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Capital One (NYSE: COF) swings to $3.0B Q2 profit with lower credit costs

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Capital One Financial Corporation reported second-quarter 2026 net income of $3.0 billion, or $4.73 per diluted share, up from $2.2 billion, or $3.34, in the prior quarter and reversing a $4.3 billion loss a year earlier. Adjusted diluted EPS was $5.81.

Total net revenue grew 4% sequentially to $15.9 billion, driven by higher net interest income and 13% growth in non-interest income. Non-interest expense rose 7% to $9.0 billion, including higher marketing and integration costs, leaving pre-provision earnings at $6.8 billion. The provision for credit losses fell to $3.0 billion, $1.1 billion lower than Q1, with net charge-offs of $3.6 billion and a $662 million reserve release; the net charge-off rate edged down to 3.23%.

Loans held for investment increased 2% in the quarter to $457.2 billion, led by growth in domestic card and auto, while total deposits were $484.3 billion and average deposit costs declined to 2.91%. The Basel III Standardized CET1 capital ratio was 13.7%. Management highlighted “solid top line growth and strong credit performance” and reported that integration of Discover and the newly acquired Brex business is progressing well.

Positive

  • Q2 2026 swung to $3.0 billion net income, or $4.73 per share, from a $4.3 billion net loss in Q2 2025.
  • Total net revenue rose 4% sequentially to $15.9 billion, with non-interest income up 13% and net interest margin improving to 8.01%.
  • Provision for credit losses declined to $3.0 billion, $1.1 billion lower than Q1 2026, while the net charge-off rate eased to 3.23%.
  • Regulatory capital remained high, with a Basel III Standardized CET1 ratio of 13.7% and a tangible common equity ratio of 10.2%.

Negative

  • None.

Filing Explained

Brex affects only part of second-quarter reported results, and the attached figures remain preliminary until the Form 10-Q.

Capital One used this Form 8-K to furnish its second-quarter results under Item 2.02, putting the earnings disclosure in the public record but not making it a completed quarterly report.

The attached financial supplement is preliminary, and the company directs readers to its Form 10-Q for the period ended June 30, 2026 once filed.

The reporting scope also reflects completed acquisitions: Discover closed on May 18, 2025 in an all-stock transaction, while Brex closed on April 7, 2026 in a stock-and-cash transaction; Brex results are included in Credit Card only from April 7 through June 30, 2026.

That partial-period inclusion means the second-quarter figures combine Capital One's existing operations with Brex for only part of the quarter, while Discover is already part of the post-closing reporting scope.

The next material resolution is the Form 10-Q: the filing says the financial supplement is preliminary and that its June 30, 2026 regulatory capital metrics are subject to change.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $3,020 million Income from continuing operations, net of tax, quarter ended June 30, 2026
Diluted EPS $4.73 per diluted common share Quarter ended June 30, 2026
Adjusted diluted EPS $5.81 per diluted share Non-GAAP adjusted EPS for second quarter 2026
Total net revenue $15,850 million Second quarter 2026, up 4% from first quarter 2026
Provision for credit losses $2,989 million Second quarter 2026, decreased $1.1 billion from first quarter 2026
Net interest margin 8.01% Second quarter 2026, 14 basis points higher than first quarter 2026
CET1 capital ratio 13.7% Basel III Standardized Approach as of June 30, 2026
Loans held for investment $457,168 million Period-end balance as of June 30, 2026, up 2% from March 31, 2026
Pre-provision earnings financial
"Pre-provision earnings is a non-GAAP metric based on total net revenue less non-interest expense"
Common equity Tier 1 capital ratio financial
"Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.7% percent"
A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.
Net charge-off rate financial
"Net charge-off rate is calculated based on annualized net charge-offs divided by average loans held for investment"
Net charge-off rate is the percentage of outstanding loans a lender writes off as uncollectible during a period after subtracting any money later recovered. Think of it like a shop marking damaged items as total loss (then accounting for any partial refunds) — it shows how much credit a lender truly lost. Investors watch it because rising rates signal worsening borrower health, lower future profits and higher risk to a bank’s capital.
Tangible common equity financial
"Tangible common equity is a non-GAAP measure calculated based on TCE divided by common shares outstanding"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
Adjusted diluted EPS financial
"Adjusted diluted EPS (non-GAAP) was $5.81 for the second quarter of 2026"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
Net income $3.0 billion Up from $2.2 billion in Q1 2026 and from a $4.3 billion net loss in Q2 2025
Diluted EPS $4.73 Increased from $3.34 in Q1 2026 and from $(8.58) in Q2 2025
Adjusted diluted EPS $5.81 Rose from $4.42 in Q1 2026
Total net revenue $15.9 billion Increased 4% from the first quarter of 2026
Provision for credit losses $3.0 billion Decreased $1.1 billion from Q1 2026 to $2.989 billion
Common Equity Tier 1 (CET1) ratio 13.7% Down from 14.4% at March 31, 2026 under the Basel III Standardized Approach

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FAQ

What were Capital One (COF) Q2 2026 earnings and EPS?
Capital One reported Q2 2026 net income of $3.0 billion, compared with a $4.3 billion loss a year earlier. Diluted EPS was $4.73, and adjusted diluted EPS excluding specified items was $5.81 for the quarter ended June 30, 2026.

How did revenue and margins trend for Capital One (COF) in Q2 2026?
Total net revenue increased 4% from Q1 to $15.9 billion. Net interest margin improved to 8.01%, up 14 basis points sequentially, while total net revenue margin reached 10.27% on average interest-earning assets of $617.6 billion.

What were Capital One (COF) credit quality metrics in Q2 2026?
The provision for credit losses was $3.0 billion, down $1.1 billion from Q1 2026. Net charge-offs totaled $3.6 billion, producing a net charge-off rate of 3.23%, and the allowance for credit losses stood at $23.0 billion, covering 5.02% of loans.

How strong was Capital One (COF) capital at June 30, 2026?
Under the Basel III Standardized Approach, Capital One reported a Common Equity Tier 1 capital ratio of 13.7%, Tier 1 capital ratio of 14.8%, total capital ratio of 16.6%, and a tangible common equity ratio of 10.2%, all based on preliminary regulatory capital metrics.

How did loans and deposits change for Capital One (COF) in Q2 2026?
Loans held for investment increased 2% in the quarter to $457.2 billion, led by domestic card and auto growth. Period-end total deposits were $484.3 billion, down 1% sequentially, while average deposits rose 1% to $486.8 billion with interest-bearing deposit costs falling to 2.91%.

What non-GAAP results did Capital One (COF) highlight for Q2 2026?
Capital One reported adjusted diluted EPS of $5.81, versus $4.42 in Q1 2026. Adjusted non-interest expense was $8.1 billion, producing an adjusted efficiency ratio of 51.38% and an adjusted operating efficiency ratio of 40.88%, excluding acquisition and integration-related items.

What did Capital One (COF) say about Discover and Brex integration?
Management noted Capital One is “14 months into our integration of Discover” and that integration “is going well.” The company also completed the Brex acquisition on April 7, 2026, recording $96 million of Brex integration expenses in Q2 within the Credit Card business.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

July 21, 2026
Date of Report (Date of earliest event reported)
____________________________________
CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________
Delaware001-1330054-1719854
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1680 Capital One Drive,
McLean,Virginia 22102
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (703) 720-1000
(Not applicable)
(Former name or former address, if changed since last report)
____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)COF
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series ICOF PRI
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series JCOF PRJ
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series KCOF PRK
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series LCOF PRL
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series NCOF PRN
New York Stock Exchange
1.650% Senior Notes Due 2029COF29
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02 Results of Operations and Financial Condition.

On July 21, 2026, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. Copies of the Company’s press release and financial supplement are attached and furnished herewith as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.

Note: Information in this report (including Exhibits 99.1 and 99.2) furnished pursuant to Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. 

1




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
Press Release, dated July 21, 2026 - Second Quarter 2026
99.2
Financial Supplement - Second Quarter 2026
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

Earnings Conference Call Webcast Information.

