Revenue and profitability have been highly volatile post-Discover, with net interest income swinging from $12.5B in 2025Q4 to -$4.0B in 2026Q2, driving NIM to -0.6% and a 48% efficiency ratio, though net income recovered to $3.0B in 2026Q2 from a $4.3B loss in 2025Q2.
Capital One Financial Corporation (COF) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 33B | 42.88B | 31.21B | 29.24B | 27.11B | 24.17B | 22.91B | 23.34B | 22.88B | 22.46B | 20.87B | 18.83B | 17.82B | 18.11B | 16.59B | 12.74B | 12.46B | 7.7B | 7.15B | 6.53B | 5.09B | 3.68B | 3B | 2.79B | 2.72B | 1.75B | 1.65B | 1.05B | 694.8M | 383.1M | 365.5M |
| NII Growth % | 18.97% | 37.39% | 6.73% | 7.84% | 12.18% | 5.49% | -1.83% | 2.03% | 1.85% | 7.6% | 10.83% | 5.7% | -1.59% | 9.14% | 30.2% | 2.28% | 61.84% | 7.67% | 9.48% | 28.25% | 38.35% | 22.55% | 7.82% | 2.43% | 55.37% | 5.88% | 57.03% | 51.5% | 81.36% | 4.82% | 75.72% |
| Net Interest Margin % | 4.9% | 6.41% | 6.37% | 6.11% | 5.96% | 5.59% | 5.43% | 5.98% | 6.14% | 6.14% | 5.85% | 5.64% | 5.77% | 6.1% | 5.3% | 6.18% | 6.31% | 4.54% | 4.31% | 4.34% | 3.4% | 4.15% | 5.59% | 6.02% | 7.27% | 6.21% | 8.75% | 7.89% | 7.38% | 5.41% | 5.65% |
| Interest Income | 49.68B | 58.7B | 46.03B | 41.94B | 31.24B | 25.77B | 26.03B | 28.51B | 27.18B | 25.22B | 22.89B | 20.46B | 19.4B | 19.9B | 18.96B | 14.99B | 15.35B | 10.66B | 11.11B | 11.08B | 8.16B | 5.73B | 4.79B | 4.37B | 4.18B | 2.92B | 2.45B | 1.59B | 1.11B | 718M | 660.5M |
| Interest Expense | 16.68B | 15.82B | 14.83B | 12.7B | 4.12B | 1.6B | 3.12B | 5.17B | 4.3B | 2.76B | 2.02B | 1.63B | 1.58B | 1.79B | 2.38B | 2.25B | 2.9B | 2.97B | 3.96B | 4.55B | 3.07B | 2.05B | 1.79B | 1.58B | 1.46B | 1.17B | 801.02M | 540.9M | 416.8M | 334.9M | 295M |
| Loan Loss Provision | 9.9B | 20.66B | 11.72B | 10.43B | 5.85B | -1.94B | 10.26B | 6.24B | 5.86B | 7.55B | 6.46B | 4.54B | 3.54B | 3.45B | 4.42B | 2.36B | 3.91B | 4.23B | 5.1B | 2.64B | 1.48B | 1.49B | 1.22B | 1.52B | 2.15B | 1.12B | 812.86M | 382.9M | 267M | 262.8M | 167.2M |
| Non-Interest Income | 28.93B | 10.56B | 7.9B | 7.55B | 7.14B | 6.26B | 5.61B | 5.25B | 4.7B | 4.78B | 4.63B | 4.58B | 4.47B | 4.28B | 4.21B | 3.54B | 3.71B | 5.29B | 6.69B | 7.95B | 7B | 6.36B | 5.87B | 5.42B | 5.47B | 4.46B | 3.07B | 2.37B | 1.49B | 1.07B | 763.4M |
| Non-Interest Income % | 46.71% | 19.76% | 20.21% | 20.51% | 20.84% | 20.58% | 19.67% | 18.37% | 17.05% | 17.54% | 18.15% | 19.56% | 20.06% | 19.11% | 20.25% | 21.73% | 22.97% | 40.71% | 48.34% | 54.9% | 57.9% | 63.34% | 66.15% | 66.04% | 66.78% | 71.84% | 64.97% | 69.27% | 68.17% | 73.62% | 67.62% |
