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Capital One Q3 2026 earnings rise 11% to $3.54B

Capital One Financial Corporation reported third-quarter 2026 net income of $3.539 billion, or $5.61 per diluted share, up 11% and 16%, respectively, from the third quarter of 2025.

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Rhea-AI Filing Summary

Capital One Financial Corporation reported third-quarter 2026 net income of $3.539 billion, or $5.61 per diluted share, up 11% and 16%, respectively, from the third quarter of 2025. Total net revenue was $16.344 billion, up 6% year over year, and net interest income was $12.886 billion. Adjusted diluted EPS, a non-GAAP measure, was $6.69.

Capital One reported $3.121 billion of net charge-offs and a $2.916 billion provision for credit losses; its allowance for credit losses included a $225 million release. Period-end loans held for investment were $462.530 billion, up 4% year over year. Period-end deposits were $480.697 billion, up 3% year over year and down 1% quarter over quarter. The common equity Tier 1 capital ratio was 13.8% as of September 30, 2026; the company said the ratio was preliminary and subject to change.

Third-quarter results included $483 million of acquisition amortization expenses, $338 million of Discover integration expenses and $47 million of Brex integration expenses. Capital One completed its acquisition of Brex on April 7, 2026, in a stock-and-cash transaction.

2 points · 0 major

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Positive

  • Moderate pointThird-quarter net income increased 11% year over year to $3.539 billion.
  • Moderate pointThird-quarter net revenue increased 6% year over year to $16.344 billion.

Negative

  • None.

Filing Explained

Q3 credit indicators diverged: delinquency rose while the net charge-off rate fell.

The October 20, 2026 Form 8-K furnishes Capital One’s third-quarter earnings release and financial supplement; the supplement says its figures are preliminary pending the Form 10-Q.

On credit quality, the third-quarter 30-plus-day delinquency rate rose to 3.41% from 3.13% in Q2, while the net charge-off rate fell to 2.73% from 3.23%, leaving the two indicators moving in opposite directions.

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, or exhibit attachments filed with this report.
Net income $3.539 billion Q3 2026; up 11% from Q3 2025
Diluted EPS $5.61 per diluted share Q3 2026; up 16% from Q3 2025
Adjusted diluted EPS $6.69 per diluted share Q3 2026; non-GAAP measure
Total net revenue $16.344 billion Q3 2026; up 6% from Q3 2025
Net charge-offs $3.121 billion Q3 2026; down 10% from Q3 2025
Provision for credit losses $2.916 billion Q3 2026; down 2% from Q3 2025
Loans held for investment $462.530 billion Period-end Q3 2026; up 4% from Q3 2025
Total deposits $480.697 billion Period-end Q3 2026; up 3% from Q3 2025
Adjusted diluted EPS financial
"Adjusted diluted EPS (non-GAAP)"
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.
Pre-provision earnings financial
"Pre-provision earnings is a non-GAAP metric"
Pre-provision earnings, often called pre-provision net revenue (PPNR), measures a bank’s recurring operating income before accounting for loan-loss provisions and certain one-time items. It is calculated as net interest income plus noninterest income minus noninterest (operating) expenses and taxes, so it reflects the core revenue available to absorb credit losses but does not include the cost of expected or actual loan write-downs. Because it omits provisions for bad loans, it shows operating performance but can overstate a lender’s true capacity to absorb credit deterioration.
Net charge-offs financial
"Net charge-offs of $3.1 billion"
Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.
Common equity Tier 1 capital ratio financial
"Common equity Tier 1 capital ratio under Basel III Standardized Approach"
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.
Allowance coverage ratio financial
"Allowance coverage ratio"
A measure of how large a company’s reserve for expected losses is compared with the amount of problem assets (like bad loans or overdue receivables) on its books. Think of it as a rainy‑day fund compared with the size of known leaks: a higher ratio means the company has set aside more cushion to absorb losses, which matters to investors because it signals how well the firm can withstand credit losses without damaging earnings or capital.
Net income $3.539 billion +11% vs. Q3 2025
Total net revenue $16.344 billion +6% vs. Q3 2025
Diluted EPS $5.61 per diluted share +16% vs. Q3 2025
Net interest income $12.886 billion +4% vs. Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were COF's Q3 2026 earnings per share?
Capital One reported net income of $3.539 billion and diluted earnings of $5.61 per share for Q3 2026. In Q3 2025, the figures were $3.192 billion and $4.83 per diluted share.

How much revenue did COF report in Q3 2026?
Capital One reported total net revenue of $16.344 billion in Q3 2026, up 6% year over year. Net interest income was $12.886 billion.

What adjustments affected COF's adjusted EPS in Q3 2026?
Third-quarter results included $483 million of acquisition amortization expenses, with a $0.60 after-tax diluted EPS impact; $338 million of Discover integration expenses, with a $0.42 impact; and $47 million of Brex integration expenses, with a $0.06 impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

October 20, 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,Virginia22102
(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
4.326% Fixed-to-Floating Rate Senior Notes Due 2032COF32
New York Stock Exchange
4.832% Fixed-to-Floating Rate Senior Notes Due 2037COF37
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 October 20, 2026, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the third quarter ended September 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 October 20, 2026 - Third Quarter 2026
99.2
Financial Supplement - Third 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 October 20, 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 November 03, 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: October 20, 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: October 20, 2026
Capital One Reports Third Quarter 2026 Net Income of $3.5 billion,
or $5.61 per share
Net of adjusting items, Third Quarter 2026 Net Income of $6.69 per share(1)
McLean, Va. (October 20, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2026 of $3.5 billion, or $5.61 per diluted common share, compared with net income of $3.0 billion, or $4.73 per diluted common share in the second quarter of 2026, and with net income of $3.2 billion, or $4.83 per diluted common share in the third quarter of 2025. Adjusted net income(1) for the third quarter of 2026 was $6.69 per diluted common share.
"The Discover integration continues to go well and we’re making good progress on delivering the expected synergies" said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We continue to invest to deliver sustained growth and value creation over the long-term."
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)
$483 $0.60 
Discover integration expenses$338 $0.42 
Brex integration expenses$47 $0.06 






Capital One Third Quarter 2026 Earnings
Page 2
All comparisons below are for the third quarter of 2026 compared with the second quarter of 2026 unless otherwise noted.
Third Quarter 2026 Income Statement Summary:
•Total net revenue increased 3 percent to $16.3 billion.
•Total non-interest expense decreased 2 percent to $8.9 billion:
◦4 percent decrease in marketing.
◦2 percent decrease in operating expenses.
•Pre-provision earnings(3) increased 10 percent to $7.5 billion.
•Provision for credit losses decreased $73 million to $2.9 billion:
◦Net charge-offs of $3.1 billion.
◦$225 million loan reserve release.
•Net interest margin of 8.41 percent, an increase of 40 basis points.
•Efficiency ratio of 54.19 percent.
◦Adjusted efficiency ratio(4) of 48.76 percent.
•Operating efficiency ratio of 44.43 percent.
◦Adjusted operating efficiency ratio(4) of 38.99 percent.
Third Quarter 2026 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(5) under Basel III Standardized Approach of 13.8% as of September 30, 2026.
•Period-end loans held for investment in the quarter increased $5.4 billion, or 1 percent, to $462.5 billion.
◦Credit Card period-end loans increased $952 million, or less than 1 percent, to $276.4 billion.
•Domestic Card period-end loans increased $1.2 billion, or less than 1 percent, to $260.3 billion.
◦Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $94.0 billion.
•Auto period-end loans increased $3.6 billion, or 4 percent, to $92.9 billion.
◦Commercial Banking period-end loans increased $834 million, or 1 percent, to $92.1 billion.
•Average loans held for investment in the quarter increased $6.7 billion, or 1 percent, to $457.4 billion.
◦Credit Card average loans increased $2.5 billion, or 1 percent, to $273.7 billion.
•Domestic Card average loans increased $2.7 billion, or 1 percent, to $257.3 billion.
◦Consumer Banking average loans increased $3.7 billion, or 4 percent, to $92.3 billion.
•Auto average loans increased $3.8 billion, or 4 percent, to $91.2 billion.
◦Commercial Banking average loans increased $481 million, or 1 percent, to $91.4 billion.
•Period-end total deposits decreased $3.6 billion, or 1 percent, to $480.7 billion, while average deposits decreased $4.2 billion, or 1 percent, to $482.6 billion.
•Interest-bearing deposits rate paid increased 3 basis points to 2.94 percent.


