UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
___________________
 
FORM 11-K
___________________
 
 
x    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2021
 
OR

¨    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to             
 
Commission File No. 001-13300

A. Full title of the plan and the address of the plan, if different from that of the issuer named below: 

CAPITAL ONE FINANCIAL CORPORATION
ASSOCIATE SAVINGS PLAN
 
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

CAPITAL ONE FINANCIAL CORPORATION
1680 Capital One Drive
McLean, Virginia 22102

 
















Capital One Financial Corporation Associate Savings Plan
Financial Statements and Supplemental Schedule
Years Ended December 31, 2021 and 2020


TABLE OF CONTENTS




Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of the Capital One Financial Corporation Associate Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Capital One Financial Corporation Associate Savings Plan (the Plan) as of December 31, 2021 and 2020, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2021 and 2020, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedules Required by ERISA
The accompanying supplemental Schedule of Assets (Held at End of Year) as of December 31, 2021 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2018.
Tysons, Virginia
June 17, 2022

1


Capital One Financial Corporation Associate Savings Plan
Statements of Net Assets Available for Benefits

December 31,December 31,
20212020
Assets:
 Investments, at fair value$8,787,813,990 $7,129,574,705 
 Investments, at contract value542,647,650 572,243,732 
  Total investments
9,330,461,640 7,701,818,437 
Receivables:
Notes receivable from participants, maturing through 2032, 3.25% - 9% interest rates138,935,267 128,601,435 
Other receivables7,115,086 12,614,025 
         Total assets9,476,511,993 7,843,033,897 
 Liabilities:
Other liabilities5,354,442 10,245,099 
         Total liabilities5,354,442 10,245,099 
Net assets available for benefits$9,471,157,551 $7,832,788,798 












See Notes to Financial Statements.


2


Capital One Financial Corporation Associate Savings Plan
Statements of Changes in Net Assets Available for Benefits

Year Ended December 31,
20212020
Additions:
Investment income:
Net appreciation of investments$1,389,936,934 $922,754,043 
Interest and dividends on investments
10,472,170 7,208,479 
Net investment income1,400,409,104 929,962,522 
Interest income on notes receivable from participants
7,797,511 8,536,560 
Contributions:
Employer
355,254,364 330,193,523 
Participants
409,719,947 368,430,614 
Rollovers
76,433,780 50,926,641 
Total contributions
841,408,091 749,550,778 
Total additions
2,249,614,706 1,688,049,860 
Deductions:
Benefits paid to participants
594,998,005 531,397,900 
Administrative expenses
16,247,948 10,603,623 
Total deductions
611,245,953 542,001,523 
    Net increase in net assets available for benefits1,638,368,753 1,146,048,337 
Net assets available for benefits:
Beginning of year
7,832,788,798 6,686,740,461 
End of year
$9,471,157,551 $7,832,788,798 









See Notes to Financial Statements.

3

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements


Note 1—Description of Plan


Effective January 1, 1995, Capital One Financial Corporation (the “Company”) established and adopted the Capital One Financial Corporation Associate Savings Plan (the “Plan”) for the benefit of its eligible employees.

The Benefits Committee of the Company is the Plan administrator and Fidelity Management Trust Company (the “Trustee”) was the Plan trustee for both the 2021 and 2020 plan years.
The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering all employees of the Company who are age 18 or older (including any related companies that adopt the Plan). Eligible employees are automatically enrolled in the Plan immediately upon hire unless they elect to opt-out of Plan participation. The Plan is a qualified defined contribution retirement plan with a cash or deferred arrangement under Internal Revenue Code Sections 401(a) and 401(k), respectively, and subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

Contributions

Under the Plan, participants can elect to make annual pre-tax and Roth contributions of no more than 50% of their eligible compensation, subject to Internal Revenue Service (“IRS”) limitations. The IRS limitation was $19,500 for both 2021 and 2020. Participants who are age 50 or older at the end of a particular calendar year are permitted to make additional elective deferral contributions of $6,500 for both 2021 and 2020. Participants may also contribute amounts representing distributions from other qualified plans as roll-over contributions.

The Company makes non-elective contributions to each eligible associate’s account and matches a portion of associate contributions. The Company’s contributions, which provide for a maximum annual Company contribution of up to 7.5% of eligible compensation, consist of two major components: (1) a basic safe-harbor non-elective contribution and (2) Company matching contribution.

The following table summarizes the Company's contribution structure under the Plan:
Contribution TypeContribution Structure
1.    Basic safe-harbor non-elective contribution
•    3% of eligible compensation
2.    Company matching contribution
•    Up to 3% of eligible compensation, calculated as 100% Company match on the first 3% of associate deferrals
•    Up to 1.5% of eligible compensation, calculated as 50% Company match on the next 3% of associate deferrals
Total annual contribution opportunity
•    Maximum of 7.5% of eligible compensation

The basic safe-harbor non-elective contribution of 3% of eligible compensation, as defined in the Plan document, is made for all eligible employees regardless of employee contributions to the Plan. In addition, the Company makes matching contributions of up to 4.5% of a participant’s eligible compensation. The Company makes “true-up”

4

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
matching contributions for participants who did not receive the full match to which participants would have been entitled if participants had contributed to the Plan ratably throughout the year. Employees who have made pre-tax and/or Roth contributions to the Plan during the Plan year are eligible for the Company matching contributions. The Company makes contributions on a per-pay period basis and new employees become immediately eligible for the Company’s matching contributions. All Company contributions are cash contributions.

Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of the Company’s contributions and Plan earnings. Allocations of Company contributions are determined based on participant contributions or eligible compensation, as defined in the Plan document. Allocations of Plan earnings are determined based upon the number of units of the Plan’s investment options in each participant’s account. The benefit to which a participant is entitled to is the benefit that can be provided from the participant’s vested account as of the date of record.

Vesting

Participant contributions and the Company’s basic safe-harbor non-elective contributions vest immediately, along with earnings on those contributions. The Company’s matching contributions plus actual earnings thereon vest after two years of service.

Forfeited Accounts

Excess forfeited balances of terminated participants’ non-vested accounts, after payment of administrative expenses, are used to reduce future Company contributions. Forfeited non-vested accounts totaled $7,384,902 and $5,640,670 as of December 31, 2021 and 2020, respectively. Forfeitures used to reduce certain administrative expenses and the Company contributions totaled $0 and $7,501,131, respectively, in 2021, and $128,171 and $7,029,375, respectively, in 2020.

Investment Options

All investments in the Plan are participant-directed. Participants may change their investment options at any time. As of December 31, 2021, the Company offered 22 investment options, which are summarized below:

•BlackRock LifePath Index Non-Lendable Fund (2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and Retirement)—Each fund is a broadly diversified portfolio, tailored to the investment horizon of the fund. The name of each fund (e.g., BlackRock LifePath 2045) represents the year during which participants will most likely begin to draw income and/or principal from their investment. The LifePath funds are the default investment choices unless participants choose otherwise. The investment is a “qualified default investment alternative” for purposes of ERISA.

•BlackRock Russell 2500 Index Fund—Monies are primarily invested in common stocks included in the Russell 2500 Index, which broadly represents the performance of small to mid-capitalization companies publicly traded in the U.S.

•BlackRock Strategic Completion Non-Lendable Fund—Monies are primarily invested in inflation-sensitive asset classes, such as U.S. treasury inflation protected securities, real estate investment trusts and commodities.

•BlackRock U.S. Debt Index Non-Lendable Fund— Monies are primarily invested in debt securities included in the Bloomberg U.S. Aggregate Bond Index, which broadly represents the performance of intermediate duration debt securities publicly traded in the U.S.

5

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
•Capital One Stock Fund—Monies are invested in a unitized trust fund which primarily invests in shares of the Company’s common stock, as well as in short-term investments to provide for the Capital One Stock Fund's estimated liquidity needs.

•Fidelity BrokerageLink—This self-directed option allows participants to invest in mutual funds and other investment options beyond the investment options offered directly through the Plan.

•Fidelity Global ex U.S. Index Fund—Monies are primarily invested in securities included in the MSCI ACWI (All Country World Index) ex USA Index and in depository receipts representing securities included in the index, which broadly represents the performance of foreign developed and emerging stock markets.

•International Equity Fund—Monies are primarily invested in securities included in the MSCI ACWI (All Country World Index) ex USA Index and in depository receipts representing securities included in the index, which broadly represents the performance of foreign developed and emerging stock markets.

•Capital One Stable Value Fund (Invesco)—Monies are invested in a diversified portfolio of investment contracts issued by high quality insurance companies and banks, with each contract carrying a crediting rate of interest and backed by high quality securities.

•Prudential Core Plus Bond Fund (Class 5)—Monies are primarily invested in debt securities meant to outperform the Bloomberg U.S. Aggregate Bond Index, which broadly represents the performance of debt securities publicly traded in the U.S.

•State Street S&P 500 Index Non-Lending Series Fund—Monies are primarily invested in common stocks included in the S&P 500 Index, which broadly represents the performance of large capitalization companies publicly traded in the U.S.

•U.S. Large Cap Equity Fund—Monies are primarily invested in common stocks included in the Russell 1000 Index, which broadly represents the performance of large capitalization companies publicly traded in the U.S.

•U.S. Small/Mid Cap Equity Fund—Monies are primarily invested in common stocks included in the Russell 2500 Index, which broadly represents the performance of small to mid-capitalization companies publicly traded in the U.S.

Notes Receivable from Participants

Participants may elect to borrow from their fund accounts a minimum of $1,000 and up to a maximum of the lesser of $50,000 or 50% of their vested account balance. Loan transactions are treated as a transfer from (to) the investment fund to (from) the loan fund. Loan terms typically range from one to five years, but can extend up to ten years if used toward the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at a fixed rate commensurate with prevailing rates as determined by the Benefits Committee (currently at a rate of Prime plus 2%). Principal and interest are paid ratably through bi-weekly payroll deductions. Management has evaluated notes receivable from participants for collectability and has determined that no allowance is considered necessary.

Payment of Benefits

A participant may elect to receive an amount up to the vested value of his or her account through a lump-sum cash distribution upon the participant’s death, hardship, retirement, termination of service or for other reasons as governed by the Plan document. If the participant has invested in the Capital One Stock Fund, he or she may elect to receive distributions of whole shares of common stock with fractional shares paid in cash.



6

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
Administrative Expenses

Administrative expenses consist primarily of record keeping, investment management, and advisory fees paid to the Trustee. Record keeping and investment management fees are paid by the plan participants. Advisory fees to the Trustee are paid either out of Plan forfeitures or by the Company.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in any unvested amounts in their accounts.

Note 2—Summary of Significant Accounting Policies


Basis of Presentation and Use of Estimates

The financial statements of the Plan have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). Benefits are recorded when paid. The preparation of financial statements in accordance with U.S. GAAP requires management to make a number of judgments, estimates and assumptions that affect the amounts reported in the financial statements and related disclosures. These estimates are based on information available as of the date of the financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates.

Investment Valuation and Income Recognition

The Plan’s investments are reported at fair value with the exception of fully benefit-responsive investment contracts, which are reported at contract value. Securities transactions are recorded as of the trade date.

The fair value of shares of registered investment companies is based on quoted market prices, which represent the net asset values of shares held by the Plan as of year end.

Capital One Stock Fund is not traded on an active market. The unit value of the Capital One Stock Fund is based on the closing price of the Company’s stock and the value of the money market component on the last business day of the Plan year. The Company’s stock is listed and traded on the New York Stock Exchange.

Collective investment trusts were classified as Level 2 in the fair value hierarchy as of December 31, 2021 and 2020. Each collective investment trust provides for daily redemptions by the Plan at reported net asset value per share, with no advance notice requirements for participants and 30 days advance notice requirement for the Plan. There were no unfunded commitments as of December 31, 2021 and 2020.

Self-managed funds are invested in underlying market securities that are traded on active markets and common collective trusts. The unit value for each fund is based on the closing price of the underlying sub-advisor stock and market holdings.

The Plan’s investment in the Invesco Stable Value Fund has underlying investments in guaranteed investment contracts (“GICs”), synthetic GICs, and cash equivalents, and is measured and accounted for based on contract value. The contract value is equal to the principal balance plus accrued interest, which represents the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.


7

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest.

Interest income on investments and notes receivable from participants is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Net appreciation or depreciation of investments is reflected in statements of changes in net assets available for benefits.

Risks and Uncertainties

The Plan invests in many types of investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

Note 3—Investments


The Plan’s investments are held in a trust administered by the Trustee. A complete listing of the Plan’s investments as of December 31, 2021 is included in the Supplemental Schedule—Schedule H, Line 4i—Schedule of Assets (Held at End of Year).

Fully Benefit-Responsive Investment Contracts

Capital One's Stable Value Fund from Invesco (the “Fund”) invests primarily in investment contracts such as traditional GICs and synthetic GICs. These contracts meet the fully benefit-responsive investment contract criteria and therefore are reported at contract value. In a traditional GIC, the issuer takes a deposit from the Fund and purchases investments that are held in the issuer’s general account. The issuer is contractually obligated to repay the principal and a specified rate of interest guaranteed to the Fund. The interest crediting rate is based on a formula established by the contract issuer. With traditional GICs, the Fund owns only the contract itself.

A synthetic GIC includes a wrapper contract, which is an agreement for the wrap issuer, such as a bank or insurance company, to make payments to the Fund in certain circumstances. With synthetic GICs, the underlying investments are owned by the Fund and held in trust for Plan participants. The wrapper contract amortizes the realized and unrealized gains and losses on the underlying fixed income investments, typically over the duration of the investment, through adjustments to the future interest crediting rate. The issuer of the wrapper contract provides assurance that the adjustments to the interest crediting rate do not result in a future interest crediting rate that is less than zero. An interest crediting rate of less than zero would result in a loss of principal or accrued interest. The key factors that influence future interest crediting rates for a wrapper contract include the level of market interest rates, the amount and timing of participant contributions, transfers and withdrawals into and out of the wrapper contract, the investment returns generated by the fixed income investments that back the wrapper contract and the duration of the underlying investments backing the wrapper contract. As of both December 31, 2021 and 2020, all of the investment contracts in the Fund were synthetic GICs.

Certain circumstances may limit the Plan’s ability to execute transactions of the Fund at contract value with the contract issuer. These circumstances include termination of the Plan, a material adverse change to the provisions of the Plan, the Company making an election to withdraw from a wrapper contract in order to switch to a different investment provider, or the terms of a successor Plan (in the event of spin-off or sale of a division) do not meet the wrapper contract issuer’s underwriting criteria for the issuance of a clone wrapper contract. Examples of events that would permit a wrapper contract issuer to terminate a wrapper contract upon short notice include the Plan’s loss of

8

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
its qualified status, uncured material breaches of responsibilities or material and adverse changes to the provisions of the Plan. If one of these events occurred, the wrapper contract issuer could terminate the wrapper contract at the market value of the underlying investments (or in the case of a traditional GIC, at the hypothetical market value based upon a contractual formula).

The Plan administrator believes that the events noted above that limit the Plan’s ability to execute transactions at contract value are unlikely to occur.

Note 4—Fair Value Measurement


Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below:
Level 1:Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:Valuation is based on observable market-based inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow methodologies or similar techniques.

The accounting guidance for fair value measurements requires that management maximize the use of observable inputs and minimize the use of unobservable inputs in determining the fair value. The calculation of fair value is based on market conditions as of each statement of net assets available for benefits date and may not be reflective of the ultimate realizable value.

Financial Assets Measured at Fair Value on a Recurring Basis

The following tables display the Plan’s assets measured on the statements of net assets available for benefits at fair value on a recurring basis as of December 31, 2021 and 2020:

December 31, 2021
Level 1Level 2Total
Investments, at fair value:
Registered investment companies$124,609,635 $— $124,609,635 
Collective investment trusts
— 5,774,370,908 5,774,370,908 
Self-managed funds1,800,683,647 521,762,573 2,322,446,220 
Fidelity Brokerage Link135,849,714 — 135,849,714 
     Capital One Stock Fund
430,537,513 — 430,537,513 
Total plan assets, at fair value$8,787,813,990 

9

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
December 31, 2020
Level 1Level 2Total
Investments, at fair value:
Registered investment companies$191,130,322 $— $191,130,322 
Collective investment trusts
— 4,685,057,901 4,685,057,901 
Self-managed funds1,443,640,290 379,858,216 1,823,498,506 
Fidelity Brokerage Link102,583,653 — 102,583,653 
     Capital One Stock Fund
327,304,323 — 327,304,323 
Total plan assets, at fair value$7,129,574,705 


Note 5—Income Tax Status


The Plan has received a determination letter from the IRS dated April 25, 2016, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”), and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt.

