olivlawolivlaw

olivLaw · US equity research

Capital One Financial Corp. COF

National Commercial Banks · SIC 6021 · Vertical: National Commercial Banks (SIC 6021)

206.31USD−1.15% · 1 dayClose 04 Nov 2026

Capital One Financial Corp. (COF) is a diversified financial services company headquartered in McLean, Virginia, whose largest business is credit cards. The Discover merger closed on May 18, 2025, and total net revenue reached 53.4 billion USD in 2025. In the third quarter of 2026 total net revenue rose to 16.3 billion USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Capital One Financial Corp. (COF) stock was 206.31 USD (−1.15% on the day), with market capitalisation 124.1 bn USD, P/E 12.1 on diluted EPS of 17.06 USD over the last 12 months, dividend yield 1.55%, beta 1.48, 52-week range 176.10–257.94 USD. Latest reported quarter (Q3 2026): revenue of 16.3 bn USD (+6.4% YoY), net income of 3.5 bn USD (+10.9% YoY), diluted EPS 5.61 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
124.1 bn USD
shares as of 30 Sept 2026
P/E (TTM)
12.1
Diluted EPS TTM 17.06 · TTM to 30 Sept 2026
E/P (TTM)
8.27%
TTM to 30 Sept 2026
Dividend yield
1.55%
DPS 12m 3.20
Beta (2y)
1.48
Volatility (1y) 32%
52-week range
176.10257.94

Price history

Loading chart…

Technical reading

RSI (14)
53.8
neutral
Bollinger (20, 2)
194.78 – 210.79
in the upper half of the band · %B 0.72 · band width 7.9%
SMA 50 / 200
204.19 / 200.81
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
1.59 / 0.64
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+5.7%−1.1%+6.8 pp—
3 months−6.9%−0.5%−6.5 pp—
6 months+6.7%+4.4%+2.3 pp—
Year to date−14.9%+12.3%−27.2 pp—
1 year−6.5%+13.5%−20.1 pp+14.1%
3 years+94.0%+76.4%+17.6 pp+74.0%
5 years+33.2%+63.7%−30.5 pp—
Max drawdown (1y)
−31.7%
06 Jan 2026 → 27 Mar 2026
Max drawdown (5y)
−46.9%
13 Jan 2022 → 04 May 2023
Compound annual growth (5y)
+5.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
16.3 bn USD
+6.4% YoY
Net income
3.5 bn USD
+10.9% YoY
Diluted EPS
5.61
+16.1% YoY
net / operating
21.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue10.2 bn10.0 bn12.5 bn15.4 bn15.6 bn15.2 bn15.9 bn16.3 bn
Depreciation & amortisation814.0 m812.0 m1.0 bn ≈1.8 bn ≈1.6 bn1.5 bn1.6 bn ≈1.6 bn ≈
Pre-tax income1.5 bn1.7 bn-5.9 bn4.4 bn2.1 bn2.7 bn3.8 bn4.6 bn
Income tax366.0 m325.0 m-1.7 bn1.2 bn345.0 m518.0 m798.0 m1.0 bn
Net income1.1 bn1.4 bn-4.3 bn3.2 bn2.1 bn2.2 bn3.0 bn3.5 bn
Diluted EPS2.86 ≈3.45-8.584.833.38 ≈3.344.735.61
Operating cash flow2.4 bn4.7 bn6.1 bn ≈9.2 bn ≈7.8 bn6.0 bn8.4 bn ≈5.7 bn ≈
Capex356.0 m348.0 m399.0 m ≈387.0 m ≈444.0 m553.0 m367.0 m ≈392.0 m ≈
Dividends paid232.0 m234.0 m388.0 m ≈386.0 m ≈508.0 m502.0 m500.0 m ≈490.0 m ≈
Share repurchases161.0 m375.0 m167.0 m ≈1.0 bn ≈2.5 bn2.8 bn2.7 bn ≈2.7 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 58 percentile of its own 43-quarter history (min 4.5, median 10.8, max 99.5; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue28.1 bn28.6 bn28.5 bn30.4 bn34.3 bn36.8 bn39.1 bn53.4 bn
Revenue YoY+3.1%+1.8%−0.2%+6.7%+12.5%+7.4%+6.3%+36.6%
Net income6.0 bn5.5 bn2.7 bn12.4 bn7.4 bn4.9 bn4.8 bn2.5 bn
Net income YoY+203.5%−7.8%−51.1%+356.5%−40.6%−33.6%−2.8%−48.4%
Diluted EPS11.8211.055.1826.9417.9111.9511.594.03
Diluted EPS YoY+238.7%−6.5%−53.1%+420.1%−33.5%−33.3%−3.0%−65.2%
net %21.4%19.4%9.5%40.7%21.5%13.3%12.1%4.6%
Free cash flow12.1 bn15.8 bn16.0 bn11.6 bn12.9 bn19.6 bn17.0 bn26.1 bn

