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Wells Fargo Q1 Earnings on the Deck: What's in Store for the Stock?
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Key Takeaways
Wells Fargo is projected to post Q1 revenue growth of 7.8% and a y/y earnings rise 23.6%.
WFC NII and fee income are likely to have risen on solid loan demand and deal activity.
WFC faces higher credit costs, with non-accrual loans and non-performing assets expected to increase.
Wells Fargo & Company (WFC - Free Report) is slated to report first-quarter 2026 earnings results on April 14, 2026, before market open.
WFC’s 2025 performance benefited from higher non-interest income and lower provisions. However, an increase in expenses and a decline in net interest income (NII) acted as spoilsports.
This time around, the company’s performance is likely to have been decent. The Zacks Consensus Estimate for first-quarter revenues of $21.73 billion suggests 7.8% year-over-year growth.
In the past seven days, the consensus estimate for earnings for the to-be-reported quarter has been unchanged at $1.57. The figure indicates a 23.6% improvement from the prior-year quarter’s actual.
Estimate Revision Trend
Image Source: Zacks Investment Research
The company also has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 7.53%.
Earnings Surprise History
Image Source: Zacks Investment Research
Factors to Impact WFC’s Q1 Earnings
Loans & NII: In the first quarter, the Federal Reserve kept interest rates unchanged. Per the Fed’s latest data, the demand for commercial and industrial and consumer loans was impressive in the first two months of the quarter, while real estate loan demand was subdued. Hence, a decent lending scenario and stabilizing funding/deposit costs are expected to have offered much-needed support to WFC’s NII.
The Zacks Consensus Estimate for NII is pegged at $12.3 billion, which indicates a 6.9% rise from the year-ago quarter reported number.
Non-Interest Revenues: The first quarter was challenging for the mortgage banking business. It was characterized by elevated mortgage rates, hovering at 6-6.5%, and low affordability. While refinance activity has seen a slight boost from the 2025 lows, purchase volume faced pressure from inventory constraints.As a result, Wells Fargo’s mortgage banking fees are expected to have been affected in the quarter to be reported.
The Zacks Consensus Estimate for mortgage banking revenues is pegged at $283 million, suggesting a 14.8% decline from the year-ago reported level.
Meanwhile, investment advisory and other asset-based fee revenues are likely to have benefited from increased transactional activity. The consensus mark for investment advisory and other asset-based fee revenues is pegged at $2.9 billion, indicating a year-over-year rise of 12.8%.
Deal-making activity was impressive in the first quarter of 2026 despite the Middle Eastern conflict and the ensuing uncertainty about its impacts on the economy in the last month of the quarter. While the global mergers and acquisitions (M&As) volume declined year over year, deal value rose as big transactions dominated the space. This is likely to have offered some support to WFC’s investment banking (IB) revenues in the quarter to be reported.
The Zacks Consensus Estimate for IB income is pegged at $880.7 million, which indicates a rise of 13.6% on a year-over-year basis.
The Zacks Consensus Estimate for Card fees is pegged at $1.1 billion, suggesting a 5.2% rise from the prior-year quarter’s reported level.
The Zacks Consensus Estimate for Wells Fargo’s total non-interest income is pegged at $9.5 billion, indicating a 9.4% rise from the year-ago quarter reported figure.
Expenses: WFC’s expenses are expected to have witnessed a modest decline in the first quarter of 2026, given its prudent expense management initiatives, including the streamlining of its organizational structure, closure of branches and reduction in headcount.
Asset Quality: We expect the company to set aside a huge amount of money for potential delinquent loans amid a challenging operating backdrop, marked by the Middle East conflict and persistent inflation.
The consensus mark for total non-accrual loans is pegged at $8.4 billion, suggesting a year-over-year rise of 5%. The Zacks Consensus Estimate for non-performing assets of $8.6 billion indicates a 4.9% increase from the year-ago reported level.
What Our Quantitative Model Unveils for WFC
Our proven model does not conclusively predict an earnings beat for Wells Fargo this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
The Earnings ESP for WFC is -0.14%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
In the first quarter of 2026, WFC shares delivered a subdued performance, lagging the industry and its close peers, Bank of America (BAC - Free Report) and Citigroup (C - Free Report) .
Price Performance
Image Source: Zacks Investment Research
Bank of America is slated to announce quarterly numbers on April 15, whereas Citigroup will release results on April 14.
