Wells Fargo Beats Profit Forecast as Costs Fall, Revenue Misses
Third-quarter earnings per share topped estimates, while revenue came in short and the bank maintained its full-year net interest income target.
Key takeaways
- Wells Fargo earned $1.87 per share, above the $1.85 consensus estimate.
- The bank maintained its full-year net interest income target of nearly $50 billion.
Wells Fargo reported third-quarter 2026 earnings of $1.87 per share, beating the $1.85 analyst consensus. Revenue was $21.87 billion, below the $22.31 billion estimate.
Noninterest expenses fell 1% to $13.74 billion. The bank attributed the decline to an 8% reduction in its workforce and lower severance costs. Net interest income was $12.52 billion, slightly below estimates, while its net interest margin of 2.43% topped the 2.41% forecast.
Wells Fargo said it expects about $13 billion in net interest income in the fourth quarter, above the $12.86 billion market estimate. It reaffirmed its full-year target of nearly $50 billion. As of 14:42 UTC on Oct. 14, shares traded at $78.94, down 2.23% from the previous close.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
