Capital One Financial Corporation (COF) is a diversified financial services holding company that operates through both banking and non-banking subsidiaries. The company provides a wide array of financial products and services to consumers, small businesses, and commercial clients via digital channels, branch locations, cafés, and other distribution channels . COF's operations are primarily organized into three major business segments: Credit Card, Consumer Banking, and Commercial Banking, each contributing significantly to the company's revenue through various lending and financial services .
- Credit Card - Engages in domestic consumer and small business card lending, as well as international card businesses in the United Kingdom and Canada, significantly contributing to the company's revenue.
- Consumer Banking - Involves deposit gathering and lending activities for consumers and small businesses, along with national auto lending.
- Commercial Banking - Provides lending, deposit gathering, capital markets, and treasury management services to commercial real estate and industrial customers.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Richard D. Fairbank ExecutiveBoard | Chairman and CEO | N/A | Richard D. Fairbank is the Chairman and CEO of COF. He has been in this role since the company's founding. | View Report → |
Andrew M. Young Executive | Chief Financial Officer | N/A | Andrew M. Young joined COF in June 1996 and has been CFO since March 2021. | View Report → |
Celia S. Karam Executive | President of Retail Bank | N/A | Celia S. Karam joined COF in July 2006 and became President of Retail Bank in August 2022. | |
Kaitlin Haggerty Executive | Chief Human Resources Officer | N/A | Kaitlin Haggerty joined COF in October 2017 and became CHRO in February 2022. | View Report → |
Lia N. Dean Executive | President of Banking and Premium Products | N/A | Lia N. Dean joined COF in April 2014 and became President of Banking and Premium Products in July 2022. | |
Matthew W. Cooper Executive | General Counsel and Corporate Secretary | N/A | Matthew W. Cooper joined COF in January 2009 and has held various legal roles, currently serving as General Counsel and Corporate Secretary. | |
Michael Zamsky Executive | Chief Credit and Financial Risk Officer | N/A | Michael Zamsky has been with COF for over 27 years and became Chief Credit and Financial Risk Officer in September 2023. | |
Sheldon “Trip” Hall Executive | Senior Advisor to the CEO | N/A | Sheldon “Trip” Hall joined COF in June 1997 and has been a Senior Advisor to the CEO since September 2023. | |
Ann Fritz Hackett Board | Lead Independent Director | Member of Tapestry Networks’ Lead Director Network; Board Member at Fortune Brands Innovations, Inc. and MasterBrand, Inc. | Ann Fritz Hackett has been a director at COF since 2004 and is involved in various external roles, including board memberships. | |
Bradford H. Warner Board | Director | N/A | Bradford H. Warner has been a director at COF since 2008 and has extensive experience in banking leadership roles. | |
C.P.A.J. (Eli) Leenaars Board | Director | Board Member at Kotak Mahindra Bank Limited; Member of the Executive Committee of the Trilateral Commission | Eli Leenaars has been a director at COF since 2019 and holds significant roles outside of COF. | |
Christine Detrick Board | Director | Chairman of the Board at Hartford Mutual Funds and Altus Power; Board Member at CRA International, Inc. | Christine Detrick has been a director at COF since 2021 and holds several board positions outside of COF. | |
Craig Williams Board | Director | President, Jordan Brand, Nike, Inc. | Craig Williams has been a director at COF since 2021 and is the President of Jordan Brand at Nike, Inc. | |
Eileen Serra Board | Director | Director and Member of the Compensation Committee at Gartner, Inc. | Eileen Serra has been a director at COF since 2020 and has extensive experience in the financial services industry. | |
Franƈois Locoh-Donou Board | Director | President, CEO, and Director of F5 Networks, Inc.; Co-founder and Chairman of Cajou Espoir | Franƈois Locoh-Donou has been a director at COF since 2019 and is involved in various external roles, including leadership at F5 Networks and Cajou Espoir. | |
Ime Archibong Board | Director | Vice President, Product Management and Head of Product at Messenger (Meta Platforms, Inc.) | Ime Archibong has been a director at COF since 2021 and holds a leadership role at Meta Platforms, Inc. | |
Mayo A. Shattuck III Board | Director | Chairman of the Board at Johns Hopkins Medicine and Johns Hopkins Health System; Board Member at Gap, Inc. and Hut 8 Corp. | Mayo A. Shattuck III has been a director at COF since 2003 and holds several leadership roles outside of COF. | |
Peter E. Raskind Board | Director | N/A | Peter E. Raskind has been a director at COF since 2012 and serves as the Chair of the Risk Committee. | |
Peter Thomas Killalea Board | Director | Board Member at Akamai Technologies, Inc., MongoDB, Inc., and Satellogic, Inc. | Peter Thomas Killalea has been a director at COF since 2016 and holds several board positions outside of COF. |
- Given the significant uncertainties around regulatory changes like the endgame rule, macroeconomic factors, and the pending Discover acquisition, how do you plan to manage your capital levels and share buyback program to balance shareholder returns with prudent capital management?
