Wells Fargo & Company

Profitability/returns up strongly (good): - EPS: $1.87, +13% YoY. - ROTCE: 16.3% this quarter (vs 14.7% in first 9 months of 2025; also 16.2% for first 9 months this year). - Revenue: +2% YoY, with broad-based growth across segments (offset somewhat by venture capital + lower lease income after rail car leasing sale).

Revenue growth mix and what held it back (good + slightly negative): - Wealth & Investment Mgmt: +12% revenue. - Commercial Banking: +6% revenue. - Consumer Banking & Lending: +5% revenue. - Corporate & Investment Banking: +3% revenue (markets modestly weaker late in quarter). - Markets: Equities were strong (+21% YoY), but total markets revenue down modestly YoY due to a late-quarter slowdown from sharp interest-rate moves in late September (pressured fixed income valuations; reduced hedging/transaction activity). - Headwinds: Venture capital revenue lower “as expected,” and lower lease income due to rail car leasing business sale.

Balance sheet momentum (good) — loans/deposits accelerating: - Average loans: +11% YoY (driven by commercial & consumer growth; C&I demand healthy; auto, card, and securities-based lending key consumer drivers). - Average deposits: +11% YoY; up +1% QoQ (notably strong commercial interest-bearing growth). - These trends support earnings growth and underpin management’s net interest income outlook.