The Company will hold an earnings conference call on July 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the Company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. A replay of the webcast will be archived on the Company’s website through August 4, 2026 at 5:00 PM Eastern Time.
2




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
CAPITAL ONE FINANCIAL CORPORATION
Date: July 21, 2026
By:/s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Chief Accounting Officer

3

Exhibit 99.1
News Release
earningsslidesvfinal1b58aa.jpg
Contacts:
Investor RelationsMedia Relations
Jeff NorrisDanielle DietzSie Soheili
jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 21, 2026
Capital One Reports Second Quarter 2026 Net Income of $3.0 billion,
or $4.73 per share
Net of adjusting items, Second Quarter 2026 Net Income of $5.81 per share(1)
McLean, Va. (July 21, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2026 of $3.0 billion, or $4.73 per diluted common share, compared with net income of $2.2 billion, or $3.34 per diluted common share in the first quarter of 2026, and with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025. Adjusted net income(1) for the second quarter of 2026 was $5.81 per diluted common share.
"Our results in the second quarter continue to reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re now 14 months into our integration of Discover, and integration is going well."
The quarter included the following adjusting items:
(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact
Acquisition amortization expenses(2)
$494 $0.60 
Discover integration expenses$298 $0.36 
Brex integration expenses$96 $0.12 






Capital One Second Quarter 2026 Earnings
Page 2
All comparisons below are for the second quarter of 2026 compared with the first quarter of 2026 unless otherwise noted.
Second Quarter 2026 Income Statement Summary:
•Total net revenue increased 4 percent to $15.9 billion.
•Total non-interest expense increased 7 percent to $9.0 billion:
◦11 percent increase in marketing.
◦6 percent increase in operating expenses.
•Pre-provision earnings(3) increased 1 percent to $6.8 billion.
•Provision for credit losses decreased $1.1 billion to $3.0 billion:
◦Net charge-offs of $3.6 billion.
◦$662 million loan reserve release.
•Net interest margin of 8.01 percent, an increase of 14 basis points.
•Efficiency ratio of 57.05 percent.
◦Adjusted efficiency ratio(4) of 51.38 percent.
•Operating efficiency ratio of 46.57 percent.
◦Adjusted operating efficiency ratio(4) of 40.88 percent.
Second Quarter 2026 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(5) under Basel III Standardized Approach of 13.7% percent at June 30, 2026.
•Period-end loans held for investment in the quarter increased $9.4 billion, or 2 percent, to $457.2 billion.
◦Credit Card period-end loans increased $4.9 billion, or 2 percent, to $275.4 billion.
•Domestic Card period-end loans increased $5.0 billion, or 2 percent, to $259.0 billion.
◦Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $90.5 billion.
•Auto period-end loans increased $3.6 billion, or 4 percent, to $89.3 billion.
◦Commercial Banking period-end loans increased $1.0 billion, or 1 percent, to $91.3 billion.
•Average loans held for investment in the quarter increased $4.4 billion, or 1 percent, to $450.7 billion.
◦Credit Card average loans increased $223 million, or less than 1 percent, to $271.2 billion.
•Domestic Card average loans increased $589 million, or less than 1 percent, to $254.6 billion.
◦Consumer Banking average loans increased $2.9 billion, or 3 percent, to $88.6 billion.
•Auto average loans increased $2.9 billion, or 3 percent, to $87.4 billion.
◦Commercial Banking average loans increased $1.3 billion, or 1 percent, to $90.9 billion.
•Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, while average deposits increased $6.8 billion, or 1 percent, to $486.8 billion.
•Interest-bearing deposits rate paid decreased 9 basis points to 2.91 percent.


Capital One Second Quarter 2026 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 4, 2026 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $484.3 billion in deposits and $673.8 billion in total assets as of June 30, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
###



(1)    Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures for a reconciliation of our selected reported results to these non-GAAP measures.
(2)    Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(3)    Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(4)    This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(5)    Regulatory capital metrics as of June 30, 2026 are preliminary and therefore subject to change.

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)(3)(4)
Second Quarter 2026
Table of Contents
Capital One Financial Corporation Consolidated ResultsPage
Table 1:
Financial Summary—Consolidated
1
Table 2:
Selected Metrics—Consolidated
3
Table 3:
Consolidated Statements of Income
4
Table 4:
Consolidated Balance Sheets
6
Table 5:
Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
8
Table 6:
Average Balances, Net Interest Income and Net Interest Margin
9
Table 7:
Loan Information and Performance Statistics
10
Table 8:
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
13
Business Segment Results
Table 9:
Financial Summary—Business Segment Results
14
Table 10:
Financial & Statistical Summary—Credit Card Business
15
Table 11:
Financial & Statistical Summary—Consumer Banking Business
17
Table 12:
Financial & Statistical Summary—Commercial Banking Business
18
Table 13:
Financial & Statistical Summary—Other and Total
19
Other
Table 14:
Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)
20
Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures
21
Table 16:
Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)
26
__________
(1)The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2026 once it is filed with the Securities and Exchange Commission.
(2)This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist when assessing returns and capital management over time. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.
(3)On May 18, 2025, we completed the Discover acquisition in an all-stock transaction as outlined in the merger agreement dated February 19, 2024.
(4)On April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction. Brex results and statistics reported herein are from April 7, 2026 to June 30, 2026 and included within the Credit Card business.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated             
2026 Q2Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) 20262026202520252025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q2202620252025
Income Statement
Net interest income$12,374 $12,145 $12,466 $12,404 $9,995 2 %24 %$24,519 $18,008 36 %
Non-interest income3,476 3,086 3,117 2,955 2,497 13 39 6,562 4,484 46 
Total net revenue(1)
15,850 15,231 15,583 15,359 12,492 4 27 31,081 22,492 38 
Provision for credit losses2,989 4,068 4,142 2,714 11,430 (27)(74)7,057 13,799 (49)
Non-interest expense:
Marketing1,661 1,497 1,934 1,403 1,345 11 23 3,158 2,547 24 
Operating expense7,382 6,967 7,408 6,860 5,646 6 31 14,349 10,346 39 
Total non-interest expense9,043 8,464 9,342 8,263 6,991 7 29 17,507 12,893 36 
Income (loss) from continuing operations before income taxes3,818 2,699 2,099 4,382 (5,929)41 **6,517 (4,200)**
Income tax provision (benefit)798 518 345 1,189 (1,666)54 **1,316 (1,341)**
Income (loss) from continuing operations, net of tax3,020 2,181 1,754 3,193 (4,263)38 **5,201 (2,859)**
Income (loss) from discontinued operations, net of tax— (7)380 (1)(14)****(7)(14)(50)
Net income (loss)3,020 2,174 2,134 3,192 (4,277)39 **5,194 (2,873)**
Dividends and undistributed earnings allocated to participating securities(2)
(28)(20)(20)(33)(4)40 **(48)(9)**
Preferred stock dividends(57)(73)(57)(73)(65)(22)(12)(130)(122)7 
Discount on redeemed preferred stock— — — — 6 — **— 6 **
Net income (loss) available to common stockholders$2,935 $2,081 $2,057 $3,086 $(4,340)41 %**$5,016 $(2,998)**
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations$4.73 $3.35 $2.66 $4.83 $(8.55)41 %**$8.08 $(6.71)**
Income (loss) from discontinued operations— (0.01)0.60 — (0.03)****(0.01)(0.03)(67)%
Net income (loss) per basic common share$4.73 $3.34 $3.26 $4.83 $(8.58)42 **$8.07 $(6.74)**
Diluted earnings per common share:(2)
Net income (loss) from continuing operations$4.73 $3.35 $2.66 $4.83 $(8.55)41 %**$8.08 $(6.71)**
Income (loss) from discontinued operations— (0.01)0.60 — (0.03)****(0.01)(0.03)(67)%
Net income (loss) per diluted common share$4.73 $3.34 $3.26 $4.83 $(8.58)42 **$8.07 $(6.74)**
Weighted-average common shares outstanding (in millions):
Basic620.5 622.5 631.1 639.0 505.6 — 23 %621.5 444.7 40 %
Diluted621.1 623.4 631.6 639.5 505.6 — 23 622.3 444.7 40 
Common shares outstanding (period-end, in millions)613.5 615.9 625.1 635.7 639.5 — (4)613.5 639.5 (4)
Dividends declared and paid per common share$0.80 $0.80 $0.80 $0.60 $0.60 — 33 $1.60 $1.20 33 
Tangible book value per common share (period-end)(3)
105.21 107.76 107.72 105.18 99.35 (2)%6 105.21 99.35 6 
                    
