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How Capital One (COF) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/21/2026
Capital One Financial Corporation is an American bank holding company headquartered in Tysons, Virginia, with operations in the United States, Canada, and the United Kingdom. · Wikipedia
More about the company
It is one of the largest banks in the United States, one of the largest car finance companies in the United States, and is the largest issuer of credit cards in the United States. It owns the Discover Card, Diners Club, and Pulse payment networks. The company's three business segments are credit cards, consumer banking, and commercial banking. It has approximately 750 bank branches, including over 60 café style locations, and 7,000 ATMs in the United States. The company's corporate headquarters are in the Capital One Tower and its European headquarters are in Trent House, Nottingham.
Key growth driver: Net Interest Income — the fastest-growing revenue line: $12,374, +24% y/y. · by the Q2 2026 report
How does Capital One make money?
Capital One brought in $15.8 billion of revenue in Q2 2026, up 26.9% year over year. The largest source was Net Interest Income: $12.4 billion, or 78% of the total, followed by Non-Interest Income ($3.48B, 22%). Net income for the quarter was $3.02 billion.
Revenue by source, Q2 2026
- Net Interest Income$12.4B · 78% · +23.8%
- Non-Interest Income$3.48B · 22% · +39.2%
Shares of $15.8B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is COF’s next earnings date?
Tuesday, October 20, 2026confirmed · after market close
Capital One (COF) is scheduled to report results for the quarter ending Sep 2026 on Oct 20, 2026. Consensus EPS forecast: $5.43 (8 analysts), vs $5.95 in the same quarter last year.
What time does COF report? Usually after market close: the last 4 results releases reached the SEC at 4:05 pm, 4:05 pm, 4:14 pm, 4:05 pm ET.
Last report: Jul 21, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$15,850
+26.9%
Net income
$3,020
$4.73 per diluted share
Verdict: a strong quarter with net income swinging to $3.0 billion from a year-ago net loss driven by lower credit provisions and steady net interest margin expansion, though rising marketing and integration costs are eating into pre-provision earnings growth.
CET1 ratio 13.7%; net charge-offs $3,600M with $662M reserve release; NIM 8.01% (+14bps); efficiency ratio 57.05% (adjusted 51.38%).
Source and notation
* marks non-cash / ≈ estimated. Source: Capital One Financial press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
COF earnings history: past report dates
| Jul 21, 2026 Tue | 4:05 pmafter market close | Jun 30, 2026 | $2.8B+50% y/y | $4.73 |
| Apr 21, 2026 Tue | 4:05 pmafter market close | Mar 31, 2026 | $2.4B+62% y/y | $3.34−3% y/y |
| Jan 22, 2026 Thu | 4:14 pmafter market close | Dec 31, 2025 | ≈$2.4B+52% y/y | ≈$4.33+62% y/y |
| Oct 21, 2025 Tue | 4:05 pmafter market close | Sep 30, 2025 | $2.3B+58% y/y | $4.83+10% y/y |
| Jul 22, 2025 Tue | 4:05 pmafter market close | Jun 30, 2025 | $1.8B+26% y/y | −$8.58 |
| Apr 22, 2025 Tue | 4:05 pmafter market close | Mar 31, 2025 | $1.5B+7% y/y | $3.45+10% y/y |
| Jan 21, 2025 Tue | 4:05 pmafter market close | Dec 31, 2024 | ≈$1.6B+9% y/y | ≈$2.67+60% y/y |
| Oct 24, 2024 Thu | 4:05 pmafter market close | Sep 30, 2024 | $1.4B−2% y/y | $4.41−1% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Capital One: 5-year financials
| 2025 | 8,062 | 2,453 | 26,140 | 1,516 |
| 2024 | 5,915 | 4,750 | 16,955 | 932 |
| 2023 | 5,645 | 4,887 | 19,614 | 931 |
| 2022 | 5,417 | 7,360 | 12,875 | 950 |
| 2021 | 4,780 | 12,390 | 11,612 | 1,148 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025: in the merger each Discover share was exchanged for 1.0192 Capital One shares; dividend $0.80 in Q4 2025 vs. $0.60 previously. sec.gov ↗
- Feb 2026Diluted shares 458.9M (2020) → 541.3M (2025), +18%, with a +41% jump in 2025 due to Discover. data.sec.gov ↗
- Feb 202610-K FY2025: the Discover shareholder suit was dismissed without prejudice on Mar 31, 2025; plaintiffs seek to file an amended complaint; the SEC investigation of Discover is ongoing. sec.gov ↗
- Feb 202210-K FY2021: dividends per share $1.60 (2019), $1.00 (2020), $2.60 (2021). sec.gov ↗
Scoring: 2.0 −0.5 (criterion 1: all-stock acquisition of Discover in May 2025 — diluted shares +18% over 5 years, M&A at a market exchange ratio, capped at −0.5) = 1.5
- Share classes
- Single class of common stock, one share — one vote (2026 proxy).
- Dilution
- Diluted shares 458.9M (2020) → 541.3M (2025), +18%: 1.0192 COF shares for each Discover share (May 2025) → −0.5 (M&A at market); SBC 1.5%.
- Disclosure
- Full reporting.
- Dividends
- 2019 — $1.60, 2020 — $1.00 (cut amid the Q2 2020 loss and Fed restrictions on bank payouts, no formal policy — no deduction), 2021 — $2.60; in Q4 2025 the quarterly dividend was raised from $0.60 to $0.80.
- Lawsuits & regulators
- Discover shareholder suit over card misclassification — amended complaint filed after dismissal, not settled; SEC investigation of Discover not concluded → no deduction; customer and merchant suits are not shareholder suits.
- Related parties
- Related-party transaction approval policy; none material (2026 proxy).
How the score works · checked as of Sep 2026
Capital One (COF) earnings: FAQ
How does Capital One make money?
Capital One brought in $15.8 billion of revenue in Q2 2026, up 26.9% year over year. The largest source was Net Interest Income: $12.4 billion, or 78% of the total, followed by Non-Interest Income ($3.48B, 22%). Net income for the quarter was $3.02 billion.
When is COF's next earnings date?
Capital One (COF) is scheduled to report on Oct 20, 2026, after market close.
What time does COF report earnings?
Capital One is scheduled to report after market close on Oct 20, 2026. Its last results releases were filed after market close, most recently at 4:05 pm ET on Jul 21, 2026.
When did COF last report earnings?
Capital One reported Q2 2026 results on Jul 21, 2026.
What is the EPS estimate for COF's next earnings?
The consensus EPS forecast is $5.43 (8 analysts), vs $5.95 in the same quarter last year.
Where can I find Capital One's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to COF's filings; this page breaks the latest report down in a Sankey chart.
What was COF's net income in Q2 2026?
Capital One reported net income of $3,020M for Q2 2026 (vs -$4,277 year over year), under US GAAP.
Does Capital One pay dividends?
Yes. In 2025, Capital One paid $1,516M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 09/30/2026. How we make the breakdowns · Report an error
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