Capital One Third Quarter 2026 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on October 20, 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 November 03, 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 $480.7 billion in deposits and $672.9 billion in total assets as of September 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 October 20, 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 October 20, 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 October 20, 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 September 30, 2026 are preliminary and therefore subject to change.

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)(3)
Third 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 September 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 April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated             
2026 Q3Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted) 20262026202620252025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q3202620252025
Income Statement
Net interest income$12,886 $12,374 $12,145 $12,466 $12,404 4%4%$37,405 $30,412 23%
Non-interest income3,458 3,476 3,086 3,117 2,955 (1)1710,020 7,439 35
Total net revenue(1)
16,344 15,850 15,231 15,583 15,359 3647,425 37,851 25
Provision for credit losses2,916 2,989 4,068 4,142 2,714 (2)79,973 16,513 (40)
Non-interest expense:
Marketing1,594 1,661 1,497 1,934 1,403 (4)144,752 3,950 20
Operating expense7,262 7,382 6,967 7,408 6,860 (2)621,611 17,206 26
Total non-interest expense8,856 9,043 8,464 9,342 8,263 (2)726,363 21,156 25
Income from continuing operations before income taxes4,572 3,818 2,699 2,099 4,382 20411,089 182 **
Income tax provision (benefit)1,033 798 518 345 1,189 29(13)2,349 (152)**
Income from continuing operations, net of tax3,539 3,020 2,181 1,754 3,193 17118,740 334 **
Income (loss) from discontinued operations, net of tax— — (7)380 (1)—**(7)(15)(53)
Net income3,539 3,020 2,174 2,134 3,192 17118,733 319 **
Dividends and undistributed earnings allocated to participating securities(2)
(32)(28)(20)(20)(33)14(3)(80)(13)**
Preferred stock dividends(73)(57)(73)(57)(73)28—(203)(195)4%
Impacts from preferred stock redemptions(12)— — — — ****(12)6 **
Net income available to common stockholders$3,422 $2,935 $2,081 $2,057 $3,086 17%11%$8,438 $117 **
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations$5.62 $4.73 $3.35 $2.66 $4.83 19%16%$13.68 $0.26 **
Income (loss) from discontinued operations— — (0.01)0.60 — ——(0.01)(0.03)(67)%
Net income per basic common share$5.62 $4.73 $3.34 $3.26 $4.83 19%16%$13.67 $0.23 **
Diluted earnings per common share:(2)
Net income from continuing operations$5.61 $4.73 $3.35 $2.66 $4.83 19%16%$13.66 $0.26 **
Income (loss) from discontinued operations— — (0.01)0.60 — ——(0.01)(0.03)(67)%
Net income per diluted common share$5.61 $4.73 $3.34 $3.26 $4.83 19%16%$13.65 $0.23 **
Weighted-average common shares outstanding (in millions):
Basic608.9 620.5 622.5 631.1 639.0 (2)%(5)%617.2 510.2 21%
Diluted609.5 621.1 623.4 631.6 639.5 (2)(5)618.0 510.9 21
Common shares outstanding (period-end, in millions)601.5 613.5 615.9 625.1 635.7 (2)(5)601.5 635.7 (5)
Dividends declared and paid per common share$0.80 $0.80 $0.80 $0.80 $0.60 —33$2.40 $1.80 33
Tangible book value per common share (period-end)(3)
102.72 105.21 107.76 107.72 105.18 (2)%(2)%102.72 105.18 (2)%
                    
1

2026 Q3Nine Months Ended September 30,
(Dollars in millions)20262026202620252025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q3202620252025
Balance Sheet (Period-End)
Loans held for investment$462,530 $457,168 $447,754 $453,622 $443,159 1%4%$462,530 $443,159 4%
Interest-earning assets610,799 610,913 624,560 613,750 605,235 —1610,799 605,235 1
Total assets672,867 673,835 682,905 669,009 661,877 —2672,867 661,877 2
Interest-bearing deposits453,006 456,464 461,117 448,386 441,136 (1)3453,006 441,136 3
Total deposits480,697 484,257 489,053 475,771 468,785 (1)3480,697 468,785 3
Borrowings49,774 45,371 51,888 51,000 51,482 10(3)49,774 51,482 (3)
Common equity105,237 108,386 106,854 108,209 108,406 (3)(3)105,237 108,406 (3)
Total stockholders’ equity109,656 113,793 112,261 113,616 113,813 (4)(4)109,656 113,813 (4)
Balance Sheet (Average Balances)
Loans held for investment$457,380 $450,679 $446,235 $444,680 $439,859 1%4%$451,472 $380,564 19%
Interest-earning assets612,521 617,583 617,173 603,730 593,247 (1)3615,741 527,461 17
Total assets676,168 682,079 675,999 665,656 657,858 (1)3678,056 574,602 18
Interest-bearing deposits454,245 458,130 451,957 442,763 439,527 (1)3454,785 388,541 17
Total deposits482,613 486,791 479,958 470,965 467,280 (1)3483,130 415,686 16
Borrowings48,061 49,092 52,348 50,814 50,180 (2)(4)49,818 47,097 6
Common equity108,486 109,111 109,149 109,997 107,412 (1)1108,913 82,306 32
Total stockholders’ equity113,571 114,518 114,556 115,404 112,819 (1)1114,211 87,511 31
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2026 Q3Nine Months Ended September 30,
(Dollars in millions, except as noted) 20262026202620252025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q3202620252025
Performance Metrics
Net interest income growth (period over period)4%2%(3)%— %24%****23%32%**
Non-interest income growth (period over period)(1)13 (1)5 18 ****35 28 **
Total net revenue growth (period over period)3 4 (2)1 23 ****25 31 **
Total net revenue margin(4)
10.67 10.27 9.87 10.32 10.36 40bps31bps10.27 9.57 70bps
Net interest margin(5)
8.41 8.01 7.87 8.26 8.36 40 5 8.10 7.69 41 
Return on average assets(6)
2.09 1.77 1.29 1.05 1.94 32 15 1.72 0.08 164 
Return on average tangible assets(7)
2.24 1.89 1.37 1.12 2.07 35 17 1.83 0.08 175 
Return on average common equity(8)
12.62 10.76 7.65 6.10 11.50 186 112 10.34 0.21 1,013 
Return on average tangible common equity(9)
21.12 18.04 12.20 9.74 18.82 308 230 17.04 0.33 1,671 
Efficiency ratio(10)
54.19 57.05 55.57 59.95 53.80 (286)39 55.59 55.89 (30)
Operating efficiency ratio(11)
44.43 46.57 45.74 47.54 44.66 (214)(23)45.57 45.46 11 
Effective income tax rate for continuing operations 22.6 20.9 19.2 16.4 27.1 170 (450)21.2 (83.5)**
Employees (period-end, in thousands)77.5 78.4 77.1 76.3 77.0 (1)%1%77.5 77.0 1%
Credit Quality Metrics
Allowance for credit losses$22,739$22,966$23,630$23,409$23,103(1)%(2)%$22,739$23,103(2)%
Allowance coverage ratio4.92%5.02%5.28%5.16%5.21%(10)bps(29)bps4.92%5.21%(29)bps
Net charge-offs$3,121$3,642$3,847$3,833$3,473(14)%(10)%$10,610$9,26914%
Net charge-off rate(12)
2.73%3.23%3.45%3.45%3.16%(50)bps(43)bps3.13%3.25%(12)bps
30+ day performing delinquency rate3.18 2.91 3.04 3.41 3.29 27 (11)3.18 3.29 (11)
30+ day delinquency rate3.41 3.13 3.24 3.59 3.50 28 (9)3.41 3.50 (9)
Capital Ratios(13)
Common equity Tier 1 capital
13.8%13.7%14.4%14.3%14.4%10bps(60)bps13.8%14.4%(60)bps
Tier 1 capital14.6 14.8 15.4 15.3 15.5 (20)(90)14.6 15.5 (90)
Total capital16.5 16.6 17.3 17.2 17.3 (10)(80)16.5 17.3 (80)
Tier 1 leverage11.9 11.8 12.2 12.5 12.6 10 (70)11.9 12.6 (70)
Tangible common equity (“TCE”)(14)
9.8 10.2 10.3 10.7 10.8 (40)(100)9.8 10.8 (100)
                                            