1

2026 Q2Six Months Ended June 30,
(Dollars in millions)20262026202520252025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q2202620252025
Balance Sheet (Period-End)
Loans held for investment$457,168 $447,754 $453,622 $443,159 $439,297 2 %4 %$457,168 $439,297 4 %
Interest-earning assets610,913 624,560 613,750 605,235 601,999 (2)1 610,913 601,999 1 
Total assets673,835 682,905 669,009 661,877 658,968 (1)2 673,835 658,968 2 
Interest-bearing deposits456,464 461,117 448,386 441,136 440,231 (1)4 456,464 440,231 4 
Total deposits484,257 489,053 475,771 468,785 468,110 (1)3 484,257 468,110 3 
Borrowings45,371 51,888 51,000 51,482 52,666 (13)(14)45,371 52,666 (14)
Common equity108,386 106,854 108,209 108,406 105,549 1 3 108,386 105,549 3 
Total stockholders’ equity113,793 112,261 113,616 113,813 110,956 1 3 113,793 110,956 3 
Balance Sheet (Average Balances)
Loans held for investment$450,679 $446,235 $444,680 $439,859 $378,157 1 %19 %$448,469 $350,425 28 %
Interest-earning assets617,583 617,173 603,730 593,247 524,929 — 18 617,378 494,022 25 
Total assets682,079 675,999 665,656 657,858 572,446 1 19 679,050 532,354 28 
Interest-bearing deposits458,130 451,957 442,763 439,527 387,139 1 18 455,060 362,626 25 
Total deposits486,791 479,958 470,965 467,280 414,568 1 17 483,393 389,462 24 
Borrowings49,092 52,348 50,814 50,180 46,601 (6)5 50,710 45,531 11 
Common equity109,111 109,149 109,997 107,412 81,563 — 34 109,130 69,546 57 
Total stockholders’ equity114,518 114,556 115,404 112,819 86,918 — 32 114,537 74,647 53 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2026 Q2Six Months Ended June 30,
(Dollars in millions, except as noted) 20262026202520252025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q2202620252025
Performance Metrics
Net interest income growth (period over period)2 %(3)%— %24 %25 %****36 %20 %**
Non-interest income growth (period over period)13 (1)5 18 26 ****46 16 **
Total net revenue growth (period over period)4 (2)1 23 25 ****38 19 **
Total net revenue margin(4)
10.27 9.87 10.32 10.36 9.52 40bps75bps10.07 9.11 96bps
Net interest margin(5)
8.01 7.87 8.26 8.36 7.62 14 39 7.94 7.29 65 
Return on average assets(6)
1.77 1.29 1.05 1.94 (2.98)48 475 1.53 (1.07)260 
Return on average tangible assets(7)
1.89 1.37 1.12 2.07 (3.14)52 503 1.63 (1.12)275 
Return on average common equity(8)
10.76 7.65 6.10 11.50 (21.22)311 3,198 9.21 (8.58)1,779 
Return on average tangible common equity(9)
18.04 12.20 9.74 18.82 (32.99)584 5,103 15.05 (12.60)2,765 
Efficiency ratio(10)
57.05 55.57 59.95 53.80 55.96 148 109 56.33 57.32 (99)
Operating efficiency ratio(11)
46.57 45.74 47.54 44.66 45.20 83 137 46.17 46.00 17 
Effective income tax rate for continuing operations 20.9 19.2 16.4 27.1 28.1 170 (720)20.2 31.9 (1,170)
Employees (period-end, in thousands)78.4 77.1 76.3 77.0 76.5 2%2%78.4 76.5 2%
Credit Quality Metrics
Allowance for credit losses$22,966$23,630$23,409$23,103$23,873(3)%(4)%$22,966$23,873(4)%
Allowance coverage ratio5.02%5.28%5.16%5.21%5.43%(26)bps(41)bps5.02%5.43%(41)bps
Net charge-offs(12)
$3,642$3,847$3,833$3,473$3,060— 19%$7,489$5,79629%
Net charge-off rate(13)
3.23%3.45%3.45%3.16%3.24%(22)bps(1)bps3.34%3.31%3bps
30+ day performing delinquency rate2.91 3.04 3.41 3.29 3.13 (13)(22)2.91 3.13 (22)
30+ day delinquency rate3.13 3.24 3.59 3.50 3.32 (11)(19)3.13 3.32 (19)
Capital Ratios(14)
Common equity Tier 1 capital
13.7%14.4%14.3%14.4%14.0%(70)bps(30)bps13.7%14.0%(30)bps
Tier 1 capital14.8 15.4 15.3 15.5 15.1 (60)(30)14.8 15.1 (30)
Total capital16.6 17.3 17.2 17.3 17.1 (70)(50)16.6 17.1 (50)
Tier 1 leverage11.8 12.2 12.5 12.6 14.2 (40)(240)11.8 14.2 (240)
Tangible common equity (“TCE”)(15)
10.2 10.3 10.7 10.8 10.3 (10)(10)10.2 10.3 (10)
                                            
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2026 Q2Six Months Ended June 30,
(Dollars in millions, except as noted)20262026202520252025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q2202620252025
Interest income:
Loans, including loans held for sale$14,911 $14,735 $15,186 $15,229 $12,449 1%20%$29,646 $22,606 31%
Investment securities850 832 841 823 784 281,682 1,554 8
Other624 664 660 711 595 (6)51,288 1,086 19
Total interest income16,385 16,231 16,687 16,763 13,828 11832,616 25,246 29
Interest expense:
Deposits3,338 3,387 3,493 3,597 3,120 (1)76,725 5,835 15
Securitized debt obligations117 141 155 165 164 (17)(29)258 340 (24)
Senior and subordinated notes535 532 550 582 535 1—1,067 1,040 3
Other borrowings21 26 23 15 14 (19)5047 23 104
Total interest expense4,011 4,086 4,221 4,359 3,833 (2)58,097 7,238 12
Net interest income12,374 12,145 12,466 12,404 9,995 22424,519 18,008 36
Provision for credit losses2,989 4,068 4,142 2,714 11,430 (27)(74)7,057 13,799 (49)
Net interest income (loss) after provision for credit losses
9,385 8,077 8,324 9,690 (1,435)16**17,462 4,209 **
Non-interest income:
Discount and interchange fees, net
2,256 1,964 1,930 1,812 1,478 15534,220 2,701 56
Service charges and other customer-related fees808 809 833 849 658 —231,617 1,167 39
Other412 313 354 294 361 3214725 616 18
Total non-interest income3,476 3,086 3,117 2,955 2,497 13396,562 4,484 46
Non-interest expense:
Salaries and associate benefits3,769 3,671 3,430 3,496 2,999 3267,440 5,545 34
Occupancy and equipment969 867 958 856 737 12311,836 1,352 36
Marketing1,661 1,497 1,934 1,403 1,345 11233,158 2,547 24
Professional services667 585 693 641 653 1421,252 1,090 15
Communications and data processing489 496 482 476 413 (1)18985 812 21
Amortization of intangibles507 492 525 514 271 387999 287 **
Other981 856 1,320 877 573 15711,837 1,260 46
Total non-interest expense9,043 8,464 9,342 8,263 6,991 72917,507 12,893 36
Income (loss) from continuing operations before income taxes3,818 2,699 2,099 4,382 (5,929)41**6,517 (4,200)**
Income tax provision (benefit)798 518 345 1,189 (1,666)54**1,316 (1,341)**
Income (loss) from continuing operations, net of tax3,020 2,181 1,754 3,193 (4,263)38**5,201 (2,859)**
Income (loss) from discontinued operations, net of tax— (7)380 (1)(14)****(7)(14)(50)
Net income (loss)3,020 2,174 2,134 3,192 (4,277)39**5,194 (2,873)**
Dividends and undistributed earnings allocated to participating securities(2)
(28)(20)(20)(33)(4)40**(48)(9)**
Preferred stock dividends(57)(73)(57)(73)(65)(22)(12)%(130)(122)7%
Discount on redeemed preferred stock
— — — — 6 —**— 6 **
Net income (loss) available to common stockholders$2,935 $2,081 $2,057 $3,086 $(4,340)41%**$5,016 $(2,998)**
4

