Capital One Financial Corporation (Parent Company Only)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Capital One Financial Corporation (Parent Company Only)


NOTE 20—CAPITAL ONE FINANCIAL CORPORATION (PARENT COMPANY ONLY)

Financial Information

The following parent company only financial statements are prepared in accordance with Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”).

Table 20.1: Parent Company Statements of Income


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Revenues
Interest income	$	1,675	$	1,762	$	1,715
Dividends from subsidiaries	7,450		1,500		3,300
Non-interest income	27		100		91
Total revenues	$	9,152	$	3,362	$	5,106
Expenses
Interest expense	2,079		$	2,303	$	2,160
Provision (benefit) for credit losses	0		0		(1)
Non-interest expense	381		96		70
Total expenses	2,460		2,399		2,229
Income before income taxes and equity in undistributed earnings of subsidiaries	6,692		963		2,877
Income tax benefit	(122)		(81)		(73)
Income before equity in undistributed earnings of subsidiaries	6,814		1,044		2,950
Equity in undistributed earnings (losses) of subsidiaries	(4,361)		3,706		1,937
Net income	2,453		4,750		4,887
Other comprehensive income (loss), net of tax	3,818		(1,018)		1,648
Comprehensive income	$	6,271	$	3,732	$	6,535

Table 20.2: Parent Company Balance Sheets


(Dollars in millions)	December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	28,853	$	22,630
Investments in subsidiaries	100,867		56,991
Loans to subsidiaries	10,439		8,935
Securities available for sale	334		346
Other assets	7,966		2,537
Total assets	$	148,459	$	91,439

Liabilities:
Senior and subordinated notes	$	32,729	$	30,247

Other liabilities	2,114		408
Total liabilities	34,843		30,655
Total stockholders’ equity	113,616		60,784
Total liabilities and stockholders’ equity	$	148,459	$	91,439

Table 20.3: Parent Company Statements of Cash Flows


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Operating activities:
Net income	$	2,453	$	4,750	$	4,887
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed losses (earnings) of subsidiaries	4,361		(3,706)		(1,936)
Stock-based compensation expense	776		555		502
Other operating activities	430		(59)		121
Net cash from operating activities	8,020		1,540		3,574
Investing activities:

Securities available for sale:
Proceeds from paydowns and maturities	45		33		103
Purchases	(15)		0		(69)
Changes in loans to subsidiaries	(188)		(2,597)		371
Net cash received in acquisitions	6,127		0		0
Net cash from investing activities	5,969		(2,564)		405
Financing activities:
Borrowings:

Changes in borrowings from subsidiaries	187		0		0
Issuance of senior and subordinated notes	4,480		3,985		8,219
Maturities and paydowns of senior and subordinated notes	(6,475)		(4,411)		(6,989)
Common stock:
Net proceeds from issuances	400		323		299
Dividends paid	(1,516)		(932)		(931)
Preferred stock:

Dividends paid	(252)		(228)		(228)
Redemptions	(500)		0		0
Purchases of treasury stock	(4,099)		(734)		(718)
Proceeds from share-based payment activities	9		4		10
Net cash from financing activities	(7,766)		(1,993)		(338)
Changes in cash and cash equivalents	6,223		(3,017)		3,641
Cash and cash equivalents, beginning of the period	22,630		25,647		22,006
Cash and cash equivalents, end of the period	$	28,853	$	22,630	$	25,647