Subtext

Wells Fargo & Company WFC

SectorFinancials
Transcripts72
Date range2007-07-17 – 2025-04-11
Calls charted72

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-17-8+0+8+172007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Overall: +6.92007 Q3 · Overall: -2.32007 Q4 · Overall: +0.82008 Q1 · Overall: -1.12008 Q2 · Overall: -5.52008 Q3 · Overall: -2.32008 Q4 · Overall: -2.32009 Q1 · Overall: -4.82009 Q2 · Overall: +7.42009 Q3 · Overall: -7.22009 Q4 · Overall: +3.32010 Q1 · Overall: -1.72010 Q2 · Overall: -0.92010 Q3 · Overall: +1.12010 Q4 · Overall: +3.12011 Q1 · Overall: +3.32011 Q2 · Overall: +1.92011 Q3 · Overall: +2.82011 Q4 · Overall: +5.52012 Q1 · Overall: +4.42012 Q2 · Overall: +8.42012 Q3 · Overall: +7.92012 Q4 · Overall: +8.02013 Q1 · Overall: +9.52013 Q2 · Overall: +9.42013 Q3 · Overall: +9.42013 Q4 · Overall: +9.42014 Q1 · Overall: +9.52014 Q2 · Overall: +4.72014 Q3 · Overall: +7.42014 Q4 · Overall: +9.32015 Q1 · Overall: +10.12015 Q2 · Overall: +7.52015 Q3 · Overall: +8.22015 Q4 · Overall: +1.32016 Q1 · Overall: -0.22016 Q2 · Overall: +5.42016 Q3 · Overall: -0.52016 Q4 · Overall: +1.22017 Q1 · Overall: +3.02017 Q2 · Overall: +5.12017 Q3 · Overall: +0.92017 Q4 · Overall: +4.32018 Q1 · Overall: -2.32018 Q2 · Overall: -0.92018 Q3 · Overall: +3.42018 Q4 · Overall: +3.62019 Q1 · Overall: +3.32019 Q2 · Overall: +2.92019 Q3 · Overall: +2.82019 Q4 · Overall: +7.22020 Q1 · Overall: -14.62020 Q2 · Overall: -3.32020 Q3 · Overall: +2.22020 Q4 · Overall: +5.82021 Q1 · Overall: +2.72021 Q2 · Overall: +6.72021 Q3 · Overall: +2.72021 Q4 · Overall: +9.62022 Q1 · Overall: -2.02022 Q2 · Overall: -0.92022 Q3 · Overall: -2.02022 Q4 · Overall: +3.42023 Q1 · Overall: -1.42023 Q2 · Overall: -2.42023 Q3 · Overall: +1.02023 Q4 · Overall: +5.22024 Q1 · Overall: +3.82024 Q2 · Overall: +2.42024 Q3 · Overall: +2.42024 Q4 · Overall: +11.62025 Q1 · Overall: +3.4
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-36-18+0+18+362007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q3 · CEO: -5.52008 Q2 · CEO: +2.82008 Q4 · CEO: +31.22009 Q4 · CEO: +18.32010 Q1 · CEO: +4.62010 Q2 · CEO: +7.02010 Q3 · CEO: +10.72010 Q4 · CEO: +15.52011 Q1 · CEO: +11.52011 Q2 · CEO: +12.32011 Q3 · CEO: +7.52011 Q4 · CEO: +10.52012 Q1 · CEO: +16.92012 Q2 · CEO: +23.32012 Q3 · CEO: +19.52012 Q4 · CEO: +15.52013 Q1 · CEO: +15.92013 Q2 · CEO: +18.82013 Q3 · CEO: +16.42013 Q4 · CEO: +23.22014 Q1 · CEO: +20.92014 Q2 · CEO: +16.62014 Q3 · CEO: +7.42014 Q4 · CEO: +15.12015 Q1 · CEO: +13.32015 Q2 · CEO: +12.52015 Q3 · CEO: +13.12015 Q4 · CEO: +12.02016 Q1 · CEO: +6.52016 Q2 · CEO: +7.82016 Q4 · CEO: +11.92017 Q1 · CEO: +12.62017 Q2 · CEO: +14.42017 Q3 · CEO: +6.82017 Q4 · CEO: +11.12018 Q1 · CEO: +10.22018 Q2 · CEO: +16.02018 Q3 · CEO: +20.92018 Q4 · CEO: +13.82019 Q1 · CEO: +18.92019 Q2 · CEO: +25.82019 Q3 · CEO: +18.52019 Q4 · CEO: +16.62020 Q1 · CEO: -7.02020 Q2 · CEO: +0.42020 Q3 · CEO: +14.72020 Q4 · CEO: +11.52021 Q1 · CEO: +12.32021 Q2 · CEO: +11.62021 Q3 · CEO: +8.22021 Q4 · CEO: +16.82022 Q1 · CEO: +6.32022 Q2 · CEO: +5.12022 Q3 · CEO: +5.62022 Q4 · CEO: +15.42023 Q1 · CEO: +14.42023 Q2 · CEO: +2.02023 Q3 · CEO: +13.72023 Q4 · CEO: +12.02024 Q1 · CEO: +9.22024 Q2 · CEO: +8.12024 Q3 · CEO: +6.72024 Q4 · CEO: +19.42025 Q1 · CEO: +10.12007 Q2 · CFO: +8.12007 Q3 · CFO: +7.52007 Q4 · CFO: +1.62008 Q1 · CFO: -0.22008 Q3 · CFO: -2.22008 Q4 · CFO: -4.32009 Q1 · CFO: -3.62009 Q2 · CFO: +9.02009 Q3 · CFO: -6.62009 Q4 · CFO: -0.22010 Q1 · CFO: -1.62010 Q2 · CFO: -2.32010 Q3 · CFO: +0.52010 Q4 · CFO: +1.62011 Q1 · CFO: +4.02011 Q2 · CFO: +3.22011 Q3 · CFO: +6.82011 Q4 · CFO: +12.62012 Q1 · CFO: +5.62012 Q2 · CFO: +12.62012 Q3 · CFO: +7.82012 Q4 · CFO: +11.02013 Q1 · CFO: +11.42013 Q2 · CFO: +8.62013 Q3 · CFO: +10.22013 Q4 · CFO: +9.92014 Q2 · CFO: +5.62014 Q3 · CFO: +13.32014 Q4 · CFO: +11.02015 Q1 · CFO: +14.12015 Q2 · CFO: +10.52015 Q3 · CFO: +9.72015 Q4 · CFO: +3.32016 Q1 · CFO: -0.22016 Q2 · CFO: +6.82016 Q3 · CFO: +1.12016 Q4 · CFO: -2.32017 Q1 · CFO: -2.22017 Q2 · CFO: +0.52017 Q3 · CFO: -1.32017 Q4 · CFO: +3.12018 Q1 · CFO: -5.32018 Q2 · CFO: -6.32018 Q3 · CFO: -0.92018 Q4 · CFO: -1.22019 Q1 · CFO: -1.82019 Q2 · CFO: +0.32019 Q3 · CFO: +1.52019 Q4 · CFO: +0.72020 Q1 · CFO: -17.42020 Q2 · CFO: -4.62020 Q3 · CFO: -8.32020 Q4 · CFO: +5.32021 Q1 · CFO: -2.42021 Q2 · CFO: +4.02021 Q3 · CFO: +0.42021 Q4 · CFO: +8.32022 Q1 · CFO: -3.52022 Q2 · CFO: -4.62022 Q3 · CFO: -5.22022 Q4 · CFO: -2.02023 Q1 · CFO: -6.92023 Q2 · CFO: -3.22023 Q3 · CFO: -2.72023 Q4 · CFO: +4.42024 Q1 · CFO: +1.72024 Q2 · CFO: -1.92024 Q3 · CFO: +3.82024 Q4 · CFO: +11.42025 Q1 · CFO: +0.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-24-12+0+12+242007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Prepared remarks: +6.92007 Q3 · Prepared remarks: +1.82007 Q4 · Prepared remarks: +0.82008 Q1 · Prepared remarks: -1.12008 Q2 · Prepared remarks: -7.22008 Q3 · Prepared remarks: -2.32008 Q4 · Prepared remarks: -2.32009 Q1 · Prepared remarks: -4.82009 Q2 · Prepared remarks: +7.42009 Q3 · Prepared remarks: -7.22009 Q4 · Prepared remarks: +5.42010 Q1 · Prepared remarks: +2.32010 Q2 · Prepared remarks: +3.02010 Q3 · Prepared remarks: +0.02010 Q4 · Prepared remarks: +2.52011 Q1 · Prepared remarks: +5.32011 Q2 · Prepared remarks: +4.72011 Q3 · Prepared remarks: +9.52011 Q4 · Prepared remarks: +19.32012 Q1 · Prepared remarks: +16.72012 Q2 · Prepared remarks: +18.22012 Q3 · Prepared remarks: +13.22012 Q4 · Prepared remarks: +16.12013 Q1 · Prepared remarks: +12.92013 Q2 · Prepared remarks: +18.82013 Q3 · Prepared remarks: +14.62013 Q4 · Prepared remarks: +14.42014 Q1 · Prepared remarks: +16.92014 Q2 · Prepared remarks: +14.72014 Q3 · Prepared remarks: +18.02014 Q4 · Prepared remarks: +20.92015 