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

July 21, 2026
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 21, 2026, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. Copies of the Company’s press release and financial supplement are attached and furnished herewith as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.

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

1




Item 9.01 Financial Statements and Exhibits.

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

Earnings Conference Call Webcast Information.

The Company will hold an earnings conference call on July 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the Company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. A replay of the webcast will be archived on the Company’s website through August 4, 2026 at 5:00 PM Eastern Time.
2




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
CAPITAL ONE FINANCIAL CORPORATION
Date: July 21, 2026
 By: /s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Chief Accounting Officer

3
EX-99.1 2 ex991q22026earningsrelease.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: July 21, 2026
Capital One Reports Second Quarter 2026 Net Income of $3.0 billion,
or $4.73 per share
Net of adjusting items, Second Quarter 2026 Net Income of $5.81 per share(1)
McLean, Va. (July 21, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2026 of $3.0 billion, or $4.73 per diluted common share, compared with net income of $2.2 billion, or $3.34 per diluted common share in the first quarter of 2026, and with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025. Adjusted net income(1) for the second quarter of 2026 was $5.81 per diluted common share.
"Our results in the second quarter continue to reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re now 14 months into our integration of Discover, and integration is going well."
The quarter included the following adjusting items:
(Dollars in millions, except per share data) Pre-Tax Impact After-Tax Diluted EPS Impact
Acquisition amortization expenses(2)
$ 494  $ 0.60 
Discover integration expenses $ 298  $ 0.36 
Brex integration expenses $ 96  $ 0.12 






Capital One Second Quarter 2026 Earnings
Page 2
All comparisons below are for the second quarter of 2026 compared with the first quarter of 2026 unless otherwise noted.
Second Quarter 2026 Income Statement Summary:
•Total net revenue increased 4 percent to $15.9 billion.
•Total non-interest expense increased 7 percent to $9.0 billion:
◦11 percent increase in marketing.
◦6 percent increase in operating expenses.
•Pre-provision earnings(3) increased 1 percent to $6.8 billion.
•Provision for credit losses decreased $1.1 billion to $3.0 billion:
◦Net charge-offs of $3.6 billion.
◦$662 million loan reserve release.
•Net interest margin of 8.01 percent, an increase of 14 basis points.
•Efficiency ratio of 57.05 percent.
◦Adjusted efficiency ratio(4) of 51.38 percent.
•Operating efficiency ratio of 46.57 percent.
◦Adjusted operating efficiency ratio(4) of 40.88 percent.
Second Quarter 2026 Balance Sheet Summary:
•Common equity Tier 1 capital ratio(5) under Basel III Standardized Approach of 13.7% percent at June 30, 2026.
•Period-end loans held for investment in the quarter increased $9.4 billion, or 2 percent, to $457.2 billion.
◦Credit Card period-end loans increased $4.9 billion, or 2 percent, to $275.4 billion.
•Domestic Card period-end loans increased $5.0 billion, or 2 percent, to $259.0 billion.
◦Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $90.5 billion.
•Auto period-end loans increased $3.6 billion, or 4 percent, to $89.3 billion.
◦Commercial Banking period-end loans increased $1.0 billion, or 1 percent, to $91.3 billion.
•Average loans held for investment in the quarter increased $4.4 billion, or 1 percent, to $450.7 billion.
◦Credit Card average loans increased $223 million, or less than 1 percent, to $271.2 billion.
•Domestic Card average loans increased $589 million, or less than 1 percent, to $254.6 billion.
◦Consumer Banking average loans increased $2.9 billion, or 3 percent, to $88.6 billion.
•Auto average loans increased $2.9 billion, or 3 percent, to $87.4 billion.
◦Commercial Banking average loans increased $1.3 billion, or 1 percent, to $90.9 billion.
•Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, while average deposits increased $6.8 billion, or 1 percent, to $486.8 billion.
•Interest-bearing deposits rate paid decreased 9 basis points to 2.91 percent.


Capital One Second Quarter 2026 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 4, 2026 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $484.3 billion in deposits and $673.8 billion in total assets as of June 30, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
###



(1)    Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures for a reconciliation of our selected reported results to these non-GAAP measures.
(2)    Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(3)    Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(4)    This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(5)    Regulatory capital metrics as of June 30, 2026 are preliminary and therefore subject to change.
EX-99.2 3 ex992q22026earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation
Financial Supplement(1)(2)(3)(4)
Second Quarter 2026
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, 2026 once it is filed with the Securities and Exchange Commission.
(2)This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist when assessing returns and capital management over time. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.
(3)On May 18, 2025, we completed the Discover acquisition in an all-stock transaction as outlined in the merger agreement dated February 19, 2024.
(4)On April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction. Brex results and statistics reported herein are from April 7, 2026 to June 30, 2026 and included within the Credit Card business.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated             
2026 Q2 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) 2026 2026 2025 2025 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Income Statement
Net interest income $ 12,374  $ 12,145  $ 12,466  $ 12,404  $ 9,995  2  % 24  % $ 24,519  $ 18,008  36  %
Non-interest income 3,476  3,086  3,117  2,955  2,497  13  39  6,562  4,484  46 
Total net revenue(1)
15,850  15,231  15,583  15,359  12,492  4  27  31,081  22,492  38 
Provision for credit losses 2,989  4,068  4,142  2,714  11,430  (27) (74) 7,057  13,799  (49)
Non-interest expense:
Marketing 1,661  1,497  1,934  1,403  1,345  11  23  3,158  2,547  24 
Operating expense 7,382  6,967  7,408  6,860  5,646  6  31  14,349  10,346  39 
Total non-interest expense 9,043  8,464  9,342  8,263  6,991  7  29  17,507  12,893  36 
Income (loss) from continuing operations before income taxes 3,818  2,699  2,099  4,382  (5,929) 41  ** 6,517  (4,200) **
Income tax provision (benefit) 798  518  345  1,189  (1,666) 54  ** 1,316  (1,341) **
Income (loss) from continuing operations, net of tax 3,020  2,181  1,754  3,193  (4,263) 38  ** 5,201  (2,859) **
Income (loss) from discontinued operations, net of tax —  (7) 380  (1) (14) ** ** (7) (14) (50)
Net income (loss) 3,020  2,174  2,134  3,192  (4,277) 39  ** 5,194  (2,873) **
Dividends and undistributed earnings allocated to participating securities(2)
(28) (20) (20) (33) (4) 40  ** (48) (9) **
Preferred stock dividends (57) (73) (57) (73) (65) (22) (12) (130) (122) 7 
Discount on redeemed preferred stock —  —  —  —  6  —  ** —  6  **
Net income (loss) available to common stockholders $ 2,935  $ 2,081  $ 2,057  $ 3,086  $ (4,340) 41  % ** $ 5,016  $ (2,998) **
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations $ 4.73  $ 3.35  $ 2.66  $ 4.83  $ (8.55) 41  % ** $ 8.08  $ (6.71) **
Income (loss) from discontinued operations —  (0.01) 0.60  —  (0.03) ** ** (0.01) (0.03) (67) %
Net income (loss) per basic common share $ 4.73  $ 3.34  $ 3.26  $ 4.83  $ (8.58) 42  ** $ 8.07  $ (6.74) **
Diluted earnings per common share:(2)
Net income (loss) from continuing operations $ 4.73  $ 3.35  $ 2.66  $ 4.83  $ (8.55) 41  % ** $ 8.08  $ (6.71) **
Income (loss) from discontinued operations —  (0.01) 0.60  —  (0.03) ** ** (0.01) (0.03) (67) %
Net income (loss) per diluted common share $ 4.73  $ 3.34  $ 3.26  $ 4.83  $ (8.58) 42  ** $ 8.07  $ (6.74) **
Weighted-average common shares outstanding (in millions):
Basic 620.5  622.5  631.1  639.0  505.6  —  23  % 621.5  444.7  40  %
Diluted 621.1  623.4  631.6  639.5  505.6  —  23  622.3  444.7  40 
Common shares outstanding (period-end, in millions) 613.5  615.9  625.1  635.7  639.5  —  (4) 613.5  639.5  (4)
Dividends declared and paid per common share $ 0.80  $ 0.80  $ 0.80  $ 0.60  $ 0.60  —  33  $ 1.60  $ 1.20  33 
Tangible book value per common share (period-end)(3)
105.21  107.76  107.72  105.18  99.35  (2) % 6  105.21  99.35  6 
                    
