Capital One was built to drive organic growth. But also we have been opportunistic in pursuing acquisitions of companies that are growth platforms and that position us for long-term success. In February 2024, we announced an agreement to acquire Discover Financial Services, which requires customary regulatory approvals before the transaction can close.

Capital One 旨在推动内生增长，但我们也抓住机遇收购能够成为增长平台、助力长期成功的公司。2024 年 2 月，我们宣布已达成收购 Discover Financial Services 的协议，交易需在获得常规监管批准后方可完成。

For years, we admired Discover and their success in building a strong and profitable franchise. They built a culture that inspires their associates to do great things. They have a reverence for the customer and have cultivated a franchise of extraordinary advocates. And despite preemptive scale disadvantages, they also built a global payments network that is a rare and valuable asset. Along the way they delivered strong financial results through a range of economic cycles. Discover’s journey has been remarkable.

多年来，我们敬佩 Discover 在打造强大且盈利的特许经营方面取得的成功。他们营造了一种激励员工成就卓越的文化。他们心怀对客户的敬意，培育了一批忠诚的品牌拥护者。尽管在规模上先天处于劣势，他们仍然打造出罕见且极具价值的全球支付网络。在此过程中，他们在不同经济周期中均交出了强劲财务成绩。Discover 的发展之旅令人瞩目。

After decades of admiring Discover from afar, we were excited that our journeys brought us together. Discover and Capital One were founded within years of each other. We have a shared heritage of innovation, growth and disrupting the status quo. We both have built iconic brands and delivered breakthrough products and experiences to consumers who were not being well-served by legacy banks that were hundreds of years old. And we each have missions dedicated to helping customers succeed and build a brighter financial future.

在几十年远距离仰望 Discover 之后，我们为能迎来双方交汇的时刻感到振奋。Discover 与 Capital One 的成立时间相隔仅数年。我们共同拥有创新、增长和打破常规的历史传承。我们均已打造标志性品牌，为传统百年银行服务不周的消费者提供突破性的产品和体验。我们也都以帮助客户成功、建设更光明的财务未来为使命。

This is a singular opportunity to bring together two great companies and customer franchises. And this combination can create game-changing strategic opportunities. Discover’s payment network will position Capital One as a more diversified, vertically integrated, global payments platform. Adding our debit volume and a growing portion of our credit volume to the Discover network will add significant scale, increasing the network’s value to merchants, small businesses, and consumers and turning the flywheel of further network growth. In the credit card business, we have complementary strategies with a shared focus on delivering clear and compelling products and an exceptional customer experience. We can accelerate the growth of our national digital-first consumer banking franchise by adding Discover’s consumer deposit portfolio and building debit scale on the Discover debit network. As we bring Discover customers into the Capital One ecosystem, they will have ready access to other unique Capital One properties, including Capital One Travel, Capital One Shopping, Auto Navigator and our full-service national digital bank. And we will be able to leverage the benefits of Capital One’s technology transformation, which will serve as a catalyst for innovation and enhanced capabilities  in risk management and compliance, underwriting, marketing and product development.

此次合作是把两大卓越公司及其客户群结合在一起的绝佳机会，而这一结合可创造颠覆性的战略机遇。Discover 的支付网络将使 Capital One 成为更加多元化、垂直整合的全球支付平台。若将我们的借记卡交易量以及日益增长的部分信用卡交易量接入 Discover 网络，可显著提升规模，增加网络对商户、小企业和消费者的价值，并推动网络进一步增长的飞轮效应。在信用卡业务方面，我们的战略互为补充，并共同专注于提供清晰有力的产品和卓越的客户体验。通过引入 Discover 的零售存款组合并在 Discover 借记网络上构建借记规模，我们能够加速全国数字优先消费银行特许经营的增长。当我们将 Discover 客户纳入 Capital One 生态系统时，他们将能够轻松使用 Capital One Travel、Capital One Shopping、Auto Navigator 以及我们的全国数字全功能银行等独特平台。我们还将利用 Capital One 技术转型带来的优势，作为创新催化剂，增强风险管理与合规、承销、市场营销和产品开发等能力。

Over the course of 2024, we diligently prepared  for a smooth and well-managed integration as we await regulatory approvals. We also announced a historic \$265 billion Community Benefit Plan as a part of our proposed acquisition of Discover, which will advance economic opportunity and financial well-being across the United States. We will bring positivity and humility to the hard work ahead as we integrate our two companies. Together we can build something great.

