Summary Financial Data 2 Overview 3 Earnings Performance 5 Balance Sheet Analysis 23 Off-Balance Sheet Arrangements 25 Risk Management 26 Capital Management 42 Regulation and Supervision 48 Critical Accounting Policies 49 Current Accounting Developments 50 Forward-Looking Statements 51 Risk Factors 53 Glossary of Acronyms 126 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 54 PART II Other Information Item 1. Legal Proceedings 127 Item 1A. Risk Factors 127 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 127 Item 5. Other Information 127 Item 6. Exhibits 128 Signature 129 Wells Fargo & Company 1 FINANCIAL REVIEW Summary Financial Data Quarter ended Jun 30, 2026 % Change from Six months ended ($ in millions, except ratios and per share amounts) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 % Change Selected Income Statement Data Total revenue $ 22,622 21,446 20,822 5 % 9 $ 44,068 40,971 8 % Noninterest expense 13,661 14,330 13,379 (5) 2 27,991 27,270 3 Pre-tax pre-provision profit (PTPP) (1) 8,961 7,116 7,443 26 20 16,077 13,701 17 Provision for credit losses (2) 914 1,135 1,005 (19) (9) 2,049 1,937 6 Wells Fargo net income 6,407 5,253 5,494 22 17 11,660 10,388 12 Wells Fargo net income applicable to common stock 6,160 5,000 5,214 23 18 11,160 9,830 14 Common Share Data Diluted earnings per common share 2.00 1.60 1.60 25 25 3.60 2.98 21 Dividends declared per common share 0.45 0.45 0.40 — 13 0.90 0.80 13 Common shares outstanding 3,028.5 3,064.3 3,220.4 (1) (6) Average common shares outstanding 3,044.0 3,080.0 3,232.7 (1) (6) 3,061.9 3,256.4 (6) Diluted average common shares outstanding 3,074.6 3,117.7 3,267.0 (1) (6) 3,096.0 3,294.2 (6) Book value per common share (3) $ 54.48 53.25 51.13 2 7 Tangible book value per common share (3)(4) 46.13 44.98 43.18 3 7 Selected Equity Data (period-end) Total equity 182,323 180,313 182,954 1 — Common stockholders’ equity 164,981 163,188 164,644 1 — Tangible common equity (4) 139,703 137,817 139,057 1 — Performance Ratios Return on average assets (ROA) (5) 1.15 % 0.98 1.14 1.07 % 1.09 Return on average equity (ROE) (6) 15.0 12.2 12.8 13.6 12.2 Return on average tangible common equity (ROTCE) (4) 17.7 14.5 15.2 16.1 14.4 Efficiency ratio (7) 60 67 64 64 67 Net interest margin on a taxable-equivalent basis 2.43 2.47 2.68 2.45 2.67 Selected Balance Sheet Data (average) Loans $ 1,026,479 996,025 916,719 3 12 $ 1,011,336 912,474 11 Assets 2,227,923 2,168,224 1,933,371 3 15 2,198,238 1,926,554 14 Deposits 1,465,600 1,415,034 1,331,651 4 10 1,440,457 1,335,469 8 Selected Balance Sheet Data (period-end) Available-for-sale and held-to-maturity debt securities 448,899 426,953 406,362 5 10 Loans 1,031,115 1,016,787 924,418 1 12 Allowance for credit losses for loans 14,407 14,374 14,568 — (1) Assets 2,282,201 2,205,752 1,981,269 3 15 Deposits 1,501,405 1,454,939 1,340,703 3 12 Headcount (#) (period-end) 197,466 200,999 212,804 (2) (7) Capital and Other Metrics Risk-based capital ratios and components (8): Standardized Approach: Common Equity Tier 1 (CET1) 10.26 % 10.29 11.13 Tier 1 capital 11.38 11.43 12.45 Total capital 13.72 13.81 15.02 Risk-weighted assets (RWAs) (in billions) $ 1,342.3 1,316.0 1,225.9 2 9 Advanced Approach: Common Equity Tier 1 (CET1) 12.08 % 12.08 12.75 Tier 1 capital 13.40 13.42 14.26 Total capital 15.28 15.32 16.24 Risk-weighted assets (RWAs) (in billions) $ 1,140.2 1,121.0 1,070.4 2 7 Tier 1 leverage ratio 6.94 % 7.03 8.01 Supplementary Leverage Ratio (SLR) 5.78 5.85 6.67 Total Loss Absorbing Capacity (TLAC) Ratio (9) 22.81 22.98 24.42 Liquidity Coverage Ratio (LCR) (10) 119 120 121 (1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle. (2)Includes provision for credit losses for loans, debt securities, and other financial assets. (3)Book value per common share is common stockholders’ equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding. (4)Tangible common equity, tangible book value per common share, and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to generally accepted accounting principles (GAAP) financial measures, see the “Capital Management – Tangible Common Equity” section in this Report. (5)Represents Wells Fargo net income divided by average assets. (6)Represents Wells Fargo net income applicable to common stock divided by average common stockholders’ equity. (7)The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). (8)For additional information, see the “Capital Management” section and Note 21 (Regulatory Capital Requirements and Other Restrictions) to Financial Statements in this Report. (9)Represents TLAC divided by RWAs, which is our binding TLAC ratio, determined by using the greater of RWAs under the Standardized and Advanced Approaches. (10)Represents average high-quality liquid assets divided by average projected net cash outflows, as each is defined under the LCR rule. 2 Wells Fargo & Company This Quarterly Report, including the Financial Review and the Financial Statements and related Notes, contains forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results may differ materially from our forward-looking statements due to several factors. Factors that could cause our actual results to differ materially from our forward-looking statements are described in this Report, including in the “Forward-Looking Statements” section, and in the “Risk Factors” and “Regulation and Supervision” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). When we refer to “Wells Fargo,” “the Company,” “we,” “our,” or “us” in this Report, we mean Wells Fargo & Company and Subsidiaries (consolidated). When we refer to the “Parent,” we mean Wells Fargo & Company. See the “Glossary of Acronyms” for definitions of terms used throughout this Report. Financial Review Overview Wells Fargo & Company is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations. We ranked fourth in assets and fifth in the market value of our common stock among all U.S. banks at June 30, 2026. Financial Performance Consolidated Financial Highlights Quarter ended Jun 30, Six months ended Jun 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected income statement data Net interest income $ 12,317 11,708 609 5 % $ 24,413 23,203 1,210 5 % Noninterest income 10,305 9,114 1,191 13 19,655 17,768 1,887 11 Total revenue 22,622 20,822 1,800 9 44,068 40,971 3,097 8 Net charge-offs 883 997 (114) (11) 1,989 2,006 (17) (1) Change in the allowance for credit losses 31 8 23 288 60 (69) 129 187 Provision for credit losses (1) 914 1,005 (91) (9) 2,049 1,937 112 6 Noninterest expense 13,661 13,379 282 2 27,991 27,270 721 3 Income tax expense 1,402 916 486 53 2,093 1,438 655 46 Wells Fargo net income 6,407 5,494 913 17 11,660 10,388 1,272 12 Wells Fargo net income applicable to common stock 6,160 5,214 946 18 11,160 9,830 1,330 14 (1)Includes provision for credit losses for loans, debt securities, and other financial assets. In second quarter 2026, we generated $6.4 billion of net income and diluted earnings per common share (EPS) of $2.00, compared with $5.5 billion of net income and diluted EPS of $1.60 in the same period a year ago. In the first half of 2026, we generated $11.7 billion of net income and diluted EPS of $3.60, compared with $10.4 billion of net income and diluted EPS of $2.98 in the same period a year ago. Financial performance for the second quarter and first half of 2026, compared with the same periods a year ago, included the following: •total revenue increased due to higher noninterest income and higher net interest income; •noninterest expense increased due to higher technology, telecommunications and equipment expense, advertising and promotion expense, and personnel expense, partially offset by lower other noninterest expense; •average loans increased due to growth in our commercial and industrial portfolio; and •average deposits increased driven by growth in interest-bearing deposits. Capital and Liquidity We maintained a strong capital and liquidity position in the first half of 2026, which included the following: •our Common Equity Tier 1 (CET1) ratio was 10.26% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%; •our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 22.81%, compared with the regulatory minimum of 21.50%; and •our liquidity coverage ratio (LCR) was 119%, which continued to exceed the regulatory minimum of 100%. See the “Capital Management” and the “Risk Management – Asset/Liability Management – Liquidity Risk and Funding” sections in this Report for additional information regarding our capital and liquidity, including the calculation of our regulatory capital and liquidity amounts. Wells Fargo & Company 3 Overview (continued) Credit Quality Credit quality reflected the following: •The allowance for credit losses (ACL) for loans of $14.4 billion at June 30, 2026, increased $70 million from December 31, 2025. •Our provision for credit losses for loans was $2.1 billion in the first half of 2026, compared with $1.9 billion in the same period a year ago, and included an increase in the allowance reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans. •The allowance coverage for total loans was 1.40% at June 30, 2026, compared with 1.45% at December 31, 2025, reflecting a decrease in the allowance for our commercial real estate portfolio driven by improved credit performance. •Commercial portfolio net loan charge-offs were $156 million, or 10 basis points of average commercial loans, in second quarter 2026, compared with net loan charge-offs of $247 million, or 18 basis points, in the same period a year ago, driven by lower losses in our commercial and industrial and commercial real estate portfolios. •Consumer portfolio net loan charge-offs were $720 million, or 74 basis points of average consumer loans, in second quarter 2026, compared with net loan charge-offs of $750 million, or 81 basis points, in the same period a year ago, due to lower losses in our credit card and other consumer portfolios, partially offset by higher losses in our auto portfolio. •Nonperforming assets (NPAs) of $7.9 billion at June 30, 2026, decreased $559 million from December 31, 2025, driven by lower commercial real estate nonaccrual loans. NPAs represented 0.77% of total loans at June 30, 2026. 4 Wells Fargo & Company Earnings Performance Wells Fargo net income for second quarter 2026 was $6.4 billion ($2.00 diluted EPS), compared with $5.5 billion ($1.60 diluted EPS) in the same period a year ago. Net income increased in second quarter 2026, compared with the same period a year ago, predominantly due to a $1.2 billion increase in noninterest income and a $609 million increase in net interest income, partially offset by a $486 million increase in income tax expense and a $282 million increase in noninterest expense. Wells Fargo net income for the first half of 2026 was $11.7 billion ($3.60 diluted EPS), compared with $10.4 billion ($2.98 diluted EPS) in the same period a year ago. Net income increased in the first half of 2026, compared with the same period a year ago, predominantly due to a $1.9 billion increase in noninterest income and a $1.2 billion increase in net interest income, partially offset by a $721 million increase in noninterest expense and a $655 million increase in income tax expense. Net Interest Income Net interest income increased in both the second quarter and first half of 2026, compared with the same periods a year ago, driven by lower average deposit costs, higher loan and investment securities balances, the impact of lower interest rates and balance sheet growth in our Corporate and Investment Banking Markets (Markets) business, as well as higher interest-bearing commercial deposits, partially offset by the impact of lower interest rates on floating rate assets and lower noninterest-bearing deposits. Net interest margin decreased in both the second quarter and first half of 2026, compared with the same periods a year ago, driven by growth in lower-yielding assets in our Markets business as well as growth in interest-bearing deposits. We also evaluate the Company’s net interest income excluding the net interest income of our Markets business. Markets net interest income includes interest income earned on the assets and interest expense paid on the liabilities of the line of business, as well as funding charges and credits using our funds transfer pricing methodology. Net interest income excluding Markets is a non-GAAP financial measure that management believes is useful because it enables management, investors, and others to assess the net interest income from the Company’s lending, investing, and deposit-raising activities without the volatility that may be associated with Markets activities. Table 1 provides a reconciliation of this non-GAAP financial measure to a GAAP financial measure. Table 1: Net Interest Income excluding Markets Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Net interest income $ 12,317 11,708 $ 24,413 23,203 Markets net interest income 501 104 982 235 Net interest income excluding Markets $ 11,816 11,604 $ 23,431 22,968 Wells Fargo & Company 5 Earnings Performance (continued) Table 2 presents the individual components of net interest income and net interest margin. Net interest income and net interest margin are presented on a taxable-equivalent basis in Table 2 to consistently reflect income from taxable and tax-exempt assets. The calculation for taxable-equivalent basis was based on a federal statutory tax rate of 21%. For additional information about net interest income and net interest margin, see the “Earnings Performance – Net Interest Income” section in our 2025 Form 10-K. Table 2: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1) Quarter ended June 30, 2026 2025 ($ in millions) Average balance Interest income/ expense Average interestrates Average balance Interest income/ expense Average interestrates Assets Interest-earning deposits with banks $ 161,991 1,351 3.35 % $ 137,136 1,353 3.96 % Federal funds sold and securities borrowed or purchased under resale agreements 191,176 1,733 3.64 105,987 1,107 4.19 Trading assets 193,690 1,908 3.94 157,704 1,584 4.02 Available-for-sale debt securities 235,644 2,605 4.43 187,390 2,164 4.62 Held-to-maturity debt securities 204,500 1,145 2.24 227,525 1,337 2.35 Loans: Commercial and industrial – U.S. 405,997 5,773 5.70 328,840 5,183 6.32 Commercial and industrial – Non-U.S. 81,530 1,098 5.40 64,762 988 6.12 Commercial real estate 133,701 1,855 5.56 133,661 2,058 6.17 Lease financing 15,408 226 5.88 16,046 230 5.72 Total commercial loans 636,636 8,952 5.64 543,309 8,459 6.24 Residential mortgage 240,656 2,250 3.74 246,512 2,277 3.70 Credit card 57,580 1,739 12.11 54,985 1,734 12.65 Auto 55,226 804 5.84 41,865 572 5.48 Other consumer 36,381 585 6.46 30,048 559 7.47 Total consumer loans 389,843 5,378 5.53 373,410 5,142 5.52 Total loans 1,026,479 14,330 5.60 916,719 13,601 5.95 Equity securities 13,014 93 2.87 12,039 65 2.19 Other interest-earning assets 18,119 194 4.28 17,660 187 4.24 Total interest-earning assets $ 2,044,613 23,359 4.58 % $ 1,762,160 21,398 4.87 % Cash and due from banks 28,820 — 28,182 — Goodwill 24,966 — 25,070 — Other noninterest-earning assets 129,524 — 117,959 — Total noninterest-earning assets $ 183,310 — 171,211 — Total assets $ 2,227,923 23,359 1,933,371 21,398 Liabilities Deposits: Demand deposits $ 557,329 2,705 1.95 % $ 483,828 2,680 2.22 % Savings deposits 355,889 1,081 1.22 355,494 1,077 1.21 Time deposits 190,649 1,691 3.56 125,849 1,273 4.06 Deposits in non-U.S. offices 7,337 39 2.16 5,513 31 2.29 Total interest-bearing deposits 1,111,204 5,516 1.99 970,684 5,061 2.09 Federal funds purchased and securities loaned or sold under agreements to repurchase 242,917 2,253 3.72 130,388 1,429 4.40 Short-term borrowings 33,104 330 4.00 6,455 81 5.04 Trading liabilities 38,368 295 3.08 30,937 246 3.19 Long-term debt 182,830 2,386 5.22 175,289 2,609 5.95 Other interest-bearing liabilities 21,787 187 3.47 20,906 187 3.61 Total interest-bearing liabilities $ 1,630,210 10,967 2.70 % $ 1,334,659 9,613 2.89 % Noninterest-bearing deposits 354,396 — 360,967 — Other noninterest-bearing liabilities 61,407 — 54,477 — Total noninterest-bearing liabilities $ 415,803 — 415,444 — Total liabilities $ 2,046,013 10,967 1,750,103 9,613 Total equity 181,910 — 183,268 — Total liabilities and equity $ 2,227,923 10,967 1,933,371 9,613 Interest rate spread on a taxable-equivalent basis (2) 1.88 % 1.98 % Net interest income and net interest margin on a taxable-equivalent basis (2) $ 12,392 2.43 % $ 11,785 2.68 % (continued on following page) 6 Wells Fargo & Company (continued from previous page) Six months ended June 30, 2026 2025 ($ in millions) Average balance Interest income/ expense Average interest rates Average balance Interest income/ expense Average interest rates Assets Interest-earning deposits with banks $ 157,082 2,619 3.36 % $ 143,958 2,826 3.96 % Federal funds sold and securities borrowed or purchased under resale agreements 191,710 3,471 3.65 103,594 2,169 4.22 Trading assets 192,954 3,771 3.92 157,064 3,107 3.96 Available-for-sale debt securities 226,463 5,005 4.43 181,503 4,125 4.55 Held-to-maturity debt securities 206,781 2,330 2.26 230,720 2,743 2.38 Loans: Commercial and industrial – U.S. 394,741 11,188 5.71 324,122 10,187 6.34 Commercial and industrial – Non-U.S. 80,622 2,166 5.42 63,563 1,950 6.19 Commercial real estate 132,922 3,685 5.59 134,462 4,122 6.18 Lease financing 15,435 451 5.85 16,113 464 5.75 Total commercial loans 623,720 17,490 5.65 538,260 16,723 6.26 Residential mortgage 240,866 4,489 3.73 247,620 4,564 3.69 Credit card 57,896 3,506 12.21 55,173 3,473 12.69 Auto 53,671 1,539 5.78 41,915 1,123 5.40 Other consumer 35,183 1,143 6.56 29,506 1,103 7.54 Total consumer loans 387,616 10,677 5.54 374,214 10,263 5.51 Total loans 1,011,336 28,167 5.61 912,474 26,986 5.95 Equity securities 13,068 184 2.83 12,062 144 2.41 Other interest-earning assets 16,729 329 3.94 15,891 347 4.39 Total interest-earning assets $ 2,016,123 45,876 4.58 % $ 1,757,266 42,447 4.86 % Cash and due from banks 28,897 — 28,468 — Goodwill 24,966 — 25,102 — Other noninterest-earning assets 128,252 — 115,718 — Total noninterest-earning assets $ 182,115 — 169,288 — Total assets $ 2,198,238 45,876 1,926,554 42,447 Liabilities Deposits: Demand deposits $ 544,930 5,151 1.91 % $ 477,202 5,271 2.23 % Savings deposits 352,526 2,031 1.16 357,881 2,249 1.27 Time deposits 183,459 3,238 3.56 126,801 2,611 4.15 Deposits in non-U.S. offices 6,834 70 2.06 9,915 139 2.83 Total interest-bearing deposits 1,087,749 10,490 1.94 971,799 10,270 2.13 Federal funds purchased and securities loaned or sold under agreements to repurchase 242,675 4,487 3.73 122,986 2,681 4.40 Short-term borrowings 31,261 623 4.02 4,468 114 5.16 Trading liabilities 37,106 575 3.11 30,750 487 3.18 Long-term debt 182,355 4,772 5.24 174,177 5,191 5.96 Other interest-bearing liabilities 21,146 369 3.53 19,769 347 3.57 Total interest-bearing liabilities $ 1,602,292 21,316 2.68 % $ 1,323,949 19,090 2.90 % Noninterest-bearing deposits 352,708 — 363,670 — Other noninterest-bearing liabilities 60,441 — 55,623 — Total noninterest-bearing liabilities $ 413,149 — 419,293 — Total liabilities $ 2,015,441 21,316 1,743,242 19,090 Total equity 182,797 — 183,312 — Total liabilities and equity $ 2,198,238 21,316 1,926,554 19,090 Interest rate spread on a taxable-equivalent basis (2) 1.90 % 1.96 % Net interest margin and net interest income on a taxable-equivalent basis (2) $ 24,560 2.45 % $ 23,357 2.67 % (1)The average balance amounts represent amortized costs, except for certain held-to-maturity (HTM) debt securities, which exclude unamortized basis adjustments related to the transfer of those securities from available-for-sale (AFS) debt securities. Amortized cost amounts exclude any valuation allowances and unrealized gains or losses, which are included in other noninterest-earning assets and other noninterest-bearing liabilities. Nonaccrual loans and any related income are included in their respective loan categories. The average interest rates are based on interest income or expense amounts for the period and are annualized. Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories. (2)Includes taxable-equivalent adjustments of $75 million and $77 million for the quarters ended June 30, 2026 and 2025, respectively, and $147 million and $154 million for the first half of 2026 and 2025, respectively, predominantly related to tax-exempt income on certain loans and securities. Wells Fargo & Company 7 Earnings Performance (continued) Noninterest Income Table 3: Noninterest Income Quarter ended Jun 30, Six months ended Jun 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Deposit-related fees $ 1,357 1,249 108 9 % $ 2,676 2,518 158 6 % Lending-related fees 405 373 32 9 798 737 61 8 Investment advisory and other asset-based fees 2,821 2,499 322 13 5,645 5,035 610 12 Commissions and brokerage services fees 687 610 77 13 1,354 1,248 106 8 Investment banking fees 939 696 243 35 1,735 1,471 264 18 Card fees 1,222 1,173 49 4 2,360 2,217 143 6 Mortgage banking 256 230 26 11 457 562 (105) (19) Net gains from trading activities 1,393 1,376 17 1 2,744 2,760 (16) (1) Net gains (losses) from debt securities 1 — 1 NM 1 (147) 148 101 Net gains (losses) from equity securities 847 119 728 612 1,019 (224) 1,243 555 Other 377 789 (412) (52) 866 1,591 (725) (46) Total $ 10,305 9,114 1,191 13 $ 19,655 17,768 1,887 11 NM – Not meaningful Second quarter 2026 vs. second quarter 2025 Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing, as well as higher commercial account deposit service charges. Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations. Fees from the majority of advisory assets are based on a percentage of the market value of the assets at the beginning of the quarter. For additional information on certain client investment assets, see the “Earnings Performance – Operating Segment Results – Advisory Assets” section in this Report. Commissions and brokerage services fees increased driven by higher brokerage transaction activity. Investment banking fees increased due to higher debt and equity underwriting fees. Net gains from equity securities increased reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses. Other income decreased driven by: •a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025; and •a $148 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026. First half of 2026 vs. first half of 2025 Deposit-related fees increased driven by higher consumer account deposit service charges due to account repricing. Investment advisory and other asset-based fees increased driven by higher asset-based fees reflecting higher market valuations. Commissions and brokerage services fees increased driven by higher brokerage transaction activity. Investment banking fees increased due to higher equity and debt underwriting fees. Card fees increased driven by higher debit card interchange income, as well as higher revenue following our merchant services joint venture acquisition in April 2025. Following the acquisition, the revenue from the merchant services business has been included in card fees. Prior to the acquisition, our share of the net earnings of the joint venture was included in other noninterest income. Mortgage banking decreased driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable mortgage servicing rights (MSR) valuation adjustments in the first half of 2025, including for higher expected escrow balances. Net gains (losses) from debt securities increased driven by the impact of a repositioning of our investment securities portfolio in first quarter 2025. Net gains (losses) from equity securities increased reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses. Other income decreased driven by: •a $297 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026; •a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025; and •a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025. 8 Wells Fargo & Company Noninterest Expense Table 4: Noninterest Expense Quarter ended Jun 30, Six months ended Jun 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Personnel $ 8,851 8,709 142 2 % $ 18,444 18,183 261 1 % Technology, telecommunications and equipment 1,457 1,287 170 13 2,854 2,510 344 14 Occupancy 803 766 37 5 1,581 1,527 54 4 Professional and outside services 1,109 1,089 20 2 2,175 2,127 48 2 Advertising and promotion 361 266 95 36 730 447 283 63 Other 1,080 1,262 (182) (14) 2,207 2,476 (269) (11) Total $ 13,661 13,379 282 2 $ 27,991 27,270 721 3 Second quarter and first half of 2026 vs. second quarter and first half of 2025 Personnel expense increased due to higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business, partially offset by the impact of efficiency initiatives. Technology, telecommunications and equipment expense increased due to higher software expense, as well as higher hardware expense and higher expense for the amortization of internally developed software. Advertising and promotion expense increased reflecting higher investments in marketing driven by increased campaign volume. Other expense decreased reflecting: •a $93 million and $180 million decrease in lease expense in the second quarter and first half of 2026, respectively, due to the sale of our rail car leasing business in first quarter 2026; and •lower operating losses. For additional information on other expense, see Note 17 (Revenue and Expenses) to Financial Statements in this Report. Income Tax Expense Table 5: Income Tax Expense Quarter ended Jun 30, Six months ended Jun 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income before income tax expense $ 8,047 6,438 1,609 25 % $ 14,028 11,764 2,264 19 % Income tax expense 1,402 916 486 53 2,093 1,438 655 46 Effective income tax rate 17.4 % 14.3 14.9 % 12.2 The effective income tax rate increased in the second quarter and first half of 2026, compared with the same periods a year ago, driven by higher pre-tax income and lower discrete tax benefits related to the resolution of prior period tax matters. For additional information on income taxes, see Note 22 (Income Taxes) to Financial Statements in our 2025 Form 10-K. Wells Fargo & Company 9 Earnings Performance (continued) Operating Segment Results Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments based on the product or service provided and the type of customer served, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer (CEO) and relevant senior management. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenue and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments. Funds Transfer Pricing. Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury. Revenue Sharing and Expense Allocations. When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of business based on established internal revenue-sharing agreements. When a line of business uses a service provided by another line of business, expense is generally allocated based on the cost and use of the service provided. Enterprise functions, such as operations, technology, and risk management, are included in Corporate with an allocation of their applicable costs to the reportable operating segments based on the level of support provided by the enterprise function. We periodically assess and update our revenue sharing and expense allocation methodologies. Taxable-Equivalent Adjustments. Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. Allocated Capital. Reportable operating segments are allocated capital under a risk-sensitive framework that is primarily based on aspects of our regulatory capital requirements, and the assumptions and methodologies used to allocate capital are periodically assessed and updated. Management believes that return on allocated capital is a useful financial measure because it enables management, investors, and others to assess a reportable operating segment’s use of capital. Selected Metrics. We present certain financial and nonfinancial metrics that management uses when evaluating reportable operating segment results. Management believes that these metrics are useful to investors and others to assess the performance, customer growth, and trends of reportable operating segments or lines of business. 10 Wells Fargo & Company Table 6 and the following discussion present our results by reportable operating segment. For additional information, see Note 16 (Operating Segments) to Financial Statements in this Report. Table 6: Operating Segment Results – Highlights (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate (1) Reconciling Items (2) Consolidated Company Quarter ended June 30, 2026 Net interest income $ 7,742 2,047 2,273 919 (589) (75) 12,317 Noninterest income 2,546 1,071 3,152 2,973 1,002 (439) 10,305 Total revenue 10,288 3,118 5,425 3,892 413 (514) 22,622 Provision for credit losses 945 131 (181) 17 2 — 914 Noninterest expense 6,286 1,412 2,497 3,160 306 — 13,661 Income (loss) before income tax expense (benefit) 3,057 1,575 3,109 715 105 (514) 8,047 Income tax expense (benefit) 767 397 780 178 (206) (514) 1,402 Net income before noncontrolling interests 2,290 1,178 2,329 537 311 — 6,645 Less: Net income from noncontrolling interests — 2 — — 236 — 238 Net income $ 2,290 1,176 2,329 537 75 — 6,407 Quarter ended June 30, 2025 Net interest income $ 7,305 1,983 1,815 785 (103) (77) 11,708 Noninterest income 2,383 950 2,858 2,653 662 (392) 9,114 Total revenue 9,688 2,933 4,673 3,438 559 (469) 20,822 Provision for credit losses 945 (43) 103 12 (12) — 1,005 Noninterest expense 6,179 1,519 2,251 2,865 565 — 13,379 Income (loss) before income tax expense (benefit) 2,564 1,457 2,319 561 6 (469) 6,438 Income tax expense (benefit) 641 369 582 141 (348) (469) 916 Net income before noncontrolling interests 1,923 1,088 1,737 420 354 — 5,522 Less: Net income from noncontrolling interests — 2 — — 26 — 28 Net income $ 1,923 1,086 1,737 420 328 — 5,494 Six months ended June 30, 2026 Net interest income $ 15,293 4,035 4,457 1,824 (1,049) (147) 24,413 Noninterest income 4,993 2,203 6,246 5,943 1,230 (960) 19,655 Total revenue 20,286 6,238 10,703 7,767 181 (1,107) 44,068 Provision for credit losses 1,763 281 (6) 7 4 — 2,049 Noninterest expense 12,875 3,020 5,189 6,422 485 — 27,991 Income (loss) before income tax expense (benefit) 5,648 2,937 5,520 1,338 (308) (1,107) 14,028 Income tax expense (benefit) 1,417 740 1,382 333 (672) (1,107) 2,093 Net income before noncontrolling interests 4,231 2,197 4,138 1,005 364 — 11,935 Less: Net income from noncontrolling interests — 4 — — 271 — 275 Net income $ 4,231 2,193 4,138 1,005 93 — 11,660 Six months ended June 30, 2025 Net interest income $ 14,344 3,960 3,605 1,515 (67) (154) 23,203 Noninterest income 4,727 1,898 6,132 5,327 449 (765) 17,768 Total revenue 19,071 5,858 9,737 6,842 382 (919) 40,971 Provision for credit losses 1,684 144 103 23 (17) — 1,937 Noninterest expense 12,521 3,189 4,727 5,811 1,022 — 27,270 Income (loss) before income tax expense (benefit) 4,866 2,525 4,907 1,008 (623) (919) 11,764 Income tax expense (benefit) 1,211 641 1,229 239 (963) (919) 1,438 Net income before noncontrolling interests 3,655 1,884 3,678 769 340 — 10,326 Less: Net income (loss) from noncontrolling interests — 4 — — (66) — (62) Net income $ 3,655 1,880 3,678 769 406 — 10,388 (1)All other business activities that are not included in the reportable operating segments have been included in Corporate. For additional information, see the “Corporate” section below. (2)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. Wells Fargo & Company 11 Earnings Performance (continued) Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses. These financial products and services include checking and savings accounts, credit and debit cards, as well as home, auto, personal, and small business lending. We also provide personalized wealth management and financial planning services through our branch channel. Table 6a and Table 6b provide additional information for Consumer Banking and Lending. Table 6a: Consumer Banking and Lending – Income Statement and Selected Metrics Quarter ended June 30, Six months ended June 30, ($ in millions, unless otherwise noted) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income Statement Net interest income $ 7,742 7,305 437 6 % $ 15,293 14,344 949 7 % Noninterest income: Deposit-related fees 747 653 94 14 1,467 1,304 163 13 Investment advisory and other asset-based fees 264 232 32 14 528 472 56 12 Commissions and brokerage services fees 127 111 16 14 242 224 18 8 Card fees 1,148 1,109 39 4 2,212 2,087 125 6 Mortgage banking 154 169 (15) (9) 317 391 (74) (19) Other 106 109 (3) (3) 227 249 (22) (9) Total noninterest income 2,546 2,383 163 7 4,993 4,727 266 6 Total revenue 10,288 9,688 600 6 20,286 19,071 1,215 6 Net charge-offs 799 818 (19) (2) 1,619 1,695 (76) (4) Change in the allowance for credit losses 146 127 19 15 144 (11) 155 NM Provision for credit losses 945 945 — — 1,763 1,684 79 5 Noninterest expense 6,286 6,179 107 2 12,875 12,521 354 3 Income before income tax expense 3,057 2,564 493 19 5,648 4,866 782 16 Income tax expense 767 641 126 20 1,417 1,211 206 17 Net income $ 2,290 1,923 367 19 $ 4,231 3,655 576 16 Revenue by Line of Business Consumer, Small and Business Banking $ 7,308 6,748 560 8 $ 14,327 13,199 1,128 9 Credit Card 1,614 1,588 26 2 3,209 3,112 97 3 Home Lending 762 821 (59) (7) 1,549 1,687 (138) (8) Auto 320 241 79 33 615 478 137 29 Personal Lending 284 290 (6) (2) 586 595 (9) (2) Total revenue $ 10,288 9,688 600 6 $ 20,286 19,071 1,215 6 Selected Metrics Consumer Banking and Lending: Return on allocated capital (1) 27.1 % 16.4 25.1 % 15.6 Efficiency ratio (2) 61 64 63 66 Retail bank branches (#, period-end) 4,079 4,135 (1) Digital active customers (# in millions, period-end) (3) 38.0 36.6 4 Mobile active customers (# in millions, period-end) (3) 33.7 32.1 5 Consumer, Small and Business Banking: Deposit spread (4) 2.60 % 2.53 2.59 % 2.49 Debit card purchase volume ($ in billions) (5) $ 144.8 133.6 11.2 8 $ 279.1 259.6 19.5 8 Debit card purchase transactions (# in millions) (5) 2,780 2,655 5 5,362 5,141 4 Client assets in advisory and brokerage accounts ($ in billions, period-end) 282 249 33 13 (continued on following page) 12 Wells Fargo & Company (continued from previous page) Quarter ended June 30, Six months ended June 30, ($ in millions, unless otherwise noted) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Home Lending: Mortgage loan originations ($ in billions) $ 9.0 7.4 1.6 22 $ 15.3 11.8 3.5 30 % of originations held for sale (HFS) 20.6 % 34.0 22.2 % 35.6 Third-party mortgage loans serviced ($ in billions, period-end) (6) $ 361.4 455.5 (94.1) (21) Home lending loans 30+ days delinquency rate (period-end) (7)(8) 0.32 0.30 Credit Card (5): Credit card purchase volume ($ in billions) $ 44.5 39.9 4.6 12 $ 84.5 76.6 7.9 10 Credit card new accounts (# in thousands) 662 452 46 1,293 848 52 Credit card loans 30+ days delinquency rate (period-end) (8) 2.58 % 2.63 Credit card loans 90+ days delinquency rate (period-end) (8) 1.34 1.32 Auto: Auto loan originations ($ in billions) $ 9.7 6.9 2.8 41 $ 19.4 11.5 7.9 69 Auto loans 30+ days delinquency rate (period-end) (8) 1.31 % 1.72 NM – Not meaningful (1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital. Segment net income (loss) applicable to common stock is segment net income (loss) less allocated preferred stock dividends. (2)Efficiency ratio is segment noninterest expense divided by segment total revenue (net interest income and noninterest income). (3)Digital and mobile active customers is based on the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days. Digital active customers includes both online and mobile customers. (4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits. (5)Reflects combined activity for consumer and small business customers. (6)Excludes residential mortgage loans subserviced for others. (7)Excludes residential mortgage loans that are insured or guaranteed by U.S government agencies. (8)Delinquency balances exclude nonaccrual loans and loans held for sale. Second quarter 2026 vs. second quarter 2025 Revenue increased driven by: •higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and •higher deposit-related fees driven by higher volume and higher consumer account deposit service charges driven by account repricing. Provision for credit losses reflected a higher change in allowance for credit card and auto loans driven by higher loan balances, offset by lower net charge-offs on credit card and personal loans. Noninterest expense increased driven by: •higher advertising and promotion expense; •higher revenue-related compensation expense; and •the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; partially offset by: •the impact of efficiency initiatives. First half of 2026 vs. first half of 2025 Revenue increased driven by: •higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; •higher deposit-related fees driven by higher volume and higher consumer account deposit service charges driven by account repricing; and •higher card fees driven by higher revenue following our merchant services joint venture acquisition in April 2025; partially offset by: •lower mortgage banking income driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first half of 2025 including adjustments for higher expected escrow balances. Provision for credit losses increased reflecting a higher change in allowance for auto and credit card loans driven by higher loan balances, partially offset by lower net charge-offs on credit card and personal loans. Noninterest expense increased driven by: •higher advertising and promotion expense; •higher revenue-related compensation expense; and •the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; partially offset by: •the impact of efficiency initiatives. Wells Fargo & Company 13 Earnings Performance (continued) Table 6b: Consumer Banking and Lending – Balance Sheet Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected Balance Sheet Data (average) Loans by Line of Business: Consumer, Small and Business Banking $ 17,892 9,513 8,379 88 % $ 17,647 9,481 8,166 86 % Credit Card 52,655 49,947 2,708 5 52,847 50,028 2,819 6 Home Lending 197,949 203,556 (5,607) (3) 198,219 204,526 (6,307) (3) Auto 55,701 42,366 13,335 31 54,143 42,432 11,711 28 Personal Lending 13,631 13,651 (20) — 13,698 13,776 (78) (1) Total loans $ 337,828 319,033 18,795 6 $ 336,554 320,243 16,311 5 Total deposits 828,363 805,537 22,826 3 822,524 802,725 19,799 2 Allocated capital (1) 33,000 45,500 (12,500) (27) 33,000 45,500 (12,500) (27) Selected Balance Sheet Data (period-end) Loans by Line of Business: Consumer, Small and Business Banking $ 18,197 9,696 8,501 88 Credit Card 53,334 50,084 3,250 6 Home Lending 198,187 203,062 (4,875) (2) Auto 57,391 43,373 14,018 32 Personal Lending 13,830 13,790 40 — Total loans $ 340,939 320,005 20,934 7 Total deposits 832,165 806,572 25,593 3 (1)In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments. Second quarter and first half of 2026 vs. second quarter and first half of 2025 Total loans (average and period-end) increased due to: •an increase in loan balances in our Auto business driven by higher origination volumes reflecting growth across the portfolio, including the impact of a financing partnership launched in second quarter 2025; •an increase in loan balances in our Consumer, Small and Business Banking business driven by the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; and •an increase in loan balances in our Credit Card business due to higher purchase and balance transfer volumes, as well as the impact of new account growth; partially offset by: •a decline in loan balances in our Home Lending business reflecting paydowns of legacy residential mortgage loans. Total deposits (average and period-end) increased reflecting growth in consumer checking and savings deposits, as well as the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025. 14 Wells Fargo & Company Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. Table 6c and Table 6d provide additional information for Commercial Banking. Table 6c: Commercial Banking – Income Statement and Selected Metrics Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income Statement Net interest income $ 2,047 1,983 64 3 % $ 4,035 3,960 75 2 % Noninterest income: Deposit-related fees 325 324 1 — 644 659 (15) (2) Lending-related fees 148 138 10 7 298 274 24 9 Lease income 106 116 (10) (9) 227 239 (12) (5) Other 492 372 120 32 1,034 726 308 42 Total noninterest income 1,071 950 121 13 2,203 1,898 305 16 Total revenue 3,118 2,933 185 6 6,238 5,858 380 6 Net charge-offs 93 98 (5) (5) 151 139 12 9 Change in the allowance for credit losses 38 (141) 179 127 130 5 125 NM Provision for credit losses 131 (43) 174 405 281 144 137 95 Noninterest expense 1,412 1,519 (107) (7) 3,020 3,189 (169) (5) Income before income tax expense 1,575 1,457 118 8 2,937 2,525 412 16 Income tax expense 397 369 28 8 740 641 99 15 Less: Net income from noncontrolling interests 2 2 — — 4 4 — — Net income $ 1,176 1,086 90 8 $ 2,193 1,880 313 17 Revenue by Product Lending and leasing $ 1,278 1,262 16 1 $ 2,528 2,529 (1) — Treasury management and payments 1,307 1,250 57 5 2,611 2,510 101 4 Other 533 421 112 27 1,099 819 280 34 Total revenue $ 3,118 2,933 185 6 $ 6,238 5,858 380 6 Selected Metrics Return on allocated capital 17.2 % 15.8 16.1 % 13.6 Efficiency ratio 45 52 48 54 NM – Not meaningful Second quarter and first half of 2026 vs. second quarter and first half of 2025 Revenue increased driven by: •higher other noninterest income related to equity securities and the financing of renewable energy investments; and •higher net interest income reflecting higher loan and interest-bearing deposit balances, partially offset by the impact of lower interest rates, lower noninterest-bearing deposits, and the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025. Provision for credit losses increased reflecting a higher allowance for commercial and industrial loans driven by higher loan balances, as well as a release in the allowance for commercial and industrial loans in second quarter 2025. Noninterest expense decreased driven by: •the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025; and •the impact of efficiency initiatives. Wells Fargo & Company 15 Earnings Performance (continued) Table 6d: Commercial Banking – Balance Sheet Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected Balance Sheet Data (average) Loans: Commercial and industrial $ 181,739 167,134 14,605 9 % $ 178,044 165,632 12,412 7 % Commercial real estate 40,179 44,373 (4,194) (9) 39,832 44,485 (4,653) (10) Lease financing and other 15,209 14,954 255 2 15,240 15,023 217 1 Total loans $ 237,127 226,461 10,666 5 $ 233,116 225,140 7,976 4 Total deposits 189,534 177,994 11,540 6 187,726 180,413 7,313 4 Allocated capital 26,000 26,000 — — 26,000 26,000 — — Selected Balance Sheet Data (period-end) Loans: Commercial and industrial $ 183,633 169,958 13,675 8 Commercial real estate 40,648 44,484 (3,836) (9) Lease financing and other 15,527 15,102 425 3 Total loans $ 239,808 229,544 10,264 4 Total deposits 198,805 179,848 18,957 11 Second quarter and first half of 2026 vs. second quarter and first half of 2025 Total loans (average and period-end) increased driven by higher client activity, partially offset by the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025. Total deposits (average and period-end) increased driven by: •additions of interest-bearing deposits from new and existing customers; partially offset by: •lower noninterest-bearing deposits; and •the impact of the transfer of certain business customers to the Consumer Banking and Lending operating segment in third quarter 2025. 