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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

January 21, 2025
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 January 21, 2025, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 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 January 21, 2025 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 February 4, 2025 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: January 21, 2025 By: /s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Controller and Principal Accounting Officer

3
EX-99.1 2 ex991q42024earningsrelease.htm EX-99.1 Document

Exhibit 99.1
News Release
earningsslidesvfinal1b58aa.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: January 21, 2025
Capital One Reports Fourth Quarter 2024 Net Income of $1.1 billion,
or $2.67 per share
Net of adjusting items, Fourth Quarter 2024 Net Income of $3.09 per share(1)
McLean, Va. (January 21, 2025) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2024 of $1.1 billion, or $2.67 per diluted common share, compared with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024, and with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023. Adjusted net income(1) for the fourth quarter of 2024 was $3.09 per diluted common share.
“Our fourth quarter results included steady top-line growth in our domestic card business, strong originations and a return to loan growth in our auto business, and stable credit results across our businesses,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “The shareholder votes on the Discover acquisition are scheduled for February 18th, and we continue to work closely with our regulators as our applications work their way through the regulatory approval process. We remain well positioned to complete the acquisition in early 2025, subject to regulatory and shareholder approvals.”
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 $ 140  $ 0.27 
Legal reserve activity $ 75  $ 0.15 
The quarter included the following notable item:
(Dollars in millions, except per share data) Pre-Tax
Impact		 After-Tax Diluted EPS
Impact
Accelerated philanthropy contributions $ 100  $ 0.20 

Capital One Fourth Quarter 2024 Earnings
Page 2
All comparisons below are for the fourth quarter of 2024 compared with the third quarter of 2024 unless otherwise noted.
Fourth Quarter 2024 Income Statement Summary:
•Total net revenue increased 2 percent to $10.2 billion.
•Total non-interest expense increased 15 percent to $6.1 billion:
◦24 percent increase in marketing.
◦12 percent increase in operating expenses.
•Pre-provision earnings(2) decreased 13 percent to $4.1 billion.
•Provision for credit losses increased $160 million to $2.6 billion:
•Net charge-offs of $2.9 billion.
•$245 million loan reserve release.
•Net interest margin of 7.03 percent, a decrease of 8 basis points.
•Efficiency ratio of 59.75 percent.
◦Adjusted efficiency ratio(1) of 57.64 percent.
•Operating efficiency ratio of 46.26 percent.
◦Adjusted operating efficiency ratio(1) of 44.15 percent.
Fourth Quarter 2024 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.5 percent at December 31, 2024.
•Period-end loans held for investment in the quarter increased $7.5 billion, or 2 percent, to $327.8 billion.
◦Credit Card period-end loans increased $5.9 billion, or 4 percent, to $162.5 billion.
•Domestic Card period-end loans increased $6.2 billion, or 4 percent, to $155.6 billion.
◦Consumer Banking period-end loans increased $1.3 billion, or 2 percent, to $78.1 billion.
•Auto period-end loans increased $1.3 billion, or 2 percent, to $76.8 billion.
◦Commercial Banking period-end loans increased $341 million, or less than 1 percent, to $87.2 billion.
•Average loans held for investment in the quarter increased $3.6 billion, or 1 percent, to $321.9 billion.
◦Credit Card average loans increased $3.4 billion, or 2 percent, to $157.3 billion.
•Domestic Card average loans increased $3.3 billion, or 2 percent, to $150.3 billion.
◦Consumer Banking average loans increased $1.0 billion, or 1 percent, to $77.2 billion.
•Auto average loans increased $1.0 billion, or 1 percent, to $76.0 billion.
◦Commercial Banking average loans decreased $777 million, or 1 percent, to $87.3 billion.
•Period-end total deposits increased $9.1 billion, or 3 percent, to $362.7 billion, while average deposits increased $7.2 billion, or 2 percent, to $358.3 billion.
•Interest-bearing deposits rate paid decreased 18 basis points to 3.45 percent.

Capital One Fourth Quarter 2024 Earnings
Page 2
2024 Full Year Income Statement Summary:
◦Total net revenue increased 6 percent to $39.1 billion.
◦Total non-interest expense increased 6 percent to $21.5 billion:
▪14 percent increase in Marketing expense.
▪4 percent increase in operating expenses.
◦Pre-provision earnings(2) increased 7 percent to $17.6 billion.
◦Provision for credit losses increased $1.3 billion to $11.7 billion.
◦Net interest margin of 6.88 percent, an increased of 25 basis points.
◦Efficiency ratio of 54.93 percent.
▪Adjusted efficiency ratio(1) of 54.00 percent.
◦Operating efficiency ratio of 43.27 percent.
▪Adjusted operating efficiency ratio(1) of 42.35 percent.

Capital One Fourth Quarter 2024 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on January 21, 2025 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 February 4, 2025 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”).
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 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 January 21, 2025 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 January 21, 2025 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 December 31, 2024 are preliminary and therefore subject to change.
EX-99.2 3 ex992q42024earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)
Fourth 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 Annual Report on Form 10-K for the period ended December 31, 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 Q4 Year Ended December 31,
(Dollars in millions, except per share data and as noted) 2024 2024 2024 2024 2023 2024 2023 2024 vs.
Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Income Statement
Net interest income $ 8,098  $ 8,076  $ 7,546  $ 7,488  $ 7,519  —  8  % $ 31,208  $ 29,241  7  %
Non-interest income 2,092  1,938  1,960  1,914  1,987  8  % 5  7,904  7,546  5 
Total net revenue(1)
 10,190  10,014  9,506  9,402  9,506  2  7  39,112  36,787  6 
Provision for credit losses 2,642  2,482  3,909  2,683  2,857  6  (8) 11,716  10,426  12 
Non-interest expense:
Marketing 1,375  1,113  1,064  1,010  1,254  24  10  4,562  4,009  14 
Operating expense 4,714  4,201  3,882  4,127  4,463  12  6  16,924  16,307  4 
Total non-interest expense 6,089  5,314  4,946  5,137  5,717  15  7  21,486  20,316  6 
Income from continuing operations before income taxes 1,459  2,218  651  1,582  932  (34) 57  5,910  6,045  (2)
Income tax provision 366  441  54  302  226  (17) 62  1,163  1,158  —
Income from continuing operations, net of tax 1,093  1,777  597  1,280  706  (38) 55  4,747  4,887  (3)
Income from discontinued operations, net of tax 3  —  —  —  —  ** ** 3  —  **
Net income 1,096  1,777  597  1,280  706  (38) 55  4,750  4,887  (3)
Dividends and undistributed earnings allocated to participating securities(2)
 (17) (28) (9) (23) (10) (39) 70  (77) (77) —
Preferred stock dividends (57) (57) (57) (57) (57) —  —  (228) (228) — 
Net income available to common stockholders $ 1,022  $ 1,692  $ 531  $ 1,200  $ 639  (40) 60  $ 4,445  $ 4,582  (3)
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations $ 2.66  $ 4.42  $ 1.39  $ 3.14  $ 1.67  (40) % 59  % $ 11.60  $ 11.98  (3) %
Income from discontinued operations 0.01  —  —  —  —  ** ** 0.01  —  **
Net income per basic common share $ 2.67  $ 4.42  $ 1.39  $ 3.14  $ 1.67  (40) 60  $ 11.61  $ 11.98  (3)
Diluted earnings per common share:(2)
Net income from continuing operations $ 2.66  $ 4.41  $ 1.38  $ 3.13  $ 1.67  (40) % 59  % $ 11.58  $ 11.95  (3) %
Income from discontinued operations 0.01  —  —  —  —  ** ** 0.01  —  **
Net income per diluted common share $ 2.67  $ 4.41  $ 1.38  $ 3.13  $ 1.67  (39) 60  $ 11.59  $ 11.95  (3)
Weighted-average common shares outstanding (in millions):
Basic 382.4  383.0  383.1  382.2  381.9  —  —  382.7  382.4  — 
Diluted 383.4  383.7  383.9  383.4  382.8  —  —  383.6  383.4  — 
Common shares outstanding (period-end, in millions) 381.2  381.5  381.9  382.1  380.4  —  —  381.2  380.4  — 
Dividends declared and paid per common share $ 0.60  $ 0.60  $ 0.60  $ 0.60  $ 0.60  —  —  $ 2.40  $ 2.40  — 
Tangible book value per common share (period-end)(3)
 106.97  112.36  99.28  98.67  99.78  (5) % 7  % 106.97  99.78  7  %
.
1

