Capital One Financial Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 21 April 2026: press release. The quarter’s numbers.

Key takeaways

Net income and EPS reported: Net income was $2.2 billion, or $3.34 per diluted share, compared with $3.26 in the fourth quarter of 2025 and $3.45 in the first quarter of 2025. Source
Pre-provision earnings rose 8 percent: Pre-provision earnings, calculated as total net revenue less non-interest expense, increased 8 percent to $6.8 billion. Source
Provision eased $74 million: Provision for credit losses decreased $74 million to $4.1 billion compared with the fourth quarter of 2025. Source
Period-end loans fell 1 percent: Period-end loans held for investment decreased $5.9 billion, or 1 percent, to $447.8 billion, with Credit Card period-end loans down $9.0 billion to $270.6 billion. Source
Deposits grew 3 percent: Period-end deposits rose $13.3 billion, or 3 percent, to $489.1 billion; average deposits rose $9.0 billion, or 2 percent, to $480.0 billion. Source
Net interest margin fell 39 basis points: Net interest margin was 7.87 percent, a decrease of 39 basis points. Source
CET1 ratio at 14.4 percent: Common equity Tier 1 ratio under the Basel III Standardized Approach was 14.4 percent at March 31, 2026, described as preliminary in the release. Source

“Our results in the first quarter reflect solid top line growth”
Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer

What changed from last quarter

Ended: Legal reserve, home loan gain and FDIC items were adjusting items in the prior release but do not appear in this release.

Earnings and adjusting items

Net income and EPS reported: Net income was $2.2 billion, or $3.34 per diluted share, compared with $3.26 in the fourth quarter of 2025 and $3.45 in the first quarter of 2025. Source
Adjusted EPS of $4.42: Adjusted net income was $4.42 per diluted common share, excluding the Discover amortization and integration items listed in the release. Source
Discover items were adjusting items: Discover amortization expenses of $477 million pre-tax ($0.58 per diluted share) and Discover integration expenses of $415 million pre-tax ($0.50) were the adjusting items. Source

Revenue, costs and pre-provision earnings

Total net revenue fell 2 percent: Total net revenue decreased 2 percent to $15.2 billion compared with the fourth quarter of 2025. Source
Pre-provision earnings rose 8 percent: Pre-provision earnings, calculated as total net revenue less non-interest expense, increased 8 percent to $6.8 billion. Source
Non-interest expense fell 9 percent: Total non-interest expense decreased 9 percent to $8.5 billion in the quarter. Source
Marketing and operating costs lower: Marketing expense decreased 23 percent and operating expenses decreased 6 percent, both compared with the fourth quarter of 2025. Source

“The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition.”
Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer

Credit provision and losses

Provision eased $74 million: Provision for credit losses decreased $74 million to $4.1 billion compared with the fourth quarter of 2025. Source
Net charge-offs of $3.8 billion: Net charge-offs were $3.8 billion in the quarter. Source
Loan reserve build of $230 million: The provision included a $230 million loan reserve build. Source

Loan balances and mix

Period-end loans fell 1 percent: Period-end loans held for investment decreased $5.9 billion, or 1 percent, to $447.8 billion, with Credit Card period-end loans down $9.0 billion to $270.6 billion. Source
Consumer and auto loans rose: Consumer Banking period-end loans rose $2.1 billion to $86.9 billion and Auto rose $2.1 billion to $85.7 billion, while Domestic Card period-end loans fell $8.4 billion to $254.0 billion. Source
Average loans nearly flat: Average loans held for investment rose $1.6 billion, or less than 1 percent, to $446.2 billion, with Commercial Banking average loans up $1.1 billion to $89.6 billion. Source

Deposits and funding costs

Deposits grew 3 percent: Period-end deposits rose $13.3 billion, or 3 percent, to $489.1 billion; average deposits rose $9.0 billion, or 2 percent, to $480.0 billion. Source
Interest-bearing deposit rate fell: The interest-bearing deposits rate paid decreased 16 basis points to 3.00 percent. Source
Total assets of $682.9 billion: The company reported total assets of $682.9 billion as of March 31, 2026, in its About section. Source

Margin, efficiency and capital

Net interest margin fell 39 basis points: Net interest margin was 7.87 percent, a decrease of 39 basis points. Source
Efficiency ratio and adjusted ratio: The efficiency ratio was 55.57 percent and the adjusted efficiency ratio 49.71 percent. Source
Operating efficiency ratios reported: The operating efficiency ratio was 45.74 percent and the adjusted operating efficiency ratio 39.88 percent. Source
CET1 ratio at 14.4 percent: Common equity Tier 1 ratio under the Basel III Standardized Approach was 14.4 percent at March 31, 2026, described as preliminary in the release. Source

Discover integration and prior items

Discover integration described as progressing: Fairbank said the Discover integration continues to go well, with momentum building from the acquisition. Source
Brex agreement reported in prior release: The prior release reported a definitive agreement to acquire Brex Inc. for $5.15 billion, about half cash and half stock; this release does not mention Brex.
Discover amortization lower than prior: Discover intangible amortization expense was $509 million pre-tax in the fourth quarter; this release shows $477 million for Discover amortization expenses.

