Detailed financial statements for Capital One Financial Corporation (COF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Capital One Financial Corporation, identified by its ticker COF, operates as a prominent financial services holding company. It oversees essential subsidiaries such as Capital One Bank (USA), National Association, and Capital One, National Association, which collectively offer a broad spectrum of financial products and services throughout the United States, Canada, and the United Kingdom.
Analysis Summary
Capital One Financial Corporation reported revenue of $69.25B in the most recent fiscal year, growing at a 5-year CAGR of 17.0%. Net income reached $2.45B, with a -2.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 66.6%, operating margin 21.1%, net margin 13.7%. Free cash flow grew at 10.3% CAGR over 5 years.
At $204.88 (closing price, October 28, 2026), COF trades at a P/E of 12.09 and an ROE of 9.67%. Market capitalisation stands at $125.7B, placing it among large-cap names.
Balance sheet quality for COF: current ratio of 0.1, net cash position of $10.71B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $26.14B represents 1066% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.52B | $30.00B | $31.88B | $33.77B | $31.64B | $32.03B | $38.37B | $49.48B | $53.94B | $69.25B |
| Cost of Revenue | $8.48B | $10.31B | $10.16B | $11.41B | $13.38B | -$346.0M | $9.97B | $23.12B | $26.54B | $36.47B |
| Gross Profit | $19.04B | $19.69B | $21.72B | $22.36B | $18.26B | $32.38B | $28.40B | $26.36B | $27.40B | $32.78B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.01B | $7.57B | $7.90B | $8.66B | $8.41B | $10.29B | $12.44B | $13.31B | $13.96B | $18.36B |
| Operating Expenses | $13.56B | $14.19B | $14.40B | $15.48B | $15.06B | $16.57B | $19.16B | $20.32B | $21.49B | $30.50B |
| Operating Income | $5.48B | $5.49B | $7.32B | $6.87B | $3.20B | $15.81B | $9.24B | $6.04B | $5.91B | $2.28B |
| EBITDA | $7.91B | $7.93B | $9.71B | $10.21B | $6.70B | $19.29B | $12.45B | $9.27B | $9.15B | $7.54B |
| Interest Expense | $2.02B | $2.76B | $4.30B | $5.17B | $3.12B | $1.60B | $4.12B | $12.70B | $14.83B | $15.82B |
| Pre-tax Income | $5.48B | $5.49B | $7.32B | $6.87B | $3.20B | $15.81B | $9.24B | $6.04B | $5.91B | $2.28B |
| Income Tax | $1.71B | $3.38B | $1.29B | $1.34B | $486.0M | $3.42B | $1.88B | $1.16B | $1.16B | $193.0M |
| Net Income | $3.75B | $1.98B | $6.01B | $5.55B | $2.71B | $12.39B | $7.36B | $4.89B | $4.75B | $2.45B |
| EPS | $6.96 | $3.52 | $11.90 | $11.10 | $5.19 | $27.04 | $17.91 | $11.98 | $11.61 | $4.03 |
| EPS (Diluted) | $6.89 | $3.49 | $12.45 | $11.05 | $5.18 | $26.94 | $17.91 | $11.95 | $11.59 | $4.03 |
| Shares Outstanding (Diluted) | 509.8 M | 488.6 M | 483.1 M | 469.9 M | 458.9 M | 444.2 M | 393.2 M | 383.4 M | 383.6 M | 541.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $19.61B | $19.32B | $19.86B | $20.36B |
| Gross Profit | $11.25B | $11.16B | $16.87B | $13.43B |
| Operating Income | $2.10B | $2.70B | $7.34B | $4.57B |
| EBITDA | $3.70B | $4.21B | $8.93B | $4.57B |
