Capital One uvedla, že integrace Discover postupuje dobře: debetní zákazníci přešli na síť Discover a kreditní klienti se přesouvají na systémy Capital One. Tržby meziročně vzrostly o 4 %.
Capital One (COF +1.44%) provided Wall Street with a solid earnings update for the second quarter of 2026. But there was a lot of noise, given the company's ongoing integration of Discover. Here's the good news from the quarter, and a look at the ongoing integration effort that will determine how successful the Capital One-Discover tie-up will be.
Earnings numbers are all over the place Right now, the acquisition of Discover means Capital One will have very complicated financial results. For example, in the second quarter of 2026, the bank posted net income per share of $4.73, up from $3.34 in the first quarter of 2026 and a loss of $8.58 per share in the year-ago period. The second quarter of 2025 looks terrible in comparison, but don't get too excited about the improvement.
Image source: Getty Images.
Second-quarter 2026 adjusted earnings came in at $5.81, up from $5.48 in the second quarter of 2025. That's a solid uptick, but the difference between adjusted and GAAP earnings highlights that there are many moving parts right now. And the Discover acquisition is a big part of the story, as is the subsequent, though much smaller, purchase of Brex. For example, the loss in the second quarter of 2025 was driven by some large Discover acquisition costs. Removing those costs pushed adjusted earnings well into positive territory. In the second quarter of 2026, costs related to Discover and Brex weren't as large, but still totaled $1.08 per share.
These costs aren't going away anytime soon. So, for now, the Discover acquisition means continued earnings complexity. That's a clear negative, but there are positives to consider, too.
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The integration is going well The real story to watch today is the integration of the Discover business, which is still a work in progress. According to the company, things are going well. Capital one debit customers have been transitioned to the Discover network. And Discover's credit card customers are actively being transferred to Capital One's back-end systems. These are big, technically difficult moves that Capital One has to get right, or it could risk losing customers.
That said, Capital One is deliberately overhauling the Discover business to shift it toward a more conservative financing approach. That will likely depress Discover's performance for a bit. So there are many moving parts, but the end of the story is still a net positive for Capital One. For example, revenues increased 4% year over year, and credit quality metrics improved across the board. That's pretty much what investors should be hoping to see. So, if you can look beyond the earnings complexity, the Capital One-Discover tie-up is still moving the company in a good direction.
Vydavatelé karet se po schválení žádosti stále více soustředí na to, kterou kartu zákazník skutečně používá, a nabízejí různé produkty podle úvěrového profilu i útraty.
Issuers are becoming more selective within credit tiers as they pursue growth across the credit spectrum.
New account growth remains strong, shifting the contest toward which cards consumers actually use once they are approved.
Private-label, co-branded and general-purpose cards are increasingly giving issuers different routes to the same consumer.
Capital One and Synchrony earnings results this week highlight a consumer credit market that is becoming more segmented: lenders are drawing finer distinctions within credit tiers, millions of new accounts are still being opened and card products are increasingly being matched to both a borrower’s credit profile and expected spending behavior.
Beyond the traditional measures of spending, balances and credit losses, the second-quarter earnings calls provide a closer view of how two of the largest card issuers are approaching consumers after several years of tightening, normalization and changes in household finances.
1. Prime Versus Subprime Capital One continues to originate across the spectrum, but its treatment of the Discover portfolio illustrates how much can differ among borrowers within broad credit categories. Discover expanded credit during 2022 and 2023 before reducing originations and credit-line increases beginning late in 2023. Since acquiring the company, Capital One has tightened further in areas where it is less comfortable with borrowers’ ability to withstand financial pressure, particularly among high-balance revolvers.
At the same time, Capital One is investing heavily at the other end of the market. Chairman and CEO Richard Fairbank said during the earnings call that the company continues to pursue its “heavy spender franchise at the top of the market,” while also pointing analysts toward its originated upmarket portfolio as a better comparison with issuers that do not deliberately originate subprime accounts.
PYMNTS Intelligence data shows why improving credit metrics do not erase pressure among subprime consumers. About 17% of U.S. consumers, or 44 million adults, are subprime, and 55% struggle to pay monthly bills. Yet their card behavior is changing: the share that always or usually revolves balances fell from roughly 50% in mid-2023 to 38% in January 2026, while 35% hold no credit or store card at all. For issuers, subprime remains a sizable market, but one increasingly defined by cash-flow pressure and changing credit use rather than FICO scores alone.