1

2026 Q2 Six Months Ended June 30,
(Dollars in millions) 2026 2026 2025 2025 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Balance Sheet (Period-End)
Loans held for investment $ 457,168  $ 447,754  $ 453,622  $ 443,159  $ 439,297  2  % 4  % $ 457,168  $ 439,297  4  %
Interest-earning assets 610,913  624,560  613,750  605,235  601,999  (2) 1  610,913  601,999  1 
Total assets 673,835  682,905  669,009  661,877  658,968  (1) 2  673,835  658,968  2 
Interest-bearing deposits 456,464  461,117  448,386  441,136  440,231  (1) 4  456,464  440,231  4 
Total deposits 484,257  489,053  475,771  468,785  468,110  (1) 3  484,257  468,110  3 
Borrowings 45,371  51,888  51,000  51,482  52,666  (13) (14) 45,371  52,666  (14)
Common equity 108,386  106,854  108,209  108,406  105,549  1  3  108,386  105,549  3 
Total stockholders’ equity 113,793  112,261  113,616  113,813  110,956  1  3  113,793  110,956  3 
Balance Sheet (Average Balances)
Loans held for investment $ 450,679  $ 446,235  $ 444,680  $ 439,859  $ 378,157  1  % 19  % $ 448,469  $ 350,425  28  %
Interest-earning assets 617,583  617,173  603,730  593,247  524,929  —  18  617,378  494,022  25 
Total assets 682,079  675,999  665,656  657,858  572,446  1  19  679,050  532,354  28 
Interest-bearing deposits 458,130  451,957  442,763  439,527  387,139  1  18  455,060  362,626  25 
Total deposits 486,791  479,958  470,965  467,280  414,568  1  17  483,393  389,462  24 
Borrowings 49,092  52,348  50,814  50,180  46,601  (6) 5  50,710  45,531  11 
Common equity 109,111  109,149  109,997  107,412  81,563  —  34  109,130  69,546  57 
Total stockholders’ equity 114,518  114,556  115,404  112,819  86,918  —  32  114,537  74,647  53 
    
    
2

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2026 Q2 Six Months Ended June 30,
(Dollars in millions, except as noted) 2026 2026 2025 2025 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Performance Metrics
Net interest income growth (period over period) 2  % (3) % —  % 24  % 25  % ** ** 36  % 20  % **
Non-interest income growth (period over period) 13  (1) 5  18  26  ** ** 46  16  **
Total net revenue growth (period over period) 4  (2) 1  23  25  ** ** 38  19  **
Total net revenue margin(4)
10.27  9.87  10.32  10.36  9.52  40 bps 75 bps 10.07  9.11  96 bps
Net interest margin(5)
8.01  7.87  8.26  8.36  7.62  14  39  7.94  7.29  65 
Return on average assets(6)
1.77  1.29  1.05  1.94  (2.98) 48  475  1.53  (1.07) 260 
Return on average tangible assets(7)
1.89  1.37  1.12  2.07  (3.14) 52  503  1.63  (1.12) 275 
Return on average common equity(8)
10.76  7.65  6.10  11.50  (21.22) 311  3,198  9.21  (8.58) 1,779 
Return on average tangible common equity(9)
18.04  12.20  9.74  18.82  (32.99) 584  5,103  15.05  (12.60) 2,765 
Efficiency ratio(10)
57.05  55.57  59.95  53.80  55.96  148  109  56.33  57.32  (99)
Operating efficiency ratio(11)
46.57  45.74  47.54  44.66  45.20  83  137  46.17  46.00  17 
Effective income tax rate for continuing operations 20.9  19.2  16.4  27.1  28.1  170  (720) 20.2  31.9  (1,170)
Employees (period-end, in thousands) 78.4  77.1  76.3  77.0  76.5  2% 2% 78.4  76.5  2%
Credit Quality Metrics
Allowance for credit losses $ 22,966 $ 23,630 $ 23,409 $ 23,103 $ 23,873 (3)% (4)% $ 22,966 $ 23,873 (4)%
Allowance coverage ratio 5.02 % 5.28 % 5.16 % 5.21 % 5.43 % (26) bps (41) bps 5.02 % 5.43 % (41) bps
Net charge-offs(12)
$ 3,642 $ 3,847 $ 3,833 $ 3,473 $ 3,060 —  19% $ 7,489 $ 5,796 29%
Net charge-off rate(13)
3.23 % 3.45 % 3.45 % 3.16 % 3.24 % (22) bps (1) bps 3.34 % 3.31 % 3 bps
30+ day performing delinquency rate 2.91  3.04  3.41  3.29  3.13  (13) (22) 2.91  3.13  (22)
30+ day delinquency rate 3.13  3.24  3.59  3.50  3.32  (11) (19) 3.13  3.32  (19)
Capital Ratios(14)
Common equity Tier 1 capital
13.7 % 14.4 % 14.3 % 14.4 % 14.0 % (70) bps (30) bps 13.7 % 14.0 % (30) bps
Tier 1 capital 14.8  15.4  15.3  15.5  15.1  (60) (30) 14.8  15.1  (30)
Total capital 16.6  17.3  17.2  17.3  17.1  (70) (50) 16.6  17.1  (50)
Tier 1 leverage 11.8  12.2  12.5  12.6  14.2  (40) (240) 11.8  14.2  (240)
Tangible common equity (“TCE”)(15)
10.2  10.3  10.7  10.8  10.3  (10) (10) 10.2  10.3  (10)
                                            
    
 
