EarningsQ2 2026 Earnings Report
MX:COF Q2 2026 EPS Results
Actual EPS$103.03
Consensus EPS$85.01
Beat/MissBeat by +$18.02
One Year Ago EPS$97.18
MX:COF Q2 2026 Revenue Results
Actual Revenue$351.73B
Expected Revenue$279.44B
Beat/MissBeat by +$72.29B
YoY Revenue Growth+21.90%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeAfter Close
Conference CallTuesday, July 21, 2026
MX:COF Upcoming Earnings
Capital One Financial's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:COF Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed solid top-line growth, improving credit metrics, a healthy liquidity and funding posture, and clear progress on Discover integration and synergy realization. Management acknowledged near-term headwinds — most notably a temporary Discover loan "brownout," margin on capital due to buybacks and the Brex impact, elevated expenses tied to integration, technology and marketing, and sizable net charge-offs in the quarter. Taken together the positives (robust revenue growth, improving credit/delinquency trends, high NIM, strong liquidity ratios, and on-track synergy delivery) outweigh the medium-term capital and expense pressures.Company Guidance
Reported and Adjusted EPS
GAAP earnings of $3.0 billion or $4.73 per diluted common share; adjusted EPS (net of acquisition-related items) of $5.81 for the quarter.
Revenue and Pre-Provision Results
Total revenue increased 4% quarter-over-quarter; noninterest expense rose 7% QoQ resulting in pre-provision earnings growth of 1% (adjusted pre-provision earnings flat QoQ).
Strong Card & Consumer Revenue Growth
Domestic card revenue up 30% year-over-year (largely driven by a partial quarter of Discover); excluding Discover, domestic card revenue grew ~9.5% YoY. Consumer banking revenue up ~26% YoY.
Purchase Volume and Loan Growth (Organic Momentum)
Second-quarter purchase volume grew 26% YoY (partial-quarter Discover contribution). Legacy Capital 1 purchase volume including Brex/corporate grew ~14% YoY with a majority from legacy organic acceleration. Excluding Discover, ending card loans grew ~5.3% YoY; company-wide ending loan balances up 2.6% YoY.
Credit Trends and Provision Reduction
Provision for credit losses decreased $1.1 billion (27%) to $3.0 billion. Domestic card charge-off rate improved to 4.71% (down 39 bps QoQ and 54 bps YoY); delinquency rate fell to 3.39% (down 31 bps QoQ, 21 bps YoY).
Allowance and Coverage Position
Allowance release of $662 million brought the allowance balance to $23 billion; total portfolio coverage ratio declined 26 bps to 5.02% with domestic card coverage at 6.99% (down 41 bps) and consumer banking coverage at 2.39% (up 3 bps).
Net Interest Margin Expansion
NIM of 8.01%, up 14 basis points QoQ (including a 9-bp benefit from an extra day in the quarter; additional lift from lower retail deposit rates and a $5 billion decline in average cash balances).
Liquidity and Funding Metrics
Liquidity reserves of approximately $144 billion; ending cash ~$55 billion. Preliminary average Liquidity Coverage Ratio ~165% and Net Stable Funding Ratio ~136% indicating healthy liquidity coverage.
Integration Progress & Synergies
14 months into a 24-month Discover integration: debit conversion completed and full quarterly run-rate debit revenue synergies realized; ~1/3 of announced operating expense synergies realized with the company on track to deliver the full $2.5 billion of announced synergies.
Marketing Driving Growth
Total company marketing expense ~ $1.7 billion, up 23% YoY, supporting strong new account originations and national checking growth; management reports marketing is delivering high-quality applicant flow.
MX:COF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed