# Capital One (COF) Q2 2026 earnings

Results filed 2026-07-21 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/cof/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/927628/000092762826000083/0000927628-26-000083-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total net revenue | $15.9 billion | up 4 percent from the first quarter of 2026 | GAAP |
| Net income | $3.0 billion | 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 | GAAP |
| Diluted EPS | $4.73 | compared with $3.34 in the first quarter of 2026 and $(8.58) in the second quarter of 2025 | GAAP |
| Adjusted diluted EPS | $5.81 |  | non-GAAP |
| Net interest margin | 8.01 percent | an increase of 14 basis points | GAAP |
| Pre-provision earnings | $6.8 billion | up 1 percent from the first quarter of 2026 | non-GAAP |
| Common equity Tier 1 capital ratio | 13.7% |  |  |

## Segments and operating metrics

| Name | 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 |

## Key takeaways

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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%.