NYSE$WFC
Wells Fargo & Co · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Wells Fargo reported solid results driven by revenue growth and expense decline.
Wells Fargo reported a net income of $5.8 billion, or $1.48 per diluted share, for Q3 2023. Revenue grew to $20.9 billion, driven by higher net interest income and noninterest income. Expenses decreased due to lower operating losses. The company repurchased 33.8 million shares of common stock for $1.5 billion.
- Net income for the third quarter of 2023 was $5.8 billion, or $1.48 per diluted share.
- Total revenue reached $20.9 billion, reflecting growth in both net interest income and noninterest income.
- Expenses decreased due to lower operating losses and efficiency initiatives.
- The company repurchased 33.8 million shares of common stock for $1.5 billion during the quarter.
Headline financials
Revenue & EPS history
Wells Fargo · Revenue · Quarterly
$20.9B
Revenue by segment
Wells Fargo · $21.6B total across 4 segments · Q3 2023
- Consumer Banking and Lending$9.58B+3.3%44.3%
- Corporate and Investment Banking$4.92B+21.3%22.8%
- Wealth and Investment Management$3.7B+1.0%17.1%
- Commercial Banking$3.41B+15.3%15.8%
Forward guidance
The company is focused on risk and control work, advancing its business strategy, and returning excess capital to shareholders. However, proposed bank capital rules include higher capital requirements.
Tailwinds
- Making progress on risk and control work.
- Advancing business strategy.
- Enhancing digital capabilities.
- Increased common stock dividend by 17%.
- Starting from a strong capital position.
Headwinds
- Seeing the impact of the slowing economy.
- Loan balances declining.
- Charge-offs continuing to deteriorate modestly.
- Proposed bank capital rules include higher capital requirements.
- Uncertainty about future economic conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.3%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+1.8%
Avg return
30 days after
56%
40 / 72 earnings
Positive
+7.6%
Q3 2024
Best reaction
-10.9%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -4.3% | -6.0% | -15.2% | |
| Q1 2026 | +0.2% | -6.0% | -15.2% | |
| Q3 2025 | +7.0% | +5.5% | +7.3% | |
| Q2 2025 | +2.0% | -0.5% | +4.6% | |
| Q1 2025 | -1.0% | +1.4% | +14.8% | |
| Q4 2024 | +6.7% | +8.3% | +12.3% | |
| Q3 2024 | +7.6% | +10.6% | +21.3% | |
| Q2 2024 | -4.0% | +1.2% | -12.3% | |
| Q1 2024 | +0.5% | +0.9% | +9.2% | |
| Q4 2023 | -4.5% | -4.8% | -2.0% | |
| Q3 2023 | +4.8% | +4.5% | +2.9% | |
| Q2 2023 | +2.4% | +5.8% | +0.0% | |
| Q1 2023 | +4.1% | +6.5% | -5.5% | |
| Q4 2022 | +3.0% | +1.3% | +10.9% | |
| Q3 2022 | +3.7% | +2.9% | +12.2% | |
| Q2 2022 | +6.3% | +10.3% | +18.6% | |
| Q1 2022 | -2.8% | -1.5% | -12.2% | |
| Q4 2021 | +1.2% | -0.8% | +4.1% | |
| Q3 2021 | +5.1% | +9.3% | +10.7% | |
| Q2 2021 | +4.1% | -0.4% | +16.5% | |
| Q1 2021 | +6.2% | +10.3% | +18.0% | |
| Q4 2020 | -6.1% | -6.6% | -3.5% | |
| Q3 2020 | -7.2% | -8.9% | -2.7% | |
| Q2 2020 | -0.2% | -1.8% | -1.5% | |
| Q1 2020 | -9.5% | -9.7% | -23.4% | |
| Q4 2019 | -7.3% | -5.6% | -7.7% | |
| Q3 2019 | +0.6% | +1.4% | +8.6% | |
| Q2 2019 | -3.2% | -1.5% | -7.1% | |
| Q1 2019 | -2.0% | -0.4% | -1.2% | |
| Q4 2018 | +1.1% | +3.3% | +0.2% | |
| Q3 2018 | +3.5% | +5.9% | +3.1% | |
| Q2 2018 | +1.7% | +1.0% | +3.6% | |
| Q1 2018 | -3.6% | -4.4% | +3.3% | |
| Q4 2017 | -0.8% | +1.4% | -10.9% | |
| Q3 2017 | -2.6% | -3.3% | -2.5% | |
| Q2 2017 | -1.6% | -1.2% | -6.6% | |
| Q1 2017 | -0.8% | -1.3% | -0.2% | |
| Q4 2016 | -1.3% | -0.4% | +4.3% | |
| Q3 2016 | -0.6% | +1.1% | +15.6% | |
| Q2 2016 | -1.3% | -0.7% | -2.1% | |
| Q4 2015 | -4.8% | — | — | |
| Q3 2015 | +1.6% | — | — | |
| Q2 2015 | +1.8% | — | — | |
| Q1 2015 | +0.4% | — | — | |
| Q4 2014 | -2.2% | — | — | |
| Q3 2014 | -4.7% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +0.8% | — | — | |
| Q4 2013 | +1.8% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | +3.5% | — | — | |
| Q1 2013 | -2.5% | — | — | |
| Q4 2012 | -1.8% | — | — | |
| Q3 2012 | -3.6% | — | — | |
| Q2 2012 | +3.6% | — | — | |
| Q1 2012 | -2.6% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q3 2011 | -1.7% | — | — | |
| Q2 2011 | -10.9% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q4 2007 | +2.6% | — | — | |
| Q4 2010 | +2.6% | — | — | |
| Q3 2010 | +5.8% | — | — | |
| Q2 2010 | +0.1% | — | — | |
| Q1 2010 | +5.7% | — | — | |
| Q1 2009 | -0.3% | — | — | |
| Q4 2009 | -0.3% | — | — | |
| Q3 2008 | +4.1% | — | — | |
| Q3 2009 | +4.1% | — | — | |
| Q2 2009 | +2.4% | — | — | |
| Q4 2008 | +2.4% | — | — | |
| Q2 2008 | +2.4% | — | — |
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