--- canonical_url: https://www.stockexpertai.com/zh/earnings/wfc last_updated: 2026-05-03T20:55:54.813Z --- # Wells Fargo & Company (WFC) Q4 FY2026 财报预览 > 此内容由 FMP 实时数据 + Q1 FY2026 财报电话会议记录自动生成。生成时间：2026-05-03T20:55:53.559Z。本工具为教育目的，不构成投资建议。 --- ## 快速摘要 | 字段 | 值 | 来源 | |---|---|---| | 价格 | $80.81 (▼ -1.73%) | fmp:quote | | 市值 | $247.6B | fmp:profile | | 52周区间 | $71.90 – $97.76 | fmp:quote | | 财报 | 周二 14 7月 | fmp:earnings-history | | EPS 预期 | $1.71 (+11% YoY) | fmp:earnings-estimate | | 营收预期 | $21.8B | fmp:earnings-estimate | | 超预期连胜 | 0/4 | fmp:earnings-history | | 评级 | B- (overall 3/5) | fmp:ratings | | 分析师中位数目标价 | $100 (+23.1% upside) | fmp:price-target-consensus | | MoonshotScore | 39/100 | derived | | Council | 2/6 bullish | derived | | 芒格结论 | 合理估值 | derived | ## Wells Fargo & Company — Q4 FY2026 预期 Q4 季度共识：营收 $21.8B^{[FMP est]}，EPS $1.71^{[FMP est]}。连续 0 个季度超出预期^{[FMP earnings]}。 ## 快速概览 **得分：** B- · **立场：** BUY · **Council：** 2/6 · **Moonshot：** 39 = MoonshotScore 39^{[MoonshotScore]} + Council 2/6^[Council]。Form 4: 0 笔交易^{[FMP Form 4]}。 ## 观察列表 (6个指标) ### 1. Revenue Growth 富国银行的投资产生了积极影响，稀释后每股收益增长 15%，收入增长 6%，贷款增长 11%，存款增长 7%。 > "我们看到了我们所做的投资的持续积极影响，与去年相比，稀释后每股收益增长了 15%，收入增长了 6%，贷款增长了 11%，存款增长了 7%。" > — Charles Scharf, CEO, Investor Focus · Q1 FY2026 ### 2. Loan Growth Exceeding Expectations 富国银行预计，由于客户参与度高和营销投资，平均贷款增长可能高于之前的预期。 > "年初以来，第一季度平均贷款增长了 4%，如果需求保持强劲，平均贷款增长可能高于我们之前假设的个位数增长。" > — Michael Santomassimo, CFO, Expectation / Guide · Q1 FY2026 ### 3. Nii Guidance Maintained 富国银行维持其 2026 年净利息收入 (NII) 为 500 亿美元左右的指导。 > "我们维持今年净利息收入为 500 亿美元左右的指导。" > — Michael Santomassimo, CFO, Expectation / Guide · Q1 FY2026 ### 4. Consumer Spending Trends 富国银行指出，消费者总体支出有所增加，但低收入家庭更容易受到能源价格上涨的影响。 > "消费者和企业的财务状况依然稳健。消费者支出高于一年前，其中包括在汽油上花费更多，但他们并没有放缓在其他方面的支出。在油价上涨之前，汽油占我们借记卡总支出的 6% 和信用卡总支出的 4%。现在它们占借记卡和信用卡支出的 75%。请注意，对于低收入家庭来说，这些数字更高。" > — Charles Scharf, CEO, Investor Focus · Q1 FY2026 ### 5. Consent Order Resolution 富国银行已完成最后未决的同意令，使自 2019 年以来终止的同意令总数达到 14 个，目前正专注于加速增长和提高回报。 > "上个月，我们完成了最后未决的同意令，使自 2019 年以来终止的同意令总数达到 14 个。我们对为实现这一里程碑所需的辛勤工作和坚定承诺感到无比自豪，并且我们理解维持我们的风险和控制文化的重要性。完成这项工作后，我们现在将更加专注于加速增长和提高回报。" > — Charles Scharf, CEO, Investor Focus · Q1 FY2026 ### 6. Expense Discipline 富国银行正在增加对技术（包括人工智能）等领域的投资，同时继续执行效率计划，收入增长速度快于支出。 > "与此同时，我们正在增加对技术（包括人工智能）等领域的投资以及广告投资，同时继续执行我们的效率计划，这导致连续 23 个季度的人员减少。" > — Charles Scharf, CEO, Investor Focus · Q1 FY2026 ## MoonshotScore 支柱 | 支柱 | 得分 | 水平 | 证据 | |---|---|---|---| | 营收增长 | 3.0 | weak | Q1 vs Q2: 温和增长 (+%5.3) | | 毛利率 | 6.0 | medium | Q1: 高毛利率 (%63.9) | | 经营杠杆 | 2.0 | weak | 营业利润率健康 (%18.4) | | 现金流储备 | 3.0 | weak | FCF 非常强劲 ($9.1B，是资本支出的 9143000000.0 倍以上) | | 研发投入强度 | 3.0 | weak | 