Capital One reported solid top-line growth and strong credit performance in Q1 2026, with the Discover integration continuing to progress well. The company highlighted momentum from the acquisition and a focus on building financial tools.
Net income of $2.2 billion, or $3.34 per diluted common share, compared with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025.
positiveAdjusted net income of $4.42 per diluted common share for Q1 2026.
positivePre-provision earnings increased 8 percent to $6.8 billion.
positiveTotal deposits increased $13.3 billion, or 3 percent, to $489.1 billion.
positiveTotal net revenue decreased 2 percent to $15.2 billion compared to Q4 2025.
negativeNet interest margin decreased 39 basis points to 7.87 percent.
negativeCredit Card period-end loans decreased $9.0 billion, or 3 percent, to $270.6 billion.
negativeThe quarter included $477 million in pre-tax amortization expenses and $415 million in pre-tax integration expenses related to Discover.
attentionNet charge-offs were $3.8 billion.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
$165 billion · ended the first quarter · funded by deposit growth and paydown of seasonal card balances
$2.5 billion · first quarter
funded by Capital One assets and increasing investment levels
funded by Capital One assets and increasing investment levels
Net Debt to Adjusted EBITDA: between 1x and 1.5x
funded by debt offering proceeds
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Our results in the first quarter reflect solid top line growth and strong credit performance.
The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition.
Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.