Wells Fargo & Company (WFC) — Company Research

Last Updated: 1 August 2026

Wells Fargo & Company is the third-largest bank in the United States by revenue and the fourth-largest by assets, with roughly $2.28 trillion on its balance sheet, a $1.5 trillion deposit base and 4,079 branches. For seven years the investment case was dominated by one thing it could not do: the Federal Reserve's 2018 consent order capped its assets at about $1.95 trillion. That cap was removed in June 2025. The 2026 numbers are the first clean read on what a released Wells Fargo actually looks like — average assets up 15% year on year, average loans up 12%, and a second-quarter return on tangible common equity of 17.7% that landed inside the new 17–18% medium-term target on the first attempt. This report sets out the figures from the company's own filings, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Exchange / ticker	NYSE: WFC
Sector	Financials — diversified universal banking (US G-SIB)
Headquarters	333 Market Street, San Francisco, California, USA
Founded	March 1852, by Henry Wells and William G. Fargo
CEO / Leadership	Charles W. "Charlie" Scharf, Chairman and Chief Executive Officer. CEO since October 2019; Chairman since October 2025. CFO: Michael P. Santomassimo. COO: Scott Powell. Chief Risk Officer: Derek A. Flowers
Employees	197,466 at 30 June 2026 (205,198 at 31 December 2025; 212,804 at 30 June 2025)
Market cap	$261.42bn (1 August 2026, share price $86.45)
Revenue (FY2025)	$83,699m total revenue (net interest income $47,484m plus noninterest income $36,215m)
Net income (FY2025)	$21,338m; net income applicable to common stock $20,285m; diluted EPS $6.26
Total assets	$2,282,201m ($2.28 trillion) at 30 June 2026
Total deposits	$1,501,405m ($1.50 trillion) at 30 June 2026, up 12% year on year
Dividend per share	$1.70 declared for FY2025; quarterly rate raised 11% to $0.50 on 28 July 2026 (annualised $2.00)
Dividend yield	2.08% on trailing twelve-month dividends of $1.80; 2.31% on the new annualised $2.00 rate
CET1 ratio	10.3% (Standardized Approach) at 30 June 2026, against an 8.50% binding requirement

2. Bull and Bear Case

Bull Case

• The asset cap is gone and the balance sheet is finally compounding: the Federal Reserve terminated the approximately $1.95 trillion cap in June 2025, and average assets have since grown 15% year on year to $2,227,923m in Q2 2026 with average loans up 12% to $1,026.5bn. Seven consent orders closed during 2025. This is a structural change, not a cyclical one.
• Returns have stepped up to a new level: Q2 2026 return on tangible common equity was 17.7%, inside the new 17–18% medium-term target set with the FY2025 results, against 15.2% a year earlier. The efficiency ratio improved to 60% from 64%, and pre-tax pre-provision profit rose 20% year on year to $9.0bn.
• Capital markets is a genuine second engine, not a bolt-on: investment banking fees rose from $1,649m in FY2023 to $3,027m in FY2025, investment banking market share moved from 2.7% in 2021 to 4.3% in 2025, and the announced US M&A volume rank moved to #4 by mid-2026 from #9. Q2 2026 Equities revenue was up 64% and total Markets revenue up 24%.
• The deposit franchise is the hard-to-replicate asset: $1.50 trillion of deposits, of which roughly a quarter is noninterest-bearing, sit behind 4,079 branches and 33.7 million mobile active customers. Total client assets reached $2,691bn at 30 June 2026, up 15%.
• Capital return is large and rising: approximately $23bn returned in FY2025 including $18bn of buybacks, roughly $7bn of buybacks in the first half of 2026, and an 11% dividend increase declared on 28 July 2026. Period-end share count fell 6% year on year to 3,028.5 million.

