Capital One Reports Second Quarter 2026 Net Income of $3.0 billion, or $4.73 per share

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.–(BUSINESS WIRE)–
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

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.

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 Table 15 in Exhibit 99.2 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.

Capital One Financial Corporation Financial Supplement(1)(2)(3)(4) Second Quarter2026 Table of Contents
Capital One Financial Corporation Consolidated Results			Page
	Table 1:	Financial Summary—Consolidated	1
	Table 2:	Selected Metrics—Consolidated	3
	Table 3:	Consolidated Statements of Income	4
	Table 4:	Consolidated Balance Sheets	6
	Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)	8
	Table 6:	Average Balances, Net Interest Income and Net Interest Margin	9
	Table 7:	Loan Information and Performance Statistics	10
	Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	13
Business Segment Results
	Table 9:	Financial Summary—Business Segment Results	14
	Table 10:	Financial & Statistical Summary—Credit Card Business	15
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	17
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	18
	Table 13:	Financial & Statistical Summary—Other and Total	19
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	20
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	21
	Table 16:	Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)	26

__________
(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

																						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

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			40bps			75bps				10.07				9.11			96bps
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	%		3bps
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	)

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	)		**
																						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

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	%
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	%

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.

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	%

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	%

																	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	)
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

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

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	)

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	%		4bps			(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	%
																						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	%

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	%		14bps			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	%

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	%

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

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 credit 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.

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

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
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	%

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

			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

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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260717547590/en/

Investor Relations

Jeff Norris

[email protected]

Danielle Dietz

[email protected]

Media Relations

Sie Soheili

[email protected]

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Payments Finance Asset Management Banking Professional Services Technology Digital Cash Management/Digital Assets Other Technology

MEDIA:

Logo