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has assessed the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Note 6—Transactions with Parties-in-Interest


The following table summarizes the fair value of transactions within certain Plan investment options that are considered to be party-in-interest transactions as of December 31, 2021 and 2020, for which a statutory exception exists:
December 31,December 31,
20212020
U.S. Large Cap Equity Fund$1,108,895,465 $912,249,273 
U.S. Small/Mid Cap Equity Fund733,792,720 584,640,896 
Capital One Stock Fund 430,537,513 327,304,323 
International Equity Fund479,758,035 326,608,337 
Fidelity Global ex U.S. Index Fund124,609,635 191,130,322 
Notes receivable from participants138,935,267 128,601,435 
Fidelity BrokerageLink135,849,714 102,583,653 
IGT Dodge & Cox Core Fixed Income Fund28,525,561 30,971,995 


10

Capital One Financial Corporation Associate Savings Plan
Notes to Financial Statements
The Plan recognized administrative expense paid to the Trustee and other parties-in-interest of $7,859,659 and $5,861,141 in 2021 and 2020, respectively.

Note 7—Reconciliation of Financial Statements to Form 5500


The following table presents a reconciliation of net assets available for benefits as of December 31, 2021 and 2020 per the financial statements to the net assets available for benefits per Form 5500:
December 31,December 31,
20212020
Net assets available for benefits:
Net assets available for benefits, per the financial statements $9,471,157,551 $7,832,788,798 
Adjustment from contract value to fair value for fully benefit-responsive investment contracts
10,494,952 26,428,471 
Benefits payable to participants (3,731,188)(6,655,912)
Loans deemed distributed (2,791,383)(2,339,865)
Net assets available for benefits, per Form 5500 $9,475,129,932 $7,850,221,492 

The following table presents a reconciliation of net income for the year ended December 31, 2021 and 2020 per the financial statements to the net income per Form 5500:
Year Ended December 31,
20212020
Net income:
Net increase in net assets available for benefits, per the financial statements$1,638,368,753 $1,146,048,337 
Reversal of prior year adjustment from contract value to fair value for fully benefit-responsive investment contracts
(26,428,471)(9,743,082)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts
10,494,952 26,428,471 
Change in benefits payable to participants
2,924,724 (6,655,912)
Change in loans deemed distributed(451,518)(500,896)
Net income, per Form 5500$1,624,908,440 $1,155,576,918 


11

Capital One Financial Corporation Associate Savings Plan



Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
December 31, 2021
(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment Including
Maturity Date, Rate of Interest, Collateral,
Par or Maturity Value
Shares/Rate(e) Current Value
Registered investment companies (“RIC”):
*
Fidelity Global ex U.S. Index Fund
8,149,747 shares$124,609,635 
Collective investment trusts (“CIT”):
State Street S&P 500 Index Fund16,958,220 shares1,696,144,174 
BlackRock LifePath 204512,016,852 shares572,867,352 
BlackRock LifePath 205011,417,163 shares571,578,585 
BlackRock LifePath 204011,458,891 shares508,940,895 
BlackRock LifePath 20359,968,724 shares407,286,192 
BlackRock LifePath 205512,431,958 shares450,910,853 
BlackRock LifePath 20308,615,676 shares319,808,728 
Prudential Core Plus Bond Fund
1,570,573 shares306,403,048 
BlackRock LifePath 20256,226,083 shares208,712,011 
BlackRock U.S. Debt Index6,893,765 shares112,897,128 
BlackRock Russell 2500 Index Fund
4,821,003 shares225,396,087 
BlackRock LifePath 206011,171,139 shares230,596,888 
BlackRock LifePath Retirement4,595,706 shares119,965,838 
BlackRock LifePath 20651,757,780 shares25,859,402 
BlackRock Strategic Completion 1,162,410 shares17,003,727 
Self-managed funds:
*
**		U.S. Large Cap Equity FundVarious RIC, CIT, and common stocks1,108,895,465 
*
**		U.S. Small/Mid Cap Equity FundVarious RIC, CIT, and common stocks733,792,720 
*
**		International Equity FundVarious RIC and CIT479,758,035 
*Participant-directed brokerage accounts:
Fidelity BrokerageLink
Various mutual funds
and common stocks		135,849,714 
Fully benefit-responsive investment contracts (synthetic):
IGT Invesco Short Term Bond Fund
258,184,147 
IGT Jennison Intermediate Fund
56,621,211 
IGT Invesco Intermediate Fund
56,494,402 
*
IGT Dodge & Cox Core Fixed Income Fund
28,525,561 
IGT Invesco Core Fixed Income Fund
28,464,409 
IGT Pimco Core Fixed Income Fund
28,482,156 
IGT Loomis Sayles Core Fixed Income Fund
28,278,823 
IGT Loomis Sayles Intermediate Fund
28,237,212 
IGT Pimco Intermediate Fund
28,068,374 
Wrapped holdings
530,861,343 shares541,356,295 
Cash & equivalents
11,786,307 par11,786,307 
Capital One Stable Value Fund (Invesco)553,142,602 
*Capital One Stock Fund:
Corporate common stock
2,859,692 shares414,912,712 
Cash & equivalents
15,624,801 par15,624,801 
Capital One Stock Fund
430,537,513 
Total investments 9,340,956,592 
*Notes receivable from participants, maturing through 20323.25% - 8.5% interest rates136,143,884 
Total as of December 31, 2021$9,477,100,476 
__________
* Indicates a party-in-interest to the Plan.
** Detailed holding listing follows this supplemental schedule
Note: Column (d) is not applicable as all investments are participant-directed.


12

Capital One Financial Corporation Associate Savings Plan



Appendix to Schedule H, Line 4i
Account NameTotal Value of HoldingsSecurity IdentifierSecurity DescriptionShares/ParTotal Value
U.S. Large Cap Equity Fund1,107,744,271 21M99A952SSGA S&P 500 NL SER A (CMM3)395,163 39,523,829 
FGD194000Capital One LSV LCV SMA16,727,772 281,862,961 
FGD196000Capital One Macquarie LCV19,789,733 304,465,042 
FGD200000Capital One Polen LCG SMA12,896,212 234,388,650 
FGD205000Capital One T Rowe LC Gr13,641,945 247,505,812 
U.S. Large Cap Equity Fund Total1,107,746,294 
CAPITAL ONE LSV LCV SMA281,762,141 CASH(CASH)74,663 74,663 
1055102AFLAC INC35,700 2,084,523 
1084102AGCO CORP18,500 2,146,370 
00206R102AT&T INC165,600 4,073,760 
00287Y109ABBVIE INC16,200 2,193,480 
00508Y102ACUITY BRANDS INC7,270 1,539,204 
01973R101ALLISON TRANSMISSION HLDGS INC18,800 683,380 
20002101ALLSTATE CORPORATION21,800 2,582,428 
25932104AMERICAN FINL GROUP INC OHIO16,400 2,252,048 
26874784AMERICAN INTERNATIONAL GROUP30,400 1,728,544 
03076C106AMERIPRISE FINANCIAL INC13,800 4,162,908 
31162100AMGEN INC10,600 2,384,682 
31652100AMKOR TECHNOLOGY INC80,200 1,988,158 
35710409ANNALY CAPITAL MGMT INC REIT106,400 855,456 
38222105APPLIED MATERIALS INC17,200 2,706,592 
42735100ARROW ELECTRONICS INC13,300 1,785,791 
45487105ASSOCIATED BANC CORP73,300 1,655,847 
47649108ATKORE INC20,100 2,234,919 
60505104BANK OF AMERICA CORPORATION69,800 3,105,402 
08579W103BERRY GLOBAL GROUP INC20,900 1,542,002 
86516101BEST BUY CO INC13,000 1,329,900 
09062X103BIOGEN INC2,120 508,630 
09739D100BOISE CASCADE CO18,400 1,310,080 
99724106BORGWARNER INC31,000 1,397,170 
105368203BRANDYWINE REALTY TRUST81,200 1,089,704 
110122108BRISTOL-MYERS SQUIBB CO53,700 3,348,195 
125523100CIGNA CORP7,600 1,745,188 
126117100C N A FINANCIAL CORP28,900 1,273,912 
126650100CVS HEALTH CORP34,600 3,569,336 
14040H105CAPITAL ONE FINANCIAL CORP14,300 2,074,787 
14149Y108CARDINAL HEALTH INC22,900 1,190,360 
146229109CARTERS INC8,500 860,370 
150870103CELANESE CORP11,900 1,999,914 
153527205CENTRAL GARDEN & PET CO CL A16,600 794,310 
17275R102CISCO SYSTEMS INC40,900 2,591,833 
172967424CITIGROUP INC64,700 3,907,233 

