# Wells Fargo & Company (WFC)

> Wells Fargo takes deposits, makes loans, manages investments, and provides banking and securities services to people and organizations.

- Exchange: New York Stock Exchange · Sector: Financials · Industry: Banks Diversified
- Headquarters: San Francisco, California
- Founded: 1852
- Employees: 197,000 (Q2 2026)
- SEC CIK: 0000072971 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000072971))
- Full page: https://inspectstocks.com/stocks/wfc
- Data as of: price 2026-09-25; newest filing used 2026-07-28; latest fiscal period ended 2026-06-30

## Grade

**B** on the balance-sheet rubric used for lenders, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | $22.6B |  |
| Earnings growing overall | passed | $22.6B | $16.7B |
| Earnings growing recently | passed | $22.6B | $21.3B |
| Earns well on its assets | failed | 1.0% |  |
| Book value per share growing | passed | $55.86 | $46.97 |

Business quality (the + / − mark): 4 of 7 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 26.0% |  |
| Healthy profit margin | passed | 26.0% |  |
| Good return on equity | failed | 12.5% |  |
| Debt under control | passed | 1.09 |  |
| Earns a wide spread on lending | failed | 2.3% |  |
| Runs the bank efficiently | failed | 64.0% |  |
| Credit losses well covered | passed | 4.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $86.8B |
| Net income, trailing twelve months | $22.6B |
| Net margin | 26.0% |
| Return on equity | 12.5% |
| Debt to equity | 1.09 |
| Diluted EPS, trailing twelve months | $6.88 |
| Share price | $82.97 |
| Market value | $250.9B |
| Price / earnings | 12.1x |
| Price / sales | 2.9x |

## What the business does

Wells Fargo is a financial holding company whose main business is conducted through its bank and other subsidiaries, primarily in the United States. It serves consumers, businesses, and institutions through consumer banking, commercial banking, corporate and investment banking, and wealth management. Its mobile app had 33.7 million active users (Q2 2026, high).

### How it makes money

- **Consumer Banking and Lending** (44.9% (quarter ended 2026-03-31)) — Earns interest on consumer loans and fees from deposit accounts, credit cards, and other banking services. The reported segment revenue share does not reconcile to consolidated revenue.
- **Corporate and Investment Banking** (23.7% (quarter ended 2026-03-31)) — Earns interest on loans and financing, and fees from investment banking, trading, and other services for corporate and institutional clients. The reported segment revenue share does not reconcile to consolidated revenue.
- **Wealth and Investment Management** (17.4% (quarter ended 2026-03-31)) — Earns fees for investment advice and managing client assets, along with interest and fees from banking and lending for wealth clients. The reported segment revenue share does not reconcile to consolidated revenue.
- **Commercial Banking** (14.0% (quarter ended 2026-03-31)) — Earns interest on business loans and fees for banking, payment, and financing services. The reported segment revenue share does not reconcile to consolidated revenue.

### Products

- **Checking and savings accounts** — Accounts people and businesses use to hold money, receive payments, and make payments.
- **Credit and debit cards** — Cards customers use to borrow for purchases or pay from money in their accounts.
- **Consumer and small-business loans** — Loans for homes, cars, personal needs, and small businesses.
- **Wealth management and brokerage** — Investment advice, financial planning, brokerage, private banking, and trust services for individuals and families.
- **Commercial banking and financing** — Banking, credit, secured loans, leasing, and payment services for businesses and municipalities.
- **Corporate and investment banking** — Loans, investment banking advice, securities trading, and other financial services for companies, government bodies, and institutions.

### Customers

- Individuals who open deposit accounts, use cards, or borrow for homes, cars, personal needs, and small businesses.
- Individuals and families who pay for investment advice, brokerage, financial planning, private banking, or trust services.
- Small businesses that use deposit accounts, payment services, and loans.
- Private, family-owned, and public companies that use business banking, credit, leasing, and payment services.
- Corporate, commercial real estate, government, and institutional clients that use loans, investment banking, trading, and securities services.

### Competitors

- JPMorgan Chase & Co. (JPM) — Consumer and business banking, loans, wealth management, and corporate and investment banking.
- Bank of America Corporation (BAC) — Consumer and business banking, loans, wealth management, and corporate and investment banking.
- Citigroup Inc. (C) — Consumer and business banking, loans, and services for corporate and institutional clients.
- U.S. Bancorp (USB) — Consumer and business banking, payments, and lending.

### What it depends on

- The company relies on deposits to fund banking activities and on interest rates set in financial markets to shape what it earns on loans and investments and pays depositors.
- Wells Fargo Bank, N.A. is its principal subsidiary and held most of the company's assets at December 31, 2025.
- Its businesses are subject to banking and consumer-protection rules and ongoing supervision by U.S. regulators.
- Wealth-management fees depend partly on the value of clients' investments, while trading and investment-banking activity depends partly on financial-market activity.

### What could go wrong

- The Federal Reserve's 2018 consent order still has provisions in place requiring further improvements in governance, compliance, and operational risk management, even though the growth limit was removed in 2025.
- Wells Fargo Bank, N.A. remains subject to an Office of the Comptroller of the Currency formal agreement requiring improvements to anti-money-laundering and sanctions controls.
- Changes in interest rates can affect the difference between interest earned on loans and investments and interest paid on deposits; management said growth in interest-bearing deposits and markets financing contributed to net interest margin compression in Q2 2026.

## More on this company

- [Overview](https://inspectstocks.com/stocks/wfc)
- [Financial statements](https://inspectstocks.com/stocks/wfc/financials)
- [Competitors](https://inspectstocks.com/stocks/wfc/peers)
- [Earnings](https://inspectstocks.com/stocks/wfc/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.