Capital One Financial Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 21 July 2026: press release. The quarter’s numbers.

Key takeaways

Net income rose to $3.0 billion: The company reported net income of $3.0 billion, or $4.73 per diluted common share, compared with $2.2 billion, or $3.34 per diluted share, in the first quarter of 2026. Source
Net interest margin widened 14 basis points: Net interest margin was 8.01 percent, up 14 basis points from 7.87 percent in the first quarter. Source
Provision fell $1.1 billion: Provision for credit losses decreased $1.1 billion to $3.0 billion, compared with $4.1 billion in the first quarter. Source
Period-end loans rose $9.4 billion: Period-end loans held for investment increased $9.4 billion, or 2 percent, to $457.2 billion, after a $5.9 billion decline in the first quarter. Source
Period-end deposits fell $4.8 billion: Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, after a $13.3 billion increase in the first quarter. Source
CET1 ratio at 13.7 percent: The common equity Tier 1 ratio under the Basel III Standardized Approach was 13.7 percent at June 30, 2026, against 14.4 percent at March 31, 2026. The company said these figures are preliminary. Source
Discover integration now 14 months in: The chief executive said the company is 14 months into its integration of Discover, and described integration as going well. Source

“We’re now 14 months into our integration of Discover, and integration is going well.”
Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer

What changed from last quarter

New: A Brex integration expenses adjusting item of $96 million pre-tax ($0.12 per diluted share) appears in the second-quarter release. The first-quarter release had no Brex line. Source

Earnings and per-share results

Net income rose to $3.0 billion: The company reported net income of $3.0 billion, or $4.73 per diluted common share, compared with $2.2 billion, or $3.34 per diluted share, in the first quarter of 2026. Source
Adjusted EPS of $5.81: Excluding adjusting items, which the company classes as non-GAAP measures, diluted EPS was $5.81, compared with $4.42 in the first quarter. Acquisition amortization of $494 million pre-tax was among the excluded items. Source
Prior-year quarter was a loss: The second quarter of 2025 showed a net loss of $4.3 billion, or $(8.58) per diluted share, as shown in the comparison in the release. Source

Revenue, margin and pre-provision earnings

Total net revenue rose 4 percent: Total net revenue increased 4 percent to $15.9 billion from the first quarter. Source
Net interest margin widened 14 basis points: Net interest margin was 8.01 percent, up 14 basis points from 7.87 percent in the first quarter. Source
Pre-provision earnings rose 1 percent: Pre-provision earnings, a non-GAAP measure equal to total net revenue less non-interest expense, rose 1 percent to $6.8 billion. Source

“Our results in the second quarter continue to reflect solid top line growth and strong credit performance,”
Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer

Non-interest expense and efficiency

Non-interest expense rose 7 percent: Non-interest expense increased 7 percent to $9.0 billion. Marketing rose 11 percent and operating expenses rose 6 percent. Source
Efficiency ratio moved higher: The efficiency ratio was 57.05 percent, against 55.57 percent in the first quarter. The adjusted efficiency ratio was 51.38 percent, compared with 49.71 percent. Source

Credit provisions and charge-offs

Provision fell $1.1 billion: Provision for credit losses decreased $1.1 billion to $3.0 billion, compared with $4.1 billion in the first quarter. Source
Charge-offs eased to $3.6 billion: Net charge-offs were $3.6 billion, down from $3.8 billion in the first quarter. Source
Reserve release follows prior build: The company recorded a $662 million loan reserve release in the second quarter, after a $230 million loan reserve build in the first quarter.

Loans by business line

Period-end loans rose $9.4 billion: Period-end loans held for investment increased $9.4 billion, or 2 percent, to $457.2 billion, after a $5.9 billion decline in the first quarter. Source
Domestic Card and Auto grew: Domestic Card period-end loans rose $5.0 billion to $259.0 billion, and Auto rose $3.6 billion to $89.3 billion. Commercial Banking rose $1.0 billion to $91.3 billion. Source
Average loans grew modestly: Average loans held for investment increased $4.4 billion to $450.7 billion. Average Credit Card loans rose $223 million to $271.2 billion. Source

Deposits and funding cost

Period-end deposits fell $4.8 billion: Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, after a $13.3 billion increase in the first quarter. Source
Deposit rate paid eased: The interest-bearing deposits rate paid decreased 9 basis points to 2.91 percent, from 3.00 percent in the first quarter. Source
Average deposits rose: Average deposits increased $6.8 billion, or 1 percent, to $486.8 billion, while period-end deposits declined. Source

