CAPITAL ONE FINANCIAL CORP (COF)

Capital One Financial Corporation, a Delaware corporation founded in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company whose principal operating subsidiary is Capital One, National Association (CONA). The company offers a broad range of financial products and services to consumers, small businesses, and commercial clients through digital channels, branches, cafés, and other distribution channels, and is the third-largest issuer of Visa and MasterCard credit cards in the U.S. by outstanding credit card loan balances as of December 31, 2024. Beyond credit cards, Capital One provides debit cards, bank lending, treasury management, depository services, auto loans, and other consumer lending products, and ranks among the nation's largest banks by deposits.

International operations are conducted through Capital One (Europe) plc in the U.K. and a Canadian branch of CONA, both authorized to issue credit card loans. The company operates through three primary business segments: Credit Card (domestic and international consumer/small business card lending), Consumer Banking (deposit gathering, consumer/small business lending, and national auto lending), and Commercial Banking (lending, deposits, capital markets, and treasury management for commercial real estate and commercial/industrial clients, typically serving companies with $20 million to $2 billion in annual revenue). A significant pending development is the agreement to acquire Discover Financial Services, announced February 19, 2024, through a multi-step merger structure in which Discover shareholders would receive 1.0192 shares of Capital One common stock per Discover share; both companies' shareholders approved the transaction in February 2025, though closing remains subject to regulatory approvals.

Additionally, the company's credit card program agreement with Walmart terminated on May 21, 2024, with Capital One retaining the existing portfolio and converting customers to Capital One-branded products. Capital One faces competition from national and regional card issuers, American Express, Discover, banks, credit unions, auto finance companies, and fintech innovators. As a bank holding company and financial holding company, Capital One is subject to extensive regulation by the Federal Reserve, OCC, FDIC, and CFPB, including Basel III capital requirements as a Category III institution, stress testing (DFAST), and capital planning rules; due to the pending Discover acquisition being deemed a material change in risk profile, all capital distributions are currently subject to Federal Reserve approval, though the company has received approval for certain distributions.

Capital One's common stock trades on the NYSE under the ticker "COF" and is included in the S&P 100 Index.