On the Record · Capital ONE Financial
Capital ONE Financial acquisitions, on the record
The businesses Capital ONE Financial bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.
Deals its annual reports describe
| Business | Deal | When | Value |
|---|---|---|---|
Discover Financial ServicesWord for word“On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover Financial Services, a Delaware corporation (“Discover”) and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which (a) Merger Sub will merge with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (b) immediately following the Merger, Discover, as the surviving entity, will merge with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (c) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, will merge with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and the Second Step Merger, the “Transaction”).” 10-K for 2023 | agreed acquisition | On February 19, 2024 | — |
DiscoverWord for word“On May 18, 2025, the Company closed the acquisition of Discover, pursuant to which (a) Merger Sub merged with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (b) immediately following the Merger, Discover, as the surviving entity, merged with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (c) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, merged with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and the Second Step Merger, the “Transaction”).” 10-K for 2025 | acquisition | On May 18, 2025 | — |
Discover Home Loan BusinessWord for word“On November 24, 2025, we completed the sale of the Discover Home Loan Business.” 10-K for 2025 | divestiture | On November 24, 2025 | — |
Brex Inc.Word for word“Pursuant to the terms and subject to the conditions set forth in the Brex Merger Agreement, the Company will acquire the outstanding equity of Brex for $5.15 billion in aggregate consideration, subject to certain adjustments described in the Brex Merger Agreement, consisting of approximately $2.58 billion in cash and approximately 10.6 million shares of common stock of Capital One.” 10-K for 2025 | agreed acquisition | — | $5.15 billion |
| Fiscal year ended | Cash paid for acquisitions (net of cash acquired) | Cash received from selling businesses | Goodwill from acquisitions |
|---|---|---|---|
| 2016-12-31 | $629 million | — | $54 million |
| 2017-12-31 | $3.19 billion | — | $6 million |
| 2018-12-31 | $600 million | — | $33 million |
| 2019-12-31 | $8.39 billion | — | $107 million |
| 2020-12-31 | $7 million | — | — |
| 2021-12-31 | $669 million | — | $130 million |
| 2022-12-31 | $1.18 billion | — | — |
| 2023-12-31 | $2.79 billion | $0 | $273 million |
| 2024-12-31 | $0 | $0 | — |
| 2025-12-31 | −$16.46 billion | $8.8 billion | $13.42 billion |
Deal filings since 2016
- 2025-05-19 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
- 2024-02-22 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
Read from Capital ONE Financial’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-19. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.