CAPITAL ONE FINANCIAL (COF) Company Report

Completed a $3.0 billion dual-tranche senior note offering on Feb 2, 2026: $1.5 billion of 4.722% notes due Jan 30, 2032 and $1.5 billion of 5.399% notes due Jan 30, 2037.
2032 notes: 4.722% fixed to Jan 30, 2031 (Interest Reset Date), then reset quarterly at SOFR + 115 bps; priced at 100% with net proceeds of $1.49475 billion; callable at par from Jan 30, 2031.
2037 notes: 5.399% fixed to Jan 30, 2036, then reset quarterly at SOFR + 150.8 bps; priced at 100% with net proceeds of $1.49325 billion; callable at par from Jan 30, 2036.
Notes are senior unsecured, pari passu with existing debt, registered on Form S-3, and expected to be rated Baa1 (stable)/BBB (positive)/A- (stable).

4 days ago

8-K

Capital One to acquire Brex for $5.15B

COF

M&A

Earnings

Capital One agreed to acquire fintech Brex for $5.15 billion in a roughly 50/50 cash-and-stock deal, expected to close by mid-2026 pending regulatory approval.
The acquisition adds an AI-native corporate cards and expense-management platform serving about 30,000 companies, plus Brex’s stablecoin payments and faster settlement capabilities.
Announced alongside mixed Q4 results: net income nearly doubled to $2.13 billion, adjusted EPS of $3.86 missed estimates, provisions for credit losses rose 57% to $4.14 billion, and net interest income from credit cards increased 64% to $9.48 billion.
Executives and analysts say the deal accelerates Capital One’s payments-tech strategy by securing embedded customer relationships and real-time payment data, though token-based elements will face regulatory scrutiny.

Jan 23, 2026, 6:54 AM

Bloomberg

Capital One reports Q4 2025 results and announces Brex acquisition

COF

Earnings

M&A

Capital One posted Q4 2025 GAAP earnings of $2.1 billion ( $3.26 per diluted share) and adjusted EPS of $3.86; full-year adjusted EPS was $19.61.
The company entered a definitive agreement to acquire Brex for ~3.5% of Capital One’s market cap, with no change to expected Discover integration synergies.
Domestic card purchase volume rose 39% YoY ( 6.2% ex-Discover) and ending loan balances grew 69% YoY ( 3.3% ex); Q4 domestic card charge-off rate was 4.93%, delinquency 3.99%.
Q4 provision for credit losses was $4.1 billion, raising the allowance to $23.4 billion (coverage ratio 5.16%); NIM was 8.26%, liquidity reserves $144 billion (LCR 173%), and CET1 ratio 14.3%.

Jan 22, 2026, 10:00 PM

Transcript

Capital One reports Q4 2025 results and announces Brex acquisition

COF

Earnings

Share Buyback

M&A

Capital One earned $2.1 billion in Q4 2025 ($3.26 per diluted share) and achieved full-year adjusted EPS of $19.61; recognized a $483 million net gain on the sale of its $8.8 billion Discover Home Loans portfolio.
Domestic card purchase volume grew 39% YoY (6.2% ex-Discover) and revenue rose 58% (6.2% ex-Discover), with a 4.93% charge-off rate and 3.99% delinquency rate; consumer banking revenue increased 36% YoY with 8% auto originations growth; commercial banking loans were flat QoQ while deposits rose 4%.
Common equity tier 1 ratio stood at 14.3%, and the firm repurchased $2.5 billion of shares in the quarter.
Agreed to acquire Brex for $5.15 billion in cash and stock (≈3.5% of market cap), aiming to build an integrated business payments and spend management platform with no change to Discover integration synergies or share repurchase plans.