在 2024 年，我们一直在积极准备，确保在等待监管批准期间实现平稳、有条不紊的整合。作为拟议收购 Discover 的一部分，我们还宣布了一项史无前例的 2,650 亿美元社区惠益计划，以促进全美的经济机会和金融福祉。在合并两家公司时，我们将以积极和谦逊的态度投入这项艰巨工作。携手并进，我们必能成就伟业。

The Capital One journey comes at an awe-inspiring moment in human history. All around us, the pace of technological innovation is accelerating. Throughout history there have been waves of change that transformed humanity’s potential. Those waves played out over millennia and then centuries and then decades and now just years. We went from harnessing fire two million years ago to the agricultural revolution in 10,000 B.C. to the industrial revolution just two centuries ago. And now the digital revolution has given birth to the AI revolution, which may be the greatest transformation in human history.

Capital One 的旅程正值人类历史上令人敬畏的时刻。我们周围技术创新的速度正在加快。纵观历史，一次次变革浪潮都在改变人类的潜能。这些浪潮曾经跨越千年、百年、数十年，而今只需数年。我们从 200 万年前掌握用火，到公元前一万年的农业革命，再到仅两百年前的工业革命。如今，数字革命孕育了人工智能革命，这或许是人类历史上最为深刻的变革。

The speed of this latest revolution is breathtaking. Let’s watch how this tsunami wave formed. In the late 2000s, three waves of innovation swept the world all at once. The smartphone made us always on and always connected, and ushered in the real-time revolution. Cloud computing brought nearly unlimited compute and storage at vanishingly lower cost. And the capabilities of cloud computing unleashed the dormant promise of AI. It was a triple revolution all at the same time. It generated a tsunami that propelled the world into AI in real time. I call it the real-time, intelligent revolution. For the consumer, it is experienced as instant, personalized solutions. And now the revolution has brought generative AI and the prospect for even greater transformation.

这场最新革命的速度令人屏息。让我们看看这股海啸如何形成。2000 年代末，三股创新浪潮同时席卷全球：智能手机让我们时刻在线、始终互联，引领实时革命；云计算以极低成本带来几乎无限的计算和存储能力；而云计算的力量又释放了人工智能沉睡的潜能。这是一次“三重革命”，掀起一股实时将世界推向 AI 的巨浪，我称之为“实时智能革命”。对消费者而言，它表现为即时且个性化的解决方案；如今，这场革命又催生了生成式 AI，预示着更大的变革前景。

A handful of tech companies have ridden these waves of change to astonishing growth and success. While Capital One was built as a tech and data company, in 2013 we saw the staggering impact of the triple revolution and knew we needed to rebuild our infrastructure, from the bottom of the tech stack up. We are now in the thirteenth year of our tech transformation. We are 100% in the cloud. We transformed how we build software. We modernized the 1,300 applications on which the company was built, and adopted serverless compute at scale. We've built an ecosystem of modern platforms to harness the explosion of data and to extract the wealth of insights that come with it. Everything we built in these past thirteen years worked backwards from a real-time, intelligent destination. As we move up the tech stack, the benefits of our transformation are accelerating. We are delivering breakthrough customer experiences, higher growth, better efficiency, and improved risk management. All of these achievements have been powered by thousands of world-class engineers, product managers, analysts and data scientists.

少数科技公司乘着这些变革浪潮实现了惊人的增长与成功。Capital One 虽然自创立起就是一家技术与数据公司，但在 2013 年我们深刻感受到“三重革命”的巨大影响，意识到必须从技术栈底层重建基础设施。如今我们已进入技术转型的第十三年，实现 100% 云端化，重塑了软件构建方式，现代化了支撑公司运行的 1300 个应用，并大规模采用无服务器计算。我们构建了现代化平台生态系统，以承载数据爆炸并汲取其中的丰富洞见。过去十三年的一切建设都以实时、智能的目标为导向。随着我们沿技术栈向上推进，转型成效加速显现：突破性的客户体验、更高的增长、更佳的效率与更优的风险管理。所有成就都离不开数千名世界级工程师、产品经理、分析师和数据科学家的共同努力。