16 Wells Fargo & Company Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and capital markets, equity and fixed income solutions as well as sales, trading, and research capabilities. Table 6e and Table 6f provide additional information for Corporate and Investment Banking. Table 6e: Corporate and Investment Banking – Income Statement and Selected Metrics Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income Statement Net interest income $ 2,273 1,815 458 25 % $ 4,457 3,605 852 24 % Noninterest income: Deposit-related fees 277 266 11 4 551 541 10 2 Lending-related fees 229 209 20 10 446 410 36 9 Investment banking fees 948 700 248 35 1,792 1,465 327 22 Net gains from trading activities 1,309 1,335 (26) (2) 2,691 2,693 (2) — Other 389 348 41 12 766 1,023 (257) (25) Total noninterest income 3,152 2,858 294 10 6,246 6,132 114 2 Total revenue 5,425 4,673 752 16 10,703 9,737 966 10 Net charge-offs (15) 75 (90) NM 209 172 37 22 Change in the allowance for credit losses (166) 28 (194) NM (215) (69) (146) NM Provision for credit losses (181) 103 (284) NM (6) 103 (109) NM Noninterest expense 2,497 2,251 246 11 5,189 4,727 462 10 Income before income tax expense 3,109 2,319 790 34 5,520 4,907 613 12 Income tax expense 780 582 198 34 1,382 1,229 153 12 Net income $ 2,329 1,737 592 34 $ 4,138 3,678 460 13 Revenue by Line of Business Banking: Lending $ 724 601 123 20 $ 1,424 1,219 205 17 Treasury Management and Payments 661 611 50 8 1,316 1,229 87 7 Investment Banking 628 463 165 36 1,230 997 233 23 Total Banking 2,013 1,675 338 20 3,970 3,445 525 15 Commercial Real Estate 1,197 1,212 (15) (1) 2,343 2,661 (318) (12) Markets: Fixed Income, Currencies, and Commodities (FICC) 1,536 1,391 145 10 3,119 2,773 346 12 Equities 635 387 248 64 1,178 835 343 41 Credit Adjustment (CVA/DVA/FVA) and Other 35 1 34 NM 82 (2) 84 NM Total Markets 2,206 1,779 427 24 4,379 3,606 773 21 Other 9 7 2 29 11 25 (14) (56) Total revenue $ 5,425 4,673 752 16 $ 10,703 9,737 966 10 Selected Metrics Return on allocated capital 19.2 % 14.9 17.1 % 15.9 Efficiency ratio 46 48 48 49 NM – Not meaningful Second quarter 2026 vs. second quarter 2025 Revenue increased driven by: •higher net interest income driven by higher interest-bearing deposit and loan balances, partially offset by the impact of lower interest rates; and •higher investment banking fees driven by higher debt and equity underwriting fees. Provision for credit losses decreased reflecting lower net charge-offs and a lower allowance for commercial real estate loans. Noninterest expense increased driven by: •higher personnel expense driven by higher revenue-related compensation expense; and •higher professional and outside services expense on higher volume-related expenses; partially offset by: •the impact of efficiency initiatives. First half of 2026 vs. first half of 2025 Revenue increased driven by: •higher net interest income driven by higher interest-bearing deposit and loan balances, partially offset by the impact of lower interest rates; and •higher investment banking fees driven by higher equity and debt underwriting fees; partially offset by: Wells Fargo & Company 17 Earnings Performance (continued) •a $263 million gain on the sale of the non-agency portion of our commercial mortgage third-party servicing business in first quarter 2025. Provision for credit losses decreased reflecting a lower allowance for commercial real estate loans, partially offset by loan growth. Noninterest expense increased driven by: •higher personnel expense driven by higher revenue-related compensation expense; and •higher professional and outside services expense on higher volume-related expenses; partially offset by: •the impact of efficiency initiatives. Table 6f: Corporate and Investment Banking – Balance Sheet Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected Balance Sheet Data (average) Loans: Commercial and industrial $ 278,389 202,473 75,916 37 % $ 270,330 197,590 72,740 37 % Commercial real estate 80,984 83,413 (2,429) (3) 80,561 84,020 (3,459) (4) Total loans $ 359,373 285,886 73,487 26 $ 350,891 281,610 69,281 25 Loans by Line of Business: Banking $ 124,981 88,994 35,987 40 $ 121,381 87,768 33,613 38 Commercial Real Estate 123,146 117,917 5,229 4 121,309 117,619 3,690 3 Markets 111,246 78,975 32,271 41 108,201 76,223 31,978 42 Total loans $ 359,373 285,886 73,487 26 $ 350,891 281,610 69,281 25 Trading-related assets: Trading assets, excluding derivative assets $ 204,106 158,449 45,657 29 $ 204,875 158,996 45,879 29 Derivative assets 26,518 23,404 3,114 13 24,458 21,556 2,902 13 Securities borrowed or purchased under resale agreements 170,853 101,894 68,959 68 170,364 99,546 70,818 71 Total trading-related assets $ 401,477 283,747 117,730 41 $ 399,697 280,098 119,599 43 Total assets 825,944 641,499 184,445 29 814,025 626,352 187,673 30 Total deposits 234,762 202,420 32,342 16 224,610 203,163 21,447 11 Allocated capital (1) 46,500 44,000 2,500 6 46,500 44,000 2,500 6 Selected Balance Sheet Data (period-end) Loans: Commercial and industrial $ 275,653 208,161 67,492 32 Commercial real estate 80,099 82,417 (2,318) (3) Total loans $ 355,752 290,578 65,174 22 Loans by Line of Business: Banking $ 120,812 90,999 29,813 33 Commercial Real Estate 123,316 117,233 6,083 5 Markets 111,624 82,346 29,278 36 Total loans $ 355,752 290,578 65,174 22 Trading-related assets: Trading assets, excluding derivative assets $ 217,646 168,029 49,617 30 Derivative assets 25,759 24,700 1,059 4 Securities borrowed or purchased under resale agreements 201,312 100,268 101,044 101 Total trading-related assets $ 444,717 292,997 151,720 52 Total assets 862,472 658,029 204,443 31 Total deposits 250,097 208,048 42,049 20 (1)In first quarter 2026, we updated our assumptions and methodologies used to allocate capital as part of our periodic assessments. Second quarter and first half of 2026 vs. second quarter and first half of 2025 Total loans (average and period-end) increased driven by higher commercial and industrial loans reflecting increased demand in fund finance and corporate loans in our Banking business and higher loan volume in our Markets business. Total trading-related assets (average and period-end) increased reflecting: •an increased volume of securities purchased under resale agreements; and •higher trading assets driven by growth across nearly all asset classes. Total deposits (average and period-end) increased driven by additions of interest-bearing deposits from new and existing customers. 18 Wells Fargo & Company Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, independent offices, and digitally through WellsTrade® and Intuitive Investor®. Table 6g and Table 6h provide additional information for Wealth and Investment Management (WIM). Table 6g: Wealth and Investment Management Quarter ended June 30, Six months ended June 30, ($ in millions, unless otherwise noted) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income Statement Net interest income $ 919 785 134 17 % $ 1,824 1,515 309 20 % Noninterest income: Investment advisory and other asset-based fees 2,506 2,208 298 13 5,009 4,442 567 13 Commissions and brokerage services fees 437 400 37 9 875 821 54 7 Other 30 45 (15) (33) 59 64 (5) (8) Total noninterest income 2,973 2,653 320 12 5,943 5,327 616 12 Total revenue 3,892 3,438 454 13 7,767 6,842 925 14 Net charge-offs (1) 6 (7) NM (2) — (2) NM Change in the allowance for credit losses 18 6 12 200 9 23 (14) (61) Provision for credit losses 17 12 5 42 7 23 (16) (70) Noninterest expense 3,160 2,865 295 10 6,422 5,811 611 11 Income before income tax expense 715 561 154 27 1,338 1,008 330 33 Income tax expense 178 141 37 26 333 239 94 39 Net income $ 537 420 117 28 $ 1,005 769 236 31 Selected Metrics Return on allocated capital 32.4 % 25.0 30.4 % 23.0 Efficiency ratio 81 83 83 85 Client assets ($ in billions, period-end): Advisory assets $ 1,225 1,042 183 18 Other brokerage assets and deposits 1,466 1,304 162 12 Total Company-wide client assets (1) $ 2,691 2,346 345 15 Total WIM client assets $ 2,409 2,097 312 15 Selected Balance Sheet Data (average) Total loans $ 91,143 81,271 9,872 12 $ 89,772 81,101 8,671 11 Total deposits 109,788 99,458 10,330 10 110,937 100,770 10,167 10 Allocated capital 6,500 6,500 — — 6,500 6,500 — — Selected Balance Sheet Data (period-end) Total loans $ 93,804 81,327 12,477 15 Total deposits 110,599 97,318 13,281 14 NM – Not meaningful (1)Includes amounts for clients of the Consumer Banking and Lending operating segment. Second quarter and first half of 2026 vs. second quarter and first half of 2025 Revenue increased driven by: •higher investment advisory and other asset-based fees driven by higher asset-based fees reflecting higher market valuations; and •higher net interest income driven by lower deposit pricing and higher deposit and loan balances. Noninterest expense increased reflecting higher personnel expense driven by higher revenue-related compensation expense, partially offset by the impact of efficiency initiatives. Total loans (average and period-end) increased driven by higher securities-based lending. Total deposits (average and period-end) increased driven by higher brokerage deposit balances. Wells Fargo & Company 19 Earnings Performance (continued) Advisory Assets. In addition to transactional brokerage accounts, the Company offers advisory account relationships to clients. Fees from advisory accounts are based on a percentage of the market value of the assets as of the beginning of the quarter, which vary across the account types based on the distinct services provided, and are affected by investment performance as well as asset inflows and outflows. Advisory accounts include assets that are financial advisor-directed and separately managed by third-party managers as well as certain client-directed brokerage assets where we earn a fee for advisory and other services, but do not have investment discretion. We also manage personal trust and other assets for high net worth clients, with fee income earned based on a percentage of the market value of these assets. Table 6h presents advisory assets activity. Management believes that advisory assets is a useful metric because it allows management, investors, and others to assess how changes in asset amounts may impact the generation of certain asset-based fees. Table 6h: Advisory Assets Quarter ended June 30, Six months ended June 30, (in billions) 2026 2025 2026 2025 Balance, beginning of period $ 1,119.3 980.0 $ 1,127.1 997.7 Inflows (outflows), net (1) 4.6 (2.4) 12.4 (8.1) Market impact (2) 101.0 64.1 85.4 52.1 Balance, end of period (Company-wide) 1,224.9 1,041.7 $ 1,224.9 1,041.7 Balance, end of period (WIM) 1,127.4 954.0 $ 1,127.4 954.0 (1)Inflows include new advisory account assets, contributions, dividends, and interest. Outflows include closed advisory account assets, withdrawals, and client management fees. (2)Market impact reflects gains and losses on portfolio investments. 20 Wells Fargo & Company Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), as well as our investment portfolio and venture capital investments. Corporate also includes results for previously divested businesses. Table 6i and Table 6j provide additional information for Corporate. Table 6i: Corporate – Income Statement Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income Statement Net interest income $ (589) (103) (486) NM $ (1,049) (67) (982) NM Noninterest income 1,002 662 340 51 1,230 449 781 174 Total revenue 413 559 (146) (26) 181 382 (201) (53) Net charge-offs 7 — 7 NM 12 — 12 NM Change in the allowance for credit losses (5) (12) 7 58 (8) (17) 9 53 Provision for credit losses 2 (12) 14 117 4 (17) 21 124 Noninterest expense 306 565 (259) (46) 485 1,022 (537) (53) Loss before income tax benefit 105 6 99 NM (308) (623) 315 51 Income tax benefit (206) (348) 142 41 (672) (963) 291 30 Less: Net income (loss) from noncontrolling interests (1) 236 26 210 808 271 (66) 337 511 Net income $ 75 328 (253) (77) $ 93 406 (313) (77) NM – Not meaningful (1)Reflects results attributable to noncontrolling interests associated with our venture capital investments. Second quarter 2026 vs. second quarter 2025 Revenue decreased driven by: •lower net interest income driven by lower funding credits to the operating segments due to the impact of lower interest rates; •a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025; and •a $148 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026; partially offset by: •higher net gains from equity securities reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses. Noninterest expense decreased reflecting: •lower operating losses; and •a $93 million decrease in lease expense due to the sale of our rail car leasing business in first quarter 2026. First half of 2026 vs. first half of 2025 Revenue decreased driven by: •lower net interest income driven by lower funding credits to the operating segments due to the impact of lower interest rates; •a $253 million gain associated with our merchant services joint venture acquisition in second quarter 2025; and •a $297 million decrease in lease income due to the sale of our rail car leasing business in first quarter 2026; partially offset by: •higher net gains from equity securities reflecting improved results from our venture capital investments, including higher realized and unrealized gains, partially offset by higher impairment losses; and •lower net losses from debt securities driven by the impact of a repositioning of our investment securities portfolio in first quarter 2025. Noninterest expense decreased reflecting: •a $180 million decrease in lease expense due to the sale of our rail car leasing business in first quarter 2026; and •the impact of efficiency initiatives. Wells Fargo & Company 21 Earnings Performance (continued) Table 6j: Corporate – Balance Sheet Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Selected Balance Sheet Data (average) Available-for-sale debt securities $ 226,383 172,879 53,504 31 % $ 217,674 167,186 50,488 30 % Held-to-maturity debt securities 197,708 220,364 (22,656) (10) 199,948 223,521 (23,573) (11) Equity securities 17,316 15,493 1,823 12 17,401 15,446 1,955 13 Total assets 672,761 601,010 71,751 12 661,293 609,627 51,666 8 Total deposits 103,153 46,242 56,911 123 94,660 48,398 46,262 96 Selected Balance Sheet Data (period-end) Available-for-sale debt securities $ 241,832 176,235 65,597 37 Held-to-maturity debt securities 195,315 218,360 (23,045) (11) Equity securities 17,430 15,907 1,523 10 Total assets 671,987 624,556 47,431 8 Total deposits 109,739 48,917 60,822 124 Second quarter and first half of 2026 vs. second quarter and first half of 2025 Total assets (average and period-end) increased reflecting purchases of available-for-sale debt securities of federal agencies and an increased volume of resale agreements. Total deposits (average and period-end) increased reflecting higher time deposits driven by issuances of certificates of deposit (CDs) by corporate treasury. 22 Wells Fargo & Company Balance Sheet Analysis At June 30, 2026, our assets totaled $2.3 trillion, up $133.6 billion from December 31, 2025. The following discussion provides additional information about the major components of our consolidated balance sheet. See the “Capital Management” section in this Report for information on changes in our equity. Available-for-Sale and Held-to-Maturity Debt Securities Table 7: Available-for-Sale and Held-to-Maturity Debt Securities June 30, 2026 December 31, 2025 ($ in millions) Amortized cost, net (1) Net unrealized gains (losses) Fair value Weighted average expected maturity (yrs) Amortized cost, net (1) Net unrealized gains (losses) Fair value Weighted average expected maturity (yrs) Available-for-sale (2) $ 253,593 (3,267) 250,326 6.9 $ 215,775 (2,202) 213,573 7.2 Held-to-maturity (3) 198,573 (32,408) 166,165 9.7 208,023 (32,226) 175,797 10.2 Total $ 452,166 (35,675) 416,491 n/a $ 423,798 (34,428) 389,370 n/a (1)Represents amortized cost of the securities, net of the allowance for credit losses of $0 million and $23 million related to available-for-sale debt securities and $94 million and $95 million related to held-to-maturity debt securities at June 30, 2026, and December 31, 2025, respectively. (2)Available-for-sale debt securities are carried on our consolidated balance sheet at fair value. (3)Held-to-maturity debt securities are carried on our consolidated balance sheet at amortized cost, net of the allowance for credit losses. Table 7 presents a summary of our portfolio of investments in available-for-sale (AFS) and held-to-maturity (HTM) debt securities. See Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report for additional information on AFS and HTM debt securities, including a summary of debt securities by security type, contractual maturities and weighted average yields. See also the “Balance Sheet Analysis – Available-for-Sale and Held-to-Maturity Debt Securities” section in our 2025 Form 10-K for additional information on our investment management objectives and practices and the “Risk Management – Asset/Liability Management” section in this Report for information on liquidity and interest rate risk. The amortized cost, net of the allowance for credit losses, of the total AFS and HTM debt securities portfolio increased from December 31, 2025. Purchases of AFS debt securities were partially offset by paydowns and maturities of AFS and HTM debt securities, as well as sales of AFS debt securities. The total net unrealized losses on AFS and HTM debt securities increased from December 31, 2025, primarily due to changes in interest rates. At June 30, 2026, 99% of the combined AFS and HTM debt securities portfolio was rated AA- or above. Ratings are based on external ratings where available and, where not available, based on internal credit grades. Wells Fargo & Company 23 Balance Sheet Analysis (continued) Loan Portfolios Table 8 provides a summary of total outstanding loans by portfolio segment. Commercial loans increased from December 31, 2025, driven by an increase in commercial and industrial loans as a result of increased originations and loan draws, partially offset by paydowns. Consumer loans increased from December 31, 2025, driven by increases in the auto and securities-based loan portfolios, partially offset by declines in the residential mortgage and credit card portfolios. Table 8: Loan Portfolios ($ in millions) Jun 30, 2026 Dec 31, 2025 $ Change % Change Commercial $ 636,299 599,895 36,404 6 % Consumer 394,816 386,272 8,544 2 Total loans $ 1,031,115 986,167 44,948 5 Average loan balances and a comparative detail of average loan balances is included in Table 2 under “Earnings Performance – Net Interest Income” earlier in this Report. Additional information on total loans outstanding by portfolio segment and class of financing receivable is included in the “Risk Management – Credit Risk Management” section in this Report. Period-end balances and other loan related information are in Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. See the “Balance Sheet Analysis – Loan Portfolios” section in our 2025 Form 10-K for additional information regarding contractual loan maturities and the distribution of loans to changes in interest rates. Deposits Deposits increased from December 31, 2025, reflecting: •growth in commercial deposits driven by new and existing customers; and •higher time deposits driven by issuances of CDs by corporate treasury, partially offset by maturities of CDs. Table 9 provides additional information regarding deposit balances. Information regarding the impact of deposits on net interest income and a comparison of average deposit balances is provided in the “Earnings Performance – Net Interest Income” section and Table 2 earlier in this Report. Our average deposit cost in second quarter 2026 increased to 1.51%, compared with 1.44% in fourth quarter 2025. Table 9: Deposits ($ in millions) Jun 30, 2026 Dec 31, 2025 $ Change % Change Noninterest-bearing deposits $ 370,116 365,368 4,748 1 % Interest-bearing deposits 1,131,289 1,060,839 70,450 7 Total deposits $ 1,501,405 1,426,207 75,198 5 24 Wells Fargo & Company Off-Balance Sheet Arrangements In the ordinary course of business, we engage in financial transactions that are not recognized on our consolidated balance sheet or may be recognized on our consolidated balance sheet in amounts that are different from the full contract or notional amount of the transaction. Our off-balance sheet arrangements include unfunded credit commitments, derivatives, transactions with unconsolidated entities, guarantees, and other commitments. These transactions are designed to (1) meet the financial needs of customers, (2) manage our credit, market or liquidity risks, and/or (3) diversify our funding sources. Unfunded Credit Commitments Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. For additional information, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. Derivatives We use derivatives to manage exposure to market risk, including interest rate risk, commodity and equity price risk, foreign currency risk, and credit risk, and to assist customers with their risk management objectives. Derivatives are recognized on our consolidated balance sheet at fair value, and volume can be measured in terms of the notional amount, which is generally not exchanged, but is used only as the basis on which interest and other payments are determined. The notional amount is not recognized on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. For additional information, see Note 10 (Derivatives) to Financial Statements in this Report. Transactions with Unconsolidated Entities In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For additional information, see Note 12 (Securitizations and Variable Interest Entities) to Financial Statements in this Report. Guarantees and Other Commitments Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. Guarantees are generally in the form of standby and direct pay letters of credit, written options, recourse obligations, exchange and clearing house guarantees, indemnifications, and other types of similar arrangements. We also enter into other commitments such as commitments to purchase securities under resale agreements. For additional information, see Note 13 (Guarantees and Other Commitments) to Financial Statements in this Report. Wells Fargo & Company 25 Risk Management Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders. These risks are regularly evolving. For example, recent advancements in artificial intelligence have enhanced the capability to identify and potentially exploit previously unidentified cybersecurity vulnerabilities, contributing to increased information security risk across a range of customers and industries. For additional information about how we manage risk, see the “Risk Management” section in our 2025 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2025 Form 10-K. Credit Risk Management Credit risk is the risk of loss associated with a borrower or counterparty default (failure to meet obligations in accordance with agreed upon terms). Credit risk exists with many of the Company’s assets and exposures such as debt security holdings, certain derivatives, and loans. The Risk Committee of the Company’s Board of Directors (Board) has primary oversight responsibility for credit risk. At the management level, Corporate Credit Risk, which is part of Independent Risk Management, and the chief risk officers aligned with each principal line of business, have oversight responsibility for credit risk. Corporate Credit Risk and the business-aligned chief risk officers report to the Chief Risk Officer and support periodic reports related to credit risk provided to the Board’s Risk Committee. Loan Portfolio. Our loan portfolios represent the largest component of assets on our consolidated balance sheet for which we have credit risk. Table 10 presents our total loans outstanding by portfolio segment and class of financing receivable. Table 10: Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable (in millions) Jun 30, 2026 Dec 31, 2025 Commercial and industrial $ 487,630 452,068 Commercial real estate 132,986 132,284 Lease financing 15,683 15,543 Total commercial 636,299 599,895 Residential mortgage 240,774 242,190 Credit card 58,394 59,540 Auto 56,924 50,487 Other consumer 38,724 34,055 Total consumer 394,816 386,272 Total loans $ 1,031,115 986,167 We manage our credit risk by establishing what we believe are sound credit policies for underwriting new business, while monitoring and reviewing the performance of our existing loan portfolios. We employ various credit risk management and monitoring activities to mitigate risks, including those related to: •Loan concentrations; •Borrower or counterparty performance and related credit risk; •Economic and market conditions; •Changes in interest rates; and •Legislative or regulatory mandates. Our credit risk management oversight process is governed centrally, but provides for direct management and accountability by our lines of business. Our overall credit process includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process. A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans. Credit Quality Overview. Table 11 provides credit quality trends. Table 11: Credit Quality Overview ($ in millions) Jun 30, 2026 Dec 31, 2025 Nonaccrual loans Commercial loans $ 4,735 5,266 Consumer loans 2,908 2,935 Total nonaccrual loans $ 7,643 8,201 Nonaccrual loans as a % of total loans 0.74 % 0.83 Allowance for credit losses (ACL) for loans $ 14,407 14,337 ACL for loans as a % of total loans 1.40 % 1.45 Quarter ended June 30, 2026 2025 Net loan charge-offs as a % of (1): Average commercial loans 0.10 % 0.18 Average consumer loans 0.74 0.81 Six months ended June 30, 2026 2025 Average commercial loans 0.17 % 0.17 Average consumer loans 0.76 0.83 (1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized. The following discussion provides additional information and analysis of our loan portfolios. See Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit information. COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING. We generally subject commercial and industrial loans and lease financing to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to regulatory definitions of pass and criticized categories with criticized segmented among special mention, substandard, doubtful, and loss categories. We had $16.9 billion classified as criticized in accordance with regulatory guidance for our commercial and industrial loans and lease financing portfolio at June 30, 2026, compared with $15.9 billion at December 31, 2025. The increase was predominantly driven by loans in the technology, telecom and 26 Wells Fargo & Company media and the equipment, machinery, and parts manufacturing industries. Generally, the primary source of repayment for our commercial and industrial loans and lease financing portfolio is the operating cash flows of customers, with the collateral securing this portfolio representing a secondary source of repayment. The majority of this portfolio is secured by short-term assets, such as accounts receivable, inventory, and debt securities, as well as long-lived assets, such as equipment and other business assets. Loans to our largest industry category, financials except banks, are generally secured and have features to help manage credit risk, such as structural credit enhancements, collateral eligibility requirements, contractual re-margining of collateral supporting the loans, and loan amounts limited to a percentage of the value of the underlying assets considering underlying credit risk, asset duration, and ongoing performance. Table 12 provides our commercial and industrial loans and lease financing by industry using the North American Industry Classification System. The portfolio increased at June 30, 2026, compared with December 31, 2025, as a result of increased originations and loan draws, partially offset by paydowns. Table 12: Commercial and Industrial Loans and Lease Financing by Industry June 30, 2026 December 31, 2025 ($ in millions) Nonaccrual loans Loans outstanding balance % of total loans Total commitments (1)(2) Nonaccrual loans Loans outstanding balance % of total loans Total commitments (1)(2) Financials except banks Asset managers and funds (3) $ 2 73,530 7 % $ 127,199 1 68,216 7 % $ 124,491 Commercial finance (4) 90 62,377 6 99,766 108 60,543 6 97,345 Consumer finance (5) 117 31,945 3 47,353 129 27,794 3 45,322 Real estate finance (6) 19 40,986 4 44,598 7 34,514 3 39,043 Total financials except banks 228 208,838 20 318,916 245 191,067 19 306,201 Technology, telecom and media 256 28,014 3 74,926 49 22,052 2 74,423 Real estate and construction 84 31,772 3 65,977 66 28,501 3 60,080 Equipment, machinery and parts manufacturing 29 28,548 3 58,325 33 25,897 3 53,990 Retail 176 21,665 2 46,518 208 19,571 2 42,792 Materials and commodities 90 15,322 1 38,887 100 13,584 1 35,706 Food and beverage manufacturing 46 17,068 2 36,191 286 17,706 2 33,819 Oil, gas and pipelines 1 11,432 1 34,617 3 10,197 1 31,698 Health care and pharmaceuticals 22 13,364 1 33,624 22 13,250 1 31,289 Auto related 7 17,316 2 32,326 7 16,979 2 32,164 Commercial services 98 11,705 1 29,938 65 11,308 1 27,389 Utilities 17 8,653 * 29,580 18 8,232 * 28,187 Entertainment and recreation 89 13,505 1 21,777 17 13,199 1 20,832 Insurance and fiduciaries 1 4,941 * 20,585 1 4,132 * 17,226 Transportation services 65 8,863 * 17,963 156 8,094 * 16,594 Diversified or miscellaneous 50 8,594 * 17,327 58 11,317 1 29,319 Securities-based (7) — 28,193 3 28,193 — 26,007 3 26,007 Other (8) 74 25,520 2 44,298 53 26,518 3 45,805 Total $ 1,333 503,313 49 % $ 949,968 1,387 467,611 47 % $ 913,521 *Less than 1%. 1.Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase. For additional information on issued letters of credit, see Note 13 (Guarantees and Other Commitments) to Financial Statements in this Report. 2.We use credit derivatives, which had notional amounts of $9.2 billion and $8.2 billion at June 30, 2026, and December 31, 2025, respectively, to hedge certain loan exposures. These amounts are not shown as reductions to total commitments. For additional information on credit derivatives, see Note 10 (Derivatives) to Financial Statements in this Report. 3.Includes loans for subscription or capital calls and loans to securities firms. 4.Includes asset-based lending and leasing, including loans to special purpose entities, loans to commercial leasing entities, and structured lending facilities to commercial loan managers. 5.Includes originators or servicers of financial assets collateralized by consumer loans such as auto loans and leases, and credit cards. 6.Includes originators or servicers of financial assets collateralized by commercial or residential real estate loans. 7.In second quarter 2026, we reclassified prime brokerage and other margin loans to clients of the Corporate and Investment Banking operating segment from Other to Securities-based. We also reclassified securities-based loans to clients of the Wealth and Investment Management operating segment from various industry categories, including the Technology, telecom and media and Insurance and fiduciaries industry categories, to Securities-based. Securities-based loans are collateralized by securities in client accounts. Prior period balances have been revised to conform with the current period presentation. 8.No other category had total loans in excess of $8.4 billion and $8.3 billion at June 30, 2026, and December 31, 2025, respectively. Our commercial and industrial loans and lease financing portfolio included non-U.S. loans of $81.9 billion and $81.0 billion at June 30, 2026, and December 31, 2025, respectively. Significant industry concentrations of non-U.S. loans at June 30, 2026, and December 31, 2025, respectively, included: •$40.3 billion and $38.0 billion in the financials except banks industry (prior period balance has been revised to conform with the current period presentation for securities-based loans); •$13.2 billion and $13.7 billion in the securities-based industry; •$8.3 billion and $8.2 billion in the banks industry; and •$2.0 billion and $1.8 billion in the oil, gas and pipelines industry. Wells Fargo & Company 27 Risk Management – Credit Risk Management (continued) COMMERCIAL REAL ESTATE (CRE). Our CRE loan portfolio is composed of CRE mortgage and CRE construction loans. The total CRE loan portfolio at June 30, 2026, was stable compared with December 31, 2025. Unfunded credit commitments were $6.2 billion at both June 30, 2026, and December 31, 2025, for CRE mortgage loans and $11.8 billion and $9.2 billion, respectively, for CRE construction loans. The portfolio is diversified both geographically and by property type. At June 30, 2026, the five states with the largest geographic concentrations of CRE loans, as shown in Table 13, represented a combined 51% of the total CRE portfolio. The largest property type concentrations were apartments at 27% and industrial/warehouse at 22% of the portfolio at June 30, 2026. We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings and classify them as criticized in accordance with regulatory guidance. CRE mortgage loans classified as criticized were $11.8 billion and $13.4 billion at June 30, 2026, and December 31, 2025, respectively. CRE construction loans classified as criticized were $1.2 billion and $1.7 billion at June 30, 2026, and December 31, 2025, respectively. The decrease in criticized CRE loans was primarily driven by the office, apartments, and industrial/warehouse property types. Table 13 provides our CRE loans by state and property type. Table 13: CRE Loans by State and Property Type June 30, 2026 December 31, 2025 Real estate mortgage Real estate construction Total commercial real estate Total commercial real estate ($ in millions) Nonaccrual loans Loans outstanding balance Nonaccrual loans Loans outstanding balance Nonaccrual loans Loans outstanding balance Loans as % of total loans Total commitments (1) Loans outstanding balance Total commitments (1) By state: California $ 527 24,325 176 1,823 703 26,148 3% $ 29,402 26,208 28,918 New York 330 13,223 — 1,756 330 14,979 1 16,159 15,890 17,182 Florida 308 9,588 — 1,565 308 11,153 1 12,382 10,671 11,413 Texas 267 9,217 — 1,183 267 10,400 1 12,074 10,206 13,018 Arizona 3 4,683 — 418 3 5,101 * 5,426 5,364 6,045 Other (2) 1,457 59,093 334 6,112 1,791 65,205 6 75,560 63,945 71,077 Total $ 2,892 120,129 510 12,857 3,402 132,986 13% $ 151,003 132,284 147,653 By property type: Apartments $ 318 29,546 19 6,910 337 36,456 4% $ 42,146 36,974 41,554 Industrial/warehouse 22 27,305 — 1,825 22 29,130 3 36,127 25,959 31,377 Office 1,734 18,721 491 1,281 2,225 20,002 2 21,084 21,958 23,360 Hotel/motel 608 11,106 — 685 608 11,791 1 12,357 12,764 13,154 Retail (excl shopping center) 45 9,920 — 117 45 10,037 * 10,833 10,568 11,476 Shopping center 2 9,635 — 120 2 9,755 * 10,600 9,353 9,800 Institutional 9 5,138 — 510 9 5,648 * 6,033 5,402 5,852 Other 154 8,758 — 1,409 154 10,167 * 11,823 9,306 11,080 Total $ 2,892 120,129 510 12,857 3,402 132,986 13 % $ 151,003 132,284 147,653 * Less than 1%. (1)Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit. For additional information on issued letters of credit, see Note 13 (Guarantees and Other Commitments) to Financial Statements in this Report. (2)Includes 45 states and non-U.S. loans. No state in Other had loans in excess of $4.8 billion at both June 30, 2026, and December 31, 2025. Non-U.S. loans were $5.0 billion and $5.7 billion at June 30, 2026, and December 31, 2025, respectively. 28 Wells Fargo & Company NON-U.S. LOANS. Our classification of non-U.S. loans is based on whether the borrower’s primary address is outside of the United States. At June 30, 2026, non-U.S. loans totaled $87.0 billion, representing approximately 8% of our total consolidated loans outstanding, compared with $86.7 billion, or approximately 9% of our total consolidated loans outstanding, at December 31, 2025. Non-U.S. loans were approximately 4% of our total consolidated assets at both June 30, 2026, and December 31, 2025. COUNTRY RISK EXPOSURE. Our country risk monitoring process incorporates centralized monitoring of economic, political, social, legal, and transfer risks in countries where we do or plan to do business, along with frequent dialogue with our customers, counterparties and regulatory agencies. We establish exposure limits for each country through a centralized oversight process based on customer needs, and through consideration of the relevant and distinct risk of each country. We monitor exposures closely and adjust our country limits in response to changing conditions. We evaluate our individual country risk exposure based on our assessment of a borrower’s ability to repay, which gives consideration for allowable transfers of risk, such as guarantees and collateral, and may be different from the reporting based on a borrower’s primary address. Our largest single country exposure outside the U.S. at June 30, 2026, was the United Kingdom, which totaled $35.3 billion, or approximately 2% of our total assets, of which $3.3 billion were sovereign exposures and included deposits we have placed with the Bank of England pursuant to regulatory requirements in support of our London branch. Table 14 provides information regarding our top 20 exposures by country (excluding the U.S.), based on our assessment of risk, which gives consideration to the country of any guarantors and/or underlying collateral. With respect to Table 14: •Lending exposure consists of loans outstanding plus unfunded credit commitments (excluding discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase) and is presented prior to the deduction of the allowance for credit losses or collateral received under the terms of the credit agreements, if any. •Securities exposure represents debt and equity securities of non-U.S. issuers. If applicable, long and short positions are netted. •Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements. Table 14: Top 20 Country Exposures (1) June 30, 2026 December 31, 2025 (in millions) Deposits with banks (2) Lending Securities Derivatives and other Total (3) Total (4) United Kingdom $ 3,710 28,191 313 3,037 35,251 33,233 Canada 1,257 13,158 2,190 1,289 17,894 19,548 Japan 13,859 174 528 181 14,742 17,296 Luxembourg 1,620 10,693 17 386 12,716 10,872 Cayman Islands — 8,666 — 452 9,118 9,878 Ireland 29 4,616 164 418 5,227 6,222 Guernsey — 4,718 2 14 4,734 5,866 Germany 318 3,352 156 74 3,900 4,159 Netherlands — 3,464 277 125 3,866 3,606 France 12 3,367 3 413 3,795 4,440 Bermuda — 3,576 9 47 3,632 3,734 Switzerland 209 1,553 21 911 2,694 2,150 South Korea 6 2,271 114 4 2,395 2,225 Australia 581 593 339 582 2,095 1,432 Spain 1 1,343 286 458 2,088 1,983 Jersey — 1,268 45 152 1,465 1,321 India 4 988 357 — 1,349 912 China 157 632 455 43 1,287 1,282 Chile — 1,035 190 1 1,226 1,511 Hong Kong 49 287 832 13 1,181 1,177 Total $ 21,812 93,945 6,298 8,600 130,655 132,847 (1)Top 20 country exposures reflected 90% of our total non-U.S. exposure at both June 30, 2026, and December 31, 2025. (2)Primarily deposited with central banks. (3)Top 20 country exposures to central banks and financial institutions was $82.3 billion. (4)The 2025 exposures correspond to the ranking of the top 20 country exposures at June 30, 2026, and do not necessarily reflect our top 20 country exposures at December 31, 2025. Wells Fargo & Company 29 Risk Management – Credit Risk Management (continued) RESIDENTIAL MORTGAGE LOANS. Our residential mortgage loan portfolio is composed of 1–4 family first and junior lien mortgage loans. Junior lien mortgage loans consist of residential mortgage lines of credit and loans that are subordinate in rights to an existing lien on the same property. Residential mortgage – first lien loans represented 97% of the total residential mortgage loan portfolio at both June 30, 2026, and December 31, 2025. The residential mortgage loan portfolio includes loans with adjustable-rate features. We monitor the risk of default as a result of interest rate increases on adjustable-rate mortgage (ARM) loans, which may be mitigated by product features that limit the amount of the increase in the contractual interest rate. The default risk of these loans is considered in our ACL for loans. ARM loans were $74.5 billion, or 7% of total loans, at June 30, 2026, compared with $70.8 billion, or 7% of total loans, at December 31, 2025, with an initial reset date in 2028 or later for the majority of this portfolio at June 30, 2026. We do not offer option ARM products or loans with negative amortization features. The outstanding balance of residential mortgage lines of credit (both first and junior lien) was $9.3 billion at June 30, 2026, compared with $10.3 billion at December 31, 2025. The unfunded credit commitments for these lines of credit totaled $11.6 billion at June 30, 2026, compared with $15.2 billion at December 31, 2025. For additional information on our residential mortgage loan portfolio, see the “Risk Management – Credit Risk Management – Residential Mortgage Loans” section in our 2025 Form 10-K. We monitor changes in real estate values and underlying economic or market conditions for the geographic areas of our residential mortgage loan portfolio as part of our credit risk management process. Our periodic review of this portfolio includes estimating property values using home valuation models and indices. We have risk management guidelines that address the usage of these models, including periodic validation. Part of our credit monitoring includes tracking delinquency, current Fair Isaac Corporation (FICO) credit scores, and loan to collateral values (LTV) on the entire residential mortgage loan portfolio. For junior lien mortgages, LTV uses the total combined loan balance of first and junior lien mortgages, including unused line of credit amounts. For additional information regarding credit quality indicators, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. Borrowers experiencing financial difficulties may seek additional assistance through a loan modification. For additional information on loan modifications, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. Our residential mortgage loan portfolio decreased $1.4 billion from December 31, 2025, due to loan paydowns, partially offset by originations. Table 15 shows the outstanding balances of our first and junior lien mortgage loan portfolios. Table 15: Residential Mortgage Loans June 30, 2026 December 31, 2025 ($ in millions) Outstanding balance % of total loans Outstanding balance % of total loans California (1) $ 109,117 10 % $ 108,080 11 % New York 29,988 3 30,128 3 Washington 10,795 1 10,727 1 New Jersey 9,377 1 9,481 1 Florida 8,933 1 8,922 1 Other (2) 60,657 6 61,580 6 Government insured/guaranteed loans (3) 4,956 — 5,569 1 Total first lien mortgage portfolio 233,823 22 234,487 24 Total junior lien mortgage portfolio (4) 6,951 1 7,703 1 Total residential mortgage loan portfolio $ 240,774 23 % $ 242,190 25 % (1)Our first lien mortgage loans to borrowers in California are located predominantly within the larger metropolitan areas, with no single California metropolitan area consisting of more than 3% of total loans. (2)Consists of 45 states; no state in Other had loans in excess of $6.3 billion and $6.4 billion at June 30, 2026, and December 31, 2025, respectively. (3)Represents loans, substantially all of which were purchased from Government National Mortgage Association (GNMA) loan securitization pools, where the repayment of the loans is insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). For additional information on GNMA loan securitization pools, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in this Report. (4)Includes loans of $2.2 billion and $2.4 billion in California, and no other state had loans in excess of $640 million and $730 million at June 30, 2026, and December 31, 2025, respectively. 30 Wells Fargo & Company CREDIT CARD, AUTO, AND OTHER CONSUMER LOANS. Table 16 shows the outstanding balance of our credit card, auto, and other consumer loan portfolios. For information regarding credit quality indicators for these portfolios, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. Table 16: Credit Card, Auto, and Other Consumer Loans June 30, 2026 December 31, 2025 ($ in millions) Outstanding balance % of total loans Outstanding balance % of total loans Credit card $ 58,394 6 % $ 59,540 6 % Auto 56,924 5 50,487 5 Other consumer: Securities-based 32,231 3 26,206 3 Other 6,493 1 7,849 1 Total other consumer 38,724 4 34,055 4 Total $ 154,042 15 % $ 144,082 15 % Credit Card. The decrease in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to lower purchase volume as well as paydowns. Auto. The increase in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to loan originations exceeding paydowns. Other Consumer. The increase in the outstanding balance at June 30, 2026, compared with December 31, 2025, was due to an increase in securities-based lending. Securities-based loans, including margin loans and securities-based credit lines, are originated by the WIM operating segment and are collateralized by securities in client brokerage accounts. The collateral is monitored and the loans have provisions that allow us to require additional collateral if the fair value of the existing collateral declines. Accordingly, these loans generally do not have an allowance for credit losses given their minimal expected credit risk. Wells Fargo & Company 31 Risk Management – Credit Risk Management (continued) NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS). For information about when we generally place loans on nonaccrual status, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. Table 17 summarizes nonperforming assets. Table 17: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets) ($ in millions) Jun 30, 2026 Dec 31, 2025 Nonaccrual loans: Commercial and industrial $ 1,248 1,312 Commercial real estate 3,402 3,879 Lease financing 85 75 Total commercial 4,735 5,266 Residential mortgage (1) 2,811 2,838 Auto 72 70 Other consumer 25 27 Total consumer 2,908 2,935 Total nonaccrual loans $ 7,643 8,201 As a percentage of total loans 0.74 % 0.83 Foreclosed assets: Government insured/guaranteed (2) $ 6 8 Commercial 259 262 Consumer 36 32 Total foreclosed assets 301 302 Total nonperforming assets $ 7,944 8,503 As a percentage of total loans 0.77 % 0.86 (1)Residential mortgage loans are not placed on nonaccrual status when they are insured or guaranteed by U.S. government agencies, such as the FHA or the VA. (2)Consistent with regulatory reporting requirements, foreclosed real estate resulting from government insured/guaranteed loans are classified as nonperforming. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were insured or guaranteed by U.S. government agencies. Receivables related to the foreclosure of certain government guaranteed real estate mortgage loans are excluded from this table and included in accounts receivable in other assets. For additional information on the classification of certain government-guaranteed mortgage loans upon foreclosure, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. Total nonaccrual loans decreased $558 million from December 31, 2025, driven by lower commercial real estate nonaccrual loans. For additional information on commercial nonaccrual loans, see the “Risk Management – Credit Risk Management – Commercial and Industrial Loans and Lease Financing” and “Risk Management – Credit Risk Management – Commercial Real Estate” sections in this Report. 