SEC Filing | Capital One Financial Corp.

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cof-20260421

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

April 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 April 21, 2026, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
99.1						Press Release, dated April 21 , 2026 - First Quarter 2026
99.2						Financial Supplement - First Quarter 2026
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 April 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 May 5, 2026 at 5:00 PM Eastern Time.

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: April 21, 2026

By:

/s/ TIMOTHY P. GOLDEN

Timothy P. Golden

SVP, Chief Accounting Officer

Document

Exhibit 99.1

News Release

https://cdn.kscope.io/5588582c5a96296526a1c69c7d1fc01f-earningsslidesvfinal1b58a.jpg


Contacts:
Investor Relations		Media Relations
Jeff Norris	Danielle Dietz	Sie Soheili
jeff.norris@capitalone.com	danielle.dietz@capitalone.com	sie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: April 21, 2026

Capital One Reports First Quarter 2026 Net Income of $2.2 billion,
or $3.34 per share

Net of adjusting items, First Quarter 2026 Net Income of $4.42 per share(1)

McLean, Va. (April 21, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2026 of $2.2 billion, or $3.34 per diluted common share, compared with net income of $2.1 billion, or $3.26 per diluted common share in the fourth quarter of 2025, and with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025. Adjusted net income(1) for the first quarter of 2026 was $4.42 per diluted common share.

"Our results in the first quarter reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition."

The quarter included the following adjusting items:


(Dollars in millions, except per share data)	Pre-Tax Impact		After-Tax Diluted EPS Impact
Discover amortization expenses	$	477	$	0.58
Discover integration expenses	$	415	$	0.50

Capital One First Quarter 2026 Earnings

Page 2

All comparisons below are for the first quarter of 2026 compared with the fourth quarter of 2025 unless otherwise noted.

First Quarter 2026 Income Statement Summary:

•Total net revenue decreased 2 percent to $15.2 billion.

•Total non-interest expense decreased 9 percent to $8.5 billion:

◦23 percent decrease in marketing.

◦6 percent decrease in operating expenses.

•Pre-provision earnings(2) increased 8 percent to $6.8 billion.

•Provision for credit losses decreased $74 million to $4.1 billion:

◦Net charge-offs of $3.8 billion.

◦$230 million loan reserve build.

•Net interest margin of 7.87 percent, a decrease of 39 basis points.

•Efficiency ratio of 55.57 percent.

◦Adjusted efficiency ratio(3) of 49.71 percent.

•Operating efficiency ratio of 45.74 percent.

◦Adjusted operating efficiency ratio(3) of 39.88 percent.

First Quarter 2026 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(4) under Basel III Standardized Approach of 14.4 percent at March 31, 2026.

•Period-end loans held for investment in the quarter decreased $5.9 billion, or 1 percent, to $447.8 billion.

◦Credit Card period-end loans decreased $9.0 billion, or 3 percent, to $270.6 billion.

•Domestic Card period-end loans decreased $8.4 billion, or 3 percent, to $254.0 billion.

◦Consumer Banking period-end loans increased $2.1 billion, or 2 percent, to $86.9 billion.

•Auto period-end loans increased $2.1 billion, or 3 percent, to $85.7 billion.

◦Commercial Banking period-end loans increased $1.1 billion, or 1 percent, to $90.3 billion.

•Average loans held for investment in the quarter increased $1.6 billion, or less than 1 percent, to $446.2 billion.

◦Credit Card average loans decreased $1.3 billion, or less than 1 percent, to $271.0 billion.

•Domestic Card average loans decreased $1.2 billion, or less than 1 percent, to $254.0 billion.

◦Consumer Banking average loans increased $1.7 billion, or 2 percent, to $85.7 billion.

•Auto average loans increased $1.8 billion, or 2 percent, to $84.5 billion.

◦Commercial Banking average loans increased $1.1 billion, or 1 percent, to $89.6 billion.

•Period-end total deposits increased $13.3 billion, or 3 percent, to $489.1 billion, while average deposits increased $9.0 billion, or 2 percent, to $480.0 billion.

•Interest-bearing deposits rate paid decreased 16 basis points to 3.00 percent.

Capital One First Quarter 2026 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 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 May 5, 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 $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 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) 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 April 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.

(3) 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 April 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) Regulatory capital metrics as of March 31, 2026 are preliminary and therefore subject to change.

Document

Exhibit 99.2

Capital One Financial Corporation

Financial Supplement(1)(2)(3)

First Quarter 2026

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

__________

(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 March 31, 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.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated


											2026 Q1
(Dollars in millions, except per share data and as noted)	2026		2025		2025		2025		2025		2025		2025
	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Income Statement
Net interest income	$	12,145	$	12,466	$	12,404	$	9,995	$	8,013	(3)	%	52	%
Non-interest income	3,086		3,117		2,955		2,497		1,987		(1)		55
Total net revenue(1)	15,231		15,583		15,359		12,492		10,000		(2)		52
Provision for credit losses	4,068		4,142		2,714		11,430		2,369		(2)		72
Non-interest expense:
Marketing	1,497		1,934		1,403		1,345		1,202		(23)		25
Operating expense	6,967		7,408		6,860		5,646		4,700		(6)		48
Total non-interest expense	8,464		9,342		8,263		6,991		5,902		(9)		43
Income (loss) from continuing operations before income taxes	2,699		2,099		4,382		(5,929)		1,729		29		56
Income tax provision (benefit)	518		345		1,189		(1,666)		325		50		59
Income (loss) from continuing operations, net of tax	2,181		1,754		3,193		(4,263)		1,404		24		55
Income (loss) from discontinued operations, net of tax	(7)		380		(1)		(14)		—		**		**
Net income (loss)	2,174		2,134		3,192		(4,277)		1,404		2		55
Dividends and undistributed earnings allocated to participating securities(2)	(20)		(20)		(33)		(4)		(22)		—		(9)
Preferred stock dividends	(73)		(57)		(73)		(65)		(57)		28		28
Discount on redeemed preferred stock	—		—		—		6		—		—		—
Net income (loss) available to common stockholders	$	2,081	$	2,057	$	3,086	$	(4,340)	$	1,325	1		57
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations	$	3.35	$	2.66	$	4.83	$	(8.55)	$	3.46	26	%	(3)	%
Income (loss) from discontinued operations	(0.01)		0.60		—		(0.03)		—		**		**
Net income (loss) per basic common share	$	3.34	$	3.26	$	4.83	$	(8.58)	$	3.46	2		(3)
Diluted earnings per common share:(2)
Net income (loss) from continuing operations	$	3.35	$	2.66	$	4.83	$	(8.55)	$	3.45	26	%	(3)	%
Income (loss) from discontinued operations	(0.01)		0.60		—		(0.03)		—		**		**
Net income (loss) per diluted common share	$	3.34	$	3.26	$	4.83	$	(8.58)	$	3.45	2		(3)
Weighted-average common shares outstanding (in millions):
Basic	622.5		631.1		639.0		505.6		383.1		(1)	%	62	%
Diluted	623.4		631.6		639.5		505.6		384.0		(1)		62
Common shares outstanding (period-end, in millions)	615.9		625.1		635.7		639.5		383.0		(1)		61
Dividends declared and paid per common share	$	0.80	$	0.80	$	0.60	$	0.60	$	0.60	—		33
Tangible book value per common share (period-end)(3)	107.76		107.72		105.18		99.35		113.74		—		(5)