Bear Case

• Net interest margin is compressing faster than volume is growing: taxable-equivalent NIM fell to 2.43% in Q2 2026 from 2.68% a year earlier, a 25 basis point decline. Net interest income rose only 5% because average earning assets had to grow 15% to get there. Management's own $50bn 2026 NII guidance assumes two to three fed funds cuts.
• Growth, buybacks and the dividend are competing for the same capital: CET1 fell from 11.1% to 10.3% in twelve months, the supplementary leverage ratio from 6.7% to 5.8% and TLAC from 24.4% to 22.8%. The cushion over the 8.50% binding CET1 requirement narrowed from 260 to 180 basis points while $7bn of stock was bought back in the first half.
• Credit results are being flattered at the top of the cycle: the allowance for credit losses fell to 1.40% of loans at 30 June 2026 from 1.58% a year earlier while the book grew 12%. Q2 2026 provision of $914m barely exceeded net charge-offs of $876m. Scharf himself warned that "such favorable conditions do not go on forever".
• Office commercial real estate remains an unhealed sore: of $20,002m of office loans at 30 June 2026, $2,225m were on nonaccrual — an 11.1% rate against a companywide loan nonaccrual rate of 0.74%. CRE allowance coverage is 2.56% versus 1.40% for the total book.

3. Business Segments

Wells Fargo reports four operating segments plus a Corporate line. The table shows FY2025 revenue contribution against total revenue of $83,699m.

Segment	% of revenue	What it is
Consumer Banking and Lending	44.6% ($37,362m)	Checking and savings accounts, credit and debit cards, home lending, auto, personal and small-business lending, plus branch-channel wealth planning
Corporate and Investment Banking	23.0% ($19,232m)	Capital markets, corporate banking, treasury management and payments, investment banking, commercial real estate lending, and Markets (FICC and Equities)
Wealth and Investment Management	19.5% ($16,328m)	Brokerage, financial planning, lending, trust and fiduciary services to affluent and high-net-worth clients; WellsTrade and Intuitive Investor digital channels
Commercial Banking	14.3% ($11,978m)	Banking and credit for private, family-owned and certain public companies; secured lending and lease products; treasury management; municipalities
Corporate	0.9% ($747m)	Corporate treasury and enterprise functions net of allocations, the investment portfolio, venture capital investments and previously divested businesses
Reconciling items and eliminations	(2.3)% ($(1,948)m)	Intersegment eliminations and unallocated items

Comparability note: in Q3 2025 approximately $8bn of loans and $6bn of deposits relating to certain business customers were transferred from Commercial Banking into Consumer Banking and Lending. The transfer was prospective and prior-period segment figures were not restated, which inflates Consumer Banking and depresses Commercial Banking in 2026 comparatives.

4. Business Model and Moat

How it makes money. In FY2025, net interest income of $47,484m was 56.7% of total revenue and noninterest fee income of $36,215m was 43.3%. In Q2 2026 the mix shifted further toward fees: NII $12,317m (54.4%) and noninterest income $10,305m (45.6%), with fee income growing 13% year on year against NII growth of 5%. The largest fee lines in FY2025 were investment advisory and other asset-based fees ($10,498m), deposit and lending-related fees ($6,613m), net gains from trading and securities ($5,247m), card fees ($4,589m) and investment banking fees ($3,027m).

What protects it. The moat is the deposit base and the distribution that gathers it. Wells Fargo held $1,501,405m of deposits at 30 June 2026, of which $365,368m was noninterest-bearing at the December 2025 year end — money that costs nothing and is stickier than wholesale funding. Behind that sit 4,079 retail branches, 33.7 million mobile active customers and $2,691bn of total client assets. A new entrant cannot buy this; a competitor cannot easily take it. Scale in payments, cards and treasury management compounds the advantage: debit card purchase volume was $137.3bn in Q4 2025 alone.

The regulatory layer. As a global systemically important bank, Wells Fargo faces a binding CET1 requirement of 8.50% (4.50% minimum plus a 2.50% stress capital buffer plus a 1.50% G-SIB surcharge). It reported 10.3% at 30 June 2026, with TLAC of 22.8%, a supplementary leverage ratio of 5.8% and a liquidity coverage ratio of 119%. The 2026 stress test left the stress capital buffer at the 2.5% floor. The removal of the 2018 asset cap in June 2025 is the single most important structural change to the investment case in a decade, and total average assets have since moved decisively above the old ceiling.