Capital position

CET1 ratio at 13.7 percent: The common equity Tier 1 ratio under the Basel III Standardized Approach was 13.7 percent at June 30, 2026, against 14.4 percent at March 31, 2026. The company said these figures are preliminary. Source
Total assets fell to $673.8 billion: Total assets were $673.8 billion at June 30, 2026, compared with $682.9 billion at March 31, 2026. Source

Discover and Brex integration

Discover integration now 14 months in: The chief executive said the company is 14 months into its integration of Discover, and described integration as going well. Source
Discover integration expenses fell: Discover integration expenses were $298 million pre-tax, or $0.36 per diluted share, against $415 million in the first quarter. Source
Brex integration expenses excluded: Brex integration expenses of $96 million pre-tax were excluded from adjusted results, and this item was not in the first-quarter release. Source

Figures management reported

Figure	Reported
Net interest margin Source	8.01%
Loans held for investment (period-end) Source	$457.2 billion
Total deposits (period-end) Source	$484.3 billion
Interest-bearing deposit rate paid Source	2.91%
Provision for credit losses Source	$3.0 billion
Net charge-offs Source	$3.6 billion
CET1 ratio (Basel III Standardized) Source	13.7%
Efficiency ratio Source	57.05%

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: July 21, 2026

Capital One Reports Second Quarter 2026 Net Income of $3.0 billion,

or $4.73 per share

Net of adjusting items, Second Quarter 2026 Net Income of $5.81 per share

McLean, Va. (July 21, 2026) - Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2026 of $3.0 billion, or $4.73 per diluted common share, compared with net income of $2.2 billion, or $3.34 per diluted common share in the first quarter of 2026, and with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025. Adjusted net income for the second quarter of 2026 was $5.81 per diluted common share.

"Our results in the second quarter continue to reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re now 14 months into our integration of Discover, and integration is going well."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax Impact	After-Tax Diluted EPS Impact
Acquisition amortization expenses	$494	$0.60
Discover integration expenses	$298	$0.36
Brex integration expenses	$96	$0.12

Capital One Second Quarter 2026 Earnings

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

Second Quarter 2026 Income Statement Summary:

Total net revenue increased 4 percent to $15.9 billion.
Total non-interest expense increased 7 percent to $9.0 billion:
11 percent increase in marketing.
6 percent increase in operating expenses.
Pre-provision earnings increased 1 percent to $6.8 billion.
Provision for credit losses decreased $1.1 billion to $3.0 billion:
Net charge-offs of $3.6 billion.
$662 million loan reserve release.
Net interest margin of 8.01 percent, an increase of 14 basis points.
Efficiency ratio of 57.05 percent.
Adjusted efficiency ratio of 51.38 percent.
Operating efficiency ratio of 46.57 percent.
Adjusted operating efficiency ratioof 40.88 percent.

Second Quarter 2026 Balance Sheet Summary:

Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.7% percent at June 30, 2026.
Period-end loans held for investment in the quarter increased $9.4 billion, or 2 percent, to $457.2 billion.
Credit Card period-end loans increased $4.9 billion, or 2 percent, to $275.4 billion.
Domestic Card period-end loans increased $5.0 billion, or 2 percent, to $259.0 billion.
Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $90.5 billion.
Auto period-end loans increased $3.6 billion, or 4 percent, to $89.3 billion.
Commercial Banking period-end loans increased $1.0 billion, or 1 percent, to $91.3 billion.
Average loans held for investment in the quarter increased $4.4 billion, or 1 percent, to $450.7 billion.
Credit Card average loans increased $223 million, or less than 1 percent, to $271.2 billion.
Domestic Card average loans increased $589 million, or less than 1 percent, to $254.6 billion.
Consumer Banking average loans increased $2.9 billion, or 3 percent, to $88.6 billion.
Auto average loans increased $2.9 billion, or 3 percent, to $87.4 billion.
Commercial Banking average loans increased $1.3 billion, or 1 percent, to $90.9 billion.
Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, while average deposits increased $6.8 billion, or 1 percent, to $486.8 billion.
Interest-bearing deposits rate paid decreased 9 basis points to 2.91 percent.

Capital One Second Quarter 2026 Earnings

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 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 August 4, 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 $484.3 billion in deposits and $673.8 billion in total assets as of June 30, 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 our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures for a reconciliation of our selected reported results to these non-GAAP measures.

Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.

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 July 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 July 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 June 30, 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