Capital One $COF's net income for the first quarter of 2026 reached $2.2 billion, or $3.34 per diluted common share, the bank reported Tuesday, down from the $1.4 billion, or $3.45 per diluted common share, it posted a year ago.
On an adjusted basis, the company earned $4.42 per diluted common share. That trailed the $4.61 consensus estimate among analysts, according to the Associated Press. Adjusted revenue of $15.23 billion also came in under the $15.37 billion Wall Street had anticipated.
Total net revenue decreased 2% to $15.2 billion for the quarter, while total non-interest expense fell 9% to $8.5 billion. Pre-provision earnings rose 8% to $6.8 billion. The provision for credit losses declined $74 million to $4.1 billion.
"Our results in the first quarter reflect solid top line growth and strong credit performance," Capital One Founder, Chairman, and CEO Richard D. Fairbank said in a statement. "The Discover $DFS integration continues to go well and we continue to build momentum from this acquisition."
On the balance sheet, period-end loans held for investment fell 1% to $447.8 billion, and credit card period-end loans declined 3% to $270.6 billion. Auto loans rose $2.1 billion, or 3%, to $85.7 billion, and commercial banking loans grew $1.1 billion, or 1%, to $90.3 billion. Total deposits increased 3% to $489.1 billion.