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
62.1 bn USD
Financial debt
1.1 bn USD
Net debt
-61.0 bn USD
Equity
113.6 bn USD
Total assets
669.0 bn USD
Debt / equity
0.01x
Current ratio
unavailable
ROE
2.8%
ROA
0.4%
FCF margin
48.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
29.2 bn
2024
31.2 bn
2025
42.9 bn

SEC (XBRL)· 19 Feb 2026verified

Net fee income
2023
7.5 bn
2024
7.9 bn
2025
10.6 bn

SEC (XBRL)· 19 Feb 2026verified

Non-interest expense
2023
20.3 bn
2024
21.5 bn
2025
30.5 bn

SEC (XBRL)· 19 Feb 2026verified

Pre-tax income
2023
6.0 bn
2024
5.9 bn
2025
2.3 bn

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
4.9 bn
2024
4.8 bn
2025
2.5 bn

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
11.95
2024
11.59
2025
4.03

SEC (XBRL)· 19 Feb 2026verified

Balance sheet · USD

Cash
2023
43.8 bn
2024
43.7 bn
2025
62.1 bn

SEC (XBRL)· 19 Feb 2026verified

Loans
2023
305.2 bn
2024
311.5 bn
2025
430.2 bn

SEC (XBRL)· 19 Feb 2026verified

Total assets
2023
478.5 bn
2024
490.1 bn
2025
669.0 bn

SEC (XBRL)· 19 Feb 2026verified

Deposits
2023
348.4 bn
2024
362.7 bn
2025
475.8 bn

SEC (XBRL)· 19 Feb 2026verified

Short-term debt
2023
538.0 m
2024
562.0 m
2025
1.1 bn

SEC (XBRL)· 19 Feb 2026verified

Total liabilities
2023
420.4 bn
2024
429.4 bn
2025
555.4 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
58.1 bn †
2024
60.8 bn †
2025
113.6 bn †

SEC (XBRL)· 19 Feb 2026verified

Cash flow · USD

Dividends paid
2023
931.0 m
2024
932.0 m
2025
1.5 bn

SEC (XBRL)· 19 Feb 2026verified

Share repurchases
2023
718.0 m
2024
734.0 m
2025
4.1 bn

SEC (XBRL)· 19 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
36.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
16.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.4%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-48.4%
computed by olivLawFY 2025
Net income CAGR 3Y
-30.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-2.0%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-65.2%
computed by olivLawFY 2025
EPS CAGR 3Y
-39.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-4.9%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
17.2%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
9.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
18.8%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
124.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
11.4x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
12.1x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
8.3%
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
2.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.6%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
10.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Banking

Net interest margin
7.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cost-to-income
56.7%
computed by olivLawTTM to 30 Sept 2026
Loan-to-deposit
91.5%
computed by olivLawbalance sheet at 30 Sept 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 47 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

206.31 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 124.1 bn USD

Key indicators

Market capitalisation
124.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
12.1x
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
9.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
17.2%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
36.6%
computed by olivLawFY 2025
Dividend yield
1.6%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

15/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Sept 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 2778derived 236

