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Capital One Financial Corporation

Financial Supplement(1)(2)(3)

Third Quarter 2025

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 September 30, 2025 once it is filed with the Securities and Exchange Commission.

(2)This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.

(3)On May 18, 2025, we completed the Discover acquisition in an all-stock transaction as outlined in the merger agreement dated February 19, 2024. Discover results and statistics reported herein are from May 18, 2025 to September 30, 2025.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated


											2025 Q3				Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	2025		2025		2025		2024		2024		2025		2024						2025 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2025		2024		2024
Income Statement
Net interest income	$	12,404	$	9,995	$	8,013	$	8,098	$	8,076	24	%	54	%	$	30,412	$	23,110	32	%
Non-interest income	2,955		2,497		1,987		2,092		1,938		18		52		7,439		5,812		28
Total net revenue(1)	15,359		12,492		10,000		10,190		10,014		23		53		37,851		28,922		31
Provision for credit losses	2,714		11,430		2,369		2,642		2,482		(76)		9		16,513		9,074		82
Non-interest expense:
Marketing	1,403		1,345		1,202		1,375		1,113		4		26		3,950		3,187		24
Operating expense	6,860		5,646		4,700		4,714		4,201		22		63		17,206		12,210		41
Total non-interest expense	8,263		6,991		5,902		6,089		5,314		18		55		21,156		15,397		37
Income (loss) from continuing operations before income taxes	4,382		(5,929)		1,729		1,459		2,218		**		98		182		4,451		(96)
Income tax provision (benefit)	1,189		(1,666)		325		366		441		**		170		(152)		797		**
Income (loss) from continuing operations, net of tax	3,193		(4,263)		1,404		1,093		1,777		**		80		334		3,654		(91)
Income (loss) from discontinued operations, net of tax	(1)		(14)		—		3		—		(93)		**		(15)		—		**
Net income (loss)	3,192		(4,277)		1,404		1,096		1,777		**		80		319		3,654		(91)
Dividends and undistributed earnings allocated to participating securities(2)	(33)		(4)		(22)		(17)		(28)		**		18		(13)		(60)		(78)
Preferred stock dividends	(73)		(65)		(57)		(57)		(57)		12		28		(195)		(171)		14
Discount on redeemed preferred stock	—		6		—		—		—		**		—		6		—		**
Net income (loss) available to common stockholders	$	3,086	$	(4,340)	$	1,325	$	1,022	$	1,692	**		82		$	117	$	3,423	(97)
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations	$	4.83	$	(8.55)	$	3.46	$	2.66	$	4.42	**		9	%	$	0.26	$	8.94	(97)%
Income (loss) from discontinued operations	—		(0.03)		—		0.01		—		**		—		(0.03)		—		**
Net income (loss) per basic common share	$	4.83	$	(8.58)	$	3.46	$	2.67	$	4.42	**		9		$	0.23	$	8.94	(97)
Diluted earnings per common share:(2)
Net income (loss) from continuing operations	$	4.83	$	(8.55)	$	3.45	$	2.66	$	4.41	**		10	%	$	0.26	$	8.92	(97)%
Income (loss) from discontinued operations	—		(0.03)		—		0.01		—		**		—		(0.03)		—		**
Net income (loss) per diluted common share	$	4.83	$	(8.58)	$	3.45	$	2.67	$	4.41	**		10		$	0.23	$	8.92	(97)
Weighted-average common shares outstanding (in millions):
Basic	639.0		505.6		383.1		382.4		383.0		26	%	67	%	510.2		382.8		33	%
Diluted	639.5		505.6		384.0		383.4		383.7		26		67		510.9		383.7		33
Common shares outstanding (period-end, in millions)	635.7		639.5		383.0		381.2		381.5		(1)		67		635.7		381.5		67
Dividends declared and paid per common share	$	0.60	$	0.60	$	0.60	$	0.60	$	0.60	—		—		$	1.80	$	1.80	—
Tangible book value per common share (period-end)(3)	105.18		99.35		113.74		106.97		112.36		6		(6)		105.18		112.36		(6)


