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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 24, 2024
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
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 October 24, 2024, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. 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 October 24, 2024 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 7, 2024 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 24, 2024 By: /s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Controller and Principal Accounting Officer

3
EX-99.1 2 ex991q32024earningsrelease.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: October 24, 2024
Capital One Reports Third Quarter 2024 Net Income of $1.8 billion,
or $4.41 per share
Net of adjusting items, Third Quarter 2024 Net Income of $4.51 per share(1)
McLean, Va. (October 24, 2024) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2024 of $1.8 billion, or $4.41 per diluted common share, compared with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024, and with net income of $1.8 billion, or $4.45 per diluted common share in the third quarter of 2023. Adjusted net income(1) for the third quarter of 2024 was $4.51 per diluted common share.
“Strong third quarter results included top-line growth in our domestic card and auto businesses and stable consumer credit results,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “On the Discover acquisition, we continue to work through the regulatory approval process, and we’re fully mobilized to plan and deliver a successful integration.”
The quarter included the following adjusting items:
(Dollars in millions, except per share data) Pre-Tax
Impact		 After-Tax Diluted EPS
Impact
Discover integration expenses $ 63  $ 0.12 
FDIC special assessment $ (9) $ (0.02)



Capital One Third Quarter 2024 Earnings
Page 2
All comparisons below are for the third quarter of 2024 compared with the second quarter of 2024 unless otherwise noted.
Third Quarter 2024 Income Statement Summary:
•Total net revenue increased 5 percent to $10.0 billion.
•Total non-interest expense increased 7 percent to $5.3 billion:
◦5 percent increase in marketing.
◦8 percent increase in operating expenses.
•Pre-provision earnings(2) increased 3 percent to $4.7 billion.
•Provision for credit losses decreased $1.4 billion to $2.5 billion:
•Net charge-offs of $2.6 billion.
•$134 million loan reserve release.
•Net interest margin of 7.11 percent, an increase of 41 basis point.
•Efficiency ratio of 53.07 percent.
◦Adjusted efficiency ratio(1) of 52.53 percent.
•Operating efficiency ratio of 41.95 percent.
◦Adjusted operating efficiency ratio(1) of 41.41 percent.
Third Quarter 2024 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.6 percent at September 30, 2024.
•Period-end loans held for investment in the quarter increased $2.1 billion, or 1 percent, to $320.2 billion.
◦Credit Card period-end loans increased $2.8 billion, or 2 percent, to $156.7 billion.
•Domestic Card period-end loans increased $2.3 billion, or 2 percent, to $149.4 billion.
◦Consumer Banking period-end loans increased $1.1 billion, or 1 percent, to $76.8 billion.
•Auto period-end loans increased $1.1 billion, or 2 percent, to $75.5 billion.
◦Commercial Banking period-end loans decreased $1.8 billion, or 2 percent, to $86.8 billion.
•Average loans held for investment in the quarter increased $3.4 billion, or 1 percent, to $318.3 billion.
◦Credit Card average loans increased $3.5 billion, or 2 percent, to $154.0 billion.
•Domestic Card average loans increased $3.3 billion, or 2 percent, to $147.0 billion.
◦Consumer Banking average loans increased $796 million, or 1 percent, to $76.2 billion.
•Auto average loans increased $822 million, or 1 percent, to $74.9 billion.
◦Commercial Banking average loans decreased $934 million, or 1 percent, to $88.1 billion.
•Period-end total deposits increased $2.2 billion, or 1 percent, to $353.6 billion, while average deposits increased $1.6 billion, or less than 1 percent, to $351.1 billion.
•Interest-bearing deposits rate paid increased 7 basis points to 3.63 percent.

Capital One Third Quarter 2024 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on October 24, 2024 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 7, 2024 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, 2023 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 (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $353.6 billion in deposits and $486.4 billion in total assets as of September 30, 2024. 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 and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia 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.
###


(1)    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 24, 2024 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.
(2)    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 24, 2024 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.
(3)    Regulatory capital metrics as of September 30, 2024 are preliminary and therefore subject to change.
EX-99.2 3 ex992q32024earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)
Third Quarter 2024
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 September 30, 2024 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. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated     
2024 Q3 Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted) 2024 2024 2024 2023 2023 2024 2023 2024 vs.
Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Income Statement
Net interest income $ 8,076  $ 7,546  $ 7,488  $ 7,519  $ 7,423  7  % 9  % $ 23,110  $ 21,722  6  %
Non-interest income 1,938  1,960  1,914  1,987  1,943  (1) —  5,812  5,559  5 
Total net revenue(1)
 10,014  9,506  9,402  9,506  9,366  5  7  28,922  27,281  6 
Provision for credit losses 2,482  3,909  2,683  2,857  2,284  (37) 9  9,074  7,569  20 
Non-interest expense:
Marketing 1,113  1,064  1,010  1,254  972  5  15  3,187  2,755  16 
Operating expense 4,201  3,882  4,127  4,463  3,888  8  8  12,210  11,844  3 
Total non-interest expense 5,314  4,946  5,137  5,717  4,860  7  9  15,397  14,599  5 
Income from continuing operations before income taxes 2,218  651  1,582  932  2,222  ** —  4,451  5,113  (13)
Income tax provision 441  54  302  226  432  ** 2  797  932  (14)
Net income 1,777  597  1,280  706  1,790  198  (1) 3,654  4,181  (13)
Dividends and undistributed earnings allocated to participating securities(2)
 (28) (9) (23) (10) (28) ** —  (60) (67) (10)
Preferred stock dividends (57) (57) (57) (57) (57) —  —  (171) (171) — 
Net income available to common stockholders $ 1,692  $ 531  $ 1,200  $ 639  $ 1,705  ** (1) $ 3,423  $ 3,943  (13)
Common Share Statistics
Basic earnings per common share:(2)
Net income per basic common share $ 4.42  $ 1.39  $ 3.14  $ 1.67  $ 4.46  ** (1) % $ 8.94  $ 10.31  (13) %
Diluted earnings per common share:(2)
Net income per diluted common share $ 4.41  $ 1.38  $ 3.13  $ 1.67  $ 4.45  ** (1) % $ 8.92  $ 10.28  (13) %
Weighted-average common shares outstanding (in millions):
Basic 383.0  383.1  382.2  381.9  382.5  —  —  382.8  382.7  — 
Diluted 383.7  383.9  383.4  382.8  383.3  —  —  383.7  383.6  — 
Common shares outstanding (period-end, in millions) 381.5  381.9  382.1  380.4  381.0  —  —  381.5  381.0  — 
Dividends declared and paid per common share $ 0.60  $ 0.60  $ 0.60  $ 0.60  $ 0.60  —  —  $ 1.80  $ 1.80  — 
Tangible book value per common share (period-end)(3)
 112.36  99.28  98.67  99.78  87.97  13  % 28  % 112.36  87.97  28  %
1

