Company file · COF
Capital One
Capital One's revenue jumped in 2025 after it bought Discover, while net income fell
Total net revenue rose 36.6% to $53.4B. Net income fell 48.4% to $2.5B.
Key facts
Capital One (NYSE: COF) reported total net revenue of $53.4B for fiscal 2025, the year ended Dec 31, 2025, up 36.6% from fiscal 2024. Net income was $2.5B, down 48.4%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net revenue was $15.8B, up 26.9% from the same quarter a year earlier, and net income was $3.0B. The largest piece by segment (before Other) was Credit Card, at 74% of fiscal 2025 total net revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).
Source: 10-K FY2025, filed Feb 19, 2026
How it makes money
By segment (before Other), FY2025
- LineAmountSharevs FY2024
- Credit Card$39.6B74%+40.5%
- Consumer Banking$10.4B19%+19.7%
- Commercial Banking$3.7B7%+1.5%
Source: 10-K FY2025, XBRL breakdown
Credit Card was 74% of 2025 segment revenue, Consumer Banking 19% and Commercial Banking 7%. Net interest income was $42.9B, 80% of total net revenue.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Capital One 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026
By segment
Source: Capital One 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026
The bull case and the bear case
The bull case
- Total net revenue rose 36.6% in 2025 to $53.4B, and Credit Card revenue grew 40.5%. 10-K, FY2025
- Deposits rose 31.2% in 2025 to $475.8B. 10-K, FY2025
- Net revenue in the quarter ended Jun 30, 2026 was $15.8B, up 26.9% on a year earlier, and net income rose 170.6% to $3.0B. 10-Q, quarter ended Jun 30, 2026
The bear case
- Net income fell 48.4% in 2025 to $2.5B, including higher credit-loss provisions after the Discover deal, as the 10-K explains. 10-K, FY2025
- Diluted shares rose 41.1% in 2025, mostly from shares issued to buy Discover. 10-K, FY2025
- Credit Card was 74% of 2025 segment revenue, so results depend on consumers repaying card debt. 10-K, FY2025
- The 10-K lists credit losses, integrating Discover, competition, regulation and cyberattacks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Capital One is one of the largest US credit card issuers and also runs a consumer bank, auto lending and commercial banking. It bought Discover, including its payment network, in 2025.
Credit Card issues cards to consumers and small businesses in the US, Canada and the UK, and now includes Discover's cards and network. Consumer Banking takes deposits and makes auto loans. Commercial Banking lends to and serves businesses.
Most revenue is net interest income on card balances and other loans. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Capital One's latest 10-K. Read the original for the full list.
- CreditCard and auto borrowers may not repay, especially in a weaker economy.
- IntegrationCombining Discover's systems, network and staff may cost more or take longer than planned.
- CompetitionIt competes with large banks, card issuers and payment networks.
- RegulationRules on card fees, capital and consumer lending can limit what it earns.
- FundingIt relies on deposits and debt markets to fund loans.
- CybersecurityIt holds data on tens of millions of customers.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total net revenue | $36.8B | $39.1B | $53.4B |
| Net income | $4.9B | $4.8B | $2.5B |
| Net interest income | $29.2B | $31.2B | $42.9B |
| Noninterest revenue | $7.5B | $7.9B | $10.6B |
| Deposits (year end) | $348.4B | $362.7B | $475.8B |
| Total assets (year end) | $478.5B | $490.1B | $669.0B |
| Shareholders' equity (year end) | $58.1B | $60.8B | $113.6B |
| Diluted shares | 383M | 384M | 541M |
- Total net revenue: Net interest income on card and other loans plus fees such as interchange, after interest expense.
- Net income: Profit after all costs, credit-loss provisions and taxes.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Banks don't report revenue the way other companies do. Revenue here is net interest income plus noninterest income, after interest expense, as Capital One reports it.
- Segment revenue is before the Other category, so the segments don't add up exactly to the total.
- Figures from mid-May 2025 on include Discover, so 2025 isn't directly comparable with 2024.
- The provision for credit losses isn't shown: it isn't tagged in a form that could be matched to a consistent three-year series.
What we left out
- Operating cash flow: for a bank it mostly reflects trading and lending flows and says little about the business, so we leave it out.
- Total debt: borrowing is a normal part of how a bank funds itself, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: a bank's cash is mostly balances held with central banks for liquidity, not a cushion in the usual sense, so it isn't shown.
Recent filings
Latest filings
- Oct 204:06 PM ET
8-K
Capital One files an 8-K on investor materials (Reg FD)
Capital One filed a Form 8-K on Oct 20, 2026 at 4:06 PM ET under Item 7.01 (Regulation FD Disclosure).
- Oct 204:05 PM ET
8-K
Capital One files an 8-K on quarterly results
Capital One filed a Form 8-K on Oct 20, 2026 at 4:05 PM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 194:05 PM ET
Form 4
Capital One Pres Lia Dean reports selling 1,887 shares under a 10b5-1 plan
The filing reports 1,887 shares in an open-market or private sale (code S) at $195.86, about $369,588 in total.
- Oct 194:05 PM ET
Form 4
Capital One Pres Celia Karam reports selling 1,927 shares under a 10b5-1 plan
The filing reports 1,927 shares in an open-market or private sale (code S) at $195.86, about $377,422 in total.
- Oct 74:09 PM ET
Form 4
Capital One General Counsel & Corp Secy Matthew W. Cooper reports selling 3,500 shares under a 10b5-1 plan
The filing reports 3,500 shares in an open-market or private sale (code S) at $196.22, about $686,770 in total.
Common questions about Capital One
How does Capital One make money?
Capital One's total net revenue was $53.4B in fiscal 2025. Credit Card was 74% of 2025 segment revenue, Consumer Banking 19% and Commercial Banking 7%. Net interest income was $42.9B, 80% of total net revenue. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What was Capital One's revenue in fiscal 2025?
$53.4B of total net revenue for the fiscal year ended Dec 31, 2025, up 36.6% from $39.1B in fiscal 2024. Fiscal 2023 was $36.8B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
Is Capital One profitable?
Capital One reported net income of $2.5B for fiscal 2025, down 48.4% from $4.8B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $3.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What did Capital One report in its latest quarterly filing?
Net revenue was $15.8B in the quarter ended Jun 30, 2026, up 26.9% from $12.5B a year earlier. Net income was $3.0B, compared with −$4.3B from −$4.3B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.
What are the main risks Capital One lists?
Capital One's 10-K for fiscal 2025, filed Feb 19, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Credit; integration; competition; regulation; funding; cybersecurity. The first: Card and auto borrowers may not repay, especially in a weaker economy. Source: 10-K, Item 1A Risk Factors.
Where do these Capital One numbers come from?
From Capital One's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in COF
- The editor holds no position in Capital One (COF). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell COF from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold COF, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Capital OneCOF | FY2025 | $53.4B | +36.6% | $2.5B |
| American ExpressAXP | FY2025 | $72.2B | +9.5% | $10.8B |
| JPMorgan ChaseJPM | FY2025 | $182.4B | +2.8% | $57.0B |
| Bank of AmericaBAC | FY2025 | $113.1B | +6.8% | $30.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.