UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 001-2979

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

Delaware	No.	41-0449260
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

333 Market Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: 415-371-2921

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $1-2/3	WFC	New York Stock Exchange (NYSE)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L	WFC.PRL	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y	WFC.PRY	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z	WFC.PRZ	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA	WFC.PRA	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC	WFC.PRC	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD	WFC.PRD	NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC	WFC/28A	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                     Yes þ   No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes þ   No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

             Large accelerated filer   þ                    Accelerated filer  ¨

            Non-accelerated filer  ¨                     Smaller reporting company  ☐

                                        Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.             ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐  No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

	Shares Outstanding
	July 17, 2026
Common stock, $1-2/3 par value	3,023,999,336

FORM 10-Q
CROSS-REFERENCE INDEX
PART I	Financial Information
Item 1.	Financial Statements			Page
	Consolidated Statement of Income			55
	Consolidated Statement of Comprehensive Income			56
	Consolidated Balance Sheet			57
	Consolidated Statement of Changes in Equity			58
	Consolidated Statement of Cash Flows			59
	Notes to Financial Statements
	1	—	Summary of Significant Accounting Policies	60
	2	—	Available-for-Sale and Held-to-Maturity Debt Securities	61
	3	—	Loans and Related Allowance for Credit Losses	67
	4	—	Equity Securities	80
	5	—	Goodwill and Other Assets	82
	6	—	Mortgage Banking Activities	83
	7	—	Leasing Activity	85
	8	—	Preferred Stock and Common Stock	86
	9	—	Legal Actions	87
	10	—	Derivatives	89
	11	—	Fair Value Measurements	96
	12	—	Securitizations and Variable Interest Entities	103
	13	—	Guarantees and Other Commitments	109
	14	—	Securities Financing Activities	111
	15	—	Pledged Assets and Collateral	113
	16	—	Operating Segments	114
	17	—	Revenue and Expenses	117
	18	—	Employee Benefits	120
	19	—	Earnings and Dividends Per Common Share	121
	20	—	Other Comprehensive Income	122
	21	—	Regulatory Capital Requirements and Other Restrictions	124
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)
	Summary Financial Data			2
	Overview			3
	Earnings Performance			5
	Balance Sheet Analysis			23
	Off-Balance Sheet Arrangements			25
	Risk Management			26
	Capital Management			42
	Regulation and Supervision			48
	Critical Accounting Policies			49
	Current Accounting Developments			50
	Forward-Looking Statements			51
	Risk Factors			53
	Glossary of Acronyms			126
Item 3.	Quantitative and Qualitative Disclosures About Market Risk			37
Item 4.	Controls and Procedures			54
PART II	Other Information
Item 1.	Legal Proceedings			127
Item 1A.	Risk Factors			127
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds			127
Item 5.	Other Information			127
Item 6.	Exhibits			128
Signature				129

Wells Fargo & Company 1

FINANCIAL REVIEW

Summary Financial Data
	Quarter ended					Jun 30, 2026 % Change from			Six months ended
($ in millions, except ratios and per share amounts)	Jun 30, 2026			Mar 31, 2026	Jun 30, 2025	Mar 31, 2026		Jun 30, 2025	Jun 30, 2026			Jun 30, 2025	% Change
Selected Income Statement Data
Total revenue	$	22,622		21,446	20,822	5	%	9	$	44,068		40,971	8	%
Noninterest expense	13,661			14,330	13,379	(5)		2	27,991			27,270	3
Pre-tax pre-provision profit (PTPP) (1)	8,961			7,116	7,443	26		20	16,077			13,701	17
Provision for credit losses (2)	914			1,135	1,005	(19)		(9)	2,049			1,937	6
Wells Fargo net income	6,407			5,253	5,494	22		17	11,660			10,388	12
Wells Fargo net income applicable to common stock	6,160			5,000	5,214	23		18	11,160			9,830	14
Common Share Data
Diluted earnings per common share	2.00			1.60	1.60	25		25	3.60			2.98	21
Dividends declared per common share	0.45			0.45	0.40	—		13	0.90			0.80	13
Common shares outstanding	3,028.5			3,064.3	3,220.4	(1)		(6)
Average common shares outstanding	3,044.0			3,080.0	3,232.7	(1)		(6)	3,061.9			3,256.4	(6)
Diluted average common shares outstanding	3,074.6			3,117.7	3,267.0	(1)		(6)	3,096.0			3,294.2	(6)
Book value per common share (3)	$	54.48		53.25	51.13	2		7
Tangible book value per common share (3)(4)	46.13			44.98	43.18	3		7
Selected Equity Data (period-end)
Total equity	182,323			180,313	182,954	1		—
Common stockholders’ equity	164,981			163,188	164,644	1		—
Tangible common equity (4)	139,703			137,817	139,057	1		—
Performance Ratios
Return on average assets (ROA) (5)	1.15		%	0.98	1.14				1.07		%	1.09
Return on average equity (ROE) (6)	15.0			12.2	12.8				13.6			12.2
Return on average tangible common equity (ROTCE) (4)	17.7			14.5	15.2				16.1			14.4
Efficiency ratio (7)	60			67	64				64			67
Net interest margin on a taxable-equivalent basis	2.43			2.47	2.68				2.45			2.67
Selected Balance Sheet Data (average)
Loans	$	1,026,479		996,025	916,719	3		12	$	1,011,336		912,474	11
Assets	2,227,923			2,168,224	1,933,371	3		15	2,198,238			1,926,554	14
Deposits	1,465,600			1,415,034	1,331,651	4		10	1,440,457			1,335,469	8
Selected Balance Sheet Data (period-end)
Available-for-sale and held-to-maturity debt securities	448,899			426,953	406,362	5		10
Loans	1,031,115			1,016,787	924,418	1		12
Allowance for credit losses for loans	14,407			14,374	14,568	—		(1)
Assets	2,282,201			2,205,752	1,981,269	3		15
Deposits	1,501,405			1,454,939	1,340,703	3		12
Headcount (#) (period-end)	197,466			200,999	212,804	(2)		(7)
Capital and Other Metrics
Risk-based capital ratios and components (8):
Standardized Approach:
Common Equity Tier 1 (CET1)	10.26		%	10.29	11.13
Tier 1 capital	11.38			11.43	12.45
Total capital	13.72			13.81	15.02
Risk-weighted assets (RWAs) (in billions)	$	1,342.3		1,316.0	1,225.9	2		9
Advanced Approach:
Common Equity Tier 1 (CET1)	12.08		%	12.08	12.75
Tier 1 capital	13.40			13.42	14.26
Total capital	15.28			15.32	16.24
Risk-weighted assets (RWAs) (in billions)	$	1,140.2		1,121.0	1,070.4	2		7
Tier 1 leverage ratio	6.94		%	7.03	8.01
Supplementary Leverage Ratio (SLR)	5.78			5.85	6.67
Total Loss Absorbing Capacity (TLAC) Ratio (9)	22.81			22.98	24.42
Liquidity Coverage Ratio (LCR) (10)	119			120	121

(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

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

(3)Book value per common share is common stockholders’ equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

(4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to generally accepted accounting principles (GAAP) financial measures, see the “Capital Management – Tangible Common Equity” section in this Report.

(5)Represents Wells Fargo net income divided by average assets.

(6)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity.

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

(8)For additional information, see the “Capital Management” section and Note 21 (Regulatory Capital Requirements and Other Restrictions) to Financial Statements in this Report.

(9)Represents TLAC divided by RWAs, which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches.

(10)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule.

2 Wells Fargo & Company

This Quarterly Report, including the Financial Review and the Financial Statements and related Notes, contains forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results may differ materially from our forward-looking statements due to several factors. Factors that could cause our actual results to differ materially from our forward-looking statements are described in this Report, including in the “Forward-Looking Statements” section, and in the “Risk Factors” and “Regulation and Supervision” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).

When we refer to “Wells Fargo,” “the Company,” “we,” “our,” or “us” in this Report, we mean Wells Fargo & Company and Subsidiaries (consolidated). When we refer to the “Parent,” we mean Wells Fargo & Company. See the “Glossary of Acronyms” for definitions of terms used throughout this Report.

Financial Review

Overview

Wells Fargo & Company is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and

Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations. We ranked fourth in assets and fifth in the market value of our common stock among all U.S. banks at June 30, 2026.

Financial Performance

Consolidated Financial Highlights
	Quarter ended Jun 30,						Six months ended Jun 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Selected income statement data
Net interest income	$	12,317	11,708	609	5	%	$	24,413	23,203	1,210	5	%
Noninterest income	10,305		9,114	1,191	13		19,655		17,768	1,887	11
Total revenue	22,622		20,822	1,800	9		44,068		40,971	3,097	8
Net charge-offs	883		997	(114)	(11)		1,989		2,006	(17)	(1)
Change in the allowance for credit losses	31		8	23	288		60		(69)	129	187
Provision for credit losses (1)	914		1,005	(91)	(9)		2,049		1,937	112	6
Noninterest expense	13,661		13,379	282	2		27,991		27,270	721	3
Income tax expense	1,402		916	486	53		2,093		1,438	655	46
Wells Fargo net income	6,407		5,494	913	17		11,660		10,388	1,272	12
Wells Fargo net income applicable to common stock	6,160		5,214	946	18		11,160		9,830	1,330	14

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

In second quarter 2026, we generated $6.4 billion of net income and diluted earnings per common share (EPS) of $2.00, compared with $5.5 billion of net income and diluted EPS of $1.60 in the same period a year ago. In the first half of 2026, we generated $11.7 billion of net income and diluted EPS of $3.60, compared with $10.4 billion of net income and diluted EPS of $2.98 in the same period a year ago. Financial performance for the second quarter and first half of 2026, compared with the same periods a year ago, included the following:

•total revenue increased due to higher noninterest income and higher net interest income;

•noninterest expense increased due to higher technology, telecommunications and equipment expense, advertising and promotion expense, and personnel expense, partially offset by lower other noninterest expense;

•average loans increased due to growth in our commercial and industrial portfolio; and

•average deposits increased driven by growth in interest-bearing deposits.

Capital and Liquidity

We maintained a strong capital and liquidity position in the first half of 2026, which included the following:

•our Common Equity Tier 1 (CET1) ratio was 10.26% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%;

•our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 22.81%, compared with the regulatory minimum of 21.50%; and

•our liquidity coverage ratio (LCR) was 119%, which continued to exceed the regulatory minimum of 100%.

See the “Capital Management” and the “Risk Management – Asset/Liability Management – Liquidity Risk and Funding” sections in this Report for additional information regarding our capital and liquidity, including the calculation of our regulatory capital and liquidity amounts.

Wells Fargo & Company 3

Overview (continued)

Credit Quality

Credit quality reflected the following:

•The allowance for credit losses (ACL) for loans of $14.4 billion at June 30, 2026, increased $70 million from December 31, 2025.

•Our provision for credit losses for loans was $2.1 billion in the first half of 2026, compared with $1.9 billion in the same period a year ago, and included an increase in the allowance reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans.

•The allowance coverage for total loans was 1.40% at June 30, 2026, compared with 1.45% at December 31, 2025, reflecting a decrease in the allowance for our commercial real estate portfolio driven by improved credit performance.

•Commercial portfolio net loan charge-offs were $156 million, or 10 basis points of average commercial loans, in second quarter 2026, compared with net loan charge-offs of $247 million, or 18 basis points, in the same period a year ago, driven by lower losses in our commercial and industrial and commercial real estate portfolios.

•Consumer portfolio net loan charge-offs were $720 million, or 74 basis points of average consumer loans, in second quarter 2026, compared with net loan charge-offs of $750 million, or 81 basis points, in the same period a year ago, due to lower losses in our credit card and other consumer portfolios, partially offset by higher losses in our auto portfolio.

•Nonperforming assets (NPAs) of $7.9 billion at June 30, 2026, decreased $559 million from December 31, 2025, driven by lower commercial real estate nonaccrual loans. NPAs represented 0.77% of total loans at June 30, 2026.

4 Wells Fargo & Company

Earnings Performance

Wells Fargo net income for second quarter 2026 was $6.4 billion ($2.00 diluted EPS), compared with $5.5 billion ($1.60 diluted EPS) in the same period a year ago. Net income increased in second quarter 2026, compared with the same period a year ago, predominantly due to a $1.2 billion increase in noninterest income and a $609 million increase in net interest income, partially offset by a $486 million increase in income tax expense and a $282 million increase in noninterest expense.

Wells Fargo net income for the first half of 2026 was $11.7 billion ($3.60 diluted EPS), compared with $10.4 billion ($2.98 diluted EPS) in the same period a year ago. Net income increased in the first half of 2026, compared with the same period a year ago, predominantly due to a $1.9 billion increase in noninterest income and a $1.2 billion increase in net interest income, partially offset by a $721 million increase in noninterest expense and a $655 million increase in income tax expense.

Net Interest Income

Net interest income increased in both the second quarter and first half of 2026, compared with the same periods a year ago, driven by lower average deposit costs, higher loan and investment securities balances, the impact of lower interest rates and balance sheet growth in our Corporate and Investment

Banking Markets (Markets) business, as well as higher interest-bearing commercial deposits, partially offset by the impact of lower interest rates on floating rate assets and lower noninterest-bearing deposits.

Net interest margin decreased in both the second quarter and first half of 2026, compared with the same periods a year ago, driven by growth in lower-yielding assets in our Markets business as well as growth in interest-bearing deposits.

We also evaluate the Company’s net interest income excluding the net interest income of our Markets business. Markets net interest income includes interest income earned on the assets and interest expense paid on the liabilities of the line of business, as well as funding charges and credits using our funds transfer pricing methodology. Net interest income excluding Markets is a non-GAAP financial measure that management believes is useful because it enables management, investors, and others to assess the net interest income from the Company’s lending, investing, and deposit-raising activities without the volatility that may be associated with Markets activities. Table 1 provides a reconciliation of this non-GAAP financial measure to a GAAP financial measure.

Table 1: Net Interest Income excluding Markets

	Quarter ended June 30,			Six months ended June 30,
($ in millions)	2026		2025	2026		2025
Net interest income	$	12,317	11,708	$	24,413	23,203
Markets net interest income	501		104	982		235
Net interest income excluding Markets	$	11,816	11,604	$	23,431	22,968

Wells Fargo & Company 5

Earnings Performance (continued)

Table 2 presents the individual components of net interest income and net interest margin. Net interest income and net interest margin are presented on a taxable-equivalent basis in Table 2 to consistently reflect income from taxable and tax-exempt assets. The calculation for taxable-equivalent basis was based on a federal statutory tax rate of 21%.

For additional information about net interest income and net interest margin, see the “Earnings Performance – Net Interest Income” section in our 2025 Form 10-K.

Table 2: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)

	Quarter ended June 30,
	2026						2025
($ in millions)	Average balance		Interest income/ expense		Average interest rates		Average balance		Interest income/ expense		Average interest rates
Assets
Interest-earning deposits with banks	$	161,991	1,351		3.35	%	$	137,136	1,353		3.96	%
Federal funds sold and securities borrowed or purchased under resale agreements	191,176		1,733		3.64		105,987		1,107		4.19
Trading assets	193,690		1,908		3.94		157,704		1,584		4.02
Available-for-sale debt securities	235,644		2,605		4.43		187,390		2,164		4.62
Held-to-maturity debt securities	204,500		1,145		2.24		227,525		1,337		2.35
Loans:
Commercial and industrial – U.S.	405,997		5,773		5.70		328,840		5,183		6.32
Commercial and industrial – Non-U.S.	81,530		1,098		5.40		64,762		988		6.12
Commercial real estate	133,701		1,855		5.56		133,661		2,058		6.17
Lease financing	15,408		226		5.88		16,046		230		5.72
Total commercial loans	636,636		8,952		5.64		543,309		8,459		6.24
Residential mortgage	240,656		2,250		3.74		246,512		2,277		3.70
Credit card	57,580		1,739		12.11		54,985		1,734		12.65
Auto	55,226		804		5.84		41,865		572		5.48
Other consumer	36,381		585		6.46		30,048		559		7.47
Total consumer loans	389,843		5,378		5.53		373,410		5,142		5.52
Total loans	1,026,479		14,330		5.60		916,719		13,601		5.95
Equity securities	13,014		93		2.87		12,039		65		2.19
Other interest-earning assets	18,119		194		4.28		17,660		187		4.24
Total interest-earning assets	$	2,044,613	23,359		4.58	%	$	1,762,160	21,398		4.87	%
Cash and due from banks	28,820		—				28,182		—
Goodwill	24,966		—				25,070		—
Other noninterest-earning assets	129,524		—				117,959		—
Total noninterest-earning assets	$	183,310	—				171,211		—
Total assets	$	2,227,923	23,359				1,933,371		21,398
Liabilities
Deposits:
Demand deposits	$	557,329	2,705		1.95	%	$	483,828	2,680		2.22	%
Savings deposits	355,889		1,081		1.22		355,494		1,077		1.21
Time deposits	190,649		1,691		3.56		125,849		1,273		4.06
Deposits in non-U.S. offices	7,337		39		2.16		5,513		31		2.29
Total interest-bearing deposits	1,111,204		5,516		1.99		970,684		5,061		2.09
Federal funds purchased and securities loaned or sold under agreements to repurchase	242,917		2,253		3.72		130,388		1,429		4.40
Short-term borrowings	33,104		330		4.00		6,455		81		5.04
Trading liabilities	38,368		295		3.08		30,937		246		3.19
Long-term debt	182,830		2,386		5.22		175,289		2,609		5.95
Other interest-bearing liabilities	21,787		187		3.47		20,906		187		3.61
Total interest-bearing liabilities	$	1,630,210	10,967		2.70	%	$	1,334,659	9,613		2.89	%
Noninterest-bearing deposits	354,396		—				360,967		—
Other noninterest-bearing liabilities	61,407		—				54,477		—
Total noninterest-bearing liabilities	$	415,803	—				415,444		—
Total liabilities	$	2,046,013	10,967				1,750,103		9,613
Total equity	181,910		—				183,268		—
Total liabilities and equity	$	2,227,923	10,967				1,933,371		9,613
Interest rate spread on a taxable-equivalent basis (2)					1.88	%					1.98	%
Net interest income and net interest margin on a taxable-equivalent basis (2)			$	12,392	2.43	%			$	11,785	2.68	%

(continued on following page)

6 Wells Fargo & Company

(continued from previous page)

	Six months ended June 30,
					2026						2025
($ in millions)	Average  balance		Interest  income/ expense		Average interest rates		Average  balance		Interest  income/  expense		Average interest rates
Assets
Interest-earning deposits with banks	$	157,082	2,619		3.36	%	$	143,958	2,826		3.96	%
Federal funds sold and securities borrowed or purchased under resale agreements	191,710		3,471		3.65		103,594		2,169		4.22
Trading assets	192,954		3,771		3.92		157,064		3,107		3.96
Available-for-sale debt securities	226,463		5,005		4.43		181,503		4,125		4.55
Held-to-maturity debt securities	206,781		2,330		2.26		230,720		2,743		2.38
Loans:
Commercial and industrial – U.S.	394,741		11,188		5.71		324,122		10,187		6.34
Commercial and industrial – Non-U.S.	80,622		2,166		5.42		63,563		1,950		6.19
Commercial real estate	132,922		3,685		5.59		134,462		4,122		6.18
Lease financing	15,435		451		5.85		16,113		464		5.75
Total commercial loans	623,720		17,490		5.65		538,260		16,723		6.26
Residential mortgage	240,866		4,489		3.73		247,620		4,564		3.69
Credit card	57,896		3,506		12.21		55,173		3,473		12.69
Auto	53,671		1,539		5.78		41,915		1,123		5.40
Other consumer	35,183		1,143		6.56		29,506		1,103		7.54
Total consumer loans	387,616		10,677		5.54		374,214		10,263		5.51
Total loans	1,011,336		28,167		5.61		912,474		26,986		5.95
Equity securities	13,068		184		2.83		12,062		144		2.41
Other interest-earning assets	16,729		329		3.94		15,891		347		4.39
Total interest-earning assets	$	2,016,123	45,876		4.58	%	$	1,757,266	42,447		4.86	%
Cash and due from banks	28,897		—				28,468		—
Goodwill	24,966		—				25,102		—
Other noninterest-earning assets	128,252		—				115,718		—
Total noninterest-earning assets	$	182,115	—				169,288		—
Total assets	$	2,198,238	45,876				1,926,554		42,447
Liabilities
Deposits:
Demand deposits	$	544,930	5,151		1.91	%	$	477,202	5,271		2.23	%
Savings deposits	352,526		2,031		1.16		357,881		2,249		1.27
Time deposits	183,459		3,238		3.56		126,801		2,611		4.15
Deposits in non-U.S. offices	6,834		70		2.06		9,915		139		2.83
Total interest-bearing deposits	1,087,749		10,490		1.94		971,799		10,270		2.13
Federal funds purchased and securities loaned or sold under agreements to repurchase	242,675		4,487		3.73		122,986		2,681		4.40
Short-term borrowings	31,261		623		4.02		4,468		114		5.16
Trading liabilities	37,106		575		3.11		30,750		487		3.18
Long-term debt	182,355		4,772		5.24		174,177		5,191		5.96
Other interest-bearing liabilities	21,146		369		3.53		19,769		347		3.57
Total interest-bearing liabilities	$	1,602,292	21,316		2.68	%	$	1,323,949	19,090		2.90	%
Noninterest-bearing deposits	352,708		—				363,670		—
Other noninterest-bearing liabilities	60,441		—				55,623		—
Total noninterest-bearing liabilities	$	413,149	—				419,293		—
Total liabilities	$	2,015,441	21,316				1,743,242		19,090
Total equity	182,797		—				183,312		—
Total liabilities and equity	$	2,198,238	21,316				1,926,554		19,090
Interest rate spread on a taxable-equivalent basis (2)					1.90	%					1.96	%
Net interest margin and net interest income on a taxable-equivalent basis (2)			$	24,560	2.45	%			$	23,357	2.67	%

(1)The average balance amounts represent amortized costs, except for certain held-to-maturity (HTM) debt securities, which exclude unamortized basis adjustments related to the transfer of those securities from available-for-sale (AFS) debt securities. Amortized cost amounts exclude any valuation allowances and unrealized gains or losses, which are included in other noninterest-earning assets and other noninterest-bearing liabilities. Nonaccrual loans and any related income are included in their respective loan categories. The average interest rates are based on interest income or expense amounts for the period and are annualized. Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(2)Includes taxable-equivalent adjustments of $75 million and $77 million for the quarters ended June 30, 2026 and 2025, respectively, and $147 million and $154 million for the first half of 2026 and 2025, respectively, predominantly related to tax-exempt income on certain loans and securities.

