CLAIM #15906 · Capital One Financial Corporation (COF) · 2026Q1 earnings call · Apr 21, 2026

“Specifically to your cash point, I do expect that, that cash position will trend down over time, given that it is particularly elevated this quarter.”

Andrew Young · CFO

How to check this claim

Look at: Total cash and cash equivalents on balance sheet, next quarter-end (Q2 2026) compared to Q1 2026 quarter-end level

It came true if: Q2 2026 cash and cash equivalents < Q1 2026 cash and cash equivalents

Where: Company balance sheet in 10-Q filing / Q2 2026 earnings release

Knowable after: 2026-07-31

In context

“ore muted because it tends to be more back-loaded in the quarter. But this year, in the first quarter, we saw not only those seasonal effects, we did see a particularly elevated level of cash. We sold the home loan portfolio in late November, so we had the full quarter of that. We saw strong growth in our retail deposit franchise beyond what we normally see in tax season as we're getting great traction in the market. And then third, the net flows from taxes this year are a bit more favorable as you've seen publicly highlighted People are getting average refunds that are a bit higher and more people are getting refunds. And so as we look ahead, specifically in the second quarter, there's going to be one more day that's 9 basis points and the same 9 basis point jump as we head to Q3 and Q4. Specifically to your cash point, I do expect that, that cash position will trend down over time, given that it is particularly elevated this quarter. We have about $8 billion of debt maturities in Q2, we typically see a bit of tax payments in the second quarter. So the direction of travel for cash should be down from here. But if I just take a step back and look more broadly, absent any meaningful change in the balance sheet mix beyond the cash trending down, the structural level for NIM that we saw after we closed the Discover transaction, should persist. But of course, each calendar quarter is just going to be impacted by seasonal impacts. But if you look at the back half of the year, that on a seasonally adjusted basis is a pretty good indication of where you should expect NIM to kind of structurally be. Operator: Our next question comes from Ryan Nash with Goldman Sachs. Ryan Nash: I have 2 questions. I'll start with the first 1 an”

Verify independently

SEC filings for COF ↗ · Quote is verbatim from the 2026Q1 earnings call.