Capital One Financial (COF)
Market Price (7/16/2026): $208.8 | Market Cap: $130.0 BilInvestor Relations Sector: Financials | Industry: Consumer Finance
Capital One Financial (COF)
Market Price (7/16/2026): $208.8Market Cap: $130.0 BilSector: FinancialsIndustry: Consumer Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%, CFO LTM is 29 Bil, FCF LTM is 27 Bil Attractive yieldFCF Yield is 21% Stock buyback supportStock Buyback 3Y Total is 8.6 Bil Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Cybersecurity. Themes include Digital Payments, Show more. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 40x Key risksCOF key risks include [1] significant integration and synergy realization challenges from the complex Discover acquisition, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%, CFO LTM is 29 Bil, FCF LTM is 27 Bil |
| Attractive yieldFCF Yield is 21% |
| Stock buyback supportStock Buyback 3Y Total is 8.6 Bil |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Cybersecurity. Themes include Digital Payments, Show more. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 40x |
| Key risksCOF key risks include [1] significant integration and synergy realization challenges from the complex Discover acquisition, Show more. |
Qualitative Assessment
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Updated on 7/10/2026
Capital One Financial (COF) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong Analyst Sentiment and Upgraded Ratings. Despite a Q1 2026 adjusted EPS of $4.42 falling short of consensus estimates by $0.66, Capital One Financial maintained a largely positive outlook from analysts. Notably, on April 9, 2026, JP Morgan upgraded COF stock from a Neutral to an Overweight rating. The consensus among 24 analysts includes 18 "Strong Buy" and two "Moderate Buy" ratings, with an average price target of $254.62, suggesting a potential upside of 24.1% from the stock's levels around July 10, 2026.
2. Positive Federal Reserve Stress Test Results. In June 2026, Capital One Financial experienced a stock surge of over 2% after all 32 banks, including Capital One, successfully passed the Federal Reserve's 2026 stress tests. This outcome reinforced confidence in the banking sector's capital resilience and specifically for Capital One, confirmed its stress capital buffer would remain at 4.5% through September 2027. This result boosted expectations for continued capital returns to shareholders.
Show more
Capital One Financial (COF) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong Analyst Sentiment and Upgraded Ratings. Despite a Q1 2026 adjusted EPS of $4.42 falling short of consensus estimates by $0.66, Capital One Financial maintained a largely positive outlook from analysts. Notably, on April 9, 2026, JP Morgan upgraded COF stock from a Neutral to an Overweight rating. The consensus among 24 analysts includes 18 "Strong Buy" and two "Moderate Buy" ratings, with an average price target of $254.62, suggesting a potential upside of 24.1% from the stock's levels around July 10, 2026.
2. Positive Federal Reserve Stress Test Results. In June 2026, Capital One Financial experienced a stock surge of over 2% after all 32 banks, including Capital One, successfully passed the Federal Reserve's 2026 stress tests. This outcome reinforced confidence in the banking sector's capital resilience and specifically for Capital One, confirmed its stress capital buffer would remain at 4.5% through September 2027. This result boosted expectations for continued capital returns to shareholders.
Show more
Updated on 7/10/2026
Capital One Financial (COF) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong Analyst Sentiment and Upgraded Ratings. Despite a Q1 2026 adjusted EPS of $4.42 falling short of consensus estimates by $0.66, Capital One Financial maintained a largely positive outlook from analysts. Notably, on April 9, 2026, JP Morgan upgraded COF stock from a Neutral to an Overweight rating. The consensus among 24 analysts includes 18 "Strong Buy" and two "Moderate Buy" ratings, with an average price target of $254.62, suggesting a potential upside of 24.1% from the stock's levels around July 10, 2026.
2. Positive Federal Reserve Stress Test Results. In June 2026, Capital One Financial experienced a stock surge of over 2% after all 32 banks, including Capital One, successfully passed the Federal Reserve's 2026 stress tests. This outcome reinforced confidence in the banking sector's capital resilience and specifically for Capital One, confirmed its stress capital buffer would remain at 4.5% through September 2027. This result boosted expectations for continued capital returns to shareholders.
3. Optimism Surrounding Discover Integration and Future Growth Projections. The company's acquisition of Discover Financial Services, finalized in fiscal 2025, positions Capital One as the largest credit card issuer in the U.S. by loan volume. Management, including CEO Richard Fairbank, expressed confidence in the Q1 2026 earnings call that the Discover integration was progressing well and building momentum. Analysts project significant EPS acceleration, forecasting approximately $20 for fiscal 2026, increasing to about $24 in fiscal 2027, and reaching around $29 in fiscal 2028.
4. Favorable Macroeconomic Tailwinds. Capital One Financial benefited from broader positive macroeconomic trends during the period. The stock surged alongside a general rally in the financials sector following news of a preliminary peace framework between the U.S. and Iran, which caused oil prices to drop nearly 5% and eased inflation concerns. This macroeconomic development reinforced investor interest in Capital One's business strategy.
Show less
Capital One Financial (COF) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Strong Analyst Sentiment and Upgraded Ratings. Despite a Q1 2026 adjusted EPS of $4.42 falling short of consensus estimates by $0.66, Capital One Financial maintained a largely positive outlook from analysts. Notably, on April 9, 2026, JP Morgan upgraded COF stock from a Neutral to an Overweight rating. The consensus among 24 analysts includes 18 "Strong Buy" and two "Moderate Buy" ratings, with an average price target of $254.62, suggesting a potential upside of 24.1% from the stock's levels around July 10, 2026.
2. Positive Federal Reserve Stress Test Results. In June 2026, Capital One Financial experienced a stock surge of over 2% after all 32 banks, including Capital One, successfully passed the Federal Reserve's 2026 stress tests. This outcome reinforced confidence in the banking sector's capital resilience and specifically for Capital One, confirmed its stress capital buffer would remain at 4.5% through September 2027. This result boosted expectations for continued capital returns to shareholders.
