CAPITAL ONE FINANCIAL CORP Earnings Summary — Q1 2026

• Net income climbed to $4.36 billion in Q1 2026, marking a significant recovery from recent cyclical lows.
• Revenues before loan losses reached $15.23 billion, a 52% increase year-over-year, largely aided by the Discover acquisition integration.
• Provision for credit losses remained elevated at $4.07 billion, though slightly lower than the $4.14 billion reported in Q4 2025.
• Total non-interest expenses rose to $8.46 billion, driven by higher compensation and selling, general & administrative costs.
• The net interest income surge of 51.5% YoY highlights improved scale and yield post-merger.
• Pretax income improved sequentially to $2.70 billion, recovering from the volatile $2.10 billion seen in the previous quarter.

Management emphasizes a technology-led strategy to drive sustainable margin expansion following the asset leap to $669B. Outlook focuses on navigating the high balance sheet risk post-Discover merger while monitoring consumer credit quality.

Improving

Quarterly results show a stabilization in net profit and robust top-line growth after a highly volatile 2025 characterized by merger-related costs and massive credit provisions.

The company is positioned as a technology-heavy financial powerhouse with significant scale, though profitability remains sensitive to credit provision cycles and the final integration of recent acquisitions.