Capital One
Capital One's revenue rose 36.6% to $53.4 billion in fiscal 2025. Net income was $2.5 billion, down 48.4%. Its return on equity was 2.8%, down from 8.0% a year earlier. Its efficiency ratio was 57.1%, up from 54.9% a year earlier. It paid out $5.6 billion in dividends and buybacks. The diluted share count rose 41.1%.
Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Capital One does
Capital One is a bank holding company based in McLean, Virginia. It offers credit and debit cards, auto loans, personal loans, bank deposit accounts, and business lending and treasury management (handling a company's cash and payments) to consumers, small businesses and larger companies. Customers reach it online and through branches, cafés, call centers and ATMs. It also issues credit cards in the U.K. and Canada. Capital One says it was the largest credit card issuer in the U.S. at the end of 2025, measured by card loan balances.
Most of its money comes from interest on loans, minus what it pays for deposits and other funding. It also earns fees, mostly paid by merchants, when its cards are used and when payments run over its networks. It reports three segments: Credit Card; Consumer Banking, which includes deposits, auto loans and its payment networks; and Commercial Banking, which serves companies with annual revenues between $20 million and $2 billion. It competes with other card issuers, including those using Visa and Mastercard, American Express, banks, credit unions and financial technology firms.
In May 2025 Capital One bought Discover, for consideration valued at $51.8 billion. The deal brought in the Discover and PULSE payment networks and Diners Club, so Capital One now also runs networks that process card payments. In January 2026 it agreed to buy Brex for $5.15 billion. It had about 76,300 employees at the end of 2025.
Its biggest risks, as it describes them
- Integrating Discover may be harder, slower or more costly than expected, and the deal may not bring the benefits Capital One expects.
- Rising delinquencies and credit losses on its loans, or estimating those losses wrongly.
- Losing card volume or merchant acceptance on its newly acquired payment networks to larger, well-funded rival networks.
- Laws, regulators and merchants pushing to cut the fees charged on card transactions.
- Not having enough funding, liquidity or capital, or facing stricter capital rules.
Charts show fiscal years, from the 10-K filings.
Revenue and returns
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share fell 5.8% a year and net income 4.6% a year, as new shares raised the share count by 6% and diluted each share's earnings.
Efficiency and income mix
Payouts and share count
Valuation
Value Capital One yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Capital One's earnings per share of $16.70 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.4×, the middle of Capital One's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $202.35
- Value at this multiple, against the last close
- —
- Capital One's P/E at the last close
- 12.1×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| SoFi TechnologiesSOFI | $14.46 | $0.49 | 29.5× |
| American ExpressAXP | $315.05 | $17.76 | 17.7× |
| Capital OneCOF | $202.35 | $16.70 | 12.1× |
| Ally FinancialALLY | $38.81 | $4.25 | 9.1× |
| Synchrony FinancialSYF | $74.83 | $9.60 | 7.8× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | — | — | — | — | — |
| Deposits | 311.0 | 333.0 | 348.4 | 362.7 | 475.8 |
| Loans to deposits | — | — | — | — | — |
| Provision for credit losses | −1.9 | 5.8 | 10.4 | 11.7 | 20.7 |
| Provision to average loans | — | — | — | — | — |
| Total assets | 432.4 | 455.2 | 478.5 | 490.1 | 669.0 |
