Detailed financial statements for Wells Fargo & Company (WFC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Wells 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.
Analysis Summary
Wells Fargo & Company reported revenue of $123.53B in the most recent fiscal year, growing at a 5-year CAGR of 8.5%. Net income reached $21.34B, with a 44.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 64.5%, operating margin 21.2%, net margin 17.5%.
At the current price of $81.44, WFC trades at a P/E of 11.48 and an ROE of 12.57%. Market capitalisation stands at $246.3B, placing it among large-cap names.
Balance sheet quality for WFC: current ratio of 0.3, net cash position of $45.83B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$19.00B represents -89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.18B | $97.74B | $101.06B | $105.68B | $82.23B | $83.08B | $83.44B | $115.34B | $125.40B | $123.53B |
| Cost of Revenue | $9.68B | $11.88B | $16.40B | $21.54B | $22.09B | -$240.0M | $10.61B | $38.14B | $47.44B | $43.49B |
| Gross Profit | $84.50B | $85.86B | $84.66B | $84.14B | $60.13B | $83.32B | $72.83B | $77.20B | $77.96B | $80.04B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $33.06B | $36.62B | $33.94B | $36.20B | $35.41B | $36.14B | $35.59B | $37.34B | $37.23B | $40.53B |
| Operating Expenses | $52.38B | $58.48B | $56.13B | $58.18B | $57.63B | $53.76B | $57.20B | $55.56B | $54.60B | $54.84B |
| Operating Income | $32.12B | $27.38B | $28.54B | $25.97B | $2.50B | $29.56B | $15.63B | $21.64B | $23.36B | $25.20B |
| EBITDA | $37.09B | $32.78B | $34.13B | $32.54B | $10.72B | $37.45B | $22.46B | $27.91B | $30.92B | $29.35B |
| Interest Expense | $5.91B | $9.35B | $14.65B | $18.85B | $7.96B | $3.92B | $9.07B | $32.74B | $43.10B | $39.83B |
| Pre-tax Income | $32.12B | $27.38B | $28.54B | $25.97B | $2.50B | $29.56B | $15.63B | $21.64B | $23.36B | $25.20B |
| Income Tax | $10.07B | $4.92B | $5.66B | $5.76B | -$1.16B | $5.76B | $2.25B | $2.61B | $3.40B | $3.84B |
| Net Income | $21.94B | $22.18B | $22.39B | $19.71B | $3.38B | $22.11B | $13.68B | $19.14B | $19.72B | $21.34B |
| EPS | $4.03 | $4.14 | $4.31 | $4.12 | $0.42 | $4.99 | $3.17 | $4.88 | $5.43 | $6.39 |
| EPS (Diluted) | $3.99 | $4.10 | $4.28 | $4.09 | $0.41 | $4.99 | $3.14 | $4.83 | $5.37 | $6.32 |
| Shares Outstanding (Diluted) | $5.11B | $5.02B | $4.84B | $4.43B | $4.13B | $4.10B | $3.84B | $3.72B | $3.47B | $3.22B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $31.91B | $31.82B | $31.80B | $33.59B |
| Gross Profit | $20.75B | $20.50B | $20.31B | $21.71B |
| Operating Income | $6.91B | $6.53B | $5.85B | $8.05B |
| EBITDA | $8.75B | $8.65B | $7.69B | $8.05B |
| Net Income | $5.59B | $5.36B | $5.29B | $6.41B |
| EPS | $1.68 | $1.69 | $1.62 | $2.02 |
| EPS (Diluted) | $1.66 | $1.67 | $1.60 | $2.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.73B | $215.95B | $173.29B | $141.25B | $264.61B | $234.23B | $159.16B | $237.22B | $203.36B | $174.21B |
| Short-term Investments | $6.42B | $2.99B | $269.91B | $263.46B | $220.39B | $177.24B | $113.59B | $125.39B | $160.10B | $297.34B |
