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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

July 22, 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 July 22, 2025, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2025. Copies of the Company’s press release and financial supplement are attached and furnished herewith as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.

Note: Information in this report (including Exhibits 99.1 and 99.2) furnished pursuant to Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. 
1




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No. Description
99.1
99.2
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

Earnings Conference Call Webcast Information.

The Company will hold an earnings conference call on July 22, 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 August 5, 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: July 22, 2025
 By: /s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Chief Accounting Officer

3
EX-99.1 2 ex991q22025earningsrelease.htm EX-99.1 Document

Exhibit 99.1
News Release
earningsslidesvfinal1b58a.jpg
Contacts:
Investor Relations Media Relations
Jeff Norris Danielle Dietz Sie Soheili
jeff.norris@capitalone.com danielle.dietz@capitalone.com sie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 22, 2025
Capital One Reports Second Quarter 2025 Net Loss of $4.3 billion,
or $(8.58) per share
Net of adjusting items, Second Quarter 2025 Net Income of $5.48 per share(1)
McLean, Va. (July 22, 2025) – Capital One Financial Corporation (NYSE: COF) today announced net loss for the second quarter of 2025 of $4.3 billion, or $(8.58) per diluted common share, compared with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025, and with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024. Adjusted net income(1) for the second quarter of 2025 was $5.48 per diluted common share.
"We completed our acquisition of Discover on May 18th. We’re fully mobilized and hard at work on integration which is going well," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re as excited as ever by the expanding set of opportunities to grow and create value as a combined company."
The quarter included the following adjusting items:
(Dollars in millions, except per share data) Pre-Tax
Impact		 After-Tax Diluted EPS
Impact
Initial allowance build for Discover non-PCD loans
 $ 8,767  $ 13.04 
Discover integration expenses $ 299  $ 0.45 
Discover intangible amortization expense
 $ 255  $ 0.38 
Discover loan and deposit fair value mark amortization
 $ 85  $ 0.13 
Legal reserve activities $ 41  $ 0.06 
The quarter included the following notable item:
(Dollars in millions, except per share data)
Impact
Diluted EPS Impact
California tax rate change
 $ (128) $ (0.25)

Capital One Second Quarter 2025 Earnings
Page 2
All comparisons below are for the second quarter of 2025 compared with the first quarter of 2025 unless otherwise noted.
Second Quarter 2025 Income Statement Summary:
•Total net revenue increased 25 percent to $12.5 billion.
•Total non-interest expense increased 18 percent to $7.0 billion:
◦12 percent increase in marketing.
◦20 percent increase in operating expenses.
•Pre-provision earnings(2) increased 34 percent to $5.5 billion.
•Provision for credit losses increased $9.1 billion to $11.4 billion:
◦Net charge-offs of $3.1 billion.
◦$7.9 billion loan reserve build.
•Net interest margin of 7.62 percent, an increase of 69 basis points.
◦Adjusted net interest margin(1) of 7.68 percent.
•Efficiency ratio of 55.96 percent.
◦Adjusted efficiency ratio(1) of 50.85 percent.
•Operating efficiency ratio of 45.20 percent.
◦Adjusted operating efficiency ratio(1) of 40.16 percent.
Second Quarter 2025 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 14.0 percent at June 30, 2025.
•Period-end loans held for investment in the quarter increased $115.7 billion, or 36 percent, to $439.3 billion.
◦Credit Card period-end loans increased $112.5 billion, or 72 percent, to $269.7 billion.
•Domestic Card period-end loans increased $102.2 billion, or 68 percent, to $252.5 billion.
◦Consumer Banking period-end loans increased $2.3 billion, or 3 percent, to $81.2 billion.
•Auto period-end loans increased $2.4 billion, or 3 percent, to $80.0 billion.
◦Commercial Banking period-end loans increased $842 million, or 1 percent, to $88.4 billion.
•Average loans held for investment in the quarter increased $55.8 billion, or 17 percent, to $378.2 billion.
◦Credit Card average loans increased $53.3 billion, or 34 percent, to $209.7 billion.
•Domestic Card average loans increased $48.2 billion, or 32 percent, to $197.8 billion.
◦Consumer Banking average loans increased $1.6 billion, or 2 percent, to $80.1 billion.
•Auto average loans increased $1.6 billion, or 2 percent, to $78.9 billion.
◦Commercial Banking average loans increased $871 million, or 1 percent, to $88.4 billion.
•Period-end total deposits increased $100.6 billion, or 27 percent, to $468.1 billion, while average deposits increased $50.5 billion, or 14 percent, to $414.6 billion.
•Interest-bearing deposits rate paid remained flat at 3.22 percent.

Capital One Second Quarter 2025 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 22, 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 August 5, 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, 2024 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 $468.1 billion in deposits and $659.0 billion in total assets as of June 30, 2025. 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 July 22, 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 July 22, 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 June 30, 2025 are preliminary and therefore subject to change.
EX-99.2 3 ex992q22025earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)(3)
Second Quarter 2025
Table of Contents
Capital One Financial Corporation Consolidated Results Page
Business Segment Results
Other
__________
(1)The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2025 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.
(3)On May 18, 2025, we completed the acquisition of Discover in an all-stock transaction as outlined in the merger agreement dated February 19, 2024. Discover results and statistics reported herein are from May 18, 2025 to June 30, 2025.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated             
2025 Q2 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) 2025 2025 2024 2024 2024 2025 2024 2025 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Income Statement
Net interest income $ 9,995  $ 8,013  $ 8,098  $ 8,076  $ 7,546  25  % 32  % $ 18,008  $ 15,034  20  %
Non-interest income 2,497  1,987  2,092  1,938  1,960  26  27  4,484  3,874  16 
Total net revenue(1)
 12,492  10,000  10,190  10,014  9,506  25  31  22,492  18,908  19 
Provision for credit losses 11,430  2,369  2,642  2,482  3,909  ** 192  13,799  6,592  109 
Non-interest expense:
Marketing 1,345  1,202  1,375  1,113  1,064  12  26  2,547  2,074  23 
Operating expense 5,646  4,700  4,714  4,201  3,882  20  45  10,346  8,009  29 
Total non-interest expense 6,991  5,902  6,089  5,314  4,946  18  41  12,893  10,083  28 
Income (loss) from continuing operations before income taxes (5,929) 1,729  1,459  2,218  651  ** ** (4,200) 2,233  **
Income tax provision (benefit) (1,666) 325  366  441  54  ** ** (1,341) 356  **
Income (loss) from continuing operations, net of tax (4,263) 1,404  1,093  1,777  597  ** ** (2,859) 1,877  **
Income (loss) from discontinued operations, net of tax (14) —  3  —  —  ** ** (14) —  **
Net income (loss) (4,277) 1,404  1,096  1,777  597  ** ** (2,873) 1,877  **
Dividends and undistributed earnings allocated to participating securities(2)
 (4) (22) (17) (28) (9) (82) (56) (9) (32) (72)
Preferred stock dividends (65) (57) (57) (57) (57) 14  14  (122) (114) 7 
Discount on redeemed preferred stock
 6  —  —  —  —  ** ** 6  —  **
Net income (loss) available to common stockholders $ (4,340) $ 1,325  $ 1,022  $ 1,692  $ 531  ** ** $ (2,998) $ 1,731  **
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations $ (8.55) $ 3.46  $ 2.66  $ 4.42  $ 1.39  ** ** $ (6.71) $ 4.52  **
Income (loss) from discontinued operations (0.03) —  0.01  —  —  ** ** (0.03) —  **
Net income (loss) per basic common share $ (8.58) $ 3.46  $ 2.67  $ 4.42  $ 1.39  ** ** $ (6.74) $ 4.52  **
Diluted earnings per common share:(2)
Net income (loss) from continuing operations $ (8.55) $ 3.45  $ 2.66  $ 4.41  $ 1.38  ** ** $ (6.71) $ 4.51  **
Income (loss) from discontinued operations (0.03) —  0.01  —  —  ** ** (0.03) —  **
Net income (loss) per diluted common share $ (8.58) $ 3.45  $ 2.67  $ 4.41  $ 1.38  ** ** $ (6.74) $ 4.51  **
Weighted-average common shares outstanding (in millions):
Basic 505.6  383.1  382.4  383.0  383.1  32  % 32  % 444.7  382.7  16  %
Diluted 505.6  384.0  383.4  383.7  383.9  32  32  444.7  383.7  16 
Common shares outstanding (period-end, in millions) 639.5  383.0  381.2  381.5  381.9  67  67  639.5  381.9  67 
Dividends declared and paid per common share $ 0.60  $ 0.60  $ 0.60  $ 0.60  $ 0.60  —  —  $ 1.20  $ 1.20  — 
Tangible book value per common share (period-end)(3)
 99.35  113.74  106.97  112.36  99.28  (13) —  99.35  99.28  — 
1