3. Optimism Surrounding Discover Integration and Future Growth Projections. The company's acquisition of Discover Financial Services, finalized in fiscal 2025, positions Capital One as the largest credit card issuer in the U.S. by loan volume. Management, including CEO Richard Fairbank, expressed confidence in the Q1 2026 earnings call that the Discover integration was progressing well and building momentum. Analysts project significant EPS acceleration, forecasting approximately $20 for fiscal 2026, increasing to about $24 in fiscal 2027, and reaching around $29 in fiscal 2028.
4. Favorable Macroeconomic Tailwinds. Capital One Financial benefited from broader positive macroeconomic trends during the period. The stock surged alongside a general rally in the financials sector following news of a preliminary peace framework between the U.S. and Iran, which caused oil prices to drop nearly 5% and eased inflation concerns. This macroeconomic development reinforced investor interest in Capital One's business strategy.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 15.0% change in COF stock from 3/31/2026 to 7/15/2026 was primarily driven by a 19.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.65 | 208.89 | 15.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53,434 | 58,665 | 9.8% |
| Net Income Margin (%) | 4.6% | 5.5% | 19.7% |
| P/E Multiple | 46.8 | 40.3 | -13.8% |
| Shares Outstanding (Mil) | 632 | 622 | 1.6% |
| Cumulative Contribution | 15.0% |
Market Drivers
3/31/2026 to 7/15/2026| Return | Correlation | |
|---|---|---|
| COF | 15.0% | |
| Market (SPY) | 16.1% | 50.3% |
| Sector (XLF) | 14.6% | 70.9% |
Fundamental Drivers
The -13.1% change in COF stock from 12/31/2025 to 7/15/2026 was primarily driven by a -62.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 240.40 | 208.89 | -13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48,231 | 58,665 | 21.6% |
| Net Income Margin (%) | 2.9% | 5.5% | 87.3% |
| P/E Multiple | 108.6 | 40.3 | -62.8% |
| Shares Outstanding (Mil) | 639 | 622 | 2.7% |
| Cumulative Contribution | -13.1% |
Market Drivers
12/31/2025 to 7/15/2026| Return | Correlation | |
|---|---|---|
| COF | -13.1% | |
| Market (SPY) | 11.0% | 52.1% |
| Sector (XLF) | 3.8% | 78.5% |
Fundamental Drivers
The -0.4% change in COF stock from 6/30/2025 to 7/15/2026 was primarily driven by a -55.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 209.67 | 208.89 | -0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39,737 | 58,665 | 47.6% |
| Net Income Margin (%) | 12.3% | 5.5% | -55.2% |
| P/E Multiple | 16.5 | 40.3 | 144.8% |
| Shares Outstanding (Mil) | 383 | 622 | -38.5% |
| Cumulative Contribution | -0.4% |
Market Drivers
6/30/2025 to 7/15/2026| Return | Correlation | |
|---|---|---|
| COF | -0.4% | |
| Market (SPY) | 23.2% | 54.0% |
| Sector (XLF) | 9.3% | 76.8% |
Fundamental Drivers
The 100.4% change in COF stock from 6/30/2023 to 7/15/2026 was primarily driven by a 498.7% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 104.22 | 208.89 | 100.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,980 | 58,665 | 67.7% |
| Net Income Margin (%) | 16.9% | 5.5% | -67.5% |
| P/E Multiple | 6.7 | 40.3 | 498.7% |
| Shares Outstanding (Mil) | 383 | 622 | -38.5% |
| Cumulative Contribution | 100.4% |
Market Drivers
6/30/2023 to 7/15/2026| Return | Correlation | |
|---|---|---|
| COF | 100.4% | |
| Market (SPY) | 76.3% | 61.5% |
| Sector (XLF) | 75.3% | 75.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| COF Return | 49% | -34% | 44% | 38% | 38% | -15% | 130% |
| Peers Return | 35% | -16% | 21% | 45% | 39% | 5% | 193% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| COF Win Rate | 67% | 42% | 67% | 67% | 67% | 43% | |
| Peers Win Rate | 62% | 42% | 52% | 67% | 68% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| COF Max Drawdown | -22% | -44% | -29% | -14% | -28% | -31% | |
| Peers Max Drawdown | -17% | -37% | -23% | -14% | -27% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JPM, BAC, WFC, C, AXP. See COF Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/15/2026 (YTD)
How Low Can It Go
| Event | COF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.2% | -18.8% |
| % Gain to Breakeven | 39.4% | 23.1% |
| Time to Breakeven | 83 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.9% | -9.5% |
| % Gain to Breakeven | 28.0% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.0% | -6.7% |
| % Gain to Breakeven | 37.1% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.5% | -24.5% |
| % Gain to Breakeven | 60.1% | 32.4% |
| Time to Breakeven | 541 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.4% | -33.7% |
| % Gain to Breakeven | 146.4% | 50.9% |
| Time to Breakeven | 278 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.5% | -19.2% |
| % Gain to Breakeven | 36.1% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
In The Past
Capital One Financial's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.4% gain to breakeven.
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Asset Allocation
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| Event | COF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.2% | -18.8% |
| % Gain to Breakeven | 39.4% | 23.1% |
| Time to Breakeven | 83 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.9% | -9.5% |
| % Gain to Breakeven | 28.0% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.0% | -6.7% |
| % Gain to Breakeven | 37.1% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.5% | -24.5% |
| % Gain to Breakeven | 60.1% | 32.4% |
| Time to Breakeven | 541 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.4% | -33.7% |
| % Gain to Breakeven | 146.4% | 50.9% |
| Time to Breakeven | 278 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.5% | -19.2% |
| % Gain to Breakeven | 36.1% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.8% | -12.2% |
| % Gain to Breakeven | 38.5% | 13.9% |
| Time to Breakeven | 291 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.9% | -6.8% |
| % Gain to Breakeven | 36.8% | 7.3% |
| Time to Breakeven | 290 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.2% | -17.9% |
| % Gain to Breakeven | 31.9% | 21.8% |
| Time to Breakeven | 203 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.6% | -53.4% |
| % Gain to Breakeven | 442.4% | 114.4% |
| Time to Breakeven | 402 days | 1085 days |
In The Past
Capital One Financial's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Capital One Financial (COF)
Capital One Financial Corporation (COF) is a diversified financial services holding company primarily operating through its banking subsidiaries, Capital One Bank. It provides a broad range of financial products and services, catering to markets in the United States, Canada, and the United Kingdom. The company structures its business into three main segments: Credit Card, Consumer Banking, and Commercial Banking.