Wells Fargo & Company 7

Earnings Performance (continued)

Noninterest Income

Table 3: Noninterest Income

	Quarter ended Jun 30,						Six months ended Jun 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Deposit-related fees	$	1,357	1,249	108	9	%	$	2,676	2,518	158	6	%
Lending-related fees	405		373	32	9		798		737	61	8
Investment advisory and other asset-based fees	2,821		2,499	322	13		5,645		5,035	610	12
Commissions and brokerage services fees	687		610	77	13		1,354		1,248	106	8
Investment banking fees	939		696	243	35		1,735		1,471	264	18
Card fees	1,222		1,173	49	4		2,360		2,217	143	6
Mortgage banking	256		230	26	11		457		562	(105)	(19)
Net gains from trading activities	1,393		1,376	17	1		2,744		2,760	(16)	(1)
Net gains (losses) from debt securities	1		—	1	NM		1		(147)	148	101
Net gains (losses) from equity securities	847		119	728	612		1,019		(224)	1,243	555
Other	377		789	(412)	(52)		866		1,591	(725)	(46)
Total	$	10,305	9,114	1,191	13		$	19,655	17,768	1,887	11

NM – Not meaningful

Second quarter 2026 vs. second quarter 2025

Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing, as well as higher commercial account deposit service charges.

Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations.

Fees from the majority of advisory assets are based on a percentage of the market value of the assets at the beginning of the quarter. For additional information on certain client investment assets, see the “Earnings Performance – Operating Segment Results – Advisory Assets” section in this Report.

Commissions and brokerage services fees increased driven by higher brokerage transaction activity.

Investment banking fees increased due to higher debt and equity underwriting fees.

Net gains from equity securities increased reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses.

Other income decreased driven by:

•a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025; and

•a $148 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026.

First half of 2026 vs. first half of 2025

Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing.

Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations.

Commissions and brokerage services fees increased driven by higher brokerage transaction activity.

Investment banking fees increased due to higher equity and debt underwriting fees.

Card fees increased driven by higher debit card interchange income, as well as higher revenue following our merchant services joint venture acquisition in April 2025. Following the acquisition, the revenue from the merchant services business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture was included in other noninterest income.

Mortgage banking decreased driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable mortgage servicing rights (MSR) valuation adjustments in the first half of 2025, including for higher expected escrow balances.

Net gains (losses) from debt securities increased driven by the impact of a repositioning of our investment securities portfolio in first quarter 2025.

Net gains (losses) from equity securities increased reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses.

Other income decreased driven by:

•a $297 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026;

•a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025; and

•a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025.

8 Wells Fargo & Company

Noninterest Expense

Table 4: Noninterest Expense

	Quarter ended Jun 30,						Six months ended Jun 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Personnel	$	8,851	8,709	142	2	%	$	18,444	18,183	261	1	%
Technology, telecommunications and equipment	1,457		1,287	170	13		2,854		2,510	344	14
Occupancy	803		766	37	5		1,581		1,527	54	4
Professional and outside services	1,109		1,089	20	2		2,175		2,127	48	2
Advertising and promotion	361		266	95	36		730		447	283	63
Other	1,080		1,262	(182)	(14)		2,207		2,476	(269)	(11)
Total	$	13,661	13,379	282	2		$	27,991	27,270	721	3

Second quarter and first half of 2026 vs. second quarter and first half of 2025

Personnel expense increased due to higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business, partially offset by the impact of efficiency initiatives.

Technology, telecommunications and equipment expense increased due to higher software expense, as well as higher hardware expense and higher expense for the amortization of internally developed software.

Advertising and promotion expense increased reflecting higher investments in marketing driven by increased campaign volume.

Other expense decreased reflecting:

•a $93 million and $180 million decrease in lease expense in the second quarter and first half of 2026, respectively, due to the sale of our rail car leasing business in first quarter 2026; and

•lower operating losses.

For additional information on other expense, see Note 17 (Revenue and Expenses) to Financial Statements in this Report.

Income Tax Expense

Table 5: Income Tax Expense

	Quarter ended Jun 30,							Six months ended Jun 30,
($ in millions)	2026			2025	$ Change	% Change		2026			2025	$ Change	% Change
Income before income tax expense	$	8,047		6,438	1,609	25	%	$	14,028		11,764	2,264	19	%
Income tax expense	1,402			916	486	53		2,093			1,438	655	46
Effective income tax rate	17.4		%	14.3				14.9		%	12.2

The effective income tax rate increased in the second quarter and first half of 2026, compared with the same periods a year ago, driven by higher pre-tax income and lower discrete tax benefits related to the resolution of prior period tax matters.

For additional information on income taxes, see Note 22 (Income Taxes) to Financial Statements in our 2025 Form 10-K.

Wells Fargo & Company 9

Earnings Performance (continued)

Operating Segment Results

Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments based on the product or service provided and the type of customer served, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer (CEO) and relevant senior management. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenue and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments.

Funds Transfer Pricing. Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury.

Revenue Sharing and Expense Allocations. When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of business based on established internal revenue-sharing agreements.

When a line of business uses a service provided by another line of business, expense is generally allocated based on the cost and use of the service provided. Enterprise functions, such as operations, technology, and risk management, are included in Corporate with an allocation of their applicable costs to the reportable operating segments based on the level of support provided by the enterprise function. We periodically assess and update our revenue sharing and expense allocation methodologies.

Taxable-Equivalent Adjustments. Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

Allocated Capital. Reportable operating segments are allocated capital under a risk-sensitive framework that is primarily based on aspects of our regulatory capital requirements, and the assumptions and methodologies used to allocate capital are periodically assessed and updated. Management believes that return on allocated capital is a useful financial measure because it enables management, investors, and others to assess a reportable operating segment’s use of capital.

Selected Metrics. We present certain financial and nonfinancial metrics that management uses when evaluating reportable operating segment results. Management believes that these metrics are useful to investors and others to assess the performance, customer growth, and trends of reportable operating segments or lines of business.

10 Wells Fargo & Company

Table 6 and the following discussion present our results by reportable operating segment. For additional information, see Note 16 (Operating Segments) to Financial Statements in this Report.

Table 6: Operating Segment Results – Highlights

(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate (1)	Reconciling Items (2)	Consolidated Company
Quarter ended June 30, 2026
Net interest income	$	7,742	2,047	2,273	919	(589)	(75)	12,317
Noninterest income	2,546		1,071	3,152	2,973	1,002	(439)	10,305
Total revenue	10,288		3,118	5,425	3,892	413	(514)	22,622
Provision for credit losses	945		131	(181)	17	2	—	914
Noninterest expense	6,286		1,412	2,497	3,160	306	—	13,661
Income (loss) before income tax expense (benefit)	3,057		1,575	3,109	715	105	(514)	8,047
Income tax expense (benefit)	767		397	780	178	(206)	(514)	1,402
Net income before noncontrolling interests	2,290		1,178	2,329	537	311	—	6,645
Less: Net income from noncontrolling interests	—		2	—	—	236	—	238
Net income	$	2,290	1,176	2,329	537	75	—	6,407
Quarter ended June 30, 2025
Net interest income	$	7,305	1,983	1,815	785	(103)	(77)	11,708
Noninterest income	2,383		950	2,858	2,653	662	(392)	9,114
Total revenue	9,688		2,933	4,673	3,438	559	(469)	20,822
Provision for credit losses	945		(43)	103	12	(12)	—	1,005
Noninterest expense	6,179		1,519	2,251	2,865	565	—	13,379
Income (loss) before income tax expense (benefit)	2,564		1,457	2,319	561	6	(469)	6,438
Income tax expense (benefit)	641		369	582	141	(348)	(469)	916
Net income before noncontrolling interests	1,923		1,088	1,737	420	354	—	5,522
Less: Net income from noncontrolling interests	—		2	—	—	26	—	28
Net income	$	1,923	1,086	1,737	420	328	—	5,494
Six months ended June 30, 2026
Net interest income	$	15,293	4,035	4,457	1,824	(1,049)	(147)	24,413
Noninterest income	4,993		2,203	6,246	5,943	1,230	(960)	19,655
Total revenue	20,286		6,238	10,703	7,767	181	(1,107)	44,068
Provision for credit losses	1,763		281	(6)	7	4	—	2,049
Noninterest expense	12,875		3,020	5,189	6,422	485	—	27,991
Income (loss) before income tax expense (benefit)	5,648		2,937	5,520	1,338	(308)	(1,107)	14,028
Income tax expense (benefit)	1,417		740	1,382	333	(672)	(1,107)	2,093
Net income before noncontrolling interests	4,231		2,197	4,138	1,005	364	—	11,935
Less: Net income from noncontrolling interests	—		4	—	—	271	—	275
Net income	$	4,231	2,193	4,138	1,005	93	—	11,660
Six months ended June 30, 2025
Net interest income	$	14,344	3,960	3,605	1,515	(67)	(154)	23,203
Noninterest income	4,727		1,898	6,132	5,327	449	(765)	17,768
Total revenue	19,071		5,858	9,737	6,842	382	(919)	40,971
Provision for credit losses	1,684		144	103	23	(17)	—	1,937
Noninterest expense	12,521		3,189	4,727	5,811	1,022	—	27,270
Income (loss) before income tax expense (benefit)	4,866		2,525	4,907	1,008	(623)	(919)	11,764
Income tax expense (benefit)	1,211		641	1,229	239	(963)	(919)	1,438
Net income before noncontrolling interests	3,655		1,884	3,678	769	340	—	10,326
Less: Net income (loss) from noncontrolling interests	—		4	—	—	(66)	—	(62)
Net income	$	3,655	1,880	3,678	769	406	—	10,388

(1)All other business activities that are not included in the reportable operating segments have been included in Corporate. For additional information, see the “Corporate” section below.

(2)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

Wells Fargo & Company 11

Earnings Performance (continued)

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. We also provide personalized wealth management and financial planning services through our branch channel.

Table 6a and Table 6b provide additional information for Consumer Banking and Lending.

Table 6a: Consumer Banking and Lending – Income Statement and Selected Metrics

	Quarter ended June 30,							Six months ended June 30,
($ in millions, unless otherwise noted)	2026			2025	$ Change	% Change		2026			2025	$ Change	% Change
Income Statement
Net interest income	$	7,742		7,305	437	6	%	$	15,293		14,344	949	7	%
Noninterest income:
Deposit-related fees	747			653	94	14		1,467			1,304	163	13
Investment advisory and other asset-based fees	264			232	32	14		528			472	56	12
Commissions and brokerage services fees	127			111	16	14		242			224	18	8
Card fees	1,148			1,109	39	4		2,212			2,087	125	6
Mortgage banking	154			169	(15)	(9)		317			391	(74)	(19)
Other	106			109	(3)	(3)		227			249	(22)	(9)
Total noninterest income	2,546			2,383	163	7		4,993			4,727	266	6
Total revenue	10,288			9,688	600	6		20,286			19,071	1,215	6
Net charge-offs	799			818	(19)	(2)		1,619			1,695	(76)	(4)
Change in the allowance for credit losses	146			127	19	15		144			(11)	155	NM
Provision for credit losses	945			945	—	—		1,763			1,684	79	5
Noninterest expense	6,286			6,179	107	2		12,875			12,521	354	3
Income before income tax expense	3,057			2,564	493	19		5,648			4,866	782	16
Income tax expense	767			641	126	20		1,417			1,211	206	17
Net income	$	2,290		1,923	367	19		$	4,231		3,655	576	16
Revenue by Line of Business
Consumer, Small and Business Banking	$	7,308		6,748	560	8		$	14,327		13,199	1,128	9
Credit Card	1,614			1,588	26	2		3,209			3,112	97	3
Home Lending	762			821	(59)	(7)		1,549			1,687	(138)	(8)
Auto	320			241	79	33		615			478	137	29
Personal Lending	284			290	(6)	(2)		586			595	(9)	(2)
Total revenue	$	10,288		9,688	600	6		$	20,286		19,071	1,215	6
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)	27.1		%	16.4				25.1		%	15.6
Efficiency ratio (2)	61			64				63			66
Retail bank branches (#, period-end)	4,079			4,135		(1)
Digital active customers (# in millions, period-end) (3)	38.0			36.6		4
Mobile active customers (# in millions, period-end) (3)	33.7			32.1		5
Consumer, Small and Business Banking:
Deposit spread (4)	2.60		%	2.53				2.59		%	2.49
Debit card purchase volume ($ in billions) (5)	$	144.8		133.6	11.2	8		$	279.1		259.6	19.5	8
Debit card purchase transactions (# in millions) (5)	2,780			2,655		5		5,362			5,141		4
Client assets in advisory and brokerage accounts ($ in billions, period-end)	282			249	33	13

(continued on following page)

12 Wells Fargo & Company

(continued from previous page)

	Quarter ended June 30,						Six months ended June 30,
($ in millions, unless otherwise noted)	2026			2025	$ Change	% Change	2026			2025	$ Change	% Change
Home Lending:
Mortgage loan originations ($ in billions)	$	9.0		7.4	1.6	22	$	15.3		11.8	3.5	30
% of originations held for sale (HFS)	20.6		%	34.0			22.2		%	35.6
Third-party mortgage loans serviced ($ in billions, period-end) (6)	$	361.4		455.5	(94.1)	(21)
Home lending loans 30+ days delinquency rate (period-end) (7)(8)	0.32			0.30
Credit Card (5):
Credit card purchase volume ($ in billions)	$	44.5		39.9	4.6	12	$	84.5		76.6	7.9	10
Credit card new accounts (# in thousands)	662			452		46	1,293			848		52
Credit card loans 30+ days delinquency rate (period-end) (8)	2.58		%	2.63
Credit card loans 90+ days delinquency rate (period-end) (8)	1.34			1.32
Auto:
Auto loan originations ($ in billions)	$	9.7		6.9	2.8	41	$	19.4		11.5	7.9	69
Auto loans 30+ days delinquency rate (period-end) (8)	1.31		%	1.72

NM – Not meaningful

(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends.

(2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income).

(3)Digital and mobile active customers is based on the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers.

(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

(5)Reflects combined activity for consumer and small business customers.

(6)Excludes residential mortgage loans subserviced for others.

(7)Excludes residential mortgage loans that are insured or guaranteed by U.S government agencies.

(8)Delinquency balances exclude nonaccrual loans and loans held for sale.

Second quarter 2026 vs. second quarter 2025

Revenue increased driven by:

•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and

•higher deposit-related fees driven by higher volume and higher consumer account deposit service charges driven by account repricing.

Provision for credit losses reflected a higher change in allowance for credit card and auto loans driven by higher loan balances, offset by lower net charge-offs on credit card and personal loans.

Noninterest expense increased driven by:

•higher advertising and promotion expense;

•higher revenue-related compensation expense; and

•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;

partially offset by:

•the impact of efficiency initiatives.

First half of 2026 vs. first half of 2025

Revenue increased driven by:

•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;

•higher deposit-related fees driven by higher volume and higher consumer account deposit service charges driven by account repricing; and

•higher card fees driven by higher revenue following our merchant services joint venture acquisition in April 2025;

partially offset by:

•lower mortgage banking income driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first half of 2025 including adjustments for higher expected escrow balances.

Provision for credit losses increased reflecting a higher change in allowance for auto and credit card loans driven by higher loan balances, partially offset by lower net charge-offs on credit card and personal loans.

Noninterest expense increased driven by:

•higher advertising and promotion expense;

•higher revenue-related compensation expense; and

•the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025;

partially offset by:

•the impact of efficiency initiatives.

Wells Fargo & Company 13

Earnings Performance (continued)

Table 6b: Consumer Banking and Lending – Balance Sheet

	Quarter ended June 30,						Six months ended June 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Selected Balance Sheet Data (average)
Loans by Line of Business:
Consumer, Small and Business Banking	$	17,892	9,513	8,379	88	%	$	17,647	9,481	8,166	86	%
Credit Card	52,655		49,947	2,708	5		52,847		50,028	2,819	6
Home Lending	197,949		203,556	(5,607)	(3)		198,219		204,526	(6,307)	(3)
Auto	55,701		42,366	13,335	31		54,143		42,432	11,711	28
Personal Lending	13,631		13,651	(20)	—		13,698		13,776	(78)	(1)
Total loans	$	337,828	319,033	18,795	6		$	336,554	320,243	16,311	5
Total deposits	828,363		805,537	22,826	3		822,524		802,725	19,799	2
Allocated capital (1)	33,000		45,500	(12,500)	(27)		33,000		45,500	(12,500)	(27)
Selected Balance Sheet Data (period-end)
Loans by Line of Business:
Consumer, Small and Business Banking	$	18,197	9,696	8,501	88
Credit Card	53,334		50,084	3,250	6
Home Lending	198,187		203,062	(4,875)	(2)
Auto	57,391		43,373	14,018	32
Personal Lending	13,830		13,790	40	—
Total loans	$	340,939	320,005	20,934	7
Total deposits	832,165		806,572	25,593	3

(1)In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.

Second quarter and first half of 2026 vs. second quarter and first half of 2025

Total loans (average and period-end) increased due to:

•an increase in loan balances in our Auto business driven by higher origination volumes reflecting growth across the portfolio, including the impact of a financing partnership launched in second quarter 2025;

•an increase in loan balances in our Consumer, Small and Business Banking business driven by the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and

•an increase in loan balances in our Credit Card business due to higher purchase and balance transfer volumes, as well as the impact of new account growth;

partially offset by:

•a decline in loan balances in our Home Lending business reflecting paydowns of legacy residential mortgage loans.

Total deposits (average and period-end) increased reflecting growth in consumer checking and savings deposits, as well as the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025.

14 Wells Fargo & Company

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.

Table 6c and Table 6d provide additional information for Commercial Banking.

Table 6c: Commercial Banking – Income Statement and Selected Metrics

	Quarter ended June 30,							Six months ended June 30,
($ in millions)	2026			2025	$ Change	% Change		2026			2025	$ Change	% Change
Income Statement
Net interest income	$	2,047		1,983	64	3	%	$	4,035		3,960	75	2	%
Noninterest income:
Deposit-related fees	325			324	1	—		644			659	(15)	(2)
Lending-related fees	148			138	10	7		298			274	24	9
Lease income	106			116	(10)	(9)		227			239	(12)	(5)
Other	492			372	120	32		1,034			726	308	42
Total noninterest income	1,071			950	121	13		2,203			1,898	305	16
Total revenue	3,118			2,933	185	6		6,238			5,858	380	6
Net charge-offs	93			98	(5)	(5)		151			139	12	9
Change in the allowance for credit losses	38			(141)	179	127		130			5	125	NM
Provision for credit losses	131			(43)	174	405		281			144	137	95
Noninterest expense	1,412			1,519	(107)	(7)		3,020			3,189	(169)	(5)
Income before income tax expense	1,575			1,457	118	8		2,937			2,525	412	16
Income tax expense	397			369	28	8		740			641	99	15
Less: Net income from noncontrolling interests	2			2	—	—		4			4	—	—
Net income	$	1,176		1,086	90	8		$	2,193		1,880	313	17
Revenue by Product
Lending and leasing	$	1,278		1,262	16	1		$	2,528		2,529	(1)	—
Treasury management and payments	1,307			1,250	57	5		2,611			2,510	101	4
Other	533			421	112	27		1,099			819	280	34
Total revenue	$	3,118		2,933	185	6		$	6,238		5,858	380	6
Selected Metrics
Return on allocated capital	17.2		%	15.8				16.1		%	13.6
Efficiency ratio	45			52				48			54

NM – Not meaningful

Second quarter and first half of 2026 vs. second quarter and first half of 2025

Revenue increased driven by:

•higher other noninterest income related to equity securities and the financing of renewable energy investments; and

•higher net interest income reflecting higher loan and interest-bearing deposit balances, partially offset by the impact of lower interest rates, lower noninterest-bearing deposits, and the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025.

Provision for credit losses increased reflecting a higher allowance for commercial and industrial loans driven by higher loan balances, as well as a release in the allowance for commercial and industrial loans in second quarter 2025.

Noninterest expense decreased driven by:

•the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025; and

•the impact of efficiency initiatives.

