Jun 2026 (Q2 FY26) — Jul 21, 2026
Capital One Q2 FY26 — Strong Credit Performance Amidst Discover Integration
Read the full callCapital One (COF) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Capital One earnings: last reported Tue, 21 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 15,850 | +26.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 3,020 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
10 of 10 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capability to originate Capital One credit cards on the Discover network | Able to originate Capital One credit cards on the Discover network by the middle of 2026 | Dec 2025 | what we are leaning hard into right now is testing, originating legacy Capital One branded accounts on the Discover network. | Achieved* |
| Discover operating expense synergies fully realised | Full run rate of Discover operating expense synergies by the first half of 2027 | Mar 2026 | we've realized about 1/3 of the operating expense synergies to date, and we're on track to achieve the remaining operating expense synergies by the second half of 2027. | Delayed |
| Combined-company earnings power on the other side of the Discover integration | ROTCE consistent with the Discover deal model, held at the deal model's 12.5% CET1 assumption | Jun 2025 | when we look at the earnings power as reflected in ROTCE, we feel we're headed for a performance very consistent with what we expected along the way. | On Track |
8 of CAPITAL ONE FINANCIAL CORP's 18 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
- Adjusted EPS of $5.81 per diluted common share, exceeding GAAP EPS of $4.73.
- Provision for credit losses decreased $1.1 billion or 27% to $3 billion.
- Domestic Card charge-off rate down 39 basis points QoQ to 4.71% and 54 basis points YoY.
- Domestic Card delinquency rate down 31 basis points QoQ to 3.39% and 21 basis points YoY.
- Consumer Banking ending loan balances increased $9.2 billion or 11% year-over-year.
Qualified
- Total company marketing expense up 23% year-over-year to $1.7 billion.
- Common equity Tier 1 capital ratio ended the quarter at 13.7%, down 70 basis points QoQ.
- Liquidity reserves decreased $21 billion from prior quarter to $144 billion.
- Discover card loans shrunk 1.5% from the prior year, experiencing a 'brownout' effect.
- Commercial Banking net charge-off rate increased 24 basis points QoQ to 0.53%.
Price
$199.83 −0.95% · −$1.91
Performance −5.4% 1Y
1Y: $211.34 on 17 Oct 2025 → $199.83. High $257.94 (6 Jan 2026), low $176.1 (27 Mar 2026).
- Previous close
- $201.74
- 52-week range
- $176.1 – $257.94
- One year
- −7.00%
Overview
- Symbol
- COF
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 10 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capability to originate Capital One credit cards on the Discover network | Able to originate Capital One credit cards on the Discover network by the middle of 2026 | Dec 2025 | what we are leaning hard into right now is testing, originating legacy Capital One branded accounts on the Discover network. | Achieved* |
| Discover operating expense synergies fully realised | Full run rate of Discover operating expense synergies by the first half of 2027 | Mar 2026 | we've realized about 1/3 of the operating expense synergies to date, and we're on track to achieve the remaining operating expense synergies by the second half of 2027. | Delayed |
| Combined-company earnings power on the other side of the Discover integration | ROTCE consistent with the Discover deal model, held at the deal model's 12.5% CET1 assumption | Jun 2025 | when we look at the earnings power as reflected in ROTCE, we feel we're headed for a performance very consistent with what we expected along the way. | On Track |
Claimed
- Adjusted EPS of $5.81 per diluted common share, exceeding GAAP EPS of $4.73.
- Provision for credit losses decreased $1.1 billion or 27% to $3 billion.
- Domestic Card charge-off rate down 39 basis points QoQ to 4.71% and 54 basis points YoY.
- Domestic Card delinquency rate down 31 basis points QoQ to 3.39% and 21 basis points YoY.
- Consumer Banking ending loan balances increased $9.2 billion or 11% year-over-year.
Qualified
- Total company marketing expense up 23% year-over-year to $1.7 billion.
- Common equity Tier 1 capital ratio ended the quarter at 13.7%, down 70 basis points QoQ.
- Liquidity reserves decreased $21 billion from prior quarter to $144 billion.
- Discover card loans shrunk 1.5% from the prior year, experiencing a 'brownout' effect.
- Commercial Banking net charge-off rate increased 24 basis points QoQ to 0.53%.
