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Call sheet · Q2'26

Wells Fargo (WFC)

Q2'26 earnings call · held July 14, 2026 · compared with the Q1'26 call · management-credibility review
5/12
Disclosure score
1 high, 5 medium, 2 low flags
Financial quality
Bottom line
The sleeper story is that Wells is making a massive bet on Markets balance sheet growth hoping for a cross-sell payoff that management claims to track 'granularly' but won't quantify. The Street sees 25% EPS growth and record investment banking fees, but the real constraint is that NIM compression from this strategy is eating into returns while the promised NIB deposit and fee revenue flywheel remains purely narrative. Most revealing quote: 'We could have higher profitability in the shorter term by reducing our growth but we are prioritizing longer term results.' My view changes if they provide actual ROE metrics on Markets capital deployment or if NIB deposits start growing rather than stalling.

The 30-second version

  • Markets balance sheet growth is cannibalizing NIM but management won't quantify the cross-sell payoff
  • Credit card profitability inflection pushed out again as new vintages overwhelm mature ones
  • Deposit mix shift accelerating with interest-bearing growing 10% while noninterest-bearing stalls

What changed this quarter

MetricQ1'26Q2'26Change
Diluted EPS$1.74 (up 15% YoY)$2.00 (up 25% YoY)+15% QoQ, acceleration
Revenue$21.8B (up 6% YoY)$23.3B (up 9% YoY)+300bp YoY growth acceleration
Net Interest Income$12.6B (up 5% YoY)$12.8B (up 5% YoY)Growth rate stable but NIM down 13bp
Net Interest Margin2.97% (down 13bp QoQ)2.93% (down 4bp QoQ)Compression slowing but continuing
Noninterest Income$9.2B (up 8% YoY)$10.5B (up 13% YoY)+500bp acceleration
Markets RevenueUp 19% YoYUp 24% YoY+500bp acceleration
Investment Banking Fees$800M+$900M+ (record quarter)New record, share gains
Credit Card New AccountsUp 60% YoYUp 46% YoYDecelerating growth
Average Loans$968B (up 10% YoY)$1,023B (up 12% YoY)+200bp YoY acceleration
Average Deposits$1,496B (up 7% YoY)$1,558B (up 10% YoY)+300bp YoY acceleration

Accountability tracked

8 new promises made5 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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