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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Stockholders' Equity |
NOTE 10—STOCKHOLDERS’ EQUITY
Preferred Stock We may redeem each series of preferred stock at our option, in whole or in part, on any dividend payment date on or after the date set forth below for such series and subject to regulatory approval, at the liquidation preference per share plus any declared and unpaid dividends. Shares of Discover's Series C and Series D preferred stock that were outstanding immediately before the Transaction were converted at the time of the Transaction into shares of Capital One’s newly issued Series O and Series P preferred stock, respectively. Series P was fully redeemed on June 30, 2025. For additional information, refer to “Note 2—Business Combinations and Discontinued Operations.” For more information on the terms of our preferred stock, please refer to the relevant certificate of designations filed as exhibits to our 2024 Form 10-K and this Report. The following table summarizes our preferred stock outstanding as of June 30, 2025 and December 31, 2024. Table 10.1: Preferred Stock Outstanding(1)
|  |  |  |  |  | Redeemable by Issuer Beginning |  | Per Annum Dividend Rate |  | Dividend Frequency |  | Liquidation Preference per Share |  | Total Shares Outstanding as of June 30, 2025 |  | Carrying Value (in millions)
Series |  | Description |  | Issuance Date |  |  |  |  |  |  | June 30, 2025 |  | December 31, 2024
Series I |  | 5.000% Non-Cumulative |  | September 11, 2019 |  | December 1, 2024 |  | 5.000% |  | Quarterly |  | $ | 1,000 |  |  | 1,500,000 |  |  | $ | 1,462 |  |  | $ | 1,462 |
Series J |  | 4.800% Non-Cumulative |  | January 31, 2020 |  | June 1, 2025 |  | 4.800 |  | Quarterly |  | 1,000 |  |  | 1,250,000 |  |  | 1,209 |  |  | 1,209 |
Series K |  | 4.625% Non-Cumulative |  | September 17, 2020 |  | December 1, 2025 |  | 4.625 |  | Quarterly |  | 1,000 |  |  | 125,000 |  |  | 122 |  |  | 122 |
Series L |  | 4.375% Non-Cumulative |  | May 4, 2021 |  | September 1, 2026 |  | 4.375 |  | Quarterly |  | 1,000 |  |  | 675,000 |  |  | 652 |  |  | 652 |
Series M |  | 3.950% Fixed Rate Reset Non-Cumulative |  | June 10, 2021 |  | September 1, 2026 |  | 3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157% |  | Quarterly |  | 1,000 |  |  | 1,000,000 |  |  | 988 |  |  | 988 |
Series N |  | 4.250% Non-Cumulative |  | July 29, 2021 |  | September 1, 2026 |  | 4.250% |  | Quarterly |  | 1,000 |  |  | 425,000 |  |  | 412 |  |  | 412 |
Series O |  | Fixed-to-Floating Rate Non-Cumulative |  | May 18, 2025 |  | October 30, 2027 |  | 5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338% |  | Semi-Annually through 10/30/2027;Quarterly thereafter |  | 100,000 |  |  | 5,700 |  |  | 562 |  |  | N/A
Total |  | $ | 5,407 |  |  | $ | 4,845 |
__________ (1)For Series I, J, K, L, and N, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of non-cumulative perpetual preferred stock. For Series O, ownership is held in the form of depositary shares, each representing a 1/100th interest in a share of non-cumulative perpetual preferred stock. Accumulated Other Comprehensive Income AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments. The following table presents the changes in AOCI by component for the three and six months ended June 30, 2025 and 2024. Table 10.2: AOCI
|  | Three Months Ended June 30, 2025
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of March 31, 2025 |  | $ | (6,473) |  |  | $ | (1,050) |  |  | $ | 19 |  |  |  |  | $ | (25) |  |  | $ | (7,529) |
Other comprehensive income before reclassifications |  | 254 |  |  | 203 |  |  | 64 |  |  |  |  | 0 |  |  | 521 |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 189 |  |  | 0 |  |  |  |  | 0 |  |  | 189 |
Other comprehensive income (loss), net of tax |  | 254 |  |  | 392 |  |  | 64 |  |  |  |  | 0 |  |  | 710 |
AOCI as of June 30, 2025 |  | $ | (6,219) |  |  | $ | (658) |  |  | $ | 83 |  |  |  |  | $ | (25) |  |  | $ | (6,819) |
|  | Six Months Ended June 30, 2025
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of December 31, 2024 |  | $ | (7,544) |  |  | $ | (1,720) |  |  | $ | 3 |  |  |  |  | $ | (25) |  |  | $ | (9,286) |
Other comprehensive income (loss) before reclassifications |  | 1,325 |  |  | 597 |  |  | 80 |  |  |  |  | 0 |  |  | 2,002 |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 465 |  |  | 0 |  |  |  |  | 0 |  |  | 465 |
Other comprehensive income (loss), net of tax |  | 1,325 |  |  | 1,062 |  |  | 80 |  |  |  |  | 0 |  |  | 2,467 |
AOCI as of June 30, 2025 |  | $ | (6,219) |  |  | $ | (658) |  |  | $ | 83 |  |  |  |  | $ | (25) |  |  | $ | (6,819) |
|  | Three Months Ended June 30, 2024
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of March 31, 2024 |  | $ | (7,613) |  |  | $ | (1,903) |  |  | $ | 13 |  |  |  |  | $ | (31) |  |  | $ | (9,534) |
Other comprehensive income (loss) before reclassifications |  | (184) |  |  | (225) |  |  | (1) |  |  |  |  | 0 |  |  | (410) |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 243 |  |  | 0 |  |  |  |  | 0 |  |  | 243 |
Other comprehensive income (loss), net of tax |  | (184) |  |  | 18 |  |  | (1) |  |  |  |  | 0 |  |  | (167) |