The full ledger
Open CAPITAL ONE FINANCIAL CORP’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
Capital One Q1 FY26 — Discover integration on track, strong credit, heavy investment agenda
Read the full callDec 2025 (Q4 FY25) — Jan 22, 2026
Capital One Q4 FY25 — Brex Acquisition and Strategic Investments Drive Future Growth
Read the full callEvery analysed call
Capital One earnings calls (COF)
Financials
What the filings say
Net profit, year on year: +171% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 10,014 | 10,190 | 10,000 | 12,492 | 15,359 | 15,583 | 15,231 | 15,850 |
| Profit before tax | 2,218 | 1,459 | 1,729 | -5,929 | 4,382 | 2,099 | 2,699 | 3,818 |
| Tax rate | 19.9% | 25.1% | 18.8% | 28.1% | 27.1% | 16.4% | 19.2% | 20.9% |
| Net profit | 1,777 | 1,096 | 1,404 | -4,277 | 3,192 | 2,134 | 2,174 | 3,020 |
| EPS ($ per share) | 4.42 | — | 3.46 | -8.58 | 4.83 | — | 3.34 | 4.73 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Reserves | 35,875 | 40,340 | 40,088 | 51,006 | 57,184 | 60,945 | 64,505 | 65,192 |
| Total liabilities | 320,870 | 332,354 | 361,398 | 371,352 | 402,667 | 420,375 | 429,360 | 555,393 |
| Fixed assets | 4,191 | 4,378 | 4,287 | 4,210 | 4,351 | 4,375 | 4,511 | 5,602 |
| Total assets | 372,538 | 390,365 | 421,602 | 432,381 | 455,249 | 478,464 | 490,144 | 669,009 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 12,978 | 16,639 | 16,699 | 12,310 | 13,809 | 20,575 | 18,159 | 27,718 |
| Cash from investing | -15,618 | -22,998 | -14,841 | -31,501 | -29,738 | -21,920 | -26,410 | -444 |
| Cash from financing | 1,777 | 6,619 | 25,164 | 474 | 25,131 | 13,844 | 8,167 | -8,852 |
| Net cash flow | -863 | 260 | 27,022 | -18,717 | 9,202 | 12,499 | -84 | 18,422 |
| Capital expenditure | -874 | -887 | -710 | -698 | -934 | -961 | -1,204 | -1,578 |
| Free cash flow | 12,104 | 15,752 | 15,989 | 11,612 | 12,875 | 19,614 | 16,955 | 26,140 |
COF revenue by segment
Consumer Banking grew from 12% to 27% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Credit Card | 80% | 78% | 80% | 73% | 74% | 70% | 68% | 70% | +43.3% |
| Consumer Banking | 12% | 11% | 12% | 21% | 20% | 25% | 28% | 27% | +99.2% |
| Commercial Banking | 8% | 11% | 7% | 6% | 6% | 5% | 4% | 2% | -39.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
COF operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Common equity tier 1 ratio (CET1) | 13.6%Our common equity Tier 1 capital ratio ended quarter at 13.6%, approximately 10 basis points higher than the prior quarter.Source: earnings call transcript | 14%Our common equity Tier 1 capital ratio ended the quarter at 14%, approximately 40 basis points higher than the prior quarter.Source: earnings call transcript | 14.4%Our common equity Tier 1 capital ratio ended the quarter at 14.4%, 10 basis points higher than the fourth quarter.Source: earnings call transcript | 13.7%Our common equity Tier 1 capital ratio ended the quarter at 13.7%, 70 basis points lower than the first quarter.Source: earnings call transcript | -0.7 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
193 filings between Oct 27, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$89.67M
70 sales by 12 insiders
97% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 43
- Award — granted as compensation
- 12
- Option exercise — converted options into shares
- 66
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| FAIRBANK RICHARD D | — | $46.19M | Nov 4, 2025 |
| Blinde Neal | — | $16.85M | Feb 24, 2026 |
| Cooper Matthew W | — | $5.60M | Oct 6, 2026 |
| Raghu Ravi | — | $5.41M | Aug 7, 2026 |
| Dean Lia | — | $4.08M | Sep 15, 2026 |
| LaPrade,III Frank G. | — | $3.96M | Nov 13, 2025 |
| Karam Celia | — | $3.30M | Sep 15, 2026 |
| Mouadeb Mark Daniel | — | $1.32M | Aug 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | Cooper Matthew W General Counsel & Corp Secy | Sale 10b5-1 plan | 3,500 | $686.8K |
| Sep 15, 2026 | Dean Lia Pres, Banking & Prem. Products | Sale 10b5-1 plan | 2,066 | $425.7K |
| Sep 15, 2026 | Karam Celia Pres, Retail Bank | Sale 10b5-1 plan | 2,017 | $415.6K |
