AI Takeaway
Wells Fargo delivered solid FY2025 earnings with net income rising 8.2% to $21.3B and EPS surging 16.8% to $6.34, driven by share buybacks and operational improvements, though operating cash flow turned sharply negative at -$19.0B.
EPS (Basic)
$6.34
++16.76% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Net income increased 8.2% year-over-year to $21.3B in FY2025, while basic EPS jumped 16.8% to $6.34, reflecting both improved profitability and the accretive effect of ongoing share repurchases totaling $17.5B during the year.
Source: Source: 10-K Income Statement
Total assets grew 11.3% to $2.15T, while total liabilities rose 12.4% to $1.97T, suggesting Wells Fargo meaningfully expanded its lending and investment activities during FY2025. Stockholders' equity grew modestly by 1.1% to $181.1B.
Source: Source: 10-K Balance Sheet
Wells Fargo repurchased $17.5B in shares during FY2025, slightly below the $19.4B in FY2024, continuing its commitment to returning capital to shareholders while managing regulatory capital requirements.
Source: Source: 10-K Cash Flow Statement
2 more insights available
Upgrade to unlockWells Fargo has been operating under a Federal Reserve-imposed asset cap since 2018, which limits its ability to grow its balance sheet. Despite the significant asset growth seen in FY2025 to $2.15T, any delay in lifting this cap could constrain future revenue and competitive positioning relative to peers.
Source: Source: 10-K Risk Factors
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.62 versus the $1.69 analyst consensus — a -4.0% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Income | $21.34B | $19.72B | +8.19% |
EPS (Basic) | $6.34 | $5.43 | +16.76% |
EPS (Diluted) | $6.26 | $5.37 | +16.57% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $2.15T | $1.93T | +11.34% |
Total Liabilities | $1.97T | $1.75T | +12.40% |
Stockholders' Equity | $181.12B | $179.12B | +1.11% |
Long-Term Debt | $174.71B | $173.08B | +0.94% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-19B | $3.04B | -726.06% |
Investing Cash Flow | $-187.9B | $-15.65B | -1100.53% |
Financing Cash Flow | $177.59B | $-21.53B | +924.68% |
Share Buybacks | $17.52B | $19.45B | -9.93% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
ROE | 11.8% | — | — |
ROA | 1.0% | — | — |
Debt to Equity | $10.853 | — | — |
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Wells Fargo reported strong FY2025 results with net income rising 8.2% to $21.3B and basic EPS jumping 16.8% to $6.34. The earnings growth was supported by operational improvements and the accretive impact of $17.5B in share buybacks during the year.
The key takeaways from WFC's FY2025 10-K include strong earnings growth (net income +8.2% to $21.3B), significant balance sheet expansion (total assets +11.3% to $2.15T), and continued shareholder returns via $17.5B in buybacks. However, operating cash flow turned sharply negative at -$19.0B, which investors should monitor closely.
Based on the financial data, key risks for Wells Fargo include the potential ongoing impact of its regulatory asset cap, the sharp deterioration in operating cash flow to -$19.0B, and high financial leverage with a debt-to-equity ratio of approximately 10.85x. Credit quality risk also increases given the $218.8B expansion in total assets during FY2025.
Yes, Wells Fargo significantly expanded its balance sheet in FY2025, with total assets growing 11.3% to $2.15T from $1.93T in FY2024. This growth was funded primarily through financing activities, which generated +$177.6B in cash flows, and was deployed into investing activities totaling -$187.9B.
Wells Fargo achieved an ROE of approximately 11.8% in FY2025, up from the prior year, indicating improving capital efficiency as net income grew 8.2% to $21.3B while stockholders' equity increased only modestly by 1.1% to $181.1B. This ROE level is competitive among large U.S. banks.