2026 Q2Six Months Ended June 30,
20262026202520252025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q2202620252025
Basic earnings per common share:(2)
Net income (loss) from continuing operations$4.73 $3.35 $2.66 $4.83 $(8.55)41%**$8.08 $(6.71)**
Income (loss) from discontinued operations— (0.01)0.60 — (0.03)****(0.01)(0.03)(67)%
Net income (loss) per basic common share$4.73 $3.34 $3.26 $4.83 $(8.58)42%**$8.07 $(6.74)**
Diluted earnings per common share:(2)
Net income (loss) from continuing operations$4.73 $3.35 $2.66 $4.83 $(8.55)41%**$8.08 $(6.71)**
Income (loss) from discontinued operations— (0.01)0.60 — (0.03)****(0.01)(0.03)(67)%
Net income (loss) per diluted common share$4.73 $3.34 $3.26 $4.83 $(8.58)42%**$8.07 $(6.74)**
Weighted-average common shares outstanding (in millions):
Basic common shares620.5 622.5 631.1 639.0 505.6 —23%621.5 444.7 40%
Diluted common shares621.1 623.4 631.6 639.5 505.6 —23622.3 444.7 40
                
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2026 Q2
2026202620252025202520262025
(Dollars in millions)Q2Q1Q4Q3Q2Q1Q2
Assets:
Cash and cash equivalents:
Cash and due from banks$4,834 $4,555 $3,031 $4,606 $4,854 6 %— %
Interest-bearing deposits and other short-term investments49,880 71,939 54,403 50,673 54,255 (31)(8)
Total cash and cash equivalents54,714 76,494 57,434 55,279 59,109 (28)(7)
Restricted cash for securitization investors1,167 2,762 4,659 3,248 2,469 (58)(53)
Investment securities:
Investment securities available for sale90,041 90,620 91,051 89,733 87,196 (1)3 
Investment securities held to maturity
2,737 1,694 — — — 62 **
Total investment securities
92,778 92,314 91,051 89,733 87,196 1 6 
Loans held for investment:
Unsecuritized loans held for investment431,440 421,360 425,665 389,808 384,413 2 12 
Loans held in consolidated trusts(16)
25,728 26,394 27,957 53,351 54,884 (3)(53)
Total loans held for investment457,168 447,754 453,622 443,159 439,297 2 4 
Allowance for credit losses(22,966)(23,630)(23,409)(23,103)(23,873)(3)(4)
Net loans held for investment434,202 424,124 430,213 420,056 415,424 2 5 
Loans held for sale264 186 760 670 198 42 33
Premises and equipment, net6,244 5,730 5,602 5,576 5,687 9 10 
Interest receivable3,432 3,460 3,492 3,456 3,373 (1)2 
Goodwill31,866 28,502 28,509 28,863 28,335 12 12 
Other intangible assets
16,077 16,087 16,578 17,042 18,157 — (11)
Other assets33,091 33,246 30,711 29,957 30,904 — 7 
Assets of discontinued operations
— — — 7,997 8,116 — **
Total assets$673,835 $682,905 $669,009 $661,877 $658,968 (1)%2 %
6

2026 Q2
2026202620252025202520262025
(Dollars in millions)Q2Q1Q4Q3Q2Q1Q2
Liabilities:
Interest payable$816 $827 $844 $826 $888 (1)%(8)%
Deposits:
Non-interest-bearing deposits27,793 27,936 27,385 27,649 27,879 (1)— 
Interest-bearing deposits456,464 461,117 448,386 441,136 440,231 (1)4 
Total deposits484,257 489,053 475,771 468,785 468,110 (1)3 
Securitized debt obligations8,502 11,283 12,853 13,642 14,658 (25)(42)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase694 626 587 616 742 11 (6)
Senior and subordinated notes35,620 38,421 36,001 36,662 36,706 (7)(3)
Other borrowings555 1,558 1,559 562 560 (64)(1)
Total other debt36,869 40,605 38,147 37,840 38,008 (9)(3)
Other liabilities29,598 28,876 27,778 26,941 26,316 3 12 
Liabilities of discontinued operations
— — — 30 32 — **
Total liabilities560,042 570,644 555,393 548,064 548,012 (2)2 
Stockholders’ equity:
Preferred stock0 0 0 0 0 — — 
Common stock7 7 7 7 7 — — 
Additional paid-in capital, net65,105 64,284 64,031 63,725 63,465 1 3 
Retained earnings69,250 66,788 65,192 63,624 60,892 4 14 
Accumulated other comprehensive loss(6,300)(5,879)(5,468)(5,917)(6,819)7 (8)
Treasury stock, at cost(14,269)(12,939)(10,146)(7,626)(6,589)10 117 
Total stockholders’ equity113,793 112,261 113,616 113,813 110,956 1 3 
Total liabilities and stockholders’ equity$673,835 $682,905 $669,009 $661,877 $658,968 (1)%2 %
                    

7


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

(1)Total net revenue was reduced by $898 million in Q2 2026, $980 million in Q1 2026, $941 million in Q4 2025, $869 million in Q3 2025 and $785 million in Q2 2025 for credit card finance charges and fees charged off as uncollectible.
(2)Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)Return on average assets is calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average total assets for the period.
(7)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(8)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(9)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(10)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(12)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(13)Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(14)Capital ratios as of the end of Q2 2026 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(15)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(16)On December 18, 2025, after giving effect to the Discover Card Execution Note Trust (“DCENT”) Defeasance Amendments, Funding, as Beneficiary on behalf of DCENT, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the “Class A Notes”) issued by DCENT.
**    Not meaningful.
8

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2026 Q22026 Q12025 Q2
(Dollars in millions, except as noted)Average BalanceInterest Income/ Expense
Yield/Rate(1)
Average BalanceInterest Income/ Expense
Yield/Rate(1)
Average BalanceInterest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale$450,862 $14,911 13.23%$446,740 $14,735 13.19%$378,537 $12,449 13.15%
Investment securities99,339 850 3.42 97,803 832 3.40 93,024 784 3.37 
Cash equivalents and other67,382 624 3.70 72,630 664 3.66 53,368 595 4.46 
Total interest-earning assets$617,583 $16,385 10.61 %$617,173 $16,231 10.52 %$524,929 $13,828 10.54 %
Interest-bearing liabilities:
Interest-bearing deposits$458,130 $3,338 2.91%$451,957 $3,387 3.00%$387,139 $3,120 3.22%
Securitized debt obligations10,190 117 4.59 12,476 141 4.52 13,043 164 5.06 
Senior and subordinated notes37,498 535 5.70 37,846 532 5.63 32,872 535 6.51 
Other borrowings and liabilities(2)
3,838 21 2.30 4,238 26 2.44 2,872 14 1.85 
Total interest-bearing liabilities$509,656 $4,011 3.15 $506,517 $4,086 3.23 $435,926 $3,833 3.52 
Net interest income/spread$12,374 7.46 $12,145 7.29 $9,995 7.02 
Impact of non-interest-bearing funding0.55 0.58 0.60 
Net interest margin
8.01%7.87%7.62%
                                                                                                                                                                                                                                    
Six Months Ended June 30,
20262025
(Dollars in millions, except as noted)Average BalanceInterest Income/ Expense
Yield/Rate(1)
Average BalanceInterest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale$448,812 $29,646 13.21%$350,808 $22,606 12.89%
Investment securities98,575 1,682 3.41 92,843 1,554 3.35 
Cash equivalents and other69,991 1,288 3.68 50,371 1,086 4.31 
Total interest-earning assets$617,378 $32,616 10.57 %$494,022 $25,246 10.22 %
Interest-bearing liabilities:
Interest-bearing deposits$455,060 $6,725 2.96%$362,626 $5,835 3.22%
Securitized debt obligations11,326 258 4.55 13,385 340 5.09 
Senior and subordinated notes37,671 1,067 5.66 31,609 1,040 6.58 
Other borrowings and liabilities(2)
4,037 47 2.37 2,593 23 1.73 
Total interest-bearing liabilities$508,094 $8,097 3.19 $410,213 $7,238 3.53 
Net interest income/spread$24,519 7.38 $18,008 6.69 
Impact of non-interest-bearing funding0.56 0.60 
Net interest margin7.94%7.29%

