Net income of $3.2 billion or $4.83 per diluted share; adjusted EPS of $5.95 reflecting Discover integration costs.
Revenue increased 23% q/q (+$2.9 billion); net interest margin at 8.36% (+74 bps) driven by full quarter Discover impact.
Provision for credit losses of $2.7 billion with a $760 million allowance release; portfolio coverage ratio at 5.21%.
CET1 ratio of 14.4%; new $16 billion share repurchase authorization and dividend raised to $0.80 per share starting Q4.
Discover acquisition integration progressing; on track for $2.5 billion synergies, with revenue synergies ramping in Q4 and early 2026.

Oct 21, 2025, 9:00 PM

Transcript

Capital One announces Q3 2025 results

COF

Earnings

Share Buyback

Capital One reported net income of $3.2 billion (GAAP) or $4.83 per diluted share, and adjusted EPS of $5.95 in Q3 2025.
Net interest income rose to $12.4 billion, with net interest margin up 74 bps to 8.36%, driven by the Discover acquisition and higher card yields.
Provision for credit losses totaled $2.7 billion, with an allowance coverage ratio of 5.21%, while the credit card net charge-off rate was 4.61%.
Operational efficiency improved: efficiency ratio of 53.80% (adjusted 47.96%) and operating efficiency ratio of 44.66% (adjusted 38.89%).
Common Equity Tier 1 ratio strengthened to 14.4%; repurchased $1.0 billion of shares and authorized up to $16 billion in new buybacks.

Oct 21, 2025, 9:00 PM

Presentation

Capital One reports Q3 2025 results

COF

Earnings

M&A

Share Buyback

Capital One earned $3.2 B (GAAP) or $4.83 per diluted share; adjusted EPS was $5.95, and revenue rose 23% QoQ on a full quarter of Discover operations.
Net interest margin expanded to 8.36%, up 74 bps, driven by the Discover acquisition (~45 bps) and higher yields on legacy card loans.
Provision for credit losses was $2.7 B; a $760 M allowance release lifted the allowance balance to $23.1 B, with a coverage ratio of 5.21%.
Common Equity Tier 1 ratio increased to 14.4%; the board authorized a $16 B share repurchase program and plans to raise the quarterly dividend from $0.60 to $0.80 starting in Q4.
Discover integration remains on track to deliver $2.5 B in synergies; near-term domestic card loan growth will be tempered by Discover origination pullbacks and planned policy adjustments.

Oct 21, 2025, 9:00 PM

Transcript

Capital One reports Q3 2025 results

COF

Earnings

Net income of $3.2 billion (EPS $4.83), compared with a net loss of $4.3 billion in Q2 2025
Total net revenue grew 23% year-over-year to $15.4 billion
Provision for credit losses decreased by $8.7 billion to $2.7 billion, with net charge-offs of $3.5 billion
Net interest margin expanded 74 bps to 8.36%, and the efficiency ratio was 53.80%
Adjusted net income per share was $5.95, reflecting Discover integration expenses

Oct 21, 2025, 8:05 PM

8-K

Capital One Financial reports Q3 2025 earnings

COF

Earnings

Capital One Financial reported third quarter 2025 net income of $3.2 billion, or $4.83 per share, compared with a net loss of $4.3 billion in Q2 2025 and net income of $1.8 billion in Q3 2024.
Total net revenue rose 23% to $15.4 billion; net interest margin widened to 8.36%, up 74 basis points quarter-over-quarter.
Provision for credit losses decreased by $8.7 billion to $2.7 billion, including net charge-offs of $3.5 billion and a $760 million reserve release.
Discover integration continued, with Q3 adjusting items of $348 million in integration expenses and $498 million in intangible amortization.

Oct 21, 2025, 8:05 PM

Press Release

Capital One Financial issues $2.75 billion of fixed-to-floating senior notes

COF

Debt Issuance

On September 11, 2025, Capital One closed a public offering of $1.25 billion 4.493% fixed-to-floating rate senior notes due September 11, 2031 and $1.5 billion 5.197% fixed-to-floating rate senior notes due September 11, 2036 under its Senior Indenture.
The offering was managed by Citigroup, Goldman Sachs, Morgan Stanley, RBC Capital Markets and Capital One Securities pursuant to an underwriting agreement dated September 8, 2025.
The 2031 notes bear 4.493% fixed interest through September 11, 2030 then float at SOFR + 125 bps, and the 2036 notes bear 5.197% fixed interest through September 11, 2035 then float at SOFR + 163 bps, paying semi-annual then quarterly interest.
The 2031 notes were priced at 99.650% of par with a re-offer yield of 4.493% (spread + 92 bps to USTs maturing August 31, 2030) and the 2036 notes at 99.550% of par.

Sep 11, 2025, 9:13 PM

8-K

Capital One Financial reports July 2025 credit charge-off metrics

COF

Capital One Financial Corporation furnished its July 31, 2025 monthly charge-off and delinquency metrics under Regulation FD in an 8-K filed on August 14, 2025.
Credit Card net charge-offs totaled $1,010 million at a 4.83% annualized rate; 30+ day performing delinquencies were $9,324 million (3.67%) as of period end.
Auto net charge-offs were $106 million at a 1.59% rate; 30+ day performing delinquencies reached $4,082 million (5.05%), and nonperforming loans totaled $607 million (0.75%).

Aug 15, 2025, 12:00 AM

8-K

Capital One posts Q2 loss amid Discover acquisition

COF

Earnings

M&A

Completed $35 billion Discover acquisition in May 2025 led to a net loss of $4.3 billion in Q2 due to significant one-time expenses.
Revenue increased 31% YoY to $12.5 billion, driven by a 32% jump in net interest income to $10 billion.
Adjusted EPS of $5.48 surpassed analyst expectations, signaling underlying profitability.
Spent $9.4 billion on acquisition-related items in Q2 and expects $1.5 billion in integration expenses in 2027.

Jul 22, 2025, 8:44 PM

Bloomberg

Capital One poised to leverage stress test results amid resilient markets

COF

Share Buyback

U.S. markets shrugged off Canada’s new digital services tax, with the Dow up 422 points and both the S&P and Nasdaq rising 0.52%, each closing at record highs.
Individual investors’ strategy of staying invested and adding to positions on market dips has outperformed institutional trading in this volatile period.
The annual Russell rebalancing drove notable end-of-day moves in less liquid stocks, which are expected to reverse on Monday.
All 22 banks passed the Federal Reserve’s stress tests, unlocking substantial share buybacks; Capital One is highlighted as particularly well-positioned to benefit from this capital return opportunity.

Jun 27, 2025, 11:48 PM

CNBC Television

Capital One reports May 2025 credit metrics

COF

M&A

Capital One filed a Form 8-K on June 13, 2025, to furnish its May 31, 2025 monthly charge-off and delinquency metrics.
For domestic credit cards, loans averaged $149.6 billion, with a 5.57% net charge-off rate and 3.85% 30+ day delinquency rate.
Auto loans averaged $78.9 billion, with a 1.04% net charge-off rate, 4.70% 30+ day delinquency rate, and 0.76% nonperforming loan rate.
Completed acquisition of Discover Financial Services on May 18, 2025; reported metrics exclude Discover operations.

Jun 16, 2025, 12:00 AM

8-K

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