Capital One (COF) financials
NYSE · Financial Services · Financial - Credit Services · 77,500 employees · CEO Richard D. Fairbank
- Price
- $204.85 -1.86%
- Market cap
- $126B
- Enterprise value
- $127B
- Last report
- Q3 '26 filed 2026-10-20
- Next report
- 2027-01-28
Revenue (TTM)$79.1B+24.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)21.1%+18.5 pp vs a year agoOperating income $16.7B
Net income (TTM)$10.9B+668.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)$16.94+614.8% vs a year agoSum of the last 4 quarters
Net cash$88.9B+1,076.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $126B EV $127B
- Revenue
- $79.1B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 13.7% Net income / revenue, TTM
- P/E
- 12.1×
- P/S
- 1.6× Price / sales, TTM
- EV / EBITDA
- 5.9× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- $10.9B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-28
- Dividend
- $3.20 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 2.7% year on yearQ3 '26 revenue $20.4B, against an average of 37.7% over the four quarters before.
- Operating margin 21.1% (TTM), +18.5 pp on a year agoOperating income grew 918.5% while revenue grew 24.7%.
- 26.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $13.2B vs operating income $16.7B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Diluted share count down 4.7% in a year610M diluted shares in Q3 '26, 640M a year earlier.
- Net cash $88.9BCash + short-term investments $139B, debt incl. leases $49.8B; a year ago net cash $7.56B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $20.4B | $19.8B | +2.7% |
| Gross margin | 66.0% | 64.3% | +1.6 pp |
| Operating income | $4.57B | $4.38B | +4.3% |
| Operating margin | 22.5% | 22.1% | +0.4 pp |
| Net income | $3.54B | $3.19B | +10.9% |
| Diluted EPS | $5.61 | $4.83 | +16.1% |
| Operating cash flow | – | $9.15B | – |
| Capex | – | $387M | – |
| Free cash flow | – | $8.77B | – |
| R&D | $0 | $0 | – |
| Stock-based compensation | – | $174M | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Credit Card | $11.8B | – | 74.2% | – | – | |
| Consumer Banking | $3.21B | – | 20.2% | – | – | |
| Interchange Fees, Contracts | – | – | – | – | – | |
| Commercial Banking | $850M | – | 5.4% | – | – | |
| Other Contract Revenue | – | – | – | – | – | |
| Service Charges And Other Customer Fees, Contracts | – | – | – | – | – | |
| Other | $26M | – | 0.2% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Other | $365M | – | 100.0% | -$296M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 12.1× | 19.4× | 5.2× – 60.1× |
| EV / EBITDA | 5.9× | 7.8× | 4.4× – 16.5× |
| EV / Sales | 1.6× | 1.7× | 1.1× – 2.7× |
| Price / FCF | 3.9× | 4.0× | 2.6× – 5.5× |
| Price / Book | 1.1× | 1.0× | 0.7× – 1.2× |
| FCF yield | 25.6% | 27.4% | 18.1% – 39.1% |
| Return on invested capital | 6.9% | 5.0% | 1.1% – 10.2% |
| Return on equity | 9.7% | 10.5% | 2.2% – 20.3% |
Analysts
Consensus target $252.89 (+23.5%)
range $229.00 – $280.00 · rating Buy
Strong buy0
Buy36
Hold17
Sell4
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 383 figures Capital One Financial Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $92.8B | – | – | – | – | – | |
| $0 | – | – | – | – | – | |
| $2.74B | – | – | – | – | – | |
| $2.71B | – | – | – | – | – | |
| 4.0% | – | – | – | – | – | |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $6.6B2025-12-31 | $5.6B | +17.8% | $6.6B | $5.6B | +17.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$6.3B | -$6.82B | +7.6% | -$5.47B | -$9.29B | +41.1% |
| Additional Paid in Capital | $65.1B | $63.5B | +2.6% | $64B | $36.4B | +75.8% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | $122M | – | – |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $265M | $223M | +18.8% | $722M | $718M | +0.6% |
| Amortization Method Qualified Affordable Housing Project Investments | $6.6B | $5.7B | +15.8% | $6.2B | $5.3B | +17.0% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $195M | $180M | +8.3% | $696M | $701M | -0.7% |
| Amortization of Intangible Assets | $507M | $271M | +87.1% | $1.33B | $77M | +1,622.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $207M | $214M | -3.3% | $743M | $555M | +33.9% |
| Assets | $674B | $659B | +2.3% | $669B | $490B | +36.5% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $73B2025-12-31 | $50.8B | +43.8% | $73B | $50.8B | +43.8% |