Synchrony has also experienced a change in its credit mix as it has added and renewed major partners. When an analyst asked about the implications of the portfolio moving toward higher-credit-quality consumers, CEO Brian Doubles said the company evaluates programs against its long-term return requirements, including newer and smaller programs.
A FICO score establishes an important measure of risk, but lenders also have to account for balance size, propensity to revolve, expected spending and the economics of acquiring and retaining that particular account.
2. Opening the Account Is Becoming Only Half the Job Synchrony generated more than 5.1 million new accounts during the second quarter and roughly 9.5 million to 10 million during the first half. CFO Brian Wenzel said that puts the company on a trajectory toward about 20 million new accounts for the year. The growth extends across partners and retail categories rather than depending on a single program.
Capital One next expansion could also come from Discover once the portfolio conversion is complete. Half of Discover’s new originations are already running on Capital One technology, with the front book expected to be fully converted by the end of the third quarter.
Digital Channels Raise the Stakes After Approval The large number of new accounts makes the post-approval relationship more consequential. PYMNTS Intelligence found that 70% of cardholders use their primary card’s mobile app and 69% say app quality influences which credit card becomes their most used card. That figure reaches 87% among Gen Z. Nearly one-third of app users said they increased spending on a card after adopting its app.
The digital channel therefore connects account acquisition to spending behavior. An issuer can approve a customer and still receive little economic value if another card captures most of that consumer’s transactions. Apps increasingly serve as the place where cardholders check balances, manage payments and rewards, and decide how actively to use the account.
3. One Consumer Can Now Fit Several Card Products The discussion on conference calls indicate that issuers are using different products to capture consumers with different credit and spending profiles.
Synchrony’s Lowe’s relationship provides a clear example. Its commercial co-branded card now operates alongside the retailer’s private-label program, creating another route for applicants who do not fit the underwriting requirements of the co-brand.
Wenzel said applicants who might otherwise receive nothing after applying for the co-brand can be “offered at least a private label card.”
The implications extend beyond Lowe’s. Private-label cards can be targeted around purchases with a particular retailer, while co-branded general-purpose cards can follow spending outside that merchant. Different underwriting criteria can consequently place consumers into different products rather than treating approval as a binary decision.
Capital One is approaching segmentation through its Discover integration. Fairbank said putting Discover originations onto Capital One technology will allow the company to deploy “full spectrum underwriting” alongside its spender capabilities, which it expects eventually to support more originations and purchase volume.
The earnings point toward a card business becoming more precise at several points in the consumer relationship. Issuers are differentiating more closely among borrowers, competing harder for spending after an account is opened and using multiple card products to accommodate different credit profiles.
Capital One Financial Corporation (COF) Q2 2026 Earnings Call July 21, 2026 5:00 PM EDT
Company Participants
Jeff Norris - Senior Vice President of Finance
Andrew Young - Chief Financial Officer
Richard Fairbank - Founder, Chairman, CEO & President
Conference Call Participants
Terry Ma - Barclays Bank PLC, Research Division
Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Ryan Nash - Goldman Sachs Group, Inc., Research Division
Darrin Peller - Wolfe Research, LLC
Richard Shane - JPMorgan Chase & Co, Research Division
Robert Wildhack - Autonomous Research US LP
Donald Fandetti - Wells Fargo Securities, LLC, Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Mihir Bhatia - BofA Securities, Research Division
L. Erika Penala - UBS Investment Bank, Research Division
Moshe Orenbuch - TD Cowen, Research Division
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Capital One Q2 2026 Earnings Call. Please be advised that today's conference is being recorded. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Jeff Norris, Senior Vice President of Finance. Please go ahead.
Jeff Norris
Senior Vice President of Finance
Thanks very much, Josh, and welcome, everyone. To access the live webcast of this call, please go to the Investors section of Capital One's website, capitalone.com. A copy of the earnings presentation, press release and financial supplement can also be found in the Investors section of Capital One's website by selecting financials and then quarterly earnings release.
With me this evening are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; and Mr. Andrew Young, Capital One's Chief Financial Officer. Rich and Andrew are going to walk you through this presentation, summarizing our second quarter results for 2026.
Please note that this presentation may contain forward-looking statements. Information regarding Capital One's financial performance and any forward-looking statements contained
Capital One po dokončení převodu debetních karet na síť Discover nyní testuje své kreditní karty na této síti. Firma zároveň uvedla, že domácí úvěrové ukazatele se zlepšily a delikvence klesly na 3,39 %.
