The earnings call reflects significant achievements, particularly with the successful acquisition and integration of Discover, and strong revenue and earnings growth. However, these positive outcomes are tempered by the net loss due to accounting impacts and higher-than-expected integration costs. The credit performance shows improvement, but provisions for credit losses have increased. Overall, while there are promising signs of growth and integration success, the financial impact of these actions results in a neutral sentiment.

Company Guidance

During the Capital One Second Quarter 2025 Earnings Call, the company provided detailed guidance on the financial impacts of their recent acquisition of Discover. The acquisition, completed on May 18, integrated $98.3 billion in domestic card loans, $9.9 billion in personal loans, and $106.7 billion in deposits into Capital One's portfolio, with respective net fair value discounts of $220 million, $114 million, and $30 million. The amortization of these fair value marks reduced net interest income by $85 million for the quarter. Additionally, the company recognized $7.9 billion in home loans as held for sale. The integration also created several amortizing intangibles, including a $1 billion core deposit intangible and a $10.3 billion purchase credit card relationships intangible, contributing to a $255 million increase in noninterest expense. Capital One reported a net loss of $4.3 billion on a GAAP basis, mainly due to the $8.8 billion provision expense for non-purchased credit deteriorated loans. The acquisition's partial quarter impact resulted in $2 billion of revenue and a $6.4 billion net loss from continuing operations. Looking forward, the company anticipates a 90 basis point increase to the operating efficiency ratio and a 50 basis point increase to the total efficiency ratio due to financial reporting realignments and business changes.

Revenue and Earnings Growth

Revenue in the second quarter increased $2.5 billion or 25% compared to the first quarter. Adjusted revenue increased 26% or $2.6 billion. Pre-provision earnings in the second quarter were up 34% relative to the first quarter. Net of adjustments, pre-provision earnings increased by 40%.

Successful Discover Acquisition

Capital One completed the acquisition of Discover on May 18, which has been integrated into the company's segments. Discover's acquisition is expected to deliver $2.5 billion in total net synergies.

Strong Credit Card Segment Performance

Year-over-year purchase volume growth for the quarter was 22%, including $26.5 billion of Discover purchase volume. Excluding Discover, year-over-year purchase volume growth was about 6%.

Improved Credit Performance

The domestic card net charge-off rate was 5.25%, down 80 basis points from the prior year quarter. The 30-plus delinquency rate was 3.60%, down 54 basis points from the prior year.

Capital One Financial (COF) Earnings, Revenues Date & History

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COF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	4.11 / -	4.51	―	―	―
Jul 22, 2025	2025 (Q2)	4.05 / 5.48	3.14	74.52% (+2.34)
Apr 22, 2025	2025 (Q1)	3.64 / 4.06	3.21	26.48% (+0.85)
Jan 21, 2025	2024 (Q4)	2.83 / 3.09	2.24	37.95% (+0.85)
Oct 24, 2024	2024 (Q3)	3.77 / 4.51	4.45	1.35% (+0.06)
Jul 23, 2024	2024 (Q2)	3.41 / 3.14	3.52	-10.80% (-0.38)
Apr 25, 2024	2024 (Q1)	3.31 / 3.21	2.31	38.96% (+0.90)
Jan 25, 2024	2023 (Q4)	2.65 / 2.24	2.82	-20.57% (-0.58)
Oct 26, 2023	2023 (Q3)	3.25 / 4.45	4.2	5.95% (+0.25)
Jul 20, 2023	2023 (Q2)	3.26 / 3.52	4.96	-29.03% (-1.44)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

COF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$216.83	$218.86	+0.94%
Apr 22, 2025	$169.20	$175.42	+3.68%
Jan 21, 2025	$191.50	$199.15	+3.99%
Oct 24, 2024	$151.41	$159.33	+5.23%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.