| Banking Regulation, Supplementary Leverage Ratio, Actual | 10.6%2025-12-31 | 9.9% | +7.1% | 10.6% | 9.9% | +7.1% |
| Banking Regulation, Tier One Leverage Capital Ratio, Actual | 12.5%2025-12-31 | 11.6% | +7.8% | 12.5% | 11.6% | +7.8% |
| Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 4.0%2025-12-31 | 4.0% | 0.0% | 4.0% | 4.0% | 0.0% |
| Banking Regulation, Tier One Leverage Capital, Actual | $78.5B2025-12-31 | $55.7B | +41.0% | $78.5B | $55.7B | +41.0% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 15.3%2025-12-31 | 14.8% | +3.4% | 15.3% | 14.8% | +3.4% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 6.0%2025-12-31 | 6.0% | 0.0% | 6.0% | 6.0% | 0.0% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 6.0%2025-12-31 | 6.0% | 0.0% | 6.0% | 6.0% | 0.0% |
| Banking Regulation, Tier One Risk-Based Capital, Actual | $78.5B2025-12-31 | $55.7B | +41.0% | $78.5B | $55.7B | +41.0% |
| Banking Regulation, Total Capital, Actual | $88B2025-12-31 | $61.8B | +42.4% | $88B | $61.8B | +42.4% |
| Banking Regulation, Total Risk-Based Capital Ratio, Actual | 17.2%2025-12-31 | 16.4% | +4.9% | 17.2% | 16.4% | +4.9% |
| Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 8.0%2025-12-31 | 8.0% | 0.0% | 8.0% | 8.0% | 0.0% |
| Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 10.0%2025-12-31 | 10.0% | 0.0% | 10.0% | 10.0% | 0.0% |
| Cash and Due from Banks | $4.83B | $4.85B | -0.4% | $3.03B | $3.03B | +0.1% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$83M | $55M | -250.9% | -$349M | -$624M | +44.1% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | $70M2025-12-31 | -$4M | +1,850.0% | $84M | -$4M | +2,200.0% |
| Cash, Cash Equivalents, and Federal Funds Sold | $54.7B | $59.1B | -7.4% | $57.4B | $43.2B | +32.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $55.9B | $61.6B | -9.3% | $62.1B | $43.7B | +42.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$23.4B | $12.6B | -285.3% | $18.4B | -$84M | +22,031.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 15M2025-12-31 | 19M | -21.1% | 15M | 19M | -21.1% |
| Common Stock, Dividends, Per Share, Declared | $0.80 | $0.60 | +33.3% | $1.602017-12-31 | $1.60 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 714M | 707M | +1.0% | 709M | 702M | +0.9% |
| Common Stock, Shares, Outstanding | 613M | 640M | -4.1% | 625M | 381M | +64.0% |
| Common Stock, Value, Issued | $7M | $7M | 0.0% | $7M | $7M | 0.0% |
| Communications and Information Technology | $489M | $413M | +18.4% | $1.77B | $1.46B | +21.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.6B | -$3.57B | +172.9% | $6.27B | $3.73B | +68.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.48B | $1.6B | -7.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $90M | $23M | +291.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.1B | $2.02B | +4.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $527M | $395M | +33.4% |
| Debt and Equity Securities, Gain (Loss) | $02025-12-31 | $0 | – | $0 | -$35M | +100.0% |
| Debt and Lease Obligation | $45.4B | $52.7B | -13.9% | $51B | $45.6B | +12.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $343M | $241M | +42.3% | $486M | $148M | +228.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $7.25B | $8.47B | -14.3% | $7.09B | $10.1B | -30.0% |
| Debt Securities, Available-for-sale, Change in Present Value, Interest Income | – | – | – | $207M2021-12-31 | $230M | -10.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $45.8B | $54.5B | -15.9% | $52.2B | $55.3B | -5.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $7.12B | $8.38B | -15.0% | $7.08B | $9.93B | -28.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $16.7B | $12.6B | +32.8% | $2.19B | $15.2B | -85.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $133M | $87M | +52.9% | $6M | $194M | -96.9% |
| Debt Securities, Available-for-sale, Gain (Loss) | $02025-09-30 | -$35M | +100.0% | $26M2019-12-31 | -$209M | +112.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $75B | $75.5B | -0.6% | $76.7B | $75.6B | +1.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $68.4B | $67.6B | +1.3% | $70.3B | $66.1B | +6.4% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $8.8B | $6.78B | +29.8% | $8.62B | $5.76B | +49.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01