| Sep 1, 2026 | Cooper Matthew W General Counsel & Corp Secy | Sale 10b5-1 plan | 3,500 | $749.4K |
| Aug 17, 2026 | Karam Celia Pres, Retail Bank | Sale 10b5-1 plan | 1,887 | $425.6K |
| Aug 17, 2026 | Dean Lia Pres, Banking & Prem. Products | Sale 10b5-1 plan | 1 | $226 |
| Aug 17, 2026 | Dean Lia Pres, Banking & Prem. Products | Sale 10b5-1 plan | 2,192 | $494.3K |
| Aug 17, 2026 | Karam Celia Pres, Retail Bank | Sale 10b5-1 plan | 1 | $226 |
| Aug 13, 2026 | Mouadeb Mark Daniel President, Card | Sale 10b5-1 plan | 1,199 | $269.8K |
| Aug 10, 2026 | Zamsky Michael Chief Credit & Fin'l Risk Off. | Sale | 5,473 | $1.19M |
| Aug 7, 2026 | Raghu Ravi Pres, Software, Intl & Sm Bus | Sale 10b5-1 plan | 50 | $10.9K |
| Aug 4, 2026 | Mouadeb Mark Daniel President, Card | Sale 10b5-1 plan | 1,183 | $260.3K |
| Aug 4, 2026 | Cooper Matthew W General Counsel & Corp Secy | Sale 10b5-1 plan | 3,500 | $767.7K |
| Aug 3, 2026 | Mouadeb Mark Daniel President, Card | Sale 10b5-1 plan | 690 | $148.3K |
| Aug 1, 2026 | Hanson Jason P. Pres.- Global Payment Network | Option exercise | 2,014 | — |
| Aug 1, 2026 | Hanson Jason P. Pres.- Global Payment Network | Tax withheld | 893 | $186.6K |
| Jul 31, 2026 | Raghu Ravi Pres, Software, Intl & Sm Bus | Sale 10b5-1 plan | 444 | $93.6K |
| Jul 31, 2026 | Raghu Ravi Pres, Software, Intl & Sm Bus | Sale 10b5-1 plan | 3,462 | $724.5K |
| Jul 31, 2026 | Raghu Ravi Pres, Software, Intl & Sm Bus | Sale 10b5-1 plan | 5,820 | $1.22M |
| Jul 29, 2026 | Golden Timothy P SVP, Chief Accounting Officer | Sale | 3,487 | $735.8K |
| Jul 7, 2026 | Cooper Matthew W General Counsel & Corp Secy | Sale 10b5-1 plan | 3,500 | $728.0K |
| Jun 2, 2026 | Cooper Matthew W General Counsel & Corp Secy | Sale 10b5-1 plan | 3,500 | $641.8K |
| May 13, 2026 | Haggerty Kaitlin Chief Human Resources Officer | Sale 10b5-1 plan | 119 | $21.7K |
| May 12, 2026 | Haggerty Kaitlin Chief Human Resources Officer | Sale 10b5-1 plan | 1,307 | $240.4K |
| May 12, 2026 | Cooper Matthew W General Counsel & Corp Secy | Sale 10b5-1 plan | 3,500 | $643.8K |
| May 8, 2026 | Serra Eileen Director | Award | 1,294 | $0 |
| May 8, 2026 | SHEPHERD MICHAEL Director | Award | 1,294 | $0 |
| May 8, 2026 | Wong Jennifer L. Director | Award | 1,294 | $0 |
| May 8, 2026 | Killalea Peter Thomas Director | Award | 1,294 | $0 |
| May 8, 2026 | Archibong Ime Director | Award | 1,294 | $0 |
| May 8, 2026 | Detrick Christine Rose Director | Award | 1,294 | $0 |
| May 8, 2026 | Locoh-Donou Francois Director | Award | 1,294 | $0 |
| May 8, 2026 | Leenaars Cornelis PAJ Director | Award | 1,294 | $0 |
| May 8, 2026 | SHATTUCK MAYO A III Director | Award | 1,294 | $0 |
| May 8, 2026 | Harford Suni P Director | Award | 1,294 | $0 |
| May 8, 2026 | williams craig a. Director | Award | 1,294 | $0 |
| May 8, 2026 | RASKIND PETER E Director | Award | 1,294 | $0 |
| May 1, 2026 | Karam Celia Pres, Retail Bank | Sale 10b5-1 plan | 1,749 | $336.8K |
| Apr 7, 2026 | LaPrade,III Frank G. Chief Enterprise Srvcs Officer | Award | 11,041 | $0 |
| Apr 1, 2026 | Karam Celia Pres, Retail Bank | Sale 10b5-1 plan | 1,099 | $204.0K |
| Apr 1, 2026 | Dean Lia Pres, Banking & Prem. Products | Sale 10b5-1 plan | 1,692 | $314.1K |
| Mar 9, 2026 | Dean Lia Pres, Banking & Prem. Products | Award | 8,094 | $0 |
| Mar 9, 2026 | Cooper Matthew W General Counsel & Corp Secy | Tax withheld | 3,651 | $678.1K |
| Mar 9, 2026 | Cooper Matthew W General Counsel & Corp Secy | Award | 8,094 | $0 |
| Mar 9, 2026 | LaPrade,III Frank G. Chief Enterprise Srvcs Officer | Tax withheld | 5,482 | $1.02M |
| Mar 9, 2026 | LaPrade,III Frank G. Chief Enterprise Srvcs Officer | Award | 12,154 | $0 |
| Mar 9, 2026 | Sanjiv Yajnik President, Financial Services | Tax withheld | 4,475 | $831.1K |
| Mar 9, 2026 | Sanjiv Yajnik President, Financial Services | Award | 9,922 | $0 |
| Mar 9, 2026 | Alexander Robert M. Chief Information Officer | Tax withheld | 4,491 | $834.1K |
| Mar 9, 2026 | Alexander Robert M. Chief Information Officer | Award | 9,957 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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