Capital One Financial Corp. has agreed to acquire fintech startup Brex in a deal valued at $5.15 billion, the transaction was disclosed on Thursday. Under the terms of the agreement, Capital One will ... ...

该公司表示，预计将在今年年中完成对Brex的收购，且其首席执行官佩德罗.弗朗切斯基(Pedro Franceschi)将继续领导该业务。Brex在2022年1月的估值曾达到123亿美元，并在去年曾考虑首次公开募 股。弗朗切斯基在交易宣布后接受采访时表示："如果你看看当前在公开市场交易、与Brex类似公司的 估值倍数，这笔交易的溢价水平非常高。" 对此，第一资本信贷首席执行官理查德.费尔班克(Richard Fairbank)表示，这样的利率上限将减少信贷供 应，并可能使美国经济陷入衰退。他补充称："可用信贷的大幅收缩可能会对整个经济造成多重冲击。" 与此同时，第一资本信贷透露，计划以约50%现金和50%股票的方式收购非上市企业Brex。这笔交易将 成为第一资本信贷自去年以约350亿美元收购Discover Financial Services以来规模最大的一次收购，那次 收购创造了美国最大的信用卡贷款机构。费尔班克指出："自成立以来，我们一直致力于在技术革命的 前沿打造一家支付公司。收购Brex将加速这一进程，尤其是在企业支付市场。" 第一资本信贷(COF.US)周四公布了其2025年第四季度业绩，并宣布以5 ...

Core Viewpoint - Capital One's acquisition of Brex for $5.2 billion is a strategic move to enhance its business banking and payments capabilities, expanding beyond traditional card offerings [1][5][9] Group 1: Acquisition Details - The acquisition aims to integrate Brex's platform of business cards, spend management software, and banking services into Capital One's operations, addressing the fragmented tools currently used by businesses [5][7] - CEO Richard Fairbank emphasized that Brex's technology allows Capital One to reach a wider range of businesses, from startups to global enterprises, without the need to rebuild infrastructure [10][11] Group 2: Market Context - The business payments market is estimated at approximately $2 trillion in annual purchase volume, with a growing trend as companies shift away from cash and checks [9] - The business card market is growing at about 9% annually, with Brex experiencing even faster growth [10] Group 3: Financial Performance - Capital One's credit metrics are improving, with domestic card charge-offs declining and delinquency rates aligning with seasonal patterns, indicating a stabilization in credit performance [11] - Consumer spending remains resilient, with purchase volumes on Capital One's cards increasing by 6.2% excluding the impact of Discover operations [12] Group 4: Regulatory Concerns - Fairbank warned of potential "unintended consequences" from proposed regulations to cap credit card interest rates, suggesting that such measures could reduce access to credit and negatively impact consumer spending [14][15] Group 5: Future Integration - Brex will be integrated alongside Capital One's existing initiatives, including the Discover acquisition, with initial earnings dilution expected but no changes to capital plans or share repurchase cadence [16]