2025 Q2 Six Months Ended June 30,
(Dollars in millions) 2025 2025 2024 2024 2024 2025 2024 2025 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Balance Sheet (Period-End)
Loans held for investment $ 439,297  $ 323,598  $ 327,775  $ 320,243  $ 318,186  36  % 38  % $ 439,297  $ 318,186  38  %
Interest-earning assets 601,999  463,414  463,058  458,189  452,547  30  33  601,999  452,547  33 
Total assets 658,968  493,604  490,144  486,433  480,018  34  37  658,968  480,018  37 
Interest-bearing deposits 440,231  340,964  336,585  327,253  324,437  29  36  440,231  324,437  36 
Total deposits 468,110  367,464  362,707  353,631  351,442  27  33  468,110  351,442  33 
Borrowings 52,666  41,773  45,551  49,336  47,956  26  10  52,666  47,956  10 
Common equity 105,549  58,697  55,938  58,080  53,135  80  99  105,549  53,135  99 
Total stockholders’ equity 110,956  63,542  60,784  62,925  57,981  75  91  110,956  57,981  91 
Balance Sheet (Average Balances)
Loans held for investment $ 378,157  $ 322,385  $ 321,871  $ 318,255  $ 314,888  17  % 20  % $ 350,425  $ 314,751  11  %
Interest-earning assets 524,929  462,771  460,640  454,484  450,908  13  16  494,022  449,356  10 
Total assets 572,446  491,817  488,300  481,219  477,285  16  20  532,354  476,140  12 
Interest-bearing deposits 387,139  337,840  331,564  324,509  322,581  15  20  362,626  320,515  13 
Total deposits 414,568  364,078  358,323  351,125  349,488  14  19  389,462  347,572  12 
Borrowings 46,601  44,448  46,293  48,274  48,842  5  (5) 45,531  49,658  (8)
Common equity 81,563  57,395  56,918  56,443  53,262  42  53  69,546  53,207  31 
Total stockholders’ equity 86,918  62,240  61,764  61,289  58,107  40  50  74,647  58,052  29 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2025 Q2 Six Months Ended June 30,
(Dollars in millions, except as noted) 2025 2025 2024 2024 2024 2025 2024 2025 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Performance Metrics
Net interest income growth (period over period) 25  % (1) % —  7  % 1  % ** ** 20  % 5  % **
Non-interest income growth (period over period) 26  (5) 8  % (1) 2  ** ** 16  7  **
Total net revenue growth (period over period) 25  (2) 2  5  1  ** ** 19  6  **
Total net revenue margin(4)
 9.52  8.64  8.85  8.81  8.43  88  bps 109  bps 9.11  8.42  69  bps
Net interest margin(5)
 7.62  6.93  7.03  7.11  6.70  69  92  7.29  6.69  60 
Return on average assets(6)
 (2.98) 1.14  0.90  1.48  0.50  (412) (348) (1.07) 0.79  (186)
Return on average tangible assets(7)
 (3.14) 1.18  0.92  1.53  0.52  (432) (366) (1.12) 0.81  (193)
Return on average common equity(8)
 (21.22) 9.23  7.16  11.99  3.99  (3,045) (2,521) (8.58) 6.51  (1,509)
Return on average tangible common equity(9)
 (32.99) 12.55  9.77  16.42  5.59  (4,554) (3,858) (12.60) 9.12  (2,172)
Efficiency ratio(10)
 55.96  59.02  59.75  53.07  52.03  (306) 393  57.32  53.33  399 
Operating efficiency ratio(11)
 45.20  47.00  46.26  41.95  40.84  (180) 436  46.00  42.36  364 
Effective income tax rate for continuing operations 28.1  18.8  25.1  19.9  8.3  930  1,980  31.9  15.9  1,600 
Employees (period-end, in thousands) 76.5  53.9  52.6  52.5  52.1  42% 47% 76.5  52.1  47%
Credit Quality Metrics
Allowance for credit losses $ 23,873 $ 15,899 $ 16,258 $ 16,534 $ 16,649 50% 43% $ 23,873 $ 16,649 43%
Allowance coverage ratio 5.43  % 4.91  % 4.96  % 5.16  % 5.23  % 52  bps 20  bps 5.43  % 5.23  % 20  bps
Net charge-offs(12)
 $ 3,060 $ 2,736 $ 2,884 $ 2,604 $ 2,644 12% 16% $ 5,796 $ 5,260 10%
Net charge-off rate(13)
 3.24  % 3.40  % 3.59  % 3.27  % 3.36  % (16) bps (12) bps 3.31  % 3.34  % (3) bps
30+ day performing delinquency rate 3.13  3.29  3.69  3.58  3.36  (16) (23) 3.13  3.36  (23)
30+ day delinquency rate 3.32  3.51  3.98  3.89  3.63  (19) (31) 3.32  3.63  (31)
Capital Ratios(14)
Common equity Tier 1 capital
14.0  % 13.6  % 13.5  % 13.6  % 13.2  % 40  bps 80  bps 14.0  % 13.2  % 80  bps
Tier 1 capital 15.1  14.9  14.8  14.9  14.5  20  60  15.1  14.5  60 
Total capital 17.1  17.0  16.4  16.6  16.3  10  80  17.1  16.3  80 
Tier 1 leverage 14.2  11.6  11.6  11.6  11.3  260  290  14.2  11.3  290 
Tangible common equity (“TCE”)(15)
 10.3  9.1  8.6  9.1  8.2  120  210  10.3  8.2  210 
    