Capital One's core offerings include various deposit accounts, such as checking, savings, and money market options. On the lending side, it is a prominent provider of credit card loans, and also extends auto and retail banking loans. For businesses, the company offers commercial and multifamily real estate loans, as well as general commercial and industrial loans. Complementary services include credit and debit card products, extensive online direct banking capabilities, and treasury management services.
The company serves a wide array of customers, encompassing individual consumers, small businesses, and larger commercial clients. Capital One engages with its customer base through a comprehensive network that includes digital channels, traditional bank branches, and unique café locations, particularly concentrated in key U.S. states such as New York, Texas, and California.
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- A larger, full-service Discover Financial.
- JPMorgan Chase for credit cards and everyday banking.
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- Checking Accounts: Deposit accounts primarily used for everyday transactions and payments.
- Savings Accounts: Deposit accounts designed for accumulating funds and earning interest.
- Money Market Accounts: Interest-bearing deposit accounts that typically offer higher rates and some check-writing privileges.
- Certificates of Deposit (CDs): Time deposits held for a fixed period at a guaranteed interest rate.
- Credit Cards: Revolving credit lines enabling consumers and businesses to make purchases and borrow funds.
- Debit Cards: Cards linked to bank accounts for direct payments and cash withdrawals.
- Auto Loans: Financing provided to customers for the purchase of vehicles.
- Consumer Loans: Various other loan products offered to individual consumers.
- Commercial Loans: Financing provided to businesses for needs such as real estate, equipment, and working capital.
- Online Direct Banking: Digital platforms and services for remote account management and transactions.
- Treasury Management Services: Financial services assisting businesses with cash flow management, liquidity, and financial operations.
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Capital One Financial (COF) primarily sells its financial products and services to a broad base of individuals and businesses, rather than to a few major corporate customers. The company serves the following categories of customers:
- Consumers: Individuals who utilize credit card loans, auto loans, retail banking loans, checking and savings accounts, credit and debit card products, and online direct banking services.
- Small Businesses: Businesses that use various banking services, including deposits, treasury management, and potentially smaller commercial loans.
- Commercial Clients: Larger businesses and institutions that receive commercial and industrial loans, commercial and multifamily real estate loans, treasury management, and depository services.
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- Amazon.com, Inc. (AMZN)
- Visa Inc. (V)
- Mastercard Incorporated (MA)
- Equifax Inc. (EFX)
- TransUnion (TRU)
- Experian plc (EXPN.L)
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Richard Fairbank, Chairman, Chief Executive Officer and Founder
Richard Fairbank is the founder, Chairman, and Chief Executive Officer of Capital One. He co-founded Capital One with Nigel Morris in 1988, establishing the company's information-based strategy. Prior to founding Capital One, he was a Vice President and head of the banking practice at Strategic Planning Associates (now Mercer Management Consulting), where he created the banking practice in 1985.
Andrew Young, Chief Financial Officer
Andrew Young has served as Chief Financial Officer of Capital One Financial Corporation since March 2021. He joined Capital One in 1996 and has held various leadership positions within the company, including Business Line CFO (2018–2021), CFO of Capital One, National Association (2018–2021), and Head of Corporate Planning/CFO of Infrastructure (2015–2018).
Matthew Cooper, President, Discover Integration; General Counsel and Corporate Secretary
Matthew Cooper serves as President of Discover Integration, General Counsel, and Corporate Secretary at Capital One. He joined Capital One in 2009 and was appointed General Counsel in February 2018, later assuming the Corporate Secretary role in March 2022. In February 2024, he was named Integration Executive Officer for Capital One's acquisition of Discover. Before joining Capital One, he held senior positions at Genworth and GE Capital and worked in commercial litigation at law firms. He was also part of the founding team at Capital One Bank.
Sanjiv Yajnik, President of Financial Services
Sanjiv Yajnik has been the President of Financial Services at Capital One Financial Corporation since June 2009, overseeing the company's auto finance and home loans businesses. He joined Capital One in July 1998. Prior to his tenure at Capital One, he held positions as General Manager at Circuit City Stores (USA), Market Manager at PepsiCo (Canada), and Chief Engineer at Mobil Oil (International). He also holds 18 U.S. patents across 9 patent families.
Frank LaPrade III, Chief Enterprise Services Officer & Chief of Staff to the CEO
Frank LaPrade III has served as the Chief Enterprise Services Officer at Capital One Financial Corporation since 2010 and as Chief of Staff to the Chief Executive Officer since January 2004. He joined Capital One in January 1996. In his current role, he manages Information Technology, Brand Marketing, Corporate Development, Digital Banking, and Procurement. Before joining Capital One, he was a commercial and intellectual property litigator at McGuire Woods.
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Capital One Financial (COF) faces several key risks inherent to its business as a financial services holding company with significant exposure to credit cards and banking. These risks are primarily driven by economic factors, regulatory changes, and intense competition within the financial sector.
- Credit Risk and Economic Downturns: Capital One's substantial reliance on credit card loans, along with auto and retail banking loans, makes it highly vulnerable to fluctuations in economic conditions. An economic slowdown or recession can lead to increased loan default rates, particularly among customers with lower credit scores. This directly impacts the company's profitability through higher credit losses and the need for larger reserve builds.
