Wells Fargo & Company (WFC) Cash Flow Statement
Where WFC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$19.00B −726.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$19.00B −15.4% margin
- Returned to shareholders
- $26.00B
- Change in cash
- −$33.82B cash at year-end $172.59B
Cash from operations
−$19.00B
Investments (net)
−$21.86B
Acquisitions & other
−$170.55B
Dividends
−$6.48B
Share buybacks (net)
−$19.52B
Net borrowing (repayment)
+$12.49B
Other financing
+$191.10B
Change in cash
−$33.82B
Drawn to scale: where the cash came from and how it was used. Hover for values.
WFC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
WFC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.01B2016 | −$19.00B2025 | — | |
| Capital expenditures | $32.07B2016 | $02025 | −100.0% | |
| Free cash flow | $1.01B2016 | −$19.00B2025 | — | |
| Free cash flow margin | 1.1%2016 | −15.4%2025 | −16.5 pts | |
| Operating cash flow / net income | 0.052016 | −0.892025 | −0.94 | |
| Stock-based compensation | $1.95B2016 | $1.12B2023 | −7.6%/yr | |
| Dividends paid | $9.04B2016 | $6.48B2025 | −3.6%/yr | |
| Share buybacks (net) | $8.12B2016 | $19.52B2025 | +10.2%/yr | |
| Capex / revenue | 34.1%2016 | 0.0%2025 | −34.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WFC cash flow by activity
OperatingInvestingFinancingChange in cash
WFC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WFC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $21.36B | $19.96B | $19.14B | $12.88B | $23.24B | $3.59B | $20.21B | $22.88B | $22.46B | $22.05B |
| Depreciation & amortization | $7.71B | $7.56B | $6.27B | $6.83B | $7.89B | $8.74B | $6.57B | $5.59B | $5.41B | $4.97B |
| Stock-based compensation | — | — | $1.12B | $978.0M | −$5.34B | $1.77B | $2.27B | $2.25B | $2.05B | $1.95B |
| Change in working capital | −$51.96B | −$20.27B | $5.28B | $30.07B | $33.81B | $23.62B | $25.15B | $45.48B | $33.10B | $52.30B |
| Other non-cash items | $3.89B | −$4.22B | $8.54B | −$23.71B | −$71.12B | −$35.66B | −$47.47B | −$40.13B | −$44.39B | −$80.25B |
| Cash from operating activities | −$19.00B | $3.04B | $40.36B | $27.05B | −$11.53B | $2.05B | $6.73B | $36.07B | $18.62B | $1.01B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$513.0M | −$5.29B | −$13.81B | −$32.07B |
| Investments (net) | −$21.86B | −$15.65B | $4.35B | $33.59B | $22.96B | $28.66B | $13.95B | $9.12B | $2.16B | −$60.09B |
| Acquisitions & other investing | −$170.55B | $0 | $11.70B | −$76.07B | −$30.58B | $93.89B | −$43.07B | −$11.58B | −$1.51B | −$49.76B |
| Cash from investing activities | −$192.41B | −$15.65B | $16.04B | −$42.48B | −$7.62B | $122.55B | −$29.63B | −$7.75B | −$13.15B | −$141.92B |
| Financing activities | ||||||||||
| Dividends paid | −$6.48B | −$6.23B | −$5.93B | −$5.29B | −$3.63B | −$6.14B | −$9.59B | −$9.31B | −$9.11B | −$9.04B |
| Share repurchases & issuance (net) | −$19.52B | −$22.29B | −$13.58B | −$6.03B | −$21.14B | −$7.02B | −$26.08B | −$22.78B | −$9.91B | −$8.12B |
| Net borrowing (repayment) | $12.49B | −$7.86B | $64.60B | $50.71B | −$70.45B | −$72.72B | −$8.89B | $9.56B | −$23.21B | $54.45B |
| Shares issued | $0 | $2.00B | $1.72B | $0 | $5.76B | $3.69B | $380.0M | $632.0M | $0 | $0 |
| Other financing | $191.10B | $12.85B | −$26.32B | −$99.03B | $78.22B | $80.95B | $35.05B | −$49.08B | $31.30B | $85.49B |
| Cash from financing activities | $177.59B | −$21.53B | $20.49B | −$59.65B | −$11.24B | −$1.24B | −$9.14B | −$70.98B | −$10.92B | $122.79B |
| Summary | ||||||||||
| Net change in cash | −$33.82B | −$34.15B | $76.89B | −$75.07B | −$30.38B | $123.36B | −$32.04B | −$42.66B | −$5.45B | −$18.12B |
| Cash at end of period | $172.59B | $201.90B | $236.05B | $159.16B | $234.23B | $264.61B | $141.25B | $173.29B | $215.95B | $221.40B |
| Free cash flow | −$19.00B | $3.04B | $40.36B | $27.05B | −$11.53B | $2.05B | $6.73B | $36.07B | $18.62B | $1.01B |
| Free cash flow margin | −15.4% | 2.4% | 52.3% | 32.4% | −13.9% | 2.5% | 6.4% | 35.7% | 19.0% | 1.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 5.2% | 14.1% | 34.1% |
