CAPITAL ONE FINANCIAL CORP

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

COF$195.84-1.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2023	2022	2021
Operating activities:
Income from continuing operations, net of tax	$4,887	$7,360	$12,394
Income (loss) from discontinued operations, net of tax	0	0	(4)
Net income	4,887	7,360	12,390
Adjustments to reconcile net income (loss) to net cash from operating activities:
Provision (benefit) for credit losses	10,426	5,847	(1,944)
Depreciation and amortization, net	3,226	3,210	3,481
Deferred tax provision (benefit)	(723)	(772)	605
Net securities losses (gains)	34	9	(2)
Loss (gain) on sales of loans	6	(196)	1
Stock-based compensation expense	513	314	331
Other	51	40	46
Loans held for sale:
Originations and purchases	(4,602)	(8,822)	(9,141)
Proceeds from sales and paydowns	4,432	9,679	9,123
Changes in operating assets and liabilities:
Changes in interest receivable	(359)	(641)	17
Changes in other assets	716	(2,973)	(4,114)
Changes in interest payable	122	246	(71)
Changes in other liabilities	1,846	511	1,594
Net change from discontinued operations	0	(3)	(6)
Net cash from operating activities	20,575	13,809	12,310
Investing activities:
Securities available for sale:
Purchases	(10,446)	(14,850)	(27,884)
Proceeds from paydowns and maturities	8,841	19,074	26,969
Proceeds from sales	290	2,570	2,776
Loans:
Net changes in loans originated as held for investment	(17,822)	(35,885)	(33,833)
Principal recoveries of loans previously charged off	2,288	2,091	2,506
Changes in premises and equipment	(961)	(934)	(698)
Net cash used in acquisition activities	(2,785)	(1,176)	(669)
Net cash used in other investing activities	(1,325)	(628)	(668)
Net cash used in investing activities	(21,920)	(29,738)	(31,501)

See Notes to Consolidated Financial Statements.
131	Capital One Financial Corporation (COF)

	Year Ended December 31,
(Dollars in millions)	2023	2022	2021
Financing activities:
Deposits and borrowings:
Changes in deposits	$15,172	$22,539	$5,687
Issuance of securitized debt obligations	3,292	9,728	6,232
Maturities and paydowns of securitized debt obligations	(2,483)	(7,060)	(3,442)
Issuance of senior and subordinated notes and long-term FHLB advances	8,218	21,272	4,486
Maturities and paydowns of senior and subordinated notes and long-term FHLB advances	(8,436)	(15,561)	(3,851)
Changes in other borrowings	(351)	44	129
Common stock:
Net proceeds from issuances	299	276	253
Dividends paid	(931)	(950)	(1,148)
Preferred stock:
Net proceeds from issuances	0	0	2,052
Dividends paid	(228)	(228)	(274)
Redemptions	0	0	(2,100)
Purchases of treasury stock	(718)	(4,948)	(7,605)
Proceeds from share-based payment activities	10	19	55
Net cash from financing activities	13,844	25,131	474
Changes in cash, cash equivalents and restricted cash for securitization investors	12,499	9,202	(18,717)
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period	31,256	22,054	40,771
Cash, cash equivalents and restricted cash for securitization investors, end of the period	$43,755	$31,256	$22,054
Supplemental cash flow information:
Non-cash items:
Net transfers from loans held for investment to loans held for sale	$1,195	$697	$4,843
Interest paid	10,823	3,609	2,158
Income tax paid	1,355	1,852	2,527

See Notes to Consolidated Financial Statements.
132	Capital One Financial Corporation (COF)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.