- Interest Rate Risk: As a financial institution, Capital One's earnings and capital are exposed to adverse movements in interest rates. Changes in interest rates affect the present value and timing of future cash flows, impacting the value of the bank's assets, liabilities, and off-balance sheet items. This can significantly influence net interest income, a primary source of revenue for banks. Rising interest rates, for instance, can dampen the underlying value of assets and increase deposit funding costs, putting pressure on liquidity and capital.
- Regulatory Changes and Intense Competition: The financial services industry is subject to extensive and evolving regulatory oversight. Changes in laws, regulations, or their interpretation can materially impact Capital One's operations, potentially increasing compliance costs, restricting operational flexibility, and leading to penalties. Simultaneously, the company operates in a highly competitive landscape with both traditional banks and emerging fintech firms. This intense competition, especially in credit card lending and digital banking, necessitates continuous innovation and competitive pricing strategies to attract and retain customers, which can pressure profitability.
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Clear emerging threats for Capital One Financial (COF) include:
- Buy Now, Pay Later (BNPL) Services: Companies like Affirm, Klarna, and Afterpay are disrupting the traditional credit card model by offering point-of-sale financing with interest-free installment plans or fixed payments. This directly competes with Capital One's core credit card business for retail purchases, potentially eroding transaction volume, interest income, and customer loyalty.
- Neobanks and Fintech Challenger Banks: Digital-first financial institutions and fintechs, such as Chime, Varo, and Ally Bank, offer superior digital user experiences, lower fees, and often more competitive interest rates on deposits. These players directly threaten Capital One's consumer banking segment by attracting customers, particularly younger demographics, away from traditional checking, savings, and other deposit products.
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Addressable Markets for Capital One Financial's Main Products and Services
Credit Card Loans
- United States: The total outstanding credit card debt in the USA is projected to exceed USD 1.2 trillion in 2024. The U.S. credit card market size was valued at USD 190 billion in 2024 and is expected to reach USD 388.4 billion by 2032.
- Canada: The total value of credit card transactions in Canada is estimated to be CAD $605 billion in 2025. The Canada Credit Cards market size in 2026 is estimated at USD 891.18 billion.
- United Kingdom: Outstanding credit card debt was £73.2 billion in March 2025. The market size of Credit Card Issuance in the UK was £18.7 billion in 2025. The UK credit card market is forecast to reach £309.1 billion by 2028.
Auto and Retail Banking Loans
- United States (Auto Loans): Americans owe $1.655 trillion in auto loan debt as of Q3 2025. The US Auto Loan Market size is projected to be USD 676.20 billion in 2025 and USD 709.13 billion in 2026.
- Canada (Auto Loans): The Canadian auto finance market reached a valuation of CAD 145 billion in outstanding auto loans as of 2023.
- United Kingdom (Auto Loans): The United Kingdom Auto Loan Market size was estimated at USD 90.12 billion in 2024, and is expected to reach USD 112.36 billion by 2029. The United Kingdom auto finance market reached a valuation of GBP 80 billion in 2023.
Commercial and Multifamily Real Estate Loans
- United States: The commercial real estate (CRE) mortgage market for income-producing properties is roughly $4.5 trillion, with an additional $467 billion in construction loans, as of March 2023. Multifamily lending origination volume totaled $288.7 billion in 2024.
- Canada: null
- United Kingdom: null
Commercial and Industrial Loans
- United States: null
- Canada: null
- United Kingdom: null
Consumer Banking (Checking accounts, money market deposits, savings deposits)
- United States: null
- Canada (Retail Banking): The Canada retail banking market generated a revenue of USD 102.1 billion in 2024 and is expected to reach USD 174.1 billion by 2033.
- United Kingdom (Retail Banking): The UK retail banking market generated a revenue of USD 91.0 billion in 2024 and is expected to reach USD 155.3 billion by 2033. The United Kingdom retail banking market is valued at approximately USD 71 billion.
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Capital One Financial (COF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and underlying business strengths:
- Discover Acquisition and Integration: The acquisition of Discover Financial Services, finalized in May 2025, is a primary driver of significant revenue growth for Capital One. This strategic move is anticipated to generate substantial revenue and cost synergies by leveraging Discover's proprietary payments network and integrating its loan book. Capital One plans to migrate its debit card business to the Discover network, with credit card migration to follow, aiming for approximately $2.5 billion in combined revenue and expense synergies by Q2 2027. This integration is also expected to improve the company's net interest margin due to the higher-yielding assets from Discover.
- Organic Growth in Domestic Card Business: Beyond the impact of the Discover acquisition, Capital One's core domestic card business continues to demonstrate underlying growth in purchase volume and loans. Analysts project continued strong margins and stable credit within this segment, even amid competitive intensity. This organic expansion of its credit card portfolio contributes to steady top-line growth.
- Expansion of Digital Offerings and Technology Investments: Capital One is strategically investing heavily in technology, data, and artificial intelligence (AI) to enhance its digital services and overall customer experience. This focus is aimed at attracting a broader, tech-savvy customer base, increasing transaction volumes, and generating fee-based revenue. The company's goal is to leverage AI and advanced analytics to deliver personalized solutions, strengthen credit risk management, and drive innovation in product development.
- Growth in Consumer Banking, including Auto Loans: The Consumer Banking segment, particularly auto loans, has consistently shown year-over-year revenue growth. The company is focused on pursuing resilient growth in the auto business and has seen an increase in consumer banking average loans and deposits. This segment's performance contributes to the diversification and overall revenue expansion of Capital One.
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Share Repurchases
- Capital One Financial authorized a new $16 billion stock repurchase plan on October 20, 2025, which replaced a previous authorization.
- The company's annual share buybacks totaled $4.099 billion in 2025, $734 million in 2024, and $718 million in 2023.