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics (3)
2026 Q2Six Months Ended June 30,
2026202620252025202520262025202620252026 vs.
(Dollars in millions, except as noted) Q2Q1Q4Q3Q2Q1Q22025
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card$259,005 $254,028 $262,403 $253,951 $252,481 2 %3 %$259,005 $252,481 3 %
Personal loans
8,619 9,070 9,499 9,646 9,788 (5)(12)8,619 9,788 (12)
   International card businesses7,784 7,460 7,668 7,440 7,440 4 5 7,784 7,440 5 
Total credit card275,408 270,558 279,570 271,037 269,709 2 2 275,408 269,709 2 
Consumer banking:
   Auto89,311 85,700 83,600 82,035 80,017 4 12 89,311 80,017 12 
   Retail banking1,156 1,173 1,190 1,195 1,216 (1)(5)1,156 1,216 (5)
Total consumer banking90,467 86,873 84,790 83,230 81,233 4 11 90,467 81,233 11 
Commercial banking:
   Commercial and multifamily real estate34,290 33,809 33,618 33,461 32,967 1 4 34,290 32,967 4 
   Commercial and industrial57,003 56,514 55,644 55,431 55,388 1 3 57,003 55,388 3 
Total commercial banking91,293 90,323 89,262 88,892 88,355 1 3 91,293 88,355 3 
Total loans held for investment$457,168 $447,754 $453,622 $443,159 $439,297 2 %4 %$457,168 $439,297 4 %
Loans Held for Investment (Average)
Credit card:
   Domestic credit card$254,625 $254,036 $255,221 $252,090 $197,808 — %29 %$254,332 $173,858 46 %
Personal loans
8,866 9,310 9,618 9,703 4,778 (5)86 9,087 2,402 **
   International card businesses7,706 7,628 7,389 7,382 7,107 1 8 7,667 6,938 11 
Total credit card271,197 270,974 272,228 269,175 209,693 — 29 271,086 183,198 48 
Consumer banking:
   Auto87,419 84,522 82,767 81,094 78,875 3 11 85,979 78,056 10 
   Retail banking1,164 1,179 1,190 1,201 1,220 (1)(5)1,171 1,236 (5)
Total consumer banking88,583 85,701 83,957 82,295 80,095 3 11 87,150 79,292 10 
Commercial banking:
   Commercial and multifamily real estate33,978 33,539 33,155 33,104 32,522 1 4 33,759 32,129 5 
   Commercial and industrial56,921 56,021 55,340 55,285 55,847 2 2 56,474 55,806 1 
Total commercial banking90,899 89,560 88,495 88,389 88,369 1 3 90,233 87,935 3 
Total average loans held for investment$450,679 $446,235 $444,680 $439,859 $378,157 1 %19 %$448,469 $350,425 28 %
10

2026 Q2Six Months Ended June 30,
2026202620252025202520262025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q22025
Net Charge-Off (Recovery) Rates
Credit card(4):
   Domestic credit card(5)
4.71 %5.10%4.93%4.63%5.25%(39)bps(54)bps4.91 %5.65%(74)bps
Personal loans
3.77 3.81 4.08 3.81 3.47 (4)303.79 3.46 33
   International card businesses5.82 4.65 5.29 5.07 5.17 117 65 5.24 5.10 14 
Total credit card4.71 5.05 4.91 4.61 5.20 (34)(49)4.88 5.60 (72)
Consumer banking:
   Auto1.43 1.64 1.82 1.54 1.25 (21)18 1.53 1.40 13 
   Retail banking5.39 5.99 6.04 4.41 4.54 (60)85 5.69 4.65 104 
Total consumer banking1.48 1.70 1.88 1.58 1.30 (22)18 1.59 1.45 14 
Commercial banking:
   Commercial and multifamily real estate0.09 0.03 0.02 (0.09)(0.06)6 15 0.06 0.02 4 
   Commercial and industrial0.80 0.44 0.67 0.38 0.55 36 25 0.62 0.33 29 
Total commercial banking0.53 0.29 0.43 0.21 0.33 24 20 0.41 0.22 19 
Total net charge-offs3.23 3.45 3.45 3.16 3.24 (22)(1)3.34 3.31 3 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card3.39 %3.70%3.99%3.89%3.60%(31)bps(21)bps3.39 %3.60%(21)bps
Personal loans
1.67 1.72 1.74 1.74 1.62 (5)5 1.67 1.62 5
   International card businesses4.60 4.82 4.62 4.60 4.50 (22)10 4.60 4.50 10 
Total credit card3.37 3.66 3.93 3.84 3.55 (29)(18)3.37 3.55 (18)
Consumer banking:
   Auto4.32 4.21 5.23 4.99 4.84 11 (52)4.32 4.84 (52)
   Retail banking1.15 0.92 1.09 0.89 0.93 23 22 1.15 0.93 22 
Total consumer banking4.28 4.17 5.17 4.93 4.78 11 (50)4.28 4.78 (50)
11

2026 Q2Six Months Ended June 30,
2026202620252025202520262025202620252026 vs.
Q2Q1Q4Q3Q2Q1Q22025
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
Personal loans
0.12 %0.13%0.13%0.13%0.12%(1) bps— 0.12 %0.12%— 
   International card businesses0.18 0.15 0.16 0.16 0.16 3 2 bps0.18 0.16 2 bps
Total credit card0.01 0.01 0.01 0.01 0.01 — — 0.01 0.01 — 
Consumer banking:
   Auto0.61 0.55 0.68 0.71 0.73 6 (12)0.61 0.73 (12)
   Retail banking1.59 1.66 1.45 1.65 1.47 (7)12 1.59 1.47 12 
Total consumer banking0.62 0.57 0.69 0.73 0.74 5 (12)0.62 0.74 (12)
Commercial banking:
   Commercial and multifamily real estate1.29 1.07 0.95 1.05 1.06 22 23 1.29 1.06 23 
   Commercial and industrial1.33 1.60 1.60 1.59 1.45 (27)(12)1.33 1.45 (12)
Total commercial banking1.32 1.40 1.36 1.39 1.30 (8)2 1.32 1.30 2 
Total nonperforming loans0.39 0.40 0.40 0.42 0.40 (1)(1)0.39 0.40 (1)
Total nonperforming assets0.43 0.43 0.43 0.44 0.42 — 1 0.43 0.42 1 

12

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended June 30, 2026
Credit CardConsumer Banking
(Dollars in millions) Domestic Card
Personal Loans
International Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of March 31, 2026$18,806 $702 $541 $20,049 $2,026 $21 $2,047 $1,534 $23,630 
Charge-offs(4,182)(116)(160)(4,458)(683)(19)(702)(123)(5,283)
Recoveries1,185 33 48 1,266 370 3 373 2 1,641 
Net charge-offs(2,997)(83)(112)(3,192)(313)(16)(329)(121)(3,642)
Provision for credit losses2,292 37 145 2,474 429 15 444 62 2,980 
Allowance build (release) for credit losses(705)(46)33 (718)116 (1)115 (59)(662)
Other changes(8)
— — (2)(2)————(2)
Balance as of June 30, 202618,101 656 572 19,329 2,142 20 2,162 1,475 22,966 
Reserve for unfunded lending commitments:
Balance as of March 31, 2026—————— —133 133 
Provision for losses on unfunded lending commitments—————— —9 9 
Balance as of June 30, 2026—————— —142 142 
Combined allowance and reserve as of June 30, 2026$18,101 $656 $572 $19,329 $2,142 $20 $2,162 $1,617 $23,108 
Six Months Ended June 30, 2026
Credit CardConsumer Banking
(Dollars in millions) Domestic Card
Personal Loans
International Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of December 31, 2025$18,811 $731 $524 $20,066 $1,869 $23 $1,892 $1,451 $23,409 
Charge-offs(8,552)(237)(310)(9,099)(1,394)(43)(1,437)(192)(10,728)
Recoveries2,314 65 109 2,488 735 9 744 7 3,239 
Net charge-offs(6,238)(172)(201)(6,611)(659)(34)(693)(185)(7,489)
Provision for credit losses5,528 97 260 5,885 932 31 963 209 7,057 
Allowance build (release) for credit losses(710)(75)59 (726)273 (3)270 24 (432)
Other changes(8)
— — (11)(11)— — — — (11)
Balance as of June 30, 202618,101 656 572 19,329 2,142 20 2,162 1,475 22,966 
Reserve for unfunded lending commitments:
Balance as of December 31, 2025—————— — 142 142 
Provision (benefit) for losses on unfunded lending commitments—————— — — — 
Balance as of June 30, 2026—————— — 142 142 
Combined allowance and reserve as of June 30, 2026$18,101 $656 $572 $19,329 $2,142 $20 $2,162 $1,617 $23,108 
13