Wells Fargo & Company 15

Earnings Performance (continued)

Table 6d: Commercial Banking – Balance Sheet

	Quarter ended June 30,						Six months ended June 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	181,739	167,134	14,605	9	%	$	178,044	165,632	12,412	7	%
Commercial real estate	40,179		44,373	(4,194)	(9)		39,832		44,485	(4,653)	(10)
Lease financing and other	15,209		14,954	255	2		15,240		15,023	217	1
Total loans	$	237,127	226,461	10,666	5		$	233,116	225,140	7,976	4
Total deposits	189,534		177,994	11,540	6		187,726		180,413	7,313	4
Allocated capital	26,000		26,000	—	—		26,000		26,000	—	—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	183,633	169,958	13,675	8
Commercial real estate	40,648		44,484	(3,836)	(9)
Lease financing and other	15,527		15,102	425	3
Total loans	$	239,808	229,544	10,264	4
Total deposits	198,805		179,848	18,957	11

Second quarter and first half of 2026 vs. second quarter and first half of 2025

Total loans (average and period-end) increased driven by higher client activity, partially offset by the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025.

Total deposits (average and period-end) increased driven by:

•additions of interest-bearing deposits from new and existing customers;

partially offset by:

•lower noninterest-bearing deposits; and

•the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025.

16 Wells Fargo & Company

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 capital markets, equity and fixed income solutions as well as sales, trading, and research capabilities.

Table 6e and Table 6f provide additional information for Corporate and Investment Banking.

Table 6e: Corporate and Investment Banking – Income Statement and Selected Metrics

	Quarter ended June 30,							Six months ended June 30,
($ in millions)	2026			2025	$ Change	% Change		2026			2025	$ Change	% Change
Income Statement
Net interest income	$	2,273		1,815	458	25	%	$	4,457		3,605	852	24	%
Noninterest income:
Deposit-related fees	277			266	11	4		551			541	10	2
Lending-related fees	229			209	20	10		446			410	36	9
Investment banking fees	948			700	248	35		1,792			1,465	327	22
Net gains from trading activities	1,309			1,335	(26)	(2)		2,691			2,693	(2)	—
Other	389			348	41	12		766			1,023	(257)	(25)
Total noninterest income	3,152			2,858	294	10		6,246			6,132	114	2
Total revenue	5,425			4,673	752	16		10,703			9,737	966	10
Net charge-offs	(15)			75	(90)	NM		209			172	37	22
Change in the allowance for credit losses	(166)			28	(194)	NM		(215)			(69)	(146)	NM
Provision for credit losses	(181)			103	(284)	NM		(6)			103	(109)	NM
Noninterest expense	2,497			2,251	246	11		5,189			4,727	462	10
Income before income tax expense	3,109			2,319	790	34		5,520			4,907	613	12
Income tax expense	780			582	198	34		1,382			1,229	153	12
Net income	$	2,329		1,737	592	34		$	4,138		3,678	460	13
Revenue by Line of Business
Banking:
Lending	$	724		601	123	20		$	1,424		1,219	205	17
Treasury Management and Payments	661			611	50	8		1,316			1,229	87	7
Investment Banking	628			463	165	36		1,230			997	233	23
Total Banking	2,013			1,675	338	20		3,970			3,445	525	15
Commercial Real Estate	1,197			1,212	(15)	(1)		2,343			2,661	(318)	(12)
Markets:
Fixed Income, Currencies, and Commodities (FICC)	1,536			1,391	145	10		3,119			2,773	346	12
Equities	635			387	248	64		1,178			835	343	41
Credit Adjustment (CVA/DVA/FVA) and Other	35			1	34	NM		82			(2)	84	NM
Total Markets	2,206			1,779	427	24		4,379			3,606	773	21
Other	9			7	2	29		11			25	(14)	(56)
Total revenue	$	5,425		4,673	752	16		$	10,703		9,737	966	10
Selected Metrics
Return on allocated capital	19.2		%	14.9				17.1		%	15.9
Efficiency ratio	46			48				48			49

NM – Not meaningful

Second quarter 2026 vs. second quarter 2025

Revenue increased driven by:

•higher net interest income driven by higher interest-bearing deposit and loan balances, partially offset by the impact of lower interest rates; and

•higher investment banking fees driven by higher debt and equity underwriting fees.

Provision for credit losses decreased reflecting lower net charge-offs and a lower allowance for commercial real estate loans.

Noninterest expense increased driven by:

•higher personnel expense driven by higher revenue-related

compensation expense; and

•higher professional and outside services expense on higher volume-related expenses;

partially offset by:

•the impact of efficiency initiatives.

First half of 2026 vs. first half of 2025

Revenue increased driven by:

•higher net interest income driven by higher interest-bearing deposit and loan balances, partially offset by the impact of lower interest rates; and

•higher investment banking fees driven by higher equity and debt underwriting fees;

partially offset by:

Wells Fargo & Company 17

Earnings Performance (continued)

•a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025.

Provision for credit losses decreased reflecting a lower allowance for commercial real estate loans, partially offset by loan growth.

Noninterest expense increased driven by:

•higher personnel expense driven by higher revenue-related compensation expense; and

•higher professional and outside services expense on higher volume-related expenses;

partially offset by:

•the impact of efficiency initiatives.

Table 6f: Corporate and Investment Banking – Balance Sheet

	Quarter ended June 30,						Six months ended June 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial	$	278,389	202,473	75,916	37	%	$	270,330	197,590	72,740	37	%
Commercial real estate	80,984		83,413	(2,429)	(3)		80,561		84,020	(3,459)	(4)
Total loans	$	359,373	285,886	73,487	26		$	350,891	281,610	69,281	25
Loans by Line of Business:
Banking	$	124,981	88,994	35,987	40		$	121,381	87,768	33,613	38
Commercial Real Estate	123,146		117,917	5,229	4		121,309		117,619	3,690	3
Markets	111,246		78,975	32,271	41		108,201		76,223	31,978	42
Total loans	$	359,373	285,886	73,487	26		$	350,891	281,610	69,281	25
Trading-related assets:
Trading assets, excluding derivative assets	$	204,106	158,449	45,657	29		$	204,875	158,996	45,879	29
Derivative assets	26,518		23,404	3,114	13		24,458		21,556	2,902	13
Securities borrowed or purchased under resale agreements	170,853		101,894	68,959	68		170,364		99,546	70,818	71
Total trading-related assets	$	401,477	283,747	117,730	41		$	399,697	280,098	119,599	43
Total assets	825,944		641,499	184,445	29		814,025		626,352	187,673	30
Total deposits	234,762		202,420	32,342	16		224,610		203,163	21,447	11
Allocated capital (1)	46,500		44,000	2,500	6		46,500		44,000	2,500	6
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial	$	275,653	208,161	67,492	32
Commercial real estate	80,099		82,417	(2,318)	(3)
Total loans	$	355,752	290,578	65,174	22
Loans by Line of Business:
Banking	$	120,812	90,999	29,813	33
Commercial Real Estate	123,316		117,233	6,083	5
Markets	111,624		82,346	29,278	36
Total loans	$	355,752	290,578	65,174	22
Trading-related assets:
Trading assets, excluding derivative assets	$	217,646	168,029	49,617	30
Derivative assets	25,759		24,700	1,059	4
Securities borrowed or purchased under resale agreements	201,312		100,268	101,044	101
Total trading-related assets	$	444,717	292,997	151,720	52
Total assets	862,472		658,029	204,443	31
Total deposits	250,097		208,048	42,049	20

(1)In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments.

Second quarter and first half of 2026 vs. second quarter and

first half of 2025

Total loans (average and period-end) increased driven by higher commercial and industrial loans reflecting increased demand in fund finance and corporate loans in our Banking business and higher loan volume in our Markets business.

Total trading-related assets (average and period-end) increased reflecting:

•an increased volume of securities purchased under resale

agreements; and

•higher trading assets driven by growth across nearly all asset classes.

Total deposits (average and period-end) increased driven by additions of interest-bearing deposits from new and existing customers.

18 Wells Fargo & Company

Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, 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, independent

offices, and digitally through WellsTrade® and Intuitive Investor®.

Table 6g and Table 6h provide additional information for Wealth and Investment Management (WIM).

Table 6g: Wealth and Investment Management

	Quarter ended June 30,							Six months ended June 30,
($ in millions, unless otherwise noted)	2026			2025	$ Change	% Change		2026			2025	$ Change	% Change
Income Statement
Net interest income	$	919		785	134	17	%	$	1,824		1,515	309	20	%
Noninterest income:
Investment advisory and other asset-based fees	2,506			2,208	298	13		5,009			4,442	567	13
Commissions and brokerage services fees	437			400	37	9		875			821	54	7
Other	30			45	(15)	(33)		59			64	(5)	(8)
Total noninterest income	2,973			2,653	320	12		5,943			5,327	616	12
Total revenue	3,892			3,438	454	13		7,767			6,842	925	14
Net charge-offs	(1)			6	(7)	NM		(2)			—	(2)	NM
Change in the allowance for credit losses	18			6	12	200		9			23	(14)	(61)
Provision for credit losses	17			12	5	42		7			23	(16)	(70)
Noninterest expense	3,160			2,865	295	10		6,422			5,811	611	11
Income before income tax expense	715			561	154	27		1,338			1,008	330	33
Income tax expense	178			141	37	26		333			239	94	39
Net income	$	537		420	117	28		$	1,005		769	236	31
Selected Metrics
Return on allocated capital	32.4		%	25.0				30.4		%	23.0
Efficiency ratio	81			83				83			85
Client assets ($ in billions, period-end):
Advisory assets	$	1,225		1,042	183	18
Other brokerage assets and deposits	1,466			1,304	162	12
Total Company-wide client assets (1)	$	2,691		2,346	345	15
Total WIM client assets	$	2,409		2,097	312	15
Selected Balance Sheet Data (average)
Total loans	$	91,143		81,271	9,872	12		$	89,772		81,101	8,671	11
Total deposits	109,788			99,458	10,330	10		110,937			100,770	10,167	10
Allocated capital	6,500			6,500	—	—		6,500			6,500	—	—
Selected Balance Sheet Data (period-end)
Total loans	$	93,804		81,327	12,477	15
Total deposits	110,599			97,318	13,281	14

NM – Not meaningful

(1)Includes amounts for clients of the Consumer Banking and Lending operating segment.

Second quarter and first half of 2026 vs. second quarter and first half of 2025

Revenue increased driven by:

•higher investment advisory and other asset-based fees driven by higher asset-based fees reflecting higher market valuations; and

•higher net interest income driven by lower deposit pricing and higher deposit and loan balances.

Noninterest expense increased reflecting higher personnel expense driven by higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives.

Total loans (average and period-end) increased driven by higher securities-based lending.

Total deposits (average and period-end) increased driven by higher brokerage deposit balances.

Wells Fargo & Company 19

Earnings Performance (continued)

Advisory Assets. In addition to transactional brokerage accounts, the Company offers advisory account relationships to clients. Fees from advisory accounts are based on a percentage of the market value of the assets as of the beginning of the quarter, which vary across the account types based on the distinct services provided, and are affected by investment performance as well as asset inflows and outflows. Advisory accounts include assets that are financial advisor-directed and separately managed by third-party managers as well as certain client-directed brokerage assets where we earn a fee for advisory and other services, but do not have investment discretion.

We also manage personal trust and other assets for high net worth clients, with fee income earned based on a percentage of the market value of these assets.

Table 6h presents advisory assets activity. Management believes that advisory assets is a useful metric because it allows management, investors, and others to assess how changes in asset amounts may impact the generation of certain asset-based fees.

Table 6h: Advisory Assets

	Quarter ended June 30,			Six months ended June 30,
(in billions)	2026		2025	2026		2025
Balance, beginning of period	$	1,119.3	980.0	$	1,127.1	997.7
Inflows (outflows), net (1)	4.6		(2.4)	12.4		(8.1)
Market impact (2)	101.0		64.1	85.4		52.1
Balance, end of period (Company-wide)	1,224.9		1,041.7	$	1,224.9	1,041.7
Balance, end of period (WIM)	1,127.4		954.0	$	1,127.4	954.0

(1)Inflows include new advisory account assets, contributions, dividends, and interest. Outflows include closed advisory account assets, withdrawals, and client management fees.

(2)Market impact reflects gains and losses on portfolio investments.

20 Wells Fargo & Company

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 investments. Corporate also includes results for previously divested businesses.

Table 6i and Table 6j provide additional information for Corporate.

Table 6i: Corporate – Income Statement

	Quarter ended June 30,					Six months ended June 30,
($ in millions)	2026		2025	$ Change	% Change	2026		2025	$ Change	% Change
Income Statement
Net interest income	$	(589)	(103)	(486)	NM	$	(1,049)	(67)	(982)	NM
Noninterest income	1,002		662	340	51	1,230		449	781	174
Total revenue	413		559	(146)	(26)	181		382	(201)	(53)
Net charge-offs	7		—	7	NM	12		—	12	NM
Change in the allowance for credit losses	(5)		(12)	7	58	(8)		(17)	9	53
Provision for credit losses	2		(12)	14	117	4		(17)	21	124
Noninterest expense	306		565	(259)	(46)	485		1,022	(537)	(53)
Loss before income tax benefit	105		6	99	NM	(308)		(623)	315	51
Income tax benefit	(206)		(348)	142	41	(672)		(963)	291	30
Less: Net income (loss) from noncontrolling interests (1)	236		26	210	808	271		(66)	337	511
Net income	$	75	328	(253)	(77)	$	93	406	(313)	(77)

NM – Not meaningful

(1)Reflects results attributable to noncontrolling interests associated with our venture capital investments.

Second quarter 2026 vs. second quarter 2025

Revenue decreased driven by:

•lower net interest income driven by lower funding credits to the operating segments due to the impact of lower interest rates;

•a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025; and

•a $148 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026;

partially offset by:

•higher net gains from equity securities reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses.

Noninterest expense decreased reflecting:

•lower operating losses; and

•a $93 million decrease in lease expense due to the sale of our rail car leasing business in first quarter 2026.

First half of 2026 vs. first half of 2025

Revenue decreased driven by:

•lower net interest income driven by lower funding credits to the operating segments due to the impact of lower interest rates;

•a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025; and

•a $297 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026;

partially offset by:

•higher net gains from equity securities reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses; and

•lower net losses from debt securities driven by the impact of a repositioning of our investment securities portfolio in first quarter 2025.

Noninterest expense decreased reflecting:

•a $180 million decrease in lease expense due to the sale of our rail car leasing business in first quarter 2026; and

•the impact of efficiency initiatives.

Wells Fargo & Company 21

Earnings Performance (continued)

Table 6j: Corporate – Balance Sheet

	Quarter ended June 30,						Six months ended June 30,
($ in millions)	2026		2025	$ Change	% Change		2026		2025	$ Change	% Change
Selected Balance Sheet Data (average)
Available-for-sale debt securities	$	226,383	172,879	53,504	31	%	$	217,674	167,186	50,488	30	%
Held-to-maturity debt securities	197,708		220,364	(22,656)	(10)		199,948		223,521	(23,573)	(11)
Equity securities	17,316		15,493	1,823	12		17,401		15,446	1,955	13
Total assets	672,761		601,010	71,751	12		661,293		609,627	51,666	8
Total deposits	103,153		46,242	56,911	123		94,660		48,398	46,262	96
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities	$	241,832	176,235	65,597	37
Held-to-maturity debt securities	195,315		218,360	(23,045)	(11)
Equity securities	17,430		15,907	1,523	10
Total assets	671,987		624,556	47,431	8
Total deposits	109,739		48,917	60,822	124

Second quarter and first half of 2026 vs. second quarter and

first half of 2025

Total assets (average and period-end) increased reflecting purchases of available-for-sale debt securities of federal agencies and an increased volume of resale agreements.

Total deposits (average and period-end) increased reflecting higher time deposits driven by issuances of certificates of deposit (CDs) by corporate treasury.

22 Wells Fargo & Company

Balance Sheet Analysis

At June 30, 2026, our assets totaled $2.3 trillion, up $133.6 billion from December 31, 2025.

The following discussion provides additional information about the major components of our consolidated balance sheet. See the “Capital Management” section in this Report for information on changes in our equity.

Available-for-Sale and Held-to-Maturity Debt Securities

Table 7: Available-for-Sale and Held-to-Maturity Debt Securities

	June 30, 2026					December 31, 2025
($ in millions)	Amortized cost, net (1)		Net  unrealized gains (losses)	Fair value	Weighted average expected maturity (yrs)	Amortized cost, net (1)		Net  unrealized gains (losses)	Fair value	Weighted average expected maturity (yrs)
Available-for-sale (2)	$	253,593	(3,267)	250,326	6.9	$	215,775	(2,202)	213,573	7.2
Held-to-maturity (3)	198,573		(32,408)	166,165	9.7	208,023		(32,226)	175,797	10.2
Total	$	452,166	(35,675)	416,491	n/a	$	423,798	(34,428)	389,370	n/a

(1)Represents amortized cost of the securities, net of the allowance for credit losses of $0 million and $23 million related to available-for-sale debt securities and $94 million and $95 million related to held-to-maturity debt securities at June 30, 2026, and December 31, 2025, respectively.

(2)Available-for-sale debt securities are carried on our consolidated balance sheet at fair value.

(3)Held-to-maturity debt securities are carried on our consolidated balance sheet at amortized cost, net of the allowance for credit losses.

Table 7 presents a summary of our portfolio of investments in available-for-sale (AFS) and held-to-maturity (HTM) debt securities. See Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report for additional information on AFS and HTM debt securities, including a summary of debt securities by security type, contractual maturities and weighted average yields. See also the “Balance Sheet Analysis – Available-for-Sale and Held-to-Maturity Debt Securities” section in our 2025 Form 10-K for additional information on our investment management objectives and practices and the “Risk Management – Asset/Liability Management” section in this Report for information on liquidity and interest rate risk.

The amortized cost, net of the allowance for credit losses, of the total AFS and HTM debt securities portfolio increased from December 31, 2025. Purchases of AFS debt securities were partially offset by paydowns and maturities of AFS and HTM debt securities, as well as sales of AFS debt securities.

The total net unrealized losses on AFS and HTM debt securities increased from December 31, 2025, primarily due to changes in interest rates.

At June 30, 2026, 99% of the combined AFS and HTM debt securities portfolio was rated AA- or above. Ratings are based on external ratings where available and, where not available, based on internal credit grades.

Wells Fargo & Company 23

Balance Sheet Analysis (continued)

Loan Portfolios

Table 8 provides a summary of total outstanding loans by portfolio segment. Commercial loans increased from December 31, 2025, driven by an increase in commercial and industrial loans as a result of increased originations and loan

draws, partially offset by paydowns. Consumer loans increased from December 31, 2025, driven by increases in the auto and securities-based loan portfolios, partially offset by declines in the residential mortgage and credit card portfolios.

Table 8: Loan Portfolios

($ in millions)	Jun 30, 2026		Dec 31, 2025	$ Change	% Change
Commercial	$	636,299	599,895	36,404	6	%
Consumer	394,816		386,272	8,544	2
Total loans	$	1,031,115	986,167	44,948	5

Average loan balances and a comparative detail of average loan balances is included in Table 2 under “Earnings Performance – Net Interest Income” earlier in this Report. Additional information on total loans outstanding by portfolio segment and class of financing receivable is included in the “Risk Management – Credit Risk Management” section in this Report. Period-end balances and other loan related information are in Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

See the “Balance Sheet Analysis – Loan Portfolios” section in our 2025 Form 10-K for additional information regarding contractual loan maturities and the distribution of loans to changes in interest rates.

Deposits

Deposits increased from December 31, 2025, reflecting:

•growth in commercial deposits driven by new and existing customers; and

•higher time deposits driven by issuances of CDs by corporate treasury, partially offset by maturities of CDs.

Table 9 provides additional information regarding deposit balances. Information regarding the impact of deposits on net interest income and a comparison of average deposit balances is provided in the “Earnings Performance – Net Interest Income” section and Table 2 earlier in this Report. Our average deposit cost in second quarter 2026 increased to 1.51%, compared with 1.44% in fourth quarter 2025.

Table 9: Deposits

($ in millions)	Jun 30, 2026		Dec 31, 2025	$ Change	% Change
Noninterest-bearing deposits	$	370,116	365,368	4,748	1	%
Interest-bearing deposits	1,131,289		1,060,839	70,450	7
Total deposits	$	1,501,405	1,426,207	75,198	5

24 Wells Fargo & Company

Off-Balance Sheet Arrangements

In the ordinary course of business, we engage in financial transactions that are not recognized on our consolidated balance sheet or may be recognized on our consolidated balance sheet in amounts that are different from the full contract or notional amount of the transaction. Our off-balance sheet arrangements include unfunded credit commitments, derivatives, transactions with unconsolidated entities, guarantees, and other commitments. These transactions are designed to (1) meet the financial needs of customers, (2) manage our credit, market or liquidity risks, and/or (3) diversify our funding sources.

Unfunded Credit Commitments

Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. For additional information, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

Derivatives

We use derivatives to manage exposure to market risk, including interest rate risk, commodity and equity price risk, foreign currency risk, and credit risk, and to assist customers with their risk management objectives. Derivatives are recognized on our consolidated balance sheet at fair value, and volume can be measured in terms of the notional amount, which is generally not exchanged, but is used only as the basis on which interest and other payments are determined. The notional amount is not recognized on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. For additional information, see Note 10 (Derivatives) to Financial Statements in this Report.

Transactions with Unconsolidated Entities

In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For additional information, see Note 12 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.

Guarantees and Other Commitments

Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. Guarantees are generally in the form of standby and direct pay letters of credit, written options, recourse obligations, exchange and clearing house guarantees, indemnifications, and other types of similar arrangements. We also enter into other commitments such as commitments to purchase securities under resale agreements. For additional information, see Note 13 (Guarantees and Other Commitments) to Financial Statements in this Report.

Wells Fargo & Company 25

Risk Management

Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders. These risks are regularly evolving. For example, recent advancements in artificial intelligence have enhanced the capability to identify and potentially exploit previously unidentified cybersecurity vulnerabilities, contributing to increased information security risk across a range of customers and industries.