Capital One card purchase volume reached $253.8 billion, while legacy Discover purchase volume increased just under 2%.
Capital One completed its debit conversion to the Discover network and is now testing Capital One credit cards on the network.
Domestic card charge-offs and delinquencies declined as payment rates remained above pre-pandemic levels.
Capital One’s Discover integration dominated discussion during the second-quarter earnings call, alongside new initiatives, with the bank testing Capital One credit cards on the Discover network while continuing to spend on technology and artificial intelligence (AI).
The company’s results on Tuesday (July 21) indicated that credit card purchase volume totaled $253.8 billion, increasing 15% sequentially and 26% from a year earlier. The year-over-year comparison includes the effect of Discover, which was present for only part of the second quarter of 2025.
Legacy Discover purchase volume increased just under 2% year over year. Purchase volume for legacy Capital One businesses, including Brex and the corporate card business transferred from commercial banking, increased about 14%. Management said most of that increase came from underlying organic growth.
Card loan growth was more restrained. Legacy Discover card loans declined 1.5% from a year earlier, while ending loans excluding Discover increased about 5.3%.
Chairman and CEO Richard Fairbank said Discover remains in what Capital One has called a “brownout” in loan growth during the integration. The company expects the constraint to continue for some time, although Fairbank said Capital One sees opportunities to increase Discover growth after the technology integration is completed.
Shares were up 0.2% in after hours trading Tuesday.
Discover Network Moves From Debit to Credit Capital One has completed the conversion of its debit cards to the Discover network, and the second quarter included the full quarterly run rate of the associated debit revenue synergies. Global Payment Network transaction volume reached approximately $190 billion, up about 9% sequentially.
The company is now testing credit card volume on the network.
“We are leaning hard into right now testing originating legacy Capital One branded accounts on the Discover network as well as testing the conversion of existing Capital One accounts to the Discover network,” Fairbank told analysts during the call.
Capital One has not announced how much credit card volume it will ultimately move or when. Fairbank said the company will make those decisions after evaluating the tests.
Network acceptance is part of that work. Capital One is addressing remaining domestic acceptance gaps and increasing international acceptance, with particular attention to Mexico, the Caribbean, Canada and the United Kingdom, which Fairbank identified as the four leading international destinations for its customers.
Technology and AI Spending Continues Capital One is carrying out the Discover integration alongside continued investment in its broader technology infrastructure.
Those investments continue to affect expenses. Domestic card non-interest expense increased 38% year over year, reflecting the addition of Discover as well as continuing technology investment.
Commentary during the call indicated that Capital One has realized about one-third of the announced Discover operating-expense synergies and expects to achieve the remainder by the second half of 2027.
Domestic card credit measures improved during the quarter. The net charge-off rate was 4.71%, down from 5.05% in the first quarter and 5.20% a year earlier.
The delinquency rate ended June at 3.39%, down 31 basis points sequentially and 21 basis points year over year. Management said credit trends were similar in the legacy Capital One and legacy Discover portfolios.
Capital One also released $662 million from its allowance for credit losses. CFO Andrew Young said the domestic card allowance reduction reflected “continued favorable observed credit in the quarter” and a modest reduction in the consideration given to economic uncertainty.
Consumers Continue to Spend and Pay Down Balances Capital One’s card results showed continued spending alongside relatively high payment rates.
Fairbank said spending growth was being driven by both account growth and “steady growth in spend per customer.” Payment rates remained “meaningfully above pre-pandemic levels across all of our customer segments,” while revolving rates have stabilized near pre-pandemic levels across the company’s major products and segments.
Those higher payment rates also help explain why loan balances are not growing as quickly as purchase volume. Fairbank said elevated payment rates “hold loan growth back a little bit,” while also associating them with stronger credit performance.
Capital One ve 2. čtvrtletí vykázala EPS 5,81 USD a tržby 15,85 mld. USD, obojí nad odhady. CEO uvedl, že výsledky odrážejí solidní růst tržeb a silný úvěrový výkon.
COF stock is moving. Watch the price action here. Capital One reported quarterly earnings of $5.81 per share, which beat the consensus estimate of $4.77 by 21.8%, according to Benzinga Pro data.
Quarterly revenue came in at $15.85 billion, which beat the Street estimate of $15.77 billion and was up 26.88% from $12.492 billion in the same period last year.