| Operating cash flow / net income | −0.89 | 0.15 | 2.11 | 2.10 | −0.50 | 0.57 | 0.33 | 1.58 | 0.83 | 0.05 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $6.64B | $5.29B | $5.42B | $5.61B | $5.52B | $4.80B | $5.26B | $5.17B | $4.91B | $4.62B | $3.51B | $5.74B |
| Depreciation & amortization | $1.88B | $1.84B | $2.12B | $1.84B | $1.89B | $1.86B | $1.98B | $1.78B | $1.97B | $1.82B | $1.49B | $1.60B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $1.12B | $982.0M |
| Change in working capital | $1.88B | −$1.88B | −$50.90B | $40.20B | −$19.26B | −$20.95B | $6.27B | −$7.74B | −$2.24B | −$16.56B | $5.74B | $10.25B |
| Other non-cash items | −$3.63B | $3.90B | $47.47B | −$48.52B | $626.0M | $3.25B | −$4.61B | $4.99B | −$2.59B | −$2.01B | $6.34B | −$3.06B |
| Cash from operating activities | $6.78B | $9.14B | $4.12B | −$869.0M | −$11.22B | −$11.04B | $8.90B | $4.21B | $2.05B | −$12.12B | $18.20B | $15.51B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$23.60B | −$7.51B | −$2.33B | −$82.86B | $8.05B | −$27.51B | −$1.06B | −$21.10B | −$14.58B | $21.09B | −$4.23B | $7.63B |
| Acquisitions & other investing | −$6.27B | −$48.05B | −$83.24B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.65B |
| Cash from investing activities | −$29.87B | −$55.57B | −$85.57B | −$82.86B | $8.05B | −$27.51B | −$1.06B | −$21.10B | −$14.58B | $21.09B | −$4.23B | $20.27B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.61B | −$1.64B | −$1.65B | −$1.68B | −$1.59B | −$1.57B | −$1.63B | −$1.59B | −$1.54B | −$1.47B | −$1.61B | −$1.51B |
| Share repurchases & issuance (net) | −$3.02B | −$4.00B | −$5.00B | −$6.00B | −$5.02B | −$3.50B | −$4.00B | −$3.44B | −$8.01B | −$6.84B | −$2.35B | −$3.21B |
| Net borrowing (repayment) | −$7.80B | $24.29B | −$108.18B | $44.07B | $47.91B | $28.69B | −$6.29B | −$10.60B | — | — | — | $32.86B |
| Shares issued | $0 | $2.25B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $38.58B | $26.21B | $196.35B | $26.73B | −$21.18B | −$10.80B | $21.86B | −$14.14B | −$15.73B | $31.89B | $9.32B | $11.03B |
| Cash from financing activities | $26.16B | $47.10B | $81.53B | $63.12B | $20.12B | $12.82B | $9.93B | −$29.76B | −$25.28B | $23.57B | $5.37B | $39.16B |
| Summary | ||||||||||||
| Net change in cash | $3.06B | $680.0M | $77.0M | −$20.62B | $16.95B | −$25.72B | $17.77B | −$46.65B | −$37.82B | $32.54B | $19.34B | $62.30B |
| Cash at end of period | $176.33B | $173.27B | $172.59B | $172.52B | $193.13B | $176.18B | $201.90B | $184.13B | $230.78B | $268.60B | $236.05B | $216.72B |
| Free cash flow | $6.78B | $9.14B | $4.12B | −$869.0M | −$11.22B | −$11.04B | $8.90B | $4.21B | $2.05B | −$12.12B | $18.20B | $15.51B |
| Free cash flow margin | 20.2% | 28.8% | 13.0% | −2.7% | −37.2% | −37.3% | 29.1% | 13.3% | 6.5% | −38.5% | 59.6% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 1.02 | 1.73 | 0.76 | −0.15 | −2.03 | −2.30 | 1.69 | 0.81 | 0.42 | −2.62 | 5.19 | 2.70 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WFC cash generation
In fiscal 2025 (ended December 31, 2025), Wells Fargo generated -$19.0 billion of cash from operations (down 726.1%) and spent $0 on capital expenditures, leaving free cash flow of -$19.0 billion, −15.4% of revenue. It returned $26.0 billion to shareholders through dividends ($6.5 billion) and net share buybacks ($19.5 billion). Cash and equivalents fell by $33.8 billion over the year.
Related: WFC income statement, WFC balance sheet, WFC dividend history. See the WFC stock overview for the latest quote and news.
WFC cash flow FAQ
What is Wells Fargo's free cash flow?
Wells Fargo's free cash flow was -$19.0 billion in fiscal 2025: -$19.0 billion of operating cash flow minus $0 of capital expenditures It was $3.0 billion a year earlier..
How much cash does Wells Fargo generate from operations?
Wells Fargo generated -$19.0 billion of cash from operating activities in fiscal 2025, −0.89 times its net income of $21.4 billion.
How much stock does Wells Fargo buy back?
Wells Fargo spent $19.5 billion on net share repurchases in fiscal 2025.
How much does Wells Fargo pay in dividends?
Wells Fargo paid $6.5 billion in dividends in fiscal 2025.