{"schemaVersion":1,"research":true,"symbol":"wfc","name":"Wells Fargo & Company/Mn","topic":"moat","path":"/stock/wfc/moat","status":"stale","version":9,"updatedAt":"2026-10-19T15:42:37.698Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Wells Fargo demonstrates realized deposit-fee repricing, growing customer engagement and improved earnings through September 2026. These results support local pricing discretion and execution, but do not establish durable switching costs, a relative funding-cost advantage or another structural moat. Funding mix and net interest margin remain under pressure despite wider consumer deposit spreads. The evidence is insufficient to establish a moat, rather than sufficient to establish its absence.","advantages":[],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: year-end assets, deposits and equity","excerpt":"At December 31, 2025, we had assets of approximately $2.1 trillion, loans of $986.2 billion, deposits of $1.4 trillion and stockholders’ equity of $181.1 billion."},{"id":"e2","sourceId":"filing-1","location":"Competition: regulatory and potential cost advantages of competitors","excerpt":"Many of these competitors enjoy fewer regulatory constraints and some may have lower cost structures."},{"id":"e3","sourceId":"filing-1","location":"Competition: technology-enabled financial services","excerpt":"The financial services industry is also becoming more competitive as further technological advances and the expansion of a digital economy have enabled non-depository institutions to offer products and services traditionally offered by banks and have enabled financial institutions, technology companies, and others to deliver electronic and internet-based financial solutions, including electronic securities trading, lending, savings, and payment solutions."},{"id":"e4","sourceId":"filing-1","location":"Competition: potential deposit and intermediation displacement","excerpt":"Additionally, digital assets and alternative payment methods, such as cryptocurrencies, stablecoins, and tokens, as well as distributed ledger-based payment, clearing, and settlement processes have the potential to reduce reliance on traditional depository institutions and other financial intermediaries, could lead to a reduction in deposits at banks, and could lead to changes in how financial services are accessed, offered, and delivered."},{"id":"e5","sourceId":"filing-2","location":"Consumer Banking and Lending: revenue drivers and account repricing","excerpt":"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."},{"id":"e6","sourceId":"filing-2","location":"Capital and Liquidity: June regulatory ratios and requirements","excerpt":"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%."},{"id":"e7","sourceId":"filing-2","location":"Capital Management: actual issuance and repurchases","excerpt":"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."},{"id":"e8","sourceId":"filing-2","location":"Capital Management: actual common and preferred dividends","excerpt":"We paid $3.3 billion of common and preferred stock dividends during the first half of 2026."},{"id":"e9","sourceId":"filing-2","location":"Overview: first-half net income","excerpt":"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."},{"id":"e10","sourceId":"filing-2","location":"Noninterest Expense: technology spending","excerpt":"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."},{"id":"e11","sourceId":"filing-2","location":"Variable Interest Entities: unfunded tax-credit investment commitments","excerpt":"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."},{"id":"e12","sourceId":"filing-3","location":"Executive Compensation: ownership, vesting and risk safeguards","excerpt":"What We Do Incentive compensation is variable and “at-risk”; long-term equity compensation covers multi-year vesting periods Focus on risk management and risk outcomes Overall performance is evaluated through a rigorous performance assessment framework Engage an independent compensation consultant Strong and independent Board oversight through the Board’s HRC Recoupment policies provide for clawback and forfeiture of compensation in appropriate circumstances, including misconduct and risk management failures Stock Ownership Policy includes minimum ownership requirements, a compliance period to reach requirement, and additional holding requirements that extend one year after retirement Year-round engagement with shareholders on executive compensation and governance issues What We Don’t Do No payment of dividends prior to vesting No pledging of Company securities by directors or executive officers under the Board’s Corporate Governance Guidelines No executive employment agreements No tax gross-ups for NEOs No repricing of stock options without shareholder approval No hedging of Company securities by directors, executive officers, or other employees under our Code of Conduct No excessive perquisites for executive officers 2026 Proxy Statement 47 Table of Contents Executive Compensation CEO Special Award Granted to Charles W."