WELLS FARGO & COMPANY/MN Earnings Summary — Q2 2026

• Revenue grew 9.54% YoY to $21.7 billion, driven by a 13.07% surge in non-interest income.
• Net income climbed 20.3% YoY to $6.65 billion, reflecting significant operational leverage.
• Efficiency improvements are evident as revenue growth outpaced the 2.1% YoY increase in total non-interest expenses.
• The provision for credit losses decreased to $914 million from $1,135 million in the prior quarter, signaling improving credit stability.
• Net Interest Income (NII) showed resilience, growing 5.2% YoY despite the ongoing regulatory asset cap.
• The bank continues to transition from 'recovery' to 'normalization' with pretax income exceeding $8 billion for the quarter.

Management focus remains on the 'simplification' strategy and the remediation of historical governance failures to satisfy Federal Reserve requirements. While the $1.95 trillion asset cap remains a primary constraint, the bank is prioritizing efficiency and capital return through share buybacks as regulatory milestones are achieved.

Improving

Financial performance is finally decoupling from legacy legal headwinds, showing strong double-digit profit growth and disciplined expense management.

The outlook hinges on the eventual removal of the Fed-imposed asset cap which currently limits balance sheet expansion. However, current results demonstrate that Wells Fargo can generate significant earnings growth through fee income and cost control even under size restrictions.