2024 Q3 Nine Months Ended September 30,
(Dollars in millions) 2024 2024 2024 2023 2023 2024 2023 2024 vs.
Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Balance Sheet (Period-End)
Loans held for investment $ 320,243  $ 318,186  $ 315,154  $ 320,472  $ 314,780  1  % 2  % $ 320,243  $ 314,780  2  %
Interest-earning assets 458,189  452,547  453,557  449,701  445,428  1  3  458,189  445,428  3 
Total assets 486,433  480,018  481,720  478,464  471,435  1  3  486,433  471,435  3 
Interest-bearing deposits 327,253  324,437  323,352  320,389  317,217  1  3  327,253  317,217  3 
Total deposits 353,631  351,442  350,969  348,413  346,011  1  2  353,631  346,011  2 
Borrowings 49,336  47,956  50,361  49,856  49,247  3  —  49,336  49,247  — 
Common equity 58,080  53,135  52,955  53,244  48,823  9  19  58,080  48,823  19 
Total stockholders’ equity 62,925  57,981  57,801  58,089  53,668  9  17  62,925  53,668  17 
Balance Sheet (Average Balances)
Loans held for investment $ 318,255  $ 314,888  $ 314,614  $ 315,890  $ 312,759  1  % 2  % $ 315,927  $ 310,075  2  %
Interest-earning assets 454,484  450,908  447,803  446,929  443,532  1  2  451,078  439,321  3 
Total assets 481,219  477,285  474,995  472,594  469,860  1  2  477,816  466,279  2 
Interest-bearing deposits 324,509  322,581  318,450  316,808  316,032  1  3  321,856  312,702  3 
Total deposits 351,125  349,488  345,657  345,328  345,013  —  2  348,765  342,956  2 
Borrowings 48,274  48,842  50,474  51,070  49,736  (1) (3) 49,194  48,746  1 
Common equity 56,443  53,262  53,152  50,786  50,166  6  13  54,293  50,202  8 
Total stockholders’ equity 61,289  58,107  57,998  55,632  55,012  5  11  59,139  55,048  7 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2024 Q3 Nine Months Ended September 30,
(Dollars in millions, except as noted) 2024 2024 2024 2023 2023 2024 2023 2024 vs.
Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Performance Metrics
Net interest income growth (period over period) 7  % 1  % —  1  % 4  % ** ** 6  % 9  % **
Non-interest income growth (period over period) (1) 2  (4) % 2  2  ** ** 5  5  **
Total net revenue growth (period over period) 5  1  (1) 1  4  ** ** 6  8  **
Total net revenue margin(4)
 8.81  8.43  8.40  8.51  8.45  38  bps 36  bps 8.55  8.28  27  bps
Net interest margin(5)
 7.11  6.70  6.69  6.73  6.69  41  42  6.83  6.59  24 
Return on average assets 1.48  0.50  1.08  0.60  1.52  98  (4) 1.02  1.20  (18)
Return on average tangible assets(6)
 1.53  0.52  1.11  0.62  1.58  101  (5) 1.05  1.24  (19)
Return on average common equity(7)
 11.99  3.99  9.03  5.03  13.59  800  (160) 8.41  10.47  (206)
Return on average tangible common equity(8)
 16.42  5.59  12.67  7.20  19.59  1,083  (317) 11.69  15.01  (332)
Efficiency ratio(9)
 53.07  52.03  54.64  60.14  51.89  104  118  53.24  53.51  (27)
Operating efficiency ratio(10)
 41.95  40.84  43.89  46.95  41.51  111  44  42.22  43.41  (119)
Effective income tax rate for continuing operations 19.9  8.3  19.1  24.2  19.4  1,160  50  17.9  18.2  (30)
Employees (period-end, in thousands) 52.5  52.1  51.3  52.0  54.2  1% (3)% 52.5  54.2  (3)%
Credit Quality Metrics
Allowance for credit losses $ 16,534 $ 16,649 $ 15,380 $ 15,296 $ 14,955 (1)% 11% $ 16,534 $ 14,955 11%
Allowance coverage ratio 5.16  % 5.23  % 4.88  % 4.77  % 4.75  % (7) bps 41  bps 5.16  % 4.75  % 41  bps
Net charge-offs $ 2,604 $ 2,644 $ 2,616 $ 2,533 $ 1,999 (2)% 30% $ 7,864 $ 5,881 34%
Net charge-off rate(11)
 3.27  % 3.36  % 3.33  % 3.21  % 2.56  % (9) bps 71  bps 3.32  % 2.53  % 79  bps
30+ day performing delinquency rate 3.58  3.36  3.40  3.71  3.42  22  16  3.58  3.42  16 
30+ day delinquency rate 3.89  3.63  3.67  3.99  3.71  26  18  3.89  3.71  18 
Capital Ratios(12)
Common equity Tier 1 capital
13.6  % 13.2  % 13.1  % 12.9  % 13.0  % 40  bps 60  bps 13.6  % 13.0  % 60  bps
Tier 1 capital 14.9  14.5  14.4  14.2  14.3  40  60  14.9  14.3  60 
Total capital 16.6  16.3  16.3  16.0  16.2  30  40  16.6  16.2  40 
Tier 1 leverage 11.6  11.3  11.3  11.2  11.2  30  40  11.6  11.2  40 
Tangible common equity (“TCE”)(13)
 9.1  8.2  8.1  8.2  7.3  90  180  9.1  7.3  180 
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2024 Q3 Nine Months Ended September 30,
(Dollars in millions, except as noted) 2024 2024 2024 2023 2023 2024 2023 2024 vs.
Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Interest income:
Loans, including loans held for sale $ 10,547  $ 9,993  $ 9,920  $ 9,934  $ 9,696  6  % 9  % $ 30,460  $ 27,476  11  %
Investment securities 733  700  687  669  627  5  17  2,120  1,881  13 
Other 580  587  570  542  550  (1) 5  1,737  1,436  21 
Total interest income 11,860  11,280  11,177  11,145  10,873  5  9  34,317  30,793  11 
Interest expense:
Deposits 2,945  2,874  2,812  2,745  2,611  2  13  8,631  6,744  28 
Securitized debt obligations 234  258  261  263  249  (9) (6) 753  696  8 
Senior and subordinated notes 596  591  606  608  579  1  3  1,793  1,596  12 
Other borrowings 9  11  10  10  11  (18) (18) 30  35  (14)
Total interest expense 3,784  3,734  3,689  3,626  3,450  1  10  11,207  9,071  24 
Net interest income 8,076  7,546  7,488  7,519  7,423  7  9  23,110  21,722  6 
Provision for credit losses 2,482  3,909  2,683  2,857  2,284  (37) 9  9,074  7,569  20 
Net interest income after provision for credit losses 5,594  3,637  4,805  4,662  5,139  54  9  14,036  14,153  (1)
Non-interest income:
Interchange fees, net 1,228  1,249  1,145  1,207  1,234  (2) —  3,622  3,586  1 
Service charges and other customer-related fees 501  459  462  424  453  9  11  1,422  1,243  14 
Net securities gains (losses) (35) —  —  (34) —  ** ** (35) —  **
Other 244  252  307  390  256  (3) (5) 803  730  10 
Total non-interest income 1,938  1,960  1,914  1,987  1,943  (1) —  5,812  5,559  5 
Non-interest expense:
Salaries and associate benefits 2,391  2,200  2,478  2,284  2,274  9  5  7,069  7,018  1 
Occupancy and equipment 587  551  554  628  518  7  13  1,692  1,532  10 
Marketing 1,113  1,064  1,010  1,254  972  5  15  3,187  2,755  16 
Professional services 402  316  262  359  295  27  36  980  909  8 
Communications and data processing 358  355  351  345  344  1  4  1,064  1,038  3 
Amortization of intangibles 20  19  19  22  24  5  (17) 58  60  (3)
Other 443  441  463  825  433  —  2  1,347  1,287  5 
Total non-interest expense 5,314  4,946  5,137  5,717  4,860  7  9  15,397  14,599  5 
Income from continuing operations before income taxes 2,218  651  1,582  932  2,222  ** —  4,451  5,113  (13)
Income tax provision 441  54  302  226  432  ** 2  797  932  (14)
Net income 1,777  597  1,280  706  1,790  198  (1) 3,654  4,181  (13)
Dividends and undistributed earnings allocated to participating securities(2)
 (28) (9) (23) (10) (28) ** —  (60) (67) (10)
Preferred stock dividends (57) (57) (57) (57) (57) —  —  (171) (171) — 
Net income available to common stockholders $ 1,692  $ 531  $ 1,200  $ 639  $ 1,705  ** (1) $ 3,423  $ 3,943  (13)
4

