Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Depositors are taking a larger cut of loan income
Spread income still grew, but deposit cost rose faster than loan income, so each loan dollar keeps less.
For investorsWhat has to hold for spread income to keep growing?
For foundersTurning a payroll-heavy service into a systems business
Personnel cost fell 3.1% as revenue rose 2.0%, so expenses took a smaller share of each dollar earned.
Revenue rose 2.0%, but a lower tax rate and fewer shares carried far more of that gain to each share.
Consumer Banking and Lending brings in 48.7% of revenue, and its deposits cost far less than loans earn.
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Business Lens describes Wells Fargo from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
