Q2 25 EPS
$5.48
BEAT +54.02%
Est. $3.56
Q2 25 Revenue
$12.49B
MISS 1.61%
Est. $12.70B
vs S&P Since Q2 25
-27.4%
TRAILING MARKET
COF -13.8% vs S&P +13.6%
Market Reaction
Did COF Beat Earnings? Q2 2025 Results
Capital One Financial delivered a headline-beating quarter in Q2 2025, with adjusted earnings of $5.48 per diluted share clearing the $3.58 consensus estimate by 54.02%, even as the Discover Financial Services acquisition reshaped virtually every lin… Read more Capital One Financial delivered a headline-beating quarter in Q2 2025, with adjusted earnings of $5.48 per diluted share clearing the $3.58 consensus estimate by 54.02%, even as the Discover Financial Services acquisition reshaped virtually every line of the income statement. Revenue came in at $12.49 billion, a modest 1.61% below expectations and down 5.7% year-over-year, though the sequential picture told a different story, with net revenue climbing 25% as Discover's partial-quarter contribution flowed through. The defining event of the period was the May 18 closing of the Discover deal, which triggered an $8.77 billion initial loan allowance build that inflated the provision for credit losses to $11.43 billion and produced a GAAP net loss of $4.28 billion; stripped of those one-time charges, the underlying business showed genuine momentum, with net interest margin expanding 69 basis points to 7.62% and the domestic card charge-off rate improving sharply to 5.25%. Total assets reached $658.97 billion, and CEO Richard Fairbank described the company as fully mobilized on integration, though analysts note that integration costs are already tracking above the initial $2.8 billion estimate, signaling a multi-year investment ahead.
Key Takeaways
- • Discover acquisition completed May 18, 2025, adding significant scale to credit card and deposit portfolios
- • Net interest margin expanded 69 basis points QoQ to 7.62%
- • Total net revenue increased 25% sequentially and 31% YoY
- • Net charge-off rate improved 16 basis points QoQ to 3.24%
- • Credit Card purchase volume grew 28% QoQ to $201.5 billion
- • Domestic Card 30+ day delinquency rate improved 65 bps QoQ to 3.60%
- • Auto loan originations increased 18% QoQ to $10.9 billion
COF YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
COF Revenue by Segment
With YoY comparisons, source: SEC Filings
“We completed our acquisition of Discover on May 18th. We're fully mobilized and hard at work on integration which is going well.”
— Richard D. Fairbank, Q2 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $4.42 | — | $15.23B | — |
| Q4 25 MISS FY | $4.14 | $3.86 | -6.76% | $15.58B | +310.69% |
| 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% |