3

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2026 Q2 Six Months Ended June 30,
(Dollars in millions, except as noted) 2026 2026 2025 2025 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Interest income:
Loans, including loans held for sale $ 14,911  $ 14,735  $ 15,186  $ 15,229  $ 12,449  1% 20% $ 29,646  $ 22,606  31%
Investment securities 850  832  841  823  784  2 8 1,682  1,554  8
Other 624  664  660  711  595  (6) 5 1,288  1,086  19
Total interest income 16,385  16,231  16,687  16,763  13,828  1 18 32,616  25,246  29
Interest expense:
Deposits 3,338  3,387  3,493  3,597  3,120  (1) 7 6,725  5,835  15
Securitized debt obligations 117  141  155  165  164  (17) (29) 258  340  (24)
Senior and subordinated notes 535  532  550  582  535  1 — 1,067  1,040  3
Other borrowings 21  26  23  15  14  (19) 50 47  23  104
Total interest expense 4,011  4,086  4,221  4,359  3,833  (2) 5 8,097  7,238  12
Net interest income 12,374  12,145  12,466  12,404  9,995  2 24 24,519  18,008  36
Provision for credit losses 2,989  4,068  4,142  2,714  11,430  (27) (74) 7,057  13,799  (49)
Net interest income (loss) after provision for credit losses
 9,385  8,077  8,324  9,690  (1,435) 16 ** 17,462  4,209  **
Non-interest income:
Discount and interchange fees, net
 2,256  1,964  1,930  1,812  1,478  15 53 4,220  2,701  56
Service charges and other customer-related fees 808  809  833  849  658  — 23 1,617  1,167  39
Other 412  313  354  294  361  32 14 725  616  18
Total non-interest income 3,476  3,086  3,117  2,955  2,497  13 39 6,562  4,484  46
Non-interest expense:
Salaries and associate benefits 3,769  3,671  3,430  3,496  2,999  3 26 7,440  5,545  34
Occupancy and equipment 969  867  958  856  737  12 31 1,836  1,352  36
Marketing 1,661  1,497  1,934  1,403  1,345  11 23 3,158  2,547  24
Professional services 667  585  693  641  653  14 2 1,252  1,090  15
Communications and data processing 489  496  482  476  413  (1) 18 985  812  21
Amortization of intangibles 507  492  525  514  271  3 87 999  287  **
Other 981  856  1,320  877  573  15 71 1,837  1,260  46
Total non-interest expense 9,043  8,464  9,342  8,263  6,991  7 29 17,507  12,893  36
Income (loss) from continuing operations before income taxes 3,818  2,699  2,099  4,382  (5,929) 41 ** 6,517  (4,200) **
Income tax provision (benefit) 798  518  345  1,189  (1,666) 54 ** 1,316  (1,341) **
Income (loss) from continuing operations, net of tax 3,020  2,181  1,754  3,193  (4,263) 38 ** 5,201  (2,859) **
Income (loss) from discontinued operations, net of tax —  (7) 380  (1) (14) ** ** (7) (14) (50)
Net income (loss) 3,020  2,174  2,134  3,192  (4,277) 39 ** 5,194  (2,873) **
Dividends and undistributed earnings allocated to participating securities(2)
(28) (20) (20) (33) (4) 40 ** (48) (9) **
Preferred stock dividends (57) (73) (57) (73) (65) (22) (12)% (130) (122) 7%
Discount on redeemed preferred stock
 —  —  —  —  6  — ** —  6  **
Net income (loss) available to common stockholders $ 2,935  $ 2,081  $ 2,057  $ 3,086  $ (4,340) 41% ** $ 5,016  $ (2,998) **
4

2026 Q2 Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Basic earnings per common share:(2)
Net income (loss) from continuing operations $ 4.73  $ 3.35  $ 2.66  $ 4.83  $ (8.55) 41% ** $ 8.08  $ (6.71) **
Income (loss) from discontinued operations —  (0.01) 0.60  —  (0.03) ** ** (0.01) (0.03) (67)%
Net income (loss) per basic common share $ 4.73  $ 3.34  $ 3.26  $ 4.83  $ (8.58) 42% ** $ 8.07  $ (6.74) **
Diluted earnings per common share:(2)
Net income (loss) from continuing operations $ 4.73  $ 3.35  $ 2.66  $ 4.83  $ (8.55) 41% ** $ 8.08  $ (6.71) **
Income (loss) from discontinued operations —  (0.01) 0.60  —  (0.03) ** ** (0.01) (0.03) (67)%
Net income (loss) per diluted common share $ 4.73  $ 3.34  $ 3.26  $ 4.83  $ (8.58) 42% ** $ 8.07  $ (6.74) **
Weighted-average common shares outstanding (in millions):
Basic common shares 620.5  622.5  631.1  639.0  505.6  — 23% 621.5  444.7  40%
Diluted common shares 621.1  623.4  631.6  639.5  505.6  — 23 622.3  444.7  40
                
5

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2026 Q2
2026 2026 2025 2025 2025 2026 2025
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Assets:
Cash and cash equivalents:
Cash and due from banks $ 4,834  $ 4,555  $ 3,031  $ 4,606  $ 4,854  6  % —  %
Interest-bearing deposits and other short-term investments 49,880  71,939  54,403  50,673  54,255  (31) (8)
Total cash and cash equivalents 54,714  76,494  57,434  55,279  59,109  (28) (7)
Restricted cash for securitization investors 1,167  2,762  4,659  3,248  2,469  (58) (53)
Investment securities:
Investment securities available for sale 90,041  90,620  91,051  89,733  87,196  (1) 3 
Investment securities held to maturity
 2,737  1,694  —  —  —  62  **
Total investment securities
 92,778  92,314  91,051  89,733  87,196  1  6 
Loans held for investment:
Unsecuritized loans held for investment 431,440  421,360  425,665  389,808  384,413  2  12 
Loans held in consolidated trusts(16)
25,728  26,394  27,957  53,351  54,884  (3) (53)
Total loans held for investment 457,168  447,754  453,622  443,159  439,297  2  4 
Allowance for credit losses (22,966) (23,630) (23,409) (23,103) (23,873) (3) (4)
Net loans held for investment 434,202  424,124  430,213  420,056  415,424  2  5 
Loans held for sale 264  186  760  670  198  42  33
Premises and equipment, net 6,244  5,730  5,602  5,576  5,687  9  10 
Interest receivable 3,432  3,460  3,492  3,456  3,373  (1) 2 
Goodwill 31,866  28,502  28,509  28,863  28,335  12  12 
Other intangible assets
 16,077  16,087  16,578  17,042  18,157  —  (11)
Other assets 33,091  33,246  30,711  29,957  30,904  —  7 
Assets of discontinued operations
 —  —  —  7,997  8,116  —  **
Total assets $ 673,835  $ 682,905  $ 669,009  $ 661,877  $ 658,968  (1) % 2  %
6

2026 Q2
2026 2026 2025 2025 2025 2026 2025
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2
Liabilities:
Interest payable $ 816  $ 827  $ 844  $ 826  $ 888  (1) % (8) %
Deposits:
Non-interest-bearing deposits 27,793  27,936  27,385  27,649  27,879  (1) — 
Interest-bearing deposits 456,464  461,117  448,386  441,136  440,231  (1) 4 
Total deposits 484,257  489,053  475,771  468,785  468,110  (1) 3 
Securitized debt obligations 8,502  11,283  12,853  13,642  14,658  (25) (42)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase 694  626  587  616  742  11  (6)
Senior and subordinated notes 35,620  38,421  36,001  36,662  36,706  (7) (3)
Other borrowings 555  1,558  1,559  562  560  (64) (1)
Total other debt 36,869  40,605  38,147  37,840  38,008  (9) (3)
Other liabilities 29,598  28,876  27,778  26,941  26,316  3  12 
Liabilities of discontinued operations
 —  —  —  30  32  —  **
Total liabilities 560,042  570,644  555,393  548,064  548,012  (2) 2 
Stockholders’ equity:
Preferred stock 0  0  0  0  0  —  — 
Common stock 7  7  7  7  7  —  — 
Additional paid-in capital, net 65,105  64,284  64,031  63,725  63,465  1  3 
Retained earnings 69,250  66,788  65,192  63,624  60,892  4  14 
Accumulated other comprehensive loss (6,300) (5,879) (5,468) (5,917) (6,819) 7  (8)
Treasury stock, at cost (14,269) (12,939) (10,146) (7,626) (6,589) 10  117 
Total stockholders’ equity 113,793  112,261  113,616  113,813  110,956  1  3 
Total liabilities and stockholders’ equity $ 673,835  $ 682,905  $ 669,009  $ 661,877  $ 658,968  (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 $898 million in Q2 2026, $980 million in Q1 2026, $941 million in Q4 2025, $869 million in Q3 2025 and $785 million in Q2 2025 for credit card finance charges and fees charged off as uncollectible.
(2)Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)Return on average assets is calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average total assets for the period.
(7)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(8)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(9)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(10)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(12)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were 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 2026 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(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.
(16)On December 18, 2025, after giving effect to the Discover Card Execution Note Trust (“DCENT”) Defeasance Amendments, Funding, as Beneficiary on behalf of DCENT, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the “Class A Notes”) issued by DCENT.
**    Not meaningful.
8

