Capital One Financial Corporation Earnings Recaps
Q3 2026
Oct 22, 2026
Capital One’s shares rose 2.5%, a roughly flat reaction. Results included higher net interest margin and improving card charge-offs, alongside a decline in liquidity reserves and higher domestic card expenses.
Key takeaways
- Third-quarter earnings were $3.5 billion, or $5.61 per diluted share; adjusted earnings per share, net of acquisition-related items, were $6.69.
- Linked-quarter revenue rose 3% and non-interest expense fell 2%, lifting pre-provision earnings 10%; provision for credit losses declined 2% to $2.9 billion.
- Net interest margin increased 40 basis points sequentially to 8.41%, partly reflecting a $13 billion decline in average cash balances.
- Domestic card purchase volume grew 11% year over year and revenue rose 5%; charge-offs fell 65 basis points year over year to 3.98%, while delinquency was 3.74%, down 15 basis points year over year.
- Domestic card non-interest expense rose 9% year over year, and total-company marketing expense increased 14% to about $1.6 billion. Liquidity reserves declined $10 billion sequentially to about $134 billion.
Q2 2026
Jul 23, 2026
Capital 1 shares declined 2.6% after earnings, reflecting investor caution despite solid top-line growth; concerns linger around margin pressure and modest expense growth that limited earnings upside.
Key takeaways
- Q2 revenue increased 4% quarter-over-quarter, driven primarily by contributions from the Discover and Brex acquisitions.
- Adjusted pre-provision earnings were essentially flat sequentially, with noninterest expenses growing 7%, outpacing revenue growth.
- Net interest margin improved slightly to 8.01%, aided by lower deposit costs and reduced cash balances.
- Credit quality showed continued strength with a $662 million allowance release and a 27% decline in provision for credit losses.
- Capital was pressured by $2.7 billion in share repurchases, acquisition impacts from Brex, and higher risk-weighted assets, driving CET1 down 70 basis points to 13.7%.