2024 Q3 Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 vs.
Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Basic earnings per common share:(2)
Net income per basic common share $ 4.42  $ 1.39  $ 3.14  $ 1.67  $ 4.46  ** (1) % $ 8.94  $ 10.31  (13) %
Diluted earnings per common share:(2)
Net income per diluted common share $ 4.41  $ 1.38  $ 3.13  $ 1.67  $ 4.45  ** (1) % $ 8.92  $ 10.28  (13) %
Weighted-average common shares outstanding (in millions):
Basic common shares 383.0  383.1  382.2  381.9  382.5  —  —  382.8  382.7  — 
Diluted common shares 383.7  383.9  383.4  382.8  383.3  —  —  383.7  383.6  — 
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2024 Q3
2024 2024 2024 2023 2023 2024 2023
(Dollars in millions) Q3 Q2 Q1 Q4 Q3 Q2 Q3
Assets:
Cash and cash equivalents:
Cash and due from banks $ 3,976  $ 5,298  $ 4,671  $ 4,903  $ 4,620  (25) % (14) %
Interest-bearing deposits and other short-term investments 45,322  40,116  46,357  38,394  40,249  13  13 
Total cash and cash equivalents 49,298  45,414  51,028  43,297  44,869  9  10 
Restricted cash for securitization investors 421  2,415  474  458  435  (83) (3)
Securities available for sale 83,500  79,250  78,398  79,117  74,837  5  12 
Loans held for investment:
Unsecuritized loans held for investment 292,061  289,124  285,577  289,229  284,953  1  2 
Loans held in consolidated trusts 28,182  29,062  29,577  31,243  29,827  (3) (6)
Total loans held for investment 320,243  318,186  315,154  320,472  314,780  1  2 
Allowance for credit losses (16,534) (16,649) (15,380) (15,296) (14,955) (1) 11 
Net loans held for investment 303,709  301,537  299,774  305,176  299,825  1  1 
Loans held for sale 96  808  1,631  854  742  (88) (87)
Premises and equipment, net 4,440  4,396  4,366  4,375  4,378  1  1 
Interest receivable 2,577  2,494  2,514  2,478  2,469  3  4 
Goodwill 15,083  15,062  15,062  15,065  15,048  —  — 
Other assets 27,309  28,642  28,473  27,644  28,832  (5) (5)
Total assets $ 486,433  $ 480,018  $ 481,720  $ 478,464  $ 471,435  1  3 
6

2024 Q3
2024 2024 2024 2023 2023 2024 2023
(Dollars in millions) Q3 Q2 Q1 Q4 Q3 Q2 Q3
Liabilities:
Interest payable $ 705  $ 668  $ 762  $ 649  $ 685  6  % 3  %
Deposits:
Non-interest-bearing deposits 26,378  27,005  27,617  28,024  28,794  (2) (8)
Interest-bearing deposits 327,253  324,437  323,352  320,389  317,217  1  3 
Total deposits 353,631  351,442  350,969  348,413  346,011  1  2 
Securitized debt obligations 15,881  17,291  17,661  18,043  17,417  (8) (9)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase 520  715  568  538  522  (27) — 
Senior and subordinated notes 32,911  29,925  32,108  31,248  31,283  10  5 
Other borrowings 24  25  24  27  25  (4) (4)
Total other debt 33,455  30,665  32,700  31,813  31,830  9  5 
Other liabilities 19,836  21,971  21,827  21,457  21,824  (10) (9)
Total liabilities 423,508  422,037  423,919  420,375  417,767  —  1 
Stockholders’ equity:
Preferred stock 0  0  0  0  0  —  — 
Common stock 7  7  7  7  7  —  — 
Additional paid-in capital, net 36,216  36,012  35,808  35,541  35,334  1  2 
Retained earnings 63,698  62,211  61,905  60,945  60,529  2  5 
Accumulated other comprehensive loss (6,287) (9,701) (9,534) (8,268) (12,224) (35) (49)
Treasury stock, at cost (30,709) (30,548) (30,385) (30,136) (29,978) 1  2 
Total stockholders’ equity 62,925  57,981  57,801  58,089  53,668  9  17 
Total liabilities and stockholders’ equity $ 486,433  $ 480,018  $ 481,720  $ 478,464  $ 471,435  1  3 

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 $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023 and $449 million in Q3 2023 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 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.
(7)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.
(8)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.
(9)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.
(10)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.
(11)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.
(12)Capital ratios as of the end of Q3 2024 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.
(13)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
2024 Q3 2024 Q2 2023 Q3
(Dollars in millions, except as noted) Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale $ 318,715  $ 10,547  13.24  % $ 315,823  $ 9,993  12.66  % $ 313,461  $ 9,696  12.37  %
Investment securities 90,644  733  3.24  89,501  700  3.13  87,845  627  2.86 
Cash equivalents and other 45,125  580  5.14  45,584  587  5.16  42,226  550  5.21 
Total interest-earning assets $ 454,484  $ 11,860  10.44  $ 450,908  $ 11,280  10.01  $ 443,532  $ 10,873  9.81 
Interest-bearing liabilities:
Interest-bearing deposits $ 324,509  $ 2,945  3.63  $ 322,581  $ 2,874  3.56  $ 316,032  $ 2,611  3.30 
Securitized debt obligations 15,833  234  5.93  17,452  258  5.91  17,649  249  5.63 
Senior and subordinated notes 32,041  596  7.43  30,978  591  7.64  31,522  579  7.36 
Other borrowings and liabilities(2)
 2,389  9  1.50  2,502  11  1.73  2,473  11  1.79 
Total interest-bearing liabilities $ 374,772  $ 3,784  4.04  $ 373,513  $ 3,734  4.00  $ 367,676  $ 3,450  3.75 
Net interest income/spread $ 8,076  6.40  $ 7,546  6.01  $ 7,423  6.05 
Impact of non-interest-bearing funding 0.71  0.69  0.64 
Net interest margin(3)
 7.11  % 6.70  % 6.69  %
                                                                                                                                                                                                                            
