Reported Q: Q2 2024 Rev YoY: +12.2% EPS YoY: +7.1% Move: -0.74%
Wells Fargo Company
WFC-PD
$17.48 -0.74%
Exchange NYSE Sector Financial Services Industry Banks Diversified
Q2 2024
Published: Aug 1, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for WFC-PD

Reported

Report Date

Aug 1, 2024

Quarter Q2 2024

Revenue

31.65B

YoY: +12.2%

EPS

1.33

YoY: +7.1%

Market Move

-0.74%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $31.65B up 12.2% year-over-year
  • EPS of $1.33 increased by 7.1% from previous year
  • Gross margin of 61.5%
  • Net income of 4.91B
  • ""We are diverging revenue sources and reducing our reliance on net interest income."" - Charlie Scharf
WFC-PD
Company WFC-PD

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Executive Summary

Wells Fargo’s QQ2 2024 results underscore a deliberate pivot toward diversification of earnings away from traditional net interest income (NII). The quarter delivered solid fee-based revenue growth, with gains in investment advisory, trading, and investment banking, which helped offset a meaningful decline in NII in a higher-rate environment. Net income of $4.91 billion and earnings per diluted share of $1.33 reflect ongoing efficiency initiatives, disciplined credit risk management, and a strengthened balance sheet. Management reiterated a multi-year plan to diversify revenue streams, optimize the deposit base, and invest in risk and control infrastructure to support a sustainable ROTCE of 15%. The company also reaffirmed capital strength, announcing a 14% increase in the quarterly dividend to $0.40 per share in Q3 and continuing stock buybacks, with $6.1 billion repurchased in Q2 and over $12 billion in H1 2024. Despite favorable fee trends, Wells Fargo remains exposed to rate and deposit-migration dynamics, CRE exposure in commercial real estate, and ongoing regulatory considerations during Basel III finalization. The combination of improving fee-based profitability, prudent balance sheet management, and strategic investments positions Wells Fargo to navigate a moderate-growth environment while pursuing higher returns over the medium term.

Key Performance Indicators

Revenue
Increasing
31.65B
QoQ: 0.55% | YoY: 12.23%
Gross Profit
Increasing
19.45B
61.46% margin
QoQ: -2.37% | YoY: 3.36%
Operating Income
Increasing
6.16B
QoQ: 10.26% | YoY: 5.61%
Net Income
Decreasing
4.91B
QoQ: 6.30% | YoY: -0.57%
EPS
Increasing
1.35
QoQ: 11.57% | YoY: 7.14%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2026 31,795.00 1.60 +0.5% View
Q1 2025 20,149.00 1.39 -36.0% View
Q4 2024 30,597.00 1.43 +0.2% View
Q3 2024 31,674.00 1.42 +6.1% View
Q2 2024 31,650.00 1.33 +12.2% View