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 September 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.)

Attention: Investor Relations

333 Market Street, MAC: A0109-055

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. YesþNo¨

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). Yesþ 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 þAccelerated 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☐ Noþ

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

						Shares Outstanding
						October 19, 2026
Common stock, $1-2/3 par value						3,001,850,317

---

FORM 10-Q
CROSS-REFERENCE INDEX
PART I			Financial Information
Item 1.			Financial Statements									Page
			Consolidated Statement of Income									54
			Consolidated Statement of Comprehensive Income									55
			Consolidated Balance Sheet									56
			Consolidated Statement of Changes in Equity									57
			Consolidated Statement of Cash Flows									58
			Notes to Financial Statements
			1			—			Summary of Significant Accounting Policies			59
			2			—			Available-for-Sale and Held-to-Maturity Debt Securities			60
			3			—			Loans and Related Allowance for Credit Losses			66
			4			—			Equity Securities			79
			5			—			Goodwill and Other Assets			81
			6			—			Mortgage Banking Activities			82
			7			—			Leasing Activity			84
			8			—			Preferred Stock and Common Stock			85
			9			—			Legal Actions			86
			10			—			Derivatives			88
			11			—			Fair Value Measurements			95
			12			—			Securitizations and Variable Interest Entities			102
			13			—			Guarantees and Other Commitments			108
			14			—			Securities Financing Activities			110
			15			—			Pledged Assets and Collateral			112
			16			—			Operating Segments			113
			17			—			Revenue and Expenses			116
			18			—			Employee Benefits			119
			19			—			Earnings and Dividends Per Common Share			120
			20			—			Other Comprehensive Income			121
			21			—			Regulatory Capital Requirements and Other Restrictions			123
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									41
			Regulation and Supervision									47
			Critical Accounting Policies									48
			Current Accounting Developments									49
			Forward-Looking Statements									50
			Risk Factors									52
			Glossary of Acronyms									125
Item 3.			Quantitative and Qualitative Disclosures About Market Risk									36
Item 4.			Controls and Procedures									53
PART II			Other Information
Item 1.			Legal Proceedings									126
Item 1A.			Risk Factors									126
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds									126
Item 5.			Other Information									126
Item 6.			Exhibits									127
Signature												128

			Wells Fargo & Company			1

---

FINANCIAL REVIEW

DownloadSimilarLinkTag

Summary Financial Data
			Quarter ended																		Sep 30, 2026 % Change from												Nine months ended
($ in millions, except ratios and per share amounts)			Sep 30, 2026						Jun 30, 2026						Sep 30, 2025						Jun 30, 2026						Sep 30, 2025						Sep 30, 2026						Sep 30, 2025						% Change
Selected Income Statement Data
Total revenue			$	21,870					22,622						21,436						(3)		%				2						$	65,938					62,407						6		%
Noninterest expense			13,743						13,661						13,846						1						(1)						41,734						41,116						2
Pre-tax pre-provision profit (PTPP) (1)			8,127						8,961						7,590						(9)						7						24,204						21,291						14
Provision for credit losses (2)			1,029						914						681						13						51						3,078						2,618						18
Wells Fargo net income			5,951						6,407						5,589						(7)						6						17,611						15,977						10
Wells Fargo net income applicable to common stock			5,703						6,160						5,341						(7)						7						16,863						15,171						11
Common Share Data
Diluted earnings per common share			1.87						2.00						1.66						(6)						13						5.47						4.64						18
Dividends declared per common share			0.50						0.45						0.45						11						11						1.40						1.25						12
Common shares outstanding			3,001.6						3,028.5						3,148.9						(1)						(5)
Average common shares outstanding			3,015.8						3,044.0						3,182.2						(1)						(5)						3,046.4						3,231.4						(6)
Diluted average common shares outstanding			3,051.5						3,074.6						3,223.5						(1)						(5)						3,081.0						3,270.3						(6)
Book value per common share (3)			$	52.91					54.48						52.30						(3)						1
Tangible book value per common share (3)(4)			44.46						46.13						44.18						(4)						1
Selected Equity Data (period-end)
Total equity			177,877						182,323						183,012						(2)						(3)
Common stockholders’ equity			158,804						164,981						164,687						(4)						(4)
Tangible common equity (4)			133,447						139,703						139,119						(4)						(4)
Performance Ratios
Return on average assets (ROA) (5)			1.05		%				1.15						1.10																		1.06		%				1.09
Return on average equity (ROE) (6)			13.8						15.0						12.8																		13.7						12.4
Return on average tangible common equity (ROTCE) (4)			16.3						17.7						15.2																		16.2						14.7
Efficiency ratio (7)			63						60						65																		63						66
Net interest margin on a taxable-equivalent basis			2.43						2.43						2.61																		2.44						2.65
Selected Balance Sheet Data (average)
Loans			$	1,033,390					1,026,479						928,677						1						11						$	1,018,768					917,935						11
Assets			2,243,524						2,227,923						2,010,200						1						12						2,213,499						1,954,742						13
Deposits			1,482,928						1,465,600						1,339,939						1						11						1,454,770						1,336,975						9
Selected Balance Sheet Data (period-end)
Available-for-sale and held-to-maturity debt securities			448,356						448,899						420,914						—						7
Loans			1,048,113						1,031,115						943,102						2						11
Allowance for credit losses for loans			14,458						14,407						14,311						—						1
Assets			2,253,291						2,282,201						2,062,926						(1)						9
Deposits			1,502,652						1,501,405						1,367,361						—						10
Headcount (#) (period-end)			194,369						197,466						210,821						(2)						(8)
Capital and Other Metrics
Risk-based capital ratios and components (8):
Standardized Approach:
Common Equity Tier 1 (CET1)			10.03		%				10.26						10.99
Tier 1 capital			11.28						11.38						12.30
Total capital			13.58						13.72						14.79
Risk-weighted assets (RWAs) (in billions)			$	1,341.3					1,342.3						1,242.4						—						8
Advanced Approach:
Common Equity Tier 1 (CET1)			11.78		%				12.08						12.74
Tier 1 capital			13.24						13.40						14.25
Total capital			15.06						15.28						16.18
Risk-weighted assets (RWAs) (in billions)			$	1,142.6					1,140.2						1,072.2						—						7
Tier 1 leverage ratio			6.83		%				6.94						7.71
Supplementary Leverage Ratio (SLR)			5.68						5.78						6.42
Total Loss Absorbing Capacity (TLAC) Ratio (9)			22.99						22.81						24.62
Liquidity Coverage Ratio (LCR) (10)			122						119						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 September 30, 2026.

Recent Developments

Capital Matters

On September 30, 2026, the Federal Reserve Board (FRB) issued rules that make changes to its supervisory stress testing framework and stress capital buffer (SCB) requirements to

enhance transparency and reduce volatility in capital requirements. The rules, among other things, establish an annual process for public input on stress test scenarios and material model changes and move the effective date of the SCB requirement from October 1 to January 1, beginning with the SCB effective on January 1, 2028. The SCB effective on January 1, 2028, will be based on the results of the 2027 supervisory stress test. Beginning with the SCB effective on January 1, 2029, the FRB will calculate the SCB based on the average decrease in a bank holding company’s (BHC) risk-based capital ratios under the severely adverse scenario in the FRB’s prior two annual supervisory stress tests, plus four quarters of planned common stock dividends.

For additional information about capital planning, see the “Capital Management – Capital Planning and Stress Testing” section in this Report.

Financial Performance

DownloadSimilarLinkTag

Consolidated Financial Highlights
			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Selected income statement data
Net interest income			$	12,517					11,950						567						5		%				$	36,930					35,153						1,777						5		%
Noninterest income			9,353						9,486						(133)						(1)						29,008						27,254						1,754						6
Total revenue			21,870						21,436						434						2						65,938						62,407						3,531						6
Net charge-offs			983						954						29						3						2,972						2,960						12						—
Change in the allowance for credit losses			46						(273)						319						117						106						(342)						448						131
Provision for credit losses (1)			1,029						681						348						51						3,078						2,618						460						18
Noninterest expense			13,743						13,846						(103)						(1)						41,734						41,116						618						2
Income tax expense			1,161						1,300						(139)						(11)						3,254						2,738						516						19
Wells Fargo net income			5,951						5,589						362						6						17,611						15,977						1,634						10
Wells Fargo net income applicable to common stock			5,703						5,341						362						7						16,863						15,171						1,692						11

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

In third quarter 2026, we generated $6.0 billion of net income and diluted earnings per common share (EPS) of $1.87, compared with $5.6 billion of net income and diluted EPS of $1.66 in the same period a year ago. Financial performance for third quarter 2026, compared with third quarter 2025, included the following:

•total revenue increased due to higher net interest income, partially offset by lower noninterest income;

•noninterest expense decreased due to lower personnel expense, partially offset by higher technology, telecommunications and equipment expense;

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

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

In the first nine months of 2026, we generated $17.6 billion of net income and diluted EPS of $5.47, compared with $16.0 billion of net income and diluted EPS of $4.64 in the same period a year ago. Financial performance for the first nine months of 2026, compared with the first nine months of 2025, included the following:

			Wells Fargo & Company			3

---

Overview (continued)

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

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

•average loans increased due to growth in our commercial and industrial and auto portfolios; 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 nine months of 2026, which included the following:

•our Common Equity Tier 1 (CET1) ratio was 10.03% 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 22.99%, compared with the regulatory minimum of 21.50%; and

•our liquidity coverage ratio (LCR) was 122%, 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.

Credit Quality

Credit quality reflected the following:

•The allowance for credit losses (ACL) for loans of $14.5 billion at September 30, 2026, increased $121 million from December 31, 2025, driven by higher loan balances for commercial and industrial and auto loans, partially offset by improved credit performance in commercial real estate loans. The allowance coverage for total loans was 1.38% at September 30, 2026, compared with 1.45% at December 31, 2025.

•Our provision for credit losses for loans was $3.1 billion in the first nine months of 2026, compared with $2.6 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.

•Commercial portfolio net loan charge-offs were $281 million, or 18 basis points of average commercial loans, in third quarter 2026, compared with net loan charge-offs of $250 million, or 18 basis points, in the same period a year ago, driven by higher losses in our commercial and industrial portfolio.

•Consumer portfolio net loan charge-offs were $702 million, or 70 basis points of average consumer loans, in third quarter 2026, compared with net loan charge-offs of $692 million, or 73 basis points, in the same period a year ago, due to higher losses in our auto portfolio, partially offset by lower losses in our credit card and other consumer portfolios.

•Nonperforming assets (NPAs) of $7.4 billion at September 30, 2026, decreased $1.1 billion from December 31, 2025, driven by lower commercial real estate nonaccrual loans. NPAs represented 0.70% of total loans at September 30, 2026.

4			Wells Fargo & Company

---

Earnings Performance

Wells Fargo net income for third quarter 2026 was $6.0 billion ($1.87 diluted EPS), compared with $5.6 billion ($1.66 diluted EPS) in the same period a year ago. Net income increased in third quarter 2026, compared with the same period a year ago, predominantly due to a $567 million increase in net interest income, partially offset by a $348 million increase in provision for credit losses.

Wells Fargo net income for the first nine months of 2026 was $17.6 billion ($5.47 diluted EPS), compared with $16.0 billion ($4.64 diluted EPS) in the same period a year ago. Net income increased in the first nine months of 2026, compared with the same period a year ago, predominantly due to a $1.8 billion increase in net interest income and a $1.8 billion increase in noninterest income, partially offset by a $618 million increase in noninterest expense and a $516 million increase in income tax expense.

Net Interest Income

Net interest income increased in third quarter 2026, compared with the same period a year ago, driven by higher loan and investment securities balances, lower funding costs and balance sheet growth in our Corporate and Investment Banking Markets (Markets) business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, higher deposit costs reflecting growth in interest-bearing commercial deposits, and a modest decline in noninterest-bearing deposits.

Net interest income increased in the first nine months of 2026, compared with the same period a year ago, driven by lower average deposit costs, higher loan and investment securities balances, lower funding costs and balance sheet growth in our Markets business, andfixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, as well as growth in higher cost deposit products.

Net interest margin decreased in both the third quarter and first nine months 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

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
($ in millions)			2026						2025						2026						2025
Net interest income			$	12,517					11,950						$	36,930					35,153
Markets net interest income			428						144						1,410						379
Net interest income excluding Markets			$	12,089					11,806						$	35,520					34,774

			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)

DownloadSimilarLinkTag

			Quarter ended September 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			$	160,498					1,401						3.46		%				$	158,704					1,603						4.01		%
Federal funds sold and securities borrowed or purchased under resale agreements			190,609						1,758						3.66						120,900						1,285						4.22
Trading assets			189,364						1,884						3.97						172,409						1,712						3.97
Available-for-sale debt securities			257,991						2,882						4.45						200,309						2,336						4.66
Held-to-maturity debt securities			197,779						1,098						2.22						221,447						1,286						2.32
Loans:
Commercial and industrial – U.S.			406,692						5,866						5.72						337,878						5,354						6.29
Commercial and industrial – Non-U.S.			81,644						1,129						5.49						67,875						1,051						6.14
Commercial real estate			132,696						1,884						5.63						131,623						2,041						6.15
Lease financing			15,693						233						5.93						14,986						219						5.85
Total commercial loans			636,725						9,112						5.68						552,362						8,665						6.23
Residential mortgage			240,369						2,279						3.79						244,562						2,279						3.72
Credit card			58,911						1,800						12.12						56,420						1,806						12.70
Auto			58,348						875						5.95						44,292						624						5.59
Other consumer			39,037						634						6.45						31,041						579						7.40
Total consumer loans			396,665						5,588						5.61						376,315						5,288						5.59
Total loans			1,033,390						14,700						5.65						928,677						13,953						5.97
Equity securities			13,840						103						2.96						12,450						70						2.22
Other interest-earning assets			16,556						156						3.76						17,614						249						5.61
Total interest-earning assets			$	2,060,027					23,982						4.63		%				$	1,832,510					22,494						4.88		%
Cash and due from banks			27,565						—												28,173						—
Goodwill			24,965						—												25,070						—
Other noninterest-earning assets			130,967						—												124,447						—
Total noninterest-earning assets			$	183,497					—												177,690						—
Total assets			$	2,243,524					23,982												2,010,200						22,494
Liabilities
Deposits:
Demand deposits			$	575,922					2,949						2.03		%				$	490,344					2,709						2.19		%
Savings deposits			358,160						1,131						1.25						345,651						985						1.13
Time deposits			189,333						1,714						3.59						142,399						1,463						4.08
Deposits in non-U.S. offices			8,333						51						2.42						5,803						31						2.16
Total interest-bearing deposits			1,131,748						5,845						2.05						984,197						5,188						2.09
Federal funds purchased and securities loaned or sold under agreements to repurchase			233,288						2,209						3.76						182,636						2,020						4.39
Short-term borrowings			37,444						385						4.08						17,936						212						4.68
Trading liabilities			43,109						331						3.06						33,086						266						3.20
Long-term debt			179,806						2,427						5.40						175,944						2,593						5.89
Other interest-bearing liabilities			22,226						194						3.46						20,382						190						3.75
Total interest-bearing liabilities			$	1,647,621					11,391						2.75		%				$	1,414,181					10,469						2.94		%
Noninterest-bearing deposits			351,180						—												355,742						—
Other noninterest-bearing liabilities			62,254						—												56,849						—
Total noninterest-bearing liabilities			$	413,434					—												412,591						—
Total liabilities			$	2,061,055					11,391												1,826,772						10,469
Total equity			182,469						—												183,428						—
Total liabilities and equity			$	2,243,524					11,391												2,010,200						10,469
Interest rate spread on a taxable-equivalent basis (2)															1.88		%																1.94		%
Net interest income and net interest margin on a taxable-equivalent basis (2)									$	12,591					2.43		%										$	12,025					2.61		%

(continued on following page)

6			Wells Fargo & Company

---

(continued from previous page)

DownloadSimilarLinkTag

			Nine months ended September 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			$	158,234					4,020						3.40		%				$	148,927					4,429						3.98		%
Federal funds sold and securities borrowed or purchased under resale agreements			191,339						5,229						3.65						109,426						3,454						4.22
Trading assets			191,744						5,655						3.94						162,235						4,819						3.96
Available-for-sale debt securities			237,088						7,887						4.44						187,841						6,461						4.59
Held-to-maturity debt securities			203,748						3,428						2.24						227,595						4,029						2.36
Loans:
Commercial and industrial – U.S.			398,769						17,054						5.72						328,757						15,541						6.32
Commercial and industrial – Non-U.S.			80,966						3,295						5.44						65,017						3,001						6.17
Commercial real estate			132,846						5,569						5.60						133,505						6,163						6.17
Lease financing			15,522						684						5.87						15,734						683						5.79
Total commercial loans			628,103						26,602						5.66						543,013						25,388						6.25
Residential mortgage			240,698						6,768						3.75						246,590						6,843						3.70
Credit card			58,238						5,306						12.18						55,593						5,279						12.70
Auto			55,247						2,414						5.84						42,716						1,747						5.47
Other consumer			36,482						1,777						6.52						30,023						1,682						7.49
Total consumer loans			390,665						16,265						5.56						374,922						15,551						5.54
Total loans			1,018,768						42,867						5.62						917,935						40,939						5.96
Equity securities			13,328						287						2.87						12,193						214						2.34
Other interest-earning assets			16,669						485						3.88						16,471						596						4.83
Total interest-earning assets			$	2,030,918					69,858						4.60		%				$	1,782,623					64,941						4.87		%
Cash and due from banks			28,448						—												28,368						—
Goodwill			24,966						—												25,092						—
Other noninterest-earning assets			129,167						—												118,659						—
Total noninterest-earning assets			$	182,581					—												172,119						—
Total assets			$	2,213,499					69,858												1,954,742						64,941
Liabilities
Deposits:
Demand deposits			$	555,374					8,100						1.95		%				$	481,631					7,980						2.22		%
Savings deposits			354,424						3,162						1.19						353,759						3,234						1.22
Time deposits			185,439						4,952						3.57						132,058						4,074						4.12
Deposits in non-U.S. offices			7,339						121						2.20						8,529						170						2.67
Total interest-bearing deposits			1,102,576						16,335						1.98						975,977						15,458						2.12
Federal funds purchased and securities loaned or sold under agreements to repurchase			239,512						6,696						3.74						143,088						4,701						4.39
Short-term borrowings			33,344						1,008						4.04						9,007						326						4.84
Trading liabilities			39,129						906						3.09						31,537						753						3.19
Long-term debt			181,496						7,199						5.29						174,772						7,784						5.94
Other interest-bearing liabilities			21,510						563						3.51						19,976						537						3.63
Total interest-bearing liabilities			$	1,617,567					32,707						2.70		%				$	1,354,357					29,559						2.92		%
Noninterest-bearing deposits			352,194						—												360,998						—
Other noninterest-bearing liabilities			61,052						—												56,036						—
Total noninterest-bearing liabilities			$	413,246					—												417,034						—
Total liabilities			$	2,030,813					32,707												1,771,391						29,559
Total equity			182,686						—												183,351						—
Total liabilities and equity			$	2,213,499					32,707												1,954,742						29,559
Interest rate spread on a taxable-equivalent basis (2)															1.90		%																1.95		%
Net interest margin and net interest income on a taxable-equivalent basis(2)									$	37,151					2.44		%										$	35,382					2.65		%

(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 $74 million and $75 million for the quarters ended September 30, 2026 and 2025, respectively, and $221 million and $229 million for the first nine months 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

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Deposit-related fees			$	1,415					1,290						125						10		%				$	4,091					3,808						283						7		%
Lending-related fees			420						384						36						9						1,218						1,121						97						9
Investment advisory and other asset-based fees			3,046						2,660						386						15						8,691						7,695						996						13
Commissions and brokerage services fees			670						651						19						3						2,024						1,899						125						7
Investment banking fees			894						840						54						6						2,629						2,311						318						14
Card fees			1,274						1,223						51						4						3,634						3,440						194						6
Mortgage banking			164						268						(104)						(39)						621						830						(209)						(25)
Net gains from trading activities			1,109						1,408						(299)						(21)						3,853						4,168						(315)						(8)
Net losses from debt securities			(29)						—						(29)						NM						(28)						(147)						119						81
Net gains (losses) from equity securities			4						149						(145)						(97)						1,023						(75)						1,098						NM
Other			386						613						(227)						(37)						1,252						2,204						(952)						(43)
Total			$	9,353					9,486						(133)						(1)						$	29,008					27,254						1,754						6

NM – Not meaningful

Third quarter 2026 vs. third 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.

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 third quarter 2025.

Net gains from trading activities decreased driven by lower revenue across most fixed income, currencies, and commodities (FICC) products, partially offset by higher revenue in equities.

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

Other income decreased driven by lower lease income due to the sale of our rail car leasing business in first quarter 2026.

First nine months of 2026 vs. first nine months of 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.

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 MSR valuation adjustments in the first nine months of 2025.

Net gains from trading activities decreased driven by lower revenue across most FICC products, partially offset by higher revenue in equities.

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

Other income decreased driven by:

•lower lease income due to the sale of our rail car leasing business in first quarter 2026;

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

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

8			Wells Fargo & Company

---

Noninterest Expense

Table 4:Noninterest Expense

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Personnel			$	8,745					9,021						(276)						(3)		%				$	27,189					27,204						(15)						—		%
Technology, telecommunications and equipment			1,492						1,319						173						13						4,346						3,829						517						14
Occupancy			804						784						20						3						2,385						2,311						74						3
Professional and outside services			1,168						1,177						(9)						(1)						3,343						3,304						39						1
Advertising and promotion			337						295						42						14						1,067						742						325						44
Other			1,197						1,250						(53)						(4)						3,404						3,726						(322)						(9)
Total			$	13,743					13,846						(103)						(1)						$	41,734					41,116						618						2

Third quarter and first nine months of 2026 vs. third quarter and first nine months of 2025

Personnel expensedecreased due to:

•lower severance expense; and

•the impact of efficiency initiatives;

partially offset by:

•higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business.

Technology, telecommunications and equipment expenseincreased due to higher software expense, as well as higher depreciation expense, 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 lower lease expense due to the sale of our rail car leasing business in first quarter 2026.

Income Tax Expense

Table 5:Income Tax Expense

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Income before income tax expense			$	7,098					6,909						189						3		%				$	21,126					18,673						2,453						13		%
Income tax expense			1,161						1,300						(139)						(11)						3,254						2,738						516						19
Effective income tax rate			16.4		%				18.9																		15.4		%				14.6

The effective income tax rate decreased in third quarter 2026, compared with the same period a year ago, driven by higher discrete tax benefits related to the resolution of prior period tax matters. The effective income tax rate increased in the first nine months of 2026, compared with the same period a year ago, driven by higher pre-tax income.

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

DownloadSimilarLinkTag

(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 September 30, 2026
Net interest income			$	8,016					2,134						2,216						950						(725)						(74)						12,517
Noninterest income			2,640						1,102						2,792						3,154						115						(450)						9,353
Total revenue			10,656						3,236						5,008						4,104						(610)						(524)						21,870
Provision for credit losses			791						240						(18)						16						—						—						1,029
Noninterest expense			6,188						1,400						2,454						3,286						415						—						13,743
Income (loss) before income tax expense (benefit)			3,677						1,596						2,572						802						(1,025)						(524)						7,098
Income tax expense (benefit)			922						400						648						199						(484)						(524)						1,161
Net income (loss) before noncontrolling interests			2,755						1,196						1,924						603						(541)						—						5,937
Less: Net income (loss) from noncontrolling interests			—						1						—						—						(15)						—						(14)
Net income (loss)			$	2,755					1,195						1,924						603						(526)						—						5,951
Quarter ended September 30, 2025
Net interest income			$	7,628					1,949						1,870						851						(273)						(75)						11,950
Noninterest income			2,544						1,092						3,009						2,823						449						(431)						9,486
Total revenue			10,172						3,041						4,879						3,674						176						(506)						21,436
Provision for credit losses			767						39						(107)						(14)						(4)						—						681
Noninterest expense			6,376						1,445						2,362						3,013						650						—						13,846
Income (loss) before income tax expense (benefit)			3,029						1,557						2,624						675						(470)						(506)						6,909
Income tax expense (benefit)			759						393						658						169						(173)						(506)						1,300
Net income (loss) before noncontrolling interests			2,270						1,164						1,966						506						(297)						—						5,609
Less: Net income from noncontrolling interests			—						2						—						—						18						—						20
Net income (loss)			$	2,270					1,162						1,966						506						(315)						—						5,589
Nine months ended September 30, 2026
Net interest income			$	23,309					6,169						6,673						2,774						(1,774)						(221)						36,930
Noninterest income			7,633						3,305						9,038						9,097						1,345						(1,410)						29,008
Total revenue			30,942						9,474						15,711						11,871						(429)						(1,631)						65,938
Provision for credit losses			2,554						521						(24)						23						4						—						3,078
Noninterest expense			19,063						4,420						7,643						9,708						900						—						41,734
Income (loss) before income tax expense (benefit)			9,325						4,533						8,092						2,140						(1,333)						(1,631)						21,126
Income tax expense (benefit)			2,339						1,140						2,030						532						(1,156)						(1,631)						3,254
Net income (loss) before noncontrolling interests			6,986						3,393						6,062						1,608						(177)						—						17,872
Less: Net income from noncontrolling interests			—						5						—						—						256						—						261
Net income (loss)			$	6,986					3,388						6,062						1,608						(433)						—						17,611
Nine months ended September 30, 2025
Net interest income			$	21,972					5,909						5,475						2,366						(340)						(229)						35,153
Noninterest income			7,271						2,990						9,141						8,150						898						(1,196)						27,254
Total revenue			29,243						8,899						14,616						10,516						558						(1,425)						62,407
Provision for credit losses			2,451						183						(4)						9						(21)						—						2,618
Noninterest expense			18,897						4,634						7,089						8,824						1,672						—						41,116
Income (loss) before income tax expense (benefit)			7,895						4,082						7,531						1,683						(1,093)						(1,425)						18,673
Income tax expense (benefit)			1,970						1,034						1,887						408						(1,136)						(1,425)						2,738
Net income before noncontrolling interests			5,925						3,048						5,644						1,275						43						—						15,935
Less: Net income (loss) from noncontrolling interests			—						6						—						—						(48)						—						(42)
Net income			$	5,925					3,042						5,644						1,275						91						—						15,977

(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

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions, unless otherwise noted)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Income Statement
Net interest income			$	8,016					7,628						388						5		%				$	23,309					21,972						1,337						6		%
Noninterest income:
Deposit-related fees			797						698						99						14						2,264						2,002						262						13
Investment advisory and other asset-based fees			292						249						43						17						820						721						99						14
Commissions and brokerage services fees			124						133						(9)						(7)						366						357						9						3
Card fees			1,201						1,162						39						3						3,413						3,249						164						5
Mortgage banking			119						199						(80)						(40)						436						590						(154)						(26)
Other			107						103						4						4						334						352						(18)						(5)
Total noninterest income			2,640						2,544						96						4						7,633						7,271						362						5
Total revenue			10,656						10,172						484						5						30,942						29,243						1,699						6
Net charge-offs			780						766						14						2						2,399						2,461						(62)						(3)
Change in the allowance for credit losses			11						1						10						NM						155						(10)						165						NM
Provision for credit losses			791						767						24						3						2,554						2,451						103						4
Noninterest expense			6,188						6,376						(188)						(3)						19,063						18,897						166						1
Income before income tax expense			3,677						3,029						648						21						9,325						7,895						1,430						18
Income tax expense			922						759						163						21						2,339						1,970						369						19
Net income			$	2,755					2,270						485						21						$	6,986					5,925						1,061						18
Revenue by Line of Business
Consumer, Small and Business Banking			$	7,579					7,089						490						7						$	21,906					20,288						1,618						8
Credit Card			1,710						1,663						47						3						4,919						4,775						144						3
Home Lending			743						870						(127)						(15)						2,292						2,557						(265)						(10)
Auto			341						256						85						33						956						734						222						30
Personal Lending			283						294						(11)						(4)						869						889						(20)						(2)
Total revenue			$	10,656					10,172						484						5						$	30,942					29,243						1,699						6
Selected Metrics
Consumer Banking and Lending:
Return on allocated capital (1)			32.4		%				19.2																		27.6		%				16.8
Efficiency ratio (2)			58						63																		62						65
Retail bank branches (#, period-end)			4,068						4,108												(1)
Digital active customers (# in millions, period-end) (3)			38.2						37.0												3
Mobile active customers (# in millions, period-end) (3)			34.0						32.5												5
Consumer, Small and Business Banking:
Deposit spread (4)			2.68		%				2.59																		2.62		%				2.52
Debit card purchase volume ($ in billions) (5)			$	144.9					133.6						11.3						8						$	424.0					393.2						30.8						8
Debit card purchase transactions (# in millions) (5)			2,797						2,674												5						8,159						7,815												4
Client assets in advisory and brokerage accounts ($ in billions, period-end)			289						262						27						10

(continued on following page)

12			Wells Fargo & Company

---

(continued from previous page)

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions, unless otherwise noted)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Home Lending:
Mortgage loan originations ($ in billions)			$	7.8					7.0						0.8						11						$	23.1					18.8						4.3						23
% of originations held for sale (HFS)			23.8		%				31.0																		22.7		%				33.9
Third-party mortgage loans serviced ($ in billions, period-end) (6)			$	343.9					433.8						(89.9)						(21)
Home lending loans 30+ days delinquency rate (period-end) (7)(8)			0.33		%				0.32
Credit Card (5):
Credit card purchase volume ($ in billions)			$	45.0					40.3						4.7						12						$	129.5					116.9						12.6						11
Credit card new accounts (# in thousands)			661						707												(7)						1,954						1,555												26
Credit card loans 30+ days delinquency rate (period-end) (8)			2.69		%				2.68
Credit card loans 90+ days delinquency rate (period-end) (8)			1.34						1.34
Auto:
Auto loan originations ($ in billions)			$	10.1					8.8						1.3						15						$	29.5					20.3						9.2						45
Auto loans 30+ days delinquency rate (period-end) (8)			1.39		%				1.54

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.

Third quarter 2026 vs. third quarter 2025

Revenue increased driven by:

•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances; and

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

Noninterest expense decreased driven by:

•lower operating costs;

•lower operating losses; and

•the impact of efficiency initiatives;

partially offset by:

•higher revenue-related compensation expense; and

•higher occupancy expense.

First nine months of 2026 vs. first nine months of 2025

Revenue increased driven by:

•higher net interest income reflecting wider deposit spreads and higher deposit and loan balances;

•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 nine months of 2025.

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 revenue-related compensation expense;

•higher advertising and promotion expense; and

•higher occupancy expense;

partially offset by:

•the impact of efficiency initiatives.

			Wells Fargo & Company			13

---

Earnings Performance (continued)

Table 6b: Consumer Banking and Lending – Balance Sheet

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 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			$	18,028					17,520						508						3		%				$	17,775					12,190						5,585						46		%
Credit Card			53,896						51,121						2,775						5						53,200						50,396						2,804						6
Home Lending			197,423						201,803						(4,380)						(2)						197,951						203,608						(5,657)						(3)
Auto			58,803						44,775						14,028						31						55,713						43,221						12,492						29
Personal Lending			13,969						13,880						89						1						13,790						13,812						(22)						—
Total loans			$	342,119					329,099						13,020						4						$	338,429					323,227						15,202						5
Total deposits			825,120						808,942						16,178						2						823,399						804,820						18,579						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			$	18,353					17,755						598						3
Credit Card			54,452						51,572						2,880						6
Home Lending			197,454						201,345						(3,891)						(2)
Auto			60,627						46,524						14,103						30
Personal Lending			14,151						13,984						167						1
Total loans			$	345,037					331,180						13,857						4
Total deposits			833,092						810,992						22,100						3

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

Third quarter 2026 vs. third quarter 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; and

•an increase in loan balances in our Credit Card business due to higher purchase volumes;

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.

First nine months of 2026 vs. first nine months of 2025

Total loans (average) 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) increased reflecting growth in consumer checking and savings deposits.