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2025 Q2 Six Months Ended June 30,
(Dollars in millions, except as noted) 2025 2025 2024 2024 2024 2025 2024 2025 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Interest income:
Loans, including loans held for sale $ 12,449  $ 10,157  $ 10,434  $ 10,547  $ 9,993  23  % 25  % $ 22,606  $ 19,913  14  %
Investment securities 784  770  753  733  700  2  12  1,554  1,387  12 
Other 595  491  530  580  587  21  1  1,086  1,157  (6)
Total interest income 13,828  11,418  11,717  11,860  11,280  21  23  25,246  22,457  12 
Interest expense:
Deposits 3,120  2,715  2,862  2,945  2,874  15  9  5,835  5,686  3 
Securitized debt obligations 164  176  205  234  258  (7) (36) 340  519  (34)
Senior and subordinated notes 535  505  540  596  591  6  (9) 1,040  1,197  (13)
Other borrowings 14  9  12  9  11  56  27  23  21  10 
Total interest expense 3,833  3,405  3,619  3,784  3,734  13  3  7,238  7,423  (2)
Net interest income 9,995  8,013  8,098  8,076  7,546  25  32  18,008  15,034  20 
Provision for credit losses 11,430  2,369  2,642  2,482  3,909  ** 192  13,799  6,592  109 
Net interest income (loss) after provision for credit losses
 (1,435) 5,644  5,456  5,594  3,637  ** ** 4,209  8,442  (50)
Non-interest income:
Discount and interchange fees, net
 1,478  1,223  1,260  1,228  1,249  21  18  2,701  2,394  13 
Service charges and other customer-related fees 658  509  554  501  459  29  43  1,167  921  27 
Net securities gains (losses) —  —  —  (35) —  —  —  —  —  — 
Other 361  255  278  244  252  42  43  616  559  10 
Total non-interest income 2,497  1,987  2,092  1,938  1,960  26  27  4,484  3,874  16 
Non-interest expense:
Salaries and associate benefits 2,999  2,546  2,329  2,391  2,200  18  36  5,545  4,678  19 
Occupancy and equipment 737  615  674  587  551  20  34  1,352  1,105  22 
Marketing 1,345  1,202  1,375  1,113  1,064  12  26  2,547  2,074  23 
Professional services 653  437  630  402  316  49  107  1,090  578  89 
Communications and data processing 413  399  398  358  355  4  16  812  706  15 
Amortization of intangibles 271  16  19  20  19  ** ** 287  38  **
Other 573  687  664  443  441  (17) 30  1,260  904  39 
Total non-interest expense 6,991  5,902  6,089  5,314  4,946  18  41  12,893  10,083  28 
Income (loss) from continuing operations before income taxes (5,929) 1,729  1,459  2,218  651  ** ** (4,200) 2,233  **
Income tax provision (benefit) (1,666) 325  366  441  54  ** ** (1,341) 356  **
Income (loss) from continuing operations, net of tax (4,263) 1,404  1,093  1,777  597  ** ** (2,859) 1,877  **
Income (loss) from discontinued operations, net of tax (14) —  3  —  —  ** ** (14) —  **
Net income (loss) (4,277) 1,404  1,096  1,777  597  ** ** (2,873) 1,877  **
Dividends and undistributed earnings allocated to participating securities(2)
 (4) (22) (17) (28) (9) (82) (56) (9) (32) (72)
Preferred stock dividends (65) (57) (57) (57) (57) 14  14  (122) (114) 7 
Discount on redeemed preferred stock
 6  —  —  —  —  ** ** 6  —  **
Net income (loss) available to common stockholders $ (4,340) $ 1,325  $ 1,022  $ 1,692  $ 531  ** ** $ (2,998) $ 1,731  **
4

2025 Q2 Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Basic earnings per common share:(2)
Net income (loss) from continuing operations $ (8.55) $ 3.46  $ 2.66  $ 4.42  $ 1.39  ** ** $ (6.71) $ 4.52  **
Income (loss) from discontinued operations (0.03) —  0.01  —  —  ** ** (0.03) —  **
Net income (loss) per basic common share $ (8.58) $ 3.46  $ 2.67  $ 4.42  $ 1.39  ** ** $ (6.74) $ 4.52  **
Diluted earnings per common share:(2)
Net income (loss) from continuing operations $ (8.55) $ 3.45  $ 2.66  $ 4.41  $ 1.38  ** ** $ (6.71) $ 4.51  **
Income (loss) from discontinued operations (0.03) —  0.01  —  —  ** ** (0.03) —  **
Net income (loss) per diluted common share $ (8.58) $ 3.45  $ 2.67  $ 4.41  $ 1.38  ** ** $ (6.74) $ 4.51  **
Weighted-average common shares outstanding (in millions):
Basic common shares 505.6  383.1  382.4  383.0  383.1  32  32  444.7  382.7  16 
Diluted common shares 505.6  384.0  383.4  383.7  383.9  32  32  444.7  383.7  16 
    
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2025 Q2
2025 2025 2024 2024 2024 2025 2024
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Assets:
Cash and cash equivalents:
Cash and due from banks $ 4,854  $ 4,108  $ 3,028  $ 3,976  $ 5,298  18  % (8) %
Interest-bearing deposits and other short-term investments 54,255  44,465  40,202  45,322  40,116  22  35 
Total cash and cash equivalents 59,109  48,573  43,230  49,298  45,414  22  30 
Restricted cash for securitization investors 2,469  392  441  421  2,415  ** 2 
Securities available for sale 87,196  84,362  83,013  83,500  79,250  3  10 
Loans held for investment:
Unsecuritized loans held for investment 384,413  295,939  298,241  292,061  289,124  30  33 
Loans held in consolidated trusts 54,884  27,659  29,534  28,182  29,062  98  89 
Total loans held for investment 439,297  323,598  327,775  320,243  318,186  36  38 
Allowance for credit losses (23,873) (15,899) (16,258) (16,534) (16,649) 50  43 
Net loans held for investment 415,424  307,699  311,517  303,709  301,537  35  38 
Loans held for sale 198  686  202  96  808  (71) (75)
Premises and equipment, net 5,687  4,579  4,511  4,440  4,396  24  29 
Interest receivable 3,373  2,599  2,532  2,577  2,494  30  35 
Goodwill 28,335  15,070  15,059  15,083  15,062  88  88 
Other intangible assets
 18,157  217  233  253  271  ** **
Other assets 30,904  29,427  29,406  27,056  28,371  5  9 
Assets of discontinued operations
 8,116  —  —  —  —  ** **
Total assets $ 658,968  $ 493,604  $ 490,144  $ 486,433  $ 480,018  34  37 
6

2025 Q2
2025 2025 2024 2024 2024 2025 2024
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Liabilities:
Interest payable $ 888  $ 646  $ 666  $ 705  $ 668  37  % 33  %
Deposits:
Non-interest-bearing deposits 27,879  26,500  26,122  26,378  27,005  5  3 
Interest-bearing deposits 440,231  340,964  336,585  327,253  324,437  29  36 
Total deposits 468,110  367,464  362,707  353,631  351,442  27  33 
Securitized debt obligations 14,658  11,716  14,264  15,881  17,291  25  (15)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase 742  573  562  520  715  29  4 
Senior and subordinated notes 36,706  29,459  30,696  32,911  29,925  25  23 
Other borrowings 560  25  29  24  25  ** **
Total other debt 38,008  30,057  31,287  33,455  30,665  26  24 
Other liabilities 26,316  20,179  20,436  19,836  21,971  30  20 
Liabilities of discontinued operations
 32  —  —  —  —  ** **
Total liabilities 548,012  430,062  429,360  423,508  422,037  27  30 
Stockholders’ equity:
Preferred stock 0  0  0  0  0  —  — 
Common stock 7  7  7  7  7  —  — 
Additional paid-in capital, net 63,465  36,693  36,428  36,216  36,012  73  76 
Retained earnings 60,892  65,616  64,505  63,698  62,211  (7) (2)
Accumulated other comprehensive loss (6,819) (7,529) (9,286) (6,287) (9,701) (9) (30)
Treasury stock, at cost (6,589) (31,245) (30,870) (30,709) (30,548) (79) (78)
Total stockholders’ equity 110,956  63,542  60,784  62,925  57,981  75  91 
Total liabilities and stockholders’ equity $ 658,968  $ 493,604  $ 490,144  $ 486,433  $ 480,018  34  37 

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 $785 million in Q2 2025, $705 million in Q1 2025, $706 million in Q4 2024, $624 million in Q3 2024 and $649 million in Q2 2024 for credit card finance charges and fees charged off as uncollectible.
(2)Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)Return on average assets is calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average total assets for the period.
(7)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(8)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(9)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(10)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(12)Charge-offs exclude $19.4 billion of acquired Discover loans that are fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(13)Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(14)Capital ratios as of the end of Q2 2025 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(15)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
**    Not meaningful.
8

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2025 Q2 2025 Q1 2024 Q2
(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 $ 378,537  $ 12,449  13.15  % $ 322,772  $ 10,157  12.59  % $ 315,823  $ 9,993  12.66  %
Investment securities 93,024  784  3.37  92,659  770  3.32  89,501  700  3.13 
Cash equivalents and other 53,368  595  4.46  47,340  491  4.14  45,584  587  5.16 
Total interest-earning assets $ 524,929  $ 13,828  10.54  $ 462,771  $ 11,418  9.87  $ 450,908  $ 11,280  10.01 
Interest-bearing liabilities:
Interest-bearing deposits $ 387,139  $ 3,120  3.22  $ 337,840  $ 2,715  3.22  $ 322,581  $ 2,874  3.56 
Securitized debt obligations 13,043  164  5.06  13,731  176  5.11  17,452  258  5.91 
Senior and subordinated notes 32,872  535  6.51  30,331  505  6.66  30,978  591  7.64 
Other borrowings and liabilities(2)
 2,872  14  1.85  2,312  9  1.57  2,502  11  1.73 
Total interest-bearing liabilities $ 435,926  $ 3,833  3.52  $ 384,214  $ 3,405  3.54  $ 373,513  $ 3,734  4.00 
Net interest income/spread $ 9,995  7.02  $ 8,013  6.32  $ 7,546  6.01 
Impact of non-interest-bearing funding 0.60  0.61  0.69 
Net interest margin
 7.62  % 6.93  % 6.70  %
                                                                                                                                                                                                                                