| Net Income | $2.13B | $2.17B | $3.02B | $3.54B |
| EPS | $3.26 | $3.34 | $4.73 | $5.62 |
| EPS (Diluted) | $3.26 | $3.34 | $4.73 | $5.61 |
Balance Sheet (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $687.4M | $545.0M | $970.0M | $637.5M | $2.77B | $3.56B | $3.05B | $6.85B | $8.14B | $4.84B | $5.50B | $11.06B | $5.95B | $7.24B | $7.98B | $9.98B | $14.04B | $13.19B | $13.41B | $40.51B | $21.75B | $30.86B | $43.30B | $43.23B | $57.43B |
| Short-term Investments | $19.8M | $373.8M | $1.01B | $773.7M | $15.55B | $16.55B | $21.55B | $31.64B | $39.37B | $41.94B | $39.10B | $63.98B | $42.14B | $39.51B | $39.10B | $40.74B | $37.66B | $46.15B | $79.21B | $100.44B | $95.26B | $76.92B | $79.12B | $3.85B | $4.27B |
| Receivables | $2.56B | $3.31B | 0 | $4.33B | $5.47B | $5.41B | $5.56B | $7.17B | $8.06B | $1.07B | $1.03B | $1.69B | $1.42B | $1.08B | $1.19B | $1.35B | $1.54B | $1.61B | $1.76B | $1.47B | $1.46B | $2.10B | $2.48B | $2.53B | $3.49B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.27B | $4.74B | $6.94B | $5.75B | $23.78B | $25.52B | $30.16B | $45.67B | $55.58B | $47.86B | $45.63B | $76.73B | $49.51B | $47.83B | $48.31B | $52.06B | $53.23B | $60.95B | $94.38B | $142.43B | $118.47B | $109.88B | $124.89B | $49.62B | $69.86B |
| Property, Plant & Equipment | $759.7M | $770.3M | $902.6M | $817.7M | $1.19B | $2.20B | $2.30B | $2.31B | $2.74B | $2.75B | $2.75B | $3.59B | $3.84B | $3.69B | $3.58B | $3.67B | $4.03B | $4.19B | $4.38B | $4.29B | $4.21B | $4.35B | $4.38B | $4.51B | $5.60B |
| Goodwill | 0 | 0 | 0 | $352.2M | $3.91B | $13.64B | $12.83B | $11.96B | $13.60B | $13.59B | $13.59B | $13.90B | $13.98B | $13.98B | $14.48B | $14.52B | $14.53B | $14.54B | $14.65B | $14.65B | $14.78B | $14.78B | $15.06B | $15.06B | $28.51B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $528.0M | $474.0M | $90.0M | $111.0M | 0 | 0 | 0 | $16.58B |
| Total Assets | $28.18B | $37.38B | $46.28B | $53.75B | $88.70B | $149.74B | $150.59B | $165.91B | $169.65B | $197.50B | $206.02B | $312.92B | $297.05B | $308.85B | $334.05B | $357.03B | $365.69B | $372.54B | $390.37B | $421.60B | $432.38B | $455.25B | $478.46B | $490.14B | $669.01B |
| Accounts Payable | $188.2M | $236.1M | $256.0M | $237.2M | $371.7M | $574.8M | $631.6M | $676.4M | $509.0M | $488.0M | $466.0M | $450.0M | $307.0M | $254.0M | $299.0M | $327.0M | $413.0M | $458.0M | $439.0M | $352.0M | $281.0M | $527.0M | $649.0M | $666.0M | $844.0M |
| Short-term Debt | $4.00B | $6.37B | $4.07B | $6.29B | $2.21B | $6.38B | $7.52B | $9.14B | $10.19B | $10.17B | $12.50B | $1.25B | $915.0M | $880.0M | $21.08B | $18.17B | $9.19B | $9.40B | $7.31B | $668.0M | $820.0M | $883.0M | $538.0M | $562.0M | $1.09B |
| Total Current Liabilities | $17.02B | $23.93B | $26.74B | $32.17B | $50.52B | $92.73B | $90.92B | $118.44B | $126.50B | $132.87B | $141.19B | $214.18B | $205.75B | $206.68B | $239.10B | $255.27B | $253.30B | $259.62B | $270.45B | $306.46B | $312.08B | $334.40B | $349.60B | $363.94B | $477.70B |
