Capital One Financial Corp

Company facts

Industry

National Commercial Banks

Headquarters

Mclean, Virginia

Most recent report

10-Q, filed Nov 3, 2026

Incorporated

Delaware

Filings on record

1,005+ filings

On EDGAR

CIK 927628

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 0 positive, 15 notable, and 3 negative flags.

• Management's Discussion (Item 2)

  Two large acquisitions (Discover, Brex) drive major changes in revenue, expenses, and capital.
  Notable

  • Brex acquisition for $4.5B closed April 2026; $2.6B cash + 10.6M shares.
  • Repurchased $7.9B of common stock in the first nine months of 2026.
  • Allowance for credit losses fell $670M to $22.7B as of Sept 30, 2026 from Dec 31, 2025.
  • Discover integration expenses totaled $2.4B since Q1 2024; $338M in Q3 2026.
  • Stress capital buffer requirement stays at 4.5% through Jan 1, 2028.
  • Preferred stock Series M redeemed for $1.0B on Sept 1, 2026.
  • Risk management integration of Discover expected to substantially complete in 2027.
  • Framework revised in Q3 2026 to replace Reputation risk with Franchise risk.
  • Liquidity reserves rose $8.7B to $205.9B as of Sept 30, 2026 from Dec 31, 2025.
  • Average LCR was 163% in Q3 2026, above the 100% requirement.
  • Unfunded lending commitments rose $48.9B to $778.5B as of Sept 30, 2026 from Dec 31, 2025.
  Negative

  • Stockholders' equity fell $4.0B to $109.7B as of Sept 30, 2026 from Dec 31, 2025.

• Item 8

  Segment results show strong growth; litigation reserves and FDIC dispute add material risk.
  Notable

  • Brex and legacy corporate card results included in Domestic Card from Q2 2026, changing comparability.
  • Discover Card misclassification: $1.2B reserved, class action settled May 2026; SEC probe ongoing.
  • Interchange litigation: new settlement preliminarily approved June 2026; final hearing Nov 2026.
  Negative

  • Savings account settlement includes $425M fund and rate increase, with an appeal pending.
  • FDIC dispute: CONA sued over $150M in additional special assessment fees; counterclaim filed.

• Unregistered Sales and Repurchases (Item 2)

  Buyback pace and remaining authorization are material to capital return story.
  Notable

  • 67,830 shares withheld for tax on vesting restricted stock, a routine non-cash share settlement.

What changed: Sep 2026 vs. Jun 2026

About 4% of COF's Sep 2026 10-Q is new information. 43 paragraphs were added, 385 changed, and 42 removed. Below are the most important lines SECSift identified.

• Item 2 280
• Item 8 16
• Item 5 7
• Item 6 3
• Item 4 2
• Part I 1
• Item 3 1