Simplification. The rail car leasing sale completed on 1 January 2026 was the twelfth business exited or sold since 2019, substantially completing a portfolio simplification programme that has narrowed the company to its core franchises. Over the same period gross expense reductions of roughly $15bn have funded reinvestment while shrinking the total expense base.

5. Financial Health

All figures below are taken from Wells Fargo's own quarterly earnings releases, quarterly supplements and the FY2025 Form 10-K. Wells Fargo's fiscal year ends 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$79,166m	+6.6%	$5.08	$5.08 †	$0.60	$160,689m
FY2022	$74,368m	−6.1%	$3.27	$3.27 †	$1.10	$174,870m
FY2023	$82,597m	+11.1%	$4.83	$4.83 †	$1.30	$207,588m
FY2024	$82,296m	−0.4%	$5.37	$5.37 †	$1.50	$173,078m
FY2025	$83,699m	+1.7%	$6.26	$6.26 †	$1.70	$174,712m

† Wells Fargo does not publish a recurring adjusted or non-GAAP earnings-per-share measure. It reports GAAP diluted EPS only and discloses per-quarter "notable items" separately, so GAAP EPS is repeated in the Adjusted EPS column. The non-GAAP measures it does publish are tangible common equity, tangible book value per common share, return on tangible common equity, net interest income excluding Markets, and pre-tax pre-provision profit. Revenue is Wells Fargo's own "total revenue" line (net interest income plus noninterest income), not gross interest income. Long-term debt is the balance sheet line item of the same name.

Presentation note: in Q4 2025 Wells Fargo changed the presentation of certain balance sheet items, including trading assets and liabilities and short-term borrowings, with corresponding changes to the cash flow statement, and reclassified operating losses into other noninterest expense. Prior period balances were revised. Reported revenue, net income and EPS for FY2021 to FY2025 were not restated and the series above is comparable.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$22,622m	$2.00 †	$2.00
Q1 2026	$21,446m	$1.60 †	$1.60
Q4 2025	$21,292m	$1.76 ‡	$1.62
Q3 2025	$21,436m	$1.66 †	$1.66
Q2 2025	$20,822m	$1.60 †	$1.60
FY2025 total	$83,699m	$6.26 †	$6.26

‡ The only period for which Wells Fargo quantified an ex-notable figure was Q4 2025, where it stated net income excluding a notable item of $5.8bn, or $1.76 per diluted share, excluding $612m of severance expense.