											2026 Q1
(Dollars in millions)	2026		2025		2025		2025		2025		2025		2025
	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Balance Sheet (Period-End)
Loans held for investment	$	447,754	$	453,622	$	443,159	$	439,297	$	323,598	(1)	%	38	%
Interest-earning assets	624,560		613,750		605,235		601,999		463,414		2		35
Total assets	682,905		669,009		661,877		658,968		493,604		2		38
Interest-bearing deposits	461,117		448,386		441,136		440,231		340,964		3		35
Total deposits	489,053		475,771		468,785		468,110		367,464		3		33
Borrowings	51,888		51,000		51,482		52,666		41,773		2		24
Common equity	106,854		108,209		108,406		105,549		58,697		(1)		82
Total stockholders’ equity	112,261		113,616		113,813		110,956		63,542		(1)		77
Balance Sheet (Average Balances)
Loans held for investment	$	446,235	$	444,680	$	439,859	$	378,157	$	322,385	—		38	%
Interest-earning assets	617,173		603,730		593,247		524,929		462,771		2	%	33
Total assets	675,999		665,656		657,858		572,446		491,817		2		37
Interest-bearing deposits	451,957		442,763		439,527		387,139		337,840		2		34
Total deposits	479,958		470,965		467,280		414,568		364,078		2		32
Borrowings	52,348		50,814		50,180		46,601		44,448		3		18
Common equity	109,149		109,997		107,412		81,563		57,395		(1)		90
Total stockholders’ equity	114,556		115,404		112,819		86,918		62,240		(1)		84

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated


																2026 Q1
(Dollars in millions, except as noted)	2026			2025			2025			2025			2025			2025		2025
	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Performance Metrics
Net interest income growth (period over period)	(3)		%	—			24		%	25		%	(1)		%	**		**
Non-interest income growth (period over period)	(1)			5		%	18			26			(5)			**		**
Total net revenue growth (period over period)	(2)			1			23			25			(2)			**		**
Total net revenue margin(4)	9.87			10.32			10.36			9.52			8.64			(45)	bps	123	bps
Net interest margin(5)	7.87			8.26			8.36			7.62			6.93			(39)		94
Return on average assets(6)	1.29			1.05			1.94			(2.98)			1.14			24		15
Return on average tangible assets(7)	1.37			1.12			2.07			(3.14)			1.18			25		19
Return on average common equity(8)	7.65			6.10			11.50			(21.22)			9.23			155		(158)
Return on average tangible common equity(9)	12.20			9.74			18.82			(32.99)			12.55			246		(35)

Efficiency ratio(10)	55.57			59.95			53.80			55.96			59.02			(438)		(345)
Operating efficiency ratio(11)	45.74			47.54			44.66			45.20			47.00			(180)		(126)
Effective income tax rate for continuing operations	19.2			16.4			27.1			28.1			18.8			280		40
Employees (period-end, in thousands)	77.1			76.3			77.0			76.5			53.9			1%		43%
Credit Quality Metrics
Allowance for credit losses	$	23,630		$	23,409		$	23,103		$	23,873		$	15,899		1%		49%
Allowance coverage ratio	5.28		%	5.16		%	5.21		%	5.43		%	4.91		%	12	bps	37	bps
Net charge-offs(12)	$	3,847		$	3,833		$	3,473		$	3,060		$	2,736		—		41%
Net charge-off rate(13)	3.45		%	3.45		%	3.16		%	3.24		%	3.40		%	—		5	bps
30+ day performing delinquency rate	3.04			3.41			3.29			3.13			3.29			(37)	bps	(25)
30+ day delinquency rate	3.24			3.59			3.50			3.32			3.51			(35)		(27)
Capital Ratios(14)
Common equity Tier 1 capital	14.4		%	14.3		%	14.4		%	14.0		%	13.6		%	10	bps	80	bps
Tier 1 capital	15.4			15.3			15.5			15.1			14.9			10		50
Total capital	17.3			17.2			17.3			17.1			17.0			10		30
Tier 1 leverage	12.2			12.5			12.6			14.2			11.6			(30)		60
Tangible common equity (“TCE”)(15)	10.3			10.7			10.8			10.3			9.1			(40)		120

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income


											2026 Q1
(Dollars in millions, except as noted)	2026		2025		2025		2025		2025		2025	2025
	Q1		Q4		Q3		Q2		Q1		Q4	Q1
Interest income:
Loans, including loans held for sale	$	14,735	$	15,186	$	15,229	$	12,449	$	10,157	(3)%	45%
Investment securities	832		841		823		784		770		(1)	8
Other	664		660		711		595		491		1	35
Total interest income	16,231		16,687		16,763		13,828		11,418		(3)	42
Interest expense:
Deposits	3,387		3,493		3,597		3,120		2,715		(3)	25
Securitized debt obligations	141		155		165		164		176		(9)	(20)
Senior and subordinated notes	532		550		582		535		505		(3)	5
Other borrowings	26		23		15		14		9		13	189
Total interest expense	4,086		4,221		4,359		3,833		3,405		(3)	20
Net interest income	12,145		12,466		12,404		9,995		8,013		(3)	52
Provision for credit losses	4,068		4,142		2,714		11,430		2,369		(2)	72
Net interest income (loss) after provision for credit losses	8,077		8,324		9,690		(1,435)		5,644		(3)	43
Non-interest income:
Discount and interchange fees, net	1,964		1,930		1,812		1,478		1,223		2	61
Service charges and other customer-related fees	809		833		849		658		509		(3)	59

