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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, 2022
Date of Report (Date of earliest event reported)
____________________________________
CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 001-13300 54-1719854
(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 Class Trading 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 I COF 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 J COF 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 K COF 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 L COF 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 N COF PRN
New York Stock Exchange
0.800% Senior Notes Due 2024 COF24
New York Stock Exchange
1.650% Senior Notes Due 2029 COF29
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, 2022, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2022. 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
99.2
104 The 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, 2022 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, 2022 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, 2022
 By: /s/ TIMOTHY P. GOLDEN
Timothy P. Golden
Controller and Principal Accounting Officer

3
EX-99.1 2 ex991q22022earningsrelease.htm EX-99.1 Document

Exhibit 99.1
News Release

earningsslidesvfinal1b58a.jpg
Contacts:
Investor Relations Media Relations
Jeff Norris Danielle Dietz Sie Soheili
jeff.norris@capitalone.com danielle.dietz@capitalone.com sie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 21, 2022
Capital One Reports Second Quarter 2022 Net Income of $2.0 billion,
or $4.96 per share
McLean, Va. (July 21, 2022) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2022 of $2.0 billion, or $4.96 per diluted common share, compared with net income of $2.4 billion, or $5.62 per diluted common share in the first quarter of 2022, and with net income of $3.5 billion, or $7.62 per diluted common share in the second quarter of 2021.
“We continued to drive attractive and resilient growth in the second quarter, and we’re staying focused on the most resilient businesses and opportunities", said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "The choices we’re making today put us in a strong position to continue to deliver long-term value as the sweeping digital transformation of banking continues.”
All comparisons below are for the second quarter of 2022 compared with the first quarter of 2022 unless otherwise noted.
Second Quarter 2022 Income Statement Summary:
•Total net revenue increased 1 percent to $8.2 billion.
•Total non-interest expense increased 1 percent to $4.6 billion:
◦9 percent increase in marketing.
◦1 percent decrease in operating expenses.
•Pre-provision earnings increased 1 percent to $3.6 billion.(1)
•Provision for credit losses increased $408 million to $1.1 billion:
◦Net charge-offs of $845 million.
◦$200 million loan reserve build.
•Net interest margin of 6.54 percent, an increase of 5 basis points.
(1)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.


Capital One Second Quarter 2022 Earnings
Page 2

•Efficiency ratio of 55.67 percent.
•Operating efficiency ratio of 43.49 percent.
Second Quarter 2022 Balance Sheet Summary:
•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.1 percent at June 30, 2022.
•Period-end loans held for investment in the quarter increased $15.9 billion, or 6 percent, to $296.4 billion.
◦Credit Card period-end loans increased $6.9 billion, or 6 percent, to $120.9 billion.
•Domestic Card period-end loans increased $7.0 billion, or 6 percent, to $115.0 billion.
◦Consumer Banking period-end loans increased $1.2 billion, or 1 percent, to $81.5 billion.
•Auto period-end loans increased $1.3 billion, or 2 percent, to $79.9 billion.
◦Commercial Banking period-end loans increased $7.8 billion, or 9 percent, to $94.0 billion.
•Average loans held for investment in the quarter increased $10.8 billion, or 4 percent, to $286.1 billion.
◦Credit Card average loans increased $4.4 billion, or 4 percent, to $115.8 billion.
•Domestic Card average loans increased $4.4 billion, or 4 percent, to $110.0 billion.
◦Consumer Banking average loans increased $2.3 billion, or 3 percent, to $81.0 billion.
•Auto average loans increased $2.4 billion, or 3 percent, to $79.3 billion.
◦Commercial Banking average loans increased $4.1 billion, or 5 percent, to $89.3 billion.
•Period-end total deposits decreased $5.5 billion, or 2 percent, to $307.9 billion, while average deposits decreased $3.6 billion, or 1 percent, to $306.0 billion.
•Interest-bearing deposits rate paid increased 12 basis points to 0.44 percent.

Capital One Second Quarter 2022 Earnings
Page 3

Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 21, 2022 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, 2022 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. 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, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2021.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $307.9 billion in deposits and $440.3 billion in total assets as of June 30, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
###



EX-99.2 3 ex992q22022earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)
Second Quarter 2022
Table of Contents
Capital One Financial Corporation Consolidated Results Page
Business Segment Results
Other
__________
(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, 2022 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 in assessing our capital adequacy and the level of return generated. 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.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
2022 Q2 vs. Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) 2022 2022 2021 2021 2021 2022 2021 2022 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Income Statement
Net interest income $ 6,517  $ 6,397  $ 6,450  $ 6,156  $ 5,743  2  % 13  % $ 12,914  $ 11,565  12  %
Non-interest income 1,715  1,776  1,668  1,674  1,631  (3) 5  3,491  2,922  19 
Total net revenue(1)
 8,232  8,173  8,118  7,830  7,374  1  12  16,405  14,487  13 
Provision (benefit) for credit losses 1,085  677  381  (342) (1,160) 60  ** 1,762  (1,983) **
Non-interest expense:
Marketing 1,003  918  999  751  620  9  62  1,921  1,121  71 
Operating expense 3,580  3,633  3,679  3,435  3,346  (1) 7  7,213  6,585  10 
Total non-interest expense 4,583  4,551  4,678  4,186  3,966  1  16  9,134  7,706  19 
Income from continuing operations before income taxes 2,564  2,945  3,059  3,986  4,568  (13) (44) 5,509  8,764  (37)
Income tax provision 533  542  633  882  1,031  (2) (48) 1,075  1,900  (43)
Income from continuing operations, net of tax 2,031  2,403  2,426  3,104  3,537  (15) (43) 4,434  6,864  (35)
Loss from discontinued operations, net of tax —  —  (1) —  (1) —  ** —  (3) **
Net income 2,031  2,403  2,425  3,104  3,536  (15) (43) 4,434  6,861  (35)
Dividends and undistributed earnings allocated to participating securities(2)
 (25) (28) (21) (26) (30) (11) (17) (53) (58) (9)
Preferred stock dividends (57) (57) (74) (79) (60) —  (5) (114) (121) (6)
Issuance cost for redeemed preferred stock(3)
 —  —  (34) (12) —  —  —  —  —  — 
Net income available to common stockholders $ 1,949  $ 2,318  $ 2,296  $ 2,987  $ 3,446  (16) (43) $ 4,267  $ 6,682  (36)
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations $ 4.98  $ 5.65  $ 5.43  $ 6.81  $ 7.65  (12) % (35) % $ 10.65  $ 14.70  (28) %
Net income per basic common share $ 4.98  $ 5.65  $ 5.43  $ 6.81  $ 7.65  (12) (35) $ 10.65  $ 14.70  (28)
Diluted earnings per common share:(2)
Net income from continuing operations $ 4.96  $ 5.62  $ 5.41  $ 6.78  $ 7.62  (12) % (35) % $ 10.61  $ 14.65  (28) %
Net income per diluted common share $ 4.96  $ 5.62  $ 5.41  $ 6.78  $ 7.62  (12) (35) $ 10.61  $ 14.65  (28)
Weighted-average common shares outstanding (in millions):
Basic 391.2  410.4  422.5  438.8  450.6  (5) % (13) % 400.8  454.6  (12) %
Diluted 392.6  412.2  424.3  440.5  452.3  (5) (13) 402.3  456.2  (12)
Common shares outstanding (period-end, in millions) 383.8  399.0  413.9  430.4  446.1  (4) (14) 383.8  446.1  (14)
Dividends declared and paid per common share $ 0.60  $ 0.60  $ 0.60  $ 1.20  $ 0.40  —  50  $ 1.20  $ 0.80  50 
Tangible book value per common share (period-end)(4)
 87.84  91.77  99.74  99.60  97.20  (4) (10) 87.84  97.20  (10)
1

