Key Takeaways Capital One's credit card segment remains the core earnings engine, with 2025 net revenues up 40.5% y/y.After the Discover acquisition, COF became a top U.S. card issuer by balances, lifting loans and volumes.Despite card strength, COF trades at a premium P/B as rate-cap risk, expenses and credit quality weigh.Capital One Financial Corporation’s (COF) credit card business stands out as a core earnings engine, underpinned by its scale, data-driven underwriting and strong brand presence in the U ...