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results(3)

Three Months Ended June 30, 2026Six Months Ended June 30, 2026
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(9)
Other(9)
TotalCredit CardConsumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income$9,252 $2,431 $585 $106 $12,374 $18,488 $4,660 $1,166 $205 $24,519 
Non-interest income (loss)2,513 778 265 (80)3,476 4,666 1,461 593 (158)6,562 
Total net revenue11,765 3,209 850 26 15,850 23,154 6,121 1,759 47 31,081 
Provision for credit losses2,474 444 71 — 2,989 5,885 963 209 — 7,057 
Non-interest expense6,098 2,121 462 362 9,043 11,599 4,119 960 829 17,507 
Income (loss) from continuing operations before income taxes3,193 644 317 (336)3,818 5,670 1,039 590 (782)6,517 
Income tax provision (benefit)782 158 78 (220)798 1,390 255 145 (474)1,316 
Income (loss) from continuing operations, net of tax$2,411 $486 $239 $(116)$3,020 $4,280 $784 $445 $(308)$5,201 
Three Months Ended March 31, 2026
(Dollars in millions) Credit CardConsumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income$9,236 $2,229 $581 $99 $12,145 
Non-interest income (loss)2,153 683 328 (78)3,086 
Total net revenue11,389 2,912 909 21 15,231 
Provision for credit losses3,411 519 138 — 4,068 
Non-interest expense5,501 1,998 498 467 8,464 
Income (loss) from continuing operations before income taxes2,477 395 273 (446)2,699 
Income tax provision (benefit)608 97 67 (254)518 
Income (loss) from continuing operations, net of tax$1,869 $298 $206 $(192)$2,181 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(Dollars in millions) Credit CardConsumer Banking
Commercial Banking(9)
Other(9)
TotalCredit CardConsumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income (loss)$7,293 $2,162 $602 $(62)$9,995 $12,947 $4,105 $1,174 $(218)$18,008 
Non-interest income (loss)1,802 394 335 (34)2,497 3,313 577 647 (53)4,484 
Total net revenue (loss)9,095 2,556 937 (96)12,492 16,260 4,682 1,821 (271)22,492 
Provision (benefit) for credit losses11,098 252 81 (1)11,430 13,024 553 223 (1)13,799 
Non-interest expense4,447 1,713 489 342 6,991 8,085 3,294 975 539 12,893 
Income (loss) from continuing operations before income taxes(6,450)591 367 (437)(5,929)(4,849)835 623 (809)(4,200)
Income tax provision (benefit)(1,533)141 87 (361)(1,666)(1,151)199 148 (537)(1,341)
Income (loss) from continuing operations, net of tax$(4,917)$450 $280 $(76)$(4,263)$(3,698)$636 $475 $(272)$(2,859)

14

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business(3)
2026 Q2 vs.Six Months Ended June 30,
20262026202520252025202620252026 vs.
(Dollars in millions, except as noted) Q2Q1Q4Q3Q2Q1Q2202620252025
Credit Card
Earnings:
Net interest income$9,252 $9,236 $9,479 $9,396 $7,293 —%27%$18,488 $12,947 43%
Non-interest income2,513 2,153 2,214 2,211 1,802 17394,666 3,313 41 
Total net revenue11,765 11,389 11,693 11,607 9,095 3 2923,154 16,260 42 
Provision for credit losses2,474 3,411 3,678 2,364 11,098 (27)(78)5,885 13,024 (55)
Non-interest expense(10)
6,098 5,501 6,147 5,409 4,447 11 37%11,599 8,085 43%
Income (loss) from continuing operations before income taxes3,193 2,477 1,868 3,834 (6,450)29 **5,670 (4,849)**
Income tax provision (benefit)782 608 445 914 (1,533)29 **1,390 (1,151)**
Income (loss) from continuing operations, net of tax$2,411 $1,869 $1,423 $2,920 $(4,917)29%**$4,280 $(3,698)**
Selected performance metrics:
Period-end loans held for investment$275,408 $270,558$279,570$271,037$269,7092%2%$275,408 $269,7092%
Average loans held for investment271,197 270,974272,228269,175209,693— 29271,086 183,19848 
Average yield on loans outstanding(1)
17.21%17.17%17.71%17.99%17.94%4bps(73)bps17.19%18.18%(99)bps
Total net revenue margin(12)
17.35 16.81 17.18 17.25 17.35 54 — 17.08 17.75 (67)
Net charge-off rate(4)
4.71 5.05 4.91 4.61 5.20 (34)(49)4.88 5.60 (72)
30+ day performing delinquency rate3.37 3.66 3.93 3.84 3.55 (29)(18)3.37 3.55 (18)
30+ day delinquency rate3.37 3.67 3.94 3.84 3.56 (30)(19)3.37 3.56 (19)
Nonperforming loan rate(6)
0.01 0.01 0.01 0.01 0.01 — — 0.01 0.01 — 
Purchase volume(11)
$253,750 $220,540$238,687$230,379$201,45315%26%$474,290 $359,40132%
15

2026 Q2 vs.Six Months Ended June 30,
20262026202520252025202620252026 vs.
(Dollars in millions, except as noted)Q2Q1Q4Q3Q2Q1Q2202620252025
Domestic Card
Earnings:
Net interest income$8,643 $8,618 $8,854 $8,766 $6,822 — %27 %$17,261 $12,165 42%
Non-interest income2,460 2,107 2,168 2,160 1,749 17 41 4,567 3,209 42 
Total net revenue11,103 10,725 11,022 10,926 8,571 4 30 21,828 15,374 42 
Provision for credit losses2,292 3,236 3,482 2,163 10,200 (29)(78)5,528 12,056 (54)
Non-interest expense5,771 5,179 5,789 5,092 4,192 11 38 %10,950 7,614 44%
Income (loss) from continuing operations before income taxes3,040 2,310 1,751 3,671 (5,821)32 **5,350 (4,296)**
Income tax provision (benefit)745 566 417 873 (1,385)32 **1,311 (1,022)**
Income (loss) from continuing operations, net of tax$2,295 $1,744 $1,334 $2,798 $(4,436)32 %**$4,039 $(3,274)**
Selected performance metrics:
Period-end loans held for investment$259,005 $254,028$262,403$253,951$252,4812 %3 %$259,005 $252,4813%
Average loans held for investment254,625 254,036255,221252,090197,808— 29 254,332 173,85846 
Average yield on loans outstanding(1)
17.16%17.13%17.68%17.99%17.88%3 bps(72)bps17.15%18.10%(95)bps
Total net revenue margin(12)
17.44 16.89 17.28 17.34 17.33 55 11 17.16 17.69 (53)
Net charge-off rate(5)
4.71 5.10 4.93 4.63 5.25 (39)(54)4.91 5.65 (74)
30+ day performing delinquency rate3.39 3.70 3.99 3.89 3.60 (31)(21)3.39 3.60 (21)
Purchase volume(11)
$249,195 $216,513$234,375$226,147$197,30815 %26 %$465,708 $351,69932%
Refreshed FICO scores:(13)
Greater than 66074%73%73%73%73%1 1 74%73%1 
660 or below26 27 27 27 27 (1)(1)26 27 (1)
Total100%100%100%100%100%100%100%
    