Figures management reported

Figure	Reported
Net interest margin Source	7.87 percent
Loans Source	$447.8 billion period-end
Deposits Source	$489.1 billion period-end; $480.0 billion average
Deposit costs Source	3.00 percent
Provision for credit losses Source	$4.1 billion
Net charge-offs Source	$3.8 billion
CET1 ratio Source	14.4 percent
Efficiency ratio Source	55.57 percent

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

FOR IMMEDIATE RELEASE: April 21, 2026

Capital One Reports First Quarter 2026 Net Income of $2.2 billion,

or $3.34 per share

Net of adjusting items, First Quarter 2026 Net Income of $4.42 per share

McLean, Va. (April 21, 2026) - Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2026 of $2.2 billion, or $3.34 per diluted common share, compared with net income of $2.1 billion, or $3.26 per diluted common share in the fourth quarter of 2025, and with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025. Adjusted net income for the first quarter of 2026 was $4.42 per diluted common share.

"Our results in the first quarter reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax Impact	After-Tax Diluted EPS Impact
Discover amortization expenses	$477	$0.58
Discover integration expenses	$415	$0.50

Capital One First Quarter 2026 Earnings

All comparisons below are for the first quarter of 2026 compared with the fourth quarter of 2025 unless otherwise noted.

First Quarter 2026 Income Statement Summary:

Total net revenue decreased 2 percent to $15.2 billion.
Total non-interest expense decreased 9 percent to $8.5 billion:
23 percent decrease in marketing.
6 percent decrease in operating expenses.
Pre-provision earnings increased 8 percent to $6.8 billion.
Provision for credit losses decreased $74 million to $4.1 billion:
Net charge-offs of $3.8 billion.
$230 million loan reserve build.
Net interest margin of 7.87 percent, a decrease of 39 basis points.
Efficiency ratio of 55.57 percent.
Adjusted efficiency ratio of 49.71 percent.
Operating efficiency ratio of 45.74 percent.
Adjusted operating efficiency ratioof 39.88 percent.

First Quarter 2026 Balance Sheet Summary:

Common equity Tier 1 capital ratio under Basel III Standardized Approach of 14.4 percent at March 31, 2026.
Period-end loans held for investment in the quarter decreased $5.9 billion, or 1 percent, to $447.8 billion.
Credit Card period-end loans decreased $9.0 billion, or 3 percent, to $270.6 billion.
Domestic Card period-end loans decreased $8.4 billion, or 3 percent, to $254.0 billion.
Consumer Banking period-end loans increased $2.1 billion, or 2 percent, to $86.9 billion.
Auto period-end loans increased $2.1 billion, or 3 percent, to $85.7 billion.
Commercial Banking period-end loans increased $1.1 billion, or 1 percent, to $90.3 billion.
Average loans held for investment in the quarter increased $1.6 billion, or less than 1 percent, to $446.2 billion.
Credit Card average loans decreased $1.3 billion, or less than 1 percent, to $271.0 billion.
Domestic Card average loans decreased $1.2 billion, or less than 1 percent, to $254.0 billion.
Consumer Banking average loans increased $1.7 billion, or 2 percent, to $85.7 billion.
Auto average loans increased $1.8 billion, or 2 percent, to $84.5 billion.
Commercial Banking average loans increased $1.1 billion, or 1 percent, to $89.6 billion.
Period-end total deposits increased $13.3 billion, or 3 percent, to $489.1 billion, while average deposits increased $9.0 billion, or 2 percent, to $480.0 billion.
Interest-bearing deposits rate paid decreased 16 basis points to 3.00 percent.

Capital One First Quarter 2026 Earnings

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through May 5, 2026 at 5:00 PM Eastern Time.

Forward-Looking Statements

Forward-looking statements notice

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I - Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

About Capital One

Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.

Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.

Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on April 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on April 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

Regulatory capital metrics as of March 31, 2026 are preliminary and therefore subject to change.

Contacts
Investor Relations · Jeff Norris · jeff.norris@capitalone.com
Danielle Dietz · danielle.dietz@capitalone.com
Media Relations · Sie Soheili · sie.soheili@capitalone.com