Balance sheet and cash flow detail for FY2025 and the most recent quarter: total equity $182,323m at 30 June 2026, common stockholders' equity $165,000m, tangible common equity $139,703m, book value per common share $54.48 and tangible book value per common share $46.13. Long-term debt was $182,139m and short-term borrowings $25,168m at 30 June 2026, against combined cash and due from banks plus interest-earning deposits with banks of $203,375m. Net cash used by operating activities in FY2025 was $(19,001)m, driven by a $(52,956)m net change in trading assets and liabilities and $(48,197)m of originations and purchases of loans held for sale. Depreciation, amortisation and accretion was $7,713m. Management guides 2026 net interest income to approximately $50bn and noninterest expense to approximately $55.7bn, with a medium-term return on tangible common equity target of 17–18%.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$261.42bn at a share price of $86.45 (1 August 2026)
Trailing P/E (GAAP)	12.6x (share price $86.45 divided by trailing twelve-month GAAP diluted EPS of $6.88, being Q3 2025 $1.66 plus Q4 2025 $1.62 plus Q1 2026 $1.60 plus Q2 2026 $2.00)
P/E (forward)	n/a — Wells Fargo does not publish earnings-per-share guidance. Its 2026 guidance is net interest income of approximately $50bn and noninterest expense of approximately $55.7bn, with a medium-term ROTCE target of 17–18%. No analyst estimates are used in this report
P/S (TTM)	3.01x (market cap $261,420m divided by trailing twelve-month total revenue of $86,796m). Note some data providers show a lower figure by using gross interest income of roughly $128bn rather than Wells Fargo's own total revenue definition
EV/EBITDA (TTM)	n/m — not meaningful for a bank. Deposits and debt are the raw material of the business rather than the financing of an operating asset base, and interest expense is a cost of revenue rather than a financing charge below EBITDA. Use Price/book and Price/tangible book below
Price/book	1.59x (share price $86.45 divided by book value per common share of $54.48 at 30 June 2026)
Price/tangible book	1.87x (share price $86.45 divided by tangible book value per common share of $46.13 at 30 June 2026)
P/FCF	n/m — FY2025 net cash used by operating activities was $(19,001)m, so free cash flow (operating cash flow less capital expenditure) is negative. For a bank, operating cash flow is dominated by trading-book and held-for-sale loan movements rather than economic cash generation. Wells Fargo also does not disclose a separate premises and equipment additions line
Enterprise value	n/m — enterprise value is undefined in any useful sense for a deposit-funded bank, because deposits of $1,501,405m and long-term debt of $182,139m are operating inputs rather than net financing. For reference, market cap $261.42bn plus long-term debt $182,139m plus short-term borrowings $25,168m less liquid cash of $203,375m would give approximately $265bn, a figure with no economic meaning here
52-week high	$97.76 (current price 11.6% below)
52-week low	$72.78 (current price 18.8% above)
Short interest (% of float)	0.96% (28.99 million shares short against a float of 3.02 billion)
Days to cover	1.76 days (average daily volume 16.51 million shares)
Dividend yield	2.08% on trailing twelve-month dividends of $1.80; 2.31% on the new annualised $2.00 rate

Live price action and technical levels for WFC and its peers can be followed on the ChartsView Live Charts page.

7. What Are They Building

Deliberately spending to grow. The 2026 expense guide of approximately $55.7bn is above the FY2025 outturn of $54.8bn, and the bridge is explicit: minus $0.7bn from efficiency initiatives, plus $0.8bn of incremental technology expense, plus $0.4bn of other investments, plus $0.3bn of merit and other. Headcount has fallen 7% year on year to 197,466 while technology, telecommunications and equipment expense rose to $5,203m in FY2025 from $3,920m in FY2023, a 33% increase in two years.

Artificial intelligence and infrastructure. The stated 2026 priorities are to scale generative AI investment for automation and client service, continue migrating into new data centres and moving applications to public and private cloud, invest in data platforms, and enhance cybersecurity monitoring including access management, incident response and threat detection. Fargo, the AI virtual assistant, has passed one billion customer interactions in under three years, and 2026 saw the launch of "AI Teammate" inside Advisor Gateway for financial advisors and support teams.

Cards, consumer and payments. New credit card accounts were up 46% year on year in Q2 2026, following 819 thousand new accounts in Q4 2025 alone against 486 thousand a year earlier. Auto originations rose 41% year on year in Q2 2026 with auto revenue up 33%. Consumer primary checking account growth has been positive year on year for thirteen consecutive quarters. Investment is going into card offers, underwriting, servicing and rewards, an expanded Premier proposition for affluent clients, and the mobile app, Fargo, Zelle including a stablecoin offering, and Paze.

Capital markets build-out. Wells Fargo played a leading role in four of the ten largest M&A transactions of 2025, including the two largest, and moved from twelfth to eighth in the league tables between 2024 and 2025. Through June 2026 it held 7.2% of leveraged finance (ranked third), lifted equity capital markets share by 74 basis points to 3.8%, and moved to fourth in announced US M&A volume. CIB average loans grew 26% year on year to $359.4bn — direct evidence of post-asset-cap balance sheet deployment into client financings. Markets net interest income is guided to approximately $2bn in 2026 against $0.7bn in 2025.