13

Capital One Financial Corporation Associate Savings Plan



174610105CITIZENS FINANCIAL GROUP INC58,600 2,768,850 
20030N101COMCAST CORP CL A52,300 2,632,259 
205887102CONAGRA BRANDS INC49,900 1,704,085 
20848V105CONSENSUS CLOUD SOLUTION3,699 214,061 
224399105CRANE CO14,600 1,485,258 
2256908AMDOCS LTD30,500 2,293,600 
228368106CROWN HOLDINGS INC7,700 851,774 
231021106CUMMINS INC10,000 2,181,400 
231561101CURTISS WRIGHT CORPORATION7,100 984,557 
23918K108DAVITA INC15,000 1,706,400 
24703L202DELL TECHNOLOGIES INC CL C29,310 1,646,343 
247361702DELTA AIR INC28,800 1,125,504 
253393102DICKS SPORTING GOODS INC20,100 2,311,299 
254543101DIODES INC14,300 1,570,283 
254709108DISCOVER FIN SVCS22,100 2,553,876 
2556868EVEREST REINSURANCE GROUP LTD4,600 1,260,032 
277432100EASTMAN CHEMICAL CO15,800 1,922,386 
278642103EBAY INC41,500 2,759,750 
2788713BUNGE LIMITED16,600 1,549,776 
29272W109ENERGIZER HLDGS INC17,900 717,790 
30231G102EXXON MOBIL CORP20,800 1,272,752 
302520101FNB CORP PA110,400 1,339,152 
31428X106FEDEX CORP7,900 2,043,256 
31847R102FIRST AMERICAN FINANCIAL CORP22,400 1,752,352 
320517105FIRST HORIZON CORP80,600 1,328,288 
35137L105FOX CORP CL A63,150 2,330,235 
36162J106GEO GROUP INC56,600 438,650 
369550108GENERAL DYNAMICS CORPORATION7,400 1,542,678 
370334104GENERAL MILLS INC25,100 1,691,238 
37045V100GENERAL MOTORS CO55,600 3,259,828 
375558103GILEAD SCIENCES INC34,100 2,476,001 
38141G104GOLDMAN SACHS GROUP INC8,000 3,060,400 
397624107GREIF INC CL A27,300 1,660,659 
40412C101HCA HEALTHCARE INC9,700 2,492,124 
40434L105HP INC90,700 3,439,344 
42824C109HEWLETT PACKARD ENTERPRISE CO82,600 1,312,514 
431571108HILLENBRAND INC26,800 1,393,332 
44107P104HOST HOTELS & RESORTS INC30,100 523,439 
446413106HUNTINGTON INGALLS INDUSTRIES INC7,200 1,344,528 
456237106INDUSTRIAL LOGISTICS PROPERTIES TR36,300 909,315 
457187102INGREDION INC13,500 1,313,415 
458140100INTEL CORP120,200 6,190,300 
459200101INTL BUS MACH CORP19,300 2,579,638 
477143101JETBLUE AIRWAYS CORP69,500 989,680 
48123V102ZIFF DAVIS INC8,420 933,441 
493267108KEYCORP71,900 1,663,047 
500754106KRAFT HEINZ CO53,500 1,920,650 
501044101KROGER CO73,200 3,313,032 

14

Capital One Financial Corporation Associate Savings Plan



50155Q100KYNDRYL HOLDINGS INC3,860 69,866 
502431109L3HARRIS TECHNOLOGIES INC5,000 1,066,200 
505336107LA Z BOY INC21,400 777,034 
521865204LEAR CORP NEW7,800 1,427,010 
526057104LENNAR CORP CL A22,500 2,613,600 
534187109LINCOLN NATIONAL CORP29,900 2,040,974 
539830109LOCKHEED MARTIN CORP4,200 1,492,722 
546347105LOUISIANA PACIFIC CORP32,700 2,562,045 
552690109MDU RESOURCES GROUP INC46,600 1,447,280 
56418H100MANPOWERGROUP INC11,600 1,129,028 
56585A102MARATHON PETROLEUM CORP29,600 1,894,104 
576323109MASTEC INC2,100 193,788 
58155Q103MCKESSON CORP8,100 2,017,224 
58463J304MEDICAL PPTY TR INC36,100 863,151 
58933Y105MERCK & CO INC NEW87,000 6,727,710 
59156R108METLIFE INC33,300 2,080,917 
60871R209MOLSON COORS BEVERAGE CO B48,400 2,243,340 
615394202MOOG INC CL A17,300 1,400,781 
617446448MORGAN STANLEY41,600 4,083,456 
62886E112NCR CORP35,900 1,443,180 
629377508NRG ENERGY INC47,400 2,041,992 
63938C108NAVIENT CORP68,400 1,451,448 
64110D104NETAPP INC17,200 1,582,228 
65336K103NEXSTAR MEDIA GROUP INC A9,411 1,420,873 
666807102NORTHROP GRUMMAN CORP4,300 1,664,401 
67623C109OFFICE PROPERTIES INCOME TRUST21,100 524,124 
68389X105ORACLE CORP44,000 3,837,240 
68622V106ORGANON & CO4,550 138,548 
688239201OSHKOSH CORP14,900 1,679,379 
690742101OWENS CORNING INC17,700 1,601,850 
70959W103PENSKE AUTOMOTIVE GROUP INC21,400 2,294,508 
717081103PFIZER INC129,000 7,617,450 
718172109PHILIP MORRIS INTL INC15,500 1,491,875 
718546104PHILLIPS 6615,900 1,152,114 
72147K108PILGRIM'S PRIDE CORP NEW19,158 540,256 
744320102PRUDENTIAL FINANCIAL INC15,400 1,666,896 
74736K101QORVO INC7,500 1,172,925 
750236101RADIAN GROUP INC35,200 743,776 
75886F107REGENERON PHARMACEUTICALS INC1,900 1,199,888 
7591EP100REGIONS FINANCIAL CORP125,500 2,757,235 
759509102RELIANCE STEEL & ALUMINUM CO9,300 1,508,646 
76009N100RENT A CTR INC20,600 996,628 
783549108RYDER SYSTEM INC10,400 857,272 
78573L106SABRA HEALTHCARE REIT INC36,800 498,272 
828806109SIMON PPTY GROUP INC - REIT6,200 990,574 

