Capital One
Capital One Financial Corporation
20 quarters tracked through Q1 2026
Q3 2025 · Retrospective summary
Credit Drift Begins
Published in May 2026 as part of Cardintel’s launch backfill. Cardintel’s live editorial coverage of Capital One began with the Q1 2026 brief; this retrospective summarizes Q3 2025 from the canonical financial data with the benefit of hindsight.
Net charge-off rate climbed 66 basis points to 5.79% in Q3 2025 — the first meaningful upward move in the combined entity’s loss rate. Receivables continued expanding modestly to ~$245 billion as the merger integration consolidated.
A 66 bp move in one quarter is large but not alarming in a portfolio that absorbed a $100B+ book three months earlier. The drift could be attributed to seasoning of the combined receivables base — losses naturally rise as fresh-merger receivables age — or to subprime cohorts in either legacy book showing through.
In retrospect, this was the second of three consecutive sequential NCO increases that would carry through Q4 2025 and end (briefly) at Q1 2026. The trajectory matters more than the level: the credit cycle was already in motion when management was still calling integration outcomes positive on earnings calls.
Q3 2025 is the quarter where the post-merger “honeymoon” at 5.13% NCO definitively ended. Every subsequent quarter has either continued the climb or, in Q1 2026’s case, brought a provision response that suggests management sees more drift ahead.
By the editors. Cardintel.
Credit quality
Net charge-off rate
5.79%
+66 bps
Q3 2025, annualized
30+ day delinquency rate
—
Q3 2025
Net interest margin
—
card segment NIM — sparse
Return on assets
—
consolidated, Q3 2025, annualized
Scale & earnings
Card receivables (EOP)
$239.7B
+0.6%
end of Q3 2025
Card net revenue
$11.6B
+27.6%
Q3 2025, card segment
Provision for credit losses
$2.4B
-78.7%
Q3 2025, card segment
Net charge-offs ($)
$3.5B
+13.5%
Q3 2025
Financial summary
P&L, balance sheet, and key drivers
Standardized issuer-summary format used across all coverage. Switch tabs to compare Capital One against a peer; change the table quarter independently of the page anchor.
| Metric | Capital One Q3 2025 | Prior Q Q2 2025 | Prior Y Q3 2024 | QoQ | YoY |
|---|---|---|---|---|---|
| Card net revenue | $11.6B | $9.1B | $7.3B | +27.6% | +60.1% |
| Provision for credit losses | $2.4B | $11.1B | $2.1B | −78.7% | +13.4% |
| Fee income (non-interest) | $2.2B | $1.8B | $1.5B | +22.7% | +46.5% |
| Net interest incomeSprint 8 — split out of card net revenue | — | — | — | — | — |
| Noninterest expenseSprint 8 — segment expense extraction | — | — | — | — | — |
| Pretax income | $3.8B | -$6.5B | $1.8B | +159.4% | +112.9% |
| Net income | $2.9B | -$4.9B | $1.4B | +159.4% | +112.5% |
Generated commentary
Capital One's P&L in Q3 2025: pretax income rose 159.4% to $3.8B vs Q2 2025; net income rose 159.4% to $2.9B vs Q2 2025; provision for credit losses fell 78.7% to $2.4B vs Q2 2025. Period-over-period changes flagged below; sparse rows compare against the metric's last reported period rather than the calendar prior quarter.
$ in cents (formatted as $B / $M / $). Rows marked “pending” are tracked and will populate as the corresponding ingestion lands. Source: SEC EDGAR 10-K / 10-Q segment data and FFIEC Call Reports.
Net charge-off rate — 5-year history
Net charge-off rate for Capital One (solid) vs. the bank peer median (dashed) and 90th percentile (dotted). Use the controls above to overlay individual peers or a macroeconomic series on the right axis. Source: SEC 10-K/10-Q filings and FFIEC Call Reports; macro series via FRED.
Source: SEC EDGAR 10-Q filings + FFIEC Call Reports. Updated June 4, 2026.Methodology