- Prior to the 2025 authorization, Capital One had authorized $5 billion in share repurchases in January 2022, followed by an additional $5 billion in April 2022.
Share Issuance
- Capital One acquired Discover Financial Services in May 2025 through an all-stock transaction, converting each Discover common stock share into 1.0192 shares of Capital One common stock, amounting to approximately 257 million new shares.
- The company's shares outstanding increased by 41.11% in 2025 to 0.541 billion, largely due to the Discover acquisition.
- In January 2026, Capital One announced an agreement to acquire Brex for $5.15 billion, with the consideration split approximately 50% cash and 50% stock.
Outbound Investments
- Capital One completed the acquisition of Discover Financial Services on May 18, 2025, in an all-stock deal valued at $35.3 billion, aiming to transform the credit card industry and expand its payments network.
- The company announced a definitive agreement in January 2026 to acquire Brex for $5.15 billion, primarily to enhance its commercial banking and technology-led financial services offerings.
- In June 2023, Capital One acquired Velocity Black to improve its customer experience through innovative technology.
Capital Expenditures
- Capital One's operating expenses, which include significant technology and integration costs, increased by 39.44% to $66.971 billion in 2025, and by 10.56% to $48.028 billion in 2024.
- The company is heavily investing in technology, integration efforts, and expanding its card network operations, particularly following the Discover acquisition, to achieve its long-term strategic goals and improve efficiency.
- Significant integration expenses related to the Discover acquisition were reported, including $509 million in intangible amortization and $352 million in integration expenses in Q4 2025.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 171.89 |
| Mkt Cap | 257.5 |
| Rev LTM | 86,416 |
| Op Inc LTM | - |
| FCF LTM | 7,752 |
| FCF 3Y Avg | 12,443 |
| CFO LTM | 9,324 |
| CFO 3Y Avg | 13,558 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 10.7% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 12.5% |
| CFO/Rev 3Y Avg | 19.1% |
| FCF/Rev LTM | 10.4% |
| FCF/Rev 3Y Avg | 17.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Credit Card | 39,560 | 28,164 | 25,669 | 22,355 | 18,880 |
| Consumer Banking | 10,433 | 8,718 | 9,302 | 9,434 | 9,002 |
| Commercial Banking | 3,655 | 3,601 | 3,520 | 3,590 | 3,301 |
| Other | -214 | -1,371 | -1,704 | -1,129 | -748 |
| Total | 53,434 | 39,112 | 36,787 | 34,250 | 30,435 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Credit Card | 3,663 | 3,808 | 4,024 | 2,345 | 3,526 |
| Consumer Banking | 1,620 | 1,860 | 2,253 | 2,110 | 1,260 |
| Commercial Banking | 894 | 1,025 | 1,195 | 1,291 | 827 |
| Other | -296 | -124 | -1,055 | -711 | -1,026 |
| Total | 5,881 | 6,569 | 6,417 | 5,035 | 4,587 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Banking | 1,225 | 1,460 | 2,258 | 2,250 | 3,676 |
| Commercial Banking | 1,043 | 1,209 | 691 | 843 | 1,532 |
| Credit Card | 645 | 3,292 | 3,457 | 4,927 | 7,758 |
| Other | -825 | -1,214 | -1,519 | -660 | -572 |
| Total | 2,088 | 4,747 | 4,887 | 7,360 | 12,394 |
Price Behavior
Price Behavior
| Market Price | $208.89 | |
| Market Cap ($ Bil) | 130.0 | |
| First Trading Date | 11/16/1994 | |
| Distance from 52W High | -18.4% | |
| 50 Days | 200 Days | |
| DMA Price | $192.12 | $206.49 |
| DMA Trend | down | up |
| Distance from DMA | 8.7% | 1.2% |
| 3M | 1YR | |
| Volatility | 30.5% | 32.1% |
| Downside Capture | 97.11 | 140.66 |
| Upside Capture | 79.91 | 105.71 |
| Correlation (SPY) | 41.0% | 53.7% |
COF Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 0.88 | 1.10 | 1.34 | 1.36 | 1.33 |
| Up Beta | 1.26 | 1.68 | 1.75 | 1.93 | 1.73 | 1.53 |
| Down Beta | 1.34 | 1.02 | 0.80 | 1.37 | 1.41 | 1.45 |
| Up Capture | 130% | 68% | 76% | 74% | 104% | 153% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 18 | 29 | 59 | 137 | 397 |
| Down Capture | 45% | 51% | 86% | 135% | 125% | 103% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 33 | 65 | 114 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with COF | |
|---|---|---|---|---|
| COF | -4.0% | 32.1% | -0.10 | - |
| Sector ETF (XLF) | 9.0% | 14.7% | 0.37 | 77.1% |
| Equity (SPY) | 21.9% | 12.6% | 1.30 | 53.9% |
| Gold (GLD) | 21.0% | 27.9% | 0.67 | 5.7% |
