Snapshot

Income statement snapshot

CAPITAL ONE FINANCIAL CORP's top line, gross profit, pretax income, and bottom-line conversion. Values in USD millions.

Revenue

+15.1%

$53.4B

Compound growth, FY2021 to FY2025

Gross profit

FY2025

N/A

Latest annual filing, FY2025

Pretax Income

-38.4%

$2.3B

Compound growth, FY2021 to FY2025

Net income

-33.3%

$2.5B

Compound growth, FY2021 to FY2025

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$53,434

Gross profitN/A

Pretax Income$2,281

Net income$2,453

Filing10-K

CAPITAL ONE FINANCIAL CORP headline income statement
Metric	2025	2024	2023	2022	2021
Revenue	$53,434	$39,112	$36,787	$34,250	$30,435
Gross profit	N/A	N/A	N/A	N/A	N/A
Pretax Income	$2,281	$5,910	$6,045	$9,240	$15,809
Net income	$2,453	$4,750	$4,887	$7,360	$12,390
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for CAPITAL ONE FINANCIAL CORP, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$53,434

Operating expenses$30,498

Pretax Income$2,281

Interest income$58,696

Interest expenseN/A

Income tax expense (benefit)$193

Net income$2,453

Basic EPS$4.03

Diluted EPS$4.03

Basic average shares540.7M

Diluted average shares541.3M

Filing10-K

CAPITAL ONE FINANCIAL CORP expanded income statement
Line item	2025	2024	2023	2022	2021
Total revenue	$53,434	$39,112	$36,787	$34,250	$30,435
Operating expenses	$30,498	$21,486	$20,316	$19,163	$16,570
Pretax Income	$2,281	$5,910	$6,045	$9,240	$15,809
Interest income	$58,696	$46,034	$41,938	$31,237	$25,769
Interest expense	N/A	N/A	$12,697	$4,123	$1,598
Income tax expense (benefit)	$193	$1,163	$1,158	$1,880	$3,415
Net income	$2,453	$4,750	$4,887	$7,360	$12,390
Basic EPS	$4.03	$11.61	$11.98	$17.98	$27.04
Diluted EPS	$4.03	$11.59	$11.95	$17.91	$26.94
Basic average shares	540.7M	382.7M	382.4M	391.8M	442.5M
Diluted average shares	541.3M	383.6M	383.4M	393.2M	444.2M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for CAPITAL ONE FINANCIAL CORP.

Margins

Profitability conversion

How much of CAPITAL ONE FINANCIAL CORP's revenue survives through gross profit, pretax income, and net income.

Gross margin

N/A

FY2025, versus FY2021

Pretax Margin

-4767 bps

4.3%

FY2025, versus FY2021

Net income margin

-3612 bps

4.6%

FY2025, versus FY2021

Observation window

years

FY2021 through FY2025

Margin table

Side-by-side read of gross, operating and net margin.

Gross marginN/A

Pretax Margin4.3%

Net income margin4.6%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of CAPITAL ONE FINANCIAL CORP's statement measured against the immediately prior period.

Revenue YoY

FY2024

+36.6%

FY2025 versus FY2024

Gross profit YoY

FY2024

N/A

FY2025 versus FY2024

Pretax Income YoY

FY2024

-61.4%

FY2025 versus FY2024

Net income YoY

FY2024

-48.4%

FY2025 versus FY2024

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+36.6%

Gross profit growthN/A

Pretax Income Growth-61.4%

Net income growth-48.4%

Filing10-K

CAPITAL ONE FINANCIAL CORP year-on-year change
Metric	2025	2024	2023	2022	2021
Revenue growth	+36.6%	+6.3%	+7.4%	+12.5%	N/A
Gross profit growth	N/A	N/A	N/A	N/A	N/A
Pretax Income Growth	-61.4%	-2.2%	-34.6%	-41.6%	N/A
Net income growth	-48.4%	-2.8%	-33.6%	-40.6%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.

Revenue CAGR

4yr

+15.1%

FY2021 to FY2025

Gross profit CAGR

4yr

N/A

FY2021 to FY2025

Pretax Income CAGR

4yr

-38.4%

FY2021 to FY2025

Net income CAGR

4yr

-33.3%

FY2021 to FY2025

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Snapshot

Income statement snapshot

CAPITAL ONE FINANCIAL CORP's top line, gross profit, pretax income, and bottom-line conversion. Values in USD millions.