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2026 Q3Nine Months Ended September 30,
(Dollars in millions, except as noted)20262026202620252025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q3202620252025
Interest income:
Loans, including loans held for sale$15,515 $14,911 $14,735 $15,186 $15,229 4%2%$45,161 $37,835 19%
Investment securities867 850 832 841 823 252,549 2,377 7
Other517 624 664 660 711 (17)(27)1,805 1,797 —
Total interest income16,899 16,385 16,231 16,687 16,763 3149,515 42,009 18
Interest expense:
Deposits3,334 3,338 3,387 3,493 3,597 —(7)10,059 9,432 7
Securitized debt obligations127 117 141 155 165 9(23)385 505 (24)
Senior and subordinated notes528 535 532 550 582 (1)(9)1,595 1,622 (2)
Other borrowings24 21 26 23 15 146071 38 87
Total interest expense4,013 4,011 4,086 4,221 4,359 —(8)12,110 11,597 4
Net interest income12,886 12,374 12,145 12,466 12,404 4437,405 30,412 23
Provision for credit losses2,916 2,989 4,068 4,142 2,714 (2)79,973 16,513 (40)
Net interest income after provision for credit losses9,970 9,385 8,077 8,324 9,690 6327,432 13,899 97
Non-interest income:
Discount and interchange fees, net2,335 2,256 1,964 1,930 1,812 4296,555 4,513 45
Service charges and other customer-related fees807 808 809 833 849 —(5)2,424 2,016 20
Net securities gains (losses)(40)— — — — ****(40)— **
Other356 412 313 354 294 (14)211,081 910 19
Total non-interest income3,458 3,476 3,086 3,117 2,955 (1)1710,020 7,439 35
Non-interest expense:
Salaries and associate benefits3,733 3,769 3,671 3,430 3,496 (1)711,173 9,041 24
Occupancy and equipment985 969 867 958 856 2152,821 2,208 28
Marketing1,594 1,661 1,497 1,934 1,403 (4)144,752 3,950 20
Professional services604 667 585 693 641 (9)(6)1,856 1,731 7
Communications and data processing622 489 496 482 476 27311,607 1,288 25
Amortization of intangibles508 507 492 525 514 —(1)1,507 801 88
Other810 981 856 1,320 877 (17)(8)2,647 2,137 24
Total non-interest expense8,856 9,043 8,464 9,342 8,263 (2)726,363 21,156 25
Income from continuing operations before income taxes4,572 3,818 2,699 2,099 4,382 20411,089 182 **
Income tax provision (benefit)1,033 798 518 345 1,189 29(13)2,349 (152)**
Income from continuing operations, net of tax3,539 3,020 2,181 1,754 3,193 17118,740 334 **
Income (loss) from discontinued operations, net of tax— — (7)380 (1)—**(7)(15)(53)
Net income3,539 3,020 2,174 2,134 3,192 17118,733 319 **
Dividends and undistributed earnings allocated to participating securities(2)
(32)(28)(20)(20)(33)14(3)(80)(13)**
Preferred stock dividends(73)(57)(73)(57)(73)28—(203)(195)4%
Impacts from preferred stock redemptions(12)— — — — ****(12)6 **
Net income available to common stockholders$3,422 $2,935 $2,081 $2,057 $3,086 17%11%$8,438 $117 **
4

2026 Q3Nine Months Ended September 30,
20262026202620252025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q3202620252025
Basic earnings per common share:(2)
Net income from continuing operations$5.62 $4.73 $3.35 $2.66 $4.83 19%16%$13.68 $0.26 **
Income (loss) from discontinued operations— — (0.01)0.60 — ——(0.01)(0.03)(67)%
Net income per basic common share$5.62 $4.73 $3.34 $3.26 $4.83 19%16%$13.67 $0.23 **
Diluted earnings per common share:(2)
Net income from continuing operations$5.61 $4.73 $3.35 $2.66 $4.83 19%16%$13.66 $0.26 **
Income (loss) from discontinued operations— — (0.01)0.60 — ——(0.01)(0.03)(67)%
Net income per diluted common share$5.61 $4.73 $3.34 $3.26 $4.83 19%16%$13.65 $0.23 **
Weighted-average common shares outstanding (in millions):
Basic common shares608.9 620.5 622.5 631.1 639.0 (2)%(5)%617.2 510.2 21%
Diluted common shares609.5 621.1 623.4 631.6 639.5 (2)(5)618.0 510.9 21
                
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2026 Q3
2026202620262025202520262025
(Dollars in millions)Q3Q2Q1Q4Q3Q2Q3
Assets:
Cash and cash equivalents:
Cash and due from banks$4,950 $4,834 $4,555 $3,031 $4,606 2%7%
Interest-bearing deposits and other short-term investments43,939 49,880 71,939 54,403 50,673 (12)(13)
Total cash and cash equivalents48,889 54,714 76,494 57,434 55,279 (11)(12)
Restricted cash for securitization investors442 1,167 2,762 4,659 3,248 (62)(86)
Investment securities:
Investment securities available for sale85,990 90,041 90,620 91,051 89,733 (4)(4)
Investment securities held to maturity
3,781 2,737 1,694 — — 38 **
Total investment securities
89,771 92,778 92,314 91,051 89,733 (3)— 
Loans held for investment:
Unsecuritized loans held for investment435,477 431,440 421,360 425,665 389,808 1 12 
Loans held in consolidated trusts(15)
27,053 25,728 26,394 27,957 53,351 5 (49)
Total loans held for investment462,530 457,168 447,754 453,622 443,159 1 4 
Allowance for credit losses(22,739)(22,966)(23,630)(23,409)(23,103)(1)(2)
Net loans held for investment439,791 434,202 424,124 430,213 420,056 1 5 
Loans held for sale636 264 186 760 670 141 (5)
Premises and equipment, net6,158 6,244 5,730 5,602 5,576 (1)10 
Interest receivable3,531 3,432 3,460 3,492 3,456 3 2 
Goodwill31,880 31,866 28,502 28,509 28,863 — 10 
Other intangible assets
15,569 16,077 16,087 16,578 17,042 (3)(9)
Other assets36,200 33,091 33,246 30,711 29,957 9 21 
Assets of discontinued operations
— — — — 7,997 — **
Total assets$672,867 $673,835 $682,905 $669,009 $661,877 — %2%
6