For additional information about how we manage risk, see the “Risk Management” section in our 2025 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2025 Form 10-K.

Credit Risk Management

Credit risk is the risk of loss associated with a borrower or counterparty default (failure to meet obligations in accordance with agreed upon terms). Credit risk exists with many of the Company’s assets and exposures such as debt security holdings, certain derivatives, and loans.

The Risk Committee of the Company’s Board of Directors (Board) has primary oversight responsibility for credit risk. At the management level, Corporate Credit Risk, which is part of Independent Risk Management, and the chief risk officers aligned with each principal line of business, have oversight responsibility for credit risk. Corporate Credit Risk and the business-aligned chief risk officers report to the Chief Risk Officer and support periodic reports related to credit risk provided to the Board’s Risk Committee.

Loan Portfolio. Our loan portfolios represent the largest component of assets on our consolidated balance sheet for which we have credit risk. Table 10 presents our total loans outstanding by portfolio segment and class of financing receivable.

Table 10: Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable

(in millions)	Jun 30, 2026		Dec 31, 2025
Commercial and industrial	$	487,630	452,068
Commercial real estate	132,986		132,284
Lease financing	15,683		15,543
Total commercial	636,299		599,895
Residential mortgage	240,774		242,190
Credit card	58,394		59,540
Auto	56,924		50,487
Other consumer	38,724		34,055
Total consumer	394,816		386,272
Total loans	$	1,031,115	986,167

We manage our credit risk by establishing what we believe are sound credit policies for underwriting new business, while monitoring and reviewing the performance of our existing loan portfolios. We employ various credit risk management and monitoring activities to mitigate risks, including those related to:

•Loan concentrations;

•Borrower or counterparty performance and related credit risk;

•Economic and market conditions;

•Changes in interest rates; and

•Legislative or regulatory mandates.

Our credit risk management oversight process is governed centrally, but provides for direct management and accountability by our lines of business. Our overall credit process includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process.

A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans.

Credit Quality Overview.  Table 11 provides credit quality trends.

Table 11: Credit Quality Overview

($ in millions)	Jun 30, 2026			Dec 31, 2025
Nonaccrual loans
Commercial loans	$	4,735		5,266
Consumer loans	2,908			2,935
Total nonaccrual loans	$	7,643		8,201
Nonaccrual loans as a % of total loans	0.74		%	0.83
Allowance for credit losses (ACL) for loans	$	14,407		14,337
ACL for loans as a % of total loans	1.40		%	1.45
	Quarter ended June 30,
	2026			2025
Net loan charge-offs as a % of (1):
Average commercial loans	0.10		%	0.18
Average consumer loans	0.74			0.81
	Six months ended June 30,
	2026			2025
Average commercial loans	0.17		%	0.17
Average consumer loans	0.76			0.83

(1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized.

The following discussion provides additional information and analysis of our loan portfolios. See Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit information.

COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING.  We generally subject commercial and industrial loans and lease financing to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to regulatory definitions of pass and criticized categories with criticized segmented among special mention, substandard, doubtful, and loss categories.

We had $16.9 billion classified as criticized in accordance with regulatory guidance for our commercial and industrial loans and lease financing portfolio at June 30, 2026, compared with $15.9 billion at December 31, 2025. The increase was predominantly driven by loans in the technology, telecom and

26 Wells Fargo & Company

media and the equipment, machinery, and parts manufacturing industries.

Generally, the primary source of repayment for our commercial and industrial loans and lease financing portfolio is the operating cash flows of customers, with the collateral securing this portfolio representing a secondary source of repayment. The majority of this portfolio is secured by short-term assets, such as accounts receivable, inventory, and debt securities, as well as long-lived assets, such as equipment and other business assets.

Loans to our largest industry category, financials except banks, are generally secured and have features to help manage credit

risk, such as structural credit enhancements, collateral eligibility requirements, contractual re-margining of collateral supporting the loans, and loan amounts limited to a percentage of the value of the underlying assets considering underlying credit risk, asset duration, and ongoing performance.

Table 12 provides our commercial and industrial loans and lease financing by industry using the North American Industry Classification System. The portfolio increased at June 30, 2026, compared with December 31, 2025, as a result of increased originations and loan draws, partially offset by paydowns.

Table 12: Commercial and Industrial Loans and Lease Financing by Industry

	June 30, 2026							December 31, 2025
($ in millions)	Nonaccrual loans		Loans outstanding balance	% of total loans		Total commitments (1)(2)		Nonaccrual loans	Loans outstanding balance	% of total loans		Total commitments (1)(2)
Financials except banks
Asset managers and funds (3)	$	2	73,530	7	%	$	127,199	1	68,216	7	%	$	124,491
Commercial finance (4)	90		62,377	6		99,766		108	60,543	6		97,345
Consumer finance (5)	117		31,945	3		47,353		129	27,794	3		45,322
Real estate finance (6)	19		40,986	4		44,598		7	34,514	3		39,043
Total financials except banks	228		208,838	20		318,916		245	191,067	19		306,201
Technology, telecom and media	256		28,014	3		74,926		49	22,052	2		74,423
Real estate and construction	84		31,772	3		65,977		66	28,501	3		60,080
Equipment, machinery and parts manufacturing	29		28,548	3		58,325		33	25,897	3		53,990
Retail	176		21,665	2		46,518		208	19,571	2		42,792
Materials and commodities	90		15,322	1		38,887		100	13,584	1		35,706
Food and beverage manufacturing	46		17,068	2		36,191		286	17,706	2		33,819
Oil, gas and pipelines	1		11,432	1		34,617		3	10,197	1		31,698
Health care and pharmaceuticals	22		13,364	1		33,624		22	13,250	1		31,289
Auto related	7		17,316	2		32,326		7	16,979	2		32,164
Commercial services	98		11,705	1		29,938		65	11,308	1		27,389
Utilities	17		8,653	*		29,580		18	8,232	*		28,187
Entertainment and recreation	89		13,505	1		21,777		17	13,199	1		20,832
Insurance and fiduciaries	1		4,941	*		20,585		1	4,132	*		17,226
Transportation services	65		8,863	*		17,963		156	8,094	*		16,594
Diversified or miscellaneous	50		8,594	*		17,327		58	11,317	1		29,319
Securities-based (7)	—		28,193	3		28,193		—	26,007	3		26,007
Other (8)	74		25,520	2		44,298		53	26,518	3		45,805
Total	$	1,333	503,313	49	%	$	949,968	1,387	467,611	47	%	$	913,521

*Less than 1%.

1.Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase. For additional information on issued letters of credit, see Note 13 (Guarantees and Other Commitments) to Financial Statements in this Report.

2.We use credit derivatives, which had notional amounts of $9.2 billion and $8.2 billion at June 30, 2026, and December 31, 2025, respectively, to hedge certain loan exposures. These amounts are not shown as reductions to total commitments. For additional information on credit derivatives, see Note 10 (Derivatives) to Financial Statements in this Report.

3.Includes loans for subscription or capital calls and loans to securities firms.

4.Includes asset-based lending and leasing, including loans to special purpose entities, loans to commercial leasing entities, and structured lending facilities to commercial loan managers.

5.Includes originators or servicers of financial assets collateralized by consumer loans such as auto loans and leases, and credit cards.

6.Includes originators or servicers of financial assets collateralized by commercial or residential real estate loans.

7.In second quarter 2026, we reclassified prime brokerage and other margin loans to clients of the Corporate and Investment Banking operating segment from Other to Securities-based. We also reclassified securities-based loans to clients of the Wealth and Investment Management operating segment from various industry categories, including the Technology, telecom and media and Insurance and fiduciaries industry categories, to Securities-based. Securities-based loans are collateralized by securities in client accounts. Prior period balances have been revised to conform with the current period presentation.

8.No other category had total loans in excess of $8.4 billion and $8.3 billion at June 30, 2026, and December 31, 2025, respectively.

Our commercial and industrial loans and lease financing portfolio included non-U.S. loans of $81.9 billion and $81.0 billion at June 30, 2026, and December 31, 2025, respectively. Significant industry concentrations of non-U.S. loans at June 30, 2026, and December 31, 2025, respectively, included:

•$40.3 billion and $38.0 billion in the financials except banks industry (prior period balance has been revised to conform with the current period presentation for securities-based loans);

•$13.2 billion and $13.7 billion in the securities-based industry;

•$8.3 billion and $8.2 billion in the banks industry; and

•$2.0 billion and $1.8 billion in the oil, gas and pipelines industry.

Wells Fargo & Company 27

Risk Management – Credit Risk Management (continued)

COMMERCIAL REAL ESTATE (CRE).  Our CRE loan portfolio is composed of CRE mortgage and CRE construction loans. The total CRE loan portfolio at June 30, 2026, was stable compared with December 31, 2025. Unfunded credit commitments were $6.2 billion at both June 30, 2026, and December 31, 2025, for CRE mortgage loans and $11.8 billion and $9.2 billion, respectively, for CRE construction loans.

The portfolio is diversified both geographically and by property type. At June 30, 2026, the five states with the largest geographic concentrations of CRE loans, as shown in Table 13, represented a combined 51% of the total CRE portfolio. The largest property type concentrations were apartments at 27% and industrial/warehouse at 22% of the portfolio at June 30, 2026.

We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings and classify them as criticized in accordance with regulatory guidance. CRE mortgage loans classified as criticized were $11.8 billion and $13.4 billion at June 30, 2026, and December 31, 2025, respectively. CRE construction loans classified as criticized were $1.2 billion and $1.7 billion at June 30, 2026, and December 31, 2025, respectively. The decrease in criticized CRE loans was primarily driven by the office, apartments, and industrial/warehouse property types.

Table 13 provides our CRE loans by state and property type.

Table 13: CRE Loans by State and Property Type

						June 30, 2026						December 31, 2025
	Real estate mortgage			Real estate construction		Total commercial real estate						Total commercial real estate
($ in millions)	Nonaccrual loans		Loans outstanding balance	Nonaccrual loans	Loans outstanding balance	Nonaccrual loans	Loans outstanding balance	Loans as % of total loans		Total commitments (1)		Loans outstanding balance	Total commitments (1)
By state:
California	$	527	24,325	176	1,823	703	26,148	3%		$	29,402	26,208	28,918
New York	330		13,223	—	1,756	330	14,979	1		16,159		15,890	17,182
Florida	308		9,588	—	1,565	308	11,153	1		12,382		10,671	11,413
Texas	267		9,217	—	1,183	267	10,400	1		12,074		10,206	13,018
Arizona	3		4,683	—	418	3	5,101	*		5,426		5,364	6,045
Other (2)	1,457		59,093	334	6,112	1,791	65,205	6		75,560		63,945	71,077
Total	$	2,892	120,129	510	12,857	3,402	132,986	13%		$	151,003	132,284	147,653
By property type:
Apartments	$	318	29,546	19	6,910	337	36,456	4%		$	42,146	36,974	41,554
Industrial/warehouse	22		27,305	—	1,825	22	29,130	3		36,127		25,959	31,377
Office	1,734		18,721	491	1,281	2,225	20,002	2		21,084		21,958	23,360
Hotel/motel	608		11,106	—	685	608	11,791	1		12,357		12,764	13,154
Retail (excl shopping center)	45		9,920	—	117	45	10,037	*		10,833		10,568	11,476
Shopping center	2		9,635	—	120	2	9,755	*		10,600		9,353	9,800
Institutional	9		5,138	—	510	9	5,648	*		6,033		5,402	5,852
Other	154		8,758	—	1,409	154	10,167	*		11,823		9,306	11,080
Total	$	2,892	120,129	510	12,857	3,402	132,986	13	%	$	151,003	132,284	147,653

*    Less than 1%.

(1)Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit. For additional information on issued letters of credit, see Note 13 (Guarantees and Other Commitments) to Financial Statements in this Report.

(2)Includes 45 states and non-U.S. loans. No state in Other had loans in excess of $4.8 billion at both June 30, 2026, and December 31, 2025. Non-U.S. loans were $5.0 billion and $5.7 billion at June 30, 2026, and December 31, 2025, respectively.

28 Wells Fargo & Company

NON-U.S. LOANS. Our classification of non-U.S. loans is based on whether the borrower’s primary address is outside of the United States. At June 30, 2026, non-U.S. loans totaled $87.0 billion, representing approximately 8% of our total consolidated loans outstanding, compared with $86.7 billion, or approximately 9% of our total consolidated loans outstanding, at December 31, 2025. Non-U.S. loans were approximately 4% of our total consolidated assets at both June 30, 2026, and December 31, 2025.

COUNTRY RISK EXPOSURE. Our country risk monitoring process incorporates centralized monitoring of economic, political, social, legal, and transfer risks in countries where we do or plan to do business, along with frequent dialogue with our customers, counterparties and regulatory agencies. We establish exposure limits for each country through a centralized oversight process based on customer needs, and through consideration of the relevant and distinct risk of each country. We monitor exposures closely and adjust our country limits in response to changing conditions. We evaluate our individual country risk exposure based on our assessment of a borrower’s ability to repay, which gives consideration for allowable transfers of risk, such as guarantees and collateral, and may be different from the reporting based on a borrower’s primary address. Our largest single country exposure outside the U.S. at June 30, 2026, was

the United Kingdom, which totaled $35.3 billion, or approximately 2% of our total assets, of which $3.3 billion were sovereign exposures and included deposits we have placed with the Bank of England pursuant to regulatory requirements in support of our London branch.

Table 14 provides information regarding our top 20 exposures by country (excluding the U.S.), based on our assessment of risk, which gives consideration to the country of any guarantors and/or underlying collateral. With respect to Table 14:

•Lending exposure consists of loans outstanding plus unfunded credit commitments (excluding discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase) and is presented prior to the deduction of the allowance for credit losses or collateral received under the terms of the credit agreements, if any.

•Securities exposure represents debt and equity securities of non-U.S. issuers. If applicable, long and short positions are netted.

•Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements.

Table 14: Top 20 Country Exposures (1)

	June 30, 2026						December 31, 2025
(in millions)	Deposits with banks (2)		Lending	Securities	Derivatives and other	Total (3)	Total (4)
United Kingdom	$	3,710	28,191	313	3,037	35,251	33,233
Canada	1,257		13,158	2,190	1,289	17,894	19,548
Japan	13,859		174	528	181	14,742	17,296
Luxembourg	1,620		10,693	17	386	12,716	10,872
Cayman Islands	—		8,666	—	452	9,118	9,878
Ireland	29		4,616	164	418	5,227	6,222
Guernsey	—		4,718	2	14	4,734	5,866
Germany	318		3,352	156	74	3,900	4,159
Netherlands	—		3,464	277	125	3,866	3,606
France	12		3,367	3	413	3,795	4,440
Bermuda	—		3,576	9	47	3,632	3,734
Switzerland	209		1,553	21	911	2,694	2,150
South Korea	6		2,271	114	4	2,395	2,225
Australia	581		593	339	582	2,095	1,432
Spain	1		1,343	286	458	2,088	1,983
Jersey	—		1,268	45	152	1,465	1,321
India	4		988	357	—	1,349	912
China	157		632	455	43	1,287	1,282
Chile	—		1,035	190	1	1,226	1,511
Hong Kong	49		287	832	13	1,181	1,177
Total	$	21,812	93,945	6,298	8,600	130,655	132,847

(1)Top 20 country exposures reflected 90% of our total non-U.S. exposure at both June 30, 2026, and December 31, 2025.

(2)Primarily deposited with central banks.

(3)Top 20 country exposures to central banks and financial institutions was $82.3 billion.

(4)The 2025 exposures correspond to the ranking of the top 20 country exposures at June 30, 2026, and do not necessarily reflect our top 20 country exposures at December 31, 2025.

Wells Fargo & Company 29

Risk Management – Credit Risk Management (continued)

RESIDENTIAL MORTGAGE LOANS. Our residential mortgage loan portfolio is composed of 1–4 family first and junior lien mortgage loans. Junior lien mortgage loans consist of residential mortgage lines of credit and loans that are subordinate in rights to an existing lien on the same property. Residential mortgage – first lien loans represented 97% of the total residential mortgage loan portfolio at both June 30, 2026, and December 31, 2025.

The residential mortgage loan portfolio includes loans with adjustable-rate features. We monitor the risk of default as a result of interest rate increases on adjustable-rate mortgage (ARM) loans, which may be mitigated by product features that limit the amount of the increase in the contractual interest rate. The default risk of these loans is considered in our ACL for loans. ARM loans were $74.5 billion, or 7% of total loans, at June 30, 2026, compared with $70.8 billion, or 7% of total loans, at December 31, 2025, with an initial reset date in 2028 or later for the majority of this portfolio at June 30, 2026. We do not offer option ARM products or loans with negative amortization features.

The outstanding balance of residential mortgage lines of credit (both first and junior lien) was $9.3 billion at June 30, 2026, compared with $10.3 billion at December 31, 2025. The unfunded credit commitments for these lines of credit totaled $11.6 billion at June 30, 2026, compared with $15.2 billion at December 31, 2025. For additional information on our residential mortgage loan portfolio, see the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2025 Form 10-K.

We monitor changes in real estate values and underlying economic or market conditions for the geographic areas of our residential mortgage loan portfolio as part of our credit risk management process. Our periodic review of this portfolio includes estimating property values using home valuation models and indices. We have risk management guidelines that address the usage of these models, including periodic validation.

Part of our credit monitoring includes tracking delinquency, current Fair Isaac Corporation (FICO) credit scores, and loan to collateral values (LTV) on the entire residential mortgage loan portfolio. For junior lien mortgages, LTV uses the total combined loan balance of first and junior lien mortgages, including unused line of credit amounts. For additional information regarding credit quality indicators, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

Borrowers experiencing financial difficulties may seek additional assistance through a loan modification. For additional information on loan modifications, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

Our residential mortgage loan portfolio decreased $1.4 billion from December 31, 2025, due to loan paydowns, partially offset by originations. Table 15 shows the outstanding balances of our first and junior lien mortgage loan portfolios.

Table 15: Residential Mortgage Loans

	June 30, 2026				December 31, 2025
($ in millions)	Outstanding balance		% of total loans		Outstanding balance		% of total loans
California (1)	$	109,117	10	%	$	108,080	11	%
New York	29,988		3		30,128		3
Washington	10,795		1		10,727		1
New Jersey	9,377		1		9,481		1
Florida	8,933		1		8,922		1
Other (2)	60,657		6		61,580		6
Government insured/guaranteed loans (3)	4,956		—		5,569		1
Total first lien mortgage portfolio	233,823		22		234,487		24
Total junior lien mortgage portfolio (4)	6,951		1		7,703		1
Total residential mortgage loan portfolio	$	240,774	23	%	$	242,190	25	%

(1)Our first lien mortgage loans to borrowers in California are located predominantly within the larger metropolitan areas, with no single California metropolitan area consisting of more than 3% of total loans.

(2)Consists of 45 states; no state in Other had loans in excess of $6.3 billion and $6.4 billion at June 30, 2026, and December 31, 2025, respectively.

(3)Represents loans, substantially all of which were purchased from Government National Mortgage Association (GNMA) loan securitization pools, where the repayment of the loans is insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). For additional information on GNMA loan securitization pools, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in this Report.

(4)Includes loans of $2.2 billion and $2.4 billion in California, and no other state had loans in excess of $640 million and $730 million at June 30, 2026, and December 31, 2025, respectively.

30 Wells Fargo & Company

CREDIT CARD, AUTO, AND OTHER CONSUMER LOANS. Table 16 shows the outstanding balance of our credit card, auto, and other consumer loan portfolios. For information regarding credit

quality indicators for these portfolios, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

Table 16: Credit Card, Auto, and Other Consumer Loans

	June 30, 2026				December 31, 2025
($ in millions)	Outstanding balance		% of total loans		Outstanding balance		% of total loans
Credit card	$	58,394	6	%	$	59,540	6	%
Auto	56,924		5		50,487		5
Other consumer:
Securities-based	32,231		3		26,206		3
Other	6,493		1		7,849		1
Total other consumer	38,724		4		34,055		4
Total	$	154,042	15	%	$	144,082	15	%

Credit Card.  The decrease in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to lower purchase volume as well as paydowns.

Auto.  The increase in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to loan originations exceeding paydowns.

Other Consumer.  The increase in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to an increase in securities-based lending.

Securities-based loans, including margin loans and securities-based credit lines, are originated by the WIM operating segment and are collateralized by securities in client brokerage accounts. The collateral is monitored and the loans have provisions that allow us to require additional collateral if the fair value of the existing collateral declines. Accordingly, these loans generally do not have an allowance for credit losses given their minimal expected credit risk.

Wells Fargo & Company 31

Risk Management – Credit Risk Management (continued)

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS). For information about when we generally place loans on nonaccrual status, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. Table 17 summarizes nonperforming assets.

Table 17: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

($ in millions)	Jun 30, 2026			Dec 31, 2025
Nonaccrual loans:
Commercial and industrial	$	1,248		1,312
Commercial real estate	3,402			3,879
Lease financing	85			75
Total commercial	4,735			5,266
Residential mortgage (1)	2,811			2,838
Auto	72			70
Other consumer	25			27
Total consumer	2,908			2,935
Total nonaccrual loans	$	7,643		8,201
As a percentage of total loans	0.74		%	0.83
Foreclosed assets:
Government insured/guaranteed (2)	$	6		8
Commercial	259			262
Consumer	36			32
Total foreclosed assets	301			302
Total nonperforming assets	$	7,944		8,503
As a percentage of total loans	0.77		%	0.86

(1)Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.

