Wells Fargo & Company (WFC) Income Statement
WFC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWFC revenue and net income
Where WFC's revenue goes
2025Each bar shows an amount and its share of revenue. WFC kept 17.3% of revenue as net income.
WFC profit margins
WFC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.5% | +14.0% | +8.5% | +3.5% |
| Gross profit | +2.7% | +3.2% | +5.9% | −0.2% |
| Operating income | +7.9% | +17.3% | +58.7% | −2.8% |
| Net income | +8.2% | +16.0% | +44.6% | −0.7% |
| EPS (diluted) | +11.6% | +11.5% | +30.7% | +4.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WFC quarterly EPS vs estimates
Wells Fargo beat the analyst EPS estimate in 6 of the last 8 quarters.
WFC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123.53B | $125.40B | $77.20B | $83.44B | $83.08B | $82.23B | $105.68B | $101.06B | $97.74B | $94.18B |
| Cost of revenue | $43.49B | $47.44B | −$5.40B | $10.61B | −$240.0M | $22.09B | $21.54B | $16.40B | $11.88B | $9.68B |
| Gross profit | $80.04B | $77.96B | $77.20B | $72.83B | $83.32B | $60.13B | $84.14B | $84.66B | $85.86B | $84.50B |
| Research & development | $1.32B | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $40.53B | $37.23B | $36.64B | $35.59B | $36.14B | $35.41B | $36.20B | $33.94B | $36.62B | $33.66B |
| Total operating expenses | $54.84B | $54.60B | $48.53B | $57.20B | $53.76B | $57.63B | $58.18B | $56.13B | $58.48B | $52.38B |
| Operating income | $25.20B | $23.36B | $28.67B | $15.63B | $29.56B | $2.50B | $25.97B | $28.54B | $27.38B | $32.12B |
| Interest income | $87.31B | $90.78B | $80.07B | $54.02B | $39.69B | $47.80B | $66.08B | $64.65B | $58.91B | $53.66B |
| Interest expense | $39.83B | $43.10B | $32.74B | $9.07B | $3.92B | $7.96B | $18.85B | $14.65B | $9.35B | $5.91B |
| Income before taxes | $25.20B | $23.36B | $21.64B | $15.63B | $29.56B | $2.50B | $25.97B | $28.54B | $27.38B | $32.12B |
| Income taxes | $3.84B | $3.40B | $2.61B | $2.25B | $5.76B | −$1.16B | $5.76B | $5.66B | $4.92B | $10.07B |
| Net income | $21.34B | $19.72B | $19.14B | $13.68B | $22.11B | $3.38B | $19.71B | $22.39B | $22.18B | $21.94B |
| EBITDA | $32.91B | $30.92B | $27.91B | $22.46B | $37.45B | $10.72B | $32.54B | $34.13B | $32.78B | $37.09B |
| EPS (diluted) | $6.17 | $5.53 | $4.82 | $4.45 | $4.84 | $1.62 | $4.35 | $4.44 | $4.03 | $3.99 |
| Gross margin | 64.8% | 62.2% | 100.0% | 87.3% | 100.3% | 73.1% | 79.6% | 83.8% | 87.8% | 89.7% |
| Operating margin | 20.4% | 18.6% | 37.1% | 18.7% | 35.6% | 3.0% | 24.6% | 28.2% | 28.0% | 34.1% |
| Net margin | 17.3% | 15.7% | 24.8% | 16.4% | 26.6% | 4.1% | 18.7% | 22.2% | 22.7% | 23.3% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.26B | $33.59B | $31.80B | $31.82B | $31.91B | $30.18B | $29.63B | $30.60B | $31.67B | $31.65B | $31.48B | $30.55B |
| Cost of revenue | $12.42B | $11.88B | $11.48B | $11.31B | $11.15B | $10.62B | $10.41B | $11.31B | $12.37B | $12.20B | $11.55B | $11.35B |
| Gross profit | $20.84B | $21.71B | $20.31B | $20.50B | $20.75B | $19.56B | $19.22B | $19.28B | $19.30B | $19.45B | $19.93B | $19.20B |
| Research & development | — | — | — | — | $1.32B | — | — | — | — | — | — | — |
| Sales, general & admin | $11.38B | $11.47B | $1.77B | $12.12B | $9.46B | $9.13B | $9.81B | $9.47B | $8.95B | $8.80B | $9.85B | $8.91B |