低研发投资 (%0.0，创新薄弱) | | 价格动能 | 4.0 | medium | RSI 48.0 平衡，50日均线之下 | | 新闻情绪 | 6.0 | medium | 多数为买入 (64%) | **公式:** sum(pillar.score) / (count * 10) * 100. Each pillar deterministic from FMP. Source maps in pillar.formula. ## Council (7视角) | 名称 | 立场 | 背景 | |---|---|---| | Ray Dalio | bull | 宏观 · 目标上涨空间 +23.1% | | Ken Griffin | bear | 资金流 · 50日均线之下 | | Jim Simons | neutral | 量化 · RSI 48 | | Klarman | neutral | 价值 · 目标上涨空间 +23.1% | | Buffett | bull | 质量 · ROE 评分 4/5 | | Munger | neutral | 估值 · 目标上涨空间 +23.1% | **公式:** Each lens uses deterministic rule on bundle data. Logged in member.contextTr. ## 芒格视角 - **结论:** 合理估值 - **财务健康:** Moderate - **安全边际:** Moderate - **利息覆盖率:** Adequate - **ROIC vs WACC:** Healthy **公式:** verdict=upside>25?Undervalued:>0?Fairly Valued:Overvalued. Each lens deterministic from FMP ratings + priceTarget. ## 技术水平 - **RSI(14):** 48.0 — dengeli — yön sinyali zayıf - **50日均线:** $81 — hisse %0.1 altında — kısa vadeli direnç - **200日均线:** $84 — hisse %4.3 altında — uzun vadeli baskı - **成交量 (10日):** -27% ## 历史表现 (4个季度) | 季度 | 实际 EPS | 预期 EPS | 结果 | 反应 | |---|---|---|---|---| | Q2 FY25 | $1.54 | $1.41 | BEAT | +1.3% | | Q3 FY25 | $1.73 | $1.55 | BEAT | +2.2% | | Q4 FY25 | $1.62 | $1.66 | MISS | -0.3% | | Q1 FY26 | $1.56 | $1.58 | +-1.3% EPS | -1.7% | Q1 (2026年4月14日): EPS $1.56 vs 预期 $1.58^[FMP]，超出 +%-1.3。D+1 走势：-1.7%^{[FMP D+1]}。尽管超出预期，但股价下跌 — 市场对指引而非数据做出反应。 ## 3种情景 ### 情景 A · 超预期 **Q4 EPS > $1.71 + 资本支出纪律** 阈值：EPS > $1.71^{[FMP est]}。目标：突破中位数目标价 $100^{[FMP target]}；高目标价 $113^[FMP] 为上限。 ### 情景 B · 符合预期 **EPS ≈ $1.71 + CapEx < $0** 阈值：EPS ≈ $1.71^{[FMP est]}，Q4 资本支出 < $0^[FMP]。目标：在当前价 $81^[FMP] 与中位数目标价 $100^[FMP] 区间内盘整。 ### 情景 C · 未达预期 **EPS < $1.66 或 CapEx ≥ $0** 阈值：EPS < $1.66^{[FMP est×0.97]}。目标：当前价 $81 低于 200日均线 $84^[FMP]，若持续拒绝，则激活 $72^[derived] 支撑位。 ## 风险提示 ### {{segment}} 低于阈值 Q1 季度：EPS $1.56 vs 预期 $1.58^[FMP]，超出预期，股价 D+1 -1.7%^[FMP]。 ### 对 OpenAI 的依赖 Q1 财报电话会议中未披露 RPO/积压集中度。 ### 内幕交易 Form 4 数据已在表格中标记 — 本页面不为此股票生成假设。 | 高管 | 操作 | 金额 | 日期 | |---|---|---|---| **净额:** — (0 笔交易 · 0 笔卖出 · 0 笔买入) · Q1 FY26 ### 资本支出冲击 Q1 季度资本支出 $0^{[FMP cashflow]}。 Q1 营业利润率 %18.4^{[FMP op margin]} — Q4 的这一水平对资本支出修订风险敏感。 ## 华尔街共识 - **中位数目标价:** $100 (+23.1% upside vs current $81) - **高 / 低:** $113 / $74 - **买入 / 持有 / 卖出:** 18 / 10 / 0 - **分析师数量:** 6 (上一季度), 77 历史总数 ## 额外财报电话会议洞察 ### 1. revenue_growth **主张:** Wells Fargo saw positive impacts from investments, with diluted earnings per share increasing 15%, revenue increasing 6%, loans growing 11%, and deposits up 7%. **证据 (会议记录):** "We saw continued positive impacts from the investments we have been making with diluted earnings per share increasing 15%, revenue increasing 6%, loans