Artificial intelligence will transform how we work and live. Few companies are positioned to meet this moment. Many will be left behind. In the world of business, we see AI leading to two big revolutions.  A proliferation of off-the-shelf AI solutions, offered by startups and leading tech companies, will power a horizontal revolution across all industries. These capabilities range from general productivity tools for writing and summarization to domain-specific tools for functions such as marketing and software development. We expect these solutions to be widely adopted. These tools are being built on  the world’s external data, but companies will get dramatically enhanced capability by leveraging  their own data as well. Companies will see amazing benefits in how work is done. The horizontal revolution will enhance productivity of work across companies everywhere, as well as society at large.

人工智能将改变我们的工作与生活方式。能抓住这一契机的公司屈指可数，许多公司将被抛在后面。在商业世界中，我们看到 AI 正引领两场重大革命。首先，创业公司和头部科技企业提供的海量即插即用 AI 解决方案，将推动跨行业的横向革命，从写作、摘要等通用效率工具到营销、软件开发等领域专用工具一应俱全，预计将被广泛采用。这些工具基于全球外部数据构建，而企业若能结合自身数据，其能力将大幅增强。企业将在工作方式上收获巨大效益。横向革命将提升各行各业乃至整个社会的生产力。

The AI revolution will also drive a vertical revolution, transforming individual industries. But this revolution is unlikely to be driven by the big tech companies and tech suppliers. It will be driven by companies in specific industries that are able to embed AI in their business model and that have deep, proprietary data. This means building AI solutions that are deeply connected to how the company works—its products, customer experience, technology stack, data ecosystem, processes, and the way decisions are made. The winners in the vertical revolution will be companies that are built with modern technology, led by world-class tech and analytical talent, and powered by boundless proprietary data from a huge customer base in  the vertical.

AI 革命还将推动纵向革命，重塑各个行业。但这场革命不太可能由大型科技公司或技术供应商主导，而是由那些能将 AI 深度嵌入商业模式、拥有深度专有数据的行业公司推动。这意味着要构建与公司运作——产品、客户体验、技术栈、数据生态、流程及决策方式——深度融合的 AI 解决方案。纵向革命的赢家将是那些以现代技术为基石，由世界级技术与分析人才领导，并以来自庞大客户群的海量专有数据驱动的公司。

We envision the bank of the future enhanced by AI. With AI integrated across every customer channel, the bank can know a customer’s context in the moment, respond reactively and even proactively to address the customer’s need, and then automatically take action as appropriate in real time. Inside the bank, the key functions like credit, marketing, operations and risk management will be real-time, intelligent, mass-customized activities. This bank of the future will be a true technology company—a company that does not simply import AI, but instead one where AI is embedded in the business model.

我们设想的未来银行将由 AI 赋能：当 AI 融入每一个客户渠道，银行能够即时洞悉客户情境，被动乃至主动响应客户需求，并实时自动采取适当行动。在银行内部，信贷、营销、运营与风险管理等关键职能将成为实时、智能、规模化定制的活动。这家未来银行将是真正的科技公司——不是简单地引入 AI，而是将 AI 深深嵌入商业模式之中。

Our financial performance continues to benefit  from our portfolio of attractive businesses, our technology transformation, and our pipeline of growth opportunities. In 2024, driven by strong growth in credit cards, we delivered \$39.1 billion  in revenue, a 6% increase from 2023. The combination of continued-strong top-line growth and positive operating leverage buoyed profitability and capital generation. We invested \$4.6 billion in marketing, up 14% as we continued to lean into attractive and resilient long-term growth across our card and bank franchises. Even with the big marketing investment, our pre-provision earnings1 grew 7%  to \$17.6 billion and we earned \$11.59 per diluted common share.