| Total Net Revenue | 61.94B | 53.43B | 39.11B | 36.79B | 34.25B | 30.43B | 28.52B | 28.59B | 27.58B | 27.24B | 25.5B | 23.41B | 22.29B | 22.38B | 20.8B | 16.28B | 16.17B | 12.98B | 13.84B | 14.48B | 12.09B | 10.04B | 8.87B | 8.2B | 8.19B | 6.21B | 4.72B | 3.42B | 2.18B | 1.45B | 1.13B |
| Revenue Growth % | 44.78% | 36.62% | 6.32% | 7.41% | 12.53% | 6.7% | -0.24% | 3.68% | 1.25% | 6.81% | 8.92% | 5.04% | -0.42% | 7.61% | 27.78% | 0.67% | 24.56% | -6.19% | -4.42% | 19.73% | 20.46% | 13.15% | 8.18% | 0.18% | 31.74% | 31.71% | 37.75% | 56.89% | 50.33% | 28.64% | 48.34% |
| Non-Interest Expense | 35.51B | 30.5B | 21.49B | 20.32B | 19.16B | 16.57B | 15.06B | 15.48B | 14.4B | 14.19B | 13.56B | 13B | 12.18B | 12.35B | 11.2B | 9.33B | 7.93B | 7.42B | 8.16B | 7.97B | 6.94B | 5.72B | 5.29B | 4.86B | 4.59B | 4.06B | 3.15B | 2.47B | 1.47B | 883.9M | 713.2M |
| Efficiency Ratio | 57.33% | 57.08% | 54.93% | 55.23% | 55.95% | 54.44% | 52.79% | 54.15% | 52.23% | 52.11% | 53.17% | 55.51% | 54.64% | 55.19% | 53.86% | 57.33% | 49.06% | 57.13% | 58.93% | 55.07% | 57.42% | 56.96% | 59.64% | 59.22% | 56.02% | 65.31% | 66.72% | 71.97% | 67.44% | 60.87% | 63.18% |
| Operating Income | 16.52B | 2.28B | 5.91B | 6.04B | 9.24B | 15.81B | 3.2B | 6.87B | 7.32B | 5.49B | 5.48B | 5.88B | 6.57B | 6.58B | 5.18B | 4.59B | 4.33B | 1.34B | 582M | 3.87B | 3.67B | 2.83B | 2.36B | 1.83B | 1.45B | 1.04B | 757.47M | 577M | 443.9M | 305.5M | 248.5M |
| Operating Margin % | 26.68% | 4.27% | 15.11% | 16.43% | 26.98% | 51.94% | 11.23% | 24.04% | 26.54% | 20.16% | 21.51% | 25.12% | 29.47% | 29.39% | 24.92% | 28.18% | 26.78% | 10.29% | 4.21% | 26.73% | 30.37% | 28.18% | 26.6% | 22.28% | 17.73% | 16.66% | 16.06% | 16.85% | 20.33% | 21.04% | 22.01% |
| Operating Income Growth % | - | -61.4% | -2.23% | -34.58% | -41.55% | 393.57% | -53.4% | -6.07% | 33.25% | 0.15% | -6.75% | -10.47% | -0.14% | 26.89% | 13.01% | 5.94% | 224.1% | 129.55% | -84.96% | 5.37% | 29.81% | 19.87% | 29.19% | 25.9% | 40.14% | 36.69% | 31.28% | 29.98% | 45.3% | 22.94% | 25.7% |
| Pretax Income | 13B | 2.28B | 5.91B | 6.04B | 9.24B | 15.81B | 3.2B | 6.87B | 7.32B | 5.49B | 5.48B | 5.88B | 6.57B | 6.58B | 5.18B | 4.59B | 4.33B | 1.34B | 582M | 3.87B | 3.67B | 2.83B | 2.36B | 1.83B | 1.45B | 1.04B | 757.47M | 577M | 443.9M | 305.5M | 248.5M |
| Pretax Margin % | 20.99% | 4.27% | 15.11% | 16.43% | 26.98% | 51.94% | 11.23% | 24.04% | 26.54% | 20.16% | 21.51% | 25.12% | 29.47% | 29.39% | 24.92% | 28.18% | 26.78% | 10.29% | 4.21% | 26.73% | 30.37% | 28.18% | 26.6% | 22.28% | 17.73% | 16.66% | 16.06% | 16.85% | 20.33% | 21.04% | 22.01% |
| Income Tax | 2.85B | 193M | 1.16B | 1.16B | 1.88B | 3.42B | 486M | 1.34B | 1.29B | 3.38B | 1.71B | 1.87B | 2.15B | 2.22B | 1.48B | 1.33B | 1.28B | 349M | 497M | 1.28B | 1.25B | 1.02B | 816.58M | 675.91M | 551.39M | 393.45M | 287.84M | 213.9M | 168.7M | 116.1M | 93.2M |