2022 Q2 vs. Six Months Ended June 30,
(Dollars in millions) 2022 2022 2021 2021 2021 2022 2021 2022 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Balance Sheet (Period-End)
Loans held for investment $ 296,384  $ 280,466  $ 277,340  $ 261,390  $ 249,597  6  % 19  % $ 296,384  $ 249,597  19  %
Interest-earning assets 406,565  398,241  397,341  387,208  387,295  2  5  406,565  387,295  5 
Total assets 440,288  434,195  432,381  425,377  423,420  1  4  440,288  423,420  4 
Interest-bearing deposits 270,881  275,648  272,937  269,134  271,314  (2) —  270,881  271,314  — 
Total deposits 307,885  313,429  310,980  305,938  306,308  (2) 1  307,885  306,308  1 
Borrowings 58,938  45,358  43,086  37,501  36,343  30  62  58,938  36,343  62 
Common equity 48,564  51,499  56,184  57,632  58,136  (6) (16) 48,564  58,136  (16)
Total stockholders’ equity 53,410  56,345  61,029  63,544  64,624  (5) (17) 53,410  64,624  (17)
Balance Sheet (Average Balances)
Loans held for investment $ 286,110  $ 275,342  $ 267,159  $ 253,101  $ 246,463  4  % 16  % $ 280,756  $ 245,207  14  %
Interest-earning assets 398,934  394,082  390,868  387,766  390,129  1  2  396,521  389,355  2 
Total assets 435,327  430,372  427,845  424,506  424,099  1  3  432,806  422,959  2 
Interest-bearing deposits 268,104  271,823  269,951  269,278  273,476  (1) (2) 269,953  273,417  (1)
Total deposits 305,954  309,597  307,272  305,035  308,217  (1) (1) 307,765  306,645  — 
Borrowings 53,208  42,277  39,943  37,464  37,054  26  44  47,773  38,475  24 
Common equity 49,319  54,591  56,946  58,230  56,885  (10) (13) 51,940  56,333  (8)
Total stockholders’ equity 54,165  59,437  62,498  64,682  62,376  (9) (13) 56,786  61,504  (8)
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2022 Q2 vs. Six Months Ended June 30,
(Dollars in millions, except as noted) 2022 2022 2021 2021 2021 2022 2021 2022 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Performance Metrics
Net interest income growth (period over period) 2  % (1) % 5  % 7  % (1) % ** ** 12  % 1  % **
Non-interest income growth (period over period) (3) 6  —  3  26  ** ** 19  26  **
Total net revenue growth (period over period) 1  1  4  6  4  ** ** 13  5  **
Total net revenue margin(5)
 8.25  8.30  8.31  8.08  7.56  (5) bps 69  bps 8.27  7.44  83  bps
Net interest margin(6)
 6.54  6.49  6.60  6.35  5.89  5  65  6.51  5.94  57 
Return on average assets 1.87  2.23  2.27  2.92  3.34  (36) (147) 2.05  3.25  (120)
Return on average tangible assets(7)
 1.93  2.31  2.35  3.03  3.46  (38) (153) 2.12  3.36  (124)
Return on average common equity(8)
 15.81  16.98  16.13  20.52  24.24  (117) (8)% 16.43  23.73  (7)%
Return on average tangible common equity(9)
 22.63  23.36  21.82  27.50  32.75  (73) (10) 23.03  32.19  (9)
Non-interest expense as a percentage of average loans held for investment 6.41  6.61  7.00  6.62  6.44  (20) (3) bps 6.51  6.29  22  bps
Efficiency ratio(10)
 55.67  55.68  57.63  53.46  53.78  (1) 189  55.68  53.19  249 
Operating efficiency ratio(11)
 43.49  44.45  45.32  43.87  45.38  (96) (189) 43.97  45.45  (148)
Effective income tax rate for continuing operations 20.8  18.4  20.7  22.1  22.6  240  (180) 19.5  21.7  (220)
Employees (period-end, in thousands) 53.6  51.5  50.8  50.8  52.0  4% 3% 53.6  52.0  3%
Credit Quality Metrics
Allowance for credit losses $ 11,491  $ 11,308  $ 11,430  $ 11,573  $ 12,346  2% (7)% $ 11,491  $ 12,346  (7)%
Allowance coverage ratio 3.88  % 4.03  % 4.12  % 4.43  % 4.95  % (15) bps (107) bps 3.88  % 4.95  % (107) bps
Net charge-offs $ 845  $ 767  $ 527  $ 426  $ 541  10% 56% $ 1,612  $ 1,281  26%
Net charge-off rate(12)
 1.18  % 1.11  % 0.79  % 0.67  % 0.88  % 7  bps 30  bps 1.15  % 1.04  % 11  bps
30+ day performing delinquency rate 2.36  2.08  2.25  1.97  1.75  28  61  2.36  1.75  61 
30+ day delinquency rate 2.54  2.21  2.41  2.13  1.89  33  65  2.54  1.89  65 
Capital Ratios(13)
Common equity Tier 1 capital
12.1  % 12.7  % 13.1  % 13.8  % 14.5  % (60) bps (240) bps 12.1  % 14.5  % (240) bps
Tier 1 capital 13.5  14.1  14.5  15.7  16.6  (60) (310) 13.5  16.6  (310)
Total capital 15.7  16.4  16.9  18.2  18.8  (70) (310) 15.7  18.8  (310)
Tier 1 leverage 11.1  11.3  11.6  12.2  12.4  (20) (130) 11.1  12.4  (130)
Tangible common equity (“TCE”)(14)
 7.9  8.7  9.9  10.4  10.6  (80) (270) 7.9  10.6  (270)
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2022 Q2 vs. Six Months Ended June 30,
(Dollars in millions, except as noted) 2022 2022 2021 2021 2021 2022 2021 2022 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Interest income:
Loans, including loans held for sale $ 6,605  $ 6,367  $ 6,451  $ 6,205  $ 5,753  4  % 15  % $ 12,972  $ 11,607  12  %
Investment securities 435  402  368  317  370  8  18  837  761  10 
Other 55  15  12  16  16  ** ** 70  32  119 
Total interest income 7,095  6,784  6,831  6,538  6,139  5  16  13,879  12,400  12 
Interest expense:
Deposits 293  218  222  228  237  34  24  511  506  1 
Securitized debt obligations 65  29  30  29  28  124  132  94  60  57 
Senior and subordinated notes 194  131  121  116  122  48  59  325  251  29 
Other borrowings 26  9  8  9  9  189  189  35  18  94 
Total interest expense 578  387  381  382  396  49  46  965  835  16 
Net interest income 6,517  6,397  6,450  6,156  5,743  2  13  12,914  11,565  12 
Provision (benefit) for credit losses 1,085  677  381  (342) (1,160) 60  ** 1,762  (1,983) **
Net interest income after provision for credit losses 5,432  5,720  6,069  6,498  6,903  (5) (21) 11,152  13,548  (18)
Non-interest income:
Interchange fees, net 1,201  1,033  1,005  1,022  1,016  16  18  2,234  1,833  22 
Service charges and other customer-related fees 415  400  435  407  384  4  8  815  736  11 
Other 99  343  228  245  231  (71) (57) 442  353  25 
Total non-interest income 1,715  1,776  1,668  1,674  1,631  (3) 5  3,491  2,922  19 
Non-interest expense:
Salaries and associate benefits 1,946  2,026  1,941  1,852  1,781  (4) 9  3,972  3,628  9 
Occupancy and equipment 481  513  527  481  523  (6) (8) 994  995  — 
Marketing 1,003  918  999  751  620  9  62  1,921  1,121  71 
Professional services 458  397  449  358  341  15  34  855  633  35 
Communications and data processing 339  339  326  319  315  —  8  678  617  10 
Amortization of intangibles 14  14  13  5  5  —  180  28  11  155 
Other 342  344  423  420  381  (1) (10) 686  701  (2)
Total non-interest expense 4,583  4,551  4,678  4,186  3,966  1  16  9,134  7,706  19 
Income from continuing operations before income taxes 2,564  2,945  3,059  3,986  4,568  (13) (44) 5,509  8,764  (37)
Income tax provision 533  542  633  882  1,031  (2) (48) 1,075  1,900  (43)
Income from continuing operations, net of tax 2,031  2,403  2,426  3,104  3,537  (15) (43) 4,434  6,864  (35)
Loss from discontinued operations, net of tax —  —  (1) —  (1) — ** —  (3) **
Net income 2,031  2,403  2,425  3,104  3,536  (15) (43) 4,434  6,861  (35)
Dividends and undistributed earnings allocated to participating securities(2)
 (25) (28) (21) (26) (30) (11) (17) (53) (58) (9)
Preferred stock dividends (57) (57) (74) (79) (60) —  (5) (114) (121) (6)
Issuance cost for redeemed preferred stock(3)
 —  —  (34) (12) —  —  —  —  —  — 
Net income available to common stockholders $ 1,949  $ 2,318  $ 2,296  $ 2,987  $ 3,446  (16) (43) $ 4,267  $ 6,682  (36)
4