											2025 Q3				Nine Months Ended September 30,
(Dollars in millions)	2025		2025		2025		2024		2024		2025		2024						2025 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2025		2024		2024
Balance Sheet (Period-End)
Loans held for investment	$	443,159	$	439,297	$	323,598	$	327,775	$	320,243	1	%	38	%	$	443,159	$	320,243	38	%
Interest-earning assets	605,235		601,999		463,414		463,058		458,189		1		32		605,235		458,189		32
Total assets	661,877		658,968		493,604		490,144		486,433		—		36		661,877		486,433		36
Interest-bearing deposits	441,136		440,231		340,964		336,585		327,253		—		35		441,136		327,253		35
Total deposits	468,785		468,110		367,464		362,707		353,631		—		33		468,785		353,631		33
Borrowings	51,482		52,666		41,773		45,551		49,336		(2)		4		51,482		49,336		4
Common equity	108,406		105,549		58,697		55,938		58,080		3		87		108,406		58,080		87
Total stockholders’ equity	113,813		110,956		63,542		60,784		62,925		3		81		113,813		62,925		81
Balance Sheet (Average Balances)
Loans held for investment	$	439,859	$	378,157	$	322,385	$	321,871	$	318,255	16	%	38	%	$	380,564	$	315,927	20	%
Interest-earning assets	593,247		524,929		462,771		460,640		454,484		13		31		527,461		451,078		17
Total assets	657,858		572,446		491,817		488,300		481,219		15		37		574,602		477,816		20
Interest-bearing deposits	439,527		387,139		337,840		331,564		324,509		14		35		388,541		321,856		21
Total deposits	467,280		414,568		364,078		358,323		351,125		13		33		415,686		348,765		19
Borrowings	50,180		46,601		44,448		46,293		48,274		8		4		47,097		49,194		(4)
Common equity	107,412		81,563		57,395		56,918		56,443		32		90		82,306		54,293		52
Total stockholders’ equity	112,819		86,918		62,240		61,764		61,289		30		84		87,511		59,139		48

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated


																2025 Q3				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2025			2025			2025			2024			2024			2025		2024								2025 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2025			2024			2024
Performance Metrics
Net interest income growth (period over period)	24		%	25		%	(1)		%	—			7		%	**		**		32		%	6		%	**
Non-interest income growth (period over period)	18			26			(5)			8		%	(1)			**		**		28			5			**
Total net revenue growth (period over period)	23			25			(2)			2			5			**		**		31			6			**
Total net revenue margin(4)	10.36			9.52			8.64			8.85			8.81			84	bps	155	bps	9.57			8.55			102	bps
Net interest margin(5)	8.36			7.62			6.93			7.03			7.11			74		125		7.69			6.83			86
Return on average assets(6)	1.94			(2.98)			1.14			0.90			1.48			492		46		0.08			1.02			(94)
Return on average tangible assets(7)	2.07			(3.14)			1.18			0.92			1.53			521		54		0.08			1.05			(97)
Return on average common equity(8)	11.50			(21.22)			9.23			7.16			11.99			3,272		(49)		0.21			8.41			(820)
Return on average tangible common equity(9)	18.82			(32.99)			12.55			9.77			16.42			5,181		240		0.33			11.69			(1,136)

