Wells Fargo & Company

Strong Q3 profitability / returns - EPS: $1.87, +13% YoY - ROTCE: 16.3% in Q3 (up from 14.7% during the first 9 months of 2025; 16.2% over the comparable 9-month period) - Revenue: +2% YoY, with broad-based growth across segments (offset by lower venture capital and post-rail leasing divestiture impacts)

Revenue drivers + what held revenue back (good vs. bad) - Good: Wealth & Investment Management revenue +12%, Commercial Banking +6%, Consumer Banking & Lending +5%, Corporate & Investment Banking +3% - Markets: Equities were strong (+21% YoY), and equity capital markets + investment-grade underwriting fees +33% YoY, but overall markets revenue was only modestly down YoY and Q3 was weaker late in the quarter due to rate volatility - Headwinds / negative: Venture capital revenue lower as expected, and lower lease income after the rail car leasing sale in Q1; equity securities net gains low and expected to remain low in Q4; Q3 markets hit by a late-quarter slowdown from sharp interest-rate moves in late September

Net interest income (NII) outlook and how it’s expected to split (key forecast) - Q3 NII: +$567mm (+5% YoY); +2% QoQ; NIM stable QoQ - Full-year 2026 NII forecast: $50B ± $0. - Q4 NII expected: ~$13B, with NIM stable vs Q3 - Markets NII vs non-markets NII: markets is liability sensitive (higher rates can pressure markets NII), but that’s expected to be offset by markets noninterest income; management’s “best guess” implied markets NII slightly below $2B (~$1.8B) and the remainder of the $13B/annual target coming from non-markets growth (loan + deposit growth, repricing, higher yields)