15

Capital One Financial Corporation Associate Savings Plan



83012A109SIXTH STREET SPECIALTY LENDING INC30,600 728,280 
832696405JM SMUCKER CO/THE14,700 1,996,554 
833034101SNAP-ON INCORPORATED4,500 969,210 
85208M102SPROUTS FMRS MKT INC43,500 1,291,080 
857477103STATE STREET CORP29,400 2,750,958 
858119100STEEL DYNAMICS INC23,200 1,446,056 
87165B103SYNCHRONY FINANCIAL22,100 1,025,219 
87612E110TARGET CORP12,800 2,962,432 
883203101TEXTRON INC6,600 509,652 
902494103TYSON FOODS INC CL A21,100 1,839,076 
911363109UNITED RENTALS INC2,000 664,580 
91325V108UNITI GROUP INC41,580 588,773 
913903100UNIVERSAL HEALTH SVCS INC CL B8,900 1,153,974 
91913Y100VALERO ENERGY CORP19,500 1,464,645 
92047W101VALVOLINE INC36,100 1,346,169 
92343V104VERIZON COMMUNICATIONS INC88,300 4,588,068 
92556H206PARAMOUNT GLOBAL CL B36,500 1,110,330 
92556V106VIATRIS INC11,440 154,783 
92840M102VISTRA CORP60,000 1,366,200 
928563402VMWARE INC CL A8,592 995,641 
931427108WALGREENS BOOTS ALLIANCE INC23,000 1,199,680 
959802109WESTERN UNION CO38,100 679,704 
96145D105WESTROCK CO25,800 1,144,488 
963320106WHIRLPOOL CORP10,900 2,557,794 
989701107ZIONS BANCORP25,100 1,585,316 
B3SPXZ3LYONDELLBASELL INDS CLASS A22,900 2,112,067 
B4Q5ZN4JAZZ PHARMA PLC6,800 866,320 
BKVD2N4SEAGATE TECHNOLOGY HOLDINGS PLC31,700 3,603,656 
262006208Dreyfus Government Cash Mgmt Instl718,590 718,590 
CAPITAL ONE LSV LCV SMA Total281,946,753 
CAPITAL ONE MACQUARIE LCV304,519,761 CASH(CASH)63,141 63,141 
26874784AMERICAN INTERNATIONAL GROUP156,200 8,881,532 
39483102ARCHER DANIELS MIDLAND CO142,747 9,648,270 
71813109BAXTER INTL INC104,300 8,982,316 
11135F101BROADCOM INC15,400 10,247,314 
125523100CIGNA CORP38,600 8,863,718 
126650100CVS HEALTH CORP102,800 10,604,848 
17275R102CISCO SYSTEMS INC171,800 10,886,966 
192446102COGNIZANT TECH SOLUTIONS CL A110,526 9,805,867 
20030N101COMCAST CORP CL A163,400 8,223,922 
205887102CONAGRA BRANDS INC254,900 8,704,835 
20825C104CONOCOPHILLIPS138,643 10,034,980 
254687106DISNEY (WALT) CO59,800 9,262,422 
254709108DISCOVER FIN SVCS76,399 8,828,668 
256677105DOLLAR GENERAL CORP38,672 9,120,018 
256746108DOLLAR TREE INC71,700 10,075,284 
260003108DOVER CORP48,094 8,733,870 

16

Capital One Financial Corporation Associate Savings Plan



26614N102DUPONT DE NEMOURS INC109,100 8,813,098 
281020107EDISON INTL121,400 8,370,530 
29476L107EQUITY RESIDENTIAL REIT110,700 10,085,047 
31620M106FIDELITY NATL INFORM SVCS INC71,607 7,815,904 
438516106HONEYWELL INTL INC40,723 8,491,153 
478160104JOHNSON & JOHNSON49,200 8,416,644 
58933Y105MERCK & CO INC NEW110,600 8,552,698 
59156R108METLIFE INC141,147 8,820,276 
620076307MOTOROLA SOLUTIONS INC40,400 11,008,596 
666807102NORTHROP GRUMMAN CORP24,500 9,483,215 
68389X105ORACLE CORP103,300 9,008,793 
75513E105RAYTHEON TECHNOLOGIES CORP108,800 9,363,328 
872540109TJX COMPANIES INC NEW121,000 9,186,320 
89832Q109TRUIST FINL CORP154,800 9,063,540 
902973304US BANCORP DEL148,300 8,398,229 
92343V104VERIZON COMMUNICATIONS INC147,400 7,658,904 
92556V106VIATRIS INC596,494 8,070,564 
09248U874BLACKROCK LIQUID FEDERAL TRUST INSTL1 1 
262006208Dreyfus Government Cash Mgmt Instl3,105,324 3,105,324 
CAPITAL ONE MACQUARIE LCV Total304,680,134 
CAPITAL ONE POLEN LCG SMA234,388,804 2824100ABBOTT LABORATORIES91,170 12,831,266 
00724F101ADOBE INC20,033 11,359,913 
9066101AIRBNB INC CLASS A40,227 6,697,393 
16255101ALIGN TECHNOLOGY INC6,499 4,271,013 
02079K107ALPHABET INC CL C6,453 18,672,336 
02079K305ALPHABET INC CL A2,320 6,721,133 
23135106AMAZON.COM INC6,079 20,269,453 
52769106AUTODESK INC27,061 7,609,283 
256163106DOCUSIGN INC23,078 3,515,010 
30303M102META PLATFORMS INC CL A42,496 14,293,530 
366651107GARTNER INC21,002 7,021,389 
452327109ILLUMINA INC11,244 4,277,667 
46120E602INTUITIVE SURGICAL INC14,526 5,219,192 
55354G100MSCI INC6,160 3,774,170 
57636Q104MASTERCARD INC CL A32,264 11,593,100 
594918104MICROSOFT CORP39,542 13,298,765 
64110L106NETFLIX INC10,847 6,534,667 
654106103NIKE INC CL B31,101 5,183,604 
70450Y103PAYPAL HLDGS INC27,614 5,207,448 
79466L302SALESFORCE INC42,973 10,920,728 
81762P102SERVICENOW INC13,391 8,692,232 
855244109STARBUCKS CORP51,615 6,037,407 
91324P102UNITEDHEALTH GROUP INC16,051 8,059,849 
92826C839VISA INC CL A42,040 9,110,488 
98978V103ZOETIS INC CL A41,563 10,142,619 
B4BNMY3ACCENTURE PLC CL A25,140 10,421,787 
262006208Dreyfus Government Cash Mgmt Instl2,818,735 2,818,735 

17

Capital One Financial Corporation Associate Savings Plan



CAPITAL ONE POLEN LCG SMA Total234,554,178 
CAPITAL ONE T ROWE LC GR248,204,542 CASH(CASH)28,207 28,207 
7903107ADVANCED MICRO DEVICES INC14,085 2,026,832 
02079K107ALPHABET INC CL C2,674 7,737,460 
02079K305ALPHABET INC CL A6,989 20,247,413 
23135106AMAZON.COM INC6,254 20,852,962 
32095101AMPHENOL CORPORATION CL A34,500 3,024,270 
36752103ANTHEM INC2,827 1,310,428 
37833100APPLE INC80,871 14,360,263 
05352A100AVANTOR INC59,175 2,493,635 
75887109BECTON DICKINSON & CO6,097 1,533,274 
09857L108THE BOOKING HOLDINGS INC1,007 2,416,025 
125523100CIGNA CORP21,714 4,986,186 
146869102CARVANA CO CL A6,485 1,503,158 
15135B101CENTENE CORP1,616 133,158 
169656105CHIPOTLE MEXICAN GRILL INC882 1,541,957 
22160N109COSTAR GROUP INC338 26,712 
22266T109COUPANG INC A32,741 961,931 
256677105DOLLAR GENERAL CORP12,528 2,954,478 
25809K105DOORDASH INC2,176 324,006 
26142R104DRAFTKINGS INC CL A20,898 574,068 
30303M102META PLATFORMS INC CL A41,130 13,834,076 
30744W107FARFETCH LTD CL A19,317 645,767 
337738108FISERV INC32,000 3,321,280 
34959E113FORTINET INC11,005 3,955,197 
37940X102GLOBAL PAYMENTS INC25,456 3,441,142 
40412C101HCA HEALTHCARE INC10,513 2,701,000 
418100103HASHICORP INC2,006 182,626 
444859102HUMANA INC4,282 1,989,246 
44891N208IAC/INTERACTIVECORP8,965 1,171,815 
45687V106INGERSOLL RAND INC40,421 2,500,847 
461202103INTUIT INC14,420 9,275,232 
46120E602INTUITIVE SURGICAL INC14,120 5,073,316 
538034109LIVE NATION ENTERTAINMENT INC12,928 1,547,352 
550021109LULULEMON ATHLETICA INC4,496 1,759,959 
57060D108MARKETAXESS HLDGS INC937 385,360 
57636Q104MASTERCARD INC CL A8,390 3,014,695 
57667L107MATCH GROUP INC14,750 1,950,688 
594918104MICROSOFT CORP82,295 27,677,454 
60937P106MONGODB INC CL A3,901 2,064,994 
64110L106NETFLIX INC7,543 4,544,205 
654106103NIKE INC CL B9,982 1,663,700 
67066G104NVIDIA CORP13,400 3,941,074 
70450Y103PAYPAL HLDGS INC9,474 1,786,607 
70614W100PELOTON INTERACTIVE INC CL A16,181 578,633 
76954A103RIVIAN AUTOMOTIVE INC17,918 1,857,917 
778296103ROSS STORES INC33,391 3,815,923 
78409V104S&P GLOBAL INC3,574 1,686,678 

