$COF · CAPITAL ONE FINANCIAL CORP
Capital One reported Q3 2026 net income of $3.5 billion ($5.61 GAAP EPS), with adjusted EPS of $6.69 excluding acquisition amortization ($0.60), Discover integration ($0.42), and Brex integration ($0.06) expenses. Total net revenue increased 3% sequentially to $16.3 billion, while non-interest expense declined 2% to $8.9 billion. Pre-provision earnings rose 10% to $7.5 billion, and the provision for credit losses fell $73 million to $2.9 billion, aided by a $225 million loan reserve release.
- Adjusted net income of $6.69 per diluted share vs. $4.73 in Q2 2026, driven by revenue growth and expense discipline.
- Total net revenue rose 3% sequentially to $16.3 billion; net interest margin expanded 40bps to 8.41%.
- Pre-provision earnings jumped 10% to $7.5 billion; non-interest expense fell 2% to $8.9 billion.
- Provision for credit losses declined $73 million to $2.9 billion, including a $225 million loan reserve release.
- CET1 capital ratio stood at 13.8% under Basel III Standardized; period-end loans grew 1% to $462.5 billion.
Extended-hours trading shows COF at $210.61, up 4.49% vs. the regular-session close of $201.56, reflecting strong positive reaction to the adjusted EPS beat and NIM expansion.
The adjusted EPS of $6.69 nearly doubles the prior quarter's $4.73, signaling that the Discover and Brex integrations are already yielding operating leverage and margin expansion.
Capital One's 8.41% NIM and 13.8% CET1 ratio position it well among large-cap U.S. banks, with the Discover integration progressing as a key differentiator in the payments space.
Net charge-offs of $3.1 billion remain elevated relative to the $2.9 billion provision, and the $225 million reserve release may reverse if credit conditions deteriorate. Discover and Brex integration execution risk persists with $868 million in combined quarterly adjusting items.
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