Six Months Ended June 30,
2025 2024
(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 $ 350,808  $ 22,606  12.89  % $ 315,693  $ 19,913  12.62  %
Investment securities 92,843  1,554  3.35  89,041  1,387  3.12 
Cash equivalents and other 50,371  1,086  4.31  44,622  1,157  5.19 
Total interest-earning assets $ 494,022  $ 25,246  10.22  $ 449,356  $ 22,457  10.00 
Interest-bearing liabilities:
Interest-bearing deposits $ 362,626  $ 5,835  3.22  $ 320,515  $ 5,686  3.55 
Securitized debt obligations 13,385  340  5.09  17,644  519  5.88 
Senior and subordinated notes 31,609  1,040  6.58  31,594  1,197  7.58 
Other borrowings and liabilities(2)
 2,593  23  1.73  2,438  21  1.75 
Total interest-bearing liabilities $ 410,213  $ 7,238  3.53  $ 372,191  $ 7,423  3.99 
Net interest income/spread $ 18,008  6.69  $ 15,034  6.01 
Impact of non-interest-bearing funding 0.60  0.68 
Net interest margin 7.29  % 6.69  %

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2025 Q2 Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 2024 2025 vs. 2024
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card $ 252,481  $ 150,309  $ 155,618  $ 149,400  $ 147,065  68  % 72  % $ 252,481  $ 147,065  72  %
Personal loans
 9,788  —  —  —  —  ** ** 9,788  —  **
   International card businesses 7,440  6,880  6,890  7,251  6,830  8  9  7,440  6,830  9 
Total credit card 269,709  157,189  162,508  156,651  153,895  72  75  269,709  153,895  75 
Consumer banking:
   Auto 80,017  77,656  76,829  75,505  74,385  3  8  80,017  74,385  8 
   Retail banking 1,216  1,240  1,263  1,253  1,278  (2) (5) 1,216  1,278  (5)
Total consumer banking 81,233  78,896  78,092  76,758  75,663  3  7  81,233  75,663  7 
Commercial banking:
   Commercial and multifamily real estate 32,967  31,971  31,903  32,199  32,832  3  —  32,967  32,832  — 
   Commercial and industrial 55,388  55,542  55,272  54,635  55,796  —  (1) 55,388  55,796  (1)
Total commercial banking 88,355  87,513  87,175  86,834  88,628  1  —  88,355  88,628  — 
Total loans held for investment $ 439,297  $ 323,598  $ 327,775  $ 320,243  $ 318,186  36  38  $ 439,297  $ 318,186  38 
Loans Held for Investment (Average)
Credit card:
   Domestic credit card $ 197,808  $ 149,639  $ 150,290  $ 147,021  $ 143,744  32  % 38  % $ 173,858  $ 143,316  21  %
Personal loans
 4,778  —  —  —  —  ** ** 2,402  —  **
   International card businesses 7,107  6,768  7,036  6,951  6,723  5  6  6,938  6,740  3 
Total credit card 209,693  156,407  157,326  153,972  150,467  34  39  183,198  150,056  22 
Consumer banking:
   Auto 78,875  77,228  75,968  74,920  74,098  2  6  78,056  73,933  6 
   Retail banking 1,220  1,252  1,253  1,262  1,288  (3) (5) 1,236  1,306  (5)
Total consumer banking 80,095  78,480  77,221  76,182  75,386  2  6  79,292  75,239  5 
Commercial banking:
   Commercial and multifamily real estate 32,522  31,733  32,058  32,416  33,801  2  (4) 32,129  34,055  (6)
   Commercial and industrial 55,847  55,765  55,266  55,685  55,234  —  1  55,806  55,401  1 
Total commercial banking 88,369  87,498  87,324  88,101  89,035  1  (1) 87,935  89,456  (2)
Total average loans held for investment $ 378,157  $ 322,385  $ 321,871  $ 318,255  $ 314,888  17  20  $ 350,425  $ 314,751  11 
10

2025 Q2 Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 2024 2025 vs. 2024
Q2 Q1 Q4 Q3 Q2 Q1 Q2
Net Charge-Off (Recovery) Rates
Credit card(3):
   Domestic credit card(4)
 5.25  % 6.19  % 6.06  % 5.61  % 6.05  % (94) bps (80) bps 5.65  % 5.99  % (34) bps
Personal loans
 3.47  —  —  —  —  ** ** 3.46  —  **
   International card businesses 5.17  5.02  5.17  5.23  5.03  15  14  5.10  5.10  — 
Total credit card 5.20  6.14  6.02  5.60  6.00  (94) (80) 5.60  5.95  (35)
Consumer banking:
   Auto 1.25  1.55  2.32  2.05  1.81  (30) (56) 1.40  1.90  (50)
   Retail banking 4.54  4.75  5.63  5.43  5.38  (21) (84) 4.65  4.70  (5)
Total consumer banking 1.30  1.60  2.38  2.11  1.87  (30) (57) 1.45  1.95  (50)
Commercial banking:
   Commercial and multifamily real estate (0.06) 0.09  0.50  0.26  0.11  (15) (17) 0.02  0.16  (14)
   Commercial and industrial 0.55  0.12  0.13  0.20  0.17  43  38  0.33  0.13  20 
Total commercial banking 0.33  0.11  0.26  0.22  0.15  22  18  0.22  0.14  8 
Total net charge-offs 3.24  3.40  3.59  3.27  3.36  (16) (12) 3.31  3.34  (3)
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card(5)
 3.60  % 4.25  % 4.53  % 4.53  % 4.14  % (65) bps (54) bps 3.60  % 4.14  % (54) bps
Personal loans
 1.62  —  —  —  —  ** ** 1.62  —  **
   International card businesses 4.50  4.56  4.52  4.53  4.63  (6) (13) 4.50  4.63  (13)
Total credit card 3.55  4.26  4.53  4.53  4.16  (71) (61) 3.55  4.16  (61)
Consumer banking:
   Auto 4.84  4.93  5.95  5.61  5.67  (9) (83) 4.84  5.67  (83)
   Retail banking 0.93  1.13  1.12  0.95  1.57  (20) (64) 0.93  1.57  (64)
Total consumer banking 4.78  4.87  5.87  5.53  5.60  (9) (82) 4.78  5.60  (82)
11

2025 Q2 Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 2024 2025 vs. 2024
Q2 Q1 Q4 Q3 Q2 Q1 Q2
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
Personal loans
 0.12  % —  —  —  —  ** ** 0.12  % —  **
   International card businesses 0.16  0.13  % 0.15  % 0.15  % 0.15  % 3  bps 1  bps 0.16  0.15  % 1  bps
Total credit card 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Consumer banking:
   Auto 0.73  0.72  0.98  0.91  0.88  1  (15) 0.73  0.88  (15)
   Retail banking 1.47  1.89  1.94  2.19  2.81  (42) (134) 1.47  2.81  (134)
Total consumer banking 0.74  0.74  0.99  0.93  0.92  —  (18) 0.74  0.92  (18)
Commercial banking:
   Commercial and multifamily real estate 1.06  1.23  1.60  1.96  1.28  (17) (22) 1.06  1.28  (22)
   Commercial and industrial 1.45  1.50  1.27  1.32  1.56  (5) (11) 1.45  1.56  (11)
Total commercial banking 1.30  1.40  1.39  1.55  1.46  (10) (16) 1.30  1.46  (16)
Total nonperforming loans 0.40  0.56  0.61  0.65  0.63  (16) (23) 0.40  0.63  (23)
Total nonperforming assets 0.42  0.58  0.63  0.67  0.64  (16) (22) 0.42  0.64  (22)

