Capital One Financial Corporation
COF · NYSE
Next quarter
Expected to report Oct 20, 2026 — estimated from last year’s reporting date.
Consensus is $5.41 EPS for Sep 2026 across 8 estimates, ranging $5.15 to $5.74.
COF Jun 2026
- 19.79%
- -2.36%
- $4.85
- $5.81
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Highlights
- EPS outperformance: Diluted EPS was $5.81 in Q2 FY2026, 19.79% above the $4.85 consensus estimate.
- Sequential earnings growth: EPS increased 74% from $3.34 in Q1 FY2026.
- Year-over-year recovery: EPS rose from a loss of $8.58 in Q2 FY2025 to $5.81, although the year-ago quarter included a significant adverse result.
- Credit-card scale: Domestic credit-card loans held for investment averaged $256.2 billion in June and ended the month at $259.0 billion.
- Credit-card losses: Domestic credit-card net charge-offs were $934 million in June, equal to a 4.37% annualized rate.
- Credit-card delinquencies: Domestic credit-card 30-plus-day performing delinquencies were $8.77 billion, or 3.39% of period-end loans.
- Auto-credit performance: Auto loans averaged $88.7 billion and ended June at $89.3 billion; net charge-offs were $122 million, or 1.65%.
- Auto delinquencies: Auto 30-plus-day performing delinquencies were $3.86 billion, or 4.32%, while nonperforming loans were $546 million, or 0.61%.
Analysis
Capital One delivered a strong Q2 FY2026 earnings print on the only earnings measure provided: diluted EPS of $5.81 beat the $4.85 consensus by 19.79%. EPS rose 74% from $3.34 in Q1 FY2026 and compared with a $8.58 loss in Q2 FY2025. The year-ago comparison is unusually favorable because Q2 FY2025 was a loss quarter; the supplied material does not include current-quarter revenue or net income, so the earnings improvement cannot be attributed to specific income-statement line items.
The other defining feature of the release was the June credit snapshot. Domestic credit-card balances remained large at $259.0 billion at month-end, with a 4.37% net charge-off rate and 3.39% 30-plus-day performing delinquency rate. Auto lending was smaller at $89.3 billion at period-end, with a lower 1.65% charge-off rate but a higher 4.32% 30-plus-day delinquency rate; nonperforming loans were 0.61%. Together, the figures show a quarter with substantial EPS momentum and continued monitoring of consumer-credit performance, particularly card losses and auto delinquencies.
Earnings outperformance
Capital One reported Q2 FY2026 diluted EPS of $5.81, exceeding the $4.85 consensus estimate by $0.96, or 19.79%. EPS increased from $3.34 in Q1 FY2026 and reversed the $8.58 loss reported in Q2 FY2025. The supplied release does not provide Q2 FY2026 revenue or net income, limiting the income-statement analysis to the per-share result.
- Quarterly trajectory: EPS was $5.81 in Q2 FY2026 versus $3.34 in Q1 FY2026, $4.83 in Q3 FY2025 and negative $8.58 in Q2 FY2025.
Domestic card credit
Domestic credit cards remained the largest disclosed lending portfolio, with average loans held for investment of $256.2 billion and period-end loans of $259.0 billion in June. Monthly credit costs were material: net charge-offs totaled $934 million at a 4.37% annualized rate. Performing delinquencies of 30 days or more were $8.77 billion, or 3.39% of period-end loans.
- Portfolio balances: Average domestic credit-card loans were $256.2 billion, compared with $259.0 billion at June 30.
- Losses and delinquencies: June net charge-offs were $934 million, or 4.37%, while 30-plus-day performing delinquencies were $8.77 billion, or 3.39%.
Auto-credit performance
Auto lending ended June at $89.3 billion, modestly above the $88.7 billion average balance. Its 1.65% net charge-off rate was well below the domestic credit-card rate, but auto's 30-plus-day performing delinquency rate was higher at 4.32%. Nonperforming auto loans were $546 million, or 0.61% of period-end balances.
- Auto balances: Average auto loans held for investment were $88.7 billion, and period-end loans were $89.3 billion.
- Credit metrics: June auto net charge-offs were $122 million, or 1.65%; 30-plus-day performing delinquencies were $3.86 billion, or 4.32%; and nonperforming loans were $546 million, or 0.61%.