| Shareholders' equity | 61.0 | 52.6 | 58.1 | 60.8 | 113.6 |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Capital One shares on the open market, and 12 insiders sold $90.4 million, $88.5 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Celia KaramPres, Retail Bank | Sold plan | 1,927 | $195.86 | $377,422 | Form 4 |
| Oct 15, 2026 | Lia DeanPres, Banking & Prem. Products | Sold plan | 1,887 | $195.86 | $369,588 | Form 4 |
| Oct 6, 2026 | Matthew W CooperGeneral Counsel & Corp Secy | Sold plan | 3,500 | $196.22 | $686,770 | Form 4 |
| Sep 15, 2026 | Lia DeanPres, Banking & Prem. Products | Sold plan | 2,066 | $206.07 | $425,741 | Form 4 |
| Sep 15, 2026 | Celia KaramPres, Retail Bank | Sold plan | 2,017 | $206.07 | $415,643 | Form 4 |
| Sep 1, 2026 | Matthew W CooperGeneral Counsel & Corp Secy | Sold plan | 3,500 | $214.10 | $749,350 | Form 4 |
| Aug 17, 2026 | Lia DeanPres, Banking & Prem. Products | Sold plan | 2,193 | $225.52 | $494,566 | Form 4 |
| Aug 17, 2026 | Celia KaramPres, Retail Bank | Sold plan | 1,888 | $225.52 | $425,782 | Form 4 |
| Aug 13, 2026 | Mark Daniel MouadebPresident, Card | Sold plan | 1,199 | $225.00 | $269,775 | Form 4 |
| Aug 10, 2026 | Michael ZamskyChief Credit & Fin'l Risk Off. | Sold | 5,473 | $218.02 | $1.2 million | Form 4 |
| Aug 7, 2026 | Ravi RaghuPres, Software, Intl & Sm Bus | Sold plan | 50 | $218.49 | $10,924 | Form 4 |
| Aug 4, 2026 | Matthew W CooperGeneral Counsel & Corp Secy | Sold plan | 3,500 | $219.33 | $767,655 | Form 4 |
Compare
Put Capital One side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Net margin | Return on equity | Return on tangible equity | Efficiency ratio | Compare |
|---|---|---|---|---|---|---|---|
| Capital One | FY25 | 36.6% | 4.6% | 2.8% | 3.8% | 57.1% | |
| American Express | FY25 | 9.5% | 15.0% | 34.0% | 39.4% | 73.6% | Compare |
| Synchrony Financial | FY25 | −2.8% | 18.7% | 21.3% | 24.6% | 27.1% | Compare |
| Ally Financial | FY25 | −3.3% | 10.8% | 5.8% | 6.2% | 68.1% | Compare |
| SoFi Technologies | FY25 | 35.1% | 13.3% | 5.7% | 7.0% | 84.6% | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 25.5 | 27.2 | 28.1 | 28.6 | 28.5 | 30.4 | 34.2 | 36.8 | 39.1 | 53.4 |
| Revenue growth | 8.9% | 6.8% | 3.1% | 1.8% | −0.2% | 6.7% | 12.5% | 7.4% | 6.3% | 36.6% |
| Net interest income | 20.9 | 22.5 | 22.9 | 23.3 | 22.9 | 24.2 | 27.1 | 29.2 | 31.2 | 42.9 |
| Noninterest income | 4.6 | 4.8 | 5.2 | 5.3 | 5.6 | 6.3 | 7.1 | 7.5 | 7.9 | 10.6 |
| Noninterest expense | 13.6 | 14.2 | 14.9 | 15.5 | 15.1 | 16.6 | 19.2 | 20.3 | 21.5 | 30.5 |
| Provision for credit losses | 6.5 | 7.6 | 5.9 | 6.2 | 10.3 | −1.9 | 5.8 | 10.4 | 11.7 | 20.7 |
| Net income | 3.8 | 2.0 | 6.0 | 5.5 | 2.7 | 12.4 | 7.4 | 4.9 | 4.8 | 2.5 |
| Diluted EPS (US$) | 6.89 | 3.49 | 11.82 | 11.05 | 5.18 | 26.94 | 17.91 | 11.95 | 11.59 | 4.03 |
| Diluted shares (millions) | 510 | 489 | 483 | 470 | 459 | 444 | 393 | 383 | 384 | 541 |
| Payouts | ||||||||||
| Dividends paid | 0.8 | 0.8 | 0.8 | 0.8 | 0.5 | 1.1 | 0.9 | 0.9 | 0.9 | 1.5 |
| Share buybacks | 3.7 | 0.2 | 2.3 | 1.5 | 0.4 | 7.6 | 4.9 | 0.7 | 0.7 | 4.1 |
| Balance sheet at fiscal year end | ||||||||||
| Loans, net | 239.1 | 247.0 | 238.7 | 258.6 | — | — | — | — | — | — |
| Deposits | 236.8 | 243.7 | 249.8 | 262.7 | 305.4 | 311.0 | 333.0 | 348.4 | 362.7 | 475.8 |
| Total assets | 357.0 | 365.7 | 372.5 | 390.4 | 421.6 | 432.4 | 455.2 | 478.5 | 490.1 | 669.0 |
| Shareholders' equity | 47.5 | 48.7 | 51.7 | 58.0 | 60.2 | 61.0 | 52.6 | 58.1 | 60.8 | 113.6 |
| Ratios | ||||||||||
| Return on equity | 7.9% | 4.1% | 12.0% | 10.1% | 4.6% | 20.4% | 13.0% | 8.8% | 8.0% | 2.8% |
| Return on tangible common equity | 11.0% | 5.2% | 16.2% | 13.0% | 5.4% | 26.1% | 16.8% | 11.4% | 10.1% | 3.8% |
| Return on assets | 1.1% | 0.6% | 1.6% | 1.4% | 0.7% | 2.9% | 1.7% | 1.1% | 1.0% | 0.4% |
| Efficiency ratio | 53.2% | 52.1% | 53.1% | 54.1% | 52.8% | 54.4% | 56.0% | 55.2% | 54.9% | 57.1% |