Wells Fargo Q2 2025 Profit Rises to $5.5B, Revenue Edges Higher

Wells Fargo, the fourth-largest U.S. bank, reported a net income of $5.494 billion, or $1.60 per share, for the second quarter of 2025, up from $4.910 billion, or $1.33 per share, a year earlier. Total revenue rose slightly to $20.822 billion, compared to $20.689 billion in Q2 2024.

"Our second-quarter results reflect the progress we’re making in delivering consistently stronger financial performance, with net income and EPS increasing both year-over-year and quarter-over-quarter," said CEO Charlie Scharf.

"Efforts to grow fee income supported revenue growth, and both net interest and noninterest income improved sequentially. We're investing in our businesses while remaining focused on expense discipline. While risks remain, activity levels have held steady and our strong credit performance continues to reflect the sound financial health of our consumer and commercial customers."

The net interest income declined 2%, mainly due to the impact of lower interest rates on floating-rate assets and changes in the deposit mix. These were partially offset by lower market funding costs and reduced deposit pricing. Noninterest income rose 4%, driven by:

1. Gains from the acquisition of the commercial services joint venture
2. Higher asset-based fees in Wealth & Investment Management from stronger market valuations
3. Increased investment banking fees
4. These gains were partially offset by lower net gains in Markets.

In the Corporate and Investment Banking division, revenue fell 3%. Within that:

1. Markets revenue declined 1%, mainly due to lower equity trading revenue, as Q2 2024 included a $122 million gain from an exchange of Visa Class B shares. This was partially offset by stronger performance in FX and rates products.