Jan 22, 2026, 10:00 PM

Transcript

Capital One reports Q4 2025 results

COF

Earnings

M&A

Share Buyback

Capital One earned $2.1 billion net income, or $3.26 per diluted share in Q4; adjusted EPS was $3.86 and full-year adjusted EPS was $19.61.
Entered a definitive agreement to acquire Brex for $5.15 billion, or about 3.5% of market capitalization, with no impact on the Discover integration or repurchase pace.
Q4 revenue rose ~1% sequentially while non-interest expense increased 13%; pre-provision earnings declined 12%, and credit loss provisions totaled $4.1 billion (up $1.4 billion vs. Q3).
Domestic card purchase volume grew 39% year-over-year (6.2% ex-Discover) and ending card loans were up 69% YoY (3.3% ex-Discover); the card charge-off rate was 4.93%.
Returned $2.5 billion in share repurchases in the quarter and maintained a CET1 ratio of 14.3% at quarter end.

Jan 22, 2026, 10:00 PM

Transcript

Capital One reports Q4 2025 results

COF

Earnings

M&A

Net income of $2.1 billion, or $3.26 per diluted share in Q4; adjusted EPS of $3.86; full-year net income of $2.5 billion, or $4.03 per share
Pre-provision earnings of $6.2 billion in Q4 (down 12% YoY) and $22.9 billion for full year (up 30%)
Net interest margin decreased 10 bps to 8.26% in Q4; adjusted NIM of 8.28%; full-year NIM up 96 bps to 7.84%
Common equity Tier 1 ratio of 14.3% at December 31, 2025; period-end loans of $453.6 billion (+2%) and deposits of $475.8 billion (+$7.0 billion)
Entered definitive agreement to acquire Brex for $5.15 billion (~50% cash/50% stock), expected to close mid-2026

Jan 22, 2026, 10:00 PM

Presentation

Capital One announces agreement to acquire Brex

COF

M&A

Capital One entered a definitive agreement to acquire Brex for $5.15 billion in a stock-and-cash transaction.
Transaction consideration comprises approximately $2.75 billion in cash and 10.6 million shares of Capital One common stock.
The deal is expected to close in mid-calendar year 2026, subject to customary regulatory and closing conditions.
Brex’s AI-native spend management and payments platform will bolster Capital One’s business payments capabilities; Brex CEO Pedro Franceschi will continue leading the business post-close.
As of December 31, 2025, Capital One held $475.8 billion in deposits and $669.0 billion in total assets.

Jan 22, 2026, 9:39 PM

8-K

Capital One to acquire Brex

COF

M&A

Capital One Financial (NYSE: COF) has entered a definitive agreement to acquire Brex in a stock and cash transaction valued at $5.15 billion.
Brex offers an AI-native finance platform combining corporate cards, spend management software, and banking to streamline expense workflows and payments.
CEO Richard Fairbank stated the deal will accelerate Capital One’s growth in the business payments market.
The transaction is expected to close mid-2026, subject to customary closing conditions.

Jan 22, 2026, 9:30 PM

Press Release

Capital One reports Q4 2025 results and announces Brex acquisition

COF

Earnings

M&A

Capital One reported Q4 2025 net income of $2.1 billion, or $3.26 per diluted share, versus $3.2 billion, or $4.83 per share in Q3 2025 and $1.1 billion, or $2.67 per share in Q4 2024.
Adjusted net income per diluted share was $3.86, driven by items such as $509 million of Discover intangible amortization offset by a $483 million gain on the sale of its home loan portfolio.
On January 22, 2026, Capital One entered into a definitive agreement to acquire Brex Inc. for $5.15 billion, using roughly equal parts cash and stock.
CEO Richard D. Fairbank highlighted solid top-line growth and strong, stable credit performance, attributing results to strategic investments and positioning the bank for future opportunities.

Jan 22, 2026, 9:14 PM

8-K

Capital One reports Q4 2025 earnings

COF

Earnings

M&A

Capital One reported Q4 2025 net income of $2.1 billion ($3.26 EPS) and adjusted EPS of $3.86.
Total net revenue rose 1% sequentially to $15.6 billion, with a net interest margin of 8.26%.
Provision for credit losses reached $4.1 billion, including net charge-offs of $3.8 billion and a $302 million loan reserve build.
Entered a definitive agreement to acquire Brex Inc. for $5.15 billion, half cash and half stock.