Capital One Financial Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 20 October 2026: press release. The quarter’s numbers.

Key takeaways

Net income rose to $3.5 billion: Net income was $3.5 billion, or $5.61 per diluted share, compared with $3.0 billion, or $4.73 per diluted share, in the second quarter and $3.2 billion, or $4.83, in the third quarter of 2025. Source
Adjusted EPS of $6.69: Adjusted net income was $6.69 per diluted share. Adjusting items totaled $1.08 per diluted share: acquisition amortization $0.60, Discover integration $0.42 and Brex integration $0.06. Source
Net interest margin rose to 8.41%: Net interest margin was 8.41 percent, up 40 basis points from 8.01 percent in the second quarter. Source
Provision fell $73 million to $2.9 billion: Provision for credit losses decreased $73 million to $2.9 billion. Net charge-offs were $3.1 billion, and the provision included a $225 million loan reserve release. Source
Period-end loans up $5.4 billion: Period-end loans held for investment increased $5.4 billion, or 1 percent, to $462.5 billion. Credit Card period-end loans increased $952 million to $276.4 billion. Source
CET1 ratio at 13.8%: Common equity Tier 1 capital ratio under Basel III Standardized Approach was 13.8 percent at September 30, 2026, compared with 13.7 percent at June 30, 2026. The company describes the figure as preliminary. Source
Discover integration expenses rose: Discover integration expenses were $338 million pre-tax, or $0.42 per diluted share, up from $298 million in the second quarter. Acquisition amortization was $483 million pre-tax. Source

“The Discover integration continues to go well and we’re making good progress on delivering the expected synergies”
Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer

Earnings and profit

Net income rose to $3.5 billion: Net income was $3.5 billion, or $5.61 per diluted share, compared with $3.0 billion, or $4.73 per diluted share, in the second quarter and $3.2 billion, or $4.83, in the third quarter of 2025. Source
Adjusted EPS of $6.69: Adjusted net income was $6.69 per diluted share. Adjusting items totaled $1.08 per diluted share: acquisition amortization $0.60, Discover integration $0.42 and Brex integration $0.06. Source
Revenue up 3%, pre-provision earnings up 10%: Total net revenue increased 3 percent to $16.3 billion. Pre-provision earnings, which is total net revenue less non-interest expense and is a non-GAAP measure, increased 10 percent to $7.5 billion. Source

Margins, expenses and efficiency

Net interest margin rose to 8.41%: Net interest margin was 8.41 percent, up 40 basis points from 8.01 percent in the second quarter. Source
Non-interest expense fell 2%: Total non-interest expense decreased 2 percent to $8.9 billion. Marketing decreased 4 percent and operating expenses decreased 2 percent. Source
Efficiency ratios reported with adjusted figures: Efficiency ratio was 54.19 percent, or 48.76 percent adjusted. Operating efficiency ratio was 44.43 percent, or 38.99 percent adjusted. Adjusted figures are non-GAAP measures. Source

“We continue to invest to deliver sustained growth and value creation over the long-term.”
Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer

Credit provision and losses

Provision fell $73 million to $2.9 billion: Provision for credit losses decreased $73 million to $2.9 billion. Net charge-offs were $3.1 billion, and the provision included a $225 million loan reserve release. Source
Second-quarter charge-offs and reserve release: In the second quarter, net charge-offs were $3.6 billion and the loan reserve release was $662 million.

Loans and deposits

Period-end loans up $5.4 billion: Period-end loans held for investment increased $5.4 billion, or 1 percent, to $462.5 billion. Credit Card period-end loans increased $952 million to $276.4 billion. Source
Auto and Consumer Banking loans grew: Auto period-end loans increased $3.6 billion to $92.9 billion. Consumer Banking period-end loans increased $3.6 billion to $94.0 billion. Commercial Banking period-end loans increased $834 million to $92.1 billion. Source
Average loans up $6.7 billion: Average loans held for investment increased $6.7 billion, or 1 percent, to $457.4 billion. Average Credit Card loans increased $2.5 billion to $273.7 billion. Source
Deposits declined slightly: Period-end total deposits decreased $3.6 billion to $480.7 billion. Average deposits decreased $4.2 billion to $482.6 billion. Source
Deposit rate paid rose 3 basis points: The interest-bearing deposits rate paid increased 3 basis points to 2.94 percent, after decreasing 9 basis points in the second quarter. Source

Capital and balance sheet

CET1 ratio at 13.8%: Common equity Tier 1 capital ratio under Basel III Standardized Approach was 13.8 percent at September 30, 2026, compared with 13.7 percent at June 30, 2026. The company describes the figure as preliminary. Source
Total assets of $672.9 billion: At September 30, 2026 the company reported $480.7 billion in deposits and $672.9 billion in total assets. Source

Discover and Brex integration

Discover integration expenses rose: Discover integration expenses were $338 million pre-tax, or $0.42 per diluted share, up from $298 million in the second quarter. Acquisition amortization was $483 million pre-tax. Source
Brex integration expenses fell: Brex integration expenses were $47 million pre-tax, or $0.06 per diluted share, down from $96 million, or $0.12, in the second quarter.
Discover integration timeline: In the second quarter, management said the company was 14 months into its Discover integration, and that the integration was going well.