Score by group

  • Balance sheet21
  • Growth43
  • Quality48
  • Returns0
  • Valuation72

Estimated value range

Low
191.33
USD per share
Mid
200.54
USD per share
High
217.48
USD per share
Price: 206.31 USD
The price is within the range
Potential to the central value: -2.8% (value / price − 1)
Margin of safety: -2.9% (1 − price / value)
Agreement between methods: high · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 168.87 – 260.50 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income179.97 – 188.26 (Mid 184.05)
  • Justified P/B168.87 – 227.11 (Mid 193.71)
  • Dividend discount (DDM)outside the aggregate21.03 – 28.28 (Mid 24.12)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
  • Peers: P/E202.70 – 207.85 (Mid 207.37)
    7 companies used · median multiple 12.2x · quartiles 11.9x – 12.2x
    BAC, HBAN, KEY, PNC, RF, USB, WFC
  • Peers: P/B210.98 – 260.50 (Mid 236.12)
    8 companies used · median multiple 1.3x · quartiles 1.2x – 1.4x
    BAC, C, HBAN, KEY, PNC, RF, USB, WFC
Multiple comparisons use the SIC vertical: National Commercial Banks (SIC 6021)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 47/100

FactorValueScoreWeight used
ROE · Quality9.7%22 (vs peers)19%
ROA · Quality1.6%88 (on a fixed band)7%
Cost-to-income · Quality56.7%33 (on a fixed band)12%
Net interest margin · Quality7.5%100 (on a fixed band)7%
EPS CAGR 3Y · Growth-39.2%0 (on a fixed band)10%
Revenue CAGR 3Y · Growth16.0%100 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet91.5%21 (on a fixed band)5%
P/B · Valuation1.1x78 (vs peers)12%
P/E (TTM) · Valuation12.1x67 (vs peers)12%
Dividend yield · Returns1.6%0 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial21/100 · 1/3 factors with a value
  • Growth43/100 · 2/2 factors with a value
  • Quality48/100 · 4/4 factors with a value
  • Returns0/100 · 1/1 factors with a value
  • Valuation72/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CAPITAL ONE FINANCIAL CORP (COF). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: net interest income 42.9 bn USD in 2025; YoY growth 36.6%; net margin 17.2%; ROE 9.7%.

The estimated value range is 191.33–217.48 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 200.54 USD, the price of 206.31 USD leaves a potential of -2.8% (value / price − 1) and a margin of safety of -2.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROA: 1.6%
  • Net interest margin: 7.5%
  • Revenue CAGR 3Y: 16.0%
  • P/B: 1.1x

What contradicts it

  • ROE: 9.7%
  • EPS CAGR 3Y: -39.2%
  • Loan-to-deposit: 91.5%
  • Dividend yield: 1.6%

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

National Commercial Banks (SIC 6021) · same industry (4-digit SIC) · compared with 9 companies

Only companies with a capitalisation between 15.6 bn and 998.4 bn (within 8× of the company's); 31 of the vertical were left out.

Multiples and returns vs the median

P/E
12.1x
vertical median 12.2x
at median
EV/EBITDA
—
vertical median —
P/S
2.0x
vertical median 3.2x
below median (−38.5%)
P/B
1.1x
vertical median 1.3x
below median (−13.8%)
ROE
9.7%
vertical median 11.9%
below median (−18.3%)
Net margin
17.2%
vertical median 27.5%
below median (−37.3%)
EBIT margin
—
vertical median —
Revenue YoY
36.6%
vertical median 6.4%
above median (+471.9%)
Net debt/EBITDA
—
vertical median —
Dividend yield
1.6%
vertical median 3.0%
below median (−49.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JPMJpmorgan Chase & Co935.1 bn14.718.0%36.2%+2.8%+12% / +126%
BACBofA Finance LLC356.3 bn12.210.8%26.8%+6.8%−4% / +69%
WFCWells Fargo & Company262.5 bn12.212.9%—−1.6%+2% / +96%
CCitigroup Inc218.2 bn17.86.8%16.8%+5.6%+20% / +171%
COFCapital One Financial Corp124.1 bn12.19.7%17.2%+36.6%−7% / +94%
USBUs Bancorp \de\95.1 bn12.012.7%27.5%+4.4%+24% / +60%
PNCPNC Financial Services Group, Inc.92.6 bn12.213.1%31.1%+7.2%+22% / +74%
HBANHuntington Bancshares Incorporated32.4 bn12.99.1%133.3%+6.4%−1% / +43%
RFRegions Financial Corporation24.7 bn11.711.9%—+23.8%+14% / +74%
KEYKeyCorp22.8 bn11.611.2%26.6%+62.7%+17% / +74%