Other	313		354		294		361		255		(12)	23
Total non-interest income	3,086		3,117		2,955		2,497		1,987		(1)	55
Non-interest expense:
Salaries and associate benefits	3,671		3,430		3,496		2,999		2,546		7	44
Occupancy and equipment	867		958		856		737		615		(9)	41
Marketing	1,497		1,934		1,403		1,345		1,202		(23)	25
Professional services	585		693		641		653		437		(16)	34
Communications and data processing	496		482		476		413		399		3	24
Amortization of intangibles	492		525		514		271		16		(6)	**
Other	856		1,320		877		573		687		(35)	25
Total non-interest expense	8,464		9,342		8,263		6,991		5,902		(9)	43
Income (loss) from continuing operations before income taxes	2,699		2,099		4,382		(5,929)		1,729		29	56
Income tax provision (benefit)	518		345		1,189		(1,666)		325		50	59
Income (loss) from continuing operations, net of tax	2,181		1,754		3,193		(4,263)		1,404		24	55
Income (loss) from discontinued operations, net of tax	(7)		380		(1)		(14)		—		**	**
Net income (loss)	2,174		2,134		3,192		(4,277)		1,404		2	55
Dividends and undistributed earnings allocated to participating securities(2)	(20)		(20)		(33)		(4)		(22)		—	(9)
Preferred stock dividends	(73)		(57)		(73)		(65)		(57)		28	28
Discount on redeemed preferred stock	—		—		—		6		—		—	—
Net income (loss) available to common stockholders	$	2,081	$	2,057	$	3,086	$	(4,340)	$	1,325	1	57


											2026 Q1
	2026		2025		2025		2025		2025		2025	2025
	Q1		Q4		Q3		Q2		Q1		Q4	Q1
Basic earnings per common share:(2)
Net income (loss) from continuing operations	$	3.35	$	2.66	$	4.83	$	(8.55)	$	3.46	26%	(3)%
Income (loss) from discontinued operations	(0.01)		0.60		—		(0.03)		—		**	**
Net income (loss) per basic common share	$	3.34	$	3.26	$	4.83	$	(8.58)	$	3.46	2	(3)
Diluted earnings per common share:(2)
Net income (loss) from continuing operations	$	3.35	$	2.66	$	4.83	$	(8.55)	$	3.45	26%	(3)%
Income (loss) from discontinued operations	(0.01)		0.60		—		(0.03)		—		**	**
Net income (loss) per diluted common share	$	3.34	$	3.26	$	4.83	$	(8.58)	$	3.45	2	(3)
Weighted-average common shares outstanding (in millions):
Basic common shares	622.5		631.1		639.0		505.6		383.1		(1)%	62%
Diluted common shares	623.4		631.6		639.5		505.6		384.0		(1)	62

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets


											2026 Q1
	2026		2025		2025		2025		2025		2025		2025
(Dollars in millions)	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Assets:
Cash and cash equivalents:
Cash and due from banks	$	4,555	$	3,031	$	4,606	$	4,854	$	4,108	50	%	11	%
Interest-bearing deposits and other short-term investments	71,939		54,403		50,673		54,255		44,465		32		62
Total cash and cash equivalents	76,494		57,434		55,279		59,109		48,573		33		57
Restricted cash for securitization investors	2,762		4,659		3,248		2,469		392		(41)		**

Investment securities:
Investment securities available for sale	90,620		91,051		89,733		87,196		84,362		—		7
Investment securities held to maturity	1,694		—		—		—		—		**		**
Total investment securities	92,314		91,051		89,733		87,196		84,362		1		9
Loans held for investment:
Unsecuritized loans held for investment	421,360		425,665		389,808		384,413		295,939		(1)		42
Loans held in consolidated trusts(16)	26,394		27,957		53,351		54,884		27,659		(6)		(5)
Total loans held for investment	447,754		453,622		443,159		439,297		323,598		(1)		38
Allowance for credit losses	(23,630)		(23,409)		(23,103)		(23,873)		(15,899)		1		49
Net loans held for investment	424,124		430,213		420,056		415,424		307,699		(1)		38
Loans held for sale	186		760		670		198		686		(76)		(73)
Premises and equipment, net	5,730		5,602		5,576		5,687		4,579		2		25
Interest receivable	3,460		3,492		3,456		3,373		2,599		(1)		33
Goodwill	28,502		28,509		28,863		28,335		15,070		—		89
Other intangible assets	16,087		16,578		17,042		18,157		217		(3)		**
Other assets	33,246		30,711		29,957		30,904		29,427		8		13
Assets of discontinued operations	—		—		7,997		8,116		—		**		**
Total assets	$	682,905	$	669,009	$	661,877	$	658,968	$	493,604	2		38


											2026 Q1
	2026		2025		2025		2025		2025		2025		2025
(Dollars in millions)	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Liabilities:
Interest payable	$	827	$	844	$	826	$	888	$	646	(2)	%	28	%
Deposits:
Non-interest-bearing deposits	27,936		27,385		27,649		27,879		26,500		2		5
Interest-bearing deposits	461,117		448,386		441,136		440,231		340,964		3		35
Total deposits	489,053		475,771		468,785		468,110		367,464		3		33
Securitized debt obligations	11,283		12,853		13,642		14,658		11,716		(12)		(4)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase	626		587		616		742		573		7		9
Senior and subordinated notes	38,421		36,001		36,662		36,706		29,459		7		30
Other borrowings	1,558		1,559		562		560		25		—		**
Total other debt	40,605		38,147		37,840		38,008		30,057		6		35
Other liabilities	28,876		27,778		26,941		26,316		20,179		4		43
Liabilities of discontinued operations	—		—		30		32		—		—		—
Total liabilities	570,644		555,393		548,064		548,012		430,062		3		33

