$COF-PL

CAPITAL ONE FINANCIAL CORP

CIK:0000927628|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including loans held for sale	$ 14,911	$ 12,449	$ 29,646	$ 22,606
Investment securities	850	784	1,682	1,554
Other	624	595	1,288	1,086
Total interest income	16,385	13,828	32,616	25,246
Interest expense:
Deposits	3,338	3,120	6,725	5,835
Securitized debt obligations	117	164	258	340
Senior and subordinated notes	535	535	1,067	1,040
Other borrowings	21	14	47	23
Total interest expense	4,011	3,833	8,097	7,238
Net interest income	12,374	9,995	24,519	18,008
Provision for credit losses	2,989	11,430	7,057	13,799
Net interest income (loss) after provision for credit losses	9,385	(1,435)	17,462	4,209
Non-interest income:
Discount and interchange fees, net	2,256	1,478	4,220	2,701
Service charges and other customer-related fees	808	658	1,617	1,167
Other	412	361	725	616
Total non-interest income	3,476	2,497	6,562	4,484
Non-interest expense:
Salaries and associate benefits	3,769	2,999	7,440	5,545
Occupancy and equipment	969	737	1,836	1,352
Marketing	1,661	1,345	3,158	2,547
Professional services	667	653	1,252	1,090
Communications and data processing	489	413	985	812
Amortization of intangibles	507	271	999	287
Other	981	573	1,837	1,260
Total non-interest expense	9,043	6,991	17,507	12,893
Income (loss) from continuing operations before income taxes	3,818	(5,929)	6,517	(4,200)
Income tax provision (benefit)	798	(1,666)	1,316	(1,341)
Income (loss) from continuing operations, net of tax	3,020	(4,263)	5,201	(2,859)
Income (loss) from discontinued operations, net of tax	0	(14)	(7)	(14)
Net income (loss)	3,020	(4,277)	5,194	(2,873)
Dividends and undistributed earnings allocated to participating securities	(28)	(4)	(48)	(9)
Preferred stock dividends	(57)	(65)	(130)	(122)
Discount on redeemed preferred stock	0	6	0	6
Net income (loss) available to common stockholders	$ 2,935	$ (4,340)	$ 5,016	$ (2,998)
Basic earnings per common share:
Net income (loss) from continuing operations (in dollars per share)	$ 4.73	$ (8.55)	$ 8.08	$ (6.71)
Net loss from discontinued operations (in dollars per share)		(0.03)	(0.01)	(0.03)
Net income (loss) per basic common share (in dollars per share)	4.73	(8.58)	8.07	(6.74)
Diluted earnings per common share:
Net income (loss) from continuing operations (in dollars per share)	4.73	(8.55)	8.08	(6.71)
Net loss from discontinued operations (in dollars per share)	0	(0.03)	(0.01)	(0.03)
Net income (loss) per diluted common share (in dollars per share)	$ 4.73	$ (8.58)	$ 8.07	$ (6.74)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Income (loss) from continuing operations, net of tax	$ 5,201	$ (2,859)
Income (loss) from discontinued operations, net of tax	(7)	(14)
Net income (loss)	5,194	(2,873)
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses	7,057	13,799
Depreciation and amortization, net	3,095	1,823
Deferred tax provision	311	(2,262)
Stock-based compensation expense	346	402
Other, net	24	68
Loans held for sale:
Originations and purchases	(1,932)	(2,297)
Proceeds from sales and paydowns	2,495	2,394
Changes in operating assets and liabilities:
Changes in interest receivable	63	85
Changes in other assets	(1,591)	(717)
Changes in interest payable	(28)	(125)
Changes in other liabilities	(567)	538
Net change from discontinued operations	0	(102)
Net cash from operating activities	14,467	10,733
Investment securities available for sale:
Purchases	(9,729)	(6,627)
Proceeds from paydowns and maturities	9,542	8,910
Proceeds from sales	662	1
Investment securities held to maturity:
Purchases	(2,498)	0
Proceeds from paydowns and maturities	34	0
Proceeds from sales of securities related to the Transaction	0	9,696
Net changes in loans originated as held for investment	(10,483)	(9,619)
Changes in premises and equipment	(920)	(747)
Net cash (used) received in acquisitions	(2,201)	16,464
Net cash used in other investing activities	(873)	(762)
Net cash from (used in) investing activities	(16,466)	17,316
Financing activities:
Changes in deposits	8,469	(1,468)
Issuance of long-term debt	2,988	1,742
Maturities and paydowns of long-term debt	(8,860)	(9,008)
Changes in other borrowings	(397)	173
Common stock:
Net proceeds from issuances	258	204
Dividends paid	(1,002)	(622)
Preferred stock:
Dividends paid	(130)	(122)
Redemptions	0	(500)
Purchases of treasury stock	(5,540)	(542)
Proceeds from share-based payment activities	1	1
Net cash used in financing activities	(4,213)	(10,142)
Changes in cash, cash equivalents and restricted cash for securitization investors	(6,212)	17,907
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period	62,093	43,671
Cash, cash equivalents and restricted cash for securitization investors, end of the period	55,881	61,578
Supplemental cash flow information:
Interest paid	7,941	6,604
Income taxes paid	742	221
Reissuance of treasury stock, issuance of preferred stock and stock-based compensation awards related to acquisitions	$ 1,891	$ 51,790