Commercial banking and wealth. Priorities include lending platform modernisation, coverage build-out in under-penetrated markets, expansion of the Vantage digital platform, and a pilot using tokenised deposits for cross-border payments. In wealth, the focus is advisor productivity tooling, deeper banking and lending penetration, the independent and RIA channel, and the discretionary unified managed account platform. Wealth client assets reached $2,409bn at 30 June 2026, up 15%.

8. Peer Comparison

Peer	Market cap (August 2026)	Key 2025 metric
JPMorgan Chase (NYSE: JPM)	$942.63bn	FY2025 total net revenue $182,447m; net income $57,048m; price/book 2.64x (per SEC XBRL and Finviz, 1 August 2026)
Bank of America (NYSE: BAC)	$439.63bn	FY2025 revenue net of interest expense $113,097m; net income $30,509m; price/book 1.57x (per SEC XBRL and Finviz, 1 August 2026)
Citigroup (NYSE: C)	$227.14bn	FY2025 total revenues net of interest expense $85,225m; net income $14,306m; price/book 1.15x (per SEC XBRL and Finviz, 1 August 2026)
U.S. Bancorp (NYSE: USB)	$98.17bn	FY2025 total net revenue $28,656m; net income $7,570m; price/book 1.62x (per SEC XBRL and Finviz, 1 August 2026)
PNC Financial Services (NYSE: PNC)	$99.70bn	FY2025 total revenue $23,099m; net income $6,997m; price/book 1.56x (per SEC XBRL and Finviz, 1 August 2026)
Wells Fargo (NYSE: WFC)	$261.42bn	FY2025 total revenue $83,699m; net income $21,338m; ROTCE 14.6%; price/book 1.59x (per SEC XBRL and Finviz, 1 August 2026)

On FY2025 revenue Wells Fargo is the third-largest US bank at $83,699m, behind JPMorgan at $182,447m and Bank of America at $113,097m and fractionally behind Citigroup at $85,225m; on market cap it ranks third, ahead of Citigroup. On price to book it trades in line with Bank of America, U.S. Bancorp and PNC, at a wide discount to JPMorgan and a premium to Citigroup.

9. Insider Activity

Chairman and Chief Executive Officer Charlie Scharf remains the largest individual insider holder. The pattern in calendar 2026 is worth separating carefully: there were three genuine open-market sales, all clustered in the week of 20 to 26 February 2026, and no open-market purchases by any insider. Everything dated 5 March 2026 is mechanical tax withholding on the annual vesting of Restricted Share Rights and 2023 Performance Shares, where the company withholds shares to settle tax and the executive simultaneously acquires a larger number on vesting. None of the 2026 Form 4 filings examined carried a Rule 10b5-1 plan designation. Insider ownership is 0.21% of shares outstanding.

Name	Date	Type	Shares	Price	Value	Plan Type
Ellen R. Patterson (Senior EVP, General Counsel)	26 Feb 2026	Sell	60,000	$87.40	$5,244,000	Open market
Bridget E. Engle (Senior EVP)	26 Feb 2026	Sell	30,000	$87.10	$2,613,000	Open market
Kleber Santos (Senior EVP)	20 Feb 2026	Sell	25,000	$87.72	$2,193,000	Open market
Charles W. Scharf (Chairman and CEO)	05 Mar 2026	Sell	210,011	$83.93	$17,626,255	Tax withholding on vesting
Michael P. Santomassimo (Senior EVP, CFO)	05 Mar 2026	Sell	64,036	$83.93	$5,374,562	Tax withholding on vesting
Barry Sommers (Senior EVP)	05 Mar 2026	Sell	50,699	$83.93	$4,255,169	Tax withholding on vesting
Scott Powell (Senior EVP, COO)	05 Mar 2026	Sell	50,375	$83.93	$4,227,982	Tax withholding on vesting
Derek A. Flowers (Senior EVP, Chief Risk Officer)	05 Mar 2026	Sell	29,131	$83.93	$2,444,963	Tax withholding on vesting
Derek A. Flowers (Senior EVP, Chief Risk Officer)	15 Jul 2026	Gift to trust	67,966	$0.00	$0	Bona fide gift, no consideration
Jason M. Rosenberg (Senior EVP, Public Affairs)	15 Jun 2026	Sell	8,079	$83.73	$676,496	Tax withholding on vesting

Aggregate open-market disposals in 2026 came to 115,000 shares for $10.05 million, executed between $87.10 and $87.72 — within about a dollar of the current $86.45 price and roughly 11% below the 52-week high.

