Capital One reported first quarter 2026 total net revenue of $15.2 billion and an adjusted EPS of $4.42, both missing analyst expectations. The results were primarily impacted by a contraction in net interest margin, which overshadowed lower sequential expenses.
Key Highlights
- Net Interest Margin (NIM) contracted to 7.87%, a 39 basis point decrease from the prior quarter, missing consensus estimates of 8.2% which had anticipated expansion.
- Period-end credit card loans, a core segment for the bank, decreased by $9.0 billion, or 3% sequentially, to $270.6 billion.
- Total non-interest expense declined by 9% compared to the fourth quarter, largely due to a 23% reduction in marketing spend.