Wells Fargo (WFC) Q2 2026: EPS Jumps 25%, NIM Sinks to 2.43%
One year after the Federal Reserve lifted its $1.95 trillion asset cap, Wells Fargo is finally growing — but the growth is not coming from the core bank. Diluted earnings per share rose 25% to $2.00 and return on tangible common equity reached 17.7%, up from 15.2% a year ago. Yet net interest margin, net interest income expressed as a percentage of average earning assets, fell to 2.43% from 2.68% a year ago. The gap between those two facts is the whole story of this quarter: earnings are being driven by fee income, expense discipline and a shrinking share count, while the balance sheet expands into low-spread markets business that dilutes margin.
All figures below are drawn from Wells Fargo's Form 10-Q for the quarter ended June 30, 2026, and the company's second-quarter 2026 earnings release (July 14, 2026), unless otherwise noted.
1. Consolidated Balance Sheet
1-1. Principal Asset Items
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change % |
|---|---|---|---|
| Total assets | 2,148,631 | 2,282,201 | +6.2% |
| Total loans | 986,167 | 1,031,115 | +4.6% |
| Commercial loans | 599,895 | 636,299 | +6.1% |
| Consumer loans | 386,272 | 394,816 | +2.2% |
| AFS debt securities (amortized cost, net) | 215,775 | 253,593 | +17.5% |
| HTM debt securities (amortized cost, net) | 208,023 | 198,573 | −4.5% |
Total assets grew $133.6 billion in six months. Measured against the year-ago quarter, average assets rose from $1,933.4 billion to $2,227.9 billion — roughly 15%. For a bank that was frozen near $1.95 trillion for seven years, that is the clearest evidence yet that the regulatory constraint is gone.