2024 Q4 Year Ended December 31,
(Dollars in millions) 2024 2024 2024 2024 2023 2024 2023 2024 vs.
Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Balance Sheet (Period-End)
Loans held for investment $ 327,775  $ 320,243  $ 318,186  $ 315,154  $ 320,472  2  % 2  % $ 327,775  $ 320,472  2  %
Interest-earning assets 463,058  458,189  452,547  453,557  449,701  1  3  463,058  449,701  3 
Total assets 490,144  486,433  480,018  481,720  478,464  1  2  490,144  478,464  2 
Interest-bearing deposits 336,585  327,253  324,437  323,352  320,389  3  5  336,585  320,389  5 
Total deposits 362,707  353,631  351,442  350,969  348,413  3  4  362,707  348,413  4 
Borrowings 45,551  49,336  47,956  50,361  49,856  (8) (9) 45,551  49,856  (9)
Common equity 55,938  58,080  53,135  52,955  53,244  (4) 5  55,938  53,244  5 
Total stockholders’ equity 60,784  62,925  57,981  57,801  58,089  (3) 5  60,784  58,089  5 
Balance Sheet (Average Balances)
Loans held for investment $ 321,871  $ 318,255  $ 314,888  $ 314,614  $ 315,890  1  % 2  % $ 317,421  $ 311,541  2  %
Interest-earning assets 460,640  454,484  450,908  447,803  446,929  1  3  453,481  441,238  3 
Total assets 488,300  481,219  477,285  474,995  472,594  1  3  480,451  467,807  3 
Interest-bearing deposits 331,564  324,509  322,581  318,450  316,808  2  5  324,297  313,737  3 
Total deposits 358,323  351,125  349,488  345,657  345,328  2  4  351,168  343,554  2 
Borrowings 46,293  48,274  48,842  50,474  51,070  (4) (9) 48,465  49,332  (2)
Common equity 56,918  56,443  53,262  53,152  50,786  1  12  54,953  50,349  9 
Total stockholders’ equity 61,764  61,289  58,107  57,998  55,632  1  11  59,799  55,195  8 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2024 Q4 Year Ended December 31,
(Dollars in millions, except as noted) 2024 2024 2024 2024 2023 2024 2023 2024 vs.
Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Performance Metrics
Net interest income growth (period over period) —  7  % 1  % —  1  % ** ** 7  % 8  % **
Non-interest income growth (period over period) 8  % (1) 2  (4) % 2  ** ** 5  6  **
Total net revenue growth (period over period) 2  5  1  (1) 1  ** ** 6  7  **
Total net revenue margin(4)
 8.85  8.81  8.43  8.40  8.51  4  bps 34  bps 8.62  8.34  28  bps
Net interest margin(5)
 7.03  7.11  6.70  6.69  6.73  (8) 30  6.88  6.63  25 
Return on average assets 0.90  1.48  0.50  1.08  0.60  (58) 30  0.99  1.04  (5)
Return on average tangible assets(6)
 0.92  1.53  0.52  1.11  0.62  (61) 30  1.02  1.08  (6)
Return on average common equity(7)
 7.16  11.99  3.99  9.03  5.03  (483) 213  8.08  9.10  (102)
Return on average tangible common equity(8)
 9.77  16.42  5.59  12.67  7.20  (665) 257  11.18  13.04  (186)
Efficiency ratio(9)
 59.75  53.07  52.03  54.64  60.14  668  (39) 54.93  55.23  (30)
Operating efficiency ratio(10)
 46.26  41.95  40.84  43.89  46.95  431  (69) 43.27  44.33  (106)
Effective income tax rate for continuing operations 25.1  19.9  8.3  19.1  24.2  520  90  19.7  19.2  50 
Employees (period-end, in thousands) 52.6  52.5  52.1  51.3  52.0  — 1% 52.6  52.0  1%
Credit Quality Metrics
Allowance for credit losses $ 16,258 $ 16,534 $ 16,649 $ 15,380 $ 15,296 (2)% 6% $ 16,258 $ 15,296 6%
Allowance coverage ratio 4.96  % 5.16  % 5.23  % 4.88  % 4.77  % (20) bps 19  bps 4.96  % 4.77  % 19  bps
Net charge-offs $ 2,884 $ 2,604 $ 2,644 $ 2,616 $ 2,533 11% 14% $ 10,748 $ 8,414 28%
Net charge-off rate(11)
 3.59  % 3.27  % 3.36  % 3.33  % 3.21  % 32  bps 38  bps 3.39  % 2.70  % 69  bps
30+ day performing delinquency rate 3.69  3.58  3.36  3.40  3.71  11  (2) 3.69  3.71  (2)
30+ day delinquency rate 3.98  3.89  3.63  3.67  3.99  9  (1) 3.98  3.99  (1)
Capital Ratios(12)
Common equity Tier 1 capital
13.5  % 13.6  % 13.2  % 13.1  % 12.9  % (10) bps 60  bps 13.5  % 12.9  % 60  bps
Tier 1 capital 14.8  14.9  14.5  14.4  14.2  (10) 60  14.8  14.2  60 
Total capital 16.4  16.6  16.3  16.2  16.0  (20) 40  16.4  16.0  40 
Tier 1 leverage 11.6  11.6  11.3  11.3  11.2  —  40  11.6  11.2  40 
Tangible common equity (“TCE”)(13)
 8.6  9.1  8.2  8.1  8.2  (51) 39  8.6  8.2  39 
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2024 Q4 Year Ended December 31,
(Dollars in millions, except as noted) 2024 2024 2024 2024 2023 2024 2023 2024 vs.
Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Interest income:
Loans, including loans held for sale $ 10,434  $ 10,547  $ 9,993  $ 9,920  $ 9,934  (1) % 5  % $ 40,894  $ 37,410  9  %
Investment securities 753  733  700  687  669  3  13  2,873  2,550  13 
Other 530  580  587  570  542  (9) (2) 2,267  1,978  15 
Total interest income 11,717  11,860  11,280  11,177  11,145  (1) 5  46,034  41,938  10 
Interest expense:
Deposits 2,862  2,945  2,874  2,812  2,745  (3) 4  11,493  9,489  21 
Securitized debt obligations 205  234  258  261  263  (12) (22) 958  959  — 
Senior and subordinated notes 540  596  591  606  608  (9) (11) 2,333  2,204  6 
Other borrowings 12  9  11  10  10  33  20  42  45  (7)
Total interest expense 3,619  3,784  3,734  3,689  3,626  (4) —  14,826  12,697  17 
Net interest income 8,098  8,076  7,546  7,488  7,519  —  8  31,208  29,241  7 
Provision for credit losses 2,642  2,482  3,909  2,683  2,857  6  (8) 11,716  10,426  12 
Net interest income after provision for credit losses 5,456  5,594  3,637  4,805  4,662  (2) 17  19,492  18,815  4 
Non-interest income:
Interchange fees, net 1,260  1,228  1,249  1,145  1,207  3  4  4,882  4,793  2 
Service charges and other customer-related fees 554  501  459  462  424  11  31  1,976  1,667  19 
Net securities gains (losses) —  (35) —  —  (34) ** ** (35) (34) 3 
Other 278  244  252  307  390  14  (29) 1,081  1,120  (3)
Total non-interest income 2,092  1,938  1,960  1,914  1,987  8  5  7,904  7,546  5 
Non-interest expense:
Salaries and associate benefits 2,329  2,391  2,200  2,478  2,284  (3) 2  9,398  9,302  1 
Occupancy and equipment 674  587  551  554  628  15  7  2,366  2,160  10 
Marketing 1,375  1,113  1,064  1,010  1,254  24  10  4,562  4,009  14 
Professional services 630  402  316  262  359  57  75  1,610  1,268  27 
Communications and data processing 398  358  355  351  345  11  15  1,462  1,383  6 
Amortization of intangibles 19  20  19  19  22  (5) (14) 77  82  (6)
Other 664  443  441  463  825  50  (20) 2,011  2,112  (5)
Total non-interest expense 6,089  5,314  4,946  5,137  5,717  15  7  21,486  20,316  6 
Income from continuing operations before income taxes 1,459  2,218  651  1,582  932  (34) 57  5,910  6,045  (2)
Income tax provision 366  441  54  302  226  (17) 62  1,163  1,158  —
Income from continuing operations, net of tax 1,093  1,777  597  1,280  706  (38) 55  4,747  4,887  (3)
Income from discontinued operations, net of tax 3  —  —  —  —  ** ** 3  —  **
Net income 1,096  1,777  597  1,280  706  (38) 55  4,750  4,887  (3)
Dividends and undistributed earnings allocated to participating securities(2)
 (17) (28) (9) (23) (10) (39) 70  (77) (77) — 
Preferred stock dividends (57) (57) (57) (57) (57) —  —  (228) (228) — 
Net income available to common stockholders $ 1,022  $ 1,692  $ 531  $ 1,200  $ 639  (40) 60  $ 4,445  $ 4,582  (3)
4