Capital One gave the following second quarter income statement summary:
“Our results in the second quarter continue to reflect solid top line growth and strong credit performance,” said Richard D. Fairbank, founder and CEO. “We’re now 14 months into our integration of Discover, and integration is going well.”
COF Stock Price Activity: According to data from Benzinga Pro, Capital One shares were up 0.37% to $206.98 in Tuesday’s extended trading.
Photo: Shutterstock
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Capital One čeká za 2. čtvrtletí růst tržeb o 25,7 % na 15,7 miliardy USD, tažený kartami a akvizicí Discover Financial. Zisk ale mohou stlačit vyšší rezervy, provozní náklady a akviziční výdaje.
Key Takeaways Capital One's Q2 revenues are estimated to rise 25.7% y/y to $15.7 billion.COF's NII is projected to climb 24.8%, supported by earning-asset growth and card operations.Higher provisions, operating costs and acquisition-related expenses may weigh on COF's earnings. Capital One (COF - Free Report) is scheduled to announce second-quarter 2026 results on July 21, after market close.
The company’s to-be-reported quarter’s performance is expected to have been driven by its solid credit card business and the positive effects of the Discover Financial acquisition (completed in May 2025). As such, the Zacks Consensus Estimate for revenues is pegged at $15.7 billion, which indicates year-over-year growth of 25.7%.
In the past seven days, the consensus estimate for earnings for the to-be-reported quarter has been revised 4.3% higher to $5.08. Nonetheless, the estimate indicates a 7.3% fall from the prior-year quarter. This is likely to be due to higher provision charges and an increase in operating expenses.
Estimate Revision Trend
Image Source: Zacks Investment Research
COF does not have an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in only two of the trailing four quarters and lagged in other two, the average beat being 18.58%.
Earnings Surprise History
Image Source: Zacks Investment Research
Major Factors at Play for Capital One’s Q2 ResultsNet Interest Income (NII): The Federal Reserve has paused rate cuts and signaled a hike later in the year amid higher inflation and a volatile macro backdrop. This followed a 175-basis-point cut in the last two years.
The overall lending scenario was impressive in the second quarter. Per the Federal Reserve’s latest data, the demand for consumer loans was solid. The Zacks Consensus Estimate for total average earning assets is pegged at $614.3 billion, implying a 17% rise from the prior-year quarter.
This, along with stable rates and decent economic growth, is expected to have helped Capital One’s NII growth. Also, the company’s continued efforts to strengthen its card operations are expected to have provided support. The consensus estimate for NII of $12.47 billion indicates 24.8% year-over-year growth.
Fee income: Supported by an overall rise in credit card usage and the Discover Financial buyout, Capital One’s interchange fees (constituting more than 60% of fee income) are likely to have increased in the quarter under review. The Zacks Consensus Estimate for interchange fees is $2.16 billion, suggesting a 46.3% year-over-year jump.
The consensus estimate for service charges and other customer-related fees of $853.7 million implies a 29.7% year-over-year rise. The Zacks Consensus Estimate for other non-interest income is pegged at $378.4 million, indicating a 4.8% rise.
Thus, the consensus estimate for total non-interest income of $3.21 billion indicates a jump of 28.4% from the prior-year quarter.
Expenses: Capital One has been witnessing a persistent rise in expenses over the past several quarters due to higher marketing costs and investment in technology upgrades. The Discover Financial and Brex acquisitions, along with inflation pressure, are expected to have resulted in an increase in operating expenses in the second quarter.
Asset Quality: Capital One is likely to have set aside a significant amount of money for potential delinquent loans, as the interest rates have been unchanged and there has been a steady rise in credit card loan demand.
Given the current macro backdrop and higher inflation, because of the Middle East conflict and the oil price shocks, borrowers are likely to have faced problems in keeping up with loan repayments. Hence, credit costs for COF are likely to have risen in the to-be-reported quarter.
Notable Development for Capital One in Q2In April, Capital One completed the acquisition of Brex for approximately $2.56 billion in cash and issued nearly 10.7 million shares of its common stock. This will significantly strengthen the company’s strategic expansion into the business payments and AI-driven financial software space.
Brex is a leading AI-native financial platform that integrates corporate cards, expense management software and banking services into a single ecosystem. Its platform leverages AI to automate workflows, streamline expense reviews and enable secure, real-time payments for businesses.
