The earnings call highlights the successful completion and initial benefits of the Discover acquisition, including revenue growth and improving credit metrics. However, it also notes significant challenges such as the net loss from acquisition-related adjustments, higher-than-expected integration costs, and increased provisions for credit losses. While growth prospects remain positive, the immediate financial impact of the acquisition has been negative.

Company Guidance -

Q3 2025

During the Capital One second quarter 2025 earnings call, several key metrics were highlighted. The company completed its acquisition of Discover on May 18, which led to the integration of $98.3 billion in domestic card loans and $106.7 billion in deposits, among other assets. This acquisition increased Capital One's net loss to $4.3 billion or $8.58 per diluted share, primarily due to an $8.8 billion allowance for credit losses and a $6.4 billion net loss from Discover's partial quarter impact. Revenue for the quarter rose by $2.5 billion, a 25% increase from the prior quarter, driven by the Discover acquisition and strong legacy Capital One results. Net interest margin (NIM) improved by 69 basis points to 7.62%, with a 40 basis point contribution from Discover. Credit card purchase volume grew by 22% year-over-year, including $26.5 billion from Discover, while credit card revenue margin was 17.3%, including Discover's partial quarter impact. Overall, Capital One is on track to achieve $2.5 billion in synergies from the acquisition, with integration costs expected to exceed the initial $2.8 billion estimate.

Completion of Discover Acquisition

Capital One successfully completed the acquisition of Discover on May 18, 2025. The integration is progressing well, with Discover's business lines incorporated into Capital One's segments. The acquisition contributed $2 billion of revenue in the partial quarter.

Revenue and Earnings Growth

Revenue in the second quarter increased by $2.5 billion or 25% compared to the first quarter. Adjusted revenue increased by 26%. Pre-provision earnings were up 34% relative to the first quarter, with an adjusted increase of 40%.

Credit Performance Improvement

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.

Strong Consumer Banking Growth

Consumer banking ending loan balances increased by $5.6 billion or about 7% year-over-year. Ending consumer deposits grew by 36% driven largely by the addition of Discover deposits.

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)	4.10 / -	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	$217.42	$219.46	+0.94%
Apr 22, 2025	$169.66	$175.90	+3.68%
Jan 21, 2025	$192.02	$199.70	+4.00%
Oct 24, 2024	$151.83	$159.76	+5.22%

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.