Stockholders’ equity:
Preferred stock	0		0		0		0		0		—		—
Common stock	7		7		7		7		7		—		—
Additional paid-in capital, net	64,284		64,031		63,725		63,465		36,693		—		75
Retained earnings	66,788		65,192		63,624		60,892		65,616		2		2
Accumulated other comprehensive loss	(5,879)		(5,468)		(5,917)		(6,819)		(7,529)		8		(22)
Treasury stock, at cost	(12,939)		(10,146)		(7,626)		(6,589)		(31,245)		28		(59)
Total stockholders’ equity	112,261		113,616		113,813		110,956		63,542		(1)		77
Total liabilities and stockholders’ equity	$	682,905	$	669,009	$	661,877	$	658,968	$	493,604	2		38

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 $980 million in Q1 2026, $941 million in Q4 2025, $869 million in Q3 2025, $785 million in Q2 2025 and $705 million in Q1 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 Q1 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 Q1						2025 Q4						2025 Q1
(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	$	446,740	$	14,735	13.19	%	$	445,370	$	15,186	13.64	%	$	322,772	$	10,157	12.59	%
Investment securities	97,803		832		3.40		97,304		841		3.46		92,659		770		3.32
Cash equivalents and other	72,630		664		3.66		61,056		660		4.32		47,340		491		4.14
Total interest-earning assets	$	617,173	$	16,231	10.52		$	603,730	$	16,687	11.06		$	462,771	$	11,418	9.87
Interest-bearing liabilities:
Interest-bearing deposits	$	451,957	$	3,387	3.00	%	$	442,763	$	3,493	3.16	%	$	337,840	$	2,715	3.22	%
Securitized debt obligations	12,476		141		4.52		12,673		155		4.87		13,731		176		5.11
Senior and subordinated notes	37,846		532		5.63		36,500		550		6.03		30,331		505		6.66
Other borrowings and liabilities(2)	4,238		26		2.44		3,745		23		2.41		2,312		9		1.57
Total interest-bearing liabilities	$	506,517	$	4,086	3.23		$	495,681	$	4,221	3.41		$	384,214	$	3,405	3.54
Net interest income/spread			$	12,145	7.29				$	12,466	7.65				$	8,013	6.32
Impact of non-interest-bearing funding					0.58						0.61						0.61
Net interest margin					7.87	%					8.26	%					6.93	%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics


											2026 Q1
	2026		2025		2025		2025		2025		2025		2025
(Dollars in millions, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	254,028	$	262,403	$	253,951	$	252,481	$	150,309	(3)	%	69	%
Personal loans	9,070		9,499		9,646		9,788		—		(5)		**
International card businesses	7,460		7,668		7,440		7,440		6,880		(3)		8
Total credit card	270,558		279,570		271,037		269,709		157,189		(3)		72
Consumer banking:
Auto	85,700		83,600		82,035		80,017		77,656		3		10

Retail banking	1,173		1,190		1,195		1,216		1,240		(1)		(5)
Total consumer banking	86,873		84,790		83,230		81,233		78,896		2		10
Commercial banking:
Commercial and multifamily real estate	33,809		33,618		33,461		32,967		31,971		1		6
Commercial and industrial	56,514		55,644		55,431		55,388		55,542		2		2
Total commercial banking	90,323		89,262		88,892		88,355		87,513		1		3

Total loans held for investment	$	447,754	$	453,622	$	443,159	$	439,297	$	323,598	(1)		38
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	254,036	$	255,221	$	252,090	$	197,808	$	149,639	—		70	%
Personal loans	9,310		9,618		9,703		4,778		—		(3)	%	**
International card businesses	7,628		7,389		7,382		7,107		6,768		3		13
Total credit card	270,974		272,228		269,175		209,693		156,407		—		73
Consumer banking:
Auto	84,522		82,767		81,094		78,875		77,228		2		9

Retail banking	1,179		1,190		1,201		1,220		1,252		(1)		(6)
Total consumer banking	85,701		83,957		82,295		80,095		78,480		2		9
Commercial banking:
Commercial and multifamily real estate	33,539		33,155		33,104		32,522		31,733		1		6
Commercial and industrial	56,021		55,340		55,285		55,847		55,765		1		—
Total commercial banking	89,560		88,495		88,389		88,369		87,498		1		2
Total average loans held for investment	$	446,235	$	444,680	$	439,859	$	378,157	$	322,385	—		38


											2026 Q1
	2026		2025		2025		2025		2025		2025		2025
	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Net Charge-Off (Recovery) Rates
Credit card(3):
Domestic credit card(4)	5.10	%	4.93	%	4.63	%	5.25	%	6.19	%	17	bps	(109)	bps
Personal loans	3.81		4.08		3.81		3.47		—		(27)		**
International card businesses	4.65		5.29		5.07		5.17		5.02		(64)		(37)
Total credit card	5.05		4.91		4.61		5.20		6.14		14		(109)
Consumer banking:
Auto	1.64		1.82		1.54		1.25		1.55		(18)		9

Retail banking	5.99		6.04		4.41		4.54		4.75		(5)		124
Total consumer banking	1.70		1.88		1.58		1.30		1.60		(18)		10
Commercial banking:
Commercial and multifamily real estate	0.03		0.02		(0.09)		(0.06)		0.09		1		(6)
Commercial and industrial	0.44		0.67		0.38		0.55		0.12		(23)		32
Total commercial banking	0.29		0.43		0.21		0.33		0.11		(14)		18
Total net charge-offs	3.45		3.45		3.16		3.24		3.40		—		5
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card	3.70	%	3.99	%	3.89	%	3.60	%	4.25	%	(29)	bps	(55)	bps
Personal loans	1.72		1.74		1.74		1.62		—		(2)		**
International card businesses	4.82		4.62		4.60		4.50		4.56		20		26
Total credit card	3.66		3.93		3.84		3.55		4.26		(27)		(60)
Consumer banking:
Auto	4.21		5.23		4.99		4.84		4.93		(102)		(72)

