The company reported net income of $1.8 billion ($4.41 per diluted share) on total net revenue of $10.0 billion for Q3 2024. For the 9-month period, it reported net income of $3.7 billion ($8.92 per diluted share) on total net revenue of $28.9 billion.

10-QQuarterly reportFiled Oct 31, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company reported net income of $1.8 billion ($4.41 per diluted share) on total net revenue of $10.0 billion for Q3 2024. For the 9-month period, it reported net income of $3.7 billion ($8.92 per diluted share) on total net revenue of $28.9 billion.
The company said its net income for Q3 decreased by $13 million from a year earlier. It cited higher provision for credit losses, including higher net charge-offs, and higher non-interest expense from growth in its credit card business and higher marketing spend as the main factors. It said higher net interest income partially offset these effects.
The company said that on May 21, 2024, its credit card program agreement with Walmart terminated, and that it retained ownership and servicing of the existing credit card loan portfolio of about $8.5 billion. It said it began converting eligible customers to Capital One-branded card products in Q3, which could increase operational and performance uncertainty during the conversion.
The company said its net charge-off rate for Q3 increased by 71 basis points from a year earlier to 3.27%. Its allowance for credit losses as of September 30, 2024 was $16.5 billion, an increase of $1.2 billion from December 31, 2023, and the company attributed the allowance build to the Walmart program termination in Q2.

Key figures

Quarter ended September 30, 2024

Revenue: $10.0B
Net income: $1.8B
EPS: $4.41

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q3 and 9-Month Net Income and Total Net Revenue

The company reported net income of $1.8 billion ($4.41 per diluted share) on total net revenue of $10.0 billion for Q3 2024. For the 9-month period, it reported net income of $3.7 billion ($8.92 per diluted share) on total net revenue of $28.9 billion.

Source · Based on the MD&A text of the filing

Q3 Net Income Down $13 million; Company Explains Drivers

The company said its net income for Q3 decreased by $13 million from a year earlier. It cited higher provision for credit losses, including higher net charge-offs, and higher non-interest expense from growth in its credit card business and higher marketing spend as the main factors. It said higher net interest income partially offset these effects.

Source · Based on the MD&A text of the filing

Walmart Program Termination and Card Portfolio

The company said that on May 21, 2024, its credit card program agreement with Walmart terminated, and that it retained ownership and servicing of the existing credit card loan portfolio of about $8.5 billion. It said it began converting eligible customers to Capital One-branded card products in Q3, which could increase operational and performance uncertainty during the conversion.

Source · Based on the MD&A text of the filing

Net Charge-Off Rate and Allowance Changes

The company said its net charge-off rate for Q3 increased by 71 basis points from a year earlier to 3.27%. Its allowance for credit losses as of September 30, 2024 was $16.5 billion, an increase of $1.2 billion from December 31, 2023, and the company attributed the allowance build to the Walmart program termination in Q2.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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