Regulation FD Presentation, Business/Financial Results (Form 8-K)

			News Release | January 14, 2026 Wells Fargo Reports Fourth Quarter 2025 Net Income of $5.4 billion, or $1.62 per Diluted Share Net income, excluding a notable item, of $5.8 billion, or $1.76 per diluted share1

Fourth quarter 2025 notable item:

◦$612 million, or $0.14 per share, of severance expense

Chairman and Chief Executive Officer Charlie Scharf commented, "Strong financial performance, removal of the asset cap imposed by the Federal Reserve, termination of multiple consent orders, and stronger growth in both our consumer and commercial businesses make me proud of our 2025 results. We achieved our prior ROTCE5 target of 15% and have set a new medium-term target of 17-18%. As compared to full year 2024, diluted earnings per share grew 17%, fee-based income grew 5%, credit performance was strong as net charge-offs declined by 16%, and expenses grew less than 1%. We continued to operate with significant excess capital while returning $23 billion to shareholders through $18 billion in common stock repurchases and increasing our dividend per common share by 13% in 2025. We have worked hard to balance short-term performance and investing for long-term success. We have funded significant increased investments in infrastructure and business growth by driving greater savings from efficiencies across the company. Over the past 5 years, gross expense reductions of $15 billion have allowed us to make these investments while reducing the total expense base." "Evidence of increased growth can be seen across the company. In our consumer businesses, credit card continues to see strong increases in spend and new accounts grew over 20% from a year ago. Auto lending returned to growth with balances up 19% from the prior year. Net checking account growth was stronger and deposits and investment balances in our affluent offering - Wells Fargo Premier® - grew 14% from the prior year. Advisory fees in our Wealth and Investment Management business grew 8%. In our commercial businesses, loans grew 12%. Investment banking fees increased 14%. We grew investment banking market share and our M&A ranking increased from 12 to 8," Scharf added. "We have built a strong foundation and have made great progress in improving growth and returns though we have operated with significant constraints. We are excited to now compete on a level playing field and are able to dedicate even more resources to growth with the ability to grow our balance sheet. The dedication and hard work of all those at Wells Fargo has positioned us to enter 2026 in a position of strength and we are excited by the momentum we have and opportunities in front of us," Scharf concluded.

Endnotes are presented on page 9.

Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Annual Report on Form 10-K for the year ended December 31, 2025, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Selected Company-wide Financial Information

						Quarter ended																		Dec 31, 2025 % Change from												Year ended
						Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024						Dec 31, 2025						Dec 31, 2024
Earnings ($ in millions except per share amounts)
			Net interest income			$	12,331					11,950						11,836						3		%				4						$	47,484					47,676
			Noninterest income			8,961						9,486						8,542						(6)						5						36,215						34,620
			Total revenue			21,292						21,436						20,378						(1)						4						83,699						82,296
			Net charge-offs			1,030						954						1,188						8						(13)						3,990						4,759
			Change in the allowance for credit losses			10						(273)						(93)						104						111						(332)						(425)
			Provision for credit losses1			1,040						681						1,095						53						(5)						3,658						4,334
			Noninterest expense			13,726						13,846						13,900						(1)						(1)						54,842						54,598
			Income tax expense			1,103						1,300						120						(15)						819						3,841						3,399
			Wells Fargo net income			$	5,361					5,589						5,079						(4)						6						$	21,338					19,722
			Diluted earnings per common share			1.62						1.66						1.43						(2)						13						6.26						5.37
Balance Sheet Data (average) ($ in billions)
			Loans			$	955.8					928.7						906.4						3						5						$	927.5					915.4
			Deposits			1,377.7						1,339.9						1,353.8						3						2						1,347.2						1,345.9
			Assets			2,079.8						2,010.2						1,918.5						3						8						1,986.3						1,916.7
Financial Ratios
			Return on assets (ROA)			1.02		%				1.10						1.05																		1.07		%				1.03
			Return on equity (ROE)			12.3						12.8						11.7																		12.4						11.4
			Return on average tangible common equity (ROTCE)2			14.5						15.2						13.9																		14.6						13.4
			Efficiency ratio3			64						65						68																		66						66
			Net interest margin on a taxable-equivalent basis			2.60						2.61						2.70																		2.64						2.73