(2)Consistent with regulatory reporting requirements, foreclosed real estate resulting from government insured/guaranteed loans are classified as nonperforming. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were insured or guaranteed by U.S. government agencies. Receivables related to the foreclosure of certain government guaranteed real estate mortgage loans are excluded from this table and included in accounts receivable in other assets. For additional information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K.

Total nonaccrual loans decreased $558 million from December 31, 2025, driven by lower commercial real estate nonaccrual loans.

For additional information on commercial nonaccrual loans, see the “Risk Management – Credit Risk Management – Commercial and Industrial Loans and Lease Financing” and “Risk Management – Credit Risk Management – Commercial Real Estate” sections in this Report.

32 Wells Fargo & Company

Table 18 provides an analysis of the changes in nonaccrual loans. Typically, changes to nonaccrual loans period-over-period represent inflows for loans that are placed on nonaccrual status in accordance with our policies, offset by reductions for loans

that are paid down, charged off, sold, foreclosed, or are no longer classified as nonaccrual as a result of continued performance and an improvement in the borrower’s financial condition and loan repayment capabilities.

Table 18: Analysis of Changes in Nonaccrual Loans

	Quarter ended June 30,			Six months ended June 30,
(in millions)	2026		2025	2026		2025
Commercial nonaccrual loans
Balance, beginning of period	$	5,513	4,883	$	5,266	4,618
Inflows	1,034		1,067	2,612		2,199
Outflows:
Returned to accruing	(202)		(274)	(343)		(341)
Foreclosures	—		—	—		—
Charge-offs	(326)		(305)	(730)		(537)
Payments, sales and other	(1,284)		(808)	(2,070)		(1,376)
Total outflows	(1,812)		(1,387)	(3,143)		(2,254)
Balance, end of period	4,735		4,563	4,735		4,563
Consumer nonaccrual loans
Balance, beginning of period	2,956		3,095	2,935		3,112
Inflows	260		435	552		700
Outflows:
Returned to accruing	(110)		(128)	(221)		(241)
Foreclosures	(22)		(18)	(43)		(40)
Charge-offs	(18)		(37)	(37)		(52)
Payments, sales and other	(158)		(153)	(278)		(285)
Total outflows	(308)		(336)	(579)		(618)
Balance, end of period	2,908		3,194	2,908		3,194
Total nonaccrual loans	$	7,643	7,757	$	7,643	7,757

We considered the risk of losses on nonaccrual loans in developing our allowance for loan losses. We believe exposure to losses on nonaccrual loans is mitigated by the following factors at June 30, 2026:

•98% of total commercial nonaccrual loans were secured, of which 72% were secured by real estate.

•68% of total commercial nonaccrual loans were current on interest and 52% of commercial nonaccrual loans were current on both principal and interest, but were on nonaccrual status because the full or timely collection of interest or principal had become uncertain.

•99% of total consumer nonaccrual loans were secured, of which 97% were secured by real estate and 98% had an LTV ratio of 80% or less.

•$361 million of the $444 million of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, were current.

Wells Fargo & Company 33

Risk Management – Credit Risk Management (continued)

NET CHARGE-OFFS. Table 19 presents net loan charge-offs.

Table 19: Net Loan Charge-offs

		Quarter ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
($ in millions)		Net loan charge- offs		% of average loans (1)		Net loan charge- offs		% of average loans (1)		Net loan charge- offs		% of average loans (1)		Net loan charge- offs		% of average loans (1)
Commercial and industrial		$	131	0.11	%	$	179	0.18	%	$	462	0.20	%	$	287	0.15	%
Commercial real estate		16		0.05		61		0.18		35		0.05		156		0.23
Lease financing		9		0.23		7		0.17		19		0.25		15		0.19
	Total commercial	156		0.10		247		0.18		516		0.17		458		0.17
Residential mortgage		(14)		(0.02)		(3)		—		(28)		(0.02)		(18)		(0.01)
Credit card		600		4.18		622		4.54		1,205		4.20		1,272		4.65
Auto		54		0.39		30		0.29		117		0.44		94		0.45
Other consumer		80		0.88		101		1.35		166		0.95		200		1.37
	Total consumer	720		0.74		750		0.81		1,460		0.76		1,548		0.83
	Total	$	876	0.34	%	$	997	0.44	%	$	1,976	0.39	%	$	2,006	0.44	%

(1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized.

The decrease in commercial net loan charge-offs in second quarter 2026, compared with the same period a year ago, was driven by lower losses in our commercial and industrial and commercial real estate portfolios.

The decrease in consumer net loan charge-offs in second quarter 2026, compared with the same period a year ago, was due to lower losses in our credit card and other consumer portfolios, partially offset by higher losses in our auto portfolio.

ALLOWANCE FOR CREDIT LOSSES.  We maintain an allowance for credit losses (ACL) for loans, which is management’s estimate of the expected lifetime credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an ACL for debt securities classified as either AFS or HTM, other financial assets measured at amortized cost, including deposits with banks, net investments in leases, and other off-balance sheet credit exposures.

The process for establishing the ACL for loans takes into consideration many factors, including historical and forecasted loss trends, loan-level credit quality ratings and loan grade-specific characteristics. The process involves subjective and complex judgments. In addition, we review a variety of credit metrics and trends. These credit metrics and trends, however, do not solely determine the amount of the allowance as we use several analytical tools. For additional information on our ACL, see the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. For additional information on our ACL for loans, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report, and for additional information on our ACL for debt securities, see Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report.

34 Wells Fargo & Company

Table 20 presents the allocation of the ACL for loans by loan portfolio segment and class.

Table 20: Allocation of the ACL for Loans

	Jun 30, 2026							Dec 31, 2025
($ in millions)	ACL		ACL as % of loan class		Loans as % of total loans			ACL		ACL as % of loan class		Loans as % of total loans
Commercial and industrial	$	4,834	0.99	%	47			$	4,510	1.00	%	46
Commercial real estate	2,349		1.77		13			2,737		2.07		13
Lease financing	212		1.35		2			210		1.35		1
Total commercial	7,395		1.16		62			7,457		1.24		60
Residential mortgage (1)	543		0.23		23			555		0.23		25
Credit card	4,974		8.52		6			4,956		8.32		6
Auto	948		1.67		5			817		1.62		5
Other consumer	547		1.41		4			552		1.62		4
Total consumer	7,012		1.78		38			6,880		1.78		40
Total	$	14,407	1.40	%	100			$	14,337	1.45	%	100
Components:
Allowance for loan losses					$	13,905						13,797
Allowance for unfunded credit commitments					502							540
Allowance for credit losses for loans					$	14,407						14,337
Ratio of allowance for loan losses to total net loan charge-offs (2)					3.96x							3.45
Ratio of allowance for loan losses to total nonaccrual loans					1.82							1.68
Allowance for loan losses as a percentage of total loans					1.35		%					1.40

(1)Includes negative allowance for expected recoveries of amounts previously charged off.

(2)Total net loan charge-offs are annualized for the quarter ended June 30, 2026.

The ratios for the allowance for loan losses and the ACL for loans presented in Table 20 may fluctuate from period to period due to such factors as the mix of loan types in the portfolio, borrower credit strength, and the value and marketability of collateral.

The ACL for loans increased $70 million from December 31, 2025, reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans. The detail of the changes in the ACL for loans by portfolio segment (including charge-offs and recoveries by loan class) is included in Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

We consider multiple economic scenarios to develop our estimate of the ACL for loans, which generally include a base scenario, along with an optimistic (upside) and one or more pessimistic (downside) scenarios. We weighted the base scenario and the downside scenarios in our estimate of the ACL for loans at June 30, 2026. The base scenario assumed uncertainty related to trade policies, increased inflation along with slowing economic growth, increased unemployment rates, and a decline in commercial real estate prices. The downside scenarios assumed a more substantial economic contraction due to lower business and consumer confidence, declining property values, and ongoing uncertainty related to global geopolitical events.

Additionally, we consider qualitative factors that represent management’s judgment of risks related to our processes and assumptions used in establishing the ACL such as economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments.

The forecasted key economic variables used in our estimate of the ACL for loans at June 30, 2026, and March 31, 2026, are presented in Table 21.

Table 21: Forecasted Key Economic Variables

	4Q 2026		2Q 2027	4Q 2027
Weighted blend of economic scenarios:
U.S. unemployment rate (1):
June 30, 2026	4.4	%	4.8	5.3
March 31, 2026	5.0		5.6	6.0
U.S. real GDP (2):
June 30, 2026	1.7		(0.8)	0.0
March 31, 2026	(0.3)		0.8	2.0
Home price index (3):
June 30, 2026	1.3		(1.5)	(4.6)
March 31, 2026	(3.8)		(5.5)	(4.3)
Commercial real estate asset prices (3):
June 30, 2026	2.7		(1.2)	(7.7)
March 31, 2026	(7.2)		(7.3)	(4.6)

(1)Quarterly average.

(2)Percent change from the preceding period, seasonally adjusted annualized rate.

(3)Percent change year over year of national average; outlook differs by geography and property type.

Future amounts of the ACL for loans will be based on a variety of factors, including loan balance changes, portfolio credit quality and mix changes, and changes in general economic conditions and expectations (including for unemployment and real GDP), among other factors.

Wells Fargo & Company 35

Risk Management – Credit Risk Management (continued)

We believe the ACL for loans of $14.4 billion at June 30, 2026, was appropriate to cover expected credit losses, including unfunded credit commitments, at that date. The entire allowance is available to absorb credit losses from the total loan portfolio. The ACL for loans is subject to change and reflects existing factors as of the date of determination, including economic or market conditions and ongoing internal and external examination processes. Due to the sensitivity of the ACL for loans to changes in the economic and business environment, it is possible that we will incur incremental credit losses not anticipated as of the balance sheet date. Our process for determining the ACL is discussed in the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K.

MORTGAGE BANKING ACTIVITIES.  We sell residential and commercial mortgage loans to various parties. In connection with our sales and securitization of residential mortgage loans, we have established a mortgage repurchase liability. For information on our repurchase liability, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in our 2025 Form 10-K.

In addition to servicing loans in our portfolio, we may also service residential and commercial mortgage loans included in government-sponsored enterprise (GSE) mortgage securitizations, GNMA-guaranteed mortgage securitizations of FHA-insured/VA-guaranteed mortgages and private label mortgage securitizations, as well as for unsecuritized loans owned by institutional investors.

As a servicer, we are required to advance certain delinquent payments of principal and interest on mortgage loans we service. The amount and timing of reimbursement for advances of delinquent payments vary by investor and the applicable servicing agreements. See Note 6 (Mortgage Banking Activities) to Financial Statements in this Report for additional information about residential and commercial mortgage servicing rights, servicer advances and servicing fees.

In accordance with applicable servicing guidelines, upon transfer as servicer, we may have the option to repurchase loans from certain loan securitizations, which generally becomes exercisable based on delinquency status such as when three scheduled loan payments are past due. When we have the unilateral option to repurchase a loan, we recognize the loan and a corresponding liability on our balance sheet regardless of our intent to repurchase the loan.

For additional information about the risks related to our servicing activities, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in our 2025 Form 10-K. For additional information on mortgage banking activities, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report. For additional information on loan sales and securitization activity, see Note 12 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.

36 Wells Fargo & Company

Asset/Liability Management

Asset/liability management involves measuring, monitoring and managing interest rate risk, market risk, liquidity risk and funding. For additional information on our oversight of asset/liability risks, see the “Risk Management – Asset/Liability Management” section in our 2025 Form 10-K.

INTEREST RATE RISK. Interest rate risk is the risk that market fluctuations in interest rates, and/or product spreads, can cause a reduction in the Company’s earnings and capital stemming from mismatches in the Company’s asset and liability cash flows.

We are subject to interest rate risk because:

•assets and liabilities may mature or reprice at different times or at different amounts;

•short-term and long-term market interest rates may change independently or by different magnitudes;

•the remaining maturity for various assets or liabilities may shorten or lengthen as interest rates change; or

•interest rates may also have a direct or indirect effect on loan demand, collateral values, credit losses, loan origination volume, and the fair value of financial instruments and MSRs.

We measure interest rate risk exposure from lending, investing, and deposit-raising activities, as well as from issuances of long-term debt. Interest rate risk is measured by comparing the earnings outcomes from multiple interest rate scenarios relative to our base scenario. The base scenario is a reference point used by the Company for financial planning purposes. These scenarios may differ in the direction, degree, and speed of interest rate changes over time, and the projected shape of the yield curve. They also require assumptions regarding drivers of earnings and balance sheet composition such as loan originations, prepayment rates on loans and debt securities, deposit flows and mix, as well as pricing strategies. We periodically assess and enhance our scenarios and assumptions.

Table 22 presents the results of the estimated net interest income sensitivity over the next 12 months from the multiple scenarios compared with our base scenario. These hypothetical scenarios include instantaneous movements across the yield curve with both lower and higher interest rates under a parallel shift, as well as steeper and flatter non-parallel changes in the yield curve. Long-term interest rates are defined as all tenors three years and longer, and short-term interest rates are defined as all tenors less than three years. Markets trading net interest income is excluded from the sensitivity analysis since Markets trading net interest income may be offset by trading-related noninterest income. For additional information on the market risk of financial instruments used in our trading activities, which are measured at fair value through earnings, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in this Report.

Our scenario assumptions reflected the following:

•Scenarios are dynamic and reflect anticipated changes to our assets and liabilities over time.

•Mortgage prepayment and origination assumptions vary across scenarios and reflect only the impact of the higher or lower interest rates.

•Other macroeconomic variables that could be correlated with the changes in interest rates are held constant.

•The funding forecast in our base scenario incorporates deposit mix changes and market funding levels consistent

with the base interest rate trajectory. Our hypothetical scenarios incorporate deposit mix that is the same as in the base scenario. In higher interest rate scenarios, potential customer deposit activity that shifts balances into higher yielding products and/or requires additional market funding could reduce the expected benefit from higher rates. Conversely, in lower interest rate scenarios, a potential shift to a funding mix with lower yielding deposits and/or less market funding could reduce the impact of lower rates on earning assets in these scenarios.

•The interest rate sensitivity of deposits as market interest rates change, referred to as deposit betas, are informed by historical behavior and expectations for near-term pricing strategies. Our actual experience may differ from expectations due to the lag or acceleration of deposit repricing, changes in consumer behavior, and other factors.

Table 22: Net Interest Income Sensitivity Over the Next 12 Months Using Instantaneous Movements

($ in billions)	Jun 30, 2026		Dec 31, 2025
Parallel shift:
+100 bps shift in interest rates	$	1.3	1.9
-100 bps shift in interest rates	(1.9)		(2.3)
-200 bps shift in interest rates	(4.4)		(5.3)
Steeper yield curve:
+100 bps shift in long-term interest rates	0.4		0.5
-100 bps shift in short-term interest rates	(1.4)		(1.8)
Flatter yield curve:
+100 bps shift in short-term interest rates	0.9		1.4
-100 bps shift in long-term interest rates	(0.5)		(0.4)

The changes in our interest rate sensitivity from December 31, 2025, to June 30, 2026, reflected updates for our expected balance sheet composition. Our interest rate sensitivity indicates that we would expect to benefit from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities resulting in lower net interest income. The realized impact of interest rate changes may vary from our base and hypothetical scenarios for various reasons, including any deposit pricing lags. We use interest rate derivatives and our debt securities portfolio to manage our interest rate exposures.

We use derivatives for asset/liability management to (i) convert cash flows from selected assets and/or liabilities from floating-rate payments to fixed-rate payments, or vice versa, (ii) reduce accumulated other comprehensive income (AOCI) sensitivity of our AFS debt securities portfolio, and/or (iii) economically hedge our mortgage origination pipeline, funded mortgage loans, and MSRs. Derivatives used to hedge our interest rate risk exposures are presented in Note 10 (Derivatives) to Financial Statements in this Report. As interest rates increase, changes in the fair value of AFS debt securities may negatively affect AOCI, which lowers the amount of our regulatory capital. AOCI also includes unrealized gains or losses related to the transfer of debt securities from AFS to HTM, which are subsequently amortized into earnings over the life of the security with no further impact from interest rate changes. See Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K and Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities)

Wells Fargo & Company 37

Risk Management – Asset/Liability Management (continued)

to Financial Statements in this Report for additional information on our debt securities portfolio.

In addition to the net interest income sensitivity above, we also measure and evaluate the economic value sensitivity (EVS) of our balance sheet. EVS is the change in the present value of the life-time cash flows of the Company’s assets and liabilities across a range of scenarios. It is based on the existing balance sheet, at a point in time, and helps indicate whether we are exposed to higher or lower interest rates. We manage EVS through a set of limits that are designed to align with our interest rate risk appetite.

Interest rate sensitive noninterest income is impacted by changes in earnings credit for noninterest-bearing deposits that reduce treasury management deposit-related service fees on commercial accounts. Our interest rate sensitive noninterest income is also impacted by mortgage banking activities that may have sensitivity impacts that move in the opposite direction of our net interest income. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in our 2025 Form 10-K for additional information.

MORTGAGE BANKING INTEREST RATE AND MARKET RISK.  We originate and service mortgage loans, which subjects us to various risks, including market, interest rate, credit, and liquidity risks that can be substantial. Based on market conditions and other factors, we reduce credit and liquidity risks by selling or securitizing mortgage loans. We determine whether mortgage loans will be held for investment or held for sale at the time of commitment, but may change our intent to hold loans for investment or sale as part of our corporate asset/liability management activities. We may also retain securities in our investment portfolio at the time we securitize mortgage loans.

Changes in interest rates may impact mortgage banking noninterest income, including origination and servicing fees, and the fair value of our residential MSRs, loans held for sale (LHFS), and derivative loan commitments (interest rate “locks”) extended to mortgage applicants. Interest rate changes will generally impact our mortgage banking noninterest income on a lagging basis due to the time it takes for the market to reflect a shift in customer demand, as well as the time required for processing a new application, providing the commitment, and securitizing and selling the loan. The amount and timing of the impact will depend on the magnitude, speed and duration of the changes in interest rates. For additional information on mortgage banking, including key assumptions and the sensitivity of the fair value of MSRs, see the “Risk Management – Asset/Liability Management– Mortgage Banking Interest Rate and Market Risk” section in our 2025 Form 10-K and Note 6 (Mortgage Banking Activities) and Note 11 (Fair Value Measurements) to Financial Statements in this Report.

MARKET RISK. Market risk is the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices, and the risk of possible loss due to counterparty exposure. Market risk applies to implied volatility risk, basis risk, and market liquidity risk and includes price risk in the trading book, mortgage servicing rights, the hedge effectiveness risk associated with non-trading portfolios held at fair value, and impairment on private equity investments. For additional information on our oversight of market risk, see the “Risk Management – Asset/Liability Management – Market Risk” section in our 2025 Form 10-K.

MARKET RISK – TRADING ACTIVITIES.  We engage in trading activities to accommodate the investment and risk management activities of our customers and to execute economic hedging to manage certain balance sheet risks. These trading activities predominantly occur within our Markets business. Trading debt and equity securities, trading loans, and trading derivatives are financial instruments used in our trading activities, and are measured at fair value through earnings. Income earned on the financial instruments used in our trading activities include net interest income, changes in fair value, and realized gains and losses. Changes in fair value and realized gains and losses of the financial instruments used in our trading activities are reflected in net gains from trading activities. For additional information on the financial instruments used in our trading activities, see

Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. For additional information on the income from these trading activities, see Note 17 (Revenue and Expenses) to Financial Statements in this Report.

Value-at-risk (VaR) is a statistical risk measure used to estimate the potential loss from adverse moves in the financial markets, and Trading VaR is a measure used to provide insight into the market risk exhibited by the Company’s trading positions on our consolidated balance sheet. The Company uses these VaR metrics complemented with sensitivity analysis and stress testing in measuring and monitoring market risk. The Company calculates Trading VaR for risk management purposes to establish and monitor line of business and Company-wide risk limits. For additional information on our monitoring activities, sensitivity analysis, stress testing, Trading VaR, and Trading General VaR by risk category, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in our 2025 Form 10-K.

38 Wells Fargo & Company

Table 23 shows the Company's Trading General VaR by risk category.

Table 23: Trading 1-Day 99% General VaR by Risk Category

	Quarter ended
	June 30, 2026				March 31, 2026			June 30, 2025
(in millions)	Average		Low	High	Average	Low	High	Average	Low	High
Company Trading General VaR Risk Categories
Credit	$	14	11	18	18	15	26	20	14	36
Interest rate	14		7	22	8	6	12	3	2	7
Equity	28		24	38	21	15	38	20	14	28
Commodity	4		2	20	4	3	13	3	1	4
Foreign exchange	1		1	3	1	1	2	5	3	7
Diversification benefit (1)	(30)				(23)			(21)
Company Trading General VaR	$	31			29			30

(1)The diversification effect arises because the risks are not perfectly correlated causing a portfolio of positions to usually be less risky than the sum of the risks of the positions alone. The diversification benefit is not meaningful for low and high metrics since they may occur on different days.

MARKET RISK – EQUITY SECURITIES. We are directly and indirectly affected by changes in the equity markets. We make and manage investments in various businesses, such as start-up companies and emerging growth companies, some of which are made by our venture capital business. For additional information, see the “Risk Management – Asset/Liability Management – Market Risk –

Equity Securities” section in our 2025 Form 10-K.

Additionally, as part of our business to support our customers, we trade public equities, listed/over-the-counter equity derivatives, and convertible bonds, and we have parameters for the oversight of these activities.

