Capital One

Capital One is a U.S. bank holding company and one of the largest credit card lenders in the United States. It also makes auto loans, takes retail deposits, lends to businesses and runs a payments network, which it got when it bought Discover Financial Services in May 2025. It has three segments: Credit Card, Consumer Banking and Commercial Banking. In April 2026, it bought Brex, which sells corporate cards and spend management software to businesses.

At September 30, 2026, it had total assets of $672.9 billion, deposits of $480.7 billion and loans held for investment of $462.5 billion. Of these loans, credit card loans were $276.4 billion, consumer banking loans $94.0 billion and commercial banking loans $92.1 billion. Total net revenue was $16.3 billion in Q3 2026. It operates in the United States, Canada and the United Kingdom.

Its founder, Richard D. Fairbank, is chairman and chief executive officer, and its shares trade on the New York Stock Exchange.

The market doubts that Capital One can keep its higher returns after two large deals and while credit card rules are under political pressure. The company bought Discover in May 2025 and Brex in April 2026, and it still pays integration costs: $385 million before tax in Q3 2026. In January 2026, the U.S. President called for a one-year cap of 10% on credit card interest rates, according to press reports, and bills for a cap are in Congress.

A cap would cut the income from card loans, which are about 60% of all loans. Credit losses are the other doubt, because card losses rise fast in a recession. For the gap to close, four things must be true. Credit must stay stable: the net charge-off rate was 2.73% in Q3 2026, down from 3.16% a year earlier.

The Discover integration must deliver its synergies, with the adjusted efficiency ratio staying near the 48.76% of Q3 2026. Buybacks must continue: the company bought back $7.9 billion of stock in the first nine months of 2026 and kept a CET1 ratio of 13.8%. No cap on card interest rates may become law. The Q4 2026 report, expected around January 21, 2027, gives the next test.

If these checks pass, the gap can close within one to two years.

1. Jan 21, 2027 · est.Pending

   Q4 2026 results: credit and buybacksA stable or lower net charge-off rate, an adjusted efficiency ratio near 49% and continued buybacks pass; a jump in charge-offs or a reserve build fails.

Every passed and failed checkpoint across all picks

• October 20, 2026Capital One reported Q3 2026 results. Net income was $3.5 billion, or $5.61 per diluted share, and $6.69 per share without adjusting items. Total net revenue rose 3% from Q2 to $16.3 billion, and the net interest margin rose to 8.41%. Net charge-offs were $3.1 billion, and the company released $225 million of loan reserves. The CET1 ratio was 13.8%.
• September 15, 2026Capital One sold €750 million of 4.326% fixed-to-floating rate senior notes due 2032 and €750 million of 4.832% fixed-to-floating rate senior notes due 2037.
• September 1, 2026Capital One redeemed all one million shares of its Series M preferred stock at $1,000 per share.

Last earnings

October 20, 2026 (8-K on sec.gov)

Next earnings

Expected about January 21, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · cof-20260930
• 8-KInvestor disclosureFiled October 20, 2026 · cof-20261020
• 8-KEarnings releaseFiled October 20, 2026 · cof-20261020
• 8-KOther company newsFiled September 15, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 15, 2026 · cof-20260915
• 8-KInvestor disclosureFiled September 15, 2026 · cof-20260914
• 8-KChange to shareholder rights or bylawsFiled September 1, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 20, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled August 17, 2026 · cof-20260814
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · cof-20260630

Every filing on SEC EDGAR (CIK 927628)

• Credit card loans were $276.4 billion at September 30, 2026, about 60% of all loans. In a recession, card charge-offs rise fast, and the company must add to its loan reserves.
• In January 2026, the U.S. President called for a one-year cap of 10% on credit card interest rates, according to press reports, and bills for a cap are in Congress. A cap or new rules on card fees would cut revenue.
• The company is still integrating Discover, including the move of its cards to the Discover network, and now Brex. Integration expenses were $385 million before tax in Q3 2026. Delays or weak synergies can keep costs high.
• Lower interest rates can lower the net interest margin, which was 8.41% in Q3 2026, because loan yields can fall faster than deposit rates.

Capital One is a bank, so its balance sheet is mostly loans and deposits. At September 30, 2026, total assets were $672.9 billion, loans held for investment were $462.5 billion and deposits were $480.7 billion, so deposits funded all loans. Read more

Dividend yield

1.6% (last 12 months, at today’s price of $198.58)

Paid per share

$3.20 in the last 12 months (4 payments)

Current annual rate

$3.20 ($0.80 × 4 a year)

Payout ratio

65% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 17, 2026, $0.80 per share

Dividends per share by year

Over the last 10 years, the dividend grew by about 7.2% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.