2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Basic earnings per common share:(2)
Net income from continuing operations $ 4.98  $ 5.65  $ 5.43  $ 6.81  $ 7.65  (12) % (35) % $ 10.65  $ 14.70  (28) %
Net income per basic common share $ 4.98  $ 5.65  $ 5.43  $ 6.81  $ 7.65  (12) (35) $ 10.65  $ 14.70  (28)
Diluted earnings per common share:(2)
Net income from continuing operations $ 4.96  $ 5.62  $ 5.41  $ 6.78  $ 7.62  (12) (35) $ 10.61  $ 14.65  (28)
Net income per diluted common share $ 4.96  $ 5.62  $ 5.41  $ 6.78  $ 7.62  (12) (35) $ 10.61  $ 14.65  (28)
Weighted-average common shares outstanding (in millions):
Basic common shares 391.2  410.4  422.5  438.8  450.6  (5) (13) 400.8  454.6  (12)
Diluted common shares 392.6  412.2  424.3  440.5  452.3  (5) (13) 402.3  456.2  (12)
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2022 Q2 vs.
2022 2022 2021 2021 2021 2022 2021
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Assets:
Cash and cash equivalents:
Cash and due from banks $ 4,825  $ 5,107  $ 4,164  $ 5,444  $ 5,312  (6) % (9) %
Interest-bearing deposits and other short-term investments 16,728  21,697  17,582  21,180  29,534  (23) (43)
Total cash and cash equivalents 21,553  26,804  21,746  26,624  34,846  (20) (38)
Restricted cash for securitization investors 697  281  308  234  242  148  188 
Securities available for sale 83,022  89,076  95,261  98,149  101,766  (7) (18)
Loans held for investment:
Unsecuritized loans held for investment 271,339  257,505  252,468  238,475  226,130  5  20 
Loans held in consolidated trusts 25,045  22,961  24,872  22,915  23,467  9  7 
Total loans held for investment 296,384  280,466  277,340  261,390  249,597  6  19 
Allowance for credit losses (11,491) (11,308) (11,430) (11,573) (12,346) 2  (7)
Net loans held for investment 284,893  269,158  265,910  249,817  237,251  6  20 
Loans held for sale 875  1,155  5,888  6,300  6,522  (24) (87)
Premises and equipment, net 4,238  4,238  4,210  4,204  4,227  —  — 
Interest receivable 1,611  1,479  1,460  1,418  1,372  9  17 
Goodwill 14,778  14,784  14,782  14,652  14,654  —  1 
Other assets 28,621  27,220  22,816  23,979  22,540  5  27 
Total assets $ 440,288  $ 434,195  $ 432,381  $ 425,377  $ 423,420  1  4 
6

2022 Q2 vs.
2022 2022 2021 2021 2021 2022 2021
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Liabilities:
Interest payable $ 333  $ 261  $ 281  $ 241  $ 301  28  % 11  %
Deposits:
Non-interest-bearing deposits 37,004  37,781  38,043  36,804  34,994  (2) 6 
Interest-bearing deposits 270,881  275,648  272,937  269,134  271,314  (2) — 
Total deposits 307,885  313,429  310,980  305,938  306,308  (2) 1 
Securitized debt obligations 17,466  13,740  14,994  12,635  10,561  27  65 
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase 440  594  820  825  845  (26) (48)
Senior and subordinated notes 30,489  26,976  27,219  23,983  24,878  13  23 
Other borrowings 10,543  4,048  53  58  59  160  **
Total other debt 41,472  31,618  28,092  24,866  25,782  31  61 
Other liabilities 19,722  18,802  17,005  18,153  15,844  5  24 
Total liabilities 386,878  377,850  371,352  361,833  358,796  2  8 
Stockholders’ equity:
Preferred stock 0  0  0  0  0  —  — 
Common stock 7  7  7  7  7  —  — 
Additional paid-in capital, net 34,425  34,286  34,112  35,051  35,472  —  (3)
Retained earnings 54,836  53,099  51,006  48,944  46,461  3  18 
Accumulated other comprehensive income (loss) (6,916) (4,093) 374  1,360  1,792  69  **
Treasury stock, at cost (28,942) (26,954) (24,470) (21,818) (19,108) 7  51 
Total stockholders’ equity 53,410  56,345  61,029  63,544  64,624  (5) (17)
Total liabilities and stockholders’ equity $ 440,288  $ 434,195  $ 432,381  $ 425,377  $ 423,420  1  4 