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2026 Q2 2026 Q1 2025 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 $ 450,862  $ 14,911  13.23 % $ 446,740  $ 14,735  13.19 % $ 378,537  $ 12,449  13.15 %
Investment securities 99,339  850  3.42  97,803  832  3.40  93,024  784  3.37 
Cash equivalents and other 67,382  624  3.70  72,630  664  3.66  53,368  595  4.46 
Total interest-earning assets $ 617,583  $ 16,385  10.61  % $ 617,173  $ 16,231  10.52  % $ 524,929  $ 13,828  10.54  %
Interest-bearing liabilities:
Interest-bearing deposits $ 458,130  $ 3,338  2.91 % $ 451,957  $ 3,387  3.00 % $ 387,139  $ 3,120  3.22 %
Securitized debt obligations 10,190  117  4.59  12,476  141  4.52  13,043  164  5.06 
Senior and subordinated notes 37,498  535  5.70  37,846  532  5.63  32,872  535  6.51 
Other borrowings and liabilities(2)
3,838  21  2.30  4,238  26  2.44  2,872  14  1.85 
Total interest-bearing liabilities $ 509,656  $ 4,011  3.15  $ 506,517  $ 4,086  3.23  $ 435,926  $ 3,833  3.52 
Net interest income/spread $ 12,374  7.46  $ 12,145  7.29  $ 9,995  7.02 
Impact of non-interest-bearing funding 0.55  0.58  0.60 
Net interest margin
 8.01 % 7.87 % 7.62 %
                                                                                                                                                                                                                                    
Six Months Ended June 30,
2026 2025
(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 $ 448,812  $ 29,646  13.21 % $ 350,808  $ 22,606  12.89 %
Investment securities 98,575  1,682  3.41  92,843  1,554  3.35 
Cash equivalents and other 69,991  1,288  3.68  50,371  1,086  4.31 
Total interest-earning assets $ 617,378  $ 32,616  10.57  % $ 494,022  $ 25,246  10.22  %
Interest-bearing liabilities:
Interest-bearing deposits $ 455,060  $ 6,725  2.96 % $ 362,626  $ 5,835  3.22 %
Securitized debt obligations 11,326  258  4.55  13,385  340  5.09 
Senior and subordinated notes 37,671  1,067  5.66  31,609  1,040  6.58 
Other borrowings and liabilities(2)
4,037  47  2.37  2,593  23  1.73 
Total interest-bearing liabilities $ 508,094  $ 8,097  3.19  $ 410,213  $ 7,238  3.53 
Net interest income/spread $ 24,519  7.38  $ 18,008  6.69 
Impact of non-interest-bearing funding 0.56  0.60 
Net interest margin 7.94 % 7.29 %

9

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics (3)
2026 Q2 Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 2025 2026 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025
Loans Held for Investment (Period-End)
Credit card:
   Domestic credit card $ 259,005  $ 254,028  $ 262,403  $ 253,951  $ 252,481  2  % 3  % $ 259,005  $ 252,481  3  %
Personal loans
 8,619  9,070  9,499  9,646  9,788  (5) (12) 8,619  9,788  (12)
   International card businesses 7,784  7,460  7,668  7,440  7,440  4  5  7,784  7,440  5 
Total credit card 275,408  270,558  279,570  271,037  269,709  2  2  275,408  269,709  2 
Consumer banking:
   Auto 89,311  85,700  83,600  82,035  80,017  4  12  89,311  80,017  12 
   Retail banking 1,156  1,173  1,190  1,195  1,216  (1) (5) 1,156  1,216  (5)
Total consumer banking 90,467  86,873  84,790  83,230  81,233  4  11  90,467  81,233  11 
Commercial banking:
   Commercial and multifamily real estate 34,290  33,809  33,618  33,461  32,967  1  4  34,290  32,967  4 
   Commercial and industrial 57,003  56,514  55,644  55,431  55,388  1  3  57,003  55,388  3 
Total commercial banking 91,293  90,323  89,262  88,892  88,355  1  3  91,293  88,355  3 
Total loans held for investment $ 457,168  $ 447,754  $ 453,622  $ 443,159  $ 439,297  2  % 4  % $ 457,168  $ 439,297  4  %
Loans Held for Investment (Average)
Credit card:
   Domestic credit card $ 254,625  $ 254,036  $ 255,221  $ 252,090  $ 197,808  —  % 29  % $ 254,332  $ 173,858  46  %
Personal loans
 8,866  9,310  9,618  9,703  4,778  (5) 86  9,087  2,402  **
   International card businesses 7,706  7,628  7,389  7,382  7,107  1  8  7,667  6,938  11 
Total credit card 271,197  270,974  272,228  269,175  209,693  —  29  271,086  183,198  48 
Consumer banking:
   Auto 87,419  84,522  82,767  81,094  78,875  3  11  85,979  78,056  10 
   Retail banking 1,164  1,179  1,190  1,201  1,220  (1) (5) 1,171  1,236  (5)
Total consumer banking 88,583  85,701  83,957  82,295  80,095  3  11  87,150  79,292  10 
Commercial banking:
   Commercial and multifamily real estate 33,978  33,539  33,155  33,104  32,522  1  4  33,759  32,129  5 
   Commercial and industrial 56,921  56,021  55,340  55,285  55,847  2  2  56,474  55,806  1 
Total commercial banking 90,899  89,560  88,495  88,389  88,369  1  3  90,233  87,935  3 
Total average loans held for investment $ 450,679  $ 446,235  $ 444,680  $ 439,859  $ 378,157  1  % 19  % $ 448,469  $ 350,425  28  %
10

2026 Q2 Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025
Net Charge-Off (Recovery) Rates
Credit card(4):
   Domestic credit card(5)
4.71  % 5.10 % 4.93 % 4.63 % 5.25 % (39) bps (54) bps 4.91  % 5.65 % (74) bps
Personal loans
 3.77  3.81  4.08  3.81  3.47  (4) 30 3.79  3.46  33
   International card businesses 5.82  4.65  5.29  5.07  5.17  117  65  5.24  5.10  14 
Total credit card 4.71  5.05  4.91  4.61  5.20  (34) (49) 4.88  5.60  (72)
Consumer banking:
   Auto 1.43  1.64  1.82  1.54  1.25  (21) 18  1.53  1.40  13 
   Retail banking 5.39  5.99  6.04  4.41  4.54  (60) 85  5.69  4.65  104 
Total consumer banking 1.48  1.70  1.88  1.58  1.30  (22) 18  1.59  1.45  14 
Commercial banking:
   Commercial and multifamily real estate 0.09  0.03  0.02  (0.09) (0.06) 6  15  0.06  0.02  4 
   Commercial and industrial 0.80  0.44  0.67  0.38  0.55  36  25  0.62  0.33  29 
Total commercial banking 0.53  0.29  0.43  0.21  0.33  24  20  0.41  0.22  19 
Total net charge-offs 3.23  3.45  3.45  3.16  3.24  (22) (1) 3.34  3.31  3 
30+ Day Performing Delinquency Rates
Credit card:
   Domestic credit card 3.39  % 3.70 % 3.99 % 3.89 % 3.60 % (31) bps (21) bps 3.39  % 3.60 % (21) bps
Personal loans
 1.67  1.72  1.74  1.74  1.62  (5) 5  1.67  1.62  5
   International card businesses 4.60  4.82  4.62  4.60  4.50  (22) 10  4.60  4.50  10 
Total credit card 3.37  3.66  3.93  3.84  3.55  (29) (18) 3.37  3.55  (18)
Consumer banking:
   Auto 4.32  4.21  5.23  4.99  4.84  11  (52) 4.32  4.84  (52)
   Retail banking 1.15  0.92  1.09  0.89  0.93  23  22  1.15  0.93  22 
Total consumer banking 4.28  4.17  5.17  4.93  4.78  11  (50) 4.28  4.78  (50)
11

