CAPITAL ONE FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
COF$195.84-1.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2025 | 2024 | 2023 |
| Operating activities: | |||
| Income from continuing operations, net of tax | $2,088 | $4,747 | $4,887 |
| Income from discontinued operations, net of tax | 365 | 3 | 0 |
| Net income | 2,453 | 4,750 | 4,887 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Provision for credit losses | 20,655 | 11,716 | 10,426 |
| Depreciation and amortization, net | 5,260 | 3,237 | 3,226 |
| Deferred tax benefit | (1,907) | (853) | (723) |
| Net securities losses | 0 | 35 | 34 |
| Loss on sales of loans | 3 | 29 | 6 |
| Gain on sale of discontinued operations | (483) | 0 | 0 |
| Stock-based compensation expense | 776 | 569 | 513 |
| Other fair value adjustments | 111 | 65 | 51 |
| Loans held for sale: | |||
| Originations and purchases | (5,741) | (3,688) | (4,602) |
| Proceeds from sales and paydowns | 5,231 | 3,870 | 4,432 |
| Changes in operating assets and liabilities: | |||
| Changes in interest receivable | (34) | (54) | (359) |
| Changes in other assets | (610) | (426) | 716 |
| Changes in interest payable | (169) | 17 | 122 |
| Changes in other liabilities | 2,089 | (1,104) | 1,846 |
| Net change from discontinued operations | 84 | (4) | 0 |
| Net cash from operating activities | $27,718 | $18,159 | 20,575 |
| Investing activities: | |||
| Securities available for sale: | |||
| Purchases | (18,162) | (17,183) | (10,446) |
| Proceeds from paydowns and maturities | 17,905 | 11,849 | 8,841 |
| Proceeds from sales | 1 | 175 | 290 |
| Proceeds from sales of securities related to the Transaction | 9,696 | 0 | 0 |
| Loans: | |||
| Net changes in loans originated as held for investment | (36,815) | (21,431) | (17,822) |
| Principal recoveries of loans previously charged off | 5,064 | 3,001 | 2,288 |
| Changes in premises and equipment | (1,578) | (1,204) | (961) |
| Net cash received (paid) in acquisitions | 16,465 | 0 | (2,785) |
| Proceeds from sale of discontinued operations | 8,800 | 0 | 0 |
| Net cash used in other investing activities | (1,820) | (1,617) | (1,325) |
| Net cash used in investing activities | $(444) | $(26,410) | $(21,920) |
| Financing activities: | |||
| Deposits and borrowings: | |||
| Changes in deposits | $5,931 | $14,156 | $15,172 |
| Issuance of securitized debt obligations | 3,535 | 1,805 | 3,292 |
| See Notes to Consolidated Financial Statements. | |
|---|---|
| 149 | Capital One Financial Corporation (COF) |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2025 | 2024 | 2023 |
| Maturities and paydowns of securitized debt obligations | (10,934) | (5,828) | (2,483) |
| Issuance of senior and subordinated notes and long-term FHLB advances | 4,979 | 3,985 | 8,218 |
| Maturities and paydowns of senior and subordinated notes | (6,922) | (4,411) | (8,436) |
| Changes in other borrowings | 517 | 27 | (351) |
| Common stock: | |||
| Net proceeds from issuances | 400 | 323 | 299 |
| Dividends paid | (1,516) | (932) | (931) |
| Preferred stock: | |||
| Net proceeds from issuances | 0 | 0 | 0 |
| Dividends paid | (252) | (228) | (228) |
| Redemptions | (500) | 0 | 0 |
| Purchases of treasury stock | (4,099) | (734) | (718) |
| Proceeds from share-based payment activities | 9 | 4 | 10 |
| Net cash from (used in) financing activities | (8,852) | 8,167 | 13,844 |
| Changes in cash, cash equivalents and restricted cash for securitization investors | 18,422 | (84) | 12,499 |
| Cash, cash equivalents and restricted cash for securitization investors, beginning of the period | 43,671 | 43,755 | 31,256 |
| Cash, cash equivalents and restricted cash for securitization investors, end of the period | $62,093 | $43,671 | $43,755 |
| Supplemental cash flow information: | |||
| Interest paid | $14,886 | $13,201 | 10,823 |
| Income taxes: | |||
| U.S. federal | 358 | 700 | 800 |
| Domestic state and local: | |||
| California | 95 | 40 | 45 |
| New York | 55 | 57 | 77 |
| Other | 232 | 267 | 358 |
| Total domestic state and local income taxes paid | 382 | 364 | 480 |
| Foreign | 66 | 41 | 75 |
| Income taxes paid | 806 | 1,105 | 1,355 |
| Purchased tax credits | 256 | 191 | 42 |
| Non-cash item: | |||
| Reissuance of treasury stock, issuance of preferred stock and stock-based compensation awards related to the Transaction | $51,790 | $0 | $0 |
| See Notes to Consolidated Financial Statements. | |
|---|---|
| 150 | Capital One Financial Corporation (COF) |
| 151 | Capital One Financial Corporation (COF) |
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