1- and 3-year price returns: for COF from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
142.77
Total return -29% · Per year -29%
251.25
Total return 24% · Per year 24%
376.88
Total return 85% · Per year 85%
3 years
169.35
Total return -13% · Per year -5%
332.28
Total return 68% · Per year 19%
542.70
Total return 171% · Per year 39%
5 years
200.87
Total return 6% · Per year 1%
439.44
Total return 126% · Per year 18%
781.49
Total return 296% · Per year 32%
What moves the 3-year price the most
  • Exit P/E± 83.07
  • Net margin± 58.15
  • Annual revenue growth± 43.37
  • Annual dilution± 4.89

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Oct 2026; since then the company filed 10-Q (03 Nov 2026).

In brief

Capital One Financial Corp. (COF) is a diversified financial services company headquartered in McLean, Virginia, whose largest business is credit cards. The Discover merger closed on May 18, 2025, and total net revenue reached 53.4 billion USD in 2025 1. In the third quarter of 2026 total net revenue rose to 16.3 billion USD 3.

SWOT

Strengths

  • The company is the largest U.S. credit card issuer and one of the largest banks by deposits, giving it scale and a broad customer base 1.
  • Capital remains solid, with a CET1 ratio above reference thresholds and an improved capital position over recent years 13.
  • The Discover acquisition brought proprietary payment networks, a customer base and technology that can support revenue diversification 1.

Weaknesses

  • Integration of Discover involves large non-recurring costs and may prove harder or more expensive than initially estimated 1.
  • Provisions for credit losses rose considerably in 2025, reducing net income compared with the prior year 1.
  • Reliance on the credit card portfolio exposes the company to changes in consumer spending and economic cycles 1.

Opportunities

  • The Global Payment Network and the Brex acquisition could extend activity into corporate payments and business solutions 12.
  • If Discover integration synergies are realised, the company could lower costs and improve operating returns 3.
  • Digital infrastructure and advanced data and analytics could support new products and growth in the customer base 3.

Threats

  • Regulation of interchange and network fees could reduce revenue from debit and credit cards 1.
  • Competition from alternative digital payment providers could reduce transaction volume and card acceptance 1.
  • Cyber threats and more sophisticated external fraud could cause financial losses, costs and reputational damage 1.

Risks

  • Discover integration riskhigh

    Integrating Discover's systems, personnel and processes could prove harder and slower than expected, and expected synergies could be delayed or not fully realised 13. If so, the returns on the acquisition could be affected, with possible goodwill write-downs 1.

  • Credit riskhigh

    Delinquencies and credit losses could increase if the economy weakens, and current reserves could prove insufficient 1. Large provisions in 2025 show how sensitive results are to portfolio quality 1.

  • Regulatory riskmedium

    Regulatory changes on fees, debit cards and data protection could reduce revenue and raise compliance costs 1. The company is subject to supervision by several federal and state authorities 1.

  • Interest rate and funding riskmedium

    Interest rate changes could affect net margin and funding costs, and a credit rating downgrade could raise borrowing costs 1. Reliance on deposits and capital markets makes funding sensitive to market conditions 1.

  • Cybersecurity riskmedium

    A cyber-attack or security incident could lead to data loss, business disruption and reputational harm, with legal and financial consequences 1. Greater use of models, data and artificial intelligence adds further operational risks 1.

Investment thesis

What would need to be true (bull case)

  • If the Discover integration achieves its synergies and growth continues in card and auto lending, results could show higher profits in coming periods 3.
  • A leading position in U.S. credit cards, a large deposit base and expansion in global payments could support diversified revenue 1.
  • Improvement in net interest margin and capital ratios could give the company room to manage economic uncertainty 13.