| Commodities (DBC) | 29.1% | 18.9% | 1.22 | -23.6% |
| Real Estate (VNQ) | 12.6% | 13.9% | 0.61 | 27.6% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | 33.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with COF | |
|---|---|---|---|---|
| COF | 8.2% | 35.4% | 0.30 | - |
| Sector ETF (XLF) | 11.0% | 18.6% | 0.46 | 78.4% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 65.1% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 1.7% |
| Commodities (DBC) | 9.0% | 19.5% | 0.35 | 11.4% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 47.1% |
| Bitcoin (BTCUSD) | 13.8% | 53.5% | 0.44 | 30.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with COF | |
|---|---|---|---|---|
| COF | 15.2% | 37.2% | 0.49 | - |
| Sector ETF (XLF) | 14.1% | 22.0% | 0.58 | 82.8% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 68.2% |
| Gold (GLD) | 11.1% | 16.1% | 0.56 | -1.8% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 22.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 55.1% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/15/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | -1.5% | -5.1% | -7.1% |
| 1/22/2026 | -7.6% | -6.7% | -18.9% |
| 10/21/2025 | 1.5% | 1.8% | -6.4% |
| 7/22/2025 | 0.9% | -1.7% | -1.0% |
| 4/22/2025 | 3.7% | 7.6% | 9.8% |
| 1/21/2025 | 4.0% | 5.1% | 6.6% |
| 10/24/2024 | 5.2% | 6.2% | 22.4% |
| 7/23/2024 | 0.6% | 4.6% | -3.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 12 | 12 |
| # Negative | 7 | 12 | 12 |
| Median Positive | 2.8% | 5.6% | 8.5% |
| Median Negative | -4.8% | -4.0% | -5.2% |
| Max Positive | 9.2% | 16.9% | 22.4% |
| Max Negative | -7.6% | -10.8% | -18.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | -1.5% | -5.1% | -7.1% |
| 1/22/2026 | -7.6% | -6.7% | -18.9% |
| 10/21/2025 | 1.5% | 1.8% | -6.4% |
| 7/22/2025 | 0.9% | -1.7% | -1.0% |
| 4/22/2025 | 3.7% | 7.6% | 9.8% |
| 1/21/2025 | 4.0% | 5.1% | 6.6% |
| 10/24/2024 | 5.2% | 6.2% | 22.4% |
| 7/23/2024 | 0.6% | 4.6% | -3.5% |
| 4/25/2024 | 0.2% | -2.8% | -5.3% |
| 1/25/2024 | 4.7% | 1.5% | 1.9% |
| 10/26/2023 | 9.2% | 16.9% | 19.3% |
| 7/20/2023 | 0.5% | -0.8% | -8.2% |
| 4/27/2023 | 1.4% | -10.8% | 7.9% |
| 1/24/2023 | 9.0% | 11.7% | 3.3% |
| 10/27/2022 | 4.9% | -3.2% | -1.4% |
| 7/21/2022 | -4.7% | -5.7% | -1.2% |
| 4/26/2022 | -6.0% | -2.7% | -8.6% |
| 1/25/2022 | -4.8% | -1.1% | -2.5% |
| 10/26/2021 | -7.5% | -7.8% | -5.1% |
| 7/22/2021 | -0.8% | 1.5% | 5.0% |
| 4/27/2021 | 3.9% | 9.4% | 15.3% |
| 1/26/2021 | 2.8% | 6.1% | 19.7% |
| 10/22/2020 | 1.6% | -4.7% | 9.0% |
| 7/21/2020 | 1.9% | 2.0% | 4.7% |
| SUMMARY STATS | |||
| # Positive | 17 | 12 | 12 |
| # Negative | 7 | 12 | 12 |
| Median Positive | 2.8% | 5.6% | 8.5% |
| Median Negative | -4.8% | -4.0% | -5.2% |
| Max Positive | 9.2% | 16.9% | 22.4% |
| Max Negative | -7.6% | -10.8% | -18.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Insider Activity
Updated 7/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 7082026 | 208.00 | 3,500 | 728,000 | 18,760,352 | Form |
| 2 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 6022026 | 183.36 | 3,500 | 641,760 | 17,179,732 | Form |
| 3 | Haggerty, Kaitlin | Chief Human Resources Officer | Direct | Sell | 5142026 | 182.59 | 119 | 21,728 | 8,979,959 | Form |
| 4 | Haggerty, Kaitlin | Chief Human Resources Officer | Direct | Sell | 5142026 | 183.93 | 1,307 | 240,397 | 9,067,749 | Form |
| 5 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 5142026 | 183.93 | 3,500 | 643,755 | 17,876,892 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 7082026 | 208.00 | 3,500 | 728,000 | 18,760,352 | Form |
| 2 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 6022026 | 183.36 | 3,500 | 641,760 | 17,179,732 | Form |
| 3 | Haggerty, Kaitlin | Chief Human Resources Officer | Direct | Sell | 5142026 | 182.59 | 119 | 21,728 | 8,979,959 | Form |
| 4 | Haggerty, Kaitlin | Chief Human Resources Officer | Direct | Sell | 5142026 | 183.93 | 1,307 | 240,397 | 9,067,749 | Form |
| 5 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 5142026 | 183.93 | 3,500 | 643,755 | 17,876,892 | Form |
| 6 | Karam, Celia | Pres, Retail Bank | Direct | Sell | 5042026 | 192.58 | 1,749 | 336,822 | 11,858,884 | Form |
| 7 | Dean, Lia | Pres, Banking & Prem. Products | Direct | Sell | 4022026 | 185.61 | 1,692 | 314,052 | 12,148,917 | Form |
| 8 | Karam, Celia | Pres, Retail Bank | Direct | Sell | 4022026 | 185.61 | 1,099 | 203,985 | 11,753,382 | Form |
