At a glance
Wells Fargo & Company is worth $257.83B, about 14 times its fiscal 2025 earnings. Revenue grew 1.7% to $83.70B in fiscal 2025, with 25.5% kept as profit; over 5 years it has grown 2.4% a year. It pays a 2.15% dividend yield, raised every year for at least 4 years, and returned $91.27B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.9% over the past year with dividends reinvested and +13.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.1% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 21 months after the lows.
The business in plain English
Wells Fargo & Company is a holding company whose main subsidiary is Wells Fargo Bank, N.A. At December 31, 2025, the group had about $2.1 trillion in assets, $986.2 billion in loans and $1.4 trillion in deposits, making it the fourth-largest US bank holding company by assets. The bank held 85% of those assets. Wells Fargo serves individuals, businesses and institutions, mainly in the US.
The company makes money in two main ways. Net interest income, the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings, was $47.5 billion of its $83.7 billion in 2025 revenue. Noninterest income, which includes fees from wealth management, brokerage and investment banking, made up the other $36.2 billion.
Consumer Banking and Lending is the largest of its four segments, at about 45% of 2025 revenue. It offers checking and savings accounts, credit and debit cards, and home, auto, personal and small-business loans. Corporate and Investment Banking (23%) serves corporate, commercial real estate, government and institutional clients with loans, investment banking and trading. Wealth and Investment Management (about 20%) provides brokerage, financial planning, private banking and trust services. Commercial Banking (14%) lends to private, family-owned and public companies and offers treasury management, which helps businesses handle cash and payments.
Price history
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WFC +0.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Consumer Banking and Lending | $37.36B | 44.6% |
| Corporate and Investment Banking | $19.23B | 23% |
| Wealth Management | $16.33B | 19.5% |
| Commercial Banking | $11.98B | 14.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $21.87B, up 2% from a year earlier, and net income was $5.95B (+6.5%).
- For fiscal 2025, revenue was $83.70B (+1.7% year over year; +2.4% a year from FY2020 to FY2025) with a 25.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.4% watch |
|---|---|
| Return on equity | 11.8% watch |
| Net income / revenue | 25.5% good |
| Deposits | $1.50T |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $74.26B | $3.38B | — |
| FY2021 | $79.17B | $22.11B | — |
| FY2022 | $74.37B | $13.68B | — |
| FY2023 | $82.60B | $19.14B | — |
| FY2024 | $82.30B | $19.72B | — |
| FY2025 | $83.70B | $21.34B | — |
Valuation snapshot
| Market value | $257.83B |
|---|---|
| P/E ratio | 13.7 |
| Dividend yield | 2.15% |
Rank among 1514 US companies
Market value at each year end
Wells Fargo &’s market value went from $276.78B at the end of 2016 to $257.83B on Nov 2, 2026, down 7%; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $257.83B | -11.9% |
| 2025 | $292.56B | +25.1% |
| 2024 | $233.86B | +30.8% |
| 2023 | $178.75B | +13.6% |
| 2022 | $157.34B | -17.8% |
| 2021 | $191.31B | +53.3% |
| 2020 | $124.78B | -45.2% |
| 2019 | $227.54B | +4.9% |
| 2018 | $216.91B | -27.4% |
| 2017 | $298.75B | +7.9% |
| 2016 | $276.78B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WFC price data to Nov 2, 2026 | -6.3% | +0.9% | +31.2% | +13.6% | +9.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.3% |
| 2025 | +35.6% |
| 2024 | +46.5% |
| 2023 | +22.9% |
| 2022 | -11.9% |
| 2021 | +61.1% |
| 2020 | -41.7% |
| 2019 | +21.4% |
| 2018 | -21.8% |
| 2017 | +13.2% |
| 2016 | +4.7% |
| 2015 | +1.9% |
| 2014 | +24.1% |
| 2013 | +36.7% |
| 2012 | +27.4% |
| 2011 | -9.5% |
| 2010 | +15.6% |
| 2009 | -6.2% |
| 2008 | +1.9% |
| 2007 | -12.1% |
| 2006 | +16.8% |
| 2005 | +4.5% |
| 2004 | +9.0% |
| 2003 | +29.5% |
| 2002 | +10.3% |
| 2001 | -20.3% |
| 2000 | +40.7% |
| 1999 | +3.3% |
| 1998 | +5.0% |
| 1997 | +82.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 71.1% over that stretch · deepest drop along the way 79%, back to its old high 48.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.4% over that stretch · deepest drop along the way 47.1%, back to its old high 13.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.8% over that stretch · deepest drop along the way 36.3%, back to its old high 20.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (20 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
ETFs with the most weight in WFC
| KBWB Invesco KBW Bank ETF | 8.17% |
| FTXO First Trust Nasdaq Bank ETF | 8.02% |
| PKW Invesco BuyBack Achievers™ ETF | 5.15% |
| DFNL Davis Select Financial ETF | 4.96% |
| LGCF Themes US Cash Flow Champions ETF | 4.94% |
| GABF Gabelli Financial Services Opportunities ETF | 4.57% |
| QVMT Invesco S&P 500 Concentrated QVM ETF | 4.19% |
| IYF iShares U.S. Financials ETF | 3.91% |
What could go wrong
- Regulatory orders are still in place. In June 2025, the Federal Reserve lifted a cap on Wells Fargo's asset growth, but its 2018 enforcement order otherwise remains. A 2024 agreement with the Comptroller of the Currency requires stronger anti-money-laundering controls.