16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2026 Q2 vs.Six Months Ended June 30,
20262026202520252025202620252026 vs.
(Dollars in millions, except as noted)Q2Q1Q4Q3Q2Q1Q2202620252025
Consumer Banking
Earnings:
Net interest income$2,431 $2,229 $2,296 $2,357 $2,162 9 %12 %$4,660 $4,105 14%
Non-interest income778 683 623 475 394 14 97 1,461 577 153
Total net revenue3,209 2,912 2,919 2,832 2,556 10 26 6,121 4,682 31
Provision for credit losses444 519 409 340 252 (14)76 963 553 74
Non-interest expense2,121 1,998 2,289 1,941 1,713 6 24 4,119 3,294 25
Income from continuing operations before income taxes644 395 221 551 591 63 9 1,039 835 24
Income tax provision158 97 52 131 141 63 12 255 199 28
Income from continuing operations, net of tax$486 $298 $169 $420 $450 63 %8 %$784 $636 23%
Selected performance metrics:
Period-end loans held for investment$90,467$86,873$84,790$83,230$81,2334 %11 %$90,467$81,23311%
Average loans held for investment88,583 85,70183,95782,29580,0953 11 87,15079,29210
Average yield on loans held for investment(1)
9.57%9.43%9.59%9.52%9.30%14bps27bps9.50%9.17%33bps
Auto loan originations$12,916$11,130$10,194$10,731$10,86116 %19 %$24,046$20,07120%
Period-end deposits435,221 438,034423,932416,765414,044(1)5 435,221414,0445
Average deposits435,890 428,391418,673414,219365,3592 19 432,161342,78026
Average deposits interest rate2.76%2.84%2.98%3.07%3.02%(8)bps(26)bps2.80%3.01%(21)bps
Net charge-off rate1.48 1.70 1.88 1.58 1.30 (22)18 1.59 1.45 14
30+ day performing delinquency rate4.28 4.17 5.17 4.93 4.78 11 (50)4.28 4.78 (50)
30+ day delinquency rate4.76 4.59 5.73 5.53 5.40 17 (64)4.76 5.40 (64)
Nonperforming loan rate(6)
0.62 0.57 0.69 0.73 0.74 5 (12)0.62 0.74 (12)
Nonperforming asset rate(7)
0.72 0.66 0.79 0.82 0.82 6 (10)0.72 0.82 (10)
Global Payment Network volume$189,612$174,332$174,644$153,117$74,0149 %156 %$363,944$74,014**
Auto—At origination FICO scores:(14)
Greater than 66049%50%51%51%52%(1)(3)49%52%(3)
621 - 66019 19 19 19 19 — — 19 19 —
620 or below32 31 30 30 29 1 3 32 29 3
Total100%100%100%100%100%100%100%
17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2026 Q2 vs.Six Months Ended June 30,
20262026202520252025202620252026 vs.
(Dollars in millions, except as noted) Q2Q1Q4Q3Q2Q1Q2202620252025
Commercial Banking
Earnings:
Net interest income$585 $581 $574 $586 $602 1%(3)%$1,166$1,174(1)%
Non-interest income265 328 356 318 335 (19)(21)593647(8)
Total net revenue(9)
850 909 930 904 937 (6)(9)1,7591,821(3)
Provision for credit losses71 138 55 9 81 (49)(12)209223(6)
Non-interest expense462 498 504 520 489 (7)(6)960975(2)
Income from continuing operations before income taxes317 273 371 375 367 16(14)590623(5)
Income tax provision78 67 89 89 87 16(10)145148(2)
Income from continuing operations, net of tax$239 $206 $282 $286 $280 16%(15)%$445$475(6)%
Selected performance metrics:
Period-end loans held for investment$91,293$90,323$89,262$88,892$88,3551%3%$91,293$88,3553%
Average loans held for investment 90,89989,56088,49588,38988,3691390,23387,9353
Average yield on loans held for investment(1)(9)
5.75%5.68%6.08%6.42%6.40%7bps(65)bps5.71%6.35%(64)bps
Period-end deposits$30,841$31,007$31,250$29,920$29,245(1)%5%$30,841$29,2455%
Average deposits31,24831,13731,46229,88930,444—331,19331,045—
Average deposits interest rate1.81%1.83%1.96%2.13%2.06%(2)bps(25)bps1.82%2.09%(27)bps
Net charge-off rate0.53 0.29 0.43 0.21 0.33 24200.41 0.22 19
Nonperforming loan rate(6)
1.32 1.40 1.36 1.39 1.30 (8)21.32 1.30 2
Nonperforming asset rate(7)
1.39 1.47 1.39 1.40 1.30 (8)91.39 1.30 9
Risk category:(15)
Noncriticized$86,034$84,545$83,873$83,098$82,0002%5%$86,034$82,0005%
Criticized performing4,0584,5104,1774,5585,204(10)(22)4,0585,204(22)
Criticized nonperforming1,2011,2681,2121,2361,151(5)41,2011,1514
Total commercial banking loans held for investment$91,293$90,323$89,262$88,892$88,3551%3%$91,293$88,3553%
Risk category as a percentage of period-end loans held for investment:(15)
Noncriticized94.24%93.61%93.96%93.48%92.81%63bps143bps94.24%92.81%143bps
Criticized performing4.44 4.99 4.68 5.13 5.89 (55)(145)4.44 5.89 (145)
Criticized nonperforming1.32 1.40 1.36 1.39 1.30 (8)21.32 1.30 2
Total commercial banking loans100.00%100.00%100.00%100.00%100.00%100.00%100.00%
    
18

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2026 Q2 vs.Six Months Ended June 30,
20262026202520252025202620252026 vs.
(Dollars in millions)Q2Q1Q4Q3Q2Q1Q2202620252025
Other
Earnings:
Net interest income (loss)$106$99$117$65$(62)7%**$205$(218)**
Non-interest loss(80)(78)(76)(49)(34)3135%(158)(53)198%
Total net revenue (loss)(9)
26214116(96)24**47(271)**
Provision (benefit) for credit losses———1(1)****—(1)**
Non-interest expense(16)
362467402393342(22)682953954
Loss from continuing operations before income taxes(336)(446)(361)(378)(437)(25)(23)(782)(809)(3)
Income tax provision (benefit)(220)(254)(241)55(361)(13)(39)(474)(537)(12)
Loss from continuing operations, net of tax$(116)$(192)$(120)$(433)$(76)(40)%53%$(308)$(272)13%
Selected performance metrics:
Period-end deposits$18,195 $20,012 $20,589 $22,100 $24,821 (9)%(27)%$18,195 $24,821 (27)%
Average deposits19,653 20,430 20,830 23,172 18,765 (4)520,039 15,637 28
Total
Earnings:
Net interest income$12,374 $12,145 $12,466 $12,404 $9,995 2%24%$24,519 $18,008 36%
Non-interest income3,476 3,086 3,117 2,955 2,497 13396,562 4,484 46
Total net revenue15,850 15,231 15,583 15,359 12,492 42731,081 22,492 38
Provision for credit losses2,989 4,068 4,142 2,714 11,430 (27)(74)7,057 13,799 (49)
Non-interest expense9,043 8,464 9,342 8,263 6,991 729%17,507 12,893 36%
Income (loss) from continuing operations before income taxes3,818 2,699 2,099 4,382 (5,929)41**6,517 (4,200)**
Income tax provision (benefit)798 518 345 1,189 (1,666)54**1,316 (1,341)**
Income (loss) from continuing operations, net of tax$3,020 $2,181 $1,754 $3,193 $(4,263)38%**$5,201 $(2,859)**
Selected performance metrics:
Period-end loans held for investment$457,168 $447,754 $453,622 $443,159 $439,297 2%4%$457,168 $439,297 4%
Average loans held for investment450,679 446,235 444,680 439,859 378,157 119448,469 350,425 28
Period-end deposits484,257 489,053 475,771 468,785 468,110 (1)3484,257 468,110 3
Average deposits486,791 479,958 470,965 467,280 414,568 117483,393 389,462 24
19

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)Includes amounts related to entities that provide capital to low-income and rural communities of $2.4 billion in Q2 2026, $2.2 billion in both Q1 2026 and Q2 2025, $2.3 billion for the first six months of 2026 and $2.1 billion for the first six months of 2025. Related interest expense was $9 million in Q2 2026, $8 million in both Q1 2026 and Q2 2025, $17 million for the first six months of 2026 and $15 million for the first six months of 2025.
(3)Effective in the second quarter of 2026, Domestic Card results include Brex and our legacy corporate card product.
(4)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(5)Charge-offs exclude $18.0 billion of Discover domestic credit card loans acquired in the second quarter of 2025 that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.
(6)Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(7)Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(8)Primarily represents foreign currency translation adjustments.
(9)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(10)Includes the impact of $96 million in Brex integration expenses in Q2 2026.
(11)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(12)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(13)Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category. Corporate cards do not have FICO scores associated with such loans and therefore are excluded.
(14)Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
(15)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(16)Includes the impact of $298 million, $415 million, $352 million, $348 million and $299 million in Discover integration expenses in Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025, respectively, as well as any charges incurred as a result of other restructuring activities for the periods presented.
**    Not meaningful.
20