Retail banking	0.92		1.09		0.89		0.93		1.13		(17)		(21)
Total consumer banking	4.17		5.17		4.93		4.78		4.87		(100)		(70)


											2026 Q1
	2026		2025		2025		2025		2025		2025		2025
	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Nonperforming Loans and Nonperforming Assets Rates(5)(6)
Credit card:
Personal loans	0.13	%	0.13	%	0.13	%	0.12	%	—		—		**
International card businesses	0.15		0.16		0.16		0.16		0.13	%	(1)	bps	2	bps
Total credit card	0.01		0.01		0.01		0.01		0.01		—		—
Consumer banking:
Auto	0.55		0.68		0.71		0.73		0.72		(13)		(17)

Retail banking	1.66		1.45		1.65		1.47		1.89		21		(23)
Total consumer banking	0.57		0.69		0.73		0.74		0.74		(12)		(17)
Commercial banking:
Commercial and multifamily real estate	1.07		0.95		1.05		1.06		1.23		12		(16)
Commercial and industrial	1.60		1.60		1.59		1.45		1.50		—		10
Total commercial banking	1.40		1.36		1.39		1.30		1.40		4		—
Total nonperforming loans	0.40		0.40		0.42		0.40		0.56		—		(16)
Total nonperforming assets	0.43		0.43		0.44		0.42		0.58		—		(15)

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity




	Three Months Ended March 31, 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	(4,370)		(121)		(150)		(4,641)		(711)		(24)		(735)		(69)		(5,445)
Recoveries	1,129		32		61		1,222		365		6		371		5		1,598
Net charge-offs	(3,241)		(89)		(89)		(3,419)		(346)		(18)		(364)		(64)		(3,847)


Provision for credit losses	3,236		60		115		3,411		503		16		519		147		4,077
Allowance build (release) for credit losses	(5)		(29)		26		(8)		157		(2)		155		83		230
Other changes(7)	—		—		(9)		(9)		—		—		—		—		(9)
Balance as of March 31, 2026	18,806		702		541		20,049		2,026		21		2,047		1,534		23,630
Reserve for unfunded lending commitments:
Balance as of December 31, 2025	—		—		—		—		—		—		—		142		142
Provision (benefit) for losses on unfunded lending commitments	—		—		—		—		—		—		—		(9)		(9)

Balance as of March 31, 2026	—		—		—		—		—		—		—		133		133
Combined allowance and reserve as of March 31, 2026	$	18,806	$	702	$	541	$	20,049	$	2,026	$	21	$	2,047	$	1,667	$	23,763

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results


	Three Months Ended March 31, 2026
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(8)		Other(8)		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 December 31, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(8)		Other(8)		Total
Net interest income	$	9,479	$	2,296	$	574	$	117	$	12,466
Non-interest income (loss)	2,214		623		356		(76)		3,117
Total net revenue	11,693		2,919		930		41		15,583
Provision for credit losses	3,678		409		55		—		4,142
Non-interest expense	6,147		2,289		504		402		9,342
Income (loss) from continuing operations before income taxes	1,868		221		371		(361)		2,099
Income tax provision (benefit)	445		52		89		(241)		345
Income (loss) from continuing operations, net of tax	$	1,423	$	169	$	282	$	(120)	$	1,754

	Three Months Ended March 31, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(8)		Other(8)		Total
Net interest income (loss)	$	5,654	$	1,943	$	572	$	(156)	$	8,013
Non-interest income (loss)	1,511		183		312		(19)		1,987
Total net revenue (loss)	7,165		2,126		884		(175)		10,000
Provision for credit losses	1,926		301		142		—		2,369
Non-interest expense	3,638		1,581		486		197		5,902
Income (loss) from continuing operations before income taxes	1,601		244		256		(372)		1,729
Income tax provision (benefit)	382		58		61		(176)		325
Income (loss) from continuing operations, net of tax	$	1,219	$	186	$	195	$	(196)	$	1,404

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business


																2026 Q1 vs.
	2026			2025			2025			2025			2025			2025		2025
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Credit Card
Earnings:
Net interest income	$	9,236		$	9,479		$	9,396		$	7,293		$	5,654		(3)%		63%
Non-interest income	2,153			2,214			2,211			1,802			1,511			(3)		42
Total net revenue	11,389			11,693			11,607			9,095			7,165			(3)		59
Provision for credit losses	3,411			3,678			2,364			11,098			1,926			(7)		77
Non-interest expense	5,501			6,147			5,409			4,447			3,638			(11)		51
Income (loss) from continuing operations before income taxes	2,477			1,868			3,834			(6,450)			1,601			33		55
Income tax provision (benefit)	608			445			914			(1,533)			382			37		59
Income (loss) from continuing operations, net of tax	$	1,869		$	1,423		$	2,920		$	(4,917)		$	1,219		31		53
Selected performance metrics:
Period-end loans held for investment	$	270,558		$	279,570		$	271,037		$	269,709		$	157,189		(3)		72
Average loans held for investment	270,974			272,228			269,175			209,693			156,407			—		73
Average yield on loans outstanding(1)	17.17		%	17.71		%	17.99		%	17.94		%	18.54		%	(54)	bps	(137)	bps
Total net revenue margin(9)	16.81			17.18			17.25			17.35			18.32			(37)		(151)
Net charge-off rate(3)	5.05			4.91			4.61			5.20			6.14			14		(109)
30+ day performing delinquency rate	3.66			3.93			3.84			3.55			4.26			(27)		(60)
30+ day delinquency rate	3.67			3.94			3.84			3.56			4.27			(27)		(60)
Nonperforming loan rate(5)	0.01			0.01			0.01			0.01			0.01			—		—
Purchase volume(10)	$	220,540		$	238,687		$	230,379		$	201,453		$	157,948		(8)%		40%