Changes in equity market prices may also indirectly affect our net income by (1) the value of third-party assets under management and, hence, fee income, (2) borrowers whose ability to repay principal and/or interest may be affected by the stock market, or (3) brokerage activity, related commission income and other business activities. Each business line monitors and manages these indirect risks.

For additional information on our equity securities, see Note 4 (Equity Securities) to Financial Statements in this Report.

LIQUIDITY RISK AND FUNDING. Liquidity risk is the risk arising from the inability of the Company to meet obligations when they come due, or roll over funds at a reasonable cost, without incurring heightened costs. In the ordinary course of business, we enter into contractual obligations that may require future cash payments, including funding for customer loan requests, customer deposit maturities and withdrawals, debt service, leases for premises and equipment, and other cash commitments. Liquidity risk also considers the stability of deposits, including the risk of losing uninsured or non-operational deposits. The objective of effective liquidity management is to be able to meet our contractual obligations and other cash commitments efficiently under both normal operating conditions and under periods of Wells Fargo-specific and/or market stress.

To help achieve this objective, the Board establishes liquidity guidelines that require sufficient liquidity to cover potential funding requirements and to avoid over-dependence on volatile, less reliable funding markets. These guidelines are monitored on a monthly basis by the management-level Corporate Asset/

Liability Committee and on a quarterly basis by the Board. These guidelines are established and monitored for both the Company and the Parent on a stand-alone basis so that the Parent is a source of strength for its banking subsidiaries. For additional information on liquidity risk and funding management, see the “Risk Management – Liquidity Risk and Funding” section in our 2025 Form 10-K.

Liquidity Standards. We are subject to a rule issued by the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) that establishes a quantitative minimum liquidity requirement, known as the liquidity coverage ratio (LCR). The rule requires a covered banking organization to hold high-quality liquid assets (HQLA) in an amount equal to or greater than its projected net cash outflows during a 30-day stress period. Our HQLA under the rule mainly consists of central bank deposits, government debt securities, and federal agency mortgage-backed securities. The LCR applies to the Company and to our insured depository institutions (IDIs) with total assets of $10 billion or more. In addition, rules issued by the FRB impose enhanced liquidity risk management standards on large bank holding companies (BHCs), such as Wells Fargo.

We are also subject to a rule issued by the FRB, OCC and FDIC that establishes a stable funding requirement, known as the net stable funding ratio (NSFR). The NSFR requires a covered banking organization, such as Wells Fargo, to maintain a minimum amount of stable funding, including common equity, long-term debt and most types of deposits, in relation to its assets, derivative exposures and commitments over a one-year horizon period. The NSFR applies to the Company and to our IDIs with total assets of $10 billion or more. As of June 30, 2026, we were compliant with the NSFR requirement.

Wells Fargo & Company 39

Risk Management – Asset/Liability Management (continued)

Liquidity Coverage Ratio. As of June 30, 2026, the Company and Wells Fargo Bank, N.A. exceeded the minimum LCR requirement of 100%. The LCR represents average HQLA divided by average projected net cash outflows, as each is defined under the LCR rule.

Table 24 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements.

Table 24: Liquidity Coverage Ratio

	Average for quarter ended
(in millions, except ratio)	Jun 30, 2026			Mar 31, 2026	Jun 30, 2025
HQLA (1):
Eligible cash	$	155,729		146,454	131,453
Eligible securities (2)	258,511			256,743	236,155
Total HQLA	414,240			403,197	367,608
Projected net cash outflows (3)	347,085			335,531	303,111
LCR	119		%	120	121

(1)HQLA excludes excess HQLA at certain subsidiaries that is not transferable to other Wells Fargo entities.

(2)Net of applicable haircuts required under the LCR rule.

(3)Projected net cash outflows are calculated by applying a standardized set of outflow and inflow assumptions, defined by the LCR rule, to various exposures and liability types, such as deposits and unfunded loan commitments, which are prescribed based on a number of factors, including the type of customer and the nature of the account.

Liquidity Sources. As of June 30, 2026, the Company had approximately $979.7 billion of total available liquidity sources. Table 25 presents the components of our available liquidity sources.

We maintain primary sources of liquidity in the form of central bank deposits and high-quality liquid debt securities, which collectively totaled $543.7 billion as of June 30, 2026. Our high-quality liquid debt securities presented in Table 25 are substantially the same in composition as HQLA eligible securities under the LCR rule; however, they will generally exceed HQLA eligible securities due to the applicable LCR haircuts and the exclusion of LCR adjustments for excess liquidity that is not transferable from certain subsidiaries.

We believe our high-quality liquid debt securities provide reliable sources of liquidity through sales or by pledging to obtain financing, in both normal and stressed market conditions. High-quality liquid debt securities include AFS, HTM, and trading debt securities, as well as debt securities received through securities financing activities.

As of June 30, 2026, we had approximately $713.4 billion of borrowing capacity at the Federal Reserve Discount Window and Federal Home Loan Banks (FHLB). This borrowing capacity included $277.4 billion related to pledged high-quality liquid debt securities within our primary sources of liquidity and $436.0 billion related to pledged loans and other debt securities within our contingent sources of liquidity.

Table 25: Total Available Liquidity Sources

(in millions)	Jun 30, 2026		Mar 31, 2026	Jun 30, 2025
Primary sources of liquidity:
Central bank deposits	$	156,460	135,952	155,384
High-quality liquid debt securities (1)	387,251		406,849	331,076
Total	543,711		542,801	486,460
Contingent sources of liquidity (2):
Pledged loans and other	435,968		411,001	351,602
Total available liquidity	$	979,679	953,802	838,062

(1)Presented at fair value and includes unencumbered securities.

(2)Presented at borrowing capacity, net of haircuts.

Funding Sources. The Parent acts as a source of funding for the Company through the issuance of long-term debt and equity. WFC Holdings, LLC (the “IHC”) is an intermediate holding company and subsidiary of the Parent, which provides funding support for the ongoing operational requirements of the Parent and certain of its direct and indirect subsidiaries. For additional information on the IHC, see the “Regulation and Supervision – ‘Living Will’ Requirements and Related Matters” section in our 2025 Form 10-K. Additional subsidiary funding is provided by deposits, short-term funding, and long-term debt.

Deposits have historically provided a sizable source of relatively low-cost funds. Loans were 69% of total deposits at both June 30, 2026, and December 31, 2025.

Short-term funding, which generally matures in less than 30 days, includes federal funds purchased and securities loaned or

sold under repurchase agreements and short-term borrowings. The balances of securities loaned or sold under agreements to repurchase may vary over time due to client activity in our Markets business, our own demand for financing, and our overall mix of liabilities. Securities sold under agreements to repurchase increased at June 30, 2026, from December 31, 2025, driven by increased client-driven activity in our Markets business. For additional information, see the “Collateralized Financing Activities and Deposits”, “Short-term Borrowings”, and “Long-term Debt” sections of Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K.

We may pledge financial instruments that we own to collateralize repurchase agreements and other securities financings, as well as borrowings from the FHLB. For additional information, see the

40 Wells Fargo & Company

“Pledged Assets” section of Note 15 (Pledged Assets and Collateral) to Financial Statements in this Report.

We access domestic and international capital markets for long-term funding through issuances of registered debt securities, private placements, securitizations, and asset-backed secured funding. We issue long-term debt in a variety of maturities and currencies to achieve cost-efficient funding and to maintain an appropriate maturity profile. Proceeds from securities issued were used for general corporate purposes unless otherwise specified in the applicable prospectus or prospectus supplement,

and we expect the proceeds from securities issued in the future will be used for the same purposes. Depending on market conditions and our liquidity position, we may redeem or repurchase, and subsequently retire, our outstanding debt securities in privately negotiated or open market transactions, by tender offer, or otherwise.

Table 26 provides the aggregate carrying value of long-term debt as of June 30, 2026, and December 31, 2025, and maturities (based on contractual payment dates) for 2026 and the following years thereafter.

Table 26: Maturity of Long-Term Debt

	June 30, 2026								Dec 31, 2025
(in millions)	Remaining 2026		2027	2028	2029	2030	Thereafter	Total	Total
Wells Fargo & Company (Parent Only)
Senior debt	$	6,039	5,648	23,796	21,132	12,803	71,078	140,496	136,198
Subordinated debt	299		2,454	—	—	—	11,114	13,867	16,358
Junior subordinated debt	—		97	—	275	—	523	895	1,192
Total long-term debt – Parent	6,338		8,199	23,796	21,407	12,803	82,715	155,258	153,748
Wells Fargo Bank, N.A., and other bank entities (Bank)
Senior debt	6,448		1,784	614	740	1,435	2,999	14,020	10,209
Subordinated debt	—		26	195	—	—	2,908	3,129	3,169
Credit card securitizations (1)	—		2,247	1,489	1,236	—	—	4,972	3,775
Other bank debt	21		37	56	131	220	1,569	2,034	2,083
Total long-term debt – Bank	6,469		4,094	2,354	2,107	1,655	7,476	24,155	19,236
Other consolidated subsidiaries
Senior debt	77		337	73	476	344	1,419	2,726	1,728
Total long-term debt – Other consolidated subsidiaries	77		337	73	476	344	1,419	2,726	1,728
Total long-term debt	$	12,884	12,630	26,223	23,990	14,802	91,610	182,139	174,712

(1)For additional information about credit card securitizations, see Note 12 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.

Credit Ratings. Capital markets investors, as well as other market participants, generally will consider, among other factors, a company’s debt rating in making investment decisions. Rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, the level and quality of earnings, and rating agency assumptions regarding the probability and extent of federal financial assistance or support for certain large financial institutions. Adverse changes in these factors could result in a reduction of our credit rating; however, our debt securities do not contain credit rating covenants.

On May 6, 2026, Fitch Ratings affirmed Wells Fargo & Company's ratings and maintained the stable outlook.

There were no other actions undertaken by the ratings agencies with regard to our credit ratings during second quarter 2026.

See the “Risk Factors” section in our 2025 Form 10-K for additional information regarding our credit ratings and the potential impact a credit rating downgrade would have on our liquidity and operations as well as Note 10 (Derivatives) to Financial Statements in this Report for information regarding additional collateral and funding obligations required for certain derivative instruments in the event our credit ratings were to fall below investment grade.

The credit ratings of the Parent and Wells Fargo Bank, N.A., as of June 30, 2026, are presented in Table 27.

Table 27: Credit Ratings as of June 30, 2026

	Wells Fargo & Company			Wells Fargo Bank, N.A.
	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Moody’s Investors Service	A1	P-1	Stable	Aa2	P-1	Stable
S&P Global Ratings	BBB+	A-2	Positive	A+	A-1	Stable
Fitch Ratings	A+	F1	Stable	AA-	F1+	Stable

Wells Fargo & Company 41

Capital Management

We have an active program for managing capital through a comprehensive process for assessing the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily fund our capital needs through the retention of earnings net of both dividends and share repurchases, as well as through the issuance of preferred stock and long- and short-term debt. For additional information about capital planning, see the “Capital Planning and Stress Testing” section below.

Regulatory Capital Requirements

The Company and each of our IDIs are subject to various regulatory capital adequacy requirements administered by the FRB and the OCC. Risk-based capital rules establish risk-adjusted ratios relating regulatory capital to different categories of assets and off-balance sheet exposures as discussed below.

RISK-BASED CAPITAL AND RISK-WEIGHTED ASSETS. The Company is subject to rules issued by federal banking regulators to implement Basel III capital requirements for U.S. banking organizations. The rules contain two frameworks for calculating capital requirements, a Standardized Approach and an Advanced Approach applicable to certain institutions, including Wells Fargo, and we must calculate our risk-based capital ratios under both approaches. The Company is required to satisfy the risk-based capital ratio requirements to avoid restrictions on capital distributions and discretionary bonus payments.

In March 2026, federal banking regulators issued a proposed rule to implement the final components of Basel III, which would

impact the risk-based capital requirements. For large banks, such as the Company, the proposed rule would replace the current Advanced and Standardized approaches with a new Expanded Risk-Based Approach to calculate risk-weighted assets, including more granular risk weights for credit risk, a revised market risk framework, and a new standardized approach for measuring operational risk.

Table 28 presents the risk-based capital requirements applicable to the Company under the Standardized Approach and Advanced Approach, respectively, as of June 30, 2026.

The stress capital buffer (SCB) is calculated based on the decrease in a BHC’s risk-based capital ratios under the severely adverse scenario in the FRB’s annual supervisory stress test and related Comprehensive Capital Analysis and Review (CCAR), plus four quarters of planned common stock dividends. Because the SCB is calculated based on data that can differ over time, our SCB, and thus our risk-based capital ratio requirements under the Standardized Approach, are subject to change in future periods. Our current SCB is 2.50% and we expect it will remain in effect through September 30, 2027.

The capital conservation buffer used in the Advanced Approach is set at 2.50% and is intended to absorb losses during times of economic or financial stress.

The FRB may also impose a discretionary countercyclical buffer of up to 2.50% to the risk-based capital requirements during periods of elevated risk in the financial system. The countercyclical buffer was 0.00% as of June 30, 2026.

Table 28: Risk-Based Capital Requirements – Standardized and Advanced Approaches

42 Wells Fargo & Company

As a global systemically important bank (G-SIB), we are also subject to the FRB’s rule implementing an additional capital surcharge between 1.00-4.50% on the risk-based capital ratio requirements of G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method (method one) considers our size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity, consistent with the methodology developed by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB). The second method (method two) uses similar inputs, but replaces substitutability with use of short-term wholesale funding and will generally result in higher surcharges than under method one. Because the G-SIB capital surcharge is calculated annually based on data that can differ over time, the amount of the surcharge is subject to change in future years. If our annual calculation results in a decrease to our G-SIB capital surcharge, the decrease takes effect the next calendar year. If our annual calculation results in an increase to our G-SIB capital surcharge, the increase takes effect in two calendar years. Our G-SIB capital surcharge will continue to be 1.50% in 2026. In March 2026, the FRB issued a proposed rule that would impact the methodology used to

calculate the G-SIB capital surcharge. The Company does not expect a significant change to its current G-SIB capital surcharge based on an assessment of the proposed rule.

Risk-weighted assets (RWAs) include components for credit risk and market risk under both the Standardized and Advanced Approaches. Under the Standardized Approach, credit risk RWAs are determined by applying prescribed risk weights that vary by category of asset, including credit equivalent amounts of derivatives and off-balance sheet items. Under the Advanced Approach, credit risk RWAs are calculated using a risk-sensitive methodology, which relies upon the use of our internal credit models based upon our experience with internal rating grades. The Advanced Approach also includes an operational risk component to reflect the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.

The tables that follow provide information about our risk-based capital and related ratios as calculated under Basel III capital rules. Table 29 summarizes our CET1, Tier 1 capital, Total capital, RWAs and capital ratios.

Table 29: Capital Components and Ratios

		Standardized Approach						Advanced Approach
($ in millions)		Required Capital Ratios (1)		Jun 30, 2026			Dec 31, 2025	Required Capital Ratios (1)	Jun 30, 2026	Dec 31, 2025
Common Equity Tier 1	(A)			$	137,698		137,346		137,698	137,346
Tier 1 capital	(B)			152,737			153,567		152,737	153,567
Total capital	(C)			184,202			184,682		174,208	174,617
Risk-weighted assets	(D)			1,342,325			1,294,609		1,140,242	1,112,533
Common Equity Tier 1 capital ratio	(A)/(D)	8.50	%	10.26		*	10.61	8.50	12.08	12.35
Tier 1 capital ratio	(B)/(D)	10.00		11.38		*	11.86	10.00	13.40	13.80
Total capital ratio	(C)/(D)	12.00		13.72		*	14.27	12.00	15.28	15.70

*Denotes the binding framework, which is the lower of the Standardized and Advanced Approaches, at June 30, 2026.

(1)Represents the minimum ratios required to avoid restrictions on capital distributions and discretionary bonus payments at June 30, 2026.

Wells Fargo & Company 43

Capital Management (continued)

Table 30 provides information regarding the calculation and composition of our risk-based capital under the Standardized and Advanced Approaches.

Table 30: Risk-Based Capital Calculation and Components

(in millions)		Jun 30, 2026		Dec 31, 2025
Total equity		$	182,323	183,038
Adjustments:
Preferred stock		(15,348)		(16,608)
Additional paid-in capital on preferred stock		139		141
Noncontrolling interests		(2,133)		(1,920)
Total common stockholders’ equity		$	164,981	164,651
Adjustments:
Goodwill		(24,963)		(24,967)
Certain identifiable intangible assets (other than MSRs)		(732)		(823)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)		(648)		(705)
Applicable deferred taxes related to goodwill and other intangible assets (1)		1,065		1,063
Other		(2,005)		(1,873)
Common Equity Tier 1 under the Standardized and Advanced Approaches		$	137,698	137,346
Preferred stock		15,348		16,608
Additional paid-in capital on preferred stock		(139)		(141)
Other		(170)		(246)
Total Tier 1 capital under the Standardized and Advanced Approaches	(A)	$	152,737	153,567
Long-term debt and other instruments qualifying as Tier 2		17,118		16,736
Qualifying allowance for credit losses (2)		14,727		14,659
Other		(380)		(280)
Total Tier 2 capital under the Standardized Approach	(B)	$	31,465	31,115
Total qualifying capital under the Standardized Approach	(A)+(B)	$	184,202	184,682
Long-term debt and other instruments qualifying as Tier 2		17,118		16,736
Qualifying allowance for credit losses (2)		4,733		4,594
Other		(380)		(280)
Total Tier 2 capital under the Advanced Approach	(C)	$	21,471	21,050
Total qualifying capital under the Advanced Approach	(A)+(C)	$	174,208	174,617

(1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

(2)Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs.

44 Wells Fargo & Company

Table 31 provides the composition and net changes in the components of RWAs under the Standardized and Advanced Approaches.

Table 31: Risk-Weighted Assets

	Standardized Approach				Advanced Approach
(in millions)	Jun 30, 2026		Dec 31, 2025	$ Change	Jun 30, 2026	Dec 31, 2025	$ Change
Risk-weighted assets (RWAs):
Credit risk	$	1,294,497	1,243,455	51,042	811,989	785,554	26,435
Market risk	47,828		51,154	(3,326)	47,828	51,154	(3,326)
Operational risk	N/A		N/A	N/A	280,425	275,825	4,600
Total RWAs	$	1,342,325	1,294,609	47,716	1,140,242	1,112,533	27,709

Table 32 provides an analysis of changes in CET1.

Table 32: Analysis of Changes in Common Equity Tier 1

(in millions)
Common Equity Tier 1 at December 31, 2025	$	137,346
Net income applicable to common stock	11,160
Common stock dividends	(2,757)
Common stock issued, repurchased, and stock compensation-related items	(6,467)
Changes in accumulated other comprehensive income (loss)	(1,604)
Goodwill	4
Certain identifiable intangible assets (other than MSRs)	91
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)	57
Applicable deferred taxes related to goodwill and other intangible assets (1)	2
Other	(134)
Change in Common Equity Tier 1	352
Common Equity Tier 1 at June 30, 2026	$	137,698

(1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

Wells Fargo & Company 45

Capital Management (continued)

TANGIBLE COMMON EQUITY. We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on venture capital investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our

annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity.

Table 33 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures.

Table 33: Tangible Common Equity

		Balance at period-end				Average balance
		Period ended				Quarter ended					Six months ended
(in millions, except ratios)		Jun 30, 2026		Mar 31, 2026	Jun 30, 2025	Jun 30, 2026			Mar 31, 2026	Jun 30, 2025	Jun 30, 2026			Jun 30, 2025
Total equity		$	182,323	180,313	182,954	181,910			183,693	183,268	182,797			183,312
Adjustments:
Preferred stock		(15,348)		(15,348)	(16,608)	(15,348)			(16,333)	(18,278)	(15,838)			(18,442)
Additional paid-in capital on preferred stock		139		139	141	139			140	143	140			144
Noncontrolling interests		(2,133)		(1,916)	(1,843)	(1,972)			(1,915)	(1,818)	(1,944)			(1,856)
Total common stockholders’ equity	(A)	164,981		163,188	164,644	164,729			165,585	163,315	165,155			163,158
Adjustments:
Goodwill		(24,963)		(24,965)	(25,071)	(24,966)			(24,967)	(25,070)	(24,966)			(25,102)
Certain identifiable intangible assets (other than MSRs)		(732)		(765)	(902)	(748)			(788)	(863)	(768)			(468)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)		(648)		(705)	(674)	(704)			(705)	(674)	(705)			(704)
Applicable deferred taxes related to goodwill and other intangible assets (1)		1,065		1,064	1,060	1,065			1,063	989	1,064			647
Tangible common equity	(B)	$	139,703	137,817	139,057	139,376			140,188	137,697	139,780			137,531
Common shares outstanding	(C)	3,028.5		3,064.3	3,220.4	N/A			N/A	N/A	N/A			N/A
Net income applicable to common stock	(D)	N/A		N/A	N/A	$	6,160		5,000	5,214	$	11,160		9,830
Book value per common share	(A)/(C)	$	54.48	53.25	51.13	N/A			N/A	N/A	N/A			N/A
Tangible book value per common share	(B)/(C)	46.13		44.98	43.18	N/A			N/A	N/A	N/A			N/A
Return on average common stockholders’ equity (ROE)	(D)/(A)	N/A		N/A	N/A	15.00		%	12.25	12.81	13.63		%	12.15
Return on average tangible common equity (ROTCE)	(D)/(B)	N/A		N/A	N/A	17.73			14.47	15.19	16.10			14.41

(1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

LEVERAGE REQUIREMENTS. As a BHC, we are required to maintain a supplementary leverage ratio (SLR) to avoid restrictions on capital distributions and discretionary bonus payments and maintain a minimum Tier 1 leverage ratio. Our SLR requirement consists of a minimum requirement plus a supplementary leverage buffer equal to half of our G-SIB capital surcharge calculated under method one. Table 34 presents the leverage requirements applicable to the Company as of June 30, 2026.

