Wells Fargo Q3 Earnings on the Deck: What's in Store for the Stock?

Wells Fargo (WFC) enters Q3 2026 earnings with consensus calling for $22.15 billion in revenue, up 3.3% year over year, and EPS of $1.85, a 6.9% improvement. The quantitative model behind the preview does not conclusively predict an earnings beat, which leaves the setup balanced rather than skewed toward upside.

The bull case rests on two supports. Net interest income is expected to rise on lending activity and stabilized funding costs. Investment banking and advisory fees are also projected higher.

The drag comes from mortgage banking, where revenues are forecast to fall 9.9% as high mortgage rates and low affordability weigh on volume. Asset quality remains a concern too, with geopolitical uncertainty and elevated interest rates cited as pressure points.

Interpretation: with EPS growth outpacing revenue growth, the market is likely pricing in margin and fee strength to offset the mortgage shortfall. A miss on net interest income or credit provisions would hit that thesis directly. Because the model stops short of forecasting a beat, a muted reaction to an in-line print is a realistic outcome.

The preferred stocks tied to WFC (WFCPA, WFCPC, WFCPD, WFCPL, WFCPY, WFCPZ) sit downstream of the same credit-quality questions.