Published
{
"ticker": "COF",
"cik": "0000927628",
"company": "Capital One Financial Corporation",
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"notes": [
"Capital One is a bank holding company, so this record uses a banking presentation: net interest income, the provision for credit losses, non-interest income and expense, loans, deposits, book value per share and regulatory capital ratios. Revenue, cost of revenue and capital expenditure are the wrong frame for a lender and are not reported here.",
"Periods reported are exactly those the two filings put on their face. The FY2025 10-K (accession 0000927628-26-000024, filed February 19, 2026) presents statements of income and cash flows for the years ended December 31, 2025, 2024 and 2023 and balance sheets as of December 31, 2025 and 2024. The Q2 2026 10-Q (accession 0000927628-26-000089, filed July 28, 2026) presents the three and six months ended June 30, 2026 and 2025, and balance sheets as of June 30, 2026 and December 31, 2025.",
"Capital One acquired Discover Financial Services on May 18, 2025, so the fiscal 2025 and second-quarter 2025 figures include Discover only from that date and are not like-for-like with 2024 and 2023. Immediately after closing, in the second quarter of 2025, the company recorded an initial allowance for credit losses of $8.8 billion on the acquired loans that were not purchased credit-deteriorated, through the provision for credit losses. That charge sits inside both the $11.4 billion provision reported for the three months ended June 30, 2025 and the $20.7 billion provision reported for fiscal 2025, which is why those provisions, and the earnings below them, are so far above the surrounding periods.",
"Income from discontinued operations is the Discover Home Loans business acquired in the Discover transaction and sold on November 24, 2025. Fiscal 2025 income from discontinued operations of $365 million was driven mainly by a $483 million pre-tax gain on that sale, and the cash flow statement shows $8.8 billion of proceeds from it in investing activities.",
"Capital One completed its acquisition of Brex Inc. on April 7, 2026 for total consideration of approximately $4.5 billion ($2.6 billion of cash and 10.6 million shares with a fair value of $1.9 billion), recognising about $5.8 billion of assets including $3.1 billion of goodwill. Brex is reported within Domestic Card, part of the Credit Card segment, from the second quarter of 2026, which is the main reason goodwill rises from $28.5 billion at December 31, 2025 to $31.9 billion at June 30, 2026.",
"The FY2023 balance sheet is partial by necessity: the 10-K's balance sheet presents only December 31, 2025 and 2024. The December 31, 2023 period-end amounts reported here (total assets, loans held for investment, deposits, borrowings, stockholders' equity, common equity, allowance for credit losses, tangible common equity, book value and tangible book value per share, shares outstanding) are the figures the 10-K prints in its Three-Year Summary of Selected Financial Data and its non-GAAP reconciliation table. No December 31, 2023 total-liabilities figure is printed in this 10-K, so none is reported.",
"Book value per common share is as the 10-K prints it, which is total stockholders' equity divided by period-end common shares outstanding. The 10-Q does not print a book value per common share, so the quarterly entries carry only tangible book value per common share, which both filings print. Tangible book value per common share and the tangible common equity figures are the company's own non-GAAP measures: tangible common equity is common equity less goodwill and other intangible assets, inclusive of related deferred taxes.",
"Investment securities held to maturity appear only in the second-quarter 2026 balance sheet, at $2.7 billion: Capital One held none at December 31, 2025 (the 10-Q prints a dash in that comparative column) and the 10-K's balance sheet shows a single securities-available-for-sale line for 2025 and 2024. So for the annual periods securities available for sale is the whole investment securities portfolio.",
"Share counts are exact where a filing prints them exactly: 625,102,271 shares outstanding at December 31, 2025 and 381,230,343 at December 31, 2024 (from the 10-K balance sheet), and 613,484,836 at June 30, 2026 (from the 10-Q balance sheet). For December 31, 2023 and June 30, 2025 the only counts these filings print are rounded to the nearest hundred thousand (380.4 million and 639.5 million), and that is what is reported.",
"The 10-Q presents cash flows for the six months ended June 30, 2026 and 2025 only, with no three-month column, so no discrete quarterly cash flow figures are reported. The six-month cash flows are in the year-to-date block.",
"The year-to-date block covers the six months ended June 30, 2026, with the six months ended June 30, 2025 held inside it as a comparative. It carries no balance sheet or capital ratios of its own because those are point-in-time amounts as of June 30, 2026 and are already reported in the second-quarter 2026 entry.",
"The trailing-twelve-month block is derived, not filed: fiscal 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. Only figures that add across periods are shown there. No trailing-twelve-month earnings per share or share count is given, because weighted-average share counts are not additive and Capital One's share count changed substantially over the period.",
"Margins, returns, efficiency ratios and charge-off rates are the percentages the filings print. The interim ones are annualized by the company, as its own tables state, so a quarterly return on equity is comparable with an annual one rather than being one quarter of it.",
"Signs follow the statements. Preferred stock dividends and the cash flow lines for dividends paid, treasury stock purchases and premises and equipment are negative, because the filings print them as deductions. The allowance for credit losses is reported as a positive amount, as the company's selected-data and credit-quality tables print it, rather than as the deduction shown on the face of the balance sheet.",
"Segment results are the company's three reportable segments (Credit Card, Consumer Banking, Commercial Banking) plus the Other category, which is a reconciling category holding unallocated items and the residual tax effect and therefore often carries negative revenue. Segment loans held for investment and deposits are point-in-time balances at the period end. Commercial Banking revenue is presented on a taxable-equivalent basis with an offsetting reduction in Other, as the segment note states.",
"Total borrowings equals securitized debt obligations plus total other debt on the balance sheet, which is how the filings' selected-data tables present it: $45.4 billion at June 30, 2026 and $51.0 billion at December 31, 2025.",
"Every figure in this record is taken from the printed financial statements and supporting tables of the two filings named above: the FY2025 10-K (accession 0000927628-26-000024) and the second-quarter 2026 10-Q (accession 0000927628-26-000089).",
"No split, currency or depositary-share adjustment applies. Capital One has had no stock split in this record's period, reports in U.S. dollars, and is a domestic filer rather than an ADR issuer."
