TLDR
- Wells Fargo reported Q2 EPS of $2.00, beating analyst estimates of $1.72 on revenue of $22.62 billion
- Net income jumped 17% to $6.41 billion year over year
- Markets revenues rose 24%, with stock trading up 64%
- Investment banking fees rose 35% to $939 million, driven by debt and equity underwriting.
- The bank raised its third-quarter dividend 11% to $0.50 per share and bought back $3 billion worth of shares.
Wells Fargo (WFC) beat Wall Street expectations across the board in the second quarter of 2026, but the stock still fell nearly 2% in premarket trading on Tuesday — part of a broader sell-off that hit bank stocks after JPMorgan also fell 2.6% following its own results.
The San Francisco-based bank reported earnings per share of $2.00, well above the consensus forecast of $1.72. Revenue was $22.62 billion versus estimates of $21.87 billion.
Net income rose 17% year over year to $6.41 billion. Total expenses rose just 2%, with non-revenue expenses declining year over year.
Wells Fargo $WFC Highlights of the second quarter earnings results of 2026
🔹Revenue: $22.62 billion (estimated value: $21.87 billion) 🟢; +9% YoY
🔹 EPS: $2.00 ($1.72 estimated) 🟢; +25% year on year
🔹Net interest income: $12.32 billion (estimated $12.32 billion) 🟡
🔹Net loan expenses: $876 million (estimated value $1.1 billion) 🟢; -10 basis points on an annual basis
🔹 Average loans: $1.03 trillion (estimated value $1.02 trillion)… pic.twitter.com/1J6Em5ktfZ– Wall Street Engine (@wallstengine) July 14, 2026
CEO Charlie Scharf noted the resilient consumer: “Consumer spending is higher, delinquency rates are lower, and savings and investments are growing across consumer sectors.”
Net interest income rose five percent to $12.32 billion thanks to a 12 percent jump in average loans. The bank kept its National Insurance forecast for the full year steady at about $50 billion.
Delivery of trading desks
Volatile markets were good for business. Markets revenue rose 24% to $2.21 billion. Equity trading rose 64%, while fixed income, currencies and commodities rose 10%.
Wells Fargo has put more of its balance sheet to work in its markets business — something it couldn’t do freely during the asset cap era that ended last year.
The trading boom was not unique to Wells Fargo. JPMorgan Chase and Bank of America It also reported strong second-quarter trading results on Tuesday.
Investment banking has a great quarter
Investment banking fees rose 35% to $939 million, with higher debt and equity underwriting driving gains.
Wells Fargo served as co-manager of SpaceX’s $86 billion initial public offering — the largest ever. She also advised NextEra Energy on its $67 billion deal for Dominion Energy and worked on Apollo’s $35 billion financing package to expand Anthropic’s AI lab computing.
The bank rose to fourth place in the rankings of US mergers and acquisitions by volume in the first half of 2026, up from eighth place the previous year, according to Dealogic.
Corporate and investment banking revenues rose 16% overall. Wealth and investment management increased by 13%.
Deal making picks up in 2026 as companies benefit from a more relaxed regulatory environment.
Scharf acknowledged that the good times may not last: “We know that such favorable conditions do not last forever, so we are selective about how much and where we grow.”
The bank ended June with 197,466 employees, falling below 200,000 for the first time. Headcount has decreased every quarter since late 2020.
Wells Fargo plans to raise its third-quarter common stock dividend 11% to $0.50 per share. The bank also repurchased $3 billion of common stock during the quarter.
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