By integrating Brex’s AI-powered capabilities, COF is expected to enhance innovation in corporate payments and spend management, enabling businesses to operate with greater speed, control and efficiency through automated workflows, real-time visibility and reduced manual processes.
What Our Quantitative Model Unveils for COFAccording to our quantitative model, the chances of Capital One beating the Zacks Consensus Estimate for earnings this time are high. This is because it has the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Capital One is +1.54%.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Capital One’s Price PerformanceIn the second quarter, COF shares gained 10%, underperforming the Zacks Consumer Loans industry. Its peers Ally Financial (ALLY - Free Report) and Navient Corporation (NAVI - Free Report) have rallied 17.2% and 4.1%, respectively.
2Q26 Price Performance
Image Source: Zacks Investment Research
Ally Financial is scheduled to announce second-quarter 2026 numbers on July 21, whereas Navient is set to report on Aug. 8.
Over the past week, the Zacks Consensus Estimate for Ally Financial’s second-quarter 2026 earnings has been revised lower to $1.24. The consensus estimate for Navient has been unchanged at 18 cents over the past seven days. At present, both ALLY and NAVI carry a Zacks Rank #3.
Capital One (COF - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 21. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis credit card issuer and bank is expected to post quarterly earnings of $4.89 per share in its upcoming report, which represents a year-over-year change of -10.8%.
Revenues are expected to be $15.69 billion, up 25.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.41% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Capital One?For Capital One, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.95%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Capital One will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Capital One would post earnings of $4.61 per share when it actually produced earnings of $4.42, delivering a surprise of -4.12%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Capital One doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Capital One začne 27. července přesouvat některé produkty Discover na vlastní backend. Úspěch integrace je klíčový, aby si udržela miliony nových kreditních vztahů.
Capital One (COF +0.71%) is best known for issuing credit cards. However, it demonstrated that it had wider aspirations when it bought Discover, a payment processing company. Although the merger is complete, the integration process is still a work in progress. July 27 will be a big date to watch, since that's when some Discover products will start being integrated into Capital One's back end.
Finance is hard, technically speaking The finance industry is highly regulated. The technology that supports financial businesses is complex, and each company typically has a proprietary system. Mistakes that affect customers are frowned upon by both customers and regulators. This is why July 27 is so important for Capital One shareholders to watch.
Image source: Getty Images.
While Discover cards will still exist in name, that is when they will start being supported by the Capital One back end. Strong execution will be vital, and it is highly likely that Capital One's tech team is under significant pressure to ensure a smooth cutover. If the transition process goes poorly, Capital One risks losing Discover customers.
However, there's another problem to consider, even if the cut over is flawless. If Discover cardholders don't like the Capital One back end, they might leave. So this isn't just a technical issue; it's also a product issue for the bank. To be fair, Capital One isn't making massive changes to Discover products, but it is making some changes, and more are likely in the future. One possible headache for cardholders is that new cards will be issued for authorized users, with the cards going to the primary account holder. This is being done to protect customers, but it means the primary account holder has to distribute the new cards. Capital One shareholders should probably pay extra attention over the next couple of quarters.
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Capital One has a big opportunity This is the first real test of Capital One's acquisition of Discover. If it goes well, there could be a very bright future ahead. Not only will Capital One have successfully entered the transaction processing business, but it will have added millions of new credit card relationships. If Capital One can retain those relationships, it opens up additional cross-selling opportunities for the bank and card issuer.
As noted, the problem is that the computer systems that support financial businesses are highly complex. So don't underestimate the difficulty and importance of the July 27 transition. Hopefully, Discover customers won't see much of an impact, but if they do, this merger could be far less beneficial than hoped.
MCLEAN, Va.--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) posted a summary of its company-run stress test results on its website (www.capitalone.com). This summary shows the results of Capital One’s modeling of the severely adverse scenario published by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). From the home page, select “About” choose “Investors” to access the Investor Center, select "Financials," and then choose “Stress Test Results” to view the current summary.
As announced by the Federal Reserve in February 2026, the Federal Reserve is maintaining the stress capital buffer requirements (“SCB”) for all participating firms at their current levels until September 30, 2027. Consequently, absent further action from the Federal Reserve, the Company’s SCB will remain at 4.5% until September 30, 2027. As a reminder, the 4.5% SCB was calculated prior to the close of the Discover acquisition and therefore is based on stand-alone Capital One.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "think," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook" or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this press release, see the risk factors set forth under "Part I—Item 1A. Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