我们的财务表现继续受益于具吸引力的业务组合、技术转型以及增长机会储备。2024 年，在信用卡业务强劲增长的推动下，我们实现收入 391 亿美元，较 2023 年增长 6%。强劲的营收增速与积极的经营杠杆共同提振了盈利能力和资本生成。我们在营销方面投入 46 亿美元，同比增长 14%，继续大力布局信用卡和银行业务中的长期可持续增长机遇。即便投入巨大营销费用，我们的税前拨备前利润1 仍增长 7% 至 176 亿美元，每摊薄普通股收益 11.59 美元。

Unwaveringly at the center of our business model since the very beginning has been the focus on credit risk management. We often “zig while the market zags” in anticipation of credit changes in  the marketplace. This proactive approach has helped us be resilient, and even play offense, when the markets later went south. The benefits of these choices were evident in 2024 as consumer credit losses continued to be impacted by delayed chargeoffs from the pandemic. Coming out of the crisis in 2022, we were the only major bank to publicly flag and respond to credit bureau score inflation, the prospect of delayed charge offs, and supply-driven adverse selection that resulted from pandemic-era consumer surpluses. We proactively pulled back in some lending segments, which had the effect of lowering card and auto growth at the time. But those choices drove 2024 credit results to turn the corner and settle out ahead of many industry peers.

自创立以来，信用风险管理始终是我们商业模式的核心。我们常在预见市场信用变化时“逆势而行”。这种前瞻性做法帮助我们在市场逆转时保持韧性，甚至主动出击。随着消费者信用损失继续受到疫情期间延迟计提的影响，这些决策的益处在 2024 年得以显现。走出 2022 年危机时，我们是唯一公开指出并应对信贷评分膨胀、延迟坏账风险以及由疫情时期消费者盈余导致的供给驱动选择偏差的主要银行。我们主动收缩部分贷款细分市场，当时降低了信用卡和汽车贷款的增长，但这些选择使 2024 年的信用表现领先于众多行业同业。

It was a strong year for our investors. Capital One’s stock price was up 36% in 2024, and our one year total shareholder return–which includes the combined impact of stock performance and shareholder dividends–was 38.3%, outperforming the banking industry and the broader equity markets.

2024 年对我们的投资者亦是丰收之年。Capital One 股价全年上涨 36%，综合股东回报率（合并股价表现与股息收益）为 38.3%，跑赢银行业及更广泛的股市。

Our card business turned in another strong year of growth across our key segments, with revenues up 10% and purchase volume2 up 6%. Over the last decade, we have invested to win at the top of the market with premium rewards products, digital experiences and exclusive access and events. In 2024 our Venture X card continued to enjoy strong account growth, higher market share of consumer spending, and widespread industry accolades from news outlets and influencers like The Points Guy, who named Venture X the Premium Travel Credit Card of the Year for the second year in a row.

我们的信用卡业务在关键细分领域再度实现强劲增长，收入增长 10%，刷卡额2 增长 6%。过去十年，我们通过高端奖励产品、数字化体验和专属权益与活动，致力于抢占高端市场。2024 年，我们的 Venture X 卡继续实现强劲开卡增长，占据更高的消费市场份额，并再次获得《The Points Guy》等媒体与意见领袖的广泛赞誉，连续第二年被评为“年度高端旅行信用卡”。

We continue to innovate and invest in new vectors of growth. Capital One Shopping uses real-time machine learning models to save customers hundreds of millions of dollars by automatically searching for coupons and delivering valuable rewards at thousands of online merchants. Plus,  it’s free and you don’t need to be a Capital One customer to use it. Capital One Travel is a modern, mobile-first travel discovery and booking platform that is delighting our customers by providing leading rewards, access to flights and rental cars around the world, and an inventory of over one thousand luxury hotels and premium vacation property rentals. We continued to add to our portfolio of unique and modern airport lounges, including our first-ever Capital One Landing at Washington Reagan airport, in partnership with  chef and restaurateur José Andrés.

我们持续创新并投资新的增长向量。Capital One Shopping 依靠实时机器学习模型在数千家线上商户自动搜索优惠券并提供丰厚奖励，为客户节省数亿美元，而且完全免费，无需成为 Capital One 客户即可使用。Capital One Travel 是一个现代化、移动优先的旅行发现与预订平台，通过领先的奖励、全球航班及租车选择和逾千家豪华酒店及高端度假物业库存，为客户带来惊喜体验。我们继续扩充独特、现代化的机场休息室组合，其中包括与厨师兼餐饮企业家 José Andrés 合作，在华盛顿里根机场推出的首家 Capital One Landing。

Our full-service digital-first national bank continued to grow our share of primary banking relationships and drive strong consumer deposit growth. For the fifth year in a row, we were named the #1 National Bank for Overall Customer Satisfaction by J.D. Power. And we now have 59 flagship Cafés in cities across the United States, showrooms for our products and technology where visitors and customers can experience banking reimagined.  We also serve business and commercial clients across the U.S. and help them invest to grow their businesses.