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

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Income Statement
Net interest income			$	2,134					1,949						185						9		%				$	6,169					5,909						260						4		%
Noninterest income:
Deposit-related fees			327						311						16						5						971						970						1						—
Lending-related fees			156						144						12						8						454						418						36						9
Lease income			115						119						(4)						(3)						342						358						(16)						(4)
Other			504						518						(14)						(3)						1,538						1,244						294						24
Total noninterest income			1,102						1,092						10						1						3,305						2,990						315						11
Total revenue			3,236						3,041						195						6						9,474						8,899						575						6
Net charge-offs			131						83						48						58						282						222						60						27
Change in the allowance for credit losses			109						(44)						153						348						239						(39)						278						713
Provision for credit losses			240						39						201						515						521						183						338						185
Noninterest expense			1,400						1,445						(45)						(3)						4,420						4,634						(214)						(5)
Income before income tax expense			1,596						1,557						39						3						4,533						4,082						451						11
Income tax expense			400						393						7						2						1,140						1,034						106						10
Less: Net income from noncontrolling interests			1						2						(1)						(50)						5						6						(1)						(17)
Net income			$	1,195					1,162						33						3						$	3,388					3,042						346						11
Revenue by Product
Lending and leasing			$	1,316					1,251						65						5						$	3,844					3,780						64						2
Treasury management and payments			1,352						1,206						146						12						3,963						3,716						247						7
Other			568						584						(16)						(3)						1,667						1,403						264						19
Total revenue			$	3,236					3,041						195						6						$	9,474					8,899						575						6
Selected Metrics
Return on allocated capital			17.3		%				16.8																		16.5		%				14.7
Efficiency ratio			43						48																		47						52

Third quarter 2026 vs. third quarter 2025

Revenue increased driven by:

•higher net interest income reflecting higher loan and deposit balances; and

•higher deposit-related fees and higher investment banking and markets fees, partially offset by lower revenue from equity investments.

Provision for credit losses increased reflecting an increase in the allowance for commercial and industrial loans due to loan growth.

Noninterest expense decreased driven by lower operating losses and the impact of efficiency initiatives.

First nine months of 2026 vs. first nine months 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 and lower noninterest-bearing deposits.

Provision for credit losses increased reflecting an increase in the allowance for commercial and industrial loans due to loan growth.

Noninterest expense decreased driven by lower operating losses and the impact of efficiency initiatives.

			Wells Fargo & Company			15

---

Earnings Performance (continued)

Table 6d:Commercial Banking – Balance Sheet

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial			$	183,872					166,946						16,926						10		%				$	180,008					166,075						13,933						8		%
Commercial real estate			41,090						37,605						3,485						9						40,256						42,166						(1,910)						(5)
Lease financing and other			15,496						14,805						691						5						15,326						14,950						376						3
Total loans			$	240,458					219,356						21,102						10						$	235,590					223,191						12,399						6
Total deposits			198,946						171,976						26,970						16						191,507						177,570						13,937						8
Allocated capital			26,000						26,000						—						—						26,000						26,000						—						—
Selected Balance Sheet Data (period-end)
Loans:
Commercial and industrial			$	189,482					170,031						19,451						11
Commercial real estate			41,867						38,030						3,837						10
Lease financing and other			15,621						15,174						447						3
Total loans			$	246,970					223,235						23,735						11
Total deposits			205,813						176,954						28,859						16

Third quarter and first nine months of 2026 vs. third quarter and first nine months of 2025

Total loans (average and period-end) increased driven by higher client activity and growth from both new and existing customers.

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

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

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Income Statement
Net interest income			$	2,216					1,870						346						19		%				$	6,673					5,475						1,198						22		%
Noninterest income:
Deposit-related fees			283						273						10						4						834						814						20						2
Lending-related fees			236						214						22						10						682						624						58						9
Investment banking fees			908						826						82						10						2,700						2,291						409						18
Net gains from trading activities			1,053						1,367						(314)						(23)						3,744						4,060						(316)						(8)
Other			312						329						(17)						(5)						1,078						1,352						(274)						(20)
Total noninterest income			2,792						3,009						(217)						(7)						9,038						9,141						(103)						(1)
Total revenue			5,008						4,879						129						3						15,711						14,616						1,095						7
Net charge-offs			73						96						(23)						(24)						282						268						14						5
Change in the allowance for credit losses			(91)						(203)						112						55						(306)						(272)						(34)						(13)
Provision for credit losses			(18)						(107)						89						83						(24)						(4)						(20)						NM
Noninterest expense			2,454						2,362						92						4						7,643						7,089						554						8
Income before income tax expense			2,572						2,624						(52)						(2)						8,092						7,531						561						7
Income tax expense			648						658						(10)						(2)						2,030						1,887						143						8
Net income			$	1,924					1,966						(42)						(2)						$	6,062					5,644						418						7
Revenue by Line of Business
Banking:
Lending			$	692					647						45						7						$	2,116					1,866						250						13
Treasury Management and Payments			683						630						53						8						1,999						1,859						140						8
Investment Banking			611						554						57						10						1,841						1,551						290						19
Total Banking			1,986						1,831						155						8						5,956						5,276						680						13
Commercial Real Estate			1,171						1,186						(15)						(1)						3,514						3,847						(333)						(9)
Markets:
Fixed Income, Currencies, and Commodities (FICC)			1,262						1,355						(93)						(7)						4,381						4,128						253						6
Equities			543						450						93						21						1,721						1,285						436						34
Credit Adjustment (CVA/DVA/FVA) and Other			30						48						(18)						(38)						112						46						66						143
Total Markets			1,835						1,853						(18)						(1)						6,214						5,459						755						14
Other			16						9						7						78						27						34						(7)						(21)
Total revenue			$	5,008					4,879						129						3						$	15,711					14,616						1,095						7
Selected Metrics
Return on allocated capital			15.5		%				16.8																		16.5		%				16.2
Efficiency ratio			49						48																		49						49

NM – Not meaningful

Third quarter 2026 vs. third 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 reflecting higher investment grade Debt Capital Markets, Equity Capital Markets, and M&A advisory fees, partially offset by lower leveraged finance revenue;

partially offset by:

•lower net gains from trading activities driven by lower revenue across most FICC products, partially offset by higher revenue in equities.

Provision for credit losses increased reflecting loan growth.

Noninterest expense increased driven by:

•higher revenue-related compensation expense; and

•higher professional and outside services expense due to increased customer activity driving volume-related expenses;

partially offset by:

•the impact of efficiency initiatives.

First nine months of 2026 vs. first nine months 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

			Wells Fargo & Company			17

---

Earnings Performance (continued)

lower interest rates; and

•higher investment banking fees reflecting higher Equity Capital Markets and investment grade Debt Capital Markets fees;

partially offset by:

•lower net gains from trading activities driven by lower revenue across most FICC products, partially offset by higher revenue in equities; and

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

Noninterest expense increased driven by:

•higher revenue-related compensation expense; and

•higher professional and outside services expense due to increased customer activity driving volume-related expenses;

partially offset by:

•the impact of efficiency initiatives.

Table 6f:Corporate and Investment Banking – Balance Sheet

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Selected Balance Sheet Data (average)
Loans:
Commercial and industrial			$	274,329					214,774						59,555						28		%				$	271,677					203,381						68,296						34		%
Commercial real estate			79,101						81,121						(2,020)						(2)						80,069						83,043						(2,974)						(4)
Total loans			$	353,430					295,895						57,535						19						$	351,746					286,424						65,322						23
Loans by Line of Business:
Banking			$	119,355					92,787						26,568						29						$	120,698					89,459						31,239						35
Commercial Real Estate			123,403						117,115						6,288						5						122,015						117,449						4,566						4
Markets			110,672						85,993						24,679						29						109,033						79,516						29,517						37
Total loans			$	353,430					295,895						57,535						19						$	351,746					286,424						65,322						23
Trading-related assets:
Trading assets, excluding derivative assets			$	200,006					177,045						22,961						13						$	203,234					165,078						38,156						23
Derivative assets			30,130						22,682						7,448						33						26,369						21,936						4,433						20
Securities borrowed or purchased under resale agreements			172,424						115,868						56,556						49						171,058						105,046						66,012						63
Total trading-related assets			$	402,560					315,595						86,965						28						$	400,661					292,060						108,601						37
Total assets			818,661						679,877						138,784						20						815,587						644,390						171,197						27
Total deposits			248,075						204,056						44,019						22						232,518						203,464						29,054						14
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			$	277,910					224,462						53,448						24
Commercial real estate			77,949						79,518						(1,569)						(2)
Total loans			$	355,859					303,980						51,879						17
Loans by Line of Business:
Banking			$	122,965					95,215						27,750						29
Commercial Real Estate			123,153						116,314						6,839						6
Markets			109,741						92,451						17,290						19
Total loans			$	355,859					303,980						51,879						17
Trading-related assets:
Trading assets, excluding derivative assets			$	192,394					202,471						(10,077)						(5)
Derivative assets			34,722						22,574						12,148						54
Securities borrowed or purchased under resale agreements			167,601						130,196						37,405						29
Total trading-related assets			$	394,717					355,241						39,476						11
Total assets			818,817						715,683						103,134						14
Total deposits			258,551						211,051						47,500						23

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

Third quarter and first nine months of 2026 vs. third quarter and first nine months of 2025

Total loans (average and period-end) increased driven by higher commercial and industrial loans reflecting increased demand in corporate and fund finance 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.

Total deposits (average and period-end) increased driven by additions of interest-bearing deposits from both 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

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions, unless otherwise noted)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Income Statement
Net interest income			$	950					851						99						12		%				$	2,774					2,366						408						17		%
Noninterest income:
Investment advisory and other asset-based fees			2,706						2,353						353						15						7,715						6,795						920						14
Commissions and brokerage services fees			426						424						2						—						1,301						1,245						56						4
Other			22						46						(24)						(52)						81						110						(29)						(26)
Total noninterest income			3,154						2,823						331						12						9,097						8,150						947						12
Total revenue			4,104						3,674						430						12						11,871						10,516						1,355						13
Net charge-offs			(1)						(1)						—						—						(3)						(1)						(2)						NM
Change in the allowance for credit losses			17						(13)						30						231						26						10						16						160
Provision for credit losses			16						(14)						30						214						23						9						14						156
Noninterest expense			3,286						3,013						273						9						9,708						8,824						884						10
Income before income tax expense			802						675						127						19						2,140						1,683						457						27
Income tax expense			199						169						30						18						532						408						124						30
Net income			$	603					506						97						19						$	1,608					1,275						333						26
Selected Metrics
Return on allocated capital			36.0		%				29.9																		32.3		%				25.3
Efficiency ratio			80						82																		82						84
Client assets ($ in billions, period-end):
Advisory assets			$	1,230					1,104						126						11
Other brokerage assets and deposits			1,509						1,369						140						10
Total Company-wide client assets (1)			$	2,739					2,473						266						11
Total WIM client assets			$	2,450					2,211						239						11
Selected Balance Sheet Data (average)
Total loans			$	95,371					82,330						13,041						16						$	91,659					81,515						10,144						12
Total deposits			108,671						99,764						8,907						9						110,173						100,431						9,742						10
Allocated capital			6,500						6,500						—						—						6,500						6,500						—						—
Selected Balance Sheet Data (period-end)
Total loans			$	97,986					83,786						14,200						17
Total deposits			110,229						103,957						6,272						6

NM – Not meaningful

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

Third quarter and first nine months of 2026 vs. third quarter and first nine months of 2025

Revenue increased driven by:

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

•higher net interest income driven by higher deposit and loan balances, as well as lower deposit costs.

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

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in billions)			2026						2025						2026						2025
Balance, beginning of period			$	1,224.9					1,041.7						$	1,127.1					997.7
Inflows (outflows), net (1)			3.6						5.1						16.0						(3.0)
Market impact (2)			1.3						57.6						86.7						109.7
Balance, end of period (Company-wide)			$	1,229.8					1,104.4						$	1,229.8					1,104.4
Balance, end of period (WIM)			1,122.6						1,011.0						$	1,122.6					1,011.0

(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

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Income Statement
Net interest income			$	(725)					(273)						(452)						NM						$	(1,774)					(340)						(1,434)						NM
Noninterest income			115						449						(334)						(74)		%				1,345						898						447						50		%
Total revenue			(610)						176						(786)						NM						(429)						558						(987)						NM
Net charge-offs			—						10						(10)						(100)						12						10						2						20
Change in the allowance for credit losses			—						(14)						14						100						(8)						(31)						23						74
Provision for credit losses			—						(4)						4						100						4						(21)						25						119
Noninterest expense			415						650						(235)						(36)						900						1,672						(772)						(46)
Loss before income tax benefit			(1,025)						(470)						(555)						NM						(1,333)						(1,093)						(240)						(22)
Income tax benefit			(484)						(173)						(311)						NM						(1,156)						(1,136)						(20)						(2)
Less: Net income (loss) from noncontrolling interests (1)			(15)						18						(33)						NM						256						(48)						304						633
Net income (loss)			$	(526)					(315)						(211)						(67)						$	(433)					91						(524)						NM

NM – Not meaningful

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

Third quarter 2026 vs. third 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;

•lower net gains from equity securities reflecting lower unrealized and realized gains on equity securities from our venture capital investments, partially offset by lower impairment losses on equity securities; and

•lower lease income due to the sale of our rail car leasing business in first quarter 2026.

Noninterest expense decreased reflecting:

•lower personnel expense reflecting lower severance expense; and

•lower lease expense due to the sale of our rail car leasing business in first quarter 2026.

First nine months of 2026 vs. first nine months 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;

•lower lease income due to the sale of our rail car leasing business in first quarter 2026; and

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

partially offset by:

•higher net gains from equity securities reflecting improved results from our venture capital investments, including higher unrealized and realized 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:

•lower lease expense due to the sale of our rail car leasing business in first quarter 2026;

•lower personnel expense reflecting lower severance expense; and

•the impact of efficiency initiatives.

			Wells Fargo & Company			21

---

Earnings Performance (continued)

Table 6j: Corporate – Balance Sheet

DownloadSimilarLinkTag

			Quarter ended Sep 30,																								Nine months ended Sep 30,
($ in millions)			2026						2025						$ Change						% Change						2026						2025						$ Change						% Change
Selected Balance Sheet Data (average)
Available-for-sale debt securities			$	245,645					188,103						57,542						31		%				$	227,100					174,235						52,865						30		%
Held-to-maturity debt securities			191,090						214,409						(23,319)						(11)						196,963						220,451						(23,488)						(11)
Equity securities			18,749						16,450						2,299						14						17,855						15,784						2,071						13
Total assets			684,304						636,359						47,945						8						669,048						618,635						50,413						8
Total deposits			102,116						55,201						46,915						85						97,173						50,690						46,483						92
Selected Balance Sheet Data (period-end)
Available-for-sale debt securities			$	247,718					198,665						49,053						25
Held-to-maturity debt securities			189,329						211,069						(21,740)						(10)
Equity securities			17,862						16,273						1,589						10
Total assets			670,707						642,044						28,663						4
Total deposits			94,967						64,407						30,560						47

Third quarter and first nine months of 2026 vs. third quarter and first nine months of 2025

Total assets (average and period-end) increased reflecting purchases of available-for-sale debt securities and an increased volume of securities borrowed or purchased under 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 September 30, 2026, our assets totaled $2.3 trillion, up $104.7 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

DownloadSimilarLinkTag

			September 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)			$	266,119					(10,347)						255,772						7.4						$	215,775					(2,202)						213,573						7.2
Held-to-maturity (3)			192,584						(43,228)						149,356						10.0						208,023						(32,226)						175,797						10.2
Total			$	458,703					(53,575)						405,128						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 $88 million and $95 million related to held-to-maturity debt securities at September 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 September 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

DownloadSimilarLinkTag

($ in millions)			Sep 30, 2026						Dec 31, 2025						$ Change						% Change
Commercial			$	647,145					599,895						47,250						8		%
Consumer			400,968						386,272						14,696						4
Total loans			$	1,048,113					986,167						61,946						6

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 third quarter 2026 increased to 1.56%, compared with 1.44% in fourth quarter 2025.

Table 9:Deposits

DownloadSimilarLinkTag

($ in millions)			Sep 30, 2026												Dec 31, 2025												$ Change						% Change
Noninterest-bearing deposits			$	365,666											365,368												298						—		%
Interest-bearing deposits			1,136,986												1,060,839												76,147						7
Total deposits			$	1,502,652											1,426,207												76,445						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 include 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

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Commercial and industrial			$	499,337					452,068
Commercial real estate			132,020						132,284
Lease financing			15,788						15,543
Total commercial			647,145						599,895
Residential mortgage			240,437						242,190
Credit card			59,488						59,540
Auto			60,177						50,487
Other consumer			40,866						34,055
Total consumer			400,968						386,272
Total loans			$	1,048,113					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

DownloadSimilarLinkTag

($ in millions)			Sep 30, 2026						Dec 31, 2025
Nonaccrual loans
Commercial loans			$	4,169					5,266
Consumer loans			2,891						2,935
Total nonaccrual loans			$	7,060					8,201
Nonaccrual loans as a % of total loans			0.67		%				0.83
Allowance for credit losses (ACL) for loans			$	14,458					14,337
ACL for loans as a % of total loans			1.38		%				1.45
			Quarter ended September 30,
			2026						2025
Net loan charge-offs as a % of (1):
Average commercial loans			0.18		%				0.18
Average consumer loans			0.70						0.73
			Nine months ended September 30,
			2026						2025
Average commercial loans			0.17		%				0.17
Average consumer loans			0.74						0.80

(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.

26			Wells Fargo & Company

---

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 September 30, 2026, compared with $15.9 billion at December 31, 2025. The increase was predominantly driven by loans in the technology, telecom and 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 September 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

DownloadSimilarLinkTag

			September 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)			$	—					72,844						7		%				$	125,656					1						68,216						7		%				$	124,491
Commercial finance (4)			81						54,441						5						86,004						108						51,168						5						84,859
Consumer finance (5)			111						33,351						3						48,753						129						27,794						3						45,322
Real estate finance (6)			21						40,248						4						44,045						7						34,514						3						39,043
Total financials except banks			213						200,884						19						304,458						245						181,692						18						293,715
Technology, telecom and media			267						30,422						3						74,156						49						22,672						2						75,043
Real estate and construction			85						32,795						3						66,753						66						28,501						3						60,080
Equipment, machinery and parts manufacturing			24						31,083						3						60,304						33						27,669						3						56,786
Retail			110						24,540						2						48,393						208						19,571						2						42,792
Materials and commodities			137						16,363						2						39,241						100						13,584						1						35,706
Food and beverage manufacturing			150						17,200						2						36,317						286						17,706						2						33,819
Auto related			19						16,881						2						34,757						7						16,979						2						32,164
Oil, gas and pipelines			2						11,311						1						34,137						3						10,197						1						31,698
Health care and pharmaceuticals			21						13,751						1						33,596						22						13,250						1						31,289
Utilities			17						8,505						*						30,224						18						8,232						*						28,187
Commercial services			217						12,024						1						29,674						65						11,308						1						27,389
Entertainment and recreation			26						13,912						1						22,300						17						13,199						1						20,832
Insurance and fiduciaries			1						4,976						*						20,335						1						4,132						*						17,226
Transportation services			39						9,160						*						19,926						156						8,094						*						16,594
Diversified or miscellaneous			54						9,571						*						18,782						58						11,317						1						29,319
Government and education			7						8,462						*						15,361						7						6,315						*						12,312
Securities-based (7)			—						27,998						3						32,498						—						26,007						3						26,007
Other (8)			64						25,287						2						41,293						46						27,186						3						42,563
Total			$	1,453					515,125						49		%				$	962,505					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 $11.3 billion and $8.2 billion at September 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. In third quarter 2026, we reclassified loans to special purpose entities related to financing for trade receivables for companies across various industries from Commercial finance within the Financials except banks industry category to Other. We also reclassified certain loans from Commercial finance within the Financials except banks industry category to the Equipment, machinery and parts manufacturing and Technology, telecom and media industry categories to more closely align those loans with the industry categories of the underlying repayment sources and collateral. Prior period balances have been revised to conform with the current period presentation.

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.Includes prime brokerage and other margin loans to clients of the Corporate and Investment Banking operating segment and securities-based loans to clients of the Wealth and Investment Management operating segment. Securities-based loans are collateralized by securities in client accounts.

8.No other category had total loans in excess of $8.9 billion and $8.3 billion at September 30, 2026, and December 31, 2025, respectively.

			Wells Fargo & Company			27

---

Risk Management – Credit Risk Management (continued)

Our commercial and industrial loans and lease financing portfolio included non-U.S. loans of $81.7 billion and $81.0 billion at September 30, 2026, and December 31, 2025, respectively. Significant industry concentrations of non-U.S. loans at September 30, 2026, and December 31, 2025, respectively, included:

•$38.3 billion and $36.9 billion in the financials except banks industry;

•$13.1 billion and $13.7 billion in the securities-based industry;

•$8.5 billion and $8.2 billion in the banks industry; and

•$2.2 billion and $1.8 billion in the oil, gas and pipelines industry.

COMMERCIAL REAL ESTATE (CRE). Our CRE loan portfolio is composed of CRE mortgage and CRE construction loans with the primary source of repayment supported by a commercial property or the cash flows from a commercial property. The total CRE loan portfolio at September 30, 2026, was stable compared with December 31, 2025. Unfunded credit commitments at September 30, 2026, and December 31, 2025, were $6.8 billion and $6.2 billion, respectively, for CRE mortgage loans and $9.8 billion and $9.2 billion, respectively, for CRE construction loans.

The portfolio is diversified both geographically and by property type. At September 30, 2026, the five states with the largest geographic concentrations of CRE loans, as shown in Table 13, represented a combined 52% of the total CRE portfolio. The largest property type concentrations were apartments at 27% and industrial/warehouse at 22% of the portfolio at September 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 $10.6 billion and $13.4 billion at September 30, 2026, and December 31, 2025, respectively. CRE construction loans classified as criticized were $1.0 billion and $1.7 billion at September 30, 2026, and December 31, 2025, respectively. The decrease in criticized CRE loans was primarily driven by the office and apartments property types.

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

Table 13:CRE Loans by State and Property Type

DownloadSimilarLinkTag

																								September 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						$	702		24,469						103			1,763						805			26,232			3%			$	29,365					26,208			28,918
New York						333			13,437						—			1,502						333			14,939			1			16,121						15,890			17,182
Florida						138			10,182						—			1,344						138			11,526			1			13,392						10,671			11,413
Texas						348			9,286						—			1,442						348			10,728			1			12,710						10,206			13,018
Arizona						5			4,502						—			388						5			4,890			*			5,257						5,364			6,045
Other (2)						989			57,934						98			5,771						1,087			63,705			6			71,773						63,945			71,077
Total						$	2,515		119,810						201			12,210						2,716			132,020			13%			$	148,618					132,284			147,653
By property type:
Apartments						$	366		29,936						19			6,256						385			36,192			3%			$	42,121					36,974			41,554
Industrial/warehouse						22			27,847						—			1,804						22			29,651			3			34,193						25,959			31,377
Office						1,694			17,488						182			1,155						1,876			18,643			2			19,669						21,958			23,360
Hotel/motel						169			11,204						—			739						169			11,943			1			12,375						12,764			13,154
Shopping center						1			9,797						—			255						1			10,052			*			11,055						9,353			9,800
Retail (excl shopping center)						106			9,843						—			141						106			9,984			*			11,017						10,568			11,476
Institutional						8			4,598						—			435						8			5,033			*			5,440						5,402			5,852
Other						149			9,097						—			1,425						149			10,522			1			12,748						9,306			11,080
Total						$	2,515		119,810						201			12,210						2,716			132,020			13		%	$	148,618					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 $4.7 billion and $4.8 billionat September 30, 2026, and December 31, 2025, respectively. Non-U.S. loans were $4.4 billion and $5.7 billion at September 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 September 30, 2026, non-U.S. loans totaled $86.2 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 September 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 September 30, 2026, was the United Kingdom, which totaled $35.9 billion, or approximately 2% of our total assets, of which $4.6 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)

DownloadSimilarLinkTag

			September 30, 2026																														December 31, 2025
(in millions)			Deposits with banks (2)						Lending						Securities						Derivatives and other						Total (3)						Total (4)
United Kingdom			$	4,854					26,892						(8)						4,164						35,902						33,233
Canada			1,770						13,741						37						1,284						16,832						19,548
Japan			15,113						374						311						65						15,863						17,296
Luxembourg			135						10,761						20						355						11,271						10,872
Cayman Islands			—						9,331						—						291						9,622						9,878
Ireland			20						4,290						206						540						5,056						6,222
Guernsey			—						4,306						1						9						4,316						5,866
Bermuda			—						4,163						3						126						4,292						3,734
France			19						3,471						75						456						4,021						4,440
Netherlands			—						3,390						224						157						3,771						3,606
Germany			283						3,018						282						157						3,740						4,159
Switzerland			501						1,787						13						1,044						3,345						2,150
South Korea			19						1,919						199						55						2,192						2,225
Spain			1						1,278						209						357						1,845						1,983
India			8						1,332						351						1						1,692						912
China			274						774						469						33						1,550						1,282
Jersey			—						1,319						70						148						1,537						1,321
Australia			102						568						110						551						1,331						1,432
Hong Kong			84						309						826						39						1,258						1,177
Chile			—						1,007						171						1						1,179						1,511
Total			$	23,183					94,030						3,569						9,833						130,615						132,847

(1)Top 20 country exposures reflected 89% and 90% of our total non-U.S. exposure at September 30, 2026, and December 31, 2025, respectively.

(2)Predominantly deposited with central banks.

(3)Top 20 country exposures to central banks and financial institutions was $82.0 billion.

(4)The 2025 exposures correspond to the ranking of the top 20 country exposures at September 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 September 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 $76.7 billion, or 7% of total loans, at September 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 September 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 $8.8 billion at September 30, 2026, compared with $10.3 billion at December 31, 2025. The unfunded credit commitments for these lines of credit totaled $9.8 billion at September 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 $1.8 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

DownloadSimilarLinkTag

			September 30, 2026												December 31, 2025
($ in millions)			Outstanding balance						% of total loans						Outstanding balance						% of total loans
California (1)			$	109,575					10		%				$	108,080					11		%
New York			29,999						3						30,128						3
Washington			10,823						1						10,727						1
New Jersey			9,409						1						9,481						1
Florida			9,011						1						8,922						1
Other (2)			60,399						6						61,580						6
Government insured/guaranteed loans (3)			4,605						—						5,569						1
Total first lien mortgage portfolio			233,821						22						234,487						24
Total junior lien mortgage portfolio (4)			6,616						—						7,703						1
Total residential mortgage loan portfolio			$	240,437					22		%				$	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 September 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 $600 million and $730 million at September 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

DownloadSimilarLinkTag

						September 30, 2026												December 31, 2025
($ in millions)						Outstanding balance						% of total loans						Outstanding balance						% of total loans
Credit card						$	59,488					6		%				$	59,540					6		%
Auto						60,177						6						50,487						5
Other consumer:
Securities-based						34,187						3						26,206						3
Other						6,679						1						7,849						1
Total other consumer						40,866						4						34,055						4
Total						$	160,531					16		%				$	144,082					15		%

Credit Card. The outstanding balance at September 30, 2026, was stable compared with December 31, 2025.

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

Other Consumer. The increase in the outstanding balance at September 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.

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)

DownloadSimilarLinkTag

($ in millions)						Sep 30, 2026						Dec 31, 2025
Nonaccrual loans:
Commercial and industrial						$	1,372					1,312
Commercial real estate						2,716						3,879
Lease financing						81						75
Total commercial						4,169						5,266
Residential mortgage (1)						2,787						2,838
Auto						78						70
Other consumer						26						27
Total consumer						2,891						2,935
Total nonaccrual loans						$	7,060					8,201
As a percentage of total loans						0.67		%				0.83
Foreclosed assets:
Government insured/guaranteed (2)						$	6					8
Commercial						254						262
Consumer						39						32
Total foreclosed assets						299						302
Total nonperforming assets						$	7,359					8,503
As a percentage of total loans						0.70		%				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 $1.1 billion 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.

			Wells Fargo & Company			31

---

Risk Management – Credit Risk Management (continued)

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

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Commercial nonaccrual loans
Balance, beginning of period			$	4,735					4,563						$	5,266					4,618
Inflows			2,077						1,034						4,689						3,233
Outflows:
Returned to accruing			(313)						(165)						(656)						(506)
Foreclosures			(1)						(2)						(1)						(2)
Charge-offs			(293)						(269)						(1,023)						(806)
Payments, sales and other			(2,036)						(702)						(4,106)						(2,078)
Total outflows			(2,643)						(1,138)						(5,786)						(3,392)
Balance, end of period			4,169						4,459						4,169						4,459
Consumer nonaccrual loans
Balance, beginning of period			2,908						3,194						2,935						3,112
Inflows			278						278						830						978
Outflows:
Returned to accruing			(119)						(121)						(340)						(362)
Foreclosures			(22)						(23)						(65)						(63)
Charge-offs			(20)						(11)						(57)						(63)
Payments, sales and other			(134)						(162)						(412)						(447)
Total outflows			(295)						(317)						(874)						(935)
Balance, end of period			2,891						3,155						2,891						3,155
Total nonaccrual loans			$	7,060					7,614						$	7,060					7,614

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 September 30, 2026:

•97% of total commercial nonaccrual loans were secured, of which 65% were secured by real estate.

•74% of total commercial nonaccrual loans were current on interest and 57% 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 96% were secured by real estate and 98% had an LTV ratio of 80% or less.

•$361 million of the $441 million of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, were current.

32			Wells Fargo & Company

---

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

Table 19:Net Loan Charge-offs

DownloadSimilarLinkTag

			Quarter ended September 30,																								Nine months ended September 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			$	162					0.13		%				$	131					0.13		%				$	624					0.17		%				$	418					0.14		%
Commercial real estate			107						0.32						107						0.32						142						0.14						263						0.26
Lease financing			12						0.30						12						0.32						31						0.27						27						0.23
Total commercial			281						0.18						250						0.18						797						0.17						708						0.17
Residential mortgage			(15)						(0.02)						(22)						(0.04)						(43)						(0.02)						(40)						(0.02)
Credit card			554						3.73						571						4.02						1,759						4.04						1,843						4.43
Auto			84						0.57						50						0.45						201						0.49						144						0.45
Other consumer			79						0.80						93						1.19						245						0.90						293						1.30
Total consumer			702						0.70						692						0.73						2,162						0.74						2,240						0.80
Total			$	983					0.38		%				$	942					0.40		%				$	2,959					0.39		%				$	2,948					0.43		%

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

The increase in commercial net loan charge-offs in third quarter 2026, compared with the same period a year ago, was driven by higher losses in our commercial and industrial portfolio.

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

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.

			Wells Fargo & Company			33

---

Risk Management – Credit Risk Management (continued)

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

Table 20:Allocation of the ACL for Loans

DownloadSimilarLinkTag

			Sep 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			$	5,081					1.02		%				48						$	4,510					1.00		%				46
Commercial real estate			2,128						1.61						13						2,737						2.07						13
Lease financing			219						1.39						1						210						1.35						1
Total commercial			7,428						1.15						62						7,457						1.24						60
Residential mortgage (1)			527						0.22						22						555						0.23						25
Credit card			4,962						8.34						6						4,956						8.32						6
Auto			1,033						1.72						6						817						1.62						5
Other consumer			508						1.24						4						552						1.62						4
Total consumer			7,030						1.75						38						6,880						1.78						40
Total			$	14,458					1.38		%				100						$	14,337					1.45		%				100
Components:
Allowance for loan losses															$	13,819																	13,797
Allowance for unfunded credit commitments															639																		540
Allowance for credit losses for loans															$	14,458																	14,337
Ratio of allowance for loan losses to total net loan charge-offs (2)															3.54x																		3.45
Ratio of allowance for loan losses to total nonaccrual loans															1.96																		1.68
Allowance for loan losses as a percentage of total loans															1.32		%																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 September 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 $121 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 September 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 September 30, 2026, and December 31, 2025, are presented in Table 21.

Table 21:ForecastedKeyEconomic Variables

DownloadSimilarLinkTag

									4Q 2026						2Q 2027						4Q 2027
Weighted blend of economic scenarios:
U.S. unemployment rate (1):
September 30, 2026									4.5		%				4.9						5.5
December 31, 2025									5.3						5.8						6.0
U.S. real GDP (2):
September 30, 2026									0.4						(0.3)						0.9
December 31, 2025									(0.5)						1.0						2.0
Home price index (3):
September 30, 2026									(0.4)						(2.9)						(4.5)
December 31, 2025									(5.2)						(5.5)						(3.6)
Commercial real estate asset prices (3):
September 30, 2026									(0.2)						(5.9)						(6.8)
December 31, 2025									(9.0)						(6.9)						(3.7)

(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.

34			Wells Fargo & Company

---

We believe the ACL for loans of $14.5 billion at September 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.