18

Capital One Financial Corporation Associate Savings Plan



79466L302SALESFORCE INC20,419 5,189,080 
808513105SCHWAB CHARLES CORP12,653 1,064,117 
81730H109SENTINELONE INC21,600 1,090,584 
81762P102SERVICENOW INC5,855 3,800,539 
83304A106SNAP INC - A72,789 3,423,267 
833445109SNOWFLAKE INC CL A709 240,174 
848637104SPLUNK INC11,898 1,376,837 
852234103BLOCK INC CL A3,800 613,738 
863667101STRYKER CORP17,176 4,605,143 
871607107SYNOPSYS INC7,007 2,582,080 
88160R101TESLA INC1,070 1,130,755 
90364P105UIPATH INC A20,511 884,639 
91324P102UNITEDHEALTH GROUP INC13,243 6,649,840 
92532F100VERTEX PHARMACEUTICALS INC7,875 1,729,350 
92826C839VISA INC CL A20,699 4,485,680 
934550203WARNER MUSIC GRP CORP CL A12,119 523,298 
98138H101WORKDAY INC CL A2,600 710,268 
98980L101ZOOM VIDEO COMMUNICATIONS INC CL A4,937 907,964 
B783TY6APTIV PLC8,059 1,329,332 
B908F01ASML HLDG NV (NY REG SHS) NEW YORK REGISTERED SHAR5,530 4,402,654 
BFZ1K46SPOTIFY TECHNOLOGY SA13,431 3,143,257 
BXDZ9Z0SHOPIFY INC CL A561 772,716 
09248U874BLACKROCK LIQUID FEDERAL TRUST INSTL— — 
262006208Dreyfus Government Cash Mgmt Instl578,419 578,419 
76105Y109T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND2,308,525 2,308,675 
CAPITAL ONE T ROWE LC GR Total248,945,612 
U.S. Small / Mid Cap Equity Fund733,431,582 64234933BLACKROCK RUSS 2500 INDEX FD597,309 27,925,949 
FGD189000Capital One Jackson SMID7,156,507 119,470,732 
FGD190000Capital One River Rd SMID6,429,722 116,455,127 
FGD192000Capital One William SMID11,658,187 196,288,898 
ICB482000VICTORY CAPITAL SMID27,258,607 273,294,797 
U.S. Small / Mid Cap Equity Fund Total733,435,502 
CAPITAL ONE JACKSON SMID119,571,040 CASH(CASH)(63,335)(63,335)
3654100ABIOMED INC8,990 3,228,938 
01675A109ALLBIRDS INC A65,401 986,247 
09073M104BIO TECHNE CORP12,278 6,351,901 
114340102AZENTA INC5,788 596,801 
22266L106COUPA SOFTWARE INC18,716 2,958,064 
25659T107DOLBY LABORATORIES INC CL A65,872 6,272,332 
30744W107FARFETCH LTD CL A118,949 3,976,465 
384109104GRACO INC45,145 3,639,590 
39874R101GROCERY OUTLET HOLDING CORP212,605 6,012,469 
52603A208LENDINGCLUB CORP147,274 3,561,085 
530307305LIBERTY BROADBAND CORP C35,968 5,794,445 
55087P104LYFT INC181,444 7,753,102 

19

Capital One Financial Corporation Associate Savings Plan



64157F103NEVRO CORPORATION48,503 3,932,138 
650111107NEW YORK TIMES CO CL A176,689 8,534,079 
68213N109OMNICELL INC15,111 2,726,629 
69404D108PACIFIC BIOSCIENES OF CALI INC290,143 5,936,326 
698813102PAPA JOHNS INTL INC21,098 2,815,950 
78781P105SAILPOINT TECHNOLOGIES HOLDING INC61,358 2,966,046 
860897107STITCH FIX139,119 2,632,131 
875372203TANDEM DIABETES CARE INC50,958 7,670,198 
90184D100TWIST BIOSCIENCE CORP35,553 2,751,447 
91688F104UPWORK INC124,052 4,237,616 
92719V100VIMEO INC154,482 2,774,497 
92918V109VROOM INC134,362 1,449,766 
98311A105WYNDHAM HOTELS & RESORTS INC52,824 4,735,672 
BFXCLC6ELASTIC NV44,036 5,420,391 
BFZCHN7WIX.COM LTD31,778 5,014,251 
262006208Dreyfus Government Cash Mgmt Instl5,074,067 5,074,067 
CAPITAL ONE JACKSON SMID Total119,739,307 
CAPITAL ONE RIVER RD SMID116,341,959 CASH(CASH)455,960 455,960 
4498101ACI WORLDWIDE INC75,640 2,624,708 
00751Y106ADVANCE AUTO PARTS INC17,493 4,213,714 
00922R105AIR TRANSPORT SERVICES GROUP167,373 4,917,419 
01626W101ALIGHT INC CL A182,052 1,967,982 
25676206AMERICAN EQY INVT LIFE HLD CO81,107 3,156,684 
401E112ARGAN INC42,480 1,643,551 
04247X102ARMSTRONG WORLD INDUSTRIES INC24,981 2,900,794 
47649108ATKORE INC18,225 2,026,438 
05351X101AVAYA HOLDINGS CORP143,080 2,832,984 
05550J101BJS WHSL CLUB HLDGS INC43,017 2,880,848 
12508E105CDK GLOBAL INC39,960 1,667,930 
126117100C N A FINANCIAL CORP28,209 1,243,453 
127190304CACI INTERNATIONAL INC7,682 2,068,071 
13765N107CANNAE HOLDINGS INC118,658 4,170,829 
15136A102CENTENNIAL RESOURCE DEVELOPMENT INC CL A126,149 754,371 
165167735CHESAPEAKE ENERGY CORP8,934 576,422 
194014106ENOVIS CORP16,362 752,161 
199908104COMFORT SYSTEMS USA INC30,155 2,983,536 
21871N101CORECIVIC INC177,305 1,767,731 
231561101CURTISS WRIGHT CORPORATION14,076 1,951,919 
23355L106DXC TECHNOLOGY CO47,650 1,533,854 
2339252WHITE MOUNTAINS INS GROUP LTD4,086 4,142,795 
26484T106DUN & BRADSTREET HOLDINGS IN145,403 2,979,307 
2677606AXIS CAPITAL HOLDINGS LTD30,432 1,670,717 

20

Capital One Financial Corporation Associate Savings Plan



28238P109EHEALTH INC6,895 175,823 
294268107EPLUS INC41,004 2,209,296 
302635206FS KKR CAP CORP27,614 595,358 
31620R303FIDELITY NATIONAL FINL INC50,582 2,639,369 
37247D106GENWORTH FINANCIAL INC A360,772 1,461,127 
38046W105GOHEALTH INC64,718 245,281 
384313508GRAFTECH INTERNATIONAL LTD168,784 1,996,715 
405024100HAEMONETICS CORP MASS15,879 842,222 
415864107HARSCO CORP63,921 1,068,120 
436106108HOLLYFRONTIER CORP46,178 1,513,715 
44109J106HOSTESS BRANDS INC CL A146,537 2,992,286 
446413106HUNTINGTON INGALLS INDUSTRIES INC9,558 1,784,861 
457030104INGLES MARKETS INC-CL A13,146 1,135,026 
501889208LKQ CORP92,096 5,528,523 
58502B106MEDNAX INC24,702 672,141 
60871R209MOLSON COORS BEVERAGE CO B39,653 1,837,917 
626755102MURPHY USA INC17,556 3,497,857 
62886E112NCR CORP85,567 3,439,793 
65158N102NEWMARK GROUP INC CL A40,929 765,372 
670837103OGE ENERGY CORP35,653 1,368,362 
67401P108OAKTREE SPECIALTY LENDING CORP117,460 876,252 
703395103PATTERSON COMPANIES INC36,281 1,064,847 
74051N102PREMIER INC97,119 3,998,389 
78454L100SM ENERGY CO26,769 789,150 
896215209TRIMAS CORP11,231 415,547 
904708104UNIFIRST CORP15,417 3,248,362 
91336L107UNIVAR INC34,553 979,578 
92552R406VIAD CORP10,632 454,943 
92840M102VISTRA CORP90,126 2,052,169 
981475106WORLD FUEL SERVICES CORP28,440 756,220 
BD9Q3P5LIBERTY LATIN AMERICA LTD CL A66,470 775,040 
BD9Q3Q6LIBERTY LATIN AMERICA LTD CL C115,590 1,317,726 
BSFWCF5AXALTA COATING SYSTEMS LTD73,091 2,420,774 
262006208Dreyfus Government Cash Mgmt Instl3,658,026 3,658,026 
CAPITAL ONE RIVER RD SMID Total116,460,362 
CAPITAL ONE WILLIAM SMID196,330,155 CASH(CASH)12,849 12,849 
3654100ABIOMED INC9,790 3,516,274 
00404A109ACADIA HEALTHCARE CO INC44,353 2,692,227 
11642105ALARM.COM HOLDINGS INC30,841 2,615,625 
23436108AMEDISYS INC10,012 1,620,743 
03990B101ARES MANAGEMENT CORP CL A35,673 2,899,145 
05338G106AVALARA INC19,632 2,534,688 
05464C101AXON ENTERPRISE INC21,769 3,417,733 
05605H100BWX TECHNOLOGIES INC73,273 3,508,311 

