Capital One Financial Corporation (COF) Cash Flow Statement
Where COF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $27.72B +52.6% vs 2024
- Capital expenditures
- $1.58B 2.3% of revenue
- Free cash flow
- $26.14B 37.7% margin
- Returned to shareholders
- $6.37B 24% of free cash flow
- Change in cash
- $18.42B cash at year-end $62.09B
Drawn to scale: where the cash came from and how it was used. Hover for values.
COF operating cash flow, capex and free cash flow
COF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $11.86B2016 | $27.72B2025 | +9.9%/yr | |
| Capital expenditures | $779.0M2016 | $1.58B2025 | +8.2%/yr | |
| Free cash flow | $11.08B2016 | $26.14B2025 | +10.0%/yr | |
| Free cash flow margin | 40.3%2016 | 37.7%2025 | −2.5 pts | |
| Operating cash flow / net income | 3.162016 | 11.302025 | +8.14 | |
| Stock-based compensation | $239.0M2016 | $776.0M2025 | +14.0%/yr | |
| Dividends paid | $1.03B2016 | $1.77B2025 | +6.2%/yr | |
| Share buybacks (net) | $3.66B2016 | $4.60B2025 | +2.6%/yr | |
| Capex / revenue | 2.8%2016 | 2.3%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COF cash flow by activity
COF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.45B | $4.75B | $4.89B | $7.36B | $12.39B | $2.71B | $5.55B | $6.01B | $1.98B | $3.75B |
| Depreciation & amortization | $5.26B | $3.24B | $3.23B | $3.21B | $3.48B | $3.50B | $3.34B | $2.40B | $2.44B | $2.43B |
| Stock-based compensation | $776.0M | $569.0M | $513.0M | $314.0M | $331.0M | $203.0M | $239.0M | $170.0M | $244.0M | $239.0M |
| Change in working capital | $1.28B | −$1.57B | $2.33B | −$2.86B | −$2.57B | $2.39B | $774.0M | −$1.11B | $371.0M | −$25.0M |
| Other non-cash items | $17.95B | $11.17B | $9.62B | $5.78B | −$1.32B | $7.89B | $6.74B | $5.50B | $9.14B | $5.46B |
| Cash from operating activities | $27.72B | $18.16B | $20.57B | $13.81B | $12.31B | $16.70B | $16.64B | $12.98B | $14.18B | $11.86B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.58B | −$1.20B | −$961.0M | −$934.0M | −$698.0M | −$710.0M | −$887.0M | −$874.0M | −$1.02B | −$779.0M |
| Investments (net) | $9.44B | −$26.41B | −$23.68B | $8.88B | $4.37B | −$17.44B | −$12.84B | −$13.34B | −$10.67B | −$23.79B |
| Acquisitions & other investing | −$8.31B | $1.20B | $2.72B | −$37.69B | −$35.17B | $3.31B | −$9.27B | −$1.40B | −$3.85B | −$1.06B |
| Cash from investing activities | −$444.0M | −$26.41B | −$21.92B | −$29.74B | −$31.50B | −$14.84B | −$23.00B | −$15.62B | −$15.54B | −$25.63B |
| Financing activities | ||||||||||
| Dividends paid | −$1.77B | −$1.16B | −$1.16B | −$1.18B | −$1.42B | −$740.0M | −$1.03B | −$1.04B | −$1.04B | −$1.03B |
| Share repurchases & issuance (net) | −$4.60B | −$734.0M | −$718.0M | −$4.95B | −$9.71B | −$1.77B | −$2.48B | −$2.28B | −$240.0M | −$3.66B |
| Net borrowing (repayment) | −$8.82B | −$4.42B | $240.0M | $2.71B | $2.92B | −$12.31B | −$2.73B | $7.00B | −$1.65B | $1.23B |
| Shares issued | $400.0M | $323.0M | $297.0M | $276.0M | $2.31B | $1.57B | $1.66B | $175.0M | $0 | $0 |
| Other financing | $5.94B | $14.16B | $15.18B | $28.27B | $6.38B | $38.41B | $11.21B | −$2.07B | $6.15B | $19.18B |
| Cash from financing activities | −$8.85B | $8.17B | $13.84B | $25.13B | $474.0M | $25.16B | $6.62B | $1.78B | $3.22B | $15.73B |
| Summary | ||||||||||
| Net change in cash | $18.42B | −$84.0M | $12.50B | $9.20B | −$18.72B | $27.02B | $260.0M | −$863.0M | $1.86B | $1.95B |
| Cash at end of period | $62.09B | $43.67B | $43.76B | $31.26B | $22.05B | $40.77B | $13.75B | $13.49B | $14.35B | $9.98B |
| Free cash flow | $26.14B | $16.95B | $19.61B | $12.88B | $11.61B | $15.99B | $15.75B | $12.10B | $13.16B | $11.08B |
| Free cash flow margin | 37.7% | 31.4% | 39.6% | 33.6% | 36.3% | 50.5% | 46.7% | 38.0% | 43.9% | 40.3% |
| Capex / revenue | 2.3% | 2.2% | 1.9% | 2.4% | 2.2% | 2.2% | 2.6% | 2.7% | 3.4% | 2.8% |
| Operating cash flow / net income | 11.30 | 3.82 | 4.21 | 1.88 | 0.99 | 6.15 | 3.00 | 2.16 | 7.16 | 3.16 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.03B | $2.17B | $2.13B | $3.19B | −$4.28B | $1.40B | $1.10B | $1.78B | $597.0M | $1.28B | $706.0M | $1.79B |
| Depreciation & amortization | $1.58B | $1.51B | $1.60B | $1.83B | $1.01B | $812.0M | $814.0M | $806.0M | $811.0M | $806.0M | $798.0M | $852.0M |