| Long-term Debt | $5.34B | $5.57B | $10.74B | $10.22B | $20.07B | $27.60B | $30.00B | $23.18B | $19.87B | $40.28B | $38.10B | $48.66B | $39.74B | $47.58B | $38.00B | $42.29B | $51.10B | $49.50B | $48.28B | $39.80B | $42.21B | $47.83B | $49.32B | $44.99B | $49.89B |
| Total Liabilities | $24.86B | $32.76B | $40.23B | $45.36B | $74.57B | $124.50B | $126.30B | $139.30B | $143.06B | $170.96B | $176.35B | $272.42B | $255.30B | $263.80B | $286.76B | $309.52B | $316.96B | $320.87B | $332.35B | $361.40B | $371.35B | $402.67B | $420.38B | $429.36B | $555.39B |
| Retained Earnings | $2.09B | $2.97B | $4.08B | $5.60B | $7.38B | $9.76B | $11.27B | $10.62B | $10.73B | $10.41B | $13.46B | $16.85B | $20.40B | $23.97B | $27.05B | $29.77B | $30.70B | $35.88B | $40.34B | $40.09B | $51.01B | $57.18B | $60.95B | $64.50B | $65.19B |
| Total Equity | $3.32B | $4.62B | $6.05B | $8.39B | $14.13B | $25.24B | $24.29B | $26.61B | $26.59B | $26.54B | $29.67B | $40.50B | $41.74B | $45.05B | $47.28B | $47.51B | $48.73B | $51.67B | $58.01B | $60.20B | $61.03B | $52.58B | $58.09B | $60.78B | $113.62B |
| Total Debt | $9.33B | $11.93B | $14.81B | $16.51B | $22.28B | $33.98B | $37.53B | $32.32B | $30.06B | $50.45B | $50.59B | $49.91B | $40.65B | $48.46B | $59.12B | $60.49B | $60.28B | $58.91B | $55.70B | $40.54B | $43.09B | $48.75B | $49.86B | $45.55B | $51.00B |
| Net Debt | $8.62B | $11.01B | $12.83B | $15.10B | $3.96B | $13.87B | $12.92B | -$6.17B | -$17.46B | $3.66B | $6.00B | -$25.13B | -$7.44B | $1.71B | $11.99B | $9.78B | $8.59B | -$431.0M | -$36.92B | -$100.42B | -$73.92B | -$59.03B | -$72.56B | -$1.53B | -$10.71B |
| Working Capital | -$13.76B | -$19.18B | -$19.80B | -$26.42B | -$26.73B | -$67.21B | -$60.76B | -$72.77B | -$70.92B | -$85.01B | -$95.56B | -$137.45B | -$156.24B | -$158.85B | -$190.79B | -$203.20B | -$200.07B | -$198.67B | -$176.07B | -$164.04B | -$193.61B | -$224.52B | -$224.71B | -$314.32B | -$407.84B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $57.43B | $76.49B | $54.71B | $48.89B |
| Total Assets | $669.01B | $682.90B | $673.84B | $672.87B |
| Total Liabilities | $555.39B | $570.64B | $560.04B | $563.21B |
| Total Equity | $113.62B | $112.26B | $113.79B | $109.66B |
| Total Debt | $51.00B | $50.54B | $45.37B | $49.77B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.75B | $1.98B | $6.01B | $5.55B | $2.71B | $12.39B | $7.36B | $4.89B | $4.75B | $2.45B |
| Depreciation & Amortization | $2.43B | $2.44B | $2.40B | $3.34B | $3.50B | $3.48B | $3.21B | $3.23B | $3.24B | $5.26B |
| Stock-based Compensation | $239.0M | $244.0M | $170.0M | $239.0M | $203.0M | $331.0M | $314.0M | $513.0M | $569.0M | $776.0M |
| Change in Working Capital | -$25.0M | $371.0M | -$1.11B | $774.0M | $2.39B | -$2.57B | -$2.86B | $2.33B | -$1.57B | $1.28B |
| Operating Cash Flow | $11.86B | $14.18B | $12.98B | $16.64B | $16.70B | $12.31B | $13.81B | $20.57B | $18.16B | $27.72B |
| Capital Expenditure | -$779.0M | -$1.02B | -$874.0M | -$887.0M | -$710.0M | -$698.0M | -$934.0M | -$961.0M | -$1.20B | -$1.58B |
| Acquisitions | -$629.0M | -$3.19B | -$600.0M | -$8.39B | -$7.0M | -$669.0M | -$1.18B | -$2.79B | 0 | $16.46B |
