# Capital ONE Financial Corp. (COF)

> Capital One issues cards and loans, takes deposits, and runs payment networks that process card transactions.

- Exchange: New York Stock Exchange · Sector: Financials · Industry: Credit Services
- Headquarters: McLean, Virginia
- Founded: 1994
- Employees: 78,400 (June 30, 2026)
- SEC CIK: 0000927628 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000927628))
- Full page: https://inspectstocks.com/stocks/cof
- Data as of: price 2026-09-25; newest filing used 2026-07-28; latest fiscal period ended 2026-06-30

## Grade

**A+** on the balance-sheet rubric used for lenders, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | $10.5B |  |
| Earnings growing overall | passed | $10.5B | $5.3B |
| Earnings growing recently | passed | $10.5B | $2.5B |
| Earns well on its assets | passed | 1.6% |  |
| Book value per share growing | passed | $209.89 | $133.73 |

Business quality (the + / − mark): 7 of 8 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 17.0% |  |
| Healthy profit margin | passed | 17.0% |  |
| Good return on equity | failed | 9.3% |  |
| Debt under control | passed | 0.46 |  |
| Turns sales into cash | passed | 47.9% |  |
| Earns a wide spread on lending | passed | 7.4% |  |
| Runs the bank efficiently | passed | 56.6% |  |
| Credit losses well covered | passed | 22.4% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $62B |
| Net income, trailing twelve months | $10.5B |
| Free cash flow, trailing twelve months | $29.7B |
| Net margin | 17.0% |
| Return on equity | 9.3% |
| Debt to equity | 0.46 |
| Diluted EPS, trailing twelve months | $16.70 |
| Share price | $200.20 |
| Market value | $122.8B |
| Price / earnings | 12.0x |
| Price / sales | 2.0x |

## What the business does

Capital One lends to consumers, small businesses and companies, and takes deposits through its bank. It also runs the Discover, PULSE and Diners Club payment networks, which process card transactions and connect merchants, banks and other financial institutions. Customers use its products through websites and mobile apps, branches, cafés, call centers and automated teller machines.

### How it makes money

- **Credit Card: consumer, small-business and corporate card lending, including card businesses in the United Kingdom and Canada** (74.9% (quarter ended 2026-03-31)) — The main source is interest on card balances, after the cost of funding them. Capital One also earns transaction fees when customers use its cards. The segment share is reported segment revenue and does not reconcile to consolidated revenue.
- **Consumer Banking: consumer and small-business deposits and loans, auto loans, and payment network services** (19.1% (quarter ended 2026-03-31)) — Capital One earns interest on loans, less the cost of funding them with deposits and other borrowing. Its payment networks also earn fees from banks, merchants and other network participants. The segment share is reported segment revenue and does not reconcile to consolidated revenue.
- **Commercial Banking: loans, deposits, capital-markets services and cash-management services for companies** (6.0% (quarter ended 2026-03-31)) — Revenue comes mainly from interest on commercial loans, less funding costs, as well as fees for services such as managing company payments and cash. The segment share is reported segment revenue and does not reconcile to consolidated revenue.

### Products

- **Consumer and small-business credit cards** — Cards customers use to make purchases and borrow money, with repayment terms and card features that vary by product.
- **Corporate cards and business expense services** — Brex provides businesses with corporate cards, tools to manage expenses, and services for making payments.
- **Bank accounts and debit cards** — Checking and savings accounts for consumers and businesses, with debit cards and access through digital banking and bank locations.
- **Auto and personal loans** — Loans to consumers, including loans to buy cars and personal loans acquired with Discover.
- **Global Payment Network** — The Discover Network, PULSE Network and Diners Club services process card payments or connect card issuers and merchants to payment services.
- **Commercial banking services** — Loans, deposits and payment and cash-management services for commercial real-estate and other business customers.

### Customers

- Consumers who apply for credit cards, loans and bank accounts through Capital One's website, mobile app, branches or other channels.
- Small businesses that use business cards, loans, bank accounts and payment services.
- Companies that borrow, hold deposits or use cash-management and payment services; Capital One says its commercial customers typically have annual revenue from $20 million to $2 billion (2025 10-K, high).
- Merchants, banks and other financial institutions that participate in Capital One's payment networks and pay or receive fees for network services.

### Competitors

- Visa (V) — Payment network services, including connecting card transactions to merchants and financial institutions.
- Mastercard (MA) — Payment network services, including card transaction processing and merchant acceptance.
- American Express (AXP) — Credit cards and payment network services for cardholders, merchants and financial institutions.

### What it depends on

- The bank uses deposits as a major source of funding for its lending; changes in deposit availability or cost can affect its business.
- Capital One relies on outside technology providers, including Amazon Web Services for cloud computing and TSYS and Fidelity Information Services for some card and banking processing.
- Its payment networks depend on merchants accepting their cards and on financial institutions and other partners issuing cards or providing network services.
- As a bank and card lender, Capital One is subject to extensive banking, consumer-protection, privacy and payment regulations.

### What could go wrong

- Integrating Discover's businesses, systems and employees may take longer or cost more than expected, or Capital One may not achieve all the benefits it expects from the acquisition.
- A weaker economy or borrowers who cannot repay their loans could increase late payments and credit losses; losses could also differ from Capital One's estimates.
- If merchants stop accepting its networks, financial institutions issue fewer cards on them, or regulation and merchant pressure reduce transaction fees, payment-network revenue could be affected.

## More on this company

- [Overview](https://inspectstocks.com/stocks/cof)
- [Financial statements](https://inspectstocks.com/stocks/cof/financials)
- [Competitors](https://inspectstocks.com/stocks/cof/peers)
- [Earnings](https://inspectstocks.com/stocks/cof/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.