2024 Q4 Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 vs.
Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Basic earnings per common share:(2)
Net income from continuing operations $ 2.66  $ 4.42  $ 1.39  $ 3.14  $ 1.67  (40) % 59  % $ 11.60  $ 11.98  (3) %
Income from discontinued operations 0.01  —  —  —  —  ** ** 0.01  —  **
Net income per basic common share $ 2.67  $ 4.42  $ 1.39  $ 3.14  $ 1.67  (40) 60  $ 11.61  $ 11.98  (3)
Diluted earnings per common share:(2)
Net income from continuing operations $ 2.66  $ 4.41  $ 1.38  $ 3.13  $ 1.67  (40) % 59  % $ 11.58  11.95 (3) %
Income from discontinued operations 0.01  —  —  —  —  ** ** 0.01  —  **
Net income per diluted common share $ 2.67  $ 4.41  $ 1.38  $ 3.13  $ 1.67  (39) 60  $ 11.59  $ 11.95  (3)
Weighted-average common shares outstanding (in millions):
Basic common shares 382.4  383.0  383.1  382.2  381.9  —  —  382.7  382.4  — 
Diluted common shares 383.4  383.7  383.9  383.4  382.8  —  —  383.6  383.4  — 
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2024 Q4
2024 2024 2024 2024 2023 2024 2023
(Dollars in millions) Q4 Q3 Q2 Q1 Q4 Q3 Q4
Assets:
Cash and cash equivalents:
Cash and due from banks $ 3,028  $ 3,976  $ 5,298  $ 4,671  $ 4,903  (24) % (38) %
Interest-bearing deposits and other short-term investments 40,202  45,322  40,116  46,357  38,394  (11) 5 
Total cash and cash equivalents 43,230  49,298  45,414  51,028  43,297  (12) — 
Restricted cash for securitization investors 441  421  2,415  474  458  5  (4)
Securities available for sale 83,013  83,500  79,250  78,398  79,117  (1) 5 
Loans held for investment:
Unsecuritized loans held for investment 298,241  292,061  289,124  285,577  289,229  2  3 
Loans held in consolidated trusts 29,534  28,182  29,062  29,577  31,243  5  (5)
Total loans held for investment 327,775  320,243  318,186  315,154  320,472  2  2 
Allowance for credit losses (16,258) (16,534) (16,649) (15,380) (15,296) (2) 6 
Net loans held for investment 311,517  303,709  301,537  299,774  305,176  3  2 
Loans held for sale 202  96  808  1,631  854  110  (76)
Premises and equipment, net 4,511  4,440  4,396  4,366  4,375  2  3 
Interest receivable 2,532  2,577  2,494  2,514  2,478  (2) 2 
Goodwill 15,059  15,083  15,062  15,062  15,065  —  — 
Other assets 29,639  27,309  28,642  28,473  27,644  9  7 
Total assets $ 490,144  $ 486,433  $ 480,018  $ 481,720  $ 478,464  1  2 
6

2024 Q4
2024 2024 2024 2024 2023 2024 2023
(Dollars in millions) Q4 Q3 Q2 Q1 Q4 Q3 Q4
Liabilities:
Interest payable $ 666  $ 705  $ 668  $ 762  $ 649  (6) % 3  %
Deposits:
Non-interest-bearing deposits 26,122  26,378  27,005  27,617  28,024  (1) (7)
Interest-bearing deposits 336,585  327,253  324,437  323,352  320,389  3  5 
Total deposits 362,707  353,631  351,442  350,969  348,413  3  4 
Securitized debt obligations 14,264  15,881  17,291  17,661  18,043  (10) (21)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase 562  520  715  568  538  8  4 
Senior and subordinated notes 30,696  32,911  29,925  32,108  31,248  (7) (2)
Other borrowings 29  24  25  24  27  21  7 
Total other debt 31,287  33,455  30,665  32,700  31,813  (6) (2)
Other liabilities 20,436  19,836  21,971  21,827  21,457  3  (5)
Total liabilities 429,360  423,508  422,037  423,919  420,375  1  2 
Stockholders’ equity:
Preferred stock 0  0  0  0  0  —  — 
Common stock 7  7  7  7  7  —  — 
Additional paid-in capital, net 36,428  36,216  36,012  35,808  35,541  1  2 
Retained earnings 64,505  63,698  62,211  61,905  60,945  1  6 
Accumulated other comprehensive loss (9,286) (6,287) (9,701) (9,534) (8,268) 48  12 
Treasury stock, at cost (30,870) (30,709) (30,548) (30,385) (30,136) 1  2 
Total stockholders’ equity 60,784  62,925  57,981  57,801  58,089  (3) 5 
Total liabilities and stockholders’ equity $ 490,144  $ 486,433  $ 480,018  $ 481,720  $ 478,464  1  2 