| Receivables | $55.68B | $64.20B | $60.06B | $54.55B | $58.82B | $39.30B | $44.36B | $53.72B | $42.36B | $22.98B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $82.83B | $283.14B | $503.26B | $459.26B | $543.83B | $450.78B | $317.11B | $416.34B | $405.82B | $494.53B |
| Property, Plant & Equipment | $18.42B | $18.51B | $17.96B | $22.25B | $20.59B | $18.56B | $17.98B | $18.24B | $19.43B | $20.04B |
| Goodwill | $26.69B | $26.59B | $26.42B | $26.39B | $26.39B | $25.18B | $25.17B | $25.18B | $25.17B | $24.97B |
| Intangible Assets | $17.07B | $16.66B | $16.64B | $13.37B | $7.76B | $8.40B | $10.48B | $8.51B | $7.78B | $6.33B |
| Total Assets | $1.93T | $1.95T | $1.90T | $1.93T | $1.95T | $1.95T | $1.88T | $1.93T | $1.93T | $2.15T |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $96.78B | $103.26B | $105.79B | $104.51B | $59.00B | $34.41B | $51.15B | $89.56B | $108.81B | $251.01B |
| Total Current Liabilities | $1.46T | $1.51T | $1.46T | $1.50T | $1.54T | $1.59T | $1.50T | $1.45T | $1.48T | $1.72T |
| Long-term Debt | $255.07B | $224.98B | $229.01B | $228.16B | $212.92B | $160.66B | $174.85B | $207.57B | $173.06B | $174.71B |
| Total Liabilities | $1.73T | $1.74T | $1.70T | $1.74T | $1.77T | $1.76T | $1.70T | $1.75T | $1.75T | $1.97T |
| Retained Earnings | $133.07B | $145.26B | $158.16B | $166.70B | $162.68B | $180.32B | $187.97B | $201.14B | $214.20B | $228.87B |
| Total Equity | $199.58B | $206.94B | $196.17B | $187.15B | $184.68B | $187.61B | $180.23B | $185.74B | $179.12B | $181.12B |
| Total Debt | $351.86B | $328.28B | $334.83B | $332.70B | $271.95B | $195.10B | $226.01B | $297.15B | $281.88B | $425.72B |
| Net Debt | $324.71B | $109.34B | -$108.37B | -$72.01B | -$213.06B | -$216.38B | -$46.74B | -$65.47B | -$81.58B | -$45.83B |
| Working Capital | -$1.38T | -$1.23T | -$958.01B | -$1.04T | -$993.91B | -$1.14T | -$1.19T | -$1.03T | -$1.07T | -$1.23T |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $174.32B | $174.21B | $174.78B | $203.38B |
| Total Assets | $2.06T | $2.15T | $2.21T | $2.28T |
| Total Liabilities | $1.88T | $1.97T | $2.03T | $2.10T |
| Total Equity | $181.15B | $181.12B | $178.40B | $180.19B |
| Total Debt | $408.42B | $425.72B | $450.59B | $459.14B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $22.05B | $22.46B | $22.88B | $20.21B | $3.66B | $23.80B | $13.38B | $19.14B | $19.96B | $21.36B |
| Depreciation & Amortization | $4.97B | $5.41B | $5.59B | $6.57B | $8.22B | $7.89B | $6.83B | $6.27B | $7.56B | $7.71B |
| Stock-based Compensation | $1.95B | $2.05B | $2.25B | $2.27B | $1.77B | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $52.30B | $33.10B | $45.48B | $25.15B | $27.35B | $33.06B | $29.41B | $5.28B | -$20.27B | -$51.96B |
| Operating Cash Flow | $1.01B | $18.72B | $36.07B | $6.73B | $2.05B | -$11.53B | $27.05B | $40.36B | $3.04B | -$19.00B |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -$30.58B | -$320.0M | -$10.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$8.12B | -$9.91B | -$22.78B | -$26.08B | -$7.02B | -$21.14B | -$6.03B | -$13.58B | -$22.29B | -$19.52B |
