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Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company's financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services. It also provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services; and financial solutions to private, family owned and public companies through products and services including banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. In addition, it offers a suite of capital markets, banking, and financial products and services, such as corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity, and fixed income solutions, as well as sales, trading, and research capabilities services to corporate, commercial real estate, government, and institutional clients. Wells Fargo & Company was founded in 1852 and is headquartered in San Francisco, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $83.7B | - | $21.3B | $-19.0B | 13.0% | 1.7% | 8.2% |
| 2024 | $82.3B | - | $19.7B | $3.0B | 12.3% | -0.4% | 3.0% |
| 2023 | $82.6B | - | $19.1B | $40.4B | 11.5% | 11.1% | 40.0% |
| 2022 | $74.4B | - | $13.7B | $27.0B | 8.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 74,368 | 82,597 | 82,296 | 83,699 |
| Operating Revenue | - | 74,368 | 82,597 | 82,296 | 83,699 |
| Selling General And Administration | - | 35,595 | 37,338 | 37,231 | 37,981 |
| Interest Income | - | 54,024 | 85,118 | 90,777 | 87,314 |
| Interest Expense | - | 9,074 | 32,743 | 43,101 | 39,830 |
| Net Interest Income | - | 44,950 | 52,375 | 47,676 | 47,484 |
| Pretax Income | - | 15,629 | 21,636 | 23,364 | 25,199 |
| Tax Provision | - | 2,251 | 2,607 | 3,399 | 3,841 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 13,378 | 19,029 | 19,965 | 21,358 |
| Net Income From Continuing And Discontinued Operation | - | 13,677 | 19,142 | 19,722 | 21,338 |
| Net Income From Continuing Operation Net Minority Interest | - | 13,677 | 19,142 | 19,722 | 21,338 |
| Net Income | - | 13,677 | 19,142 | 19,722 | 21,338 |
| Net Income Common Stockholders | - | 12,562 | 17,982 | 18,606 | 20,285 |
| Net Income Including Noncontrolling Interests | - | 13,378 | 19,029 | 19,965 | 21,358 |
| Normalized Income | - | 13,677 | 19,142 | 19,722 | 21,338 |
| Diluted NI Availto Com Stockholders | - | 12,562 | 17,982 | 18,606 | 20,285 |
| Basic Average Shares | - | 3,805.20 | 3,688.30 | 3,426.10 | 3,201.80 |
| Diluted Average Shares | - | 3,837 | 3,720.40 | 3,467.60 | 3,242.30 |
| Reconciled Depreciation | - | 6,832 | 6,271 | 7,558 | 7,713 |
| Total Unusual Items | -76 | -5 | - | - | - |
| Total Unusual Items Excluding Goodwill | -76 | -5 | - | - | - |
| Preferred Stock Dividends | - | 1,115 | 1,160 | 1,116 | 1,053 |
| Minority Interests | - | 299 | 113 | -243 | -20 |
| Special Income Charges | -76 | -5 | - | - | - |
| Restructuring And Mergern Acquisition | 76 | 5 | - | - | - |
| Gain On Sale Of Security | - | 0 | -431 | 150 | 100 |
| General And Administrative Expense | - | 35,090 | 36,526 | 36,362 | 36,887 |
| Salaries And Wages | - | 34,340 | 35,829 | 35,729 | 36,281 |
| Rent Expense Supplemental | - | 750 | 697 | 633 | 606 |
| Selling And Marketing Expense | - | 505 | 812 | 869 | 1,094 |
| Rent And Landing Fees | - | 750 | 697 | 633 | 606 |
| Occupancy And Equipment | - | 6,256 | 6,804 | 7,635 | 8,354 |
| Professional Expense And Contract Services Expense | - | 5,188 | 5,085 | 4,607 | 4,540 |
| Other Non Interest Expense | - | 10,166 | 6,335 | 5,125 | 3,967 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Wells Fargo & Companythis co. | WFC | $249.8B | 11.71↓ discount | 1.52 | 13.0% | - |
| Morgan Stanley | MS | $344.3B | 20.42 | 3.38 | 16.5% | - |
| The Goldman Sachs Group, Inc. | GS | $322.3B | 19.77 | 2.58 | 13.0% | - |
| Citigroup Inc. | C | $230.5B | 17.70 | 1.09 | 6.1% | - |
| American Express Company | AXP | $213.2B |
| - |
| - |
| - |
| - |
| - |
| 19.68 |
| 6.37 |
| 32.4% |
| - |
| BlackRock, Inc. | BLK | $166.5B | 29.99 | 2.98 | 9.9% | 18.17 |
| The Charles Schwab Corporation | SCHW | $153.0B | 17.29 | 3.59 | 20.7% | - |
| Interactive Brokers Group, Inc. | IBKR | $147.7B | 150.07 | 27.54 | 18.3% | 15.71 |
| Blackstone Inc. | BX | $144.9B | 47.99 | 16.72 | 34.8% | - |
| Peer Median | - | 20.10 | 3.48 | 17.4% | 16.94 | |