2026 Q3
2026202620262025202520262025
(Dollars in millions)Q3Q2Q1Q4Q3Q2Q3
Liabilities:
Interest payable$782 $816 $827 $844 $826 (4)%(5)%
Deposits:
Non-interest-bearing deposits27,691 27,793 27,936 27,385 27,649 — — 
Interest-bearing deposits453,006 456,464 461,117 448,386 441,136 (1)3 
Total deposits480,697 484,257 489,053 475,771 468,785 (1)3 
Securitized debt obligations11,280 8,502 11,283 12,853 13,642 33 (17)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase612 694 626 587 616 (12)(1)
Senior and subordinated notes36,347 35,620 38,421 36,001 36,662 2 (1)
Other borrowings1,535 555 1,558 1,559 562 177 173 
Total other debt38,494 36,869 40,605 38,147 37,840 4 2 
Other liabilities31,958 29,598 28,876 27,778 26,941 8 19 
Liabilities of discontinued operations
— — — — 30 — **
Total liabilities563,211 560,042 570,644 555,393 548,064 1 3 
Stockholders’ equity:
Preferred stock0 0 0 0 0 — — 
Common stock7 7 7 7 7 — — 
Additional paid-in capital, net64,397 65,105 64,284 64,031 63,725 (1)1 
Retained earnings72,213 69,250 66,788 65,192 63,624 4 13 
Accumulated other comprehensive loss(10,008)(6,300)(5,879)(5,468)(5,917)59 69 
Treasury stock, at cost(16,953)(14,269)(12,939)(10,146)(7,626)19 122 
Total stockholders’ equity109,656 113,793 112,261 113,616 113,813 (4)(4)
Total liabilities and stockholders’ equity$672,867 $673,835 $682,905 $669,009 $661,877 — %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 $784 million in Q3 2026, $898 million in Q2 2026, $980 million in Q1 2026, $941 million in Q4 2025 and $869 million in Q3 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)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.
(13)Capital ratios as of the end of Q3 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.
(14)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.
(15)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 Q32026 Q22025 Q3
(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$457,831 $15,515 13.56%$450,862 $14,911 13.23%$440,374 $15,229 13.83%
Investment securities99,842 867 3.48 99,339 850 3.42 96,186 823 3.42 
Cash equivalents and other54,848 517 3.77 67,382 624 3.70 56,687 711 5.02 
Total interest-earning assets$612,521 $16,899 11.04%$617,583 $16,385 10.61%$593,247 $16,763 11.30%
Interest-bearing liabilities:
Interest-bearing deposits$454,245 $3,334 2.94%$458,130 $3,338 2.91%$439,527 $3,597 3.27%
Securitized debt obligations10,918 127 4.66 10,190 117 4.59 12,919 165 5.11 
Senior and subordinated notes35,603 528 5.93 37,498 535 5.70 36,272 582 6.41 
Other borrowings and liabilities(2)
4,356 24 2.17 3,838 21 2.30 3,120 15 2.04 
Total interest-bearing liabilities$505,122 $4,013 3.18%$509,656 $4,011 3.15%$491,838 $4,359 3.55%
Net interest income/spread$12,886 7.86 $12,374 7.46 $12,404 7.75 
Impact of non-interest-bearing funding0.55 0.55 0.61 
Net interest margin
8.41%8.01%8.36%
                                                                                                                                                                                                                                    
Nine Months Ended September 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$451,851 $45,161 13.33%$380,992 $37,835 13.24%
Investment securities99,002 2,549 3.43 93,970 2,377 3.37 
Cash equivalents and other64,888 1,805 3.71 52,499 1,797 4.56 
Total interest-earning assets$615,741 $49,515 10.72%$527,461 $42,009 10.62%
Interest-bearing liabilities:
Interest-bearing deposits$454,785 $10,059 2.95%$388,541 $9,432 3.24%
Securitized debt obligations11,189 385 4.59 13,228 505 5.10 
Senior and subordinated notes36,974 1,595 5.75 33,180 1,622 6.52 
Other borrowings and liabilities(2)
4,145 71 2.30 2,771 38 1.84 
Total interest-bearing liabilities$507,093 $12,110 3.18%$437,720 $11,597 3.53%
Net interest income/spread$37,405 7.54 $30,412 7.09 
Impact of non-interest-bearing funding0.56 0.60 
Net interest margin8.10%7.69%

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics (3)
2026 Q3Nine Months Ended September 30,
2026202620262025202520262025202620252026 vs.
(Dollars in millions, except as noted) Q3Q2Q1Q4Q3Q2Q32025
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card$260,252 $259,005 $254,028 $262,403 $253,951 — 2%$260,252 $253,951 2%
Personal loans
7,984 8,619 9,070 9,499 9,646 (7)%(17)7,984 9,646 (17)
   International card businesses8,124 7,784 7,460 7,668 7,440 4 98,124 7,440 9
Total credit card276,360 275,408 270,558 279,570 271,037 — 2276,360 271,037 2
Consumer banking:
   Auto92,901 89,311 85,700 83,600 82,035 4 1392,901 82,035 13
   Retail banking1,142 1,156 1,173 1,190 1,195 (1)(4)1,142 1,195 (4)
Total consumer banking94,043 90,467 86,873 84,790 83,230 4 1394,043 83,230 13
Commercial banking:
   Commercial and multifamily real estate35,636 34,290 33,809 33,618 33,461 4 735,636 33,461 7
   Commercial and industrial56,491 57,003 56,514 55,644 55,431 (1)256,491 55,431 2
Total commercial banking92,127 91,293 90,323 89,262 88,892 1 492,127 88,892 4
Total loans held for investment$462,530 $457,168 $447,754 $453,622 $443,159 1 %4%$462,530 $443,159 4%
Loans Held for Investment (Average)
Credit card:
   Domestic credit card$257,311 $254,625 $254,036 $255,221 $252,090 1%2%$255,336 $200,221 28%
Personal loans
8,314 8,866 9,310 9,618 9,703 (6)(14)8,826 4,863 81
   International card businesses8,045 7,706 7,628 7,389 7,382 4 97,795 7,088 10
Total credit card273,670 271,197 270,974 272,228 269,175 1 2271,957 212,172 28
Consumer banking:
   Auto91,178 87,419 84,522 82,767 81,094 4 1287,731 79,080 11
   Retail banking1,152 1,164 1,179 1,190 1,201 (1)(4)1,165 1,224 (5)
Total consumer banking92,330 88,583 85,701 83,957 82,295 4 1288,896 80,304 11
Commercial banking:
   Commercial and multifamily real estate34,354 33,978 33,539 33,155 33,104 1 433,960 32,458 5
   Commercial and industrial57,026 56,921 56,021 55,340 55,285 — 356,659 55,630 2
Total commercial banking91,380 90,899 89,560 88,495 88,389 1 390,619 88,088 3
Total average loans held for investment$457,380 $450,679 $446,235 $444,680 $439,859 1%4%$451,472 $380,564 19%
10