			Wells Fargo & Company			35

---

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

DownloadSimilarLinkTag

($ in billions)			Sep 30, 2026												Dec 31, 2025
Parallel shift:
+100 bps shift in interest rates			$	1.5											1.9
-100 bps shift in interest rates			(1.9)												(2.3)
-200 bps shift in interest rates			(4.0)												(5.3)
Steeper yield curve:
+100 bps shift in long-term interest rates			0.3												0.5
-100 bps shift in short-term interest rates			(1.5)												(1.8)
Flatter yield curve:
+100 bps shift in short-term interest rates			1.3												1.4
-100 bps shift in long-term interest rates			(0.3)												(0.4)

The changes in our interest rate sensitivity from December 31, 2025, to September 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)

36			Wells Fargo & Company

---

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.

			Wells Fargo & Company			37

---

Risk Management – Asset/Liability Management (continued)

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

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

DownloadSimilarLinkTag

			Quarter ended
			September 30, 2026																								June 30, 2026																								September 30, 2025
(in millions)			Average						Low						High																								Average						Low						High												Average						Low						High
Company Trading General VaR Risk Categories
Credit			$	15					10						29																								14						11						18												21						15						31
Interest rate			16						8						27																								14						7						22												5						2						12
Equity			27						23						33																								28						24						38												20						14						28
Commodity			4						3						14																								4						2						20												3						2						8
Foreign exchange			1						1						2																								1						1						3												7						4						9
Diversification benefit (1)			(31)																																				(30)																								(23)
Company Trading General VaR			$	32																																			31																								33

(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 September 30, 2026, we were compliant with the NSFR requirement.

38			Wells Fargo & Company

---

Liquidity Coverage Ratio. As of September 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

DownloadSimilarLinkTag

			Average for quarter ended
(in millions, except ratio)			Sep 30, 2026						Jun 30, 2026						Sep 30, 2025
HQLA (1):
Eligible cash			$	154,054					155,729						153,816
Eligible securities (2)			278,407						258,511						227,259
Total HQLA			432,461						414,240						381,075
Projected net cash outflows (3)			353,567						347,085						315,355
LCR			122		%				119						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 September 30, 2026, the Company had approximately $970.3 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 $541.1 billion as of September 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 September 30, 2026, we had approximately $706.1 billion of borrowing capacity at the Federal Reserve Discount Window and Federal Home Loan Banks (FHLB). This borrowing capacity included $276.8 billion related to pledged high-quality liquid debt securities within our primary sources of liquidity and $429.3 billion related to pledged loans and other debt securities within our contingent sources of liquidity.

Table 25:Total Available Liquidity Sources

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Jun 30, 2026						Sep 30, 2025
Primary sources of liquidity:
Central bank deposits			$	136,189					156,460						134,506
High-quality liquid debt securities (1)			404,881						387,251						372,003
Total			541,070						543,711						506,509
Contingent sources of liquidity (2):
Pledged loans and other			429,249						435,968						359,579
Total available liquidity			$	970,319					979,679						866,088

(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 70% and 69% of total deposits at September 30, 2026, and December 31, 2025, respectively.

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. 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

			Wells Fargo & Company			39

---

Risk Management – Asset/Liability Management (continued)

“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 September 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

DownloadSimilarLinkTag

			September 30, 2026																																										Dec 31, 2025
(in millions)			Remaining 2026						2027						2028						2029						2030						Thereafter						Total						Total
Wells Fargo & Company (Parent Only)
Senior debt			$	5,942					5,555						23,813						20,918						15,050						71,076						142,354						136,198
Subordinated debt			—						2,457						—						—						—						10,010						12,467						16,358
Junior subordinated debt			—						98						—						268						—						486						852						1,192
Total long-term debt – Parent			5,942						8,110						23,813						21,186						15,050						81,572						155,673						153,748
Wells Fargo Bank, N.A., and other bank entities (Bank)
Senior debt			3,390						2,241						1,095						889						1,400						3,620						12,635						10,209
Subordinated debt			—						26						193						—						—						2,698						2,917						3,169
Credit card securitizations (1)			—						2,240						1,475						1,213						—						—						4,928						3,775
Other bank debt			8						33						53						192						225						1,502						2,013						2,083
Total long-term debt – Bank			3,398						4,540						2,816						2,294						1,625						7,820						22,493						19,236
Other consolidated subsidiaries
Senior debt			9						931						361						735						672						1,977						4,685						1,728
Total long-term debt – Other consolidated subsidiaries			9						931						361						735						672						1,977						4,685						1,728
Total long-term debt			$	9,349					13,581						26,990						24,215						17,347						91,369						182,851						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 September 29, 2026, S&P Global Ratings (S&P) upgraded the long-term credit rating of Wells Fargo & Company to A- from BBB+ and revised its ratings outlook to stable from positive. S&P also affirmed the short-term credit rating of Wells Fargo & Company and the long and short-term credit ratings of Wells Fargo Bank, N.A.

There were no other actions undertaken by the ratings agencies with regard to our credit ratings during third 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 September 30, 2026, are presented in Table 27.

Table 27:Credit Ratings as of September 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

A-

A-2

Stable

A+

A-1

Stable

Fitch Ratings

A+

F1

Stable

AA-

F1+

Stable

40			Wells Fargo & Company

---

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 September 30, 2026.

The stress capital buffer (SCB) is currently 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, 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 will remain in effect through December 31, 2027.

Beginning with the SCB effective on January 1, 2029, the FRB will calculate the SCB based on the average decrease in a BHC’s risk-based capital ratios under the severely adverse scenario in the FRB’s prior two annual supervisory stress tests, plus four quarters of planned common stock dividends.

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 September 30, 2026.

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

			Wells Fargo & Company			41

---

Capital Management (continued)

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

DownloadSimilarLinkTag

						Standardized Approach																		Advanced Approach
($ in millions)						Required Capital Ratios (1)						Sep 30, 2026						Dec 31, 2025						Required Capital Ratios (1)						Sep 30, 2026						Dec 31, 2025
Common Equity Tier 1			(A)									$	134,561					137,346												134,561						137,346
Tier 1 capital			(B)									151,246						153,567												151,246						153,567
Total capital			(C)									182,170						184,682												172,114						174,617
Risk-weighted assets			(D)									1,341,319						1,294,609												1,142,584						1,112,533
Common Equity Tier 1 capital ratio			(A)/(D)			8.50		%				10.03			*			10.61						8.50						11.78						12.35
Tier 1 capital ratio			(B)/(D)			10.00						11.28			*			11.86						10.00						13.24						13.80
Total capital ratio			(C)/(D)			12.00						13.58			*			14.27						12.00						15.06						15.70

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

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

42			Wells Fargo & Company

---

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

DownloadSimilarLinkTag

(in millions)						Sep 30, 2026						Dec 31, 2025
Total equity						$	177,877					183,038
Adjustments:
Preferred stock						(17,098)						(16,608)
Additional paid-in capital on preferred stock						142						141
Noncontrolling interests						(2,117)						(1,920)
Total common stockholders’ equity						$	158,804					164,651
Adjustments:
Goodwill						(24,963)						(24,967)
Certain identifiable intangible assets (other than MSRs)						(701)						(823)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)						(759)						(705)
Applicable deferred taxes related to goodwill and other intangible assets (1)						1,066						1,063
Other						1,114						(1,873)
Common Equity Tier 1 under the Standardized and Advanced Approaches						$	134,561					137,346
Preferred stock						17,098						16,608
Additional paid-in capital on preferred stock						(142)						(141)
Other						(271)						(246)
Total Tier 1 capital under the Standardized and Advanced Approaches			(A)			$	151,246					153,567
Long-term debt and other instruments qualifying as Tier 2						16,696						16,736
Qualifying allowance for credit losses (2)						14,776						14,659
Other						(548)						(280)
Total Tier 2 capital under the Standardized Approach			(B)			$	30,924					31,115
Total qualifying capital under the Standardized Approach			(A)+(B)			$	182,170					184,682
Long-term debt and other instruments qualifying as Tier 2						16,696						16,736
Qualifying allowance for credit losses (2)						4,720						4,594
Other						(548)						(280)
Total Tier 2 capital under the Advanced Approach			(C)			$	20,868					21,050
Total qualifying capital under the Advanced Approach			(A)+(C)			$	172,114					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.

			Wells Fargo & Company			43

---

Capital Management (continued)

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

Table 31: Risk-Weighted Assets

DownloadSimilarLinkTag

						Standardized Approach																		Advanced Approach
(in millions)						Sep 30, 2026						Dec 31, 2025						$ Change						Sep 30, 2026						Dec 31, 2025						$ Change
Risk-weighted assets (RWAs):
Credit risk						$	1,291,079					1,243,455						47,624						810,581						785,554						25,027
Market risk						50,240						51,154						(914)						50,240						51,154						(914)
Operational risk						N/A						N/A						N/A						281,763						275,825						5,938
Total RWAs						$	1,341,319					1,294,609						46,710						1,142,584						1,112,533						30,051

Table 32 provides an analysis of changes in CET1.

Table 32:Analysis of Changes in Common Equity Tier 1

DownloadSimilarLinkTag

(in millions)
Common Equity Tier 1 at December 31, 2025						$	137,346
Net income applicable to common stock						16,863
Common stock dividends						(4,266)
Common stock issued, repurchased, and stock compensation-related items						(8,603)
Changes in accumulated other comprehensive income (loss)						(9,839)
Goodwill						4
Certain identifiable intangible assets (other than MSRs)						122
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)						(54)
Applicable deferred taxes related to goodwill and other intangible assets (1)						3
Other (2)						2,985
Change in Common Equity Tier 1						(2,785)
Common Equity Tier 1 at September 30, 2026						$	134,561

(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)Includes impacts to CET1 from the add-back of changes in accumulated other comprehensive income related to cash flow hedges and deductions for certain deferred tax assets. For additional information on accumulated other comprehensive income, see Note 20 (Other Comprehensive Income) to Financial Statements in this Report.

44			Wells Fargo & Company

---

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

DownloadSimilarLinkTag

									Balance at period-end												Average balance
									Period ended												Quarter ended												Nine months ended
(in millions, except ratios)									Sep 30, 2026			Jun 30, 2026			Sep 30, 2025									Sep 30, 2026			Jun 30, 2026			Sep 30, 2025						Sep 30, 2026						Sep 30, 2025
Total equity									$	177,877		182,323			183,012									182,469			181,910			183,428						182,686						183,351
Adjustments:
Preferred stock									(17,098)			(15,348)			(16,608)									(16,165)			(15,348)			(16,608)						(15,948)						(17,824)
Additional paid-in capital on preferred stock									142			139			141									141			139			141						140						143
Noncontrolling interests									(2,117)			(2,133)			(1,858)									(2,128)			(1,972)			(1,850)						(2,006)						(1,854)
Total common stockholders’ equity			(A)						158,804			164,981			164,687									164,317			164,729			165,111						164,872						163,816
Adjustments:
Goodwill									(24,963)			(24,963)			(25,069)									(24,965)			(24,966)			(25,070)						(24,966)						(25,092)
Certain identifiable intangible assets (other than MSRs)									(701)			(732)			(863)									(716)			(748)			(889)						(751)						(610)
Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)									(759)			(648)			(698)									(649)			(704)			(674)						(686)						(694)
Applicable deferred taxes related to goodwill and other intangible assets (1)									1,066			1,065			1,062									1,065			1,065			1,061						1,064						1,001
Tangible common equity			(B)						$	133,447		139,703			139,119									139,052			139,376			139,539						139,533						138,421
Common shares outstanding			(C)						3,001.6			3,028.5			3,148.9									N/A			N/A			N/A						N/A						N/A
Net income applicable to common stock			(D)						N/A			N/A			N/A									$	5,703		6,160			5,341						$	16,863					15,171
Book value per common share			(A)/(C)						$	52.91		54.48			52.30									N/A			N/A			N/A						N/A						N/A
Tangible book value per common share			(B)/(C)						44.46			46.13			44.18									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									13.77		%	15.00			12.83						13.67		%				12.38
Return on average tangible common equity (ROTCE)			(D)/(B)						N/A			N/A			N/A									16.27			17.73			15.19						16.16						14.65

(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 September 30, 2026.

Table 34:Leverage Requirements Applicable to the Company

			Wells Fargo & Company			45

---

Capital Management (continued)

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 September 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

DownloadSimilarLinkTag

($ in millions)						Quarter ended September 30, 2026
Tier 1 capital			(A)			$	151,246
Total consolidated assets						2,253,291
Adjustments:
Derivatives (1)						89,420
Repo-style transactions (2)						14,445
Credit equivalent amounts of other off-balance sheet exposures						340,950
Other (3)						(35,786)
Total adjustments						409,029
Total leverage exposure			(B)			$	2,662,320
Supplementary leverage ratio			(A)/(B)			5.68		%
Total adjusted average assets (4)			(C)			$	2,215,005
Tier 1 leverage ratio			(A)/(C)			6.83		%

(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 September 30, 2026, are presented in Table 36.

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

DownloadSimilarLinkTag

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

DownloadSimilarLinkTag

September 30, 2026
($ in millions)						TLAC						Regulatory Minimum (1)						Eligible Unsecured Long-term Debt						Regulatory Minimum
Total eligible amount						$	308,387											145,182
Percentage of RWAs (2)						22.99		%				21.50						10.82						7.50
Percentage of total leverage exposure						11.58						8.00						5.45						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 September 30, 2026, these broker-dealer subsidiaries were in compliance with their respective regulatory minimum net capital requirements.

46			Wells Fargo & Company

---

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 conducts 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.

In August 2026, we issued our Preferred Stock, Series HH. For additional information, see Note 8 (Preferred Stock and Common Stock) to Financial Statements in this Report.

During the first nine months of 2026, we issued $1.0 billion of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 112 million shares of common stock at a cost of $9.6 billion. We paid $5.0 billion of common and preferred stock dividends during the first nine months of 2026.

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 September 30, 2026, we had remaining Board authority to repurchase up to approximately $20.2 billion of common stock.

For additional information about share repurchases during third 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 and Second Quarter Reports on Form 10-Q.

			Wells Fargo & Company			47

---

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.

48			Wells Fargo & Company

---

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.

			Wells Fargo & Company			49

---

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,

50			Wells Fargo & Company

---

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.

			Wells Fargo & Company			51

---

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.

52			Wells Fargo & Company

---

Controls and Procedures

Disclosure Controls and Procedures

The Company’s management evaluated the effectiveness, as of September 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 September 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 third quarter 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

			Wells Fargo & Company			53

---

Financial Statements

DownloadSimilarLinkTag

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income (Unaudited)
			Quarter ended September 30,												Nine months ended September 30,
(in millions, except per share amounts)			2026						2025						2026						2025
Interest income
Interest-earning deposits with banks (1)			$	1,401					1,603						$	4,020					4,429
Federal funds sold and securities borrowed or purchased under resale agreements (1)			1,758						1,285						5,229						3,454
Trading assets (1)			1,881						1,710						5,645						4,811
Available-for-sale and held-to-maturity debt securities (1)			3,938						3,578						11,190						10,354
Loans			14,671						13,924						42,781						40,854
Other interest income (1)			259						319						772						810
Total interest income			23,908						22,419						69,637						64,712
Interest expense
Deposits			5,845						5,188						16,335						15,458
Federal funds purchased and securities loaned or sold under repurchase agreements (1)			2,209						2,020						6,696						4,701
Trading liabilities (1)			331						266						906						753
Long-term debt			2,427						2,593						7,199						7,784
Other interest expense (1)			579						402						1,571						863
Total interest expense			11,391						10,469						32,707						29,559
Net interest income			12,517						11,950						36,930						35,153
Noninterest income
Deposit and lending-related fees			1,835						1,674						5,309						4,929
Investment advisory and other asset-based fees			3,046						2,660						8,691						7,695
Commissions and brokerage services fees			670						651						2,024						1,899
Investment banking fees			894						840						2,629						2,311
Card fees			1,274						1,223						3,634						3,440
Mortgage banking			164						268						621						830
Net gains from trading and securities			1,084						1,557						4,848						3,946
Other			386						613						1,252						2,204
Total noninterest income			9,353						9,486						29,008						27,254
Total revenue			21,870						21,436						65,938						62,407
Provision for credit losses			1,029						681						3,078						2,618
Noninterest expense
Personnel			8,745						9,021						27,189						27,204
Technology, telecommunications and equipment			1,492						1,319						4,346						3,829
Occupancy			804						784						2,385						2,311
Professional and outside services			1,168						1,177						3,343						3,304
Advertising and promotion			337						295						1,067						742
Other			1,197						1,250						3,404						3,726
Total noninterest expense			13,743						13,846						41,734						41,116
Income before income tax expense			7,098						6,909						21,126						18,673
Income tax expense			1,161						1,300						3,254						2,738
Net income before noncontrolling interests			5,937						5,609						17,872						15,935
Less: Net income (loss) from noncontrolling interests			(14)						20						261						(42)
Wells Fargo net income			$	5,951					5,589						$	17,611					15,977
Less: Preferred stock dividends and other			248						248						748						806
Wells Fargo net income applicable to common stock			$	5,703					5,341						$	16,863					15,171
Per share information
Earnings per common share			$	1.89					1.68						$	5.54					4.69
Diluted earnings per common share			1.87						1.66						5.47						4.64
Average common shares outstanding			3,015.8						3,182.2						3,046.4						3,231.4
Diluted average common shares outstanding			3,051.5						3,223.5						3,081.0						3,270.3

(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.

54			Wells Fargo & Company

---

DownloadSimilarLinkTag

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)
			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Net income before noncontrolling interests			$	5,937					5,609						$	17,872					15,935
Other comprehensive income (loss), net of tax:
Net change in debt securities			(5,248)						1,653						(5,885)						3,512
Net change in derivatives and hedging activities			(3,103)						136						(3,961)						920
Other			116						(70)						7						97
Other comprehensive income (loss), net of tax			(8,235)						1,719						(9,839)						4,529
Total comprehensive income (loss) before noncontrolling interests			(2,298)						7,328						8,033						20,464
Less: Net income (loss) from noncontrolling interests			(14)						20						261						(42)
Wells Fargo comprehensive income (loss)			$	(2,284)					7,308						$	7,772					20,506

The accompanying notes are an integral part of these statements.

			Wells Fargo & Company			55

---

DownloadSimilarLinkTag

Wells Fargo & Company and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(in millions, except shares)			Sep 30, 2026						Dec 31, 2025
Assets
Cash and due from banks			$	40,556					39,182
Interest-earning deposits with banks			140,503						135,028
Federal funds sold and securities borrowed or purchased under resale agreements			193,106						193,929
Trading assets (includes assets pledged as collateral of $138,130 and $145,519)			227,000						227,935
Available-for-sale debt securities (amortized cost of $266,119 and $215,775, and includes assets pledged as collateral of $0 and $563)			255,772						213,573
Held-to-maturity debt securities (fair value $149,356 and $175,797)			192,584						208,023
Loans (includes assets pledged as collateral of $822 and $1,161)			1,048,113						986,167
Allowance for loan losses			(13,819)						(13,797)
Net loans			1,034,294						972,370
Premises and equipment, net			11,685						11,395
Goodwill			24,963						24,967
Equity securities (includes $1,861 and $2,008 carried at fair value)			42,245						40,932
Other assets (includes $6,877 and $6,996 carried at fair value)			90,583						81,297
Total assets (1)			$	2,253,291					2,148,631
Liabilities
Noninterest-bearing deposits			$	365,666					365,368
Interest-bearing deposits			1,136,986						1,060,839
Total deposits			1,502,652						1,426,207
Federal funds purchased and securities loaned or sold under repurchase agreements			220,519						232,687
Short-term borrowings			38,192						18,323
Trading liabilities			56,133						45,468
Accrued expenses and other liabilities (includes $386 and $357 carried at fair value)			75,067						68,196
Long-term debt (includes $16,728 and $7,082 carried at fair value)			182,851						174,712
Total liabilities (2)			2,075,414						1,965,593
Equity
Wells Fargo stockholders’ equity:
Preferred stock – aggregate liquidation preference of $17,866 and $17,376			17,098						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			61,515						61,288
Retained earnings			241,397						228,873
Accumulated other comprehensive loss			(16,512)						(6,673)
Treasury stock, at cost – 2,480,172,539 shares and 2,389,192,624 shares			(136,874)						(128,115)
Total Wells Fargo stockholders’ equity			175,760						181,117
Noncontrolling interests			2,117						1,921
Total equity			177,877						183,038
Total liabilities and equity			$	2,253,291					2,148,631

(1)Our consolidated assets at September 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, $3.2 billion and $2.3 billion; Available-for-sale debt securities, $704 million and $0 million; Loans, $14.2 billion and $11.3 billion; All other assets, $269 million and $224 million; and Total assets, $18.4 billion and $13.8 billion, respectively.

(2)Our consolidated liabilities at September 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, $1.1 billion and $0 million; Accrued expenses and other liabilities, $234 million and $206 million; Long-term debt, $4.9 billion and $3.8 billion; and Total liabilities $6.3 billion and $4.0 billion, respectively.

The accompanying notes are an integral part of these statements.

56			Wells Fargo & Company

---

DownloadSimilarLinkTag

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Changes in Equity (Unaudited)
			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Preferred stock
Balance, beginning of period			$	15,348					16,608						$	16,608					18,608
Preferred stock issued			1,750						—						4,000						—
Preferred stock redeemed			—						—						(3,510)						(2,000)
Balance, end of period			$	17,098					16,608						$	17,098					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			$	61,192					60,669						$	61,288					60,817
Stock-based compensation			270						273						1,303						1,238
Stock issued for employee plans, net			(19)						(25)						(1,344)						(1,221)
Other			72						99						268						182
Balance, end of period			$	61,515					61,016						$	61,515					61,016
Retained earnings
Balance, beginning of period			$	237,230					221,308						$	228,873					214,198
Net income			5,951						5,589						17,611						15,977
Common stock dividends			(1,536)						(1,460)						(4,339)						(4,114)
Preferred stock dividends			(248)						(248)						(743)						(802)
Other			—						—						(5)						(70)
Balance, end of period			$	241,397					225,189						$	241,397					225,189
Accumulated other comprehensive income (loss)
Balance, beginning of period			$	(8,277)					(9,366)						$	(6,673)					(12,176)
Other comprehensive income (loss), after tax			(8,235)						1,719						(9,839)						4,529
Balance, end of period			$	(16,512)					(7,647)						$	(16,512)					(7,647)
Treasury stock
Balance, beginning of period			$	(134,439)					(117,244)						$	(128,115)					(111,463)
Common stock issued			90						157						816						920
Common stock repurchased			(2,524)						(6,058)						(9,591)						(12,623)
Other			(1)						(3)						16						18
Balance, end of period			$	(136,874)					(123,148)						$	(136,874)					(123,148)
Noncontrolling interests
Balance, beginning of period			$	2,133					1,843						$	1,921					1,946
Net income (loss)			(14)						20						261						(42)
Other			(2)						(5)						(65)						(46)
Balance, end of period			$	2,117					1,858						$	2,117					1,858
Total equity			$	177,877					183,012						$	177,877					183,012

The accompanying notes are an integral part of these statements.

			Wells Fargo & Company			57

---

DownloadSimilarLinkTag

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
			Nine months ended September 30,
(in millions)			2026						2025
Cash flows from operating activities:
Net income before noncontrolling interests			$	17,872					15,935
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Provision for credit losses			3,078						2,618
Changes in fair value of MSRs and LHFS carried at fair value			58						350
Depreciation, amortization and accretion			5,556						5,590
Deferred income tax expense (benefit)			44						(1,637)
Other, net			(955)						6,413
Originations and purchases of loans held for sale (1)			(27,736)						(32,133)
Proceeds from sales of and paydowns on loans originally classified as held for sale (1)			25,195						27,664
Net change in:
Trading assets and liabilities (1)			8,645						(51,915)
Other assets (1)			(16,342)						(2,889)
Other accrued expenses and liabilities (1)			9,370						6,882
Net cash provided (used) by operating activities			24,785						(23,122)
Cash flows from investing activities:
Net change in:
Federal funds sold and securities borrowed or purchased under resale agreements			823						(49,246)
Available-for-sale debt securities:
Proceeds from sales			21,400						4,358
Paydowns and maturities			20,144						15,767
Purchases			(97,377)						(57,895)
Held-to-maturity debt securities:
Paydowns and maturities			15,555						20,809
Equity securities:
Proceeds from sales and capital returns			3,461						3,358
Purchases			(6,503)						(5,932)
Loans:
Loans originated, net of principal collected			(72,404)						(35,605)
Proceeds from sales of loans originally classified as held for investment			6,673						2,549
Purchases of loans			(741)						(980)
Other, net (2)			5,069						492
Net cash used by investing activities			(103,900)						(102,325)
Cash flows from financing activities:
Net change in:
Deposits			76,450						(4,443)
Federal funds purchased and securities loaned or sold under repurchase agreements (1)			(12,168)						107,039
Short-term borrowings (1)			19,869						14,804
Long-term debt:
Proceeds from issuance			34,007						30,111
Repayment			(17,294)						(31,286)
Preferred stock:
Proceeds from issuance			3,993						—
Redeemed			(3,510)						(2,000)
Cash dividends paid			(743)						(802)
Common stock:
Repurchased			(9,515)						(12,516)
Cash dividends paid			(4,261)						(4,036)
Other, net			(946)						(810)
Net cash provided by financing activities			85,882						96,061
Net change in cash, cash equivalents, and restricted cash			6,767						(29,386)
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)			$	179,360					172,516
Supplemental cash flow disclosures:
Cash paid for interest			$	31,897					29,695

(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.

58			Wells Fargo & Company

---

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 nine months 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 nine months 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 September 30, 2026, and there have been no material events that would require recognition in our third quarter 2026 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.

			Wells Fargo & Company			59

---

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

DownloadSimilarLinkTag

(in millions)			Amortized cost, net (1)						Gross unrealized gains						Gross unrealized losses						Net unrealized gains (losses)						Fair value
September 30, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	95,041					244						(742)						(498)						94,543
Securities of U.S. states and political subdivisions (2)			10,203						2						(611)						(609)						9,594
Federal agency mortgage-backed securities			148,858						42						(10,318)						(10,276)						138,582
Non-agency mortgage-backed securities (3)			1,665						3						(9)						(6)						1,659
Collateralized loan obligations			10,782						7						(1)						6						10,788
Other debt securities			540						69						(3)						66						606
Total available-for-sale debt securities, excluding portfolio level basis adjustments			267,089						367						(11,684)						(11,317)						255,772
Portfolio level basis adjustments (4)			(970)																		970						—
Total available-for-sale debt securities			266,119						367						(11,684)						(10,347)						255,772
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies			3,801						—						(1,988)						(1,988)						1,813
Securities of U.S. states and political subdivisions			17,116						1						(4,630)						(4,629)						12,487
Federal agency mortgage-backed securities			167,865						—						(36,583)						(36,583)						131,282
Non-agency mortgage-backed securities (3)			1,535						54						(60)						(6)						1,529
Collateralized loan obligations			547						2						—						2						549
Other debt securities			1,720						—						(24)						(24)						1,696
Total held-to-maturity debt securities			192,584						57						(43,285)						(43,228)						149,356
Total			$	458,703					424						(54,969)						(53,575)						405,128
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 September 30, 2026, and December 31, 2025, respectively, and $88 million and $95 million related to HTM debt securities at September 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 $2.2 billion and $2.5 billion at September 30, 2026, and December 31, 2025, respectively.

(3)Predominantly consists of commercial mortgage-backed securities at both September 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).

60			Wells Fargo & Company

---

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

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Purchases of held-to-maturity debt securities (1):
Non-agency mortgage-backed securities			$	40					33						$	143					139
Total purchases of held-to-maturity debt securities			$	40					33						$	143					139

(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

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Interest income:
Available-for-sale			$	2,867					2,319						$	7,841					6,407
Held-to-maturity			1,071						1,259						3,349						3,947
Total interest income			3,938						3,578						11,190						10,354
Provision for credit losses:
Available-for-sale			—						4						3						(1)
Held-to-maturity			(4)						(10)						(8)						—
Total provision for credit losses			(4)						(6)						(5)						(1)
Realized gains and losses (1):
Gross realized gains			46						4						142						19
Gross realized losses			(75)						(4)						(170)						(133)
Impairment write-downs			—						—						—						(33)
Net realized losses			$	(29)					—						$	(28)					(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.

			Wells Fargo & Company			61

---

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

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 September 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

DownloadSimilarLinkTag

			Available-for-Sale									Held-to-Maturity
($ in millions)			Fair value			% investment grade						Amortized cost			% investment grade
September 30, 2026
Total portfolio (1)			$	255,772		99		%				$	192,672		99		%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)			$	233,125		100		%				$	171,666		100		%
Securities of U.S. states and political subdivisions			9,594			99						17,126			100
Collateralized loan obligations (3)			10,788			100						547			100
All other debt securities (4)			2,265			89						3,333			61
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 September 30, 2026, and December 31, 2025.

(2)Includes federal agency mortgage-backed securities.

(3)100% were rated AA- and above at both September 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 September 30, 2026, and December 31, 2025. Net charge-offs on debt securities were insignificant in the third quarter and first nine months of both 2026 and 2025.

62			Wells Fargo & Company

---

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

DownloadSimilarLinkTag

			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
September 30, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	(611)					41,781						(131)						2,833						(742)						44,614
Securities of U.S. states and political subdivisions			(98)						2,862						(513)						4,163						(611)						7,025
Federal agency mortgage-backed securities			(5,120)						105,309						(5,198)						27,262						(10,318)						132,571
Non-agency mortgage-backed securities			(1)						188						(8)						211						(9)						399
Collateralized loan obligations			(1)						1,918						—						—						(1)						1,918
Other debt securities			(1)						340						(2)						17						(3)						357
Total available-for-sale debt securities			$	(5,832)					152,398						(5,852)						34,486						(11,684)						186,884
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.

			Wells Fargo & Company			63

---

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

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

DownloadSimilarLinkTag

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
September 30, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net			$	95,041					2,498						29,647						62,182						714
Fair value			94,543						2,498						29,188						62,189						668
Weighted average yield			4.14		%				4.11						4.06						4.18						4.53
Securities of U.S. states and political subdivisions
Amortized cost, net			$	10,203					516						3,875						2,354						3,458
Fair value			9,594						511						3,723						2,227						3,133
Weighted average yield			3.52		%				2.22						3.27						3.50						4.01
Federal agency mortgage-backed securities
Amortized cost, net			$	148,858					1						1,082						8,959						138,816
Fair value			138,582						1						1,069						8,978						128,534
Weighted average yield			4.50		%				2.63						2.77						4.59						4.51
Non-agency mortgage-backed securities
Amortized cost, net			$	1,665					88						412						22						1,143
Fair value			1,659						88						406						21						1,144
Weighted average yield			4.66		%				3.83						2.95						4.76						5.33
Collateralized loan obligations
Amortized cost, net			$	10,782					—						—						313						10,469
Fair value			10,788						—						—						313						10,475
Weighted average yield			5.05		%				—						—						5.07						5.05
Other debt securities
Amortized cost, net			$	540					32						422						71						15
Fair value			606						35						446						107						18
Weighted average yield			5.03		%				6.65						5.36						3.35						—
Total available-for-sale debt securities
Amortized cost, net (1)			$	267,089					3,135						35,438						73,901						154,615
Fair value			255,772						3,133						34,832						73,835						143,972
Weighted average yield (2)			4.36		%				3.82						3.94						4.21						4.54

(1)Amortized cost, net excludes portfolio level basis adjustments of $(970) 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.

64			Wells Fargo & Company

---

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

DownloadSimilarLinkTag

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
September 30, 2026
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net			$	3,801					—						—						—						3,801
Fair value			1,813						—						—						—						1,813
Weighted average yield			1.60		%				—						—						—						1.60
Securities of U.S. states and political subdivisions
Amortized cost, net			$	17,116					92						468						444						16,112
Fair value			12,487						91						448						386						11,562
Weighted average yield			2.54		%				1.64						2.41						2.52						2.55
Federal agency mortgage-backed securities
Amortized cost, net			$	167,865					—						663						—						167,202
Fair value			131,282						—						615						—						130,667
Weighted average yield			2.34		%				—						2.16						—						2.34
Non-agency mortgage-backed securities
Amortized cost, net			$	1,535					196						1,003						265						71
Fair value			1,529						211						1,006						250						62
Weighted average yield			3.98		%				3.61						4.09						4.01						3.20
Collateralized loan obligations
Amortized cost, net			$	547					—						98						449						—
Fair value			549						—						99						450						—
Weighted average yield			5.63		%				—						6.22						5.49						—
Other debt securities
Amortized cost, net			$	1,720					—						1,720						—						—
Fair value			1,696						—						1,696						—						—
Weighted average yield			5.27		%				—						5.27						—						—
Total held-to-maturity debt securities
Amortized cost, net			$	192,584					288						3,952						1,158						187,186
Fair value			149,356						302						3,864						1,086						144,104
Weighted average yield (1)			2.39		%				3.02						4.14						4.01						2.34

(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.

