Capital One earnings were good enough but didn't answer the big question hanging over the stock

Capital One's second-quarter earnings surpassed analyst estimates, with revenue up 27% year over year to $15.85 billion and adjusted EPS of $5.81 beating the $4.75 consensus. However, the results did not address the key question for investors: when the company will see more tangible benefits from its Discover and Brex deals. Non-interest income grew strongly, but net interest income slightly missed expectations and expenses surged 29%, driven by higher marketing costs.