WFC FY 2023 Earnings Report — Wells Fargo & Company Revenue & Financial Results | Market Cap Arena

Wells Fargo & CompanyWFC

FY 2023 Earnings

Reported February 20, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$115.3B	—	—	—	—
Op. Income	$21.6B	—	—	—	—
Gross Margin	66.9%	—	—	—	—
Net Margin	16.6%	—	—	—	—
EPS (Diluted)	$4.83	—	—	—	—
Free Cash Flow	$40.4B	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$115.3B
Cost of Revenue	$38.1B
GROSS PROFIT	$77.2B
R&D Expenses	$0
Selling & Marketing	$812M
General & Administrative	$36.5B
SG&A Expenses	$37.3B
Other Expenses	$18.2B
Operating Expenses	$55.6B
Cost & Expenses	$93.7B
OPERATING INCOME	$21.6B
Interest Income	$85.1B
Interest Expense	$32.7B
Other Income/Expenses	$0
INCOME BEFORE TAX	$21.6B
Income Tax Expense	$2.6B
Net Income from Continuing Ops	$19.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$19.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$18.0B
D&A	$6.3B
EBIT	$21.6B
EBITDA	$27.9B
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$115.3B
Cost of Revenue	$38.1B
GROSS PROFIT	$77.2B
R&D Expenses	$0
Selling & Marketing	$812M
General & Administrative	$36.5B
SG&A Expenses	$37.3B
Other Expenses	$18.2B
Operating Expenses	$55.6B
Cost & Expenses	$93.7B
OPERATING INCOME	$21.6B
Interest Income	$85.1B
Interest Expense	$32.7B
Other Income/Expenses	$0
INCOME BEFORE TAX	$21.6B
Income Tax Expense	$2.6B
Net Income from Continuing Ops	$19.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$19.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$18.0B
D&A	$6.3B
EBIT	$21.6B
EBITDA	$27.9B
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$19.1B
Depreciation & Amortization	$6.3B
Stock-Based Compensation	$0
Deferred Income Tax	-$50M
Other Non-Cash Items	$9.8B
Change in Working Capital	$5.3B
OPERATING CASH FLOW	$40.4B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$36.1B
Sales/Maturities of Investments	$50.1B
Other Investing Activities	$2.0B
NET CASH FROM INVESTING	$16.0B
Net Debt Issuance	$64.6B
Common Stock Repurchased	-$13.6B
Common Dividends Paid	-$4.8B
Other Financing Activities	-$26.3B
NET CASH FROM FINANCING	$20.5B
FREE CASH FLOW	$40.4B
Net Change in Cash	$76.9B

Balance Sheet

Item	Amount
Cash & Equivalents	$237.2B
Short-Term Investments	$125.4B
Net Receivables	$53.7B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$416.3B
PP&E (Net)	$18.2B
Goodwill	$25.2B
Intangible Assets	$8.5B
Long-Term Investments	$1.3T
Tax Assets	$0
Other Non-Current Assets	$207.8B
TOTAL NON-CURRENT ASSETS	$1.5T
TOTAL ASSETS	$1.9T
Account Payables	$0
Short-Term Debt	$89.6B
Deferred Revenue	$0
Other Current Liabilities	$1.4T
TOTAL CURRENT LIABILITIES	$1.4T
Long-Term Debt	$207.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$89.7B
TOTAL NON-CURRENT LIABILITIES	$297.3B
TOTAL LIABILITIES	$1.7T
Common Stock	$9.1B
Additional Paid-In Capital	$60.6B
Retained Earnings	$201.1B
Treasury Stock	-$93.0B
Accum. Other Comp. Income	-$11.6B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$185.7B
Minority Interest	$1.7B
TOTAL EQUITY	$187.4B
TOTAL LIABILITIES & EQUITY	$1.9T
Total Debt	$297.1B
Net Debt	$59.9B