Table 34: Leverage Requirements Applicable to the Company

46 Wells Fargo & Company

In addition, our IDIs are required to maintain an SLR of at least 3.50% to avoid restrictions on capital distributions and discretionary bonus payments and maintain a minimum Tier 1 leverage ratio of 5.00%. The SLR requirement for our IDIs consists of a minimum requirement plus a supplementary leverage buffer equal to half of our G-SIB capital surcharge calculated under method one, with the buffer capped at 1.00%. At June 30, 2026, each of our IDIs exceeded their applicable SLR and Tier 1 leverage requirements.

Table 35 presents information regarding the calculation and components of the Company’s SLR and Tier 1 leverage ratio.

Table 35: Leverage Ratios for the Company

($ in millions)		Quarter ended June 30, 2026
Tier 1 capital	(A)	$	152,737
Total consolidated assets		2,282,201
Adjustments:
Derivatives (1)		89,997
Repo-style transactions (2)		13,450
Credit equivalent amounts of other off-balance sheet exposures		338,757
Other (3)		(81,943)
Total adjustments		360,261
Total leverage exposure	(B)	$	2,642,462
Supplementary leverage ratio	(A)/(B)	5.78		%
Total adjusted average assets (4)	(C)	$	2,199,518
Tier 1 leverage ratio	(A)/(C)	6.94		%

(1)Adjustment represents derivatives and collateral netting exposures as defined for supplementary leverage ratio determination purposes.

(2)Adjustment represents counterparty credit risk for repo-style transactions where Wells Fargo & Company is the principal counterparty facing the client.

(3)Adjustment represents other permitted Tier 1 capital deductions and certain other adjustments as determined under capital rule requirements.

(4)Represents total average assets less goodwill and other permitted Tier 1 capital deductions.

TOTAL LOSS ABSORBING CAPACITY. As a G-SIB, we are required to have a minimum amount of equity and unsecured long-term debt for purposes of resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). U.S. G-SIBs are required to have a minimum amount of TLAC (consisting of CET1 capital and additional Tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) to avoid restrictions on capital distributions and discretionary bonus payments as well as a minimum amount of eligible unsecured long-term debt. The components used to calculate our minimum TLAC and eligible unsecured long-term debt requirements as of June 30, 2026, are presented in Table 36.

Table 36: Components Used to Calculate TLAC and Eligible Unsecured Long-Term Debt Requirements

TLAC requirement Greater of:
18.00% of RWAs	7.50% of total leverage exposure (the denominator of the SLR calculation)
+	+
TLAC buffer (equal to 2.50% of RWAs + method one G-SIB capital surcharge + any countercyclical buffer)	External TLAC leverage buffer (equal to half of method one G-SIB capital surcharge)
Minimum amount of eligible unsecured long-term debt Greater of:
6.00% of RWAs	2.50% of total leverage exposure
+	+
Greater of method one and method two G-SIB capital surcharge	Half of method one G-SIB capital surcharge

Table 37 provides our TLAC and eligible unsecured long-term debt and related ratios.

Table 37: TLAC and Eligible Unsecured Long-Term Debt

June 30, 2026
($ in millions)	TLAC			Regulatory Minimum (1)	Eligible Unsecured Long-term Debt	Regulatory Minimum
Total eligible amount	$	306,119			142,308
Percentage of RWAs (2)	22.81		%	21.50	10.60	7.50
Percentage of total leverage exposure	11.58			8.00	5.39	3.00

(1)Represents the minimum required to avoid restrictions on capital distributions and discretionary bonus payments.

(2)Our minimum TLAC and eligible unsecured long-term debt requirements are calculated based on the greater of RWAs determined under the Standardized and Advanced Approaches.

OTHER REGULATORY CAPITAL AND LIQUIDITY MATTERS. For information regarding the U.S. implementation of the Basel III LCR and NSFR, see the “Risk Management – Asset/Liability Management – Liquidity Risk and Funding – Liquidity Standards” section in this Report.

Our principal U.S. broker-dealer subsidiaries, Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC, are subject to regulations to maintain minimum net capital requirements. As of June 30, 2026, these broker-dealer subsidiaries were in compliance with their respective regulatory minimum net capital requirements.

Wells Fargo & Company 47

Capital Management (continued)

Capital Planning and Stress Testing

Our planned long-term capital structure is designed to meet regulatory and market expectations. We believe that our long-term targeted capital structure enables us to invest in and grow our business, satisfy our customers’ financial needs in varying environments, access markets, and maintain flexibility to return capital to our shareholders. Our long-term targeted capital structure also considers capital levels sufficient to exceed capital requirements, including the G-SIB capital surcharge and the SCB, as well as potential changes to regulatory requirements for our capital ratios, planned capital actions, changes in our risk profile and other factors. Accordingly, our long-term target capital levels are set above their respective regulatory minimums plus buffers.

The FRB capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain BHCs, including Wells Fargo. The FRB assesses, among other things, the overall financial condition, risk profile, and capital adequacy of BHCs when evaluating their capital plans.

As part of the annual CCAR, the FRB generates a supervisory stress test. The FRB reviews the supervisory stress test results as required under the Dodd-Frank Act using a common set of capital actions for all large BHCs and also reviews the Company’s proposed capital actions.

Federal banking regulators also require large BHCs and banks to conduct their own stress tests to evaluate whether the institution has sufficient capital to continue to operate during periods of adverse economic and financial conditions.

During the first half of 2026, we issued $875 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 84 million shares of common stock at a cost of $7.1 billion. We paid $3.3 billion of common and preferred stock dividends during the first half of 2026.

On July 28, 2026, the Board approved an increase to the Company’s third quarter 2026 common stock dividend to $0.50 per share.

Securities Repurchases

On April 29, 2025, we announced that the Board authorized the repurchase of up to $40 billion of common stock. Unless modified or revoked by the Board, this authorization does not expire. At June 30, 2026, we had remaining Board authority to repurchase up to approximately $22.7 billion of common stock.

For additional information about share repurchases during second quarter 2026, see Part II, Item 2 in this Report.

Various factors impact the amount and timing of our share repurchases, including the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), and regulatory and legal considerations, including regulatory requirements under the FRB’s capital plan rule. Although we announce when the Board authorizes a share repurchase program, we typically do not give any public notice before we repurchase our shares. Due to the various factors that may impact the amount and timing of our share repurchases and the fact that we may be in the market throughout the year, our share repurchases occur at various prices. We may suspend share repurchase activity at any time.

Furthermore, the Company has a variety of benefit plans in which employees may own or obtain shares of our common stock. The Company may buy shares from these plans to accommodate employee preferences and these purchases are subtracted from our repurchase authority.

Regulation and Supervision

The U.S. financial services industry is subject to significant regulation and regulatory oversight initiatives. This regulation and oversight may continue to impact how U.S. financial services companies conduct business and may continue to result in increased regulatory compliance costs.

For a discussion of significant regulations and regulatory oversight initiatives that have affected or may affect our business, see the “Regulation and Supervision” and “Risk Factors” sections in our 2025 Form 10-K and the “Regulation and Supervision” section in our 2026 First Quarter Report on Form 10-Q.

48 Wells Fargo & Company

Critical Accounting Policies 

Our significant accounting policies are fundamental to understanding our results of operations and financial condition because they require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. Five of these policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. These policies govern:

•the allowance for credit losses;

•fair value measurements;

•income taxes;

•liability for legal actions; and

•goodwill impairment.

Management has discussed these critical accounting policies and the related estimates and judgments with the Board’s Audit Committee. For additional information, see the “Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.

Wells Fargo & Company 49

Current Accounting Developments

Table 38 provides significant Accounting Standard Updates (ASU or Update) applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective.

Table 38: Current Accounting Developments – Issued Standards

Standard	Description and Effective Date	Impact
ASU 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	•Effective for our 2027 annual financial statements and interim reporting periods beginning in 2028; early adoption permitted •Requires tabular disclosure in the notes to the financial statements and disaggregation of certain costs and expenses included within certain captions on the income statement •Requires disclosure of the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses	Currently evaluating the impact to the notes to our consolidated financial statements.
ASU 2025-06 – Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	•Effective January 1, 2028; early adoption permitted •Eliminates the use of “project stages” in determining whether internal‑use software costs should be expensed or capitalized •Requires capitalization once (1) management has authorized and committed funding for the project, and (2) it is probable the project will be completed and used as intended	Currently evaluating and do not expect a material impact on our consolidated financial statements.
ASU 2025-07 – Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract	•Effective January 1, 2027; early adoption permitted •Introduces a new derivatives scope exception for contracts tied to the operations or activities of a party to the contract (e.g., environmental, social or governance linked financial instruments) •Clarifies the accounting for share‑based noncash customer consideration provided in exchange for goods or services	Currently evaluating and do not expect a material impact on our consolidated financial statements.
ASU 2025-08 – Financial Instruments – Credit Losses (Topic 326): Purchased Loans	•Effective January 1, 2027; early adoption permitted •Expands the scope of acquired financial assets subject to the gross-up approach to include purchased seasoned loans that are not purchased credit deteriorated loans •Applies when the acquired loan is (a) obtained through a business combination, or (b) acquired outside a business combination or through consolidation of a variable interest entity and the loan was purchased more than 90 days after origination with no involvement by the purchaser in its origination	Currently evaluating and do not expect a material impact on our consolidated financial statements.
ASU 2025-09 – Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	•Effective January 1, 2027; early adoption permitted •Aligns hedge accounting with entities’ risk management economics, primarily affecting cash flow hedges and certain fair value and net investment hedges	Currently evaluating and do not expect a material impact on our consolidated financial statements.
ASU 2025-10 – Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities	•Effective January 1, 2029; early adoption permitted •Provides recognition, measurement, and presentation guidance for government grants received by business entities •Requires that a grant not be recognized until (1) it is probable the entity will comply with the grant’s conditions and (2) the grant will be received	Not expected to have a material impact on our consolidated financial statements.
ASU 2026-02 – Environmental Credits and Environmental Credit Obligations (Topic 818)	•Effective January 1, 2028; early adoption permitted •Introduces guidance on the recognition, measurement, presentation, and disclosure for environmental credits and environmental credit obligations	Not expected to have a material impact on our consolidated financial statements.

50 Wells Fargo & Company

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 (SEC), 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.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade policies, and any slowdown in global economic growth;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services;

•our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income and net interest margin;

•significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, a reduction in our ability to sell or securitize loans, and declines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities portfolios;

•the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage and wealth management businesses;

•negative effects from instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation;

•regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;

•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks;

•the effect of technological changes, including artificial intelligence and digital assets, on us, our customers, or our competitive landscape;

•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•fiscal and monetary policies of the Federal Reserve Board;

•changes to tax laws, regulations, and guidance as well as the effect of discrete items on our effective income tax rate;

•our ability to develop and execute effective business plans and strategies; and

•the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule,

Wells Fargo & Company 51

Forward-Looking Statements (continued)

and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.

For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the SEC, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC and available on its website at www.sec.gov.1

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

1 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

Forward-looking Non-GAAP Financial Measures. From time to time we may provide forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity or for net interest income excluding Markets. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

52 Wells Fargo & Company

Risk Factors

An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. For a discussion of risk factors that could adversely affect our financial results and condition, and the value of, and return on, an investment in the Company, we refer you to the “Risk Factors” section in our 2025 Form 10-K.

Wells Fargo & Company 53

Controls and Procedures

Disclosure Controls and Procedures

The Company’s management evaluated the effectiveness, as of June 30, 2026, of the Company’s disclosure controls and procedures. The Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO) participated in the evaluation. Based on this evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2026.

Internal Control Over Financial Reporting

Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (GAAP) and includes those policies and procedures that:

•pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company;

•provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

•provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. No change occurred during second quarter 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

54 Wells Fargo & Company

Financial Statements

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income (Unaudited)
	Quarter ended June 30,			Six months ended June 30,
(in millions, except per share amounts)	2026		2025	2026		2025
Interest income
Interest-earning deposits with banks (1)	$	1,351	1,353	$	2,619	2,826
Federal funds sold and securities borrowed or purchased under resale agreements (1)	1,733		1,107	3,471		2,169
Trading assets (1)	1,904		1,580	3,764		3,101
Available-for-sale and held-to-maturity debt securities (1)	3,708		3,455	7,252		6,776
Loans	14,301		13,573	28,110		26,930
Other interest income (1)	287		252	513		491
Total interest income	23,284		21,320	45,729		42,293
Interest expense
Deposits	5,516		5,061	10,490		10,270
Federal funds purchased and securities loaned or sold under repurchase agreements (1)	2,253		1,429	4,487		2,681
Trading liabilities (1)	295		246	575		487
Long-term debt	2,386		2,609	4,772		5,191
Other interest expense (1)	517		267	992		461
Total interest expense	10,967		9,612	21,316		19,090
Net interest income	12,317		11,708	24,413		23,203
Noninterest income
Deposit and lending-related fees	1,762		1,622	3,474		3,255
Investment advisory and other asset-based fees	2,821		2,499	5,645		5,035
Commissions and brokerage services fees	687		610	1,354		1,248
Investment banking fees	939		696	1,735		1,471
Card fees	1,222		1,173	2,360		2,217
Mortgage banking	256		230	457		562
Net gains from trading and securities	2,241		1,495	3,764		2,389
Other	377		789	866		1,591
Total noninterest income	10,305		9,114	19,655		17,768
Total revenue	22,622		20,822	44,068		40,971
Provision for credit losses	914		1,005	2,049		1,937
Noninterest expense
Personnel	8,851		8,709	18,444		18,183
Technology, telecommunications and equipment	1,457		1,287	2,854		2,510
Occupancy	803		766	1,581		1,527
Professional and outside services	1,109		1,089	2,175		2,127
Advertising and promotion	361		266	730		447
Other	1,080		1,262	2,207		2,476
Total noninterest expense	13,661		13,379	27,991		27,270
Income before income tax expense	8,047		6,438	14,028		11,764
Income tax expense	1,402		916	2,093		1,438
Net income before noncontrolling interests	6,645		5,522	11,935		10,326
Less: Net income (loss) from noncontrolling interests	238		28	275		(62)
Wells Fargo net income	$	6,407	5,494	$	11,660	10,388
Less: Preferred stock dividends and other	247		280	500		558
Wells Fargo net income applicable to common stock	$	6,160	5,214	$	11,160	9,830
Per share information
Earnings per common share	$	2.02	1.61	$	3.64	3.02
Diluted earnings per common share	2.00		1.60	3.60		2.98
Average common shares outstanding	3,044.0		3,232.7	3,061.9		3,256.4
Diluted average common shares outstanding	3,074.6		3,267.0	3,096.0		3,294.2

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

The accompanying notes are an integral part of these statements.

Wells Fargo & Company 55

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)
	Quarter ended June 30,			Six months ended June 30,
(in millions)	2026		2025	2026		2025
Net income before noncontrolling interests	$	6,645	5,522	$	11,935	10,326
Other comprehensive income (loss), net of tax:
Net change in debt securities	246		181	(637)		1,859
Net change in derivatives and hedging activities	(508)		338	(858)		784
Other	(93)		112	(109)		167
Other comprehensive income (loss), net of tax	(355)		631	(1,604)		2,810
Total comprehensive income before noncontrolling interests	6,290		6,153	10,331		13,136
Less: Other comprehensive loss from noncontrolling interests	—		(1)	—		—
Less: Net income (loss) from noncontrolling interests	238		28	275		(62)
Wells Fargo comprehensive income	$	6,052	6,126	$	10,056	13,198

The accompanying notes are an integral part of these statements.

56 Wells Fargo & Company

Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(in millions, except shares)	Jun 30, 2026		Dec 31, 2025
Assets
Cash and due from banks	$	42,161	39,182
Interest-earning deposits with banks	161,214		135,028
Federal funds sold and securities borrowed or purchased under resale agreements	205,345		193,929
Trading assets (includes assets pledged as collateral of $154,479 and $145,519)	243,168		227,935
Available-for-sale debt securities (amortized cost of $253,593 and $215,775, and includes assets pledged as collateral of $0 and $563)	250,326		213,573
Held-to-maturity debt securities (fair value $166,165 and $175,797)	198,573		208,023
Loans (includes assets pledged as collateral of $1,095 and $1,161)	1,031,115		986,167
Allowance for loan losses	(13,905)		(13,797)
Net loans	1,017,210		972,370
Premises and equipment, net	11,631		11,395
Goodwill	24,963		24,967
Equity securities (includes $2,394 and $2,008 carried at fair value)	42,378		40,932
Other assets (includes $6,782 and $6,996 carried at fair value)	85,232		81,297
Total assets (1)	$	2,282,201	2,148,631
Liabilities
Noninterest-bearing deposits	$	370,116	365,368
Interest-bearing deposits	1,131,289		1,060,839
Total deposits	1,501,405		1,426,207
Federal funds purchased and securities loaned or sold under repurchase agreements	251,804		232,687
Short-term borrowings	25,168		18,323
Trading liabilities	56,631		45,468
Accrued expenses and other liabilities (includes $387 and $357 carried at fair value)	82,731		68,196
Long-term debt (includes $12,641 and $7,082 carried at fair value)	182,139		174,712
Total liabilities (2)	2,099,878		1,965,593
Equity
Wells Fargo stockholders’ equity:
Preferred stock – aggregate liquidation preference of $16,116 and $17,376	15,348		16,608
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136		9,136
Additional paid-in capital	61,192		61,288
Retained earnings	237,230		228,873
Accumulated other comprehensive loss	(8,277)		(6,673)
Treasury stock, at cost – 2,453,296,138 shares and 2,389,192,624 shares	(134,439)		(128,115)
Total Wells Fargo stockholders’ equity	180,190		181,117
Noncontrolling interests	2,133		1,921
Total equity	182,323		183,038
Total liabilities and equity	$	2,282,201	2,148,631

(1)Our consolidated assets at June 30, 2026, and December 31, 2025, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Trading assets, $2.7 billion and $2.3 billion; Available-for-sale debt securities, $763 million and $0 million; Loans, $10.9 billion and $11.3 billion; All other assets, $249 million and $224 million; and Total assets, $14.6 billion and $13.8 billion, respectively.

(2)Our consolidated liabilities at June 30, 2026, and December 31, 2025, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $711 million and $0 million; Accrued expenses and other liabilities, $228 million and $206 million; Long-term debt, $5.0 billion and $3.8 billion; and Total liabilities $5.9 billion and $4.0 billion, respectively.

The accompanying notes are an integral part of these statements.

Wells Fargo & Company 57

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
	Quarter ended June 30,			Six months ended June 30,
(in millions)	2026		2025	2026		2025
Preferred stock
Balance, beginning of period	$	15,348	18,608	$	16,608	18,608
Preferred stock issued	—		—	2,250		—
Preferred stock redeemed	—		(2,000)	(3,510)		(2,000)
Balance, end of period	$	15,348	16,608	$	15,348	16,608
Common stock
Balance, beginning of period and end of period	$	9,136	9,136	$	9,136	9,136
Additional paid-in capital
Balance, beginning of period	$	60,852	60,275	$	61,288	60,817
Stock-based compensation	318		352	1,033		965
Stock issued for employee plans, net	(29)		(26)	(1,325)		(1,196)
Other	51		68	196		83
Balance, end of period	$	61,192	60,669	$	61,192	60,669
Retained earnings
Balance, beginning of period	$	232,459	217,405	$	228,873	214,198
Net income	6,407		5,494	11,660		10,388
Common stock dividends	(1,389)		(1,311)	(2,803)		(2,654)
Preferred stock dividends	(247)		(276)	(495)		(554)
Other	—		(4)	(5)		(70)
Balance, end of period	$	237,230	221,308	$	237,230	221,308
Accumulated other comprehensive income (loss)
Balance, beginning of period	$	(7,922)	(9,998)	$	(6,673)	(12,176)
Other comprehensive income (loss), after tax	(355)		632	(1,604)		2,810
Balance, end of period	$	(8,277)	(9,366)	$	(8,277)	(9,366)
Treasury stock
Balance, beginning of period	$	(131,477)	(114,336)	$	(128,115)	(111,463)
Common stock issued	78		131	726		763
Common stock repurchased	(3,043)		(3,044)	(7,067)		(6,565)
Other	3		5	17		21
Balance, end of period	$	(134,439)	(117,244)	$	(134,439)	(117,244)
Noncontrolling interests
Balance, beginning of period	$	1,917	1,816	$	1,921	1,946
Net income (loss)	238		28	275		(62)
Other comprehensive loss	—		(1)	—		—
Other	(22)		—	(63)		(41)
Balance, end of period	$	2,133	1,843	$	2,133	1,843
Total equity	$	182,323	182,954	$	182,323	182,954

58 Wells Fargo & Company

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
	Six months ended June 30,
(in millions)	2026		2025
Cash flows from operating activities:
Net income before noncontrolling interests	$	11,935	10,326
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Provision for credit losses	2,049		1,937
Changes in fair value of MSRs and LHFS carried at fair value	190		315
Depreciation, amortization and accretion	3,713		3,751
Deferred income tax benefit	(1,708)		(1,191)
Other, net	2		6,025
Originations and purchases of loans held for sale (1)	(17,944)		(19,558)
Proceeds from sales of and paydowns on loans originally classified as held for sale (1)	17,500		16,054
Net change in:
Trading assets and liabilities (1)	(3,996)		(22,511)
Other assets (1)	(8,003)		(16,118)
Other accrued expenses and liabilities (1)	12,180		(1,283)
Net cash provided (used) by operating activities	15,918		(22,253)
Cash flows from investing activities:
Net change in:
Federal funds sold and securities borrowed or purchased under resale agreements	(11,416)		515
Available-for-sale debt securities:
Proceeds from sales	12,028		2,454
Paydowns and maturities	13,404		10,025
Purchases	(64,418)		(32,641)
Held-to-maturity debt securities:
Paydowns and maturities	9,524		13,524
Equity securities:
Proceeds from sales and capital returns	2,373		2,563
Purchases	(4,026)		(3,191)
Loans:
Loans originated, net of principal collected	(51,951)		(14,876)
Proceeds from sales of loans originally classified as held for investment	4,733		1,783
Purchases of loans	(639)		(588)
Other, net (2)	4,951		972
Net cash used by investing activities	(85,437)		(19,460)
Cash flows from financing activities:
Net change in:
Deposits	75,203		(31,101)
Federal funds purchased and securities loaned or sold under repurchase agreements (1)	19,117		66,383
Short-term borrowings (1)	6,845		12,806
Long-term debt:
Proceeds from issuance	22,963		19,355
Repayment	(13,321)		(21,942)
Preferred stock:
Proceeds from issuance	2,246		—
Redeemed	(3,510)		(2,000)
Cash dividends paid	(495)		(554)
Common stock:
Repurchased	(7,015)		(6,516)
Cash dividends paid	(2,753)		(2,605)
Other, net	(893)		(882)
Net cash provided by financing activities	98,387		32,944
Net change in cash, cash equivalents, and restricted cash	28,868		(8,769)
Cash, cash equivalents, and restricted cash at beginning of period (3)	172,593		201,902
Cash, cash equivalents, and restricted cash at end of period (3)	$	201,461	193,133
Supplemental cash flow disclosures:
Cash paid for interest	$	20,609	19,729

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings, with corresponding changes to our consolidated statement of cash flows. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

(2)Includes cash proceeds from the sale of the Company’s rail car leasing business.