Q1 · Prepared remarks: +19.42015 Q2 · Prepared remarks: +16.82015 Q3 · Prepared remarks: +13.62015 Q4 · Prepared remarks: +14.72016 Q1 · Prepared remarks: +2.12016 Q2 · Prepared remarks: +9.52016 Q3 · Prepared remarks: +0.02016 Q4 · Prepared remarks: +0.22017 Q1 · Prepared remarks: +4.42017 Q2 · Prepared remarks: +4.52017 Q3 · Prepared remarks: -1.32017 Q4 · Prepared remarks: +9.22018 Q1 · Prepared remarks: -2.92018 Q2 · Prepared remarks: -3.52018 Q3 · Prepared remarks: +7.62018 Q4 · Prepared remarks: +6.62019 Q1 · Prepared remarks: +7.72019 Q2 · Prepared remarks: +9.52019 Q3 · Prepared remarks: +6.42019 Q4 · Prepared remarks: +13.12020 Q1 · Prepared remarks: -15.52020 Q2 · Prepared remarks: -4.72020 Q3 · Prepared remarks: +3.82020 Q4 · Prepared remarks: +9.22021 Q1 · Prepared remarks: +1.22021 Q2 · Prepared remarks: +7.72021 Q3 · Prepared remarks: +2.52021 Q4 · Prepared remarks: +14.52022 Q1 · Prepared remarks: +1.62022 Q2 · Prepared remarks: -4.82022 Q3 · Prepared remarks: -1.22022 Q4 · Prepared remarks: +5.62023 Q1 · Prepared remarks: -3.32023 Q2 · Prepared remarks: -5.22023 Q3 · Prepared remarks: -1.72023 Q4 · Prepared remarks: +5.12024 Q1 · Prepared remarks: +2.02024 Q2 · Prepared remarks: +4.02024 Q3 · Prepared remarks: -0.62024 Q4 · Prepared remarks: +17.42025 Q1 · Prepared remarks: +8.12007 Q3 · Q&A responses: -7.82008 Q2 · Q&A responses: +1.52009 Q4 · Q&A responses: +6.52010 Q1 · Q&A responses: -2.62010 Q2 · Q&A responses: -1.22010 Q3 · Q&A responses: +5.32010 Q4 · Q&A responses: +8.32011 Q1 · Q&A responses: +6.72011 Q2 · Q&A responses: +5.02011 Q3 · Q&A responses: +2.82011 Q4 · Q&A responses: +4.22012 Q1 · Q&A responses: +3.62012 Q2 · Q&A responses: +6.82012 Q3 · Q&A responses: +9.82012 Q4 · Q&A responses: +10.42013 Q1 · Q&A responses: +12.12013 Q2 · Q&A responses: +8.02013 Q3 · Q&A responses: +10.32013 Q4 · Q&A responses: +10.82014 Q1 · Q&A responses: +13.42014 Q2 · Q&A responses: +4.62014 Q3 · Q&A responses: +4.52014 Q4 · Q&A responses: +7.42015 Q1 · Q&A responses: +10.22015 Q2 · Q&A responses: +8.22015 Q3 · Q&A responses: +6.92015 Q4 · Q&A responses: -0.62016 Q1 · Q&A responses: +2.62016 Q2 · Q&A responses: +5.82016 Q3 · Q&A responses: +1.12016 Q4 · Q&A responses: +6.52017 Q1 · Q&A responses: +3.92017 Q2 · Q&A responses: +8.02017 Q3 · Q&A responses: +4.92017 Q4 · Q&A responses: +4.92018 Q1 · Q&A responses: +2.52018 Q2 · Q&A responses: +5.82018 Q3 · Q&A responses: +4.52018 Q4 · Q&A responses: +2.12019 Q1 · Q&A responses: +3.42019 Q2 · Q&A responses: +1.52019 Q3 · Q&A responses: +6.62019 Q4 · Q&A responses: +5.52020 Q1 · Q&A responses: -13.02020 Q2 · Q&A responses: -0.32020 Q3 · Q&A responses: +2.52020 Q4 · Q&A responses: +8.02021 Q1 · Q&A responses: +5.92021 Q2 · Q&A responses: +7.32021 Q3 · Q&A responses: +4.12021 Q4 · Q&A responses: +8.82022 Q1 · Q&A responses: -0.22022 Q2 · Q&A responses: +3.02022 Q3 · Q&A responses: -0.22022 Q4 · Q&A responses: +5.82023 Q1 · Q&A responses: +3.92023 Q2 · Q&A responses: +2.22023 Q3 · Q&A responses: +6.92023 Q4 · Q&A responses: +8.02024 Q1 · Q&A responses: +6.42024 Q2 · Q&A responses: +1.32024 Q3 · Q&A responses: +10.02024 Q4 · Q&A responses: +10.92025 Q1 · Q&A responses: +3.0