},{"id":"e13","sourceId":"filing-3","location":"Executive Compensation: outstanding performance award conditions","excerpt":"However, because the applicable performance period for each of these awards has not yet been completed, the actual number of 2024 and 2025 PSAs earned will depend on our Company’s level of ROTCE performance and TSR performance over the performance period for each award including reduction for NOL, forfeiture provisions, and compliance with covenants."},{"id":"e14","sourceId":"filing-3","location":"Executive Compensation: approved special CEO equity award","excerpt":"In addition, following the termination of the asset cap in 2025, the independent directors approved a special equity award with a total grant-date value of approximately $60 million to promote retention and recognize our CEO’s leadership in driving Wells Fargo’s transformation and creating significant shareholder value."},{"id":"e15","sourceId":"filing-3","location":"Compensation Governance: removal of preset compensation targets","excerpt":"Compensation Governance In 2025, the HRC eliminated pre-set total compensation targets for our NEOs while leaving unchanged its rigorous, holistic, principles-based evaluation of individual, Company-wide, and, when relevant, business unit performance against pre-established financial and non-financial goals, in an effort to maintain alignment with business priorities and shareholder interests; additional details are provided in the Compensation Discussion and Analysis."},{"id":"e16","sourceId":"filing-3","location":"Board leadership: chairman and lead independent director appointments","excerpt":"I am also pleased to share that in 2025, following ongoing discussion and review, the Board’s independent directors appointed Charlie as Chairman of the Board, and I was named Lead Independent Director."},{"id":"e17","sourceId":"filing-3","location":"Governance: independent board committees","excerpt":"2026 Proxy Statement 105 Table of Contents Shareholder Proposals In addition, each of our Board’s committees (including those committees not required by rules or regulations) is led by, and composed entirely of, independent directors."},{"id":"e18","sourceId":"filing-3","location":"Board letter: reported consent-order termination and asset-cap removal","excerpt":"Under CEO Charlie Scharf’s leadership, the Company has reached key regulatory milestones, including the termination of all outstanding consent orders and the removal of the asset cap that had been in place since 2018."},{"id":"e19","sourceId":"filing-3","location":"Transformation summary: regulatory milestones and business exits","excerpt":"Simplified Business\nEfficiency Saves\nCapital Return\nSubstantial progress since 2019…\n•14 Consent orders terminated\n•Asset cap removed\n•Built appropriate risk and control framework\n•12 Businesses sold or exited\n•Simplified businesses to focus on core franchise"},{"id":"e20","sourceId":"filing-2","location":"Asset/Liability Management: directional interest-rate sensitivity","excerpt":"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."},{"id":"e21","sourceId":"filing-7","location":"Third-quarter financial summary: earnings, balances and repurchases","excerpt":"Total revenue\n$\n21,870\n21,436 \nNoninterest expense\n13,743\n13,846 \nProvision for credit losses1\n1,029\n681 \nNet income\n5,951\n5,589 \nDiluted earnings per common share\n1.87\n1.66 \nSelected Balance Sheet Data\n($ in billions)\nAverage loans\n$\n1,033.4\n928.7 \nAverage deposits\n1,482.9\n1,339.9 \nCET12\n10.0\n%\n11.0 \nPerformance Metrics\nROE3\n13.8\n%\n12.8 \nROTCE4\n16.3\n15.2 \nOperating Segments and Other Highlights\nQuarter ended\nSep 30, 2026 \n% Change from\n($ in billions)\nSep 30,\n2026\nJun 30,\n2026\nSep 30,\n2025\nAverage loans\nConsumer Banking