CAPITAL ONE FINANCIAL CORP

Listed Company

COF-PJCIK 0000927628NYSELarge AcceleratedNational Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$2.45B

Total Assets

$669.01B

Equity

$113.62B

Shares Out

621.93M

Op. Cash Flow

$27.72B

+ 13F Filer

Business

Capital One Financial Corp is a diversified financial services holding company that provides banking and non‑banking financial products and services to consumers, small businesses and commercial clients. It offers credit and debit cards, bank lending, treasury management, deposit services, auto loans and other consumer and commercial lending products, along with payment processing and related services. Its principal operating segments are Credit Card, Consumer Banking and Commercial Banking, with certain centralized activities reported in Other. The company distributes products via digital channels, branch locations, cafés, call centers, ATMs and through operations in the U.K. and Canada.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including loans held for sale	53,021	40,894	37,410	28,910	24,263
Investment securities	3,218	2,873	2,550	1,884	1,446
Other	2,457	2,267	1,978	443	60
Total interest income	58,696	46,034	41,938	31,237	25,769
Deposits	12,925	11,493	9,489	2,535	956
Securitized debt obligations	660	958	959	384	119
Senior and subordinated notes	2,172	2,333	2,204	1,074	488
Other borrowings	61	42	45	130	35
Total interest expense	15,818	14,826	12,697	4,123	—
Net interest income	42,878	31,208	29,241	27,114	24,171
Provision for credit losses	20,655	11,716	10,426	5,847	−1,944
Net interest income after provision for credit losses	22,223	19,492	18,815	21,267	26,115
Discount and interchange fees, net	6,443	4,882	4,793	4,606	3,860
Service charges and other customer-related fees	2,849	1,976	1,667	1,625	1,578
Net securities gains (losses)	0	−35	−34	−9	2
Other	1,264	1,081	1,120	914	824
Total non-interest income	10,556	7,904	7,546	7,136	6,264
Salaries and associate benefits	12,471	9,398	9,302	8,425	7,421
Occupancy and equipment	3,166	2,366	2,160	2,050	2,003
Marketing	5,900	4,600	4,000	4,000	2,871
Professional services	2,424	1,610	1,268	1,807	1,440
Communications and data processing	1,770	1,462	1,383	1,379	1,262
Amortization of intangibles	1,326	77	82	70	29
Other	3,457	2,011	2,112	1,415	1,544
Total non-interest expense	30,498	21,486	20,316	19,163	16,570
Income from continuing operations before income taxes	2,281	5,910	6,045	9,240	15,809
Income tax provision	193	1,163	1,158	1,880	3,415
Income (loss) from continuing operations, net of tax	2,088	4,747	4,887	7,360	12,394
Income from discontinued operations, net of tax	365	3	0	0	−4
Net income	2,453	4,750	4,887	7,360	12,390
Dividends and undistributed earnings allocated to participating securities	−26	−77	−77	−88	−105
Preferred stock dividends	−252	−228	−228	−228	−274
Discount on redeemed preferred stock	6	0	0	—	—
Net income available to common stockholders	2,181	4,445	4,582	7,044	11,965
Net income (loss) from continuing operations (in dollars per share)	3.36	11.6	11.98	17.98	27.05
Net loss from discontinued operations (in dollars per share)	0.67	0.01	0	0	−0.01
Net income (loss) per basic common share (in dollars per share)	4.03	11.61	11.98	17.98	27.04
Net income (loss) from continuing operations (in dollars per share)	3.36	11.58	11.95	17.91	26.95
Net loss from discontinued operations (in dollars per share)	0.67	0.01	0	0	−0.01
Net income (loss) per diluted common share (in dollars per share)	4.03	11.59	11.95	17.91	26.94

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-05-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and due from banks	3,031	—	3,028	4,903	5,193
Interest-bearing deposits and other short-term investments	54,403	—	40,202	38,394	25,663
Total cash and cash equivalents	57,434	—	43,230	43,297	30,856
Restricted cash for securitization investors	4,659	—	441	458	400
Securities available for sale (amortized cost basis of $97.7 billion and $93.0 billion and allowance for credit losses of $3 million and $4 million as of December 31, 2025 and 2024, respectively)	91,051	—	83,013	79,117	76,919
Total loans held for investment	453,622	—	327,775	320,472	312,331
Allowance for credit losses	−23,409	—	−16,258	−15,296	−13,240
Net loans held for investment	430,213	—	311,517	305,176	299,091
Loans held for sale ($755 million and $87 million carried at fair value as of December 31, 2025 and 2024, respectively)	760	—	202	854	203
Premises and equipment, net	5,602	—	4,511	4,375	4,351
Interest receivable	3,492	—	2,532	2,478	2,104
Goodwill	28,509	—	15,059	15,065	14,777
Other intangible assets	16,578	—	233	—	—
Other assets	30,711	—	29,406	27,644	26,548
Total assets	669,009	—	490,144	478,464	455,249
Interest payable	844	—	666	649	527
Non-interest-bearing deposits	27,385	—	26,122	28,024	32,203
Interest-bearing deposits	448,386	105,208	336,585	320,389	300,789
Total deposits	475,771	—	362,707	348,413	332,992
Securitized debt obligations	12,853	—	14,264	18,043	16,973
Federal funds purchased and securities loaned or sold under agreements to repurchase	587	—	562	538	883
Senior and subordinated notes	36,001	—	30,696	31,248	30,826
Other borrowings	1,559	—	29	27	33
Total other debt	38,147	—	31,287	31,813	31,742
Other liabilities	27,778	—	20,436	21,457	20,433
Total liabilities	555,393	—	429,360	420,375	402,667
Commitments, contingencies and guarantees (see Note 19)	—	—	—	—	—
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; 4,980,700 and 4,975,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	0	—	0	0	0
Common stock (par value $0.01 per share; 1,000,000,000 shares authorized; 708,546,381 and 702,224,674 shares issued as of December 31, 2025 and 2024, respectively; 625,102,271 and 381,230,343 shares outstanding as of December 31, 2025 and 2024, respectively)	7	—	7	7	7
Additional paid-in capital, net	64,031	—	36,428	35,541	34,725
Retained earnings	65,192	—	64,505	60,945	57,184
Accumulated other comprehensive loss	−5,468	—	−9,286	−8,268	−9,916
Treasury stock, at cost (par value $0.01 per share; 83,444,110 and 320,994,331 shares as of December 31, 2025 and 2024, respectively)	−10,146	—	−30,870	−30,136	−29,418
Total stockholders equity	113,616	—	60,784	58,089	52,582
Total liabilities and stockholders equity	669,009	—	490,144	478,464	455,249