Stock Market Overview - U.S. stocks finished higher with the Dow Jones Industrial Average up 0.6% to 49,384.01, S&P 500 up 0.55% to 6,913.35, and Nasdaq up 0.9% to 23,436.02 [1] Intel Corporation - Intel reported fourth-quarter revenue of $13.67 billion, exceeding estimates of $13.37 billion, with adjusted earnings of 15 cents per share compared to expectations of 8 cents [2] - Revenue declined 4% year over year, with Client Computing down 7% to $8.2 billion, while Data Center and AI revenue rose 9% to $4.7 billion [2] - For the first quarter, Intel guided revenue between $11.7 billion and $12.7 billion, projecting breakeven adjusted earnings [2] - Intel's stock rose by 0.13% to close at $54.32, but slipped 11.4% in after-hours trading to $48.11 [1][2] GE Aerospace - GE Aerospace reported fourth-quarter adjusted EPS of $1.57, beating estimates of $1.39–$1.44, on revenue of $11.87 billion, above expectations of $11.24 billion [4] - Commercial Engines & Services revenue increased to $9.47 billion, driven by a 31% year-over-year increase in Services [4] - For 2026, GE guided adjusted EPS of $7.10 to $7.40 and free cash flow of $8.0 billion to $8.4 billion [4] - GE Aerospace shares fell by 7.41% to close at $295 [3][4] Intuitive Surgical Inc - Intuitive Surgical reported fourth-quarter revenue of $2.87 billion, beating estimates of $2.75 billion, with adjusted EPS of $2.53 compared to expectations of $2.26 [6] - Revenue rose 19% year over year, supported by an 18% increase in worldwide da Vinci procedures [6] - The stock increased by 0.40% to close at $525.81, rising 2.38% in extended trading to $538.30 [5][6] Capital One Financial Corp - Capital One reported fourth-quarter earnings of $3.86 per share, missing estimates of $4.11, while revenue was $15.58 billion, beating expectations [8] - Total net revenue rose 1% to $15.6 billion, but pre-provision earnings fell 12% to $6.2 billion due to a 13% increase in non-interest expenses [8] - The company confirmed an agreement to acquire fintech Brex Inc. for $5.15 billion, split between cash and stock [8] - Capital One's stock rose by 1.76% to close at $235.07, but fell 3.3% in after-hours trading to $227.30 [7][8] Meta Platforms Inc - Meta Platforms' stock surged by 5.66% to close at $647.63, with an intraday high of $660.57 [10] - The company announced the global rollout of ads on its Threads platform, which has over 400 million monthly active users [10]

Core Viewpoint - Capital One plans to acquire Brex, an expense management platform, for $5.15 billion, aiming to enhance its technological capabilities and market position in the financial services sector [1][2]. Group 1: Acquisition Details - The companies have signed a definitive agreement, with the transaction expected to close mid-year, subject to customary closing conditions [2]. - Brex's platform is AI-native, automating complex workflows for businesses, including issuing corporate cards and managing expenses [2]. Group 2: Strategic Implications - Richard D. Fairbank, CEO of Capital One, stated that the acquisition will accelerate the bank's efforts to be at the forefront of the technology revolution [2]. - Brex's platform serves tens of thousands of businesses, including one in three U.S. startups and over 300 public companies [3]. Group 3: Leadership and Future Plans - Brex Founder and CEO Pedro Franceschi will continue to lead Brex as part of Capital One post-acquisition [3]. - Franceschi emphasized that the combination of Brex's technology and Capital One's scale will significantly enhance their market and product development efforts [5]. Group 4: Financial Metrics - Capital One has $900 billion in annual card gross merchandise value, $700 billion in assets, and a market cap of $150 billion [4]. - The bank allocates $6 billion each for marketing and research and development [4]. Group 5: Recent Developments - Brex has recently partnered with Fifth Third Bank for a commercial card and announced plans to integrate stablecoin payments into its global corporate card [6]. - Capital One's acquisition of Discover Financial Services marked a new era for the bank, enhancing its size and capabilities in the banking and card sectors [7].

Core Viewpoint - Capital One plans to acquire Brex, an expense management platform, for $5.15 billion, aiming to enhance its technological capabilities and market position in the financial services sector [1][2]. Group 1: Acquisition Details - The companies have signed a definitive agreement, with the transaction expected to close mid-year, subject to customary closing conditions [2]. - Brex's platform is AI-native, automating complex workflows for businesses, including issuing corporate cards and managing expenses [2]. Group 2: Strategic Implications - Richard D. Fairbank, CEO of Capital One, emphasized that the acquisition will accelerate the bank's efforts to lead in technology innovation [2]. - Brex's founder, Pedro Franceschi, will continue to lead the company post-acquisition, aiming to create a significant financial platform for U.S. businesses [3]. Group 3: Brex's Market Position - Brex serves tens of thousands of businesses, including one-third of U.S. startups and over 300 public companies [3]. - The platform integrates corporate credit cards, spend management software, and banking services [3]. Group 4: Capital One's Financial Strength - Capital One has $900 billion in annual card gross merchandise value, $700 billion in assets, and a market cap of $150 billion [4]. - The bank allocates $6 billion each for marketing and research and development [4]. Group 5: Future Growth Potential - The combination of Brex's technology and Capital One's scale is expected to significantly enhance product development and market reach [5]. - Recent collaborations by Brex, including partnerships with Fifth Third Bank and Oracle, indicate its proactive approach in the financial technology space [6]. Group 6: Recent Developments - Capital One's acquisition of Discover Financial Services marks a new era for the bank, enhancing its size and capabilities in the banking and card sectors [7].

