CAPITAL ONE FINANCIAL CORP (COF)

Capital One Financial Corporation is a Delaware corporation established in 1994 and headquartered in McLean, Virginia. It is a diversified financial services holding company, a bank holding company and financial holding company, that operates as a global payments provider and diversified financial institution. It delivers financial products and services to consumers, small businesses and commercial clients through digital channels, branches, cafés and other distribution channels. Its principal operating subsidiary is Capital One, National Association (the Bank). As of December 31, 2025, it was the largest issuer of credit cards in the U.S. by outstanding credit card loan balances and one of the nation's largest banks by deposits. Its common stock trades on the NYSE under the symbol COF.

The company reports three segments. Credit Card covers domestic consumer card lending, personal loans, domestic small business card lending and international card businesses in the U.K. and Canada. Consumer Banking covers deposit gathering and lending for consumers and small businesses, national auto lending, and services offered by the Global Payment Network. Commercial Banking covers lending, deposit gathering, capital markets and treasury management services for commercial real estate and commercial and industrial customers. Corporate investment portfolio management and certain unallocated corporate items sit in an Other category. Products include credit and debit cards, auto loans, personal loans, bank lending, treasury management and depository services. The Global Payment Network, acquired with Discover on May 18, 2025, includes the Discover Network, the PULSE Network (an electronic funds transfer network providing ATM and debit access), Diners Club International and agreements with Network Partners. Revenue comes mainly from lending net of funding costs, plus non-interest income such as discount and interchange income net of rewards, service charges and fees, and network fees. The Discover purchase consideration was valued at $51.8 billion, and the company sold the Discover Home Loan business on November 24, 2025. On January 22, 2026, it agreed to acquire Brex Inc. for about $5.15 billion in cash and stock, subject to closing conditions.

Capital One serves consumers, small businesses and commercial clients across the U.S. Commercial customers are typically companies with annual revenues between $20 million and $2 billion. Outside the U.S., it offers credit cards in the U.K. through Capital One (Europe) plc and in Canada through a Canadian branch of the Bank, and it offers Global Payment Network services globally. Network participants such as acquirers, merchants and issuers pay fees to the network. Customers are served through digital channels, branches, cafés, call centers and ATMs.

Each segment operates in a highly competitive environment. The Credit Card business competes with issuers of Visa and Mastercard cards, American Express, private-label brands and debit card issuers, largely on price, credit limits, rewards and customer experience. The banking businesses compete with national, state and direct banks, savings and loan associations, credit unions, auto finance companies and non-bank providers. The payments network competes with traditional and emerging digital and mobile payment providers. Credit card activity is seasonal, with purchase volume and loan balances typically highest around the winter holidays and net charge-offs typically highest in the first quarter. The company is subject to extensive regulation by the Federal Reserve, OCC, FDIC and CFPB, as well as foreign regulators in the U.K. and Canada, and is a Category III institution under the Basel III capital rules.