Capital One Financial Corp
capitalone.comWhat Do They Do?
Provides credit cards, loans and banking services to consumers, small businesses and commercial clients. Processes payments for merchants and financial institutions.
10-K for FY2025, filed Feb 19, 2026Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified…View ↗
We were the largest issuer of credit cards in the United States of America (“U.S.”) based on the outstanding balance of credit card loans…View ↗
The Discover Network processes transactions for credit and debit cards issued on its network and provides payment transaction processing…View ↗
Credit Card: Consists of our domestic consumer card lending, personal loans, domestic small business card lending and international card…View ↗
The Global Payment Network earns fees, which are paid by network participants (primarily acquirers, merchants and issuers), for…View ↗
How Do They Make Money?
Most revenue comes from interest and fees on loans to consumer and commercial customers. Merchants and payment-network participants pay transaction fees when card transactions settle; annual membership fees are spread across the year, while balance-transfer and cash-advance fees are charged when those transactions occur.
10-K for FY2025, filed Feb 19, 2026Our consolidated total net revenues are derived primarily from lending to consumer and commercial customers net of funding costs associated…View ↗
The Global Payment Network earns fees, which are paid by network participants (primarily acquirers, merchants and issuers), for…View ↗
Interest income and fees on loans and investment securities are recognized based on the contractual provisions of the underlying…View ↗
Finance charges and fees on credit card loans are recorded in revenue when earned and presented on our consolidated balance sheets within…View ↗
Discount and interchange income represents the amounts we earn from transactions between cardholders and merchants on credit and debit card…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by product or service (Revenue from Contract with Customer, Excluding Assessed Tax) ↗
$53.4B
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10-K for FY2025, filed Feb 19, 2026
$53.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Interchange fees, net
Usage-based
10-K for FY2025, filed Feb 19, 2026 |
80%
FY2022: 85%
|
Interchange fees, net, FY2025
$6.4B Sources
|
Usage-based |
|
Service charges and other customer-related fees
|
11%
FY2022: 6.0%
|
Service charges and other customer-related fees, FY2025
$857M Sources
|
|
|
Other
|
9.5%
FY2022: 8.9%
|
Other, FY2025
$762M Sources
|
Who Are Their Customers?
Consumers, small businesses and commercial clients get cards, loans and banking services through digital channels, branches, cafés and other distribution channels. Merchants, acquirers and card issuers participate in the payment network; retailer and other partners offer lending and other services to shared customers.
10-K for FY2025, filed Feb 19, 2026Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified…View ↗
The Global Payment Network earns fees, which are paid by network participants (primarily acquirers, merchants and issuers), for…View ↗
We have contractual agreements with certain retailers and other partners to provide lending and other services to a mutual customer base.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 49 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 28, 2026
$3BView ↗
- ▲ Now profitable
- vs −$4.3B in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 28, 2026
Open tableView ↗
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Jul 21, 2026
Completed the Brex acquisition
Brex results are included in the Credit Card business.
Sources
8-K, filed Jul 21, 2026
(4)On April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction. Brex results and statistics…View ↗
Growing. Revenue grew 76% in 4 years, from $30.4B in FY2021 to $53.4B in FY2025, about 15% a year.
Payment network expansion
The earlier report describes card, lending and banking products; the latest report also describes operating payment networks and processing transactions for financial institutions and other network partners.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 19, 2026The Discover Network processes transactions for credit and debit cards issued on its network and provides payment transaction processing…View ↗
Who Do They Compete With?
Competes with Visa, Mastercard, and American Express
10-K for FY2025, filed Feb 19, 2026Our Credit Card business competes with international, national, regional and local issuers of Visa® and Mastercard® credit cards, as well…View ↗
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