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents:
Cash and due from banks	$ 4,834	$ 3,031
Interest-bearing deposits and other short-term investments	49,880	54,403
Total cash and cash equivalents	54,714	57,434
Restricted cash for securitization investors	1,167	4,659
Investment securities available for sale (amortized cost basis of $97.0 billion and $97.7 billion as of June 30, 2026 and December 31, 2025, respectively; allowance for credit losses of $3 million as of both June 30, 2026 and December 31, 2025)	90,041	91,051
Investment securities held to maturity	2,737	0
Total investment securities	92,778	91,051
Loans held for investment:
Total loans held for investment	457,168	453,622
Allowance for credit losses	(22,966)	(23,409)
Net loans held for investment	434,202	430,213
Loans held for sale ($206 million and $755 million carried at fair value as of June 30, 2026 and December 31, 2025, respectively)	264	760
Premises and equipment, net	6,244	5,602
Interest receivable	3,432	3,492
Goodwill	31,866	28,509
Other intangible assets	16,077	16,578
Other assets	33,091	30,711
Total assets	673,835	669,009
Liabilities:
Interest payable	816	844
Deposits:
Non-interest-bearing deposits	27,793	27,385
Interest-bearing deposits	456,464	448,386
Total deposits	484,257	475,771
Securitized debt obligations	8,502	12,853
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase	694	587
Senior and subordinated notes	35,620	36,001
Other borrowings	555	1,559
Total other debt	36,869	38,147
Other liabilities	29,598	27,778
Total liabilities	560,042	555,393
Commitments, contingencies and guarantees (see Note 14)
Stockholders’ equity:
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; 4,980,700 shares issued and outstanding as of both June 30, 2026 and December 31, 2025)	0	0
Common stock (par value $0.01 per share; 1,000,000,000 shares authorized; 714,105,102 and 708,546,381 shares issued as of June 30, 2026 and December 31, 2025, respectively; 613,484,836 and 625,102,271 shares outstanding as of June 30, 2026 and December 31, 2025, respectively)	7	7
Additional paid-in capital, net	65,105	64,031
Retained earnings	69,250	65,192
Accumulated other comprehensive loss	(6,300)	(5,468)
Treasury stock, at cost (par value $0.01 per share; 100,620,266 and 83,444,110 shares as of June 30, 2026 and December 31, 2025, respectively)	(14,269)	(10,146)
Total stockholders’ equity	113,793	113,616
Total liabilities and stockholders’ equity	673,835	669,009
Allowance for Credit Losses	$ (3)	$ (3)
Preferred stock, shares outstanding (in shares)	4,980,700	4,980,700
Preferred stock, shares issued (in shares)	4,980,700	4,980,700
Unsecuritized loans held for investment
Loans held for investment:
Total loans held for investment	$ 431,440	$ 425,665
Loans held in consolidated trusts
Loans held for investment:
Total loans held for investment	25,728	27,957
Total assets	29,965	35,070
Other debt:
Total liabilities	$ 8,902	$ 13,277