12

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended June 30, 2025
Credit Card Consumer Banking
(Dollars in millions) Domestic Card
Personal Loans
 International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total
Allowance for credit losses:
Balance as of March 31, 2025 $ 12,036  —  $ 474  $ 12,510  $ 1,845  $ 27  $ 1,872  $ 1,517  $ 15,899 
Charge-offs(3)
 (3,396) $ (56) (138) (3,590) (593) (19) (612) (81) (4,283)
Recoveries 802  14  46  862  348  4  352  9  1,223 
Net charge-offs (2,594) (42) (92) (2,728) (245) (15) (260) (72) (3,060)
Initial allowance for purchased credit-deteriorated loans
 2,722  148  —  2,870  —  —  —  —  2,870 
Benefit from expected recoveries of charged off loans(8)
 (3,135) (170) —  (3,305) —  —  —  —  (3,305)
Provision for credit losses(9)
 10,200  826  72  11,098  238  14  252  90  11,440 
Allowance build (release) for credit losses(9)
 7,193  762  (20) 7,935  (7) (1) (8) 18  7,945 
Other changes(10)
 —  —  29  29  — — — — 29 
Balance as of June 30, 2025 19,229  762  483  20,474  1,838  26  1,864  1,535  23,873 
Reserve for unfunded lending commitments:
Balance as of March 31, 2025 — — — — — —  — 144  144 
Provision (benefit) for losses on unfunded lending commitments — — — — — —  — (9) (9)
Balance as of June 30, 2025 — — — — — —  — 135  135 
Combined allowance and reserve as of June 30, 2025 $ 19,229  $ 762  $ 483  $ 20,474  $ 1,838  $ 26  $ 1,864  $ 1,670  $ 24,008 
13

Six Months Ended June 30, 2025
Credit Card Consumer Banking
(Dollars in millions) Domestic Card
Personal Loans
 International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total
Allowance for credit losses:
Balance as of December 31, 2024 $ 12,494  —  $ 480  $ 12,974  $ 1,859  $ 25  $ 1,884  $ 1,400  $ 16,258 
Charge-offs(3)
 (6,248) $ (56) (264) (6,568) (1,249) (39) (1,288) (119) (7,975)
Recoveries 1,340  14  87  1,441  705  10  715  23  2,179 
Net charge-offs (4,908) (42) (177) (5,127) (544) (29) (573) (96) (5,796)
Initial allowance for purchased credit-deteriorated loans
 2,722  148  —  2,870  —  —  —  —  2,870 
Benefit from expected recoveries of charged off loans(8)
 (3,135) (170) —  (3,305) —  —  —  —  (3,305)
Provision for credit losses(9)
 12,056  826  142  13,024  523  30  553  231  13,808 
Allowance build (release) for credit losses(9)
 6,735  762  (35) 7,462  (21) 1  (20) 135  7,577 
Other changes(10)
 —  —  38  38  —  —  —  —  38 
Balance as of June 30, 2025 19,229  762  483  20,474  1,838  26  1,864  1,535  23,873 
Reserve for unfunded lending commitments:
Balance as of December 31, 2024 — — — — — —  —  143  143 
Provision (benefit) for losses on unfunded lending commitments — — — — — —  —  (8) (8)
Balance as of June 30, 2025 — — — — — —  —  135  135 
Combined allowance and reserve as of June 30, 2025 $ 19,229  $ 762  $ 483  $ 20,474  $ 1,838  $ 26  $ 1,864  $ 1,670  $ 24,008 
14

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

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(11)
Other(11)
 Total Credit Card Consumer Banking
Commercial Banking(11)
Other(11)
 Total
Net interest income (loss) $ 7,293  $ 2,162  $ 602  $ (62) $ 9,995  $ 12,947  $ 4,105  $ 1,174  $ (218) $ 18,008 
Non-interest income (loss) 1,802  394  335  (34) 2,497  3,313  577  647  (53) 4,484 
Total net revenue (loss) 9,095  2,556  937  (96) 12,492  16,260  4,682  1,821  (271) 22,492 
Provision (benefit) for credit losses
 11,098  252  81  (1) 11,430  13,024  553  223  (1) 13,799 
Non-interest expense 4,447  1,713  489  342  6,991  8,085  3,294  975  539  12,893 
Income (loss) from continuing operations before income taxes (6,450) 591  367  (437) (5,929) (4,849) 835  623  (809) (4,200)
Income tax provision (benefit) (1,533) 141  87  (361) (1,666) (1,151) 199  148  (537) (1,341)
Income (loss) from continuing operations, net of tax $ (4,917) $ 450  $ 280  $ (76) $ (4,263) $ (3,698) $ 636  $ 475  $ (272) $ (2,859)
Three Months Ended March 31, 2025
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(11)
Other(11)
 Total
Net interest income (loss) $ 5,654  $ 1,943  $ 572  $ (156) $ 8,013 
Non-interest income (loss) 1,511  183  312  (19) 1,987 
Total net revenue (loss) 7,165  2,126  884  (175) 10,000 
Provision for credit losses
 1,926  301  142  —  2,369 
Non-interest expense 3,638  1,581  486  197  5,902 
Income (loss) from continuing operations before income taxes 1,601  244  256  (372) 1,729 
Income tax provision (benefit) 382  58  61  (176) 325 
Income (loss) from continuing operations, net of tax $ 1,219  $ 186  $ 195  $ (196) $ 1,404 
Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(11)
Other(11)
 Total Credit Card Consumer Banking
Commercial Banking(11)
Other(11)
 Total
Net interest income (loss) $ 5,294  $ 2,025  $ 609  $ (382) $ 7,546  $ 10,566  $ 4,036  $ 1,208  $ (776) $ 15,034 
Non-interest income 1,506  172  271  11  1,960  2,982  331  552  9  3,874 
Total net revenue (loss) 6,800  2,197  880  (371) 9,506  13,548  4,367  1,760  (767) 18,908 
Provision for credit losses 3,545  330  34  —  3,909  5,804  756  32  —  6,592 
Non-interest expense 3,134  1,250  483  79  4,946  6,363  2,496  998  226  10,083 
Income (loss) from continuing operations before income taxes 121  617  363  (450) 651  1,381  1,115  730  (993) 2,233 
Income tax provision (benefit) 30  146  85  (207) 54  329  263  172  (408) 356 
Income (loss) from continuing operations, net of tax $ 91  $ 471  $ 278  $ (243) $ 597  $ 1,052  $ 852  $ 558  $ (585) $ 1,877 

15

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2025 Q2 vs. Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Credit Card
Earnings:
Net interest income $ 7,293  $ 5,654  $ 5,779  $ 5,743  $ 5,294  29% 38% $ 12,947  $ 10,566  23%
Non-interest income 1,802  1,511  1,585  1,509  1,506  19  20  3,313  2,982  11 
Total net revenue 9,095  7,165  7,364  7,252  6,800  27  34  16,260  13,548  20 
Provision for credit losses 11,098  1,926  2,384  2,084  3,545  ** ** 13,024  5,804  124
Non-interest expense 4,447  3,638  3,846  3,367  3,134  22  42  8,085  6,363  27 
Income (loss) from continuing operations before income taxes (6,450) 1,601  1,134  1,801  121  ** ** (4,849) 1,381  **
Income tax provision (benefit) (1,533) 382  268  427  30  ** ** (1,151) 329  **
Income (loss) from continuing operations, net of tax $ (4,917) $ 1,219  $ 866  $ 1,374  $ 91  ** ** $ (3,698) $ 1,052  **
Selected performance metrics:
Period-end loans held for investment $ 269,709 $ 157,189 $ 162,508 $ 156,651 $ 153,895 72  75  $ 269,709 $ 153,895 75 
Average loans held for investment 209,693 156,407 157,326 153,972 150,467 34  39  183,198 150,056 22 
Average yield on loans outstanding(1)
 17.94  % 18.54  % 19.05  % 19.66  % 18.79  % (60) bps (85) bps 18.18  % 18.82  % (64) bps
Total net revenue margin(12)
 17.35  18.32  18.72  18.82  18.03  (97) (68) 17.75  18.01  (26)
Net charge-off rate(3)
 5.20  6.14  6.02  5.60  6.00  (94) (80) 5.60  5.95  (35)
30+ day performing delinquency rate 3.55  4.26  4.53  4.53  4.16  (71) (61) 3.55  4.16  (61)
30+ day delinquency rate 3.56  4.27  4.54  4.54  4.17  (71) (61) 3.56  4.17  (61)
Nonperforming loan rate(6)
 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Purchase volume(13)
 $ 201,453 $ 157,948 $ 172,919 $ 166,203 $ 165,143 28% 22% $ 359,401 $ 315,314 14%
16