Nine Months Ended September 30,
2024 2023
(Dollars in millions, except as noted) Average Balance Interest Income/ Expense
Yield/Rate(1)
 Average Balance Interest Income/ Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale $ 316,707  $ 30,460  12.82  % $ 310,657  $ 27,476  11.79  %
Investment securities 89,580  2,120  3.16  89,259  1,881  2.81 
Cash equivalents and other 44,791  1,737  5.17  39,405  1,436  4.86 
Total interest-earning assets $ 451,078  $ 34,317  10.14  $ 439,321  $ 30,793  9.35 
Interest-bearing liabilities:
Interest-bearing deposits $ 321,856  $ 8,631  3.58  $ 312,702  $ 6,744  2.88 
Securitized debt obligations 17,036  753  5.90  17,558  696  5.28 
Senior and subordinated notes 31,744  1,793  7.53  30,611  1,596  6.95 
Other borrowings and liabilities(2)
 2,422  30  1.67  2,410  35  1.94 
Total interest-bearing liabilities $ 373,058  $ 11,207  4.01  $ 363,281  $ 9,071  3.33 
Net interest income/spread $ 23,110  6.14  $ 21,722  6.02 
Impact of non-interest-bearing funding 0.69  0.57 
Net interest margin 6.83  % 6.59  %

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2024 Q3 Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 2023 2024 vs. 2023
(Dollars in millions, except as noted) Q3 Q2 Q1 Q4 Q3 Q2 Q3
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card $ 149,400  $ 147,065  $ 143,861  $ 147,666  $ 140,320  2  % 6  % $ 149,400  $ 140,320  6  %
   International card businesses 7,251  6,830  6,733  6,881  6,463  6  12  7,251  6,463  12 
Total credit card 156,651  153,895  150,594  154,547  146,783  2  7  156,651  146,783  7 
Consumer banking:
   Auto 75,505  74,385  73,801  74,075  75,456  2  —  75,505  75,456  — 
   Retail banking 1,253  1,278  1,298  1,362  1,388  (2) (10) 1,253  1,388  (10)
Total consumer banking 76,758  75,663  75,099  75,437  76,844  1  —  76,758  76,844  — 
Commercial banking:
   Commercial and multifamily real estate 32,199  32,832  34,272  34,446  35,622  (2) (10) 32,199  35,622  (10)
   Commercial and industrial 54,635  55,796  55,189  56,042  55,531  (2) (2) 54,635  55,531  (2)
Total commercial banking 86,834  88,628  89,461  90,488  91,153  (2) (5) 86,834  91,153  (5)
Total loans held for investment $ 320,243  $ 318,186  $ 315,154  $ 320,472  $ 314,780  1  2  $ 320,243  $ 314,780  2 
Loans Held for Investment (Average)
Credit card:
   Domestic credit card $ 147,021  $ 143,744  $ 142,887  $ 142,112  $ 137,500  2  % 7  % $ 144,560  $ 132,889  9  %
   International card businesses 6,951  6,723  6,758  6,515  6,549  3  6  6,811  6,306  8 
Total credit card 153,972  150,467  149,645  148,627  144,049  2  7  151,371  139,195  9 
Consumer banking:
   Auto 74,920  74,098  73,768  74,861  75,740  1  (1) 74,264  76,473  (3)
   Retail banking 1,262  1,288  1,324  1,377  1,414  (2) (11) 1,291  1,469  (12)
Total consumer banking 76,182  75,386  75,092  76,238  77,154  1  (1) 75,555  77,942  (3)
Commercial banking:
   Commercial and multifamily real estate 32,416  33,801  34,310  35,414  35,964  (4) (10) 33,505  36,796  (9)
   Commercial and industrial 55,685  55,234  55,567  55,611  55,592  1  —  55,496  56,142  (1)
Total commercial banking 88,101  89,035  89,877  91,025  91,556  (1) (4) 89,001  92,938  (4)
Total average loans held for investment $ 318,255  $ 314,888  $ 314,614  $ 315,890  $ 312,759  1  2  $ 315,927  $ 310,075  2 
10

2024 Q3 Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 2023 2024 vs. 2023
Q3 Q2 Q1 Q4 Q3 Q2 Q3
Net Charge-Off (Recovery) Rates
Credit card:
   Domestic credit card(4)(5)
 5.61  % 6.05  % 5.94  % 5.35  % 4.40  % (44) bps 121  bps 5.86  % 4.28  % 158  bps
   International card businesses 5.23  5.03  5.16  4.94  4.87  20  36  5.14  4.80  34 
Total credit card 5.60  6.00  5.90  5.33  4.42  (40) 118  5.83  4.30  153 
Consumer banking:
   Auto 2.05  1.81  1.99  2.19  1.77  24  28  1.95  1.57  38 
   Retail banking 5.43  5.38  4.04  5.68  3.80  5  163  4.94  3.33  161 
Total consumer banking 2.11  1.87  2.03  2.25  1.81  24  30  2.00  1.60  40 
Commercial banking:
   Commercial and multifamily real estate 0.26  0.11  0.20  0.96  0.27  15  (1) 0.19  1.46  (127)
   Commercial and industrial 0.20  0.17  0.08  0.26  0.24  3  (4) 0.15  0.13  2 
Total commercial banking 0.22  0.15  0.13  0.53  0.25  7  (3) 0.17  0.66  (49)
Total net charge-offs 3.27  3.36  3.33  3.21  2.56  (9) 71  3.32  2.53  79 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card 4.53  % 4.14  % 4.48  % 4.61  % 4.31  % 39  bps 22  bps 4.53  % 4.31  % 22  bps
   International card businesses 4.53  4.63  4.83  4.67  4.43  (10) 10  4.53  4.43  10 
Total credit card 4.53  4.16  4.50  4.61  4.32  37  21  4.53  4.32  21 
Consumer banking:
   Auto 5.61  5.67  5.28  6.34  5.64  (6) (3) 5.61  5.64  (3)
   Retail banking 0.95  1.57  0.95  1.19  1.07  (62) (12) 0.95  1.07  (12)
Total consumer banking 5.53  5.60  5.21  6.25  5.55  (7) (2) 5.53  5.55  (2)
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
   International card businesses 0.15  % 0.15  % 0.13  % 0.13  % 0.14  % —  1  bps 0.15  % 0.14  % 1  bps
Total credit card 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Consumer banking:
   Auto 0.91  0.88  0.79  0.96  0.85  3  bps 6  0.91  0.85  6 
   Retail banking 2.19  2.81  3.21  3.36  3.28  (62) (109) 2.19  3.28  (109)
Total consumer banking 0.93  0.92  0.83  1.00  0.89  1  4  0.93  0.89  4 
Commercial banking:
   Commercial and multifamily real estate 1.96  1.28  1.58  1.23  1.29  68  67  1.96  1.29  67 
   Commercial and industrial 1.32  1.56  1.10  0.60  0.65  (24) 67  1.32  0.65  67 
Total commercial banking 1.55  1.46  1.28  0.84  0.90  9  65  1.55  0.90  65 
Total nonperforming loans 0.65  0.63  0.57  0.48  0.48  2  17  0.65  0.48  17 
Total nonperforming assets 0.67  0.64  0.58  0.50  0.50  3  17  0.67  0.50  17 
11