			Wells Fargo & Company			65

---

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 September 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 nine months of 2026, we reversed accrued interest receivable of $31 million for our commercial portfolio segment and $275 million for our consumer portfolio segment, compared with $42 million and $284 million, respectively, for the same period a year ago.

Table 3.1:Loans Outstanding

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Commercial and industrial			$	499,337					452,068
Commercial real estate			132,020						132,284
Lease financing			15,788						15,543
Total commercial			647,145						599,895
Residential mortgage			240,437						242,190
Credit card			59,488						59,540
Auto			60,177						50,487
Other consumer (1)			40,866						34,055
Total consumer			400,968						386,272
Total loans			$	1,048,113					986,167

(1)Includes $34.2 billion and $26.2 billion at September 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

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Commercial and industrial			$	81,192					80,475
Commercial real estate			4,445						5,674
Lease financing			463						498
Total non-U.S. commercial loans			$	86,100					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

DownloadSimilarLinkTag

			2026																		2025
(in millions)			Commercial						Consumer						Total						Commercial						Consumer						Total
Quarter ended September 30,
Purchases			$	100					2						102						389						3						392
Sales and net transfers (to)/from LHFS			(1,821)						7						(1,814)						(626)						(13)						(639)
Nine months ended September 30,
Purchases			$	732					9						741						975						5						980
Sales and net transfers (to)/from LHFS			(6,435)						5						(6,430)						(3,340)						(1)						(3,341)

66			Wells Fargo & Company

---

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 September 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

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Commercial and industrial			$	447,380					445,910
Commercial real estate			16,598						15,369
Total commercial			463,978						461,279
Residential mortgage (1)			12,464						17,496
Credit card			198,001						180,563
Other consumer			7,445						7,397
Total consumer			217,910						205,456
Total unfunded credit commitments			$	681,888					666,735

(1)Includes lines of credit totaling $9.8 billion and $15.2 billion as of September 30, 2026, and December 31, 2025, respectively.

			Wells Fargo & Company			67

---

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

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 $121 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

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
($ in millions)			2026						2025						2026						2025
Balance, beginning of period			$	14,407					14,568						$	14,337					14,636
Provision for credit losses			1,033						687						3,083						2,619
Loan charge-offs:
Commercial and industrial			(187)						(155)						(722)						(516)
Commercial real estate			(148)						(124)						(263)						(326)
Lease financing			(14)						(15)						(39)						(37)
Total commercial			(349)						(294)						(1,024)						(879)
Residential mortgage			(8)						(11)						(31)						(54)
Credit card			(732)						(710)						(2,267)						(2,229)
Auto			(142)						(110)						(365)						(340)
Other consumer			(100)						(113)						(306)						(348)
Total consumer			(982)						(944)						(2,969)						(2,971)
Total loan charge-offs			(1,331)						(1,238)						(3,993)						(3,850)
Loan recoveries:
Commercial and industrial			25						24						98						98
Commercial real estate			41						17						121						63
Lease financing			2						3						8						10
Total commercial			68						44						227						171
Residential mortgage			23						33						74						94
Credit card			178						139						508						386
Auto			58						60						164						196
Other consumer			21						20						61						55
Total consumer			280						252						807						731
Total loan recoveries			348						296						1,034						902
Net loan charge-offs			(983)						(942)						(2,959)						(2,948)
Other			1						(2)						(3)						4
Balance, end of period			$	14,458					14,311						$	14,458					14,311
Components:
Allowance for loan losses			$	13,819					13,744						$	13,819					13,744
Allowance for unfunded credit commitments			639						567						639						567
Allowance for credit losses for loans			$	14,458					14,311						$	14,458					14,311
Net loan charge-offs (annualized) as a percentage of average total loans			0.38		%				0.40						0.39		%				0.43
Allowance for loan losses as a percentage of total loans			1.32						1.46						1.32						1.46
Allowance for credit losses for loans as a percentage of total loans			1.38						1.52						1.38						1.52

68			Wells Fargo & Company

---

Table 3.6 summarizes the activity in the ACL by our commercial and consumer portfolio segments.

Table 3.6:Allowance for Credit Losses for Loans Activity by Portfolio Segment

DownloadSimilarLinkTag

			2026																		2025
(in millions)			Commercial						Consumer						Total						Commercial						Consumer						Total
Quarter ended September 30,
Balance, beginning of period			$	7,395					7,012						14,407						7,835						6,733						14,568
Provision for credit losses			313						720						1,033						(32)						719						687
Loan charge-offs			(349)						(982)						(1,331)						(294)						(944)						(1,238)
Loan recoveries			68						280						348						44						252						296
Net loan charge-offs			(281)						(702)						(983)						(250)						(692)						(942)
Other			1						—						1						(1)						(1)						(2)
Balance, end of period			$	7,428					7,030						14,458						7,552						6,759						14,311
Nine months ended September 30,
Balance, beginning of period			$	7,457					6,880						14,337						7,946						6,690						14,636
Provision for credit losses			771						2,312						3,083						310						2,309						2,619
Loan charge-offs			(1,024)						(2,969)						(3,993)						(879)						(2,971)						(3,850)
Loan recoveries			227						807						1,034						171						731						902
Net loan charge-offs			(797)						(2,162)						(2,959)						(708)						(2,240)						(2,948)
Other			(3)						—						(3)						4						—						4
Balance, end of period			$	7,428					7,030						14,458						7,552						6,759						14,311

Credit Quality

We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for loans. The following sections provide the credit quality indicators we most closely monitor. The credit quality indicators are generally based on information as of our financial statement date.

COMMERCIAL CREDIT QUALITY INDICATORS. We manage a consistent process for assessing commercial loan credit quality. Commercial loans are generally subject to individual risk assessment using our internal borrower and collateral quality ratings, which is our primary credit quality indicator. Our ratings are aligned to regulatory definitions of pass and criticized categories with the criticized segmented among special mention, substandard, doubtful, and loss categories.

Table 3.7 provides the outstanding balances of our commercial loan portfolio by risk category and credit quality information by origination year for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty. Gross charge-offs by loan class are included in the following table for the nine months ended September 30, 2026, and year ended December 31, 2025.

			Wells Fargo & Company			69

---

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

Table 3.7:Commercial Loan Categories by Risk Categories and Vintage

DownloadSimilarLinkTag

			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2026						2025						2024						2023						2022						Prior
September 30, 2026
Commercial and industrial
Pass			$	73,056					49,950						15,785						8,739						9,584						17,484						309,196						15						483,809
Criticized			1,889						1,347						690						912						359						336						9,995						—						15,528
Total commercial and industrial			74,945						51,297						16,475						9,651						9,943						17,820						319,191						15						499,337
Gross charge-offs (1)			25						68						16						14						6						9						584						—						722
Commercial real estate
Pass			35,323						27,972						7,673						5,144						10,888						25,497						7,889						9						120,395
Criticized			1,526						2,152						1,235						965						2,195						3,466						86						—						11,625
Total commercial real estate			36,849						30,124						8,908						6,109						13,083						28,963						7,975						9						132,020
Gross charge-offs			39						34						36						21						107						25						1						—						263
Lease financing
Pass			3,450						3,807						2,585						2,455						1,050						1,077						—						—						14,424
Criticized			399						373						280						198						83						31						—						—						1,364
Total lease financing			3,849						4,180						2,865						2,653						1,133						1,108						—						—						15,788
Gross charge-offs			1						9						11						9						6						3						—						—						39
Total commercial loans			$	115,643					85,601						28,248						18,413						24,159						47,891						327,166						24						647,145
			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2025						2024						2023						2022						2021						Prior
December 31, 2025
Commercial and industrial
Pass			$	84,419					23,611						11,947						12,544						7,248						12,455						285,207						13						437,444
Criticized			1,383						732						931						785						263						459						10,071						—						14,624
Total commercial and industrial			85,802						24,343						12,878						13,329						7,511						12,914						295,278						13						452,068
Gross charge-offs (1)			54						56						42						26						27						14						485						—						704
Commercial real estate
Pass			40,934						10,799						8,246						16,051						11,863						21,690						7,588						55						117,226
Criticized			3,803						1,402						1,182						3,591						3,014						2,007						59						—						15,058
Total commercial real estate			44,737						12,201						9,428						19,642						14,877						23,697						7,647						55						132,284
Gross charge-offs			104						52						38						61						117						123						2						—						497
Lease financing
Pass			4,566						3,295						3,254						1,524						768						812						—						—						14,219
Criticized			401						369						318						146						51						39						—						—						1,324
Total lease financing			4,967						3,664						3,572						1,670						819						851						—						—						15,543
Gross charge-offs			3						11						17						10						5						4						—						—						50
Total commercial loans			$	135,506					40,208						25,878						34,641						23,207						37,462						302,925						68						599,895

(1) Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.

70			Wells Fargo & Company

---

Table 3.8 provides days past due (DPD) information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans.

Table 3.8:Commercial Loan Categories by Delinquency Status

DownloadSimilarLinkTag

			Still accruing																		Nonaccrual loans						Total commercial loans
(in millions)			Current-29 DPD						30-89 DPD						90+ DPD
September 30, 2026
Commercial and industrial			$	497,128					556						281						1,372						499,337
Commercial real estate			128,279						383						642						2,716						132,020
Lease financing			15,472						235						—						81						15,788
Total commercial loans			$	640,879					1,174						923						4,169						647,145
December 31, 2025
Commercial and industrial			$	449,764					872						120						1,312						452,068
Commercial real estate			127,432						722						251						3,879						132,284
Lease financing			15,242						226						—						75						15,543
Total commercial loans			$	592,438					1,820						371						5,266						599,895

CONSUMER CREDIT QUALITY INDICATORS. We have various classes of consumer loans that present unique credit risks. Loan delinquency, Fair Isaac Corporation (FICO) credit scores and loan-to-value (LTV) for residential mortgage loans are the primary credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the ACL for the consumer loan portfolio segment.

Many of our loss estimation techniques used for the ACL for loans rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality in the establishment of our ACL for consumer loans.

We obtain FICO scores at loan origination and the scores are generally updated at least quarterly, except in limited circumstances, including compliance with the Fair Credit Reporting Act (FCRA). FICO scores are not available for certain loan types or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes.

LTV is the ratio of the outstanding loan balance divided by the property collateral value. For junior lien mortgages, we use the total combined loan balance of first and junior liens, including unused line of credit amounts. We generally obtain property collateral values through home valuation models and indices. We update LTVs on a quarterly basis. Certain loans do not have an LTV due to a lack of industry data availability or are portfolios acquired from or serviced by other institutions.

Gross charge-offs by loan class are included in the following tables for the nine months ended September 30, 2026, and year ended December 31, 2025.

Credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty.

Table 3.9 provides the outstanding balances of our residential mortgage loans by our primary credit quality indicators.

			Wells Fargo & Company			71

---

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

Table 3.9:Credit Quality Indicators for Residential Mortgage Loans by Vintage

DownloadSimilarLinkTag

			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans
(in millions)			2026						2025						2024						2023						2022						Prior																		Total
September 30, 2026
By delinquency status:
Current-29 DPD			$	17,221					14,880						7,002						9,078						38,344						139,006						2,545						6,228						234,304
30-89 DPD			5						8						10						14						73						663						7						124						904
90+ DPD			—						—						2						12						67						418						7						118						624
Government insured/guaranteed loans (1)			—						—						1						3						5						4,596						—						—						4,605
Total			$	17,226					14,888						7,015						9,107						38,489						144,683						2,559						6,470						240,437
By updated FICO:
740+			$	15,964					14,003						6,644						8,606						35,550						126,973						2,127						4,098						213,965
700-739			947						556						227						251						1,644						6,405						232						829						11,091
660-699			193						168						80						131						712						2,676						107						508						4,575
620-659			57						35						19						38						226						1,060						33						245						1,713
<620			13						9						4						24						178						1,289						42						407						1,966
No FICO available			52						117						40						54						174						1,684						18						383						2,522
Government insured/guaranteed loans (1)			—						—						1						3						5						4,596						—						—						4,605
Total			$	17,226					14,888						7,015						9,107						38,489						144,683						2,559						6,470						240,437
By updated LTV:
0-80%			$	16,774					14,057						6,729						8,865						37,085						139,498						2,405						6,405						231,818
80.01-100%			407						785						245						206						1,289						425						6						41						3,404
>100% (2)			4						12						11						16						84						44						2						9						182
No LTV available			41						34						29						17						26						120						146						15						428
Government insured/guaranteed loans (1)			—						—						1						3						5						4,596						—						—						4,605
Total			$	17,226					14,888						7,015						9,107						38,489						144,683						2,559						6,470						240,437
Gross charge-offs			$	—					—						—						—						4						11						1						15						31
			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2025						2024						2023						2022						2021						Prior
December 31, 2025
By delinquency status:
Current-29 DPD			$	16,684					8,093						10,109						40,678						55,583						93,805						3,852						6,326						235,130
30-89 DPD			8						4						10						83						81						572						13						124						895
90+ DPD			—						6						7						51						57						329						6						140						596
Government insured/guaranteed loans (1)			2						2						6						6						20						5,533						—						—						5,569
Total			$	16,694					8,105						10,132						40,818						55,741						100,239						3,871						6,590						242,190
By updated FICO:
740+			$	15,739					7,606						9,518						37,588						52,338						83,614						3,078						4,028						213,509
700-739			678						314						348						1,888						2,043						5,078						393						848						11,590
660-699			168						102						138						722						794						2,242						183						524						4,873
620-659			49						10						40						269						202						900						63						252						1,785
<620			5						5						16						157						147						1,194						82						434						2,040
No FICO available			53						66						66						188						197						1,678						72						504						2,824
Government insured/guaranteed loans (1)			2						2						6						6						20						5,533						—						—						5,569
Total			$	16,694					8,105						10,132						40,818						55,741						100,239						3,871						6,590						242,190
By updated LTV:
0-80%			$	15,501					7,473						9,687						38,247						55,218						94,237						3,825						6,502						230,690
80.01-100%			1,152						573						394						2,434						437						283						27						56						5,356
>100% (2)			7						22						25						93						34						40						8						12						241
No LTV available			32						35						20						38						32						146						11						20						334
Government insured/guaranteed loans (1)			2						2						6						6						20						5,533						—						—						5,569
Total			$	16,694					8,105						10,132						40,818						55,741						100,239						3,871						6,590						242,190
Gross charge-offs			$	—					1						1						7						8						29						2						21						69

(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Loans insured/guaranteed by U.S. government agencies and 90+ DPD totaled $1.1 billion and $1.7 billion at September 30, 2026, and December 31, 2025, respectively.

(2)Reflects total loan balances with LTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV.

72			Wells Fargo & Company

---

Table 3.10 provides the outstanding balances of our credit card loan portfolio by primary credit quality indicators.

The revolving loans converted to term loans in the credit card loan category represent credit card loans with modified terms that require payment over a specific term.

Table 3.10:Credit Quality Indicators for Credit Card Loans

DownloadSimilarLinkTag

						September 30, 2026																		December 31, 2025
						Revolving loans						Revolving loans converted to term loans												Revolving loans						Revolving loans converted to term loans
(in millions)																		Total																		Total
By delinquency status:
Current-29 DPD						$	57,266					657						57,923						57,322						622						57,944
30-89 DPD						718						66						784						718						65						783
90+ DPD						747						34						781						781						32						813
Total						$	58,731					757						59,488						58,821						719						59,540
By updated FICO:
740+						$	23,424					46						23,470						23,443						37						23,480
700-739						12,766						103						12,869						12,713						91						12,804
660-699						11,157						164						11,321						11,267						155						11,422
620-659						5,517						141						5,658						5,472						136						5,608
<620						5,739						301						6,040						5,736						298						6,034
No FICO available						128						2						130						190						2						192
Total						$	58,731					757						59,488						58,821						719						59,540
Gross charge-offs						$	2,109					158						2,267						2,758						205						2,963

			Wells Fargo & Company			73

---

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

Table 3.11 provides the outstanding balances of our Auto loan portfolio by primary credit quality indicators.

Table 3.11:Credit Quality Indicators for Auto Loans by Vintage

DownloadSimilarLinkTag

			Term loans by origination year
(in millions)			2026						2025						2024						2023						2022						Prior												Total
September 30, 2026
By delinquency status:
Current-29 DPD			$	25,928					19,481						6,233						3,504						2,665						1,525																		59,336
30-89 DPD			193						223						59						46						119						139																		779
90+ DPD			14						19						5						3						9						12																		62
Total			$	26,135					19,723						6,297						3,553						2,793						1,676																		60,177
By updated FICO:
740+			$	12,932					10,946						3,915						2,310						1,362						594																		32,059
700-739			4,201						2,963						940						460						345						197																		9,106
660-699			3,596						2,394						665						316						296						187																		7,454
620-659			2,567						1,441						319						164						212						157																		4,860
<620			2,837						1,978						458						303						578						541																		6,695
No FICO available			2						1						—						—						—						—																		3
Total			$	26,135					19,723						6,297						3,553						2,793						1,676																		60,177
Gross charge-offs			$	42					136						33						26						71						57																		365
			Term loans by origination year
(in millions)			2025						2024						2023						2022						2021						Prior												Total
December 31, 2025
By delinquency status:
Current-29 DPD			$	26,413					8,993						5,560						4,728						3,357						654																		49,705
30-89 DPD			115						61						60						187						227						72																		722
90+ DPD			10						5						5						16						18						6																		60
Total			$	26,538					9,059						5,625						4,931						3,602						732																		50,487
By updated FICO:
740+			$	14,805					5,654						3,708						2,429						1,430						219																		28,245
700-739			4,376						1,419						749						630						443						87																		7,704
660-699			3,411						1,003						507						534						409						87																		5,951
620-659			2,039						460						248						370						314						72																		3,503
<620			1,892						504						410						950						983						258																		4,997
No FICO available			15						19						3						18						23						9																		87
Total			$	26,538					9,059						5,625						4,931						3,602						732																		50,487
Gross charge-offs			$	29					41						47						160						149						27																		453

74			Wells Fargo & Company

---

Table 3.12 provides the outstanding balances of our Other consumer loans portfolio by primary credit quality indicators.

Table 3.12:Credit Quality Indicators for Other Consumer Loans by Vintage

DownloadSimilarLinkTag

			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans
(in millions)			2026						2025						2024						2023						2022						Prior																		Total
September 30, 2026
By delinquency status:
Current-29 DPD			$	2,062					1,318						564						501						295						93						35,858						97						40,788
30-89 DPD			5						10						5						8						5						2						10						4						49
90+ DPD			1						4						1						4						1						—						11						7						29
Total			$	2,068					1,332						570						513						301						95						35,879						108						40,866
By updated FICO:
740+			$	1,370					876						342						207						116						34						730						35						3,710
700-739			402						241						109						104						53						14						345						14						1,282
660-699			183						134						70						96						55						13						264						13						828
620-659			25						40						22						44						25						7						104						7						274
<620			4						26						21						53						36						10						120						13						283
No FICO available (1)			84						15						6						9						16						17						34,316						26						34,489
Total			$	2,068					1,332						570						513						301						95						35,879						108						40,866
Gross charge-offs (2)			$	94					68						29						42						23						7						38						5						306
			Term loans by origination year																																				Revolving loans						Revolving loans converted to term loans						Total
(in millions)			2025						2024						2023						2022						2021						Prior
December 31, 2025
By delinquency status:
Current-29 DPD			$	2,134					967						926						565						137						52						29,074						103						33,958
30-89 DPD			9						8						15						9						2						2						11						5						61
90+ DPD			3						3						6						4						1						—						12						7						36
Total			$	2,146					978						947						578						140						54						29,097						115						34,055
By updated FICO:
740+			$	1,493					612						389						205						62						22						784						34						3,601
700-739			357						179						184						98						21						8						396						16						1,259
660-699			162						101						164						97						20						6						300						11						861
620-659			39						32						72						47						10						3						112						10						325
<620			24						33						91						66						13						5						132						17						381
No FICO available (1)			71						21						47						65						14						10						27,373						27						27,628
Total			$	2,146					978						947						578						140						54						29,097						115						34,055
Gross charge-offs (2)			$	147					68						100						63						13						3						58						7						459

(1)Substantially all loans are revolving securities-based loans and therefore do not require a FICO score.

(2)Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due.

			Wells Fargo & Company			75

---

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

NONACCRUAL LOANS. Table 3.13 provides loans on nonaccrual status. Nonaccrual loans may have an ACL or a negative allowance for credit losses from expected recoveries of amounts previously written off.

Table 3.13:Nonaccrual Loans

DownloadSimilarLinkTag

			Outstanding balance																								Recognized interest income
			Nonaccrual loans												Nonaccrual loans without related allowance for credit losses (1)												Nine months ended September 30,
(in millions)			Sep 30, 2026						Dec 31, 2025						Sep 30, 2026						Dec 31, 2025						2026						2025
Commercial and industrial			$	1,372					1,312						30						138						15						15
Commercial real estate			2,716						3,879						430						575						22						49
Lease financing			81						75						15						18						—						—
Total commercial			4,169						5,266						475						731						37						64
Residential mortgage			2,787						2,838						1,798						1,888						117						128
Auto			78						70						—						—						8						8
Other consumer			26						27						—						—						3						3
Total consumer			2,891						2,935						1,798						1,888						128						139
Total nonaccrual loans			$	7,060					8,201						2,273						2,619						165						203

(1)Nonaccrual loans may not have an allowance for credit losses if the loss expectations are zero given the related collateral value.

LOANS IN PROCESS OF FORECLOSURE. Our recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure was $436 million and $525 million at September 30, 2026, and December 31, 2025, respectively, which included $306 million and $383 million, respectively, of loans that are government insured/guaranteed. Under the Consumer Financial Protection Bureau guidelines, we do not commence the foreclosure process on residential mortgage loans until after the loan is 120 days delinquent. Foreclosure procedures and timelines vary depending on whether the property address resides in a judicial or non-judicial state. Judicial states require the foreclosure to be processed through the state’s courts while non-judicial states are processed without court intervention. Foreclosure timelines vary according to state law.

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING. Certain loans 90 days or more past due are still accruing, because they are (1) well-secured and in the process of collection or (2) residential mortgage or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due.

Table 3.14 shows loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed.

Table 3.14:Loans 90 Days or More Past Due and Still Accruing

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Total:			$	2,892					3,000
Less: government insured/guaranteed loans (1)			1,059						1,688
Total, not government insured/guaranteed			$	1,833					1,312
By segment and class, not government insured/guaranteed:
Commercial and industrial			$	281					120
Commercial real estate			642						251
Total commercial			923						371
Residential mortgage			50						47
Credit card			781						813
Auto			56						52
Other consumer			23						29
Total consumer			910						941
Total, not government insured/guaranteed			$	1,833					1,312

(1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the FHA or the VA.

76			Wells Fargo & Company

---

LOAN MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY. We may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. At the time of modification, we may require that the borrower provide additional economic support, such as a partial repayment, additional collateral, or guarantees.

The following disclosures provide information on loan modifications in the form of principal forgiveness, interest rate reductions, other-than-insignificant (e.g., greater than three months) payment delays, term extensions or a combination of these modifications, as well as the financial effects of these modifications, and loan performance in the 12 months following the modification. Loans that both modify and are paid off or

charged-off during the period are not included in the disclosures below. These disclosures do not include loans discharged by a bankruptcy court as the only concession, which were insignificant in the third quarter and first nine months of both 2026 and 2025.

For additional information on our loan modifications to borrowers experiencing financial difficulty, see Note 3 (Loans and Related Allowance for Credit Losses) in our 2025 Form 10-K.

Table 3.15 presents the outstanding balance of commercial loans modified during the periods presented and the related financial effects of these modifications.

Table 3.15:Commercial Loan Modifications and Financial Effects

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
($ in millions)			2026						2025						2026						2025
Commercial and industrial modifications:
Term extension			$	634					378						$	1,194					647
All other modifications and combinations			16						30						38						154
Total commercial and industrial modifications			$	650					408						$	1,232					801
Total commercial and industrial modifications as a % of loan class			0.13		%				0.10						0.25		%				0.19
Financial effects:
Weighted average term extension (months)			31						10						22						14
Commercial real estate modifications:
Term extension			$	149					711						$	416					1,595
All other modifications and combinations			—						463						183						500
Total commercial real estate modifications			$	149					1,174						$	599					2,095
Total commercial real estate modifications as a % of loan class			0.11		%				0.90						0.45		%				1.61
Financial effects:
Weighted average term extension (months)			16						21						24						21

Commercial loans that received a modification in the past 12 months as of September 30, 2026 and 2025, and subsequently defaulted in the third quarter and first nine months of both 2026 and 2025, were insignificant.

Table 3.16 provides past due information on commercial loans that received a modification in the past 12 months as of September 30, 2026 and 2025, and the amount of related gross charge-offs during the third quarter and first nine months of both 2026 and 2025.

Table 3.16:Payment Performance of Commercial Loan Modifications

DownloadSimilarLinkTag

			By delinquency status																								Gross charge-offs
(in millions)			Current-29 DPD						30-89 DPD						90+ DPD						Total						Quarter ended						Nine months ended
September 30, 2026
Commercial and industrial			$	1,389					26						91						1,506						46						55
Commercial real estate			754						6						137						897						—						35
Total commercial			$	2,143					32						228						2,403						46						90
September 30, 2025 (1)
Commercial and industrial			$	807					8						29						844						32						133
Commercial real estate			2,556						24						190						2,770						72						72
Total commercial			$	3,363					32						219						3,614						104						205

(1)For loan modifications that include a payment deferral, payment performance is not included until the loan exits the deferral period and payments resume.

			Wells Fargo & Company			77

---

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

Table 3.17 presents the outstanding balance of consumer loans modified during the periods presented and the related financial effects of these modifications. Modified loans within the Auto and Other consumer loan classes were insignificant in the third quarter and first nine months of both 2026 and 2025, and accordingly, are excluded from the following tables and disclosures.

Loans in a trial payment period are not included in the following loan modification disclosures until the borrower has successfully completed the trial period and the loan modification is formally executed. Residential mortgage loans in a trial payment period totaled $115 million and $104 million at September 30, 2026 and 2025, respectively.

Table 3.17:Consumer Loan Modifications and Financial Effects

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
($ in millions)			2026						2025						2026						2025
Residential mortgage modifications (1):
Payment delay			$	223					253						$	468					537
Term extension and payment delay			29						37						81						85
Interest rate reduction, term extension, and payment delay			14						16						43						41
All other modifications and combinations			8						21						26						54
Total residential mortgage modifications			$	274					327						$	618					717
Total residential mortgage modifications as a % of loan class			0.11		%				0.13						0.26		%				0.29
Financial effects:
Weighted average interest rate reduction			0.70		%				1.27						1.26		%				1.55
Weighted average payments deferred (months) (2)			3						4						6						5
Weighted average term extension (years)			11.4						10.8						11.2						11.0
Credit card modifications:
Interest rate reduction			$	267					290						$	713					742
Total credit card modifications			$	267					290						$	713					742
Total credit card modifications as a % of loan class			0.45		%				0.51						1.20		%				1.30
Financial effects:
Weighted average interest rate reduction			15.52		%				21.41						18.80		%				21.45

(1)Payment delay modifications include loan modifications that defer a set amount of principal to the end of the loan term. The outstanding balance of loans with principal deferred to the end of the loan term was $81 million and $111 million in third quarter 2026 and 2025, respectively, and $236 million and $290 million for the first nine months of 2026 and 2025, respectively.

(2)Excludes the financial effects of loans with a set amount of principal deferred to the end of the loan term. The weighted average period of principal deferred was 26.4 years and 26.0 years in third quarter 2026 and 2025, respectively, and 25.5 years and 24.9 years for the first nine months of 2026 and 2025, respectively.

Consumer loans that received a modification within the past 12 months as of September 30, 2026, and subsequently defaulted in the third quarter and first nine months of 2026, totaled $110 million and $270 million, respectively. As of September 30, 2025, consumer loans that received a modification within the past 12 months and subsequently defaulted in the third quarter and first nine months of 2025, totaled $139 million and $206 million, respectively.

Table 3.18 provides past due information as of September 30, 2026 and 2025, on consumer loan modifications that received a modification in the past 12 months, and the related gross charge-offs that occurred on these modifications during the third quarter and first nine months of both 2026 and 2025.

Table 3.18: Payment Performance of Consumer Loan Modifications

DownloadSimilarLinkTag

			By delinquency status																								Gross charge-offs
(in millions)			Current-29 DPD						30-89 DPD						90+ DPD						Total						Quarter ended						Nine months ended
September 30, 2026
Residential mortgage (1)			$	346					95						311						752						1						6
Credit card (2)			711						107						80						898						65						147
Total consumer			$	1,057					202						391						1,650						66						153
September 30, 2025
Residential mortgage (1)			$	429					124						88						641						1						5
Credit card (2)			842						124						89						1,055						79						210
Total consumer			$	1,271					248						177						1,696						80						215

(1)Includes loans where delinquency status was not reset to current upon exit from the deferral period. At September 30, 2025, loan modifications in an active payment deferral are excluded.

(2)Credit card loans that are past due at the time of the modification do not become current until they have three consecutive months of payment performance.

Commitments to lend additional funds on commercial loans modified during the first nine months of 2026 and 2025, were $257 million and $357 million, respectively. Commitments to lend additional funds on consumer loans modified during the first nine months of both 2026 and 2025, were insignificant.

78			Wells Fargo & Company

---

Note 4: Equity Securities

Equity securities include noncontrolling ownership interests in third-party entities, such as corporations, partnerships, or limited liability companies. Trading equity securities are held for customer accommodation and market-making purposes and are classified within trading assets on our consolidated balance sheet. Non-trading equity securities are held for investment purposes and are classified within equity securities on our

consolidated balance sheet. For additional information on trading equity securities, see Note 11 (Fair Value Measurements).

Non-Trading Equity Securities

Table 4.1 provides a summary of our equity securities by business purpose and accounting method.

Table 4.1: Equity Securities

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Equity securities at fair value (1)			$	1,861					2,008
Tax credit investments (2)			21,490						21,395
Private equity (3)			13,780						13,206
Federal Reserve Bank stock and other at cost (4)			5,114						4,323
Total equity securities			$	42,245					40,932

(1)Includes securities subject to contractual lock-up periods restricting their sale which generally expire within one to two years. These securities had fair values of $250 million at September 30, 2026, and $218 million at December 31, 2025.

(2)Includes affordable housing investments of $11.0 billion and $11.6 billion at September 30, 2026, and December 31, 2025, respectively, and renewable energy investments of $10.2 billion and $9.6 billion at September 30, 2026, and December 31, 2025, respectively. The renewable energy investments are presented net of deferred investment tax credits of $1.7 billion at both September 30, 2026, and December 31, 2025. Tax credit investments are accounted for using either the proportional amortization method or the equity method. See Note 12 (Securitizations and Variable Interest Entities) for information about tax credit investments.

(3)Includes equity securities accounted for under the measurement alternative of $10.3 billion and $9.8 billion at September 30, 2026, and December 31, 2025, respectively, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method.

(4)Includes $3.5 billion of investments in Federal Reserve Bank stock at both September 30, 2026, and December 31, 2025, and $1.5 billion and $762 million of investments in Federal Home Loan Bank stock at September 30, 2026, and December 31, 2025, respectively.

Table 4.2 provides a summary of the net gains and losses from equity securities, which excludes equity method adjustments for our share of the investee’s earnings or losses that are recognized

in other noninterest income. Gains and losses from equity securities are reported in net gains from trading and securities.

Table 4.2:Net Gains (Losses) from Equity Securities

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Net gains (losses) from equity securities carried at fair value			$	(97)					103						$	(15)					63
Net gains (losses) from equity securities not carried at fair value (1):
Impairment write-downs			(32)						(108)						(515)						(426)
Net unrealized gains (2)			90						65						879						99
Net realized gains			43						89						674						189
Total net gains (losses) from equity securities not carried at fair value			101						46						1,038						(138)
Total net gains (losses) from equity securities			$	4					149						$	1,023					(75)

(1)Includes amounts related to venture capital investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet.

(2)Includes unrealized gains (losses) due to observable price changes from equity securities accounted for under the measurement alternative.

			Wells Fargo & Company			79

---

Note 4: Equity Securities (continued)

Table 4.3 provides additional information about the net gains and losses from equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 4.2.

