Capital One Q3 earnings exceed forecasts driven by Discover acquisition

Capital One Financial Corporation reported third-quarter 2026 results that surpassed Wall Street expectations, driven by strong credit performance and the integration of its Discover acquisition. The company reported adjusted earnings of $6.69 per share on $16.34 billion in adjusted revenue, beating analyst estimates for both metrics.

Key financial drivers included a net interest margin of 8.41%, which rose 40 basis points from the previous quarter. Card purchase volume increased 11% year-over-year to $254.7 billion, primarily fueled by legacy Capital One customers. Additionally, domestic card charge-offs fell to 3.98%, a decrease of 65 basis points from the previous year.

CEO Richard Fairbank noted that the earnings power from the Discover acquisition is becoming clearly visible. The company is currently utilizing its financial position to invest in generative and agentic artificial intelligence and to migrate credit card operations onto the Discover network.