| Total operating expenses | $13.74B | $13.66B | $14.46B | $13.98B | $13.85B | $13.13B | $13.89B | $13.90B | $13.07B | $13.29B | $14.34B | $15.79B |
| Operating income | $7.10B | $8.05B | $5.85B | $6.53B | $6.91B | $6.44B | $5.33B | $5.38B | $6.23B | $6.16B | $5.59B | $3.41B |
| Interest income | — | $23.28B | $22.45B | $22.60B | $22.42B | $21.32B | $20.97B | $22.05B | $23.00B | $22.88B | $22.84B | $22.84B |
| Interest expense | $11.39B | $10.97B | $10.35B | $10.27B | $10.47B | $9.61B | $9.48B | $10.22B | $11.31B | $10.96B | $10.61B | $10.07B |
| Income before taxes | $7.10B | $8.05B | $5.98B | $6.53B | $6.91B | $6.44B | $5.33B | $5.38B | $6.23B | $6.16B | $5.59B | $3.41B |
| Income taxes | $1.16B | $1.40B | $728.0M | $1.10B | $1.30B | $916.0M | $522.0M | $120.0M | $1.06B | $1.25B | $964.0M | −$100.0M |
| Net income | $5.95B | $6.41B | $5.29B | $5.36B | $5.59B | $5.49B | $4.89B | $5.08B | $5.11B | $4.91B | $4.62B | $3.45B |
| EBITDA | $7.10B | $9.92B | $7.69B | $8.65B | $8.75B | $8.33B | $7.18B | $7.37B | $8.02B | $8.13B | $7.41B | $4.90B |
| EPS (diluted) | $1.87 | $1.96 | $1.56 | $1.62 | $1.73 | $1.54 | $1.28 | $1.43 | $1.51 | $1.33 | $1.26 | $0.86 |
| Gross margin | 62.7% | 64.6% | 63.9% | 64.4% | 65.1% | 64.8% | 64.9% | 63.0% | 60.9% | 61.5% | 63.3% | 62.8% |
| Operating margin | 21.3% | 24.0% | 18.4% | 20.5% | 21.7% | 21.3% | 18.0% | 17.6% | 19.7% | 19.5% | 17.8% | 11.2% |
| Net margin | 17.9% | 19.1% | 16.6% | 16.9% | 17.5% | 18.2% | 16.5% | 16.6% | 16.1% | 15.5% | 14.7% | 11.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WFC's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WFC financial results
In fiscal year 2025 (ended December 31, 2025), Wells Fargo reported revenue of $123.5 billion, down 1.5% from the year before. It had net income of $21.3 billion (up 8.2%), a net profit margin of 17.3%. Diluted earnings per share came to $6.17. Over five years revenue grew at an average rate of 8.5% a year.
See the WFC stock overview for the latest quote and news, or the WFC chart for price history and technical indicators.
WFC income statement FAQ
What is Wells Fargo's annual revenue?
Wells Fargo reported total revenue of $123.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.5% from $125.4 billion the previous year.
Is Wells Fargo profitable?
Yes. Wells Fargo reported net income of $21.3 billion in fiscal 2025, a net profit margin of 17.3%; its operating margin was 20.4%.
What is Wells Fargo's gross margin?
Wells Fargo's gross margin was 64.8% in fiscal 2025: for every $100 of revenue, Wells Fargo kept $65 after the direct cost of its products and services.
How much does Wells Fargo spend on research and development?
Wells Fargo spent $1.3 billion on research and development in fiscal 2025, 1.1% of revenue.
How fast is Wells Fargo growing?
Revenue grew 8.5% a year on average over the last five fiscal years, from $82.2 billion to $123.5 billion.
What are Wells Fargo's earnings per share?
Wells Fargo earned $6.17 per diluted share in fiscal 2025, compared with $5.53 a year earlier.
When does Wells Fargo's fiscal year end?
Wells Fargo's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.