Fourth Quarter 2025 vs. Fourth Quarter 2024

◦Net interest income increased 4%, driven by higher loan and investment securities balances, improved results in our Markets business, and fixed rate asset repricing, partially offset by deposit mix changes

◦Noninterest income increased 5%. Fourth quarter 2024 included $448 million of net losses due to a repositioning of the investment securities portfolio. Fourth quarter 2025 included higher asset-based fees in Wealth and Investment Management (WIM) on higher market valuations, as well as higher card fees, deposit-related fees, and mortgage banking fees, while results from our venture capital investments were lower

◦Noninterest expense decreased 1%, driven by lower Federal Deposit Insurance Corporation (FDIC) assessment expense, lower operating losses, and the impact of efficiency initiatives, partially offset by higher revenue-related compensation expense primarily in WIM, an increase in advertising expense, and higher technology and equipment expense. Fourth quarter 2025 and 2024 included $612 million and $647 million of severance expense, respectively

◦Provision for credit losses in fourth quarter 2025 included a slight increase in the allowance reflecting higher commercial and industrial, auto, and credit card loan balances, largely offset by a lower allowance for commercial real estate loans

Endnotes are presented on page 9.			2

Selected Company-wide Capital and Liquidity Information

												Quarter ended
($ in billions)						Dec 31, 2025						Sep 30, 2025						Dec 31, 2024
Capital:
			Total equity			$	183.0					183.0						181.1
			Common stockholders' equity			164.7						164.7						160.7
			Tangible common equity1			139.2						139.1						135.6
			Common Equity Tier 1 (CET1) ratio2			10.6		%				11.0						11.1
			Total loss absorbing capacity (TLAC) ratio3			23.2						24.6						24.8
			Supplementary Leverage Ratio (SLR)4			6.2						6.4						6.7
Liquidity:
			Liquidity Coverage Ratio (LCR)5			119		%				121						125

Selected Company-wide Loan Credit Information

												Quarter ended
($ in millions)						Dec 31, 2025						Sep 30, 2025						Dec 31, 2024
Net loan charge-offs						$	1,046					942						1,211
			Net loan charge-offs as a % of average total loans (annualized)			0.43		%				0.40						0.53
Total nonaccrual loans						$	8,201					7,614						7,730
			As a % of total loans			0.83		%				0.81						0.85
Total nonperforming assets						$	8,503					7,832						7,936
			As a % of total loans			0.86		%				0.83						0.87
Allowance for credit losses for loans						$	14,337					14,311						14,636
			As a % of total loans			1.45		%				1.52						1.60

Fourth Quarter 2025 vs. Third Quarter 2025

◦Commercial net loan charge-offs as a percentage of average loans were 0.22% (annualized), up from 0.18%, driven by higher commercial real estate net loan charge-offs, predominantly in the office portfolio, and higher commercial and industrial net loan charge-offs. The consumer net loan charge-off rate increased to 0.75% (annualized), up from 0.73%, on higher credit card and auto net loan charge-offs

◦Nonperforming assets as a percentage of total loans were 0.86%, up 3 basis points, driven by higher commercial real estate and commercial and industrial nonaccrual loans, partially offset by lower residential mortgage nonaccrual loans

Endnotes are presented on page 9.			3

Operating Segment Performance

Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending.

Selected Financial Information

									Quarter ended																		Dec 31, 2025 % Change from
									Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Earnings (in millions)
			Consumer, Small and Business Banking						$	6,591					6,567						6,067						-		%				9
			Consumer Lending:
						Home Lending			807						870						854						(7)						(6)
						Credit Card			1,600						1,663						1,489						(4)						7
						Auto			282						256						263						10						7
						Personal Lending			291						294						307						(1)						(5)
			Total revenue						9,571						9,650						8,980						(1)						7
			Provision for credit losses						911						767						911						19						-
			Noninterest expense						5,820						5,968						5,925						(2)						(2)
			Net income						$	2,128					2,185						1,602						(3)						33
Average balances (in billions)
			Loans						$	329.3					325.3						321.4						1						2
			Deposits						778.6						781.3						773.6						-						1

In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Fourth Quarter 2025 vs. Fourth Quarter 2024

◦Revenue increased 7%

▪Consumer, Small and Business Banking was up 9% driven by lower deposit pricing, higher deposit and loan balances, including the impact of the transfer noted above

▪Home Lending was down 6% due to lower net interest income on lower loan balances

▪Credit Card was up 7% on higher loan balances and higher card fees

▪Auto was up 7% due to higher loan balances

▪Personal Lending was down 5% driven by lower loan balances and loan spread compression

◦Noninterest expense decreased 2% driven by lower operating losses and the impact of efficiency initiatives, partially offset by higher advertising expense, as well as the impact of the transfer noted above

4

Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management.