32 Wells Fargo & Company Table 18 provides an analysis of the changes in nonaccrual loans. Typically, changes to nonaccrual loans period-over-period represent inflows for loans that are placed on nonaccrual status in accordance with our policies, offset by reductions for loans that are paid down, charged off, sold, foreclosed, or are no longer classified as nonaccrual as a result of continued performance and an improvement in the borrower’s financial condition and loan repayment capabilities. Table 18: Analysis of Changes in Nonaccrual Loans Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Commercial nonaccrual loans Balance, beginning of period $ 5,513 4,883 $ 5,266 4,618 Inflows 1,034 1,067 2,612 2,199 Outflows: Returned to accruing (202) (274) (343) (341) Foreclosures — — — — Charge-offs (326) (305) (730) (537) Payments, sales and other (1,284) (808) (2,070) (1,376) Total outflows (1,812) (1,387) (3,143) (2,254) Balance, end of period 4,735 4,563 4,735 4,563 Consumer nonaccrual loans Balance, beginning of period 2,956 3,095 2,935 3,112 Inflows 260 435 552 700 Outflows: Returned to accruing (110) (128) (221) (241) Foreclosures (22) (18) (43) (40) Charge-offs (18) (37) (37) (52) Payments, sales and other (158) (153) (278) (285) Total outflows (308) (336) (579) (618) Balance, end of period 2,908 3,194 2,908 3,194 Total nonaccrual loans $ 7,643 7,757 $ 7,643 7,757 We considered the risk of losses on nonaccrual loans in developing our allowance for loan losses. We believe exposure to losses on nonaccrual loans is mitigated by the following factors at June 30, 2026: •98% of total commercial nonaccrual loans were secured, of which 72% were secured by real estate. •68% of total commercial nonaccrual loans were current on interest and 52% of commercial nonaccrual loans were current on both principal and interest, but were on nonaccrual status because the full or timely collection of interest or principal had become uncertain. •99% of total consumer nonaccrual loans were secured, of which 97% were secured by real estate and 98% had an LTV ratio of 80% or less. •$361 million of the $444 million of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, were current. Wells Fargo & Company 33 Risk Management – Credit Risk Management (continued) NET CHARGE-OFFS. Table 19 presents net loan charge-offs. Table 19: Net Loan Charge-offs Quarter ended June 30, Six months ended June 30, 2026 2025 2026 2025 ($ in millions) Net loan charge- offs % ofaverageloans (1) Net loan charge- offs % of average loans (1) Net loan charge- offs % ofaverageloans (1) Net loan charge- offs % ofaverageloans (1) Commercial and industrial $ 131 0.11 % $ 179 0.18 % $ 462 0.20 % $ 287 0.15 % Commercial real estate 16 0.05 61 0.18 35 0.05 156 0.23 Lease financing 9 0.23 7 0.17 19 0.25 15 0.19 Total commercial 156 0.10 247 0.18 516 0.17 458 0.17 Residential mortgage (14) (0.02) (3) — (28) (0.02) (18) (0.01) Credit card 600 4.18 622 4.54 1,205 4.20 1,272 4.65 Auto 54 0.39 30 0.29 117 0.44 94 0.45 Other consumer 80 0.88 101 1.35 166 0.95 200 1.37 Total consumer 720 0.74 750 0.81 1,460 0.76 1,548 0.83 Total $ 876 0.34 % $ 997 0.44 % $ 1,976 0.39 % $ 2,006 0.44 % (1)Net loan charge-offs (recoveries) as a percentage of average loans are annualized. The decrease in commercial net loan charge-offs in second quarter 2026, compared with the same period a year ago, was driven by lower losses in our commercial and industrial and commercial real estate portfolios. The decrease in consumer net loan charge-offs in second quarter 2026, compared with the same period a year ago, was due to lower losses in our credit card and other consumer portfolios, partially offset by higher losses in our auto portfolio. ALLOWANCE FOR CREDIT LOSSES. We maintain an allowance for credit losses (ACL) for loans, which is management’s estimate of the expected lifetime credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an ACL for debt securities classified as either AFS or HTM, other financial assets measured at amortized cost, including deposits with banks, net investments in leases, and other off-balance sheet credit exposures. The process for establishing the ACL for loans takes into consideration many factors, including historical and forecasted loss trends, loan-level credit quality ratings and loan grade-specific characteristics. The process involves subjective and complex judgments. In addition, we review a variety of credit metrics and trends. These credit metrics and trends, however, do not solely determine the amount of the allowance as we use several analytical tools. For additional information on our ACL, see the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. For additional information on our ACL for loans, see Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report, and for additional information on our ACL for debt securities, see Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report. 34 Wells Fargo & Company Table 20 presents the allocation of the ACL for loans by loan portfolio segment and class. Table 20: Allocation of the ACL for Loans Jun 30, 2026 Dec 31, 2025 ($ in millions) ACL ACL as % of loan class Loans as % of total loans ACL ACL as % of loan class Loans as % of total loans Commercial and industrial $ 4,834 0.99 % 47 $ 4,510 1.00 % 46 Commercial real estate 2,349 1.77 13 2,737 2.07 13 Lease financing 212 1.35 2 210 1.35 1 Total commercial 7,395 1.16 62 7,457 1.24 60 Residential mortgage (1) 543 0.23 23 555 0.23 25 Credit card 4,974 8.52 6 4,956 8.32 6 Auto 948 1.67 5 817 1.62 5 Other consumer 547 1.41 4 552 1.62 4 Total consumer 7,012 1.78 38 6,880 1.78 40 Total $ 14,407 1.40 % 100 $ 14,337 1.45 % 100 Components: Allowance for loan losses $ 13,905 13,797 Allowance for unfunded credit commitments 502 540 Allowance for credit losses for loans $ 14,407 14,337 Ratio of allowance for loan losses to total net loan charge-offs (2) 3.96x 3.45 Ratio of allowance for loan losses to total nonaccrual loans 1.82 1.68 Allowance for loan losses as a percentage of total loans 1.35 % 1.40 (1)Includes negative allowance for expected recoveries of amounts previously charged off. (2)Total net loan charge-offs are annualized for the quarter ended June 30, 2026. The ratios for the allowance for loan losses and the ACL for loans presented in Table 20 may fluctuate from period to period due to such factors as the mix of loan types in the portfolio, borrower credit strength, and the value and marketability of collateral. The ACL for loans increased $70 million from December 31, 2025, reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans. The detail of the changes in the ACL for loans by portfolio segment (including charge-offs and recoveries by loan class) is included in Note 3 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. We consider multiple economic scenarios to develop our estimate of the ACL for loans, which generally include a base scenario, along with an optimistic (upside) and one or more pessimistic (downside) scenarios. We weighted the base scenario and the downside scenarios in our estimate of the ACL for loans at June 30, 2026. The base scenario assumed uncertainty related to trade policies, increased inflation along with slowing economic growth, increased unemployment rates, and a decline in commercial real estate prices. The downside scenarios assumed a more substantial economic contraction due to lower business and consumer confidence, declining property values, and ongoing uncertainty related to global geopolitical events. Additionally, we consider qualitative factors that represent management’s judgment of risks related to our processes and assumptions used in establishing the ACL such as economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments. The forecasted key economic variables used in our estimate of the ACL for loans at June 30, 2026, and March 31, 2026, are presented in Table 21. Table 21: Forecasted Key Economic Variables 4Q 2026 2Q 2027 4Q 2027 Weighted blend of economic scenarios: U.S. unemployment rate (1): June 30, 2026 4.4 % 4.8 5.3 March 31, 2026 5.0 5.6 6.0 U.S. real GDP (2): June 30, 2026 1.7 (0.8) 0.0 March 31, 2026 (0.3) 0.8 2.0 Home price index (3): June 30, 2026 1.3 (1.5) (4.6) March 31, 2026 (3.8) (5.5) (4.3) Commercial real estate asset prices (3): June 30, 2026 2.7 (1.2) (7.7) March 31, 2026 (7.2) (7.3) (4.6) (1)Quarterly average. (2)Percent change from the preceding period, seasonally adjusted annualized rate. (3)Percent change year over year of national average; outlook differs by geography and property type. Future amounts of the ACL for loans will be based on a variety of factors, including loan balance changes, portfolio credit quality and mix changes, and changes in general economic conditions and expectations (including for unemployment and real GDP), among other factors. Wells Fargo & Company 35 Risk Management – Credit Risk Management (continued) We believe the ACL for loans of $14.4 billion at June 30, 2026, was appropriate to cover expected credit losses, including unfunded credit commitments, at that date. The entire allowance is available to absorb credit losses from the total loan portfolio. The ACL for loans is subject to change and reflects existing factors as of the date of determination, including economic or market conditions and ongoing internal and external examination processes. Due to the sensitivity of the ACL for loans to changes in the economic and business environment, it is possible that we will incur incremental credit losses not anticipated as of the balance sheet date. Our process for determining the ACL is discussed in the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. MORTGAGE BANKING ACTIVITIES. We sell residential and commercial mortgage loans to various parties. In connection with our sales and securitization of residential mortgage loans, we have established a mortgage repurchase liability. For information on our repurchase liability, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in our 2025 Form 10-K. In addition to servicing loans in our portfolio, we may also service residential and commercial mortgage loans included in government-sponsored enterprise (GSE) mortgage securitizations, GNMA-guaranteed mortgage securitizations of FHA-insured/VA-guaranteed mortgages and private label mortgage securitizations, as well as for unsecuritized loans owned by institutional investors. As a servicer, we are required to advance certain delinquent payments of principal and interest on mortgage loans we service. The amount and timing of reimbursement for advances of delinquent payments vary by investor and the applicable servicing agreements. See Note 6 (Mortgage Banking Activities) to Financial Statements in this Report for additional information about residential and commercial mortgage servicing rights, servicer advances and servicing fees. In accordance with applicable servicing guidelines, upon transfer as servicer, we may have the option to repurchase loans from certain loan securitizations, which generally becomes exercisable based on delinquency status such as when three scheduled loan payments are past due. When we have the unilateral option to repurchase a loan, we recognize the loan and a corresponding liability on our balance sheet regardless of our intent to repurchase the loan. For additional information about the risks related to our servicing activities, see the “Risk Management – Credit Risk Management – Mortgage Banking Activities” section in our 2025 Form 10-K. For additional information on mortgage banking activities, see Note 6 (Mortgage Banking Activities) to Financial Statements in this Report. For additional information on loan sales and securitization activity, see Note 12 (Securitizations and Variable Interest Entities) to Financial Statements in this Report. 36 Wells Fargo & Company Asset/Liability Management Asset/liability management involves measuring, monitoring and managing interest rate risk, market risk, liquidity risk and funding. For additional information on our oversight of asset/liability risks, see the “Risk Management – Asset/Liability Management” section in our 2025 Form 10-K. INTEREST RATE RISK. Interest rate risk is the risk that market fluctuations in interest rates, and/or product spreads, can cause a reduction in the Company’s earnings and capital stemming from mismatches in the Company’s asset and liability cash flows. We are subject to interest rate risk because: •assets and liabilities may mature or reprice at different times or at different amounts; •short-term and long-term market interest rates may change independently or by different magnitudes; •the remaining maturity for various assets or liabilities may shorten or lengthen as interest rates change; or •interest rates may also have a direct or indirect effect on loan demand, collateral values, credit losses, loan origination volume, and the fair value of financial instruments and MSRs. We measure interest rate risk exposure from lending, investing, and deposit-raising activities, as well as from issuances of long-term debt. Interest rate risk is measured by comparing the earnings outcomes from multiple interest rate scenarios relative to our base scenario. The base scenario is a reference point used by the Company for financial planning purposes. These scenarios may differ in the direction, degree, and speed of interest rate changes over time, and the projected shape of the yield curve. They also require assumptions regarding drivers of earnings and balance sheet composition such as loan originations, prepayment rates on loans and debt securities, deposit flows and mix, as well as pricing strategies. We periodically assess and enhance our scenarios and assumptions. Table 22 presents the results of the estimated net interest income sensitivity over the next 12 months from the multiple scenarios compared with our base scenario. These hypothetical scenarios include instantaneous movements across the yield curve with both lower and higher interest rates under a parallel shift, as well as steeper and flatter non-parallel changes in the yield curve. Long-term interest rates are defined as all tenors three years and longer, and short-term interest rates are defined as all tenors less than three years. Markets trading net interest income is excluded from the sensitivity analysis since Markets trading net interest income may be offset by trading-related noninterest income. For additional information on the market risk of financial instruments used in our trading activities, which are measured at fair value through earnings, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in this Report. Our scenario assumptions reflected the following: •Scenarios are dynamic and reflect anticipated changes to our assets and liabilities over time. •Mortgage prepayment and origination assumptions vary across scenarios and reflect only the impact of the higher or lower interest rates. •Other macroeconomic variables that could be correlated with the changes in interest rates are held constant. •The funding forecast in our base scenario incorporates deposit mix changes and market funding levels consistent with the base interest rate trajectory. Our hypothetical scenarios incorporate deposit mix that is the same as in the base scenario. In higher interest rate scenarios, potential customer deposit activity that shifts balances into higher yielding products and/or requires additional market funding could reduce the expected benefit from higher rates. Conversely, in lower interest rate scenarios, a potential shift to a funding mix with lower yielding deposits and/or less market funding could reduce the impact of lower rates on earning assets in these scenarios. •The interest rate sensitivity of deposits as market interest rates change, referred to as deposit betas, are informed by historical behavior and expectations for near-term pricing strategies. Our actual experience may differ from expectations due to the lag or acceleration of deposit repricing, changes in consumer behavior, and other factors. Table 22: Net Interest Income Sensitivity Over the Next 12 Months Using Instantaneous Movements ($ in billions) Jun 30, 2026 Dec 31, 2025 Parallel shift: +100 bps shift in interest rates $ 1.3 1.9 -100 bps shift in interest rates (1.9) (2.3) -200 bps shift in interest rates (4.4) (5.3) Steeper yield curve: +100 bps shift in long-term interest rates 0.4 0.5 -100 bps shift in short-term interest rates (1.4) (1.8) Flatter yield curve: +100 bps shift in short-term interest rates 0.9 1.4 -100 bps shift in long-term interest rates (0.5) (0.4) The changes in our interest rate sensitivity from December 31, 2025, to June 30, 2026, reflected updates for our expected balance sheet composition. Our interest rate sensitivity indicates that we would expect to benefit from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities resulting in lower net interest income. The realized impact of interest rate changes may vary from our base and hypothetical scenarios for various reasons, including any deposit pricing lags. We use interest rate derivatives and our debt securities portfolio to manage our interest rate exposures. We use derivatives for asset/liability management to (i) convert cash flows from selected assets and/or liabilities from floating-rate payments to fixed-rate payments, or vice versa, (ii) reduce accumulated other comprehensive income (AOCI) sensitivity of our AFS debt securities portfolio, and/or (iii) economically hedge our mortgage origination pipeline, funded mortgage loans, and MSRs. Derivatives used to hedge our interest rate risk exposures are presented in Note 10 (Derivatives) to Financial Statements in this Report. As interest rates increase, changes in the fair value of AFS debt securities may negatively affect AOCI, which lowers the amount of our regulatory capital. AOCI also includes unrealized gains or losses related to the transfer of debt securities from AFS to HTM, which are subsequently amortized into earnings over the life of the security with no further impact from interest rate changes. See Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K and Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities) Wells Fargo & Company 37 Risk Management – Asset/Liability Management (continued) to Financial Statements in this Report for additional information on our debt securities portfolio. In addition to the net interest income sensitivity above, we also measure and evaluate the economic value sensitivity (EVS) of our balance sheet. EVS is the change in the present value of the life-time cash flows of the Company’s assets and liabilities across a range of scenarios. It is based on the existing balance sheet, at a point in time, and helps indicate whether we are exposed to higher or lower interest rates. We manage EVS through a set of limits that are designed to align with our interest rate risk appetite. Interest rate sensitive noninterest income is impacted by changes in earnings credit for noninterest-bearing deposits that reduce treasury management deposit-related service fees on commercial accounts. Our interest rate sensitive noninterest income is also impacted by mortgage banking activities that may have sensitivity impacts that move in the opposite direction of our net interest income. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in our 2025 Form 10-K for additional information. MORTGAGE BANKING INTEREST RATE AND MARKET RISK. We originate and service mortgage loans, which subjects us to various risks, including market, interest rate, credit, and liquidity risks that can be substantial. Based on market conditions and other factors, we reduce credit and liquidity risks by selling or securitizing mortgage loans. We determine whether mortgage loans will be held for investment or held for sale at the time of commitment, but may change our intent to hold loans for investment or sale as part of our corporate asset/liability management activities. We may also retain securities in our investment portfolio at the time we securitize mortgage loans. Changes in interest rates may impact mortgage banking noninterest income, including origination and servicing fees, and the fair value of our residential MSRs, loans held for sale (LHFS), and derivative loan commitments (interest rate “locks”) extended to mortgage applicants. Interest rate changes will generally impact our mortgage banking noninterest income on a lagging basis due to the time it takes for the market to reflect a shift in customer demand, as well as the time required for processing a new application, providing the commitment, and securitizing and selling the loan. The amount and timing of the impact will depend on the magnitude, speed and duration of the changes in interest rates. For additional information on mortgage banking, including key assumptions and the sensitivity of the fair value of MSRs, see the “Risk Management – Asset/Liability Management– Mortgage Banking Interest Rate and Market Risk” section in our 2025 Form 10-K and Note 6 (Mortgage Banking Activities) and Note 11 (Fair Value Measurements) to Financial Statements in this Report. MARKET RISK. Market risk is the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices, and the risk of possible loss due to counterparty exposure. Market risk applies to implied volatility risk, basis risk, and market liquidity risk and includes price risk in the trading book, mortgage servicing rights, the hedge effectiveness risk associated with non-trading portfolios held at fair value, and impairment on private equity investments. For additional information on our oversight of market risk, see the “Risk Management – Asset/Liability Management – Market Risk” section in our 2025 Form 10-K. MARKET RISK – TRADING ACTIVITIES. We engage in trading activities to accommodate the investment and risk management activities of our customers and to execute economic hedging to manage certain balance sheet risks. These trading activities predominantly occur within our Markets business. Trading debt and equity securities, trading loans, and trading derivatives are financial instruments used in our trading activities, and are measured at fair value through earnings. Income earned on the financial instruments used in our trading activities include net interest income, changes in fair value, and realized gains and losses. Changes in fair value and realized gains and losses of the financial instruments used in our trading activities are reflected in net gains from trading activities. For additional information on the financial instruments used in our trading activities, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. For additional information on the income from these trading activities, see Note 17 (Revenue and Expenses) to Financial Statements in this Report. Value-at-risk (VaR) is a statistical risk measure used to estimate the potential loss from adverse moves in the financial markets, and Trading VaR is a measure used to provide insight into the market risk exhibited by the Company’s trading positions on our consolidated balance sheet. The Company uses these VaR metrics complemented with sensitivity analysis and stress testing in measuring and monitoring market risk. The Company calculates Trading VaR for risk management purposes to establish and monitor line of business and Company-wide risk limits. For additional information on our monitoring activities, sensitivity analysis, stress testing, Trading VaR, and Trading General VaR by risk category, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in our 2025 Form 10-K. 38 Wells Fargo & Company Table 23 shows the Company's Trading General VaR by risk category. Table 23: Trading 1-Day 99% General VaR by Risk Category Quarter ended June 30, 2026 March 31, 2026 June 30, 2025 (in millions) Average Low High Average Low High Average Low High Company Trading General VaR Risk Categories Credit $ 14 11 18 18 15 26 20 14 36 Interest rate 14 7 22 8 6 12 3 2 7 Equity 28 24 38 21 15 38 20 14 28 Commodity 4 2 20 4 3 13 3 1 4 Foreign exchange 1 1 3 1 1 2 5 3 7 Diversification benefit (1) (30) (23) (21) Company Trading General VaR $ 31 29 30 (1)The diversification effect arises because the risks are not perfectly correlated causing a portfolio of positions to usually be less risky than the sum of the risks of the positions alone. The diversification benefit is not meaningful for low and high metrics since they may occur on different days. MARKET RISK – EQUITY SECURITIES. We are directly and indirectly affected by changes in the equity markets. We make and manage investments in various businesses, such as start-up companies and emerging growth companies, some of which are made by our venture capital business. For additional information, see the “Risk Management – Asset/Liability Management – Market Risk – Equity Securities” section in our 2025 Form 10-K. Additionally, as part of our business to support our customers, we trade public equities, listed/over-the-counter equity derivatives, and convertible bonds, and we have parameters for the oversight of these activities. Changes in equity market prices may also indirectly affect our net income by (1) the value of third-party assets under management and, hence, fee income, (2) borrowers whose ability to repay principal and/or interest may be affected by the stock market, or (3) brokerage activity, related commission income and other business activities. Each business line monitors and manages these indirect risks. For additional information on our equity securities, see Note 4 (Equity Securities) to Financial Statements in this Report. LIQUIDITY RISK AND FUNDING. Liquidity risk is the risk arising from the inability of the Company to meet obligations when they come due, or roll over funds at a reasonable cost, without incurring heightened costs. In the ordinary course of business, we enter into contractual obligations that may require future cash payments, including funding for customer loan requests, customer deposit maturities and withdrawals, debt service, leases for premises and equipment, and other cash commitments. Liquidity risk also considers the stability of deposits, including the risk of losing uninsured or non-operational deposits. The objective of effective liquidity management is to be able to meet our contractual obligations and other cash commitments efficiently under both normal operating conditions and under periods of Wells Fargo-specific and/or market stress. To help achieve this objective, the Board establishes liquidity guidelines that require sufficient liquidity to cover potential funding requirements and to avoid over-dependence on volatile, less reliable funding markets. These guidelines are monitored on a monthly basis by the management-level Corporate Asset/ Liability Committee and on a quarterly basis by the Board. These guidelines are established and monitored for both the Company and the Parent on a stand-alone basis so that the Parent is a source of strength for its banking subsidiaries. For additional information on liquidity risk and funding management, see the “Risk Management – Liquidity Risk and Funding” section in our 2025 Form 10-K. Liquidity Standards. We are subject to a rule issued by the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) that establishes a quantitative minimum liquidity requirement, known as the liquidity coverage ratio (LCR). The rule requires a covered banking organization to hold high-quality liquid assets (HQLA) in an amount equal to or greater than its projected net cash outflows during a 30-day stress period. Our HQLA under the rule mainly consists of central bank deposits, government debt securities, and federal agency mortgage-backed securities. The LCR applies to the Company and to our insured depository institutions (IDIs) with total assets of $10 billion or more. In addition, rules issued by the FRB impose enhanced liquidity risk management standards on large bank holding companies (BHCs), such as Wells Fargo. We are also subject to a rule issued by the FRB, OCC and FDIC that establishes a stable funding requirement, known as the net stable funding ratio (NSFR). The NSFR requires a covered banking organization, such as Wells Fargo, to maintain a minimum amount of stable funding, including common equity, long-term debt and most types of deposits, in relation to its assets, derivative exposures and commitments over a one-year horizon period. The NSFR applies to the Company and to our IDIs with total assets of $10 billion or more. As of June 30, 2026, we were compliant with the NSFR requirement. Wells Fargo & Company 39 Risk Management – Asset/Liability Management (continued) Liquidity Coverage Ratio. As of June 30, 2026, the Company and Wells Fargo Bank, N.A. exceeded the minimum LCR requirement of 100%. The LCR represents average HQLA divided by average projected net cash outflows, as each is defined under the LCR rule. Table 24 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements. Table 24: Liquidity Coverage Ratio Average for quarter ended (in millions, except ratio) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 HQLA (1): Eligible cash $ 155,729 146,454 131,453 Eligible securities (2) 258,511 256,743 236,155 Total HQLA 414,240 403,197 367,608 Projected net cash outflows (3) 347,085 335,531 303,111 LCR 119 % 120 121 (1)HQLA excludes excess HQLA at certain subsidiaries that is not transferable to other Wells Fargo entities. (2)Net of applicable haircuts required under the LCR rule. (3)Projected net cash outflows are calculated by applying a standardized set of outflow and inflow assumptions, defined by the LCR rule, to various exposures and liability types, such as deposits and unfunded loan commitments, which are prescribed based on a number of factors, including the type of customer and the nature of the account. Liquidity Sources. As of June 30, 2026, the Company had approximately $979.7 billion of total available liquidity sources. Table 25 presents the components of our available liquidity sources. We maintain primary sources of liquidity in the form of central bank deposits and high-quality liquid debt securities, which collectively totaled $543.7 billion as of June 30, 2026. Our high-quality liquid debt securities presented in Table 25 are substantially the same in composition as HQLA eligible securities under the LCR rule; however, they will generally exceed HQLA eligible securities due to the applicable LCR haircuts and the exclusion of LCR adjustments for excess liquidity that is not transferable from certain subsidiaries. We believe our high-quality liquid debt securities provide reliable sources of liquidity through sales or by pledging to obtain financing, in both normal and stressed market conditions. High-quality liquid debt securities include AFS, HTM, and trading debt securities, as well as debt securities received through securities financing activities. As of June 30, 2026, we had approximately $713.4 billion of borrowing capacity at the Federal Reserve Discount Window and Federal Home Loan Banks (FHLB). This borrowing capacity included $277.4 billion related to pledged high-quality liquid debt securities within our primary sources of liquidity and $436.0 billion related to pledged loans and other debt securities within our contingent sources of liquidity. Table 25: Total Available Liquidity Sources (in millions) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Primary sources of liquidity: Central bank deposits $ 156,460 135,952 155,384 High-quality liquid debt securities (1) 387,251 406,849 331,076 Total 543,711 542,801 486,460 Contingent sources of liquidity (2): Pledged loans and other 435,968 411,001 351,602 Total available liquidity $ 979,679 953,802 838,062 (1)Presented at fair value and includes unencumbered securities. (2)Presented at borrowing capacity, net of haircuts. Funding Sources. The Parent acts as a source of funding for the Company through the issuance of long-term debt and equity. WFC Holdings, LLC (the “IHC”) is an intermediate holding company and subsidiary of the Parent, which provides funding support for the ongoing operational requirements of the Parent and certain of its direct and indirect subsidiaries. For additional information on the IHC, see the “Regulation and Supervision – ‘Living Will’ Requirements and Related Matters” section in our 2025 Form 10-K. Additional subsidiary funding is provided by deposits, short-term funding, and long-term debt. Deposits have historically provided a sizable source of relatively low-cost funds. Loans were 69% of total deposits at both June 30, 2026, and December 31, 2025. Short-term funding, which generally matures in less than 30 days, includes federal funds purchased and securities loaned or sold under repurchase agreements and short-term borrowings. The balances of securities loaned or sold under agreements to repurchase may vary over time due to client activity in our Markets business, our own demand for financing, and our overall mix of liabilities. Securities sold under agreements to repurchase increased at June 30, 2026, from December 31, 2025, driven by increased client-driven activity in our Markets business. For additional information, see the “Collateralized Financing Activities and Deposits”, “Short-term Borrowings”, and “Long-term Debt” sections of Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K. We may pledge financial instruments that we own to collateralize repurchase agreements and other securities financings, as well as borrowings from the FHLB. For additional information, see the 40 Wells Fargo & Company “Pledged Assets” section of Note 15 (Pledged Assets and Collateral) to Financial Statements in this Report. We access domestic and international capital markets for long-term funding through issuances of registered debt securities, private placements, securitizations, and asset-backed secured funding. We issue long-term debt in a variety of maturities and currencies to achieve cost-efficient funding and to maintain an appropriate maturity profile. Proceeds from securities issued were used for general corporate purposes unless otherwise specified in the applicable prospectus or prospectus supplement, and we expect the proceeds from securities issued in the future will be used for the same purposes. Depending on market conditions and our liquidity position, we may redeem or repurchase, and subsequently retire, our outstanding debt securities in privately negotiated or open market transactions, by tender offer, or otherwise. Table 26 provides the aggregate carrying value of long-term debt as of June 30, 2026, and December 31, 2025, and maturities (based on contractual payment dates) for 2026 and the following years thereafter. Table 26: Maturity of Long-Term Debt June 30, 2026 Dec 31, 2025 (in millions) Remaining 2026 2027 2028 2029 2030 Thereafter Total Total Wells Fargo & Company (Parent Only) Senior debt $ 6,039 5,648 23,796 21,132 12,803 71,078 140,496 136,198 Subordinated debt 299 2,454 — — — 11,114 13,867 16,358 Junior subordinated debt — 97 — 275 — 523 895 1,192 Total long-term debt – Parent 6,338 8,199 23,796 21,407 12,803 82,715 155,258 153,748 Wells Fargo Bank, N.A., and other bank entities (Bank) Senior debt 6,448 1,784 614 740 1,435 2,999 14,020 10,209 Subordinated debt — 26 195 — — 2,908 3,129 3,169 Credit card securitizations (1) — 2,247 1,489 1,236 — — 4,972 3,775 Other bank debt 21 37 56 131 220 1,569 2,034 2,083 Total long-term debt – Bank 6,469 4,094 2,354 2,107 1,655 7,476 24,155 19,236 Other consolidated subsidiaries Senior debt 77 337 73 476 344 1,419 2,726 1,728 Total long-term debt – Other consolidated subsidiaries 77 337 73 476 344 1,419 2,726 1,728 Total long-term debt $ 12,884 12,630 26,223 23,990 14,802 91,610 182,139 174,712 (1)For additional information about credit card securitizations, see Note 12 (Securitizations and Variable Interest Entities) to Financial Statements in this Report. Credit Ratings. Capital markets investors, as well as other market participants, generally will consider, among other factors, a company’s debt rating in making investment decisions. Rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, the level and quality of earnings, and rating agency assumptions regarding the probability and extent of federal financial assistance or support for certain large financial institutions. Adverse changes in these factors could result in a reduction of our credit rating; however, our debt securities do not contain credit rating covenants. On May 6, 2026, Fitch Ratings affirmed Wells Fargo & Company's ratings and maintained the stable outlook. There were no other actions undertaken by the ratings agencies with regard to our credit ratings during second quarter 2026. See the “Risk Factors” section in our 2025 Form 10-K for additional information regarding our credit ratings and the potential impact a credit rating downgrade would have on our liquidity and operations as well as Note 10 (Derivatives) to Financial Statements in this Report for information regarding additional collateral and funding obligations required for certain derivative instruments in the event our credit ratings were to fall below investment grade. The credit ratings of the Parent and Wells Fargo Bank, N.A., as of June 30, 2026, are presented in Table 27. Table 27: Credit Ratings as of June 30, 2026 Wells Fargo & Company Wells Fargo Bank, N.A. Long-term Short-term Outlook Long-term Short-term Outlook Moody’s Investors Service A1 P-1 Stable Aa2 P-1 Stable S&P Global Ratings BBB+ A-2 Positive A+ A-1 Stable Fitch Ratings A+ F1 Stable AA- F1+ Stable Wells Fargo & Company 41 Capital Management We have an active program for managing capital through a comprehensive process for assessing the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily fund our capital needs through the retention of earnings net of both dividends and share repurchases, as well as through the issuance of preferred stock and long- and short-term debt. For additional information about capital planning, see the “Capital Planning and Stress Testing” section below. Regulatory Capital Requirements The Company and each of our IDIs are subject to various regulatory capital adequacy requirements administered by the FRB and the OCC. Risk-based capital rules establish risk-adjusted ratios relating regulatory capital to different categories of assets and off-balance sheet exposures as discussed below. RISK-BASED CAPITAL AND RISK-WEIGHTED ASSETS. The Company is subject to rules issued by federal banking regulators to implement Basel III capital requirements for U.S. banking organizations. The rules contain two frameworks for calculating capital requirements, a Standardized Approach and an Advanced Approach applicable to certain institutions, including Wells Fargo, and we must calculate our risk-based capital ratios under both approaches. The Company is required to satisfy the risk-based capital ratio requirements to avoid restrictions on capital distributions and discretionary bonus payments. In March 2026, federal banking regulators issued a proposed rule to implement the final components of Basel III, which would impact the risk-based capital requirements. For large banks, such as the Company, the proposed rule would replace the current Advanced and Standardized approaches with a new Expanded Risk-Based Approach to calculate risk-weighted assets, including more granular risk weights for credit risk, a revised market risk framework, and a new standardized approach for measuring operational risk. Table 28 presents the risk-based capital requirements applicable to the Company under the Standardized Approach and Advanced Approach, respectively, as of June 30, 2026. The stress capital buffer (SCB) is calculated based on the decrease in a BHC’s risk-based capital ratios under the severely adverse scenario in the FRB’s annual supervisory stress test and related Comprehensive Capital Analysis and Review (CCAR), plus four quarters of planned common stock dividends. Because the SCB is calculated based on data that can differ over time, our SCB, and thus our risk-based capital ratio requirements under the Standardized Approach, are subject to change in future periods. Our current SCB is 2.50% and we expect it will remain in effect through September 30, 2027. The capital conservation buffer used in the Advanced Approach is set at 2.50% and is intended to absorb losses during times of economic or financial stress. The FRB may also impose a discretionary countercyclical buffer of up to 2.50% to the risk-based capital requirements during periods of elevated risk in the financial system. The countercyclical buffer was 0.00% as of June 30, 2026. Table 28: Risk-Based Capital Requirements – Standardized and Advanced Approaches 42 Wells Fargo & Company As a global systemically important bank (G-SIB), we are also subject to the FRB’s rule implementing an additional capital surcharge between 1.00-4.50% on the risk-based capital ratio requirements of G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method (method one) considers our size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity, consistent with the methodology developed by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB). The second method (method two) uses similar inputs, but replaces substitutability with use of short-term wholesale funding and will generally result in higher surcharges than under method one. Because the G-SIB capital surcharge is calculated annually based on data that can differ over time, the amount of the surcharge is subject to change in future years. If our annual calculation results in a decrease to our G-SIB capital surcharge, the decrease takes effect the next calendar year. If our annual calculation results in an increase to our G-SIB capital surcharge, the increase takes effect in two calendar years. Our G-SIB capital surcharge will continue to be 1.50% in 2026. In March 2026, the FRB issued a proposed rule that would impact the methodology used to calculate the G-SIB capital surcharge. The Company does not expect a significant change to its current G-SIB capital surcharge based on an assessment of the proposed rule. Risk-weighted assets (RWAs) include components for credit risk and market risk under both the Standardized and Advanced Approaches. Under the Standardized Approach, credit risk RWAs are determined by applying prescribed risk weights that vary by category of asset, including credit equivalent amounts of derivatives and off-balance sheet items. Under the Advanced Approach, credit risk RWAs are calculated using a risk-sensitive methodology, which relies upon the use of our internal credit models based upon our experience with internal rating grades. The Advanced Approach also includes an operational risk component to reflect the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. The tables that follow provide information about our risk-based capital and related ratios as calculated under Basel III capital rules. Table 29 summarizes our CET1, Tier 1 capital, Total capital, RWAs and capital ratios. Table 29: Capital Components and Ratios Standardized Approach Advanced Approach ($ in millions) Required Capital Ratios (1) Jun 30, 2026 Dec 31, 2025 Required Capital Ratios (1) Jun 30, 2026 Dec 31, 2025 Common Equity Tier 1 (A) $ 137,698 137,346 137,698 137,346 Tier 1 capital (B) 152,737 153,567 152,737 153,567 Total capital (C) 184,202 184,682 174,208 174,617 Risk-weighted assets (D) 1,342,325 1,294,609 1,140,242 1,112,533 Common Equity Tier 1 capital ratio (A)/(D) 8.50 % 10.26 * 10.61 8.50 12.08 12.35 Tier 1 capital ratio (B)/(D) 10.00 11.38 * 11.86 10.00 13.40 13.80 Total capital ratio (C)/(D) 12.00 13.72 * 14.27 12.00 15.28 15.70 *Denotes the binding framework, which is the lower of the Standardized and Advanced Approaches, at June 30, 2026. (1)Represents the minimum ratios required to avoid restrictions on capital distributions and discretionary bonus payments at June 30, 2026. Wells Fargo & Company 43 Capital Management (continued) Table 30 provides information regarding the calculation and composition of our risk-based capital under the Standardized and Advanced Approaches. Table 30: Risk-Based Capital Calculation and Components (in millions) Jun 30, 2026 Dec 31, 2025 Total equity $ 182,323 183,038 Adjustments: Preferred stock (15,348) (16,608) Additional paid-in capital on preferred stock 139 141 Noncontrolling interests (2,133) (1,920) Total common stockholders’ equity $ 164,981 164,651 Adjustments: Goodwill (24,963) (24,967) Certain identifiable intangible assets (other than MSRs) (732) (823) Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) (648) (705) Applicable deferred taxes related to goodwill and other intangible assets (1) 1,065 1,063 Other (2,005) (1,873) Common Equity Tier 1 under the Standardized and Advanced Approaches $ 137,698 137,346 Preferred stock 15,348 16,608 Additional paid-in capital on preferred stock (139) (141) Other (170) (246) Total Tier 1 capital under the Standardized and Advanced Approaches (A) $ 152,737 153,567 Long-term debt and other instruments qualifying as Tier 2 17,118 16,736 Qualifying allowance for credit losses (2) 14,727 14,659 Other (380) (280) Total Tier 2 capital under the Standardized Approach (B) $ 31,465 31,115 Total qualifying capital under the Standardized Approach (A)+(B) $ 184,202 184,682 Long-term debt and other instruments qualifying as Tier 2 17,118 16,736 Qualifying allowance for credit losses (2) 4,733 4,594 Other (380) (280) Total Tier 2 capital under the Advanced Approach (C) $ 21,471 21,050 Total qualifying capital under the Advanced Approach (A)+(C) $ 174,208 174,617 (1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. (2)Differences between the approaches are driven by the qualifying amounts of ACL includable in Tier 2 capital. Under the Advanced Approach, eligible