Capital One Shares Rise as Adjusted EPS Reaches $6.69 in Q3

Capital One shares rose 4.9% in after-hours trading Tuesday, Oct. 20, after the lender posted third-quarter adjusted diluted EPS of $6.69, above reported forecasts, for the quarter ended Sept. 30.

Net income under generally accepted accounting principles (GAAP) totaled $3.539 billion, or $5.61 per diluted share. That compared with $3.020 billion and $4.73 per share in Q2, and $3.192 billion and $4.83 per share in Q3 2025. Adjusted diluted EPS was $5.81 in Q2 and $5.95 in Q3 2025, below the latest quarter’s $6.69.

Capital One presented adjusted EPS as a non-GAAP measure alongside GAAP results. The reconciliation showed a $1.08 per-share impact from adjustments. Adjusted diluted EPS excluded the after-tax effects of acquisition amortization and Discover and Brex integration expenses.

Capital One reported $16.344 billion in net revenue, a 3% increase from Q2 and a 6% increase from a year earlier. The provision for credit losses was $2.916 billion, down $73 million from Q2’s $2.989 billion but above the $2.714 billion recorded in Q3 2025. Net charge-offs totaled $3.121 billion, and the quarter included a $225 million release from loan-loss allowances.

Non-interest expenses were $8.856 billion, down 2% from $9.043 billion in Q2. They were still 7% above the $8.263 billion recorded a year earlier, as was the credit-loss provision compared with its year-earlier level.

Before tax, the adjustments included $338 million for Discover integration, $47 million for Brex integration and $483 million for acquisition amortization. Those amounts were part of the adjustments reflected in the company’s non-GAAP earnings measure.

Capital One CEO Richard D. Fairbank, the company’s founder and chairman, said, “The Discover integration continues to go well and we’re making good progress on delivering the expected synergies.”

Shares closed the regular session at $201.56 at 4 p.m. ET (20:00 UTC) Tuesday before trading at $211.37 in after-hours dealings, up 4.9%.