and Lending\n$\n342.1 \n1 \n%\n4 \nCommercial Banking\n240.5 \n1 \n10 \nCorporate and Investment Banking\n353.4 \n(2)\n19 \nWealth and Investment Management\n95.4 \n5 \n16 \nAverage deposits\nConsumer Banking and Lending\n825.1 \n— \n2 \nCommercial Banking\n198.9 \n5 \n16 \nCorporate and Investment Banking\n248.1 \n6 \n22 \nWealth and Investment Management\n108.7 \n(1)\n9 \nCapital\n◦Repurchased 28.6 million shares, or $2.5 billion, of common stock in third quarter 2026"},{"id":"e22","sourceId":"filing-7","location":"Third-quarter net interest income: funding costs and asset repricing","excerpt":"◦Net interest income increased 5%, driven by higher loan and investment securities balances, the impact of lower interest rates and balance sheet growth in our Markets business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, higher deposit costs reflecting growth in interest-bearing commercial deposits, and a modest decline in noninterest-bearing deposits"},{"id":"e23","sourceId":"filing-7","location":"Third-quarter expenses: efficiency initiatives and spending","excerpt":"◦Noninterest expense decreased 1%, driven by the impact of efficiency initiatives, including an 8% reduction in headcount, lower severance expense, and lower lease expense, partially offset by higher revenue-related compensation expense reflecting improved performance and an increase in technology and equipment expense."},{"id":"e24","sourceId":"filing-7","location":"Third-quarter capital, liquidity, credit quality and tax benefit","excerpt":"◦Income tax expense in third quarter 2026 included $170 million of discrete tax benefits related to the resolution of prior period matters \n2\nSelected Company-wide Capital and Liquidity Information\nQuarter ended\n($ in billions)\nSep 30,\n2026\nJun 30,\n2026\nSep 30,\n2025\nCapital:\nTotal equity\n$\n177.9 \n182.3 \n183.0 \nCommon stockholders’ equity\n158.8 \n165.0 \n164.7 \nTangible common equity1 \n133.4 \n139.7 \n139.1 \nCommon Equity Tier 1 (CET1) ratio2 \n10.0 \n%\n10.3 \n11.0 \nTotal loss absorbing capacity (TLAC) ratio3\n23.0 \n22.8 \n24.6 \nSupplementary Leverage Ratio (SLR)4 \n5.7 \n5.8 \n6.4 \nLiquidity:\nLiquidity Coverage Ratio (LCR)5 \n122 \n%\n119 \n121 \nSelected Company-wide Loan Credit Information\nQuarter ended\n($ in millions)\nSep 30,\n2026\nJun 30,\n2026\nSep 30,\n2025\nNet loan charge-offs\n$\n983 \n876 \n942 \nNet loan charge-offs as a % of average total loans (annualized)\n0.38 \n%\n0.34 \n0.40 \nTotal nonaccrual loans\n$\n7,060 \n7,643 \n7,614 \nAs a % of total loans\n0.67 \n%\n0.74 \n0.81 \nTotal nonperforming assets\n$\n7,359 \n7,944 \n7,832 \nAs a % of total loans\n0.70 \n%\n0.77 \n0.83 \nAllowance for credit losses for loans\n$\n14,458 \n14,407 \n14,311 \nAs a % of total loans\n1.38 \n%\n1.40 \n1.52 \nThird Quarter 2026 vs."},{"id":"e25","sourceId":"filing-7","location":"Credit quality: higher commercial charge-off rate","excerpt":"◦Commercial net loan charge-offs as a percentage of average loans were 0.18% (annualized), up from 0.10%, driven by higher commercial real estate and commercial and industrial net loan charge-offs."},{"id":"e26","sourceId":"filing-7","location":"Corporate: venture investment results and business-sale effects","excerpt":"◦Revenue decreased driven by lower net interest income due to the impact of lower interest rates on crediting rates to our operating segments, lower results from our venture capital investments, and lower lease income related to the sale of our rail car leasing business."},{"id":"e27","sourceId":"filing-8","location":"Summary Financial Data: nine-month earnings, shares, margins and deposit costs","excerpt":"Wells Fargo & Company and Subsidiaries\nSUMMARY FINANCIAL DATA\nQuarter ended\nSep 30, 2026 \n% Change from\nNine months ended\n(in millions, except ratios and per share amounts)\nSep 30,\n2026\nJun 30,\n2026\nMar 31,\n2026\nDec 31,\n2025\nSep 30,\n2025\nJun 30,\n2026\nSep 30,\n2025\nSep 30,\n2026\nSep 30,\n2025\n%\nChange\nSelected Income Statement Data\nTotal revenue\n$\n21,870 \n22,622 \n21,446 \n21,292 \n21,436 \n(3)\n%\n2 \n$\n65,938 \n62,407 \n6 \n%\nNoninterest expense\n13,743 \n13,661 \n14,330 \n13,726 \n13,846 \n1 \n(1)\n41,734 \n41,116 \n2 \nPre-tax pre-provision profit (PTPP) (1)\n8,127 \n8,961 \n7,116 \n7,566 \n7,590 \n(9)\n7 \n24,204 \n21,291 \n14 \nProvision for credit losses (2)\n1,029 \n914 \n1,135 \n1,040 \n681 \n13 \n51 \n3,078\n5,589 \n(7)\n6 \n17,611 \n15,977 \n10 \nWells Fargo net income applicable to common stock\n5,703 \n6,160 \n5,000 \n5,114 \n5,341 \n(7)\n7 \n16,863 \n15,171 \n11 \nCommon Share Data\nDiluted earnings per common share\n1.87 \n2.00 \n1.60 \n1.62 \n1.66 \n(6)\n13 \n5.47 \n4.64 \n18 \nDividends declared per common share\n0.50 \n0.45 \n0.45 \n0.45 \n0.45 \n11 \n11 \n1.40 \n1.25 \n12 \nCommon shares outstanding\n3,001.6 \n3,028.5 \n3,064.3 \n3,092.6 \n3,148.9 \n(1)\n(5)\nAverage common shares outstanding\n3,015.8 \n3,044.0 \n3,080.0 \n3,113.8 \n3,182.2 \n(1)\n(5)\n3,046.4 \n3,231.4 \n(6)\nDiluted average common shares outstanding\n3,051.5 \n3,074.6 \n3,117.7 \n3,159.0 \n3,223.5 \n(1)\n(5)\n3,081.0 \n3,270.3 \n(6)\nBook value per common share (3)\n$\n52.91 \n54.48 \n53.25 \n53.24 \n52.30 \n(3)\n1 \nTangible book value per common share (3)(4)\n44.46 \n46.13 \n44.98 \n45.02 \n44.18 \n(4)\n1 \nSelected Equity Data (period-end)\nTotal equity\n177,877 \n182,323 \n180,313 \n183,038 \n183,012 \n(2)\n(3)\nCommon stockholders' equity\n158,804 \n164,981 \n163,188 \n164,651 \n164,687 \n(4)\n(4)\nTangible common equity (4)\n133,447 \n139,703 \n137,817 \n139,219 \n139,119 \n(4)\n(4)\nPerformance Ratios\nReturn on average assets (ROA) (5)\n1.05 \n%\n1.15 \n0.98 \n1.02 \n1.10 \n1.06 \n%\n1.09 \nReturn on average equity (ROE) (6)\n13.8 \n15.0 \n12.2 \n12.3 \n12.8 \n13.7 \n12.4 \nReturn on average tangible common equity (ROTCE) (4)\n16.3 \n17.7 \n14.5 \n14.5 \n15.2 \n16.2 \n14.7 \nEfficiency ratio (7)\n63 \n60 \n67 \n64 \n65 \n63 \n66 \nNet interest margin on a taxable-equivalent basis\n2.43 \n2.43 \n2.47 \n2.60 \n2.61 \n2.44 \n2.65 \nAverage deposit cost\n1.56 \n1.51 \n1.43 \n1.44 \n1.54 \n1.50 \n1.55 \n(1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense."},{"id":"e28","sourceId":"filing-8","location":"Consumer Banking and Lending: fees, engagement, transactions and spreads","excerpt":"CONSUMER BANKING AND LENDING SEGMENT\nQuarter ended\nSep 30, 2026 \n% Change from\nNine months ended\n($ in millions)\nSep 30,\n2026\nJun 30,\n2026\nMar 31,\n2026\nDec 31,\n2025\nSep 30,\n2025\nJun 30,\n2026\nSep 30,\n2025\nSep 30,\n2026\nSep 30,\n2025\n%\nChange\nIncome Statement\nNet interest income\n$\n8,016 \n7,742 \n7,551 \n7,661 \n7,628 \n4 \n%\n5 \n$\n23,309 \n21,972 \n6 \n%\nNoninterest income:\nDeposit-related fees\n797 \n747 \n720 \n693 \n698 \n7 \n14 \n2,264 \n2,002 \n13 \nInvestment advisory and other asset-based fees\n4,093 \n4,090 \n4,108 \n— \n%\n(1)\nDigital active customers (# in millions, period-end) (3)\n38.2 \n38.0 \n38.1 \n37.2 \n37.0 \n1 \n3 \nMobile active customers (# in millions, period-end) (3)\n34.0 \n33.7 \n33.5 \n32.8 \n32.5 \n1 \n5 \nConsumer, Small and Business Banking:\nDeposit spread (4)\n2.68 \n%\n2.60 \n2.58 \n2.60 \n2.59 \n2.62 \n%\n2.52 \nDebit card purchase volume ($ in billions) (5)\n$\n144.9 \n144.8\n134.3\n137.3\n133.6\n— \n8 \n$\n424.0 \n393.2\n8 \n%\nDebit card purchase transactions (# in millions) (5)\n2,797 \n2,780 \n2,582 \n2,696 \n2,674 \n1 \n5 \n8,159 \n7,815 \n4 \nClient assets in advisory and brokerage accounts ($ in billions, period-end)\n$\n289 \n282 \n261 \n265 \n262 \n2 \n10 \nHome Lending:\nMortgage loan originations ($ in billions)\n$\n7.8 \n9.0 \n6.3 \n7.5 \n7.0 \n(13)\n11 \n$\n23.1 \n18.8 \n23 \n% of originations held for sale (HFS)\n23.8 \n%\n20.6 \n24.4 \n21.9 \n31.0 \n22.7 \n%\n33.9 \nThird party mortgage loans serviced ($ in billions, period-end) (6)\n$\n343.9 \n361.4 \n386.6 \n397.0 \n433.8 \n(5)\n(21)\nHome lending loans 30+ days delinquency rate (period-end) (7)(8)\n0.33 \n%\n0.32 \n0.30 \n0.31 \n0.32 \nCredit Card (5):\nCredit card purchase volume ($ in billions)\n$\n45.0 \n44.5\n40.0\n42.2\n40.3\n1 \n12 \n$\n129.5 \n116.9 \n11 \nCredit card new accounts (# in thousands)\n661\n662\n631\n710\n707\n— \n(7)\n1,954 \n1,555 \n26 \nCredit card loans 30+ days delinquency rate (period-end) (8)\n2.69 \n%\n2.58 \n2.77 \n2.78 \n2.68 \nCredit card loans 90+ days delinquency rate (period-end) (8)\n1.34 \n1.34 \n1.45 \n1.42 \n1.34 \nAuto:\nAuto loan originations ($ in billions)\n$\n10.1 \n9.7\n9.7\n10.2\n8.8\n4 \n15 \n$\n29.5 \n20.3 \n45 \nAuto loans 30+ days delinquency rate (period-end) (8)\n1.39 \n%\n1.31 \n1.26 \n1.52 \n1.54 \n(1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital."},{"id":"e29","sourceId":"filing-8","location":"Consumer metrics: definition of digital and mobile active customers","excerpt":"(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days."