2025 Q2 vs. Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Domestic Card
Earnings:
Net interest income $ 6,822  $ 5,343  $ 5,474  $ 5,434  $ 5,001  28% 36% $ 12,165  $ 9,973  22%
Non-interest income 1,749  1,460  1,522  1,438  1,440  20  21  3,209  2,851  13 
Total net revenue
 8,571  6,803  6,996  6,872  6,441  26  33  15,374  12,824  20 
Provision for credit losses 10,200  1,856  2,278  1,997  3,435  ** 197 12,056  5,592  116
Non-interest expense 4,192  3,422  3,607  3,149  2,946  23  42  7,614  5,971  28 
Income (loss) from continuing operations before income taxes (5,821) 1,525  1,111  1,726  60  ** ** (4,296) 1,261  **
Income tax provision (benefit) (1,385) 363  262  407  15  ** ** (1,022) 298  **
Income (loss) from continuing operations, net of tax $ (4,436) $ 1,162  $ 849  $ 1,319  $ 45  ** ** $ (3,274) $ 963  **
Selected performance metrics:
Period-end loans held for investment $ 252,481 $ 150,309 $ 155,618 $ 149,400 $ 147,065 68  72  $ 252,481 $ 147,065 72 
Average loans held for investment 197,808 149,639 150,290 147,021 143,744 32  38  173,858 143,316 21 
Average yield on loans outstanding(1)
 17.88  % 18.42  % 19.00  % 19.62  % 18.73  % (54) bps (85) bps 18.10  % 18.75  % (65) bps
Total net revenue margin(12)
 17.33  18.19  18.62  18.67  17.87  (86) (54) 17.69  17.85  (16)
Net charge-off rate(4)
 5.25  6.19  6.06  5.61  6.05  (94) (80) 5.65  5.99  (34)
30+ day performing delinquency rate(5)
 3.60  4.25  4.53  4.53  4.14  (65) (54) 3.60  4.14  (54)
Purchase volume(13)
 $ 197,308 $ 154,391 $ 168,994 $ 162,281 $ 161,370 28% 22% $ 351,699 $ 308,066 14%
Refreshed FICO scores:(14)
Greater than 660 73  % 69  % 69  % 69  % 69  % 4  4  73  % 69  % 4 
660 or below 27  31  31  31  31  (4) (4) 27  31  (4)
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
    

17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2025 Q2 vs. Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Consumer Banking
Earnings:
Net interest income $ 2,162  $ 1,943  $ 1,959  $ 2,028  $ 2,025  11% 7% $ 4,105  $ 4,036  2%
Non-interest income 394  183  182  182  172  115  129  577  331  74 
Total net revenue 2,556  2,126  2,141  2,210  2,197  20  16  4,682  4,367  7 
Provision for credit losses 252  301  328  351  330  (16) (24) 553  756  (27)
Non-interest expense 1,713  1,581  1,545  1,331  1,250  8  37  3,294  2,496  32 
Income from continuing operations before income taxes 591  244  268  528  617  142  (4) 835  1,115  (25)
Income tax provision 141  58  63  125  146  143  (3) 199  263  (24)
Income from continuing operations, net of tax $ 450  $ 186  $ 205  $ 403  $ 471  142  (4) $ 636  $ 852  (25)
Selected performance metrics:
Period-end loans held for investment $ 81,233 $ 78,896 $ 78,092 $ 76,758 $ 75,663 3  7  $ 81,233 $ 75,663 7 
Average loans held for investment 80,095 78,480 77,221 76,182 75,386 2  6  79,292 75,239 5 
Average yield on loans held for investment(1)
 9.30  % 9.03  % 9.04  % 8.88  % 8.54  % 27  bps 76  bps 9.17  % 8.44  % 73  bps
Auto loan originations $ 10,861 $ 9,210 $ 9,399 $ 9,158 $ 8,463 18% 28% $ 20,071 $ 15,985 26%
Period-end deposits 414,044 324,920 318,329 309,569 305,422 27  36  414,044 305,422 36 
Average deposits 365,359 319,950 313,992 306,121 300,794 14  21  342,780 297,621 15 
Average deposits interest rate 3.02  % 3.00  % 3.21  % 3.33  % 3.22  % 2  bps (20) bps 3.01  % 3.19  % (18) bps
Net charge-off rate 1.30  1.60  2.38  2.11  1.87  (30) (57) 1.45  1.95  (50)
30+ day performing delinquency rate 4.78  4.87  5.87  5.53  5.60  (9) (82) 4.78  5.60  (82)
30+ day delinquency rate 5.40  5.47  6.73  6.31  6.35  (7) (95) 5.40  6.35  (95)
Nonperforming loan rate(6)
 0.74  0.74  0.99  0.93  0.92  —  (18) 0.74  0.92  (18)
Nonperforming asset rate(7)
 0.82  0.82  1.08  1.01  0.99  —  (17) 0.82  0.99  (17)
Global Payment Network volume(15)
 $ 74,014 — — — — ** ** $ 74,014 — **
Auto—At origination FICO scores:(16)
Greater than 660 52  % 53  % 54  % 53  % 53  % (1)% (1)% 52  % 53  % (1)%
621 - 660 19  19  19  20  20  —  (1) 19  20  (1)
620 or below 29  28  27  27  27  1  2  29  27  2 
Total 100  % 100  % 100  % 100  % 100  % 100  % 100  %
18

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2025 Q2 vs. Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Commercial Banking
Earnings:
Net interest income $ 602  $ 572  $ 587  $ 596  $ 609  5% (1)% $ 1,174 $ 1,208 (3)%
Non-interest income 335  312  366  292  271  7  24  647 552 17 
Total net revenue(11)
 937  884  953  888  880  6  6  1,821 1,760 3 
Provision (benefit) for credit losses 81  142  (72) 48  34  (43) 138 223 32 **
Non-interest expense 489  486  518  495  483  1  1  975 998 (2)
Income from continuing operations before income taxes 367  256  507  345  363  43  1  623 730 (15)
Income tax provision 87  61  119  82  85  43  2  148 172 (14)
Income from continuing operations, net of tax $ 280  $ 195  $ 388  $ 263  $ 278  44  1  $ 475 $ 558 (15)
Selected performance metrics:
Period-end loans held for investment $ 88,355 $ 87,513 $ 87,175 $ 86,834 $ 88,628 1  —  $ 88,355 $ 88,628 — 
Average loans held for investment 88,369 87,498 87,324 88,101 89,035 1  (1) 87,935 89,456 (2)
Average yield on loans held for investment(1)(11)
 6.40  % 6.29  % 6.72  % 7.25  % 7.23  % 11  bps (83) bps 6.35  % 7.18  % (83) bps
Period-end deposits $ 29,245 $ 29,984 $ 31,691 $ 30,598 $ 29,210 (2)% —  $ 29,245 $ 29,210 — 
Average deposits 30,444 31,654 31,545 30,365 30,810 (4) (1)% 31,045 31,327 (1)%
Average deposits interest rate 2.06  % 2.13  % 2.28  % 2.55  % 2.55  % (7) bps (49) bps 2.09  % 2.60  % (51) bps
Net charge-off rate 0.33  0.11  0.26  0.22  0.15  22  18 0.22  0.14  8 
Nonperforming loan rate(6)
 1.30  1.40  1.39  1.55  1.46  (10) (16) 1.30  1.46  (16)
Nonperforming asset rate(7)
 1.30  1.40  1.39  1.55  1.46  (10) (16) 1.30  1.46  (16)
Risk category:(17)
Noncriticized $ 82,000 $ 80,677 $ 80,431 $ 78,835 $ 79,695 2% 3% $ 82,000 $ 79,695 3%
Criticized performing 5,204 5,612 5,534 6,651 7,639 (7) (32) 5,204 7,639 (32)
Criticized nonperforming 1,151 1,224 1,210 1,348 1,294 (6) (11) 1,151 1,294 (11)
Total commercial banking loans held for investment $ 88,355 $ 87,513 $ 87,175 $ 86,834 $ 88,628 1  —  $ 88,355 $ 88,628 — 
Risk category as a percentage of period-end loans held for investment:(17)
Noncriticized 92.81  % 92.19  % 92.26  % 90.79  % 89.92  % 62  bps 289  bps 92.81  % 89.92  % 289  bps
Criticized performing 5.89  6.41  6.35  7.66  8.62  (52) (273) 5.89  8.62  (273)
Criticized nonperforming 1.30  1.40  1.39  1.55  1.46  (10) (16) 1.30  1.46  (16)
Total commercial banking loans 100.00  % 100.00  % 100.00  % 100.00  % 100.00  % 100.00  % 100.00  %
19