																2026 Q1 vs.
	2026			2025			2025			2025			2025			2025		2025
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Domestic Card
Earnings:
Net interest income	$	8,618		$	8,854		$	8,766		$	6,822		$	5,343		(3)%		61%
Non-interest income	2,107			2,168			2,160			1,749			1,460			(3)		44
Total net revenue	10,725			11,022			10,926			8,571			6,803			(3)		58
Provision for credit losses	3,236			3,482			2,163			10,200			1,856			(7)		74
Non-interest expense	5,179			5,789			5,092			4,192			3,422			(11)		51
Income (loss) from continuing operations before income taxes	2,310			1,751			3,671			(5,821)			1,525			32		51
Income tax provision (benefit)	566			417			873			(1,385)			363			36		56
Income (loss) from continuing operations, net of tax	$	1,744		$	1,334		$	2,798		$	(4,436)		$	1,162		31		50
Selected performance metrics:
Period-end loans held for investment	$	254,028		$	262,403		$	253,951		$	252,481		$	150,309		(3)		69
Average loans held for investment	254,036			255,221			252,090			197,808			149,639			—		70
Average yield on loans outstanding(1)	17.13		%	17.68		%	17.99		%	17.88		%	18.42		%	(55)	bps	(129)	bps
Total net revenue margin(9)	16.89			17.28			17.34			17.33			18.19			(39)		(130)
Net charge-off rate(4)	5.10			4.93			4.63			5.25			6.19			17		(109)
30+ day performing delinquency rate	3.70			3.99			3.89			3.60			4.25			(29)		(55)
Purchase volume(10)	$	216,513		$	234,375		$	226,147		$	197,308		$	154,391		(8)%		40%
Refreshed FICO scores:(11)
Greater than 660	73		%	73		%	73		%	73		%	69		%	—		4
660 or below	27			27			27			27			31			—		(4)
Total	100		%	100		%	100		%	100		%	100		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business


																2026 Q1 vs.
	2026			2025			2025			2025			2025			2025	2025
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4	Q1
Consumer Banking
Earnings:
Net interest income	$	2,229		$	2,296		$	2,357		$	2,162		$	1,943		(3)%	15%
Non-interest income	683			623			475			394			183			10	**
Total net revenue	2,912			2,919			2,832			2,556			2,126			—	37
Provision for credit losses	519			409			340			252			301			27	72
Non-interest expense	1,998			2,289			1,941			1,713			1,581			(13)	26
Income from continuing operations before income taxes	395			221			551			591			244			79	62
Income tax provision	97			52			131			141			58			87	67
Income from continuing operations, net of tax	$	298		$	169		$	420		$	450		$	186		76	60
Selected performance metrics:
Period-end loans held for investment	$	86,873		$	84,790		$	83,230		$	81,233		$	78,896		2	10
Average loans held for investment	85,701			83,957			82,295			80,095			78,480			2	9
Average yield on loans held for investment(1)	9.43		%	9.59		%	9.52		%	9.30		%	9.03		%	(16)bps	40bps
Auto loan originations	$	11,130		$	10,194		$	10,731		$	10,861		$	9,210		9%	21%
Period-end deposits	438,034			423,932			416,765			414,044			324,920			3	35
Average deposits	428,391			418,673			414,219			365,359			319,950			2	34
Average deposits interest rate	2.84		%	2.98		%	3.07		%	3.02		%	3.00		%	(14)bps	(16)bps
Net charge-off rate	1.70			1.88			1.58			1.30			1.60			(18)	10
30+ day performing delinquency rate	4.17			5.17			4.93			4.78			4.87			(100)	(70)
30+ day delinquency rate	4.59			5.73			5.53			5.40			5.47			(114)	(88)
Nonperforming loan rate(5)	0.57			0.69			0.73			0.74			0.74			(12)	(17)
Nonperforming asset rate(6)	0.66			0.79			0.82			0.82			0.82			(13)	(16)
Global Payment Network volume(12)	$	174,332		$	174,644		$	153,117		$	74,014		—			—	**
Auto—At origination FICO scores:(13)
Greater than 660	50		%	51		%	51		%	52		%	53		%	(1)%	(3)%
621 - 660	19			19			19			19			19			—	—
620 or below	31			30			30			29			28			1	3
Total	100		%	100		%	100		%	100		%	100		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business


																2026 Q1 vs.
	2026			2025			2025			2025			2025			2025	2025
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4	Q1
Commercial Banking
Earnings:
Net interest income	$	581		$	574		$	586		$	602		$	572		1%	2%
Non-interest income	328			356			318			335			312			(8)	5
Total net revenue(8)	909			930			904			937			884			(2)	3
Provision for credit losses	138			55			9			81			142			151	(3)
Non-interest expense	498			504			520			489			486			(1)	2
Income from continuing operations before income taxes	273			371			375			367			256			(26)	7
Income tax provision	67			89			89			87			61			(25)	10
Income from continuing operations, net of tax	$	206		$	282		$	286		$	280		$	195		(27)	6
Selected performance metrics:
Period-end loans held for investment	$	90,323		$	89,262		$	88,892		$	88,355		$	87,513		1	3
Average loans held for investment	89,560			88,495			88,389			88,369			87,498			1	2
Average yield on loans held for investment(1)(8)	5.68		%	6.08		%	6.42		%	6.40		%	6.29		%	(40)bps	(61)bps
Period-end deposits	$	31,007		$	31,250		$	29,920		$	29,245		$	29,984		(1)%	3%
Average deposits	31,137			31,462			29,889			30,444			31,654			(1)	(2)
Average deposits interest rate	1.83		%	1.96		%	2.13		%	2.06		%	2.13		%	(13)bps	(30)bps
Net charge-off rate	0.29			0.43			0.21			0.33			0.11			(14)	18
Nonperforming loan rate(5)	1.40			1.36			1.39			1.30			1.40			4	—
Nonperforming asset rate(6)	1.47			1.39			1.40			1.30			1.40			8	7
Risk category:(14)
Noncriticized	$	84,545		$	83,873		$	83,098		$	82,000		$	80,677		1%	5%
Criticized performing	4,510			4,177			4,558			5,204			5,612			8	(20)
Criticized nonperforming	1,268			1,212			1,236			1,151			1,224			5	4
Total commercial banking loans held for investment	$	90,323		$	89,262		$	88,892		$	88,355		$	87,513		1	3
Risk category as a percentage of period-end loans held for investment:(14)
Noncriticized	93.61		%	93.96		%	93.48		%	92.81		%	92.19		%	(35)bps	142bps
Criticized performing	4.99			4.68			5.13			5.89			6.41			31	(142)
Criticized nonperforming	1.40			1.36			1.39			1.30			1.40			4	—
Total commercial banking loans	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total