| Dividends Paid | -$9.04B | -$9.11B | -$9.31B | -$9.59B | -$6.14B | -$3.63B | -$5.29B | -$5.93B | -$6.23B | -$6.48B |
| Free Cash Flow | $1.01B | $18.62B | $36.07B | $6.73B | $2.05B | -$11.53B | $27.05B | $40.36B | $3.04B | -$19.00B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$869.0M | $4.12B | $9.14B | $6.78B |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$869.0M | $4.12B | $9.14B | $6.78B |
| Dividends Paid | -$1.68B | -$1.65B | -$1.64B | -$1.61B |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.8% | +3.4% | +4.6% | -22.2% | +1.0% | +0.4% | +38.2% | +8.7% | -1.5% | |
| Net Income Growth (YoY) | +1.1% | +0.9% | -12.0% | -82.9% | +554.7% | -38.1% | +40.0% | +3.0% | +8.2% | |
| EPS Growth (YoY) | +2.7% | +4.1% | -4.4% | -89.8% | +1,088.1% | -36.5% | +53.9% | +11.3% | +17.7% | |
| Shares Change (YoY) | -1.8% | -3.6% | -8.5% | -6.6% | -0.9% | -6.3% | -3.0% | -6.8% | -7.2% | |
| FCF Growth (YoY) | +1,747.1% | +93.7% | -81.3% | -69.5% | -661.9% | +334.7% | +49.2% | -92.5% | -726.1% | |
| Gross Margin | 89.7% | 87.8% | 83.8% | 79.6% | 73.1% | 100.3% | 87.3% | 66.9% | 62.2% | 64.8% |
| Operating Margin | 34.1% | 28.0% | 28.2% | 24.6% | 3.0% | 35.6% | 18.7% | 18.8% | 18.6% | 20.4% |
| EBITDA Margin | 39.4% | 33.5% | 33.8% | 30.8% | 13.0% | 45.1% | 26.9% | 24.2% | 24.7% | 23.8% |
| Net Margin | 23.3% | 22.7% | 22.2% | 18.7% | 4.1% | 26.6% | 16.4% | 16.6% | 15.7% | 17.3% |
| FCF Margin | 1.1% | 19.0% | 35.7% | 6.4% | 2.5% | -13.9% | 32.4% | 35.0% | 2.4% | -15.4% |
| Effective Tax Rate | 31.4% | 18.0% | 19.8% | 22.2% | -46.2% | 19.5% | 14.4% | 12.0% | 14.5% | 15.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.20 | $3.71 | $7.46 | $1.52 | $0.50 | $-2.81 | $7.05 | $10.85 | $0.88 | $-5.91 |
| Dividends Per Share | $1.77 | $1.82 | $1.93 | $2.17 | $1.49 | $0.89 | $1.38 | $1.59 | $1.80 | $2.02 |
| Shares Outstanding (Basic) | $5.05B | $4.96B | $4.80B | $4.39B | $4.12B | $4.06B | $3.81B | $3.69B | $3.43B | $3.18B |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 12.57% |
| Return on Invested Capital | 3.15% |
| Return on Assets | 0.99% |
| Gross Margin | 64.50% |
| Operating Margin | 21.17% |
| Net Margin | 17.54% |
Financial Health
| Debt / Equity | 2.55 |
| Current Ratio | 0.51 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.67 | 14.65 | 10.69 | 13.06 | 71.86 | 9.62 | 13.03 | 10.09 | 12.94 | 14.59 |
| P/B | 1.40 | 1.46 | 1.13 | 1.26 | 0.67 | 1.04 | 0.87 | 0.98 | 1.34 | 1.64 |
| P/S | 2.96 | 3.08 | 2.19 | 2.24 | 1.51 | 2.35 | 1.88 | 1.57 | 1.92 | 2.40 |
| Gross Margin | 89.7% | 87.8% | 83.8% | 79.6% | 73.1% | 100.3% | 87.3% | 66.9% | 62.2% | 64.8% |
| Operating Margin | 34.1% | 28.0% | 28.2% | 24.6% | 3.0% | 35.6% | 18.7% | 18.8% | 18.6% | 20.4% |
| Net Margin | 23.3% | 22.7% | 22.2% | 18.7% | 4.1% | 26.6% | 16.4% | 16.6% | 15.7% | 17.3% |
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Explore sector: Financial Services · Banks - Diversified
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