Over the past week, the Zacks Consensus Estimate for Citigroup’s first-quarter 2026 earnings has been revised upward to $2.64. The consensus estimate for Bank of America has been unchanged at 99 cents.
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Wells Fargo Q1 Earnings on the Deck: What's in Store for the Stock?
Key Takeaways
Wells Fargo & Company (WFC - Free Report) is slated to report first-quarter 2026 earnings results on April 14, 2026, before market open.
WFC’s 2025 performance benefited from higher non-interest income and lower provisions. However, an increase in expenses and a decline in net interest income (NII) acted as spoilsports.
This time around, the company’s performance is likely to have been decent. The Zacks Consensus Estimate for first-quarter revenues of $21.73 billion suggests 7.8% year-over-year growth.
In the past seven days, the consensus estimate for earnings for the to-be-reported quarter has been unchanged at $1.57. The figure indicates a 23.6% improvement from the prior-year quarter’s actual.
Estimate Revision Trend
Image Source: Zacks Investment Research
The company also has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 7.53%.
Earnings Surprise History
Image Source: Zacks Investment Research
Factors to Impact WFC’s Q1 Earnings
Loans & NII: In the first quarter, the Federal Reserve kept interest rates unchanged. Per the Fed’s latest data, the demand for commercial and industrial and consumer loans was impressive in the first two months of the quarter, while real estate loan demand was subdued. Hence, a decent lending scenario and stabilizing funding/deposit costs are expected to have offered much-needed support to WFC’s NII.
The Zacks Consensus Estimate for NII is pegged at $12.3 billion, which indicates a 6.9% rise from the year-ago quarter reported number.
Non-Interest Revenues: The first quarter was challenging for the mortgage banking business. It was characterized by elevated mortgage rates, hovering at 6-6.5%, and low affordability. While refinance activity has seen a slight boost from the 2025 lows, purchase volume faced pressure from inventory constraints.As a result, Wells Fargo’s mortgage banking fees are expected to have been affected in the quarter to be reported.
The Zacks Consensus Estimate for mortgage banking revenues is pegged at $283 million, suggesting a 14.8% decline from the year-ago reported level.
Meanwhile, investment advisory and other asset-based fee revenues are likely to have benefited from increased transactional activity. The consensus mark for investment advisory and other asset-based fee revenues is pegged at $2.9 billion, indicating a year-over-year rise of 12.8%.
Deal-making activity was impressive in the first quarter of 2026 despite the Middle Eastern conflict and the ensuing uncertainty about its impacts on the economy in the last month of the quarter. While the global mergers and acquisitions (M&As) volume declined year over year, deal value rose as big transactions dominated the space. This is likely to have offered some support to WFC’s investment banking (IB) revenues in the quarter to be reported.
The Zacks Consensus Estimate for IB income is pegged at $880.7 million, which indicates a rise of 13.6% on a year-over-year basis.
The Zacks Consensus Estimate for Card fees is pegged at $1.1 billion, suggesting a 5.2% rise from the prior-year quarter’s reported level.
The Zacks Consensus Estimate for Wells Fargo’s total non-interest income is pegged at $9.5 billion, indicating a 9.4% rise from the year-ago quarter reported figure.
Expenses: WFC’s expenses are expected to have witnessed a modest decline in the first quarter of 2026, given its prudent expense management initiatives, including the streamlining of its organizational structure, closure of branches and reduction in headcount.
Asset Quality: We expect the company to set aside a huge amount of money for potential delinquent loans amid a challenging operating backdrop, marked by the Middle East conflict and persistent inflation.
The consensus mark for total non-accrual loans is pegged at $8.4 billion, suggesting a year-over-year rise of 5%. The Zacks Consensus Estimate for non-performing assets of $8.6 billion indicates a 4.9% increase from the year-ago reported level.
What Our Quantitative Model Unveils for WFC
Our proven model does not conclusively predict an earnings beat for Wells Fargo this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
The Earnings ESP for WFC is -0.14%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Wells Fargo currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wells Fargo’s Price Performance
In the first quarter of 2026, WFC shares delivered a subdued performance, lagging the industry and its close peers, Bank of America (BAC - Free Report) and Citigroup (C - Free Report) .
Price Performance
Image Source: Zacks Investment Research
Bank of America is slated to announce quarterly numbers on April 15, whereas Citigroup will release results on April 14.
Over the past week, the Zacks Consensus Estimate for Citigroup’s first-quarter 2026 earnings has been revised upward to $2.64. The consensus estimate for Bank of America has been unchanged at 99 cents.