2026 Q3Nine Months Ended September 30,
2026202620262025202520262025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q32025
Net Charge-Off (Recovery) Rates
Credit card:
   Domestic credit card3.98%4.71%5.10%4.93%4.63%(73)bps(65)bps4.59%5.21%(62)bps
Personal loans
3.41 3.77 3.81 4.08 3.81 (36)(40)3.67 3.67 —
   International card businesses5.66 5.82 4.65 5.29 5.07 (16)59 5.38 5.09 29 
Total credit card4.01 4.71 5.05 4.91 4.61 (70)(60)4.59 5.17 (58)
Consumer banking:
   Auto1.59 1.43 1.64 1.82 1.54 16 5 1.55 1.44 11 
   Retail banking5.11 5.39 5.99 6.04 4.41 (28)70 5.50 4.57 93 
Total consumer banking1.63 1.48 1.70 1.88 1.58 15 5 1.60 1.49 11 
Commercial banking:
   Commercial and multifamily real estate0.02 0.09 0.03 0.02 (0.09)(7)11 0.05 (0.02)7 
   Commercial and industrial(0.02)0.80 0.44 0.67 0.38 (82)(40)0.41 0.35 6 
Total commercial banking— 0.53 0.29 0.43 0.21 (53)(21)0.27 0.21 6 
Total net charge-offs2.73 3.23 3.45 3.45 3.16 (50)(43)3.13 3.25 (12)
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card3.74%3.39%3.70%3.99%3.89%35 bps(15)bps3.74%3.89%(15)bps
Personal loans
1.84 1.67 1.72 1.74 1.74 17 10 1.84 1.74 10
   International card businesses4.67 4.60 4.82 4.62 4.60 7 7 4.67 4.60 7 
Total credit card3.72 3.37 3.66 3.93 3.84 35 (12)3.72 3.84 (12)
Consumer banking:
   Auto4.64 4.32 4.21 5.23 4.99 32 (35)4.64 4.99 (35)
   Retail banking1.14 1.15 0.92 1.09 0.89 (1)25 1.14 0.89 25 
Total consumer banking4.60 4.28 4.17 5.17 4.93 32 (33)4.60 4.93 (33)
11

2026 Q3Nine Months Ended September 30,
2026202620262025202520262025202620252026 vs.
Q3Q2Q1Q4Q3Q2Q32025
Nonperforming Loans and Nonperforming Assets Rates(4)(5)
Credit card:
Personal loans
0.13%0.12%0.13%0.13%0.13%1  bps— 0.13%0.13%— 
   International card businesses0.18 0.18 0.15 0.16 0.16 — 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:
   Auto0.65 0.61 0.55 0.68 0.71 4 (6)0.65 0.71 (6)
   Retail banking1.51 1.59 1.66 1.45 1.65 (8)(14)1.51 1.65 (14)
Total consumer banking0.66 0.62 0.57 0.69 0.73 4 (7)0.66 0.73 (7)
Commercial banking:
   Commercial and multifamily real estate1.24 1.29 1.07 0.95 1.05 (5)19 1.24 1.05 19 
   Commercial and industrial1.22 1.33 1.60 1.60 1.59 (11)(37)1.22 1.59 (37)
Total commercial banking1.22 1.32 1.40 1.36 1.39 (10)(17)1.22 1.39 (17)
Total nonperforming loans0.38 0.39 0.40 0.40 0.42 (1)(4)0.38 0.42 (4)
Total nonperforming assets0.42 0.43 0.43 0.43 0.44 (1)(2)0.42 0.44 (2)

12

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended September 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 June 30, 2026$18,101 $656 $572 $19,329 $2,142 $20 $2,162 $1,475 $22,966 
Charge-offs(3,773)(104)(166)(4,043)(714)(20)(734)(21)(4,798)
Recoveries1,213 33 52 1,298 352 6 358 21 1,677 
Net charge-offs(2,560)(71)(114)(2,745)(362)(14)(376)— (3,121)
Provision for credit losses2,310 15 154 2,479 403 14 417 — 2,896 
Allowance build (release) for credit losses(250)(56)40 (266)41 — 41 — (225)
Other changes(6)
— — (2)(2)————(2)
Balance as of September 30, 202617,851 600 610 19,061 2,183 20 2,203 1,475 22,739 
Reserve for unfunded lending commitments:
Balance as of June 30, 2026—————— —142 142 
Provision for losses on unfunded lending commitments—————— —20 20 
Balance as of September 30, 2026—————— —162 162 
Combined allowance and reserve as of September 30, 2026$17,851 $600 $610 $19,061 $2,183 $20 $2,203 $1,637 $22,901 
Nine Months Ended September 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(12,325)(341)(476)(13,142)(2,108)(63)(2,171)(213)(15,526)
Recoveries3,527 98 161 3,786 1,087 15 1,102 28 4,916 
Net charge-offs(8,798)(243)(315)(9,356)(1,021)(48)(1,069)(185)(10,610)
Provision for credit losses7,838 112 414 8,364 1,335 45 1,380 209 9,953 
Allowance build (release) for credit losses(960)(131)99 (992)314 (3)311 24 (657)
Other changes(6)
— — (13)(13)— — — — (13)
Balance as of September 30, 202617,851 600 610 19,061 2,183 20 2,203 1,475 22,739 
Reserve for unfunded lending commitments:
Balance as of December 31, 2025—————— — 142 142 
Provision for losses on unfunded lending commitments—————— — 20 20 
Balance as of September 30, 2026—————— — 162 162 
Combined allowance and reserve as of September 30, 2026$17,851 $600 $610 $19,061 $2,183 $20 $2,203 $1,637 $22,901 
13

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

Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(7)
Other(7)
TotalCredit CardConsumer Banking
Commercial Banking(7)
Other(7)
Total
Net interest income$9,622 $2,531 $603 $130 $12,886 $28,110 $7,191 $1,769 $335 $37,405 
Non-interest income (loss)2,525 769 298 (134)3,458 7,191 2,230 891 (292)10,020 
Total net revenue (loss)12,147 3,300 901 (4)16,344 35,301 9,421 2,660 43 47,425 
Provision (benefit) for credit losses2,479 417 20 — 2,916 8,364 1,380 229 — 9,973 
Non-interest expense5,880 2,142 467 367 8,856 17,479 6,261 1,427 1,196 26,363 
Income (loss) from continuing operations before income taxes3,788 741 414 (371)4,572 9,458 1,780 1,004 (1,153)11,089 
Income tax provision (benefit)929 181 101 (178)1,033 2,319 436 246 (652)2,349 
Income (loss) from continuing operations, net of tax$2,859 $560 $313 $(193)$3,539 $7,139 $1,344 $758 $(501)$8,740 
Three Months Ended June 30, 2026
(Dollars in millions) Credit CardConsumer Banking
Commercial Banking(7)
Other(7)
Total
Net interest income$9,252 $2,431 $585 $106 $12,374 
Non-interest income (loss)2,513 778 265 (80)3,476 
Total net revenue11,765 3,209 850 26 15,850 
Provision for credit losses2,474 444 71 — 2,989 
Non-interest expense6,098 2,121 462 362 9,043 
Income (loss) from continuing operations before income taxes3,193 644 317 (336)3,818 
Income tax provision (benefit)782 158 78 (220)798 
Income (loss) from continuing operations, net of tax$2,411 $486 $239 $(116)$3,020 
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(Dollars in millions) Credit CardConsumer Banking
Commercial Banking(7)
Other(7)
TotalCredit CardConsumer Banking
Commercial Banking(7)
Other(7)
Total
Net interest income (loss)$9,396 $2,357 $586 $65 $12,404 $22,343 $6,462 $1,760 $(153)$30,412 
Non-interest income (loss)2,211 475 318 (49)2,955 5,524 1,052 965 (102)7,439 
Total net revenue (loss)11,607 2,832 904 16 15,359 27,867 7,514 2,725 (255)37,851 
Provision (benefit) for credit losses2,364 340 9 1 2,714 15,388 893 232 — 16,513 
Non-interest expense5,409 1,941 520 393 8,263 13,494 5,235 1,495 932 21,156 
Income (loss) from continuing operations before income taxes3,834 551 375 (378)4,382 (1,015)1,386 998 (1,187)182 
Income tax provision (benefit)914 131 89 55 1,189 (237)330 237 (482)(152)
Income (loss) from continuing operations, net of tax$2,920 $420 $286 $(433)$3,193 $(778)$1,056 $761 $(705)$334 

