CAPITAL ONE FINANCIAL CORP

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

COF$201.87-1.0%Stored close · as of Nov 6, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No.001-13300

CAPITAL ONE FINANCIAL CORP ORATION

(Exact name of registrant as specified in its charter)

1680 Capital One Drive,
Delaware		54-1719854
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
McLean,	Virginia		22102
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (703)720-1000

(Not Applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)	COF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I	COF PRI	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J	COF PRJ	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K	COF PRK	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L	COF PRL	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N	COF PRN	New York Stock Exchange
1.650% Senior Notes Due 2029	COF29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

As of June 30, 2025, there were 639,517,306 shares of the registrant’s Common Stock outstanding.

TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION	4
Item 1.	Financial Statements	78
	Consolidated Statements of Income	79
	Consolidated Statements of Comprehensive Income	80
	Consolidated Balance Sheets	81
	Consolidated Statements of Changes in Stockholders’ Equity	82
	Consolidated Statements of Cash Flows	84
	Notes to Consolidated Financial Statements	86
	Note 1—Summary of Significant Accounting Policies	86
	Note 2—Business Combinations and Discontinued Operations	88
	Note 3—Investment Securities	94
	Note 4—Loans	97
	Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments	114
	Note 6—Variable Interest Entities and Securitizations	119
	Note 7—Goodwill and Other Intangible Assets	123
	Note 8—Deposits and Borrowings	125
	Note 9—Derivative Instruments and Hedging Activities	126
	Note 10—Stockholders’ Equity	136
	Note 11—Earnings Per Common Share	140
	Note 12—Fair Value Measurement	141
	Note 13—Business Segments and Revenue from Contracts with Customers	148
	Note 14—Commitments, Contingencies, Guarantees and Others	152

1	Capital One Financial Corporation (COF)

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)	4
	Introduction	4
	Selected Financial Data	7
	Executive Summary	10
	Consolidated Results of Operations	11
	Consolidated Balance Sheets Analysis	17
	Off-Balance Sheet Arrangements	20
	Business Segment Financial Performance	21
	Critical Accounting Policies and Estimates	31
	Accounting Changes and Developments	33
	Capital Management	34
	Risk Management	41
	Credit Risk Profile	43
	Liquidity Risk Profile	56
	Market Risk Profile	61
	Supervision and Regulation	65
	Forward-Looking Statements	67
	Supplemental Table	69
	Glossary and Acronyms	71
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	157
Item 4.	Controls and Procedures	158
PART II—OTHER INFORMATION	159
Item 1.	Legal Proceedings	159
Item 1A.	Risk Factors	159
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	185
Item 3.	Defaults Upon Senior Securities	186
Item 4.	Mine Safety Disclosures	186
Item 5.	Other Information	186
Item 6.	Exhibits	186
EXHIBIT INDEX	187
SIGNATURES	188

2	Capital One Financial Corporation (COF)

INDEX OF MD&A AND SUPPLEMENTAL TABLE

MD&A Tables: · Page
1	Consolidated Financial Highlights	7
2	Average Balances, Net Interest Income and Net Interest Margin	12
3	Rate/Volume Analysis of Net Interest Income	14
4	Non-Interest Income	15
5	Non-Interest Expense	16
6	Loans Held for Investment	18
7	Funding Sources Composition	18
8	Business Segment Results	22
9	Credit Card Business Results	23
9.1	Domestic Card Business Results	25
10	Consumer Banking Business Results	26
11	Commercial Banking Business Results	28
12	Other Category Results	30
13	Capital Ratios Under Basel III	36
14	Regulatory Risk-Based Capital Components and Regulatory Capital Metrics	37
15	Preferred Stock Dividends Paid Per Share	39
16	Credit Card Portfolio by Geographic Region	44
17	Auto Loan Portfolio by Geographic Region	45
18	Commercial Real Estate Portfolio by Region	46
19	Commercial Loans by Industry	47
20	Credit Score Distribution	48
21	30+ Day Delinquencies	49
22	Aging and Geography of 30+ Day Delinquent Loans	50
23	90+ Day Delinquent Loans Accruing Interest	50
24	Nonperforming Loans and Other Nonperforming Assets	51
25	Net Charge-Offs	52
26	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	53
27	Liquidity Reserves	56
28	Deposits Composition and Average Deposits Interest Rates	58
29	Long-Term Debt Funding Activities	59
30	Senior Unsecured Long-Term Debt Credit Ratings	60
31	Interest Rate Sensitivity Analysis	63
Supplemental Table:
A	Reconciliation of Non-GAAP Measures	69

3	Capital One Financial Corporation (COF)

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