Wells Fargo: 2Q26 EPS PREVIEW: Continues to emerge out from under its asset cap

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Wells Fargo: 2Q26 EPS PREVIEW: Continues to emerge out from under its asset cap

Equity Research

U.S. Large-Cap Banks

25 June 2026

Wells Fargo

2Q26 EPS PREVIEW: Continues to

emerge out from under its asset

WFC OVERWEIGHTcap

Unchanged

Results in 2Q26 are expected to reflect higher NII (loans/ U.S. Large-Cap Banks POSITIVE

deposits up, NIM lower), sound fee income, reduced Unchanged

expenses, stable asset quality, and continued share buyback Price Target USDUnchanged108.00

(repurchased $4bn in 1Q26). After stable NII in 2025, growth is Price (23-Jun-26) USD 84.13

expected in 2026 as asset cap removal benefits increase. Potential Upside/Downside +28.4% Source: Bloomberg, Barclays Research

Market Cap (USD mn) 257453

Expected Results Shares Outstanding (mn) 3060.19

Free Float (%) 99.70

Expected results: Our 2Q26 EPS estimate is $1.65, compared to consensus of $1.71. For 2Q26, 52 Wk Avg Daily Volume (mn) 16.1

we expect higher NII given continued loan growth and fixed asset repricing, and lower expenses Dividend Yield (%) 2.14

due to seasonally higher comp rolling off and lower advertising. Though we see fees performing Return on Equity TTM (%) 12.76

well in the quarter, we expect them down q-o-q. We also expect share repurchases to continue Current BVPS (USD) 52.96

but at a slower pace sequentially ($4.0bn in 1Q26). In addition, its provision could rise, owing to Source: Bloomberg

loan growth. WFC expects 2026 net interest income of $50bn, up 5% from 2025 (or $48bn, up 3%

from 2025 ex. markets) driven by growth in the balance sheet and changes in loan and deposit Price Performance Exchange-NYSE

mix, as well as continued fixed asset repricing. This includes average loans up mid-single digit 52 Week range USD 97.76-72.78