14

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business(3)
2026 Q3 vs.Nine Months Ended September 30,
20262026202620252025202620252026 vs.
(Dollars in millions, except as noted) Q3Q2Q1Q4Q3Q2Q3202620252025
Credit Card
Earnings:
Net interest income$9,622 $9,252 $9,236 $9,479 $9,396 4%2%$28,110 $22,343 26%
Non-interest income2,525 2,513 2,153 2,214 2,211 —147,191 5,524 30 
Total net revenue12,147 11,765 11,389 11,693 11,607 3 535,301 27,867 27 
Provision for credit losses2,479 2,474 3,411 3,678 2,364 —58,364 15,388 (46)
Non-interest expense(8)
5,880 6,098 5,501 6,147 5,409 (4)917,479 13,494 30%
Income (loss) from continuing operations before income taxes3,788 3,193 2,477 1,868 3,834 19 (1)9,458 (1,015)**
Income tax provision (benefit)929 782 608 445 914 19 22,319 (237)**
Income (loss) from continuing operations, net of tax$2,859 $2,411 $1,869 $1,423 $2,920 19%(2)%$7,139 $(778)**
Selected performance metrics:
Period-end loans held for investment$276,360 $275,408$270,558$279,570$271,037—2%$276,360 $271,0372%
Average loans held for investment273,670 271,197270,974272,228269,1751%2271,957 212,17228 
Average yield on loans outstanding(1)
17.70%17.21%17.17%17.71%17.99%49 bps(29)bps17.36%18.08%(72)bps
Total net revenue margin(9)
17.75 17.35 16.81 17.18 17.25 40 50 17.31 17.51 (20)
Net charge-off rate4.01 4.71 5.05 4.91 4.61 (70)(60)4.59 5.17 (58)
30+ day performing delinquency rate3.72 3.37 3.66 3.93 3.84 35 (12)3.72 3.84 (12)
30+ day delinquency rate3.72 3.37 3.67 3.94 3.84 35 (12)3.72 3.84 (12)
Nonperforming loan rate(4)
0.01 0.01 0.01 0.01 0.01 — — 0.01 0.01 — 
Purchase volume(10)
$254,679 $253,750$220,540$238,687$230,379—%11%$728,969 $589,78024%
15

2026 Q3 vs.Nine Months Ended September 30,
20262026202620252025202620252026 vs.
(Dollars in millions, except as noted)Q3Q2Q1Q4Q3Q2Q3202620252025
Domestic Card
Earnings:
Net interest income$9,005 $8,643 $8,618 $8,854 $8,766 4%3%$26,266 $20,931 25%
Non-interest income2,475 2,460 2,107 2,168 2,160 1 15 7,042 5,369 31 
Total net revenue11,480 11,103 10,725 11,022 10,926 3 5 33,308 26,300 27 
Provision for credit losses2,310 2,292 3,236 3,482 2,163 1 7 7,838 14,219 (45)
Non-interest expense5,556 5,771 5,179 5,789 5,092 (4)9 16,506 12,706 30%
Income (loss) from continuing operations before income taxes3,614 3,040 2,310 1,751 3,671 19 (2)8,964 (625)**
Income tax provision (benefit)885 745 566 417 873 19 12,196 (149)**
Income (loss) from continuing operations, net of tax$2,729 $2,295 $1,744 $1,334 $2,798 19%(2)%$6,768 $(476)**
Selected performance metrics:
Period-end loans held for investment$260,252 $259,005$254,028$262,403$253,951— 2%$260,252 $253,9512%
Average loans held for investment257,311 254,625254,036255,221252,0901%2 255,336 200,22128 
Average yield on loans outstanding(1)
17.66%17.16%17.13%17.68%17.99%50 bps(33)bps17.32%18.03%(71)bps
Total net revenue margin(9)
17.85 17.44 16.89 17.28 17.34 41 51 17.39 17.51 (12)
Net charge-off rate3.98 4.71 5.10 4.93 4.63 (73)(65)4.59 5.21 (62)
30+ day performing delinquency rate3.74 3.39 3.70 3.99 3.89 35 (15)3.74 3.89 (15)
Purchase volume(10)
$250,024 $249,195$216,513$234,375$226,147—%11%$715,732 $577,84624%
Refreshed FICO scores:(11)
Greater than 66073%74%73%73%73%(1)— 73%73%— 
660 or below27 26 27 27 27 1 — 27 27 — 
Total100%100%100%100%100%100%100%
    

