COF Filings — Capital One Financial Corp - FilingSpy
COF
Capital One Financial Corp
A bank and the largest U.S. credit card issuer, Capital One issues cards, takes deposits, and lends to consumers, small businesses, and commercial companies. It was spun off from Signet Bank in 1994 by founders Richard Fairbank and Nigel Morris, who pioneered data-driven, personalized credit offers. In May 2025 it bought Discover, adding the Discover Network, PULSE, and Diners Club payment networks. Fun fact: the company nearly launched under the name OakStone Financial before settling on Capital One.
Capital One Q2 2026 net income was $2.7B versus a $4.3B loss a year earlier as the Discover loan allowance dropped out
The Discover acquisition's one-time loan loss hit is behind Capital One. was $2.7B in Q2 2026, reversing a $4.3B loss a year earlier, as rose 27% to $15.9B and the fell 74% to $3.0B with that charge absent. The combined bank is now posting steady earnings, though integration costs and share repurchases are weighing on capital.
Key takeaways
swung to $2.7B from a $4.3B loss in Q2 2025, driven by the absence of the prior year's $8.8B initial allowance for acquired Discover loans.
Total net rose 27% to $15.9B, fueled by higher credit card loan balances from the Discover acquisition and growth in non-interest income from the .
fell 74% to $3.0B, primarily because Q2 2025 included the $8.8B initial allowance for acquired Discover loans.
Section summaries
Management's Discussion and Analysis
Net income swung to $3.0B in Q2 2026 from a $4.3B loss a year ago, driven by the absence of the Discover acquisition's initial loan loss provision.
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Total net rose 27% to $15.9B, fueled by higher credit card loan balances from the acquisition and growth in non-interest income from the .
Non- increased 29% to $9.0B, reflecting the addition of Discover and higher expenses.
The was nearly flat at 3.23% while the 30+ day delinquency rate improved to 3.13% from 3.59% at year-end 2025.
were $144.1B and the stood at 13.7%, down from 14.3% at year-end, partly due to $5.2B in share repurchases in the first half of 2026.
What changed
Q2 2026 and Credit Card allowance coverage: the flagged Q2 watch was the $4.1B Q1 expense and 5.05% charge-off rate; Q2 provision fell to $3.0B and the held at 3.23%, with 30+ day delinquency at 3.13% versus 3.59% at year-end.
Discover integration costs beyond the $1.5B incurred through Q1 2026: Q2 non- of $9.0B reflected the addition of Discover and higher , with no new discrete integration total stated this quarter.
Pace of the $16B program: $5.2B was repurchased in the first half of 2026, up from $2.5B in Q1 alone, reducing the CET1 ratio to 13.7% from 14.3%.
January 2026 Brex Inc. acquisition agreement: no update in this 10-Q; risk factors were carried over unchanged from the 2025 10-K.
Sequential fell 2.3% to $15.2B in Q1 then the MD&A cites $15.9B for Q2, a rise from Q1's reported $15.2B; rose 28.6% sequentially to $2.7B from $2.1B in Q1.
What to watch
Q3 2026 and Credit Card allowance coverage after the $3.0B Q2 expense and 3.23%
trajectory as $5.2B of first-half repurchases and the Brex Inc. acquisition proceed
Discover integration costs and in non- beyond the $9.0B Q2 total
Realization of non-interest income growth and stated Discover synergies
fell 74% to $3.0B, primarily because Q2 2025 included an $8.8B initial allowance for acquired loans.
Non- increased 29% to $9.0B, reflecting the addition of and higher .
The was nearly flat at 3.23%, while the 30+ day delinquency rate improved to 3.13% from 3.59% at year-end 2025.
remained strong at $144.1B, and the stood at 13.7%, down from 14.3% at year-end, partly due to $5.2B in share repurchases during the first half of 2026.
Quantitative and Qualitative Disclosures About Market Risk
For a discussion of the quantitative and qualitative disclosures about market risk, see “Part I—Item 2. MD&A— Market Risk Profile.” 147 Capital One Financial Corporation (COF) Table of Contents
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For a discussion of the quantitative and qualitative disclosures about market risk, see “Part I—Item 2. MD&A— Market Risk Profile.”
147 Capital One Financial Corporation (COF)
Table of Contents
The information required by Item 103 of Regulation S-K is included in “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others.”
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The information required by Item 103 of Regulation S-K is included in “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others.”