2026 Q2 Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 2025 2026 vs.
Q2 Q1 Q4 Q3 Q2 Q1 Q2 2025
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
Personal loans
 0.12  % 0.13 % 0.13 % 0.13 % 0.12 % (1)  bps —  0.12  % 0.12 % — 
   International card businesses 0.18  0.15  0.16  0.16  0.16  3  2  bps 0.18  0.16  2  bps
Total credit card 0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Consumer banking:
   Auto 0.61  0.55  0.68  0.71  0.73  6  (12) 0.61  0.73  (12)
   Retail banking 1.59  1.66  1.45  1.65  1.47  (7) 12  1.59  1.47  12 
Total consumer banking 0.62  0.57  0.69  0.73  0.74  5  (12) 0.62  0.74  (12)
Commercial banking:
   Commercial and multifamily real estate 1.29  1.07  0.95  1.05  1.06  22  23  1.29  1.06  23 
   Commercial and industrial 1.33  1.60  1.60  1.59  1.45  (27) (12) 1.33  1.45  (12)
Total commercial banking 1.32  1.40  1.36  1.39  1.30  (8) 2  1.32  1.30  2 
Total nonperforming loans 0.39  0.40  0.40  0.42  0.40  (1) (1) 0.39  0.40  (1)
Total nonperforming assets 0.43  0.43  0.43  0.44  0.42  —  1  0.43  0.42  1 

12

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended June 30, 2026
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, 2026 $ 18,806  $ 702  $ 541  $ 20,049  $ 2,026  $ 21  $ 2,047  $ 1,534  $ 23,630 
Charge-offs (4,182) (116) (160) (4,458) (683) (19) (702) (123) (5,283)
Recoveries 1,185  33  48  1,266  370  3  373  2  1,641 
Net charge-offs (2,997) (83) (112) (3,192) (313) (16) (329) (121) (3,642)
Provision for credit losses 2,292  37  145  2,474  429  15  444  62  2,980 
Allowance build (release) for credit losses (705) (46) 33  (718) 116  (1) 115  (59) (662)
Other changes(8)
—  —  (2) (2) — — — — (2)
Balance as of June 30, 2026 18,101  656  572  19,329  2,142  20  2,162  1,475  22,966 
Reserve for unfunded lending commitments:
Balance as of March 31, 2026 — — — — — —  — 133  133 
Provision for losses on unfunded lending commitments — — — — — —  — 9  9 
Balance as of June 30, 2026 — — — — — —  — 142  142 
Combined allowance and reserve as of June 30, 2026 $ 18,101  $ 656  $ 572  $ 19,329  $ 2,142  $ 20  $ 2,162  $ 1,617  $ 23,108 
Six Months Ended June 30, 2026
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, 2025 $ 18,811  $ 731  $ 524  $ 20,066  $ 1,869  $ 23  $ 1,892  $ 1,451  $ 23,409 
Charge-offs (8,552) (237) (310) (9,099) (1,394) (43) (1,437) (192) (10,728)
Recoveries 2,314  65  109  2,488  735  9  744  7  3,239 
Net charge-offs (6,238) (172) (201) (6,611) (659) (34) (693) (185) (7,489)
Provision for credit losses 5,528  97  260  5,885  932  31  963  209  7,057 
Allowance build (release) for credit losses (710) (75) 59  (726) 273  (3) 270  24  (432)
Other changes(8)
—  —  (11) (11) —  —  —  —  (11)
Balance as of June 30, 2026 18,101  656  572  19,329  2,142  20  2,162  1,475  22,966 
Reserve for unfunded lending commitments:
Balance as of December 31, 2025 — — — — — —  —  142  142 
Provision (benefit) for losses on unfunded lending commitments — — — — — —  —  —  — 
Balance as of June 30, 2026 — — — — — —  —  142  142 
Combined allowance and reserve as of June 30, 2026 $ 18,101  $ 656  $ 572  $ 19,329  $ 2,142  $ 20  $ 2,162  $ 1,617  $ 23,108 
13

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

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
Total Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income $ 9,252  $ 2,431  $ 585  $ 106  $ 12,374  $ 18,488  $ 4,660  $ 1,166  $ 205  $ 24,519 
Non-interest income (loss) 2,513  778  265  (80) 3,476  4,666  1,461  593  (158) 6,562 
Total net revenue 11,765  3,209  850  26  15,850  23,154  6,121  1,759  47  31,081 
Provision for credit losses 2,474  444  71  —  2,989  5,885  963  209  —  7,057 
Non-interest expense 6,098  2,121  462  362  9,043  11,599  4,119  960  829  17,507 
Income (loss) from continuing operations before income taxes 3,193  644  317  (336) 3,818  5,670  1,039  590  (782) 6,517 
Income tax provision (benefit) 782  158  78  (220) 798  1,390  255  145  (474) 1,316 
Income (loss) from continuing operations, net of tax $ 2,411  $ 486  $ 239  $ (116) $ 3,020  $ 4,280  $ 784  $ 445  $ (308) $ 5,201 
Three Months Ended March 31, 2026
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income $ 9,236  $ 2,229  $ 581  $ 99  $ 12,145 
Non-interest income (loss) 2,153  683  328  (78) 3,086 
Total net revenue 11,389  2,912  909  21  15,231 
Provision for credit losses 3,411  519  138  —  4,068 
Non-interest expense 5,501  1,998  498  467  8,464 
Income (loss) from continuing operations before income taxes 2,477  395  273  (446) 2,699 
Income tax provision (benefit) 608  97  67  (254) 518 
Income (loss) from continuing operations, net of tax $ 1,869  $ 298  $ 206  $ (192) $ 2,181 
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
(Dollars in millions) Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
Total Credit Card Consumer Banking
Commercial Banking(9)
Other(9)
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)

14

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business(3)
2026 Q2 vs. Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Credit Card
Earnings:
Net interest income $ 9,252  $ 9,236  $ 9,479  $ 9,396  $ 7,293  —% 27% $ 18,488  $ 12,947  43%
Non-interest income 2,513  2,153  2,214  2,211  1,802  17 39 4,666  3,313  41 
Total net revenue 11,765  11,389  11,693  11,607  9,095  3  29 23,154  16,260  42 
Provision for credit losses 2,474  3,411  3,678  2,364  11,098  (27) (78) 5,885  13,024  (55)
Non-interest expense(10)
6,098  5,501  6,147  5,409  4,447  11  37% 11,599  8,085  43%
Income (loss) from continuing operations before income taxes 3,193  2,477  1,868  3,834  (6,450) 29  ** 5,670  (4,849) **
Income tax provision (benefit) 782  608  445  914  (1,533) 29  ** 1,390  (1,151) **
Income (loss) from continuing operations, net of tax $ 2,411  $ 1,869  $ 1,423  $ 2,920  $ (4,917) 29% ** $ 4,280  $ (3,698) **
Selected performance metrics:
Period-end loans held for investment $ 275,408  $ 270,558 $ 279,570 $ 271,037 $ 269,709 2% 2% $ 275,408  $ 269,709 2%
Average loans held for investment 271,197  270,974 272,228 269,175 209,693 —  29 271,086  183,198 48 
Average yield on loans outstanding(1)
17.21 % 17.17 % 17.71 % 17.99 % 17.94 % 4 bps (73) bps 17.19 % 18.18 % (99) bps
Total net revenue margin(12)
17.35  16.81  17.18  17.25  17.35  54  —  17.08  17.75  (67)
Net charge-off rate(4)
4.71  5.05  4.91  4.61  5.20  (34) (49) 4.88  5.60  (72)
30+ day performing delinquency rate 3.37  3.66  3.93  3.84  3.55  (29) (18) 3.37  3.55  (18)
30+ day delinquency rate 3.37  3.67  3.94  3.84  3.56  (30) (19) 3.37  3.56  (19)
Nonperforming loan rate(6)
0.01  0.01  0.01  0.01  0.01  —  —  0.01  0.01  — 
Purchase volume(11)
$ 253,750  $ 220,540 $ 238,687 $ 230,379 $ 201,453 15% 26% $ 474,290  $ 359,401 32%
15

