Wells Fargo (NYSE:WFC) reported first-quarter 2026 net income of $5.3 billion on Tuesday, as higher interest rates and disciplined cost management helped the lender overcome a slight softening in total revenue.
The bank posted diluted earnings per share (EPS) of $1.60, narrowly beating the Wall Street consensus estimate of $1.58.
Total revenue for the quarter reached $21.45 billion, up from $20.15 billion in the same period last year.
Despite the year-over-year increase, the figure came in slightly below the $21.76 billion analysts had anticipated.
The modest revenue miss reflects a complex environment for large lenders, who are navigating a slowdown in the mortgage sector and rising credit costs even as lending margins remain historically elevated.
The San Francisco-based bank’s performance was bolstered by stable net interest income (NII), though the company has faced increasing competition for deposits.