},{"id":"e30","sourceId":"filing-8","location":"Consumer metrics: internal funds transfer pricing definition of deposit spread","excerpt":"(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."},{"id":"e31","sourceId":"filing-8","location":"Tangible Common Equity: GAAP ROE and reconciled non-GAAP ROTCE","excerpt":"Net income applicable to common stock\n(A)\n$\n5,703 \n6,160 \n5,000 \n5,114 \n5,341 \n(7)\n%\n7 \n$\n16,863 \n15,171 \n11 \n%\nAverage total equity\n182,469 \n181,910 \n183,693 \n183,844 \n183,428 \n— \n(1)\n182,686 \n183,351 \n— \nAdjustments:\nPreferred stock \n(16,165)\n(15,348)\n(16,333)\n(16,608)\n(16,608)\n(5)\n3 \n(15,948)\n(17,824)\n11 \nAdditional paid-in capital on preferred stock\n141 \n139 \n140 \n141 \n141 \n1 \n— \n140 \n143 \n(2)\nNoncontrolling interests\n(2,128)\n(1,972)\n(1,915)\n(1,879)\n(1,850)\n(8)\n(15)\n(2,006)\n(1,854)\n(8)\nAverage common stockholders’ equity\n(B)\n164,317 \n164,729 \n165,585 \n165,498 \n165,111 \n— \n— \n164,872 \n163,816 \n1 \nAdjustments:\nGoodwill\n(24,965)\n(24,966)\n(24,967)\n(25,055)\n(25,070)\n— \n— \n(24,966)\n(25,092)\n1 \nCertain identifiable intangible assets (other than MSRs)\n(716)\n(748)\n(788)\n(847)\n(889)\n4\n19 \n(751)\n(610)\n(23)\nGoodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets)\n(649)\n(704)\n(705)\n(698)\n(674)\n8 \n4 \n(686)\n(694)\n1 \nApplicable deferred taxes related to goodwill and other intangible assets (1)\n1,065 \n1,065 \n1,063 \n1,063 \n1,061 \n— \n— \n1,064 \n1,001 \n6 \nAverage tangible common equity\n(C)\n$\n139,052 \n139,376 \n140,188 \n139,961 \n139,539 \n— \n— \n$\n139,533 \n138,421 \n1 \nReturn on average common stockholders’ equity (ROE) (annualized)\n(A)/(B)\n13.8 \n%\n15.0 \n12.2 \n12.3 \n12.8 \n13.7 \n%\n12.4 \n%\nReturn on average tangible common equity (ROTCE) (annualized)\n(A)/(C)\n16.3 \n17.7 \n14.5 \n14.5 \n15.2 \n16.2 \n14.7 \n(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."},{"id":"e32","sourceId":"filing-8","location":"Preliminary results: final-review limitations","excerpt":"Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information."},{"id":"e33","sourceId":"filing-8","location":"Capital and other metrics: preliminary September regulatory ratios and deposits","excerpt":"Deposits\n1,502,652 \n1,501,405 \n1,454,939 \n1,426,207 \n1,367,361 \n— \n10 \nHeadcount (#) (period-end)\n194,369 \n197,466 \n200,999 \n205,198 \n210,821 \n(2)\n(8)\nCapital and other metrics (1)\nRisk-based capital ratios and components (2):\nStandardized Approach:\nCommon Equity Tier 1 (CET1)\n10.0 \n%\n10.3 \n10.3 \n10.6 \n11.0 \nTier 1 capital\n11.3 \n11.4 \n11.4 \n11.9 \n12.3 \nTotal capital\n13.6 \n13.7 \n13.8 \n14.3 \n14.8 \nRisk-weighted assets (RWAs) (in billions)\n$\n1,339.8 \n1,342.3 \n1,316.0 \n1,294.6 \n1,242.4 \n— \n8 \nAdvanced Approach: \nCommon Equity Tier 1 (CET1)\n11.8 \n%\n12.1 \n12.1 \n12.4 \n12.7 \nTier 1 capital\n13.3 \n13.4 \n13.4 \n13.8 \n14.3 \nTotal capital\n15.1 \n15.3 \n15.3 \n15.7 \n16.2 \nRisk-weighted assets (RWAs) (in billions)\n$\n1,140.8 \n1,140.2 \n1,121.0 \n1,112.5 \n1,072.2 \n— \n6 \nTier 1 leverage ratio \n6.8 \n%\n6.9 \n7.0 \n7.5 \n7.7 \nSupplementary Leverage Ratio (SLR)\n5.7 \n5.8 \n5.9 \n6.2 \n6.4 \nTotal Loss Absorbing Capacity (TLAC) Ratio (3) \n23.0 \n22.8 \n23.0 \n23.2 \n24.6 \nLiquidity Coverage Ratio (LCR) (4) \n122 \n119 \n120 \n119 \n121 \n(1)Ratios and metrics for September 30, 2026, are preliminary estimates."},{"id":"e34","sourceId":"filing-7","location":"Capital distributions: earnings, capital and regulatory constraints","excerpt":"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, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions."},{"id":"e35","sourceId":"filing-8","location":"Commercial loan portfolio: financial-sector exposures and commitments","excerpt":"-22-\nWells Fargo & Company and Subsidiaries\nCOMMERCIAL LOAN PORTFOLIO\nSep 30, 2026\nJun 30, 2026\nSep 30, 2025\n($ in millions)\nNonaccrual\nloans\nLoans outstanding balance\nTotal commitments (1)\nNonaccrual\nloans\nLoans outstanding balance\nTotal commitments (1)\nNonaccrual\nloans\nLoans outstanding balance\nTotal commitments (1)\nCommercial and industrial loans and lease financing by industry:\nFinancials except banks\nAsset managers and funds (2)\n$\n— \n72,844 \n125,656 \n2 \n73,530 \n127,199 \n1 \n56,518 \n109,078 \nCommercial finance (3)\n81 \n54,441 \n86,004 \n90 \n51,768 \n86,293 \n20 \n46,648 \n80,827 \nConsumer finance (4)\n111 \n33,351 \n48,753 \n117 \n31,945 \n47,353 \n133 \n24,280 \n41,054 \nReal estate finance (5)\n21 \n40,248 \n44,045 \n19 \n40,986 \n44,598 \n11 \n31,101 \n34,498 \nTotal financials except banks\n213 \n200,884 \n304,458 \n228 \n198,229 \n305,443 \n165 \n158,547 \n265,457 \nTechnology, telecom and media"}],"changes":["The moat verdict remains uncertain; current operating improvements still do not establish a durable structural advantage.","Updated the assessment through preliminary September 2026 results: nine-month net income rose 10%, digital engagement increased, and common shares declined.","Added realized erosion evidence: third-quarter deposit costs increased, noninterest-bearing deposits declined modestly, and nine-month net interest margin fell.","Updated capital and credit analysis for preliminary CET1 of 10.0%, LCR of 122%, declining nonperforming assets and higher commercial charge-offs. Earlier June ratios are retained only with their stated dates.","Retained numerical pricing, management and financial grades only where the current catalog independently supports them; all moat criteria remain null."],"limitations":["Competition passages identify generic categories rather than named competitors. Companies appearing in executive biographies, litigation or service-provider disclosures do not establish competitor coverage.","Scale, diversification and improved returns do not themselves demonstrate relative cost leadership, customer switching costs, network effects or efficient scale.","Customer balances and activity support continued demand indirectly; cohort retention, switching behavior and customer dependence are not disclosed.","A durable pricing thesis would be undermined by persistent transaction or primary-account losses following fee increases, reversal of repricing, or funding-cost increases that consistently overwhelm asset repricing. Those outcomes are falsifiable conditions, not established current facts.","Technology and alternative-payment disclosures describe potential erosion. Current funding-cost and margin pressure are realized results, but their structural competitive causes are not established.","All evidence is issuer-supplied. Reported results and compensation terms support ordinary numerical grades; management descriptions of unique advantages, prudent growth and future durability remain assertions.","September results and regulatory ratios are preliminary. June requirements are disclosed, but the supplied September passages do not separately confirm all then-applicable minimums and buffers; no exact September regulatory headroom is asserted.","Deposit concentration, uninsured-deposit coverage, complete contractual pricing restrictions, actual management ownership compliance and project-level investment returns are missing.","All financial assessment citations are to sources filed in 2026, within 550 days of the assessment date. Filed dates are treated as filing dates, not retrieval dates."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Large deposits and demonstrated repricing establish operating scale and pricing discretion, but no relative cost advantage or protected competitive mechanism.","evidenceIds":["e1","e5","e2"]},{"criterion":"durability","grade":null,"rationale":"The passages do not establish how long any advantage would persist or why competitors could not reproduce it.","evidenceIds":["e3","e4"]},{"criterion":"customer_dependency","grade":null,"rationale":"Growing digital activity and transactions demonstrate use, but cannot establish dependence or material switching friction.","evidenceIds":["e28","e29"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Improved earnings coexist with funding-cost and margin pressure. Without an established structural advantage, its resilience cannot be graded.","evidenceIds":["e22","e27"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Account repricing explicitly increased consumer deposit service charges. Subsequent consumer deposit fees and spreads increased, although fee growth also reflects activity and the spread uses internal transfer pricing. Strong local evidence does not establish bank-wide pricing superiority.","evidenceIds":["e5","e28","e30"]},{"criterion":"retention","grade":2,"rationale":"Higher deposits, digital activity and card transactions demonstrate continuing engagement alongside repricing. This is indirect retention evidence: aggregate growth includes