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 $211 million in Q2 2022, $192 million in Q1 2022, $151 million in Q4 2021, $123 million in Q3 2021 and $175 million in Q2 2021 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)On September 1, 2021, we redeemed all outstanding shares of our fixed-to-floating rate non-cumulative perpetual preferred stock Series E, which reduced our net income available to common shareholders by $12 million in Q3 2021. On December 1, 2021, we redeemed all outstanding shares of our fixed rate 5.20% non-cumulative perpetual preferred stock Series G and our fixed rate 6.00% non-cumulative perpetual preferred stock Series H, which together reduced our net income available to common shareholders by $34 million in Q4 2021.
(4)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.
(5)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(6)Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(7)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing 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. Our calculation of return on average TCE may not be comparable to similarly-titled measures reported by other companies. 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 Q2 2022 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.
**    Not meaningful.
8

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2022 Q2 2022 Q1 2021 Q2
(Dollars in millions, except as noted) Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense Yield/Rate Average Balance Interest Income/ Expense Yield/Rate
Interest-earning assets:
Loans, including loans held for sale $ 287,134  $ 6,605  9.20  % $ 279,022  $ 6,367  9.13  % $ 249,280  $ 5,753  9.23  %
Investment securities 92,062  435  1.89  94,700  402  1.70  100,071  370  1.48 
Cash equivalents and other 19,738  55  1.10  20,360  15  0.29  40,778  16  0.16 
Total interest-earning assets $ 398,934  $ 7,095  7.11  $ 394,082  $ 6,784  6.89  $ 390,129  $ 6,139  6.29 
Interest-bearing liabilities:
Interest-bearing deposits $ 268,104  $ 293  0.44  $ 271,823  $ 218  0.32  $ 273,476  $ 237  0.35 
Securitized debt obligations 15,041  65  1.73  13,740  29  0.84  10,890  28  1.03 
Senior and subordinated notes 28,919  194  2.68  26,481  131  1.98  25,487  122  1.92 
Other borrowings and liabilities 10,922  26  0.98  3,633  9  1.00  2,198  9  1.67 
Total interest-bearing liabilities $ 322,986  $ 578  0.72  $ 315,677  $ 387  0.49  $ 312,051  $ 396  0.50 
Net interest income/spread $ 6,517  6.40  $ 6,397  6.40  $ 5,743  5.79 
Impact of non-interest-bearing funding 0.14  0.09  0.10 
Net interest margin 6.54  % 6.49  % 5.89  %
                                                                                                                                                                                                                            
Six Months Ended June 30,
2022 2021
(Dollars in millions, except as noted) Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense Yield/Rate
Interest-earning assets:
Loans, including loans held for sale $ 283,100  $ 12,972  9.16  % $ 247,984  $ 11,607  9.36  %
Investment securities 93,374  837  1.79  99,189  761  1.53 
Cash equivalents and other 20,047  70  0.69  42,182  32  0.15 
Total interest-earning assets $ 396,521  $ 13,879  7.00  $ 389,355  $ 12,400  6.37 
Interest-bearing liabilities:
Interest-bearing deposits $ 269,953  $ 511  0.38  $ 273,417  $ 506  0.37 
Securitized debt obligations 14,394  94  1.31  11,561  60  1.04 
Senior and subordinated notes 27,707  325  2.34  26,223  251  1.92 
Other borrowings and liabilities 7,298  35  0.98  2,205  18  1.65 
Total interest-bearing liabilities $ 319,352  $ 965  0.60  $ 313,406  $ 835  0.53 
Net interest income/spread $ 12,914  6.40  $ 11,565  5.84 
Impact of non-interest-bearing funding 0.11  0.10 
Net interest margin 6.51  % 5.94  %

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 2021 2022 vs. 2021
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card $ 115,004  $ 107,987  $ 108,723  $ 99,258  $ 95,309  6  % 21  % $ 115,004  $ 95,309  21  %
   International card businesses 5,876  5,975  6,049  5,772  5,708  (2) 3  5,876  5,708  3 
Total credit card 120,880  113,962  114,772  105,030  101,017  6  20  120,880  101,017  20 
Consumer banking:
   Auto 79,926  78,604  75,779  74,716  71,713  2  11  79,926  71,713  11 
   Retail banking 1,605  1,726  1,867  2,396  3,046  (7) (47) 1,605  3,046  (47)
Total consumer banking 81,531  80,330  77,646  77,112  74,759  1  9  81,531  74,759  9 
Commercial banking:
   Commercial and multifamily real estate 37,845  34,354  35,262  33,096  29,616  10  28  37,845  29,616  28 
   Commercial and industrial 56,128  51,820  49,660  46,152  44,205  8  27  56,128  44,205  27 
Total commercial banking 93,973  86,174  84,922  79,248  73,821  9  27  93,973  73,821  27 
Total loans held for investment $ 296,384  $ 280,466  $ 277,340  $ 261,390  $ 249,597  6  19  $ 296,384  $ 249,597  19 
Loans Held for Investment (Average)
Credit card:
   Domestic credit card $ 109,962  $ 105,536  $ 102,717  $ 96,309  $ 91,535  4  % 20  % $ 107,761  $ 92,062  17  %
   International card businesses 5,873  5,944  5,871  5,737  8,139  (1) (28) 5,909  8,040  (27)
Total credit card 115,835  111,480  108,588  102,046  99,674  4  16  113,670  100,102  14 
Consumer banking:
   Auto 79,313  76,892  75,284  73,296  69,543  3  14  78,109  67,873  15 
   Retail banking 1,668  1,797  2,160  2,700  3,162  (7) (47) 1,732  3,106  (44)
Total consumer banking 80,981  78,689  77,444  75,996  72,705  3  11  79,841  70,979  12 
Commercial banking:
   Commercial and multifamily real estate 35,754  34,671  33,591  30,314  30,124  3  19  35,215  29,991  17 
   Commercial and industrial 53,540  50,502  47,536  44,745  43,960  6  22  52,030  44,135  18 
Total commercial banking 89,294  85,173  81,127  75,059  74,084  5  21  87,245  74,126  18 
Total average loans held for investment $ 286,110  $ 275,342  $ 267,159  $ 253,101  $ 246,463  4  16  $ 280,756  $ 245,207  14 
10