(3)Includes Cash and due from banks and Interest-earning deposits with banks on our consolidated balance sheet and excludes time deposits, which are included in Interest-earning deposits with banks.

The accompanying notes are an integral part of these statements.

Wells Fargo & Company 59

Notes to Financial Statements

See the “Glossary of Acronyms” at the end of this Report for terms used throughout the Financial Statements and related Notes.

Note 1: Summary of Significant Accounting Policies

Wells Fargo & Company is a leading financial services company. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, to individuals, businesses and institutions throughout the U.S., and in countries outside the U.S. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company.

Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For a discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). There were no material changes to these policies in the first half of 2026.

To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including:

•allowance for credit losses (Note 3 (Loans and Related Allowance for Credit Losses) and Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities));

•fair value measurements (Note 6 (Mortgage Banking Activities) and Note 11 (Fair Value Measurements));

•income taxes;

•liability for legal actions (Note 9 (Legal Actions)); and

•goodwill impairment (Note 5 (Goodwill and Other Assets)).

Actual results could differ from those estimates.

These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2025 Form 10-K.

Accounting Standards Adopted in 2026

We did not adopt any accounting standards in the first half of 2026.

Accounting Presentation Changes

In fourth quarter 2025, we elected to change the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings. In connection with the changes to our consolidated balance sheet, corresponding changes were made on our consolidated statement of income, including the prior periods presented. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K.

Subsequent Events

We have evaluated the effects of events that have occurred subsequent to June 30, 2026, and there have been no material events that would require recognition in our second quarter 2026 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.

60 Wells Fargo & Company

Note 2: Available-for-Sale and Held-to-Maturity Debt Securities

Table 2.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of accumulated other comprehensive income (AOCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 17 (Revenue and Expenses). For both AFS and HTM debt securities, amortized cost is the unpaid principal amount, net of unamortized basis

adjustments. Basis adjustments may include purchase premiums or discounts, fair value hedge accounting basis adjustments, fair value write-downs related to recognition of intent to sell, impairment losses, and charge-offs or recoveries of amounts deemed uncollectible.

Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which is included in other assets. See Note 5 (Goodwill and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income.

Table 2.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding

(in millions)	Amortized cost, net (1)		Gross unrealized gains	Gross unrealized losses	Net unrealized gains (losses)	Fair value
June 30, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	$	81,100	251	(229)	22	81,122
Securities of U.S. states and political subdivisions (2)	10,741		41	(307)	(266)	10,475
Federal agency mortgage-backed securities	149,841		716	(3,985)	(3,269)	146,572
Non-agency mortgage-backed securities (3)	1,807		5	(10)	(5)	1,802
Collateralized loan obligations	9,793		14	(1)	13	9,806
Other debt securities	492		60	(3)	57	549
Total available-for-sale debt securities, excluding portfolio level basis adjustments	253,774		1,087	(4,535)	(3,448)	250,326
Portfolio level basis adjustments (4)	(181)				181	—
Total available-for-sale debt securities	253,593		1,087	(4,535)	(3,267)	250,326
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	3,800		—	(1,757)	(1,757)	2,043
Securities of U.S. states and political subdivisions	17,249		2	(2,938)	(2,936)	14,313
Federal agency mortgage-backed securities	171,852		14	(27,757)	(27,743)	144,109
Non-agency mortgage-backed securities (3)	1,540		78	(42)	36	1,576
Collateralized loan obligations	2,414		6	—	6	2,420
Other debt securities	1,718		—	(14)	(14)	1,704
Total held-to-maturity debt securities	198,573		100	(32,508)	(32,408)	166,165
Total	$	452,166	1,187	(37,043)	(35,675)	416,491
December 31, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	$	51,738	308	(237)	71	51,809
Securities of U.S. states and political subdivisions (2)	10,706		34	(343)	(309)	10,397
Federal agency mortgage-backed securities	142,022		1,447	(3,389)	(1,942)	140,080
Non-agency mortgage-backed securities (3)	2,141		3	(18)	(15)	2,126
Collateralized loan obligations	7,895		11	(2)	9	7,904
Other debt securities	1,198		61	(2)	59	1,257
Total available-for-sale debt securities, excluding portfolio level basis adjustments	215,700		1,864	(3,991)	(2,127)	213,573
Portfolio level basis adjustments (4)	75				(75)	—
Total available-for-sale debt securities	215,775		1,864	(3,991)	(2,202)	213,573
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies	3,797		—	(1,747)	(1,747)	2,050
Securities of U.S. states and political subdivisions	17,476		2	(3,270)	(3,268)	14,208
Federal agency mortgage-backed securities	178,882		79	(27,353)	(27,274)	151,608
Non-agency mortgage-backed securities (3)	1,497		82	(39)	43	1,540
Collateralized loan obligations	4,655		19	—	19	4,674
Other debt securities	1,716		7	(6)	1	1,717
Total held-to-maturity debt securities	208,023		189	(32,415)	(32,226)	175,797
Total	$	423,798	2,053	(36,406)	(34,428)	389,370

(1)Represents amortized cost of the securities, net of the ACL of $0 million and $23 million related to AFS debt securities at June 30, 2026, and December 31, 2025, respectively, and $94 million and $95 million related to HTM debt securities at June 30, 2026, and December 31, 2025, respectively.

(2)Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost, net of the ACL, and fair value of these types of securities, was $2.3 billion and $2.5 billion at June 30, 2026, and December 31, 2025, respectively.

(3)Predominantly consists of commercial mortgage-backed securities at both June 30, 2026, and December 31, 2025.

(4)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of AFS debt securities, which are not allocated to individual securities in the portfolio. For additional information, see Note 10 (Derivatives).

Wells Fargo & Company 61

Note 2:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Table 2.2 details the breakout of purchases of HTM debt securities by major category of security. There were no transfers to HTM debt securities during the periods presented below.

Table 2.2: Held-to-Maturity Debt Securities Purchases

	Quarter ended June 30,			Six months ended June 30,
(in millions)	2026		2025	2026		2025
Purchases of held-to-maturity debt securities (1):
Non-agency mortgage-backed securities	$	68	20	$	103	106
Total purchases of held-to-maturity debt securities	$	68	20	$	103	106

(1)Inclusive of non-cash purchases from securitization of loans held for sale (LHFS).

Table 2.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses

from sales and impairment write-downs, if any, included in earnings related to AFS and HTM debt securities (pre-tax).

Table 2.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities

	Quarter ended June 30,			Six months ended June 30,
(in millions)	2026		2025	2026		2025
Interest income:
Available-for-sale	$	2,589	2,146	$	4,974	4,088
Held-to-maturity	1,119		1,309	2,278		2,688
Total interest income	3,708		3,455	7,252		6,776
Provision for credit losses:
Available-for-sale	3		(4)	3		(5)
Held-to-maturity	—		2	(4)		10
Total provision for credit losses	3		(2)	(1)		5
Realized gains and losses (1):
Gross realized gains	28		13	96		15
Gross realized losses	(27)		(13)	(95)		(129)
Impairment write-downs	—		—	—		(33)
Net realized gains (losses)	$	1	—	$	1	(147)

(1)Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented.

62 Wells Fargo & Company

Credit Quality

We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for debt securities. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date.

CREDIT RATINGS. Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSROs). Debt securities rated investment grade (those with ratings similar to BBB-/Baa3 or above) as defined by NRSROs, are generally considered by the rating agencies and market

participants to be low credit risk. Conversely, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. For debt securities not rated by NRSROs, we determine an internal credit grade of the debt securities (used for credit risk management purposes) equivalent to the credit ratings assigned by major credit agencies. Substantially all of our debt securities were rated by NRSROs at June 30, 2026, and December 31, 2025.

Table 2.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades.

Table 2.4: Investment Grade Debt Securities

	Available-for-Sale				Held-to-Maturity
($ in millions)	Fair value		% investment grade		Amortized cost		% investment grade
June 30, 2026
Total portfolio (1)	$	250,326	99	%	$	198,667	99	%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)	$	227,694	100	%	$	175,652	100	%
Securities of U.S. states and political subdivisions	10,475		99		17,260		100
Collateralized loan obligations (3)	9,806		100		2,417		100
All other debt securities (4)	2,351		90		3,338		60
December 31, 2025
Total portfolio (1)	$	213,573	99	%	$	208,118	99	%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)	$	191,889	100	%	$	182,679	100	%
Securities of U.S. states and political subdivisions	10,397		99		17,487		100
Collateralized loan obligations (3)	7,904		100		4,660		100
All other debt securities (4)	3,383		91		3,292		59

(1)99% were rated AA- and above at both June 30, 2026, and December 31, 2025.

(2)Includes federal agency mortgage-backed securities.

(3)100% were rated AA- and above at both June 30, 2026, and December 31, 2025.

(4)Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities.

DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES. Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status.

Debt securities that are past due and still accruing or in nonaccrual status were insignificant at both June 30, 2026, and December 31, 2025. Net charge-offs on debt securities were insignificant in the second quarter and first half of both 2026 and 2025.

Wells Fargo & Company 63

Note 2:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Unrealized Losses of Available-for-Sale Debt Securities

Table 2.5 shows the gross unrealized losses and fair value of AFS debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recognized credit impairment are

categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the amortized cost basis, net of the allowance for credit losses.

Table 2.5: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities

	Less than 12 months			12 months or more		Total
(in millions)	Gross unrealized losses (1)		Fair value	Gross unrealized losses (1)	Fair value	Gross unrealized losses (1)	Fair value
June 30, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	$	(29)	22,926	(200)	5,340	(229)	28,266
Securities of U.S. states and political subdivisions	(6)		913	(301)	4,587	(307)	5,500
Federal agency mortgage-backed securities	(1,301)		57,913	(2,684)	24,857	(3,985)	82,770
Non-agency mortgage-backed securities	—		—	(10)	248	(10)	248
Collateralized loan obligations	(1)		1,517	—	—	(1)	1,517
Other debt securities	—		—	(3)	17	(3)	17
Total available-for-sale debt securities	$	(1,337)	83,269	(3,198)	35,049	(4,535)	118,318
December 31, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	$	—	—	(237)	6,119	(237)	6,119
Securities of U.S. states and political subdivisions	(5)		222	(338)	5,701	(343)	5,923
Federal agency mortgage-backed securities	(988)		11,307	(2,401)	37,377	(3,389)	48,684
Non-agency mortgage-backed securities	—		—	(18)	744	(18)	744
Collateralized loan obligations	(2)		1,776	—	—	(2)	1,776
Other debt securities	—		—	(2)	71	(2)	71
Total available-for-sale debt securities	$	(995)	13,305	(2,996)	50,012	(3,991)	63,317

(1)Gross unrealized losses exclude portfolio level basis adjustments.

We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. Credit impairment is recognized as an ACL for debt securities.

For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K.

64 Wells Fargo & Company

Contractual Maturities

Table 2.6 and Table 2.7 show the remaining contractual maturities of AFS and HTM debt securities, respectively.

Table 2.6: Contractual Maturities – Available-for-Sale Debt Securities

By remaining contractual maturity ($ in millions)	Total			Within one year	After one year through five years	After five years through ten years	After ten years
June 30, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net	$	81,100		2,489	18,120	59,700	791
Fair value	81,122			2,487	17,961	59,930	744
Weighted average yield	3.95		%	3.63	3.37	4.13	4.53
Securities of U.S. states and political subdivisions
Amortized cost, net	$	10,741		969	3,561	2,459	3,752
Fair value	10,475			966	3,449	2,409	3,651
Weighted average yield	3.29		%	2.62	2.94	3.43	3.70
Federal agency mortgage-backed securities
Amortized cost, net	$	149,841		1	749	5,415	143,676
Fair value	146,572			1	742	5,449	140,380
Weighted average yield	4.49		%	2.05	3.70	4.51	4.50
Non-agency mortgage-backed securities
Amortized cost, net	$	1,807		—	—	—	1,807
Fair value	1,802			—	—	—	1,802
Weighted average yield	4.48		%	—	—	—	4.48
Collateralized loan obligations
Amortized cost, net	$	9,793		—	—	414	9,379
Fair value	9,806			—	—	414	9,392
Weighted average yield	4.97		%	—	—	5.09	4.96
Other debt securities
Amortized cost, net	$	492		32	226	211	23
Fair value	549			35	238	248	28
Weighted average yield	5.06		%	6.45	6.24	4.08	0.57
Total available-for-sale debt securities
Amortized cost, net (1)	$	253,774		3,491	22,656	68,199	159,428
Fair value	250,326			3,489	22,390	68,450	155,997
Weighted average yield (2)	4.29		%	3.37	3.34	4.14	4.50

(1)Amortized cost, net excludes portfolio level basis adjustments of $(181) million.

(2)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.

Wells Fargo & Company 65

Note 2:  Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Table 2.7: Contractual Maturities – Held-to-Maturity Debt Securities

By remaining contractual maturity ($ in millions)	Total			Within one year	After one year through five years	After five years through ten years	After ten years
June 30, 2026
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net	$	3,800		—	—	—	3,800
Fair value	2,043			—	—	—	2,043
Weighted average yield	1.60		%	—	—	—	1.60
Securities of U.S. states and political subdivisions
Amortized cost, net	$	17,249		87	460	404	16,298
Fair value	14,313			86	454	392	13,381
Weighted average yield	2.52		%	1.27	2.30	2.74	2.53
Federal agency mortgage-backed securities
Amortized cost, net	$	171,852		—	—	—	171,852
Fair value	144,109			—	—	—	144,109
Weighted average yield	2.34		%	—	—	—	2.34
Non-agency mortgage-backed securities
Amortized cost, net	$	1,540		9	11	27	1,493
Fair value	1,576			11	17	32	1,516
Weighted average yield	3.88		%	2.47	6.24	3.07	3.88
Collateralized loan obligations
Amortized cost, net	$	2,414		—	107	2,307	—
Fair value	2,420			—	108	2,312	—
Weighted average yield	5.35		%	—	5.96	5.32	—
Other debt securities
Amortized cost, net	$	1,718		—	1,718	—	—
Fair value	1,704			—	1,704	—	—
Weighted average yield	5.27		%	—	5.27	—	—
Total held-to-maturity debt securities
Amortized cost, net	$	198,573		96	2,296	2,738	193,443
Fair value	166,165			97	2,283	2,736	161,049
Weighted average yield (1)	2.42		%	1.39	4.72	4.91	2.36

(1)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.

66 Wells Fargo & Company

Note 3:  Loans and Related Allowance for Credit Losses

Table 3.1 presents total loans outstanding by portfolio segment and class of financing receivable. Loans are reported at their outstanding principal balances net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans, and unamortized premiums or discounts on purchased loans. These amounts were less than 1% of our total loans outstanding at both June 30, 2026, and December 31, 2025.

Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans.

See Note 5 (Goodwill and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. During the first half of 2026, we reversed accrued interest receivable of $22 million for our commercial portfolio segment and $188 million for our consumer portfolio segment, compared with $32 million and $197 million, respectively, for the same period a year ago.

Table 3.1: Loans Outstanding

(in millions)	Jun 30, 2026		Dec 31, 2025
Commercial and industrial	$	487,630	452,068
Commercial real estate	132,986		132,284
Lease financing	15,683		15,543
Total commercial	636,299		599,895
Residential mortgage	240,774		242,190
Credit card	58,394		59,540
Auto	56,924		50,487
Other consumer (1)	38,724		34,055
Total consumer	394,816		386,272
Total loans	$	1,031,115	986,167

(1)Includes $32.2 billion and $26.2 billion at June 30, 2026, and December 31, 2025, respectively, of securities-based loans, including margin loans and securities-based credit lines, originated by the Wealth and Investment Management (WIM) operating segment.

Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 3.2 presents total non-U.S. commercial loans outstanding by class of financing receivable.

Table 3.2: Non-U.S. Commercial Loans Outstanding

(in millions)	Jun 30, 2026		Dec 31, 2025
Commercial and industrial	$	81,438	80,475
Commercial real estate	4,975		5,674
Lease financing	470		498
Total non-U.S. commercial loans	$	86,883	86,647

Loan Purchases, Sales, and Transfers

Table 3.3 presents the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to LHFS. The table excludes loans for which we have elected the

fair value option and government insured/guaranteed loans because their loan activity normally does not impact the ACL.

Table 3.3: Loan Purchases, Sales, and Transfers

	2026				2025
(in millions)	Commercial		Consumer	Total	Commercial	Consumer	Total
Quarter ended June 30,
Purchases	$	117	3	120	207	1	208
Sales and net transfers (to)/from LHFS	(3,997)		(6)	(4,003)	(1,859)	—	(1,859)
Six months ended June 30,
Purchases	$	632	7	639	586	2	588
Sales and net transfers (to)/from LHFS	(4,614)		(2)	(4,616)	(2,714)	12	(2,702)

Wells Fargo & Company 67

Note 3: Loans and Related Allowance for Credit Losses (continued)

Unfunded Credit Commitments

Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. Our commercial lending commitments include, but are not limited to, (i) commitments for working capital and general corporate purposes, (ii) financing to customers who warehouse financial assets secured by real estate, consumer, or corporate loans, (iii) financing that is expected to be syndicated or replaced with other forms of long-term financing, and (iv) commercial real estate lending. We also originate multipurpose lending commitments under which commercial customers have the option to draw on the facility in one of several forms, including the issuance of letters of credit, which reduces the unfunded commitment amounts of the facility.

The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. We may reduce or cancel lines of credit in accordance with the contracts and applicable law. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. We do not recognize an ACL for commitments that are unconditionally cancellable at our discretion.

We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At June 30, 2026, and December 31, 2025, we had $1.3 billion and $1.2 billion, respectively, of outstanding issued commercial letters of credit. See Note 13 (Guarantees and Other Commitments) for additional information on issued standby letters of credit.

We may be a fronting bank, whereby we act as a representative for other lenders, and advance funds or provide for the issuance of letters of credit under syndicated loan or letter of credit agreements. Any advances are generally repaid in less than a week and would normally require default of both the customer and another lender to expose us to loss.

The contractual amount of our unfunded credit commitments, including unissued letters of credit, is summarized in Table 3.4. The table is presented net of commitments syndicated to others, including the fronting arrangements described above, and excludes issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase.

Table 3.4: Unfunded Credit Commitments

(in millions)	Jun 30, 2026		Dec 31, 2025
Commercial and industrial	$	446,655	445,910
Commercial real estate	18,017		15,369
Total commercial	464,672		461,279
Residential mortgage (1)	14,926		17,496
Credit card	192,190		180,563
Other consumer	7,456		7,397
Total consumer	214,572		205,456
Total unfunded credit commitments	$	679,244	666,735

(1)Includes lines of credit totaling $11.6 billion and $15.2 billion as of June 30, 2026, and December 31, 2025, respectively.

68 Wells Fargo & Company

Allowance for Credit Losses

Table 3.5 presents the ACL for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans increased $70 million from December 31, 2025, reflecting a higher allowance for commercial

and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans.

Table 3.5: Allowance for Credit Losses for Loans

	Quarter ended June 30,			Six months ended June 30,
($ in millions)	2026		2025	2026		2025
Balance, beginning of period	$	14,374	14,552	$	14,337	14,636
Provision for credit losses	911		1,007	2,050		1,932
Loan charge-offs:
Commercial and industrial	(163)		(213)	(535)		(361)
Commercial real estate	(35)		(106)	(115)		(202)
Lease financing	(12)		(11)	(25)		(22)
Total commercial	(210)		(330)	(675)		(585)
Residential mortgage	(11)		(32)	(23)		(43)
Credit card	(770)		(751)	(