Table 4.3:Net Gains (Losses) from Measurement Alternative Equity Securities

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Net gains (losses) recognized in earnings during the period:
Gross unrealized gains from observable price changes			$	109					103						$	936					210
Gross unrealized losses from observable price changes			—						(3)						—						(47)
Impairment write-downs			(12)						(102)						(421)						(347)
Net realized gains from sale			10						42						404						80
Total net gains (losses) recognized during the period			$	107					$	40					$	919					(104)

Table 4.4 presents cumulative carrying value adjustments to equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented.

Table 4.4:Measurement Alternative Cumulative Gains (Losses)

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Cumulative gains (losses):
Gross unrealized gains from observable price changes			$	7,926					7,737
Gross unrealized losses from observable price changes			(101)						(100)
Impairment write-downs			(3,675)						(3,861)

80			Wells Fargo & Company

---

Note 5: Goodwill and Other Assets

Table 5.1 shows the allocation of goodwill to our reportable operating segments.

Table 5.1:Goodwill

DownloadSimilarLinkTag

(in millions)			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Consolidated Company
December 31, 2025			$	16,418					2,931						5,274						344						—						24,967
Foreign currency translation			—						(4)						—						—						—						(4)
September 30, 2026			$	16,418					2,927						5,274						344						—						24,963

Table 5.2 presents the components of other assets.

Table 5.2:Other Assets

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Corporate/bank-owned life insurance (1)			$	19,744					19,757
Accounts receivable (2)			25,056						19,651
Interest receivable:
AFS and HTM debt securities			1,921						1,660
Loans			3,517						3,330
Trading and other			1,919						1,872
Loans held for sale (3)			3,792						4,482
Mortgage servicing rights (4)			6,069						6,327
Operating lease assets (lessor) (3)			690						4,999
Operating lease right-of-use (ROU) assets (lessee)			3,681						3,641
Other (5)			24,194						15,578
Total other assets			$	90,583					81,297

(1)Corporate/bank-owned life insurance is recognized at cash surrender value.

(2)Includes derivatives clearinghouse receivables and trade date receivables.

(3)In January 2026, we closed the sale of our rail car leasing business, which included finance leases (loans held for sale) of $1.0 billion and operating leases (operating lease assets) of $4.3 billion.

(4)For additional information on mortgage servicing rights (MSRs), see Note 6 (Mortgage Banking Activities).

(5)Includes income tax receivables, prepaid expenses, and intangible assets. Estimated future amortization expense for intangible assets is $31 million for the remainder of 2026, and $125 million for each of the years ended December 31, 2027, 2028, 2029, 2030, and 2031.

			Wells Fargo & Company			81

---

Note 6: Mortgage Banking Activities

Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing.

We apply the fair value method to residential MSRs and apply the amortization method to commercial MSRs. Table 6.1 presents

MSRs, including the changes in MSRs measured using the fair value method and the amortization method. MSRs are included in other assets on the consolidated balance sheet.

Table 6.1:Mortgage Servicing Rights

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Residential MSRs at fair value, beginning of period			$	5,343					6,417						$	5,696					6,844
Originations/purchases			24						27						63						78
Sales and other			(130)						(183)						(356)						(296)
Net reductions			(106)						(156)						(293)						(218)
Changes in fair value:
Due to valuation inputs or assumptions:
Market interest rates (1)			379						1						462						(124)
Servicing and foreclosure costs			2						2						(1)						—
Discount rates			—						(8)						(18)						(9)
Prepayment estimates and other (2)			24						103						120						251
Net changes in valuation inputs or assumptions			405						98						563						118
Changes due to collection/realization of expected cash flows (3)			(155)						(192)						(479)						(577)
Total changes in fair value			250						(94)						84						(459)
Residential MSRs at fair value, end of period			5,487						6,167						5,487						6,167
Commercial MSRs at amortized cost, end of period (4)			582						618						582						618
Total MSRs			$	6,069					6,785						$	6,069					6,785

(1)Includes prepayment rate changes due to changes in market interest rates. Residential MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates.

(2)Represents other changes in valuation model inputs or assumptions, including prepayment rate estimation changes that are independent of mortgage interest rate changes.

(3)Represents the reduction in the residential MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.

(4)The estimated fair value of commercial MSRs was $809 million and $728 million at September 30, 2026 and 2025, respectively.

Table 6.2 provides key weighted-average assumptions used in the valuation of residential MSRs and sensitivity of the current fair value of residential MSRs to immediate adverse changes in

those assumptions. See Note 11 (Fair Value Measurements) for additional information on key assumptions for residential MSRs.

Table 6.2:Assumptions and Sensitivity of Residential MSRs

DownloadSimilarLinkTag

($ in millions, except cost to service amounts)			Sep 30, 2026						Dec 31, 2025
Fair value of interests held			$	5,487					5,696
Expected weighted-average life (in years)			6.5						6.3
Key assumptions:
Prepayment rate assumption (1)			7.2		%				8.0
Impact on fair value from 10% adverse change			$	(139)					(163)
Impact on fair value from 25% adverse change			(336)						(394)
Discount rate assumption			10.3		%				9.1
Impact on fair value from 100 basis point increase			$	(223)					(243)
Impact on fair value from 200 basis point increase			(428)						(465)
Cost to service assumption ($ per loan)			82						96
Impact on fair value from 10% adverse change			(78)						(106)
Impact on fair value from 25% adverse change			(178)						(266)

(1)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

82			Wells Fargo & Company

---

The sensitivities in the preceding table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in value may not be linear. Also, the effect of a variation in a particular assumption on the value of the other interests held is calculated independently without changing any other assumptions. In reality, changes in one factor may result in changes in others, which might magnify or counteract the sensitivities.

We present information for our loans serviced for others in

Table 6.3. As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses. The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors and are generally reimbursed within a short timeframe from cash flows from the trust, government-sponsored enterprise (GSEs), insurer, or borrower. We maintain an allowance for uncollectible amounts for advances on loans serviced for others that may not be reimbursed if the payments were not made in accordance with applicable servicing agreements or if the insurance or servicing agreements contain limitations on reimbursements.

Table 6.3:Serviced for Others Portfolio

DownloadSimilarLinkTag

			Sep 30, 2026												Dec 31, 2025
			Residential mortgages						Commercial mortgages						Residential mortgages						Commercial mortgages
Loans serviced for others, unpaid principal balance ($ in billions)			$	344					76						397						77
Weighted average loan rate			3.78		%				4.27						3.78						4.11
Servicer advances, net of an allowance for uncollectible amounts ($ in millions)			$	177					20						437						24

Table 6.4 presents the components of mortgage banking noninterest income.

Table 6.4:Mortgage Banking Noninterest Income

DownloadSimilarLinkTag

						Quarter ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
Contractually specified servicing fees, late charges and ancillary fees						$	276					347						$	876					1,120
Unreimbursed servicing costs (1)						(22)						(60)						(75)						(163)
Amortization for commercial MSRs (2)						(37)						(36)						(113)						(121)
Changes due to collection/realization of expected cash flows (3)						(155)						(192)						(479)						(577)
Net servicing fees						62						59						209						259
Changes in fair value of MSRs due to market interest rates						379						1						462						(124)
Net derivative gains (losses) from economic hedges (4)						(390)						2						(471)						128
Changes in fair value of MSRs due to other valuation inputs or assumptions (5)						26						97						101						242
Market-related valuation changes to residential MSRs, net of hedge results						15						100						92						246
Total net servicing income						77						159						301						505
Net gains on mortgage loan originations/sales (6)						87						109						320						325
Total mortgage banking noninterest income						$	164					268						$	621					830

(1)Includes costs associated with foreclosures, unreimbursed interest advances to investors, other interest costs, and transaction costs associated with sales of residential MSRs.

(2)Estimated future amortization expense for commercial MSRs was $35 million for the remainder of 2026, and $121 million, $110 million, $86 million, $71 million, and $48 million for the years ended December 31, 2027, 2028, 2029, 2030, and 2031, respectively.

(3)Represents the reduction in the cash flows expected to be collected during the period, net of income accreted due to the passage of time, for residential MSRs measured using the fair value method.

(4)Residential MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates. See Note 10 (Derivatives) for additional information.

(5)Refer to the analysis of changes in residential MSRs presented in Table 6.1 in this Note for more detail.

(6)Includes net gains (losses) of $87 million and $116 million in the third quarter and first nine months of 2026, respectively, and $(6) million and $(20) million in the third quarter and first nine months of 2025, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.

			Wells Fargo & Company			83

---

Note 7: Leasing Activity

The information below provides a summary of our leasing activities as a lessor and lessee. See Note 7 (Leasing Activity) in our 2025 Form 10-K for additional information about our leasing activities.

As a Lessor

Noninterest income on leases, as shown in Table 7.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $56 million and $144 million for the quarters ended September 30, 2026 and 2025, respectively, and $175 million and $455 million for the first nine months of 2026 and 2025, respectively.

Table 7.1:Leasing Revenue (1)

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Interest income on lease financing			$	230					239						$	677					705
Other lease revenue:
Lease financing			22						22						65						68
Operating leases			83						229						247						696
Other lease-related revenue (2)			10						15						29						38
Noninterest income on leases			115						266						341						802
Total leasing revenue			$	345					505						$	1,018					1,507

(1) In January 2026, we closed the sale of our rail car leasing business, which included finance leases and operating leases.

(2) Includes net gains or (losses) on disposition of assets leased under operating leases or lease financings.

As a Lessee

Table 7.2 presents balances for our operating leases.

Table 7.2:Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026			Dec 31, 2025
ROU assets			$	3,681		3,641
Lease liabilities			4,172			4,162

Total lease costs, which are included in occupancy expense, were $313 million and $283 million for the quarters ended September 30, 2026 and 2025, respectively, and $915 million and $876 million for the first nine months of 2026 and 2025, respectively.

84			Wells Fargo & Company

---

Note 8: Preferred Stock and Common Stock

We are authorized to issue 20 million shares of preferred stock, without par value. Outstanding shares of preferred stock rank senior to shares of common stock both as to the payment of dividends and liquidation preferences, but have no general voting rights. All outstanding preferred stock with a liquidation preference value, except for Series L Preferred Stock, may be redeemed for its liquidation preference value, plus any accrued but unpaid dividends, on any dividend payment date on or after the earliest redemption date for that series. Additionally, these same series of preferred stock may be redeemed following a “regulatory capital treatment event,” as described in the terms of each series. Capital actions, including redemptions of our

preferred stock, may be subject to regulatory approval or conditions.

In addition, we are authorized to issue 4 million shares of preference stock, without par value, and we have not issued any stock under this authorization. If issued, the preference stock would be limited to one vote per share.

In March 2026, we redeemed our Preferred Stock, Series BB, and issued our Preferred Stock, Series GG. In August 2026, we issued our Preferred Stock, Series HH.

Table 8.1 summarizes information about our preferred stock.

Table 8.1:Preferred Stock

DownloadSimilarLinkTag

												September 30, 2026																								December 31, 2025
(in millions, except shares)						Earliest redemption date						Shares authorized and designated						Shares issued and outstanding						Liquidation preference value						Carrying value						Shares authorized and designated						Shares issued and outstanding						Liquidation preference value						Carrying value
DEP Shares
Dividend Equalization Preferred Shares (DEP)						Currently redeemable						97,000						96,546						$	—					—						97,000						96,546						$	—					—
Preferred Stock:
Series L (1)
7.50% Non-Cumulative Perpetual Convertible Class A						—						4,025,000						3,967,897						3,968						3,200						4,025,000						3,967,900						3,968						3,200
Series Y
5.625% Non-Cumulative Perpetual Class A						Currently redeemable						27,600						27,600						690						690						27,600						27,600						690						690
Series Z
4.75% Non-Cumulative Perpetual Class A						Currently redeemable						80,500						80,500						2,013						2,013						80,500						80,500						2,013						2,013
Series AA
4.70% Non-Cumulative Perpetual Class A						Currently redeemable						46,800						46,800						1,170						1,170						46,800						46,800						1,170						1,170
Series BB
3.90% Fixed-Reset Non-Cumulative Perpetual Class A						Redeemed						—						—						—						—						140,400						140,400						3,510						3,510
Series CC
4.375% Non-Cumulative Perpetual Class A						Currently redeemable						46,000						42,000						1,050						1,050						46,000						42,000						1,050						1,050
Series DD
4.25% Non-Cumulative Perpetual Class A						Currently redeemable						50,000						50,000						1,250						1,250						50,000						50,000						1,250						1,250
Series EE
7.625% Fixed-Reset Non-Cumulative Perpetual Class A						9/15/2028						69,000						69,000						1,725						1,725						69,000						69,000						1,725						1,725
Series FF
6.85% Fixed-Reset Non-Cumulative Perpetual Class A						9/15/2029						80,000						80,000						2,000						2,000						80,000						80,000						2,000						2,000
Series GG
6.125% Fixed-Reset Non-Cumulative Perpetual Class A						6/15/2031						90,000						90,000						2,250						2,250						—						—						—						—
Series HH
6.55% Fixed-Reset Non-Cumulative Perpetual Class A						9/15/2031						70,000						70,000						1,750						1,750						—						—						—						—
Total												4,681,900						4,620,343						$	17,866					17,098						4,662,300						4,600,746						$	17,376					16,608

(1)At the option of the holder, each share of Series L Preferred Stock may be converted at any time into 6.3814 shares of common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. If converted within 30 days of certain liquidation or change of control events, the holder may receive up to 16.5916 additional shares, or, at our option, receive an equivalent amount of cash in lieu of common stock. We may convert some or all of the Series L Preferred Stock into shares of common stock if the closing price of our common stock exceeds 130 percent of the conversion price of the Series L Preferred Stock for 20 trading days during any period of 30 consecutive trading days. We declared quarterly dividends of $74 million on Series L Preferred Stock in each quarter during 2025 and 2026.

Table 8.2 presents our common stock shares outstanding.

Table 8.2: Common Stock Shares Outstanding

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Balance, beginning of period			3,028.5						3,220.4						3,092.6						3,288.9
Issued			1.6						3.1						21.2						23.0
Repurchased			(28.5)						(74.6)						(112.2)						(163.0)
Balance, end of period			3,001.6						3,148.9						3,001.6						3,148.9

			Wells Fargo & Company			85

---

Note 9: Legal Actions

The Company is involved in a number of judicial, regulatory, governmental, arbitration, and other proceedings or investigations that expose the Company to potential financial losses or other adverse consequences. These proceedings and investigations include actions brought against Wells Fargo and/or our subsidiaries with respect to corporate-related matters and transactions in which Wells Fargo and/or our subsidiaries were involved. In addition, Wells Fargo and our subsidiaries may be requested to provide information to or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. We recognize accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, we recognize the amount we consider to be the best estimate within a range of potential losses that are both probable and estimable. If we cannot determine a best estimate, we recognize the amount at the low end of the range of those potential losses. There can be no assurance as to the ultimate outcome of legal actions, including the matters described below, and the actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.

ADVISORY ACCOUNT CASH SWEEP LITIGATION.Putative class actions have been filed in federal district courts alleging that the Company breached its fiduciary duties or agreements with regard to rates paid to investment advisory clients in its cash sweep program. These actions have been consolidated in the United States District Court for the Northern District of California.

ANTI-MONEY LAUNDERING AND ECONOMIC SANCTIONS RELATED INVESTIGATIONS.Government authorities are conducting inquiries or investigations regarding issues related to the Company’s anti-money laundering and sanctionsprograms. On September 12, 2024, the Company announced that Wells Fargo Bank, N.A. entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering and sanctions risk management practices.

FAIR ACCESS TO BANKING INVESTIGATIONS. Government agencies are conducting inquiries or investigations related to fair access to banking, including pursuant to Executive Order 14331 (Guaranteeing Fair Banking for All Americans), which directed a review by certain government agencies of financial institutions’ policies and practices for providing, maintaining, or discontinuing financial products or services to customers or potential customers.

HOME MORTGAGE DISCRIMINATION LITIGATION.Plaintiffs proposing to represent a class of home mortgage applicants and customers filed putative class actions against Wells Fargo alleging that Wells Fargo’s mortgage lending policies and practices resulted in disparate treatment and disparate impact against minority applicants. These actions have been consolidated in the United States District Court for the Northern District of California. In August 2025, the district court denied class certification and plaintiffs’ interlocutory appeal of the decision was denied in January 2026.

INTERCHANGE LITIGATION. Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, alleging that Visa and Mastercard, as well as certain payment card issuing banks including Wells Fargo, unlawfully colluded to set interchange rates associated with Visa and Mastercard payment card transactions and that enforcement of certain Visa and Mastercard rules and alleged tying and bundling of services offered to merchants were anticompetitive. Many of these actions have been consolidated in the United States District Court for the Eastern District of New York. Wells Fargo, along with other defendants and entities, are parties to loss and judgment sharing agreements, which provide that they, along with other entities, will share, based on a formula, in any losses or judgments from the relevant litigation. In November 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties entered into a settlement agreement to resolve the damages class claims arising from transactions from January 2004 through January 24, 2019, pursuant to which defendants agreed to pay a total of approximately $6.2 billion. The court granted final approval of the settlement on December 13, 2019, which was affirmed by the Second Circuit on March 15, 2023. In April 2026, plaintiffs proposing to represent merchants that were members of the damages class settlement brought a claim seeking damages for the period beginning January 25, 2019, and challenged the enforceability of the damages class settlement’s forward-looking release. The district court denied the plaintiff’s challenge and upheld the enforceability of the forward-looking release, which plaintiffs have appealed. In September 2026, plaintiffs proposing to represent a class of merchants that began accepting Visa and Mastercard payment cards after January 24, 2019, and therefore were not members of the damages class settlement, filed an action against Visa and Mastercard as well as certain payment card issuing banks including Wells Fargo seeking damages for the period beginning January 25, 2019.

On September 27, 2021, the district court granted the plaintiffs’ motion for class certification in the equitable relief case. On June 9, 2026, the court granted preliminary approval of a settlement agreement entered into by Visa and Mastercard to resolve the equitable relief class claims.

SEMINOLE TRIBE TRUSTEE LITIGATION. The Seminole Tribe of Florida filed a complaint in Florida state court alleging that Wells Fargo, as trustee, charged excess fees in connection with the administration of a minor’s trust and failed to invest the assets of the trust prudently. The complaint was later amended to include three individual current and former beneficiaries as plaintiffs and to remove the Tribe as a party to the case. In March 2025, a trial verdict was entered against Wells Fargo. Wells Fargo has appealed.

86			Wells Fargo & Company

---

OUTLOOK. As described above, the Company recognizes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. The high end of the range of reasonably possible losses in excess of the Company’s accrual for probable and estimable losses was approximately $1.5 billion as of September 30, 2026. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the recognized accrual or the range of reasonably possible loss. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period.

			Wells Fargo & Company			87

---

Note 10: 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. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships (fair value or cash flow hedges). Our remaining derivatives consist of economic hedges that do not qualify for, or we have elected not to apply, hedge accounting and derivatives held for customer accommodation trading purposes. For additional information on our derivative activities, see Note 13 (Derivatives) in our 2025 Form 10-K.

Table 10.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this 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. The notional amount is generally not exchanged, but is used only as the basis on which derivative cash flows are determined.

Table 10.1:Notional or Contractual Amounts and Fair Values of Derivatives

DownloadSimilarLinkTag

									Fair Value
									Derivative assets																		Derivative liabilities
(in millions)			Notional or contractual amount						Derivatives designated as hedging instruments						Derivatives not designated as hedging instruments						Total						Derivatives designated as hedging instruments						Derivatives not designated as hedging instruments						Total
September 30, 2026
Interest rate contracts			$	11,608,177					301						36,613						36,914						2,866						35,119						37,985
Commodity contracts			172,207						25						8,650						8,675						33						5,680						5,713
Equity contracts			773,131						—						28,497						28,497						—						27,248						27,248
Foreign exchange contracts			6,839,662						5						56,359						56,364						182						53,472						53,654
Credit contracts			99,675						—						233						233						—						126						126
Total derivatives before netting									331						130,352						130,683						3,081						121,645						124,726
Netting																					(96,949)																		(106,534)
Total																					$	33,734																	18,192
December 31. 2025
Interest rate contracts			$	12,296,904					447						21,896						22,343						852						21,923						22,775
Commodity contracts			126,717						2						3,245						3,247						279						4,126						4,405
Equity contracts			634,436						—						20,788						20,788						—						22,714						22,714
Foreign exchange contracts			5,608,293						24						38,047						38,071						180						36,797						36,977
Credit contracts			62,336						—						81						81						—						85						85
Total derivatives before netting									473						84,057						84,530						1,311						85,645						86,956
Netting																					(62,720)																		(73,332)
Total																					$	21,810																	13,624

Balance Sheet Offsetting

We execute substantially all of our derivative transactions under master netting arrangements. When legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. We reflect all derivative balances and related cash collateral subject to legally enforceable master netting arrangements on a net basis within trading assets and trading liabilities on our consolidated balance sheet. We do not net non-cash collateral that we receive or pledge against derivative balances on our consolidated balance sheet.

For disclosure purposes, we present Total derivatives, net which represents the aggregate of our net exposure to each counterparty after considering the balance sheet netting adjustments and any non-cash collateral. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty-specific credit risk limits, using master netting arrangements and obtaining collateral.

Table 10.2 provides information on the fair values of derivative assets and liabilities subject to legally enforceable master netting arrangements with the same counterparty, the balance sheet netting adjustments and the resulting net fair value amount recognized on our consolidated balance sheet, as well as the non-cash collateral associated with such arrangements. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 14 (Securities Financing Activities).

88			Wells Fargo & Company

---

Table 10.2:Offsetting of Derivative Assets and Liabilities

DownloadSimilarLinkTag

			September 30, 2026												December 31, 2025
(in millions)			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Interest rate contracts
Over-the-counter (OTC)			$	32,814					32,900						20,594						20,835
OTC cleared			2,661						2,904						445						366
Exchange traded			79						19						58						65
Total interest rate contracts			35,554						35,823						21,097						21,266
Commodity contracts
OTC			5,336						4,617						2,432						3,764
Exchange traded			1,735						847						405						252
Total commodity contracts			7,071						5,464						2,837						4,016
Equity contracts
OTC			9,186						13,855						6,836						12,149
Exchange traded			16,686						11,020						12,274						8,476
Total equity contracts			25,872						24,875						19,110						20,625
Foreign exchange contracts
OTC			55,990						53,252						37,437						36,757
Total foreign exchange contracts			55,990						53,252						37,437						36,757
Credit contracts
OTC			224						120						81						83
Total credit contracts			224						120						81						83
Total derivatives subject to enforceable master netting arrangements, gross			124,711						119,534						80,562						82,747
Less: Gross amounts offset
Counterparty netting (1)			(88,982)						(88,837)						(57,957)						(57,777)
Cash collateral netting			(7,967)						(17,697)						(4,763)						(15,555)
Total derivatives subject to enforceable master netting arrangements, net			27,762						13,000						17,842						9,415
Derivatives not subject to enforceable master netting arrangements			5,972						5,192						3,968						4,209
Total derivatives recognized in consolidated balance sheet, net			33,734						18,192						21,810						13,624
Non-cash collateral			(8,384)						(3,039)						(4,906)						(3,091)
Total derivatives, net			$	25,350					15,153						16,904						10,533

(1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset on our consolidated balance sheet, including portfolio level valuation adjustments related to customer accommodation and other trading derivatives. These valuation adjustments were substantially all related to interest rate and foreign exchange contracts. Table 10.7 and Table 10.8 present information related to derivative valuation adjustments.

Fair Value and Cash Flow Hedges

For fair value hedges, we use interest rate swaps to convert certain of our fixed-rate long-term debt and time certificates of deposit to floating rates to hedge our exposure to interest rate risk. We also enter into cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge our exposure to foreign currency risk and interest rate risk associated with the issuance of non-U.S. dollar denominated long-term debt. We also enter into futures contracts, forward contracts, and swap contracts to hedge our exposure to the price risk of physical commodities inventory included in trading assets on our consolidated balance sheet. In addition, we use interest rate swaps, cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge against changes in fair value of certain investments in AFS debt securities due to changes in interest rates, foreign currency rates, or both. For certain fair value hedges of interest rate risk, we use the portfolio layer method to hedge stated amounts of closed portfolios of AFS debt securities. For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps and forward contracts attributable to changes in cross-currency basis spreads and the spot-forward difference, respectively, are excluded from the assessment of hedge effectiveness. Excluded components are either recognized in other comprehensive income (OCI) and amortized into earnings over the life of the derivative or

recognized directly in earnings. See Note 20 (Other Comprehensive Income) for the amounts recognized in OCI.

For cash flow hedges, we use interest rate swaps and swaptions to hedge the variability in interest payments received on certain interest-earning deposits with banks and certain floating-rate commercial loans. We also use cross-currency swaps to hedge variability in interest payments on fixed-rate foreign currency-denominated long-term debt due to changes in foreign exchange rates. For certain cash flow hedges of interest rate risk, changes in fair value of swaptions attributable to changes in time value and volatility are excluded from the assessment of hedge effectiveness and recognized in OCI. See Note 20 (Other Comprehensive Income) for the amounts recognized in OCI.

We estimate $1.1 billion pre-tax of deferred net losses related to cash flow hedges in OCI at September 30, 2026, will be reclassified into net interest income during the next 12 months. For cash flow hedges as of September 30, 2026, we are hedging our interest rate and foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of approximately 9 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K.

			Wells Fargo & Company			89

---

Note 10: Derivatives (continued)

Table 10.3 and Table 10.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively.

Table 10.3:Gains (Losses) Recognized on Cash Flow Hedging Relationships

DownloadSimilarLinkTag

						Net interest income												Total recognized in net income						Total recognized in OCI
(in millions)						Interest-earning deposits with banks (1)			Loans			Long-term debt						Derivative gains (losses)						Derivative gains (losses)
Quarter ended September 30, 2026
Total amounts presented in the consolidated statement of income and other comprehensive income						$	1,401		14,671			(2,427)						N/A						(4,121)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(38)			(33)			—						(71)						71
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						(4,198)
Total gains (losses) (pre-tax) on interest rate contracts						(38)			(33)			—						(71)						(4,127)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			—						—						—
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			—						—						—
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(38)		(33)			—						(71)						(4,127)
Quarter ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income (1)						$	1,603		13,924			(2,593)						N/A						181
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(62)			(117)			—						(179)						179
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						(5)
Total gains (losses) (pre-tax) on interest rate contracts						(62)			(117)			—						(179)						174
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(1)						(1)						1
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(1)						(1)						1
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(62)		(117)			(1)						(180)						175
Nine months ended September 30, 2026
Total amounts presented in the consolidated statement of income and other comprehensive income						$	4,020		42,781			(7,199)						N/A						(5,261)
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(112)			(105)			—						(217)						217
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						(5,498)
Total gains (losses) (pre-tax) on interest rate contracts						(112)			(105)			—						(217)						(5,281)
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(2)						(2)						2
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(2)						(2)						2
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(112)		(105)			(2)						(219)						(5,279)
Nine months ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income (1)						$	4,429		40,854			(7,784)						N/A						1,222
Interest rate contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						(175)			(307)			—						(482)						482
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						718
Total gains (losses) (pre-tax) on interest rate contracts						(175)			(307)			—						(482)						1,200
Foreign exchange contracts:
Realized gains (losses) (pre-tax) reclassified from OCI into net income						—			—			(4)						(4)						4
Net unrealized gains (losses) (pre-tax) recognized in OCI						N/A			N/A			N/A						N/A						—
Total gains (losses) (pre-tax) on foreign exchange contracts						—			—			(4)						(4)						4
Total gains (losses) (pre-tax) recognized on cash flow hedges						$	(175)		(307)			(4)						(486)						1,204

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, 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).

90			Wells Fargo & Company

---

Table 10.4:Gains (Losses) Recognized on Fair Value Hedging Relationships

DownloadSimilarLinkTag

			Net interest income												Noninterest income						Total recognized in net income						Total recognized in OCI
(in millions)			Available-for-sale and held-to-maturity debt securities (1)						Deposits			Long-term debt						Net gains from trading and securities (1)						Derivative gains (losses)						Derivative gains (losses)
Quarter ended September 30, 2026
Total amounts presented in the consolidated statement of income and other comprehensive income			$	3,938					(5,845)			(2,427)						1,084						N/A						(4,121)
Interest rate contracts
Amounts related to cash flows on derivatives			(4)						(2)			(196)						—						(202)						N/A
Recognized on derivatives			4,428						(230)			(5,561)						—						(1,363)						—
Recognized on hedged items			(4,418)						228			5,529						—						1,339						N/A
Total gains (losses) (pre-tax) on interest rate contracts			6						(4)			(228)						—						(226)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(21)						—						(21)						N/A
Recognized on derivatives			—						—			(98)						(14)						(112)						6
Recognized on hedged items			—						—			100						12						112						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(19)						(2)						(21)						6
Commodity contracts
Recognized on derivatives			—						—			—						(53)						(53)						—
Recognized on hedged items			—						—			—						171						171						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						118						118						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	6					(4)			(247)						116						(129)						6
Quarter ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income (1)			$	3,578					(5,188)			(2,593)						1,557						N/A						181
Interest rate contracts
Amounts related to cash flows on derivatives			109						(24)			(496)						—						(411)						N/A
Recognized on derivatives			(244)						24			413						—						193						—
Recognized on hedged items			244						(24)			(411)						—						(191)						N/A
Total gains (losses) (pre-tax) on interest rate contracts			109						(24)			(494)						—						(409)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(26)						—						(26)						N/A
Recognized on derivatives			—						—			(23)						47						24						6
Recognized on hedged items			—						—			15						(45)						(30)						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(34)						2						(32)						6
Commodity contracts
Recognized on derivatives			—						—			—						(1,352)						(1,352)						—
Recognized on hedged items			—						—			—						1,293						1,293						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						(59)						(59)						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	109					(24)			(528)						(57)						(500)						6

(continued on following page)

			Wells Fargo & Company			91

---

Note 10: Derivatives (continued)

(continued from previous page)

DownloadSimilarLinkTag

			Net interest income												Noninterest income									Total recognized in net income						Total recognized in OCI
(in millions)			Available-for-sale and held-to-maturity debt securities (1)						Deposits			Long-term debt						Net gains from trading and securities (1)									Derivative gains (losses)						Derivative gains (losses)
Nine months ended September 30, 2026
Total amounts presented in the consolidated statement of income and other comprehensive income			$	11,190					(16,335)			(7,199)						4,848									N/A						(5,261)
Interest rate contracts
Amounts related to cash flows on derivatives			24						28			(604)						—									(552)						N/A
Recognized on derivatives			5,865						(507)			(6,700)						—									(1,342)						—
Recognized on hedged items			(5,851)						507			6,678						—									1,334						N/A
Total gains (losses) (pre-tax) on interest rate contracts			38						28			(626)						—									(560)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			5						—			(65)						—									(60)						N/A
Recognized on derivatives			—						—			(119)						(95)									(214)						18
Recognized on hedged items			—						—			112						93									205						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			5						—			(72)						(2)									(69)						18
Commodity contracts
Recognized on derivatives			—						—			—						1,966									1,966						—
Recognized on hedged items			—						—			—						(1,516)									(1,516)						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						450									450						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	43					28			(698)						448									(179)						18
Nine months ended September 30, 2025
Total amounts presented in the consolidated statement of income and other comprehensive income (1)			$	10,354					(15,458)			(7,784)						3,946									N/A						1,222
Interest rate contracts
Amounts related to cash flows on derivatives			257						1			(1,534)						—									(1,276)						N/A
Recognized on derivatives			(1,221)						80			3,420						—									2,279						—
Recognized on hedged items			1,215						(81)			(3,446)						—									(2,312)						N/A
Total gains (losses) (pre-tax) on interest rate contracts			251						—			(1,560)						—									(1,309)						—
Foreign exchange contracts
Amounts related to cash flows on derivatives			—						—			(60)						—									(60)						N/A
Recognized on derivatives			—						—			(8)						124									116						18
Recognized on hedged items			—						—			(12)						(121)									(133)						N/A
Total gains (losses) (pre-tax) on foreign exchange contracts			—						—			(80)						3									(77)						18
Commodity contracts
Recognized on derivatives			—						—			—						(3,229)									(3,229)						—
Recognized on hedged items			—						—			—						3,288									3,288						N/A
Total gains (losses) (pre-tax) on commodity contracts			—						—			—						59									59						—
Total gains (losses) (pre-tax) recognized on fair value hedges			$	251					—			(1,640)						62									(1,327)						18

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, 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).

92			Wells Fargo & Company

---

Table 10.5 shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.

