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

7/21/26 4:05:00 PM ET

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Net of adjusting items, Second Quarter 2026 Net Income of $5.81 per share⁽¹⁾

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.
(Dollars in millions, except per share data and as noted)	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.
(Dollars in millions)	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.
(Dollars in millions, except as noted)		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.
(Dollars in millions, except as noted)	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			2026		2025	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		2026		2025		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/

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Date	Price Target	Rating	Analyst
7/13/2026	$229.00	Hold → Buy	HSBC Securities
6/30/2026	$254.00	Overweight	Piper Sandler
4/9/2026	$213.00	Neutral → Overweight	Analyst
12/8/2025	$270.00	Outperform	Wolfe Research
8/1/2025	$290.00	Buy	Rothschild & Co Redburn
7/8/2025	$258.00	Hold → Buy	TD Cowen
3/25/2025	$208.00	Neutral → Buy	BTIG Research
3/12/2025	$200.00	In-line → Outperform	Evercore ISI

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

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