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COF

Capital One Financial Corporation

COF

Capital One Financial Corporation • NYSE
$219.07 ▲ 0.74% (+1.60)
Market Cap $139.27 B
52w High $232.45
52w Low $143.22
Dividend Yield 2.60%
P/E 75.28
Volume 1.61M
Outstanding Shares 635.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $19.718B ▲ $8.263B ▲ $3.193B ▲ 16.193% ▲ $4.83 ▲ $6.214B ▲
Q2-2025 $16.41B ▲ $7.076B ▲ $-4.277B ▼ -26.063% ▼ $-8.58 ▼ $-4.918B ▼
Q1-2025 $13.405B ▼ $5.902B ▼ $1.404B ▲ 10.474% ▲ $3.46 ▲ $2.541B ▲
Q4-2024 $13.809B ▲ $6.089B ▲ $1.096B ▼ 7.937% ▼ $2.67 ▼ $2.273B ▼
Q3-2024 $13.798B $5.314B $1.777B 12.879% $4.42 $3.024B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $55.279B ▼ $661.877B ▲ $548.064B ▲ $113.813B ▲
Q2-2025 $63.144B ▲ $658.968B ▲ $548.012B ▲ $110.956B ▲
Q1-2025 $52.878B ▲ $493.604B ▲ $430.062B ▲ $63.542B ▲
Q4-2024 $47.084B ▼ $490.144B ▲ $429.36B ▲ $60.784B ▼
Q3-2024 $53.492B $486.433B $423.508B $62.925B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.192B ▲ $9.154B ▲ $-9.951B ▼ $-2.254B ▲ $-3.051B ▼ $8.767B ▲
Q2-2025 $-4.277B ▼ $6.066B ▲ $16.471B ▲ $-9.924B ▼ $12.613B ▲ $5.667B ▲
Q1-2025 $1.404B ▲ $4.667B ▲ $845M ▲ $-218M ▼ $5.294B ▲ $4.319B ▲
Q4-2024 $1.096B ▼ $2.448B ▼ $-14.249B ▼ $5.753B ▲ $-6.048B ▼ $2.092B ▼
Q3-2024 $1.777B $6.458B $-6.304B $1.736B $1.89B $6.146B

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Interchange Fees Contracts
Interchange Fees Contracts
 $1.23Bn ▲$2.51Bn ▲$1.48Bn ▼$1.81Bn ▲
Other Contract Revenue
Other Contract Revenue
 $100.00M ▲$300.00M ▲$180.00M ▼$180.00M ▲
Service Charges And Other Customer Fees Contracts
Service Charges And Other Customer Fees Contracts
 $120.00M ▲$270.00M ▲$180.00M ▼$290.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that Capital One continues to expand its lending and fee-based businesses. Top-line growth looks solid and resilient across different economic conditions. Profitability, however, has come off its peak. Earnings were exceptionally strong in the rebound period after the pandemic, then eased back to more normal levels as credit costs, marketing, and operating expenses moved higher. Recent profits remain healthy but not at the unusually elevated levels seen a few years ago. Overall, the income statement points to a business that is still generating strong revenue and solid earnings, but with margins under more pressure as the credit environment normalizes and competition for customers stays intense.

Balance Sheet

Balance Sheet The balance sheet has expanded gradually, reflecting a growing loan book and customer base. Total assets have increased, and Capital One has also built up its cash position compared with a few years ago, which offers flexibility and a cushion in uncertain markets. Debt levels have risen over time but broadly in line with the size of the company, so leverage does not look out of control. Shareholders’ equity has also grown, suggesting that the business is retaining earnings and strengthening its capital base. Overall, the balance sheet looks relatively sturdy for a large credit-focused institution, though its health will always be closely tied to the credit cycle and how well the company manages loan losses.

Cash Flow

Cash Flow Cash generation from the core business has been consistently strong and has generally improved versus earlier years. Operating cash flow has comfortably covered the company’s needs, even as the environment has shifted. Free cash flow has been positive each year and meaningfully higher than capital spending, which is relatively modest for a bank with a tech-heavy approach. This suggests that Capital One is able to invest in its platforms and products while still producing surplus cash. In simple terms, the cash flow profile looks like that of a mature, cash-generative franchise that can both fund growth initiatives and absorb periods of higher credit costs.

Competitive Edge

Competitive Edge Capital One holds a strong position in U.S. credit cards and consumer lending, supported by a well-known brand and a long track record in data-driven underwriting. It competes directly with major banks and dedicated card issuers, and its scale helps spread marketing, technology, and risk-management costs over a large customer base. Its all-in cloud strategy and deep use of data and analytics give it an operational edge over slower, legacy-bound rivals. This can translate into faster product launches, sharper credit decisions, and more personalized offers. The planned acquisition of Discover, if completed and approved, would be strategically significant. It could make Capital One the leading U.S. card issuer by size and give it its own payment network, reducing dependence on third parties. At the same time, this move adds integration risk, regulatory scrutiny, and execution challenges. Competition remains intense from megabanks, fintechs, and alternative payment platforms, so maintaining this edge will require continued investment and discipline through the credit cycle.

Innovation and R&D

Innovation and R&D Capital One has deliberately reshaped itself into a technology-first financial company. It completed a full migration to the cloud, which is unusual for a bank of its size, and uses this foundation to roll out new digital features quickly and at scale. Customer-facing innovations like the Eno virtual assistant, virtual card numbers, and AI-supported car-buying tools show how it applies machine learning to real-world problems: fraud prevention, spending control, and simplifying complex purchases. These features help differentiate its offerings from more traditional banking apps. Behind the scenes, Capital One runs hundreds of machine learning models for risk, marketing, and operations. Its move to sell its own software tools, such as Slingshot for data management on Snowflake, is especially notable—it turns an internal strength into a new business line, which most peers have not yet attempted. Future innovation will likely center on integrating Discover’s network (if the deal closes), expanding B2B software, and pushing further into personalized, proactive digital banking. The main risks are execution complexity, regulatory expectations around “responsible AI,” and the need to keep talent and technology ahead of fast-moving competitors.

Summary

Capital One today looks like a large, profitable, and tech-forward credit institution: revenues are growing, earnings are solid though off post-pandemic highs, and the balance sheet and cash flows appear robust enough to support investment and absorb credit cycles. Its competitive edge comes less from branch count and more from data, cloud infrastructure, and software capabilities—an unusual profile among big banks. The potential Discover acquisition and the commercialization of its own software platforms could further reshape its business mix and deepen its moat, but they also add complexity and regulatory and integration risk. Overall, the story is of a scale credit and payments player using technology as a core differentiator, with clear strengths in innovation and execution, balanced by the usual sensitivities of a credit-heavy business to economic conditions, regulation, and consumer health.

NEWS

November 4, 2025 · 2:55 PM UTC

Capital One Announces Quarterly Dividend

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November 4, 2025 · 7:40 AM UTC

Tap. Earn Rewards. Repeat. The New T-Mobile Visa Credit Card is Here

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October 29, 2025 · 10:00 AM UTC

Capital One, Capital One Foundation, and Lever for Change Announce $25M Open Call to Expand Pathways to Homeownership

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October 21, 2025 · 4:05 PM UTC

Capital One Reports Third Quarter 2025 Net Income of $3.2 billion, or $4.83 per share

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October 7, 2025 · 8:14 AM UTC

Enterprise AI Expert Sangame Krishnamani, Director of Software Engineering at Capital One, Announced as Keynote Speaker for ModelOp Virtual 2025 AI Governance Leadership Summit

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