2026 Q2 vs. Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Domestic Card
Earnings:
Net interest income $ 8,643  $ 8,618  $ 8,854  $ 8,766  $ 6,822  —  % 27  % $ 17,261  $ 12,165  42%
Non-interest income 2,460  2,107  2,168  2,160  1,749  17  41  4,567  3,209  42 
Total net revenue 11,103  10,725  11,022  10,926  8,571  4  30  21,828  15,374  42 
Provision for credit losses 2,292  3,236  3,482  2,163  10,200  (29) (78) 5,528  12,056  (54)
Non-interest expense 5,771  5,179  5,789  5,092  4,192  11  38  % 10,950  7,614  44%
Income (loss) from continuing operations before income taxes 3,040  2,310  1,751  3,671  (5,821) 32  ** 5,350  (4,296) **
Income tax provision (benefit) 745  566  417  873  (1,385) 32  ** 1,311  (1,022) **
Income (loss) from continuing operations, net of tax $ 2,295  $ 1,744  $ 1,334  $ 2,798  $ (4,436) 32  % ** $ 4,039  $ (3,274) **
Selected performance metrics:
Period-end loans held for investment $ 259,005  $ 254,028 $ 262,403 $ 253,951 $ 252,481 2  % 3  % $ 259,005  $ 252,481 3%
Average loans held for investment 254,625  254,036 255,221 252,090 197,808 —  29  254,332  173,858 46 
Average yield on loans outstanding(1)
17.16 % 17.13 % 17.68 % 17.99 % 17.88 % 3  bps (72) bps 17.15 % 18.10 % (95) bps
Total net revenue margin(12)
17.44  16.89  17.28  17.34  17.33  55  11  17.16  17.69  (53)
Net charge-off rate(5)
4.71  5.10  4.93  4.63  5.25  (39) (54) 4.91  5.65  (74)
30+ day performing delinquency rate 3.39  3.70  3.99  3.89  3.60  (31) (21) 3.39  3.60  (21)
Purchase volume(11)
$ 249,195  $ 216,513 $ 234,375 $ 226,147 $ 197,308 15  % 26  % $ 465,708  $ 351,699 32%
Refreshed FICO scores:(13)
Greater than 660 74 % 73 % 73 % 73 % 73 % 1  1  74 % 73 % 1 
660 or below 26  27  27  27  27  (1) (1) 26  27  (1)
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
    

16

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2026 Q2 vs. Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Consumer Banking
Earnings:
Net interest income $ 2,431  $ 2,229  $ 2,296  $ 2,357  $ 2,162  9  % 12  % $ 4,660  $ 4,105  14%
Non-interest income 778  683  623  475  394  14  97  1,461  577  153
Total net revenue 3,209  2,912  2,919  2,832  2,556  10  26  6,121  4,682  31
Provision for credit losses 444  519  409  340  252  (14) 76  963  553  74
Non-interest expense 2,121  1,998  2,289  1,941  1,713  6  24  4,119  3,294  25
Income from continuing operations before income taxes 644  395  221  551  591  63  9  1,039  835  24
Income tax provision 158  97  52  131  141  63  12  255  199  28
Income from continuing operations, net of tax $ 486  $ 298  $ 169  $ 420  $ 450  63  % 8  % $ 784  $ 636  23%
Selected performance metrics:
Period-end loans held for investment $ 90,467 $ 86,873 $ 84,790 $ 83,230 $ 81,233 4  % 11  % $ 90,467 $ 81,233 11%
Average loans held for investment 88,583  85,701 83,957 82,295 80,095 3  11  87,150 79,292 10
Average yield on loans held for investment(1)
9.57 % 9.43 % 9.59 % 9.52 % 9.30 % 14 bps 27bps 9.50 % 9.17 % 33bps
Auto loan originations $ 12,916 $ 11,130 $ 10,194 $ 10,731 $ 10,861 16  % 19  % $ 24,046 $ 20,071 20%
Period-end deposits 435,221  438,034 423,932 416,765 414,044 (1) 5  435,221 414,044 5
Average deposits 435,890  428,391 418,673 414,219 365,359 2  19  432,161 342,780 26
Average deposits interest rate 2.76 % 2.84 % 2.98 % 3.07 % 3.02 % (8) bps (26) bps 2.80 % 3.01 % (21)bps
Net charge-off rate 1.48  1.70  1.88  1.58  1.30  (22) 18  1.59  1.45  14
30+ day performing delinquency rate 4.28  4.17  5.17  4.93  4.78  11  (50) 4.28  4.78  (50)
30+ day delinquency rate 4.76  4.59  5.73  5.53  5.40  17  (64) 4.76  5.40  (64)
Nonperforming loan rate(6)
0.62  0.57  0.69  0.73  0.74  5  (12) 0.62  0.74  (12)
Nonperforming asset rate(7)
0.72  0.66  0.79  0.82  0.82  6  (10) 0.72  0.82  (10)
Global Payment Network volume $ 189,612 $ 174,332 $ 174,644 $ 153,117 $ 74,014 9  % 156  % $ 363,944 $ 74,014 **
Auto—At origination FICO scores:(14)
Greater than 660 49 % 50 % 51 % 51 % 52 % (1) (3) 49 % 52 % (3)
621 - 660 19  19  19  19  19  —  —  19  19  —
620 or below 32  31  30  30  29  1  3  32  29  3
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
17

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2026 Q2 vs. Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 vs.
(Dollars in millions, except as noted) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Commercial Banking
Earnings:
Net interest income $ 585  $ 581  $ 574  $ 586  $ 602  1% (3)% $ 1,166 $ 1,174 (1)%
Non-interest income 265  328  356  318  335  (19) (21) 593 647 (8)
Total net revenue(9)
850  909  930  904  937  (6) (9) 1,759 1,821 (3)
Provision for credit losses 71  138  55  9  81  (49) (12) 209 223 (6)
Non-interest expense 462  498  504  520  489  (7) (6) 960 975 (2)
Income from continuing operations before income taxes 317  273  371  375  367  16 (14) 590 623 (5)
Income tax provision 78  67  89  89  87  16 (10) 145 148 (2)
Income from continuing operations, net of tax $ 239  $ 206  $ 282  $ 286  $ 280  16% (15)% $ 445 $ 475 (6)%
Selected performance metrics:
Period-end loans held for investment $ 91,293 $ 90,323 $ 89,262 $ 88,892 $ 88,355 1% 3% $ 91,293 $ 88,355 3%
Average loans held for investment 90,899 89,560 88,495 88,389 88,369 1 3 90,233 87,935 3
Average yield on loans held for investment(1)(9)
5.75 % 5.68 % 6.08 % 6.42 % 6.40 % 7bps (65)bps 5.71 % 6.35 % (64)bps
Period-end deposits $ 30,841 $ 31,007 $ 31,250 $ 29,920 $ 29,245 (1)% 5% $ 30,841 $ 29,245 5%
Average deposits 31,248 31,137 31,462 29,889 30,444 — 3 31,193 31,045 —
Average deposits interest rate 1.81 % 1.83 % 1.96 % 2.13 % 2.06 % (2)bps (25)bps 1.82 % 2.09 % (27)bps
Net charge-off rate 0.53  0.29  0.43  0.21  0.33  24 20 0.41  0.22  19
Nonperforming loan rate(6)
1.32  1.40  1.36  1.39  1.30  (8) 2 1.32  1.30  2
Nonperforming asset rate(7)
1.39  1.47  1.39  1.40  1.30  (8) 9 1.39  1.30  9
Risk category:(15)
Noncriticized $ 86,034 $ 84,545 $ 83,873 $ 83,098 $ 82,000 2% 5% $ 86,034 $ 82,000 5%
Criticized performing 4,058 4,510 4,177 4,558 5,204 (10) (22) 4,058 5,204 (22)
Criticized nonperforming 1,201 1,268 1,212 1,236 1,151 (5) 4 1,201 1,151 4
Total commercial banking loans held for investment $ 91,293 $ 90,323 $ 89,262 $ 88,892 $ 88,355 1% 3% $ 91,293 $ 88,355 3%
Risk category as a percentage of period-end loans held for investment:(15)
Noncriticized 94.24 % 93.61 % 93.96 % 93.48 % 92.81 % 63bps 143bps 94.24 % 92.81 % 143bps
Criticized performing 4.44  4.99  4.68  5.13  5.89  (55) (145) 4.44  5.89  (145)
Criticized nonperforming 1.32  1.40  1.36  1.39  1.30  (8) 2 1.32  1.30  2
Total commercial banking loans 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %
    