credit reserves represented by the amount of qualifying ACL in excess of expected credit losses (using regulatory definitions) is limited to 0.60% of Advanced credit RWAs, whereas the Standardized Approach includes ACL in Tier 2 capital up to 1.25% of Standardized credit RWAs. Under both approaches, any excess ACL is deducted from the respective total RWAs. 44 Wells Fargo & Company Table 31 provides the composition and net changes in the components of RWAs under the Standardized and Advanced Approaches. Table 31: Risk-Weighted Assets Standardized Approach Advanced Approach (in millions) Jun 30, 2026 Dec 31, 2025 $ Change Jun 30, 2026 Dec 31, 2025 $ Change Risk-weighted assets (RWAs): Credit risk $ 1,294,497 1,243,455 51,042 811,989 785,554 26,435 Market risk 47,828 51,154 (3,326) 47,828 51,154 (3,326) Operational risk N/A N/A N/A 280,425 275,825 4,600 Total RWAs $ 1,342,325 1,294,609 47,716 1,140,242 1,112,533 27,709 Table 32 provides an analysis of changes in CET1. Table 32: Analysis of Changes in Common Equity Tier 1 (in millions) Common Equity Tier 1 at December 31, 2025 $ 137,346 Net income applicable to common stock 11,160 Common stock dividends (2,757) Common stock issued, repurchased, and stock compensation-related items (6,467) Changes in accumulated other comprehensive income (loss) (1,604) Goodwill 4 Certain identifiable intangible assets (other than MSRs) 91 Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) 57 Applicable deferred taxes related to goodwill and other intangible assets (1) 2 Other (134) Change in Common Equity Tier 1 352 Common Equity Tier 1 at June 30, 2026 $ 137,698 (1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. Wells Fargo & Company 45 Capital Management (continued) TANGIBLE COMMON EQUITY. We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on venture capital investments in consolidated portfolio companies, net of applicable deferred taxes. The ratios are (i) tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and (ii) return on average tangible common equity (ROTCE), which represents our annualized earnings as a percentage of tangible common equity. The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable management, investors, and others to assess the Company’s use of equity. Table 33 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures. Table 33: Tangible Common Equity Balance at period-end Average balance Period ended Quarter ended Six months ended (in millions, except ratios) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Total equity $ 182,323 180,313 182,954 181,910 183,693 183,268 182,797 183,312 Adjustments: Preferred stock (15,348) (15,348) (16,608) (15,348) (16,333) (18,278) (15,838) (18,442) Additional paid-in capital on preferred stock 139 139 141 139 140 143 140 144 Noncontrolling interests (2,133) (1,916) (1,843) (1,972) (1,915) (1,818) (1,944) (1,856) Total common stockholders’ equity (A) 164,981 163,188 164,644 164,729 165,585 163,315 165,155 163,158 Adjustments: Goodwill (24,963) (24,965) (25,071) (24,966) (24,967) (25,070) (24,966) (25,102) Certain identifiable intangible assets (other than MSRs) (732) (765) (902) (748) (788) (863) (768) (468) Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) (648) (705) (674) (704) (705) (674) (705) (704) Applicable deferred taxes related to goodwill and other intangible assets (1) 1,065 1,064 1,060 1,065 1,063 989 1,064 647 Tangible common equity (B) $ 139,703 137,817 139,057 139,376 140,188 137,697 139,780 137,531 Common shares outstanding (C) 3,028.5 3,064.3 3,220.4 N/A N/A N/A N/A N/A Net income applicable to common stock (D) N/A N/A N/A $ 6,160 5,000 5,214 $ 11,160 9,830 Book value per common share (A)/(C) $ 54.48 53.25 51.13 N/A N/A N/A N/A N/A Tangible book value per common share (B)/(C) 46.13 44.98 43.18 N/A N/A N/A N/A N/A Return on average common stockholders’ equity (ROE) (D)/(A) N/A N/A N/A 15.00 % 12.25 12.81 13.63 % 12.15 Return on average tangible common equity (ROTCE) (D)/(B) N/A N/A N/A 17.73 14.47 15.19 16.10 14.41 (1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end. LEVERAGE REQUIREMENTS. As a BHC, we are required to maintain a supplementary leverage ratio (SLR) to avoid restrictions on capital distributions and discretionary bonus payments and maintain a minimum Tier 1 leverage ratio. Our SLR requirement consists of a minimum requirement plus a supplementary leverage buffer equal to half of our G-SIB capital surcharge calculated under method one. Table 34 presents the leverage requirements applicable to the Company as of June 30, 2026. Table 34: Leverage Requirements Applicable to the Company 46 Wells Fargo & Company In addition, our IDIs are required to maintain an SLR of at least 3.50% to avoid restrictions on capital distributions and discretionary bonus payments and maintain a minimum Tier 1 leverage ratio of 5.00%. The SLR requirement for our IDIs consists of a minimum requirement plus a supplementary leverage buffer equal to half of our G-SIB capital surcharge calculated under method one, with the buffer capped at 1.00%. At June 30, 2026, each of our IDIs exceeded their applicable SLR and Tier 1 leverage requirements. Table 35 presents information regarding the calculation and components of the Company’s SLR and Tier 1 leverage ratio. Table 35: Leverage Ratios for the Company ($ in millions) Quarter ended June 30, 2026 Tier 1 capital (A) $ 152,737 Total consolidated assets 2,282,201 Adjustments: Derivatives (1) 89,997 Repo-style transactions (2) 13,450 Credit equivalent amounts of other off-balance sheet exposures 338,757 Other (3) (81,943) Total adjustments 360,261 Total leverage exposure (B) $ 2,642,462 Supplementary leverage ratio (A)/(B) 5.78 % Total adjusted average assets (4) (C) $ 2,199,518 Tier 1 leverage ratio (A)/(C) 6.94 % (1)Adjustment represents derivatives and collateral netting exposures as defined for supplementary leverage ratio determination purposes. (2)Adjustment represents counterparty credit risk for repo-style transactions where Wells Fargo & Company is the principal counterparty facing the client. (3)Adjustment represents other permitted Tier 1 capital deductions and certain other adjustments as determined under capital rule requirements. (4)Represents total average assets less goodwill and other permitted Tier 1 capital deductions. TOTAL LOSS ABSORBING CAPACITY. As a G-SIB, we are required to have a minimum amount of equity and unsecured long-term debt for purposes of resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). U.S. G-SIBs are required to have a minimum amount of TLAC (consisting of CET1 capital and additional Tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) to avoid restrictions on capital distributions and discretionary bonus payments as well as a minimum amount of eligible unsecured long-term debt. The components used to calculate our minimum TLAC and eligible unsecured long-term debt requirements as of June 30, 2026, are presented in Table 36. Table 36: Components Used to Calculate TLAC and Eligible Unsecured Long-Term Debt Requirements TLAC requirement Greater of: 18.00% of RWAs 7.50% of total leverage exposure (the denominator of the SLR calculation) + + TLAC buffer (equal to 2.50% of RWAs + method one G-SIB capital surcharge + any countercyclical buffer) External TLAC leverage buffer (equal to half of method one G-SIB capital surcharge) Minimum amount of eligible unsecured long-term debt Greater of: 6.00% of RWAs 2.50% of total leverage exposure + + Greater of method one and method two G-SIB capital surcharge Half of method one G-SIB capital surcharge Table 37 provides our TLAC and eligible unsecured long-term debt and related ratios. Table 37: TLAC and Eligible Unsecured Long-Term Debt June 30, 2026 ($ in millions) TLAC Regulatory Minimum (1) Eligible Unsecured Long-term Debt Regulatory Minimum Total eligible amount $ 306,119 142,308 Percentage of RWAs (2) 22.81 % 21.50 10.60 7.50 Percentage of total leverage exposure 11.58 8.00 5.39 3.00 (1)Represents the minimum required to avoid restrictions on capital distributions and discretionary bonus payments. (2)Our minimum TLAC and eligible unsecured long-term debt requirements are calculated based on the greater of RWAs determined under the Standardized and Advanced Approaches. OTHER REGULATORY CAPITAL AND LIQUIDITY MATTERS. For information regarding the U.S. implementation of the Basel III LCR and NSFR, see the “Risk Management – Asset/Liability Management – Liquidity Risk and Funding – Liquidity Standards” section in this Report. Our principal U.S. broker-dealer subsidiaries, Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC, are subject to regulations to maintain minimum net capital requirements. As of June 30, 2026, these broker-dealer subsidiaries were in compliance with their respective regulatory minimum net capital requirements. Wells Fargo & Company 47 Capital Management (continued) Capital Planning and Stress Testing Our planned long-term capital structure is designed to meet regulatory and market expectations. We believe that our long-term targeted capital structure enables us to invest in and grow our business, satisfy our customers’ financial needs in varying environments, access markets, and maintain flexibility to return capital to our shareholders. Our long-term targeted capital structure also considers capital levels sufficient to exceed capital requirements, including the G-SIB capital surcharge and the SCB, as well as potential changes to regulatory requirements for our capital ratios, planned capital actions, changes in our risk profile and other factors. Accordingly, our long-term target capital levels are set above their respective regulatory minimums plus buffers. The FRB capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain BHCs, including Wells Fargo. The FRB assesses, among other things, the overall financial condition, risk profile, and capital adequacy of BHCs when evaluating their capital plans. As part of the annual CCAR, the FRB generates a supervisory stress test. The FRB reviews the supervisory stress test results as required under the Dodd-Frank Act using a common set of capital actions for all large BHCs and also reviews the Company’s proposed capital actions. Federal banking regulators also require large BHCs and banks to conduct their own stress tests to evaluate whether the institution has sufficient capital to continue to operate during periods of adverse economic and financial conditions. During the first half of 2026, we issued $875 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 84 million shares of common stock at a cost of $7.1 billion. We paid $3.3 billion of common and preferred stock dividends during the first half of 2026. On July 28, 2026, the Board approved an increase to the Company’s third quarter 2026 common stock dividend to $0.50 per share. Securities Repurchases On April 29, 2025, we announced that the Board authorized the repurchase of up to $40 billion of common stock. Unless modified or revoked by the Board, this authorization does not expire. At June 30, 2026, we had remaining Board authority to repurchase up to approximately $22.7 billion of common stock. For additional information about share repurchases during second quarter 2026, see Part II, Item 2 in this Report. Various factors impact the amount and timing of our share repurchases, including the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), and regulatory and legal considerations, including regulatory requirements under the FRB’s capital plan rule. Although we announce when the Board authorizes a share repurchase program, we typically do not give any public notice before we repurchase our shares. Due to the various factors that may impact the amount and timing of our share repurchases and the fact that we may be in the market throughout the year, our share repurchases occur at various prices. We may suspend share repurchase activity at any time. Furthermore, the Company has a variety of benefit plans in which employees may own or obtain shares of our common stock. The Company may buy shares from these plans to accommodate employee preferences and these purchases are subtracted from our repurchase authority. Regulation and Supervision The U.S. financial services industry is subject to significant regulation and regulatory oversight initiatives. This regulation and oversight may continue to impact how U.S. financial services companies conduct business and may continue to result in increased regulatory compliance costs. For a discussion of significant regulations and regulatory oversight initiatives that have affected or may affect our business, see the “Regulation and Supervision” and “Risk Factors” sections in our 2025 Form 10-K and the “Regulation and Supervision” section in our 2026 First Quarter Report on Form 10-Q. 48 Wells Fargo & Company Critical Accounting Policies Our significant accounting policies are fundamental to understanding our results of operations and financial condition because they require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. Five of these policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. These policies govern: •the allowance for credit losses; •fair value measurements; •income taxes; •liability for legal actions; and •goodwill impairment. Management has discussed these critical accounting policies and the related estimates and judgments with the Board’s Audit Committee. For additional information, see the “Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2025 Form 10-K and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. Wells Fargo & Company 49 Current Accounting Developments Table 38 provides significant Accounting Standard Updates (ASU or Update) applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective. Table 38: Current Accounting Developments – Issued Standards Standard Description and Effective Date Impact ASU 2024-03 – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses •Effective for our 2027 annual financial statements and interim reporting periods beginning in 2028; early adoption permitted•Requires tabular disclosure in the notes to the financial statements and disaggregation of certain costs and expenses included within certain captions on the income statement•Requires disclosure of the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses Currently evaluating the impact to the notes to our consolidated financial statements. ASU 2025-06 – Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software •Effective January 1, 2028; early adoption permitted •Eliminates the use of “project stages” in determining whether internal‑use software costs should be expensed or capitalized•Requires capitalization once (1) management has authorized and committed funding for the project, and (2) it is probable the project will be completed and used as intended Currently evaluating and do not expect a material impact on our consolidated financial statements. ASU 2025-07 – Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract •Effective January 1, 2027; early adoption permitted•Introduces a new derivatives scope exception for contracts tied to the operations or activities of a party to the contract (e.g., environmental, social or governance linked financial instruments)•Clarifies the accounting for share‑based noncash customer consideration provided in exchange for goods or services Currently evaluating and do not expect a material impact on our consolidated financial statements. ASU 2025-08 – Financial Instruments – Credit Losses (Topic 326): Purchased Loans •Effective January 1, 2027; early adoption permitted•Expands the scope of acquired financial assets subject to the gross-up approach to include purchased seasoned loans that are not purchased credit deteriorated loans•Applies when the acquired loan is (a) obtained through a business combination, or (b) acquired outside a business combination or through consolidation of a variable interest entity and the loan was purchased more than 90 days after origination with no involvement by the purchaser in its origination Currently evaluating and do not expect a material impact on our consolidated financial statements. ASU 2025-09 – Derivatives and Hedging (Topic 815): Hedge Accounting Improvements •Effective January 1, 2027; early adoption permitted•Aligns hedge accounting with entities’ risk management economics, primarily affecting cash flow hedges and certain fair value and net investment hedges Currently evaluating and do not expect a material impact on our consolidated financial statements. ASU 2025-10 – Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities •Effective January 1, 2029; early adoption permitted•Provides recognition, measurement, and presentation guidance for government grants received by business entities•Requires that a grant not be recognized until (1) it is probable the entity will comply with the grant’s conditions and (2) the grant will be received Not expected to have a material impact on our consolidated financial statements. ASU 2026-02 – Environmental Credits and Environmental Credit Obligations (Topic 818) •Effective January 1, 2028; early adoption permitted•Introduces guidance on the recognition, measurement, presentation, and disclosure for environmental credits and environmental credit obligations Not expected to have a material impact on our consolidated financial statements. 50 Wells Fargo & Company Forward-Looking Statements This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission (SEC), and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company or any of its businesses, including our outlook for future growth; (ii) our expectations regarding noninterest expense and our efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (viii) future common stock dividends, common share repurchases and other uses of capital; (ix) our targeted range for return on assets, return on equity, and return on tangible common equity; (x) expectations regarding our effective income tax rate; (xi) the outcome of contingencies, such as legal actions; (xii) sustainability and governance related goals or commitments; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: •current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, declines in commercial real estate prices, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade policies, and any slowdown in global economic growth; •our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms; •current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including rules and regulations relating to bank products and financial services; •our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters; •the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income and net interest margin; •significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, a reduction in our ability to sell or securitize loans, and declines in asset values and/or recognition of impairment of securities held in our debt securities and equity securities portfolios; •the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage and wealth management businesses; •negative effects from instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified employees, and our reputation; •regulatory matters, including the failure to resolve outstanding matters on a timely basis and the potential impact of new matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences; •a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; •the effect of technological changes, including artificial intelligence and digital assets, on us, our customers, or our competitive landscape; •the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; •fiscal and monetary policies of the Federal Reserve Board; •changes to tax laws, regulations, and guidance as well as the effect of discrete items on our effective income tax rate; •our ability to develop and execute effective business plans and strategies; and •the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, Wells Fargo & Company 51 Forward-Looking Statements (continued) and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions. For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the SEC, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC and available on its website at www.sec.gov.1 Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 1 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website. Forward-looking Non-GAAP Financial Measures. From time to time we may provide forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity or for net interest income excluding Markets. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. 52 Wells Fargo & Company Risk Factors An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. For a discussion of risk factors that could adversely affect our financial results and condition, and the value of, and return on, an investment in the Company, we refer you to the “Risk Factors” section in our 2025 Form 10-K. Wells Fargo & Company 53 Controls and Procedures Disclosure Controls and Procedures The Company’s management evaluated the effectiveness, as of June 30, 2026, of the Company’s disclosure controls and procedures. The Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO) participated in the evaluation. Based on this evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2026. Internal Control Over Financial Reporting Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (GAAP) and includes those policies and procedures that: •pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company; •provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and •provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. No change occurred during second quarter 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 54 Wells Fargo & Company Financial Statements Wells Fargo & Company and Subsidiaries Consolidated Statement of Income (Unaudited) Quarter ended June 30, Six months ended June 30, (in millions, except per share amounts) 2026 2025 2026 2025 Interest income Interest-earning deposits with banks (1) $ 1,351 1,353 $ 2,619 2,826 Federal funds sold and securities borrowed or purchased under resale agreements (1) 1,733 1,107 3,471 2,169 Trading assets (1) 1,904 1,580 3,764 3,101 Available-for-sale and held-to-maturity debt securities (1) 3,708 3,455 7,252 6,776 Loans 14,301 13,573 28,110 26,930 Other interest income (1) 287 252 513 491 Total interest income 23,284 21,320 45,729 42,293 Interest expense Deposits 5,516 5,061 10,490 10,270 Federal funds purchased and securities loaned or sold under repurchase agreements (1) 2,253 1,429 4,487 2,681 Trading liabilities (1) 295 246 575 487 Long-term debt 2,386 2,609 4,772 5,191 Other interest expense (1) 517 267 992 461 Total interest expense 10,967 9,612 21,316 19,090 Net interest income 12,317 11,708 24,413 23,203 Noninterest income Deposit and lending-related fees 1,762 1,622 3,474 3,255 Investment advisory and other asset-based fees 2,821 2,499 5,645 5,035 Commissions and brokerage services fees 687 610 1,354 1,248 Investment banking fees 939 696 1,735 1,471 Card fees 1,222 1,173 2,360 2,217 Mortgage banking 256 230 457 562 Net gains from trading and securities 2,241 1,495 3,764 2,389 Other 377 789 866 1,591 Total noninterest income 10,305 9,114 19,655 17,768 Total revenue 22,622 20,822 44,068 40,971 Provision for credit losses 914 1,005 2,049 1,937 Noninterest expense Personnel 8,851 8,709 18,444 18,183 Technology, telecommunications and equipment 1,457 1,287 2,854 2,510 Occupancy 803 766 1,581 1,527 Professional and outside services 1,109 1,089 2,175 2,127 Advertising and promotion 361 266 730 447 Other 1,080 1,262 2,207 2,476 Total noninterest expense 13,661 13,379 27,991 27,270 Income before income tax expense 8,047 6,438 14,028 11,764 Income tax expense 1,402 916 2,093 1,438 Net income before noncontrolling interests 6,645 5,522 11,935 10,326 Less: Net income (loss) from noncontrolling interests 238 28 275 (62) Wells Fargo net income $ 6,407 5,494 $ 11,660 10,388 Less: Preferred stock dividends and other 247 280 500 558 Wells Fargo net income applicable to common stock $ 6,160 5,214 $ 11,160 9,830 Per share information Earnings per common share $ 2.02 1.61 $ 3.64 3.02 Diluted earnings per common share 2.00 1.60 3.60 2.98 Average common shares outstanding 3,044.0 3,232.7 3,061.9 3,256.4 Diluted average common shares outstanding 3,074.6 3,267.0 3,096.0 3,294.2 (1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). The accompanying notes are an integral part of these statements. Wells Fargo & Company 55 Wells Fargo & Company and Subsidiaries Consolidated Statement of Comprehensive Income (Unaudited) Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Net income before noncontrolling interests $ 6,645 5,522 $ 11,935 10,326 Other comprehensive income (loss), net of tax: Net change in debt securities 246 181 (637) 1,859 Net change in derivatives and hedging activities (508) 338 (858) 784 Other (93) 112 (109) 167 Other comprehensive income (loss), net of tax (355) 631 (1,604) 2,810 Total comprehensive income before noncontrolling interests 6,290 6,153 10,331 13,136 Less: Other comprehensive loss from noncontrolling interests — (1) — — Less: Net income (loss) from noncontrolling interests 238 28 275 (62) Wells Fargo comprehensive income $ 6,052 6,126 $ 10,056 13,198 The accompanying notes are an integral part of these statements. 56 Wells Fargo & Company Wells Fargo & Company and Subsidiaries Consolidated Balance Sheet (Unaudited) (in millions, except shares) Jun 30, 2026 Dec 31, 2025 Assets Cash and due from banks $ 42,161 39,182 Interest-earning deposits with banks 161,214 135,028 Federal funds sold and securities borrowed or purchased under resale agreements 205,345 193,929 Trading assets (includes assets pledged as collateral of $154,479 and $145,519) 243,168 227,935 Available-for-sale debt securities (amortized cost of $253,593 and $215,775, and includes assets pledged as collateral of $0 and $563) 250,326 213,573 Held-to-maturity debt securities (fair value $166,165 and $175,797) 198,573 208,023 Loans (includes assets pledged as collateral of $1,095 and $1,161) 1,031,115 986,167 Allowance for loan losses (13,905) (13,797) Net loans 1,017,210 972,370 Premises and equipment, net 11,631 11,395 Goodwill 24,963 24,967 Equity securities (includes $2,394 and $2,008 carried at fair value) 42,378 40,932 Other assets (includes $6,782 and $6,996 carried at fair value) 85,232 81,297 Total assets (1) $ 2,282,201 2,148,631 Liabilities Noninterest-bearing deposits $ 370,116 365,368 Interest-bearing deposits 1,131,289 1,060,839 Total deposits 1,501,405 1,426,207 Federal funds purchased and securities loaned or sold under repurchase agreements 251,804 232,687 Short-term borrowings 25,168 18,323 Trading liabilities 56,631 45,468 Accrued expenses and other liabilities (includes $387 and $357 carried at fair value) 82,731 68,196 Long-term debt (includes $12,641 and $7,082 carried at fair value) 182,139 174,712 Total liabilities (2) 2,099,878 1,965,593 Equity Wells Fargo stockholders’ equity: Preferred stock – aggregate liquidation preference of $16,116 and $17,376 15,348 16,608 Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares 9,136 9,136 Additional paid-in capital 61,192 61,288 Retained earnings 237,230 228,873 Accumulated other comprehensive loss (8,277) (6,673) Treasury stock, at cost – 2,453,296,138 shares and 2,389,192,624 shares (134,439) (128,115) Total Wells Fargo stockholders’ equity 180,190 181,117 Noncontrolling interests 2,133 1,921 Total equity 182,323 183,038 Total liabilities and equity $ 2,282,201 2,148,631 (1)Our consolidated assets at June 30, 2026, and December 31, 2025, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Trading assets, $2.7 billion and $2.3 billion; Available-for-sale debt securities, $763 million and $0 million; Loans, $10.9 billion and $11.3 billion; All other assets, $249 million and $224 million; and Total assets, $14.6 billion and $13.8 billion, respectively. (2)Our consolidated liabilities at June 30, 2026, and December 31, 2025, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $711 million and $0 million; Accrued expenses and other liabilities, $228 million and $206 million; Long-term debt, $5.0 billion and $3.8 billion; and Total liabilities $5.9 billion and $4.0 billion, respectively. The accompanying notes are an integral part of these statements. Wells Fargo & Company 57 Wells Fargo & Company and Subsidiaries Consolidated Statement of Changes in Equity (Unaudited) Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Preferred stock Balance, beginning of period $ 15,348 18,608 $ 16,608 18,608 Preferred stock issued — — 2,250 — Preferred stock redeemed — (2,000) (3,510) (2,000) Balance, end of period $ 15,348 16,608 $ 15,348 16,608 Common stock Balance, beginning of period and end of period $ 9,136 9,136 $ 9,136 9,136 Additional paid-in capital Balance, beginning of period $ 60,852 60,275 $ 61,288 60,817 Stock-based compensation 318 352 1,033 965 Stock issued for employee plans, net (29) (26) (1,325) (1,196) Other 51 68 196 83 Balance, end of period $ 61,192 60,669 $ 61,192 60,669 Retained earnings Balance, beginning of period $ 232,459 217,405 $ 228,873 214,198 Net income 6,407 5,494 11,660 10,388 Common stock dividends (1,389) (1,311) (2,803) (2,654) Preferred stock dividends (247) (276) (495) (554) Other — (4) (5) (70) Balance, end of period $ 237,230 221,308 $ 237,230 221,308 Accumulated other comprehensive income (loss) Balance, beginning of period $ (7,922) (9,998) $ (6,673) (12,176) Other comprehensive income (loss), after tax (355) 632 (1,604) 2,810 Balance, end of period $ (8,277) (9,366) $ (8,277) (9,366) Treasury stock Balance, beginning of period $ (131,477) (114,336) $ (128,115) (111,463) Common stock issued 78 131 726 763 Common stock repurchased (3,043) (3,044) (7,067) (6,565) Other 3 5 17 21 Balance, end of period $ (134,439) (117,244) $ (134,439) (117,244) Noncontrolling interests Balance, beginning of period $ 1,917 1,816 $ 1,921 1,946 Net income (loss) 238 28 275 (62) Other comprehensive loss — (1) — — Other (22) — (63) (41) Balance, end of period $ 2,133 1,843 $ 2,133 1,843 Total equity $ 182,323 182,954 $ 182,323 182,954 58 Wells Fargo & Company Wells Fargo & Company and Subsidiaries Consolidated Statement of Cash Flows (Unaudited) Six months ended June 30, (in millions) 2026 2025 Cash flows from operating activities: Net income before noncontrolling interests $ 11,935 10,326 Adjustments to reconcile net income to net cash provided (used) by operating activities: Provision for credit losses 2,049 1,937 Changes in fair value of MSRs and LHFS carried at fair value 190 315 Depreciation, amortization and accretion 3,713 3,751 Deferred income tax benefit (1,708) (1,191) Other, net 2 6,025 Originations and purchases of loans held for sale (1) (17,944) (19,558) Proceeds from sales of and paydowns on loans originally classified as held for sale (1) 17,500 16,054 Net change in: Trading assets and liabilities (1) (3,996) (22,511) Other assets (1) (8,003) (16,118) Other accrued expenses and liabilities (1) 12,180 (1,283) Net cash provided (used) by operating activities 15,918 (22,253) Cash flows from investing activities: Net change in: Federal funds sold and securities borrowed or purchased under resale agreements (11,416) 515 Available-for-sale debt securities: Proceeds from sales 12,028 2,454 Paydowns and maturities 13,404 10,025 Purchases (64,418) (32,641) Held-to-maturity debt securities: Paydowns and maturities 9,524 13,524 Equity securities: Proceeds from sales and capital returns 2,373 2,563 Purchases (4,026) (3,191) Loans: Loans originated, net of principal collected (51,951) (14,876) Proceeds from sales of loans originally classified as held for investment 4,733 1,783 Purchases of loans (639) (588) Other, net (2) 4,951 972 Net cash used by investing activities (85,437) (19,460) Cash flows from financing activities: Net change in: Deposits 75,203 (31,101) Federal funds purchased and securities loaned or sold under repurchase agreements (1) 19,117 66,383 Short-term borrowings (1) 6,845 12,806 Long-term debt: Proceeds from issuance 22,963 19,355 Repayment (13,321) (21,942) Preferred stock: Proceeds from issuance 2,246 — Redeemed (3,510) (2,000) Cash dividends paid (495) (554) Common stock: Repurchased (7,015) (6,516) Cash dividends paid (2,753) (2,605) Other, net (893) (882) Net cash provided by financing activities 98,387 32,944 Net change in cash, cash equivalents, and restricted cash 28,868 (8,769) Cash, cash equivalents, and restricted cash at beginning of period (3) 172,593 201,902 Cash, cash equivalents, and restricted cash at end of period (3) $ 201,461 193,133 Supplemental cash flow disclosures: Cash paid for interest $ 20,609 19,729 (1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings, with corresponding changes to our consolidated statement of cash flows. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (2)Includes cash proceeds from the sale of the Company’s rail car leasing business. (3)Includes Cash and due from banks and Interest-earning deposits with banks on our consolidated balance sheet and excludes time deposits, which are included in Interest-earning deposits with banks. The accompanying notes are an integral part of these statements. Wells Fargo & Company 59 Notes to Financial Statements See the “Glossary of Acronyms” at the end of this Report for terms used throughout the Financial Statements and related Notes. Note 1: Summary of Significant Accounting Policies Wells Fargo & Company is a leading financial services company. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, to individuals, businesses and institutions throughout the U.S., and in countries outside the U.S. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For a discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). There were no material changes to these policies in the first half of 2026. To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including: •allowance for credit losses (Note 3 (Loans and Related Allowance for Credit Losses) and Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities)); •fair value measurements (Note 6 (Mortgage Banking Activities) and Note 11 (Fair Value Measurements)); •income taxes; •liability for legal actions (Note 9 (Legal Actions)); and •goodwill impairment (Note 5 (Goodwill and Other Assets)). Actual results could differ from those estimates. These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2025 Form 10-K. Accounting Standards Adopted in 2026 We did not adopt any accounting standards in the first half of 2026. Accounting Presentation Changes In fourth quarter 2025, we elected to change the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings. In connection with the changes to our consolidated balance sheet, corresponding changes were made on our consolidated statement of income, including the prior periods presented. For additional information, see Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K. Subsequent Events We have evaluated the effects of events that have occurred subsequent to June 30, 2026, and there have been no material events that would require recognition in our second quarter 2026 consolidated financial statements or disclosure in the Notes to the consolidated financial statements. 60 Wells Fargo & Company Note 2: Available-for-Sale and Held-to-Maturity Debt Securities Table 2.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of accumulated other comprehensive income (AOCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 17 (Revenue and Expenses). For both AFS and HTM debt securities, amortized cost is the unpaid principal amount, net of unamortized basis adjustments. Basis adjustments may include purchase premiums or discounts, fair value hedge accounting basis adjustments, fair value write-downs related to recognition of intent to sell, impairment losses, and charge-offs or recoveries of amounts deemed uncollectible. Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which is included in other assets. See Note 5 (Goodwill and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. Table 2.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding (in millions) Amortized cost, net (1) Gross unrealized gains Gross unrealized losses Net unrealized gains (losses) Fair value June 30, 2026 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 81,100 251 (229) 22 81,122 Securities of U.S. states and political subdivisions (2) 10,741 41 (307) (266) 10,475 Federal agency mortgage-backed securities 149,841 716 (3,985) (3,269) 146,572 Non-agency mortgage-backed securities (3) 1,807 5 (10) (5) 1,802 Collateralized loan obligations 9,793 14 (1) 13 9,806 Other debt securities 492 60 (3) 57 549 Total available-for-sale debt securities, excluding portfolio level basis adjustments 253,774 1,087 (4,535) (3,448) 250,326 Portfolio level basis adjustments (4) (181) 181 — Total available-for-sale debt securities 253,593 1,087 (4,535) (3,267) 250,326 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 3,800 — (1,757) (1,757) 2,043 Securities of U.S. states and political subdivisions 17,249 2 (2,938) (2,936) 14,313 Federal agency mortgage-backed securities 171,852 14 (27,757) (27,743) 144,109 Non-agency mortgage-backed securities (3) 1,540 78 (42) 36 1,576 Collateralized loan obligations 2,414 6 — 6 2,420 Other debt securities 1,718 — (14) (14) 1,704 Total held-to-maturity debt securities 198,573 100 (32,508) (32,408) 166,165 Total $ 452,166 1,187 (37,043) (35,675) 416,491 December 31, 2025 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 51,738 308 (237) 71 51,809 Securities of U.S. states and political subdivisions (2) 10,706 34 (343) (309) 10,397 Federal agency mortgage-backed securities 142,022 1,447 (3,389) (1,942) 140,080 Non-agency mortgage-backed securities (3) 2,141 3 (18) (15) 2,126 Collateralized loan obligations 7,895 11 (2) 9 7,904 Other debt securities 1,198 61 (2) 59 1,257 Total available-for-sale debt securities, excluding portfolio level basis adjustments 215,700 1,864 (3,991) (2,127) 213,573 Portfolio level basis adjustments (4) 75 (75) — Total available-for-sale debt securities 215,775 1,864 (3,991) (2,202) 213,573 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies 3,797 — (1,747) (1,747) 2,050 Securities of U.S. states and political subdivisions 17,476 2 (3,270) (3,268) 14,208 Federal agency mortgage-backed securities 178,882 79 (27,353) (27,274) 151,608 Non-agency mortgage-backed securities (3) 1,497 82 (39) 43 1,540 Collateralized loan obligations 4,655 19 — 19 4,674 Other debt securities 1,716 7 (6) 1 1,717 Total held-to-maturity debt securities 208,023 189 (32,415) (32,226) 175,797 Total $ 423,798 2,053 (36,406) (34,428) 389,370 (1)Represents amortized cost of the securities, net of the ACL of $0 million and $23 million related to AFS debt securities at June 30, 2026, and December 31, 2025, respectively, and $94 million and $95 million related to HTM debt securities at June 30, 2026, and December 31, 2025, respectively. (2)Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost, net of the ACL, and fair value of these types of securities, was $2.3 billion and $2.5 billion at June 30, 2026, and December 31, 2025, respectively. (3)Predominantly consists of commercial mortgage-backed securities at both June 30, 2026, and December 31, 2025. (4)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of AFS debt securities, which are not allocated to individual securities in the portfolio. For additional information, see Note 10 (Derivatives). Wells Fargo & Company 61 Note 2: Available-for-Sale and Held-to-Maturity Debt Securities (continued) Table 2.2 details the breakout of purchases of HTM debt securities by major category of security. There were no transfers to HTM debt securities during the periods presented below. Table 2.2: Held-to-Maturity Debt Securities Purchases Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Purchases of held-to-maturity debt securities (1): Non-agency mortgage-backed securities $ 68 20 $ 103 106 Total purchases of held-to-maturity debt securities $ 68 20 $ 103 106 (1)Inclusive of non-cash purchases from securitization of loans held for sale (LHFS). Table 2.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses from sales and impairment write-downs, if any, included in earnings related to AFS and HTM debt securities (pre-tax). Table 2.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Interest income: Available-for-sale $ 2,589 2,146 $ 4,974 4,088 Held-to-maturity 1,119 1,309 2,278 2,688 Total interest income 3,708 3,455 7,252 6,776 Provision for credit losses: Available-for-sale 3 (4) 3 (5) Held-to-maturity — 2 (4) 10 Total provision for credit losses 3 (2) (1) 5 Realized gains and losses (1): Gross realized gains 28 13 96 15 Gross realized losses (27) (13) (95) (129) Impairment write-downs — — — (33) Net realized gains (losses) $ 1 — $ 1 (147) (1)Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented. 62 Wells Fargo & Company Credit Quality We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for debt securities. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date. CREDIT RATINGS. Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSROs). Debt securities rated investment grade (those with ratings similar to BBB-/Baa3 or above) as defined by NRSROs, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. For debt securities not rated by NRSROs, we determine an internal credit grade of the debt securities (used for credit risk management purposes) equivalent to the credit ratings assigned by major credit agencies. Substantially all of our debt securities were rated by NRSROs at June 30, 2026, and December 31, 2025. Table 2.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades. Table 2.4: Investment Grade Debt Securities Available-for-Sale Held-to-Maturity ($ in millions) Fair value % investment grade Amortized cost % investment grade June 30, 2026 Total portfolio (1) $ 250,326 99 % $ 198,667 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (2) $ 227,694 100 % $ 175,652 100 % Securities of U.S. states and political subdivisions 10,475 99 17,260 100 Collateralized loan obligations (3) 9,806 100 2,417 100 All other debt securities (4) 2,351 90 3,338 60 December 31, 2025 Total portfolio (1) $ 213,573 99 % $ 208,118 99 % Breakdown by category: Securities of U.S. Treasury and federal agencies (2) $ 191,889 100 % $ 182,679 100 % Securities of U.S. states and political subdivisions 10,397 99 17,487 100 Collateralized loan obligations (3) 7,904 100 4,660 100 All other debt securities (4) 3,383 91 3,292 59 (1)99% were rated AA- and above at both June 30, 2026, and December 31, 2025. (2)Includes federal agency mortgage-backed securities. (3)100% were rated AA- and above at both June 30, 2026, and December 31, 2025. (4)Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities. DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES. Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status. Debt securities that are past due and still accruing or in nonaccrual status were insignificant at both June 30, 2026, and December 31, 2025. Net charge-offs on debt securities were insignificant in the second quarter and first half of both 2026 and 2025. Wells Fargo & Company 63 Note 2: Available-for-Sale and Held-to-Maturity Debt Securities (continued) Unrealized Losses of Available-for-Sale Debt Securities Table 2.5 shows the gross unrealized losses and fair value of AFS debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recognized credit impairment are categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the amortized cost basis, net of the allowance for credit losses. Table 2.5: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities Less than 12 months 12 months or more Total (in millions) Gross unrealized losses (1) Fair value Gross unrealized losses (1) Fair value Gross unrealized losses (1) Fair value June 30, 2026 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ (29) 22,926 (200) 5,340 (229) 28,266 Securities of U.S. states and political subdivisions (6) 913 (301) 4,587 (307) 5,500 Federal agency mortgage-backed securities (1,301) 57,913 (2,684) 24,857 (3,985) 82,770 Non-agency mortgage-backed securities — — (10) 248 (10) 248 Collateralized loan obligations (1) 1,517 — — (1) 1,517 Other debt securities — — (3) 17 (3) 17 Total available-for-sale debt securities $ (1,337) 83,269 (3,198) 35,049 (4,535) 118,318 December 31, 2025 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ — — (237) 6,119 (237) 6,119 Securities of U.S. states and political subdivisions (5) 222 (338) 5,701 (343) 5,923 Federal agency mortgage-backed securities (988) 11,307 (2,401) 37,377 (3,389) 48,684 Non-agency mortgage-backed securities — — (18) 744 (18) 744 Collateralized loan obligations (2) 1,776 — — (2) 1,776 Other debt securities — — (2) 71 (2) 71 Total available-for-sale debt securities $ (995) 13,305 (2,996) 50,012 (3,991) 63,317 (1)Gross unrealized losses exclude portfolio level basis adjustments. We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. Credit impairment is recognized as an ACL for debt securities. For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K. 64 Wells Fargo & Company Contractual Maturities Table 2.6 and Table 2.7 show the remaining contractual maturities of AFS and HTM debt securities, respectively. Table 2.6: Contractual Maturities – Available-for-Sale Debt Securities By remaining contractual maturity ($ in millions) Total Within one year After one year through five years After five years through ten years After ten years June 30, 2026 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies Amortized cost, net $ 81,100 2,489 18,120 59,700 791 Fair value 81,122 2,487 17,961 59,930 744 Weighted average yield 3.95 % 3.63 3.37 4.13 4.53 Securities of U.S. states and political subdivisions Amortized cost, net $ 10,741 969 3,561 2,459 3,752 Fair value 10,475 966 3,449 2,409 3,651 Weighted average yield 3.29 % 2.62 2.94 3.43 3.70 Federal agency mortgage-backed securities Amortized cost, net $ 149,841 1 749 5,415 143,676 Fair value 146,572 1 742 5,449 140,380 Weighted average yield 4.49 % 2.05 3.70 4.51 4.50 Non-agency mortgage-backed securities Amortized cost, net $ 1,807 — — — 1,807 Fair value 1,802 — — — 1,802 Weighted average yield 4.48 % — — — 4.48 Collateralized loan obligations Amortized cost, net $ 9,793 — — 414 9,379 Fair value 9,806 — — 414 9,392 Weighted average yield 4.97 % — — 5.09 4.96 Other debt securities Amortized cost, net $ 492 32 226 211 23 Fair value 549 35 238 248 28 Weighted average yield 5.06 % 6.45 6.24 4.08 0.57 Total available-for-sale debt securities Amortized cost, net (1) $ 253,774 3,491 22,656 68,199 159,428 Fair value 250,326 3,489 22,390 68,450 155,997 Weighted average yield (2) 4.29 % 3.37 3.34 4.14 4.50 (1)Amortized cost, net excludes portfolio level basis adjustments of $(181) million. (2)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. Wells Fargo & Company 65 Note 2: Available-for-Sale and Held-to-Maturity Debt Securities (continued) Table 2.7: Contractual Maturities – Held-to-Maturity Debt Securities By remaining contractual maturity ($ in millions) Total Within one year After one year through five years After five years through ten years After ten years June 30, 2026 Held-to-maturity debt securities: Securities of U.S. Treasury and federal agencies Amortized cost, net $ 3,800 — — — 3,800 Fair value 2,043 — — — 2,043 Weighted average yield 1.60 % — — — 1.60 Securities of U.S. states and political subdivisions Amortized cost, net $ 17,249 87 460 404 16,298 Fair value 14,313 86 454 392 13,381 Weighted average yield 2.52 % 1.27 2.30 2.74 2.53 Federal agency mortgage-backed securities Amortized cost, net $ 171,852 — — — 171,852 Fair value 144,109 — — — 144,109 Weighted average yield 2.34 % — — — 2.34 Non-agency mortgage-backed securities Amortized cost, net $ 1,540 9 11 27 1,493 Fair value 1,576 11 17 32 1,516 Weighted average yield 3.88 % 2.47 6.24 3.07 3.88 Collateralized loan obligations Amortized cost, net $ 2,414 — 107 2,307 — Fair value 2,420 — 108 2,312 — Weighted average yield 5.35 % — 5.96 5.32 — Other debt securities Amortized cost, net $ 1,718 — 1,718 — — Fair value 1,704 — 1,704 — — Weighted average yield 5.27 % — 5.27 — — Total held-to-maturity debt securities Amortized cost, net $ 198,573 96 2,296 2,738 193,443 Fair value 166,165 97 2,283 2,736 161,049 Weighted average yield (1) 2.42 % 1.39 4.72 4.91 2.36 (1)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. 