growing 11%, and deposits up 7% compared to a year ago." **数据:** 15%, 6%, 11%, 7% ### 2. expense_discipline **主张:** Wells Fargo is increasing investments in areas like technology, including AI, while continuing to execute on efficiency initiatives, with revenue growing faster than expenses. **证据 (会议记录):** "At the same time, we are increasing our investments in areas like technology, including AI, as well as in advertising, while continuing to execute on our efficiency initiatives which has resulted in 23 consecutive quarters of headcount reductions." **数据:** 23 ### 3. consent_order_resolution **主张:** Wells Fargo closed its final outstanding consent order, bringing the total to 14 terminated since 2019, and is now focusing on accelerating growth and improving returns. **证据 (会议记录):** "Last month, we closed our final outstanding consent order, bringing the total to 14 terminated since 2019. We are incredibly proud of the hard work and unwavering commitment that was required to reach this milestone and understand the importance of sustaining our risk and control culture. With this work behind us, we are now focusing more fully on accelerating growth and improving returns." **数据:** 14, 2019 ### 4. consumer_spending_trends **主张:** Wells Fargo notes that consumers are spending more overall, but lower-income households are more exposed to higher energy prices. **证据 (会议记录):** "The financial health of consumers and businesses remains strong. Consumers are spending more than a year ago, which includes spending more on gas, but they have not slowed spending on everything else. Gas represented 6% of our total debit card spend and 4% of our total credit card spend before the rise in oil prices. They now represent 75% of debit and credit card spend. Note that these numbers are higher for low-income households." **数据:** 6%, 4%, 75% ### 5. loan_growth_exceeding_expectations **主张:** Wells Fargo anticipates that average loan growth could be higher than previously assumed due to strong customer engagement and marketing investments. **证据 (会议记录):** "Average loans grew 4% in the first quarter from the beginning of the year, and if demand remains strong, average loan growth could be higher than the mid-single-digit increase we had previously assumed." **数据:** 4% ### 6. nii_guidance_maintained **主张:** Wells Fargo is retaining its guidance of 50 billion dollars, plus or minus, of net interest income (NII) for 2026. **证据 (会议记录):** "We are retaining our guidance of 50 billion dollars, plus or minus, of net interest income this year." **数据:** 50 --- *数据来源：FMP (实时查询，2026-05-03)，Q1 FY2026 财报电话会议记录 (由 Gemini 2.0 Flash 翻译成中文)。本工具为教育目的，不构成投资建议。*