Wells Fargo outlines $50B net interest income target for 2026 as balance sheet expansion accelerates

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• Markets growth is not anticipated to have any negative impact on return on tangible common equity expectations

  80% confidence

• Wells Fargo has significant opportunities to extend loans and use balance sheet for customers and to continue to buy stock back

  80% confidence

• Total net interest income expected to be $50 billion, plus or minus, in 2026

  80% confidence

• Net income increased to $21.3 billion and diluted earnings per share grew 17% from a year ago

  80% confidence

• Noninterest expense expected to be approximately $55.7 billion in 2026

  80% confidence

• Wells Fargo increased common stock dividend per share by 13% and repurchased $18 billion of common stock during 2025

  80% confidence

• Wells Fargo opened nearly 3 million new credit card accounts in 2025, up 21% from a year ago

  80% confidence

• Average loans and deposits expected to grow mid-single digits from Q4 2025 to Q4 2026

  80% confidence

• Growth in markets business repo trades doesn't attract a lot of capital or RWA

  80% confidence

• Net interest income, excluding markets, expected to be approximately $48 billion in 2026

  80% confidence

• Assets grew 11% from a year ago including broad-based loan growth and higher trading assets

  80% confidence

• 2026 guidance assumes 2 to 3 rate cuts by the Federal Reserve with 10-year treasury rates remaining relatively stable

  80% confidence

• It's too early to know the impact of credit card rate caps because the ultimate actions by administration or Congress are unclear

  80% confidence

• Removal of asset cap and closure of 13 regulatory orders represents a pivotal moment for the company

  80% confidence

• Wells Fargo doesn't know what the credit environment will be over the next 1, 2, 3, 4, 5 years

  80% confidence

• Rates coming down will be a headwind for NII ex-markets, but deposit and loan growth should improve results as the year progresses

  80% confidence

• Office valuations continue to stabilize and although additional losses are expected which can be lumpy, they should be well within expectations

  80% confidence

• Wells Fargo earned $5.4 billion in Q4, up 6% from a year ago, with diluted EPS of $1.62, up 13% year-over-year

  80% confidence

• Wells Fargo advised on two of the largest M&A deals of 2025, increasing announced U.S. M&A ranking to 8th in 2025, up from 12 in 2024

  80% confidence

• Markets NII expected to grow to approximately $2 billion in 2026 driven by lower short-term funding costs and balance sheet growth

  80% confidence

• Wells Fargo has cut $15 billion of expenses out of the company

  80% confidence