2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 2021 2022 vs. 2021
Q2 Q1 Q4 Q3 Q2 Q1 Q2
Net Charge-Off (Recovery) Rates
Credit card:
   Domestic credit card 2.26  % 2.12  % 1.49  % 1.36  % 2.28  % 14  bps (2) bps 2.19  % 2.41  % (22) bps
   International card businesses 3.82  3.20  0.14  2.72  2.41  62  141  3.51  2.36  115 
Total credit card 2.34  2.18  1.42  1.43  2.29  16  5  2.26  2.41  (15)
Consumer banking:
   Auto 0.61  0.66  0.58  0.18  (0.12) (5) 73  0.63  0.17  46 
   Retail banking 3.62  4.31  6.69  2.45  1.41  (69) 221  3.98  1.54  244 
Total consumer banking 0.67  0.75  0.75  0.27  (0.06) (8) 73  0.71  0.23  48 
Commercial banking:
   Commercial and multifamily real estate (0.08) —  —  0.01  0.04  (8) (12) (0.04) 0.05  (9)
   Commercial and industrial 0.29  0.11  (0.03) 0.07  (0.21) 18  50  0.20  (0.05) 25 
Total commercial banking 0.14  0.06  (0.02) 0.05  (0.11) 8  25  0.10  (0.01) 11 
Total net charge-offs 1.18  1.11  0.79  0.67  0.88  7  30  1.15  1.04  11 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card 2.35  % 2.32  % 2.22  % 1.93  % 1.68  % 3  bps 67  bps 2.35  % 1.68  % 67  bps
   International card businesses 3.67  3.58  3.42  3.27  2.89  9  78  3.67  2.89  78 
Total credit card 2.42  2.38  2.28  2.00  1.75  4  67  2.42  1.75  67 
Consumer banking:
   Auto 4.47  3.85  4.32  3.65  3.26  62  121  4.47  3.26  121 
   Retail banking 0.67  0.74  1.92  1.15  0.79  (7) (12) 0.67  0.79  (12)
Total consumer banking 4.39  3.78  4.26  3.58  3.16  61  123  4.39  3.16  123 
Nonperforming Loans and Nonperforming Assets Rates(2)(3)
Credit card:
   International card businesses 0.13  % 0.14  % 0.16  % 0.16  % 0.20  % (1) bps (7) bps 0.13  % 0.20  % (7) bps
Total credit card 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Consumer banking:
   Auto 0.50  0.41  0.45  0.36  0.29  9  21  0.50  0.29  21 
   Retail banking 2.61  2.63  2.51  2.20  1.75  (2) 86  2.61  1.75  86 
Total consumer banking 0.54  0.46  0.50  0.42  0.35  8  19  0.54  0.35  19 
Commercial banking:
   Commercial and multifamily real estate 0.78  0.98  1.09  0.87  1.02  (20) (24) 0.78  1.02  (24)
   Commercial and industrial 0.64  0.69  0.64  0.68  1.03  (5) (39) 0.64  1.03  (39)
Total commercial banking 0.70  0.81  0.82  0.76  1.03  (11) (33) 0.70  1.03  (33)
Total nonperforming loans 0.37  0.38  0.40  0.35  0.41  (1) (4) 0.37  0.41  (4)
Total nonperforming assets 0.39  0.40  0.41  0.37  0.43  (1) (4) 0.39  0.43  (4)
11

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

Three Months Ended June 30, 2022
Credit Card Consumer Banking
(Dollars in millions) Domestic Card International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total
Allowance for credit losses:
Balance as of March 31, 2022 $ 7,968  $ 312  $ 8,280  $ 1,852  $ 50  $ 1,902  $ 1,126  $ 11,308 
Charge-offs (920) (89) (1,009) (311) (20) (331) (43) (1,383)
Recoveries 298  33  331  190  5  195  12  538 
Net charge-offs (622) (56) (678) (121) (15) (136) (31) (845)
Provision for credit losses 494  87  581  268  13  281  183  1,045 
Allowance build (release) for credit losses (128) 31  (97) 147  (2) 145  152  200 
Other changes(4)
 — (17) (17) — — — — (17)
Balance as of June 30, 2022 7,840  326  8,166  1,999  48  2,047  1,278  11,491 
Reserve for unfunded lending commitments:
Balance as of March 31, 2022 — — — — — — 200  200 
Provision for losses on unfunded lending commitments — — — — — — 39  39 
Balance as of June 30, 2022 — — — — — — 239  239 
Combined allowance and reserve as of June 30, 2022 $ 7,840  $ 326  $ 8,166  $ 1,999  $ 48  $ 2,047  $ 1,517  $ 11,730 
Six Months Ended June 30, 2022
Credit Card Consumer Banking
(Dollars in millions) Domestic Card International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total
Allowance for credit losses:
Balance as of December 31, 2021 $ 7,968  $ 377  $ 8,345  $ 1,852  $ 66  $ 1,918  $ 1,167  $ 11,430 
Charge-offs (1,787) (177) (1,964) (637) (43) (680) (60) (2,704)
Recoveries 606  73  679  389  9  398  15  1,092 
Net charge-offs (1,181) (104) (1,285) (248) (34) (282) (45) (1,612)
Provision for credit losses 1,053  73  1,126  395  16  411  156  1,693 
Allowance build (release) for credit losses (128) (31) (159) 147  (18) 129  111  81 
Other changes(4)
 — (20) (20) — — — — (20)
Balance as of June 30, 2022 7,840  326  8,166  1,999  48  2,047  1,278  11,491 
Reserve for unfunded lending commitments:
Balance as of December 31, 2021 — — — — — — 165  165 
Provision for losses on unfunded lending commitments — — — — — — 74  74 
Balance as of June 30, 2022 — — — — — — 239  239 
Combined allowance and reserve as of June 30, 2022 $ 7,840  $ 326  $ 8,166  $ 1,999  $ 48  $ 2,047  $ 1,517  $ 11,730 
12

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results
Three Months Ended June 30, 2022 Six Months Ended June 30, 2022
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(5)
Other(5)
 Total Credit Card Consumer Banking
Commercial Banking(5)
Other(5)
 Total
Net interest income (loss) $ 3,899  $ 2,147  $ 635  $ (164) $ 6,517  $ 7,738  $ 4,260  $ 1,242  $ (326) $ 12,914 
Non-interest income (loss) 1,410  96  272  (63) 1,715  2,868  201  549  (127) 3,491 
Total net revenue (loss) 5,309  2,243  907  (227) 8,232  10,606  4,461  1,791  (453) 16,405 
Provision (benefit) for credit losses 581  281  222  1  1,085  1,126  411  230  (5) 1,762 
Non-interest expense 2,771  1,286  485  41  4,583  5,554  2,522  973  85  9,134 
Income (loss) from continuing operations before income taxes 1,957  676  200  (269) 2,564  3,926  1,528  588  (533) 5,509 
Income tax provision (benefit) 466  160  48  (141) 533  935  362  140  (362) 1,075 
Income (loss) from continuing operations, net of tax $ 1,491  $ 516  $ 152  $ (128) $ 2,031  $ 2,991  $ 1,166  $ 448  $ (171) $ 4,434 
Three Months Ended March 31, 2022
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(5)
Other(5)
 Total
Net interest income (loss) $ 3,839  $ 2,113  $ 607  $ (162) $ 6,397 
Non-interest income (loss) 1,458  105  277  (64) 1,776 
Total net revenue (loss) 5,297  2,218  884  (226) 8,173 
Provision (benefit) for credit losses 545  130  8  (6) 677 
Non-interest expense 2,783  1,236  488  44  4,551 
Income (loss) from continuing operations before income taxes 1,969  852  388  (264) 2,945 
Income tax provision (benefit) 469  202  92  (221) 542 
Income (loss) from continuing operations, net of tax $ 1,500  $ 650  $ 296  $ (43) $ 2,403 
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(5)
Other(5)
 Total Credit Card Consumer Banking
Commercial Banking(5)
Other(5)
 Total
Net interest income (loss) $ 3,217  $ 2,101  $ 460  $ (35) $ 5,743  $ 6,589  $ 4,131  $ 980  $ (135) $ 11,565 
Non-interest income (loss) 1,253  144  257  (23) 1,631  2,282  285  497  (142) 2,922 
Total net revenue (loss) 4,470  2,245  717  (58) 7,374  8,871  4,416  1,477  (277) 14,487 
Provision (benefit) for credit losses (635) (306) (219) —  (1,160) (1,127) (432) (422) (2) (1,983)
Non-interest expense 2,263  1,123  417  163  3,966  4,398  2,240  836  232  7,706 
Income (loss) from continuing operations before income taxes 2,842  1,428  519  (221) 4,568  5,600  2,608  1,063  (507) 8,764 
Income tax provision (benefit) 672  337  123  (101) 1,031  1,325  615  251  (291) 1,900 
Income (loss) from continuing operations, net of tax $ 2,170  $ 1,091  $ 396  $ (120) $ 3,537  $ 4,275  $ 1,993  $ 812  $ (216) $ 6,864 

