Wells Fargo Repurchases $4 Billion in Shares as Net Interest Margin Slides to 2.47%

Wells Fargo repurchased 46.3 million common shares for $4.0 billion and paid a common dividend of $0.45 per share in the first quarter of 2026. These capital returns followed a 6% year-over-year increase in total revenue to $21.446 billion and net income of $5.253 billion. The growth occurred as the bank's net interest margin on a taxable-equivalent basis fell to 2.47%, down from 2.67% in the first quarter of 2025. Average loans grew 10% to $996.0 billion and average deposits grew 6% to $1.415 trillion. Tangible book value per common share rose to $44.98.