CAPITAL ONE FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Non-Interest Expense
Table 4 displays the components of non-interest expense for 2025, 2024 and 2023.
Table 4: Non-Interest Expense
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2025 | 2024 | 2023 |
| Operating expense: | |||
| Salaries and associate benefits(1) | $12,471 | $9,398 | $9,302 |
| Occupancy and equipment | 3,166 | 2,366 | 2,160 |
| Professional services | 2,424 | 1,610 | 1,268 |
| Communications and data processing | 1,770 | 1,462 | 1,383 |
| Amortization of intangibles | 1,326 | 77 | 82 |
| Other non-interest expense: | |||
| Bankcard, regulatory and other fee assessments | 490 | 304 | 548 |
| Collections | 730 | 366 | 353 |
| Other | 2,237 | 1,341 | 1,211 |
| Total other non-interest expense | 3,457 | 2,011 | 2,112 |
| Total operating expense | $24,614 | $16,924 | $16,307 |
| Marketing | 5,884 | 4,562 | 4,009 |
| Total non-interest expense | $30,498 | $21,486 | $20,316 |
(1)Includes expenses of $105 million, $94 million and $86 million related to our deferred compensation plan investments for 2025, 2024 and 2023, respectively. These amounts have corresponding offsets from investments in other non-interest income.
Non-interest expense increased by $9.0 billion to $30.5 billion in the year ended 2025 compared to 2024 primarily driven by impacts from the Transaction, including integration expenses, as well as continued investments in technology and higher marketing spend.
For the years ended December 31, 2025 and 2024, we have incurred $1.1 billion and $234 million, respectively, of integration expenses related to the Transaction, primarily driven by salaries, associate benefits and professional services, which are included within operating expense in our consolidated statements of income.
| 69 | Capital One Financial Corporation (COF) |
Income Taxes
We recorded an income tax expense of $193 million (8.5% effective income tax rate), $1.2 billion (19.7% effective income tax rate) and $1.2 billion (19.2% effective income tax rate) in 2025, 2024 and 2023, respectively. Our effective tax rate on income from continuing operations varies between periods due, in part, to the impact of changes in pre-tax income and changes in tax credits, tax-exempt income and non-deductible expenses relative to our pre-tax earnings.
We recorded a discrete taxbenefit of $123 million in 2025, adiscrete tax benefit of $27 million in 2024 and a discrete tax expense of $6 million in 2023. The discrete tax benefit in 2025 was primarily due to a State of California law change that resulted in a $128 million benefit.
We provide additional information on items affecting our income taxes and effective tax rate in “Item 8. Financial Statements and Supplementary Data—Note 16—Income Taxes.”
Income from Discontinued Operations, Net of Tax
Income from discontinued operations consists of results from the discontinued Discover Home Loan business acquired as a part of the Transaction. Income from discontinued operations, net of tax, was $365 million in 2025 primarily driven by a $483 million pre-tax gain on the sale of the Discover Home Loans Business in the fourth quarter of 2025. See “Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” for additional information.
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