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Capital One Financial (COF) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Capital One Financial (COF) Q3 2026 earnings results →

Q3 2026 Revenue up 6% year over year to $16.3B · 22¢ of every $1 of revenue kept as net profit · operating margin 28.0%

Capital One Financial made $16.3B in Q3 2026 (+6% Y/Y). Operating margin 28.0%, net earnings $3.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$16.3B
Year over year+6%
Operating margin28.0%
Net earnings$3.5B
Operating cash flow$5.7B

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Capital One Financial Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Capital One Financial Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $16.3B in Q3 2026, up 6% year over year and up 3% from the previous quarter.

Operating profit was $4.6B, a 28.0% margin (down 0.6 points year over year). Of the extra revenue versus Q3 2025, 19% reached operating profit, below the 29% margin then. Total costs grew 7% against revenue growth of 6%. Net earnings were $3.5B, up 11% year over year. The effective tax rate was 22.6%.

Operating cash flow was $5.7B (down 38% year over year), 161% of net earnings. Non-cash charges added back $1.6B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items added $0.43B. Capital expenditures of $0.39B left free cash flow of $5.3B.

Quarterly history

Capital One Financial revenue by quarterCapital One Financial revenue by quarter$10.0BQ1 2025$12.5BQ2 2025$15.4BQ3 2025$15.6BQ4 2025$15.2BQ1 2026$15.8BQ2 2026$16.3BQ3 2026
Capital One Financial net earnings by quarterCapital One Financial net earnings by quarter$1.4BQ1 2025−$4.3BQ2 2025$3.2BQ3 2025$2.1BQ4 2025$2.2BQ1 2026$3.0BQ2 2026$3.5BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$16.3B+6%28.0%$3.5B$5.7B
Q2 202610-QJul 28, 2026$15.8B+27%24.1%$3.0B$8.4B
Q1 202610-QMay 7, 2026$15.2B+52%17.7%$2.2B$6.0B
Q4 202510-KFeb 19, 2026$15.6B+53%15.9%$2.1B$7.8B
Q3 202510-QNov 3, 2025$15.4B+53%28.5%$3.2B$9.2B
Q2 202510-QJul 31, 2025$12.5B+31%-47.5%−$4.3B$6.1B
Q1 202510-QMay 7, 2025$10.0B+6%17.3%$1.4B$4.7B

Charts

Capital One Financial: revenue growth, year over year and quarter over quarterCapital One Financial: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+31%+25%Q2 2025+53%+23%Q3 2025+53%+1%Q4 2025+52%-2%Q1 2026+27%+4%Q2 2026+6%+3%Q3 2026
Latest (Q3 2026): Y/Y +6%, Q/Q +3%.
Capital One Financial: where the cash came from (+) and went (−), TTM to Q3 2026Capital One Financial: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$30.5BOperating cash flow$28.0BBuybacks−$10.7BCash drawn (+) / kept (−)$9.2BOther financing$8.7BAcquisitions−$2.3BDividends−$2.0BCapital spending−$1.8BNet borrowing (+) / repaid (−)$855MShares issued$480M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Capital One Financial: profit against cash, quarter by quarterCapital One Financial: profit against cash, quarter by quarterNet incomeOperating cash flow$1.1B$2.4BQ4 2024$1.4B$4.7BQ1 2025−$4.3B$6.1BQ2 2025$3.2B$9.2BQ3 2025$2.1B$7.8BQ4 2025$2.2B$6.0BQ1 2026$3.0B$8.4BQ2 2026$3.5B$5.7BQ3 2026
Latest (Q3 2026): Net income $3.5B, Operating cash flow $5.7B.
Capital One Financial: diluted shares by fiscal yearCapital One Financial: diluted shares by fiscal year459MFY2020444MFY2021393MFY2022383MFY2023384MFY2024541MFY2025
+18.0% since FY2020: more shares outstanding (issuance, stock pay).
Capital One Financial in its industry: growth against margin (68 companies, SIC 6021)Capital One Financial in its industry: growth against margin (68 companies, SIC 6021)revenue growth, year over year →↑ operating marginmedian +8%median 37%JPMBACCWFCUSBPNCTFCHBANKEYPNFPHSBC USA IncZIONUMBFWebster Financial CorpONBCFRVLYBOKFBANCFNBFHNFULTWSFSFFBCWSBCCBUPRKTRMKWAFDFRMENBTBCASHBANFOCFCNWBITBBKNICHOPEFCFDCOMNBHCBHRBAMTBWBHCCHCOALRSHAFCNEWTCACCBNKBFCFMCBWABCSHBIPFISCAREBCALSFSTMRBKFDBCFNLCFUNCLCNBATLOCFBKASRVNKSHCOF (+6%, 28%)
National Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Buys from

About Capital One Financial

Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) operate as a global payments provider and diversified financial institution, delivering a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.

In its own words, from its 10-K, filed Feb 19, 2026.

Capital One Financial against its National Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +8%. Operating margin: 28.0% against the peers' median 32.1%.

CompanyQuarterRevenueY/YOp. margin
COF Capital One FinancialQ3 2026$16.3B+6%28.0%
JPM JPMorgan ChaseQ3 2026$50.2B+8%40.1%
BAC Bank of AmericaQ3 2026$30.0B+3%29.9%
C CitigroupQ3 2026$23.8B+8%30.6%
WFC Wells FargoQ3 2026$21.9B+2%32.5%
USB US BancorpQ3 2026$8.0B+9%35.1%
PNC PNC Financial Services GroupQ3 2026$6.6B+11%40.0%
TFC Truist FinancialQ3 2026$3.7B-28%23.9%
HBAN Huntington BancsharesQ3 2026$2.8B+31%32.1%

Source: Capital One Financial 10-Q on SEC EDGAR · CIK 927628 · National Commercial Banks

Guidance and outlook

Capital One Financial: what its forward-looking statements are about (10-Q filed 2026-11-03)Capital One Financial: what its forward-looking statements are about (10-Q filed 2026-11-03)Other35The economy11Margins3Demand2Legal & regulation2Costs2Buybacks & dividends1Supply chain1Financing1
58 statements; tone -0.10 (−1 all cautious, +1 all confident); 12 hedged.
Capital One Financial: outlook statements against the filing beforeCapital One Financial: outlook statements against the filing beforeNew5Updated5Dropped1Confident8Cautious14

13F: who owns COF and who is buying

Largest holders of COF (13F)Largest holders of COF (13F)Vanguard Group$13.8BBlackRock$10.2BVanguard Capital Management LLC$8.2BState Street$5.6BGeode Capital Management, LLC$2.9BFranklin Resources$2.7BVanguard Portfolio Management LLC$2.6BHarris Associates L P$2.3BFMR LLC$2.2BDodge & COX$1.8B
Funds' net buying of COF by quarter (13F)Funds' net buying of COF by quarter (13F)−$274M2024-09−$228M2024-12$688M2025-03$3.4B2025-06−$2.2B2025-09−$1.2B2025-12−$2.8B2026-03−$167M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on COF

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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