- With the anticipated significant impact on revenue from the potential implementation of the late fee rule, what specific strategies are you considering to mitigate this revenue loss, and how might this affect your customer relationships and overall business model?
- As you continue to invest heavily in the Venture X product to win at the top of the market, can you provide more detail on how you are measuring the return on investment for these initiatives, and what safeguards are in place to ensure long-term profitability given the competitive landscape?
- In light of the delayed charge-offs from the pandemic period and the potential pockets of consumer pressure you've mentioned, how are you preparing for a potential uptick in credit losses, and what impact do you anticipate on your provisioning and reserve levels moving forward?
- Given that recent spend growth is largely driven by new accounts while spend per customer has remained flat, how sustainable is this growth strategy, and what are the implications for customer acquisition costs and long-term profitability if consumer caution persists?
Research analysts who have asked questions during CAPITAL ONE FINANCIAL earnings calls.
Donald Fandetti
Wells Fargo & Company
6 questions for COF
John Pancari
Evercore ISI
6 questions for COF
Ryan Nash
Goldman Sachs & Co.
6 questions for COF
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
6 questions for COF
Terry Ma
Barclays
6 questions for COF
Moshe Orenbuch
TD Cowen
5 questions for COF
Richard Shane
JPMorgan Chase & Co.
5 questions for COF
John Hecht
Jefferies
4 questions for COF
Bill Carcache
Wolfe Research, LLC
3 questions for COF
Mihir Bhatia
Bank of America
3 questions for COF
Brian Foran
Truist Financial
2 questions for COF
Jeff Preston
Morgan Stanley
2 questions for COF
Jeffrey Adelson
Morgan Stanley
2 questions for COF
John Heck
Jefferies
2 questions for COF
Erika Najarian
UBS
1 question for COF
L. Erika Penala
UBS
1 question for COF
Robert Wildhack
Autonomous Research
1 question for COF
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes with international, national, regional and local issuers of credit cards, including this brand, based on the outstanding balance of credit card loans as of December 31, 2023. | |
The company competes with international, national, regional and local issuers of credit cards, including this brand, based on the outstanding balance of credit card loans as of December 31, 2023. | |
The company competes with this brand in the credit card business, focusing on price, credit limit, reward programs, customer experience, and other product features. | |
The company competes with this brand in the credit card business, focusing on price, credit limit, reward programs, customer experience, and other product features. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Discover Financial Services | 2025 | Capital One’s acquisition of Discover Financial Services involves a multi-step merger where Discover first merges with Vega Merger Sub and then with Capital One, converting each Discover common share into 1.0192 Capital One shares and converting preferred stock into new Capital One preferred stock; the transaction, which received overwhelming stockholder approval and regulatory clearances (including from the Delaware State Bank Commissioner) and incurred $234 million in integration expenses in 2024, is expected to close in early 2025. |
Capital One Bank (USA), National Association (COBNA) | 2022 | In 2022, Capital One Bank (USA), National Association (COBNA) was merged into Capital One, National Association (CONA), with the merger completed on October 1, 2022, making CONA the surviving entity as part of Capital One Financial Corporation's consolidation strategy. |
Recent press releases and 8-K filings for COF.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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%).
- 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.
- 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.
- 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.