16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2026 Q3 vs.Nine Months Ended September 30,
20262026202620252025202620252026 vs.
(Dollars in millions, except as noted)Q3Q2Q1Q4Q3Q2Q3202620252025
Consumer Banking
Earnings:
Net interest income$2,531 $2,431 $2,229 $2,296 $2,357 4%7%$7,191 $6,462 11%
Non-interest income769 778 683 623 475 (1)62 2,230 1,052 112
Total net revenue3,300 3,209 2,912 2,919 2,832 3 17 9,421 7,514 25
Provision for credit losses417 444 519 409 340 (6)23 1,380 893 55
Non-interest expense2,142 2,121 1,998 2,289 1,941 1 10 6,261 5,235 20
Income from continuing operations before income taxes741 644 395 221 551 15 34 1,780 1,386 28
Income tax provision181 158 97 52 131 15 38 436 330 32
Income from continuing operations, net of tax$560 $486 $298 $169 $420 15%33%$1,344 $1,056 27%
Selected performance metrics:
Period-end loans held for investment$94,043$90,467$86,873$84,790$83,2304%13%$94,043$83,23013%
Average loans held for investment92,330 88,58385,70183,95782,2954 12 88,89680,30411
Average yield on loans held for investment(1)
9.71%9.57%9.43%9.59%9.52%14 bps19bps9.57%9.28%29bps
Auto loan originations$13,103$12,916$11,130$10,194$10,7311%22%$37,149$30,80221%
Period-end deposits431,095 435,221438,034423,932416,765(1)3 431,095416,7653
Average deposits432,953 435,890428,391418,673414,219(1)5 432,428366,85418
Average deposits interest rate2.78%2.76%2.84%2.98%3.07%2 bps(29)bps2.79%3.03%(24)bps
Net charge-off rate1.63 1.48 1.70 1.88 1.58 15 5 1.60 1.49 11
30+ day performing delinquency rate4.60 4.28 4.17 5.17 4.93 32 (33)4.60 4.93 (33)
30+ day delinquency rate5.12 4.76 4.59 5.73 5.53 36 (41)5.12 5.53 (41)
Nonperforming loan rate(4)
0.66 0.62 0.57 0.69 0.73 4 (7)0.66 0.73 (7)
Nonperforming asset rate(5)
0.77 0.72 0.66 0.79 0.82 5 (5)0.77 0.82 (5)
Global Payment Network volume$190,934$189,612$174,332$174,644$153,1171%25%$554,878$227,131144%
Auto—At origination FICO scores:(12)
Greater than 66049%49%50%51%51%— (2)49%51%(2)
621 - 66019 19 19 19 19 — — 19 19 —
620 or below32 32 31 30 30 — 2 32 30 2
Total100%100%100%100%100%100%100%
17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2026 Q3 vs.Nine Months Ended September 30,
20262026202620252025202620252026 vs.
(Dollars in millions, except as noted) Q3Q2Q1Q4Q3Q2Q3202620252025
Commercial Banking
Earnings:
Net interest income$603 $585 $581 $574 $586 3%3%$1,769$1,7601%
Non-interest income298 265 328 356 318 12(6)891965(8)
Total net revenue(7)
901 850 909 930 904 6—2,6602,725(2)
Provision for credit losses20 71 138 55 9 (72)122229232(1)
Non-interest expense467 462 498 504 520 1(10)1,4271,495(5)
Income from continuing operations before income taxes414 317 273 371 375 31101,0049981
Income tax provision101 78 67 89 89 29132462374%
Income from continuing operations, net of tax$313 $239 $206 $282 $286 31%9%$758$761—
Selected performance metrics:
Period-end loans held for investment$92,127$91,293$90,323$89,262$88,8921%4%$92,127$88,8924%
Average loans held for investment 91,38090,89989,56088,49588,3891390,61988,0883
Average yield on loans held for investment(1)(7)
5.88%5.75%5.68%6.08%6.42%13bps(54)bps5.77%6.37%(60)bps
Period-end deposits$31,136$30,841$31,007$31,250$29,9201%4%$31,136$29,9204%
Average deposits31,53131,24831,13731,46229,8891531,30730,6562
Average deposits interest rate1.83%1.81%1.83%1.96%2.13%2bps(30)bps1.82%2.11%(29)bps
Net charge-off (recovery) rate— 0.53 0.29 0.43 0.21 (53)(21)0.27 0.21 6
Nonperforming loan rate(4)
1.22 1.32 1.40 1.36 1.39 (10)(17)1.22 1.39 (17)
Nonperforming asset rate(5)
1.30 1.39 1.47 1.39 1.40 (9)(10)1.30 1.40 (10)
Risk category:(13)
Noncriticized$86,948$86,034$84,545$83,873$83,0981%5%$86,948$83,0985%
Criticized performing4,0514,0584,5104,1774,558—(11)4,0514,558(11)
Criticized nonperforming1,1281,2011,2681,2121,236(6)(9)1,1281,236(9)
Total commercial banking loans held for investment$92,127$91,293$90,323$89,262$88,8921%4%$92,127$88,8924%
Risk category as a percentage of period-end loans held for investment:(13)
Noncriticized94.38%94.24%93.61%93.96%93.48%14bps90bps94.38%93.48%90bps
Criticized performing4.40 4.44 4.99 4.68 5.13 (4)(73)4.40 5.13 (73)
Criticized nonperforming1.22 1.32 1.40 1.36 1.39 (10)(17)1.22 1.39 (17)
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 Q3 vs.Nine Months Ended September 30,
20262026202620252025202620252026 vs.
(Dollars in millions)Q3Q2Q1Q4Q3Q2Q3202620252025
Other
Earnings:
Net interest income (loss)$130$106$99$117$6523%100%$335$(153)**
Non-interest loss(134)(80)(78)(76)(49)68173(292)(102)186%
Total net revenue (loss)(7)
(4)26214116****43(255)**
Provision (benefit) for credit losses————1****——**
Non-interest expense(14)
3673624674023931(7)1,19693228
Loss from continuing operations before income taxes(371)(336)(446)(361)(378)10(2)(1,153)(1,187)(3)
Income tax provision (benefit)(178)(220)(254)(241)55(19)**(652)(482)35
Loss from continuing operations, net of tax$(193)$(116)$(192)$(120)$(433)66%(55)%$(501)$(705)(29)%
Selected performance metrics:
Period-end deposits$18,466 $18,195 $20,012 $20,589 $22,100 1%(16)%$18,466 $22,100 (16)%
Average deposits18,129 19,653 20,430 20,830 23,172 (8)(22)19,395 18,176 7
Total
Earnings:
Net interest income$12,886 $12,374 $12,145 $12,466 $12,404 4%4%$37,405 $30,412 23%
Non-interest income3,458 3,476 3,086 3,117 2,955 (1)1710,020 7,439 35
Total net revenue16,344 15,850 15,231 15,583 15,359 3647,425 37,851 25
Provision for credit losses2,916 2,989 4,068 4,142 2,714 (2)79,973 16,513 (40)
Non-interest expense8,856 9,043 8,464 9,342 8,263 (2)726,363 21,156 25%
Income from continuing operations before income taxes4,572 3,818 2,699 2,099 4,382 20411,089 182 **
Income tax provision (benefit)1,033 798 518 345 1,189 29(13)2,349 (152)**
Income from continuing operations, net of tax$3,539 $3,020 $2,181 $1,754 $3,193 17%11%$8,740 $334 **
Selected performance metrics:
Period-end loans held for investment$462,530 $457,168 $447,754 $453,622 $443,159 1%4%$462,530 $443,159 4%
Average loans held for investment457,380 450,679 446,235 444,680 439,859 14451,472 380,564 19
Period-end deposits480,697 484,257 489,053 475,771 468,785 (1)3480,697 468,785 3
Average deposits482,613 486,791 479,958 470,965 467,280 (1)3483,130 415,686 16
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 $2.8 billion in Q3 2026, $2.4 billion in Q2 2026, $2.1 billion in Q3 2025 and $2.5 billion for the first nine months of 2026 and $2.1 billion for the first nine months of 2025. Related interest expense was $10 million in Q3 2026, $9 million in Q2 2026, $8 million in Q3 2025 and $27 million for the first nine months of 2026 and $23 million for the first nine months of 2025.
(3)Effective in the second quarter of 2026, Domestic Card results include Brex and our legacy corporate card product.
(4)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.
(5)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.
(6)Primarily represents foreign currency translation adjustments.
(7)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.
(8)Includes the impact of $47 million and $96 million in Brex integration expenses in Q3 2026 and Q2 2026, respectively.
(9)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(10)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(11)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.
(12)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.
(13)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(14)Includes the impact of $338 million, $298 million, $415 million, $352 million and $348 million in Discover integration expenses in Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 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) September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
Regulatory Capital Metrics
Common equity excluding AOCI$115,246$114,686$112,733$113,677$114,323
Adjustments:
AOCI, net of tax(2)
6662698168
Goodwill, net of related deferred tax liabilities(31,569)(31,559)(28,201)(28,217)(28,575)
Other Intangible and deferred tax assets, net of deferred tax liabilities(11,998)(12,413)(12,142)(12,493)(12,846)
Common equity Tier 1 capital$71,745$70,776$72,459$73,048$72,970
Tier 1 capital$76,164$76,183$77,866$78,455$78,377
Total capital(3)
85,69885,77187,32688,00087,853
Risk-weighted assets520,429516,287504,654511,794506,535
Adjusted average assets(4)
638,655643,349640,503629,997622,435
Capital Ratios
Common equity Tier 1 capital(5)
13.8%13.7%14.4%14.3%14.4%
Tier 1 capital(6)
14.614.815.415.315.5
Total capital(7)
16.516.617.317.217.3
Tier 1 leverage(4)
11.911.812.212.512.6
TCE(8)
9.810.210.310.710.8
    