What would break the thesis

  • If integration costs and provisions stay high, profitability could remain below levels seen before the Discover acquisition 1.
  • Payment fee regulation and competitive pressure from digital providers could reduce revenue from payment networks 1.
  • A weaker economy could lead to higher credit losses, especially in the large card portfolio, putting pressure on results 1.

What to watch

  • Progress of Discover integration synergies and level of integration expensesQ4 2026
  • Trend in provisions for credit losses and the net charge-off rateQ4 2026
  • Final confirmation of the CET1 ratio at September 30, 2026, which is still preliminaryQ4 2026
  • Contribution of Brex to revenue and its integration into the business payments segment2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Oct 2026; since then the company filed 10-Q (03 Nov 2026).

The business

Capital One Financial Corporation is a bank and financial holding company, established in 1994, that operates as a global payments provider and diversified financial institution serving consumers, small businesses and commercial clients through digital channels, branches and cafés 1. Its principal operating subsidiary is Capital One, National Association, and in 2025 Discover Financial Services and Discover Bank were merged into Capital One and CONA, adding the Discover, PULSE and Diners Club networks 1. In April 2026 the company completed the Brex acquisition, a corporate card and payments platform, for a total consideration of about 4.5 billion USD 2.

Revenue is derived mainly from lending to consumer and commercial customers, net of funding costs on deposits and borrowings, plus non-interest income such as discount and interchange income and fees 1. Expenses consist of the provision for credit losses, operating, marketing and tax costs 1. Profitability depends on customer usage, expected credit losses and operating efficiency 1.

The company is regulated as a bank holding company by the Federal Reserve, while its national bank is supervised by the OCC, the FDIC and the CFPB 1. Its common stock trades on the NYSE under the symbol COF and is included in the S&P 100 Index 1.

Segments

Credit Card

The Credit Card segment includes domestic consumer card lending, personal loans, domestic small business card lending and international card businesses in the U.K. and Canada 1. Growth in the card portfolio, including through the Discover transaction, drove the increase in loan balances, which reached 276.4 billion USD at the end of the third quarter of 2026 3.

Consumer Banking

The Consumer Banking segment covers deposit gathering and lending for consumers and small businesses, national auto lending and services offered by the Global Payment Network 1. Auto loans grew in the third quarter of 2026, suggesting continued expansion in this segment 3.

Market context

Capital One is among the largest U.S. banks by deposits and was the largest issuer of credit cards in the United States by outstanding card loan balances at December 31, 2025 1. It operates in the U.S., Canada and the U.K., and total deposits stood at 480.7 billion USD at September 30, 2026 3. Expansion in global payments could open new market segments, although competition is intensifying 1.

Competitive position

In cards, the company competes with Visa and Mastercard issuers across all levels, with American Express, private-label brands and, to some extent, debit card issuers 1. In auto lending, deposits and commercial services it faces national, regional and direct banks, savings institutions, credit unions and non-bank lenders 1.

In global payments Capital One competes with traditional players as well as new alternative digital and mobile payment providers, which can affect transaction volume and merchant acceptance 1. The company considers network strength, reach and technological capability to be central to this competition 1.

  • American ExpressAXP

    Card issuer competing directly in premium and corporate card segments 1.

  • VisaV

    Payment network with which Capital One issuers compete and interact in the card market 1.

  • MastercardMA

    Payment network competing in the U.S. credit and debit card market 1.

  • Alternative digital payment providers

    New digital and mobile payment companies and fintech providers competing for transaction volume and customers 1.

News & filings

In the press

SEC filings

  • Quarterly report03 Nov 2026
  • Current report20 Oct 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report20 Oct 2026
    Results of operations · Financial statements and exhibits
  • Current report15 Sept 2026
    Other events · Financial statements and exhibits
  • Current report15 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report15 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report01 Sept 2026
    Amendments to articles or bylaws · Financial statements and exhibits
  • Current report20 Aug 2026
    Other events · Financial statements and exhibits
  • Current report17 Aug 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report28 Jul 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Capital One Financial Corp. · 19 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Capital One Financial Corp. · 28 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Capital One Financial Corp. · 20 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.