Selected Financial Information

									Quarter ended																		Dec 31, 2025 % Change from
									Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Earnings (in millions)
			Net interest income						$	1,993					1,949						2,248						2		%				(11)
			Noninterest income						1,086						1,092						923						(1)						18
			Total revenue						3,079						3,041						3,171						1						(3)
			Provision for credit losses						105						39						33						169						218
			Noninterest expense						1,443						1,445						1,525						-						(5)
			Net income						$	1,142					1,162						1,203						(2)						(5)
Average balances (in billions)
			Loans						$	224.0					219.4						221.8						2						1
			Deposits						181.0						172.0						184.3						5						(2)

In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Fourth Quarter 2025 vs. Fourth Quarter 2024

◦Revenue decreased 3%

▪Net interest income was down 11% due to the impact of lower interest rates and the transfer noted above, partially offset by lower deposit pricing and higher loan balances

▪Noninterest income was up 18% driven by higher revenue from tax credit investments and equity investments

◦Noninterest expense decreased 5% due to the impact of the transfer noted above, as well as the impact of efficiency initiatives

5

Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include 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.

Selected Financial Information

									Quarter ended																		Dec 31, 2025 % Change from
									Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Earnings (in millions)
			Banking:
						Lending			$	656					647						691						1		%				(5)
						Treasury Management and Payments			648						630						644						3						1
						Investment Banking			457						554						491						(18)						(7)
			Total Banking						1,761						1,831						1,826						(4)						(4)
			Commercial Real Estate						1,236						1,186						1,274						4						(3)
			Markets:
						Fixed Income, Currencies, and Commodities (FICC)			1,164						1,355						1,179						(14)						(1)
						Equities			453						450						385						1						18
						Credit Adjustment (CVA/DVA/FVA) and Other			(15)						48						(71)						NM						79
			Total Markets						1,602						1,853						1,493						(14)						7
			Other						17						9						20						89						(15)
			Total revenue						4,616						4,879						4,613						(5)						-
			Provision for credit losses						78						(107)						205						173						(62)
			Noninterest expense						2,347						2,362						2,300						(1)						2
			Net income						$	1,639					1,966						1,580						(17)						4
Average balances (in billions)
			Loans						$	312.9					295.9						274.0						6						14
			Deposits						214.5						204.1						205.1						5						5

NM - Not meaningful

Fourth Quarter 2025 vs. Fourth Quarter 2024

◦Revenue was relatively flat

▪Banking was down 4% driven by lower investment banking revenue and the impact of lower interest rates, partially offset by higher loan balances

▪Commercial Real Estate was down 3% due to the impact of lower interest rates, lower revenue resulting from the sale of our non-agency third party servicing business in first quarter 2025, as well as lower loan balances, partially offset by increased capital markets activity

▪Markets was up 7% driven by higher revenue in equities, commodities, and structured products, partially offset by lower revenue in credit, rates, and foreign exchange products

◦Noninterest expense increased 2% driven by higher operating costs and higher professional and outside services expense, partially offset by the impact of efficiency initiatives

6

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, consumer bank branches, independent offices, and digitally through WellsTrade® and Intuitive Investor®.

Selected Financial Information

						Quarter ended																		Dec 31, 2025 % Change from
						Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Earnings (in millions)
			Net interest income			$	993					974						856						2		%				16
			Noninterest income			3,367						3,222						3,102						5						9
			Total revenue			4,360						4,196						3,958						4						10
			Provision for credit losses			(9)						(14)						(27)						36						67
			Noninterest expense			3,492						3,421						3,307						2						6
			Net income			$	656					591						508						11						29
Total client assets (in billions)						2,509						2,473						2,293						1						9
Average balances (in billions)
			Loans			$	88.7					86.2						83.6						3						6
			Deposits			134.5						127.4						118.3						6						14

Fourth Quarter 2025 vs. Fourth Quarter 2024

◦Revenue increased 10%

▪Net interest income was up 16% driven by lower deposit pricing and higher deposit and loan balances

▪Noninterest income was up 9% on higher asset-based fees driven by an increase in market valuations

◦Noninterest expense increased 6% due to higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives

7

Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), as well as our investment portfolio and venture capital and private equity investments. Corporate also includes certain lines of business that management has determined are no longer consistent with the long-term strategic goals of the Company as well as results for previously divested businesses.

