10-Q · July 28, 2026
Capital One delivered a substantial year-over-year earnings recovery, with Q2 revenue up 27% to $15.850 billion and diluted EPS of $4.73 versus a prior-year loss of $(8.58), principally because the 2025 Discover…
Earnings analysis · 10-Q
COF earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Capital One reported third-quarter EPS of $6.69, materially above both the prior quarter’s $4.73 and the prior-year quarter’s $4.83, but revenue declined to $16.344 billion from $19.86 billion and $19.72 billion,…
Read full summary
Capital One reported third-quarter EPS of $6.69, materially above both the prior quarter’s $4.73 and the prior-year quarter’s $4.83, but revenue declined to $16.344 billion from $19.86 billion and $19.72 billion, respectively. The filing highlights ongoing Discover integration into internal controls and continued shareholder returns, including 12.6 million repurchased shares. The supplied filing text provides no segment, margin, cash-flow, balance-sheet, or quantitative outlook data, and management reported no material changes to the risk factors in the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.69
What stood out
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EPS increased sharply
Reported EPS was $6.69, up from $4.73 in the prior quarter and $4.83 in the prior-year quarter, increases of approximately 41% and 39%, respectively.
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Revenue declined sequentially and year over year
Revenue was $16.344 billion, down from $19.86 billion in the prior quarter and $19.72 billion in the prior-year quarter, declines of approximately 18% and 17%.
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Share repurchases continued
Capital One repurchased 12,615,092 shares under its announced program during the third quarter of 2026, at an average price of $209.63 per share.
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Remaining buyback authorization
The company had $6.244 billion remaining under its share-repurchase authorization at September 30, 2026, supporting continued capital return capacity.
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Discover integration underway
Management stated that it is incorporating Discover into internal control over financial reporting as a result of the Transaction; controls were nevertheless concluded effective as of September 30, 2026.
What to watch
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Material revenue contraction
Revenue fell to $16.344 billion from $19.86 billion in the prior quarter, indicating a material sequential contraction despite the higher $6.69 EPS.
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Discover integration execution risk
The company is incorporating Discover into its internal control framework; the filing states this integration is in process during the third quarter of 2026, creating execution and reporting-control risk.
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Continued capital deployment
The company repurchased 12,615,092 shares during the quarter while $6.244 billion remained authorized, which could constrain capital flexibility if credit or integration needs increase.
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Residual sanctions-compliance exposure
Capital One disclosed eight authorized payments totaling $763,713 under OFAC licenses related to Iran during the quarter ended September 30, 2026; while described as negligible, similar activity may continue.
Management's outlook
The supplied 10-Q text contains no explicit quantitative revenue or EPS guidance. No prior outlook is identified for comparison.
Earlier filings 4
10-Q · May 7, 2026
Capital One Financial Corporation reported strong Q1 2026 results with net income of $2.2 billion, or $3.34 per diluted share, reflecting a 55% increase in net income compared to $1.4 billion in Q1 2025. Total revenue…
10-K · February 19, 2026
Capital One completed the acquisition of Discover on May 18, 2025 and materially expanded its payments and deposit franchise (purchase consideration $51.8B; identifiable assets acquired $168.6B, including $108.2B of…
10-Q · November 3, 2025
Capital One reported a strong Q3 2025 quarter reflecting the Discover acquisition: total net revenue of $15,359 million and GAAP diluted EPS of $4.83, up versus Q3 2024. Results were driven by materially higher net…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.