Early Access

10-QPeriod: Q1 FY2025

WELLS FARGO & COMPANY/MN Quarterly Report for Q1 Ended Mar 31, 2025

Filed April 29, 2025For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company (WFC) reported its first quarter 2025 results, highlighting significant share repurchase activity and a new, substantial authorization for future buybacks. The company repurchased over 44.5 million shares during the quarter, demonstrating a commitment to returning capital to shareholders. Furthermore, a new $40 billion share repurchase authorization was announced on April 29, 2025, indicating continued confidence in the company's financial position and a strategy to enhance shareholder value. In addition to capital return initiatives, the filing addresses potential compliance and regulatory matters. The company disclosed that it identified and blocked accounts held by certain consumer customers who met the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) definition of the "Government of Iran" due to their employment at state-owned entities. While some regular consumer activity occurred in these accounts before they were closed, the gross revenue attributable to them in the first quarter was de minimis, and Wells Fargo does not intend to engage in further activity with these accounts. This disclosure is made pursuant to Section 13(r) of the Exchange Act.

Financial Highlights

33 data points
Beta

Net Income

$4.89B

EPS (Diluted)

$1.39

Total Assets

$1.95T

Cash & Equivalents

$176.18B

Free Cash Flow

-$11.04B

Financial Statements
Beta
Net Income$4.89B
EPS (Basic)$1.41
EPS (Diluted)$1.39
Shares Outstanding (Basic)3.28B
Shares Outstanding (Diluted)3.32B

Key Highlights

  • 1Wells Fargo repurchased 44,539,135 shares of common stock during the first quarter of 2025.
  • 2The company announced a new authorization for the repurchase of up to an additional $40 billion of common stock on April 29, 2025.
  • 3The total value of shares repurchased during the quarter was approximately $3.5 billion, with an average price paid around $77-79 per share.
  • 4The existing share repurchase authorization from July 25, 2023, remains active and does not expire unless revoked.
  • 5The company identified and blocked accounts linked to the "Government of Iran" as defined by OFAC, with de minimis gross revenue attributable to these accounts in Q1 2025.
  • 6No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter.

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