我们的全功能、数字优先全国性银行继续提升主要银行关系份额，并推动消费者存款强劲增长。我们连续第五年被 J.D. Power 评为“全国银行整体客户满意度第一名”。目前，我们在全美拥有 59 家旗舰 Café，这些城市展示厅让访客和客户体验重新构想的银行业务。我们还在全美为企业和商业客户提供服务，助其投资并扩大业务。

Our Auto Navigator platform has reimagined the auto-buying experience, allowing consumers to search dealer inventories, understand their financing options, customize their payment amount and schedule, and prequalify for financing without an impact to their credit score. And with our decade  of investment in modern technology platforms, we have launched a new vector of growth, Capital One Software, which is commercializing some of these proprietary tools externally. Our first two enterprise software products focus on cloud data management and tokenization.

我们的 Auto Navigator 平台重新定义了购车体验，使消费者能够搜索经销商库存、了解融资方案、定制付款金额与计划，并在不影响信用评分的情况下获得预批准。凭借十年的现代技术平台投资，我们启动了新的增长向量——Capital One Software，将部分专有工具对外商业化。首两款企业级软件产品聚焦于云数据管理和代币化。

Our continued success at Capital One is powered  by our extraordinary associates. Our highest calling has always been to search the world for great people and give them the opportunity to be great. We welcomed thousands of new associates and over one thousand interns to Capital One, and continued to be recognized as an exceptional place to start or grow a career. We added critical AI, Engineering, Cyber, Product, and Analyst talent to power our technology transformation and build AI deep into our business model. We have a culture of inventorship. For the sixth year in a row, Capital One led the financial services industry in the number of new U.S. patents granted, and we ended the year with the largest patent portfolio in the industry. Capital One ranked #15 on Fortune® magazine’s list of 100 Best Companies to Work For®, which marks our fourth consecutive year in the top 15 and thirteenth consecutive year on this iconic list.

Capital One 的持续成功得益于卓越的员工。我们的最高使命一直是在全球招募优秀人才并赋予其成就卓越的机会。我们迎来了数千名新员工及逾千名实习生，并持续被评为开启或发展职业生涯的卓越之地。我们补充了 AI、工程、网络安全、产品和分析等关键人才，以推动技术转型并将 AI 深度嵌入商业模式。我们拥有创新文化。连续第六年，Capital One 在美国金融服务行业新获批专利数量居首，并以行业最大专利组合结束年度。Capital One 位列《财富》杂志“100 家最佳雇主”榜单第 15 名，已连续四年位居前 15，连续十三年入选该权威榜单。

This is a remarkable moment in human history and a defining moment for Capital One. Our achievements in 2024 were made possible by three decades of bold investment choices to keep positioning Capital One at the forefront of where the world is going and to further fortify our resilience. We know we will need to continue our strategic investments in technology, product innovation, brand, talent, and the integration of Discover. Our 53,000 associates bring incredible skill, imagination and heart to their work every day.  I am humbled to lead such an exceptional team and grateful for their tireless efforts over the past year. We have a big agenda ahead of us, and there are no guarantees. But I like our chances.

这是人类历史的非凡时刻，也是 Capital One 的关键时刻。我们在 2024 年取得的成就源于三十年来做出的大胆投资选择，使 Capital One 始终站在世界前行的前沿，并进一步巩固了韧性。我们深知仍需继续在技术、产品创新、品牌、人才以及 Discover 整合方面进行战略投资。我们 53,000 名员工每天都以卓越的技能、想象力和热忱投入工作。能领导如此杰出的团队，我深感谦逊，并感谢他们过去一年的不懈努力。前方任务繁重，且无任何保证，但我对我们的胜算充满信心。