Q1 26 EPS
$4.42
Q1 26 Revenue
$15.23B
Did COF Beat Earnings? Q1 2026 Results
Capital One Financial delivered a steady first quarter in 2026, reporting adjusted earnings of $4.42 per diluted share on total net revenue of $15.23 billion, as the Discover integration continued to reshape the company's financial profile. The most … Read more Capital One Financial delivered a steady first quarter in 2026, reporting adjusted earnings of $4.42 per diluted share on total net revenue of $15.23 billion, as the Discover integration continued to reshape the company's financial profile. The most material driver of the quarter's results was the ongoing absorption of Discover-related costs, with $477 million in pre-tax amortization and $415 million in pre-tax integration expenses weighing on GAAP earnings, which came in at $3.34 per diluted share. Revenue slipped 2% sequentially, pressured by a 3% decline in net interest income to $12.14 billion as net interest margin compressed to 7.87%, though total net revenue surged 52% compared to the year-ago period before the acquisition closed. Expense discipline provided a meaningful offset, with total non-interest expense falling 9% quarter-over-quarter to $8.46 billion and the adjusted efficiency ratio improving to 49.71%. Credit quality showed mixed signals, as the 30-plus day delinquency rate improved to 3.04%, while the domestic card net charge-off rate edged higher to 5.10%.
Key Takeaways
- • Discover acquisition driving significant year-over-year revenue and asset growth
- • Net interest margin of 7.87%, up 94 bps year-over-year but down 39 bps sequentially
- • Total non-interest expense decreased 9% QoQ with 23% decline in marketing spend
- • Pre-provision earnings increased 8% sequentially to $6.8 billion
- • Net charge-off rate flat at 3.45% QoQ; 30+ day delinquency rate improved to 3.04% from 3.41%
- • Auto loan originations of $11.1 billion, up 9% sequentially and 21% year-over-year
- • Global Payment Network volume of $174.3 billion
- • Total deposits increased 3% QoQ to $489.1 billion
- • Interest-bearing deposits rate paid decreased 16 basis points to 3.00%
COF YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
COF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our results in the first quarter reflect solid top line growth and strong credit performance.”
— Richard D. Fairbank, Q1 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
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% |