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Wells Fargo & Company · FY2025
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Wells Fargo & Company (WFC) · NYSE · FY2025
Form 10-K filed with the SEC February 24, 2026 · Period ended December 31, 2025
Case Summary
In the year the Federal Reserve removed its growth cap, Wells Fargo reported higher earnings, a larger balance sheet, lower credit costs and $24.2 billion returned to shareholders. It also reported a narrower core lending margin, higher nonperforming assets, continuing anti-money-laundering inquiries and remaining provisions of the 2018 consent order. These are the principal changes and pressures disclosed in the filing.
The Good — the strongest evidence Walter found
After seven years, the Federal Reserve’s cap on Wells Fargo’s growth is gone — and the bank grew.
Total assets grew 11% to $2.15 trillion, net income rose 8% to $21.3 billion, and diluted earnings per share rose 17% to $6.26 (from $5.37). The company repurchased $17.7 billion of its own stock and raised its dividend to $1.70 per share (from $1.50).
FILING QUOTE“On June 3, 2025, the Company confirmed that the FRB had removed the Company’s limitation on growth in total assets imposed in the consent order. The remaining provisions of the consent order are still in place.”
Found in: Form 10-K · filed 2026-02-24 · Item 1, “Regulation and Supervision — Consent Orders and Other Regulatory Actions”
The Bad — the clearest pressure the company disclosed
The core lending business earned less, even as the bank got bigger.
Net interest income declined to $47.5 billion in 2025 from $47.7 billion in 2024 and $52.4 billion in 2023. The net interest margin fell to 2.64% from 2.73%. Nonperforming assets rose $567 million to $8.5 billion, and technology expenses rose 14% to $5.2 billion.
FILING QUOTE“Net interest income decreased in 2025, compared with 2024, driven by the impact of lower interest rates on floating rate assets and deposit mix…”
Found in: Form 10-K · filed 2026-02-24 · Exhibit 13 · Financial Review — Earnings Performance, Net Interest Income
Government inquiries into Wells Fargo’s anti-money-laundering and sanctions programs remain open — and the company estimated up to approximately $1.7 billion in reasonably possible losses beyond amounts already accrued.
The filing discloses ongoing government inquiries into the company’s anti-money-laundering and sanctions programs, alongside a September 2024 formal agreement with the OCC requiring the bank to strengthen those practices. The remaining provisions of the 2018 Federal Reserve consent order are still in place.
FILING QUOTE“The high end of the range of reasonably possible losses in excess of the Company’s accrual for probable and estimable losses was approximately $1.7 billion as of December 31, 2025.”
Found in: Form 10-K · filed 2026-02-24 · Exhibit 13 · Note 12 (Legal Actions), incorporated into Item 3
Form 10-K (FY2025), Wells Fargo & Company, filed 2026-02-24, SEC accession 0000072971-26-000133 — SEC filing index
Form 10-K (FY2024), filed 2025-02-25, accession 0000072971-25-000066 — SEC filing index
Key figures cross-checked against SEC XBRL company facts.
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