There’s a feeling of schadenfreude in Silicon Valley when a unicorn stumbles. So when the WSJ broke the news Thursday afternoon that Capital One will acquire Brex for $5.15 billion in cash and stock (Capital One issued an official release confirming the details thirty minutes later), you could practically hear the collective snickering from Sand Hill Road to San Francisco’s South Park. That figure represents less than half of Brex’s last private-market valuation of $12.3 billion from its 2022 Series D-2 rou ...

分组1 - Capital One reported quarterly earnings of $3.86 per share, missing the Zacks Consensus Estimate of $4.12 per share, but showing an increase from $3.09 per share a year ago, resulting in an earnings surprise of -6.37% [1] - The company posted revenues of $15.58 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.38%, and showing a significant increase from year-ago revenues of $10.19 billion [2] - Capital One has surpassed consensus EPS estimates three times over the last four quarters, indicating a generally positive trend in earnings performance [2] 分组2 - The stock has underperformed the market, losing about 4.7% since the beginning of the year compared to the S&P 500's gain of 0.4%, raising questions about its future performance [3] - The current consensus EPS estimate for the coming quarter is $4.52 on revenues of $15.2 billion, and for the current fiscal year, it is $20.12 on revenues of $62.77 billion [7] - The Financial - Consumer Loans industry, to which Capital One belongs, is currently in the bottom 35% of the Zacks industries, which may negatively impact the stock's performance [8]

Financial Data and Key Metrics Changes - In Q4 2025, Capital One earned $2.1 billion, or $3.26 per diluted common share, with full-year earnings of $2.5 billion, or $4.03 per share [4] - Adjusted earnings per share for Q4 were $3.86, and for the full year, it was $19.61 [6] - Revenue increased by about 1% compared to the prior quarter, while non-interest expense rose by 13% [6] - Provision for credit losses was $4.1 billion in Q4, an increase of approximately $1.4 billion from Q3 [6] Business Line Data and Key Metrics Changes - Domestic Card segment saw a year-over-year purchase volume growth of 39%, primarily due to the addition of Discover purchase volume [10] - Ending loan balances in the Domestic Card segment increased by 69% year-over-year, largely from Discover card loans [10] - Consumer Banking revenue for Q4 was up about 36% year-over-year, driven by Discover operations and growth in auto loans [15] - Commercial Banking's annualized net charge-off rate increased to 0.43%, while criticized non-performing loan rates decreased [16] Market Data and Key Metrics Changes - Total liquidity reserves at the end of Q4 were approximately $144 billion, with a liquidity coverage ratio of 173% [8] - The net interest margin for Q4 was 8.26%, a decline of ten basis points from the prior quarter [8] Company Strategy and Development Direction - The company announced a definitive agreement to acquire Brex for $5.15 billion, which is expected to enhance its capabilities in the small business payments space [4][19] - Capital One aims to leverage its technology and data infrastructure to create new growth opportunities, including Capital One Travel and Auto Navigator [18] - The acquisition of Brex is seen as a strategic move to accelerate growth in business payments and enhance the existing offerings [19][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the U.S. consumer and the overall macroeconomy, despite elevated economic uncertainty [64] - The company anticipates that tax refunds will be higher in 2026, which could positively impact consumer credit [66] - Management acknowledged the competitive intensity in the credit card market but remains focused on growth opportunities, particularly in the premium credit card space [53] Other Important Information - The company completed the sale of the $8.8 billion Discover Home Loans portfolio, resulting in a net gain of $483 million [5] - The company is focused on integrating Discover and expects to deliver synergies from this acquisition [17] Q&A Session Summary Question: Strategic value of the Brex acquisition - Management highlighted that acquiring Brex accelerates their journey to build a comprehensive banking and payments company, addressing chronic pain points in business payments [22][23] Question: Impact of the Credit Card Competition Act - Management expressed concerns that a cap on interest rates would reduce credit availability, potentially harming consumers and the economy [37][40] Question: Financial impacts of the Brex deal - Management indicated that they would provide detailed financial metrics related to the Brex acquisition in future financial statements [72][73] Question: Outlook for consumer health and growth - Management noted that the current economic environment remains resilient, with stable debt servicing burdens and robust consumer spending [64][68]