7

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

(1)Total net revenue was reduced by $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024 and $566 million in Q4 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 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 annualized on net income (loss) available to common stockholders less 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 Q4 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 Q4 2024 Q3 2023 Q4
(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 $ 322,231  $ 10,434  12.95  % $ 318,715  $ 10,547  13.24  % $ 316,670  $ 9,934  12.55  %
Investment securities 92,248  753  3.26  90,644  733  3.24  88,650  669  3.02 
Cash equivalents and other 46,161  530  4.59  45,125  580  5.14  41,609  542  5.21 
Total interest-earning assets $ 460,640  $ 11,717  10.17  $ 454,484  $ 11,860  10.44  $ 446,929  $ 11,145  9.97 
Interest-bearing liabilities:
Interest-bearing deposits $ 331,564  $ 2,862  3.45  $ 324,509  $ 2,945  3.63  $ 316,808  $ 2,745  3.47 
Securitized debt obligations 14,931  205  5.47  15,833  234  5.93  18,022  263  5.84 
Senior and subordinated notes 30,888  540  7.00  32,041  596  7.43  32,586  608  7.46 
Other borrowings and liabilities(2)
 2,434  12  1.85  2,389  9  1.50  2,349  10  1.74 
Total interest-bearing liabilities $ 379,817  $ 3,619  3.81  $ 374,772  $ 3,784  4.04  $ 369,765  $ 3,626  3.92 
Net interest income/spread $ 8,098  6.36  $ 8,076  6.40  $ 7,519  6.05 
Impact of non-interest-bearing funding 0.67  0.71  0.68 
Net interest margin(3)
 7.03  % 7.11  % 6.73  %
                                                                                                                                                                                                                            
Year Ended December 31,
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 $ 318,096  $ 40,894  12.86  % $ 312,173  $ 37,410  11.98  %
Investment securities 90,250  2,873  3.18  89,105  2,550  2.86 
Cash equivalents and other 45,135  2,267  5.02  39,960  1,978  4.95 
Total interest-earning assets $ 453,481  $ 46,034  10.15  $ 441,238  $ 41,938  9.50 
Interest-bearing liabilities:
Interest-bearing deposits $ 324,297  $ 11,493  3.54  $ 313,737  $ 9,489  3.02 
Securitized debt obligations 16,507  958  5.80  17,675  959  5.42 
Senior and subordinated notes 31,529  2,333  7.40  31,109  2,204  7.08 
Other borrowings and liabilities(2)
 2,424  42  1.71  2,394  45  1.89 
Total interest-bearing liabilities $ 374,757  $ 14,826  3.96  $ 364,915  $ 12,697  3.48 
Net interest income/spread $ 31,208  6.20  $ 29,241  6.03 
Impact of non-interest-bearing funding 0.68  0.60 
Net interest margin 6.88  % 6.63  %

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2024 Q4 Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 2023 2024 vs. 2023
(Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card $ 155,618  $ 149,400  $ 147,065  $ 143,861  $ 147,666  4  % 5  % $ 155,618  $ 147,666  5  %
   International card businesses 6,890  7,251  6,830  6,733  6,881  (5) —  6,890  6,881  — 
Total credit card 162,508  156,651  153,895  150,594  154,547  4  5  162,508  154,547  5 
Consumer banking:
   Auto 76,829  75,505  74,385  73,801  74,075  2  4  76,829  74,075  4 
   Retail banking 1,263  1,253  1,278  1,298  1,362  1  (7) 1,263  1,362  (7)
Total consumer banking 78,092  76,758  75,663  75,099  75,437  2  4  78,092  75,437  4 
Commercial banking:
   Commercial and multifamily real estate 31,903  32,199  32,832  34,272  34,446  (1) (7) 31,903  34,446  (7)
   Commercial and industrial 55,272  54,635  55,796  55,189  56,042  1  (1) 55,272  56,042  (1)
Total commercial banking 87,175  86,834  88,628  89,461  90,488  —  (4) 87,175  90,488  (4)
Total loans held for investment $ 327,775  $ 320,243  $ 318,186  $ 315,154  $ 320,472  2  2  $ 327,775  $ 320,472  2 
Loans Held for Investment (Average)
Credit card:
   Domestic credit card $ 150,290  $ 147,021  $ 143,744  $ 142,887  $ 142,112  2  % 6  % $ 146,000  $ 135,213  8  %
   International card businesses 7,036  6,951  6,723  6,758  6,515  1  8  6,868  6,359  8 
Total credit card 157,326  153,972  150,467  149,645  148,627  2  6  152,868  141,572  8 
Consumer banking:
   Auto 75,968  74,920  74,098  73,768  74,861  1  1  74,692  76,067  (2)
   Retail banking 1,253  1,262  1,288  1,324  1,377  (1) (9) 1,281  1,446  (11)
Total consumer banking 77,221  76,182  75,386  75,092  76,238  1  1  75,973  77,513  (2)
Commercial banking:
   Commercial and multifamily real estate 32,058  32,416  33,801  34,310  35,414  (1) (9) 33,141  36,448  (9)
   Commercial and industrial 55,266  55,685  55,234  55,567  55,611  (1) (1) 55,439  56,008  (1)
Total commercial banking 87,324  88,101  89,035  89,877  91,025  (1) (4) 88,580  92,456  (4)
Total average loans held for investment $ 321,871  $ 318,255  $ 314,888  $ 314,614  $ 315,890  1  2  $ 317,421  $ 311,541  2 
10

2024 Q4 Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 2023 2024 vs. 2023
Q4 Q3 Q2 Q1 Q4 Q3 Q4
Net Charge-Off (Recovery) Rates
Credit card:
   Domestic credit card(4)(5)
 6.06  % 5.61  % 6.05  % 5.94  % 5.35  % 45  bps 71  bps 5.91  % 4.56  % 135  bps
   International card businesses 5.17  5.23  5.03  5.16  4.94  (6) 23  5.15  4.84  31 
Total credit card 6.02  5.60  6.00  5.90  5.33  42  69  5.88  4.57  131 
Consumer banking:
   Auto 2.32  2.05  1.81  1.99  2.19  27  13  2.05  1.72  33 
   Retail banking 5.63  5.43  5.38  4.04  5.68  20  (5) 5.11  3.89  122 
Total consumer banking 2.38  2.11  1.87  2.03  2.25  27  13  2.10  1.76  34 
Commercial banking:
   Commercial and multifamily real estate 0.50  0.26  0.11  0.20  0.96  24  (46) 0.26  1.34  (108)
   Commercial and industrial 0.13  0.20  0.17  0.08  0.26  (7) (13) 0.15  0.16  (1)
Total commercial banking 0.26  0.22  0.15  0.13  0.53  4  (27) 0.19  0.62  (43)
Total net charge-offs 3.59  3.27  3.36  3.33  3.21  32  38  3.39  2.70  69 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card 4.53  % 4.53  % 4.14  % 4.48  % 4.61  % —  (8) bps 4.53  % 4.61  % (8) bps
   International card businesses 4.52  4.53  4.63  4.83  4.67  (1) bps (15) 4.52  4.67  (15)
Total credit card 4.53  4.53  4.16  4.50  4.61  —  (8) 4.53  4.61  (8)
Consumer banking:
   Auto 5.95  5.61  5.67  5.28  6.34  34  (39) 5.95  6.34  (39)
   Retail banking 1.12  0.95  1.57  0.95  1.19  17  (7) 1.12  1.19  (7)
Total consumer banking 5.87  5.53  5.60  5.21  6.25  34  (38) 5.87  6.25  (38)
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
   International card businesses 0.15  % 0.15  % 0.15  % 0.13  % 0.13  % —  2  bps 0.15  % 0.13  % 2  bps
Total credit card 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Consumer banking:
   Auto 0.98  0.91  0.88  0.79  0.96  7  bps 2  0.98  0.96  2 
   Retail banking 1.94  2.19  2.81  3.21  3.36  (25) (142) 1.94  3.36  (142)
Total consumer banking 0.99  0.93  0.92  0.83  1.00  6  (1) 0.99  1.00  (1)
Commercial banking:
   Commercial and multifamily real estate 1.60  1.96  1.28  1.58  1.23  (36) 37  1.60  1.23  37 
   Commercial and industrial 1.27  1.32  1.56  1.10  0.60  (5) 67  1.27  0.60  67 
Total commercial banking 1.39  1.55  1.46  1.28  0.84  (16) 55  1.39  0.84  55 
Total nonperforming loans 0.61  0.65  0.63  0.57  0.48  (4) 13  0.61  0.48  13 
Total nonperforming assets 0.63  0.67  0.64  0.58  0.50  (4) 13  0.63  0.50  13 
11