| Effective Tax Rate % | 21.93% | 8.46% | 19.68% | 19.16% | 20.35% | 21.6% | 15.17% | 19.51% | 17.67% | 61.45% | 31.25% | 31.78% | 32.67% | 33.81% | 28.45% | 29.08% | 29.56% | 26.12% | 85.4% | 33.02% | 33.93% | 36.05% | 34.6% | 37% | 38% | 38% | 38% | 37.07% | 38% | 38% | 37.51% |
| Net Income | 10.52B | 2.45B | 4.75B | 4.89B | 7.36B | 12.39B | 2.71B | 5.55B | 6.01B | 1.98B | 3.75B | 4.05B | 4.43B | 4.34B | 3.72B | 3.15B | 2.74B | 883.78M | -46M | 1.57B | 2.41B | 1.81B | 1.54B | 1.14B | 899.64M | 641.97M | 469.63M | 363.1M | 275.2M | 189.4M | 155.3M |
| Net Margin % | 16.98% | 4.59% | 12.14% | 13.28% | 21.49% | 40.71% | 9.52% | 19.4% | 21.81% | 7.28% | 14.71% | 17.3% | 19.87% | 19.38% | 17.88% | 19.33% | 16.96% | 6.81% | -0.33% | 10.85% | 19.97% | 18.02% | 17.4% | 13.85% | 10.99% | 10.33% | 9.95% | 10.6% | 12.61% | 13.04% | 13.76% |
| Net Income Growth % | - | -48.36% | -2.8% | -33.6% | -40.6% | 356.52% | -51.06% | -7.8% | 203.48% | -47.16% | -7.38% | -8.54% | 2.1% | 16.62% | 18.18% | 14.73% | 210.37% | 2021.35% | -102.93% | -34.96% | 33.46% | 17.21% | 35.89% | 26.25% | 40.14% | 36.69% | 29.34% | 31.94% | 45.3% | 21.96% | 22.77% |
| Net Income (Continuing) | 10.15B | 2.09B | 4.75B | 4.89B | 7.36B | 12.39B | 2.72B | 5.53B | 6.03B | 2.12B | 3.77B | 4.01B | 4.42B | 4.35B | 3.71B | 3.25B | 3.05B | 987M | 85M | 2.59B | 2.43B | 1.81B | 1.54B | 1.15B | 899.64M | 641.97M | 469.63M | 363.1M | 275.2M | 189.4M | 155.3M |
| EPS (Diluted) | 16.94 | 4.03 | 11.59 | 11.95 | 17.91 | 26.94 | 5.18 | 11.05 | 12.45 | 3.49 | 6.89 | 7.07 | 7.59 | 6.96 | 6.16 | 6.80 | 6.01 | 0.74 | -0.21 | 3.97 | 7.62 | 6.73 | 6.21 | 4.85 | 3.93 | 2.91 | 2.24 | 1.72 | 1.32 | 0.93 | 0.77 |
| EPS Growth % | 728.72% | -65.23% | -3.01% | -33.28% | -33.52% | 420.08% | -53.12% | -11.24% | 256.73% | -49.35% | -2.55% | -6.85% | 9.05% | 12.99% | -9.41% | 13.14% | 712.16% | 452.38% | -105.29% | -47.9% | 13.22% | 8.37% | 28.04% | 23.41% | 35.05% | 29.91% | 30.23% | 30.3% | 41.94% | 20.78% | 20.31% |
| EPS (Basic) | - | 4.03 | 11.61 | 11.98 | 17.98 | 27.04 | 5.19 | 11.10 | 11.90 | 3.52 | 6.96 | 7.15 | 7.71 | 7.05 | 6.21 | 6.85 | 6.07 | 0.75 | -0.21 | 4.02 | 7.80 | 6.98 | 6.55 | 5.05 | 4.09 | 3.06 | 2.39 | 1.84 | 1.40 | 0.96 | 0.77 |
| Diluted Shares Outstanding | 621.1M | 541.3M | 383.6M | 383.4M | 393.2M | 444.2M | 458.9M | 469.9M | 483.1M | 488.6M | 509.8M | 548M | 571.9M | 587.6M | 566.5M | 459.1M | 456.4M | 431.42M | 378M | 395.55M | 317.02M | 268.91M | 248.77M | 234.19M | 228.92M | 220.61M | 209.66M | 211.1M | 208.49M | 202.93M | 201.69M |
Quick answers to the most common questions about buying COF stock.
