Wells Fargo & Company reported solid third-quarter 2025 results, with total revenue of $21.4 billion, up 5% from a year earlier, driven by higher noninterest income and modest net interest income growth. Net income rose to $5.6 billion and diluted EPS to $1.66, compared with $5.1 billion and $1.42 a year ago, helped by a 36% lower provision for credit losses and higher investment banking and card fees, partially offset by higher personnel and technology expenses.
For the first nine months of 2025, net income was $16.0 billion and diluted EPS $4.64, up from $14.6 billion and $3.94 in 2024, as stronger noninterest income and lower credit costs outweighed lower net interest income and higher operating costs. Capital and liquidity remained strong: the CET1 ratio under the Standardized Approach was 10.99%, the TLAC ratio 24.62%, and the LCR 121%, all above regulatory minimums.
Credit quality trends were stable to improving. The allowance for credit losses on loans was $14.3 billion with coverage of 1.52% of total loans, down from 1.60% at year-end 2024. Nonperforming assets were $7.8 billion, or 0.83% of total loans, and both commercial and consumer net loan charge-off rates declined versus the prior year, reflecting lower losses in commercial real estate, auto, credit card, and other consumer portfolios.
Wells Fargo & Company filed a Current Report disclosing the form documents and related legal opinion for a set of medium-term notes designated Series Y. The filing lists three note types: a Fixed-to-Floating Rate Note due September 15, 2029, a $750,000,000 Senior Redeemable Floating Rate Note due September 15, 2029, and a $1,750,000,000 Senior Redeemable Fixed-to-Floating Rate Note due September 15, 2036. The exhibits include the forms of the three notes, an opinion and consent from Faegre Drinker Biddle & Reath LLP, and the cover page in Inline XBRL. The filing provides document forms and legal clearance but does not disclose pricing, final issuance amounts for the first 2029 note, or use of proceeds.
Wells Fargo & Company amended shelf registration on Form S-3/A updates terms and exhibits for debt, preferred and common securities. The filing defines benchmark transition mechanics for non-U.S. benchmarks (including EURIBOR), replacement hierarchies, replacement adjustments and conforming changes to interest determination and payment conventions. It includes detailed tax and withholding rules for Non-U.S. Holders and describes information reporting and backup withholding procedures. The prospectus discloses multiple series of preferred stock with liquidation preference $25,000 per share and specified non-cumulative dividend rates and issue dates: Series Y 5.625% (issued April 24, 2017), Series Z 4.75% (issued January 27, 2020), Series AA 4.70% (issued October 28, 2020), Series BB 3.90% initial (issued January 26, 2021) with reset formula, Series CC 4.375% (issued February 1, 2021), Series DD 4.25% (issued July 27, 2021) and Series EE 7.625% (issued July 24, 2023) with reset provisions. Series G depositary shares will not be listed and will have no public trading market. The filing cross-references governance documents and indentures and lists exhibits including certificate of incorporation, by-laws, senior and subordinated indentures, counsel opinions and trustee eligibility statements. The ITEM 14 table shows aggregate amounts totaling $24,812,540.