Capital One Financial Corporation (Parent Company Only)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Capital One Financial Corporation (Parent Company Only)

NOTE 19—CAPITAL ONE FINANCIAL CORPORATION (PARENT COMPANY ONLY)

Financial Information

The following parent company only financial statements are prepared in accordance with Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”).

Table 19.1: Parent Company Statements of Income

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Interest income	$	1,715	$	595	$	151
Interest expense	2,160		969		392
Benefit for Credit Losses	(1)		(1)		(1)
Dividends from subsidiaries	3,300		4,352		13,970
Non-interest income (loss)	91		(15)		(26)
Non-interest expense	70		35		36
Income before income taxes and equity in undistributed earnings of subsidiaries	2,877		3,929		13,668
Income tax benefit	(73)		(181)		(82)
Equity in undistributed earnings of subsidiaries	1,937		3,250		(1,360)
Net income	4,887		7,360		12,390
Other comprehensive income (loss), net of tax	1,648		(10,290)		(3,120)
Comprehensive income (loss)	$	6,535	$	(2,930)	$	9,270

Table 19.2: Parent Company Balance Sheets

(Dollars in millions)	December 31, 2023		December 31, 2022
Assets:
Cash and cash equivalents	$	25,647	$	22,006
Investments in subsidiaries	54,324		50,523
Loans to subsidiaries	6,338		6,710
Securities available for sale	380		395
Other assets	2,526		2,281
Total assets	$	89,215	$	81,915
Liabilities:
Senior and subordinated notes	$	30,817	$	28,970
Accrued expenses and other liabilities	309		363
Total liabilities	31,126		29,333
Total stockholders’ equity	58,089		52,582
Total liabilities and stockholders’ equity	$	89,215	$	81,915

Table 19.3: Parent Company Statements of Cash Flows

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Operating activities:
Net income	$	4,887	$	7,360	$	12,390
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed earnings of subsidiaries	(1,936)		(3,250)		1,360
Other operating activities	623		(2,429)		(4,523)
Net cash from operating activities	3,574		1,681		9,227
Investing activities:
Changes in investments in subsidiaries	0		0		3,521
Proceeds from paydowns and maturities of securities available for sale	103		96		141
Purchases of securities available for sale	(69)		(10)		—
Changes in loans to subsidiaries	371		1,139		(1,925)
Net cash from investing activities	405		1,225		1,737
Financing activities:
Borrowings:
Issuance of senior and subordinated notes	8,219		9,271		4,487
Maturities and paydowns of senior and subordinated notes	(6,989)		(1,250)		(2,750)
Common stock:
Net proceeds from issuances	299		276		253
Dividends paid	(931)		(950)		(1,148)
Preferred stock:
Net proceeds from issuances	0		0		2,052
Dividends paid	(228)		(228)		(274)
Redemptions	0		0		(2,100)
Purchases of treasury stock	(718)		(4,948)		(7,605)
Proceeds from share-based payment activities	10		19		55
Net cash from financing activities	(338)		2,190		(7,030)
Changes in cash and cash equivalents	3,641		5,096		3,934
Cash and cash equivalents, beginning of the period	22,006		16,910		12,976
Cash and cash equivalents, end of the period	$	25,647	$	22,006	$	16,910