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, net	5,260	3,237	3,226	3,210	3,481
Deferred tax benefit	−1,907	−853	−723	−772	605
Loss on sales of loans	3	29	6	−196	1
Gain on sale of discontinued operations	483	0	0	—	—
Stock-based compensation expense	776	569	513	314	331
Other fair value adjustments	111	65	51	40	46
Originations and purchases	−5,741	−3,688	−4,602	−8,822	−9,141
Proceeds from sales and paydowns	5,231	3,870	4,432	9,679	9,123
Changes in interest receivable	−34	−54	−359	−641	17
Changes in other assets	−610	−426	716	−2,973	−4,114
Changes in interest payable	−169	17	122	246	−71
Changes in other liabilities	2,089	−1,104	1,846	511	1,594
Net change from discontinued operations	84	−4	0	−3	−6
Net cash from operating activities	27,718	18,159	20,575	13,809	12,310
Purchases	−18,162	−17,183	−10,446	−14,850	−27,884
Proceeds from paydowns and maturities	17,905	11,849	8,841	19,074	26,969
Proceeds from sales	1	175	290	2,570	2,776
Proceeds from sales of securities related to the Transaction	9,696	0	0	—	—
Net changes in loans originated as held for investment	−36,815	−21,431	−17,822	−35,885	−33,833
Principal recoveries of loans previously charged off	5,064	3,001	2,288	2,091	2,506
Changes in premises and equipment	−1,578	−1,204	−961	−934	−698
Net cash received (paid) in acquisitions	16,465	0	−2,785	−1,176	−669
Proceeds from divestiture of business	8,800	0	0	—	—
Net cash used in other investing activities	−1,820	−1,617	−1,325	−628	−668
Net cash used in investing activities	−444	−26,410	−21,920	−29,738	−31,501
Changes in deposits	5,931	14,156	15,172	22,539	5,687
Issuance of securitized debt obligations	3,535	1,805	3,292	9,728	6,232
Maturities and paydowns of securitized debt obligations	−10,934	−5,828	−2,483	−7,060	−3,442
Issuance of senior and subordinated notes and long-term FHLB advances	4,979	3,985	8,218	21,272	4,486
Maturities and paydowns of senior and subordinated notes	−6,922	−4,411	−8,436	−15,561	−3,851
Changes in other borrowings	517	27	−351	44	129
Net proceeds from issuances	400	323	299	276	253
Dividends paid	−1,516	−932	−931	−950	−1,148
Net proceeds from issuances	0	0	0	0	2,052
Dividends paid	−252	−228	−228	−228	−274
Redemptions	−500	0	0	0	−2,100
Purchases of treasury stock	−4,099	−734	−718	−4,948	−7,605
Proceeds from share-based payment activities	9	4	10	19	55
Net cash from (used in) financing activities	−8,852	8,167	13,844	25,131	474
Changes in cash, cash equivalents and restricted cash for securitization investors	18,422	−84	12,499	9,202	−18,717
Interest paid	14,886	13,201	10,823	3,609	2,158
U.S. federal	358	700	800	—	—
Domestic state and local:	382	364	480	—	—
Foreign	66	41	75	—	—
Income taxes paid	806	1,105	1,355	—	—
Purchased tax credits	256	191	42	—	—
Reissuance of treasury stock, issuance of preferred stock and stock-based compensation awards related to the Transaction	51,790	0	0	—	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 91 positions

Reported AUM

$141.39M

Holdings

Top sector

$141.39M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$141.39M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
ISHARES TR	—	141.5K	$10.98M	7.8%
GOLDMAN SACHS ETF TR	—	303.8K	$9.94M	7.0%
ISHARES TR	—	52.7K	$7.10M	5.0%
VANGUARD MUN BD FDS	—	125.0K	$6.45M	4.6%
ISHARES TR	—	87.7K	$6.33M	4.5%
VANGUARD CHARLOTTE FDS	—	119.1K	$6.24M	4.4%
ISHARES TR	—	31.0K	$5.22M	3.7%
VANGUARD BD INDEX FDS	—	62.9K	$5.00M	3.5%
ISHARES TR	—	44.1K	$4.61M	3.3%
ISHARES TR	—	75.9K	$4.18M	3.0%