66 Wells Fargo & Company Note 3: Loans and Related Allowance for Credit Losses Table 3.1 presents total loans outstanding by portfolio segment and class of financing receivable. Loans are reported at their outstanding principal balances net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans, and unamortized premiums or discounts on purchased loans. These amounts were less than 1% of our total loans outstanding at both June 30, 2026, and December 31, 2025. Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans. See Note 5 (Goodwill and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income. During the first half of 2026, we reversed accrued interest receivable of $22 million for our commercial portfolio segment and $188 million for our consumer portfolio segment, compared with $32 million and $197 million, respectively, for the same period a year ago. Table 3.1: Loans Outstanding (in millions) Jun 30, 2026 Dec 31, 2025 Commercial and industrial $ 487,630 452,068 Commercial real estate 132,986 132,284 Lease financing 15,683 15,543 Total commercial 636,299 599,895 Residential mortgage 240,774 242,190 Credit card 58,394 59,540 Auto 56,924 50,487 Other consumer (1) 38,724 34,055 Total consumer 394,816 386,272 Total loans $ 1,031,115 986,167 (1)Includes $32.2 billion and $26.2 billion at June 30, 2026, and December 31, 2025, respectively, of securities-based loans, including margin loans and securities-based credit lines, originated by the Wealth and Investment Management (WIM) operating segment. Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 3.2 presents total non-U.S. commercial loans outstanding by class of financing receivable. Table 3.2: Non-U.S. Commercial Loans Outstanding (in millions) Jun 30, 2026 Dec 31, 2025 Commercial and industrial $ 81,438 80,475 Commercial real estate 4,975 5,674 Lease financing 470 498 Total non-U.S. commercial loans $ 86,883 86,647 Loan Purchases, Sales, and Transfers Table 3.3 presents the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to LHFS. The table excludes loans for which we have elected the fair value option and government insured/guaranteed loans because their loan activity normally does not impact the ACL. Table 3.3: Loan Purchases, Sales, and Transfers 2026 2025 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended June 30, Purchases $ 117 3 120 207 1 208 Sales and net transfers (to)/from LHFS (3,997) (6) (4,003) (1,859) — (1,859) Six months ended June 30, Purchases $ 632 7 639 586 2 588 Sales and net transfers (to)/from LHFS (4,614) (2) (4,616) (2,714) 12 (2,702) Wells Fargo & Company 67 Note 3: Loans and Related Allowance for Credit Losses (continued) Unfunded Credit Commitments Unfunded credit commitments are legally binding agreements to lend to customers with terms covering usage of funds, contractual interest rates, expiration dates, and any required collateral. Our commercial lending commitments include, but are not limited to, (i) commitments for working capital and general corporate purposes, (ii) financing to customers who warehouse financial assets secured by real estate, consumer, or corporate loans, (iii) financing that is expected to be syndicated or replaced with other forms of long-term financing, and (iv) commercial real estate lending. We also originate multipurpose lending commitments under which commercial customers have the option to draw on the facility in one of several forms, including the issuance of letters of credit, which reduces the unfunded commitment amounts of the facility. The maximum credit risk for these commitments will generally be lower than the contractual amount because these commitments may expire without being used or may be cancelled at the customer’s request. We may reduce or cancel lines of credit in accordance with the contracts and applicable law. Our credit risk monitoring activities include managing the amount of commitments, both to individual customers and in total, and the size and maturity structure of these commitments. We do not recognize an ACL for commitments that are unconditionally cancellable at our discretion. We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At June 30, 2026, and December 31, 2025, we had $1.3 billion and $1.2 billion, respectively, of outstanding issued commercial letters of credit. See Note 13 (Guarantees and Other Commitments) for additional information on issued standby letters of credit. We may be a fronting bank, whereby we act as a representative for other lenders, and advance funds or provide for the issuance of letters of credit under syndicated loan or letter of credit agreements. Any advances are generally repaid in less than a week and would normally require default of both the customer and another lender to expose us to loss. The contractual amount of our unfunded credit commitments, including unissued letters of credit, is summarized in Table 3.4. The table is presented net of commitments syndicated to others, including the fronting arrangements described above, and excludes issued letters of credit and discretionary amounts where our approval or consent is required prior to any loan funding or commitment increase. Table 3.4: Unfunded Credit Commitments (in millions) Jun 30, 2026 Dec 31, 2025 Commercial and industrial $ 446,655 445,910 Commercial real estate 18,017 15,369 Total commercial 464,672 461,279 Residential mortgage (1) 14,926 17,496 Credit card 192,190 180,563 Other consumer 7,456 7,397 Total consumer 214,572 205,456 Total unfunded credit commitments $ 679,244 666,735 (1)Includes lines of credit totaling $11.6 billion and $15.2 billion as of June 30, 2026, and December 31, 2025, respectively. 68 Wells Fargo & Company Allowance for Credit Losses Table 3.5 presents the ACL for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. The ACL for loans increased $70 million from December 31, 2025, reflecting a higher allowance for commercial and industrial and auto loans driven by higher loan balances, partially offset by a lower allowance for commercial real estate loans. Table 3.5: Allowance for Credit Losses for Loans Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Balance, beginning of period $ 14,374 14,552 $ 14,337 14,636 Provision for credit losses 911 1,007 2,050 1,932 Loan charge-offs: Commercial and industrial (163) (213) (535) (361) Commercial real estate (35) (106) (115) (202) Lease financing (12) (11) (25) (22) Total commercial (210) (330) (675) (585) Residential mortgage (11) (32) (23) (43) Credit card (770) (751) (1,535) (1,519) Auto (109) (103) (223) (230) Other consumer (100) (119) (206) (235) Total consumer (990) (1,005) (1,987) (2,027) Total loan charge-offs (1,200) (1,335) (2,662) (2,612) Loan recoveries: Commercial and industrial 32 34 73 74 Commercial real estate 19 45 80 46 Lease financing 3 4 6 7 Total commercial 54 83 159 127 Residential mortgage 25 35 51 61 Credit card 170 129 330 247 Auto 55 73 106 136 Other consumer 20 18 40 35 Total consumer 270 255 527 479 Total loan recoveries 324 338 686 606 Net loan charge-offs (876) (997) (1,976) (2,006) Other (2) 6 (4) 6 Balance, end of period $ 14,407 14,568 $ 14,407 14,568 Components: Allowance for loan losses $ 13,905 13,961 $ 13,905 13,961 Allowance for unfunded credit commitments 502 607 502 607 Allowance for credit losses for loans $ 14,407 14,568 $ 14,407 14,568 Net loan charge-offs (annualized) as a percentage of average total loans 0.34 % 0.44 0.39 % 0.44 Allowance for loan losses as a percentage of total loans 1.35 1.51 1.35 1.51 Allowance for credit losses for loans as a percentage of total loans 1.40 1.58 1.40 1.58 Wells Fargo & Company 69 Note 3: Loans and Related Allowance for Credit Losses (continued) Table 3.6 summarizes the activity in the ACL by our commercial and consumer portfolio segments. Table 3.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment 2026 2025 (in millions) Commercial Consumer Total Commercial Consumer Total Quarter ended June 30, Balance, beginning of period $ 7,529 6,845 14,374 7,930 6,622 14,552 Provision for credit losses 25 886 911 147 860 1,007 Loan charge-offs (210) (990) (1,200) (330) (1,005) (1,335) Loan recoveries 54 270 324 83 255 338 Net loan charge-offs (156) (720) (876) (247) (750) (997) Other (3) 1 (2) 5 1 6 Balance, end of period $ 7,395 7,012 14,407 7,835 6,733 14,568 Six months ended June 30, Balance, beginning of period $ 7,457 6,880 14,337 7,946 6,690 14,636 Provision for credit losses 458 1,592 2,050 342 1,590 1,932 Loan charge-offs (675) (1,987) (2,662) (585) (2,027) (2,612) Loan recoveries 159 527 686 127 479 606 Net loan charge-offs (516) (1,460) (1,976) (458) (1,548) (2,006) Other (4) — (4) 5 1 6 Balance, end of period $ 7,395 7,012 14,407 7,835 6,733 14,568 Credit Quality We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the ACL for loans. The following sections provide the credit quality indicators we most closely monitor. The credit quality indicators are generally based on information as of our financial statement date. COMMERCIAL CREDIT QUALITY INDICATORS. We manage a consistent process for assessing commercial loan credit quality. Commercial loans are generally subject to individual risk assessment using our internal borrower and collateral quality ratings, which is our primary credit quality indicator. Our ratings are aligned to regulatory definitions of pass and criticized categories with the criticized segmented among special mention, substandard, doubtful, and loss categories. Table 3.7 provides the outstanding balances of our commercial loan portfolio by risk category and credit quality information by origination year for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty. At June 30, 2026, we had $606.4 billion and $29.9 billion of pass and criticized commercial loans, respectively. Gross charge-offs by loan class are included in the following table for the six months ended June 30, 2026, and year ended December 31, 2025. 70 Wells Fargo & Company Table 3.7: Commercial Loan Categories by Risk Categories and Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2026 2025 2024 2023 2022 Prior June 30, 2026 Commercial and industrial Pass $ 53,577 56,448 18,565 9,600 10,650 18,097 305,195 12 472,144 Criticized 1,211 1,551 785 1,092 489 409 9,949 — 15,486 Total commercial and industrial 54,788 57,999 19,350 10,692 11,139 18,506 315,144 12 487,630 Gross charge-offs (1) 13 44 10 11 4 6 447 — 535 Commercial real estate Pass 24,847 31,121 8,705 6,557 12,725 28,440 7,549 9 119,953 Criticized 1,499 2,573 1,295 1,063 2,619 3,798 186 — 13,033 Total commercial real estate 26,346 33,694 10,000 7,620 15,344 32,238 7,735 9 132,986 Gross charge-offs 39 — — 13 56 6 1 — 115 Lease financing Pass 2,254 4,079 2,843 2,711 1,208 1,206 — — 14,301 Criticized 308 395 307 231 96 45 — — 1,382 Total lease financing 2,562 4,474 3,150 2,942 1,304 1,251 — — 15,683 Gross charge-offs — 7 6 6 4 2 — — 25 Total commercial loans $ 83,696 96,167 32,500 21,254 27,787 51,995 322,879 21 636,299 Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2025 2024 2023 2022 2021 Prior December 31, 2025 Commercial and industrial Pass $ 84,419 23,611 11,947 12,544 7,248 12,455 285,207 13 437,444 Criticized 1,383 732 931 785 263 459 10,071 — 14,624 Total commercial and industrial 85,802 24,343 12,878 13,329 7,511 12,914 295,278 13 452,068 Gross charge-offs (1) 54 56 42 26 27 14 485 — 704 Commercial real estate Pass 40,934 10,799 8,246 16,051 11,863 21,690 7,588 55 117,226 Criticized 3,803 1,402 1,182 3,591 3,014 2,007 59 — 15,058 Total commercial real estate 44,737 12,201 9,428 19,642 14,877 23,697 7,647 55 132,284 Gross charge-offs 104 52 38 61 117 123 2 — 497 Lease financing Pass 4,566 3,295 3,254 1,524 768 812 — — 14,219 Criticized 401 369 318 146 51 39 — — 1,324 Total lease financing 4,967 3,664 3,572 1,670 819 851 — — 15,543 Gross charge-offs 3 11 17 10 5 4 — — 50 Total commercial loans $ 135,506 40,208 25,878 34,641 23,207 37,462 302,925 68 599,895 (1) Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due. Wells Fargo & Company 71 Note 3: Loans and Related Allowance for Credit Losses (continued) Table 3.8 provides days past due (DPD) information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans. Table 3.8: Commercial Loan Categories by Delinquency Status Still accruing Nonaccrual loans Total commercial loans (in millions) Current-29 DPD 30-89 DPD 90+ DPD June 30, 2026 Commercial and industrial $ 485,499 694 189 1,248 487,630 Commercial real estate 128,789 307 488 3,402 132,986 Lease financing 15,374 224 — 85 15,683 Total commercial loans $ 629,662 1,225 677 4,735 636,299 December 31, 2025 Commercial and industrial $ 449,764 872 120 1,312 452,068 Commercial real estate 127,432 722 251 3,879 132,284 Lease financing 15,242 226 — 75 15,543 Total commercial loans $ 592,438 1,820 371 5,266 599,895 CONSUMER CREDIT QUALITY INDICATORS. We have various classes of consumer loans that present unique credit risks. Loan delinquency, Fair Isaac Corporation (FICO) credit scores and loan-to-value (LTV) for residential mortgage loans are the primary credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the ACL for the consumer loan portfolio segment. Many of our loss estimation techniques used for the ACL for loans rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality in the establishment of our ACL for consumer loans. We obtain FICO scores at loan origination and the scores are generally updated at least quarterly, except in limited circumstances, including compliance with the Fair Credit Reporting Act (FCRA). FICO scores are not available for certain loan types or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes. LTV is the ratio of the outstanding loan balance divided by the property collateral value. For junior lien mortgages, we use the total combined loan balance of first and junior liens, including unused line of credit amounts. We generally obtain property collateral values through home valuation models and indices. We update LTVs on a quarterly basis. Certain loans do not have an LTV due to a lack of industry data availability or are portfolios acquired from or serviced by other institutions. Gross charge-offs by loan class are included in the following tables for the six months ended June 30, 2026, and year ended December 31, 2025. Credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified for a borrower experiencing financial difficulty. Table 3.9 provides the outstanding balances of our residential mortgage loans by our primary credit quality indicators. 72 Wells Fargo & Company Table 3.9: Credit Quality Indicators for Residential Mortgage Loans by Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2026 2025 2024 2023 2022 Prior Total June 30, 2026 By delinquency status: Current-29 DPD $ 11,683 15,246 7,231 9,328 39,083 142,512 2,968 6,261 234,312 30-89 DPD 8 3 6 9 81 654 7 122 890 90+ DPD — — 1 13 54 416 8 124 616 Government insured/guaranteed loans (1) — 2 — 3 6 4,945 — — 4,956 Total $ 11,691 15,251 7,238 9,353 39,224 148,527 2,983 6,507 240,774 By updated FICO: 740+ $ 10,925 14,333 6,845 8,824 36,288 129,966 2,436 4,088 213,705 700-739 612 579 260 293 1,670 6,807 280 834 11,335 660-699 111 167 75 126 721 2,730 132 512 4,574 620-659 26 27 15 28 181 1,006 48 251 1,582 <620 4 4 1 22 175 1,287 51 418 1,962 No FICO available 13 139 42 57 183 1,786 36 404 2,660 Government insured/guaranteed loans (1) — 2 — 3 6 4,945 — — 4,956 Total $ 11,691 15,251 7,238 9,353 39,224 148,527 2,983 6,507 240,774 By updated LTV: 0-80% $ 11,578 14,326 6,890 9,082 37,622 143,002 2,839 6,440 231,779 80.01-100% 103 876 304 232 1,504 398 11 43 3,471 >100% (2) — 12 13 18 65 49 2 8 167 No LTV available 10 35 31 18 27 133 131 16 401 Government insured/guaranteed loans (1) — 2 — 3 6 4,945 — — 4,956 Total $ 11,691 15,251 7,238 9,353 39,224 148,527 2,983 6,507 240,774 Gross charge-offs $ — — — — 4 8 1 10 23 Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2025 2024 2023 2022 2021 Prior December 31, 2025 By delinquency status: Current-29 DPD $ 16,684 8,093 10,109 40,678 55,583 93,805 3,852 6,326 235,130 30-89 DPD 8 4 10 83 81 572 13 124 895 90+ DPD — 6 7 51 57 329 6 140 596 Government insured/guaranteed loans (1) 2 2 6 6 20 5,533 — — 5,569 Total $ 16,694 8,105 10,132 40,818 55,741 100,239 3,871 6,590 242,190 By updated FICO: 740+ $ 15,739 7,606 9,518 37,588 52,338 83,614 3,078 4,028 213,509 700-739 678 314 348 1,888 2,043 5,078 393 848 11,590 660-699 168 102 138 722 794 2,242 183 524 4,873 620-659 49 10 40 269 202 900 63 252 1,785 <620 5 5 16 157 147 1,194 82 434 2,040 No FICO available 53 66 66 188 197 1,678 72 504 2,824 Government insured/guaranteed loans (1) 2 2 6 6 20 5,533 — — 5,569 Total $ 16,694 8,105 10,132 40,818 55,741 100,239 3,871 6,590 242,190 By updated LTV: 0-80% $ 15,501 7,473 9,687 38,247 55,218 94,237 3,825 6,502 230,690 80.01-100% 1,152 573 394 2,434 437 283 27 56 5,356 >100% (2) 7 22 25 93 34 40 8 12 241 No LTV available 32 35 20 38 32 146 11 20 334 Government insured/guaranteed loans (1) 2 2 6 6 20 5,533 — — 5,569 Total $ 16,694 8,105 10,132 40,818 55,741 100,239 3,871 6,590 242,190 Gross charge-offs $ — 1 1 7 8 29 2 21 69 (1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Loans insured/guaranteed by U.S. government agencies and 90+ DPD totaled $1.3 billion and $1.7 billion at June 30, 2026, and December 31, 2025, respectively. (2)Reflects total loan balances with LTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV. Wells Fargo & Company 73 Note 3: Loans and Related Allowance for Credit Losses (continued) Table 3.10 provides the outstanding balances of our credit card loan portfolio by primary credit quality indicators. The revolving loans converted to term loans in the credit card loan category represent credit card loans with modified terms that require payment over a specific term. Table 3.10: Credit Quality Indicators for Credit Card Loans June 30, 2026 December 31, 2025 Revolving loans Revolving loans converted to term loans Revolving loans Revolving loans converted to term loans (in millions) Total Total By delinquency status: Current-29 DPD $ 56,269 656 56,925 57,322 622 57,944 30-89 DPD 649 62 711 718 65 783 90+ DPD 724 34 758 781 32 813 Total $ 57,642 752 58,394 58,821 719 59,540 By updated FICO: 740+ $ 23,179 44 23,223 23,443 37 23,480 700-739 12,516 101 12,617 12,713 91 12,804 660-699 10,992 166 11,158 11,267 155 11,422 620-659 5,335 142 5,477 5,472 136 5,608 <620 5,484 297 5,781 5,736 298 6,034 No FICO available 136 2 138 190 2 192 Total $ 57,642 752 58,394 58,821 719 59,540 Gross charge-offs $ 1,429 106 1,535 2,758 205 2,963 74 Wells Fargo & Company Table 3.11 provides the outstanding balances of our Auto loan portfolio by primary credit quality indicators. Table 3.11: Credit Quality Indicators for Auto Loans by Vintage Term loans by origination year (in millions) 2026 2025 2024 2023 2022 Prior Total June 30, 2026 By delinquency status: Current-29 DPD $ 17,927 21,580 7,067 4,121 3,285 2,191 56,171 30-89 DPD 77 204 58 50 134 174 697 90+ DPD 5 17 5 4 11 14 56 Total $ 18,009 21,801 7,130 4,175 3,430 2,379 56,924 By updated FICO: 740+ $ 8,919 12,051 4,453 2,725 1,683 871 30,702 700-739 2,962 3,366 1,067 542 422 280 8,639 660-699 2,524 2,702 761 368 362 264 6,981 620-659 1,771 1,628 359 185 255 215 4,413 <620 1,831 2,016 469 339 688 726 6,069 No FICO available 2 38 21 16 20 23 120 Total $ 18,009 21,801 7,130 4,175 3,430 2,379 56,924 Gross charge-offs $ 7 83 23 18 50 42 223 Term loans by origination year (in millions) 2025 2024 2023 2022 2021 Prior Total December 31, 2025 By delinquency status: Current-29 DPD $ 26,413 8,993 5,560 4,728 3,357 654 49,705 30-89 DPD 115 61 60 187 227 72 722 90+ DPD 10 5 5 16 18 6 60 Total $ 26,538 9,059 5,625 4,931 3,602 732 50,487 By updated FICO: 740+ $ 14,805 5,654 3,708 2,429 1,430 219 28,245 700-739 4,376 1,419 749 630 443 87 7,704 660-699 3,411 1,003 507 534 409 87 5,951 620-659 2,039 460 248 370 314 72 3,503 <620 1,892 504 410 950 983 258 4,997 No FICO available 15 19 3 18 23 9 87 Total $ 26,538 9,059 5,625 4,931 3,602 732 50,487 Gross charge-offs $ 29 41 47 160 149 27 453 Wells Fargo & Company 75 Note 3: Loans and Related Allowance for Credit Losses (continued) Table 3.12 provides the outstanding balances of our Other consumer loans portfolio by primary credit quality indicators. Table 3.12: Credit Quality Indicators for Other Consumer Loans by Vintage Term loans by origination year Revolving loans Revolving loans converted to term loans (in millions) 2026 2025 2024 2023 2022 Prior Total June 30, 2026 By delinquency status: Current-29 DPD $ 1,300 1,521 666 604 374 126 33,954 97 38,642 30-89 DPD 2 10 6 10 6 2 11 6 53 90+ DPD 1 5 2 3 2 1 10 5 29 Total $ 1,303 1,536 674 617 382 129 33,975 108 38,724 By updated FICO: 740+ $ 944 1,018 411 253 142 56 765 35 3,624 700-739 198 274 127 123 66 18 338 16 1,160 660-699 76 150 79 112 62 16 268 12 775 620-659 12 45 25 51 30 8 103 9 283 <620 5 38 28 68 45 12 120 12 328 No FICO available (1) 68 11 4 10 37 19 32,381 24 32,554 Total $ 1,303 1,536 674 617 382 129 33,975 108 38,724 Gross charge-offs (2) $ 51 53 21 30 17 4 27 3 206 Term loans by origination year Revolving loans Revolving loans converted to term loans Total (in millions) 2025 2024 2023 2022 2021 Prior December 31, 2025 By delinquency status: Current-29 DPD $ 2,134 967 926 565 137 52 29,074 103 33,958 30-89 DPD 9 8 15 9 2 2 11 5 61 90+ DPD 3 3 6 4 1 — 12 7 36 Total $ 2,146 978 947 578 140 54 29,097 115 34,055 By updated FICO: 740+ $ 1,493 612 389 205 62 22 784 34 3,601 700-739 357 179 184 98 21 8 396 16 1,259 660-699 162 101 164 97 20 6 300 11 861 620-659 39 32 72 47 10 3 112 10 325 <620 24 33 91 66 13 5 132 17 381 No FICO available (1) 71 21 47 65 14 10 27,373 27 27,628 Total $ 2,146 978 947 578 140 54 29,097 115 34,055 Gross charge-offs (2) $ 147 68 100 63 13 3 58 7 459 (1)Substantially all loans are revolving securities-based loans and therefore do not require a FICO score. (2)Includes charge-offs on overdrafts, which are generally charged-off at 60 days past due. 76 Wells Fargo & Company NONACCRUAL LOANS. Table 3.13 provides loans on nonaccrual status. Nonaccrual loans may have an ACL or a negative allowance for credit losses from expected recoveries of amounts previously written off. Table 3.13: Nonaccrual Loans Outstanding balance Recognized interest income Nonaccrual loans Nonaccrual loans without related allowance for credit losses (1) Six months ended June 30, (in millions) Jun 30, 2026 Dec 31, 2025 Jun 30, 2026 Dec 31, 2025 2026 2025 Commercial and industrial $ 1,248 1,312 13 138 12 12 Commercial real estate 3,402 3,879 418 575 16 37 Lease financing 85 75 19 18 — — Total commercial 4,735 5,266 450 731 28 49 Residential mortgage 2,811 2,838 1,819 1,888 77 84 Auto 72 70 — — 5 6 Other consumer 25 27 — — 2 2 Total consumer 2,908 2,935 1,819 1,888 84 92 Total nonaccrual loans $ 7,643 8,201 2,269 2,619 112 141 (1)Nonaccrual loans may not have an allowance for credit losses if the loss expectations are zero given the related collateral value. LOANS IN PROCESS OF FORECLOSURE. Our recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure was $435 million and $525 million at June 30, 2026, and December 31, 2025, respectively, which included $335 million and $383 million, respectively, of loans that are government insured/guaranteed. Under the Consumer Financial Protection Bureau guidelines, we do not commence the foreclosure process on residential mortgage loans until after the loan is 120 days delinquent. Foreclosure procedures and timelines vary depending on whether the property address resides in a judicial or non-judicial state. Judicial states require the foreclosure to be processed through the state’s courts while non-judicial states are processed without court intervention. Foreclosure timelines vary according to state law. LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING. Certain loans 90 days or more past due are still accruing, because they are (1) well-secured and in the process of collection or (2) residential mortgage or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due. Table 3.14 shows loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. Table 3.14: Loans 90 Days or More Past Due and Still Accruing (in millions) Jun 30, 2026 Dec 31, 2025 Total: $ 2,842 3,000 Less: government insured/guaranteed loans (1) 1,293 1,688 Total, not government insured/guaranteed $ 1,549 1,312 By segment and class, not government insured/guaranteed: Commercial and industrial $ 189 120 Commercial real estate 488 251 Total commercial 677 371 Residential mortgage 39 47 Credit card 758 813 Auto 52 52 Other consumer 23 29 Total consumer 872 941 Total, not government insured/guaranteed $ 1,549 1,312 (1)Represents residential mortgage loans whose repayments are insured or guaranteed by U.S. government agencies, such as the FHA or the VA. Wells Fargo & Company 77 Note 3: Loans and Related Allowance for Credit Losses (continued) LOAN MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY. We may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. At the time of modification, we may require that the borrower provide additional economic support, such as a partial repayment, additional collateral, or guarantees. The following disclosures provide information on loan modifications in the form of principal forgiveness, interest rate reductions, other-than-insignificant (e.g., greater than three months) payment delays, term extensions or a combination of these modifications, as well as the financial effects of these modifications, and loan performance in the 12 months following the modification. Loans that both modify and are paid off or charged-off during the period are not included in the disclosures below. These disclosures do not include loans discharged by a bankruptcy court as the only concession, which were insignificant in the second quarter and first half of both 2026 and 2025. For additional information on our loan modifications to borrowers experiencing financial difficulty, see Note 3 (Loans and Related Allowance for Credit Losses) in our 2025 Form 10-K. Table 3.15 presents the outstanding balance of commercial loans modified during the periods presented and the related financial effects of these modifications. Table 3.15: Commercial Loan Modifications and Financial Effects Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Commercial and industrial modifications: Term extension $ 381 286 $ 754 619 All other modifications and combinations 17 36 31 130 Total commercial and industrial modifications $ 398 322 $ 785 749 Total commercial and industrial modifications as a % of loan class 0.08 % 0.08 0.16 % 0.19 Financial effects: Weighted average term extension (months) 9 10 12 15 Commercial real estate modifications: Term extension $ 249 654 $ 477 1,180 All other modifications and combinations 182 34 183 43 Total commercial real estate modifications $ 431 688 $ 660 1,223 Total commercial real estate modifications as a % of loan class 0.32 % 0.52 0.50 % 0.92 Financial effects: Weighted average term extension (months) 15 11 19 17 Commercial loans that received a modification in the past 12 months as of June 30, 2026 and 2025, and subsequently defaulted in the second quarter and first half of both 2026 and 2025, were insignificant. Table 3.16 provides past due information on commercial loans that received a modification in the past 12 months as of June 30, 2026 and 2025, and the amount of related gross charge-offs during the second quarter and first half of both 2026 and 2025. Table 3.16: Payment Performance of Commercial Loan Modifications By delinquency status Gross charge-offs (in millions) Current-29 DPD 30-89 DPD 90+ DPD Total Quarter ended Six months ended June 30, 2026 Commercial and industrial $ 1,156 10 36 1,202 5 11 Commercial real estate 1,584 40 149 1,773 — 35 Total commercial $ 2,740 50 185 2,975 5 46 June 30, 2025 (1) Commercial and industrial $ 895 8 14 917 87 102 Commercial real estate 2,742 29 4 2,775 — — Total commercial $ 3,637 37 18 3,692 87 102 (1)For loan modifications that include a payment deferral, payment performance is not included until the loan exits the deferral period and payments resume. 78 Wells Fargo & Company Table 3.17 presents the outstanding balance of consumer loans modified during the periods presented and the related financial effects of these modifications. Modified loans within the Auto and Other consumer loan classes were insignificant in the second quarter and first half of both 2026 and 2025, and accordingly, are excluded from the following tables and disclosures. Loans in a trial payment period are not included in the following loan modification disclosures until the borrower has successfully completed the trial period and the loan modification is formally executed. Residential mortgage loans in a trial payment period totaled $126 million and $127 million at June 30, 2026 and 2025, respectively. Table 3.17: Consumer Loan Modifications and Financial Effects Quarter ended June 30, Six months ended June 30, ($ in millions) 2026 2025 2026 2025 Residential mortgage modifications (1): Payment delay $ 226 304 $ 367 423 Term extension and payment delay 25 23 53 48 Interest rate reduction, term extension, and payment delay 14 14 28 26 All other modifications and combinations 9 16 19 34 Total residential mortgage modifications $ 274 357 $ 467 531 Total residential mortgage modifications as a % of loan class 0.11 % 0.15 0.19 % 0.22 Financial effects: Weighted average interest rate reduction 1.08 % 1.63 1.27 % 1.69 Weighted average payments deferred (months) (2) 3 4 5 4 Weighted average term extension (years) 10.2 10.9 11.0 11.2 Credit card modifications: Interest rate reduction $ 257 251 $ 516 521 Total credit card modifications $ 257 251 $ 516 521 Total credit card modifications as a % of loan class 0.44 % 0.45 0.88 % 0.94 Financial effects: Weighted average interest rate reduction 20.63 % 21.50 20.80 % 21.49 (1)Payment delay modifications include loan modifications that defer a set amount of principal to the end of the loan term. The outstanding balance of loans with principal deferred to the end of the loan term was $75 million and $89 million in second quarter 2026 and 2025, respectively, and $156 million and $183 million for the first half of 2026 and 2025, respectively. (2)Excludes the financial effects of loans with a set amount of principal deferred to the end of the loan term. The weighted average period of principal deferred was 24.8 years and 24.3 years in second quarter 2026 and 2025, respectively, and 25.3 years and 24.5 years for the first half of 2026 and 2025, respectively. Consumer loans that received a modification within the past 12 months as of June 30, 2026, and subsequently defaulted in the second quarter and first half of 2026, totaled $120 million and $206 million, respectively. As of June 30, 2025, consumer loans that received a modification within the past 12 months and subsequently defaulted in the second quarter and first half of 2025, totaled $113 million and $148 million, respectively. Table 3.18 provides past due information as of June 30, 2026 and 2025, on consumer loan modifications that received a modification in the past 12 months, and the related gross charge-offs that occurred on these modifications during the second quarter and first half of both 2026 and 2025. Table 3.18: Payment Performance of Consumer Loan Modifications By delinquency status Gross charge-offs (in millions) Current-29 DPD 30-89 DPD 90+ DPD Total Quarter ended Six months ended June 30, 2026 Residential mortgage (1) $ 380 110 329 819 3 4 Credit card (2) 748 96 78 922 69 120 Total consumer $ 1,128 206 407 1,741 72 124 June 30, 2025 Residential mortgage (1) $ 376 112 74 562 3 4 Credit card (2) 791 115 82 988 80 153 Total consumer $ 1,167 227 156 1,550 83 157 (1)Includes loans where delinquency status was not reset to current upon exit from the deferral period. At June 30, 2025, loan modifications in an active payment deferral are excluded. (2)Credit card loans that are past due at the time of the modification do not become current until they have three consecutive months of payment performance. Commitments to lend additional funds on commercial loans modified during the first half of 2026 and 2025, were $314 million and $235 million, respectively. Commitments to lend additional funds on consumer loans modified during the first half of both 2026 and 2025, were insignificant. Wells Fargo & Company 79 Note 4: Equity Securities Equity securities include noncontrolling ownership interests in third-party entities, such as corporations, partnerships, or limited liability companies. Trading equity securities are held for customer accommodation and market-making purposes and are classified within trading assets on our consolidated balance sheet. Non-trading equity securities are held for investment purposes and are classified within equity securities on our consolidated balance sheet. For additional information on trading equity securities, see Note 11 (Fair Value Measurements). Non-Trading Equity Securities Table 4.1 provides a summary of our equity securities by business purpose and accounting method. Table 4.1: Equity Securities (in millions) Jun 30, 2026 Dec 31, 2025 Equity securities at fair value (1) $ 2,394 2,008 Tax credit investments (2) 21,707 21,395 Private equity (3) 13,656 13,206 Federal Reserve Bank stock and other at cost (4) 4,621 4,323 Total equity securities $ 42,378 40,932 (1)Includes securities subject to contractual lock-up periods restricting their sale. These securities had fair values of $467 million at June 30, 2026, all of which have sale restrictions that will expire by third quarter 2027, and $218 million at December 31, 2025, all of which have sale restrictions that will expire by second quarter 2027. (2)Includes affordable housing investments of $11.2 billion and $11.6 billion at June 30, 2026, and December 31, 2025, respectively, and renewable energy investments of $10.3 billion and $9.6 billion at June 30, 2026, and December 31, 2025, respectively. The renewable energy investments are presented net of deferred investment tax credits of $1.6 billion and $1.7 billion at June 30, 2026, and December 31, 2025, respectively. Tax credit investments are accounted for using either the proportional amortization method or the equity method. See Note 12 (Securitizations and Variable Interest Entities) for information about tax credit investments. (3)Includes equity securities accounted for under the measurement alternative of $10.1 billion and $9.8 billion at June 30, 2026, and December 31, 2025, respectively, which were predominantly securities associated with our venture capital investments. The remaining securities are accounted for using the equity method. (4)Includes $3.5 billion of investments in Federal Reserve Bank stock at both June 30, 2026, and December 31, 2025, and $1.0 billion and $762 million of investments in Federal Home Loan Bank stock at June 30, 2026, and December 31, 2025, respectively. Table 4.2 provides a summary of the net gains and losses from equity securities, which excludes equity method adjustments for our share of the investee’s earnings or losses that are recognized in other noninterest income. Gains and losses from equity securities are reported in net gains from trading and securities. Table 4.2: Net Gains (Losses) from Equity Securities Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Net gains (losses) from equity securities carried at fair value $ 251 155 $ 82 (40) Net gains (losses) from equity securities not carried at fair value (1): Impairment write-downs (368) (124) (483) (318) Net unrealized gains (2) 626 33 789 34 Net realized gains 338 55 631 100 Total net gains (losses) from equity securities not carried at fair value 596 (36) 937 (184) Total net gains (losses) from equity securities $ 847 119 $ 1,019 (224) (1)Includes amounts related to venture capital investments in consolidated portfolio companies, which are not reported in equity securities on our consolidated balance sheet. (2)Includes unrealized gains (losses) due to observable price changes from equity securities accounted for under the measurement alternative. 80 Wells Fargo & Company Table 4.3 provides additional information about the net gains and losses from equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 4.2. Table 4.3: Net Gains (Losses) from Measurement Alternative Equity Securities Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Net gains (losses) recognized in earnings during the period: Gross unrealized gains from observable price changes $ 656 64 $ 827 107 Gross unrealized losses from observable price changes — (19) — (44) Impairment write-downs (344) (80) (409) (245) Net realized gains from sale 202 23 394 38 Total net gains (losses) recognized during the period $ 514 $ (12) $ 812 (144) Table 4.4 presents cumulative carrying value adjustments to equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented. Table 4.4: Measurement Alternative Cumulative Gains (Losses) (in millions) Jun 30, 2026 Dec 31, 2025 Cumulative gains (losses): Gross unrealized gains from observable price changes $ 8,021 7,737 Gross unrealized losses from observable price changes (101) (100) Impairment write-downs (3,919) (3,861) Wells Fargo & Company 81 Note 5: Goodwill and Other Assets Table 5.1 shows the allocation of goodwill to our reportable operating segments. Table 5.1: Goodwill (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Consolidated Company December 31, 2025 $ 16,418 2,931 5,274 344 — 24,967 Foreign currency translation — (4) — — — (4) June 30, 2026 $ 16,418 2,927 5,274 344 — 24,963 Table 5.2 presents the components of other assets. Table 5.2: Other Assets (in millions) Jun 30, 2026 Dec 31, 2025 Corporate/bank-owned life insurance (1) $ 19,734 19,757 Accounts receivable (2) 27,325 19,651 Interest receivable: AFS and HTM debt securities 1,800 1,660 Loans 3,444 3,330 Trading and other 1,839 1,872 Loans held for sale (3) 2,803 4,482 Mortgage servicing rights (4) 5,941 6,327 Operating lease assets (lessor) (3) 711 4,999 Operating lease right-of-use (ROU) assets (lessee) 3,633 3,641 Other (5) 18,002 15,578 Total other assets $ 85,232 81,297 (1)Corporate/bank-owned life insurance is recognized at cash surrender value. (2)Includes derivatives clearinghouse receivables and trade date receivables. (3)In January 2026, we closed the sale of our rail car leasing business, which included finance leases (loans held for sale) of $1.0 billion and operating leases (operating lease assets) of $4.3 billion. (4)For additional information on mortgage servicing rights (MSRs), see Note 6 (Mortgage Banking Activities). (5)Includes income tax receivables, prepaid expenses, and intangible assets. Estimated future amortization expense for intangible assets is $62 million for the remainder of 2026, and $125 million for each of the years ended December 31, 2027, 2028, 2029, 2030, and 2031. 82 Wells Fargo & Company Note 6: Mortgage Banking Activities Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing. We apply the fair value method to residential MSRs and apply the amortization method to commercial MSRs. Table 6.1 presents MSRs, including the changes in MSRs measured using the fair value method and the amortization method. MSRs are included in other assets on the consolidated balance sheet. Table 6.1: Mortgage Servicing Rights Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Residential MSRs at fair value, beginning of period $ 5,608 6,536 $ 5,696 6,844 Originations/purchases 22 26 39 51 Sales and other (227) (37) (226) (113) Net reductions (205) (11) (187) (62) Changes in fair value: Due to valuation inputs or assumptions: Market interest rates (1) 55 (2) 83 (125) Servicing and foreclosure costs — (7) (3) (2) Discount rates (18) (1) (18) (1) Prepayment estimates and other (2) 65 98 96 148 Net changes in valuation inputs or assumptions 102 88 158 20 Changes due to collection/realization of expected cash flows (3) (162) (196) (324) (385) Total changes in fair value (60) (108) (166) (365) Residential MSRs at fair value, end of period 5,343 6,417 5,343 6,417 Commercial MSRs at amortized cost, end of period (4) 598 631 598 631 Total MSRs $ 5,941 7,048 $ 5,941 7,048 (1)Includes prepayment rate changes due to changes in market interest rates. Residential MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates. (2)Represents other changes in valuation model inputs or assumptions, including prepayment rate estimation changes that are independent of mortgage interest rate changes. (3)Represents the reduction in the residential MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time. (4)The estimated fair value of commercial MSRs was $776 million and $755 million at June 30, 2026 and 2025, respectively. Table 6.2 provides key weighted-average assumptions used in the valuation of residential MSRs and sensitivity of the current fair value of residential MSRs to immediate adverse changes in those assumptions. See Note 11 (Fair Value Measurements) for additional information on key assumptions for residential MSRs. Table 6.2: Assumptions and Sensitivity of Residential MSRs ($ in millions, except cost to service amounts) Jun 30, 2026 Dec 31, 2025 Fair value of interests held $ 5,343 5,696 Expected weighted-average life (in years) 6.4 6.3 Key assumptions: Prepayment rate assumption (1) 7.6 % 8.0 Impact on fair value from 10% adverse change $ (146) (163) Impact on fair value from 25% adverse change (352) (394) Discount rate assumption 9.4 % 9.1 Impact on fair value from 100 basis point increase $ (220) (243) Impact on fair value from 200 basis point increase (421) (465) Cost to service assumption ($ per loan) 89 96 Impact on fair value from 10% adverse change (91) (106) Impact on fair value from 25% adverse change (227) (266) (1)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. Wells Fargo & Company 83 Note 6: Mortgage Banking Activities (continued) The sensitivities in the preceding table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in value may not be linear. Also, the effect of a variation in a particular assumption on the value of the other interests held is calculated independently without changing any other assumptions. In reality, changes in one factor may result in changes in others, which might magnify or counteract the sensitivities. We present information for our loans serviced for others in Table 6.3. As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses. The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors and are generally reimbursed within a short timeframe from cash flows from the trust, government-sponsored enterprise (GSEs), insurer, or borrower. We maintain an allowance for uncollectible amounts for advances on loans serviced for others that may not be reimbursed if the payments were not made in accordance with applicable servicing agreements or if the insurance or servicing agreements contain limitations on reimbursements. Table 6.3: Serviced for Others Portfolio Jun 30, 2026 Dec 31, 2025 Residential mortgages Commercial mortgages Residential mortgages Commercial mortgages Loans serviced for others, unpaid principal balance ($ in billions) $ 362 77 397 77 Weighted average loan rate 3.78 % 4.12 3.78 4.11 Servicer advances, net of an allowance for uncollectible amounts ($ in millions) (1) $ 243 24 437 24 (1)In second quarter 2026, servicer advances are presented only for loans serviced for others, excluding advances related to loans held on our consolidated balance sheet. Prior period balances have been revised to conform with the current period presentation. Table 6.4 presents the components of mortgage banking noninterest income. Table 6.4: Mortgage Banking Noninterest Income Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Contractually specified servicing fees, late charges and ancillary fees $ 292 367 $ 600 773 Unreimbursed servicing costs (1) (23) (76) (53) (103) Amortization for commercial MSRs (2) (35) (36) (76) (85) Changes due to collection/realization of expected cash flows (3) (162) (196) (324) (385) Net servicing fees 72 59 147 200 Changes in fair value of MSRs due to market interest rates 55 (2) 83 (125) Net derivative gains (losses) from economic hedges (4) (55) (6) (81) 126 Changes in fair value of MSRs due to other valuation inputs or assumptions (5) 47 90 75 145 Market-related valuation changes to residential MSRs, net of hedge results 47 82 77 146 Total net servicing income 119 141 224 346 Net gains on mortgage loan originations/sales (6) 137 89 233 216 Total mortgage banking noninterest income $ 256 230 $ 457 562 (1)Includes costs associated with foreclosures, unreimbursed interest advances to investors, other interest costs, and transaction costs associated with sales of residential MSRs. (2)Estimated future amortization expense for commercial MSRs was $70 million for the remainder of 2026, and $120 million, $108 million, $84 million, $68 million, and $45 million for the years ended December 31, 2027, 2028, 2029, 2030, and 2031, respectively. (3)Represents the reduction in the cash flows expected to be collected during the period, net of income accreted due to the passage of time, for residential MSRs measured using the fair value method. (4)Residential MSRs are economically hedged with derivative instruments to reduce exposure to changes in market interest rates. See Note 10 (Derivatives) for additional information. (5)Refer to the analysis of changes in residential MSRs presented in Table 6.1 in this Note for more detail. (6)Includes net gains (losses) of $8 million and $29 million in the second quarter and first half of 2026, respectively, and $(2) million and $(14) million in the second quarter and first half of 2025, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. 