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

Three Months Ended December 31, 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 September 30, 2024 $ 12,494  $ 495  $ 12,989  $ 1,988  $ 27  $ 2,015  $ 1,530  $ 16,534 
Charge-offs (2,737) (128) (2,865) (733) (22) (755) (68) (3,688)
Recoveries 459  38  497  291  5  296  11  804 
Net charge-offs (2,278) (90) (2,368) (442) (17) (459) (57) (2,884)
Provision (benefit) for credit losses 2,278  106  2,384  313  15  328  (73) 2,639 
Allowance build (release) for credit losses —  16  16  (129) (2) (131) (130) (245)
Other changes(8)
 —  (31) (31) — — — — (31)
Balance as of December 31, 2024 12,494  480  12,974  1,859  25  1,884  1,400  16,258 
Reserve for unfunded lending commitments:
Balance as of September 30, 2024 — — — — —  — 142  142 
Provision (benefit) for losses on unfunded lending commitments — — — — —  — 1  1 
Balance as of December 31, 2024 — — — — —  — 143  143 
Combined allowance and reserve as of December 31, 2024 $ 12,494  $ 480  $ 12,974  $ 1,859  $ 25  $ 1,884  $ 1,543  $ 16,401 
Year Ended December 31, 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 (10,246) (511) (10,757) (2,674) (84) (2,758) (234) (13,749)
Recoveries 1,612  158  1,770  1,146  19  1,165  66  3,001 
Net charge-offs (8,634) (353) (8,987) (1,528) (65) (1,593) (168) (10,748)
Provision for credit losses 9,867  405  10,272  1,385  50  1,435  23  11,730 
Allowance build (release) for credit losses(9)
 1,233  52  1,285  (143) (15) (158) (145) 982 
Other changes(8)
 —  (20) (20) —  —  —  —  (20)
Balance as of December 31, 2024 12,494  480  12,974  1,859  25  1,884  1,400  16,258 
Reserve for unfunded lending commitments:
Balance as of December 31, 2023 — — — — —  —  158  158 
Provision (benefit) for losses on unfunded lending commitments — — — — —  —  (15) (15)
Balance as of December 31, 2024 — — — — —  —  143  143 
Combined allowance and reserve as of December 31, 2024 $ 12,494  $ 480  $ 12,974  $ 1,859  $ 25  $ 1,884  $ 1,543  $ 16,401 
12

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

Three Months Ended December 31, 2024 Year Ended December 31, 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) $ 5,779  $ 1,959  $ 587  $ (227) $ 8,098  $ 22,088  $ 8,023  $ 2,391  $ (1,294) $ 31,208 
Non-interest income (loss) 1,585  182  366  (41) 2,092  6,076  695  1,210  (77) 7,904 
Total net revenue (loss) 7,364  2,141  953  (268) 10,190  28,164  8,718  3,601  (1,371) 39,112 
Provision (benefit) for credit losses 2,384  328  (72) 2  2,642  10,272  1,435  8  1  11,716 
Non-interest expense 3,846  1,545  518  180  6,089  13,576  5,372  2,011  527  21,486 
Income (loss) from continuing operations before income taxes 1,134  268  507  (450) 1,459  4,316  1,911  1,582  (1,899) 5,910 
Income tax provision (benefit) 268  63  119  (84) 366  1,024  451  373  (685) 1,163 
Income (loss) from continuing operations, net of tax $ 866  $ 205  $ 388  $ (366) $ 1,093  $ 3,292  $ 1,460  $ 1,209  $ (1,214) $ 4,747 
Three Months Ended September 30, 2024
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(10)
Other(10)
 Total
Net interest income (loss) $ 5,743  $ 2,028  $ 596  $ (291) $ 8,076 
Non-interest income (loss) 1,509  182  292  (45) 1,938 
Total net revenue (loss) 7,252  2,210  888  (336) 10,014 
Provision (benefit) for credit losses 2,084  351  48  (1) 2,482 
Non-interest expense 3,367  1,331  495  121  5,314 
Income (loss) from continuing operations before income taxes 1,801  528  345  (456) 2,218 
Income tax provision (benefit) 427  125  82  (193) 441 
Income (loss) from continuing operations, net of tax $ 1,374  $ 403  $ 263  $ (263) $ 1,777 
Three Months Ended December 31, 2023 Year Ended December 31, 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) $ 5,231  $ 1,951  $ 617  $ (280) $ 7,519  $ 19,729  $ 8,713  $ 2,518  $ (1,719) $ 29,241 
Non-interest income 1,565  163  245  14  1,987  5,940  589  1,002  15  7,546 
Total net revenue (loss) 6,796  2,114  862  (266) 9,506  25,669  9,302  3,520  (1,704) 36,787 
Provision (benefit) for credit losses 2,353  422  84  (2) 2,857  8,651  1,169  605  1  10,426 
Non-interest expense 3,417  1,402  487  411  5,717  12,490  5,178  2,011  637  20,316 
Income (loss) from continuing operations before income taxes 1,026  290  291  (675) 932  4,528  2,955  904  (2,342) 6,045 
Income tax provision (benefit) 241  68  68  (151) 226  1,071  697  213  (823) 1,158 
Income (loss) from continuing operations, net of tax $ 785  $ 222  $ 223  $ (524) $ 706  $ 3,457  $ 2,258  $ 691  $ (1,519) $ 4,887 

13

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2024 Q4 vs. Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Credit Card
Earnings:
Net interest income $ 5,779  $ 5,743  $ 5,294  $ 5,272  $ 5,231  1% 10% $ 22,088  $ 19,729  12%
Non-interest income 1,585  1,509  1,506  1,476  1,565  5  1  6,076  5,940  2 
Total net revenue 7,364  7,252  6,800  6,748  6,796  2  8  28,164  25,669  10 
Provision for credit losses 2,384  2,084  3,545  2,259  2,353  14  1 10,272  8,651  19
Non-interest expense 3,846  3,367  3,134  3,229  3,417  14  13  13,576  12,490  9 
Income from continuing operations before income taxes 1,134  1,801  121  1,260  1,026  (37) 11  4,316  4,528  (5)
Income tax provision 268  427  30  299  241  (37) 11  1,024  1,071  (4)
Income from continuing operations, net of tax $ 866  $ 1,374  $ 91  $ 961  $ 785  (37) 10  $ 3,292  $ 3,457  (5)
Selected performance metrics:
Period-end loans held for investment $ 162,508 $ 156,651 $ 153,895 $ 150,594 $ 154,547 4  5  $ 162,508 $ 154,547 5 
Average loans held for investment 157,326 153,972 150,467 149,645 148,627 2  6  152,868 141,572 8 
Average yield on loans outstanding(1)
 19.05  % 19.66  % 18.79  % 18.84  % 18.96  % (61) bps 9  bps 19.09  % 18.54  % 55  bps
Total net revenue margin(11)
 18.72  18.82  18.03  17.99  18.24  (10) 48  18.39  18.12  27 
Net charge-off rate 6.02  5.60  6.00  5.90  5.33  42  69  5.88  4.57  131 
30+ day performing delinquency rate 4.53  4.53  4.16  4.50  4.61  —  (8) 4.53  4.61  (8)
30+ day delinquency rate 4.54  4.54  4.17  4.50  4.62  —  (8) 4.54  4.62  (8)
Nonperforming loan rate(6)
 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Purchase volume(12)
 $ 172,919 $ 166,203 $ 165,143 $ 150,171 $ 162,055 4% 7% $ 654,436 $ 620,290 6%
14