Figures management reported

Figure	Reported
Net interest margin Source	8.41 percent
Loans Source	$462.5 billion period-end loans held for investment
Deposits Source	$480.7 billion period-end total deposits
Deposit cost Source	2.94 percent interest-bearing deposits rate paid
Provision for credit losses Source	$2.9 billion
Net charge-offs Source	$3.1 billion
CET1 ratio Source	13.8 percent
Efficiency ratio Source	54.19 percent

Risks management discussed

Financial: The regulatory capital metrics as of September 30, 2026 are preliminary and may change. Source

Earlier plans management reported on

Not stated: Management said the company is making progress on delivering the expected synergies from the Discover integration, without stating a status against a target. Source

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: October 20, 2026

Capital One Reports Third Quarter 2026 Net Income of $3.5 billion,

or $5.61 per share

Net of adjusting items, Third Quarter 2026 Net Income of $6.69 per share

McLean, Va. (October 20, 2026) - Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2026 of $3.5 billion, or $5.61 per diluted common share, compared with net income of $3.0 billion, or $4.73 per diluted common share in the second quarter of 2026, and with net income of $3.2 billion, or $4.83 per diluted common share in the third quarter of 2025. Adjusted net income for the third quarter of 2026 was $6.69 per diluted common share.

"The Discover integration continues to go well and we’re making good progress on delivering the expected synergies" said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We continue to invest to deliver sustained growth and value creation over the long-term."

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	$483	$0.60
Discover integration expenses	$338	$0.42
Brex integration expenses	$47	$0.06

Capital One Third Quarter 2026 Earnings

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

Third Quarter 2026 Income Statement Summary:

Total net revenue increased 3 percent to $16.3 billion.
Total non-interest expense decreased 2 percent to $8.9 billion:
4 percent decrease in marketing.
2 percent decrease in operating expenses.
Pre-provision earnings increased 10 percent to $7.5 billion.
Provision for credit losses decreased $73 million to $2.9 billion:
Net charge-offs of $3.1 billion.
$225 million loan reserve release.
Net interest margin of 8.41 percent, an increase of 40 basis points.
Efficiency ratio of 54.19 percent.
Adjusted efficiency ratio of 48.76 percent.
Operating efficiency ratio of 44.43 percent.
Adjusted operating efficiency ratioof 38.99 percent.

Third Quarter 2026 Balance Sheet Summary:

Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.8% as of September 30, 2026.
Period-end loans held for investment in the quarter increased $5.4 billion, or 1 percent, to $462.5 billion.
Credit Card period-end loans increased $952 million, or less than 1 percent, to $276.4 billion.
Domestic Card period-end loans increased $1.2 billion, or less than 1 percent, to $260.3 billion.
Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $94.0 billion.
Auto period-end loans increased $3.6 billion, or 4 percent, to $92.9 billion.
Commercial Banking period-end loans increased $834 million, or 1 percent, to $92.1 billion.
Average loans held for investment in the quarter increased $6.7 billion, or 1 percent, to $457.4 billion.
Credit Card average loans increased $2.5 billion, or 1 percent, to $273.7 billion.
Domestic Card average loans increased $2.7 billion, or 1 percent, to $257.3 billion.
Consumer Banking average loans increased $3.7 billion, or 4 percent, to $92.3 billion.
Auto average loans increased $3.8 billion, or 4 percent, to $91.2 billion.
Commercial Banking average loans increased $481 million, or 1 percent, to $91.4 billion.
Period-end total deposits decreased $3.6 billion, or 1 percent, to $480.7 billion, while average deposits decreased $4.2 billion, or 1 percent, to $482.6 billion.
Interest-bearing deposits rate paid increased 3 basis points to 2.94 percent.

Capital One Third Quarter 2026 Earnings

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 20, 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 November 03, 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 $480.7 billion in deposits and $672.9 billion in total assets as of September 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 October 20, 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 October 20, 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 October 20, 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 September 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