18

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2026 Q2 vs. Six Months Ended June 30,
2026 2026 2025 2025 2025 2026 2025 2026 vs.
(Dollars in millions) Q2 Q1 Q4 Q3 Q2 Q1 Q2 2026 2025 2025
Other
Earnings:
Net interest income (loss) $ 106 $ 99 $ 117 $ 65 $ (62) 7% ** $ 205 $ (218) **
Non-interest loss (80) (78) (76) (49) (34) 3 135% (158) (53) 198%
Total net revenue (loss)(9)
26 21 41 16 (96) 24 ** 47 (271) **
Provision (benefit) for credit losses — — — 1 (1) ** ** — (1) **
Non-interest expense(16)
362 467 402 393 342 (22) 6 829 539 54
Loss from continuing operations before income taxes (336) (446) (361) (378) (437) (25) (23) (782) (809) (3)
Income tax provision (benefit) (220) (254) (241) 55 (361) (13) (39) (474) (537) (12)
Loss from continuing operations, net of tax $ (116) $ (192) $ (120) $ (433) $ (76) (40)% 53% $ (308) $ (272) 13%
Selected performance metrics:
Period-end deposits $ 18,195  $ 20,012  $ 20,589  $ 22,100  $ 24,821  (9)% (27)% $ 18,195  $ 24,821  (27)%
Average deposits 19,653  20,430  20,830  23,172  18,765  (4) 5 20,039  15,637  28
Total
Earnings:
Net interest income $ 12,374  $ 12,145  $ 12,466  $ 12,404  $ 9,995  2% 24% $ 24,519  $ 18,008  36%
Non-interest income 3,476  3,086  3,117  2,955  2,497  13 39 6,562  4,484  46
Total net revenue 15,850  15,231  15,583  15,359  12,492  4 27 31,081  22,492  38
Provision for credit losses 2,989  4,068  4,142  2,714  11,430  (27) (74) 7,057  13,799  (49)
Non-interest expense 9,043  8,464  9,342  8,263  6,991  7 29% 17,507  12,893  36%
Income (loss) from continuing operations before income taxes 3,818  2,699  2,099  4,382  (5,929) 41 ** 6,517  (4,200) **
Income tax provision (benefit) 798  518  345  1,189  (1,666) 54 ** 1,316  (1,341) **
Income (loss) from continuing operations, net of tax $ 3,020  $ 2,181  $ 1,754  $ 3,193  $ (4,263) 38% ** $ 5,201  $ (2,859) **
Selected performance metrics:
Period-end loans held for investment $ 457,168  $ 447,754  $ 453,622  $ 443,159  $ 439,297  2% 4% $ 457,168  $ 439,297  4%
Average loans held for investment 450,679  446,235  444,680  439,859  378,157  1 19 448,469  350,425  28
Period-end deposits 484,257  489,053  475,771  468,785  468,110  (1) 3 484,257  468,110  3
Average deposits 486,791  479,958  470,965  467,280  414,568  1 17 483,393  389,462  24
19

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

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)Includes amounts related to entities that provide capital to low-income and rural communities of $2.4 billion in Q2 2026, $2.2 billion in both Q1 2026 and Q2 2025, $2.3 billion for the first six months of 2026 and $2.1 billion for the first six months of 2025. Related interest expense was $9 million in Q2 2026, $8 million in both Q1 2026 and Q2 2025, $17 million for the first six months of 2026 and $15 million for the first six months of 2025.
(3)Effective in the second quarter of 2026, Domestic Card results include Brex and our legacy corporate card product.
(4)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(5)Charge-offs exclude $18.0 billion of Discover domestic credit card loans acquired in the second quarter of 2025 that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.
(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)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(10)Includes the impact of $96 million in Brex integration expenses in Q2 2026.
(11)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(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)Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category. Corporate cards do not have FICO scores associated with such loans and therefore are excluded.
(14)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.
(15)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(16)Includes the impact of $298 million, $415 million, $352 million, $348 million and $299 million in Discover integration expenses in Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025, respectively, as well as any charges incurred as a result of other restructuring activities for the periods presented.
**    Not meaningful.
20

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)
Basel III Standardized Approach
(Dollars in millions, except as noted) June 30,
2026		 March 31,
2026		 December 31,
2025		 September 30,
2025		 June 30,
2025
Regulatory Capital Metrics
Common equity excluding AOCI $ 114,686 $ 112,733 $ 113,677 $ 114,323 $ 112,368
Adjustments:
AOCI, net of tax(2)
62 69 81 68 83
Goodwill, net of related deferred tax liabilities (31,559) (28,201) (28,217) (28,575) (28,052)
Other Intangible and deferred tax assets, net of deferred tax liabilities (12,413) (12,142) (12,493) (12,846) (13,687)
Common equity Tier 1 capital $ 70,776 $ 72,459 $ 73,048 $ 72,970 $ 70,712
Tier 1 capital $ 76,183 $ 77,866 $ 78,455 $ 78,377 $ 76,118
Total capital(3)
85,770 87,326 88,000 87,853 85,988
Risk-weighted assets 516,267 504,654 511,794 506,535 503,413
Adjusted average assets(4)
643,349 640,503 629,997 622,435 537,581
Capital Ratios
Common equity Tier 1 capital(5)
13.7% 14.4% 14.3% 14.4% 14.0%
Tier 1 capital(6)
14.8 15.4 15.3 15.5 15.1
Total capital(7)
16.6 17.3 17.2 17.3 17.1
Tier 1 leverage(4)
11.8 12.2 12.5 12.6 14.2
TCE(8)
10.2 10.3 10.7 10.8 10.3
    