10. Key Risks

• Net interest margin compression: taxable-equivalent NIM fell to 2.43% in Q2 2026 from 2.47% in Q1 2026 and 2.68% in Q2 2025. Net interest income grew 5% only because average earning assets grew 15%. The 2026 NII guidance of approximately $50bn is explicitly premised on two to three fed funds cuts; faster or deeper cuts, or a flatter curve, put that guidance at risk.
• Commercial real estate and office exposure: total CRE loans were $132,986m at 30 June 2026, within which $20,002m of office loans carried $2,225m on nonaccrual, an 11.1% rate against a companywide 0.74%. CRE allowance coverage of 2.56% is nearly double the 1.40% companywide rate, and the office book remains the most impaired part of the balance sheet.
• Capital cushion narrowing as the balance sheet grows: CET1 fell from 11.1% to 10.3%, the supplementary leverage ratio from 6.7% to 5.8% and TLAC from 24.4% to 22.8% in twelve months, cutting the buffer over the 8.50% binding CET1 requirement from 260 to 180 basis points, while roughly $7bn of stock was repurchased in the first half of 2026 and the dividend was raised 11%.
• Credit normalisation risk: the allowance for credit losses fell to $14,407m, or 1.40% of loans, from 1.58% a year earlier while the loan book grew 12%. Q2 2026 provision of $914m covered net charge-offs of $876m plus only $31m of allowance build. Any turn in the cycle hits earnings twice, through charge-offs and through rebuilding reserves.
• Market-sensitive fee income concentration: noninterest income was 45.6% of Q2 2026 revenue and grew 13% on venture capital marks, higher investment advisory fees on elevated market valuations, and investment banking fees. Corporate segment noninterest income jumped to $1,002m from $228m in Q1 2026 on venture capital marks alone. A market drawdown would hit advisory fees, VC marks, equity and debt capital markets fees and trading simultaneously.
• Funding mix deterioration: noninterest-bearing deposits fell to 25.6% of total deposits at 31 December 2025, while federal funds purchased and repo rose to $232,687m from $95,235m a year earlier, short-term borrowings rose to $25,168m and long-term debt to $182,139m by 30 June 2026. The balance sheet is being grown with more expensive and more flighty money.
• Residual legal and regulatory exposure: seven consent orders closed in 2025 and the asset cap is gone, but on 13 January 2026 the US District Court for the Northern District of California granted preliminary approval to a settlement of shareholder derivative litigation relating to home mortgage lending and diversity-related hiring practices. The FY2025 Form 10-K continues to carry a full legal actions note and risk factors covering fines, penalties, restrictions on business activities and reputational harm.
• Competition from non-banks and private credit: management's own Q2 2026 commentary flags significant liquidity being deployed by banks and non-banks and narrow credit spreads, meaning Wells Fargo is re-entering balance-sheet lending at the tightest point of the spread cycle against private credit funds that carry no regulatory capital requirement.
• Operational, cyber and third-party risk: the FY2025 Form 10-K lists a failure in or breach of operational or security systems, including at third-party vendors, among its principal risks. This sits alongside a large multi-year cloud and data-centre migration that is itself an execution risk, and the 2026 plan allocates explicit incremental spend to cybersecurity monitoring, access management, incident response and threat detection.