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

Three Months Ended September 30, 2024
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 June 30, 2024 $ 12,560  $ 480  $ 13,040  $ 2,037  $ 28  $ 2,065  $ 1,544  $ 16,649 
Charge-offs (2,501) (131) (2,632) (684) (23) (707) (88) (3,427)
Recoveries 438  40  478  300  6  306  39  823 
Net charge-offs (2,063) (91) (2,154) (384) (17) (401) (49) (2,604)
Provision for credit losses 1,997  87  2,084  335  16  351  35  2,470 
Allowance release for credit losses (66) (4) (70) (49) (1) (50) (14) (134)
Other changes(8)
 —  19  19  — — — — 19 
Balance as of September 30, 2024 12,494  495  12,989  1,988  27  2,015  1,530  16,534 
Reserve for unfunded lending commitments:
Balance as of June 30, 2024 — — — — —  — 129  129 
Provision (benefit) for losses on unfunded lending commitments — — — — —  — 13  13 
Balance as of September 30, 2024 — — — — —  — 142  142 
Combined allowance and reserve as of September 30, 2024 $ 12,494  $ 495  $ 12,989  $ 1,988  $ 27  $ 2,015  $ 1,672  $ 16,676 
Nine Months Ended September 30, 2024
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, 2023 $ 11,261  $ 448  $ 11,709  $ 2,002  $ 40  $ 2,042  $ 1,545  $ 15,296 
Charge-offs (7,509) (383) (7,892) (1,941) (62) (2,003) (166) (10,061)
Recoveries 1,153  120  1,273  855  14  869  55  2,197 
Net charge-offs (6,356) (263) (6,619) (1,086) (48) (1,134) (111) (7,864)
Provision for credit losses 7,589  299  7,888  1,072  35  1,107  96  9,091 
Allowance build (release) for credit losses(9)
 1,233  36  1,269  (14) (13) (27) (15) 1,227 
Other changes(8)
 —  11  11  —  —  —  —  11 
Balance as of September 30, 2024 12,494  495  12,989  1,988  27  2,015  1,530  16,534 
Reserve for unfunded lending commitments:
Balance as of December 31, 2023 — — — — —  —  158  158 
Provision (benefit) for losses on unfunded lending commitments — — — — —  —  (16) (16)
Balance as of September 30, 2024 — — — — —  —  142  142 
Combined allowance and reserve as of September 30, 2024 $ 12,494  $ 495  $ 12,989  $ 1,988  $ 27  $ 2,015  $ 1,672  $ 16,676 
12

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

Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(10)
Other(10)
 Total Credit Card Consumer Banking
Commercial Banking(10)
Other(10)
 Total
Net interest income (loss) $ 5,743  $ 2,028  $ 596  $ (291) $ 8,076  $ 16,309  $ 6,064  $ 1,804  $ (1,067) $ 23,110 
Non-interest income (loss) 1,509  182  292  (45) 1,938  4,491  513  844  (36) 5,812 
Total net revenue (loss) 7,252  2,210  888  (336) 10,014  20,800  6,577  2,648  (1,103) 28,922 
Provision (benefit) for credit losses 2,084  351  48  (1) 2,482  7,888  1,107  80  (1) 9,074 
Non-interest expense 3,367  1,331  495  121  5,314  9,730  3,827  1,493  347  15,397 
Income (loss) from continuing operations before income taxes 1,801  528  345  (456) 2,218  3,182  1,643  1,075  (1,449) 4,451 
Income tax provision (benefit) 427  125  82  (193) 441  756  388  254  (601) 797 
Income (loss) from continuing operations, net of tax $ 1,374  $ 403  $ 263  $ (263) $ 1,777  $ 2,426  $ 1,255  $ 821  $ (848) $ 3,654 
Three Months Ended June 30, 2024
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(10)
Other(10)
 Total
Net interest income (loss) $ 5,294  $ 2,025  $ 609  $ (382) $ 7,546 
Non-interest income 1,506  172  271  11  1,960 
Total net revenue (loss) 6,800  2,197  880  (371) 9,506 
Provision for credit losses 3,545  330  34  —  3,909 
Non-interest expense 3,134  1,250  483  79  4,946 
Income (loss) from continuing operations before income taxes 121  617  363  (450) 651 
Income tax provision (benefit) 30  146  85  (207) 54 
Income (loss) from continuing operations, net of tax $ 91  $ 471  $ 278  $ (243) $ 597 
Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(10)
Other(10)
 Total Credit Card Consumer Banking
Commercial Banking(10)
Other(10)
 Total
Net interest income (loss) $ 5,114  $ 2,133  $ 621  $ (445) $ 7,423  $ 14,498  $ 6,762  $ 1,901  $ (1,439) $ 21,722 
Non-interest income (loss) 1,513  142  288  —  1,943  4,375  426  757  1  5,559 
Total net revenue (loss) 6,627  2,275  909  (445) 9,366  18,873  7,188  2,658  (1,438) 27,281 
Provision for credit losses 1,953  213  116  2  2,284  6,298  747  521  3  7,569 
Non-interest expense 3,015  1,262  512  71  4,860  9,073  3,776  1,524  226  14,599 
Income (loss) from continuing operations before income taxes 1,659  800  281  (518) 2,222  3,502  2,665  613  (1,667) 5,113 
Income tax provision (benefit) 393  189  67  (217) 432  830  629  145  (672) 932 
Income (loss) from continuing operations, net of tax $ 1,266  $ 611  $ 214  $ (301) $ 1,790  $ 2,672  $ 2,036  $ 468  $ (995) $ 4,181 

13

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2024 Q3 vs. Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Credit Card
Earnings:
Net interest income $ 5,743  $ 5,294  $ 5,272  $ 5,231  $ 5,114  8  % 12% $ 16,309  $ 14,498  12%
Non-interest income 1,509  1,506  1,476  1,565  1,513  —  —  4,491  4,375  3 
Total net revenue 7,252  6,800  6,748  6,796  6,627  7  9  20,800  18,873  10 
Provision for credit losses 2,084  3,545  2,259  2,353  1,953  (41) 7 7,888  6,298  25
Non-interest expense 3,367  3,134  3,229  3,417  3,015  7  12  9,730  9,073  7 
Income from continuing operations before income taxes 1,801  121  1,260  1,026  1,659  ** 9  3,182  3,502  (9)
Income tax provision 427  30  299  241  393  ** 9  756  830  (9)
Income from continuing operations, net of tax $ 1,374  $ 91  $ 961  $ 785  $ 1,266  ** 9  $ 2,426  $ 2,672  (9)
Selected performance metrics:
Period-end loans held for investment $ 156,651 $ 153,895 $ 150,594 $ 154,547 $ 146,783 2  7  $ 156,651 $ 146,783 7 
Average loans held for investment 153,972 150,467 149,645 148,627 144,049 2  7  151,371 139,195 9 
Average yield on loans outstanding(1)
 19.66  % 18.79  % 18.84  % 18.96  % 19.02  % 87  bps 64  bps 19.10  % 18.40  % 70  bps
Total net revenue margin(11)
 18.82  18.03  17.99  18.24  18.40  79  42  18.28  18.08  20 
Net charge-off rate 5.60  6.00  5.90  5.33  4.42  (40) 118  5.83  4.30  153 
30+ day performing delinquency rate 4.53  4.16  4.50  4.61  4.32  37  21  4.53  4.32  21 
30+ day delinquency rate 4.54  4.17  4.50  4.62  4.32  37  22  4.54  4.32  22 
Nonperforming loan rate(6)
 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Purchase volume(12)
 $ 166,203 $ 165,143 $ 150,171 $ 162,055 $ 158,640 1% 5% $ 481,517 $ 458,235 5%
14