Table 10.5:Hedged Items in Fair Value Hedging Relationships

DownloadSimilarLinkTag

(in millions)			Carrying amount of currently designated assets/(liabilities) (1)(2)			Active hedge basis adjustments assets/(liabilities)									Discontinued hedge basis adjustments assets/(liabilities) (3)
September 30, 2026
Available-for-sale debt securities (4)(5)			$	126,941		(5,596)									(230)
Trading assets (6)			13,474			(107)									55
Interest-bearing deposits			(79,395)			375									1
Long-term debt			(153,043)			11,940									4,550
December 31, 2025
Available-for-sale debt securities (4)(5)			$	94,388		(708)									295
Trading assets (6)			9,107			1,626									100
Interest-bearing deposits			(64,595)			(130)									—
Long-term debt			(154,397)			9,370									455

(1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $0 and $892 million for AFS debt securities where only foreign currency risk is the designated hedged risk as of September 30, 2026, and December 31, 2025, respectively.

(2)Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented.

(3)Includes cumulative basis adjustments even if the hedged items were re-designated into active hedges. Prior period balances have been revised to conform with the current period presentation.

(4)Carrying amount represents the amortized cost.

(5)At September 30, 2026, and December 31, 2025, the amortized cost of closed portfolios of AFS debt securities using the portfolio layer method was $50.6 billion and $43.2 billion, respectively, of which $19.5 billion and $15.3 billion was designated as hedged, respectively. The balance includes cumulative basis adjustments of $(970) million and $75 million as of September 30, 2026, and December 31, 2025, respectively, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method.

(6)Trading assets consists of hedged physical commodities inventory.

Derivatives Not Designated as Hedging Instruments

Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes.

Economic hedge and other derivatives do not qualify for, or we have elected not to apply, hedge accounting. We use economic hedge derivatives to manage our non-trading exposures to interest rate risk, equity price risk, foreign currency risk, and credit risk. Other derivatives include non-economic hedges not part of our portfolio of customer accommodation trading derivatives.

For additional information on customer accommodation trading derivatives, see Note 13 (Derivatives) in our 2025 Form 10-K.

Table 10.6 shows the net gains (losses) related to economic hedge and other derivatives. Gains (losses) on customer accommodation trading derivatives are excluded from

Table 10.6. See Note 17 (Revenue and Expenses) for additional information on net gains and (losses) from trading activities.

Table 10.6:Gains (Losses) on Economic Hedge and Other Derivatives

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Interest rate contracts (1)			$	(526)					53						$	(543)					298
Equity contracts (2)			(124)						219						293						267
Foreign exchange contracts (3)			1						358						455						(387)
Credit contracts (4)			(12)						(28)						(47)						(71)
Net gains (losses) recognized related to economic hedge derivatives			$	(661)					602						$	158					107

(1)Includes economic hedge and other derivative gains and (losses) related to mortgage banking activities, which were recognized in mortgage banking noninterest income. These activities include derivative loan commitments and hedges of residential MSRs, residential mortgage LHFS, derivative loan commitments, and other interests held. For additional information on our mortgage banking interest rate contracts, see Note 6 (Mortgage Banking Activities). Other derivative gains and (losses) not related to mortgage banking were recognized in other noninterest income.

(2)Includes derivative gains and (losses) used to economically hedge the deferred compensation plan liabilities, which were recognized in personnel noninterest expense, and other derivative instruments related to our previous sales of shares of Visa Inc. Class B common stock, which were recognized in other noninterest income.

(3)Includes derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and (losses) were recognized in net gains from trading and securities within noninterest income.

(4)Includes credit derivatives used to hedge certain loan exposures. Gains and (losses) were recognized in other noninterest income.

			Wells Fargo & Company			93

---

Note 10: Derivatives (continued)

DERIVATIVE VALUATION ADJUSTMENTS. We incorporate certain adjustments in determining the fair value of our derivatives, including credit valuation adjustments (CVA) to reflect counterparty credit risk related to derivative assets, debit valuation adjustments (DVA) to reflect Wells Fargo’s own credit risk related to derivative liabilities, and funding valuation adjustments (FVA) to reflect the funding cost of uncollateralized or partially collateralized derivative assets and liabilities. CVA, which considers the effects of enforceable master netting agreements and collateral arrangements, reflects market-based views of the credit quality of each counterparty. We estimate CVA based on observed credits spreads in the credit default swap market and indices indicative of the credit quality of the counterparties to our derivatives.

Table 10.7 presents the impact of derivative valuation adjustments (excluding the effect of any related hedges), which are included in net gains (losses) from trading and securities on the consolidated statement of income. For additional information, see Note 17 (Revenue and Expenses).

Table 10.7:Net Gains (Losses) from Derivative Valuation Adjustments

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
CVA			$	(17)					39						$	(34)					(20)
DVA			41						(10)						90						(18)
FVA			(20)						24						(22)						(23)
Total			$	4					53						$	34					(61)

Table 10.8 presents the impact of derivative valuation adjustments on derivative fair values.

Table 10.8:Derivative Valuation Adjustments

			Contra Liability (Contra Asset)
(in millions)			Sep 30, 2026						Dec 31, 2025
CVA			$	(320)					(286)
DVA			290						200
FVA, net			(115)						(93)
Total derivative valuation adjustments			$	(145)					(179)

Credit Derivatives

Credit derivative contracts transfer credit risk associated with a single asset or entity, or a portfolio of assets or entities, from one party (the purchaser of credit protection) to another party (the seller of credit protection). We use credit derivatives to assist customers in managing their risks, manage our counterparty credit risk, and hedge certain loan exposures. We act as both a purchaser and seller of credit protection. We may purchase and sell credit protection on referenced assets, including corporate debt obligations and credit indices, through credit default swaps, risk participation swaps or other credit derivatives. As a seller of credit protection, we may be required to perform under the sold credit derivatives in the event of default by the referenced obligor, such as bankruptcy, capital restructuring or failure to make required principal or interest payments.

Table 10.9 provides details of sold credit derivatives.

Table 10.9:Sold Credit Derivatives

DownloadSimilarLinkTag

			Credit protection sold – Notional amount
(in millions)			Total			Non-investment grade
September 30, 2026
Credit default swaps			$	23,363		3,236
Written options			7,972			872
Risk participation swaps			6,645			4,351
Total credit derivatives			$	37,980		8,459
December 31, 2025
Credit default swaps			$	12,568		922
Written options			—			—
Risk participation swaps			6,208			4,052
Total credit derivatives			$	18,776		4,974

Total credit protection sold represents the estimated maximum exposure to loss that would be incurred if, upon an event of default, the value of our interests and any associated collateral declined to zero. Maximum exposure does not take into consideration any recovery value from the referenced obligation or offset from collateral held or any economic hedges. Non-investment grade amounts represent those credit derivatives with a higher risk of us being required to perform under the terms of the credit derivative based on the risk of the underlying assets. We consider the credit risk to be low if the underlying assets referenced by the credit derivative have an external rating that is investment grade. If an external rating is not available, we classify the credit derivative as non-investment grade.

We manage our maximum exposure to sold credit derivatives by requiring collateral from our counterparties, which may include cash and non-cash collateral, and entering into purchased credit derivatives with identical or similar reference positions in order to achieve our desired credit risk profile. Our credit risk management approach is designed to provide the ability to recover amounts that would be paid under sold credit derivatives.

Credit-Risk Contingent Features

Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. Table 10.10 illustrates our exposure to OTC bilateral derivative contracts with credit-risk contingent features, collateral we have posted, and the maximum additional collateral we would be required to post if the credit rating of our debt was downgraded to any rating below investment grade.

Table 10.10:Credit-Risk Contingent Features

DownloadSimilarLinkTag

(in billions)			Sep 30, 2026			Dec 31, 2025
Net derivative liabilities with credit-risk contingent features			$	30.8		26.3
Collateral posted			26.1			22.7
Maximum additional collateral to be posted for any credit rating below investment grade			4.7			3.7

94			Wells Fargo & Company

---

Note 11: Fair Value Measurements

We use fair value measurements to recognize fair value adjustments to certain assets and liabilities and to fulfill fair value disclosure requirements. Assets and liabilities recognized at fair value on a recurring basis are presented in Table 11.1 in this Note. Additionally, from time to time, we recognize fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of an accounting method such as lower of cost or fair value (LOCOM) and the measurement alternative, or write-downs of individual assets. Assets recognized at fair value on a nonrecurring basis are presented in Table 11.4 in this Note. We provide in Table 11.9 estimates of fair value for financial instruments that are not recognized at fair value, such as loans and debt liabilities carried at amortized cost.

See Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K for a discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K.

FAIR VALUE HIERARCHY. We classify our assets and liabilities recognized at fair value as either Level 1, 2, or 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations that include one or more significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K for a detailed description of the fair value hierarchy.

In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness of transactions, and our understanding of the valuation techniques and significant inputs used. This determination is ultimately based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the unobservable inputs to the instruments’ fair value measurement in its entirety. If one or more unobservable inputs is considered significant, the instrument is classified as Level 3.

We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy.

			Wells Fargo & Company			95

---

Note 11: Fair Value Measurements (continued)

Assets and Liabilities Recognized at Fair Value on a Recurring Basis

Table 11.1 presents the balances of assets and liabilities recognized at fair value on a recurring basis.

Table 11.1:Fair Value on a Recurring Basis

DownloadSimilarLinkTag

			September 30, 2026																								December 31, 2025
(in millions)			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Trading assets:
Debt securities:
Securities of U.S. Treasury and federal agencies			$	56,273					4,009						10						60,292						51,376						3,421						—						54,797
Collateralized loan obligations			—						935						90						1,025						—						859						77						936
Corporate debt securities			—						17,389						13						17,402						—						19,349						15						19,364
Federal agency mortgage-backed securities			—						62,820						—						62,820						—						69,836						—						69,836
Non-agency mortgage-backed securities			—						1,883						4						1,887						—						1,692						1						1,693
Other debt securities			—						6,890						2						6,892						—						7,236						—						7,236
Total trading debt securities			56,273						93,926						119						150,318						51,376						102,393						93						153,862
Equity securities			21,757						3,183						5						24,945						32,322						5,948						4						38,274
Physical commodities inventory			5,131						8,343						—						13,474						3,430						5,677						—						9,107
Trading loans			—						4,177						352						4,529						—						4,813						69						4,882
Derivative assets (gross):
Interest rate contracts			76						36,590						248						36,914						58						21,985						300						22,343
Commodity contracts			—						8,236						439						8,675						38						3,096						113						3,247
Equity contracts			—						27,913						584						28,497						—						20,636						152						20,788
Foreign exchange contracts			—						56,325						39						56,364						—						38,069						2						38,071
Credit contracts			—						130						103						233						—						51						30						81
Total derivative assets (gross)			76						129,194						1,413						130,683						96						83,837						597						84,530
Total trading assets prior to derivative netting			$	83,237					238,823						1,889						323,949						87,224						202,668						763						290,655
Derivative netting (1)																					(96,949)																								(62,720)
Total trading assets after derivative netting																					$	227,000																							227,935
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies			$	94,543					—						—						94,543						51,809						—						—						51,809
Securities of U.S. states and political subdivisions			—						9,583						11						9,594						—						10,383						14						10,397
Federal agency mortgage-backed securities			—						138,582						—						138,582						—						140,080						—						140,080
Non-agency mortgage-backed securities			—						1,657						2						1,659						—						2,124						2						2,126
Collateralized loan obligations			—						10,788						—						10,788						—						7,904						—						7,904
Other debt securities			—						381						225						606						—						1,040						217						1,257
Total available-for-sale debt securities			94,543						160,991						238						255,772						51,809						161,531						233						213,573
Loans held for sale (2)			—						775						41						816						—						721						107						828
Mortgage servicing rights (residential) (2)			—						—						5,487						5,487						—						—						5,696						5,696
Equity securities			1,788						39						34						1,861						1,941						—						67						2,008
Other assets			353						—						221						574						311						—						161						472
Total assets measured at fair value on a recurring basis			$	179,921					400,628						7,910						588,459						141,285						364,920						7,027						513,232
Trading liabilities:
Securities sold, not yet purchased			$	(28,681)					(9,260)						—						(37,941)						(24,581)						(7,261)						(2)						(31,844)
Derivative liabilities gross:
Interest rate contracts			(19)						(36,853)						(1,113)						(37,985)						(65)						(22,268)						(442)						(22,775)
Commodity contracts			—						(5,303)						(410)						(5,713)						(79)						(4,265)						(61)						(4,405)
Equity contracts			—						(25,888)						(1,360)						(27,248)						—						(21,438)						(1,276)						(22,714)
Foreign exchange contracts			—						(53,588)						(66)						(53,654)						—						(36,975)						(2)						(36,977)
Credit contracts			—						(97)						(29)						(126)						—						(57)						(28)						(85)
Total derivative liabilities (gross)			(19)						(121,729)						(2,978)						(124,726)						(144)						(85,003)						(1,809)						(86,956)
Total trading liabilities prior to derivative netting			(28,700)						(130,989)						(2,978)						(162,667)						(24,725)						(92,264)						(1,811)						(118,800)
Derivative netting (1)																					106,534																								73,332
Total trading liabilities after derivative netting																					$	(56,133)																							(45,468)
Long-term debt			—						(15,734)						(994)						(16,728)						—						(7,082)						—						(7,082)
Other liabilities			—						(353)						(33)						(386)						—						(311)						(46)						(357)
Total liabilities measured at fair value on a recurring basis			$	(28,700)					(147,076)						(4,005)						(179,781)						(24,725)						(99,657)						(1,857)						(126,239)

(1)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level valuation adjustments. See Note 10 (Derivatives) for additional information.

(2)Loans held for sale and mortgage servicing rights are included in other assets on our consolidated balance sheet.

96			Wells Fargo & Company

---

Level 3 Assets and Liabilities Recognized at Fair Value on a Recurring Basis

Table 11.2 presents the changes in Level 3 assets and liabilities recognized at fair value on a recurring basis.

Table 11.2:Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis

DownloadSimilarLinkTag

																																																			Net unrealized gains (losses) related to assets and liabilities held at period end (2)(6)
(in millions)			Balance, beginning of period						Net gains/(losses) (1)(2)						Purchases (3)						Sales						Settlements						Transfers into Level 3 (4)						Transfers out of Level 3 (5)						Balance, end of period
Quarter ended September 30, 2026
Trading assets (7):
Debt instruments (8)			$	324					(75)						195						(18)						—						120						(75)						471						(70)
Net derivative assets and liabilities:
Interest rate contracts			(344)						(522)						—						—						(8)						(1)						10						(865)						(524)
Equity contracts			(936)						92						(6)						8						197						(193)						62						(776)						261
Other derivative contracts			(18)						65						3						(1)						4						22						1						76						84
Total derivative contracts			(1,298)						(365)						(3)						7						193						(172)						73						(1,565)						(179)
Available-for-sale debt securities			230						9						—						—						(2)						1						—						238						9
Mortgage servicing rights (residential) (9)			5,343						250						24						(130)						—						—						—						5,487						405
Long-term debt			(206)						6						(794)						—						—						—						—						(994)						7
Other (7)			196						46						6						—						(11)						6						(14)						229						46
Quarter ended September 30, 2025
Trading assets (7):
Debt instruments (8)			$	133					(3)						43						(48)						—						44						(4)						165						3
Net derivative assets and liabilities:
Interest rate contracts			(180)						53						—						—						23						—						43						(61)						117
Equity contracts			(1,045)						(185)						—						—						187						(32)						53						(1,022)						(60)
Other derivative contracts			(24)						56						—						(1)						(48)						—						—						(17)						(13)
Total derivative contracts			(1,249)						(76)						—						(1)						162						(32)						96						(1,100)						44
Available-for-sale debt securities			209						11						3						—						(2)						—						—						221						9
Mortgage servicing rights (residential) (9)			6,417						(94)						27						(183)						—						—						—						6,167						98
Long-term debt			—						—						—						—						—						—						—						—						—
Other (7)			198						40						12						(42)						(6)						5						(7)						200						41
Nine months ended September 30, 2026
Trading assets (7):
Debt instruments (8)			$	162					(99)						494						(305)						(12)						319						(88)						471						(92)
Net derivative assets and liabilities:
Interest rate contracts			(142)						(799)						—						—						22						(1)						55						(865)						(773)
Equity contracts			(1,124)						(145)						—						—						629						(502)						366						(776)						258
Other derivative contracts			54						16						8						(6)						16						20						(32)						76						98
Total derivative contracts			(1,212)						(928)						8						(6)						667						(483)						389						(1,565)						(417)
Available-for-sale debt securities			233						6						6						—						(8)						1						—						238						6
Mortgage servicing rights (residential) (9)			5,696						84						63						(356)						—						—						—						5,487						563
Long-term debt			—						10						(1,004)						—						—						—						—						(994)						10
Other (7)			222						67						23						(62)						(16)						20						(25)						229						68
Nine months ended September 30, 2025
Trading assets (7):
Debt instruments (8)			$	144					(21)						66						(75)						(15)						85						(19)						165						(7)
Net derivative assets and liabilities:
Interest rate contracts			(3,603)						1,151						—						—						452						—						1,939						(61)						366
Equity contracts			(1,167)						(252)						—						—						446						(229)						180						(1,022)						(21)
Other derivative contracts			(33)						111						8						(2)						(237)						—						136						(17)						25
Total derivative contracts			(4,803)						1,010						8						(2)						661						(229)						2,255						(1,100)						370
Available-for-sale debt securities			216						10						6						—						(11)						—						—						221						9
Mortgage servicing rights (residential) (9)			6,844						(459)						78						(296)						—						—						—						6,167						118
Long-term debt			—						—						—						—						—						—						—						—						—
Other (7)			278						(3)						28						(42)						(13)						15						(63)						200						(6)

(1)All amounts represent net gains (losses) included in net income except for AFS debt securities and other assets and liabilities which also included net gains (losses) in other comprehensive income (OCI). Net gains (losses) included in OCI for AFS debt securities were $9 million and $7 million for the third quarter and first nine months of 2026, respectively, and $10 million and $9 million for the third quarter and first nine months of 2025, respectively. Net gains (losses) included in OCI for other assets and liabilities were $5 million and $7 million for the third quarter and first nine months of 2026, respectively, and $6 million and $(3) million for the third quarter and first nine months of 2025, respectively.

(2)On our consolidated statement of income, gains and losses from the following instruments are reported as indicated: trading debt instruments and available-for-sale debt securities in net gains from trading and securities; derivative contracts in mortgage banking income, net gains from trading and securities, and other noninterest income; mortgage servicing rights in mortgage banking income; long-term debt in interest expense and net gains from trading and securities; and other fair value instruments in mortgage banking income and other noninterest income.

(3)Includes originations of mortgage servicing rights and loans held for sale and issuances of long-term debt.

(4)All assets and liabilities transferred into Level 3 were previously classified as Level 2.

(5)All assets and liabilities transferred out of Level 3 are classified as Level 2.

(6)All amounts represent net unrealized gains (losses) related to assets and liabilities held at period end included in net income except for AFS debt securities and other assets and liabilities which also included net unrealized gains (losses) related to assets and liabilities held at period end in OCI. Net unrealized gains (losses) included in OCI for AFS debt securities were $9 million and $7 million for the third quarter and first nine months of 2026, respectively, and $10 million and $9 million for the third quarter and first nine months of 2025, respectively. Net unrealized gains (losses) included in OCI for other assets and liabilities were $5 million and $7 million for the third quarter and first nine months of 2026, respectively, and $6 million and $(3) million for the third quarter and first nine months of 2025, respectively.

(7)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).

(8)Includes trading debt securities and trading loans.

(9)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).

			Wells Fargo & Company			97

---

Note 11: Fair Value Measurements (continued)

Table 11.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.

Weighted averages of inputs are calculated using outstanding unpaid principal balances of loans serviced for residential MSRs and notional amounts for derivative instruments.

Table 11.3:Valuation Techniques – Recurring Basis

DownloadSimilarLinkTag

($ in millions, except cost to service amounts)			Fair Value Level 3						Valuation Technique						Significant Unobservable Input						Range of Inputs															Weighted Average
September 30, 2026
Mortgage servicing rights (residential)			$	5,487					Discounted cash flow						Cost to service per loan (1)						$	62		-			488									82
															Discount rate						9.9			-			15.2			%						10.3
															Prepayment rate (2)						5.4			-			19.9									7.2
Net derivative assets and (liabilities):
Interest rate contracts			(865)						Discounted cash flow						Discount rate						2.3			-			8.7									4.5
Equity contracts			(263)						Discounted cash flow						Conversion factor						0.0			-			0.0									0.0
															Weighted average life						0.3			-			3.3			yrs						0.9
			(513)						Option model						Correlation factor						(35.0)			-			98.0			%						57.8
															Volatility factor						10.0			-			92.0									52.8
Long-term debt			(994)						Option model						Correlation factor						(10.0)			-			97.5			%						76.6
															Volatility factor						15.5			-			73.9									23.7
December 31, 2025
Mortgage servicing rights (residential)			$	5,696					Discounted cash flow						Cost to service per loan (1)						$	61		-			446									96
															Discount rate						8.8			-			12.5			%						9.1
															Prepayment rate (2)						5.7			-			23.0									8.0
Net derivative assets and (liabilities):
Interest rate contracts			(139)						Discounted cash flow						Discount rate						2.5			-			3.5									3.4
			(3)						Discounted cash flow						Default rate						0.4			-			12.0									2.4
															Loss severity						50.0			-			50.0									50.0
Equity contracts			(579)						Discounted cash flow						Conversion factor						(0.3)			-			0.0									(0.2)
															Weighted average life						1.0			-			4.0			yrs						1.7
			(545)						Option model						Correlation factor						(20.0)			-			98.5			%						77.1
															Volatility factor						8.0			-			105.0									42.7

(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $62 - $139 at September 30, 2026, and $61 - $112 at December 31, 2025.

(2)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

For additional information on the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities, including how changes in these inputs affect fair value estimates, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K.

98			Wells Fargo & Company

---

Assets and Liabilities Recognized at Fair Value on a

Nonrecurring Basis

Table 11.4 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that

were still held as of September 30, 2026, and December 31, 2025, and for which a nonrecurring fair value adjustment was recognized during the nine months ended September 30, 2026, and the year ended December 31, 2025.

Table 11.4:Fair Value on a Nonrecurring Basis

DownloadSimilarLinkTag

			September 30, 2026																		December 31, 2025
(in millions)			Level 2						Level 3						Total						Level 2						Level 3						Total
Loans held for sale (1)			$	936					138						1,074						1,846						240						2,086
Loans:
Commercial			762						—						762						1,161						—						1,161
Consumer			88						—						88						96						—						96
Total loans			850						—						850						1,257						—						1,257
Equity securities			939						2,821						3,760						1,001						1,791						2,792
Other assets			60						15						75						89						9						98
Total assets at fair value on a nonrecurring basis			$	2,785					2,974						5,759						4,193						2,040						6,233

(1)Consists of commercial mortgages and residential mortgage – first lien loans.

Table 11.5 presents the gains (losses) on all assets held at the end of the reporting periods presented for which a nonrecurring fair value adjustment was recognized in earnings during the respective periods.

Table 11.5:Gains (Losses) on Assets with Nonrecurring Fair Value Adjustments

DownloadSimilarLinkTag

			Nine months ended September 30,
(in millions)			2026						2025
Loans held for sale			$	(9)					3
Loans:
Commercial			(239)						(421)
Consumer			(306)						(298)
Total loans			(545)						(719)
Equity securities (1)			431						(243)
Other assets (2)(3)			(22)						(39)
Total			$	(145)					(998)

(1)Includes impairment of equity securities and observable price changes related to equity securities accounted for under the measurement alternative.

(2)Includes impairment of operating lease ROU assets and valuation losses on foreclosed real estate and other collateral owned.

(3)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, 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).

Table 11.6 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on

a nonrecurring basis. Weighted averages of inputs for equity securities are calculated using carrying value prior to the nonrecurring fair value measurement.

Table 11.6:Valuation Techniques – Nonrecurring Basis

($ in millions)			Fair Value Level 3			Valuation Technique (1)						Significant Unobservable Input (1)						Range of Inputs Positive (Negative)												Weighted Average
September 30, 2026
Equity securities			$	1,555		Market comparable pricing						Comparability adjustment						(100.0)			-			(1.3)		%				(58.7)
			1,266			Market comparable pricing						Multiples						1.2x			-			28.0x						7.7x
December 31, 2025
Equity securities			393			Market comparable pricing						Comparability adjustment						(100.0)			-			(4.9)		%				(49.1)
			1,398			Market comparable pricing						Multiples						1.1x			-			44.1x						12.3x

(1)See Note 14 (Fair Value Measurements) in our 2025 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.

			Wells Fargo & Company			99

---

Note 11: Fair Value Measurements (continued)

Fair Value Option

The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the portfolios for which we elected the fair value option. For

additional information, including the basis for our fair value option elections, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K.

Table 11.7 reflects differences between the fair value carrying amount of the assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity.

Table 11.7:Fair Value Option

DownloadSimilarLinkTag

			September 30, 2026																		December 31, 2025
(in millions)			Fair value carrying amount						Aggregate unpaid principal						Fair value carrying amount less aggregate unpaid principal						Fair value carrying amount						Aggregate unpaid principal						Fair value carrying amount less aggregate unpaid principal
Trading assets (1)			$	4,528					5,177						(649)						4,882						5,180						(298)
Other assets (1)			816						847						(31)						828						846						(18)
Other liabilities			(353)						—						(353)						(311)						—						(311)
Long-term debt (2)			(16,728)						(18,010)						1,282						(7,082)						(7,647)						565

(1)Trading assets consists of trading loans and other assets consists of loans held for sale accounted for under the fair value option. Nonaccrual loans and loans 90 days or more past due and still accruing were insignificant at September 30, 2026, and December 31, 2025.

(2)Includes zero coupon notes for which the aggregate unpaid principal amount reflects the contractual principal due at maturity.

Table 11.8 reflects amounts included in earnings related to initial measurement and subsequent changes in fair value, by income statement line item, for assets and liabilities for which the fair

value option was elected. Amounts recognized in net interest income are excluded from the table below.

Table 11.8:Gains (Losses) on Changes in Fair Value Included in Earnings

DownloadSimilarLinkTag

			2026																		2025
(in millions)			Mortgage banking noninterest income						Net gains from trading and securities (1)						Other noninterest income						Mortgage banking noninterest income						Net gains from trading and securities						Other noninterest income
Quarter ended September 30,
Trading assets (1)			$	—					(90)						—						—						28						—
Other assets (1)			(28)						—						—						31						—						—
Other liabilities			—						—						(8)						—						—						(17)
Long-term debt			—						419						—						—						12						—
Nine months ended September 30,
Trading assets (1)			$	—					(125)						3						—						37						—
Other assets (1)			(17)						—						—						72						—						—
Other liabilities			—						—						(42)						—						—						(36)
Long-term debt			—						648						—						—						(11)						—

(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, 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).

For performing loans, instrument-specific credit risk gains or losses are derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For nonperforming loans, we attribute all changes in fair value to instrument-specific credit risk. For trading loans and loans held for sale accounted for under the fair value option, which are included in trading assets and other assets, respectively, on our consolidated balance sheet, instrument-specific credit gains or losses were insignificant for the third quarter and first nine months of both 2026 and 2025.

For long-term debt, instrument-specific credit risk gains or losses represent the impact of changes in fair value due to changes in our credit spread and are generally derived using observable secondary bond market information. These impacts are recognized within the debit valuation adjustments (DVA) in OCI. See Note 20 (Other Comprehensive Income) for additional information.

100			Wells Fargo & Company

---

Disclosures about Fair Value of Financial Instruments

Table 11.9 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes.

Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in Table 11.9. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $748 million and $639 million at September 30, 2026, and December 31, 2025, respectively.

The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company.

Table 11.9:Fair Value Estimates for Financial Instruments

DownloadSimilarLinkTag

									Estimated fair value
(in millions)			Carrying amount						Level 1						Level 2						Level 3						Total
September 30, 2026
Financial assets
Cash and due from banks (1)			$	40,556					40,556						—						—						40,556
Interest-earning deposits with banks (1)			140,503						140,167						336						—						140,503
Federal funds sold and securities borrowed or purchased under resale agreements (1)			193,106						—						193,106						—						193,106
Held-to-maturity debt securities			192,584						1,813						144,318						3,225						149,356
Loans held for sale (2)			2,976						—						2,840						142						2,982
Loans, net (2)			1,018,725						—						2,078						980,196						982,274
Equity securities (cost method)			5,114						—						—						5,223						5,223
Total financial assets			$	1,593,564					182,536						342,678						988,786						1,514,000
Financial liabilities
Deposits (3)			$	189,204					—						101,684						87,158						188,842
Federal funds purchased and securities loaned or sold under repurchase agreements (1)			220,519						—						220,519						—						220,519
Short-term borrowings			38,098						—						38,096						—						38,096
Long-term debt (4)			166,113						—						169,149						1,087						170,236
Total financial liabilities			$	613,934					—						529,448						88,245						617,693
December 31, 2025
Financial assets
Cash and due from banks (1)			$	39,182					39,182						—						—						39,182
Interest-earning deposits with banks (1)			135,028						134,695						333						—						135,028
Federal funds sold and securities borrowed or purchased under resale agreements (1)			193,929						—						193,929						—						193,929
Held-to-maturity debt securities			208,023						2,051						170,490						3,256						175,797
Loans held for sale			2,618						—						2,418						263						2,681
Loans, net (2)			957,037						—						820						931,108						931,928
Equity securities (cost method)			4,323						—						—						4,415						4,415
Total financial assets			$	1,540,140					175,928						367,990						939,042						1,482,960
Financial liabilities
Deposits (3)			$	166,686					—						75,728						90,379						166,107
Federal funds purchased and securities loaned or sold under repurchase agreements (1)			232,687						—						232,687						—						232,687
Short-term borrowings			18,323						—						18,331						—						18,331
Long-term debt (4)			167,618						—						172,563						1,390						173,953
Total financial liabilities			$	585,314					—						499,309						91,769						591,078

(1)Amounts consist of financial instruments for which carrying value approximates fair value.

(2)Excludes lease financing in loans and loans held for sale, net of allowance for credit losses, of $15.6 billion and $16.4 billion at September 30, 2026, and December 31, 2025, respectively.

(3)Excludes deposit liabilities with no defined or contractual maturity of $1.3 trillion at both September 30, 2026, and December 31, 2025.

(4)Excludes obligations under finance leases of $10 million and $12 million at September 30, 2026, and December 31, 2025, respectively.

			Wells Fargo & Company			101

---

Note 12: Securitizations and Variable Interest Entities

Involvement with Variable Interest Entities (VIEs)

In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which include corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. SPEs are often formed in connection with securitization transactions whereby financial assets are transferred to an SPE. SPEs formed in connection with securitization transactions are generally considered variable interest entities (VIEs). The VIE may alter the risk profile of the asset by entering into derivative transactions or obtaining credit support, and issues various forms of interests in those assets to investors. When we transfer financial assets from our consolidated balance sheet to a VIE in connection with a securitization, we typically receive cash and sometimes other interests in the VIE as proceeds for the assets we transfer. In certain transactions with VIEs, we may retain the right to service the transferred assets and repurchase the transferred assets if the outstanding balance of the assets falls below the level at which the cost to service the assets exceeds the benefits. In addition, we may purchase the right to service loans transferred to a VIE by a third party.

In connection with our securitization or other VIE activities, we have various forms of ongoing involvement with VIEs, which may include:

•underwriting securities issued by VIEs and subsequently making markets in those securities;

•providing credit enhancement on securities issued by VIEs through the use of letters of credit or financial guarantees;

•entering into derivative contracts with VIEs;

•holding senior or subordinated interests in VIEs;

•acting as servicer or investment manager for VIEs;

•providing administrative or trustee services to VIEs; and

•providing seller financing to VIEs.

Loan Sales and Securitization Activity

We periodically transfer consumer and commercial loans and other types of financial assets in securitization and whole loan sale transactions.

MORTGAGE LOANS SOLD TO GOVERNMENT SPONSORED ENTERPRISES AND TRANSACTIONS WITH GINNIE MAE. In the normal course of business we sell residential and commercial mortgage loans to GSEs. These loans are generally transferred into securitizations sponsored by the GSEs, which provide certain credit guarantees to investors and servicers. We also may transfer mortgage loans into securitization pools pursuant to Government National Mortgage Association (GNMA) guidelines which are insured by the FHA or guaranteed by the VA. Mortgage loans eligible for securitization with the GSEs or GNMA are considered conforming loans. The GSEs or GNMA design the structure of these securitizations, sponsor the involved VIEs, and have power over the activities most significant to the VIE.