											2026 Q1 vs.
	2026		2025		2025		2025		2025		2025	2025
(Dollars in millions)	Q1		Q4		Q3		Q2		Q1		Q4	Q1
Other
Earnings:
Net interest income (loss)	$	99	$	117	$	65	$	(62)	$	(156)	(15)%	**
Non-interest loss	(78)		(76)		(49)		(34)		(19)		3	**
Total net revenue (loss)(8)	21		41		16		(96)		(175)		(49)	**
Provision (benefit) for credit losses	—		—		1		(1)		—		**	**
Non-interest expense(15)	467		402		393		342		197		16	137%
Loss from continuing operations before income taxes	(446)		(361)		(378)		(437)		(372)		24	20
Income tax provision (benefit)	(254)		(241)		55		(361)		(176)		5	44
Loss from continuing operations, net of tax	$	(192)	$	(120)	$	(433)	$	(76)	$	(196)	60	(2)
Selected performance metrics:
Period-end deposits	$	20,012	$	20,589	$	22,100	$	24,821	$	12,560	(3)	59
Average deposits	20,430		20,830		23,172		18,765		12,474		(2)	64
Total
Earnings:
Net interest income	$	12,145	$	12,466	$	12,404	$	9,995	$	8,013	(3)%	52%
Non-interest income	3,086		3,117		2,955		2,497		1,987		(1)	55
Total net revenue	15,231		15,583		15,359		12,492		10,000		(2)	52
Provision for credit losses	4,068		4,142		2,714		11,430		2,369		(2)	72
Non-interest expense	8,464		9,342		8,263		6,991		5,902		(9)	43
Income (loss) from continuing operations before income taxes	2,699		2,099		4,382		(5,929)		1,729		29	56
Income tax provision (benefit)	518		345		1,189		(1,666)		325		50	59
Income (loss) from continuing operations, net of tax	$	2,181	$	1,754	$	3,193	$	(4,263)	$	1,404	24	55
Selected performance metrics:
Period-end loans held for investment	$	447,754	$	453,622	$	443,159	$	439,297	$	323,598	(1)	38
Average loans held for investment	446,235		444,680		439,859		378,157		322,385		—	38
Period-end deposits	489,053		475,771		468,785		468,110		367,464		3	33
Average deposits	479,958		470,965		467,280		414,568		364,078		2	32

CAPITAL ONE FINANCIAL CORPORATION (COF)

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

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.

(2)Includes amounts related to entities that provide capital to low-income and rural communities of $2.2 billion in Q1 2026, $2.1 billion in Q4 2025 and $1.9 billion in Q1 2025. Related interest expense was $8 million in Q1 2026, $8 million in Q4 2025 and $7 million in Q1 2025.

(3)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.

(4)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.

(5)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.

(6)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.

(7)Primarily represents foreign currency translation adjustments.

(8)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(9)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(10)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.

(11)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.

(12)Global Payment Network volume includes Discover Network, PULSE Network, Diners Club International and Network Partners transactions.

(13)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.

(14)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

(15)Includes the impact of $415 million, $352 million, $348 million, $299 million and $110 million in Discover integration expenses in Q1 2026, Q4 2025, Q3 2025, Q2 2025 and Q1 2025, respectively, as well as any charges incurred as a result of 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)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Regulatory Capital Metrics
Common equity excluding AOCI	$	112,733	$	113,677	$	114,323	$	112,368	$	66,225
Adjustments:
AOCI, net of tax(2)	69		81		68		83		19
Goodwill, net of related deferred tax liabilities	(28,201)		(28,217)		(28,575)		(28,052)		(14,792)
Other Intangible and deferred tax assets, net of deferred tax liabilities	(12,141)		(12,493)		(12,846)		(13,687)		(247)
Common equity Tier 1 capital	$	72,460	$	73,048	$	72,970	$	70,712	$	51,205
Tier 1 capital	$	77,867	$	78,455	$	78,377	$	76,118	$	56,050
Total capital(3)	87,326		88,000		87,853		85,988		63,926
Risk-weighted assets	504,705		511,794		506,535		503,413		375,538
Adjusted average assets(4)	640,503		629,997		622,435		537,581		483,888
Capital Ratios
Common equity Tier 1 capital(5)	14.4%		14.3%		14.4%		14.0%		13.6%
Tier 1 capital(6)	15.4		15.3		15.5		15.1		14.9
Total capital(7)	17.3		17.2		17.3		17.1		17.0
Tier 1 leverage(4)	12.2		12.5		12.6		14.2		11.6
TCE(8)	10.3		10.7		10.8		10.3		9.1

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			2025			2025			2025			2025
(Dollars in millions, except per share data and as noted)	Q1			Q4			Q3			Q2			Q1
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)	$	2,081		$	2,057		$	3,086		$	(4,340)		$	1,325
Discover amortization expenses	477			546			603			340			—
Discover integration expenses	415			352			348			299			110
Initial allowance build for Discover non-PCD loans	—			—			—			8,767			—
Legal reserve activities	—			117			—			41			198
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)	2,973			2,560			4,037			5,107			1,633
Income tax impacts	(221)			(124)			(236)			(2,339)			(76)

Adjusted net income available to common stockholders (non-GAAP)	$	2,752		$	2,436		$	3,801		$	2,768		$	1,557

Diluted weighted-average common shares outstanding (in millions) (GAAP)	623.4			631.6			639.5			505.6			384.0

Diluted EPS (GAAP)	$	3.34		$	3.26		$	4.83		$	(8.58)		$	3.45
Impact of adjustments noted above	1.08			0.60			1.12			14.06			0.61
Adjusted diluted EPS (non-GAAP)	$	4.42		$	3.86		$	5.95		$	5.48		$	4.06