2024 Q3 vs. Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Domestic Card
Earnings:
Net interest income $ 5,434  $ 5,001  $ 4,972  $ 4,940  $ 4,827  9% 13% $ 15,407  $ 13,670  13%
Non-interest income 1,438  1,440  1,411  1,498  1,445  —  —  4,289  4,174  3 
Total net revenue(13)
 6,872  6,441  6,383  6,438  6,272  7  10  19,696  17,844  10 
Provision for credit losses 1,997  3,435  2,157  2,238  1,861  (42) 7 7,589  6,030  26
Non-interest expense 3,149  2,946  3,025  3,186  2,810  7  12  9,120  8,462  8 
Income from continuing operations before income taxes 1,726  60  1,201  1,014  1,601  ** 8  2,987  3,352  (11)
Income tax provision 407  15  283  239  378  ** 8  705  791  (11)
Income from continuing operations, net of tax $ 1,319  $ 45  $ 918  $ 775  $ 1,223  ** 8  $ 2,282  $ 2,561  (11)
Selected performance metrics:
Period-end loans held for investment $ 149,400 $ 147,065 $ 143,861 $ 147,666 $ 140,320 2  6  $ 149,400 $ 140,320 6 
Average loans held for investment 147,021 143,744 142,887 142,112 137,500 2  7  144,560 132,889 9 
Average yield on loans outstanding(1)
 19.62  % 18.73  % 18.76  % 18.88  % 18.96  % 89  bps 66  bps 19.04  % 18.31  % 73  bps
Total net revenue margin(11)(13)
 18.67  17.87  17.82  18.07  18.24  80  43  18.12  17.90  22 
Net charge-off rate(4)(5)
 5.61  6.05  5.94  5.35  4.40  (44) 121  5.86  4.28  158 
30+ day performing delinquency rate 4.53  4.14  4.48  4.61  4.31  39  22  4.53  4.31  22 
Purchase volume(12)
 $ 162,281 $ 161,370 $ 146,696 $ 158,290 $ 154,880 1% 5% $ 470,347 $ 447,374 5%
Refreshed FICO scores:(14)
Greater than 660 69  % 69  % 68  % 68  % 69  % —  —  69  % 69  % — 
660 or below 31  31  32  32  31  —  —  31  31  — 
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
    