We account for loans transferred in conforming mortgage loan securitization transactions as sales and do not consolidate the VIEs as we are not the primary beneficiary. In exchange for the transfer of loans, we typically receive securities issued by the VIEs which we sell to third parties for cash or hold for investment purposes as HTM or AFS securities. We may retain servicing rights on the transferred loans. As a servicer, we may retain the option to repurchase loans from certain loan securitizations,

which 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, and the loans remain pledged to the securitization. At September 30, 2026, and December 31, 2025, we recognized assets and related liabilities of $304 million and $751 million, respectively, where we did not exercise our option to repurchase eligible loans. We repurchased loans of $39 million and $148 million during the third quarter and first nine months of 2026, respectively, and $113 million and $309 million during the third quarter and first nine months of 2025, respectively.

Upon transfers of loans, we also provide indemnification for losses incurred due to material breaches of contractual representations and warranties as well as other recourse arrangements. At September 30, 2026, and December 31, 2025, our liability for these repurchase and recourse arrangements was $149 million and $189 million, respectively, and the maximum exposure to loss was $13.6 billion and $13.9 billion at September 30, 2026, and December 31, 2025, respectively.

Substantially all residential servicing activity is related to assets transferred to GSE and GNMA securitizations. See Note 6 (Mortgage Banking Activities) for additional information about residential and commercial servicing rights, advances and servicing fees.

NONCONFORMING MORTGAGE LOAN SECURITIZATIONS. In the normal course of business, we sell nonconforming mortgage loans in securitization transactions that we design and sponsor. Nonconforming mortgage loan securitizations do not involve a government credit guarantee, and accordingly, beneficial interest holders are subject to credit risk of the underlying assets held by the securitization VIE. We typically originate the transferred loans and account for the transfers as sales. We may retain the right to service the loans and may hold other beneficial interests issued by the VIE, such as debt securities and loans held for investment purposes, including those required to be held pursuant to credit risk retention rules. For our commercial nonconforming mortgage loan securitizations accounted for as sales, we do not consolidate the VIE because the most significant decisions impacting the performance of the VIE are generally made by the special servicer or the controlling class security holder. For our residential nonconforming mortgage loan securitizations accounted for as sales, we either do not hold variable interests that we consider potentially significant or are not the primary servicer for a majority of the VIE assets.

LOAN SALE TRANSACTIONS. We may also sell whole loans and participate loans where we have continuing involvement, such as servicing or financing, and we account for these transfers as sales. When sales are to VIEs, we do not consolidate the VIEs as we do not have the power to direct the most significant activities of the VIEs.

Table 12.1 presents information about transfers of assets during the periods presented for which we recognized the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we received proceeds and recognized servicing assets, securities, and/or loans, as

102			Wells Fargo & Company

---

applicable. Each of these interests are initially measured at fair value. Transfers of residential mortgage loans are transactions with the GSEs or GNMA and generally result in no gain or loss because the loans are typically measured at fair value on a recurring basis. Transfers of commercial mortgage loans include

both transactions with the GSEs or GNMA and nonconforming transactions. These commercial mortgage loans are carried at the lower of cost or market, and we recognize gains on such transfers when the market value is greater than the carrying value of the loan when it is sold.

Table 12.1:Transfers with Continuing Involvement

DownloadSimilarLinkTag

			2026												2025
(in millions)			Residential mortgage						Commercial (1)						Residential mortgage						Commercial mortgage
Quarter ended September 30,
Assets sold			$	1,749					2,559						2,335						3,458
Proceeds from transfer (2)			1,749						2,620						2,335						3,483
Net gains (losses) on sale			—						61						—						25
Continuing involvement (3):
Servicing rights recognized			$	24					21						25						23
Securities and loans recognized (4)			—						40						—						33
Nine months ended September 30,
Assets sold			$	4,792					8,976						6,452						7,729
Proceeds from transfer (2)			4,792						9,099						6,452						7,793
Net gains (losses) on sale			—						123						—						64
Continuing involvement (3):
Servicing rights recognized			$	63					62						75						56
Securities and loans recognized (4)			—						597						—						139

(1)Includes commercial mortgage loans and commercial trade receivables.

(2)Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement.

(3)Represents assets or liabilities recognized at transfer date related to our continuing involvement in the transferred assets.

(4)Represents debt securities and loans obtained at securitization settlement and loans related to seller financing arrangements. These debt securities and loans are held for investment purposes and are classified as available-for-sale securities, held-to-maturity securities, or as loans, including amounts required to be held pursuant to credit risk retention rules. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $973 million and $2.1 billion during the third quarter and first nine months of 2026, respectively, and $1.4 billion and $3.2 billion during the third quarter and first nine months of 2025, respectively.

In the normal course of business, we purchase certain non-agency securities at initial securitization or subsequently in the secondary market, which we hold for investment. We may also provide seller financing in the form of loans. We received cash flows of $198 million and $379 millionduring the third quarter and first nine months of 2026, respectively, and $100 million and $110 million during the third quarter and first nine months of 2025, respectively, for VIEs with continuing involvement, related to principal and interest payments on these securities and loans. These amounts exclude cash flows related to trading activities.

RESECURITIZATION ACTIVITIES. We enter into resecuritization transactions as part of our trading activities to accommodate the investment and risk management activities of our customers. In resecuritization transactions, we transfer trading debt securities to VIEs in exchange for new beneficial interests that are sold to third parties at or shortly after securitization settlement. This activity is performed for customers seeking a specific return or risk profile. Substantially all of our transactions involve the resecuritization of conforming mortgage-backed securities issued by the GSEs or guaranteed by GNMA. We do not consolidate the resecuritization VIEs as we share in the decision-making power with third parties and do not hold significant economic interests in the VIEs other than for market-making activities. During the nine months ended September 30, 2026 and 2025, we transferred trading debt securities of $19.1 billion and $13.9 billion, respectively, to resecuritization VIEs, and retained trading debt securities of $1.9 billion at both periods. These amounts are not included in Table 12.1. As of September 30, 2026, and December 31, 2025, we held $1.5 billion and $1.1 billion of trading debt securities, respectively. Total resecuritization VIE assets, to which we sold assets and hold an interest, were $61.7 billion and $52.9 billion at September 30, 2026, and December 31, 2025, respectively.

			Wells Fargo & Company			103

---

Note 12: Securitizations and Variable Interest Entities (continued)

Sold or Securitized Loans Serviced for Others

Table 12.2 presents information about loans that we have sold or securitized in which we have ongoing involvement as servicer. For loans sold or securitized where servicing is our only form of continuing involvement, we generally experience a loss only if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts. Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status.

Table 12.2 excludes mortgage loans sold to and held or securitized by GSEs or GNMA of $413.0 billion and $461.8 billion at September 30, 2026, and December 31, 2025, respectively, due to guarantees provided by GSEs and the FHA and VA, which limit our credit risk associated with such securitizations. Delinquent loans and foreclosed assets related to loans sold to and held or securitized by GSEs and GNMA were $1.3 billion and $1.7 billion at September 30, 2026, and December 31, 2025, respectively.

Table 12.2:Sold or Securitized Loans Serviced for Others

DownloadSimilarLinkTag

																											Net charge-offs
			Total loans												Delinquent loans and foreclosed assets (1)												Nine months ended September 30,
(in millions)			Sep 30, 2026						Dec 31, 2025						Sep 30, 2026						Dec 31, 2025						2026						2025
Commercial			$	367					6						—						—						—						—
Residential mortgage			250						3,069						41						287						6						7
Total off-balance sheet sold or securitized loans			$	617					3,075						41						287						6						7

(1)Includes $14 million and $13 million of residential foreclosed assets at September 30, 2026, and December 31, 2025, respectively.

Unconsolidated VIEs

MORTGAGE LOAN SECURITIZATIONS. Table 12.3 includes nonconforming mortgage loan securitizations where we originate and transfer the loans to the unconsolidated securitization VIEs that we sponsor. For additional information about these VIEs, see the “Loan Sales and Securitization Activity” section within this Note.

Conforming loan securitization and resecuritization transactions involving the GSEs and GNMA are excluded from Table 12.3 because we are not the sponsor or we do not have power over the activities most significant to the VIEs. Additionally, due to the nature of the guarantees provided by the GSEs and the FHA and VA, our credit risk associated with these VIEs is limited. For additional information about conforming mortgage loan securitizations and resecuritizations, see the “Loan Sales and Securitization Activity” and “Resecuritization Activities” sections within this Note.

COMMERCIAL REAL ESTATE LOANS. We may transfer purchased industrial development bonds and GSE credit enhancements to VIEs in exchange for beneficial interests. We may also acquire such beneficial interests in transactions where we do not act as a transferor. We own all of the beneficial interests and may also service the underlying mortgages that serve as collateral to the bonds. The GSEs have the power to direct the servicing and workout activities of the VIE in the event of a default, therefore we do not have control over the key decisions of the VIEs.

OTHER VIE STRUCTURES. We engage in various forms of structured finance arrangements with other VIEs, including asset-backed finance structures. Collateral may include rental properties and mortgage loans. We may participate in structuring or marketing the arrangements as well as provide financing, service one or more of the underlying assets, or enter into derivatives with the VIEs. We may also receive fees for those services. We are not the primary beneficiary of these structures because we do not have power to direct the most significant activities of the VIEs.

104			Wells Fargo & Company

---

Table 12.3 provides a summary of our exposure to the unconsolidated VIEs described above. We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary or administrative in nature or insignificant in size.

In Table 12.3, Total VIE assets represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. Carrying value is the amount on our consolidated balance sheet related to our involvement with the unconsolidated VIEs.

Maximum exposure to loss represents estimated loss that would be incurred under severe, hypothetical circumstances, for which we believe the possibility is extremely remote, such as where the value of our interests and any associated collateral declines to

zero, without any consideration of recovery or offset from any economic hedges. Accordingly, this disclosure is not an indication of expected loss.

Maximum exposure to loss is determined as the carrying value of our investment in the VIEs excluding the unconditional repurchase options that have not been exercised, plus the remaining undrawn liquidity and lending commitments, certain loss sharing obligations associated with loans originated, sold, and serviced under certain GSE programs, the notional amount of net written derivative contracts, and generally the notional amount of, or stressed loss estimate for, other commitments and guarantees. See Note 13 (Guarantees and Other Commitments) for additional information about our guarantees and commitments.

Table 12.3:Unconsolidated VIEs

DownloadSimilarLinkTag

									Carrying value – asset (liability)
(in millions)			Total VIE assets						Loans						All other assets (1)									Net assets			Guarantees and other commitments (2)
September 30, 2026
Nonconforming mortgage loan securitizations			$	270					—						16									16			—
Commercial real estate loans			4,965						4,949						16									4,965			—
Other			1,052						—						2									2			—
Total			6,287						4,949						34									4,983			—
Maximum exposure to loss									4,949						34									4,983			994
December 31, 2025
Nonconforming mortgage loan securitizations			$	2,585					—						284									284			—
Commercial real estate loans			4,998						4,984						14									4,998			—
Other			1,057						—						12									12			—
Total			8,640						4,984						310									5,294			—
Maximum exposure to loss									4,984						310									5,294			998

(1)All other assets includes trading assets, debt securities, and other assets.

(2)Maximum exposure to loss includes $836 million and $841 million of commercial real estate loan VIE structures at September 30, 2026, and December 31, 2025, respectively.

			Wells Fargo & Company			105

---

Note 12: Securitizations and Variable Interest Entities (continued)

INVOLVEMENT WITH TAX CREDIT VIES. In addition to the unconsolidated VIEs in Table 12.3, we may invest in or provide funding to affordable housing, renewable energy or similar projects that are designed to generate a return primarily through the realization of federal income tax credits and other income tax benefits. Our affordable housing investments generate low-income housing tax credits and our renewable energy investments generate either production tax credits, investment tax credits, or both. The projects are typically managed by third-party sponsors who have the power over the VIE’s assets; therefore, we do not consolidate the VIEs. The carrying value of our equity investments in tax credit VIEs was $21.3 billion and $21.2 billion at September 30, 2026, and December 31, 2025, respectively. Additionally, we had loans to tax credit VIEs with a carrying value of $2.0 billion at both September 30, 2026, and December 31, 2025.

Our maximum exposure to loss for tax credit VIEs at September 30, 2026, and December 31, 2025, was $31.1 billion and $31.1 billion, respectively. Our maximum exposure to loss included total unfunded equity and lending commitments of $7.9 billion and $7.8 billion at September 30, 2026, and

December 31, 2025, respectively. Under these commitments, we are required to provide additional financial support during the investment period, at the discretion of project sponsors, or for certain renewable energy investments, on a contingent basis based on the amount of income tax credits earned. For equity investments accounted for using the proportional amortization method, a liability is recognized in accrued expenses and liabilities on our consolidated balance sheet for unfunded commitments that are either legally binding or contingent but probable of funding. The liability recognized for these commitments at September 30, 2026, and December 31, 2025, was $6.3 billion and $5.7 billion, respectively. Substantially all of these commitments are expected to be funded within three years. See Note 13 (Guarantees and Other Commitments) for additional information about unrecognized commitments to purchase equity securities.

Table 12.4 summarizes the impacts to our consolidated statement of income related to our affordable housing and renewable energy equity investments, which are accounted for using either the proportional amortization method or the equity method.

Table 12.4:Income Statement Impacts for Affordable Housing and Renewable Energy Tax Credit Investments

DownloadSimilarLinkTag

						Quarter ended September 30,												Nine months ended September 30,
(in millions)						2026						2025						2026						2025
Income (loss) before income tax expense:
Proportional amortization method investments						$	38					29						$	126					141
Equity method investments (1)						(18)						21						(88)						(65)
Net income (loss) before income tax expense (2)			(A)			20						50						38						76
Income tax expense (benefit):
Proportional amortization of investments						953						765						3,027						2,370
Income tax credits and other income tax benefits						(1,282)						(968)						(4,042)						(3,172)
Net expense (benefit) recognized within income tax expense			(B)			(329)						(203)						(1,015)						(802)
Net income related to affordable housing and renewable energy tax credit investments			(A)-(B)			$	349					253						$	1,053					878

(1)Net losses presented include income from investment tax credits, accounted for using the deferral method, of $161 million and $458 million for the third quarter and first nine months of 2026, respectively, and $146 million and $368 million for the third quarter and first nine months of 2025, respectively.

(2)Generally included in other noninterest income on our consolidated statement of income.

106			Wells Fargo & Company

---

Consolidated VIEs

We consolidate VIEs where we are the primary beneficiary. We are the primary beneficiary of the following structure types:

CREDIT CARD SECURITIZATIONS. We securitize credit card loans to provide a source of funding. Credit card securitizations involve the transfer of credit card loans to a master trust that issues debt securities to third party investors that are collateralized by the transferred credit card loans. The underlying securitized credit card loans and other assets in the master trust are available only for payment of the debt securities issued by the master trust; they are not available to pay our other obligations. In addition, the investors in the debt securities do not have recourse to the general credit of Wells Fargo.

We consolidate the master trust because, as the servicer of the credit card loans, we have the power to direct the activities that most significantly impact the economic performance and hold variable interests potentially significant to the VIE. We hold a minimum of 5% seller’s interest in the transferred credit card loans and we retain subordinated securities issued by the master trust, which collectively could result in exposure to potentially significant losses or benefits from the master trust. As of September 30, 2026, and December 31, 2025, we held seller’s interest of $5.9 billion and $4.3 billion, respectively, in the transferred credit card loans and $1.5 billion (at par) of subordinated securities issued by the master trust in both periods. Both the seller's interest and the subordinated securities are eliminated in our consolidated financial statements. The transferred credit card loans and debt securities issued to third parties are recognized on our consolidated balance sheet, and classified as loans and long-term debt, respectively.

CORPORATE LOAN STRUCTURES. We consolidate a VIE associated with our customer accommodation trading activities involving derivatives and trading loans. These derivatives provide customers with exposure to the returns of referenced corporate loans, which we may hedge by holding those loans. We fund the VIE to purchase the loans, design and sponsor the entity, control its key decisions, and hold a significant variable interest.

COMMERCIAL FINANCING STRUCTURES. We provide the majority of debt and equity financing to an SPE that engages in commercial lending and leasing to specific vendors, and we service the underlying collateral. We consolidate this VIE as we hold a significant variable interest through our majority equity ownership and debt financing, which exposes us to potentially significant benefits and losses, and we hold the power to direct the activities that most significantly affect the VIE’s economic performance.

MUNICIPAL TENDER OPTION BOND (MTOB) TRANSACTIONS. We useMTOBs to finance our purchase of municipal securities through the issuance of short-term debt to investors that is collateralized by the underlying municipal securities. We sponsor trusts that hold these municipal securities and issue puttable floating rate securities to third-party investors. We retain a residual interest in the trusts and may also serve in other roles for the trusts, including as remarketing agent or liquidity provider for the debt issued to investors. As the residual interest holder, we have the power to direct the activities that significantly affect the trusts' economic performance and consolidate the trusts.

Table 12.5 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recognized on our consolidated balance sheet. Total VIE assets includes affiliate balances that are eliminated upon consolidation, and therefore in some instances will differ from the carrying value of assets.

On our consolidated balance sheet, we separately disclose (1) the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs, and (2) the consolidated liabilities of certain VIEs for which the VIE creditors do not have recourse to Wells Fargo.

Table 12.5:Consolidated VIEs

DownloadSimilarLinkTag

									Carrying value – asset (liability)
(in millions)			Total VIE assets						Trading assets						AFS debt securities						Loans						All other assets						Short-term borrowings						Accrued expenses and other liabilities						Long-term debt
September 30, 2026
Credit card securitizations			$	12,792					—						—						12,548						54						—						(10)						(4,928)
Corporate loan structures			2,919						2,860						—						—						55						—						(4)						—
Commercial financing structures			1,764						—						—						1,620						144						—						(215)						—
MTOB transactions			1,080						359						704						—						16						(1,091)						(5)						—
Total consolidated VIEs			$	18,555					3,219						704						14,168						269						(1,091)						(234)						(4,928)
December 31, 2025
Credit card securitizations			$	9,860					—						—						9,653						50						—						(7)						(3,775)
Corporate loan structures			2,307						2,271						—						—						36						—						(6)						—
Commercial financing structures			1,768						—						—						1,629						138						—						(193)						—
MTOB transactions			—						—						—						—						—						—						—						—
Total consolidated VIEs			$	13,935					2,271						—						11,282						224						—						(206)						(3,775)

			Wells Fargo & Company			107

---

Note 13: 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. For additional

descriptions of our guarantees, see Note 16 (Guarantees and Other Commitments) in our 2025 Form 10-K. Table 13.1 shows carrying value and maximum exposure to loss on our guarantees.

Table 13.1:Guarantees – Carrying Value and Maximum Exposure to Loss

DownloadSimilarLinkTag

									Maximum exposure to loss
(in millions)			Carrying value of obligation						Expires in one year or less						Expires after one year through three years						Expires after three years through five years						Expires after five years						Total						Non-investment grade
September 30, 2026
Standby letters of credit(1)			$	109					15,129						5,350						2,041						100						22,620						6,657
Direct pay letters of credit (1)			4						855						1,867						576						—						3,298						641
Loans and LHFS sold with recourse			80						1,215						3,653						3,587						5,880						14,335						11,082
Exchange and clearing house guarantees (2)			—						229,716						—						—						—						229,716						—
Other guarantees and indemnifications			177						4,513						1,209						1,710						3,801						11,233						1,056
Total guarantees			$	370					251,428						12,079						7,914						9,781						281,202						19,436
December 31, 2025
Standby letters of credit (1)			$	98					13,967						6,550						1,814						15						22,346						7,315
Direct pay letters of credit (1)			5						588						1,836						353						88						2,865						488
Loans and LHFS sold with recourse			91						1,362						3,214						3,385						6,378						14,339						10,910
Exchange and clearing house guarantees (2)			—						98,106						—						—						—						98,106						—
Other guarantees and indemnifications			69						4,418						1,521						370						1,663						7,972						979
Total guarantees			$	263					118,441						13,121						5,922						8,144						145,628						19,692

(1)Standby and direct pay letters of credit are reported net of syndications and participations.

(2)Substantially all relates to sponsored resale and repurchase activity through the Fixed Income Clearing Corporation where we act in an agency capacity for customers.

Maximum exposure to loss represents the estimated loss that would be incurred under an assumed hypothetical circumstance, despite what we believe is a remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in Table 13.1 do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, these amounts are not an indication of expected loss. We believe the carrying value is more representative of our current exposure to loss than maximum exposure to loss. The carrying value represents the fair value of the guarantee, if any, and also includes an ACL for guarantees, if applicable. In determining the ACL for guarantees, we consider the credit risk of the related contingent obligation.

For our guarantees in Table 13.1, non-investment grade represents those guarantees on which we have a higher risk of performance under the terms of the guarantee, which is determined based on an external rating or an internal credit grade that is below investment grade.

WRITTEN OPTIONS. We enter into written foreign currency options and over-the-counter written equity put options that are derivative contracts that have the characteristics of a guarantee. The fair value of written options represents our view of the probability that we will be required to perform under the contract. The fair value of these written options was a liability of $227 million and an asset of $101 million at September 30, 2026, and December 31, 2025, respectively. The fair value may be an asset as a result of deferred premiums on certain option trades. The maximum exposure to loss represents the notional value of these derivative contracts. At September 30, 2026, the maximum exposure to loss was $70.3 billion, with $67.1 billion expiring in three years or less compared with $45.4 billion and

$42.0 billion, respectively, at December 31, 2025. See Note 10 (Derivatives) for additional information regarding written derivative contracts.

GUARANTEES OF SUBSIDIARIES. The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. These securities are not guaranteed by any other subsidiary of the Parent. The guaranteed liabilities were $4.9 billion and $1.7 billion at September 30, 2026, and December 31, 2025, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.

MERCHANT SERVICES. We provide merchants with processing of debit and credit card transactions through payment networks and serve as a card network sponsor for a payment company. In our role as a merchant acquiring bank, we have a potential obligation in connection with disputes between the merchant and the cardholder that are resolved in favor of the cardholder, referred to as a charge-back transaction. We estimate our potential maximum exposure to be the total merchant transaction volume processed in the preceding four months, which is generally the lifecycle for a charge-back transaction. As of September 30, 2026, our potential maximum exposure was approximately $257.7 billion, and related losses were insignificant.

108			Wells Fargo & Company

---

OTHER COMMITMENTS. As of both September 30, 2026, and December 31, 2025, we had commitments to purchase equity securities of $9.2 billion, which predominantly included Federal Reserve Bank stock and tax credit investments accounted for using the equity method.

We have commitments to enter into resale and securities borrowing agreements as well as repurchase and securities lending agreements with certain counterparties, including central clearing organizations. The amount of our unfunded contractual commitments for resale and securities borrowing agreements was $98.9 billion and $34.9 billion as of September 30, 2026, and December 31, 2025, respectively. The amount of our unfunded contractual commitments for repurchase and securities lending agreements was $25.2 billion and $6.8 billion as of September 30, 2026, and December 31, 2025, respectively.

Given the nature of these commitments, they are excluded from Table 3.4 (Unfunded Credit Commitments) in Note 3 (Loans and Related Allowance for Credit Losses).

			Wells Fargo & Company			109

---

Note 14: Securities Financing Activities

We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading assets (including securities and derivatives), acquire securities to cover trading liability positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and, to a lesser extent, through other bank entities. Our securities financing activities predominantly involve high-quality, liquid securities such as U.S. Treasury securities and government agency securities and, to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes.

OFFSETTING OF SECURITIES FINANCING ACTIVITIES. Table 14.1 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty.

Securities financings with the same counterparty are presented net on our consolidated balance sheet, provided certain balance sheet netting criteria are met. The majority of transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting.

Securities collateral we pledge is not netted on our consolidated balance sheet against the related liability. Securities collateral we receive is not recognized on our consolidated balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. For additional information on collateral pledged and received, see Note 15 (Pledged Assets and Collateral). Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, the disclosure in this table is limited to the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty.

In addition to the amounts included in Table 14.1, we also have balance sheet netting related to derivatives that is disclosed in Note 10 (Derivatives).

Table 14.1:Offsetting – Securities Financing Activities

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Assets:
Resale and securities borrowing agreements:
Gross amounts recognized			$	392,354					291,236
Gross amounts offset in consolidated balance sheet (1)			(199,248)						(97,368)
Net amounts in consolidated balance sheet (2)			193,106						193,868
Collateral received not recognized in consolidated balance sheet (3)			(190,828)						(192,410)
Net amount (4)			$	2,278					1,458
Liabilities:
Repurchase and securities lending agreements:
Gross amounts recognized			$	419,754					330,040
Gross amounts offset in consolidated balance sheet (1)			(199,248)						(97,368)
Net amounts in consolidated balance sheet (5)			220,506						232,672
Collateral pledged but not netted in consolidated balance sheet (6)			(220,287)						(232,618)
Net amount (4)			$	219					54

(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset within our consolidated balance sheet.

(2)Included in federal funds sold and securities borrowed or purchased under resale agreements on our consolidated balance sheet. Excludes $34.8 billion and $29.0 billion classified on our consolidated balance sheet in loans at September 30, 2026, and December 31, 2025, respectively, which relates to resale agreements involving collateral other than securities as part of our commercial lending business activities.

(3)Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty.

(4)Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA.

(5)Included in federal funds purchased and securities loaned or sold under repurchase agreements on our consolidated balance sheet.

(6)Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty.

110			Wells Fargo & Company

---

REPURCHASE AND SECURITIES LENDING AGREEMENTS. Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction’s maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity

on demand, requiring us to reacquire the security prior to contractual maturity. We attempt to mitigate these risks in various ways. Our collateral predominantly consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 14.2 provides the gross amounts recognized on our consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type.

Table 14.2:Gross Obligations by Underlying Collateral Type

DownloadSimilarLinkTag

(in millions)						Sep 30, 2026						Dec 31, 2025
Repurchase agreements:
Securities of U.S. Treasury and federal agencies						$	282,700					176,386
Federal agency mortgage-backed securities						98,292						118,503
Non-agency mortgage-backed securities						5,036						3,266
Corporate debt securities						14,238						13,567
Asset-backed securities						4,609						4,705
Equity securities						2,489						2,809
Other						3,430						3,246
Total repurchases						410,794						322,482
Securities lending arrangements:
Corporate debt securities						1,600						1,735
Equity securities						6,675						5,700
Other						685						123
Total securities lending						8,960						7,558
Total repurchases and securities lending						$	419,754					330,040

Table 14.3 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Securities lending is often executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements typically have a term structure that matures at a point in time. The overnight agreements require an election by both parties to roll the trade, while continuous agreements require an election by either party to terminate the agreement.

Table 14.3:Contractual Maturities of Gross Obligations

DownloadSimilarLinkTag

(in millions)			Repurchase agreements			Securities lending agreements
September 30, 2026
Overnight/continuous			$	241,655		5,559
Up to 30 days			128,936			—
30-90 days			14,950			851
>90 days			25,253			2,550
Total gross obligation			$	410,794		8,960
December 31, 2025
Overnight/continuous			$	200,118		3,907
Up to 30 days			74,120			—
30-90 days			28,270			—
>90 days			19,974			3,651
Total gross obligation			$	322,482		7,558

			Wells Fargo & Company			111

---

Note 15: Pledged Assets and Collateral

Pledged Assets

We pledge financial assets that we own to counterparties for the collateralization of securities and other collateralized financing activities, to secure trust and public deposits, and to collateralize derivative contracts. See Note 14 (Securities Financing Activities) for additional information on securities financing activities. As part of our liquidity management strategy, we may also pledge assets to secure borrowings and letters of credit from Federal Home Loan Banks (FHLBs), to maintain potential borrowing capacity with FHLBs and at the discount window of the Board of Governors of the Federal Reserve System (FRB), and for other purposes as required or permitted by law or insurance statutory requirements. The collateral that we pledge may include our own collateral as well as collateral that we have received from third parties and have the right to repledge.

Table 15.1 provides the carrying values of assets recognized on our consolidated balance sheet that we have pledged to third parties. Assets pledged in transactions where our counterparty has the right to sell or repledge those assets are presented parenthetically on our consolidated balance sheet.

VIE RELATED. We also pledge assets in connection with various types of transactions entered into with VIEs, which are excluded from Table 15.1. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recognized on our consolidated balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 12 (Securitizations and Variable Interest Entities) for additional information on consolidated and unconsolidated VIE assets.

Table 15.1:Pledged Assets

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Pledged to counterparties that had the right to sell or repledge:
Trading assets			$	138,130					145,519
Available-for-sale debt securities			—						563
Loans			822						1,161
Total assets pledged to counterparties that had the right to sell or repledge			138,952						147,243
Pledged to counterparties that did not have the right to sell or repledge:
Trading assets			2,731						6,953
Available-for-sale debt securities			187,426						150,765
Held-to-maturity debt securities			175,997						189,730
Loans			623,591						524,290
All other assets			1,035						1,183
Total assets pledged to counterparties that did not have the right to sell or repledge			990,780						872,921
Total pledged assets			$	1,129,732					1,020,164

Collateral Accepted

We receive financial assets as collateral that we are permitted to sell or repledge. This collateral is obtained in connection with securities purchased under resale agreements and securities borrowing transactions, customer margin loans, and derivative contracts. We may use this collateral in connection with securities sold under repurchase agreements and securities lending transactions, derivative contracts, and short sales. At September 30, 2026, and December 31, 2025, the fair value of this collateral received that we have the right to sell or repledge was $616.1 billion and $469.2 billion, respectively, of which $462.1 billion and $309.3 billion, respectively, were sold or repledged.

112			Wells Fargo & Company

---

Note 16: Operating Segments

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. Our CEO is the chief operating decision maker (CODM) and reviews actual and forecasted operating segment net income for assessing performance and deciding how to allocate resources. 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.

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.

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.

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.

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®.

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.

Basis of Presentation

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.

Table 16.1 includes the allocated expenses from Corporate to the reportable operating segments within the relevant personnel and nonpersonnel expense lines. Personnel expense is a significant expense for our reportable operating segments. Nonpersonnel expense includes other expense categories that are consistent with those presented on our consolidated statement of income, such as technology, telecommunications and equipment expense, occupancy expense, and professional and outside services expense.

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.

			Wells Fargo & Company			113

---

Note 16: Operating Segments (continued)

Table 16.1 presents our results by operating segment.