21

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
2026 2026 2025 2025 2025 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2026 2025
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP) $ 2,935 $ 2,081 $ 2,057 $ 3,086 $ (4,340) $ 5,016 $ (2,998)
Acquisition amortization expenses(9)
494 477 546 603 340 971 340
Discover integration expenses 298 415 352 348 299 713 409
Brex integration expenses 96 — — — — 96 —
Initial allowance build for Discover non-PCD loans
 — — — — 8,767 — 8,767
Legal reserve activities
 — — 117 — 41 — 239
Gain on sale of home loan portfolio
 — — (483) — — — — 
FDIC special assessment — — (29) — — — —
Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 3,823 2,973 2,560 4,037 5,107 6,796 6,757
Income tax impacts (219) (221) (124) (236) (2,339) (440) (2,415)
Adjusted net income available to common stockholders (non-GAAP) $ 3,604 $ 2,752 $ 2,436 $ 3,801 $ 2,768 $ 6,356 $ 4,342
Diluted weighted-average common shares outstanding (in millions) (GAAP) 621.1 623.4 631.6 639.5 505.6 622.3 444.7
Diluted EPS (GAAP) $ 4.73 $ 3.34 $ 3.26 $ 4.83 $ (8.58) $ 8.07 $ (6.74)
Impact of adjustments noted above 1.08 1.08 0.60 1.12 14.06 2.14 16.50
Adjusted diluted EPS (non-GAAP) $ 5.81 $ 4.42 $ 3.86 $ 5.95 $ 5.48 $ 10.21 $ 9.76
Adjusted efficiency ratio:
Non-interest expense (GAAP) $ 9,043 $ 8,464 $ 9,342 $ 8,263 $ 6,991 $ 17,507 $ 12,893
Acquisition amortization expenses(9)
(518) (478) (509) (498) (255) (996) (255)
Discover integration expenses (298) (415) (352) (348) (299) (713) (409)
Brex integration expenses (96) — — — — (96) —
Legal reserve activities — — (117) — (41) — (239)
FDIC special assessment — — 29 — — — —
Adjusted non-interest expense (non-GAAP) $ 8,131 $ 7,571 $ 8,393 $ 7,417 $ 6,396 $ 15,702 $ 11,990
Total net revenue (GAAP) $ 15,850 $ 15,231 $ 15,583 $ 15,359 $ 12,492 $ 31,081 $ 22,492
Acquisition amortization expenses(9)
(24) (1) 37 105 85 (25) 85
Adjusted net revenue (non-GAAP) $ 15,826 $ 15,230 $ 15,620 $ 15,464 $ 12,577 $ 31,056 $ 22,577
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2026 2026 2025 2025 2025 Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2026 2025
Efficiency ratio (GAAP) 57.05% 55.57% 59.95% 53.80 % 55.96 % 56.33% 57.32%
Impact of adjustments noted above (567) bps (586) bps (622) bps (584) bps (511) bps (577) bps (421) bps
Adjusted efficiency ratio (non-GAAP) 51.38% 49.71% 53.73% 47.96 % 50.85 % 50.56% 53.11%
Adjusted operating efficiency ratio:
Operating expense (GAAP) $ 7,382 $ 6,967 $ 7,408 $ 6,860 $ 5,646 $ 14,349 $ 10,346
Acquisition amortization expenses(9)
(518) (478) (509) (498) (255) (996) (255)
Discover integration expenses (298) (415) (352) (348) (299) (713) (409)
Brex integration expenses (96) — — — — (96) —
Legal reserve activities — — (117) — (41) — (239)
FDIC special assessment — — 29 — — — —
Adjusted operating expense (non-GAAP) $ 6,470 $ 6,074 $ 6,459 $ 6,014 $ 5,051 $ 12,544 $ 9,443
Total net revenue (GAAP) $ 15,850 $ 15,231 $ 15,583 $ 15,359 $ 12,492 $ 31,081 $ 22,492
Acquisition amortization expenses(9)
(24) (1) 37 105 85 (25) 85
Adjusted net revenue (non-GAAP) $ 15,826 $ 15,230 $ 15,620 $ 15,464 $ 12,577 $ 31,056 $ 22,577
Operating efficiency ratio (GAAP) 46.57% 45.74% 47.54% 44.66 % 45.20 % 46.17% 46.00%
Impact of adjustments noted above (569) bps (586) bps (619) bps (577) bps (504) bps (578) bps (417) bps
Adjusted operating efficiency ratio (non-GAAP) 40.88% 39.88% 41.35% 38.89 % 40.16 % 40.39% 41.83%



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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.

2026 2026 2025 2025 2025
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Pre- provision earnings
Total net revenue $ 15,850  $ 15,231  $ 15,583  $ 15,359  $ 12,492
Non-interest expense (9,043) (8,464) (9,342) (8,263) (6,991)
Pre-provision earnings(10)(11)
$ 6,807  $ 6,767  $ 6,241  $ 7,096  $ 5,501
Tangible common equity (period-end)
Stockholders’ equity $ 113,793  $ 112,261  $ 113,616  $ 113,813  $ 110,956
Goodwill and other intangible assets(12)
(43,840) (40,489) (40,876) (41,537) (42,012)
Noncumulative perpetual preferred stock (5,407) (5,407) (5,407) (5,407) (5,407)
Tangible common equity(13)
$ 64,546  $ 66,365  $ 67,333  $ 66,869  $ 63,537 
Tangible common equity (average)
Stockholders’ equity $ 114,518  $ 114,556  $ 115,404  $ 112,819  $ 86,918
Goodwill and other intangible assets(12)
(44,033) (40,709) (41,144) (41,815) (29,114)
Noncumulative perpetual preferred stock (5,407) (5,407) (5,407) (5,407) (5,355)
Tangible common equity(13)
$ 65,078  $ 68,440  $ 68,853  $ 65,597  $ 52,449 
Return on tangible common equity (average)
Net income (loss) available to common stockholders
 $ 2,935  $ 2,081  $ 2,057  $ 3,086  $ (4,340)
Income (loss) from discontinued operations, net of tax —  (7) 380  (1) (14)
Net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax
 $ 2,935  $ 2,088  $ 1,677  $ 3,087  $ (4,326)
Tangible common equity (average)
 65,078  68,440  68,853  65,597  52,449
Return on tangible common equity(13)
18.04  % 12.20  % 9.74  % 18.82  % (32.99) %
Tangible assets (period-end)
Total assets $ 673,835  $ 682,905  $ 669,009  $ 661,877  $ 658,968
Goodwill and other intangible assets(12)
(43,840) (40,489) (40,876) (41,537) (42,012)
Tangible assets(13)
$ 629,995  $ 642,416  $ 628,133  $ 620,340  $ 616,956
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2026 2026 2025 2025 2025
(Dollars in millions) Q2 Q1 Q4 Q3 Q2
Tangible assets (average)
Total assets $ 682,079  $ 675,999  $ 665,656  $ 657,858  $ 572,446 
Goodwill and other intangible assets(12)
(44,033) (40,709) (41,144) (41,815) (29,114)
Tangible assets(13)
$ 638,046  $ 635,290  $ 624,512  $ 616,043  $ 543,332 
Return on tangible assets (average)
Net income (loss) $ 3,020  $ 2,174  $ 2,134  $ 3,192  $ (4,277)
Income (loss) from discontinued operations, net of tax —  (7) 380  (1) (14)
Net income (loss) less income (loss) from discontinued operations, net of tax
 $ 3,020  $ 2,181  $ 1,754  $ 3,193  $ (4,263)
Tangible assets (average) 638,046  635,290  624,512  616,043  543,332 
Return on tangible assets(13)
1.89% 1.37% 1.12% 2.07% (3.14)%
TCE ratio
Tangible common equity (period-end) $ 64,546  $ 66,365  $ 67,333  $ 66,869  $ 63,537 
Tangible assets (period-end) 629,995  642,416  628,133  620,340  616,956 
TCE ratio(13)
10.2% 10.3% 10.7% 10.8% 10.3%
Tangible book value per common share
Tangible common equity (period-end) $ 64,546  $ 66,365  $ 67,333  $ 66,869  $ 63,537 
Outstanding common shares 613.5  615.9  625.1  635.7  639.5 
Tangible book value per common share(13)
$ 105.21  $ 107.76  $ 107.72  $ 105.18  $ 99.35 
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CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 16: Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)

(1)Regulatory capital metrics and capital ratios as of June 30, 2026 are preliminary and therefore subject to change.    
(2)Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(10)Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(11)Adjusted pre-provision earnings is a non-GAAP metric calculated based on adjusted net revenue less non-interest expense for the period.
(12)Includes impact of related deferred taxes.
(13)Management believes that this financial metric is useful when assessing returns and capital management over time.
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