Capital One 8-K
PositiveEarningsImpairment / charge
Lower credit provisions versus last year’s Discover allowance build supported a return to profit as revenue grew.
Filed 2026-07-21 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results. Capital One reported $3.02B net income and $4.73 diluted EPS; adjusted diluted EPS was $5.81. Revenue growth and lower credit-loss provisioning supported results. Management said the Discover integration, now 14 months underway, is progressing well.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Total net revenue | $15.9B | $12.5B | 27% |
| Net income (loss) | $3.02B | $(4.28)B | n/m |
| Diluted EPS | $4.73 | $(8.58) | n/m |
| Adjusted diluted EPS (non-GAAP) | $5.81 | $5.48 | 6.0% |
- Non-interest expense was $9.04B, up 29% Y/Y and 7% Q/Q; Q/Q marketing rose 11% and operating expense rose 6%.
- Provision for credit losses was $2.99B, down 74% Y/Y from $11.43B, which included an $8.77B initial allowance build for Discover non-PCD loans. Q2 2026 included a $662M loan reserve release and $3.64B in net charge-offs.
- Adjusting items were $494M of acquisition amortization, $298M of Discover integration expenses and $96M of Brex integration expenses, with diluted EPS impacts of $0.60, $0.36 and $0.12, respectively. Period-end loans held for investment were $457.2B (+4% Y/Y), deposits were $484.3B (+3%), and the preliminary common equity Tier 1 ratio was 13.7% (down 30 bp Y/Y).
Guidance
No guidance in this filing.
Investor Takeaways
- Next-quarter net charge-offs and delinquency trends will test management’s characterization of credit performance as strong.
- The Q2 10-Q will provide a check on the preliminary capital ratios.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3