21

Capital One Financial Corporation Associate Savings Plan



09073M104BIO TECHNE CORP7,529 3,895,053 
09627Y109BLUEPRINT MEDICINES CORP20,140 2,157,195 
109194100BRIGHT HORIZONS FAMILY SOLUTIONS INC22,882 2,880,386 
109696104BRINKS CO51,253 3,360,659 
114340102AZENTA INC39,595 4,082,640 
12008R107BUILDERS FIRSTSOURCE77,489 6,641,582 
122017106BURLINGTON STORES INC11,800 3,439,818 
12685J105CABLE ONE INC1,310 2,310,120 
15118V207CELSIUS HOLDINGS INC19,960 1,488,417 
15687V109CERTARA INC51,927 1,475,765 
159864107CHARLES RIVER LABS INTL INC11,042 4,160,405 
16115Q308CHART INDUSTRIES INC8,055 1,284,692 
16359R103CHEMED CORP5,210 2,756,298 
2158684CAMECO CORP137,711 3,003,477 
2202729RITCHIE BROS AUCTIONEERS36,787 2,251,732 
228368106CROWN HOLDINGS INC40,570 4,487,853 
2419530HELEN OF TROY LTD6,078 1,485,889 
24790A101DENBURY INC35,874 2,747,590 
268150109DYNATRACE INC67,504 4,073,866 
29362U104ENTEGRIS INC19,102 2,647,155 
298736109EURONET WORLDWIDE INC30,176 3,596,074 
35138V102FOX FACTORY HOLDING CORP19,237 3,272,214 
40171V100GUIDEWIRE SOFTWARE INC21,492 2,439,987 
40637H109HALOZYME THERAPEUTICS INC58,631 2,357,553 
42226A107HEALTHEQUITY INC41,972 1,856,841 
422806208HEICO CORP CL A12,002 1,542,497 
457669307INSMED INC54,086 1,473,303 
457730109INSPIRE MEDICAL SYSTEMS INC10,012 2,303,361 
527064109LESLIE'S INC135,098 3,196,419 
53220K504LIGAND PHARMACEUTICALS14,095 2,177,114 
533900106LINCOLN ELECTRIC HLDGS INC11,704 1,638,911 
538034109LIVE NATION ENTERTAINMENT INC17,445 2,087,992 
55306N104MKS INSTRUMENTS INC8,070 1,405,552 
573284106MARTIN MARIETTA MATERIALS INC8,363 3,684,069 
589378108MERCURY SYSTEMS INC38,041 2,094,537 
589889104MERIT MEDICAL SYSTEMS INC30,501 1,900,212 
636518102NATIONAL INSTRUMENT CORP55,573 2,426,873 
63845R107NATIONAL VISION HOLDINGS INC50,417 2,419,512 
644393100NEW FORTRESS ENERGY INC47,851 1,155,123 
653656108NICE LTD SPON ADR12,873 3,908,243 
67000B104NOVANTA INC11,991 2,114,373 
690370101OVERSTOCK.COM INC DEL29,802 1,758,616 
69404D108PACIFIC BIOSCIENES OF CALI INC61,718 1,262,750 
705573103PEGASYSTEMS INC14,668 1,640,616 
70975L107PENUMBRA INC13,534 3,888,589 

22

Capital One Financial Corporation Associate Savings Plan



71377A103PERFORMANCE FOOD GROUP CO58,643 2,691,127 
74624M102PURE STORAGE INC CL A151,141 4,919,640 
76156B107REVOLVE GROUP INC42,253 2,367,858 
83417M104SOLAREDGE TECHNOLOGIES INC10,721 3,007,991 
85859N102STEM INC53,838 1,021,307 
88025U10910X GENOMICS INC13,688 2,038,964 
88331L108BEAUTY HEALTH CO/THE58,178 1,405,580 
89531P105TREX CO INC38,172 5,154,365 
90184D100TWIST BIOSCIENCE CORP18,641 1,442,627 
922280102VARONIS SYSTEMS INC40,861 1,993,200 
92337F107VERACYTE INC45,856 1,889,267 
928254101VIRTU FINANCIAL INC- CL A114,503 3,301,121 
957638109WESTERN ALLIANCE BANCORP26,939 2,899,983 
977852102WOLFSPEED INC13,547 1,514,148 
98139A105WORKIVA INC17,279 2,254,737 
98311A105WYNDHAM HOTELS & RESORTS INC47,904 4,294,594 
98986T108ZYNGA INC337,612 2,160,717 
BJQ0C55FIRSTSERVICE CORP11,253 2,212,931 
BQPVQZ6HORIZON THERAPEUTICS PLC26,015 2,803,376 
BWFRFD7KORNIT DIGITAL LTD9,463 1,440,742 
262006208Dreyfus Government Cash Mgmt Instl4,733,968 4,733,968 
CAPITAL ONE WILLIAM SMID Total196,597,762 
CAPITAL ONE VIC CAP SMID273,283,688 CASH(CASH)(51)(51)
1084102AGCO CORP14,051 1,630,197 
11659109ALASKA AIR GROUP INC16,191 843,551 
13872106ALCOA CORP50,997 3,038,401 
18522300ALLETE INC34,164 2,266,781 
02208R106ALTRA INDUSTRIAL MOTION CORP28,387 1,466,189 
25932104AMERICAN FINL GROUP INC OHIO16,547 2,272,234 
03750L109APARTMENT INCOME REIT CORP CL A51,782 2,830,922 
03852U106ARAMARK63,265 2,331,315 
03966V107ARCONIC CORP40,584 1,339,678 
04316A108ARTISAN PARTNERS ASSET MANAGEMENT INC A41,868 1,994,592 
43436104ASBURY AUTOMOTIVE GROUP INC8,330 1,438,841 
04621X108ASSURANT INC13,552 2,112,215 
47649108ATKORE INC20,684 2,299,854 
04911A107ATLANTIC UN BANKSHARES CORP53,355 1,989,608 
77454106BELDEN INC37,517 2,467,868 
09257W100BLACKSTONE MORTGAGE TR CL A60,697 1,896,174 
94235108BLOOMIN BRANDS INC69,256 1,452,991 
117043109BRUNSWICK CORP21,825 2,198,432 
12008R107BUILDERS FIRSTSOURCE32,410 2,777,861 
125269100CF INDUSTRIES HOLDINGS INC38,658 2,736,213 
127097103COTERRA ENERGY INC121,395 2,306,505 

