WELLS FARGO & COMPANY/MN Earnings Per Share Disclosure
Note 23: Earnings and Dividends Per Common Share | ||
| Year ended December 31, | ||||||||||||||||||||
| (in millions, except per share amounts) | 2025 | 2024 | 2023 | |||||||||||||||||
Wells Fargo net income | $ | 21,338 | 19,722 | 19,142 | ||||||||||||||||
Less: Preferred stock dividends and other (1) | 1,053 | 1,116 | 1,160 | |||||||||||||||||
| Wells Fargo net income applicable to common stock (numerator) | $ | 20,285 | 18,606 | 17,982 | ||||||||||||||||
| Earnings per common share | ||||||||||||||||||||
| Average common shares outstanding (denominator) | 3,201.8 | 3,426.1 | 3,688.3 | |||||||||||||||||
| Per share | $ | 6.34 | 5.43 | 4.88 | ||||||||||||||||
| Diluted earnings per common share | ||||||||||||||||||||
| Average common shares outstanding | 3,201.8 | 3,426.1 | 3,688.3 | |||||||||||||||||
Add: Stock-based compensation awards (2) | 40.5 | 41.5 | 32.1 | |||||||||||||||||
| Diluted average common shares outstanding (denominator) | 3,242.3 | 3,467.6 | 3,720.4 | |||||||||||||||||
| Per share | $ | 6.26 | 5.37 | 4.83 | ||||||||||||||||
| Weighted-average shares | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Convertible Preferred Stock, Series L (1) | 25.3 | 25.3 | 25.3 | ||||||||||||||
Stock-based compensation awards (2) | 0.9 | 0.1 | 0.1 | ||||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Per common share | $ | 1.70 | 1.50 | 1.30 | |||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2018 | Feb 27, 2019 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.