AOCI as of June 30, 2024 |  | $ | (7,797) |  |  | $ | (1,885) |  |  | $ | 12 |  |  |  |  | $ | (31) |  |  | $ | (9,701) |
|  | Six Months Ended June 30, 2024
(Dollars in millions) |  | Securities Available for Sale |  | Hedging Relationships(1) |  | Foreign Currency Translation Adjustments(2) |  |  |  | Other |  | Total
AOCI as of December 31, 2023 |  | $ | (6,769) |  |  | $ | (1,493) |  |  | $ | 26 |  |  |  |  | $ | (32) |  |  | $ | (8,268) |
Other comprehensive income (loss) before reclassifications |  | (1,028) |  |  | (812) |  |  | (14) |  |  |  |  | 1 |  |  | (1,853) |
Amounts reclassified from AOCI into earnings |  | 0 |  |  | 420 |  |  | 0 |  |  |  |  | 0 |  |  | 420 |
Other comprehensive income (loss), net of tax |  | (1,028) |  |  | (392) |  |  | (14) |  |  |  |  | 1 |  |  | (1,433) |
AOCI as of June 30, 2024 |  | $ | (7,797) |  |  | $ | (1,885) |  |  | $ | 12 |  |  |  |  | $ | (31) |  |  | $ | (9,701) |
__________ (1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges. (2)Includes other comprehensive losses of $229 million and $298 million for the three and six months ended June 30, 2025, respectively, and other comprehensive gains of $13 million and $62 million for the three and six months ended June 30, 2024, respectively, from hedging instruments designated as net investment hedges. The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three and six months ended June 30, 2025 and 2024. Table 10.3: Reclassifications from AOCI
(Dollars in millions) |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
AOCI Components |  | Affected Income Statement Line Item |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income (expense) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |
|  | Income tax provision (benefit) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
|  | Net income (loss) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
Hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  | Interest income (expense) |  | (238) |  |  | (313) |  |  | (478) |  |  | (622) |  |  |
Foreign exchange contracts: |  | Interest income |  | 3 |  |  | 3 |  |  | 5 |  |  | 5 |  |  |
|  | Interest income (expense) |  | (1) |  |  | 8 |  |  | (1) |  |  | 7 |  |  |
|  | Non-interest income (expense) |  | (18) |  |  | (19) |  |  | (145) |  |  | 55 |  |  |
|  | Income (loss) from continuing operations before income taxes |  | (254) |  |  | (321) |  |  | (619) |  |  | (555) |  |  |
|  | Income tax provision (benefit) |  | (65) |  |  | (78) |  |  | (154) |  |  | (135) |  |  |
|  | Net income (loss) |  | (189) |  |  | (243) |  |  | (465) |  |  | (420) |  |  |
Other: |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-interest income and non-interest expense |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
|  | Income tax provision (benefit) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
|  | Net income (loss) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |
Total reclassifications |  | $ | (189) |  |  | $ | (243) |  |  | $ | (465) |  |  | $ | (420) |  |  |
The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three and six months ended June 30, 2025 and 2024. Table 10.4: Other Comprehensive Income (Loss)
|  | Three Months Ended June 30, |  |  |  |  |  |
|  | 2025 |  | 2024 |  |
(Dollars in millions) |  | Before Tax |  | Provision (Benefit) |  | After Tax |  | Before Tax |  | Provision (Benefit) |  | After Tax |  |  |  |  |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities available for sale |  | $ | 337 |  |  | $ | 83 |  |  | $ | 254 |  |  | $ | (244) |  |  | $ | (60) |  |  | $ | (184) |  |  |  |  |  |  |
Net unrealized gains on hedging relationships |  | 518 |  |  | 126 |  |  | 392 |  |  | 24 |  |  | 6 |  |  | 18 |  |  |  |  |  |  |
Foreign currency translation adjustments(1) |  | (10) |  |  | (74) |  |  | 64 |  |  | 3 |  |  | 4 |  |  | (1) |  |  |  |  |  |  |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  |
Other comprehensive income (loss) |  | $ | 845 |  |  | $ | 135 |  |  | $ | 710 |  |  | $ | (217) |  |  | $ | (50) |  |  | $ | (167) |  |  |  |  |  |  |
|  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  |
(Dollars in millions) |  | Before Tax |  | Provision (Benefit) |  | After Tax |  | Before Tax |  | Provision (Benefit) |  | After Tax |  |  |  |  |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities available for sale |  | $ | 1,753 |  |  | $ | 428 |  |  | $ | 1,325 |  |  | $ | (1,359) |  |  | $ | (331) |  |  | $ | (1,028) |  |  |  |  |  |  |
Net unrealized gains (losses) on hedging relationships |  | 1,404 |  |  | 342 |  |  | 1,062 |  |  | (518) |  |  | (126) |  |  | (392) |  |  |  |  |  |  |
Foreign currency translation adjustments(1) |  | (15) |  |  | (95) |  |  | 80 |  |  | 6 |  |  | 20 |  |  | (14) |  |  |  |  |  |  |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 1 |  |  |  |  |  |  |
Other comprehensive income (loss) |  | $ | 3,142 |  |  | $ | 675 |  |  | $ | 2,467 |  |  | $ | (1,870) |  |  | $ | (437) |  |  | $ | (1,433) |  |  |  |  |  |  |
__________ (1)Includes the impact of hedging instruments designated as net investment hedges.

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