2024 Q4 vs. Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Domestic Card
Earnings:
Net interest income $ 5,474  $ 5,434  $ 5,001  $ 4,972  $ 4,940  1% 11% $ 20,881  $ 18,610  12%
Non-interest income 1,522  1,438  1,440  1,411  1,498  6  2  5,811  5,672  2 
Total net revenue(13)
 6,996  6,872  6,441  6,383  6,438  2  9  26,692  24,282  10 
Provision for credit losses 2,278  1,997  3,435  2,157  2,238  14  2 9,867  8,268  19
Non-interest expense 3,607  3,149  2,946  3,025  3,186  15  13  12,727  11,648  9 
Income from continuing operations before income taxes 1,111  1,726  60  1,201  1,014  (36) 10  4,098  4,366  (6)
Income tax provision 262  407  15  283  239  (36) 10  967  1,030  (6)
Income from continuing operations, net of tax $ 849  $ 1,319  $ 45  $ 918  $ 775  (36) 10  $ 3,131  $ 3,336  (6)
Selected performance metrics:
Period-end loans held for investment $ 155,618 $ 149,400 $ 147,065 $ 143,861 $ 147,666 4  5  $ 155,618 $ 147,666 5 
Average loans held for investment 150,290 147,021 143,744 142,887 142,112 2  6  146,000 135,213 8 
Average yield on loans outstanding(1)
 19.00  % 19.62  % 18.73  % 18.76  % 18.88  % (62) bps 12  bps 19.03  % 18.46  % 57  bps
Total net revenue margin(11)(13)
 18.62  18.67  17.87  17.82  18.07  (5) 55  18.25  17.94  31 
Net charge-off rate(4)(5)
 6.06  5.61  6.05  5.94  5.35  45  71  5.91  4.56  135 
30+ day performing delinquency rate 4.53  4.53  4.14  4.48  4.61  —  (8) 4.53  4.61  (8)
Purchase volume(12)
 $ 168,994 $ 162,281 $ 161,370 $ 146,696 $ 158,290 4% 7% $ 639,341 $ 605,664 6%
Refreshed FICO scores:(14)
Greater than 660 69  % 69  % 69  % 68  % 68  % —  1  69  % 68  % 1 
660 or below 31  31  31  32  32  —  (1) 31  32  (1)
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
    