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.24$3.56$5.872007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: $4.082014 Q2: $4.202014 Q3: $4.232014 Q4: $4.222015 Q1: $4.252015 Q2: $4.332015 Q3: $4.422015 Q4: $4.422016 Q1: $4.332016 Q2: $4.252016 Q3: $4.152016 Q4: $4.152017 Q1: $4.302017 Q2: $4.322017 Q3: $4.362017 Q4: $4.322018 Q1: $4.892018 Q2: $4.802018 Q3: $4.972018 Q4: $5.122019 Q1: $5.142019 Q2: $4.922019 Q3: $4.582019 Q4: $4.312020 Q1: $3.982020 Q2: $1.802020 Q3: $1.562020 Q4: $2.022021 Q1: $2.772021 Q2: $3.672021 Q3: $3.792021 Q4: $3.702022 Q1: $4.202022 Q2: $4.662022 Q3: $4.782022 Q4: $5.102023 Q1: $4.912023 Q2: $4.792023 Q3: $4.842023 Q4: $4.872024 Q1: $4.922024 Q2: $5.312024 Q3: $5.382024 Q4: $5.55

Forward P/E

6.3211.7817.232007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: 11.732014 Q2: 12.412014 Q3: 12.412014 Q4: 12.752015 Q1: 13.222015 Q2: 13.222015 Q3: 12.142015 Q4: 12.642016 Q1: 11.452016 Q2: 11.022016 Q3: 11.212016 Q4: 13.182017 Q1: 13.652017 Q2: 12.622017 Q3: 11.802017 Q4: 13.752018 Q1: 11.572018 Q2: 11.492018 Q3: 11.112018 Q4: 8.922019 Q1: 9.722019 Q2: 9.292019 Q3: 10.692019 Q4: 12.452020 Q1: 7.072020 Q2: 15.212020 Q3: 16.482020 Q4: 14.682021 Q1: 14.402021 Q2: 12.402021 Q3: 12.302021 Q4: 13.232022 Q1: 12.292022 Q2: 8.192022 Q3: 9.062022 Q4: 8.272023 Q1: 7.922023 Q2: 8.782023 Q3: 8.732023 Q4: 9.812024 Q1: 11.742024 Q2: 11.122024 Q3: 10.092024 Q4: 12.39

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -4.8 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↓ -2.6 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↑ +5.5 fwd EPS ↓ -0.08 Tone rose while the forward EPS estimate was cut.
  • 2018 Q1 tone ↓ -6.7 fwd EPS ↑ +0.57 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↑ +4.4 fwd EPS ↓ -0.27 Tone rose while the forward EPS estimate was cut.
  • 2020 Q2 tone ↑ +11.3 fwd EPS ↓ -2.17 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↑ +5.5 fwd EPS ↓ -0.24 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -3.1 fwd EPS ↑ +0.75 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -4.0 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↑ +6.9 fwd EPS ↓ -0.09 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↓ -11.6 fwd EPS ↑ +0.50 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-11+3.4——View →
2024 Q42025-01-15+11.6$5.5512.4View →
2024 Q32024-10-11+2.4$5.3810.1View →
2024 Q22024-07-12+2.4$5.3111.1View →
2024 Q12024-04-12+3.8$4.9211.7View →
2023 Q42024-01-12+5.2$4.879.8View →
2023 Q32023-10-13+1.0$4.848.7View →
2023 Q22023-07-14-2.4$4.798.8View →