# Wells Fargo Stock Q3 2026: EPS Up 13% as Loans Grow 11%
> Wells Fargo stock Q3 2026: EPS up 13% to $1.87, loans and deposits up 11%, ROTCE of 16.3% and a 10.0% CET1 ratio. WFC earnings, guidance and risks.

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## Facts
- Ticker: WFC
- QSILabs fair value: $85.80 USD
- Price: $83.40 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-13) and Form 10-Q filed 2026-10-28; price as of 2026-10-30 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/wells-fargo-stock-q3-2026-earnings-loans-rotce/

## Short answer
Wells Fargo stock Q3 2026 is a story of a bank growing again. In the three months to 30 September 2026, Wells Fargo earned $5,951m, up 6%, and $1.87 per diluted share, up 13% from $1.66. Average loans and average deposits both grew 11% in a year, the return on tangible common equity (ROTCE) rose to 16.3% from 15.2%, and expenses fell 1%. The cost of that growth is capital: the CET1 ratio has dropped to 10.0%, the bottom of the bank's target range. Our excess-return model values Wells Fargo at $85.80 a share, 2.9% above the $83.40 close on 30 October 2026, so we see the shares as roughly fairly priced.

## Key takeaways
- EPS up 13%, profit up 6%. Q3 2026 net income was $5,951m against $5,589m a year earlier, and diluted EPS rose to $1.87 from $1.66 because the average diluted share count fell 5% to 3,051.5m (8-K Ex 99.1; 8-K Ex 99.3).
- Growth is back on the balance sheet. Average loans rose 11% to $1,033.4bn and average deposits 11% to $1,482.9bn. Corporate and Investment Banking loans were up 19% (8-K Ex 99.1).
- Returns are rising, but short of target. ROTCE was 16.3% in the quarter and 16.2% in the first nine months, against 14.7% a year earlier. Management's medium-term goal is 17-18% (8-K Ex 99.3; Q2 2026 earnings call).
- Guidance unchanged. Wells Fargo still expects net interest income of about $50bn and noninterest expense of about $55.7bn in 2026, with fourth-quarter net interest income of about $13bn (8-K Ex 99.3).
- Capital is now the constraint. The CET1 ratio fell to 10.0% from 11.0% a year earlier, at the bottom of the 10-10.5% target range, partly because higher interest rates cut accumulated other comprehensive income (8-K Ex 99.3).
- Our value: $85.80 a share, 2.9% above the $83.40 close on 30 October 2026 and up from $84.26 in our previous estimate. The average analyst price target we track is $97.38 (StockAnalysis, S&P Global data).
- What to watch. Fourth-quarter results, expected in mid-January 2027, where consensus EPS is about $1.86, and whether loan growth can continue without pushing the CET1 ratio below 10%.

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