15

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2024 Q3 vs. Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Consumer Banking
Earnings:
Net interest income $ 2,028  $ 2,025  $ 2,011  $ 1,951  $ 2,133  — (5)% $ 6,064  $ 6,762  (10)%
Non-interest income 182  172  159  163  142  6% 28  513  426  20 
Total net revenue 2,210  2,197  2,170  2,114  2,275  1  (3) 6,577  7,188  (9)
Provision for credit losses 351  330  426  422  213  6  65 1,107  747  48
Non-interest expense 1,331  1,250  1,246  1,402  1,262  6  5  3,827  3,776  1 
Income from continuing operations before income taxes 528  617  498  290  800  (14) (34) 1,643  2,665  (38)
Income tax provision 125  146  117  68  189  (14) (34) 388  629  (38)
Income from continuing operations, net of tax $ 403  $ 471  $ 381  $ 222  $ 611  (14) (34) $ 1,255  $ 2,036  (38)
Selected performance metrics:
Period-end loans held for investment $ 76,758 $ 75,663 $ 75,099 $ 75,437 $ 76,844 1  —  $ 76,758 $ 76,844 — 
Average loans held for investment 76,182 75,386 75,092 76,238 77,154 1  (1) 75,555 77,942 (3)
Average yield on loans held for investment(1)
 8.88  % 8.54  % 8.33  % 8.17  % 7.97  % 34  bps 91  bps 8.59  % 7.67  % 92  bps
Auto loan originations $ 9,158 $ 8,463 $ 7,522 $ 6,157 $ 7,452 8% 23% $ 25,143 $ 20,823 21%
Period-end deposits 309,569 305,422 300,806 296,171 290,789 1  6  309,569 290,789 6 
Average deposits 306,121 300,794 294,448 291,486 287,457 2  6  300,475 283,991 6 
Average deposits interest rate 3.33  % 3.22  % 3.15  % 3.06  % 2.85  % 11  bps 48  bps 3.23  % 2.43  % 80  bps
Net charge-off rate 2.11  1.87  2.03  2.25  1.81  24  30  2.00  1.60  40 
30+ day performing delinquency rate 5.53  5.60  5.21  6.25  5.55  (7) (2) 5.53  5.55  (2)
30+ day delinquency rate 6.31  6.35  5.86  7.08  6.27  (4) 4  6.31  6.27  4 
Nonperforming loan rate(6)
 0.93  0.92  0.83  1.00  0.89  1  4  0.93  0.89  4 
Nonperforming asset rate(7)
 1.01  0.99  0.91  1.09  0.96  2  5  1.01  0.96  5 
Auto—At origination FICO scores:(15)
Greater than 660 53  % 53  % 53  % 53  % 52  % —  1% 53  % 52  % 1%
621 - 660 20  20  20  20  20  —  —  20  20  — 
620 or below 27  27  27  27  28  —  (1) 27  28  (1)
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2024 Q3 vs. Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Commercial Banking
Earnings:
Net interest income $ 596  $ 609  $ 599  $ 617  $ 621  (2)% (4)% $ 1,804 $ 1,901 (5)%
Non-interest income 292  271  281  245  288  8  1  844 757 11 
Total net revenue(10)
 888  880  880  862  909  1  (2) 2,648 2,658 — 
Provision (benefit) for credit losses 48  34  (2) 84  116  41  (59) 80 521 (85)
Non-interest expense 495  483  515  487  512  2  (3) 1,493 1,524 (2)
Income from continuing operations before income taxes 345  363  367  291  281  (5) 23  1,075 613 75 
Income tax provision 82  85  87  68  67  (4) 22  254 145 75 
Income from continuing operations, net of tax $ 263  $ 278  $ 280  $ 223  $ 214  (5) 23  $ 821 $ 468 75 
Selected performance metrics:
Period-end loans held for investment $ 86,834 $ 88,628 $ 89,461 $ 90,488 $ 91,153 (2) (5) $ 86,834 $ 91,153 (5)
Average loans held for investment 88,101 89,035 89,877 91,025 91,556 (1) (4) 89,001 92,938 (4)
Average yield on loans held for investment(1)(10)
 7.25  % 7.23  % 7.14  % 7.24  % 7.16  % 2  bps 9  bps 7.21  % 6.73  % 48  bps
Period-end deposits $ 30,598 $ 29,210 $ 31,082 $ 32,712 $ 36,035 5% (15)% $ 30,598 $ 36,035 (15)%
Average deposits 30,365 30,810 31,844 34,525 37,279 (1) (19) 31,004 38,383 (19)
Average deposits interest rate 2.55  % 2.55  % 2.65  % 2.79  % 2.93  % —  (38) bps 2.58  % 2.65  % (7) bps
Net charge-off rate 0.22  0.15  0.13  0.53  0.25  7  bps (3) 0.17  0.66  (49)
Nonperforming loan rate(6)
 1.55  1.46  1.28  0.84  0.90  9  65  1.55  0.90  65 
Nonperforming asset rate(7)
 1.55  1.46  1.28  0.84  0.90  9  65  1.55  0.90  65 
Risk category:(16)
Noncriticized $ 78,835 $ 79,695 $ 80,804 $ 81,758 $ 82,968 (1)% (5)% $ 78,835 $ 82,968 (5)%
Criticized performing 6,651 7,639 7,509 7,969 7,363 (13) (10) 6,651 7,363 (10)
Criticized nonperforming 1,348 1,294 1,148 761 822 4  64  1,348 822 64 
Total commercial banking loans held for investment $ 86,834 $ 88,628 $ 89,461 $ 90,488 $ 91,153 (2) (5) $ 86,834 $ 91,153 (5)
Risk category as a percentage of period-end loans held for investment:(16)
Noncriticized 90.79  % 89.92  % 90.33  % 90.35  % 91.02  % 87  bps (23) bps 90.79  % 91.02  % (23) bps
Criticized performing 7.66  8.62  8.39  8.81  8.08  (96) (42) 7.66  8.08  (42)
Criticized nonperforming 1.55  1.46  1.28  0.84  0.90  9  65  1.55  0.90  65 
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
2024 Q3 vs. Nine Months Ended September 30,
2024 2024 2024 2023 2023 2024 2023 2024 vs.
(Dollars in millions) Q3 Q2 Q1 Q4 Q3 Q2 Q3 2024 2023 2023
Other
Earnings:
Net interest loss $ (291) $ (382) $ (394) $ (280) $ (445) (24)% (35)% $ (1,067) $ (1,439) (26)%
Non-interest income (loss) (45) 11 (2) 14 — ** ** (36) 1 **
Total net loss(10)
 (336) (371) (396) (266) (445) (9) (24) (1,103) (1,438) (23)
Provision (benefit) for credit losses (1) — — (2) 2 ** ** (1) 3 **
Non-interest expense(17)(18)
 121 79 147 411 71 53 70 347 226 54
Loss from continuing operations before income taxes (456) (450) (543) (675) (518) 1 (12) (1,449) (1,667) (13)
Income tax benefit (193) (207) (201) (151) (217) (7) (11) (601) (672) (11)
Loss from continuing operations, net of tax $ (263) $ (243) $ (342) $ (524) $ (301) 8 (13) $ (848) $ (995) (15)
Selected performance metrics:
Period-end deposits $ 13,464  $ 16,810  $ 19,081  $ 19,530  $ 19,187  (20) (30) $ 13,464  $ 19,187  (30)
Average deposits 14,639  17,884  19,365  19,317  20,277  (18) (28) 17,286  20,582  (16)
Total
Earnings:
Net interest income $ 8,076  $ 7,546  $ 7,488  $ 7,519  $ 7,423  7% 9% $ 23,110  $ 21,722  6%
Non-interest income 1,938  1,960  1,914  1,987  1,943  (1) — 5,812  5,559  5
Total net revenue 10,014  9,506  9,402  9,506  9,366  5 7 28,922  27,281  6
Provision for credit losses 2,482  3,909  2,683  2,857  2,284  (37) 9 9,074  7,569  20
Non-interest expense 5,314  4,946  5,137  5,717  4,860  7 9 15,397  14,599  5
Income from continuing operations before income taxes 2,218  651  1,582  932  2,222  ** — 4,451  5,113  (13)
Income tax provision 441  54  302  226  432  ** 2 797  932  (14)
Income from continuing operations, net of tax $ 1,777  $ 597  $ 1,280  $ 706  $ 1,790  198 (1) $ 3,654  $ 4,181  (13)
Selected performance metrics:
Period-end loans held for investment $ 320,243  $ 318,186  $ 315,154  $ 320,472  $ 314,780  1 2 $ 320,243  $ 314,780  2
Average loans held for investment 318,255  314,888  314,614  315,890  312,759  1 2 315,927  310,075  2
Period-end deposits 353,631  351,442  350,969  348,413  346,011  1 2 353,631  346,011  2
Average deposits 351,125  349,488  345,657  345,328  345,013  — 2 348,765  342,956  2
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)Includes amounts related to entities that provide capital to low-income and rural communities of $2.0 billion, $2.1 billion and $2.0 billion for the third quarter, second quarter and first nine months of 2024, respectively, and $1.9 billion and $1.8 billion for the third quarter and first nine months of 2023, respectively. Related interest expense was $7 million, $8 million and $23 million for the third quarter, second quarter and first nine months of 2024, respectively, and $8 million and $24 million for the third quarter and first nine months of 2023, respectively.
(3)The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased net interest margin by 22 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the net interest margin would have been 6.89% and 6.60% in the third quarter and second quarter of 2024, respectively.
(4)The Walmart Program Termination increased the Domestic Card net charge-off rate by 38 basis points and 19 basis points for Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.23% and 5.86% for Q3 2024 and Q2 2024, respectively.
(5)In December 2023, we recognized $18 million of incremental net charge-offs on certain loans in hardship programs from the one-time impact of operational delays, which increased the Q4 2023 net charge-off rate by approximately 5 basis points. Excluding this impact, the Q4 2023 net charge-off rate would have been 5.30%.
(6)Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(7)Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(8)Primarily represents foreign currency translation adjustments.
(9)The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.
(10)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.
(11)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(12)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(13)The Walmart Program Termination increased Domestic Card net revenue margin by 51 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the Domestic Card net revenue margin would have been 18.16% and 17.77% in the third quarter and second quarter of 2024, respectively.
(14)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.
(15)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.
(16)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(17)Includes the impact of ($9 million), $8 million, $42 million and $289 million FDIC special assessment in Q3 2024, Q2 2024, Q1 2024 and Q4 2023, respectively.
(18)Includes the impact of $63 million and $31 million in Discover integration expenses in Q3 2024 and Q2 2024, respectively, as well as any charges incurred as a result of restructuring activities for the periods presented.
**    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) September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023
Regulatory Capital Metrics
Common equity excluding AOCI $ 64,966 $ 63,435 $ 63,088 $ 62,710 $ 62,245
Adjustments:
AOCI, net of tax(2)
 58 13 14 27 (9)
Goodwill, net of related deferred tax liabilities (14,816) (14,800) (14,804) (14,811) (14,797)
Other Intangible and deferred tax assets, net of deferred tax liabilities (252) (271) (291) (311) (333)
Common equity Tier 1 capital $ 49,956 $ 48,377 $ 48,007 $ 47,615 $ 47,106
Tier 1 capital $ 54,801 $ 53,222 $ 52,852 $ 52,460 $ 51,952
Total capital(3)
 61,150 59,875 59,484 59,124 58,844
Risk-weighted assets 368,096 366,959 366,161 369,206 362,962
Adjusted average assets(4)
 473,146 470,915 468,030 467,553 464,286
Capital Ratios
Common equity Tier 1 capital(5)
 13.6% 13.2% 13.1% 12.9% 13.0%
Tier 1 capital(6)
 14.9 14.5 14.4 14.2 14.3
Total capital(7)
 16.6 16.3 16.2 16.0 16.2
Tier 1 leverage(4)
 11.6 11.3 11.3 11.2 11.2
TCE(8)
 9.1 8.2 8.1 8.2 7.3


