Capital One Financial Corporation earnings overview

COF FY2026 Q2 · Calendar Q3 2026

Capital One Financial Corporation

Capital One delivered a 21% EPS beat in Q2 2026 as Discover integration synergies and robust credit quality powered adjusted EPS to $5.81. The stock sold off 2.4% on the print, likely reacting to flat pre-provision earnings and a 7% YoY rise in non-interest expense, but subsequently recovered 5.5%, suggesting the market warmed to the integration story. The investment thesis hinges on execution: completing the Discover migration by Q3, scaling Brex, and delivering the remaining two-thirds of operating synergies by H2 2027.