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2025 Q2 vs. Six Months Ended June 30,
2025 2025 2024 2024 2024 2025 2024 2025 vs.
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025 2024 2024
Other
Earnings:
Net interest loss $ (62) $ (156) $ (227) $ (291) $ (382) (60)% (84)% $ (218) $ (776) (72)%
Non-interest income (loss) (34) (19) (41) (45) 11 79 ** (53) 9 **
Total net loss(11)
 (96) (175) (268) (336) (371) (45) (74) (271) (767) (65)
Provision (benefit) for credit losses (1) — 2 (1) — ** ** (1) — **
Non-interest expense(18)
 342 197 180 121 79 74 ** 539 226 138
Loss from continuing operations before income taxes (437) (372) (450) (456) (450) 17 (3) (809) (993) (19)
Income tax benefit (361) (176) (84) (193) (207) 105 74 (537) (408) 32
Loss from continuing operations, net of tax $ (76) $ (196) $ (366) $ (263) $ (243) (61) (69) $ (272) $ (585) (54)
Selected performance metrics:
Period-end deposits $ 24,821  $ 12,560  $ 12,687  $ 13,464  $ 16,810  98 48 $ 24,821  $ 16,810  48
Average deposits 18,765  12,474  12,786  14,639  17,884  50 5 15,637  18,624  (16)
Total
Earnings:
Net interest income $ 9,995  $ 8,013  $ 8,098  $ 8,076  $ 7,546  25% 32% $ 18,008  $ 15,034  20%
Non-interest income 2,497  1,987  2,092  1,938  1,960  26 27 4,484  3,874  16
Total net revenue 12,492  10,000  10,190  10,014  9,506  25 31 22,492  18,908  19
Provision for credit losses 11,430  2,369  2,642  2,482  3,909  ** 192 13,799  6,592  109
Non-interest expense 6,991  5,902  6,089  5,314  4,946  18 41 12,893  10,083  28
Income (loss) from continuing operations before income taxes (5,929) 1,729  1,459  2,218  651  ** ** (4,200) 2,233  **
Income tax provision (benefit) (1,666) 325  366  441  54  ** ** (1,341) 356  **
Income (loss) from continuing operations, net of tax $ (4,263) $ 1,404  $ 1,093  $ 1,777  $ 597  ** ** $ (2,859) $ 1,877  **
Selected performance metrics:
Period-end loans held for investment $ 439,297  $ 323,598  $ 327,775  $ 320,243  $ 318,186  36 38 $ 439,297  $ 318,186  38
Average loans held for investment 378,157  322,385  321,871  318,255  314,888  17 20 350,425  314,751  11
Period-end deposits 468,110  367,464  362,707  353,631  351,442  27 33 468,110  351,442  33
Average deposits 414,568  364,078  358,323  351,125  349,488  14 19 389,462  347,572  12
20

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

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)Includes amounts related to entities that provide capital to low-income and rural communities of $2.2 billion in Q2 2025, $1.9 billion in Q1 2025 and $2.1 billion for the first six months of 2025 and $2.0 billion in Q4 2024 and $2.0 billion for the first six months of 2024. Related interest expense was $8 million in Q2 2025, $7 million in Q1 2025 and $15 million for the first six months of 2025 and $8 million in Q4 2024 and $16 million for the first six months of 2024.
(3)Charge-offs exclude $19.4 billion of acquired Discover loans that are fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(4)Charge-offs exclude $18.0 billion of acquired Discover Domestic credit card loans that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses. Net charge-off rate for the second quarter of 2025 for legacy Capital One Domestic credit card was 5.50% and net charge-off rate the second quarter of 2025 for legacy Discover Domestic credit card was 4.44%.
(5)30+ day performing delinquency rate for the second quarter of 2025 for legacy Capital One Domestic credit card was 3.92% and 30+ day performing delinquency rate for the second quarter of 2025 for legacy Discover Domestic credit card was 3.11%.
(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)Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged-off.
(9)Provision for credit losses includes the initial allowance for credit losses of $8.8 billion for non-PCD loans acquired in the Discover Acquisition.
(10)Primarily represents foreign currency translation adjustments.
(11)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.
(12)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(13)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(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)Global Payment Network volume includes transactions processed on the Discover Network, PULSE Network and Diners Club International.
(16)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.
(17)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(18)Includes the impact of $299 million, $110 million, $140 million, $63 million and $31 million in Discover integration expenses in Q2 2025, Q1 2025, 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.
21

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)
Basel III Standardized Approach
(Dollars in millions, except as noted) June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Regulatory Capital Metrics
Common equity excluding AOCI $ 112,368 $ 66,225 $ 65,823 $ 64,966 $ 63,435
Adjustments:
AOCI, net of tax(2)
 83 19 1 58 13
Goodwill, net of related deferred tax liabilities (28,052) (14,792) (14,786) (14,816) (14,800)
Other Intangible and deferred tax assets, net of deferred tax liabilities (13,687) (247) (231) (252) (271)
Common equity Tier 1 capital $ 70,712 $ 51,205 $ 50,807 $ 49,956 $ 48,377
Tier 1 capital $ 76,118 $ 56,050 $ 55,652 $ 54,801 $ 53,222
Total capital(3)
 85,987 63,926 61,805 61,151 59,875
Risk-weighted assets 503,397 375,538 377,145 368,199 366,959
Adjusted average assets(4)
 537,581 483,888 480,794 473,146 470,915
Capital Ratios
Common equity Tier 1 capital(5)
 14.0% 13.6% 13.5% 13.6% 13.2%
Tier 1 capital(6)
 15.1 14.9 14.8 14.9 14.5
Total capital(7)
 17.1 17.0 16.4 16.6 16.3
Tier 1 leverage(4)
 14.2 11.6 11.6 11.6 11.3
TCE(8)
 10.3 9.1 8.6 9.1 8.2