| 9 | Mouadeb, Mark Daniel | President, Card | Direct | Sell | 3022026 | 210.00 | 1,593 | 334,530 | 10,370,220 | Form |
| 10 | Mouadeb, Mark Daniel | President, Card | Direct | Sell | 2262026 | 202.62 | 1,509 | 305,755 | 10,328,602 | Form |
| 11 | Hanson, Jason P | Pres.- Global Payment Network | Direct | Sell | 2262026 | 205.00 | 3,729 | 764,445 | 8,247,150 | Form |
| 12 | Blinde, Neal | President, Commercial Banking | Direct | Sell | 2262026 | 190.51 | 38,135 | 7,265,238 | 6,391,924 | Form |
| 13 | Karam, Celia | Pres, Retail Bank | Direct | Sell | 2042026 | 218.25 | 2,108 | 460,071 | 12,935,459 | Form |
| 14 | Raghu, Ravi | Pres, Software, Intl & Sm Bus | Direct | Sell | 1062026 | 250.00 | 13,450 | 3,362,500 | 7,584,250 | Form |
| 15 | Dean, Lia | Pres, Banking & Prem. Products | Direct | Sell | 1052026 | 244.35 | 3,163 | 772,879 | 16,296,190 | Form |
| 16 | Karam, Celia | Pres, Retail Bank | Direct | Sell | 1052026 | 244.35 | 2,064 | 504,338 | 14,996,493 | Form |
| 17 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 12032025 | 221.54 | 2,000 | 443,080 | 20,932,428 | Form |
| 18 | Karam, Celia | Pres, Retail Bank | Direct | Sell | 12032025 | 218.15 | 2,936 | 640,488 | 13,837,909 | Form |
| 19 | Dean, Lia | Pres, Banking & Prem. Products | Direct | Sell | 12032025 | 218.15 | 3,269 | 713,132 | 15,238,868 | Form |
| 20 | Laprade,iii, Frank G | Chief Enterprise Srvcs Officer | Direct | Sell | 11172025 | 222.03 | 17,840 | 3,961,081 | 10,727,558 | Form |
| 21 | Blinde, Neal | President, Commercial Banking | Direct | Sell | 11072025 | 221.83 | 43,200 | 9,583,056 | 16,198,027 | Form |
| 22 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 11062025 | 219.41 | 2,000 | 438,820 | 21,169,993 | Form |
| 23 | Fairbank, Richard D | Chairman and CEO | Direct | Sell | 11062025 | 220.68 | 103,487 | 22,837,982 | 883,009,193 | Form |
| 24 | Fairbank, Richard D | Chairman and CEO | Direct | Sell | 10292025 | 225.68 | 103,486 | 23,354,788 | 914,283,789 | Form |
| 25 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 10032025 | 211.99 | 2,000 | 423,980 | 20,878,047 | Form |
| 26 | Cooper, Matthew W | General Counsel & Corp Secy | Direct | Sell | 9032025 | 223.40 | 2,000 | 446,800 | 22,448,572 | Form |
| 27 | Golden, Timothy P | SVP, Chief Accounting Officer | Direct | Sell | 8202025 | 215.41 | 207 | 44,590 | 1,891,300 | Form |
| 28 | Golden, Timothy P | SVP, Chief Accounting Officer | Direct | Sell | 8132025 | 210.28 | 3,462 | 727,989 | 1,889,786 | Form |
| 29 | Zamsky, Michael | Chief Credit & Fin'l Risk Off. | Direct | Sell | 8062025 | 209.59 | 5,515 | 1,155,889 | 5,735,221 | Form |
| 30 | Alexander, Robert M | Chief Information Officer | Direct | Sell | 7252025 | 227.86 | 10,114 | 2,304,576 | 15,655,577 | Form |
Investor Activity (13F)
Updated Jul 16, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Khrom Capital Management LLC | $149.6 Mil | 13.7% | 14 | New | 13F |
| Alua Capital Management LP | $98.1 Mil | 10.7% | 14 | TRIM -20.6% | 13F |
| Meritage Group LP | $239.5 Mil | 9.0% | 13 | TRIM -28.5% | 13F |
| Cander Asset Management LP | $35.3 Mil | 6.3% | 43 | ADD +148.6% | 13F |
| 140 Summer Partners LP | $71.6 Mil | 6.3% | 20 | TRIM -35.8% | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $368.1 Mil | 6.1% | 50 | Hold | 13F |
| CAS Investment Partners, LLC | $105.0 Mil | 6.0% | 5 | Hold | 13F |
| Blue Grotto Capital, LLC | $51.3 Mil | 5.9% | 21 | New | 13F |
| Troluce Capital Advisors LLC | $55.7 Mil | 5.9% | 46 | ADD +118.1% | 13F |
| Sessa Capital IM, L.P. | $284.3 Mil | 5.4% | 31 | Hold | 13F |
| Avantyr Capital Partners, LP | $112.1 Mil | 5.4% | 22 | ADD +62.3% | 13F |
| Bruni J V & Co /Co | $50.6 Mil | 5.3% | 31 | Hold | 13F |
| Central Securities Corp | $63.9 Mil | 5.3% | 30 | Hold | 13F |
| Dendur Capital LP | $65.0 Mil | 4.8% | 21 | Hold | 13F |
| Brave Warrior Advisors, LLC | $183.2 Mil | 4.5% | 36 | Hold | 13F |
| M.D. Sass, LLC | $53.4 Mil | 4.1% | 36 | ADD +20.0% | 13F |
| Abrams Bison Investments, LLC | $77.5 Mil | 3.4% | 11 | TRIM -11.3% | 13F |
| Venator Management LLC | $13.9 Mil | 3.3% | 28 | ADD +14.5% | 13F |
| Lone Pine Capital LLC | $413.6 Mil | 3.3% | 36 | Hold | 13F |
| Mark Asset Management LP | $22.6 Mil | 3.0% | 31 | Hold | 13F |
| PointState Capital LP | $124.4 Mil | 2.9% | 44 | TRIM -10.0% | 13F |
| Eldred Rock Partners, LLC | $10.8 Mil | 2.7% | 31 | Hold | 13F |
