Capital One Financial Corporation (COF) Earnings
Capital One Financial Corporation is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $4.76. COF has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +14.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $4.50 | $4.42 | -1.8% | $15.2B | -0.7% |
| Jan 22, 2026 | $4.14 | $3.86 | -6.8% | $19.7B | +27.5% |
| Oct 21, 2025 | $4.49 | $5.95 | +32.5% | $15.4B | +1.9% |
| Jul 22, 2025 | $4.05 | $5.48 | +35.3% | $12.6B | +1.7% |
| Jan 21, 2025 | $2.78 | $3.09 | +11.2% | $10.2B | -0.2% |
| Oct 24, 2024 | $3.76 | $4.51 | +19.9% | $10.0B | +1.4% |
| Jul 23, 2024 | $3.39 | $3.14 | -7.4% | $9.5B | -0.7% |
| Apr 25, 2024 | $3.31 | $3.21 | -3.0% | $9.4B | +0.6% |
| Jan 25, 2024 | $2.50 | $2.24 | -10.4% | $9.5B | +0.5% |
| Oct 26, 2023 | $3.25 | $4.45 | +36.9% | $9.4B | +1.8% |
| Jul 20, 2023 | $3.23 | $3.52 | +9.0% | $9.0B | -1.9% |
| Apr 27, 2023 | $3.92 | $2.31 | -41.1% | $8.9B | -1.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Jeff Norris handed the call to Andrew Young. Andrew discussed first quarter earnings, adjusting items, revenue, non-interest expense, pre-provision earnings, provision for credit losses, allowance and coverage ratio by segment, liquidity, net interest margin, and capital position. Rich Fairbank then discussed credit card, consumer banking, and commercial banking business results, progress on Discover integration, strategic milestones like Brex acquisition and in-sourcing Capital One Travel technology, and continued investment in technology transformation, heavy spender franchise, and digital-first national bank
Guidance
- Earnings power on the other side of the Discover integration is expected to be consistent with what was expected at the time of the deal announcement, inclusive of BREX and the Hopper travel infrastructure. - Expect marketing levels to be heavier over the course of the year as they lean in and seasonality and marketing impacts play through. - The cash position is expected to trend down over time given its particularly elevated level this quarter, with debt maturities in Q2 and tax payments expected to contribute to this trend. - The earnings power guidance is assuming a capital level of 12.5%, and it would still hold at higher capital levels
Segment performance
In the first quarter, Capital One earned $2.2 billion, or $3.34 per diluted common share. Net of adjusting items, earnings per share were $4.42. Revenue declined 2% while non-interest expense declined 9%. Pre-provision earnings increased sequentially by about $530 million or 8% (adjusted up $430 million or 6%). Provision for credit losses was roughly flat at $4.1 billion. The $230 million allowance billed in the quarter brought the allowance balance to $23.6 billion, with total portfolio coverage ratio at 5.28%. Domestic card segment: allowance balance flat at $18.8 billion, coverage ratio 7.4% (up 23 basis points). Consumer banking segment: built $155 million of allowance, coverage ratio 2.36% (up 13 basis points). Commercial banking segment: built $83 million of allowance, coverage ratio 1.7% (up 7 basis points). Total liquidity reserves ended at about $165 billion, up about 21 billion from prior quarter. Net interest margin was 7.87%, 39 basis points lower than prior quarter. Credit card business: domestic card purchase volume growth 40% year-over-year (8% ex-Discover), ending loan balances up 69% (3.9% ex-Discover), revenue up 58% (6.8% ex-Discover), charge-off rate 5.1% (improved 109 basis points year-over-year), delinquency rate 3.7% (down 55 basis points year-over-year). Consumer banking business: global payment network transaction volume steady, auto originations up 21% year-over-year, ending loan balances up $8 billion (10% year-over-year), revenue up 37% year-over-year. Commercial banking business: ending and average loan balances up ~1% q-o-q, ending and average deposits down ~1% q-o-q, annualized net charge-off rate decreased 14 basis points q-o-q to 0.29%, criticized performing loan rate up 31 basis points q-o-q
Risks & headwinds
- Numerous factors could cause actual results to differ materially from forward-looking statements, including those in the Forward-Looking Statements section of the Earnings Release Presentation and Risk Factor section of annual and quarterly reports. - Geopolitical uncertainty could lead to downside economic scenarios affecting credit metrics. - Energy price spikes could impact consumers and the macro economy, though currently no adverse effects seen on portfolio. - Brownout in Discover card business due to prior credit policy cutbacks and recent adjustments, affecting growth but accompanied by strong credit performance. - Uncertainty around Basel III endgame rules and their impact on risk-weighted assets and capital allocation
Analyst Q&A
Q: Terry Mullen-Barclays asked about the state of the consumer.
A: Rich said U.S. consumer remained healthy, economy resilient, unemployment low, income growth ahead of inflation, consumer spending robust. Credit metrics in domestic card and auto were good but noted energy price spike risk.
Q: Sanjay Sikrani with KBW asked about expenses and NIM.
A: Andrew discussed Brex and Hopper not in current efficiency ratio, expenses impacted by synergies and investments, NIM affected by seasonal factors like fewer days, lower card balances, elevated cash levels.
Q: Ryan Nash with Goldman Sachs asked about efficiency and Brex.
A: Rich said focus on organic growth and investments, earnings power based on ROTC at 12.5% capital level.
Q: Moshe Orenbach with TD Cowan asked about card business growth.
A: Rich discussed strength in core branded card business, brownout in Discover card due to prior policy, plans for transition to Capital One technology, and growth opportunities on the other side.
Q: Erica Najarian with UBS asked about Basel III endgame.
A: Andrew discussed RWA impact, AOCI, and capital allocation considerations.
Q: Don Fandetti with Wells Fargo asked about AI and credit.
A: Rich talked about AI's transformation impact, not making credit policy in anticipation of job loss, but watching credit implications.
Q: Mihir Bhatia with Bank of America asked about Discover network integration and M&A.
A: Rich discussed debit conversion success, card origination testing, expense and revenue synergies, and M&A approach focused on organic growth and working backwards.
Q: John Pancari with Evercore ISI asked about M&A.
A: Rich discussed focus on organic growth, M&A as purchase of growth platforms, and future M&A focus on smaller tech companies.
Q: Saul Martinez with HSBC asked about capital buyback.
A: Andrew discussed conservative approach to capital, considering multiple factors in repurchase decisions, and finalization of Discover fair value mark amortization