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	8,464		$	9,342		$	8,263		$	6,991		$	5,902
Discover amortization expenses	(478)			(509)			(498)			(255)			—
Discover integration expenses	(415)			(352)			(348)			(299)			(110)
Legal reserve activities	—			(117)			—			(41)			(198)
FDIC special assessment	—			29			—			—			—
Adjusted non-interest expense (non-GAAP)	$	7,571		$	8,393		$	7,417		$	6,396		$	5,594

Total net revenue (GAAP)	$	15,231		$	15,583		$	15,359		$	12,492		$	10,000
Discover amortization expenses	(1)			37			105			85			—
Adjusted net revenue (non-GAAP)	$	15,230		$	15,620		$	15,464		$	12,577		$	10,000

Efficiency ratio (GAAP)	55.57%			59.95%			53.80%			55.96		%	59.02		%
Impact of adjustments noted above	(586)		bps	(622)		bps	(584)		bps	(511)		bps	(308)		bps
Adjusted efficiency ratio (non-GAAP)	49.71%			53.73%			47.96%			50.85		%	55.94		%


	2026			2025			2025			2025			2025
(Dollars in millions, except per share data and as noted)	Q1			Q4			Q3			Q2			Q1
Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	6,967		$	7,408		$	6,860		$	5,646		$	4,700
Discover amortization expenses	(478)			(509)			(498)			(255)			—
Discover integration expenses	(415)			(352)			(348)			(299)			(110)
Legal reserve activities	—			(117)			—			(41)			(198)
FDIC special assessment	—			29			—			—			—
Adjusted operating expense (non-GAAP)	$	6,074		$	6,459		$	6,014		$	5,051		$	4,392

Total net revenue (GAAP)	$	15,231		$	15,583		$	15,359		$	12,492		$	10,000
Discover amortization expenses	(1)			37			105			85			—
Adjusted net revenue (non-GAAP)	$	15,230		$	15,620		$	15,464		$	12,577		$	10,000

Operating efficiency ratio (GAAP)	45.74%			47.54%			44.66%			45.20		%	47.00		%
Impact of adjustments noted above	(586)		bps	(619)		bps	(577)		bps	(504)		bps	(308)		bps
Adjusted operating efficiency ratio (non-GAAP)	39.88%			41.35%			38.89%			40.16		%	43.92		%

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			2025			2025			2025			2025
(Dollars in millions)	Q1			Q4			Q3			Q2			Q1
Pre- Provision Earnings
Total net revenue	$	15,231		$	15,583		$	15,359		$	12,492		$	10,000
Non-interest expense	(8,464)			(9,342)			(8,263)			(6,991)			(5,902)
Pre-provision earnings(9)	$	6,767		$	6,241		$	7,096		$	5,501		$	4,098
Tangible Common Equity (Period-End)
Stockholders’ equity	$	112,261		$	113,616		$	113,813		$	110,956		$	63,542
Goodwill and other intangible assets(10)	(40,489)			(40,876)			(41,537)			(42,012)			(15,139)
Noncumulative perpetual preferred stock	(5,407)			(5,407)			(5,407)			(5,407)			(4,845)
Tangible common equity(11)	$	66,365		$	67,333		$	66,869		$	63,537		$	43,558
Tangible Common Equity (Average)
Stockholders’ equity	$	114,556		$	115,404		$	112,819		$	86,918		$	62,240
Goodwill and other intangible assets(10)	(40,709)			(41,144)			(41,815)			(29,114)			(15,149)
Noncumulative perpetual preferred stock	(5,407)			(5,407)			(5,407)			(5,355)			(4,845)
Tangible common equity(11)	$	68,440		$	68,853		$	65,597		$	52,449		$	42,246
Return on Tangible Common Equity (Average)
Net income (loss) available to common stockholders	$	2,081		$	2,057		$	3,086		$	(4,340)		$	1,325
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	$	2,088		$	1,677		$	3,087		$	(4,326)		$	1,325
Tangible common equity (Average)	68,440			68,853			65,597			52,449			42,246
Return on tangible common equity(11)(12)	12.20		%	9.74		%	18.82		%	(32.99)		%	12.55		%
Tangible Assets (Period-End)
Total assets	$	682,905		$	669,009		$	661,877		$	658,968		$	493,604
Goodwill and other intangible assets(10)	(40,489)			(40,876)			(41,537)			(42,012)			(15,139)
Tangible assets(11)	$	642,416		$	628,133		$	620,340		$	616,956		$	478,465


	2026		2025		2025		2025		2025
(Dollars in millions)	Q1		Q4		Q3		Q2		Q1






















Tangible Assets (Average)
Total assets	$	675,999	$	665,656	$	657,858	$	572,446	$	491,817
Goodwill and other intangible assets(10)	(40,709)		(41,144)		(41,815)		(29,114)		(15,149)
Tangible assets(11)	$	635,290	$	624,512	$	616,043	$	543,332	$	476,668
Return on Tangible Assets (Average)
Net income (loss)	$	2,174	$	2,134	$	3,192	$	(4,277)	$	1,404
Income (loss) from discontinued operations, net of tax	(7)		380		(1)		(14)		—
Net income (loss) less income (loss) from discontinued operations, net of tax	$	2,181	$	1,754	$	3,193	$	(4,263)	$	1,404
Tangible Assets (Average)	635,290		624,512		616,043		543,332		476,668
Return on tangible assets(11)(13)	1.37%		1.12%		2.07%		(3.14)%		1.18%
TCE Ratio
Tangible common equity (Period-end)	$	66,365	$	67,333	$	66,869	$	63,537	$	43,558
Tangible Assets (Period-end)	642,416		628,133		620,340		616,956		478,465
TCE Ratio(11)	10.3%		10.7%		10.8%		10.3%		9.1%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	66,365	$	67,333	$	66,869	$	63,537	$	43,558
Outstanding Common Shares	615.9		625.1		635.7		639.5		383.0
Tangible book value per common share(11)	$	107.76	$	107.72	$	105.18	$	99.35	$	113.74

__________

(1)Regulatory capital metrics and capital ratios as of March 31, 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)Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(10)Includes impact of related deferred taxes.

(11)Management believes that this financial metric is useful when assessing returns and capital management over time.

(12)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.

(13)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period.