What You Need to Know Ahead of Capital One Financial's Earnings Release

Capital One Financial Corporation (COF), headquartered in McLean, Virginia, operates as the financial services holding company for the Capital One, National Association, which engages in the provision of various financial products and services in the U.S., Canada, and the U.K. Valued at $52.08 billion by market cap, the company’s product and service portfolio comprises checking and savings accounts, money market deposits, time deposits, credit card loans, auto and retail banking loans, credit and debit card products, online direct banking services, treasury management, etc. The financial services major is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Tuesday, Jul. 23.

Ahead of the event, analysts expect COF to report a profit of $3.24 per share on a diluted basis, down 8% from $3.52 per share in the year-ago quarter. The company surpassed Wall Street’s EPS projections in two of the past four quarters but missed the forecasts on two other occasions. During the previous quarter, COF’s provision for credit losses declined by $174 million to $2.7 billion, and its CET1 ratio was 13.1%. It also announced an agreement to acquire Discover Financial Services during the quarter.