13

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Credit Card
Earnings:
Net interest income $ 3,899  $ 3,839  $ 3,865  $ 3,620  $ 3,217  2% 21% $ 7,738  $ 6,589  17%
Non-interest income 1,410  1,458  1,261  1,263  1,253  (3) 13  2,868  2,282  26 
Total net revenue 5,309  5,297  5,126  4,883  4,470  —  19  10,606  8,871  20 
Provision (benefit) for credit losses 581  545  423  (198) (635) 7  ** 1,126  (1,127) **
Non-interest expense 2,771  2,783  2,799  2,424  2,263  —  22  5,554  4,398  26 
Income from continuing operations before income taxes 1,957  1,969  1,904  2,657  2,842  (1) (31) 3,926  5,600  (30)
Income tax provision 466  469  451  627  672  (1) (31) 935  1,325  (29)
Income from continuing operations, net of tax $ 1,491  $ 1,500  $ 1,453  $ 2,030  $ 2,170  (1) (31) $ 2,991  $ 4,275  (30)
Selected performance metrics:
Period-end loans held for investment $ 120,880  $ 113,962  $ 114,772  $ 105,030  $ 101,017  6  20  $ 120,880  $ 101,017  20 
Average loans held for investment 115,835  111,480  108,588  102,046  99,674  4  16  113,670  100,102  14 
Average yield on loans outstanding(1)
 15.24  % 14.97  % 14.94  % 14.88  % 14.04  % 27  bps 120  bps 15.11  % 14.26  % 85  bps
Total net revenue margin(6)
 18.33  18.56  18.11  18.33  17.59  (23) 74  18.44  17.38  106 
Net charge-off rate 2.34  2.18  1.42  1.43  2.29  16  5  2.26  2.41  (15)
30+ day performing delinquency rate 2.42  2.38  2.28  2.00  1.75  4  67  2.42  1.75  67 
30+ day delinquency rate 2.42  2.39  2.29  2.00  1.75  3  67  2.42  1.75  67 
Nonperforming loan rate(2)
 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Purchase volume(7)
 $ 148,491  $ 133,662  $ 149,982  $ 136,614  $ 132,676  11% 12% $ 282,153  $ 241,009  17%
14

2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Domestic Card
Earnings:
Net interest income $ 3,651  $ 3,620  $ 3,558  $ 3,319  $ 2,944  1% 24% $ 7,271  $ 6,039  20%
Non-interest income 1,340  1,248  1,190  1,200  1,183  7  13  2,588  2,142  21 
Total net revenue 4,991  4,868  4,748  4,519  4,127  3  21  9,859  8,181  21 
Provision (benefit) for credit losses 494  559  384  (200) (561) (12) ** 1,053  (1,052) **
Non-interest expense 2,594  2,564  2,564  2,191  2,034  1  28  5,158  3,957  30 
Income from continuing operations before income taxes 1,903  1,745  1,800  2,528  2,654  9  (28) 3,648  5,276  (31)
Income tax provision 450  414  424  597  626  9  (28) 864  1,245  (31)
Income from continuing operations, net of tax $ 1,453  $ 1,331  $ 1,376  $ 1,931  $ 2,028  9  (28) $ 2,784  $ 4,031  (31)
Selected performance metrics:
Period-end loans held for investment $ 115,004  $ 107,987  $ 108,723  $ 99,258  $ 95,309  6  21  $ 115,004  $ 95,309  21 
Average loans held for investment 109,962  105,536  102,717  96,309  91,535  4  20  107,761  92,062  17 
Average yield on loans outstanding(1)
 15.03  % 14.82  % 14.86  % 14.80  % 13.91  % 21  bps 112  bps 14.92  % 14.13  % 79  bps
Total net revenue margin(6)
 18.16  18.28  18.14  18.40  17.66  (12) 50  18.21  17.40  81 
Net charge-off rate 2.26  2.12  1.49  1.36  2.28  14  (2) 2.19  2.41  (22)
30+ day performing delinquency rate 2.35  2.32  2.22  1.93  1.68  3  67  2.35  1.68  67 
Purchase volume(7)
 $ 144,668  $ 126,284  $ 138,825  $ 126,057  $ 122,456  15% 18% $ 270,952  $ 222,416  22%
Refreshed FICO scores:(8)
Greater than 660 70  % 70  % 71  % 71  % 72  % —  (2) 70  % 72  % (2)
660 or below 30  30  29  29  28  —  2  30  28  2 
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
15

