Wells Fargo (WFC) Q3 2025 Earnings
How Did WFC Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +1.48%.
Did WFC Beat Earnings? Q3 2025 Results
Yes. Wells Fargo reported Q3 2025 earnings of $1.66 a share on Oct 14, 2025, beating the $1.55 consensus estimate by 7.4%. Revenue was $21.4B against a $21.2B estimate.
Wells Fargo delivered a convincing beat to open its third quarter 2025 results, posting adjusted EPS of $1.66 against a consensus estimate of $1.55, a 7.43% beat, while revenue of $21.44 billion edged past expectations by 1.29%. The headline revenue figure reflected a 32.3% year-over-year decline, though that comparison was heavily distorted by prior-period items; on an underlying basis, the bank pointed to broad momentum across both net interest income and fee-based businesses as the primary driver of outperformance. Net interest income of $11.95 billion rose 2% year-over-year on fixed-rate asset repricing and higher loan balances, while a 25% jump in investment banking fees helped lift noninterest income to $9.49 billion. Credit quality improved meaningfully, with net charge-offs falling 14% year-over-year to $942 million. Capital return remained aggressive, with $6.10 billion in share buybacks completed during the quarter and a 12.5% dividend increase to $0.45 per share. Looking ahead, management held its full-year net interest income guidance roughly in line with 2024's $47.70 billion and introduced a medium-term return on tangible common equity target of 17-18%.
- Fixed rate asset repricing driving net interest income growth
- Strong broad-based growth in fee-based income across consumer and commercial businesses
- Highest linked-quarter loan growth in over three years
- Higher asset-based fees in Wealth and Investment Management on higher market valuations
- 25% increase in investment banking fees YoY
- Credit Card revenue up 13% YoY on higher loan balances and card fees
- Improved credit performance with net charge-offs declining 14% YoY
- Auto loan originations up 115% YoY
- Markets revenue up 6% driven by equities, commodities, foreign exchange, and credit products
- Deposit mix changes partially offsetting NII gains
“The momentum we are building across our businesses drove strong financial results in the third quarter with net income and diluted earnings per share both up from a year ago and the second quarter. Revenue grew with higher net interest income and strong, broad-based growth in fee-based income across both our consumer and commercial businesses. We grew our balance sheet, including the highest linked-quarter loan growth in over three years. Credit performance was strong and continued to improve. We returned a significant amount of capital to our shareholders in the third quarter including increasing our common stock dividend by 12.5% and repurchasing $6.1 billion of common stock.”
Wells Fargo CEO, on the earnings call
What Was Wells Fargo's Outlook in Q3 2025?
Wells Fargo expects 2025 net interest income to be roughly in line with 2024 NII of $47.7 billion, unchanged from prior guidance. The company expects Q4 2025 net interest income to be approximately $12.4-$12.5 billion. NII performance will depend on rate levels, yield curve shape, deposit balances/mix/pricing, and loan demand. The company expects 2025 noninterest expense to be approximately $54.6 billion, up from prior guidance of approximately $54.2 billion, reflecting approximately $200 million in higher severance expense and approximately $200 million in higher revenue-related compensation expense predominantly in WIM driven by strong market performance. Q4 2025 noninterest expense is expected to be approximately $13.5 billion. The company is targeting a medium-term ROTCE of 17-18% and managing its CET1 ratio down to 10-10.5%.
WFC YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $21.4B | $31.7B | −32.3% |
| Net Income | $5.6B | $5.1B | +9.3% |
| Operating Income | $6.9B | $6.2B | +10.8% |
WFC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.