| Stock Repurchased | -$3.66B | -$240.0M | -$2.28B | -$2.48B | -$1.77B | -$9.71B | -$4.95B | -$718.0M | -$734.0M | -$4.60B |
| Dividends Paid | -$1.03B | -$1.04B | -$1.04B | -$1.03B | -$740.0M | -$1.42B | -$1.18B | -$1.16B | -$1.16B | -$1.77B |
| Free Cash Flow | $11.08B | $13.16B | $12.10B | $15.75B | $15.99B | $11.61B | $12.88B | $19.61B | $16.95B | $26.14B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $9.15B | $7.83B | $6.02B | $8.44B |
| Capital Expenditure | -$387.0M | $1.13B | -$553.0M | $553.0M |
| Free Cash Flow | $8.77B | $8.96B | $5.47B | $9.00B |
| Dividends Paid | -$443.0M | $1.19B | -$559.0M | -$573.0M |
| Stock-based Compensation | $174.0M | $200.0M | $131.0M | $215.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.0% | +6.3% | +5.9% | -6.3% | +1.2% | +19.8% | +29.0% | +9.0% | +28.4% | |
| Net Income Growth (YoY) | -47.2% | +203.5% | -7.8% | -51.1% | +356.5% | -40.6% | -33.6% | -2.8% | -48.4% | |
| EPS Growth (YoY) | -49.4% | +238.1% | -6.7% | -53.2% | +421.0% | -33.8% | -33.1% | -3.1% | -65.3% | |
| Shares Change (YoY) | -4.2% | -1.1% | -2.7% | -2.3% | -3.2% | -11.5% | -2.5% | +0.1% | +41.1% | |
| FCF Growth (YoY) | +18.8% | -8.1% | +30.1% | +1.5% | -27.4% | +10.9% | +52.3% | -13.6% | +54.2% | |
| Gross Margin | 69.2% | 65.6% | 68.1% | 66.2% | 57.7% | 101.1% | 74.0% | 53.3% | 50.8% | 47.3% |
| Operating Margin | 19.9% | 18.3% | 23.0% | 20.4% | 10.1% | 49.4% | 24.1% | 12.2% | 11.0% | 3.3% |
| EBITDA Margin | 28.8% | 26.4% | 30.5% | 30.2% | 21.2% | 60.2% | 32.4% | 18.7% | 17.0% | 10.9% |
| Net Margin | 13.6% | 6.6% | 18.9% | 16.4% | 8.6% | 38.7% | 19.2% | 9.9% | 8.8% | 3.5% |
| FCF Margin | 40.3% | 43.9% | 38.0% | 46.7% | 50.5% | 36.3% | 33.6% | 39.6% | 31.4% | 37.7% |
| Effective Tax Rate | 31.3% | 61.5% | 17.7% | 19.5% | 15.2% | 21.6% | 20.3% | 19.2% | 19.7% | 8.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $21.73 | $26.94 | $25.05 | $33.52 | $34.84 | $26.14 | $32.74 | $51.16 | $44.20 | $48.29 |
| Dividends Per Share | $2.01 | $2.14 | $2.15 | $2.20 | $1.61 | $3.20 | $3.00 | $3.02 | $3.02 | $3.27 |
| Shares Outstanding (Basic) | 504.9 M | 484.2 M | 479.9 M | 467.6 M | 457.8 M | 442.5 M | 393.2 M | 382.4 M | 382.7 M | 540.7 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 9.67% |
| Return on Invested Capital | 6.95% |
| Return on Assets | 1.62% |
| Gross Margin | 66.60% |
| Operating Margin | 21.12% |
| Net Margin | 13.73% |
Financial Health
| Debt / Equity | 0.45 |
| Current Ratio | 0.30 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.53 | 28.29 | 6.35 | 9.27 | 19.05 | 5.37 | 5.19 | 10.94 | 15.36 | 60.14 |
| P/B | 0.93 | 0.99 | 0.70 | 0.83 | 0.75 | 1.05 | 0.70 | 0.86 | 1.12 | 1.15 |
| P/S | 1.60 | 1.61 | 1.14 | 1.43 | 1.43 | 2.00 | 0.95 | 1.01 | 1.27 | 1.89 |
| Gross Margin | 69.2% | 65.6% | 68.1% | 66.2% | 57.7% | 101.1% | 74.0% | 53.3% | 50.8% | 47.3% |
| Operating Margin | 19.9% | 18.3% | 23.0% | 20.4% | 10.1% | 49.4% | 24.1% | 12.2% | 11.0% | 3.3% |
| Net Margin | 13.6% | 6.6% | 18.9% | 16.4% | 8.6% | 38.7% | 19.2% | 9.9% | 8.8% | 3.5% |
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