15

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2024 Q4 vs. Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Consumer Banking
Earnings:
Net interest income $ 1,959  $ 2,028  $ 2,025  $ 2,011  $ 1,951  (3)% —  $ 8,023  $ 8,713  (8)%
Non-interest income 182  182  172  159  163  —  12% 695  589  18 
Total net revenue 2,141  2,210  2,197  2,170  2,114  (3) 1  8,718  9,302  (6)
Provision for credit losses 328  351  330  426  422  (7) (22) 1,435  1,169  23
Non-interest expense 1,545  1,331  1,250  1,246  1,402  16  10  5,372  5,178  4 
Income from continuing operations before income taxes 268  528  617  498  290  (49) (8) 1,911  2,955  (35)
Income tax provision 63  125  146  117  68  (50) (7) 451  697  (35)
Income from continuing operations, net of tax $ 205  $ 403  $ 471  $ 381  $ 222  (49) (8) $ 1,460  $ 2,258  (35)
Selected performance metrics:
Period-end loans held for investment $ 78,092 $ 76,758 $ 75,663 $ 75,099 $ 75,437 2  4  $ 78,092 $ 75,437 4 
Average loans held for investment 77,221 76,182 75,386 75,092 76,238 1  1  75,973 77,513 (2)
Average yield on loans held for investment(1)
 9.04  % 8.88  % 8.54  % 8.33  % 8.17  % 16  bps 87  bps 8.70  % 7.79  % 91  bps
Auto loan originations $ 9,399 $ 9,158 $ 8,463 $ 7,522 $ 6,157 3% 53% $ 34,542 $ 26,980 28%
Period-end deposits 318,329 309,569 305,422 300,806 296,171 3  7  318,329 296,171 7 
Average deposits 313,992 306,121 300,794 294,448 291,486 3  8  303,873 285,880 6 
Average deposits interest rate 3.21  % 3.33  % 3.22  % 3.15  % 3.06  % (12) bps 15  bps 3.23  % 2.59  % 64  bps
Net charge-off rate 2.38  2.11  1.87  2.03  2.25  27  13  2.10  1.76  34 
30+ day performing delinquency rate 5.87  5.53  5.60  5.21  6.25  34  (38) 5.87  6.25  (38)
30+ day delinquency rate 6.73  6.31  6.35  5.86  7.08  42  (35) 6.73  7.08  (35)
Nonperforming loan rate(6)
 0.99  0.93  0.92  0.83  1.00  6  (1) 0.99  1.00  (1)
Nonperforming asset rate(7)
 1.08  1.01  0.99  0.91  1.09  7  (1) 1.08  1.09  (1)
Auto—At origination FICO scores:(15)
Greater than 660 54  % 53  % 53  % 53  % 53  % 1% 1% 54  % 53  % 1%
621 - 660 19  20  20  20  20  (1) (1) 19  20  (1)
620 or below 27  27  27  27  27  —  —  27  27  — 
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2024 Q4 vs. Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 vs.
(Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Commercial Banking
Earnings:
Net interest income $ 587  $ 596  $ 609  $ 599  $ 617  (2)% (5)% $ 2,391 $ 2,518 (5)%
Non-interest income 366  292  271  281  245  25  49  1,210 1,002 21 
Total net revenue(10)
 953  888  880  880  862  7  11  3,601 3,520 2 
Provision (benefit) for credit losses (72) 48  34  (2) 84  ** ** 8 605 (99)
Non-interest expense 518  495  483  515  487  5  6  2,011 2,011 — 
Income from continuing operations before income taxes 507  345  363  367  291  47  74  1,582 904 75 
Income tax provision 119  82  85  87  68  45  75  373 213 75 
Income from continuing operations, net of tax $ 388  $ 263  $ 278  $ 280  $ 223  48  74  $ 1,209 $ 691 75 
Selected performance metrics:
Period-end loans held for investment $ 87,175 $ 86,834 $ 88,628 $ 89,461 $ 90,488 —  (4) $ 87,175 $ 90,488 (4)
Average loans held for investment 87,324 88,101 89,035 89,877 91,025 (1) (4) 88,580 92,456 (4)
Average yield on loans held for investment(1)(10)
 6.72  % 7.25  % 7.23  % 7.14  % 7.24  % (53) bps (52) bps 7.09  % 6.86  % 23  bps
Period-end deposits $ 31,691 $ 30,598 $ 29,210 $ 31,082 $ 32,712 4% (3)% $ 31,691 $ 32,712 (3)%
Average deposits 31,545 30,365 30,810 31,844 34,525 4  (9) 31,140 37,411 (17)
Average deposits interest rate 2.28  % 2.55  % 2.55  % 2.65  % 2.79  % (27) bps (51) bps 2.51  % 2.68  % (17) bps
Net charge-off rate 0.26  0.22  0.15  0.13  0.53  4  (27) 0.19  0.62  (43)
Nonperforming loan rate(6)
 1.39  1.55  1.46  1.28  0.84  (16) 55  1.39  0.84  55 
Nonperforming asset rate(7)
 1.39  1.55  1.46  1.28  0.84  (16) 55  1.39  0.84  55 
Risk category:(16)
Noncriticized $ 80,431 $ 78,835 $ 79,695 $ 80,804 $ 81,758 2% (2)% $ 80,431 $ 81,758 (2)%
Criticized performing 5,534 6,651 7,639 7,509 7,969 (17) (31) 5,534 7,969 (31)
Criticized nonperforming 1,210 1,348 1,294 1,148 761 (10) 59  1,210 761 59 
Total commercial banking loans held for investment $ 87,175 $ 86,834 $ 88,628 $ 89,461 $ 90,488 —  (4) $ 87,175 $ 90,488 (4)
Risk category as a percentage of period-end loans held for investment:(16)
Noncriticized 92.26  % 90.79  % 89.92  % 90.33  % 90.35  % 147  bps 191  bps 92.26  % 90.35  % 191  bps
Criticized performing 6.35  7.66  8.62  8.39  8.81  (131) (246) 6.35  8.81  (246)
Criticized nonperforming 1.39  1.55  1.46  1.28  0.84  (16) 55  1.39  0.84  55 
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 Q4 vs. Year Ended December 31,
2024 2024 2024 2024 2023 2024 2023 2024 vs.
(Dollars in millions) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023
Other
Earnings:
Net interest loss $ (227) $ (291) $ (382) $ (394) $ (280) (22)% (19)% $ (1,294) $ (1,719) (25)%
Non-interest income (loss) (41) (45) 11 (2) 14 (9) ** (77) 15 **
Total net loss(10)
 (268) (336) (371) (396) (266) (20) 1 (1,371) (1,704) (20)
Provision (benefit) for credit losses 2 (1) — — (2) ** ** 1 1 —
Non-interest expense(17)(18)
 180 121 79 147 411 49 (56) 527 637 (17)
Loss from continuing operations before income taxes (450) (456) (450) (543) (675) (1) (33) (1,899) (2,342) (19)
Income tax benefit (84) (193) (207) (201) (151) (56) (44) (685) (823) (17)
Loss from continuing operations, net of tax $ (366) $ (263) $ (243) $ (342) $ (524) 39 (30) $ (1,214) $ (1,519) (20)
Selected performance metrics:
Period-end deposits $ 12,687  $ 13,464  $ 16,810  $ 19,081  $ 19,530  (6) (35) $ 12,687  $ 19,530  (35)
Average deposits 12,786  14,639  17,884  19,365  19,317  (13) (34) 16,155  20,263  (20)
Total
Earnings:
Net interest income $ 8,098  $ 8,076  $ 7,546  $ 7,488  $ 7,519  — 8% $ 31,208  $ 29,241  7%
Non-interest income 2,092  1,938  1,960  1,914  1,987  8% 5 7,904  7,546  5
Total net revenue 10,190  10,014  9,506  9,402  9,506  2 7 39,112  36,787  6
Provision for credit losses 2,642  2,482  3,909  2,683  2,857  6 (8) 11,716  10,426  12
Non-interest expense 6,089  5,314  4,946  5,137  5,717  15 7 21,486  20,316  6
Income from continuing operations before income taxes 1,459  2,218  651  1,582  932  (34) 57 5,910  6,045  (2)
Income tax provision 366  441  54  302  226  (17) 62 1,163  1,158  —
Income from continuing operations, net of tax $ 1,093  $ 1,777  $ 597  $ 1,280  $ 706  (38) 55 $ 4,747  $ 4,887  (3)
Selected performance metrics:
Period-end loans held for investment $ 327,775  $ 320,243  $ 318,186  $ 315,154  $ 320,472  2 2 $ 327,775  $ 320,472  2
Average loans held for investment 321,871  318,255  314,888  314,614  315,890  1 2 317,421  311,541  2
Period-end deposits 362,707  353,631  351,442  350,969  348,413  3 4 362,707  348,413  4
Average deposits 358,323  351,125  349,488  345,657  345,328  2 4 351,168  343,554  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 in Q4 2024, $2.0 billion in Q3 2024 and $1.9 billion in Q4 2023 and $2.0 billion and $1.8 billion in the twelve months ended 2024 and 2023, respectively. Related interest expense was $8 million in Q4 2024, $7 million in Q3 2024 and $7 million in Q4 2023, respectively, and $31 million and $32 million for the twelve months ended 2024 and 2023, respectively.
(3)The termination of our Walmart program agreement, effective May 21, 2024 (“Walmart Program Termination”) increased net interest margin by 21 basis points in Q4 2024 and 22 basis points in Q3 2024, respectively. Excluding this impact, the net interest margin would have been 6.82% in Q4 2024 and 6.89% in Q3 2024.
(4)The Walmart Program Termination increased the Domestic Card net charge-off rate by 40 basis points, 38 basis points and 19 basis points for Q4 2024, Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.66%, 5.23% and 5.86% for Q4 2024, 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 Q2 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 55 basis points in Q4 2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024. Excluding this impact, the Domestic Card net revenue margin would have been 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2 2024.
(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 $140 million, $63 million and $31 million in Discover integration expenses in Q4 2024, 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) December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Regulatory Capital Metrics
Common equity excluding AOCI $ 65,823 $ 64,966 $ 63,435 $ 63,088 $ 62,710
Adjustments:
AOCI, net of tax(2)
 1 58 13 14 27
Goodwill, net of related deferred tax liabilities (14,786) (14,816) (14,800) (14,804) (14,811)
Other Intangible and deferred tax assets, net of deferred tax liabilities (231) (252) (271) (291) (311)
Common equity Tier 1 capital $ 50,807 $ 49,956 $ 48,377 $ 48,007 $ 47,615
Tier 1 capital $ 55,652 $ 54,801 $ 53,222 $ 52,852 $ 52,460
Total capital(3)
 61,805 61,151 59,875 59,484 59,124
Risk-weighted assets 377,147 368,199 366,959 366,161 369,206
Adjusted average assets(4)
 480,794 473,146 470,915 468,030 467,553
Capital Ratios
Common equity Tier 1 capital(5)
 13.5% 13.6% 13.2% 13.1% 12.9%
Tier 1 capital(6)
 14.8 14.9 14.5 14.4 14.2
Total capital(7)
 16.4 16.6 16.3 16.2 16.0
Tier 1 leverage(4)
 11.6 11.6 11.3 11.3 11.2
TCE(8)
 8.6 9.1 8.2 8.1 8.2