84 Wells Fargo & Company Note 7: Leasing Activity The information below provides a summary of our leasing activities as a lessor and lessee. See Note 7 (Leasing Activity) in our 2025 Form 10-K for additional information about our leasing activities. As a Lessor Noninterest income on leases, as shown in Table 7.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $57 million and $154 million for the quarters ended June 30, 2026 and 2025, respectively, and $119 million and $311 million for the first half of 2026 and 2025, respectively. Table 7.1: Leasing Revenue (1) Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Interest income on lease financing $ 224 234 $ 447 466 Other lease revenue: Lease financing 20 21 43 46 Operating leases 81 234 164 467 Other lease-related revenue (2) 5 9 19 23 Noninterest income on leases 106 264 226 536 Total leasing revenue $ 330 498 $ 673 1,002 (1) In January 2026, we closed the sale of our rail car leasing business, which included finance leases and operating leases. (2) Includes net gains or (losses) on disposition of assets leased under operating leases or lease financings. As a Lessee Table 7.2 presents balances for our operating leases. Table 7.2: Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities (in millions) Jun 30, 2026 Dec 31, 2025 ROU assets $ 3,633 3,641 Lease liabilities 4,138 4,162 Total lease costs, which are included in occupancy expense, were $295 million and $283 million for the quarters ended June 30, 2026 and 2025, respectively, and $602 million and $593 million for the first half of 2026 and 2025, respectively. Wells Fargo & Company 85 Note 8: Preferred Stock and Common Stock We are authorized to issue 20 million shares of preferred stock, without par value. Outstanding shares of preferred stock rank senior to shares of common stock both as to the payment of dividends and liquidation preferences, but have no general voting rights. All outstanding preferred stock with a liquidation preference value, except for Series L Preferred Stock, may be redeemed for its liquidation preference value, plus any accrued but unpaid dividends, on any dividend payment date on or after the earliest redemption date for that series. Additionally, these same series of preferred stock may be redeemed following a “regulatory capital treatment event,” as described in the terms of each series. Capital actions, including redemptions of our preferred stock, may be subject to regulatory approval or conditions. In addition, we are authorized to issue 4 million shares of preference stock, without par value, and we have not issued any stock under this authorization. If issued, the preference stock would be limited to one vote per share. In March 2026, we redeemed our Preferred Stock, Series BB, and issued our Preferred Stock, Series GG. Table 8.1 summarizes information about our preferred stock. Table 8.1: Preferred Stock June 30, 2026 December 31, 2025 (in millions, except shares) Earliest redemption date Shares authorized and designated Shares issued and outstanding Liquidation preference value Carrying value Shares authorized and designated Shares issued and outstanding Liquidation preference value Carrying value DEP Shares Dividend Equalization Preferred Shares (DEP) Currently redeemable 97,000 96,546 $ — — 97,000 96,546 $ — — Preferred Stock: Series L (1) 7.50% Non-Cumulative Perpetual Convertible Class A — 4,025,000 3,967,900 3,968 3,200 4,025,000 3,967,900 3,968 3,200 Series Y 5.625% Non-Cumulative Perpetual Class A Currently redeemable 27,600 27,600 690 690 27,600 27,600 690 690 Series Z 4.75% Non-Cumulative Perpetual Class A Currently redeemable 80,500 80,500 2,013 2,013 80,500 80,500 2,013 2,013 Series AA 4.70% Non-Cumulative Perpetual Class A Currently redeemable 46,800 46,800 1,170 1,170 46,800 46,800 1,170 1,170 Series BB 3.90% Fixed-Reset Non-Cumulative Perpetual Class A Redeemed — — — — 140,400 140,400 3,510 3,510 Series CC 4.375% Non-Cumulative Perpetual Class A Currently redeemable 46,000 42,000 1,050 1,050 46,000 42,000 1,050 1,050 Series DD 4.25% Non-Cumulative Perpetual Class A 9/15/2026 50,000 50,000 1,250 1,250 50,000 50,000 1,250 1,250 Series EE 7.625% Fixed-Reset Non-Cumulative Perpetual Class A 9/15/2028 69,000 69,000 1,725 1,725 69,000 69,000 1,725 1,725 Series FF 6.85% Fixed-Reset Non-Cumulative Perpetual Class A 9/15/2029 80,000 80,000 2,000 2,000 80,000 80,000 2,000 2,000 Series GG 6.125% Fixed-Reset Non-Cumulative Perpetual Class A 6/15/2031 90,000 90,000 2,250 2,250 — — — — Total 4,611,900 4,550,346 $ 16,116 15,348 4,662,300 4,600,746 $ 17,376 16,608 (1)At the option of the holder, each share of Series L Preferred Stock may be converted at any time into 6.3814 shares of common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments. If converted within 30 days of certain liquidation or change of control events, the holder may receive up to 16.5916 additional shares, or, at our option, receive an equivalent amount of cash in lieu of common stock. We may convert some or all of the Series L Preferred Stock into shares of common stock if the closing price of our common stock exceeds 130 percent of the conversion price of the Series L Preferred Stock for 20 trading days during any period of 30 consecutive trading days. We declared quarterly dividends of $74 million on Series L Preferred Stock in each quarter during 2025 and the first half of 2026. Table 8.2 presents our common stock shares outstanding. Table 8.2: Common Stock Shares Outstanding Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Balance, beginning of period 3,064.3 3,261.7 3,092.6 3,288.9 Issued 1.6 2.6 19.6 19.9 Repurchased (37.4) (43.9) (83.7) (88.4) Balance, end of period 3,028.5 3,220.4 3,028.5 3,220.4 86 Wells Fargo & Company Note 9: Legal Actions The Company is involved in a number of judicial, regulatory, governmental, arbitration, and other proceedings or investigations that expose the Company to potential financial losses or other adverse consequences. These proceedings and investigations include actions brought against Wells Fargo and/or our subsidiaries with respect to corporate-related matters and transactions in which Wells Fargo and/or our subsidiaries were involved. In addition, Wells Fargo and our subsidiaries may be requested to provide information to or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. We recognize accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, we recognize the amount we consider to be the best estimate within a range of potential losses that are both probable and estimable. If we cannot determine a best estimate, we recognize the amount at the low end of the range of those potential losses. There can be no assurance as to the ultimate outcome of legal actions, including the matters described below, and the actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions. ADVISORY ACCOUNT CASH SWEEP LITIGATION. Putative class actions have been filed in federal district courts alleging that the Company breached its fiduciary duties or agreements with regard to rates paid to investment advisory clients in its cash sweep program. These actions have been consolidated in the United States District Court for the Northern District of California. ANTI-MONEY LAUNDERING AND ECONOMIC SANCTIONS RELATED INVESTIGATIONS. Government authorities are conducting inquiries or investigations regarding issues related to the Company’s anti-money laundering and sanctions programs. On September 12, 2024, the Company announced that Wells Fargo Bank, N.A. entered into a formal agreement with the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering and sanctions risk management practices. FAIR ACCESS TO BANKING INVESTIGATIONS. Government agencies are conducting inquiries or investigations related to fair access to banking, including pursuant to Executive Order 14331 (Guaranteeing Fair Banking for All Americans), which directed a review by certain government agencies of financial institutions’ policies and practices for providing, maintaining, or discontinuing financial products or services to customers or potential customers. HIRING PRACTICES MATTERS. Government agencies, including the United States Department of Justice and the United States Securities and Exchange Commission (SEC), have undertaken formal or informal inquiries or investigations regarding the Company’s hiring practices related to diversity. The United States Department of Justice and the SEC have since closed their investigations without taking action. A securities fraud class action has also been filed in the United States District Court for the Northern District of California alleging that the Company and certain of its executive officers made false or misleading statements about the Company’s hiring practices related to diversity. On May 21, 2026, the court granted final approval of an agreement pursuant to which the Company agreed to pay $85 million to resolve the securities fraud class action. Allegations related to the Company’s hiring practices related to diversity were also among the subjects of a shareholder derivative lawsuit in the United States District Court for the Northern District of California. On May 15, 2026, the court granted final approval of an agreement to resolve the shareholder derivative lawsuit. HOME MORTGAGE DISCRIMINATION LITIGATION. Plaintiffs proposing to represent a class of home mortgage applicants and customers filed putative class actions against Wells Fargo alleging that Wells Fargo’s mortgage lending policies and practices resulted in disparate treatment and disparate impact against minority applicants. These actions have been consolidated in the United States District Court for the Northern District of California. In August 2025, the district court denied class certification and plaintiffs’ interlocutory appeal of the decision was denied in January 2026. Similar allegations related to the Company’s home mortgage lending practices were also among the subjects of a shareholder derivative lawsuit in the United States District Court for the Northern District of California. On May 15, 2026, the court granted final approval of an agreement to resolve the shareholder derivative lawsuit. INTERCHANGE LITIGATION. Plaintiffs representing a class of merchants have filed putative class actions, and individual merchants have filed individual actions, alleging that Visa and Mastercard, as well as certain payment card issuing banks including Wells Fargo, unlawfully colluded to set interchange rates associated with Visa and Mastercard payment card transactions and that enforcement of certain Visa and Mastercard rules and alleged tying and bundling of services offered to merchants were anticompetitive. These actions have been consolidated in the United States District Court for the Eastern District of New York. Wells Fargo, along with other defendants and entities, are parties to loss and judgment sharing agreements, which provide that they, along with other entities, will share, based on a formula, in any losses or judgments from the relevant litigation. In July 2012, Visa, Mastercard, and the financial institution defendants, including Wells Fargo, agreed to pay a total of approximately $6.6 billion in order to settle the consolidated action. Several merchants opted out of the settlement and are pursuing individual actions. In June 2016, the United States Court of Appeals for the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the district court for further proceedings. In November 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties entered into a settlement agreement to resolve the damages class claims pursuant to which defendants agreed to pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining in escrow from the 2012 settlement and $900 million in additional funding. Wells Fargo’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was affirmed by the Second Circuit on March 15, 2023. On September 27, 2021, the district court granted the plaintiffs’ motion for class certification in the equitable relief case. On June 9, 2026, the court granted preliminary approval of a settlement agreement entered into by Visa and Mastercard to resolve the equitable Wells Fargo & Company 87 Note 9: Legal Actions (continued) relief class claims. Some of the opt-out and direct-action cases have been settled while others remain pending. SEMINOLE TRIBE TRUSTEE LITIGATION. The Seminole Tribe of Florida filed a complaint in Florida state court alleging that Wells Fargo, as trustee, charged excess fees in connection with the administration of a minor’s trust and failed to invest the assets of the trust prudently. The complaint was later amended to include three individual current and former beneficiaries as plaintiffs and to remove the Tribe as a party to the case. In March 2025, a trial verdict was entered against Wells Fargo. Wells Fargo has appealed. OUTLOOK. As described above, the Company recognizes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. The high end of the range of reasonably possible losses in excess of the Company’s accrual for probable and estimable losses was approximately $1.5 billion as of June 30, 2026. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the recognized accrual or the range of reasonably possible loss. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of the actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period. 88 Wells Fargo & Company Note 10: Derivatives We use derivatives to manage exposure to market risk, including interest rate risk, commodity and equity price risk, foreign currency risk, and credit risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships (fair value or cash flow hedges). Our remaining derivatives consist of economic hedges that do not qualify for, or we have elected not to apply, hedge accounting and derivatives held for customer accommodation trading purposes. For additional information on our derivative activities, see Note 13 (Derivatives) in our 2025 Form 10-K. Table 10.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recognized on our consolidated balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which derivative cash flows are determined. Table 10.1: Notional or Contractual Amounts and Fair Values of Derivatives June 30, 2026 December 31, 2025 Notional or contractual amount Fair value Notional or contractual amount Fair value Derivative assets Derivative liabilities Derivative assets Derivative liabilities (in millions) Derivatives designated as hedging instruments Interest rate contracts $ 522,894 555 1,165 377,837 447 852 Commodity contracts 17,554 23 27 8,854 2 279 Foreign exchange contracts 5,432 6 286 6,455 24 180 Total derivatives designated as qualifying hedging instruments 584 1,478 473 1,311 Derivatives not designated as hedging instruments Interest rate contracts 11,475,877 19,620 20,640 11,919,067 21,896 21,923 Commodity contracts 162,959 7,220 4,292 117,863 3,245 4,126 Equity contracts 701,879 28,194 29,867 634,436 20,788 22,714 Foreign exchange contracts 6,496,069 57,357 55,745 5,601,838 38,047 36,797 Credit contracts 66,808 135 110 62,336 81 85 Total derivatives not designated as hedging instruments 112,526 110,654 84,057 85,645 Total derivatives before netting 113,110 112,132 84,530 86,956 Netting (88,362) (96,911) (62,720) (73,332) Total $ 24,748 15,221 21,810 13,624 Balance Sheet Offsetting We execute substantially all of our derivative transactions under master netting arrangements. When legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. We reflect all derivative balances and related cash collateral subject to legally enforceable master netting arrangements on a net basis within trading assets and trading liabilities on our consolidated balance sheet. We do not net non-cash collateral that we receive or pledge against derivative balances on our consolidated balance sheet. For disclosure purposes, we present Total derivatives, net which represents the aggregate of our net exposure to each counterparty after considering the balance sheet netting adjustments and any non-cash collateral. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty-specific credit risk limits, using master netting arrangements and obtaining collateral. Table 10.2 provides information on the fair values of derivative assets and liabilities subject to legally enforceable master netting arrangements with the same counterparty, the balance sheet netting adjustments and the resulting net fair value amount recognized on our consolidated balance sheet, as well as the non-cash collateral associated with such arrangements. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 14 (Securities Financing Activities). Wells Fargo & Company 89 Note 10: Derivatives (continued) Table 10.2: Offsetting of Derivative Assets and Liabilities June 30, 2026 December 31, 2025 (in millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Interest rate contracts Over-the-counter (OTC) $ 19,157 20,314 20,594 20,835 OTC cleared 400 368 445 366 Exchange traded 21 7 58 65 Total interest rate contracts 19,578 20,689 21,097 21,266 Commodity contracts OTC 3,484 3,513 2,432 3,764 Exchange traded 2,982 512 405 252 Total commodity contracts 6,466 4,025 2,837 4,016 Equity contracts OTC 8,712 15,544 6,836 12,149 Exchange traded 17,204 11,911 12,274 8,476 Total equity contracts 25,916 27,455 19,110 20,625 Foreign exchange contracts OTC 56,931 55,740 37,437 36,757 Total foreign exchange contracts 56,931 55,740 37,437 36,757 Credit contracts OTC 126 99 81 83 Total credit contracts 126 99 81 83 Total derivatives subject to enforceable master netting arrangements, gross 109,017 108,008 80,562 82,747 Less: Gross amounts offset Counterparty netting (1) (82,047) (81,898) (57,957) (57,777) Cash collateral netting (6,315) (15,013) (4,763) (15,555) Total derivatives subject to enforceable master netting arrangements, net 20,655 11,097 17,842 9,415 Derivatives not subject to enforceable master netting arrangements 4,093 4,124 3,968 4,209 Total derivatives recognized in consolidated balance sheet, net 24,748 15,221 21,810 13,624 Non-cash collateral (5,144) (3,305) (4,906) (3,091) Total derivatives, net $ 19,604 11,916 16,904 10,533 (1)Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset on our consolidated balance sheet, including portfolio level valuation adjustments related to customer accommodation and other trading derivatives. These valuation adjustments were substantially all related to interest rate and foreign exchange contracts. Table 10.7 and Table 10.8 present information related to derivative valuation adjustments. Fair Value and Cash Flow Hedges For fair value hedges, we use interest rate swaps to convert certain of our fixed-rate long-term debt and time certificates of deposit to floating rates to hedge our exposure to interest rate risk. We also enter into cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge our exposure to foreign currency risk and interest rate risk associated with the issuance of non-U.S. dollar denominated long-term debt. We also enter into futures contracts, forward contracts, and swap contracts to hedge our exposure to the price risk of physical commodities inventory included in trading assets on our consolidated balance sheet. In addition, we use interest rate swaps, cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge against changes in fair value of certain investments in AFS debt securities due to changes in interest rates, foreign currency rates, or both. For certain fair value hedges of interest rate risk, we use the portfolio layer method to hedge stated amounts of closed portfolios of AFS debt securities. For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps and forward contracts attributable to changes in cross-currency basis spreads and the spot-forward difference, respectively, are excluded from the assessment of hedge effectiveness. Excluded components are either recognized in other comprehensive income (OCI) and amortized into earnings over the life of the derivative or recognized directly in earnings. See Note 20 (Other Comprehensive Income) for the amounts recognized in OCI. For cash flow hedges, we use interest rate swaps and swaptions to hedge the variability in interest payments received on certain interest-earning deposits with banks and certain floating-rate commercial loans. We also use cross-currency swaps to hedge variability in interest payments on fixed-rate foreign currency-denominated long-term debt due to changes in foreign exchange rates. For certain cash flow hedges of interest rate risk, changes in fair value of swaptions attributable to changes in time value and volatility are excluded from the assessment of hedge effectiveness and recognized in OCI. See Note 20 (Other Comprehensive Income) for the amounts recognized in OCI. We estimate $591 million pre-tax of deferred net losses related to cash flow hedges in OCI at June 30, 2026, will be reclassified into net interest income during the next 12 months. For cash flow hedges as of June 30, 2026, we are hedging our interest rate and foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of approximately 9 years. For additional information on our accounting hedges, see Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K. 90 Wells Fargo & Company Table 10.3 and Table 10.4 show the net gains (losses) related to derivatives in cash flow and fair value hedging relationships, respectively. Table 10.3: Gains (Losses) Recognized on Cash Flow Hedging Relationships Net interest income Total recognized in net income Total recognized in OCI (in millions) Interest-earning deposits with banks (1) Loans Long-term debt Derivative gains (losses) Derivative gains (losses) Quarter ended June 30, 2026 Total amounts presented in the consolidated statement of income and other comprehensive income $ 1,351 14,301 (2,386) N/A (675) Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (36) (31) — (67) 67 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A (743) Total gains (losses) (pre-tax) on interest rate contracts (36) (31) — (67) (676) Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — — (1) (1) 1 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A — Total gains (losses) (pre-tax) on foreign exchange contracts — — (1) (1) 1 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (36) (31) (1) (68) (675) Quarter ended June 30, 2025 Total amounts presented in the consolidated statement of income and other comprehensive income (1) $ 1,353 13,573 (2,609) N/A 448 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (58) (105) — (163) 163 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A 279 Total gains (losses) (pre-tax) on interest rate contracts (58) (105) — (163) 442 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — — (1) (1) 1 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A — Total gains (losses) (pre-tax) on foreign exchange contracts — — (1) (1) 1 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (58) (105) (1) (164) 443 Six months ended June 30, 2026 Total amounts presented in the consolidated statement of income and other comprehensive income $ 2,619 28,110 (4,772) N/A (1,140) Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (74) (72) — (146) 146 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A (1,300) Total gains (losses) (pre-tax) on interest rate contracts (74) (72) — (146) (1,154) Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — — (2) (2) 2 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A — Total gains (losses) (pre-tax) on foreign exchange contracts — — (2) (2) 2 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (74) (72) (2) (148) (1,152) Six months ended June 30, 2025 Total amounts presented in the consolidated statement of income and other comprehensive income (1) $ 2,826 26,930 (5,191) N/A 1,041 Interest rate contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income (113) (190) — (303) 303 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A 723 Total gains (losses) (pre-tax) on interest rate contracts (113) (190) — (303) 1,026 Foreign exchange contracts: Realized gains (losses) (pre-tax) reclassified from OCI into net income — — (3) (3) 3 Net unrealized gains (losses) (pre-tax) recognized in OCI N/A N/A N/A N/A — Total gains (losses) (pre-tax) on foreign exchange contracts — — (3) (3) 3 Total gains (losses) (pre-tax) recognized on cash flow hedges $ (113) (190) (3) (306) 1,029 (1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). Wells Fargo & Company 91 Note 10: Derivatives (continued) Table 10.4: Gains (Losses) Recognized on Fair Value Hedging Relationships Net interest income Noninterest income Total recognized in net income Total recognized in OCI (in millions) Available-for-sale and held-to-maturity debt securities (1) Deposits Long-term debt Net gains from trading and securities (1) Derivative gains (losses) Derivative gains (losses) Quarter ended June 30, 2026 Total amounts presented in the consolidated statement of income and other comprehensive income $ 3,708 (5,516) (2,386) 2,241 N/A (675) Interest rate contracts Amounts related to cash flows on derivatives 3 11 (190) — (176) N/A Recognized on derivatives 920 (128) (677) — 115 — Recognized on hedged items (918) 127 686 — (105) N/A Total gains (losses) (pre-tax) on interest rate contracts 5 10 (181) — (166) — Foreign exchange contracts Amounts related to cash flows on derivatives — — (22) — (22) N/A Recognized on derivatives — — 28 (40) (12) — Recognized on hedged items — — (32) 40 8 N/A Total gains (losses) (pre-tax) on foreign exchange contracts — — (26) — (26) — Commodity contracts Recognized on derivatives — — — 1,519 1,519 — Recognized on hedged items — — — (1,178) (1,178) N/A Total gains (losses) (pre-tax) on commodity contracts — — — 341 341 — Total gains (losses) (pre-tax) recognized on fair value hedges $ 5 10 (207) 341 149 — Quarter ended June 30, 2025 Total amounts presented in the consolidated statement of income and other comprehensive income (1) $ 3,455 (5,061) (2,609) 1,495 N/A 448 Interest rate contracts Amounts related to cash flows on derivatives 84 — (502) — (418) N/A Recognized on derivatives (405) 15 963 — 573 — Recognized on hedged items 403 (15) (980) — (592) N/A Total gains (losses) (pre-tax) on interest rate contracts 82 — (519) — (437) — Foreign exchange contracts Amounts related to cash flows on derivatives — — (16) — (16) N/A Recognized on derivatives — — 16 41 57 5 Recognized on hedged items — — (22) (40) (62) N/A Total gains (losses) (pre-tax) on foreign exchange contracts — — (22) 1 (21) 5 Commodity contracts Recognized on derivatives — — — (539) (539) — Recognized on hedged items — — — 646 646 N/A Total gains (losses) (pre-tax) on commodity contracts — — — 107 107 — Total gains (losses) (pre-tax) recognized on fair value hedges $ 82 — (541) 108 (351) 5 (continued on following page) 92 Wells Fargo & Company (continued from previous page) Net interest income Noninterest income Total recognized in net income Total recognized in OCI (in millions) Available-for-sale and held-to-maturity debt securities (1) Deposits Long-term debt Net gains from trading and securities (1) Derivative gains (losses) Derivative gains (losses) Six months ended June 30, 2026 Total amounts presented in the consolidated statement of income and other comprehensive income $ 7,252 (10,490) (4,772) 3,764 N/A (1,140) Interest rate contracts Amounts related to cash flows on derivatives 28 30 (408) — (350) N/A Recognized on derivatives 1,437 (277) (1,139) — 21 — Recognized on hedged items (1,433) 279 1,149 — (5) N/A Total gains (losses) (pre-tax) on interest rate contracts 32 32 (398) — (334) — Foreign exchange contracts Amounts related to cash flows on derivatives 5 — (44) — (39) N/A Recognized on derivatives — — (21) (81) (102) 12 Recognized on hedged items — — 12 81 93 N/A Total gains (losses) (pre-tax) on foreign exchange contracts 5 — (53) — (48) 12 Commodity contracts Recognized on derivatives — — — 2,019 2,019 — Recognized on hedged items — — — (1,687) (1,687) N/A Total gains (losses) (pre-tax) on commodity contracts — — — 332 332 — Total gains (losses) (pre-tax) recognized on fair value hedges $ 37 32 (451) 332 (50) 12 Six months ended June 30, 2025 Total amounts presented in the consolidated statement of incomeand other comprehensive income (1) $ 6,776 (10,270) (5,191) 2,389 N/A 1,041 Interest rate contracts Amounts related to cash flows on derivatives 148 25 (1,038) — (865) N/A Recognized on derivatives (977) 56 3,007 — 2,086 — Recognized on hedged items 971 (57) (3,035) — (2,121) N/A Total gains (losses) (pre-tax) on interest rate contracts 142 24 (1,066) — (900) — Foreign exchange contracts Amounts related to cash flows on derivatives — — (34) — (34) N/A Recognized on derivatives — — 15 77 92 12 Recognized on hedged items — — (27) (76) (103) N/A Total gains (losses) (pre-tax) on foreign exchange contracts — — (46) 1 (45) 12 Commodity contracts Recognized on derivatives — — — (1,877) (1,877) — Recognized on hedged items — — — 1,995 1,995 N/A Total gains (losses) (pre-tax) on commodity contracts — — — 118 118 — Total gains (losses) (pre-tax) recognized on fair value hedges $ 142 24 (1,112) 119 (827) 12 (1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). Wells Fargo & Company 93 Note 10: Derivatives (continued) Table 10.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships. Table 10.5: Hedged Items in Fair Value Hedging Relationships Hedged items currently designated Hedged items no longer designated (in millions) Carrying amountof assets/(liabilities) (1)(2) Hedge accounting basis adjustment assets/(liabilities) (3) Carrying amountof assets/(liabilities) (1)(2) Hedge accountingbasis adjustmentassets/(liabilities) June 30, 2026 Available-for-sale debt securities (4)(5) $ 125,871 (1,707) 23,778 257 Trading assets (6) 12,978 (531) — — Interest-bearing deposits (93,116) 149 — — Long-term debt (155,785) 10,902 — — December 31, 2025 Available-for-sale debt securities (4)(5) $ 94,388 (698) 21,489 285 Trading assets (6) 9,107 1,726 — — Interest-bearing deposits (64,595) (130) — — Long-term debt (154,397) 9,825 — — (1)Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $0 and $892 million for AFS debt securities where only foreign currency risk is the designated hedged risk as of June 30, 2026, and December 31, 2025, respectively. (2)Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented. (3)The balance includes $(470) million, $(36) million, and $453 million of AFS debt securities, trading assets, and long-term debt cumulative basis adjustments, respectively, as of June 30, 2026, and $10 million, $100 million, and $455 million of AFS debt securities, trading assets, and long-term debt cumulative basis adjustments, respectively, as of December 31, 2025, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges. (4)Carrying amount represents the amortized cost. (5)At June 30, 2026, and December 31, 2025, the amortized cost of closed portfolios of AFS debt securities using the portfolio layer method was $52.4 billion and $43.2 billion, respectively, of which $19.8 billion and $15.3 billion was designated as hedged, respectively. The balance includes cumulative basis adjustments of $(181) million and $75 million as of June 30, 2026, and December 31, 2025, respectively, related to certain AFS debt securities designated as the hedged item in a fair value hedge using the portfolio layer method. (6)Trading assets consists of hedged physical commodities inventory. Derivatives Not Designated as Hedging Instruments Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes. Economic hedge and other derivatives do not qualify for, or we have elected not to apply, hedge accounting. We use economic hedge derivatives to manage our non-trading exposures to interest rate risk, equity price risk, foreign currency risk, and credit risk. Other derivatives include non-economic hedges not part of our portfolio of customer accommodation trading derivatives. For additional information on customer accommodation trading derivatives, see Note 13 (Derivatives) in our 2025 Form 10-K. Table 10.6 shows the net gains (losses) related to economic hedge and other derivatives. Gains (losses) on customer accommodation trading derivatives are excluded from Table 10.6. See Note 17 (Revenue and Expenses) for additional information on net gains and (losses) from trading activities. Table 10.6: Gains (Losses) on Economic Hedge and Other Derivatives Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Interest rate contracts (1) $ (43) 22 $ (17) 245 Equity contracts (2) 499 280 417 48 Foreign exchange contracts (3) 45 (461) 454 (745) Credit contracts (4) (30) (38) (35) (43) Net gains (losses) recognized related to economic hedge derivatives $ 471 (197) $ 819 (495) (1)Includes economic hedge and other derivative gains and (losses) related to mortgage banking activities, which were recognized in mortgage banking noninterest income. These activities include derivative loan commitments and hedges of residential MSRs, residential mortgage LHFS, derivative loan commitments, and other interests held. For additional information on our mortgage banking interest rate contracts, see Note 6 (Mortgage Banking Activities). Other derivative gains and (losses) not related to mortgage banking were recognized in other noninterest income. (2)Includes derivative gains and (losses) used to economically hedge the deferred compensation plan liabilities, which were recognized in personnel noninterest expense, and other derivative instruments related to our previous sales of shares of Visa Inc. Class B common stock, which were recognized in other noninterest income. (3)Includes derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and (losses) were recognized in net gains from trading and securities within noninterest income. (4)Includes credit derivatives used to hedge certain loan exposures. Gains and (losses) were recognized in other noninterest income. 94 Wells Fargo & Company DERIVATIVE VALUATION ADJUSTMENTS. We incorporate certain adjustments in determining the fair value of our derivatives, including credit valuation adjustments (CVA) to reflect counterparty credit risk related to derivative assets, debit valuation adjustments (DVA) to reflect Wells Fargo’s own credit risk related to derivative liabilities, and funding valuation adjustments (FVA) to reflect the funding cost of uncollateralized or partially collateralized derivative assets and liabilities. CVA, which considers the effects of enforceable master netting agreements and collateral arrangements, reflects market-based views of the credit quality of each counterparty. We estimate CVA based on observed credits spreads in the credit default swap market and indices indicative of the credit quality of the counterparties to our derivatives. Table 10.7 presents the impact of derivative valuation adjustments (excluding the effect of any related hedges), which are included in net gains (losses) from trading and securities on the consolidated statement of income. For additional information, see Note 17 (Revenue and Expenses). Table 10.7: Net Gains (Losses) from Derivative Valuation Adjustments Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 CVA $ 45 (36) $ (17) (59) DVA (30) 10 49 (8) FVA 7 (26) (2) (47) Total $ 22 (52) $ 30 (114) Table 10.8 presents the impact of derivative valuation adjustments on derivative fair values. Table 10.8: Derivative Valuation Adjustments Contra Liability (Contra Asset) (in millions) Jun 30, 2026 Dec 31, 2025 CVA $ (303) (286) DVA 248 200 FVA, net (94) (93) Total derivative valuation adjustments $ (149) (179) Credit Derivatives Credit derivative contracts transfer the credit risk of a reference asset or entity from one party (the purchaser of credit protection) to another party (the seller of credit protection). We use credit derivatives to assist customers in managing their risks, to manage our counterparty credit risk, and to hedge certain loan exposures. We act as both a purchaser and seller of credit protection. We may purchase and sell credit protection on corporate debt obligations through the use of credit default swaps, risk participation swaps or other credit derivatives. As a seller of credit protection, we would be required to perform under the sold credit derivatives in the event of default by the referenced obligors, such as bankruptcy, capital restructuring or lack of principal and/or interest payment. Table 10.9 provides details of sold credit derivatives. Table 10.9: Sold Credit Derivatives Credit protection sold – Notional amount (in millions) Total Non-investment grade June 30, 2026 Credit default swaps $ 15,980 1,261 Risk participation swaps 6,406 4,164 Total credit derivatives $ 22,386 5,425 December 31, 2025 Credit default swaps $ 12,568 922 Risk participation swaps 6,208 4,052 Total credit derivatives $ 18,776 4,974 Total credit protection sold represents the estimated maximum exposure to loss that would be incurred if, upon an event of default, the value of our interests and any associated collateral declined to zero. Maximum exposure does not take into consideration any recovery value from the referenced obligation or offset from collateral held or any economic hedges. Non-investment grade amounts represent those credit derivatives with a higher risk of us being required to perform under the terms of the credit derivative based on the risk of the underlying assets. We consider the credit risk to be low if the underlying assets referenced by the credit derivative have an external rating that is investment grade. If an external rating is not available, we classify the credit derivative as non-investment grade. We manage our maximum exposure to sold credit derivatives by requiring collateral from our counterparties, which may include cash and non-cash collateral, and entering into purchased credit derivatives with identical or similar reference positions in order to achieve our desired credit risk profile. Our credit risk management approach is designed to provide the ability to recover amounts that would be paid under sold credit derivatives. Credit-Risk Contingent Features Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. Table 10.10 illustrates our exposure to OTC bilateral derivative contracts with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade. Table 10.10: Credit-Risk Contingent Features (in billions) Jun 30, 2026 Dec 31, 2025 Net derivative liabilities with credit-risk contingent features $ 28.0 26.3 Collateral posted 23.9 22.7 Additional collateral to be posted upon a below investment grade credit rating (1) 4.1 3.7 (1)Any credit rating below investment grade requires us to post the maximum amount of collateral. Wells Fargo & Company 95 Note 11: Fair Value Measurements We use fair value measurements to recognize fair value adjustments to certain assets and liabilities and to fulfill fair value disclosure requirements. Assets and liabilities recognized at fair value on a recurring basis are presented in Table 11.1 in this Note. Additionally, from time to time, we recognize fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of an accounting method such as lower of cost or fair value (LOCOM) and the measurement alternative, or write-downs of individual assets. Assets recognized at fair value on a nonrecurring basis are presented in Table 11.4 in this Note. We provide in Table 11.9 estimates of fair value for financial instruments that are not recognized at fair value, such as loans and debt liabilities carried at amortized cost. See Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K for a discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K. FAIR VALUE HIERARCHY. We classify our assets and liabilities recognized at fair value as either Level 1, 2, or 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations that include one or more significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K for a detailed description of the fair value hierarchy. In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness of transactions, and our understanding of the valuation techniques and significant inputs used. This determination is ultimately based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the unobservable inputs to the instruments’ fair value measurement in its entirety. If one or more unobservable inputs is considered significant, the instrument is classified as Level 3. We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy. 96 Wells Fargo & Company Assets and Liabilities Recognized at Fair Value on a Recurring Basis Table 11.1 presents the balances of assets and liabilities recognized at fair value on a recurring basis. Table 11.1: Fair Value on a Recurring Basis June 30, 2026 December 31, 2025 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Trading assets: Debt securities: Securities of U.S. Treasury and federal agencies $ 63,428 4,929 8 68,365 51,376 3,421 — 54,797 Collateralized loan obligations — 904 85 989 — 859 77 936 Corporate debt securities — 17,078 17 17,095 — 19,349 15 19,364 Federal agency mortgage-backed securities — 67,804 — 67,804 — 69,836 — 69,836 Non-agency mortgage-backed securities — 1,919 1 1,920 — 1,692 1 1,693 Other debt securities — 6,276 3 6,279 — 7,236 — 7,236 Total trading debt securities 63,428 98,910 114 162,452 51,376 102,393 93 153,862 Equity securities (1) 33,926 4,029 4 37,959 32,322 5,948 4 38,274 Physical commodities inventory 5,379 7,599 — 12,978 3,430 5,677 — 9,107 Trading loans — 4,821 210 5,031 — 4,813 69 4,882 Derivative assets (gross): Interest rate contracts 17 19,958 200 20,175 58 21,985 300 22,343 Commodity contracts 272 6,840 131 7,243 38 3,096 113 3,247 Equity contracts — 27,694 500 28,194 — 20,636 152 20,788 Foreign exchange contracts — 57,356 7 57,363 — 38,069 2 38,071 Credit contracts — 129 6 135 — 51 30 81 Total derivative assets (gross) 289 111,977 844 113,110 96 83,837 597 84,530 Total trading assets prior to derivative netting $ 103,022 227,336 1,172 331,530 87,224 202,668 763 290,655 Derivative netting (2) (88,362) (62,720) Total trading assets after derivative netting $ 243,168 227,935 Available-for-sale debt securities: Securities of U.S. Treasury and federal agencies $ 81,122 — — 81,122 51,809 — — 51,809 Securities of U.S. states and political subdivisions — 10,463 12 10,475 — 10,383 14 10,397 Federal agency mortgage-backed securities — 146,572 — 146,572 — 140,080 — 140,080 Non-agency mortgage-backed securities — 1,800 2 1,802 — 2,124 2 2,126 Collateralized loan obligations — 9,806 — 9,806 — 7,904 — 7,904 Other debt securities — 333 216 549 — 1,040 217 1,257 Total available-for-sale debt securities 81,122 168,974 230 250,326 51,809 161,531 233 213,573 Loans held for sale (3) — 856 57 913 — 721 107 828 Mortgage servicing rights (residential) (3) — — 5,343 5,343 — — 5,696 5,696 Equity securities (1) 2,302 20 72 2,394 1,941 — 67 2,008 Other assets 345 — 181 526 311 — 161 472 Total assets measured at fair value on a recurring basis $ 186,791 397,186 7,055 591,032 141,285 364,920 7,027 513,232 Trading liabilities: Securities sold, not yet purchased $ (33,433) (7,977) — (41,410) (24,581) (7,261) (2) (31,844) Derivative liabilities gross: Interest rate contracts (7) (21,254) (544) (21,805) (65) (22,268) (442) (22,775) Commodity contracts (275) (3,940) (104) (4,319) (79) (4,265) (61) (4,405) Equity contracts — (28,431) (1,436) (29,867) — (21,438) (1,276) (22,714) Foreign exchange contracts — (55,997) (34) (56,031) — (36,975) (2) (36,977) Credit contracts — (86) (24) (110) — (57) (28) (85) Total derivative liabilities (gross) (282) (109,708) (2,142) (112,132) (144) (85,003) (1,809) (86,956) Total trading liabilities prior to derivative netting (33,715) (117,685) (2,142) (153,542) (24,725) (92,264) (1,811) (118,800) Derivative netting (2) 96,911 73,332 Total trading liabilities after derivative netting $ (56,631) (45,468) Long-term debt — (12,435) (206) (12,641) — (7,082) — (7,082) Other liabilities — (345) (42) (387) — (311) (46) (357) Total liabilities measured at fair value on a recurring basis $ (33,715) (130,465) (2,390) (166,570) (24,725) (99,657) (1,857) (126,239) (1)Trading equity securities includes $900 million of securities acquired in second quarter 2026 subject to a contractual lock-up period restricting the sale of the securities until third quarter 2026. See Note 4 (Equity Securities) for information on contractual lock-up periods related to non-trading equity securities. (2)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level valuation adjustments. See Note 10 (Derivatives) for additional information. (3)Loans held for sale and mortgage servicing rights are included in other assets on our consolidated balance sheet. Wells Fargo & Company 97 Note 11: Fair Value Measurements (continued) Level 3 Assets and Liabilities Recognized at Fair Value on a Recurring Basis Table 11.2 presents the changes in Level 3 assets and liabilities recognized at fair value on a recurring basis. Table 11.