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Consumer Banking
Earnings:
Net interest income $ 2,147  $ 2,113  $ 2,158  $ 2,159  $ 2,101  2% 2% $ 4,260  $ 4,131  3%
Non-interest income 96  105  142  127  144  (9) (33) 201  285  (29)
Total net revenue 2,243  2,218  2,300  2,286  2,245  1  —  4,461  4,416  1 
Provision (benefit) for credit losses 281  130  2  (91) (306) 116  ** 411  (432) **
Non-interest expense 1,286  1,236  1,285  1,186  1,123  4  15  2,522  2,240  13 
Income from continuing operations before income taxes 676  852  1,013  1,191  1,428  (21) (53) 1,528  2,608  (41)
Income tax provision 160  202  239  282  337  (21) (53) 362  615  (41)
Income from continuing operations, net of tax $ 516  $ 650  $ 774  $ 909  $ 1,091  (21) (53) $ 1,166  $ 1,993  (41)
Selected performance metrics:
Period-end loans held for investment $ 81,531  $ 80,330  $ 77,646  $ 77,112  $ 74,759  1  9  $ 81,531  $ 74,759  9 
Average loans held for investment 80,981  78,689  77,444  75,996  72,705  3  11  79,841  70,979  12 
Average yield on loans held for investment(1)
 7.08  % 7.17  % 7.55  % 7.78  % 7.99  % (9) bps (91) bps 7.13  % 8.07  % (94) bps
Auto loan originations $ 10,328  $ 11,713  $ 9,721  $ 11,570  $ 12,959  (12)% (20)% $ 22,041  $ 21,792  1%
Period-end deposits 255,904  258,359  256,407  252,387  251,155  (1) 2  255,904  251,155  2 
Average deposits 254,336  255,265  253,372  251,307  252,488  —  1  254,798  251,002  2 
Average deposits interest rate 0.38  % 0.29  % 0.30  % 0.30  % 0.31  % 9  bps 7  bps 0.33  % 0.33  % — 
Net charge-off (recovery) rate 0.67  0.75  0.75  0.27  (0.06) (8) 73  0.71  0.23  48  bps
30+ day performing delinquency rate 4.39  3.78  4.26  3.58  3.16  61  123  4.39  3.16  123 
30+ day delinquency rate 4.81  4.13  4.66  3.88  3.40  68  141  4.81  3.40  141 
Nonperforming loan rate(2)
 0.54  0.46  0.50  0.42  0.35  8  19  0.54  0.35  19 
Nonperforming asset rate(3)
 0.60  0.52  0.56  0.47  0.40  8  20  0.60  0.40  20 
Auto—At origination FICO scores:(9)
Greater than 660 52  % 51  % 50  % 49  % 48  % 1% 4% 52  % 48  % 4%
621 - 660 20  20  20  20  20  —  —  20  20  — 
620 or below 28  29  30  31  32  (1) (4) 28  32  (4)
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Commercial Banking
Earnings:
Net interest income $ 635  $ 607  $ 595  $ 578  $ 460  5% 38% $ 1,242  $ 980  27%
Non-interest income 272  277  345  306  257  (2) 6  549  497  10 
Total net revenue(5)
 907  884  940  884  717  3  26  1,791  1,477  21 
Provision (benefit) for credit losses 222  8  (44) (53) (219) ** ** 230  (422) **
Non-interest expense 485  488  520  459  417  (1) 16  973  836  16 
Income from continuing operations before income taxes 200  388  464  478  519  (48) (61) 588  1,063  (45)
Income tax provision 48  92  109  113  123  (48) (61) 140  251  (44)
Income from continuing operations, net of tax $ 152  $ 296  $ 355  $ 365  $ 396  (49) (62) $ 448  $ 812  (45)
Selected performance metrics:
Period-end loans held for investment $ 93,973  $ 86,174  $ 84,922  $ 79,248  $ 73,821  9  27  $ 93,973  $ 73,821  27 
Average loans held for investment 89,294  85,173  81,127  75,059  74,084  5  21  87,245  74,126  18 
Average yield on loans held for investment(1)(5)
 3.18  % 2.66  % 2.71  % 2.77  % 2.72  % 52  bps 46  bps 2.92  % 2.74  % 18  bps
Period-end deposits $ 38,844  $ 45,232  $ 44,809  $ 43,347  $ 42,973  (14)% (10)% $ 38,844  $ 42,973  (10)%
Average deposits 40,536  45,008  44,206  42,729  42,311  (10) (4) 42,760  41,215  4 
Average deposits interest rate 0.19  % 0.12  % 0.12  % 0.15  % 0.14  % 70  bps 5  bps 0.15  % 0.16  % (1) bps
Net charge-off (recovery) rate 0.14  0.06  (0.02) 0.05  (0.11) 8  25  0.10  (0.01) 11 
Nonperforming loan rate(2)
 0.70  0.81  0.82  0.76  1.03  (11) (33) 0.70  1.03  (33)
Nonperforming asset rate(3)
 0.70  0.81  0.82  0.76  1.03  (11) (33) 0.70  1.03  (33)
Risk category:(10)
Noncriticized $ 88,349  $ 80,586  $ 79,014  $ 73,218  $ 67,481  10% 31% $ 88,349  $ 67,481  31%
Criticized performing 4,969  4,893  5,209  5,429  5,581  2  (11) 4,969  5,581  (11)
Criticized nonperforming 655  695  699  601  759  (6) (14) 655  759  (14)
Total commercial banking loans $ 93,973  $ 86,174  $ 84,922  $ 79,248  $ 73,821  9  27  $ 93,973  $ 73,821  27 
Risk category as a percentage of period-end loans held for investment:(10)
Noncriticized 94.01  % 93.51  % 93.05  % 92.39  % 91.41  % 50  bps 260  bps 94.01  % 91.41  % 260  bps
Criticized performing 5.29  5.68  6.13  6.85  7.56  (39) (227) 5.29  7.56  (227)
Criticized nonperforming 0.70  0.81  0.82  0.76  1.03  (11) (33) 0.70  1.03  (33)
Total commercial banking loans 100.00  % 100.00  % 100.00  % 100.00  % 100.00  % 100.00  % 100.00  %
17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2022 Q2 vs. Six Months Ended June 30,
2022 2022 2021 2021 2021 2022 2021 2022 vs.
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2022 2021 2021
Other
Earnings:
Net interest loss $ (164) $ (162) $ (168) $ (201) $ (35) 1  % ** $ (326) $ (135) 141  %
Non-interest loss (63) (64) (80) (22) (23) (2) 174  % (127) (142) (11)
Total net loss(5)
 (227) (226) (248) (223) (58) —  ** (453) (277) 64 
Provision (benefit) for credit losses 1  (6) —  —  —  ** ** (5) (2) 150 
Non-interest expense(11)
 41  44  74  117  163  (7) (75) 85  232  (63)
Loss from continuing operations before income taxes (269) (264) (322) (340) (221) 2  22  (533) (507) 5 
Income tax benefit (141) (221) (166) (140) (101) (36) 40  (362) (291) 24 
Loss from continuing operations, net of tax $ (128) $ (43) $ (156) $ (200) $ (120) 198  7  $ (171) $ (216) (21)
Selected performance metrics:
Period-end deposits $ 13,137  $ 9,838  $ 9,764  $ 10,204  $ 12,180  34  8  $ 13,137  $ 12,180  8 
Average deposits 11,082  9,324  9,694  10,999  13,418  19  (17) 10,207  14,428  (29)
Total
Earnings:
Net interest income $ 6,517  $ 6,397  $ 6,450  $ 6,156  $ 5,743  2  % 13  % $ 12,914  $ 11,565  12  %
Non-interest income 1,715  1,776  1,668  1,674  1,631  (3) 5  3,491  2,922  19 
Total net revenue 8,232  8,173  8,118  7,830  7,374  1  12  16,405  14,487  13 
Provision (benefit) for credit losses 1,085  677  381  (342) (1,160) 60  ** 1,762  (1,983) **
Non-interest expense 4,583  4,551  4,678  4,186  3,966  1  16  9,134  7,706  19 
Income from continuing operations before income taxes 2,564  2,945  3,059  3,986  4,568  (13) (44) 5,509  8,764  (37)
Income tax provision 533  542  633  882  1,031  (2) (48) 1,075  1,900  (43)
Income from continuing operations, net of tax $ 2,031  $ 2,403  $ 2,426  $ 3,104  $ 3,537  (15) (43) $ 4,434  $ 6,864  (35)
Selected performance metrics:
Period-end loans held for investment $ 296,384  $ 280,466  $ 277,340  $ 261,390  $ 249,597  6  19  $ 296,384  $ 249,597  19 
Average loans held for investment 286,110  275,342  267,159  253,101  246,463  4  16  280,756  245,207  14 
Period-end deposits 307,885  313,429  310,980  305,938  306,308  (2) 1  307,885  306,308  1 
Average deposits 305,954  309,597  307,272  305,035  308,217  (1) (1) 307,765  306,645  — 
18

