Capital One Financial Corporation · COF-PN · FY2026 Q1 · Calendar Q2 2026

Capital One: Discover momentum and Brex integration shape Q1 outlook

Capital One's Q1 analysis supports a constructive operating trajectory: Discover is contributing growth, consumer credit was described as resilient, and Brex expands the business-payments platform. The key test is whether integration benefits and growth can offset higher investment, efficiency pressure, NIM sensitivity, and regulatory uncertainty.

Reported Session unavailableNYSEFinancial Services $115.63B market cap
85quality score

Earnings scorecard

Reported versus consensus
Reported EPS $4.42 Consensus $4.50
EPS surprise -1.8% Reported versus consensus
Reported revenue $15.23B Consensus $15.35B
Revenue surprise -0.7% Reported versus consensus

Market reaction

unavailable
Stock move — Event window
SPY move — Same window
Abnormal move — Stock minus SPY
Volume — Versus trailing sessions
Subsequent drift — Up to 20 sessions
Price and volume data were unavailable at publication time.

Ask FN2 about COF-PN FY2026 Q1

Transcript, numbers and history already loaded
How did the market react to COF-PN FY2026 Q1 earnings, and why?What changed in COF-PN's guidance and outlook in FY2026 Q1?Give me the bull and bear case for COF-PN after FY2026 Q1 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Brex closed shortly after quarter-end, Capital One completed the conversion of debit customers to the Discover Network, and the company launched a new travel app. The supplied analysis also identifies planned Discover and Brex integration milestones and continued AI investment.

Guidance delta

Maintained; no change was identified in the supplied analysis.

Key takeaways

  • Q1 earnings were $2.2 billion, or $3.34 per diluted share; adjusted EPS was $4.42 after integration items.
  • Discover purchase volume grew 40% year over year, or 8% excluding Discover.
  • Management cited resilient consumer credit and continued Discover integration progress.
  • Brex integration, AI and data investment, and a new travel app add execution priorities.
  • Analysts focused on efficiency, net interest margin, capital, and synergy timing.

Management priorities

  • Complete Discover card-origination migration by Q3 2026 and back-book conversion in Q1 2027.
  • Scale Brex integration with marketing and data-pipeline investment.
  • Continue AI, cloud, and data-infrastructure build-out.
  • Expand Discover network acceptance and travel-related revenue.

Follow COF-PN with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
COF-PN REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 actual $13B, None Q3 '24 actual $14B, None Q2 '25 estimate $15B Q2 '25 actual $16B, beat Q3 '25 estimate $15B Q3 '25 actual $15B, beat Q4 '25 estimate $15B Q4 '25 actual $16B, beat Q1 '26 estimate $15B Q1 '26 actual $15B, miss Q2 '26 estimate $16B Q2 '26 actual $16B, beat Q3 '26 estimate $16B Q3 '26 actual $16B, beat Q4 '26 estimate $17B Q1 '27 estimate $16B Q2 '27 estimate $17B Q3 '27 estimate $17B
Show 2 more >

Analyst Consensus ?

ConsensusHold35 ratings
Bullish1542.9%
Neutral1542.8%
Bearish514.3%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainOct 16, 2023
Citigroup Buy BuyMaintainOct 5, 2023
Morgan Stanley Underweight UnderweightMaintainOct 2, 2023
Wells Fargo Overweight OverweightMaintainJul 20, 2023
Stephens & Co. Underweight UnderweightMaintainJul 20, 2023
Show 30 more rating actions

Track every rating change on COF-PN the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Capital One Financial Corporation functions as a holding company for its banking subsidiaries, Capital One Bank (USA), National Association, and Capital One, National Association. These entities deliver a wide array of financial products and services to customers across the United States, Canada, and the United Kingdom. The organization structures its operations into three primary divisions: Credit Card, Consumer Banking, and Commercial Banking. It collects deposits through various account types, including checking, money market, negotiable order of withdrawal (NOW), savings, and time deposits.…

Historical context

All COF-PN earnings
—FY2026 Q3 · Calendar Q4 2026—FY2026 Q2 · Calendar Q3 2026

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
KEY-PK KeyCorp FY2026 Q3 · Calendar Q4 2026 +10.5% — KeyCorp posts strong Q3 as deposits and loan demand support growth
KEY-PL KeyCorp FY2026 Q3 · Calendar Q4 2026 +10.5% — KeyCorp posts strong Q3 as deposits and commercial demand rise
KEY-PJ KeyCorp FY2026 Q3 · Calendar Q4 2026 +10.5% — KeyCorp reports record revenue as deposits and commercial lending strengthen
KEY-PI KeyCorp FY2026 Q3 · Calendar Q4 2026 +10.5% — KeyCorp posts record Q3 as deposits and commercial lending accelerate
KEY KeyCorp FY2026 Q3 · Calendar Q4 2026 +10.5% +4.5% KeyCorp Q3 revenue tops $2 billion as deposits and utilization strengthen
ALLY Ally Financial Inc. FY2026 Q3 · Calendar Q4 2026 +1.5% +1.0% Ally reports strong Q3 growth while monitoring credit quality

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the COF-PN recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-21. For educational purposes only; not investment advice.