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.
20262026202620252025Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)Q3Q2Q1Q4Q320262025
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)$3,422$2,935$2,081$2,057$3,086$8,438$117
Acquisition amortization expenses(9)
4834944775466031,454943
Discover integration expenses3382984153523481,051757
Brex integration expenses4796———143—
Initial allowance build for Discover non-PCD loans
——————8,767
Legal reserve activities
———117——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)4,2903,8232,9732,5604,03711,08610,823
Income tax impacts(214)(219)(221)(124)(236)(654)(2,651)
Adjusted net income available to common stockholders (non-GAAP)$4,076$3,604$2,752$2,436$3,801$10,432$8,172
Diluted weighted-average common shares outstanding (in millions) (GAAP)609.5621.1623.4631.6639.5618.0510.9
Diluted EPS (GAAP)$5.61$4.73$3.34$3.26$4.83$13.65$0.23
Impact of adjustments noted above1.081.081.080.601.123.2315.77
Adjusted diluted EPS (non-GAAP)$6.69$5.81$4.42$3.86$5.95$16.88$16.00
Adjusted efficiency ratio:
Non-interest expense (GAAP)$8,856$9,043$8,464$9,342$8,263$26,363$21,156
Acquisition amortization expenses(9)
(519)(518)(478)(509)(498)(1,515)(753)
Discover integration expenses(338)(298)(415)(352)(348)(1,051)(757)
Brex integration expenses(47)(96)———(143)—
Legal reserve activities———(117)——(239)
FDIC special assessment———29———
Adjusted non-interest expense (non-GAAP)$7,952$8,131$7,571$8,393$7,417$23,654$19,407
Total net revenue (GAAP)$16,344$15,850$15,231$15,583$15,359$47,425$37,851
Acquisition amortization expenses(9)
(36)(24)(1)37105(61)190
Adjusted net revenue (non-GAAP)$16,308$15,826$15,230$15,620$15,464$47,364$38,041
22

20262026202620252025Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)Q3Q2Q1Q4Q320262025
Efficiency ratio (GAAP)54.19%57.05%55.57%59.95%53.80%55.59%55.89%
Impact of adjustments noted above(543)bps(567)bps(586)bps(622)bps(584)bps(565)bps(489)bps
Adjusted efficiency ratio (non-GAAP)48.76%51.38%49.71%53.73%47.96%49.94%51.02%
Adjusted operating efficiency ratio:
Operating expense (GAAP)$7,262$7,382$6,967$7,408$6,860$21,611$17,206
Acquisition amortization expenses(9)
(519)(518)(478)(509)(498)(1,515)(753)
Discover integration expenses(338)(298)(415)(352)(348)(1,051)(757)
Brex integration expenses(47)(96)———(143)—
Legal reserve activities———(117)——(239)
FDIC special assessment———29———
Adjusted operating expense (non-GAAP)$6,358$6,470$6,074$6,459$6,014$18,902$15,457
Total net revenue (GAAP)$16,344$15,850$15,231$15,583$15,359$47,425$37,851
Acquisition amortization expenses(9)
(36)(24)(1)37105(61)190
Adjusted net revenue (non-GAAP)$16,308$15,826$15,230$15,620$15,464$47,364$38,041
Operating efficiency ratio (GAAP)44.43%46.57%45.74%47.54%44.66%45.57%45.46%
Impact of adjustments noted above(544)bps(569)bps(586)bps(619)bps(577)bps(566)bps(482)bps
Adjusted operating efficiency ratio (non-GAAP)38.99%40.88%39.88%41.35%38.89%39.91%40.63%



23


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.

20262026202620252025
(Dollars in millions)Q3Q2Q1Q4Q3
Pre-provision earnings
Total net revenue$16,344 $15,850 $15,231 $15,583 $15,359
Non-interest expense(8,856)(9,043)(8,464)(9,342)(8,263)
Pre-provision earnings(10)
$7,488 $6,807 $6,767 $6,241 $7,096
Adjusted pre-provision earnings
Adjusted net revenue (non-GAAP)$16,308 $15,826 $15,230 $15,620 $15,464
Adjusted non-interest expense (non-GAAP)(7,952)(8,131)(7,571)(8,393)(7,417)
Adjusted pre-provision earnings(10)
$8,356 $7,695 $7,659 $7,227 $8,047 
Tangible common equity (period-end)
Stockholders’ equity$109,656 $113,793 $112,261 $113,616 $113,813
Goodwill and other intangible assets, includes impact of related deferred taxes(43,446)(43,840)(40,489)(40,876)(41,537)
Noncumulative perpetual preferred stock(4,419)(5,407)(5,407)(5,407)(5,407)
Tangible common equity(11)
$61,791 $64,546 $66,365 $67,333 $66,869 
Tangible common equity (average)
Stockholders’ equity$113,571 $114,518 $114,556 $115,404 $112,819
Goodwill and other intangible assets, includes impact of related deferred taxes (43,672)(44,033)(40,709)(41,144)(41,815)
Noncumulative perpetual preferred stock(5,085)(5,407)(5,407)(5,407)(5,407)
Tangible common equity(11)
$64,814 $65,078 $68,440 $68,853 $65,597 
Return on tangible common equity (average)
Net income available to common stockholders$3,422 $2,935 $2,081 $2,057 $3,086
Income (loss) from discontinued operations, net of tax— — (7)380 (1)
Net income available to common stockholders less income (loss) from discontinued operations, net of tax$3,422 $2,935 $2,088 $1,677 $3,087
Tangible common equity (average)
64,814 65,078 68,440 68,853 65,597
Return on tangible common equity(11)
21.12%18.04%12.20%9.74%18.82%
Tangible assets (period-end)
Total assets$672,867 $673,835 $682,905 $669,009 $661,877
Goodwill and other intangible assets, includes impact of related deferred taxes(43,446)(43,840)(40,489)(40,876)(41,537)
Tangible assets(11)
$629,421 $629,995 $642,416 $628,133 $620,340
24

20262026202620252025
(Dollars in millions)Q3Q2Q1Q4Q3
Tangible assets (average)
Total assets$676,168 $682,079 $675,999 $665,656 $657,858 
Goodwill and other intangible assets, includes impact of related deferred taxes(43,672)(44,033)(40,709)(41,144)(41,815)
Tangible assets(11)
$632,496 $638,046 $635,290 $624,512 $616,043 
Return on tangible assets (average)
Net income $3,539 $3,020 $2,174 $2,134 $3,192 
Income (loss) from discontinued operations, net of tax— — (7)380 (1)
Net income less income (loss) from discontinued operations, net of tax$3,539 $3,020 $2,181 $1,754 $3,193 
Tangible assets (average)632,496 638,046 635,290 624,512 616,043 
Return on tangible assets(11)
2.24%1.89%1.37%1.12%2.07%
TCE ratio
Tangible common equity (period-end)$61,791 $64,546 $66,365 $67,333 $66,869 
Tangible assets (period-end)629,421 629,995 642,416 628,133 620,340 
TCE ratio(11)
9.8%10.2%10.3%10.7%10.8%
Tangible book value per common share
Tangible common equity (period-end)$61,791 $64,546 $66,365 $67,333 $66,869 
Outstanding common shares601.5 613.5 615.9 625.1 635.7 
Tangible book value per common share(11)
$102.72 $105.21 $107.76 $107.72 $105.18 
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 September 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)Management believes that this financial metric is useful when assessing returns and capital management over time.

26

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