acquisition and new customers, while noninterest-bearing deposits declined modestly.","evidenceIds":["e21","e28","e29","e22"]},{"criterion":"margin_resilience","grade":2,"rationale":"Wider consumer deposit spreads and growing net interest income coexist with nine-month net interest margin declining to 2.44% from 2.65%. Third-quarter average deposit cost rose to 1.56% from 1.54% a year earlier. Mix and rate effects make resilience mixed.","evidenceIds":["e27","e28","e22","e30"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Executed account repricing demonstrates practical ability to change some deposit terms. The catalog does not disclose notice periods, customer protections or repricing freedom across the full product range.","evidenceIds":["e5"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"First-half earnings exceeded actual repurchases plus common and preferred dividends, while June capital exceeded disclosed requirements. Third-quarter earnings and efficiency improved year over year, but lower capital ratios and equity temper the result; optimal repurchase valuation is unproven.","evidenceIds":["e6","e7","e8","e9","e21","e23","e24"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Multiyear equity, ownership requirements, clawbacks and outstanding ROTCE/TSR conditions support alignment. The approved approximately $60 million special CEO award and removal of preset compensation targets increase discretion. Actual ownership compliance and future vesting are not established.","evidenceIds":["e12","e13","e14","e15"]},{"criterion":"execution","grade":3,"rationale":"Reported regulatory remediation milestones accompany higher nine-month earnings, revenue growth and expense efficiency. Operating results provide indirect evidence of management execution; the issuer's attribution of results to particular leaders and investments is not independently demonstrated.","evidenceIds":["e18","e19","e23","e27"]},{"criterion":"governance","grade":2,"rationale":"Independent committees and a lead independent director provide safeguards, while combined CEO-chair authority concentrates leadership. Reported remediation demonstrates improvement, without establishing exceptional long-term oversight.","evidenceIds":["e16","e17","e18","e15"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"June binding Standardized CET1 was 10.26% against an 8.50% requirement including buffers, and TLAC/RWA was 22.81% against 21.50%. Preliminary September CET1 fell to 10.0%, while TLAC was 23.0%. These support adequacy with a narrowing CET1 cushion, subject to confirmation of September requirements and final results.","evidenceIds":["e6","e24","e33","e32"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Preliminary September LCR of 122% and growing deposits support liquidity, compared with the disclosed June 100% LCR requirement. Growth favored interest-bearing commercial deposits, with higher costs and a modest noninterest-bearing decline. Concentration and uninsured-deposit data are absent.","evidenceIds":["e6","e21","e22","e24","e32"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"September nonperforming assets fell to 0.70% of loans and total annualized charge-offs were 0.38%, below 0.40% a year earlier but above June's 0.34%. Commercial charge-offs increased; substantial nonbank financial exposures and disclosed downside sensitivity to falling rates temper improving asset quality. Rate sensitivity is hypothetical.","evidenceIds":["e24","e25","e20","e35","e32"]},{"criterion":"earnings_resilience","grade":3,"rationale":"Nine-month net income increased to $17.611 billion from $15.977 billion, with revenue up 6% and credit provisions up 18%. Earnings grew despite narrower net interest margin. This demonstrates resilience over the disclosed period, with investment volatility and tax benefits limiting extrapolation through a severe cycle.","evidenceIds":["e27","e24","e26","e32"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"Nine-month annualized GAAP return on average common equity improved to 13.7% from 12.4%; reconciled non-GAAP ROTCE improved to 16.2% from 14.7%. These demonstrate improved equity use, without proving superior risk-adjusted allocation or a moat.","evidenceIds":["e31","e32"]},{"criterion":"distributions_and_buffers","grade":3,"rationale":"First-half repurchases of $7.1 billion and common/preferred dividends of $3.3 billion were below $11.7 billion of net