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. Annualized interest income does not include any allocations, such as funds transfer pricing. 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)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.
(3)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.
(4)Primarily represents foreign currency translation adjustments.
(5)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 the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
(6)Total net revenue margin is calculated based on total net revenue for the period divided by average loans outstanding during the period.
(7)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(8)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.
(9)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.
(10)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(11)Includes charges incurred as a result of restructuring activities.
**    Not meaningful.
19

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,
2022		 March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021
Regulatory Capital Metrics
Common equity excluding AOCI $ 57,278  $ 57,390 $ 58,206 $ 58,705 $ 58,969
Adjustments:
AOCI, net of tax(2)
 (72) (20) (23) (33) (5)
Goodwill, net of related deferred tax liabilities (14,548) (14,559) (14,562) (14,435) (14,440)
Intangible assets, net of related deferred tax liabilities (80) (94) (108) (84) (76)
Other (15) (16) (12) (15) (16)
Common equity Tier 1 capital $ 42,563  $ 42,701 $ 43,501 $ 44,138 $ 44,432
Tier 1 capital $ 47,408  $ 47,547 $ 48,346 $ 50,049 $ 50,920
Total capital(3)
 55,104  55,059 56,089 57,851 57,932
Risk-weighted assets 352,064  336,739 332,673 318,729 307,334
Adjusted average assets(4)
 427,446  418,957 415,141 411,216 411,032
Capital Ratios
Common equity Tier 1 capital(5)
 12.1  % 12.7  % 13.1  % 13.8  % 14.5  %
Tier 1 capital(6)
 13.5  14.1  14.5  15.7  16.6 
Total capital(7)
 15.7  16.4  16.9  18.2  18.8 
Tier 1 leverage(4)
 11.1  11.3  11.6  12.2  12.4 
Tangible common equity (“TCE”)(8)
 7.9  8.7  9.9  10.4  10.6 


20

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. 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.
2022 2022 2021 2021 2021 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2022 2021
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP) $ 1,949 $ 2,318  $ 2,296 $ 2,987 $ 3,446 $ 4,267 $ 6,682
Legal reserve activity, including insurance recoveries — — — 45 55 — 55
Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 1,949 2,318  2,296 3,032 3,501 4,267 6,737
Income tax impacts — — — (11) (13) — (13)
Adjusted net income available to common stockholders (non-GAAP) $ 1,949 $ 2,318  $ 2,296 $ 3,021 $ 3,488 $ 4,267 $ 6,724
Diluted weighted-average common shares outstanding (in millions) (GAAP) 392.6 412.2  424.3 440.5 452.3 402.3 456.2
Diluted EPS (GAAP) $ 4.96 $ 5.62  $ 5.41 $ 6.78 $ 7.62 $ 10.61 $ 14.65
Impact of adjustments noted above — — — 0.08 0.09 — 0.09
Adjusted diluted EPS (non-GAAP) $ 4.96 $ 5.62  $ 5.41 $ 6.86 $ 7.71 $ 10.61 $ 14.74
Adjusted efficiency ratio:
Non-interest expense (GAAP) $ 4,583 $ 4,551  $ 4,678 $ 4,186 $ 3,966 $ 9,134 $ 7,706
Legal reserve activity, including insurance recoveries — — — (45) (55) — (55)
Adjusted non-interest expense (non-GAAP) $ 4,583 $ 4,551  $ 4,678 $ 4,141 $ 3,911 $ 9,134 $ 7,651
Total net revenue (GAAP) $ 8,232 $ 8,173  $ 8,118 $ 7,830 $ 7,374 $ 16,405 $ 14,487
Efficiency ratio (GAAP) 55.67% 55.68% 57.63% 53.46% 53.78% 55.68% 53.19%
Impact of adjustments noted above — — — (57) bps (74) bps — (38) bps
Adjusted efficiency ratio (non-GAAP) 55.67% 55.68% 57.63% 52.89% 53.04% 55.68% 52.81%
Adjusted operating efficiency ratio:
Operating expense (GAAP) $ 3,580 $ 3,633  $ 3,679 $ 3,435 $ 3,346 $ 7,213 $ 6,585
Legal reserve activity, including insurance recoveries — — — (45) (55) — (55)
Adjusted operating expense (non-GAAP) $ 3,580 $ 3,633  $ 3,679 $ 3,390 $ 3,291 $ 7,213 $ 6,530
Total net revenue (GAAP) $ 8,232 $ 8,173  $ 8,118 $ 7,830 $ 7,374 $ 16,405 $ 14,487
Operating efficiency ratio (GAAP) 43.49% 44.45% 45.32% 43.87% 45.38% 43.97% 45.45%
Impact of adjustments noted above — — — (57) bps (75) bps — (38) bps
Adjusted operating efficiency ratio (non-GAAP) 43.49% 44.45% 45.32% 43.30% 44.63% 43.97% 45.07%

21

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses in assessing capital adequacy and the level of returns generated. While our non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
2022 2022 2021 2021 2021
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Tangible Common Equity (Period-End)
Stockholders’ equity $ 53,410  $ 56,345  $ 61,029  $ 63,544  $ 64,624 
Goodwill and intangible assets(9)
 (14,850) (14,883) (14,907) (14,766) (14,774)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (5,912) (6,488)
Tangible common equity $ 33,715  $ 36,617  $ 41,277  $ 42,866  $ 43,362 
Tangible Common Equity (Average)
Stockholders’ equity $ 54,165  $ 59,437  $ 62,498  $ 64,682  $ 62,376 
Goodwill and intangible assets(9)
 (14,875) (14,904) (14,847) (14,777) (14,788)
Noncumulative perpetual preferred stock (4,845) (4,845) (5,552) (6,452) (5,491)
Tangible common equity $ 34,445  $ 39,688  $ 42,099  $ 43,453  $ 42,097 
Tangible Assets (Period-End)
Total assets $ 440,288  $ 434,195  $ 432,381  $ 425,377  $ 423,420 
Goodwill and intangible assets(9)
 (14,850) (14,883) (14,907) (14,766) (14,774)
Tangible assets $ 425,438  $ 419,312  $ 417,474  $ 410,611  $ 408,646 
Tangible Assets (Average)
Total assets $ 435,327  $ 430,372  $ 427,845  $ 424,506  $ 424,099 
Goodwill and intangible assets(9)
 (14,875) (14,904) (14,847) (14,777) (14,788)
Tangible assets $ 420,452  $ 415,468  $ 412,998  $ 409,729  $ 409,311 
__________
(1)Regulatory capital metrics and capital ratios as of June 30, 2022 are preliminary and therefore subject to change.    
(2)Excludes certain components of AOCI as permitted under the Tailoring Rules.
(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 impact of related deferred taxes.
22