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Capital One Financial (COF) FY2025 results: revenue $53.4 billion, up 36.6% on the year

Capital One Financial Corp. (COF) reported revenue of $53.4 billion for fiscal 2025, the year ended 31 December 2025, up 36.6% on the year before. Net income was $2.5 billion, down 48.4%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$53.4 billion
+36.6% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$2.5 billion
-48.4% on the year
FY2018FY2025
Diluted EPS
$4.03
-65.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Quarterly net income lower than third quarter: Net income was $2.1 billion, or $3.26 per diluted share, against $4.83 in the third quarter and $2.67 a year earlier. Adjusted net income was $3.86 per diluted share.
  • Credit Card drove most loan growth: Credit Card period-end loans rose $8.5 billion, or 3 percent, to $279.6 billion, most of the $10.5 billion rise in total period-end loans held for investment.
  • Non-interest expense rose 13 percent: Non-interest expense rose 13 percent to $9.3 billion in the quarter, compared with the third quarter.
  • Net interest margin eased 10 basis points: Net interest margin was 8.26 percent, with an adjusted margin of 8.28 percent.
  • Provision rose to $4.1 billion: Provision for credit losses rose $1.4 billion to $4.1 billion in the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

Capital One is a Delaware corporation established in 1994 and run from McLean, Virginia. It was the largest issuer of credit cards in the United States by outstanding credit card loan balance at the end of 2025. In May 2025 it bought Discover, which changed what the company is: alongside issuing cards, it now owns and runs payment networks of its own.

Capital One Financial Corp., the 10-K for 2025

Capital One is a Delaware corporation established in 1994 and run from McLean, Virginia. It was the largest issuer of credit cards in the United States by outstanding credit card loan balance at the end of 2025. In May 2025 it bought Discover, which changed what the company is: alongside issuing cards, it now owns and runs payment networks of its own.

What it sells

Credit cards first. Beside them, debit cards, bank lending, treasury management, depository services, car loans and other consumer lending across the United States. The Discover acquisition added personal loans. Customers reach it through digital channels, branches, cafés, call centres and cash machines, and the company describes itself as one of the largest banks in the country by deposits at the end of 2025.

The networks it acquired

This is the part of the business that did not exist before May 2025, and it is a different kind of business from lending. The Discover Network processes transactions for credit and debit cards issued on it, and handles payment processing and settlement. The PULSE Network runs an electronic funds transfer network, giving banks that issue debit cards on it access to cash machines in the United States and abroad, and merchant acceptance across the United States. Diners Club International is a network of licensees, generally financial institutions, that issue Diners Club charge cards or provide card acceptance. Around those sit agreements with banks, financial technology firms, networks and other commercial providers, which the company calls Network Partners, for card issuing, payments processing and related services. Together these four make up what the filing calls the Global Payment Network.

How the deal was done

Capital One signed the merger agreement with Discover on 19 February 2024 and closed it on 18 May 2025. On closing, Discover merged into Capital One and Discover Bank merged into Capital One, National Association, the group's principal operating subsidiary and the entity the filing calls the Bank.

Outside the United States

Credit card products and some other services are sold abroad mainly through Capital One (Europe) plc, an indirect subsidiary organised and located in the United Kingdom, and through a Capital One, National Association branch in Canada. Both are authorised to provide credit card loans. The Global Payment Network services are offered globally.

What the company says about how it grows

The filing is direct about acquisition being part of the plan rather than an exception to it. It says the company regularly explores and evaluates opportunities to acquire financial products, services and financial assets, including credit card and other loan portfolios, and to enter strategic partnerships, as part of its growth strategy. It also says it looks at acquiring technology companies and related assets to improve its information technology and deliver on its digital strategy, that it may issue equity or debt to fund acquisitions, and that it regularly considers disposing of assets, branches, partnership agreements or whole lines of business.

From Capital One's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue53,43439,11236,787+36.6%
Interest expensen/an/a12,697
Pre-tax income2,2815,9106,045-61.4%
Income tax1931,1631,158-83.4%
Effective tax rate8.5%19.7%19.2%
Net income2,4534,7504,887-48.4%
Net margin4.6%12.1%13.3%
Diluted EPS$4.03$11.59$11.95-65.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow27,71818,15920,575+52.6%
Capital expenditure1,5781,204961+31.1%
Free cash flow26,14016,95519,614+54.2%
Cash from investing-444-26,410-21,920
Cash from financing-8,8528,16713,844
Depreciation and amortisation5,2603,2373,226+62.5%
Share-based compensation776569513+36.4%
Buybacks4,099734718+458.4%
Dividends paid1,516932931+62.7%
Diluted shares, weighted541m384m383m+41.1%
Shares outstanding at period end625m381m380m+64.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity113,61660,78458,089+86.9%
Deposits475,771362,707348,413+31.2%
Repurchase agreements587562538+4.4%
Debt51,00045,55149,856+12.0%
Other liabilities28,03520,54021,568+36.5%
Total liabilities and equity669,009490,144478,464+36.5%
Fixed assets5,6024,5114,375+24.2%
Goodwill28,50915,05915,065+89.3%
Intangible assets16,578233310+7,015.0%
Securities held for sale or to maturity91,05183,01379,117+9.7%
Cash and equivalents62,09343,67143,755+42.2%
Other assets465,176343,657335,842+35.4%
Total assets669,009490,144478,464+36.5%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.