| Fernbridge Capital Management LP | $42.1 Mil | 2.7% | 17 | TRIM -9.4% | 13F |
| One Fin Capital Management LP | $6.0 Mil | 2.3% | 19 | TRIM -74.9% | 13F |
| Cooperman Leon G | $67.5 Mil | 2.2% | 41 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Khrom Capital Management LLC | $149.6 Mil | 13.7% | 14 | New | 13F |
| Cooperman Leon G | $67.5 Mil | 2.2% | 41 | New | 13F |
| Blue Grotto Capital, LLC | $51.3 Mil | 5.9% | 21 | New | 13F |
| Cander Asset Management LP | $35.3 Mil | 6.3% | 43 | ADD +148.6% | 13F |
| Troluce Capital Advisors LLC | $55.7 Mil | 5.9% | 46 | ADD +118.1% | 13F |
| Loews Corp | $23.7 Mil | 0.2% | 25 | ADD +100.0% | 13F |
| Avantyr Capital Partners, LP | $112.1 Mil | 5.4% | 22 | ADD +62.3% | 13F |
| D1 Capital Partners L.P. | $203.7 Mil | 1.8% | 44 | ADD +34.8% | 13F |
| M.D. Sass, LLC | $53.4 Mil | 4.1% | 36 | ADD +20.0% | 13F |
| Venator Management LLC | $13.9 Mil | 3.3% | 28 | ADD +14.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Egerton Capital (UK) LLP | $501.5 Mil | 5.5% | 23 | Exited | Dec 31, 2025 | 13F |
| Southpoint Capital Advisors LP | $121.2 Mil | 2.8% | 38 | Exited | Dec 31, 2025 | 13F |
| Sound Shore Management Inc /CT/ | $88.6 Mil | 2.8% | 37 | Exited | Dec 31, 2025 | 13F |
| Palestra Capital Management LLC | $82.5 Mil | 2.9% | 28 | Exited | Dec 31, 2025 | 13F |
| Goldentree Asset Management LP | $57.0 Mil | 3.1% | 29 | Exited | Dec 31, 2025 | 13F |
| Blue Whale Capital LLP | $26.3 Mil | 1.4% | 24 | Exited | Dec 31, 2025 | 13F |
| Campbell Capital Management Inc | $8.7 Mil | 3.0% | 46 | Exited | Dec 31, 2025 | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $6.7 Mil | 1.4% | 46 | Exited | Dec 31, 2025 | 13F |
| Benson Investment Management Company, Inc. | $6.6 Mil | 2.3% | 50 | Exited | Dec 31, 2025 | 13F |
| Third Point LLC | $25.5 Mil | 1.2% | 33 | TRIM -87.3% | Mar 31, 2026 | 13F |
| One Fin Capital Management LP | $6.0 Mil | 2.3% | 19 | TRIM -74.9% | Mar 31, 2026 | 13F |
| 140 Summer Partners LP | $71.6 Mil | 6.3% | 20 | TRIM -35.8% | Mar 31, 2026 | 13F |
| Meritage Group LP | $239.5 Mil | 9.0% | 13 | TRIM -28.5% | Mar 31, 2026 | 13F |
| Teewinot Capital Advisers, L.L.C. | $27.1 Mil | 2.2% | 33 | TRIM -21.6% | Mar 31, 2026 | 13F |
| Alua Capital Management LP | $98.1 Mil | 10.7% | 14 | TRIM -20.6% | Mar 31, 2026 | 13F |
| Abrams Bison Investments, LLC | $77.5 Mil | 3.4% | 11 | TRIM -11.3% | Mar 31, 2026 | 13F |
| PointState Capital LP | $124.4 Mil | 2.9% | 44 | TRIM -10.0% | Mar 31, 2026 | 13F |
| Fernbridge Capital Management LP | $42.1 Mil | 2.7% | 17 | TRIM -9.4% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $413.6 Mil | 3.3% | 36 | Hold | 13F |
| Ruane, Cunniff & Goldfarb L.P. | $368.1 Mil | 6.1% | 50 | Hold | 13F |
| Sessa Capital IM, L.P. | $284.3 Mil | 5.4% | 31 | Hold | 13F |
| Meritage Group LP | $239.5 Mil | 9.0% | 13 | TRIM -28.5% | 13F |
| D1 Capital Partners L.P. | $203.7 Mil | 1.8% | 44 | ADD +34.8% | 13F |
| Brave Warrior Advisors, LLC | $183.2 Mil | 4.5% | 36 | Hold | 13F |
| Khrom Capital Management LLC | $149.6 Mil | 13.7% | 14 | New | 13F |
| PointState Capital LP | $124.4 Mil | 2.9% | 44 | TRIM -10.0% | 13F |
| Avantyr Capital Partners, LP | $112.1 Mil | 5.4% | 22 | ADD +62.3% | 13F |
| CAS Investment Partners, LLC | $105.0 Mil | 6.0% | 5 | Hold | 13F |
| Alua Capital Management LP | $98.1 Mil | 10.7% | 14 | TRIM -20.6% | 13F |
| Abrams Bison Investments, LLC | $77.5 Mil | 3.4% | 11 | TRIM -11.3% | 13F |
| 140 Summer Partners LP | $71.6 Mil | 6.3% | 20 | TRIM -35.8% | 13F |
| Cooperman Leon G | $67.5 Mil | 2.2% | 41 | New | 13F |
| Dendur Capital LP | $65.0 Mil | 4.8% | 21 | Hold | 13F |
| Central Securities Corp | $63.9 Mil | 5.3% | 30 | Hold | 13F |
| Troluce Capital Advisors LLC | $55.7 Mil | 5.9% | 46 | ADD +118.1% | 13F |
| M.D. Sass, LLC | $53.4 Mil | 4.1% | 36 | ADD +20.0% | 13F |
| Blue Grotto Capital, LLC | $51.3 Mil | 5.9% | 21 | New | 13F |
| Bruni J V & Co /Co | $50.6 Mil | 5.3% | 31 | Hold | 13F |
| Fernbridge Capital Management LP | $42.1 Mil | 2.7% | 17 | TRIM -9.4% | 13F |
| Cander Asset Management LP | $35.3 Mil | 6.3% | 43 | ADD +148.6% | 13F |
| Teewinot Capital Advisers, L.L.C. | $27.1 Mil | 2.2% | 33 | TRIM -21.6% | 13F |
| Third Point LLC | $25.5 Mil | 1.2% | 33 | TRIM -87.3% | 13F |
| Loews Corp | $23.7 Mil | 0.2% | 25 | ADD +100.0% | 13F |
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