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Capital One Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$5.3B in Q3 2026 · $26.3B over twelve months

Operating cash flow$5.7B
Capital spending−$392M
Free cash flow+$5.3B
Cash / net income1.6×

Analysis

In Q3 2026, Capital One Financial generated $5.7B of operating cash flow and spent $392M on capital projects, leaving free cash flow of $5.3B. That is $3.4B less than in Q3 2025 ($8.8B).

Over the twelve months to Sep 30, 2026, operating cash flow was $28.0B; the largest uses were other investing ($30.5B), buybacks ($10.7B), acquisitions ($2.3B); besides operations, cash came from other financing ($8.7B), net borrowing (+) / repaid (−) ($855M); the cash balance fell by $9.2B.

Operating cash flow was $5.7B against net income of $3.5B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.6B, other liabilities −$1.2B, prepaid and other assets −$864M.

Free cash flow

Capital One Financial: free cash flow by quarterCapital One Financial: free cash flow by quarter$2.1BQ4 2024$4.3BQ1 2025$5.7BQ2 2025$8.8BQ3 2025$7.4BQ4 2025$5.5BQ1 2026$8.1BQ2 2026$5.3BQ3 2026
Operating cash flow less capital spending.
Capital One Financial: operating cash flow against capital spendingCapital One Financial: operating cash flow against capital spendingOperating cash flowCapital spending$2.4B$356MQ4 2024$4.7B$348MQ1 2025$6.1B$399MQ2 2025$9.2B$387MQ3 2025$7.8B$444MQ4 2025$6.0B$553MQ1 2026$8.4B$367MQ2 2026$5.7B$392MQ3 2026
Latest (Q3 2026): Operating cash flow $5.7B, Capital spending $392M.

Capital allocation, year by year

Capital One Financial: where the cash came from (up) and went (down), by fiscal yearCapital One Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $12.3BFY2021: Net borrowing $2.9BFY2021: Shares issued $2.4BFY2021: Capital spending −$698MFY2021: Acquisitions −$669MFY2021: Buybacks −$7.6BFY2021: Dividends −$1.1B$17.6BFY2021FY2022: Operating cash flow $13.8BFY2022: Net borrowing $2.7BFY2022: Shares issued $295MFY2022: Capital spending −$934MFY2022: Acquisitions −$1.2BFY2022: Buybacks −$4.9BFY2022: Dividends −$950M$16.8BFY2022FY2023: Operating cash flow $20.6BFY2023: Net borrowing $458MFY2023: Shares issued $309MFY2023: Capital spending −$961MFY2023: Acquisitions −$2.8BFY2023: Buybacks −$718MFY2023: Dividends −$931M$21.3BFY2023FY2024: Operating cash flow $18.2BFY2024: Net borrowing −$4.0BFY2024: Shares issued $327MFY2024: Capital spending −$1.2BFY2024: Buybacks −$734MFY2024: Dividends −$932M$18.5BFY2024FY2025: Operating cash flow $27.7BFY2025: Net borrowing −$6.9BFY2025: Shares issued $409MFY2025: Asset sales $8.8BFY2025: Capital spending −$1.6BFY2025: Acquisitions $16.5BFY2025: Buybacks −$4.1BFY2025: Dividends −$1.5B$53.4BFY2025
Over these 5 years operating cash flow totalled $92.6B; the largest uses were buybacks ($18.1B) and net borrowing ($10.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$49.3B
Debt$49.8B
Net debt$443M

Capital One Financial funds itself: free cash flow was $26.3B over the last twelve months, and $49.3B of cash and investments stands against $49.8B of debt.

Where the cash came from and went

Capital One Financial: sources (+) and uses (−) of cash, Q3 2026Capital One Financial: sources (+) and uses (−) of cash, Q3 2026Other investing−$9.7BCash drawn (+) / kept (−)$6.5BOperating cash flow$5.7BNet borrowing (+) / repaid (−)$5.6BOther financing−$4.6BBuybacks−$2.7BDividends−$490MCapital spending−$392MShares issued$108MAcquisitions−$97.0M
Capital One Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Capital One Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$30.5BOperating cash flow$28.0BBuybacks−$10.7BCash drawn (+) / kept (−)$9.2BOther financing$8.7BAcquisitions−$2.3BDividends−$2.0BCapital spending−$1.8BNet borrowing (+) / repaid (−)$855MShares issued$480M

From profit to cash

Capital One Financial: net income to operating cash flow, Q3 2026Capital One Financial: net income to operating cash flow, Q3 2026Net income$3.5BDepreciation & amortization$1.6BStock-based pay$175MDeferred taxes$3.0MOther non-cash−$23.0MPrepaid and other assets−$864MOther liabilities−$1.2BOperating cash flow$5.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.7B−$392M−$97.0M−$2.7B−$490M$5.6B$108M$6.5B$5.3B
Q2 2026$8.4B−$367M−$2.0B−$2.7B−$500M−$7.3B$139M$23.4B$8.1B
Q1 2026$6.0B−$553M−$241M−$2.8B−$502M$1.0B$120M−$17.2B$5.5B
Q4 2025$7.8B−$444M—−$2.5B−$508M$1.5B$113M−$3.6B$7.4B
Q3 2025$9.2B−$387M$1.0M−$1.0B−$386M−$1.3B$91.0M$3.1B$8.8B
Q2 2025$6.1B−$399M$16.8B−$167M−$388M−$2.8B$111M−$12.6B$5.7B
Q1 2025$4.7B−$348M−$318M−$375M−$234M−$4.3B$94.0M−$5.3B$4.3B
Q4 2024$2.4B−$356M—−$161M−$232M−$1.5B$72.0M$6.0B$2.1B

Capital One Financial: income statement and cash flow

Capital One Financial, Q3 2026: revenue $16.3B (+6% year over year), operating margin 28.0%. The chart follows the revenue to costs, profit and cash.

Capital One Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.