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis Net unrealized gains (losses) related to assets and liabilities held at period end (2)(6) (in millions) Balance, beginning of period Net gains/(losses) (1)(2) Purchases (3) Sales Settlements Transfers into Level 3 (4) Transfers out of Level 3 (5) Balance, end of period Quarter ended June 30, 2026 Trading assets (7): Debt instruments (8) $ 215 (8) 72 (58) (6) 115 (6) 324 (10) Net derivative assets and liabilities: Interest rate contracts (271) (114) — — 25 — 16 (344) (113) Equity contracts (833) (419) 6 (8) 225 (74) 167 (936) (262) Other derivative contracts 9 (34) 3 (1) 21 — (16) (18) (33) Total derivative contracts (1,095) (567) 9 (9) 271 (74) 167 (1,298) (408) Available-for-sale debt securities 225 6 1 — (2) — — 230 6 Mortgage servicing rights (residential) (9) 5,608 (60) 22 (227) — — — 5,343 102 Long-term debt — 4 (210) — — — — (206) 4 Other (7) 150 76 8 (32) (2) 5 (9) 196 73 Quarter ended June 30, 2025 Trading assets (7): Debt instruments (8) $ 153 (11) 10 (20) (5) 13 (7) 133 (8) Net derivative assets and liabilities: Interest rate contracts (2,330) 230 — — 24 — 1,896 (180) 178 Equity contracts (1,124) (121) — — 139 (57) 118 (1,045) (77) Other derivative contracts (96) (28) 6 (1) (41) — 136 (24) 18 Total derivative contracts (3,550) 81 6 (1) 122 (57) 2,150 (1,249) 119 Available-for-sale debt securities 211 (2) — — — — — 209 (1) Mortgage servicing rights (residential) (9) 6,536 (108) 26 (37) — — — 6,417 88 Long-term debt — — — — — — — — — Other (7) 163 33 11 — (4) 5 (10) 198 33 Six months ended June 30, 2026 Trading assets (7): Debt instruments (8) $ 162 (24) 299 (287) (12) 199 (13) 324 (39) Net derivative assets and liabilities: Interest rate contracts (142) (277) — — 30 — 45 (344) (242) Equity contracts (1,124) (237) 6 (8) 432 (309) 304 (936) 20 Other derivative contracts 54 (49) 5 (5) 12 (2) (33) (18) (18) Total derivative contracts (1,212) (563) 11 (13) 474 (311) 316 (1,298) (240) Available-for-sale debt securities 233 (3) 6 — (6) — — 230 (3) Mortgage servicing rights (residential) (9) 5,696 (166) 39 (226) — — — 5,343 158 Long-term debt — 4 (210) — — — — (206) 4 Other (7) 222 21 17 (62) (5) 14 (11) 196 20 Six months ended June 30, 2025 Trading assets (7): Debt instruments (8) $ 144 (18) 23 (27) (15) 41 (15) 133 (16) Net derivative assets and liabilities: Interest rate contracts (3,603) 1,098 — — 429 — 1,896 (180) 293 Equity contracts (1,167) (67) — — 259 (197) 127 (1,045) 1 Other derivative contracts (33) 55 8 (1) (189) — 136 (24) 24 Total derivative contracts (4,803) 1,086 8 (1) 499 (197) 2,159 (1,249) 318 Available-for-sale debt securities 216 (1) 3 — (9) — — 209 (1) Mortgage servicing rights (residential) (9) 6,844 (365) 51 (113) — — — 6,417 20 Long-term debt — — — — — — — — — Other (7) 278 (43) 16 — (7) 10 (56) 198 (43) (1)All amounts represent net gains (losses) included in net income except for AFS debt securities and other assets and liabilities which also included net gains (losses) in other comprehensive income (OCI). Net gains (losses) included in OCI for AFS debt securities were $7 million and $(2) million for the second quarter and first half of 2026, respectively, and $(1) million for both the second quarter and first half of 2025. Net gains (losses) included in OCI for other assets and liabilities were $(5) million and $2 million for the second quarter and first half of 2026, respectively, and $(10) million and $(9) million for the second quarter and first half of 2025, respectively. (2)On our consolidated statement of income, gains and losses from the following instruments are reported as indicated: trading debt instruments and available-for-sale debt securities in net gains from trading and securities; derivative contracts in mortgage banking income, net gains from trading and securities, and other noninterest income; mortgage servicing rights in mortgage banking income; long-term debt in interest expense and net gains from trading and securities; and other fair value instruments in mortgage banking income and other noninterest income. (3)Includes originations of mortgage servicing rights and loans held for sale and issuances of long-term debt. (4)All assets and liabilities transferred into Level 3 were previously classified as Level 2. (5)All assets and liabilities transferred out of Level 3 are classified as Level 2. (6)All amounts represent net unrealized gains (losses) related to assets and liabilities held at period end included in net income except for AFS debt securities and other assets and liabilities which also included net unrealized gains (losses) related to assets and liabilities held at period end in OCI. Net unrealized gains (losses) included in OCI for AFS debt securities were $7 million and $(2) million for the second quarter and first half of 2026, respectively, and $(1) million for both the second quarter and first half of 2025. Net unrealized gains (losses) included in OCI for other assets and liabilities were $(5) million and $2 million for the second quarter and first half of 2026, respectively, and $(10) million and $(9) million for the second quarter and first half of 2025, respectively. (7)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). (8)Includes trading debt securities and trading loans. (9)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities). 98 Wells Fargo & Company Table 11.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis. Weighted averages of inputs are calculated using outstanding unpaid principal balances of loans serviced for residential MSRs and notional amounts for derivative instruments. Table 11.3: Valuation Techniques – Recurring Basis ($ in millions, except cost to service amounts) Fair Value Level 3 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average June 30, 2026 Mortgage servicing rights (residential) $ 5,343 Discounted cash flow Cost to service per loan (1) $ 62 - 435 89 Discount rate 9.2 - 11.9 % 9.4 Prepayment rate (2) 5.5 - 23.5 7.6 Net derivative assets and (liabilities): Interest rate contracts (344) Discounted cash flow Discount rate 2.3 - 7.4 3.9 Equity contracts (355) Discounted cash flow Conversion factor (0.3) - 0.0 (0.2) Weighted average life 0.5 - 3.5 yrs 1.2 (581) Option model Correlation factor (66.5) - 98.0 % 57.9 Volatility factor 10.7 - 97.6 51.7 December 31, 2025 Mortgage servicing rights (residential) $ 5,696 Discounted cash flow Cost to service per loan (1) $ 61 - 446 96 Discount rate 8.8 - 12.5 % 9.1 Prepayment rate (2) 5.7 - 23.0 8.0 Net derivative assets and (liabilities): Interest rate contracts (139) Discounted cash flow Discount rate 2.5 - 3.5 3.4 (3) Discounted cash flow Default rate 0.4 - 12.0 2.4 Loss severity 50.0 - 50.0 50.0 Equity contracts (579) Discounted cash flow Conversion factor (0.3) - 0.0 (0.2) Weighted average life 1.0 - 4.0 yrs 1.7 (545) Option model Correlation factor (20.0) - 98.5 % 77.1 Volatility factor 8.0 - 105.0 42.7 (1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $62 - $120 at June 30, 2026, and $61 - $112 at December 31, 2025. (2)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior. For additional information on the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities, including how changes in these inputs affect fair value estimates, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K. Wells Fargo & Company 99 Note 11: Fair Value Measurements (continued) Assets and Liabilities Recognized at Fair Value on a Nonrecurring Basis Table 11.4 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that were still held as of June 30, 2026, and December 31, 2025, and for which a nonrecurring fair value adjustment was recognized during the six months ended June 30, 2026, and the year ended December 31, 2025. Table 11.4: Fair Value on a Nonrecurring Basis June 30, 2026 December 31, 2025 (in millions) Level 2 Level 3 Total Level 2 Level 3 Total Loans held for sale (1) $ 599 9 608 1,846 240 2,086 Loans: Commercial 417 — 417 1,161 — 1,161 Consumer 67 — 67 96 — 96 Total loans 484 — 484 1,257 — 1,257 Equity securities 652 2,780 3,432 1,001 1,791 2,792 Other assets 46 1 47 89 9 98 Total assets at fair value on a nonrecurring basis $ 1,781 2,790 4,571 4,193 2,040 6,233 (1)Consists of commercial mortgages and residential mortgage – first lien loans. Table 11.5 presents the gains (losses) on all assets held at the end of the reporting periods presented for which a nonrecurring fair value adjustment was recognized in earnings during the respective periods. Table 11.5: Gains (Losses) on Assets with Nonrecurring Fair Value Adjustments Six months ended June 30, (in millions) 2026 2025 Loans held for sale $ 1 8 Loans: Commercial (197) (273) Consumer (196) (213) Total loans (393) (486) Equity securities (1) 344 (249) Other assets (2)(3) (15) (34) Total $ (63) (761) (1)Includes impairment of equity securities and observable price changes related to equity securities accounted for under the measurement alternative. (2)Includes impairment of operating lease ROU assets and valuation losses on foreclosed real estate and other collateral owned. (3)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). Table 11.6 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis. Weighted averages of inputs for equity securities are calculated using carrying value prior to the nonrecurring fair value measurement. Table 11.6: Valuation Techniques – Nonrecurring Basis ($ in millions) Fair Value Level 3 Valuation Technique (1) Significant Unobservable Input (1) Range of Inputs Positive (Negative) Weighted Average June 30, 2026 Equity securities $ 1,566 Market comparable pricing Comparability adjustment (100.0) - (15.0) % (59.9) 1,214 Market comparable pricing Multiples 1.1x - 28.0x 7.6x December 31, 2025 Equity securities 393 Market comparable pricing Comparability adjustment (100.0) - (4.9) % (49.1) 1,398 Market comparable pricing Multiples 1.1x - 44.1x 12.3x (1)See Note 14 (Fair Value Measurements) in our 2025 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets. 100 Wells Fargo & Company Fair Value Option The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the portfolios for which we elected the fair value option. For additional information, including the basis for our fair value option elections, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K. Table 11.7 reflects differences between the fair value carrying amount of the assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. Table 11.7: Fair Value Option June 30, 2026 December 31, 2025 (in millions) Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Fair value carrying amount Aggregate unpaid principal Fair value carrying amount less aggregate unpaid principal Trading assets (1) $ 5,031 5,516 (485) 4,882 5,180 (298) Other assets (1) 913 922 (9) 828 846 (18) Other liabilities (345) — (345) (311) — (311) Long-term debt (2) (12,641) (13,444) 803 (7,082) (7,647) 565 (1)Trading assets consists of trading loans and other assets consists of loans held for sale accounted for under the fair value option. Nonaccrual loans and loans 90 days or more past due and still accruing were insignificant at June 30, 2026, and December 31, 2025. (2)Includes zero coupon notes for which the aggregate unpaid principal amount reflects the contractual principal due at maturity. Table 11.8 reflects amounts included in earnings related to initial measurement and subsequent changes in fair value, by income statement line item, for assets and liabilities for which the fair value option was elected. Amounts recognized in net interest income are excluded from the table below. Table 11.8: Gains (Losses) on Changes in Fair Value Included in Earnings 2026 2025 (in millions) Mortgage banking noninterest income Net gains from trading and securities (1) Other noninterest income Mortgage banking noninterest income Net gains from trading and securities Other noninterest income Quarter ended June 30, Trading assets (1) $ — 18 3 — 12 — Other assets (1) 11 — — 20 — — Other liabilities — — (28) — — (22) Long-term debt — 130 — — 3 — Six months ended June 30, Trading assets (1) $ — (35) 3 — 9 — Other assets (1) 11 — — 41 — — Other liabilities — — (34) — — (19) Long-term debt — 229 — — (23) — (1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). For performing loans, instrument-specific credit risk gains or losses are derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For nonperforming loans, we attribute all changes in fair value to instrument-specific credit risk. For trading loans and loans held for sale accounted for under the fair value option, which are included in trading assets and other assets, respectively, on our consolidated balance sheet, instrument-specific credit gains or losses were insignificant for the second quarter and first half of both 2026 and 2025. For long-term debt, instrument-specific credit risk gains or losses represent the impact of changes in fair value due to changes in our credit spread and are generally derived using observable secondary bond market information. These impacts are recognized within the debit valuation adjustments (DVA) in OCI. See Note 20 (Other Comprehensive Income) for additional information. Wells Fargo & Company 101 Note 11: Fair Value Measurements (continued) Disclosures about Fair Value of Financial Instruments Table 11.9 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes. Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in Table 11.9. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $606 million and $639 million at June 30, 2026, and December 31, 2025, respectively. The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company. Table 11.9: Fair Value Estimates for Financial Instruments Estimated fair value (in millions) Carrying amount Level 1 Level 2 Level 3 Total June 30, 2026 Financial assets Cash and due from banks (1) $ 42,161 42,161 — — 42,161 Interest-earning deposits with banks (1) 161,214 160,878 336 — 161,214 Federal funds sold and securities borrowed or purchased under resale agreements (1) 205,345 — 205,345 — 205,345 Held-to-maturity debt securities 198,573 2,043 160,842 3,280 166,165 Loans held for sale (2) 1,890 — 1,741 158 1,899 Loans, net (2) 1,001,739 — 720 974,592 975,312 Equity securities (cost method) 4,621 — — 4,726 4,726 Total financial assets $ 1,615,543 205,082 368,984 982,756 1,556,822 Financial liabilities Deposits (3) $ 197,259 — 110,055 87,073 197,128 Federal funds purchased and securities loaned or sold under repurchase agreements (1) 251,804 — 251,804 — 251,804 Short-term borrowings 25,132 — 25,171 — 25,171 Long-term debt (4) 169,487 — 173,285 1,277 174,562 Total financial liabilities $ 643,682 — 560,315 88,350 648,665 December 31, 2025 Financial assets Cash and due from banks (1) $ 39,182 39,182 — — 39,182 Interest-earning deposits with banks (1) 135,028 134,695 333 — 135,028 Federal funds sold and securities borrowed or purchased under resale agreements (1) 193,929 — 193,929 — 193,929 Held-to-maturity debt securities 208,023 2,051 170,490 3,256 175,797 Loans held for sale 2,618 — 2,418 263 2,681 Loans, net (2) 957,037 — 820 931,108 931,928 Equity securities (cost method) 4,323 — — 4,415 4,415 Total financial assets $ 1,540,140 175,928 367,990 939,042 1,482,960 Financial liabilities Deposits (3) $ 166,686 — 75,728 90,379 166,107 Federal funds purchased and securities loaned or sold under repurchase agreements (1) 232,687 — 232,687 — 232,687 Short-term borrowings 18,323 — 18,331 — 18,331 Long-term debt (4) 167,618 — 172,563 1,390 173,953 Total financial liabilities $ 585,314 — 499,309 91,769 591,078 (1)Amounts consist of financial instruments for which carrying value approximates fair value. (2)Excludes lease financing in loans and loans held for sale, net of allowance for credit losses, of $15.5 billion and $16.4 billion at June 30, 2026, and December 31, 2025, respectively. (3)Excludes deposit liabilities with no defined or contractual maturity of $1.3 trillion at both June 30, 2026, and December 31, 2025. (4)Excludes obligations under finance leases of $11 million and $12 million at June 30, 2026, and December 31, 2025, respectively. 102 Wells Fargo & Company Note 12: Securitizations and Variable Interest Entities Involvement with Variable Interest Entities (VIEs) In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which include corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. SPEs are often formed in connection with securitization transactions whereby financial assets are transferred to an SPE. SPEs formed in connection with securitization transactions are generally considered variable interest entities (VIEs). The VIE may alter the risk profile of the asset by entering into derivative transactions or obtaining credit support, and issues various forms of interests in those assets to investors. When we transfer financial assets from our consolidated balance sheet to a VIE in connection with a securitization, we typically receive cash and sometimes other interests in the VIE as proceeds for the assets we transfer. In certain transactions with VIEs, we may retain the right to service the transferred assets and repurchase the transferred assets if the outstanding balance of the assets falls below the level at which the cost to service the assets exceeds the benefits. In addition, we may purchase the right to service loans transferred to a VIE by a third party. In connection with our securitization or other VIE activities, we have various forms of ongoing involvement with VIEs, which may include: •underwriting securities issued by VIEs and subsequently making markets in those securities; •providing credit enhancement on securities issued by VIEs through the use of letters of credit or financial guarantees; •entering into derivative contracts with VIEs; •holding senior or subordinated interests in VIEs; •acting as servicer or investment manager for VIEs; •providing administrative or trustee services to VIEs; and •providing seller financing to VIEs. Loan Sales and Securitization Activity We periodically transfer consumer and commercial loans and other types of financial assets in securitization and whole loan sale transactions. MORTGAGE LOANS SOLD TO GOVERNMENT SPONSORED ENTERPRISES AND TRANSACTIONS WITH GINNIE MAE. In the normal course of business we sell residential and commercial mortgage loans to GSEs. These loans are generally transferred into securitizations sponsored by the GSEs, which provide certain credit guarantees to investors and servicers. We also may transfer mortgage loans into securitization pools pursuant to Government National Mortgage Association (GNMA) guidelines which are insured by the FHA or guaranteed by the VA. Mortgage loans eligible for securitization with the GSEs or GNMA are considered conforming loans. The GSEs or GNMA design the structure of these securitizations, sponsor the involved VIEs, and have power over the activities most significant to the VIE. We account for loans transferred in conforming mortgage loan securitization transactions as sales and do not consolidate the VIEs as we are not the primary beneficiary. In exchange for the transfer of loans, we typically receive securities issued by the VIEs which we sell to third parties for cash or hold for investment purposes as HTM or AFS securities. We may retain servicing rights on the transferred loans. As a servicer, we may retain the option to repurchase loans from certain loan securitizations, which becomes exercisable based on delinquency status such as when three scheduled loan payments are past due. When we have the unilateral option to repurchase a loan, we recognize the loan and a corresponding liability on our balance sheet regardless of our intent to repurchase the loan, and the loans remain pledged to the securitization. At June 30, 2026, and December 31, 2025, we recognized assets and related liabilities of $455 million and $751 million, respectively, where we did not exercise our option to repurchase eligible loans. We repurchased loans of $54 million and $109 million during the second quarter and first half of 2026, respectively, and $99 million and $196 million during the second quarter and first half of 2025, respectively. Upon transfers of loans, we also provide indemnification for losses incurred due to material breaches of contractual representations and warranties as well as other recourse arrangements. At June 30, 2026, and December 31, 2025, our liability for these repurchase and recourse arrangements was $156 million and $189 million, respectively, and the maximum exposure to loss was $13.8 billion and $13.9 billion at June 30, 2026, and December 31, 2025, respectively. Substantially all residential servicing activity is related to assets transferred to GSE and GNMA securitizations. See Note 6 (Mortgage Banking Activities) for additional information about residential and commercial servicing rights, advances and servicing fees. NONCONFORMING MORTGAGE LOAN SECURITIZATIONS. In the normal course of business, we sell nonconforming mortgage loans in securitization transactions that we design and sponsor. Nonconforming mortgage loan securitizations do not involve a government credit guarantee, and accordingly, beneficial interest holders are subject to credit risk of the underlying assets held by the securitization VIE. We typically originate the transferred loans and account for the transfers as sales. We may retain the right to service the loans and may hold other beneficial interests issued by the VIE, such as debt securities and loans held for investment purposes, including those required to be held pursuant to credit risk retention rules. For our commercial nonconforming mortgage loan securitizations accounted for as sales, we do not consolidate the VIE because the most significant decisions impacting the performance of the VIE are generally made by the special servicer or the controlling class security holder. For our residential nonconforming mortgage loan securitizations accounted for as sales, we either do not hold variable interests that we consider potentially significant or are not the primary servicer for a majority of the VIE assets. WHOLE LOAN SALE TRANSACTIONS. We may also sell whole loans where we have continuing involvement in the form of financing and we account for these transfers as sales. When sales are to VIEs, we do not consolidate the VIEs as we do not have the power to direct the most significant activities of the VIEs. Table 12.1 presents information about transfers of assets during the periods presented for which we recognized the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we received proceeds and recognized servicing assets, securities, and/or loans, as applicable. Each of these interests are initially measured at fair value. Transfers of residential mortgage loans are transactions Wells Fargo & Company 103 Note 12: Securitizations and Variable Interest Entities (continued) with the GSEs or GNMA and generally result in no gain or loss because the loans are typically measured at fair value on a recurring basis. Transfers of commercial mortgage loans include both transactions with the GSEs or GNMA and nonconforming transactions. These commercial mortgage loans are carried at the lower of cost or market, and we recognize gains on such transfers when the market value is greater than the carrying value of the loan when it is sold. Table 12.1: Transfers with Continuing Involvement 2026 2025 (in millions) Residential mortgages Commercial mortgages Residential mortgages Commercial mortgages Quarter ended June 30, Assets sold $ 1,709 4,077 2,235 3,596 Proceeds from transfer (1) 1,709 4,119 2,235 3,624 Net gains (losses) on sale — 42 — 28 Continuing involvement (2): Servicing rights recognized $ 22 23 26 22 Securities and loans recognized (3) — 513 — 106 Six months ended June 30, Assets sold $ 3,043 6,417 4,117 4,271 Proceeds from transfer (1) 3,043 6,479 4,117 4,310 Net gains (losses) on sale — 62 — 39 Continuing involvement (2): Servicing rights recognized $ 39 41 50 33 Securities and loans recognized (3) — 557 — 106 (1)Represents cash proceeds and the fair value of non-cash beneficial interests recognized at securitization settlement. (2)Represents assets or liabilities recognized at transfer date related to our continuing involvement in the transferred assets. (3)Represents debt securities and loans obtained at securitization settlement and loans related to seller financing arrangements. These debt securities and loans are held for investment purposes and are classified as available-for-sale securities, held-to-maturity securities, or as loans, including amounts required to be held pursuant to credit risk retention rules. Excludes trading debt securities held temporarily for market-marking purposes, which are sold to third parties at or shortly after securitization settlement, of $666 million and $1.1 billion during the second quarter and first half of 2026, respectively, and $1.3 billion and $1.8 billion during the second quarter and first half of 2025, respectively. In the normal course of business, we purchase certain non-agency securities at initial securitization or subsequently in the secondary market, which we hold for investment. We may also provide seller financing in the form of loans. We received cash flows of $146 million and $181 million during the second quarter and first half of 2026, respectively, and $4 million and $10 million during the second quarter and first half of 2025, respectively, for VIEs with continuing involvement, related to principal and interest payments on these securities and loans. These amounts exclude cash flows related to trading activities. RESECURITIZATION ACTIVITIES. We enter into resecuritization transactions as part of our trading activities to accommodate the investment and risk management activities of our customers. In resecuritization transactions, we transfer trading debt securities to VIEs in exchange for new beneficial interests that are sold to third parties at or shortly after securitization settlement. This activity is performed for customers seeking a specific return or risk profile. Substantially all of our transactions involve the resecuritization of conforming mortgage-backed securities issued by the GSEs or guaranteed by GNMA. We do not consolidate the resecuritization VIEs as we share in the decision-making power with third parties and do not hold significant economic interests in the VIEs other than for market-making activities. During the six months ended June 30, 2026 and 2025, we transferred trading debt securities of $13.9 billion and $8.0 billion, respectively, to resecuritization VIEs, and retained trading debt securities of $1.2 billion and $932 million, respectively. These amounts are not included in Table 12.1. As of June 30, 2026, and December 31, 2025, we held $1.5 billion and $1.1 billion of trading debt securities, respectively. Total resecuritization VIE assets, to which we sold assets and hold an interest, were $56.6 billion and $52.9 billion at June 30, 2026, and December 31, 2025, respectively. 104 Wells Fargo & Company Sold or Securitized Loans Serviced for Others Table 12.2 presents information about loans that we have originated and sold or securitized in which we have ongoing involvement as servicer. For loans sold or securitized where servicing is our only form of continuing involvement, we generally experience a loss only if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts. Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. Table 12.2 excludes mortgage loans sold to and held or securitized by GSEs or GNMA of $430.2 billion and $461.8 billion at June 30, 2026, and December 31, 2025, respectively, due to guarantees provided by GSEs and the FHA and VA, which limit our credit risk associated with such securitizations. Delinquent loans and foreclosed assets related to loans sold to and held or securitized by GSEs and GNMA were $1.5 billion and $1.7 billion at June 30, 2026, and December 31, 2025, respectively. Table 12.2: Sold or Securitized Loans Serviced for Others Net charge-offs Total loans Delinquent loans and foreclosed assets (1) Six months ended June 30, (in millions) Jun 30, 2026 Dec 31, 2025 Jun 30, 2026 Dec 31, 2025 2026 2025 Commercial $ 6 6 — — — — Residential 1,092 3,069 102 287 5 5 Total off-balance sheet sold or securitized loans $ 1,098 3,075 102 287 5 5 (1)Includes $15 million and $13 million of residential foreclosed assets at June 30, 2026, and December 31, 2025, respectively. Unconsolidated VIEs MORTGAGE LOAN SECURITIZATIONS. Table 12.3 includes nonconforming mortgage loan securitizations where we originate and transfer the loans to the unconsolidated securitization VIEs that we sponsor. For additional information about these VIEs, see the “Loan Sales and Securitization Activity” section within this Note. Conforming loan securitization and resecuritization transactions involving the GSEs and GNMA are excluded from Table 12.3 because we are not the sponsor or we do not have power over the activities most significant to the VIEs. Additionally, due to the nature of the guarantees provided by the GSEs and the FHA and VA, our credit risk associated with these VIEs is limited. For additional information about conforming mortgage loan securitizations and resecuritizations, see the “Loan Sales and Securitization Activity” and “Resecuritization Activities” sections within this Note. COMMERCIAL REAL ESTATE LOANS. We may transfer purchased industrial development bonds and GSE credit enhancements to VIEs in exchange for beneficial interests. We may also acquire such beneficial interests in transactions where we do not act as a transferor. We own all of the beneficial interests and may also service the underlying mortgages that serve as collateral to the bonds. The GSEs have the power to direct the servicing and workout activities of the VIE in the event of a default, therefore we do not have control over the key decisions of the VIEs. OTHER VIE STRUCTURES. We engage in various forms of structured finance arrangements with other VIEs, including asset-backed finance structures. Collateral may include rental properties and mortgage loans. We may participate in structuring or marketing the arrangements as well as provide financing, service one or more of the underlying assets, or enter into derivatives with the VIEs. We may also receive fees for those services. We are not the primary beneficiary of these structures because we do not have power to direct the most significant activities of the VIEs. Wells Fargo & Company 105 Note 12: Securitizations and Variable Interest Entities (continued) Table 12.3 provides a summary of our exposure to the unconsolidated VIEs described above. We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary or administrative in nature or insignificant in size. In Table 12.3, Total VIE assets represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. Carrying value is the amount on our consolidated balance sheet related to our involvement with the unconsolidated VIEs. Maximum exposure to loss represents estimated loss that would be incurred under severe, hypothetical circumstances, for which we believe the possibility is extremely remote, such as where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. Accordingly, this disclosure is not an indication of expected loss. Maximum exposure to loss is determined as the carrying value of our investment in the VIEs excluding the unconditional repurchase options that have not been exercised, plus the remaining undrawn liquidity and lending commitments, certain loss sharing obligations associated with loans originated, sold, and serviced under certain GSE programs, the notional amount of net written derivative contracts, and generally the notional amount of, or stressed loss estimate for, other commitments and guarantees. See Note 13 (Guarantees and Other Commitments) for additional information about our guarantees and commitments. Table 12.3: Unconsolidated VIEs Carrying value – asset (liability) (in millions) Total VIE assets Loans All otherassets (1) Net assets Guaranteesand other commitments (2) June 30, 2026 Nonconforming mortgage loan securitizations $ 1,011 — 140 140 — Commercial real estate loans 4,975 4,960 15 4,975 — Other 1,059 — 10 10 — Total 7,045 4,960 165 5,125 — Maximum exposure to loss 4,960 165 5,125 995 December 31, 2025 Nonconforming mortgage loan securitizations $ 2,585 — 284 284 — Commercial real estate loans 4,998 4,984 14 4,998 — Other 1,057 — 12 12 — Total 8,640 4,984 310 5,294 — Maximum exposure to loss 4,984 310 5,294 998 (1)All other assets includes trading assets, debt securities, and other assets. (2)Maximum exposure to loss includes $838 million and $841 million of commercial real estate loan VIE structures at June 30, 2026, and December 31, 2025, respectively. 106 Wells Fargo & Company INVOLVEMENT WITH TAX CREDIT VIES. In addition to the unconsolidated VIEs in Table 12.3, we may invest in or provide funding to affordable housing, renewable energy or similar projects that are designed to generate a return primarily through the realization of federal income tax credits and other income tax benefits. Our affordable housing investments generate low-income housing tax credits and our renewable energy investments generate either production tax credits, investment tax credits, or both. The projects are typically managed by third-party sponsors who have the power over the VIE’s assets; therefore, we do not consolidate the VIEs. The carrying value of our equity investments in tax credit VIEs was $21.5 billion and $21.2 billion at June 30, 2026, and December 31, 2025, respectively. Additionally, we had loans to tax credit VIEs with a carrying value of $1.8 billion and $2.0 billion at June 30, 2026, and December 31, 2025, respectively. Our maximum exposure to loss for tax credit VIEs at June 30, 2026, and December 31, 2025, was $31.2 billion and $31.1 billion, respectively. Our maximum exposure to loss included total unfunded equity and lending commitments of $7.9 billion and $7.8 billion at June 30, 2026, and December 31, 2025, respectively. Under these commitments, we are required to provide additional financial support during the investment period, at the discretion of project sponsors, or for certain renewable energy investments, on a contingent basis based on the amount of income tax credits earned. For equity investments accounted for using the proportional amortization method, a liability is recognized in accrued expenses and liabilities on our consolidated balance sheet for unfunded commitments that are either legally binding or contingent but probable of funding. The liability recognized for these commitments at June 30, 2026, and December 31, 2025, was $6.6 billion and $5.7 billion, respectively. Substantially all of these commitments are expected to be funded within three years. See Note 13 (Guarantees and Other Commitments) for additional information about unrecognized commitments to purchase equity securities. Table 12.4 summarizes the impacts to our consolidated statement of income related to our affordable housing and renewable energy equity investments, which are accounted for using either the proportional amortization method or the equity method. Table 12.4: Income Statement Impacts for Affordable Housing and Renewable Energy Tax Credit Investments Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Income (loss) before income tax expense: Proportional amortization method investments $ 32 55 $ 88 112 Equity method investments (1) (36) (37) (70) (86) Net income (loss) before income tax expense (2) (A) (4) 18 18 26 Income tax expense (benefit): Proportional amortization of investments 1,200 897 2,074 1,605 Income tax credits and other income tax benefits (1,586) (1,248) (2,760) (2,204) Net expense (benefit) recognized within income tax expense (B) (386) (351) (686) (599) Net income related to affordable housing and renewable energy tax credit investments (A)-(B) $ 382 369 $ 704 625 (1)Net losses presented include income from investment tax credits, accounted for using the deferral method, of $157 million and $297 million for the second quarter and first half of 2026, respectively, and $111 million and $222 million for the second quarter and first half of 2025, respectively. (2)Generally included in other noninterest income on our consolidated statement of income. Wells Fargo & Company 107 Note 12: Securitizations and Variable Interest Entities (continued) Consolidated VIEs We consolidate VIEs where we are the primary beneficiary. We are the primary beneficiary of the following structure types: CREDIT CARD SECURITIZATIONS. We securitize credit card loans to provide a source of funding. Credit card securitizations involve the transfer of credit card loans to a master trust that issues debt securities to third party investors that are collateralized by the transferred credit card loans. The underlying securitized credit card loans and other assets in the master trust are available only for payment of the debt securities issued by the master trust; they are not available to pay our other obligations. In addition, the investors in the debt securities do not have recourse to the general credit of Wells Fargo. We consolidate the master trust because, as the servicer of the credit card loans, we have the power to direct the activities that most significantly impact the economic performance and hold variable interests potentially significant to the VIE. We hold a minimum of 5% seller’s interest in the transferred credit card loans and we retain subordinated securities issued by the master trust, which collectively could result in exposure to potentially significant losses or benefits from the master trust. As of June 30, 2026, and December 31, 2025, we held seller’s interest of $2.7 billion and $4.3 billion, respectively, in the transferred credit card loans and $1.5 billion (at par) of subordinated securities issued by the master trust in both periods. Both the seller's interest and the subordinated securities are eliminated in our consolidated financial statements. The transferred credit card loans and debt securities issued to third parties are recognized on our consolidated balance sheet, and classified as loans and long-term debt, respectively. CORPORATE LOAN STRUCTURES. We consolidate a VIE associated with our customer accommodation trading activities involving derivatives and trading loans. These derivatives provide customers with exposure to the returns of referenced corporate loans, which we may hedge by holding those loans. We fund the VIE to purchase the loans, design and sponsor the entity, control its key decisions, and hold a significant variable interest. COMMERCIAL FINANCING STRUCTURES. We provide the majority of debt and equity financing to an SPE that engages in commercial lending and leasing to specific vendors, and we service the underlying collateral. We consolidate this VIE as we hold a significant variable interest through our majority equity ownership and debt financing, which exposes us to potentially significant benefits and losses, and we hold the power to direct the activities that most significantly affect the VIE’s economic performance. MUNICIPAL TENDER OPTION BOND (MTOB) TRANSACTIONS. We use MTOBs to finance our purchase of municipal securities through the issuance of short-term debt to investors that is collateralized by the underlying municipal securities. We sponsor trusts that hold these municipal securities and issue puttable floating rate securities to third-party investors. We retain a residual interest in the trusts and may also serve in other roles for the trusts, including as remarketing agent or liquidity provider for the debt issued to investors. As the residual interest holder, we have the power to direct the activities that significantly affect the trusts' economic performance and consolidate the trusts. Table 12.5 presents a summary of financial assets and liabilities of our consolidated VIEs. The carrying value represents assets and liabilities recognized on our consolidated balance sheet. Total VIE assets includes affiliate balances that are eliminated upon consolidation, and therefore in some instances will differ from the carrying value of assets. On our consolidated balance sheet, we separately disclose (1) the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs, and (2) the consolidated liabilities of certain VIEs for which the VIE creditors do not have recourse to Wells Fargo. Table 12.5: Consolidated VIEs Carrying value – asset (liability) (in millions) Total VIE assets Trading assets AFS debt securities Loans All otherassets Short-term borrowings Accrued expenses and other liabilities Long-term debt June 30, 2026 Credit card securitizations $ 9,511 — — 9,300 63 — (10) (4,972) Corporate loan structures 2,735 2,688 — — 44 — (8) — Commercial financing structures 1,753 — — 1,616 137 — (204) — MTOB transactions 768 — 763 — 5 (711) (6) — Total consolidated VIEs $ 14,767 2,688 763 10,916 249 (711) (228) (4,972) December 31, 2025 Credit card securitizations $ 9,860 — — 9,653 50 — (7) (3,775) Corporate loan structures 2,307 2,271 — — 36 — (6) — Commercial financing structures 1,768 — — 1,629 138 — (193) — MTOB transactions — — — — — — — — Total consolidated VIEs $ 13,935 2,271 — 11,282 224 — (206) (3,775) 108 Wells Fargo & Company Note 13: Guarantees and Other Commitments Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. For additional descriptions of our guarantees, see Note 16 (Guarantees and Other Commitments) in our 2025 Form 10-K. Table 13.1 shows carrying value and maximum exposure to loss on our guarantees. Table 13.1: Guarantees – Carrying Value and Maximum Exposure to Loss Maximum exposure to loss (in millions) Carrying value of obligation Expires in one year or less Expires after one year through three years Expires after three years through five years Expires after five years Total Non-investment grade June 30, 2026 Standby letters of credit (1) $ 103 16,237 4,832 1,998 59 23,126 6,646 Direct pay letters of credit (1) 4 624 2,211 619 86 3,540 693 Loans and LHFS sold with recourse 85 1,415 3,622 3,523 5,970 14,530 11,181 Exchange and clearing house guarantees (2) — 181,861 — — — 181,861 — Other guarantees and indemnifications 159 4,230 1,195 1,662 3,402 10,489 869 Total guarantees $ 351 204,367 11,860 7,802 9,517 233,546 19,389 December 31, 2025 Standby letters of credit (1) $ 98 13,967 6,550 1,814 15 22,346 7,315 Direct pay letters of credit (1) 5 588 1,836 353 88 2,865 488 Loans and LHFS sold with recourse 91 1,362 3,214 3,385 6,378 14,339 10,910 Exchange and clearing house guarantees (2) — 98,106 — — — 98,106 — Other guarantees and indemnifications 69 4,418 1,521 370 1,663 7,972 979 Total guarantees $ 263 118,441 13,121 5,922 8,144 145,628 19,692 (1)Standby and direct pay letters of credit are reported net of syndications and participations. (2)Substantially all relates to sponsored resale and repurchase activity. Maximum exposure to loss represents the estimated loss that would be incurred under an assumed hypothetical circumstance, despite what we believe is a remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in Table 13.1 do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, these amounts are not an indication of expected loss. We believe the carrying value is more representative of our current exposure to loss than maximum exposure to loss. The carrying value represents the fair value of the guarantee, if any, and also includes an ACL for guarantees, if applicable. In determining the ACL for guarantees, we consider the credit risk of the related contingent obligation. For our guarantees in Table 13.1, non-investment grade represents those guarantees on which we have a higher risk of performance under the terms of the guarantee, which is determined based on an external rating or an internal credit grade that is below investment grade. WRITTEN OPTIONS. We enter into written foreign currency options and over-the-counter written equity put options that are derivative contracts that have the characteristics of a guarantee. The fair value of written options represents our view of the probability that we will be required to perform under the contract. The fair value of these written options was a liability of $148 million and an asset of $101 million at June 30, 2026, and December 31, 2025, respectively. The fair value may be an asset as a result of deferred premiums on certain option trades. The maximum exposure to loss represents the notional value of these derivative contracts. At June 30, 2026, the maximum exposure to loss was $61.7 billion, with $58.8 billion expiring in three years or less compared with $45.4 billion and $42.0 billion, respectively, at December 31, 2025. See Note 10 (Derivatives) for additional information regarding written derivative contracts. GUARANTEES OF SUBSIDIARIES. The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. These securities are not guaranteed by any other subsidiary of the Parent. The guaranteed liabilities were $2.8 billion and $1.7 billion at June 30, 2026, and December 31, 2025, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness. MERCHANT SERVICES. We provide merchants with processing of debit and credit card transactions through payment networks and serve as a card network sponsor for a payment company. In our role as a merchant acquiring bank, we have a potential obligation in connection with disputes between the merchant and the cardholder that are resolved in favor of the cardholder, referred to as a charge-back transaction. We estimate our potential maximum exposure to be the total merchant transaction volume processed in the preceding four months, which is generally the lifecycle for a charge-back transaction. As of June 30, 2026, our potential maximum exposure was approximately $322.2 billion, and related losses were insignificant. Wells Fargo & Company 109 Note 13: Guarantees and Other Commitments (continued) OTHER COMMITMENTS. As of June 30, 2026, and December 31, 2025, we had commitments to purchase equity securities of $9.1 billion and $9.2 billion, respectively, which predominantly included Federal Reserve Bank stock and tax credit investments accounted for using the equity method. We have commitments to enter into resale and securities borrowing agreements as well as repurchase and securities lending agreements with certain counterparties, including central clearing organizations. The amount of our unfunded contractual commitments for resale and securities borrowing agreements was $65.0 billion and $34.9 billion as of June 30, 2026, and December 31, 2025, respectively. The amount of our unfunded contractual commitments for repurchase and securities lending agreements was $27.9 billion and $6.8 billion as of June 30, 2026, and December 31, 2025, respectively. Given the nature of these commitments, they are excluded from Table 3.4 (Unfunded Credit Commitments) in Note 3 (Loans and Related Allowance for Credit Losses). 