Selected Financial Information

						Quarter ended																		Dec 31, 2025 % Change from
						Dec 31, 2025						Sep 30, 2025						Dec 31, 2024						Sep 30, 2025						Dec 31, 2024
Earnings (in millions)
			Net interest income			$	(199)					(273)						(264)						27		%				25
			Noninterest income			388						449						368						(14)						5
			Total revenue			189						176						104						7						82
			Provision for credit losses			(45)						(4)						(27)						NM						(67)
			Noninterest expense			624						650						843						(4)						(26)
			Net income (loss)			$	(204)					(315)						186						35						NM

NM - Not meaningful

Fourth Quarter 2025 vs. Fourth Quarter 2024

◦Revenue increased as fourth quarter 2024 included $448 million of net losses due to a repositioning of the investment securities portfolio and fourth quarter 2025 included lower results from our venture capital investments

◦Noninterest expense decreased and included lower FDIC assessment expense

8

Endnotes

Page 1 - Company-wide Financial Summary / Operating Segments

1.Net income and diluted earnings per common share (EPS) excluding the notable item of severance expense are non-GAAP financial measures. Excluding $612 million (pre-tax) of severance expense in fourth quarter 2025 resulted in an increase of $461 million (after-tax) to reported net income from $5.4 billion to $5.8 billion and an increase of $0.14 per diluted share to reported EPS from $1.62 to $1.76. Management believes these non-GAAP financial measures provide useful information to management, investors, and others in assessing the Company's financial results.

2.Includes provision for credit losses for loans, debt securities, and other financial assets.

3.Represents our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach, which is our binding CET1 framework. See the table on page 26 of the 4Q25 Quarterly Supplement for more information on CET1. CET1 for December 31, 2025, is a preliminary estimate.

4.Return on equity (ROE) represents Wells Fargo net income applicable to common stock divided by average common stockholders' equity.

5.Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 24-25 of the 4Q25 Quarterly Supplement.

6.In third quarter 2025, we prospectively transferred approximately $8 billion of loans and approximately $6 billion of deposits related to certain business customers from the Commercial Banking operating segment to Consumer, Small and Business Banking in the Consumer Banking and Lending operating segment.

Page 2 - Selected Company-wide Financial Information

1.Includes provision for credit losses for loans, debt securities, and other financial assets.

2.Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 24-25 of the 4Q25 Quarterly Supplement.

3.The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

Page 3 - Selected Company-wide Capital and Liquidity Information

1.Tangible common equity is a non-GAAP financial measure. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on pages 24-25 of the 4Q25 Quarterly Supplement.

2.Represents our CET1 ratio calculated under the Standardized Approach, which is our binding CET1 framework. See the table on page 26 of the 4Q25 Quarterly Supplement for more information on CET1. CET1 for December 31, 2025, is a preliminary estimate.

3.Represents TLAC divided by risk-weighted assets (RWAs), which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. TLAC for December 31, 2025, is a preliminary estimate.

4.SLR for December 31, 2025, is a preliminary estimate.

5.Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. LCR for December 31, 2025, is a preliminary estimate.

Conference Call

The Company will host a live conference call on Wednesday, January 14, at 10:00 a.m. ET. You may listen to the call by dialing 1-888-673-9782 (U.S. and Canada) or 312-470-7126 (International/U.S. Toll) and enter passcode: 8320644#. The call will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnections-events.com/wf4qearnings25.

A replay of the conference call will be available from approximately 1:00 p.m. ET on Wednesday, January 14 through

Wednesday, January 28. Please dial 1-800-835-4112 (U.S. and Canada) or 203-369-3829 (International/U.S. Toll) and enter passcode: 9408#. The replay will also be available online at

https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and

https://metroconnections-events.com/wf4qearnings25.

9

Forward-Looking Statements

This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) sustainability and governance related goals or commitments; and (xiii) the Company's plans, objectives and strategies.