NYSE$WFC
Wells Fargo & Co · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported a net income of $3.4 billion for Q4 2023.
Wells Fargo reported a net income of $3.4 billion, or $0.86 per diluted share, for the fourth quarter of 2023. The results reflect an improved economic environment and higher interest rates, with a focus on efficiency and credit discipline.
- Net income for Q4 2023 was $3.4 billion, or $0.86 per diluted share.
- Total revenue for Q4 2023 reached $20.478 billion.
- The company repurchased 51.7 million shares of common stock for $2.4 billion in Q4 2023.
- Corporate and Investment Bank revenue grew 26% year-over-year.
Headline financials
Revenue & EPS history
Wells Fargo · Revenue · Quarterly
$20.5B
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
Wells Fargo's business performance remains sensitive to interest rates and the health of the U.S. economy. The company is confident that actions being taken will drive stronger returns over the cycle and is closely monitoring credit, with modest deterioration consistent with expectations. Returning excess capital to shareholders remains a priority.
Tailwinds
- Continued execution on strategic priorities is expected to improve growth and increase market share.
- New credit card products have driven an increase in consumer spend at a rate significantly better than the industry average.
- Investments in the Corporate and Investment Bank have resulted in revenue growth and increased market shares.
- Focused home lending strategy should produce higher returns and earnings over the next several years.
- Capital position remains strong, with a priority on returning excess capital to shareholders.
Headwinds
- Business performance remains sensitive to interest rates.
- Business performance remains sensitive to the health of the U.S. economy.
- The company is closely monitoring credit, with modest deterioration.
- Lower deposit balances as customers reallocated cash into higher yielding alternatives.
- Net interest income decreased 5%, due to lower deposit and loan balances
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 Q4 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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