CAPITAL ONE FINANCIAL CORP
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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Consolidated Balance Sheets Analysis
Total assets increased by $13.9 billion to $682.9 billion as of March 31, 2026 from December 31, 2025 primarily driven by increases in our cash balances from deposit growth and seasonal paydowns in our credit card loan portfolio.
Total liabilities increased by $15.3 billion to $570.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued deposit growth from our national banking strategy.
Stockholders’ equity decreased by $1.4 billion to $112.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by purchases of treasury stock and stock dividends, partially offset by an increase in net income.
The following is a discussion of material changes in the major components of our assets and liabilities during the first quarter of 2026. Period-end balance sheet amounts may vary from average balance sheet amounts due to the timing of normal balance sheet management activities that are intended to support our capital and liquidity positions, our market risk profile and the needs of our customers.
Investment Securities
Our investment securities portfolio consists of the following debt securities: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other debt securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of March 31, 2026 and December 31, 2025, respectively.
The carrying value of our investment securities portfolio increased by $1.3 billion to $92.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by net purchases.
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