Financial Data and Key Metrics Changes - In Q4 2025, Capital One earned $2.1 billion, or $3.26 per diluted common share, with full-year earnings of $2.5 billion, or $4.03 per share [5] - Adjusted earnings per share for Q4 were $3.86, and for the full year, it was $19.61 [6] - Revenue increased by approximately 1% compared to the prior quarter, while non-interest expense rose by 13% [6] - Provision for credit losses was $4.1 billion in Q4, an increase of about $1.4 billion from Q3 [6] Business Line Data and Key Metrics Changes - Domestic card segment saw a year-over-year purchase volume growth of 39%, primarily due to the addition of Discover purchase volume [11] - Ending loan balances in the domestic card business increased by 69% year-over-year, largely from Discover card loans [11] - Consumer banking revenue for Q4 was up about 36% year-over-year, driven by Discover operations and growth in auto loans [15] - Commercial banking annualized net charge-off rate increased to 0.43% in Q4, while criticized non-performing loan rate decreased to 1.36% [17] Market Data and Key Metrics Changes - Total liquidity reserves at the end of Q4 were approximately $144 billion, with a liquidity coverage ratio of 173% [9] - The net interest margin for Q4 was 8.26%, a decline of ten basis points from the prior quarter [9] Company Strategy and Development Direction - The company announced a definitive agreement to acquire Brex for $5.15 billion, aiming to enhance its capabilities in the business payments space [5][20] - The acquisition of Brex is expected to accelerate Capital One's journey in business payments and integrate modern technology solutions [20][34] - Capital One continues to focus on building a national retail bank and enhancing its technology infrastructure to support growth opportunities [18][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the U.S. consumer and overall macroeconomy, despite elevated economic uncertainties [51][56] - The company anticipates that tax refunds will positively impact consumer credit in 2026, although this is expected to be a one-time benefit [54] - Management highlighted the importance of ongoing investments in technology and marketing to drive future growth [46][64] Other Important Information - The company completed the sale of the $8.8 billion Discover Home Loans portfolio, resulting in a net gain of $483 million [5] - The allowance for credit losses increased to $23.4 billion, with a total portfolio coverage ratio of 5.16% [6][7] Q&A Session Summary Question: Strategic value of the Brex acquisition - Management emphasized that acquiring Brex enhances Capital One's position in the business payments market and aligns with its long-term vision [22][24] Question: Impact of proposed credit card rate cap - Management warned that a rate cap could reduce credit availability for consumers and potentially harm the economy [36][38] Question: Consequences of the Credit Card Competition Act - Management believes that the current payments ecosystem is functioning well and government intervention may have unintended negative consequences [39][40] Question: Financial impacts of the Brex deal - Management indicated that they would provide detailed financial metrics post-acquisition, emphasizing that the integration of Brex would not disrupt the ongoing Discover integration [57][58]