Q2 26 EPS
$4.73
MISS 0.16%
Est. $4.74
Q2 26 Revenue
$15.85B
BEAT +0.52%
Est. $15.77B
vs S&P Since Q2 26
+1.5%
BEATING MARKET
COF +4.9% vs S&P +3.4%
Market Reaction
Did COF Beat Earnings? Q2 2026 Results
Capital One Financial posted a solid second-quarter 2026 earnings beat, with diluted EPS of $4.73 edging past the $4.72 consensus estimate by 0.20%, while revenue of $15.85 billion cleared Wall Street's $15.77 billion forecast by 0.52%, even as total… Read more Capital One Financial posted a solid second-quarter 2026 earnings beat, with diluted EPS of $4.73 edging past the $4.72 consensus estimate by 0.20%, while revenue of $15.85 billion cleared Wall Street's $15.77 billion forecast by 0.52%, even as total net revenue slipped 3.4% from a year earlier. The headline story, however, was the sharp swing back to profitability, with GAAP net income of $3.02 billion compared to a net loss of $4.28 billion in the year-ago period, which had been weighed down by Discover acquisition-related charges. The single biggest driver of the quarter's improvement was a 27% sequential decline in the provision for credit losses to $2.99 billion, aided by a $662 million allowance release, while the net charge-off rate fell 22 basis points to 3.23% and the 30-plus day delinquency rate improved to 3.13%. Investors had been watching the report closely for signals on consumer credit health, and the improving delinquency trends offered some reassurance. Net interest margin expanded 14 basis points to 8.01%, and the return on tangible common equity reached 18.04%.
Key Takeaways
- • Net interest margin expanded 14 basis points to 8.01%
- • Net charge-off rate declined 22 basis points sequentially to 3.23%
- • Provision for credit losses decreased $1.1 billion sequentially to $3.0 billion, including $662 million allowance release
- • Credit Card purchase volume increased 26% year-over-year
- • Domestic Card purchase volume grew 15% sequentially to $249.2 billion
- • Auto loan originations increased 16% sequentially to $12.9 billion
- • Global Payment Network volume reached $189.6 billion, up 156% year-over-year
- • 30+ day performing delinquency rate improved to 2.91%
- • Return on tangible common equity improved to 18.04% from 12.20% in Q1
- • Pre-provision earnings rose to $6.8 billion
- • Adjusted operating efficiency ratio of 40.88%
COF YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
COF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our results in the second quarter continue to reflect solid top line growth and strong credit performance. We're now 14 months into our integration of Discover, and integration is going well.”
— Richard D. Fairbank, Q2 2026 Earnings Press Release
COF Earnings Trends
COF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COF EPS Trend
Earnings per share: estimate vs actual
COF Revenue Trend
Quarterly revenue: estimate vs actual
COF Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $4.74 | $4.73 | -0.16% | $15.85B | +0.52% |
| Q1 26 MISS | $4.57 | $4.42 | -3.33% | $15.23B | -0.87% |
| Q4 25 MISS FY | $4.14 | $3.86 | -6.82% | $15.58B | +0.74% |
| FY Full Year | $19.76 | $4.03 | -79.61% | $53.43B | +0.20% |
| Q3 25 BEAT | $4.36 | $4.83 | +10.73% | $15.36B | +1.83% |
| Q2 25 BEAT | $3.56 | $5.48 | +54.02% | $12.49B | -1.61% |
| Q1 25 BEAT | $3.65 | $4.06 | +11.19% | $10.00B | -0.49% |