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Wells Fargo (WFC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Wells Fargo (WFC) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $21.9B · 27¢ of every $1 of revenue kept as net profit · operating margin 32.5%

Wells Fargo made $21.9B in Q3 2026 (+2% Y/Y). Operating margin 32.5%, net earnings $6.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$21.9B
Year over year+2%
Operating margin32.5%
Net earnings$6.0B
Operating cash flow$8.9B

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Wells Fargo Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Wells Fargo Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $21.9B in Q3 2026, up 2% year over year and down 3% from the previous quarter.

Operating profit was $7.1B, a 32.5% margin (up 0.2 points year over year). Of the extra revenue versus Q3 2025, 44% reached operating profit, above the 32% margin then. Total costs grew 2% against revenue growth of 2%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $6.0B, up 6% year over year. The effective tax rate was 16.4%.

Operating cash flow was $8.9B, 149% of net earnings. Non-cash charges added back $1.8B of depreciation and amortization. Working capital and other items added $1.1B.

Quarterly history

Wells Fargo revenue by quarterWells Fargo revenue by quarter$21.4BQ3 2025$21.3BQ4 2025$21.4BQ1 2026$22.6BQ2 2026$21.9BQ3 2026
Wells Fargo net earnings by quarterWells Fargo net earnings by quarter$5.6BQ3 2025$5.4BQ4 2025$5.3BQ1 2026$6.4BQ2 2026$6.0BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$21.9B+2%32.5%$6.0B$8.9B
Q2 202610-QJul 28, 2026$22.6B+9%35.6%$6.4B$6.8B
Q1 202610-QApr 29, 2026$21.4B+6%27.9%$5.3B$9.1B
Q4 202510-KFeb 24, 2026$21.3B+4%30.7%$5.4B$4.1B
Q3 202510-QOct 31, 2025$21.4B+5%32.2%$5.6B−$869M

Charts

Wells Fargo: revenue growth, year over year and quarter over quarterWells Fargo: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q3 2025+4%-1%Q4 2025+6%+1%Q1 2026+9%+5%Q2 2026+2%-3%Q3 2026
Latest (Q3 2026): Y/Y +2%, Q/Q -3%.
Wells Fargo: where the cash came from (+) and went (−), TTM to Q3 2026Wells Fargo: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$189.5BOther financing$168.8BOperating cash flow$28.9BNet borrowing (+) / repaid (−)$14.8BBuybacks−$14.5BCash drawn (+) / kept (−)−$6.8BDividends−$5.7BShares issued$4.0B
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Wells Fargo: profit against cash, quarter by quarterWells Fargo: profit against cash, quarter by quarterNet incomeOperating cash flow$5.1B$8.9BQ4 2024$4.9B−$11.0BQ1 2025$5.5B−$11.2BQ2 2025$5.6B−$869MQ3 2025$5.4B$4.1BQ4 2025$5.3B$9.1BQ1 2026$6.4B$6.8BQ2 2026$6.0B$8.9BQ3 2026
Latest (Q3 2026): Net income $6.0B, Operating cash flow $8.9B.
Wells Fargo: diluted shares by fiscal yearWells Fargo: diluted shares by fiscal year4.13BFY20204.10BFY20213.84BFY20223.72BFY20233.47BFY20243.24BFY2025
-21.6% since FY2020: buybacks shrank the count.
Wells Fargo: long-term debt falling due (FY2025)Wells Fargo: long-term debt falling due (FY2025)$23.5B2026$13.3B2027$26.4B2028$19.2B2029$12.1B2030$80.2BLater
Cash $172.6B, short-term investments —, long-term debt $174.7B at 2025-12-31.
Wells Fargo in its industry: growth against margin (68 companies, SIC 6021)Wells Fargo in its industry: growth against margin (68 companies, SIC 6021)revenue growth, year over year →↑ operating marginmedian +8%median 37%JPMBACCCOFUSBPNCTFCHBANKEYPNFPHSBC USA IncZIONUMBFWebster Financial CorpONBCFRVLYBOKFBANCFNBFHNFULTWSFSFFBCWSBCCBUPRKTRMKWAFDFRMENBTBCASHBANFOCFCNWBITBBKNICHOPEFCFDCOMNBHCBHRBAMTBWBHCCHCOALRSHAFCNEWTCACCBNKBFCFMCBWABCSHBIPFISCAREBCALSFSTMRBKFDBCFNLCFUNCLCNBATLOCFBKASRVNKSHWFC (+2%, 32%)
National Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations.

In its own words, from its 8-K, filed Jul 14, 2026.

Wells Fargo against its National Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +8%. Operating margin: 32.5% against the peers' median 32.1%.

CompanyQuarterRevenueY/YOp. margin
WFC Wells FargoQ3 2026$21.9B+2%32.5%
JPM JPMorgan ChaseQ3 2026$50.2B+8%40.1%
BAC Bank of AmericaQ3 2026$30.0B+3%29.9%
C CitigroupQ3 2026$23.8B+8%30.6%
COF Capital One FinancialQ3 2026$16.3B+6%28.0%
USB US BancorpQ3 2026$8.0B+9%35.1%
PNC PNC Financial Services GroupQ3 2026$6.6B+11%40.0%
TFC Truist FinancialQ3 2026$3.7B-28%23.9%
HBAN Huntington BancsharesQ3 2026$2.8B+31%32.1%

Source: Wells Fargo 10-Q on SEC EDGAR · CIK 72971 · National Commercial Banks

13F: who owns WFC and who is buying

Largest holders of WFC (13F)Largest holders of WFC (13F)Vanguard Group$27.6BBlackRock$20.7BVanguard Capital Management LLC$16.5BFMR LLC$12.6BState Street$11.2BCapital Research Global Investors$6.3BGeode Capital Management, LLC$6.1BVanguard Portfolio Management LLC$5.1BMorgan Stanley$4.4BBank of America$3.4B
Funds' net buying of WFC by quarter (13F)Funds' net buying of WFC by quarter (13F)−$2.2B2024-09−$304M2024-12−$686M2025-03−$1.8B2025-06−$5.0B2025-09−$1.8B2025-12−$3.3B2026-03−$1.7B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WFC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results

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中文版：富国银行（WFC）财报

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