| Stock-based compensation | $215.0M | $131.0M | $200.0M | $174.0M | $225.0M | $177.0M | $144.0M | $127.0M | $105.0M | $193.0M | $141.0M | $95.0M |
| Change in working capital | $2.76B | −$2.76B | −$534.0M | $753.0M | −$301.0M | $82.0M | −$1.82B | $1.02B | $480.0M | −$1.25B | $2.70B | −$172.0M |
| Other non-cash items | $857.0M | $4.97B | $4.43B | $3.20B | $9.41B | $2.19B | $2.21B | $2.73B | $4.25B | $1.98B | $2.76B | $4.56B |
| Cash from operating activities | $8.44B | $6.02B | $7.83B | $9.15B | $6.07B | $4.67B | $2.45B | $6.46B | $6.24B | $3.01B | $7.10B | $7.13B |
| Investing activities | ||||||||||||
| Capital expenditures | −$553.0M | −$553.0M | −$1.13B | −$387.0M | −$399.0M | −$348.0M | −$356.0M | −$312.0M | −$289.0M | −$247.0M | −$261.0M | −$259.0M |
| Investments (net) | −$1.11B | −$879.0M | −$959.0M | −$9.95B | $16.47B | $845.0M | −$14.25B | −$6.30B | −$7.53B | $1.68B | −$9.69B | $994.0M |
| Acquisitions & other investing | −$14.83B | $1.46B | −$5.72B | $387.0M | $399.0M | $348.0M | $356.0M | $312.0M | $289.0M | $247.0M | $261.0M | −$12.96B |
| Cash from investing activities | −$16.49B | $26.0M | −$7.81B | −$9.95B | $16.47B | $845.0M | −$14.25B | −$6.30B | −$7.53B | $1.68B | −$9.69B | −$12.23B |
| Financing activities | ||||||||||||
| Dividends paid | −$573.0M | −$559.0M | −$1.19B | −$443.0M | −$453.0M | −$291.0M | −$289.0M | −$290.0M | −$289.0M | −$292.0M | −$290.0M | −$289.0M |
| Share repurchases & issuance (net) | $2.79B | −$2.79B | $1.99B | −$1.04B | −$573.0M | −$375.0M | −$161.0M | −$161.0M | −$163.0M | −$249.0M | −$158.0M | −$157.0M |
| Net borrowing (repayment) | −$7.31B | $1.04B | −$445.0M | −$1.29B | −$2.77B | −$4.32B | −$3.04B | $171.0M | — | — | — | −$768.0M |
| Shares issued | $139.0M | $119.0M | $105.0M | $91.0M | $111.0M | $93.0M | $72.0M | $76.0M | $95.0M | $80.0M | $64.0M | $71.0M |
| Other financing | −$3.48B | $13.30B | $3.09B | $422.0M | −$6.24B | $4.68B | $9.17B | $1.94B | −$2.03B | $3.52B | $1.43B | $2.34B |
| Cash from financing activities | −$8.44B | $11.11B | $3.54B | −$2.25B | −$9.92B | −$218.0M | $5.75B | $1.74B | −$2.38B | $3.06B | $1.04B | $1.20B |
| Summary | ||||||||||||
| Net change in cash | −$16.49B | $17.16B | $3.57B | −$3.05B | $12.61B | $5.29B | −$6.05B | $1.89B | −$3.67B | $7.75B | −$1.55B | $3.26B |
| Cash at end of period | $62.77B | $79.26B | $62.09B | $58.53B | $61.58B | $48.97B | $43.67B | $49.72B | $47.83B | $51.50B | $43.76B | $45.30B |
| Free cash flow | $9.00B | $5.47B | $8.96B | $8.77B | $5.67B | $4.32B | $2.09B | $6.15B | $5.95B | $2.76B | $6.84B | $6.87B |
| Free cash flow margin | 45.3% | 28.3% | 45.7% | 44.2% | 34.5% | 32.2% | 15.1% | 44.5% | 44.9% | 21.1% | 52.1% | 53.6% |
| Capex / revenue | 2.8% | 2.9% | 5.8% | 2.0% | 2.4% | 2.6% | 2.6% | 2.3% | 2.2% | 1.9% | 2.0% | 2.0% |
| Operating cash flow / net income | 2.79 | 2.77 | 3.67 | 2.87 | — | 3.32 | 2.23 | 3.63 | 10.46 | 2.35 | 10.06 | 3.98 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
COF cash generation
In fiscal 2025 (ended December 31, 2025), Capital One generated $27.7 billion of cash from operations (up 52.6%) and spent $1.6 billion on capital expenditures, leaving free cash flow of $26.1 billion, 37.7% of revenue. It returned $6.4 billion to shareholders through dividends ($1.8 billion) and net share buybacks ($4.6 billion). Cash and equivalents rose by $18.4 billion over the year.
Related: COF income statement, COF balance sheet, COF dividend history. See the COF stock overview for the latest quote and news.
COF cash flow FAQ
What is Capital One's free cash flow?
Capital One's free cash flow was $26.1 billion in fiscal 2025: $27.7 billion of operating cash flow minus $1.6 billion of capital expenditures It was $17.0 billion a year earlier..
How much cash does Capital One generate from operations?
Capital One generated $27.7 billion of cash from operating activities in fiscal 2025, 11.30 times its net income of $2.5 billion.
How much does Capital One spend on capital expenditures?
Capital One spent $1.6 billion on capital expenditures in fiscal 2025, 2.3% of revenue, compared with $1.2 billion the year before.
How much stock does Capital One buy back?
Capital One spent $4.6 billion on net share repurchases in fiscal 2025.
How much does Capital One pay in dividends?
Capital One paid $1.8 billion in dividends in fiscal 2025, 6.8% of free cash flow.