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 2024 2023 Year Ended December 31,
(Dollars in millions, except per share data and as noted) Q4 Q3 Q2 Q1 Q4 2024 2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP) $ 1,022 $ 1,692 $ 531 $ 1,200 $ 639 $ 4,445 $ 4,582
Allowance build for Walmart program agreement loss sharing termination — — 826 — — 826 —
Walmart program agreement termination contra revenue impact — — 27 — — 27 —
Discover integration expenses 140 63 31 — — 234 —
Legal reserve activity 75 — — — — 75 —
FDIC special assessment — (9) 8 42 289 41 289
Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 1,237 1,746 1,423 1,242 928 5,648 4,871
Income tax impacts (52) (13) (218) (10) (70) (293) (70)
Adjusted net income available to common stockholders (non-GAAP) $ 1,185 $ 1,733 $ 1,205 $ 1,232 $ 858 $ 5,355 $ 4,801
Diluted weighted-average common shares outstanding (in millions) (GAAP) 383.4 383.7 383.9 383.4 382.8 383.6 383.4
Diluted EPS (GAAP) $ 2.67 $ 4.41 $ 1.38 $ 3.13 $ 1.67 $ 11.59 $ 11.95
Impact of adjustments noted above 0.42 0.10 1.76 0.08 0.57 2.37 0.57
Adjusted diluted EPS (non-GAAP) $ 3.09 $ 4.51 $ 3.14 $ 3.21 $ 2.24 $ 13.96 $ 12.52
Adjusted efficiency ratio:
Non-interest expense (GAAP) $ 6,089 $ 5,314 $ 4,946 $ 5,137 $ 5,717 $ 21,486 $ 20,316
Discover integration expenses (140) (63) (31) — — (234) —
Legal reserve activity (75) — — — — (75) —
FDIC special assessment — 9 (8) (42) (289) (41) (289)
Adjusted non-interest expense (non-GAAP) $ 5,874 $ 5,260 $ 4,907 $ 5,095 $ 5,428 $ 21,136 $ 20,027
Total net revenue (GAAP) $ 10,190 $ 10,014 $ 9,506 $ 9,402 $ 9,506 $ 39,112 $ 36,787
Walmart program agreement termination contra revenue impact — — 27 — — 27 —
Adjusted net revenue (non-GAAP) $ 10,190 $ 10,014 $ 9,533 $ 9,402 $ 9,506 $ 39,139 $ 36,787
Efficiency ratio (GAAP) 59.75% 53.07% 52.03% 54.64% 60.14% 54.93% 55.23%
Impact of adjustments noted above (211) bps (54) bps (56) bps (45) bps (304) bps (93) bps (79) bps
Adjusted efficiency ratio (non-GAAP) 57.64% 52.53% 51.47% 54.19% 57.10% 54.00% 54.44%
21

2024 2024 2024 2024 2023 Year Ended December 31,
(Dollars in millions, except per share data and as noted) Q4 Q3 Q2 Q1 Q4 2024 2023
Adjusted operating efficiency ratio:
Operating expense (GAAP) $ 4,714 $ 4,201 $ 3,882 $ 4,127 $ 4,463 $ 16,924 $ 16,307
Discover integration expenses (140) (63) (31) — — (234) —
Legal reserve activity (75) — — — — (75) —
FDIC special assessment — 9 (8) (42) (289) (41) (289)
Adjusted operating expense (non-GAAP) $ 4,499 $ 4,147 $ 3,843 $ 4,085 $ 4,174 $ 16,574 $ 16,018
Total net revenue (GAAP) $ 10,190 $ 10,014 $ 9,506 $ 9,402 $ 9,506 $ 39,112 $ 36,787
Walmart program agreement termination contra revenue impact — — 27 — — 27 —
Adjusted net revenue (non-GAAP) $ 10,190 $ 10,014 $ 9,533 $ 9,402 $ 9,506 $ 39,139 $ 36,787
Operating efficiency ratio (GAAP) 46.26% 41.95% 40.84% 43.89% 46.95% 43.27% 44.33%
Impact of adjustments noted above (211) bps (54) bps (53) bps (44) bps (304) bps (92) bps (79) bps
Adjusted operating efficiency ratio (non-GAAP) 44.15% 41.41% 40.31% 43.45% 43.91% 42.35% 43.54%
        


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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 2024 2023
(Dollars in millions) Q4 Q3 Q2 Q1 Q4
Pre- Provision Earnings
Total net revenue $ 10,190  $ 10,014 $ 9,506 $ 9,402 $ 9,506
Non-interest expense (6,089) (5,314) (4,946) (5,137) (5,717)
Pre-provision earnings(9)
 $ 4,101  $ 4,700 $ 4,560 $ 4,265 $ 3,789
Tangible Common Equity (Period-End)
Stockholders’ equity $ 60,784  $ 62,925 $ 57,981 $ 57,801 $ 58,089
Goodwill and other intangible assets(10)
 (15,157) (15,214) (15,226) (15,257) (15,289)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 40,782  $ 42,866 $ 37,910 $ 37,699 $ 37,955
Tangible Common Equity (Average)
Stockholders’ equity $ 61,764  $ 61,289 $ 58,107 $ 57,998 $ 55,632
Goodwill and other intangible assets(10)
 (15,195) (15,225) (15,249) (15,280) (15,304)
Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 41,724  $ 41,219 $ 38,013 $ 37,873 $ 35,483
Return on Tangible Common Equity (Average)
Net income available to common stockholders $ 1,022  $ 1,692 $ 531 $ 1,200 $ 639
Tangible common equity (Average)
 41,724  41,219 38,013 37,873 35,483
Return on tangible common equity(11)(12)
 9.77  % 16.42% 5.59% 12.67% 7.20%
Tangible Assets (Period-End)
Total assets $ 490,144  $ 486,433 $ 480,018 $ 481,720 $ 478,464
Goodwill and other intangible assets(10)
 (15,157) (15,214) (15,226) (15,257) (15,289)
Tangible assets(11)
 $ 474,987  $ 471,219 $ 464,792 $ 466,463 $ 463,175
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2024 2024 2024 2024 2023
(Dollars in millions) Q4 Q3 Q2 Q1 Q4
Tangible Assets (Average)
Total assets $ 488,300  $ 481,219  $ 477,285  $ 474,995  $ 472,594 
Goodwill and other intangible assets(10)
 (15,195) (15,225) (15,249) (15,280) (15,304)
Tangible assets(11)
 $ 473,105  $ 465,994  $ 462,036  $ 459,715  $ 457,290 
Return on Tangible Assets (Average)
Net income $ 1,096  $ 1,777  $ 597  $ 1,280  $ 706 
Tangible Assets (Average) 473,105  465,994  462,036  459,715  457,290 
Return on tangible assets(11)(13)
 0.92% 1.53% 0.52% 1.11% 0.62%
TCE Ratio
Tangible common equity (Period-end) $ 40,782  $ 42,866  $ 37,910  $ 37,699  $ 37,955 
Tangible Assets (Period-end) 474,987  471,219  464,792  466,463  463,175 
TCE Ratio(11)
 8.6% 9.1% 8.2% 8.1% 8.2%
Tangible Book Value per Common Share
Tangible common equity (Period-end) $ 40,782  $ 42,866  $ 37,910  $ 37,699  $ 37,955 
Outstanding Common Shares 381.2  381.5  381.9  382.1  380.4 
Tangible book value per common share(11)
 $ 106.97  $ 112.36  $ 99.28  $ 98.67  $ 99.78 
__________
(1)Regulatory capital metrics and capital ratios as of December 31, 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 annualized on net income (loss) available to common stockholders less 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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