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, 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.
2024 2024 2024 2023 2023 Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted) Q3 Q2 Q1 Q4 Q3 2024 2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP) $ 1,692 $ 531 $ 1,200 $ 639 $ 1,705 $ 3,423 $ 3,943
Allowance build for Walmart program agreement loss sharing termination — 826 — — — 826 —
Walmart program agreement termination contra revenue impact — 27 — — — 27 —
Discover integration expenses 63 31 — — — 94 —
FDIC special assessment (9) 8 42 289 — 41 —
Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 1,746 1,423 1,242 928 1,705 4,411 3,943
Income tax impacts (13) (218) (10) (70) — (241) —
Adjusted net income available to common stockholders (non-GAAP) $ 1,733 $ 1,205 $ 1,232 $ 858 $ 1,705 $ 4,170 $ 3,943
Diluted weighted-average common shares outstanding (in millions) (GAAP) 383.7 383.9 383.4 382.8 383.3 383.7 383.6
Diluted EPS (GAAP) $ 4.41 $ 1.38 $ 3.13 $ 1.67 $ 4.45 $ 8.92 $ 10.28
Impact of adjustments noted above 0.10 1.76 0.08 0.57 — 1.94 —
Adjusted diluted EPS (non-GAAP) $ 4.51 $ 3.14 $ 3.21 $ 2.24 $ 4.45 $ 10.86 $ 10.28
Adjusted efficiency ratio:
Non-interest expense (GAAP) $ 5,314 $ 4,946 $ 5,137 $ 5,717 $ 4,860 $ 15,397 $ 14,599
Discover integration expenses (63) (31) — — — (94) —
FDIC special assessment 9 (8) (42) (289) — (41) —
Adjusted non-interest expense (non-GAAP) $ 5,260 $ 4,907 $ 5,095 $ 5,428 $ 4,860 $ 15,262 $ 14,599
Total net revenue (GAAP) $ 10,014 $ 9,506 $ 9,402 $ 9,506 $ 9,366 $ 28,922 $ 27,281
Walmart program agreement termination contra revenue impact — 27 — — — 27 —
Adjusted net revenue (non-GAAP) $ 10,014 $ 9,533 $ 9,402 $ 9,506 $ 9,366 $ 28,949 $ 27,281
Efficiency ratio (GAAP) 53.07% 52.03% 54.64% 60.14% 51.89% 53.24% 53.51%
Impact of adjustments noted above (54)bps (56)bps (45)bps (304)bps —bps (52)bps —bps
Adjusted efficiency ratio (non-GAAP) 52.53% 51.47% 54.19% 57.10% 51.89% 52.72% 53.51%
Adjusted operating efficiency ratio:
Operating expense (GAAP) $ 4,201 $ 3,882 $ 4,127 $ 4,463 $ 3,888 $ 12,210 $ 11,844
21

2024 2024 2024 2023 2023 Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted) Q3 Q2 Q1 Q4 Q3 2024 2023
Discover integration expenses (63) (31) — — — (94) —
FDIC special assessment 9 (8) (42) (289) — (41) —
Adjusted operating expense (non-GAAP) $ 4,147 $ 3,843 $ 4,085 $ 4,174 $ 3,888 $ 12,075 $ 11,844
Total net revenue (GAAP) 10,014 $ 9,506 $ 9,402 $ 9,506 $ 9,366 $ 28,922 $ 27,281
Walmart program agreement termination contra revenue impact — 27 — — — 27 —
Adjusted net revenue (non-GAAP) $ 10,014 $ 9,533 $ 9,402 $ 9,506 $ 9,366 $ 28,949 $ 27,281
Operating efficiency ratio (GAAP) 41.95% 40.84% 43.89% 46.95% 41.51% 42.22% 43.41%
Impact of adjustments noted above (54)bps (53)bps (44)bps (304)bps —bps (51)bps —bps
Adjusted operating efficiency ratio (non-GAAP) 41.41% 40.31% 43.45% 43.91% 41.51% 41.71% 43.41%
        


22

Reconciliation of Non-GAAP Measures

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

2024 2024 2024 2023 2023
(Dollars in millions) Q3 Q2 Q1 Q4 Q3
Pre- Provision Earnings
Total net revenue $ 10,014  $ 9,506  $ 9,402  $ 9,506  $ 9,366 
Non-interest expense (5,314) (4,946) (5,137) (5,717) (4,860)
Pre-provision earnings(9)
 $ 4,700  $ 4,560  $ 4,265  $ 3,789  $ 4,506 
Tangible Common Equity (Period-End)
Stockholders’ equity $ 62,925  $ 57,981  $ 57,801  $ 58,089  $ 53,668 
Goodwill and other intangible assets(10)
 (15,214) (15,226) (15,257) (15,289) (15,308)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 42,866  $ 37,910  $ 37,699  $ 37,955  $ 33,515 
Tangible Common Equity (Average)
Stockholders’ equity $ 61,289  $ 58,107  $ 57,998  $ 55,632  $ 55,012 
Goodwill and other intangible assets(10)
 (15,225) (15,249) (15,280) (15,304) (15,348)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 41,219  $ 38,013  $ 37,873  $ 35,483  $ 34,819 
Return on Tangible Common Equity (Average)
Net income available to common stockholders $ 1,692  $ 531  $ 1,200  $ 639  $ 1,705 
Tangible common equity (Average)
 41,219  38,013  37,873  35,483  34,819 
Return on tangible common equity(11)(12)
 16.42  % 5.59  % 12.67  % 7.20  % 19.59  %
Tangible Assets (Period-End)
Total assets $ 486,433  $ 480,018  $ 481,720  $ 478,464  $ 471,435 
Goodwill and other intangible assets(10)
 (15,214) (15,226) (15,257) (15,289) (15,308)
Tangible assets(11)
 $ 471,219  $ 464,792  $ 466,463  $ 463,175  $ 456,127 
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2024 2024 2024 2023 2023
(Dollars in millions) Q3 Q2 Q1 Q4 Q3
Tangible Assets (Average)
Total assets $ 481,219  $ 477,285  $ 474,995  $ 472,594  $ 469,860 
Goodwill and other intangible assets(10)
 (15,225) (15,249) (15,280) (15,304) (15,348)
Tangible assets(11)
 $ 465,994  $ 462,036  $ 459,715  $ 457,290  $ 454,512 
Return on Tangible Assets (Average)
Net income $ 1,777  $ 597  $ 1,280  $ 706  $ 1,790 
Tangible Assets (Average) 465,994  462,036  459,715  457,290  454,512 
Return on tangible assets(11)(13)
 1.53% 0.52% 1.11% 0.62% 1.58%
TCE Ratio
Tangible common equity (Period-end) $ 42,866  $ 37,910  $ 37,699  $ 37,955  $ 33,515 
Tangible Assets (Period-end) 471,219  464,792  466,463  463,175  456,127 
TCE Ratio(11)
 9.1% 8.2% 8.1% 8.2% 7.3%
Tangible Book Value per Common Share
Tangible common equity (Period-end) $ 42,866  $ 37,910  $ 37,699  $ 37,955  $ 33,515 
Outstanding Common Shares 381.5  381.9  382.1  380.4  381.0 
Tangible book value per common share(11)
 $ 112.36  $ 99.28  $ 98.67  $ 99.78  $ 87.97 
__________
(1)Regulatory capital metrics and capital ratios as of September 30, 2024 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)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.
(10)Includes impact of related deferred taxes.
(11)Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.
(12)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.
(13)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.
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