23

Capital One Financial Corporation Associate Savings Plan



127203107CACTUS INC CL A53,422 2,036,981 
12769G100CAESARS ENTERTAINMENT INC17,617 1,647,718 
142339100CARLISLE COS INC10,770 2,672,252 
171779309CIENA CORP33,957 2,613,670 
17243V102CINEMARK HOLDINGS INC93,708 1,510,573 
184496107CLEAN HARBORS INC18,330 1,828,784 
185899101CLEVELAND-CLIFFS INC127,100 2,766,967 
200340107COMERICA INC31,668 2,776,650 
206787103CONDUENT INC196,785 1,050,832 
20854L108CONSOL ENERGY INC - W/I63,336 1,438,361 
222070203COTY INC CL A228,631 2,400,626 
224399105CRANE CO18,901 1,922,799 
2353058FLEX LTD116,687 2,138,873 
25179M103DEVON ENERGY CORP63,479 2,796,250 
252784301DIAMONDROCK HOSPITALITY CO211,504 2,032,553 
25278X109DIAMONDBACK ENERGY INC24,536 2,646,208 
27579R104EAST WEST BANCORP INC30,598 2,407,451 
28035Q102EDGEWELL PERSONAL CARE CO29,584 1,355,954 
29084Q100EMCOR GROUP INC16,904 2,153,401 
29261A100ENCOMPASS HEALTH CORP32,453 2,126,970 
29355X107ENPRO INDUSTRIES INC15,192 1,672,183 
298736109EURONET WORLDWIDE INC18,544 2,209,888 
32054K103FIRST INDUSTRIAL REALTY TRUST36,447 2,422,632 
346375108FORMFACTOR INC36,715 1,678,610 
36467J108GAMING AND LEISURE PROPRTI INC48,358 2,364,706 
364760108GAP INC78,300 1,381,995 
387328107GRANITE CONSTRUCTION INC52,780 2,049,447 
393222104GREEN PLAINS INC70,897 2,464,380 
410120109HANCOCK WHITNEY CORP64,192 3,210,884 
410867105HANOVER INSURANCE GROUP INC12,054 1,579,797 
431284108HIGHWOODS PROPERTIES INC52,495 2,340,752 
443201108HOWMET AEROSPACE INC65,904 2,097,724 
444097109HUDSON PACIFIC PROPERTIES INC73,964 1,827,650 
45073V108ITT INC22,467 2,295,903 
45667G103INFINERA CORP152,920 1,466,503 
466313103JABIL INC27,175 1,911,761 
49714P108KINSALE CAPITAL GROUP INC7,132 1,696,631 
497266106KIRBY CORP25,106 1,491,799 
499049104KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC34,949 2,129,792 
500643200KORN FERRY22,467 1,704,122 
50212V100LPL FINL HLDGS INC16,048 2,569,124 
521865204LEAR CORP NEW8,416 1,539,707 
534187109LINCOLN NATIONAL CORP21,000 1,433,460 

24

Capital One Financial Corporation Associate Savings Plan



535919500LIONS GATE ENTERTAINMENT CORP B103,777 1,597,128 
552848103MGIC INVESTMENT CORP120,396 1,736,110 
55303J106MGP INGREDIENTS INC16,717 1,420,778 
55306N104MKS INSTRUMENTS INC9,344 1,627,444 
554489104VERIS RESIDENTIAL INC88,800 1,632,144 
55616P104MACYS INC62,694 1,650,733 
556269108STEVEN MADDEN LTD43,722 2,031,761 
56418H100MANPOWERGROUP INC16,619 1,617,527 
58463J304MEDICAL PPTY TR INC111,980 2,677,442 
59001K100MERITOR INC62,266 1,542,951 
600544100MILLERKNOLL INC40,869 1,609,319 
60871R209MOLSON COORS BEVERAGE CO B27,531 1,276,062 
61945C103MOSAIC CO NEW70,540 2,771,517 
62886E112NCR CORP44,561 1,791,352 
651229106NEWELL BRANDS INC73,536 1,606,026 
65336K103NEXSTAR MEDIA GROUP INC A14,693 2,218,349 
680665205OLIN CORP53,137 3,056,440 
682189105ON SEMICONDUCTOR CORP39,858 2,707,155 
68622V106ORGANON & CO72,680 2,213,106 
688239201OSHKOSH CORP15,834 1,784,650 
69327R101PDC ENERGY INC51,710 2,522,414 
695263103PACWEST BANCORP67,116 3,031,630 
712704105PEOPLES UNITED FINANCIAL INC113,121 2,015,816 
71377A103PERFORMANCE FOOD GROUP CO39,371 1,806,735 
74164M108PRIMERICA INC11,055 1,694,400 
745867101PULTEGROUP INC30,131 1,726,808 
74762E102QUANTA SVCS INC19,776 2,267,516 
751212101RALPH LAUREN CORP19,900 2,378,995 
758750103REGAL REXNORD CORP11,983 2,043,221 
759351604REINSURANCE GROUP OF AMERICA14,907 1,632,167 
783549108RYDER SYSTEM INC21,825 1,799,035 
78709Y105SAIA INC7,846 2,644,337 
81619Q105SELECT MEDICAL HLDGS CORP53,422 1,570,607 
82981J109SITE CENTERS CORP135,303 2,158,083 
830879102SKYWEST INC31,240 1,227,732 
840441109SOUTHSTATE CORP33,879 2,714,047 
848574109SPIRIT AEROSYSTEM HLD INC CL A43,151 1,859,808 
84857L101SPIRE INC37,731 2,486,662 
860630102STIFEL FINANCIAL CORP31,026 2,184,851 
862121100STORE CAPITAL CORP47,074 1,637,469 
86614U100SUMMIT MATERIALS INC CL A59,342 2,381,988 
87161C501SYNOVUS FINANCIAL CORP.60,983 2,939,381 
87901J105TEGNA INC74,592 1,390,858 
883203101TEXTRON INC30,812 2,379,303 
894164102TRAVEL+LEISURE CO37,231 2,057,757 
896522109TRINITY INDUSTRIES INC47,930 1,447,486 
902681105UGI CORP NEW46,718 2,160,941 
91336L107UNIVAR INC81,167 2,301,084 
92343X100VERINT SYSTEMS INC38,801 2,037,441 

25

Capital One Financial Corporation Associate Savings Plan



925652109VICI PPTYS INC93,721 2,855,679 
926400102VICTORIA'S SECRET & CO29,500 1,638,430 
92839U206VISTEON CORP14,836 1,648,873 
92840M102VISTRA CORP104,776 2,385,750 
929089100VOYA FINANCIAL INC31,668 2,099,905 
929740108WESTINGHOUSE AIR BRAKE TECH CORP19,115 1,760,683 
960413102WESTLAKE CORP21,397 2,078,291 
966387508WHITING PETROLEUM CORP NEW37,445 2,421,943 
97650W108WINTRUST FINANCIAL CORP26,319 2,390,292 
978097103WOLVERINE WORLD WIDE INC65,838 1,903,377 
98983L108ZURN WATER SOLUTIONS CORP33,023 1,202,037 
98986T108ZYNGA INC208,736 1,335,910 
B00V7H8ASSURED GUARANTY LTD27,603 1,385,671 
B28XP76INVESCO LTD91,224 2,099,976 
B4Q5ZN4JAZZ PHARMA PLC13,266 1,690,088 
B9CGTC3NORWEGIAN CRUISE LINE HLDGS LTD90,158 1,869,877 
BDVJJQ5NVENT ELECTRIC PLC52,138 1,981,244 
BGH1M56PERRIGO CO PLC50,569 1,967,134 
BJ1N1M9CAPRI HOLDINGS LTD27,959 1,814,819 
HHD822000BNY COLLECTIVE US GOVT STIF 15 BPS3,752,747 3,752,747 
CAPITAL ONE VIC CAP SMID Total270,902,987 
International Equity Fund479,611,023 02509D541AMERN CENTY NON U S CONCENTRATED GROWTH TR CL M4,842,749 86,522,006 
04281W762ARROWSTR INTL EQ EAFE CIT CL M897,008 150,228,620 
49N99X671INVESTEC EM LLC535,975 93,988,560 
80808J609SCHRODER COLLECTIVE INVT TR CL M8,377,872 123,573,610 
316146315GLOBAL EX US INDEX1,664,175 25,445,240 
International Equity Fund Total479,758,035 

26

SIGNATURE


The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

CAPITAL ONE FINANCIAL CORPORATION
ASSOCIATE SAVINGS PLAN
Date: June 17, 2022By:/s/ PAMELA VENTURA
Pamela Ventura
on behalf of the Benefits Committee, as Plan Administrator


27
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