110 Wells Fargo & Company Note 14: Securities Financing Activities We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading assets (including securities and derivatives), acquire securities to cover trading liability positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and, to a lesser extent, through other bank entities. Our securities financing activities predominantly involve high-quality, liquid securities such as U.S. Treasury securities and government agency securities and, to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes. OFFSETTING OF SECURITIES FINANCING ACTIVITIES. Table 14.1 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Where legally enforceable, these master netting arrangements give the ability, in the event of default by the counterparty, to liquidate securities held as collateral and to offset receivables and payables with the same counterparty. Securities financings with the same counterparty are presented net on our consolidated balance sheet, provided certain balance sheet netting criteria are met. The majority of transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting. Securities collateral we pledge is not netted on our consolidated balance sheet against the related liability. Securities collateral we receive is not recognized on our consolidated balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. For additional information on collateral pledged and received, see Note 15 (Pledged Assets and Collateral). Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements are typically over-collateralized, the disclosure in this table is limited to the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty. In addition to the amounts included in Table 14.1, we also have balance sheet netting related to derivatives that is disclosed in Note 10 (Derivatives). Table 14.1: Offsetting – Securities Financing Activities (in millions) Jun 30, 2026 Dec 31, 2025 Assets: Resale and securities borrowing agreements: Gross amounts recognized $ 379,695 291,236 Gross amounts offset in consolidated balance sheet (1) (174,350) (97,368) Net amounts in consolidated balance sheet (2) 205,345 193,868 Collateral received not recognized in consolidated balance sheet (3) (203,883) (192,410) Net amount (4) $ 1,462 1,458 Liabilities: Repurchase and securities lending agreements: Gross amounts recognized $ 426,140 330,040 Gross amounts offset in consolidated balance sheet (1) (174,350) (97,368) Net amounts in consolidated balance sheet (5) 251,790 232,672 Collateral pledged but not netted in consolidated balance sheet (6) (251,670) (232,618) Net amount (4) $ 120 54 (1)Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset within our consolidated balance sheet. (2)Included in federal funds sold and securities borrowed or purchased under resale agreements on our consolidated balance sheet. Excludes $34.9 billion and $29.0 billion classified on our consolidated balance sheet in loans at June 30, 2026, and December 31, 2025, respectively, which relates to resale agreements involving collateral other than securities as part of our commercial lending business activities. (3)Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty. (4)Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA. (5)Included in federal funds purchased and securities loaned or sold under repurchase agreements on our consolidated balance sheet. (6)Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty. Wells Fargo & Company 111 Note 14: Securities Financing Activities (continued) REPURCHASE AND SECURITIES LENDING AGREEMENTS. Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction’s maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity on demand, requiring us to reacquire the security prior to contractual maturity. We attempt to mitigate these risks in various ways. Our collateral predominantly consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 14.2 provides the gross amounts recognized on our consolidated balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type. Table 14.2: Gross Obligations by Underlying Collateral Type (in millions) Jun 30, 2026 Dec 31, 2025 Repurchase agreements: Securities of U.S. Treasury and federal agencies $ 262,132 176,386 Federal agency mortgage-backed securities 123,015 118,503 Non-agency mortgage-backed securities 4,512 3,266 Corporate debt securities 16,629 13,567 Asset-backed securities 3,424 4,705 Equity securities 3,077 2,809 Other 3,208 3,246 Total repurchases 415,997 322,482 Securities lending arrangements: Corporate debt securities 2,233 1,735 Equity securities 7,793 5,700 Other 117 123 Total securities lending 10,143 7,558 Total repurchases and securities lending $ 426,140 330,040 Table 14.3 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements. Securities lending is often executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements typically have a term structure that matures at a point in time. The overnight agreements require an election by both parties to roll the trade, while continuous agreements require an election by either party to terminate the agreement. Table 14.3: Contractual Maturities of Gross Obligations (in millions) Repurchase agreements Securities lending agreements June 30, 2026 Overnight/continuous $ 250,761 6,242 Up to 30 days 112,426 — 30-90 days 30,073 1,000 >90 days 22,737 2,901 Total gross obligation $ 415,997 10,143 December 31, 2025 Overnight/continuous $ 200,118 3,907 Up to 30 days 74,120 — 30-90 days 28,270 — >90 days 19,974 3,651 Total gross obligation $ 322,482 7,558 112 Wells Fargo & Company Note 15: Pledged Assets and Collateral Pledged Assets We pledge financial assets that we own to counterparties for the collateralization of securities and other collateralized financing activities, to secure trust and public deposits, and to collateralize derivative contracts. See Note 14 (Securities Financing Activities) for additional information on securities financing activities. As part of our liquidity management strategy, we may also pledge assets to secure borrowings and letters of credit from Federal Home Loan Banks (FHLBs), to maintain potential borrowing capacity with FHLBs and at the discount window of the Board of Governors of the Federal Reserve System (FRB), and for other purposes as required or permitted by law or insurance statutory requirements. The collateral that we pledge may include our own collateral as well as collateral that we have received from third parties and have the right to repledge. Table 15.1 provides the carrying values of assets recognized on our consolidated balance sheet that we have pledged to third parties. Assets pledged in transactions where our counterparty has the right to sell or repledge those assets are presented parenthetically on our consolidated balance sheet. VIE RELATED. We also pledge assets in connection with various types of transactions entered into with VIEs, which are excluded from Table 15.1. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recognized on our consolidated balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 12 (Securitizations and Variable Interest Entities) for additional information on consolidated and unconsolidated VIE assets. Table 15.1: Pledged Assets (in millions) Jun 30, 2026 Dec 31, 2025 Pledged to counterparties that had the right to sell or repledge: Trading assets $ 154,479 145,519 Available-for-sale debt securities — 563 Loans 1,095 1,161 Total assets pledged to counterparties that had the right to sell or repledge 155,574 147,243 Pledged to counterparties that did not have the right to sell or repledge: Trading assets 3,814 6,953 Available-for-sale debt securities 176,920 150,765 Held-to-maturity debt securities 180,711 189,730 Loans 610,428 524,290 All other assets 1,283 1,183 Total assets pledged to counterparties that did not have the right to sell or repledge 973,156 872,921 Total pledged assets $ 1,128,730 1,020,164 Collateral Accepted We receive financial assets as collateral that we are permitted to sell or repledge. This collateral is obtained in connection with securities purchased under resale agreements and securities borrowing transactions, customer margin loans, and derivative contracts. We may use this collateral in connection with securities sold under repurchase agreements and securities lending transactions, derivative contracts, and short sales. At June 30, 2026, and December 31, 2025, the fair value of this collateral received that we have the right to sell or repledge was $600.3 billion and $469.2 billion, respectively, of which $448.9 billion and $309.3 billion, respectively, were sold or repledged. Wells Fargo & Company 113 Note 16: Operating Segments Our management reporting is organized into four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. All other business activities that are not included in the reportable operating segments have been included in Corporate. We define our reportable operating segments based on the product or service provided and the type of customer served, and their results are based on our management reporting process. The management reporting process measures the performance of the reportable operating segments based on the Company’s management structure, and the results are regularly reviewed with our Chief Executive Officer (CEO) and relevant senior management. Our CEO is the chief operating decision maker (CODM) and reviews actual and forecasted operating segment net income for assessing performance and deciding how to allocate resources. The management reporting process is based on U.S. GAAP and includes specific adjustments, such as funds transfer pricing for asset/liability management, shared revenue and expenses, and taxable-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources, which allows management to assess performance consistently across the operating segments. Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses. These financial products and services include checking and savings accounts, credit and debit cards as well as home, auto, personal, and small business lending. We also provide personalized wealth management and financial planning services through our branch channel. Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease products, and treasury management. Corporate and Investment Banking delivers a suite of capital markets, banking, and financial products and services to corporate, commercial real estate, government and institutional clients globally. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and capital markets, equity and fixed income solutions as well as sales, trading, and research capabilities. Wealth and Investment Management provides personalized wealth management, brokerage, financial planning, lending, trust and fiduciary products and services to affluent, high-net worth and ultra-high-net worth clients. We operate through financial advisors in our brokerage and wealth offices, independent offices, and digitally through WellsTrade® and Intuitive Investor®. Corporate includes corporate treasury and enterprise functions, net of expense allocations, in support of the reportable operating segments (including funds transfer pricing, capital, and liquidity), as well as our investment portfolio and venture capital investments. Corporate also includes results for previously divested businesses. Basis of Presentation FUNDS TRANSFER PRICING. Corporate treasury manages a funds transfer pricing methodology that considers interest rate risk, liquidity risk, and other product characteristics. Operating segments pay a funding charge for their assets and receive a funding credit for their deposits, both of which are included in net interest income. The net impact of the funding charges or credits is recognized in corporate treasury. REVENUE SHARING AND EXPENSE ALLOCATIONS. When lines of business jointly serve customers, the line of business that is responsible for providing the product or service recognizes revenue or expense with a referral fee paid or an allocation of cost to the other line of business based on established internal revenue-sharing agreements. When a line of business uses a service provided by another line of business, expense is generally allocated based on the cost and use of the service provided. Enterprise functions, such as operations, technology, and risk management, are included in Corporate with an allocation of their applicable costs to the reportable operating segments based on the level of support provided by the enterprise function. We periodically assess and update our revenue sharing and expense allocation methodologies. Table 16.1 includes the allocated expenses from Corporate to the reportable operating segments within the relevant personnel and nonpersonnel expense lines. Personnel expense is a significant expense for our reportable operating segments. Nonpersonnel expense includes other expense categories that are consistent with those presented on our consolidated statement of income, such as technology, telecommunications and equipment expense, occupancy expense, and professional and outside services expense. TAXABLE-EQUIVALENT ADJUSTMENTS. Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. 114 Wells Fargo & Company Table 16.1 presents our results by operating segment. Table 16.1: Operating Segments (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Company Quarter ended June 30, 2026 Net interest income (2) $ 7,742 2,047 2,273 919 (589) (75) 12,317 Noninterest income 2,546 1,071 3,152 2,973 1,002 (439) 10,305 Total revenue 10,288 3,118 5,425 3,892 413 (514) 22,622 Provision for credit losses 945 131 (181) 17 2 — 914 Personnel expense 3,678 899 1,532 2,571 171 — 8,851 Nonpersonnel expense 2,608 513 965 589 135 — 4,810 Total noninterest expense 6,286 1,412 2,497 3,160 306 — 13,661 Income (loss) before income tax expense (benefit) 3,057 1,575 3,109 715 105 (514) 8,047 Income tax expense (benefit) 767 397 780 178 (206) (514) 1,402 Net income before noncontrolling interests 2,290 1,178 2,329 537 311 — 6,645 Less: Net income from noncontrolling interests — 2 — — 236 — 238 Net income $ 2,290 1,176 2,329 537 75 — 6,407 Quarter ended June 30, 2025 Net interest income (2) $ 7,305 1,983 1,815 785 (103) (77) 11,708 Noninterest income 2,383 950 2,858 2,653 662 (392) 9,114 Total revenue 9,688 2,933 4,673 3,438 559 (469) 20,822 Provision for credit losses 945 (43) 103 12 (12) — 1,005 Personnel expense 3,778 982 1,452 2,327 170 — 8,709 Nonpersonnel expense 2,401 537 799 538 395 — 4,670 Total noninterest expense 6,179 1,519 2,251 2,865 565 — 13,379 Income (loss) before income tax expense (benefit) 2,564 1,457 2,319 561 6 (469) 6,438 Income tax expense (benefit) 641 369 582 141 (348) (469) 916 Net income before noncontrolling interests 1,923 1,088 1,737 420 354 — 5,522 Less: Net income from noncontrolling interests — 2 — — 26 — 28 Net income $ 1,923 1,086 1,737 420 328 — 5,494 Six months ended June 30, 2026 Net interest income (2) $ 15,293 4,035 4,457 1,824 (1,049) (147) 24,413 Noninterest income 4,993 2,203 6,246 5,943 1,230 (960) 19,655 Total revenue 20,286 6,238 10,703 7,767 181 (1,107) 44,068 Provision for credit losses 1,763 281 (6) 7 4 — 2,049 Personnel expense 7,669 1,973 3,332 5,268 202 — 18,444 Nonpersonnel expense 5,206 1,047 1,857 1,154 283 — 9,547 Total noninterest expense 12,875 3,020 5,189 6,422 485 — 27,991 Income (loss) before income tax expense (benefit) 5,648 2,937 5,520 1,338 (308) (1,107) 14,028 Income tax expense (benefit) 1,417 740 1,382 333 (672) (1,107) 2,093 Net income before noncontrolling interests 4,231 2,197 4,138 1,005 364 — 11,935 Less: Net income from noncontrolling interests — 4 — — 271 — 275 Net income $ 4,231 2,193 4,138 1,005 93 — 11,660 Six months ended June 30, 2025 Net interest income (2) $ 14,344 3,960 3,605 1,515 (67) (154) 23,203 Noninterest income 4,727 1,898 6,132 5,327 449 (765) 17,768 Total revenue 19,071 5,858 9,737 6,842 382 (919) 40,971 Provision for credit losses 1,684 144 103 23 (17) — 1,937 Personnel expense 7,808 2,121 3,160 4,808 286 — 18,183 Nonpersonnel expense 4,713 1,068 1,567 1,003 736 — 9,087 Total noninterest expense 12,521 3,189 4,727 5,811 1,022 — 27,270 Income (loss) before income tax expense (benefit) 4,866 2,525 4,907 1,008 (623) (919) 11,764 Income tax expense (benefit) 1,211 641 1,229 239 (963) (919) 1,438 Net income before noncontrolling interests 3,655 1,884 3,678 769 340 — 10,326 Less: Net income (loss) from noncontrolling interests — 4 — — (66) — (62) Net income $ 3,655 1,880 3,678 769 406 — 10,388 Wells Fargo & Company 115 Note 16: Operating Segments (continued) (continued from previous page) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Company Quarter ended June 30, 2026 Loans (average) $ 337,828 237,127 359,373 91,143 1,008 — 1,026,479 Assets (average) 371,072 260,885 825,944 97,261 672,761 — 2,227,923 Deposits (average) 828,363 189,534 234,762 109,788 103,153 — 1,465,600 Six months ended June 30, 2026 Loans (average) $ 336,554 233,116 350,891 89,772 1,003 — 1,011,336 Assets (average) 370,226 256,866 814,025 95,828 661,293 — 2,198,238 Deposits (average) 822,524 187,726 224,610 110,937 94,660 — 1,440,457 Loans (period-end) 340,939 239,808 355,752 93,804 812 — 1,031,115 Assets (period-end) 382,087 265,871 862,472 99,784 671,987 — 2,282,201 Deposits (period-end) 832,165 198,805 250,097 110,599 109,739 — 1,501,405 Quarter ended June 30, 2025 Loans (average) $ 319,033 226,461 285,886 81,271 4,068 — 916,719 Assets (average) 354,912 248,974 641,499 86,976 601,010 — 1,933,371 Deposits (average) 805,537 177,994 202,420 99,458 46,242 — 1,331,651 Six months ended June 30, 2025 Loans (average) $ 320,243 225,140 281,610 81,101 4,380 — 912,474 Assets (average) 355,894 247,796 626,352 86,885 609,627 — 1,926,554 Deposits (average) 802,725 180,413 203,163 100,770 48,398 — 1,335,469 Loans (period-end) 320,005 229,544 290,578 81,327 2,964 — 924,418 Assets (period-end) 357,369 254,467 658,029 86,848 624,556 — 1,981,269 Deposits (period-end) 806,572 179,848 208,048 97,318 48,917 — 1,340,703 (1)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. (2)Net interest income is interest earned on assets minus the interest paid on liabilities to fund those assets. Segment interest earned includes actual interest income on segment assets as well as a funding credit for their deposits. Segment interest paid on liabilities includes actual interest expense on segment liabilities as well as a funding charge for their assets. 116 Wells Fargo & Company Note 17: Revenue and Expenses Revenue Our revenue includes net interest income on financial instruments and noninterest income. Table 17.1 presents our revenue by operating segment. For additional description of our operating segments, including additional financial information and information related to the management reporting process, see Note 16 (Operating Segments). For a description of our revenue from contracts with customers, see Note 20 (Revenue and Expenses) in our 2025 Form 10-K. Table 17.1: Revenue by Operating Segment (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Company Quarter ended June 30, 2026 Net interest income $ 7,742 2,047 2,273 919 (589) (75) 12,317 Noninterest income: Deposit-related fees 747 325 277 7 1 — 1,357 Lending-related fees 23 148 229 5 — — 405 Investment advisory and other asset-based fees (2) 264 15 36 2,506 — — 2,821 Commissions and brokerage services fees 127 — 123 437 — — 687 Investment banking fees (3) 24 948 — (30) — 939 Card fees: Interchange and merchant services fees (3) 973 58 15 1 — — 1,047 Other card fees 175 — — — — — 175 Total card fees 1,148 58 15 1 — — 1,222 Mortgage banking (4) 154 — 104 (3) 1 — 256 Net gains (losses) from trading activities (1) — 1,309 26 59 — 1,393 Net gains (losses) from debt securities (4) — 2 — — (1) — 1 Net gains from equity securities (4) — 37 2 — 808 — 847 Other (4) 87 462 109 (6) 164 (439) 377 Total noninterest income 2,546 1,071 3,152 2,973 1,002 (439) 10,305 Total revenue $ 10,288 3,118 5,425 3,892 413 (514) 22,622 Quarter ended June 30, 2025 Net interest income $ 7,305 1,983 1,815 785 (103) (77) 11,708 Noninterest income: Deposit-related fees 653 324 266 6 — — 1,249 Lending-related fees 15 138 209 11 — — 373 Investment advisory and other asset-based fees (2) 232 20 39 2,208 — — 2,499 Commissions and brokerage services fees 111 — 99 400 — — 610 Investment banking fees (1) 28 700 — (31) — 696 Card fees: Interchange and merchant services fees (3) 972 49 13 1 1 — 1,036 Other card fees 137 — — — — — 137 Total card fees 1,109 49 13 1 1 — 1,173 Mortgage banking (4) 169 — 64 (3) — — 230 Net gains from trading activities — — 1,335 27 14 — 1,376 Net gains from debt securities (4) — — — — — — — Net gains from equity securities (4) 12 3 31 — 73 — 119 Other (4) 83 388 102 3 605 (392) 789 Total noninterest income 2,383 950 2,858 2,653 662 (392) 9,114 Total revenue $ 9,688 2,933 4,673 3,438 559 (469) 20,822 (continued on following page) Wells Fargo & Company 117 Note 17: Revenue and Expenses (continued) (continued from previous page) (in millions) Consumer Banking and Lending Commercial Banking Corporate and Investment Banking Wealth and Investment Management Corporate Reconciling Items (1) Consolidated Company Six months ended June 30, 2026 Net interest income $ 15,293 4,035 4,457 1,824 (1,049) (147) 24,413 Noninterest income: Deposit-related fees 1,467 644 551 14 — — 2,676 Lending-related fees 45 298 446 9 — — 798 Investment advisory and other asset-based fees (2) 528 33 75 5,009 — — 5,645 Commissions and brokerage services fees 242 — 238 875 (1) — 1,354 Investment banking fees (4) 39 1,792 — (92) — 1,735 Card fees: Interchange and merchant services fees (3) 1,867 113 31 2 2 — 2,015 Other card fees 345 — — — — — 345 Total card fees 2,212 113 31 2 2 — 2,360 Mortgage banking (4) 317 — 145 (6) 1 — 457 Net gains (losses) from trading activities (1) — 2,691 46 8 — 2,744 Net gains (losses) from debt securities (4) — 3 — — (2) — 1 Net gains from equity securities (4) — 88 16 — 915 — 1,019 Other (4) 187 985 261 (6) 399 (960) 866 Total noninterest income 4,993 2,203 6,246 5,943 1,230 (960) 19,655 Total revenue $ 20,286 6,238 10,703 7,767 181 (1,107) 44,068 Six months ended June 30, 2025 Net interest income $ 14,344 3,960 3,605 1,515 (67) (154) 23,203 Noninterest income: Deposit-related fees 1,304 659 541 13 1 — 2,518 Lending-related fees 31 274 410 22 — — 737 Investment advisory and other asset-based fees (2) 472 41 80 4,442 — — 5,035 Commissions and brokerage services fees 224 — 203 821 — — 1,248 Investment banking fees (1) 57 1,465 — (50) — 1,471 Card fees: Interchange and merchant services fees (3) 1,826 98 27 2 2 — 1,955 Other card fees 261 — — — 1 — 262 Total card fees 2,087 98 27 2 3 — 2,217 Mortgage banking (4) 391 — 178 (7) — — 562 Net gains from trading activities — — 2,693 54 13 — 2,760 Net gains (losses) from debt securities (4) — 2 — — (149) — (147) Net gains (losses) from equity securities (4) 5 (2) 62 (12) (277) — (224) Other (4) 214 769 473 (8) 908 (765) 1,591 Total noninterest income 4,727 1,898 6,132 5,327 449 (765) 17,768 Total revenue $ 19,071 5,858 9,737 6,842 382 (919) 40,971 (1)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results. (2)We earned trailing commissions of $243 million and $487 million for the second quarter and first half of 2026, respectively, and $222 million and $455 million for the second quarter and first half of 2025, respectively. (3)The cost of credit card rewards and rebates of $878 million and $1.7 billion for the second quarter and first half of 2026, respectively, and $737 million and $1.4 billion for the second quarter and first half of 2025, respectively, are presented net against the related revenue. (4)For additional information on these revenue types, see Note 6 (Mortgage Banking Activities), Note 2 (Available-for-Sale and Held-to-Maturity Debt Securities), Note 4 (Equity Securities), and Note 7 (Leasing Activity). 118 Wells Fargo & Company NET GAINS (LOSSES) FROM TRADING ACTIVITIES. Table 17.2 provides the noninterest income associated with trading assets and liabilities. The table excludes revenue from securities purchased under resale agreements and expense from securities sold or loaned under agreements to repurchase in our Corporate and Investment Banking (CIB) Markets business. Table 17.2: Net Gains (Losses) from Trading Activities, by Risk Type (1) Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Interest rate $ (804) 250 $ (240) 1,569 Commodity (2) 210 197 470 429 Equity 379 128 827 469 Foreign exchange 1,455 640 1,547 (43) Credit 153 161 140 336 Total net gains from trading activities $ 1,393 1,376 $ 2,744 2,760 (1)Includes gains (losses) on portfolio level derivative valuation adjustments, as well as remeasurement gains (losses) on foreign currency-denominated assets and liabilities, including related hedges. See Note 10 (Derivatives) for additional information. Also includes gains (losses) on structured debt portfolios where we have elected the fair value option. See Note 11 (Fair Value Measurements) for additional information. (2)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities. In connection with these changes, we reclassified the gains (losses) related to our physical commodities inventory, including the related hedging impacts, from other noninterest income to net gains from trading activities. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies). Expenses OTHER EXPENSE. The amounts presented in Table 17.3 are included in other noninterest expense on our consolidated statement of income. Table 17.3: Other Expense Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Regulatory charges and assessments (1) $ 281 244 $ 591 547 Legal actions (2) 69 122 132 103 Other operating losses (3) 131 177 291 329 (1)Regulatory charges and assessments predominantly consists of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense. (2)Legal actions includes expenses related to litigation and regulatory matters. For additional information on legal actions, see Note 9 (Legal Actions). (3)Includes fraud losses for credit card and deposit accounts, and deposit overdraft losses. Expenses for legal actions may have significant variability given their inherent and unpredictable nature. The timing and determination of the amount of any associated expenses for these matters depends on a variety of factors, some of which are outside of our control. Wells Fargo & Company 119 Note 18: Employee Benefits Pension and Postretirement Plans We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits accrue after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation, projected benefit payments, and valuation methodologies used for assets measured at fair value, see Note 1 (Summary of Significant Accounting Policies) and Note 21 (Employee Benefits) in our 2025 Form 10-K. Table 18.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on our consolidated statement of income. Table 18.1: Net Periodic Benefit Cost 2026 2025 Pension benefits Pension benefits (in millions) Qualified Non- qualified Other benefits Qualified Non- qualified Other benefits Quarter ended June 30, Service cost $ 8 — — 9 — — Interest cost 88 3 3 97 4 3 Expected return on plan assets (117) — (7) (123) — (7) Amortization of net actuarial loss (gain) 33 — (10) 34 — (6) Amortization of prior service credit — — (2) — — (2) Net periodic benefit cost $ 12 3 (16) 17 4 (12) Six months ended June 30, Service cost $ 17 — — 17 — — Interest cost 176 7 6 195 8 6 Expected return on plan assets (235) — (14) (246) — (14) Amortization of net actuarial loss (gain) 64 1 (16) 67 1 (12) Amortization of prior service credit — — (4) — — (5) Net periodic benefit cost $ 22 8 (28) 33 9 (25) 120 Wells Fargo & Company Note 19: Earnings and Dividends Per Common Share Table 19.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations. Table 19.1: Earnings Per Common Share Calculations Quarter ended June 30, Six months ended June 30, (in millions, except per share amounts) 2026 2025 2026 2025 Wells Fargo net income $ 6,407 5,494 $ 11,660 10,388 Less: Preferred stock dividends and other (1) 247 280 500 558 Wells Fargo net income applicable to common stock (numerator) $ 6,160 5,214 $ 11,160 9,830 Earnings per common share Average common shares outstanding (denominator) 3,044.0 3,232.7 3,061.9 3,256.4 Per share $ 2.02 1.61 $ 3.64 3.02 Diluted earnings per common share Average common shares outstanding 3,044.0 3,232.7 3,061.9 3,256.4 Add: Stock-based compensation awards (2) 30.6 34.3 34.1 37.8 Diluted average common shares outstanding (denominator) 3,074.6 3,267.0 3,096.0 3,294.2 Per share $ 2.00 1.60 $ 3.60 2.98 (1)Includes costs associated with any preferred stock redemption. (2)Stock-based compensation may include restricted share rights, performance share awards, and stock options. Dilution effect calculated using the treasury stock method. Table 19.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share. Table 19.2: Outstanding Anti-Dilutive Securities Weighted-average shares Quarter ended June 30, Six months ended June 30, (in millions) 2026 2025 2026 2025 Convertible Preferred Stock, Series L (1) 25.3 25.3 25.3 25.3 Stock-based compensation awards (2) 10.0 1.4 5.6 0.8 (1) Calculated using the if-converted method. (2) Calculated using the treasury stock method. Table 19.3 presents dividends declared per common share. Table 19.3: Dividends Declared Per Common Share Quarter ended June 30, Six months ended June 30, 2026 2025 2026 2025 Per common share $ 0.45 0.40 $ 0.90 0.80 Wells Fargo & Company 121 Note 20: Other Comprehensive Income Table 20.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects. Income tax effects are reclassified from accumulated OCI (AOCI) to net income in the same period as the related pre-tax amount. Table 20.1: Summary of OCI Quarter ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in millions) Before tax Tax effect Net of tax Before tax Tax effect Net of tax Before tax Tax effect Net of tax Before tax Tax effect Net of tax Debt securities: Net unrealized gains (losses) arising during the period $ 213 (53) 160 112 (28) 84 $ (1,068) 264 (804) 2,368 (584) 1,784 Reclassification of net (gains) losses to net income 114 (28) 86 129 (32) 97 222 (55) 167 100 (25) 75 Net change 327 (81) 246 241 (60) 181 (846) 209 (637) 2,468 (609) 1,859 Derivatives and hedging activities: Fair value hedges: Change in fair value of excluded components (1) — — — 5 (1) 4 12 (3) 9 12 (3) 9 Cash flow hedges: Net unrealized gains (losses) arising during the period (743) 184 (559) 279 (69) 210 (1,300) 321 (979) 723 (179) 544 Reclassification of net (gains) losses to net income 68 (17) 51 164 (40) 124 148 (36) 112 306 (75) 231 Net change (675) 167 (508) 448 (110) 338 (1,140) 282 (858) 1,041 (257) 784 Defined benefit plans adjustments: Net actuarial and prior service gains (losses) arising during the period — — — — — — — — — — — — Reclassification of amounts to noninterest expense (2) 21 (5) 16 26 (7) 19 45 (10) 35 51 (12) 39 Net change 21 (5) 16 26 (7) 19 45 (10) 35 51 (12) 39 Debit valuation adjustments (DVA) and other: Net unrealized gains (losses) arising during the period (84) 21 (63) (32) 8 (24) (16) 4 (12) (21) 5 (16) Reclassification of net (gains) losses to net income — — — — — — — — — — — — Net change (84) 21 (63) (32) 8 (24) (16) 4 (12) (21) 5 (16) Foreign currency translation adjustments: Net unrealized gains (losses) arising during the period (45) (1) (46) 119 (2) 117 (130) (2) (132) 146 (2) 144 Reclassification of net (gains) losses to net income — — — — — — — — — — — — Net change (45) (1) (46) 119 (2) 117 (130) (2) (132) 146 (2) 144 Other comprehensive income (loss) $ (456) 101 (355) 802 (171) 631 $ (2,087) 483 (1,604) 3,685 (875) 2,810 Less: Other comprehensive loss from noncontrolling interests, net of tax — (1) — — Wells Fargo other comprehensive income (loss), net of tax $ (355) 632 $ (1,604) 2,810 (1)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recognized in OCI. (2)These items are included in the computation of net periodic benefit cost. See Note 18 (Employee Benefits) for additional information. 122 Wells Fargo & Company Table 20.2 provides the AOCI balance activity net of tax. Table 20.2: AOCI Balances (in millions) Debtsecurities (1) Fair value hedges (2) Cash flow hedges (3) Defined benefit plans adjustments Debit valuation adjustments (DVA) and other Foreign currency translation adjustments Accumulated other comprehensive income (loss) Quarter ended June 30, 2026 Balance, beginning of period $ (5,271) (21) (509) (1,577) (57) (487) (7,922) Net unrealized gains (losses) arising during the period 160 — (559) — (63) (46) (508) Amounts reclassified from AOCI 86 — 51 16 — — 153 Net change 246 — (508) 16 (63) (46) (355) Less: Other comprehensive income from noncontrolling interests — — — — — — — Balance, end of period $ (5,025) (21) (1,017) (1,561) (120) (533) (8,277) Quarter ended June 30, 2025 Balance, beginning of period $ (7,178) (41) (630) (1,653) (38) (458) (9,998) Net unrealized gains (losses) arising during the period 84 4 210 — (24) 117 391 Amounts reclassified from AOCI 97 — 124 19 — — 240 Net change 181 4 334 19 (24) 117 631 Less: Other comprehensive loss from noncontrolling interests — — — — — (1) (1) Balance, end of period $ (6,997) (37) (296) (1,634) (62) (340) (9,366) Six months ended June 30, 2026 Balance, beginning of period $ (4,388) (30) (150) (1,596) (108) (401) (6,673) Net unrealized gains (losses) arising during the period (804) 9 (979) — (12) (132) (1,918) Amounts reclassified from AOCI 167 — 112 35 — — 314 Net change (637) 9 (867) 35 (12) (132) (1,604) Less: Other comprehensive income from noncontrolling interests — — — — — — — Balance, end of period $ (5,025) (21) (1,017) (1,561) (120) (533) (8,277) Six months ended June 30, 2025 Balance, beginning of period $ (8,856) (46) (1,071) (1,673) (46) (484) (12,176) Net unrealized gains (losses) arising during the period 1,784 9 544 — (16) 144 2,465 Amounts reclassified from AOCI 75 — 231 39 — — 345 Net change 1,859 9 775 39 (16) 144 2,810 Less: Other comprehensive income from noncontrolling interests — — — — — — — Balance, end of period $ (6,997) (37) (296) (1,634) (62) (340) (9,366) (1)At June 30, 2026 and 2025, accumulated other comprehensive loss includes unamortized after-tax unrealized losses of $2.6 billion and $2.9 billion, respectively, associated with the transfer of securities from AFS to HTM. These amounts are subsequently amortized into earnings over the same period as the related unamortized premiums and discounts. (2)Substantially all of the amounts for fair value hedges are foreign exchange contracts. (3)Substantially all of the amounts for cash flow hedges are interest rate contracts. Wells Fargo & Company 123 Note 21: Regulatory Capital Requirements and Other Restrictions Regulatory Capital Requirements The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The FRB establishes capital requirements for the consolidated financial holding company, and the Office of the Comptroller of the Currency (OCC) has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank). Table 21.1 presents regulatory capital information for the Company and the Bank in accordance with Basel III capital requirements. We must calculate our risk-based capital ratios under both the Standardized and Advanced Approaches. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component. Table 21.1: Regulatory Capital Information Wells Fargo & Company Wells Fargo Bank, N.A. Standardized Approach Advanced Approach Standardized Approach Advanced Approach (in millions, except ratios) Jun 30, 2026 Dec 31, 2025 Jun 30, 2026 Dec 31, 2025 Jun 30, 2026 Dec 31, 2025 Jun 30, 2026 Dec 31, 2025 Regulatory capital: Common Equity Tier 1 $ 137,698 137,346 137,698 137,346 148,541 151,833 148,541 151,833 Tier 1 152,737 153,567 152,737 153,567 148,541 151,833 148,541 151,833 Total 184,202 184,682 174,208 174,617 166,282 169,520 155,828 158,966 Assets: Risk-weighted assets 1,342,325 1,294,609 1,140,242 1,112,533 1,230,425 1,184,912 971,178 940,876 Adjusted average assets (1) 2,199,518 2,052,117 2,199,518 2,052,117 1,852,579 1,746,906 1,852,579 1,746,906 Regulatory capital ratios: Common Equity Tier 1 capital 10.26 % * 10.61 12.08 12.35 12.07 * 12.81 15.29 16.14 Tier 1 capital 11.38 * 11.86 13.40 13.80 12.07 * 12.81 15.29 16.14 Total capital 13.72 * 14.27 15.28 15.70 13.51 * 14.31 16.05 16.90 Required minimum capital ratios: Common Equity Tier 1 capital 8.50 8.50 8.50 8.50 7.00 7.00 7.00 7.00 Tier 1 capital 10.00 10.00 10.00 10.00 8.50 8.50 8.50 8.50 Total capital 12.00 12.00 12.00 12.00 10.50 10.50 10.50 10.50 Wells Fargo & Company Wells Fargo Bank, N.A. June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Regulatory leverage: Total leverage exposure (2) $ 2,642,462 2,466,623 2,272,935 2,141,519 Supplementary leverage ratio (2) 5.78 % 6.23 6.54 7.09 Tier 1 leverage ratio (1) 6.94 7.48 8.02 8.69 Required minimum leverage: Supplementary leverage ratio 3.50 5.00 3.50 6.00 Tier 1 leverage ratio 4.00 4.00 5.00 5.00 *Denotes the binding framework, which is the lower of the Standardized and Advanced Approaches, at June 30, 2026. (1)Adjusted average assets consists of total quarterly average assets less goodwill and other permitted Tier 1 capital deductions. The Tier 1 leverage ratio consists of Tier 1 capital divided by total quarterly average assets, excluding goodwill and certain other items as determined under capital rule requirements. (2)The supplementary leverage ratio consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total consolidated assets adjusted for certain off-balance sheet exposures, goodwill, and other permitted Tier 1 capital deductions. At June 30, 2026, the Common Equity Tier 1 (CET1), Tier 1 and Total capital ratio requirements for the Company included a global systemically important bank (G-SIB) surcharge of 1.50% and a countercyclical buffer of 0.00%. In addition, these ratios included a stress capital buffer of 2.50% under the Standardized Approach and a capital conservation buffer of 2.50% under the Advanced Approach. The Company is required to maintain these risk-based capital ratios and to maintain a supplementary leverage ratio (SLR) that included a supplementary leverage buffer of 0.50% to avoid restrictions on capital distributions and discretionary bonus payments. The CET1, Tier 1 and Total capital ratio requirements for the Bank included a capital conservation buffer of 2.50% under both the Standardized and Advanced Approaches. The G-SIB surcharge and countercyclical buffer are not applicable to the Bank. At June 30, 2026, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act. Capital Planning Requirements The FRB’s capital plan rule establishes capital planning and other requirements that govern capital distributions, including dividends and share repurchases, by certain large bank holding companies (BHCs), including Wells Fargo. 124 Wells Fargo & Company The FRB conducts an annual Comprehensive Capital Analysis and Review exercise and has also published guidance regarding its supervisory expectations for capital planning, including capital policies regarding the process relating to common stock dividend and repurchase decisions in the FRB’s SR Letter 15-18. The Parent’s ability to make certain capital distributions is subject to the requirements of the capital plan rule and is also subject to the Parent meeting or exceeding certain regulatory capital minimums. Loan and Dividend Restrictions Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. Additionally, federal laws and regulations limit, and regulators can impose additional limitations on, the dividends that a national bank may pay. Our nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year. In addition, we have entered into a Support Agreement dated June 28, 2017, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (Parent), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (IHC), the Bank, Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other subsidiaries of the Parent designated from time to time as material entities for resolution planning purposes or identified from time to time as related support entities in our resolution plan, pursuant to which the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers or if the Parent’s board of directors authorizes it to file a case under the U.S. Bankruptcy Code. For additional information on loan and dividend restrictions, see Note 25 (Regulatory Capital Requirements and Other Restrictions) in our 2025 Form 10-K. Cash Restrictions Cash and cash equivalents may be restricted as to usage or withdrawal. Table 21.2 provides a summary of restrictions on cash and cash equivalents. Table 21.2: Nature of Restrictions on Cash and Cash Equivalents (in millions) Jun 30, 2026 Dec 31, 2025 Reserve balance for non-U.S. central banks $ 254 259 Segregated for benefit of brokerage customers under federal and other brokerage regulations 743 1,085 Wells Fargo & Company 125 Glossary of Acronyms ACL Allowance for credit losses HQLA High-quality liquid assets AFS Available-for-sale HTM Held-to-maturity AOCI Accumulated other comprehensive income LCR Liquidity coverage ratio ARM Adjustable-rate mortgage LHFS Loans held for sale ASU Accounting Standards Update LOCOM Lower of cost or fair value BCBS Basel Committee on Banking Supervision LTV Loan-to-value BHC Bank holding company MBS Mortgage-backed securities CCAR Comprehensive Capital Analysis and Review MSR Mortgage servicing right CD Certificate of deposit NAV Net asset value CET1 Common Equity Tier 1 NPA Nonperforming asset CLO Collateralized loan obligation NSFR Net stable funding ratio CRE Commercial real estate OCC Office of the Comptroller of the Currency CVA Credit valuation adjustment OCI Other comprehensive income DPD Days past due OTC Over-the-counter DVA Debit valuation adjustment ROA Return on average assets FASB Financial Accounting Standards Board ROE Return on average equity FDIC Federal Deposit Insurance Corporation ROTCE Return on average tangible common equity FHA Federal Housing Administration RWAs Risk-weighted assets FHLB Federal Home Loan Bank SEC Securities and Exchange Commission FHLMC Federal Home Loan Mortgage Corporation S&P Standard & Poor’s Global Ratings FICO Fair Isaac Corporation (credit rating) SLR Supplementary leverage ratio FNMA Federal National Mortgage Association SOFR Secured Overnight Financing Rate FRB Board of Governors of the Federal Reserve System SPE Special purpose entity FVA Funding valuation adjustment TLAC Total Loss Absorbing Capacity GAAP Generally accepted accounting principles VA Department of Veterans Affairs GNMA Government National Mortgage Association VaR Value-at-Risk GSE Government-sponsored enterprise VIE Variable interest entity G-SIB Global systemically important bank WIM Wealth and Investment Management 126 Wells Fargo & Company PART II – OTHER INFORMATION