11. Recent Developments

• 31 Jul 2025 — Board announces intention to name Charlie Scharf Chairman. The Board awarded a one-time special equity grant of $30 million in Restricted Share Rights plus 1,046,000 stock options as a retention award, and stated its intention to appoint a Lead Independent Director. Scharf assumed the Chairman role in October 2025.
• 01 Jan 2026 — Rail car leasing business sale completes. Approximately 105,000 railcars in the operating lease portfolio were sold to a joint venture of GATX Corporation and Brookfield Infrastructure, agreed at $4.4bn and closing at approximately $4.2bn, with a finance lease portfolio of roughly 22,000 railcars and 400 locomotives going to Brookfield separately. This was the twelfth business exited or sold since 2019.
• 14 Jan 2026 — FY2025 results and a new medium-term return target. Full-year revenue of $83,699m, net income of $21,338m and EPS of $6.26, up 17%, with return on tangible common equity of 14.6% and approximately $23bn returned to shareholders. Management confirmed the prior 15% ROTCE target had been achieved and set a new medium-term target of 17 to 18%.
• 27 Jan 2026 — Board approves CEO compensation of $40 million for 2025. Comprising $2.5m base salary and $37.5m variable. The Board's citation itemised the closing of seven regulatory consent orders, removal of the asset cap, net income of $21.3bn, EPS growth of 17% and the new ROTCE target.
• 25 Feb 2026 — Series BB preferred stock redemption announced. All 140,400 outstanding shares of 3.90% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series BB, and related depositary shares were redeemed effective 16 March 2026. Preferred stock on the balance sheet fell from $18,608m to $16,608m over FY2025.
• 14 Apr 2026 — Q1 2026 results. Revenue of $21,446m, up 6%, net income of $5,253m and diluted EPS of $1.60, up 15%, with ROTCE of 14.5%. The company repurchased 46.3 million shares for $4.0bn. This was the first quarter reflecting the rail car leasing disposal.
• 28 Apr 2026 — 2026 annual shareholder meeting. All twelve director nominees were elected and say-on-pay was approved with 65.53% of votes cast. KPMG LLP was ratified as auditor with 93.60% support. All six shareholder proposals failed, though a majority-voting proposal drew 47.94% support.
• 14 Jul 2026 — Q2 2026 results, the strongest quarter in recent company history. Revenue of $22,622m, up 9%, net income of $6,407m and diluted EPS of $2.00, up 25%, with ROTCE of 17.7% — inside the new medium-term target range for the first time. The efficiency ratio improved to 60%, average loans grew 12% and average deposits 10%, and all four operating segments grew revenue.
• 28 Jul 2026 — Quarterly dividend raised 11% to $0.50 per share. Payable 1 September 2026 to stockholders of record on 7 August 2026, following completion of the 2026 stress test in June, which left the stress capital buffer at the 2.5% floor and did not change capital requirements.

12. Key Dates to Watch

• 07 Aug 2026 — record date for the increased quarterly dividend of $0.50 per share, and the ex-dividend date per market data providers.
• 01 Sep 2026 — payment date for the $0.50 quarterly common stock dividend.
• 13 Oct 2026 — Q3 2026 earnings release, a Tuesday, with results at approximately 7:00am Eastern and a conference call at 10:00am Eastern. This date was revised from the originally announced schedule on 20 February 2026.
• Expected Oct 2026 — Board declaration of the Q4 2026 common stock dividend, at the regularly scheduled meeting following quarter end.
• 14 Jan 2027 — Q4 2026 and full-year 2026 earnings release, a Thursday.
• Expected Feb 2027 — FY2026 Form 10-K filing. The FY2025 Form 10-K was filed on 24 February 2026.
• Expected Apr 2027 — 2027 annual shareholder meeting. The 2026 meeting was held on 28 April 2026 and the proxy statement is normally filed in March.
• Expected Jun 2027 — 2027 Federal Reserve supervisory stress test and CCAR results. The 2026 cycle completed in June 2026 with the stress capital buffer held at the 2.5% floor.
• TBC — finalisation of the new proposed bank capital rules. Scharf stated on 14 July 2026 that the company looks forward to finalisation, but no regulatory timetable has been announced.

Macro events that move bank net interest income — Federal Reserve decisions, CPI prints and labour market data — are tracked on the ChartsView Economic Calendar. Discussion of individual names is on the ChartsView Forum.

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