income, with capital above disclosed requirements. Third-quarter repurchases were $2.5 billion and earnings $5.951 billion; the declared common dividend rose to $0.50. Falling CET1 and equity warrant monitoring, and complete third-quarter cash distributions are not supplied.","evidenceIds":["e7","e8","e9","e6","e21","e27","e24","e34"]},{"criterion":"dilution_and_cost","grade":3,"rationale":"Common shares outstanding fell to 3,001.6 million from 3,148.9 million a year earlier, and nine-month diluted average shares declined 6%. First-half compensation-related issuance of $875 million was more than offset by repurchases. Buybacks have a real cash cost; issuance value is not total stock-compensation expense.","evidenceIds":["e7","e21","e27","e32"]},{"criterion":"investment_discipline","grade":2,"rationale":"Technology spending and business exits accompanied improved earnings and operating efficiency. Venture results weakened in the third quarter, and June tax-credit investments carried $7.9 billion of unfunded commitments. Mixed outcomes permit assessment, but project returns and acquisition economics remain insufficiently disclosed.","evidenceIds":["e10","e11","e19","e23","e26","e27"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","financialAssessmentPolicy":"financial-industry-1","financialSector":"bank","basisHash":"79483f501a0c2a05d674e3ea10522900940e1d02797aee03af5b966208e55a6c","updatedAt":"2026-10-19T15:42:37.698Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000133/wfc-20251231_d2.htm","publishedAt":"2026-02-24","sha256":"da9837e81c0baa485c82c9f8474bf99cbe8713023b481d37ee2abe3d601dfec4","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000302/wfc-20260630.htm","publishedAt":"2026-07-28","sha256":"a9e4a6591694bcbda8852f0a656820f4bd2ee80f910d860cfb78379c58bba7ac","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000200/wfc-20260318.htm","publishedAt":"2026-03-18","sha256":"f8a68c5cb89675ae3284e303626dd42dd023198a749d4de973c0627ef1f1525e","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297125000066/wfc-20241231.htm","publishedAt":"2025-02-25","sha256":"cc62bf0d634d5d15acea97913d525fdce96284936a6a2b889b15b427b563f83d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297124000064/wfc-20231231.htm","publishedAt":"2024-02-20","sha256":"4d1a07ed418faba381f1f303e8da3004fefe277c8f51d0f9f7f12bc70f5fba79","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000217/wfc-20260331.htm","publishedAt":"2026-04-29","sha256":"ea60eb9b0c3d8f57c1ec2a3865e759154a286b90a631a5e5748c8ad65b02c3a5","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000318/wfc3qer10-13x26ex991xrelea.htm","publishedAt":"2026-10-13","sha256":"f71c52df183d24a0701c86251488452c28eef03f008da5ad5a0e529146e45909","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000318/wfc3qer10-13x26ex992xsuppl.htm","publishedAt":"2026-10-13","sha256":"7a462eb95b5a493b386a3c9ca5644d3433cf48f314ace0ef08beedf1574614b7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000288/wfc2qer07-14x26ex991xrelea.htm","publishedAt":"2026-07-14","sha256":"d33be31f4ddc7970edeac7eb2725715f34b01376ffac92c8ab2f144e4a728f82","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000288/wfc2qer07-14x26ex992xsuppl.htm","publishedAt":"2026-07-14","sha256":"85bbe0a219a35dce36ca60795d76634e4417106ecd19bf38b60318215daac768","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000213/wfc1qer04-14x26ex991xrelea.htm","publishedAt":"2026-04-14","sha256":"8e74a46b2a7b7b8717335d52af9e447cab7317b7a26810c8008fc71ed2b08e63","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/72971/000007297126000213/wfc1qer04-14x26ex992xsuppl.htm","publishedAt":"2026-04-14","sha256":"eb755c2d325abb263fdf834e582b594c13333052df1d1fb4f4ccfd894527bd82","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:55e0401123f62745b1232e298fb4235975064f942c7ff30b95c1130641d79be5","usage":{"input_tokens":139994,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3860,"reasoning_output_tokens":115}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.2803852621923253},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.3254726570441147},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.3584028475610495},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.5565762613006708},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.7634619290553055},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this 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