],
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"The second quarter of 2025 has no full balance sheet, because this 10-Q's balance sheet presents June 30, 2026 and December 31, 2025. What is reported at June 30, 2025 is only what the 10-Q prints elsewhere: total assets, total stockholders' equity, and tangible common equity and the tangible common equity ratio from the non-GAAP reconciliation table, loans held for investment and deposits from the consolidated total column of the segment note, and shares outstanding and tangible book value per share. Cash, securities, liabilities and the allowance at that date are not reported because this filing does not print them.",
"The regulatory capital ratios at June 30, 2025 - common equity Tier 1, Tier 1, total capital, Tier 1 leverage and supplementary leverage - are not reported: the 10-Q's regulatory capital table presents June 30, 2026 and December 31, 2025 only. The tangible common equity ratio at June 30, 2025 is reported, because the 10-Q's non-GAAP reconciliation prints it. Likewise the allowance coverage ratio, the delinquency rates and the period-end employee count are reported for June 30, 2026 but not for June 30, 2025, which the filing does not print.",
"Trailing-twelve-month figures are arithmetic from three filed periods rather than amounts any filing states. They span the Discover acquisition and the sale of the Discover Home Loans business, so they mix periods of different scope.",
"The December 31, 2023 and June 30, 2025 share counts, and therefore any per-share comparison using them, are rounded to the nearest hundred thousand, because that is the precision the filings print for those dates.",
"Capital One's Global Payment Network volume, purchase volume and average balances are management measures from the selected-data tables rather than audited statement lines; they are reported as printed."
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],
"summary": "Capital One Financial Corporation reported $15.85 billion of total net revenue for Q2 FY2026, the quarter ended June 30, 2026, up 26.9% from a year earlier, and net income of $3.02 billion, or $4.73 per diluted common share, against a net loss of $4.28 billion and a loss of $8.58 per share in the same quarter of 2025. The return to profit came chiefly from a far smaller provision for credit losses, $2.99 billion against $11.43 billion a year earlier, when Capital One recorded the initial allowance on the loans it acquired with Discover Financial Services; higher average credit card loan balances, largely from Discover, also lifted net interest income, and net interest margin reached 8.0%, up 0.4 points. Capital One completed its acquisition of Brex Inc. during the quarter, adding corporate card lending to the Credit Card segment, and continued to absorb Discover integration costs.",
"qa": [
{
"q": "How much revenue did Capital One report in Q2 FY2026?",
"a": "Capital One Financial Corporation reported total net revenue of $15.85 billion for Q2 FY2026, the quarter ended June 30, 2026. That is up 26.9% from $12.49 billion in the same quarter a year earlier, mainly reflecting the credit card and payment network businesses added with Discover Financial Services."
},
{
"q": "What was Capital One's net income in Q2 FY2026?",
"a": "Capital One Financial Corporation earned net income of $3.02 billion in Q2 FY2026, the quarter ended June 30, 2026, or $4.73 per diluted common share. A year earlier Capital One posted a net loss of $4.28 billion, or a loss of $8.58 per share."
},
{
"q": "Why did Capital One swing back to a profit in Q2 FY2026?",
"a": "Capital One Financial Corporation's provision for credit losses was $2.99 billion in Q2 FY2026, down from $11.43 billion a year earlier, when it recorded the initial allowance for credit losses on loans acquired in the Discover Financial Services transaction. The absence of that charge, together with higher net interest income and fee income from a larger credit card book, moved Capital One from a net loss of $4.28 billion to net income of $3.02 billion."
},
{
"q": "What was Capital One's net interest margin in Q2 FY2026?",
"a": "Capital One Financial Corporation's net interest margin was 8.0% in Q2 FY2026, the quarter ended June 30, 2026, up 0.4 points from 7.6% a year earlier. Capital One attributes the higher net interest income behind it to higher average credit card loan balances, largely from the Discover Financial Services acquisition."
}
]
},
"company_details": {
"Name": "Capital One Financial Corp",
"Ticker": "COF",
"CIK": "0000927628",
"Exchange": "NYSE",
"State": "Virginia",
"Incorporation": "Delaware",
"SIC": "6021",
"Office": "Finance",
"Industry": "National Commercial Banks"
},
"next_filing": {
"predicted_date": "2026-11-02",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0000927628-26-000089",
"fiscal_year_end": "1231",
"source": "facts"
},
"source_filings": [
{
"role": "annual",
"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-19",
"accession": "0000927628-26-000024",
"url": "https://www.sec.gov/Archives/edgar/data/927628/000092762826000024/0000927628-26-000024-index.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"filed": "2026-07-28",
"accession": "0000927628-26-000089",
"url": "https://www.sec.gov/Archives/edgar/data/927628/000092762826000089/0000927628-26-000089-index.htm",
"source": "facts"
}
]
}