Capital One (COF) · Banking
Capital One Q2 2026 earnings: summary, key numbers & outlook
Results filed 21 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Capital One Reports Second Quarter 2026 Net Income of $3.0 billion, or $4.73 per share, and Net of adjusting items, Net Income of $5.81 per share
Capital One earned $3.0 billion, or $4.73 per diluted share, in the second quarter of 2026, up from $2.2 billion, or $3.34, in the first quarter. In the second quarter of 2025 it lost $4.3 billion. Total net revenue rose 4 percent to $15.9 billion. The provision for credit losses fell $1.1 billion to $3.0 billion, helped by a $662 million loan reserve release. Excluding adjusting items such as Discover and Brex integration costs, earnings were $5.81 per share.
The release gives no numerical guidance for coming quarters, and no call transcript was available. Management said its Discover integration is going well and described strong credit performance. The main tension is cost and capital. Non-interest expense rose 7 percent, integration spending continues for Discover and the new Brex acquisition, and the common equity Tier 1 capital ratio fell to 13.7% from 14.4% in the first quarter.
Key numbers
- Total net revenue · GAAP
- $15.9 billion
- Net income · GAAP
- $3.0 billion
- Diluted EPS · GAAP
- $4.73
- Adjusted diluted EPS · non-GAAP
- $5.81
- Net interest margin · GAAP
- 8.01 percent
- Pre-provision earnings · non-GAAP
- $6.8 billion
- Common equity Tier 1 capital ratio
- 13.7%
up 4 percent from the first quarter of 2026
compared with $2.2 billion in the first quarter of 2026 and a net loss of $4.3 billion in the second quarter of 2025
compared with $3.34 in the first quarter of 2026 and $(8.58) in the second quarter of 2025
an increase of 14 basis points
up 1 percent from the first quarter of 2026
| Segment or metric | Value | Change |
|---|---|---|
| Total loans held for investment (period-end) | $457.2 billion | up $9.4 billion, or 2 percent |
| Credit Card period-end loans | $275.4 billion | up $4.9 billion, or 2 percent |
| Consumer Banking period-end loans | $90.5 billion | up $3.6 billion, or 4 percent |
| Commercial Banking period-end loans | $91.3 billion | up $1.0 billion, or 1 percent |
| Period-end total deposits | $484.3 billion | down $4.8 billion, or 1 percent |
Where each number comes from
- Total net revenue: “Total net revenue increased 4 percent to $15.9 billion. •Total non-interest expense increased 7 percent to $9.0 billion”
- Net income: “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”
- Diluted EPS: “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”
- Adjusted diluted EPS: “Adjusted net income(1) for the second quarter of 2026 was $5.81 per diluted common share.”
- Net interest margin: “Net interest margin of 8.01 percent, an increase of 14 basis points. •Efficiency ratio of 57.05 percent.”
- Pre-provision earnings: “Pre-provision earnings(3) increased 1 percent to $6.8 billion. •Provision for credit losses decreased $1.1 billion to $3.0 billion”
- Common equity Tier 1 capital ratio: “Common equity Tier 1 capital ratio(5) under Basel III Standardized Approach of 13.7% percent at June 30, 2026.”
- Total loans held for investment (period-end): “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: “Credit Card period-end loans increased $4.9 billion, or 2 percent, to $275.4 billion.”
- Consumer Banking period-end loans: “Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $90.5 billion.”
- Commercial Banking period-end loans: “Commercial Banking period-end loans increased $1.0 billion, or 1 percent, to $91.3 billion.”
- Period-end total deposits: “Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, while average deposits increased $6.8 billion”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $15.8B | +26.9% | +4.1% |
| Net income | $3.0B | — | +38.9% |
| Diluted EPS | $4.73 | — | +41.6% |
| Free cash flow | $8.1B | +42.5% | +47.7% |
Calculated by code from XBRL, not by the model.
Key takeaways
Net income rebounded to $3.0 billion
Net income was $3.0 billion, or $4.73 per diluted common share, compared with $2.2 billion, or $3.34, in the first quarter of 2026 and a net loss of $4.3 billion in the second quarter of 2025.
Lower provision drove the earnings improvement
Provision for credit losses decreased $1.1 billion to $3.0 billion, including a $662 million loan reserve release and net charge-offs of $3.6 billion.
Revenue grew 4 percent while expenses grew 7
Total net revenue increased 4 percent to $15.9 billion, while total non-interest expense increased 7 percent to $9.0 billion, with marketing up 11 percent.
Adjusting items widen the earnings gap
Adjusted net income was $5.81 per diluted common share, versus $4.73 reported, after acquisition amortization expenses, Discover integration expenses and Brex integration expenses.
Capital ratio slipped to 13.7%
The common equity Tier 1 capital ratio was 13.7% at June 30, 2026, down from 14.4% in the first quarter, as period-end loans grew to $457.2 billion.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $10.2B * |
| Q1 2025 | $10.0B |
| Q2 2025 | $12.5B |
| Q3 2025 | $15.4B |
| Q4 2025 | $15.6B * |
| Q1 2026 | $15.2B |
| Q2 2026 | $15.8B |
| Q3 2026 | $16.3B |
Data
| Q1 2025 | $3.45 |
| Q2 2025 | -$8.58 |
| Q3 2025 | $4.83 |
| Q1 2026 | $3.34 |
| Q2 2026 | $4.73 |
| Q3 2026 | $5.61 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | $2.1B |
| Q1 2025 | $4.3B |
| Q2 2025 | $5.7B |
| Q3 2025 | $8.8B |
| Q4 2025 | $7.4B |
| Q1 2026 | $5.5B |
| Q2 2026 | $8.1B |
| Q3 2026 | $5.3B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Capital One's second quarter 2026 earnings?
Net income was $3.0 billion, or $4.73 per diluted common share. Adjusted net income was $5.81 per diluted common share.
How did revenue and expenses change in the quarter?
Total net revenue increased 4 percent to $15.9 billion from the first quarter. Total non-interest expense increased 7 percent to $9.0 billion.
How is credit performing?
Net charge-offs were $3.6 billion and the net charge-off rate was 3.23%, down from 3.45% in the first quarter. The 30+ day delinquency rate was 3.13%, and the company released $662 million of loan reserves.
How is the Discover integration going?
Richard D. Fairbank said the company is 14 months into the integration and that it is going well. The quarter still carried $298 million of pre-tax Discover integration expenses.
Did Capital One give guidance for the next quarter?
The release and supplement provided contain no numerical guidance, and no call transcript was available. The company's capital position is the main figure to watch, with the common equity Tier 1 ratio at 13.7%.
Documents
SEC filing