Capital One
Capital One Financial Corporation
20 quarters tracked through Q1 2026
Q2 2025 · Retrospective summary
The First Combined Quarter
Published in May 2026 as part of Cardintel’s launch backfill. Cardintel’s live editorial coverage of Capital One began with the Q1 2026 brief; this retrospective summarizes Q2 2025 from the canonical financial data with the benefit of hindsight.
Q2 2025 was the first full quarter of consolidated Capital One after the Discover acquisition closed May 18, 2025. Net charge-off rate stepped down to 5.13% on the combined receivables base. Receivables expanded sharply as Discover’s $100B+ card book joined the balance sheet.
This is the cleanest “before/after” the financials would offer for two more quarters. The combined entity inherits both COF’s prime + subprime book and Discover’s prime-tilted card book. The mathematical effect of merging the two — Discover’s lower-loss receivables diluting COF’s loss rate — explains the apparent improvement in NCO rate at Q2 2025.
With hindsight available, this quarter looks like the bottom of the post-merger loss curve. NCO climbed in each of the next two quarters. Readers approaching Cardintel for the first time should treat Q2 2025 figures as the baseline against which to read the deterioration sequence that follows.
The combined platform’s analytical story begins here. Pre-Q2 2025 figures, where present on the trend chart above, reflect Capital One as a standalone entity prior to the Discover acquisition.
By the editors. Cardintel.
Credit quality
Net charge-off rate
5.13%
-2.7 pp
Q2 2025, annualized
30+ day delinquency rate
—
Q2 2025
Net interest margin
—
card segment NIM — sparse
Return on assets
—
consolidated, Q2 2025, annualized
Scale & earnings
Card receivables (EOP)
$238.4B
+74.6%
end of Q2 2025
Card net revenue
$9.1B
+26.9%
Q2 2025, card segment
Provision for credit losses
$11.1B
Q2 2025, card segment
Net charge-offs ($)
$3.1B
+11.8%
Q2 2025
Financial summary
P&L, balance sheet, and key drivers
Standardized issuer-summary format used across all coverage. Switch tabs to compare Capital One against a peer; change the table quarter independently of the page anchor.
| Metric | Capital One Q2 2025 | Prior Q Q1 2025 | Prior Y Q2 2024 | QoQ | YoY |
|---|---|---|---|---|---|
| Card net revenue | $9.1B | $7.2B | $6.8B | +26.9% | +33.8% |
| Provision for credit losses | $11.1B | $1.9B | $3.5B | +476.2% | +213.1% |
| Fee income (non-interest) | $1.8B | $1.5B | $1.5B | +19.3% | +19.7% |
| Net interest incomeSprint 8 — split out of card net revenue | — | — | — | — | — |
| Noninterest expenseSprint 8 — segment expense extraction | — | — | — | — | — |
| Pretax income | -$6.5B | $1.6B | $121.00M | n/m | n/m |
| Net income | -$4.9B | $1.2B | $91.00M | n/m | n/m |
Generated commentary
Capital One's P&L in Q2 2025: net income fell 503.4% to -$4.9B vs Q1 2025; pretax income fell 502.9% to -$6.5B vs Q1 2025; provision for credit losses rose 476.2% to $11.1B vs Q1 2025. Period-over-period changes flagged below; sparse rows compare against the metric's last reported period rather than the calendar prior quarter.
$ in cents (formatted as $B / $M / $). Rows marked “pending” are tracked and will populate as the corresponding ingestion lands. Source: SEC EDGAR 10-K / 10-Q segment data and FFIEC Call Reports.
Net charge-off rate — 5-year history
Net charge-off rate for Capital One (solid) vs. the bank peer median (dashed) and 90th percentile (dotted). Use the controls above to overlay individual peers or a macroeconomic series on the right axis. Source: SEC 10-K/10-Q filings and FFIEC Call Reports; macro series via FRED.
Source: SEC EDGAR 10-Q filings + FFIEC Call Reports. Updated June 4, 2026.Methodology