22

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.
2025 2025 2024 2024 2024 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2025 2024
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP) $ (4,340) $ 1,325 $ 1,022 $ 1,692 $ 531 $ (2,998) $ 1,731
Initial allowance build for Discover non-PCD loans
 8,767 — — — — 8,767 —
Discover integration expenses 299 110 140 63 31 409 31
Discover intangible amortization expense
 255 — — — — 255 —
Discover loan and deposit fair value mark amortization
 85 — — — — 85 —
Legal reserve activities 41 198 75 — — 239 —
Allowance build for Walmart program agreement loss sharing termination — — — — 826 — 826
Walmart program agreement termination contra revenue impact — — — — 27 — 27
FDIC special assessment — — — (9) 8 — 50
Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 5,107 1,633 1,237 1,746 1,423 6,757 2,665
Income tax impacts (2,339) (76) (52) (13) (218) (2,415) (228)
Adjusted net income available to common stockholders (non-GAAP) $ 2,768 $ 1,557 $ 1,185 $ 1,733 $ 1,205 $ 4,342 $ 2,437
Diluted weighted-average common shares outstanding (in millions) (GAAP) 505.6 384.0 383.4 383.7 383.9 444.7 383.7
Diluted EPS (GAAP) $ (8.58) $ 3.45 $ 2.67 $ 4.41 $ 1.38 $ (6.74) $ 4.51
Impact of adjustments noted above 14.06 0.61 0.42 0.10 1.76 16.50 1.84
Adjusted diluted EPS (non-GAAP) $ 5.48 $ 4.06 $ 3.09 $ 4.51 $ 3.14 $ 9.76 $ 6.35
Adjusted efficiency ratio:
Non-interest expense (GAAP) $ 6,991 $ 5,902 $ 6,089 $ 5,314 $ 4,946  $ 12,893 $ 10,083
Discover integration expenses (299) (110) (140) (63) (31) (409) (31)
Discover intangible amortization expense
 (255) — — — —  (255) —
Legal reserve activities (41) (198) (75) — —  (239) —
FDIC special assessment — — — 9 (8) — (50)
Adjusted non-interest expense (non-GAAP) $ 6,396 $ 5,594 $ 5,874 $ 5,260 $ 4,907  $ 11,990 $ 10,002
Total net revenue (GAAP) $ 12,492 $ 10,000 $ 10,190 $ 10,014 $ 9,506 $ 22,492 $ 18,908
Discover loan and deposit fair value mark amortization
 85 — — — — 85 —
Walmart program agreement termination contra revenue impact — — — — 27 — 27
Adjusted net revenue (non-GAAP) $ 12,577 $ 10,000 $ 10,190 $ 10,014 $ 9,533 $ 22,577 $ 18,935
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2025 2025 2024 2024 2024 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2025 2024
Efficiency ratio (GAAP) 55.96% 59.02% 59.75  % 53.07  % 52.03  % 57.32% 53.33%
Impact of adjustments noted above (511) bps (308) bps (211) bps (54) bps (56) bps (421) bps (51)bps
Adjusted efficiency ratio (non-GAAP) 50.85% 55.94% 57.64  % 52.53  % 51.47  % 53.11% 52.82%
Adjusted operating efficiency ratio:
Operating expense (GAAP) $ 5,646 $ 4,700 $ 4,714 $ 4,201 $ 3,882 $ 10,346 $ 8,009
Discover integration expenses (299) (110) (140) (63) (31) (409) (31)
Discover intangible amortization expense
 (255) — — — — (255) —
Legal reserve activities (41) (198) (75) — — (239) —
FDIC special assessment — — — 9 (8) — (50)
Adjusted operating expense (non-GAAP) $ 5,051 $ 4,392 $ 4,499 $ 4,147 $ 3,843 $ 9,443 $ 7,928
Total net revenue (GAAP) $ 12,492 $ 10,000 $ 10,190 $ 10,014 $ 9,506 $ 22,492 $ 18,908
Discover loan and deposit fair value mark amortization
 85 — — — — 85 —
Walmart program agreement termination contra revenue impact — — — — 27 — 27
Adjusted net revenue (non-GAAP) $ 12,577 $ 10,000 $ 10,190 $ 10,014 $ 9,533 $ 22,577 $ 18,935
Operating efficiency ratio (GAAP) 45.20% 47.00% 46.26  % 41.95  % 40.84  % 46.00% 42.36%
Impact of adjustments noted above (504) bps (308) bps (211) bps (54) bps (53) bps (417) bps (49)bps
Adjusted operating efficiency ratio (non-GAAP) 40.16% 43.92% 44.15  % 41.41  % 40.31  % 41.83% 41.87%
Adjusted net interest margin:
Net interest income (GAAP)
 $ 9,995 $ 8,013 $ 8,098 $ 8,076 $ 7,546 $ 18,008 $ 15,034
Loan and deposit fair value mark amortization
 85 — — — — 85 —
Walmart program agreement termination contra revenue impact — — — — 27 — 27
Adjusted net interest income (non-GAAP)
 $ 10,080 $ 8,013 $ 8,098 $ 8,076 $ 7,573 $ 18,093 $ 15,061
Average interest earning assets
 $ 524,929 $ 462,771 $ 460,640 $ 454,484 $ 450,908 $ 494,022 $ 449,356
Net interest margin (GAAP)
 7.62% 6.93% 7.03  % 7.11  % 6.70  % 7.29% 6.69%
Impact of adjustments noted above 6  bps —  bps —  bps —  bps 2  bps 3  bps 1bps
Adjusted net interest margin (non-GAAP)
 7.68% 6.93% 7.03  % 7.11  % 6.72  % 7.32% 6.70%
        


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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.

2025 2025 2024 2024 2024
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Pre- Provision Earnings
Total net revenue $ 12,492  $ 10,000  $ 10,190  $ 10,014 $ 9,506
Non-interest expense (6,991) (5,902) (6,089) (5,314) (4,946)
Pre-provision earnings(9)
 $ 5,501  $ 4,098  $ 4,101  $ 4,700 $ 4,560
Tangible Common Equity (Period-End)
Stockholders’ equity $ 110,956  $ 63,542  $ 60,784  $ 62,925 $ 57,981
Goodwill and other intangible assets(10)
 (42,012) (15,139) (15,157) (15,214) (15,226)
Noncumulative perpetual preferred stock (5,407) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 63,537  $ 43,558  $ 40,782  $ 42,866 $ 37,910
Tangible Common Equity (Average)
Stockholders’ equity $ 86,918  $ 62,240  $ 61,764  $ 61,289 $ 58,107
Goodwill and other intangible assets(10)
 (29,114) (15,149) (15,195) (15,225) (15,249)
Noncumulative perpetual preferred stock (5,355) (4,845) (4,845) (4,845) (4,845)
Tangible common equity(11)
 $ 52,449  $ 42,246  $ 41,724  $ 41,219 $ 38,013
Return on Tangible Common Equity (Average)
Net income available to common stockholders $ (4,340) $ 1,325  $ 1,022  $ 1,692 $ 531
Tangible common equity (Average)
 52,449  42,246  41,724  41,219 38,013
Return on tangible common equity(11)(12)
 (32.99) % 12.55  % 9.77  % 16.42  % 5.59  %
Tangible Assets (Period-End)
Total assets $ 658,968  $ 493,604  $ 490,144  $ 486,433 $ 480,018
Goodwill and other intangible assets(10)
 (42,012) (15,139) (15,157) (15,214) (15,226)
Tangible assets(11)
 $ 616,956  $ 478,465  $ 474,987  $ 471,219 $ 464,792
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2025 2025 2024 2024 2024
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Tangible Assets (Average)
Total assets $ 572,446  $ 491,817  $ 488,300  $ 481,219  $ 477,285 
Goodwill and other intangible assets(10)
 (29,114) (15,149) (15,195) (15,225) (15,249)
Tangible assets(11)
 $ 543,332  $ 476,668  $ 473,105  $ 465,994  $ 462,036 
Return on Tangible Assets (Average)
Net income $ (4,277) $ 1,404  $ 1,096  $ 1,777  $ 597 
Tangible Assets (Average) 543,332  476,668  473,105  465,994  462,036 
Return on tangible assets(11)(13)
 (3.14)% 1.18% 0.92% 1.53% 0.52%
TCE Ratio
Tangible common equity (Period-end) $ 63,537  $ 43,558  $ 40,782  $ 42,866  $ 37,910 
Tangible Assets (Period-end) 616,956  478,465  474,987  471,219  464,792 
TCE Ratio(11)
 10.3% 9.1% 8.6% 9.1% 8.2%
Tangible Book Value per Common Share
Tangible common equity (Period-end) $ 63,537  $ 43,558  $ 40,782  $ 42,866  $ 37,910 
Outstanding Common Shares 639.5  383.0  381.2  381.5  381.9 
Tangible book value per common share(11)
 $ 99.35  $ 113.74  $ 106.97  $ 112.36  $ 99.28 
__________
(1)Regulatory capital metrics and capital ratios as of June 30, 2025 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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