The beat was driven by margin expansion and improving credit trends, but revenue came in slightly below consensus. Watch the earnings call for commentary on loan growth sustainability, deposit cost trends, and the pace of Discover/Brex synergy realization.
Price Chart
Executive Summary
Capital One reported Q3 2026 GAAP diluted EPS of $5.61, well above the $4.76 consensus, driven by strong net interest income growth and lower credit costs. Total net revenue rose 3% QoQ to $16.3B, while the provision for credit losses declined to $2.9B, reflecting a $225M reserve release. The adjusted (non-GAAP) EPS of $6.69 also beat the $5.45 Street consensus, marking the second consecutive quarter of accelerating earnings momentum post-Discover and Brex acquisitions.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $5.61 vs consensus $4.76 (beat by 17.9%)
- Adjusted (non-GAAP) diluted EPS of $6.69 vs Street consensus $5.45 (beat by 22.8%)
- Total net revenue of $16.34B, up 3% QoQ and 6% YoY
- Net interest margin expanded 40bps QoQ to 8.41%
- Provision for credit losses fell to $2.9B from $3.0B QoQ, with a $225M reserve release
- Net charge-off rate improved 50bps QoQ to 2.73%
- CET1 ratio of 13.8%, down 60bps YoY but still well above regulatory minimums
- Tangible book value per share declined 2% QoQ to $102.72, impacted by AOCI and share buybacks
Financial Impact
GAAP EPS beat consensus by $0.85 (17.9%); adjusted EPS beat by $1.24 (22.8%). Revenue slightly below consensus ($16.34B vs $16.55B).
Risk Factors
- Revenue slightly below consensus ($16.34B vs $16.55B) could cap upside
- CET1 ratio declining to 13.8% from 14.4% a year ago limits capital return flexibility
- Tangible book value per share declining 2% QoQ to $102.72
- AOCI loss widening to -$10.0B from -$5.9B in Q1 2026, pressuring equity
- Integration costs for Discover and Brex continues to add $385M in Q3 2026 adjusting items
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000927628-26-000142 |
| Exhibit: ex991q32026earningsrelease.htm | 0000927628-26-000142 |
| Document: cof-20261020.htm | 0000927628-26-000142 |
| Document: 0000927628-26-000142-index-headers.html | 0000927628-26-000142 |
| Document: 0000927628-26-000142-index.html | 0000927628-26-000142 |
| Document: 0000927628-26-000142.txt | 0000927628-26-000142 |
| 8-K Data (Synthetic) | 0000927628-26-000142 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Court Ruling | — | awaiting T+5 | — | — |
Oct 20, 2026 6d ago | 8-K | $206.66 | awaiting T+5 | — | $202.35 (−2.09%) |
Oct 20, 2026 6d ago | 8-K | $206.66 | awaiting T+5 | — | $202.35 (−2.09%) |
Oct 19, 2026 7d ago | Insider Cluster | $201.56 | awaiting T+5 | — | $202.35 (+0.39%) |
Oct 15, 2026 11d ago | Court Ruling | $201.74 $201.34 | ▼ −0.20% | ▲ +0.23% | $202.35 (+0.30%) |
Oct 6, 2026 20d ago | 144 | $195.91 $194.35 | ▼ −0.80% | ▲ +0.18% | $202.35 (+3.29%) |
Sep 28, 2026 28d ago | Court Ruling | $196.46 $195.82 | ▼ −0.33% | ▼ −2.27% | $202.35 (+3.00%) |
Sep 28, 2026 28d ago | Court Ruling | $196.46 $195.82 | ▼ −0.33% | ▼ −2.27% | $202.35 (+3.00%) |
Sep 21, 2026 5w ago | Court Ruling | $200.55 $196.46 | ▼ −2.04% | ▼ −0.85% | $202.35 (+0.90%) |
Sep 16, 2026 5w ago | Insider Cluster | $202.04 $196.61 | ▼ −2.69% | ▼ −3.29% | $202.35 (+0.15%) |
US Market Status
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