- Customer harm can bring fines and lawsuits. Wells Fargo warns it could face more legal action, fines or business limits where customers may have been financially harmed, and that damage to its reputation from actual or alleged conduct could hurt results.
- Large business and property loan book. As one of the largest US lenders to businesses and commercial real estate, Wells Fargo could face much higher loan losses if unemployment rises, home prices fall or borrowers' industries weaken.
- Interest rate shifts can squeeze core income. Net interest income, the gap between interest earned and interest paid, was $47.5 billion of $83.7 billion revenue in 2025. Rate changes can shrink that gap and cause losses on securities it holds.
- Capital rules can limit dividends and buybacks. Regulators can require higher capital and liquidity levels, which could limit dividends and share repurchases. The parent company also depends on dividends from subsidiaries, mainly Wells Fargo Bank, and laws can restrict those payments.
- New rivals could pull deposits away. Financial technology firms, private credit funds and stablecoins (digital tokens pegged to a currency) compete for banking business. Many rivals face fewer regulatory limits, and Wells Fargo warns digital assets could reduce bank deposits.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Wells Fargo paid $1.70 per share in dividends in 2025, up from $1.50 in 2024, its fourth straight yearly increase. That streak follows a cut, from $1.22 per share in 2020 to $0.60 in 2021. Dividends took about 25.5% of 2025 earnings. The bank returned more cash through buybacks (repurchasing its own shares): $69.3 billion from 2021 through 2025, against $22.0 billion in dividends. The share count fell about 25% between October 2021 and October 2026. The dividend yield was 2.22% as of October 30, 2026.
The shares have fallen hard in downturns. They dropped 79% in the 2008 financial crisis and took about four years from the March 2009 low to recover. They fell 47% in the 2020 COVID crash, recovering by April 2021, and 36% in the 2022 bear market, recovering in March 2024. Regulators can also limit dividends and buybacks through capital rules. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Wells Fargo make money?
Mostly by lending and charging fees. In 2025, net interest income, the gap between interest it earns on loans and securities and interest it pays on deposits and borrowing, was $47.5 billion of its $83.7 billion revenue. Noninterest income, including wealth management, brokerage and investment banking fees, was $36.2 billion. Consumer Banking and Lending, which covers checking accounts, cards and home, auto and personal loans, was the largest segment at about 45% of revenue.
Does Wells Fargo raise its dividend every year?
Not every year. Wells Fargo has raised its dividend four years in a row, reaching $1.70 per share in 2025, but it cut the payout from $1.22 per share in 2020 to $0.60 in 2021. Dividends per share grew about 6.9% a year from 2020 to 2025, a figure that spans both the cut and the recovery. The yield was 2.22% as of October 30, 2026, and dividends took about 25.5% of 2025 earnings.
Has the Fed lifted the Wells Fargo asset cap?
Yes. In June 2025, Wells Fargo confirmed the Federal Reserve had removed the cap on its total asset growth set by a February 2, 2018 consent order, a regulatory order the company agreed to. The rest of that order remained in place as of the annual report filed February 24, 2026. It requires stronger board oversight and better compliance and operational risk management. A September 12, 2024 agreement with the Comptroller of the Currency also requires stronger anti-money-laundering and sanctions controls.
What is Wells Fargo's P/E ratio?
Wells Fargo traded at about 13.3 times its 2025 earnings as of October 30, 2026, giving it a market value of about $250 billion. The price-to-earnings (P/E) ratio compares the share price with profit per share, which was $6.26 in 2025. Net income rose 8.2% to $21.3 billion that year, while revenue grew 1.7%. Return on equity, a measure of profit relative to shareholders' capital, was 11.8% in 2025. The P/E is worth comparing with other large US banks.
How has Wells Fargo stock performed over the long run?
Unevenly. Based on share prices as of October 30, 2026, the stock gained about 13% a year over five years and 9% a year over ten years, but fell 0.9% over one year and 9% year to date in 2026. Its worst drop was 79% during the 2008 financial crisis, and it took about four years from the March 2009 low to recover. Calendar years have swung widely: the price fell 41.7% in 2020 but rose 46.5% in 2024 and 35.6% in 2025.