5 billion, and return on tangible common equity landed at 16.3% with an efficiency ratio of 63%.

Looking ahead, management outlined a full-year net interest income target of approximately $50 billion. For the fourth quarter of 2026, net interest income excluding markets activity is expected to come in around $13 billion. Investors will be observing how credit reserve levels, deposit costs, and loan demand evolve over the final quarter.