Capital One Financial Corp. reported first‑quarter 2026 results on April 21, 2026, delivering net income of $2.2 billion, or $3.34 per diluted share, and adjusted earnings of $4.42 per share. Revenue for the quarter was $15.23 billion, a 2 % decline from the prior quarter.
The revenue miss was driven by a 2 % sequential decline, falling short of the consensus estimate of $15.36 billion. The company’s top‑line growth was offset by higher provision for credit losses of roughly $4.1 billion and integration expenses related to the Discover acquisition, which totaled about $415 million.
Adjusted earnings per share of $4.42 fell short of the consensus estimate of $4.51 (or $4.57 in a second estimate), a miss of $0.09 to $0.15. The miss was largely attributable to the $4.1 billion provision for credit losses and the $415 million integration expense, which reduced operating income and diluted earnings.
Credit card volume grew 40 % year‑over‑year, with domestic card purchase volume up 40 % and 8 % excluding Discover, while consumer banking loan balances increased 10 % year‑over‑year. These gains were partially offset by a 2 % sequential decline in overall revenue, reflecting temporary headwinds in the Discover Card business as the company adjusts its credit policy.
Capital One guided for Q2 2026 earnings per share of $4.86 and Q3 2026 earnings per share of $5.61, with full‑year 2026 guidance unchanged. The guidance signals management’s confidence that the company will recover from the temporary integration drag and maintain profitability in the back half of the year.
Investors reacted negatively to the earnings miss, citing the shortfall in adjusted EPS, the revenue miss, and the 39‑basis‑point compression in net interest margin to 7.87 %. The market also weighed the continued focus on credit loss provisioning and the impact of the Discover integration on near‑term growth.
Management highlighted the company’s resilience and progress on integration. "Our results in the first quarter reflect solid top line growth and strong credit performance," said CEO Richard D. Fairbank. "The Discover integration continues to go well and we continue to build momentum from this game‑changing acquisition," he added. CFO Andrew Young noted, "In the first quarter, Capital One earned $2.2 billion or $3.34 per diluted common share. Net of these adjusting items, first quarter earnings per share were $4.42. Our provision for credit losses was roughly flat at $4.1 billion in the quarter." Fairbank also said, "The U.S. consumer remained healthy, and the overall economy remained resilient through the first quarter. We continue to really feel very good about not only our portfolio performance, but good for the credit outlook of consumers. We made expected progress on the Discover integration and synergies in the quarter, including the successful conversion of Capital One's debit customers to the Discover Network. We also launched the new Capital One Travel app after bringing travel technology in-house, and the Hopper talent we've worked with will join Capital One."
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