Capital One Financial
COF · NYSENational Commercial Banks · Fiscal year ends Dec 31
Capital One Financial reported revenue of $8.1B in the fiscal year ended Dec 2025, up 36.3% from the year before. Net income was $2.5B. Operating cash flow of $27.7B less capital expenditure of $1.6B left free cash flow of $26.1B. It held more cash than debt (net cash $11.1B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.8B | $5.4B | $5.6B | $5.9B | $8.1B |
| Net interest incomeBanks | $24.2B | $27.1B | $29.2B | $31.2B | $42.9B |
| Interest expense | $1.6B | $4.1B | $12.7B | – | – |
| Pre-tax income | $15.8B | $9.2B | $6B | $5.9B | $2.3B |
| Income tax | $3.4B | $1.9B | $1.2B | $1.2B | $193M |
| Net income | $12.4B | $7.4B | $4.9B | $4.8B | $2.5B |
| Diluted EPS | 26.94 | 17.91 | 11.95 | 11.59 | 4.03 |
| Diluted shares | 444M | 393M | 383M | 384M | 541M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $22.1B | $31.3B | $43.8B | $43.7B | $62.1B |
| Net PP&E | $4.2B | $4.4B | $4.4B | $4.5B | $5.6B |
| Goodwill | $14.8B | $14.8B | $15.1B | $15.1B | $28.5B |
| Total assets | $432B | $455B | $478B | $490B | $669B |
| Short-term debt | $820M | $883M | $538M | $562M | $1.1B |
| Long-term debt | $42.3B | $47.8B | $49.3B | $45B | $49.9B |
| DepositsBanks | $311B | $333B | $348B | $363B | $476B |
| Total liabilities | $371B | $403B | $420B | $429B | $555B |
| Shareholders' equity | $61B | $52.6B | $58.1B | $60.8B | $114B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $12.3B | $13.8B | $20.6B | $18.2B | $27.7B |
| Capital expenditure | $698M | $934M | $961M | $1.2B | $1.6B |
| Free cash flow | $11.6B | $12.9B | $19.6B | $17B | $26.1B |
| Depreciation & amortisation | $3.5B | $3.2B | $3.2B | $3.2B | $5.3B |
| Stock-based compensation | $331M | $314M | $513M | $569M | $776M |
| Acquisitions | $669M | $1.2B | $2.8B | $0 | −$16.5B |
| Share buybacks | $7.6B | $4.9B | $718M | $734M | $4.1B |
| Dividends paid | $1.1B | $950M | $931M | $932M | $1.5B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 4.2% | 4.8% | 36.3% |
| EPS growth (YoY) | – | −33.5% | −33.3% | −3.0% | −65.2% |
| Net margin | 259.2% | 135.9% | 86.6% | 80.3% | 30.4% |
| Return on equityBlank when equity is negative | 20.3% | 14.0% | 8.4% | 7.8% | 2.2% |
| Free cash flow margin | 242.9% | 237.7% | 347.5% | 286.6% | 324.2% |
| Cash conversion (CFO ÷ net income) | 0.99x | 1.88x | 4.21x | 3.82x | 11.3x |
| Debt ÷ equity | 0.71x | 0.93x | 0.86x | 0.75x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $21B | $17.5B | $6.1B | $1.9B | −$11.1B |
Recent filings
More in National Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.