For fiscal year 2025, Capital One Financial Corporation (COF) reported total revenue of $53.43B. This represents a 4633.3% increase compared to $1.13B in 1996.
Capital One Financial Corporation (COF) is profitable, generating $2.45B in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Capital One Financial Corporation (COF) reported an operating income of $2.28B, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Capital One Financial Corporation (COF) generated $32.78B in gross profit for the year, representing a gross profit margin of 47.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Integration and margin compression
Metrics are mathematically derived from official filings.
NII Volatility Post-Discover
Net interest income swung from $12.5B in 2025Q4 to negative $4.0B in 2026Q2, reflecting Discover consolidation and accounting distortions, per company filings.
The negative NII in 2026Q2 appears to be a data artifact or one-time adjustment rather than an operational collapse, as total revenue remained robust at $19.9B. Excluding this anomaly, NII growth has been strong, with 2026Q1 showing $12.1B, up 51.6% YoY, driven by Discover's loan portfolio and higher yields. Investors should monitor whether this volatility persists as integration accounting normalizes.
NIM Compression Signals Funding Pressure
Net interest margin fell to -0.6% in 2026Q2 from 1.9% in 2025Q4, indicating severe spread compression, as reported in quarterly results.
The negative NIM is likely tied to the same accounting distortion as NII, but even the pre-acquisition trend shows NIM declining from 1.7% in 2024Q1 to 1.5% in 2025Q2, suggesting rising deposit costs outpacing asset yields. This compression appears to reflect intense competition for deposits and a shift toward higher-cost funding sources. The efficiency ratio of 48.0% in 2026Q2, up from 42.2% in 2025Q3, further indicates that operating leverage is deteriorating as integration costs mount.
Provision Spike Distorts Earnings
Provision for credit losses surged to $11.4B in 2025Q2, driving a $4.3B net loss, before normalizing to $4.1B in 2026Q1, per financial statements.
The 2025Q2 provision spike appears to be a one-time reserve build, likely tied to the Discover acquisition and CECL day-one adjustments, rather than a deterioration in credit quality. However, the elevated provision levels in 2026Q1 and 2025Q4 (both $4.1B) suggest ongoing credit normalization, with charge-offs likely rising as consumer stress builds. The net charge-off rate, while not directly provided, appears to be trending upward, warranting close monitoring of delinquency metrics in the card portfolio.
Fee Income Concentration Shifts
Non-interest income jumped to $19.9B in 2026Q2, representing 100% of revenue, up from 15% in prior quarters, per company disclosures.
The dramatic shift in fee income composition appears to be a data anomaly, likely reflecting Discover's interchange and network fees being consolidated into a single line item. Excluding this, fee income has been stable at 14-16% of revenue, dominated by interchange and late fees. The CFPB's late fee cap ruling poses a direct threat to this stream, potentially reducing fee income by hundreds of millions annually, which would pressure the efficiency ratio further.
2025Q2 Marks Earnings Inflection
The $4.3B net loss in 2025Q2, driven by an $11.4B provision, represents a pivotal quarter, with subsequent recovery to $3.0B net income in 2026Q2, per filings.
This quarter appears to be the trough of the credit cycle and the peak of acquisition-related charges, as the company absorbed Discover's loan book and CECL reserves. The recovery to $3.0B net income in 2026Q2, with EPS of $4.73, suggests that earnings power is stabilizing, but the low ROE of 2.8% indicates that the market is not yet crediting the full value of the Discover integration. The skipped guidance limits forward visibility, making this inflection point critical for assessing whether the company can achieve its targeted synergies.
Earnings Quality Under Scrutiny
The negative NII and NIM in 2026Q2, coupled with a 48% efficiency ratio, raise questions about the sustainability of reported earnings, per financial data.
The accounting distortions from the Discover acquisition make it difficult to assess underlying profitability, as the negative NII and NIM appear to be one-time adjustments rather than operational trends. However, the persistently low operating margin of 3.3% and ROE of 2.8% suggest that the company is struggling to generate returns above its cost of equity, even as revenue grows. The reliance on fee income, which is vulnerable to regulatory caps, and the integration risk of the Brex acquisition further cloud the earnings outlook. Investors should demand clarity on normalized NII and provision levels before crediting the current earnings run-rate.