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)
Basel III Standardized Approach
(Dollars in millions, except as noted) June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Regulatory Capital Metrics
Common equity excluding AOCI$114,686$112,733$113,677$114,323$112,368
Adjustments:
AOCI, net of tax(2)
6269816883
Goodwill, net of related deferred tax liabilities(31,559)(28,201)(28,217)(28,575)(28,052)
Other Intangible and deferred tax assets, net of deferred tax liabilities(12,413)(12,142)(12,493)(12,846)(13,687)
Common equity Tier 1 capital$70,776$72,459$73,048$72,970$70,712
Tier 1 capital$76,183$77,866$78,455$78,377$76,118
Total capital(3)
85,77087,32688,00087,85385,988
Risk-weighted assets516,267504,654511,794506,535503,413
Adjusted average assets(4)
643,349640,503629,997622,435537,581
Capital Ratios
Common equity Tier 1 capital(5)
13.7%14.4%14.3%14.4%14.0%
Tier 1 capital(6)
14.815.415.315.515.1
Total capital(7)
16.617.317.217.317.1
Tier 1 leverage(4)
11.812.212.512.614.2
TCE(8)
10.210.310.710.810.3
    


21

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
20262026202520252025Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)Q2Q1Q4Q3Q220262025
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)$2,935$2,081$2,057$3,086$(4,340)$5,016$(2,998)
Acquisition amortization expenses(9)
494477546603340971340
Discover integration expenses298415352348299713409
Brex integration expenses96————96—
Initial allowance build for Discover non-PCD loans
————8,767—8,767
Legal reserve activities
——117—41—239
Gain on sale of home loan portfolio
——(483)———— 
FDIC special assessment——(29)————
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)3,8232,9732,5604,0375,1076,7966,757
Income tax impacts(219)(221)(124)(236)(2,339)(440)(2,415)
Adjusted net income available to common stockholders (non-GAAP)$3,604$2,752$2,436$3,801$2,768$6,356$4,342
Diluted weighted-average common shares outstanding (in millions) (GAAP)621.1623.4631.6639.5505.6622.3444.7
Diluted EPS (GAAP)$4.73$3.34$3.26$4.83$(8.58)$8.07$(6.74)
Impact of adjustments noted above1.081.080.601.1214.062.1416.50
Adjusted diluted EPS (non-GAAP)$5.81$4.42$3.86$5.95$5.48$10.21$9.76
Adjusted efficiency ratio:
Non-interest expense (GAAP)$9,043$8,464$9,342$8,263$6,991$17,507$12,893
Acquisition amortization expenses(9)
(518)(478)(509)(498)(255)(996)(255)
Discover integration expenses(298)(415)(352)(348)(299)(713)(409)
Brex integration expenses(96)————(96)—
Legal reserve activities——(117)—(41)—(239)
FDIC special assessment——29————
Adjusted non-interest expense (non-GAAP)$8,131$7,571$8,393$7,417$6,396$15,702$11,990
Total net revenue (GAAP)$15,850$15,231$15,583$15,359$12,492$31,081$22,492
Acquisition amortization expenses(9)
(24)(1)3710585(25)85
Adjusted net revenue (non-GAAP)$15,826$15,230$15,620$15,464$12,577$31,056$22,577
22

20262026202520252025Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)Q2Q1Q4Q3Q220262025
Efficiency ratio (GAAP)57.05%55.57%59.95%53.80%55.96%56.33%57.32%
Impact of adjustments noted above(567)bps(586)bps(622)bps(584)bps(511)bps(577)bps(421)bps
Adjusted efficiency ratio (non-GAAP)51.38%49.71%53.73%47.96%50.85%50.56%53.11%
Adjusted operating efficiency ratio:
Operating expense (GAAP)$7,382$6,967$7,408$6,860$5,646$14,349$10,346
Acquisition amortization expenses(9)
(518)(478)(509)(498)(255)(996)(255)
Discover integration expenses(298)(415)(352)(348)(299)(713)(409)
Brex integration expenses(96)————(96)—
Legal reserve activities——(117)—(41)—(239)
FDIC special assessment——29————
Adjusted operating expense (non-GAAP)$6,470$6,074$6,459$6,014$5,051$12,544$9,443
Total net revenue (GAAP)$15,850$15,231$15,583$15,359$12,492$31,081$22,492
Acquisition amortization expenses(9)
(24)(1)3710585(25)85
Adjusted net revenue (non-GAAP)$15,826$15,230$15,620$15,464$12,577$31,056$22,577
Operating efficiency ratio (GAAP)46.57%45.74%47.54%44.66%45.20%46.17%46.00%
Impact of adjustments noted above(569)bps(586)bps(619)bps(577)bps(504)bps(578)bps(417)bps
Adjusted operating efficiency ratio (non-GAAP)40.88%39.88%41.35%38.89%40.16%40.39%41.83%



23

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

20262026202520252025
(Dollars in millions)Q2Q1Q4Q3Q2
Pre- provision earnings
Total net revenue$15,850 $15,231 $15,583 $15,359 $12,492
Non-interest expense(9,043)(8,464)(9,342)(8,263)(6,991)
Pre-provision earnings(10)(11)
$6,807 $6,767 $6,241 $7,096 $5,501
Tangible common equity (period-end)
Stockholders’ equity$113,793 $112,261 $113,616 $113,813 $110,956
Goodwill and other intangible assets(12)
(43,840)(40,489)(40,876)(41,537)(42,012)
Noncumulative perpetual preferred stock(5,407)(5,407)(5,407)(5,407)(5,407)
Tangible common equity(13)
$64,546 $66,365 $67,333 $66,869 $63,537 
Tangible common equity (average)
Stockholders’ equity$114,518 $114,556 $115,404 $112,819 $86,918
Goodwill and other intangible assets(12)
(44,033)(40,709)(41,144)(41,815)(29,114)
Noncumulative perpetual preferred stock(5,407)(5,407)(5,407)(5,407)(5,355)
Tangible common equity(13)
$65,078 $68,440 $68,853 $65,597 $52,449 
Return on tangible common equity (average)
Net income (loss) available to common stockholders
$2,935 $2,081 $2,057 $3,086 $(4,340)
Income (loss) from discontinued operations, net of tax— (7)380 (1)(14)
Net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax
$2,935 $2,088 $1,677 $3,087 $(4,326)
Tangible common equity (average)
65,078 68,440 68,853 65,597 52,449
Return on tangible common equity(13)
18.04 %12.20 %9.74 %18.82 %(32.99)%
Tangible assets (period-end)
Total assets$673,835 $682,905 $669,009 $661,877 $658,968
Goodwill and other intangible assets(12)
(43,840)(40,489)(40,876)(41,537)(42,012)
Tangible assets(13)
$629,995 $642,416 $628,133 $620,340 $616,956
24

20262026202520252025
(Dollars in millions)Q2Q1Q4Q3Q2
Tangible assets (average)
Total assets$682,079 $675,999 $665,656 $657,858 $572,446 
Goodwill and other intangible assets(12)
(44,033)(40,709)(41,144)(41,815)(29,114)
Tangible assets(13)
$638,046 $635,290 $624,512 $616,043 $543,332 
Return on tangible assets (average)
Net income (loss)$3,020 $2,174 $2,134 $3,192 $(4,277)
Income (loss) from discontinued operations, net of tax— (7)380 (1)(14)
Net income (loss) less income (loss) from discontinued operations, net of tax
$3,020 $2,181 $1,754 $3,193 $(4,263)
Tangible assets (average)638,046 635,290 624,512 616,043 543,332 
Return on tangible assets(13)
1.89%1.37%1.12%2.07%(3.14)%
TCE ratio
Tangible common equity (period-end)$64,546 $66,365 $67,333 $66,869 $63,537 
Tangible assets (period-end)629,995 642,416 628,133 620,340 616,956 
TCE ratio(13)
10.2%10.3%10.7%10.8%10.3%
Tangible book value per common share
Tangible common equity (period-end)$64,546 $66,365 $67,333 $66,869 $63,537 
Outstanding common shares613.5 615.9 625.1 635.7 639.5 
Tangible book value per common share(13)
$105.21 $107.76 $107.72 $105.18 $99.35 
25

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 16: Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)

(1)Regulatory capital metrics and capital ratios as of June 30, 2026 are preliminary and therefore subject to change.    
(2)Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(10)Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(11)Adjusted pre-provision earnings is a non-GAAP metric calculated based on adjusted net revenue less non-interest expense for the period.
(12)Includes impact of related deferred taxes.
(13)Management believes that this financial metric is useful when assessing returns and capital management over time.
26

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