Equity Snap: Wells Fargo & Company (WFC US) Q2 2026 EPS beat primarily due to higher non-interest income and lower loan loss provisions

Research evidence excerpt

Equity Snap: Wells Fargo & Company (WFC US) Q2 2026 EPS beat primarily due to higher non-interest income and lower loan loss provisions

14 July 2026

Equity Snap: Wells Fargo & Equities Commercial Banks

Company (WFC US)

Q2 2026 EPS beat primarily due to higher non-interest

income and lower loan loss provisions United States

◆ Adj EPS beats our expectation on non-interest income/lower Saul Martinez

loan losses; 2026 NII/expense outlooks unchanged Head of US Financials Research HSBC Securities (USA) Inc.

saul1.martinez@us.hsbc.com

+1 212 525 6874

Wells Fargo & Company (WFC US, USD87.67, Buy, TP USD104.00)

Calvin Carlo*

(Priced as of 13 Jul 2026) Analyst, US Financials

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Adjusted Q2 2026 EPS beats forecast: Adjusted for select non-core items, diluted Financiero HSBC

EPS of USD1.96 was well above our estimate of USD1.78 and VA consensus of calvin.carlo@hsbc.com.mx

+52 55 8551 5022

USD1.73. Versus our estimates, the beat resulted from higher-than-expected non-

Dmitriy Leskin

interest income and lower loan loss provisions. Elevated gains on equity securities Analyst, US Financials

and a sizable USD253m gain on the acquisition of the remaining interest in the HSBC Securities (USA) Inc.

dmitriy.leskin@us.hsbc.com

merchant services joint venture boosted non-interest income. Adjusted PPNR was +1 212 525 4110

USD8,961m, above our USD8,225m forecast and VA consensus of USD8,021m.

WFC maintained its 2026 NII and expense guidance. The shares are down c2% in * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

the pre-market at the time of this writing, possibly reflecting what appears to be an

earnings beat driven by non-core items.