Table 16.1:Operating Segments

DownloadSimilarLinkTag

(in millions)			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Reconciling Items (1)						Consolidated Company
Quarter ended September 30, 2026
Net interest income (2)			$	8,016					2,134						2,216						950						(725)						(74)						12,517
Noninterest income			2,640						1,102						2,792						3,154						115						(450)						9,353
Total revenue			10,656						3,236						5,008						4,104						(610)						(524)						21,870
Provision for credit losses			791						240						(18)						16						—						—						1,029
Personnel expense			3,573						869						1,490						2,661						152						—						8,745
Nonpersonnel expense			2,615						531						964						625						263						—						4,998
Total noninterest expense			6,188						1,400						2,454						3,286						415						—						13,743
Income (loss) before income tax expense (benefit)			3,677						1,596						2,572						802						(1,025)						(524)						7,098
Income tax expense (benefit)			922						400						648						199						(484)						(524)						1,161
Net income (loss) before noncontrolling interests			2,755						1,196						1,924						603						(541)						—						5,937
Less: Net income (loss) from noncontrolling interests			—						1						—						—						(15)						—						(14)
Net income (loss)			$	2,755					1,195						1,924						603						(526)						—						5,951
Quarter ended September 30, 2025
Net interest income (2)			$	7,628					1,949						1,870						851						(273)						(75)						11,950
Noninterest income			2,544						1,092						3,009						2,823						449						(431)						9,486
Total revenue			10,172						3,041						4,879						3,674						176						(506)						21,436
Provision for credit losses			767						39						(107)						(14)						(4)						—						681
Personnel expense			3,844						912						1,499						2,434						332						—						9,021
Nonpersonnel expense			2,532						533						863						579						318						—						4,825
Total noninterest expense			6,376						1,445						2,362						3,013						650						—						13,846
Income (loss) before income tax expense (benefit)			3,029						1,557						2,624						675						(470)						(506)						6,909
Income tax expense (benefit)			759						393						658						169						(173)						(506)						1,300
Net income (loss) before noncontrolling interests			2,270						1,164						1,966						506						(297)						—						5,609
Less: Net income from noncontrolling interests			—						2						—						—						18						—						20
Net income (loss)			$	2,270					1,162						1,966						506						(315)						—						5,589
Nine months ended September 30, 2026
Net interest income (2)			$	23,309					6,169						6,673						2,774						(1,774)						(221)						36,930
Noninterest income			7,633						3,305						9,038						9,097						1,345						(1,410)						29,008
Total revenue			30,942						9,474						15,711						11,871						(429)						(1,631)						65,938
Provision for credit losses			2,554						521						(24)						23						4						—						3,078
Personnel expense			11,242						2,842						4,822						7,929						354						—						27,189
Nonpersonnel expense			7,821						1,578						2,821						1,779						546						—						14,545
Total noninterest expense			19,063						4,420						7,643						9,708						900						—						41,734
Income (loss) before income tax expense (benefit)			9,325						4,533						8,092						2,140						(1,333)						(1,631)						21,126
Income tax expense (benefit)			2,339						1,140						2,030						532						(1,156)						(1,631)						3,254
Net income (loss) before noncontrolling interests			6,986						3,393						6,062						1,608						(177)						—						17,872
Less: Net income from noncontrolling interests			—						5						—						—						256						—						261
Net income (loss)			$	6,986					3,388						6,062						1,608						(433)						—						17,611
Nine months ended September 30, 2025
Net interest income (2)			$	21,972					5,909						5,475						2,366						(340)						(229)						35,153
Noninterest income			7,271						2,990						9,141						8,150						898						(1,196)						27,254
Total revenue			29,243						8,899						14,616						10,516						558						(1,425)						62,407
Provision for credit losses			2,451						183						(4)						9						(21)						—						2,618
Personnel expense			11,652						3,033						4,659						7,242						618						—						27,204
Nonpersonnel expense			7,245						1,601						2,430						1,582						1,054						—						13,912
Total noninterest expense			18,897						4,634						7,089						8,824						1,672						—						41,116
Income (loss) before income tax expense (benefit)			7,895						4,082						7,531						1,683						(1,093)						(1,425)						18,673
Income tax expense (benefit)			1,970						1,034						1,887						408						(1,136)						(1,425)						2,738
Net income before noncontrolling interests			5,925						3,048						5,644						1,275						43						—						15,935
Less: Net income (loss) from noncontrolling interests			—						6						—						—						(48)						—						(42)
Net income			$	5,925					3,042						5,644						1,275						91						—						15,977

114			Wells Fargo & Company

---

DownloadSimilarLinkTag

(continued from previous page)
			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Reconciling Items (1)						Consolidated Company
Quarter ended September 30, 2026
Loans (average)			$	342,119					240,458						353,430						95,371						2,012						—						1,033,390
Assets (average)			374,654						264,350						818,661						101,555						684,304						—						2,243,524
Deposits (average)			825,120						198,946						248,075						108,671						102,116						—						1,482,928
Nine months ended September 30, 2026
Loans (average)			$	338,429					235,590						351,746						91,659						1,344						—						1,018,768
Assets (average)			371,718						259,388						815,587						97,758						669,048						—						2,213,499
Deposits (average)			823,399						191,507						232,518						110,173						97,173						—						1,454,770
Loans (period-end)			345,037						246,970						355,859						97,986						2,261						—						1,048,113
Assets (period-end)			387,719						272,055						818,817						103,993						670,707						—						2,253,291
Deposits (period-end)			833,092						205,813						258,551						110,229						94,967						—						1,502,652
Quarter ended September 30, 2025
Loans (average)			$	329,099					219,356						295,895						82,330						1,997						—						928,677
Assets (average)			363,593						241,942						679,877						88,429						636,359						—						2,010,200
Deposits (average)			808,942						171,976						204,056						99,764						55,201						—						1,339,939
Nine months ended September 30, 2025
Loans (average)			$	323,227					223,191						286,424						81,515						3,578						—						917,935
Assets (average)			358,489						245,823						644,390						87,405						618,635						—						1,954,742
Deposits (average)			804,820						177,570						203,464						100,431						50,690						—						1,336,975
Loans (period-end)			331,180						223,235						303,980						83,786						921						—						943,102
Assets (period-end)			368,436						247,222						715,683						89,541						642,044						—						2,062,926
Deposits (period-end)			810,992						176,954						211,051						103,957						64,407						—						1,367,361

(1)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.

(2)Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets.

			Wells Fargo & Company			115

---

Note 17: Revenue and Expenses

Revenue

Our revenue includes net interest income on financial instruments and noninterest income. Table 17.1 presents our revenue by operating segment. For additional description of our operating segments, including additional financial information

and information related to the management reporting process, see Note 16 (Operating Segments). For a description of our revenue from contracts with customers, see Note 20 (Revenue and Expenses) in our 2025 Form 10-K.

Table 17.1: Revenue by Operating Segment

DownloadSimilarLinkTag

(in millions)			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Reconciling Items (1)						Consolidated Company
Quarter ended September 30, 2026
Net interest income			$	8,016					2,134						2,216						950						(725)						(74)						12,517
Noninterest income:
Deposit-related fees			797						327						283						7						1						—						1,415
Lending-related fees			23						156						236						5						—						—						420
Investment advisory and other asset-based fees (2)			292						13						34						2,706						1						—						3,046
Commissions and brokerage services fees			124						—						119						426						1						—						670
Investment banking fees			(1)						26						908						—						(39)						—						894
Card fees:
Interchange and merchant services fees (3)			1,001						56						17						1						(2)						—						1,073
Other card fees			200						—						—						—						1						—						201
Total card fees			1,201						56						17						1						(1)						—						1,274
Mortgage banking (4)			119						—						48						(3)						—						—						164
Net gains (losses) from trading activities			—						(1)						1,053						17						40						—						1,109
Net losses from debt securities (4)			—						—						—						—						(29)						—						(29)
Net gains (losses) from equity securities (4)			—						47						2						—						(45)						—						4
Other (4)			85						478						92						(5)						186						(450)						386
Total noninterest income			2,640						1,102						2,792						3,154						115						(450)						9,353
Total revenue			$	10,656					3,236						5,008						4,104						(610)						(524)						21,870
Quarter ended September 30, 2025
Net interest income			$	7,628					1,949						1,870						851						(273)						(75)						11,950
Noninterest income:
Deposit-related fees			698						311						273						7						1						—						1,290
Lending-related fees			14						144						214						12						—						—						384
Investment advisory and other asset-based fees (2)			249						19						39						2,353						—						—						2,660
Commissions and brokerage services fees			133						—						95						424						(1)						—						651
Investment banking fees			(2)						45						826						—						(29)						—						840
Card fees:
Interchange and merchant services fees (3)			973						47						13						1						1						—						1,035
Other card fees			189						—						—						—						(1)						—						188
Total card fees			1,162						47						13						1						—						—						1,223
Mortgage banking (4)			199						—						70						(3)						2						—						268
Net gains (losses) from trading activities			(1)						—						1,367						36						6						—						1,408
Net gains from debt securities (4)			—						—						—						—						—						—						—
Net gains (losses) from equity securities (4)			—						23						(4)						—						130						—						149
Other (4)			92						503						116						(7)						340						(431)						613
Total noninterest income			2,544						1,092						3,009						2,823						449						(431)						9,486
Total revenue			$	10,172					3,041						4,879						3,674						176						(506)						21,436
(continued on following page)

116			Wells Fargo & Company

---

DownloadSimilarLinkTag

(continued from previous page)
(in millions)			Consumer Banking and Lending						Commercial Banking						Corporate and Investment Banking						Wealth and Investment Management						Corporate						Reconciling Items (1)						Consolidated Company
Nine months ended September 30, 2026
Net interest income			$	23,309					6,169						6,673						2,774						(1,774)						(221)						36,930
Noninterest income:
Deposit-related fees			2,264						971						834						21						1						—						4,091
Lending-related fees			68						454						682						14						—						—						1,218
Investment advisory and other asset-based fees (2)			820						46						109						7,715						1						—						8,691
Commissions and brokerage services fees			366						—						357						1,301						—						—						2,024
Investment banking fees			(5)						65						2,700						—						(131)						—						2,629
Card fees:
Interchange and merchant services fees (3)			2,868						169						48						3						—						—						3,088
Other card fees			545						—						—						—						1						—						546
Total card fees			3,413						169						48						3						1						—						3,634
Mortgage banking (4)			436						—						193						(9)						1						—						621
Net gains (losses) from trading activities			(1)						(1)						3,744						63						48						—						3,853
Net gains (losses) from debt securities (4)			—						3						—						—						(31)						—						(28)
Net gains from equity securities (4)			—						135						18						—						870						—						1,023
Other (4)			272						1,463						353						(11)						585						(1,410)						1,252
Total noninterest income			7,633						3,305						9,038						9,097						1,345						(1,410)						29,008
Total revenue			$	30,942					9,474						15,711						11,871						(429)						(1,631)						65,938
Nine months ended September 30, 2025
Net interest income			$	21,972					5,909						5,475						2,366						(340)						(229)						35,153
Noninterest income:
Deposit-related fees			2,002						970						814						20						2						—						3,808
Lending-related fees			45						418						624						34						—						—						1,121
Investment advisory and other asset-based fees (2)			721						60						119						6,795						—						—						7,695
Commissions and brokerage services fees			357						—						298						1,245						(1)						—						1,899
Investment banking fees			(3)						102						2,291						—						(79)						—						2,311
Card fees:
Interchange and merchant services fees (3)			2,799						145						40						3						3						—						2,990
Other card fees			450						—						—						—						—						—						450
Total card fees			3,249						145						40						3						3						—						3,440
Mortgage banking (4)			590						—						248						(10)						2						—						830
Net gains (losses) from trading activities			(1)						—						4,060						90						19						—						4,168
Net gains (losses) from debt securities (4)			—						2						—						—						(149)						—						(147)
Net gains (losses) from equity securities (4)			5						21						58						(12)						(147)						—						(75)
Other (4)			306						1,272						589						(15)						1,248						(1,196)						2,204
Total noninterest income			7,271						2,990						9,141						8,150						898						(1,196)						27,254
Total revenue			$	29,243					8,899						14,616						10,516						558						(1,425)						62,407

(1)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.

(2)We earned trailing commissions of $264 million and $751 million for the third quarter and first nine months of 2026, respectively, and $240 million and $695 million for the third quarter and first nine months of 2025, respectively.

(3)The cost of credit card rewards and rebates of $852 million and $2.5 billion for the third quarter and first nine months of 2026, respectively, and $737 million and $2.1 billion for the third quarter and first nine months of 2025, respectively, are presented net against the related revenue.

(4)For additional information on these revenue types, see Note 6 (Mortgage Banking Activities), Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities), Note 4 (Equity Securities), and Note 7 (Leasing Activity).

			Wells Fargo & Company			117

---

Note 17: Revenue and Expenses (continued)

NET GAINS (LOSSES) FROM TRADING ACTIVITIES. Table 17.2 provides the noninterest income associated with trading assets and liabilities. The table excludes revenue from securities

purchased under resale agreements and expense from securities sold or loaned under agreements to repurchase in our Corporate and Investment Banking (CIB) Markets business.

Table 17.2: Net Gains (Losses) from Trading Activities, by Risk Type (1)

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Interest rate			$	(533)					468						$	(773)					2,037
Commodity (2)			218						207						688						636
Equity			521						332						1,348						801
Foreign exchange			1,258						214						2,805						171
Credit			(355)						187						(215)						523
Total net gains from trading activities			$	1,109					1,408						$	3,853					4,168

(1)Includes gains (losses) on portfolio level derivative valuation adjustments, as well as remeasurement gains (losses) on foreign currency-denominated assets and liabilities, including related hedges. See Note 10 (Derivatives) for additional information. Also includes gains (losses) on structured debt portfolios where we have elected the fair value option. See Note 11 (Fair Value Measurements) for additional information.

(2)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. In connection with these changes, we reclassified the gains (losses) related to our physical commodities inventory, including the related hedging impacts, from other noninterest income to net gains from trading activities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Expenses

OTHER EXPENSE. The amounts presented in Table 17.3 are included in other noninterest expense on our consolidated statement of income.

Table 17.3: Other Expense

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Regulatory charges and assessments (1)			$	301					234						$	892					781
Legal actions (2)			32						89						164						192
Other operating losses (3)			145						178						436						507

(1)Regulatory charges and assessments predominantly consists of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense.

(2)Legal actions includes expenses related to litigation and regulatory matters. For additional information on legal actions, see Note 9 (Legal Actions).

(3)Includes fraud losses for credit card and deposit accounts, and deposit overdraft losses.

Expenses for legal actions may have significant variability given their inherent and unpredictable nature. The timing and determination of the amount of any associated expenses for these matters depends on a variety of factors, some of which are outside of our control.

118			Wells Fargo & Company

---

Note 18: Employee Benefits

Pension and Postretirement Plans

We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits accrue after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation, projected benefit payments, and valuation methodologies used for assets measured at fair value, see Note 1 (Summary of Significant Accounting Policies) and Note 21 (Employee Benefits) in our 2025 Form 10-K.

In both the third quarter and first nine months of 2026, we recognized a settlement loss of $109 million for our Cash

Balance Plan representing an acceleration of a pro rata portion of the net loss in AOCI based on the percentage reduction in the Cash Balance Plan’s projected benefit obligation attributable to lump sum benefit payments during the first nine months of 2026. There were no settlement losses recognized during the first nine months of 2025.

Table 18.1 presents the components of net periodic benefit cost.

Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on our consolidated statement of income.

Table 18.1:Net Periodic Benefit Cost

DownloadSimilarLinkTag

			2026																		2025
			Pension benefits																		Pension benefits
(in millions)			Qualified						Non- qualified						Other benefits						Qualified						Non- qualified						Other benefits
Quarter ended September 30,
Service cost			$	8					—						—						8						—						—
Interest cost			88						3						3						98						4						4
Expected return on plan assets			(118)						—						(6)						(123)						—						(7)
Amortization of net actuarial loss (gain)			32						1						(8)						33						1						(7)
Amortization of prior service credit			—						—						(2)						—						—						(2)
Settlement loss			109						—						—						—						—						—
Net periodic benefit cost			$	119					4						(13)						16						5						(12)
Nine months ended September 30,
Service cost			$	25					—						—						25						—						—
Interest cost			264						10						9						293						12						10
Expected return on plan assets			(353)						—						(20)						(369)						—						(21)
Amortization of net actuarial loss (gain)			96						2						(24)						100						2						(19)
Amortization of prior service credit			—						—						(6)						—						—						(7)
Settlement loss			109						—						—						—						—						—
Net periodic benefit cost			$	141					12						(41)						49						14						(37)

			Wells Fargo & Company			119

---

Note 19: Earnings and Dividends Per Common Share

Table 19.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

Table 19.1:Earnings Per Common Share Calculations

DownloadSimilarLinkTag

						Quarter ended September 30,												Nine months ended September 30,
(in millions, except per share amounts)						2026						2025						2026						2025
Wells Fargo net income						$	5,951					5,589						$	17,611					15,977
Less: Preferred stock dividends and other (1)						248						248						748						806
Wells Fargo net income applicable to common stock (numerator)						$	5,703					5,341						$	16,863					15,171
Earnings per common share
Average common shares outstanding (denominator)						3,015.8						3,182.2						3,046.4						3,231.4
Per share						$	1.89					1.68						$	5.54					4.69
Diluted earnings per common share
Average common shares outstanding						3,015.8						3,182.2						3,046.4						3,231.4
Add: Stock-based compensation awards (2)						35.7						41.3						34.6						38.9
Diluted average common shares outstanding (denominator)						3,051.5						3,223.5						3,081.0						3,270.3
Per share						$	1.87					1.66						$	5.47					4.64

(1)Includes costs associated with any preferred stock redemption.

(2)Stock-based compensation may include restricted share rights, performance share awards, and stock options. Dilution effect calculated using the treasury stock method.

Table 19.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.

Table 19.2:Outstanding Anti-Dilutive Securities

DownloadSimilarLinkTag

															Weighted-average shares
			Quarter ended September 30,												Nine months ended September 30,
(in millions)			2026						2025						2026						2025
Convertible Preferred Stock, Series L (1)			25.3						25.3						25.3						25.3
Stock-based compensation awards (2)			1.1						0.7						4.1						0.8

(1) Calculated using the if-converted method.

(2) Calculated using the treasury stock method.

Table 19.3 presents dividends declared per common share.

Table 19.3:Dividends Declared Per Common Share

DownloadSimilarLinkTag

			Quarter ended September 30,												Nine months ended September 30,
			2026						2025						2026						2025
Per common share			$	0.50					0.45						$	1.40					1.25

120			Wells Fargo & Company

---

Note 20: Other Comprehensive Income

Table 20.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects. Income tax

effects are reclassified from accumulated OCI (AOCI) to net income in the same period as the related pre-tax amount.

Table 20.1:Summary of OCI

DownloadSimilarLinkTag

			Quarter ended September 30,																																				Nine months ended September 30,
			2026																		2025																		2026																		2025
(in millions)			Before tax						Tax effect						Net of tax						Before tax						Tax effect						Net of tax						Before tax						Tax effect						Net of tax						Before tax						Tax effect						Net of tax
Debt securities:
Net unrealized gains (losses) arising during the period			$	(7,112)					1,754						(5,358)						1,772						(437)						1,335						$	(8,180)					2,018						(6,162)						4,140						(1,021)						3,119
Reclassification of net (gains) losses to net income			146						(36)						110						422						(104)						318						368						(91)						277						522						(129)						393
Net change			(6,966)						1,718						(5,248)						2,194						(541)						1,653						(7,812)						1,927						(5,885)						4,662						(1,150)						3,512
Derivatives and hedging activities:
Fair value hedges:
Change in fair value of excluded components (1)			6						(1)						5						6						(2)						4						18						(4)						14						18						(5)						13
Cash flow hedges:
Net unrealized gains (losses) arising during the period			(4,198)						1,037						(3,161)						(5)						2						(3)						(5,498)						1,358						(4,140)						718						(177)						541
Reclassification of net (gains) losses to net income			71						(18)						53						180						(45)						135						219						(54)						165						486						(120)						366
Net change			(4,121)						1,018						(3,103)						181						(45)						136						(5,261)						1,300						(3,961)						1,222						(302)						920
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period			11						(3)						8						8						(2)						6						11						(3)						8						8						(2)						6
Reclassification of amounts to noninterest expense (2)			132						(32)						100						25						(5)						20						177						(42)						135						76						(17)						59
Net change			143						(35)						108						33						(7)						26						188						(45)						143						84						(19)						65
Debit valuation adjustments (DVA) and other:
Net unrealized gains (losses) arising during the period			32						(8)						24						(34)						8						(26)						16						(4)						12						(55)						13						(42)
Reclassification of net (gains) losses to net income			—						—						—						1						—						1						—						—						—						1						—						1
Net change			32						(8)						24						(33)						8						(25)						16						(4)						12						(54)						13						(41)
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period			(17)						—						(17)						(72)						1						(71)						(147)						(2)						(149)						74						(1)						73
Reclassification of net (gains) losses to net income			1						—						1						—						—						—						1						—						1						—						—						—
Net change			(16)						—						(16)						(72)						1						(71)						(146)						(2)						(148)						74						(1)						73
Other comprehensive income (loss)			$	(10,928)					2,693						(8,235)						2,303						(584)						1,719						$	(13,015)					3,176						(9,839)						5,988						(1,459)						4,529
Less: Other comprehensive income from noncontrolling interests, net of tax															—																		—																		—																		—
Wells Fargo other comprehensive income (loss), net of tax															$	(8,235)																	1,719																		$	(9,839)																	4,529

(1)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recognized in OCI.

(2)These items are included in the computation of net periodic benefit cost. See Note 18 (Employee Benefits) for additional information.

			Wells Fargo & Company			121

---

Note 20: Other Comprehensive Income (continued)

Table 20.2 provides the AOCI balance activity net of tax.

Table 20.2:AOCI Balances

DownloadSimilarLinkTag

(in millions)			Debt securities (1)						Fair value hedges (2)						Cash flow hedges (3)						Defined benefit plans adjustments						Debit valuation adjustments (DVA) and other						Foreign currency translation adjustments						Accumulated other comprehensive income (loss)
Quarter ended September 30, 2026
Balance, beginning of period			$	(5,025)					(21)						(1,017)						(1,561)						(120)						(533)						(8,277)
Net unrealized gains (losses) arising during the period			(5,358)						5						(3,161)						8						24						(17)						(8,499)
Amounts reclassified from AOCI			110						—						53						100						—						1						264
Net change			(5,248)						5						(3,108)						108						24						(16)						(8,235)
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						—						—
Balance, end of period			$	(10,273)					(16)						(4,125)						(1,453)						(96)						(549)						(16,512)
Quarter ended September 30, 2025
Balance, beginning of period			$	(6,997)					(37)						(296)						(1,634)						(62)						(340)						(9,366)
Net unrealized gains (losses) arising during the period			1,335						4						(3)						6						(26)						(71)						1,245
Amounts reclassified from AOCI			318						—						135						20						1						—						474
Net change			1,653						4						132						26						(25)						(71)						1,719
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						—						—
Balance, end of period			$	(5,344)					(33)						(164)						(1,608)						(87)						(411)						(7,647)
Nine months ended September 30, 2026
Balance, beginning of period			$	(4,388)					(30)						(150)						(1,596)						(108)						(401)						(6,673)
Net unrealized gains (losses) arising during the period			(6,162)						14						(4,140)						8						12						(149)						(10,417)
Amounts reclassified from AOCI			277						—						165						135						—						1						578
Net change			(5,885)						14						(3,975)						143						12						(148)						(9,839)
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						—						—
Balance, end of period			$	(10,273)					(16)						(4,125)						(1,453)						(96)						(549)						(16,512)
Nine months ended September 30, 2025
Balance, beginning of period			$	(8,856)					(46)						(1,071)						(1,673)						(46)						(484)						(12,176)
Net unrealized gains (losses) arising during the period			3,119						13						541						6						(42)						73						3,710
Amounts reclassified from AOCI			393						—						366						59						1						—						819
Net change			3,512						13						907						65						(41)						73						4,529
Less: Other comprehensive income from noncontrolling interests			—						—						—						—						—						—						—
Balance, end of period			$	(5,344)					(33)						(164)						(1,608)						(87)						(411)						(7,647)

(1)At September 30, 2026 and 2025, accumulated other comprehensive loss includes unamortized after-tax unrealized losses of $2.5 billion and $2.8 billion, respectively, associated with the transfer of securities from AFS to HTM. These amounts are subsequently amortized into earnings over the same period as the related unamortized premiums and discounts.

(2)Substantially all of the amounts for fair value hedges are foreign exchange contracts.

(3)Substantially all of the amounts for cash flow hedges are interest rate contracts.

122			Wells Fargo & Company

---

Note 21: Regulatory Capital Requirements and Other Restrictions

Regulatory Capital Requirements

The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The FRB establishes capital requirements for the consolidated financial holding company, and the Office of the Comptroller of the Currency (OCC) has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank).

Table 21.1 presents regulatory capital information for the Company and the Bank in accordance with Basel III capital

requirements. We must calculate our risk-based capital ratios under both the Standardized and Advanced Approaches. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component.

Table 21.1:Regulatory Capital Information

DownloadSimilarLinkTag

			Wells Fargo & Company																								Wells Fargo Bank, N.A.
			Standardized Approach												Advanced Approach												Standardized Approach												Advanced Approach
(in millions, except ratios)			Sep 30, 2026						Dec 31, 2025						Sep 30, 2026						Dec 31, 2025						Sep 30, 2026						Dec 31, 2025						Sep 30, 2026						Dec 31, 2025
Regulatory capital:
Common Equity Tier 1			$	134,561					137,346						134,561						137,346						143,443						151,833						143,443						151,833
Tier 1			151,246						153,567						151,246						153,567						143,443						151,833						143,443						151,833
Total			182,170						184,682						172,114						174,617						161,254						169,520						150,735						158,966
Assets:
Risk-weighted assets			1,341,319						1,294,609						1,142,584						1,112,533						1,230,470						1,184,912						972,059						940,876
Adjusted average assets (1)			2,215,005						2,052,117						2,215,005						2,052,117						1,875,141						1,746,906						1,875,141						1,746,906
Regulatory capital ratios:
Common Equity Tier 1 capital			10.03		%	*			10.61						11.78						12.35						11.66			*			12.81						14.76						16.14
Tier 1 capital			11.28			*			11.86						13.24						13.80						11.66			*			12.81						14.76						16.14
Total capital			13.58			*			14.27						15.06						15.70						13.11			*			14.31						15.51						16.90
Required minimum capital ratios:
Common Equity Tier 1 capital			8.50						8.50						8.50						8.50						7.00						7.00						7.00						7.00
Tier 1 capital			10.00						10.00						10.00						10.00						8.50						8.50						8.50						8.50
Total capital			12.00						12.00						12.00						12.00						10.50						10.50						10.50						10.50
			Wells Fargo & Company																								Wells Fargo Bank, N.A.
			September 30, 2026												December 31, 2025												September 30, 2026												December 31, 2025
Regulatory leverage:
Total leverage exposure (2)			$	2,662,320											2,466,623												2,304,136												2,141,519
Supplementary leverage ratio (2)			5.68								%				6.23												6.23												7.09
Tier 1 leverage ratio (1)			6.83												7.48												7.65												8.69
Required minimum leverage:
Supplementary leverage ratio			3.50												5.00												3.50												6.00
Tier 1 leverage ratio			4.00												4.00												5.00												5.00

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

(1)Adjusted average assets consists of total quarterly average assets less goodwill and other permitted Tier 1 capital deductions. The Tier 1 leverage ratio consists of Tier 1 capital divided by total quarterly average assets, excluding goodwill and certain other items as determined under capital rule requirements.

(2)The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total consolidated assets adjusted for certain off-balance sheet exposures, goodwill, and other permitted Tier 1 capital deductions.

At September 30, 2026, the Common Equity Tier 1 (CET1), Tier 1 and Total capital ratio requirements for the Company included a global systemically important bank (G-SIB) surcharge of 1.50% and a countercyclical buffer of 0.00%. In addition, these ratios included a stress capital buffer of 2.50% under the Standardized Approach and a capital conservation buffer of 2.50% under the Advanced Approach. The Company is required to maintain these risk-based capital ratios and to maintain a supplementary leverage ratio (SLR) that included a supplementary leverage buffer of 0.50% to avoid restrictions on capital distributions and discretionary bonus payments. The CET1, Tier 1 and Total capital ratio requirements for the Bank included a capital conservation buffer of 2.50% under both the Standardized and Advanced

Approaches. The G-SIB surcharge and countercyclical buffer are not applicable to the Bank. At September 30, 2026, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act.

Capital Planning Requirements

The FRB’s capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain large bank holding companies (BHC), including Wells Fargo.

			Wells Fargo & Company			123

---

Note 21: Regulatory Capital Requirements and Other Restrictions (continued)

The FRB conducts an annual Comprehensive Capital Analysis and Review exercise and has also published guidance regarding its supervisory expectations for capital planning, including capital policies regarding the process relating to common stock dividend and repurchase decisions in the FRB’s SR Letter 15-18. The Parent’s ability to make certain capital distributions is subject to the requirements of the capital plan rule and is also subject to the Parent meeting or exceeding certain regulatory capital minimums.

Loan and Dividend Restrictions

Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. Additionally, federal laws and regulations limit, and regulators can impose additional limitations on, the dividends that a national bank may pay.

Our nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year. In addition, we have entered into a Support Agreement dated June 28, 2017, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (Parent), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (IHC), the Bank, Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other subsidiaries of the Parent designated from time to time as material entities for resolution planning purposes or identified from time to time as related support entities in our resolution plan, pursuant to which the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers or if the Parent’s board of directors authorizes it to file a case under the U.S. Bankruptcy Code.

For additional information on loan and dividend restrictions, see Note 25 (Regulatory Capital Requirements and Other Restrictions) in our 2025 Form 10-K.

Cash Restrictions

Cash and cash equivalents may be restricted as to usage or withdrawal. Table 21.2 provides a summary of restrictions on cash and cash equivalents.

Table 21.2: Nature of Restrictions on Cash and Cash Equivalents

DownloadSimilarLinkTag

(in millions)			Sep 30, 2026						Dec 31, 2025
Reserve balance for non-U.S. central banks			$	291					259
Segregated for benefit of brokerage customers under federal and other brokerage regulations			880						1,085

124			Wells Fargo & Company

---

Glossary of Acronyms
ACL			Allowance for credit losses			HQLA			High-quality liquid assets
AFS			Available-for-sale			HTM			Held-to-maturity
AOCI			Accumulated other comprehensive income			LCR			Liquidity coverage ratio
ARM			Adjustable-rate mortgage			LHFS			Loans held for sale
ASU			Accounting Standards Update			LOCOM			Lower of cost or fair value
BCBS			Basel Committee on Banking Supervision			LTV			Loan-to-value
BHC			Bank holding company			MBS			Mortgage-backed securities
CCAR			Comprehensive Capital Analysis and Review			MSR			Mortgage servicing right
CD			Certificate of deposit			NAV			Net asset value
CET1			Common Equity Tier 1			NPA			Nonperforming asset
CLO			Collateralized loan obligation			NSFR			Net stable funding ratio
CRE			Commercial real estate			OCC			Office of the Comptroller of the Currency
CVA			Credit valuation adjustment			OCI			Other comprehensive income
DPD			Days past due			OTC			Over-the-counter
DVA			Debit valuation adjustment			ROA			Return on average assets
FASB			Financial Accounting Standards Board			ROE			Return on average equity
FDIC			Federal Deposit Insurance Corporation			ROTCE			Return on average tangible common equity
FHA			Federal Housing Administration			RWAs			Risk-weighted assets
FHLB			Federal Home Loan Bank			SEC			Securities and Exchange Commission
FHLMC			Federal Home Loan Mortgage Corporation			S&P			Standard & Poor’s Global Ratings
FICO			Fair Isaac Corporation (credit rating)			SLR			Supplementary leverage ratio
FNMA			Federal National Mortgage Association			SOFR			Secured Overnight Financing Rate
FRB			Board of Governors of the Federal Reserve System			SPE			Special purpose entity
FVA			Funding valuation adjustment			TLAC			Total Loss Absorbing Capacity
GAAP			Generally accepted accounting principles			VA			Department of Veterans Affairs
GNMA			Government National Mortgage Association			VaR			Value-at-Risk
GSE			Government-sponsored enterprise			VIE			Variable interest entity
G-SIB			Global systemically important bank			WIM			Wealth and Investment Management

			Wells Fargo & Company			125

---

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Information in response to this item can be found in Note 9 (Legal Actions) to Financial Statements in this Report which information is incorporated by reference into this item.

Item 1A. Risk Factors

Information in response to this item can be found under the “Financial Review – Risk Factors” section in this Report which information is incorporated by reference into this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table shows Company repurchases of its common stock for each calendar month in the quarter ended September 30, 2026.

DownloadSimilarLinkTag

Calendar month			Total number of shares repurchased (1)						Weighted average price paid per share						Approximate dollar value of shares that may yet be repurchased under the authorization (in millions)
July			11,427,471						$	87.51					$	21,743
August			6,000,220						85.41						21,230
September			11,159,214						88.49						20,243
Total			28,586,905

(1)All shares were repurchased under an authorization covering up to $40 billion of common stock approved by the Board of Directors (Board) and publicly announced by the Company on April 29, 2025. Unless modified or revoked by the Board, this authorization does not expire.

Item 5. Other Information

Trading Plans

During the quarter ended September 30, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

126			Wells Fargo & Company

---

Item 6. Exhibits

A list of exhibits to this Form 10-Q is set forth below.

The Company’s SEC file number is 001-2979. On and before November 2, 1998, the Company filed documents with the SEC under the name Norwest Corporation. The former Wells Fargo & Company filed documents under SEC file number 001-6214.

Exhibit Number

Description

Location

3(a)

Restated Certificate of Incorporation, as amended and in effect on the date hereof.

Filed herewith.

3(b)

By-Laws.

Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed July 31, 2025.

4(a)

See Exhibits 3(a) and 3(b).

4(b)

The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company.

22

Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant.

Incorporated by reference to Exhibit 22 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

31(a)

Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

31(b)

Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

32(a)

Certification of Periodic Financial Report by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.

Furnished herewith.

32(b)

Certification of Periodic Financial Report by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.

Furnished herewith.

101.INS

Inline XBRL Instance Document

The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document

Filed herewith.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith.

101.DEF

Inline XBRL Taxonomy Extension Definitions Linkbase Document

Filed herewith.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

Filed herewith.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith.

104

Cover Page Interactive Data File

Formatted as Inline XBRL and contained in Exhibit 101.

			Wells Fargo & Company			127

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

			WELLS FARGO & COMPANY
			(Registrant)
By:			/s/ MUNEERA S. CARR
			Muneera S. Carr
			Executive Vice President, Chief Accounting Officer and Controller
			(Principal Accounting Officer)
			Dated: October 28, 2026

128			Wells Fargo & Company