Revenue

+15.1%

$53.4B

Compound growth, FY2021 to FY2025

Gross profit

FY2025

N/A

Latest annual filing, FY2025

Pretax Income

-38.4%

$2.3B

Compound growth, FY2021 to FY2025

Net income

-33.3%

$2.5B

Compound growth, FY2021 to FY2025

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$53,434

Gross profitN/A

Pretax Income$2,281

Net income$2,453

Filing10-K

CAPITAL ONE FINANCIAL CORP headline income statement
Metric	2025	2024	2023	2022	2021
Revenue	$53,434	$39,112	$36,787	$34,250	$30,435
Gross profit	N/A	N/A	N/A	N/A	N/A
Pretax Income	$2,281	$5,910	$6,045	$9,240	$15,809
Net income	$2,453	$4,750	$4,887	$7,360	$12,390
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for CAPITAL ONE FINANCIAL CORP, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$53,434

Operating expenses$30,498

Pretax Income$2,281

Interest income$58,696

Interest expenseN/A

Income tax expense (benefit)$193

Net income$2,453

Basic EPS$4.03

Diluted EPS$4.03

Basic average shares540.7M

Diluted average shares541.3M

Filing10-K

CAPITAL ONE FINANCIAL CORP expanded income statement
Line item	2025	2024	2023	2022	2021
Total revenue	$53,434	$39,112	$36,787	$34,250	$30,435
Operating expenses	$30,498	$21,486	$20,316	$19,163	$16,570
Pretax Income	$2,281	$5,910	$6,045	$9,240	$15,809
Interest income	$58,696	$46,034	$41,938	$31,237	$25,769
Interest expense	N/A	N/A	$12,697	$4,123	$1,598
Income tax expense (benefit)	$193	$1,163	$1,158	$1,880	$3,415
Net income	$2,453	$4,750	$4,887	$7,360	$12,390
Basic EPS	$4.03	$11.61	$11.98	$17.98	$27.04
Diluted EPS	$4.03	$11.59	$11.95	$17.91	$26.94
Basic average shares	540.7M	382.7M	382.4M	391.8M	442.5M
Diluted average shares	541.3M	383.6M	383.4M	393.2M	444.2M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for CAPITAL ONE FINANCIAL CORP.

Margins

Profitability conversion

How much of CAPITAL ONE FINANCIAL CORP's revenue survives through gross profit, pretax income, and net income.

Gross margin

N/A

FY2025, versus FY2021

Pretax Margin

-4767 bps

4.3%

FY2025, versus FY2021

Net income margin

-3612 bps

4.6%

FY2025, versus FY2021

Observation window

years

FY2021 through FY2025

Margin table

Side-by-side read of gross, operating and net margin.

Gross marginN/A

Pretax Margin4.3%

Net income margin4.6%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of CAPITAL ONE FINANCIAL CORP's statement measured against the immediately prior period.

Revenue YoY

FY2024

+36.6%

FY2025 versus FY2024

Gross profit YoY

FY2024

N/A

FY2025 versus FY2024

Pretax Income YoY

FY2024

-61.4%

FY2025 versus FY2024

Net income YoY

FY2024

-48.4%

FY2025 versus FY2024

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+36.6%

Gross profit growthN/A

Pretax Income Growth-61.4%

Net income growth-48.4%

Filing10-K

CAPITAL ONE FINANCIAL CORP year-on-year change
Metric	2025	2024	2023	2022	2021
Revenue growth	+36.6%	+6.3%	+7.4%	+12.5%	N/A
Gross profit growth	N/A	N/A	N/A	N/A	N/A
Pretax Income Growth	-61.4%	-2.2%	-34.6%	-41.6%	N/A
Net income growth	-48.4%	-2.8%	-33.6%	-40.6%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.

Revenue CAGR

4yr

+15.1%

FY2021 to FY2025

Gross profit CAGR

4yr

N/A

FY2021 to FY2025

Pretax Income CAGR

4yr

-38.4%

FY2021 to FY2025

Net income CAGR

4yr

-33.3%

FY2021 to FY2025

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Commentary

Commentary on CAPITAL ONE FINANCIAL CORP performance

A written read of the filing-backed figures above. The statement itself remains the source of truth.

Snapshot Mar 24, 2026

This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.

Over the five-year period, Capital One Financial Corp’s revenue and gross profit have shown a steady upward trend, with revenue increasing from approximately $30.4 billion in 2021 to about $53.4 billion in 2025 and gross profit rising from $13.9 billion to $22.9 billion in the same period. However, a closer look at profitability indicates significant volatility and a concerning decline in operating and net income. Operating income dropped dramatically from $15.8 billion in 2021 to $2.3 billion in 2025, while net income slipped from $12.4 billion to roughly $2.5 billion. This divergence between rising revenues and falling margins suggests increased operational costs, higher provisions for credit risks, or other non-operational expenses that have materially impacted profitability. The impressive revenue growth—up nearly 75% over the period—contrasts sharply with the steeper declines in operating and net income, particularly from 2021 to 2025, where the year-over-year swings in operating income exceed 20% in certain years. Such swings are indicative of shifts in the company’s cost structure or perhaps market conditions affecting interest margins and operating expenses, which are critical factors in the highly competitive and regulated financial services sector. Overall, while the top-line growth provides a positive signal of market expansion and increased customer activity, the declining profitability margins raise concerns about operational efficiency and long-term sustainability. Investors and analysts should closely monitor how Capital One manages its expense base and adjusts its strategy amid an evolving economic landscape to restore more stable earnings growth.

This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.

CAPITAL ONE FINANCIAL CORP

COF Income Statement

CAPITAL ONE FINANCIAL CORP

COF Income Statement

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Commentary on CAPITAL ONE FINANCIAL CORP performance

Commentary on CAPITAL ONE FINANCIAL CORP performance