Efficiency ratio(10)	53.80			55.96			59.02			59.75			53.07			(216)		73		55.89			53.24			265
Operating efficiency ratio(11)	44.66			45.20			47.00			46.26			41.95			(54)		271		45.46			42.22			324
Effective income tax rate for continuing operations	27.1			28.1			18.8			25.1			19.9			(100)		720		(83.5)			17.9			**
Employees (period-end, in thousands)	77.0			76.5			53.9			52.6			52.5			1%		47%		77.0			52.5			47%
Credit Quality Metrics
Allowance for credit losses	$	23,103		$	23,873		$	15,899		$	16,258		$	16,534		(3)%		40%		$	23,103		$	16,534		40%
Allowance coverage ratio	5.21		%	5.43		%	4.91		%	4.96		%	5.16		%	(22)	bps	5	bps	5.21		%	5.16		%	5	bps
Net charge-offs(12)	$	3,473		$	3,060		$	2,736		$	2,884		$	2,604		13%		33%		$	9,269		$	7,864		18%
Net charge-off rate(13)	3.16		%	3.24		%	3.40		%	3.59		%	3.27		%	(8)	bps	(11)	bps	3.25		%	3.32		%	(7)	bps
30+ day performing delinquency rate	3.29			3.13			3.29			3.69			3.58			16		(29)		3.29			3.58			(29)
30+ day delinquency rate	3.50			3.32			3.51			3.98			3.89			18		(39)		3.50			3.89			(39)
Capital Ratios(14)
Common equity Tier 1 capital	14.4		%	14.0		%	13.6		%	13.5		%	13.6		%	40	bps	80	bps	14.4		%	13.6		%	80	bps
Tier 1 capital	15.5			15.1			14.9			14.8			14.9			40		60		15.5			14.9			60
Total capital	17.4			17.1			17.0			16.4			16.6			30		80		17.4			16.6			80
Tier 1 leverage	12.6			14.2			11.6			11.6			11.6			(160)		100		12.6			11.6			100
Tangible common equity (“TCE”)(15)	10.8			10.3			9.1			8.6			9.1			50		170		10.8			9.1			170

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income


											2025 Q3				Nine Months Ended September 30,
(Dollars in millions, except as noted)	2025		2025		2025		2024		2024		2025		2024						2025 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2025		2024		2024
Interest income:
Loans, including loans held for sale	$	15,229	$	12,449	$	10,157	$	10,434	$	10,547	22	%	44	%	$	37,835	$	30,460	24	%
Investment securities	823		784		770		753		733		5		12		2,377		2,120		12
Other	711		595		491		530		580		19		23		1,797		1,737		3
Total interest income	16,763		13,828		11,418		11,717		11,860		21		41		42,009		34,317		22
Interest expense:
Deposits	3,597		3,120		2,715		2,862		2,945		15		22		9,432		8,631		9
Securitized debt obligations	165		164		176		205		234		1		(29)		505		753		(33)
Senior and subordinated notes	582		535		505		540		596		9		(2)		1,622		1,793		(10)
Other borrowings	15		14		9		12		9		7		67		38		30		27
Total interest expense	4,359		3,833		3,405		3,619		3,784		14		15		11,597		11,207		3
Net interest income	12,404		9,995		8,013		8,098		8,076		24		54		30,412		23,110		32
Provision for credit losses	2,714		11,430		2,369		2,642		2,482		(76)		9		16,513		9,074		82
Net interest income (loss) after provision for credit losses	9,690		(1,435)		5,644		5,456		5,594		**		73		13,899		14,036		(1)
Non-interest income:
Discount and interchange fees, net	1,812		1,478		1,223		1,260		1,228		23		48		4,513		3,622		25
Service charges and other customer-related fees	849		658		509		554		501		29		69		2,016		1,422		42
Net securities loss	—		—		—		—		(35)		—		**		—		(35)		**
Other	294		361		255		278		244		(19)		20		910		803		13
Total non-interest income	2,955		2,497		1,987		2,092		1,938		18		52		7,439		5,812		28
Non-interest expense:
Salaries and associate benefits	3,496		2,999		2,546		2,329		2,391		17		46		9,041		7,069		28
Occupancy and equipment	856		737		615		674		587		16		46		2,208		1,692		30
Marketing	1,403		1,345		1,202		1,375		1,113		4		26		3,950		3,187		24
Professional services	641		653		437		630		402		(2)		59		1,731		980		77
Communications and data processing	476		413		399		398		358		15		33		1,288		1,064		21
Amortization of intangibles	514		271		16		19		20		90		**		801		58		**
Other	877		573		687		664		443		53		98		2,137		1,347		59
Total non-interest expense	8,263		6,991		5,902		6,089		5,314		18		55		21,156		15,397		37
Income (loss) from continuing operations before income taxes	4,382		(5,929)		1,729		1,459		2,218		**		98		182		4,451		(96)
Income tax provision (benefit)	1,189		(1,666)		325		366		441		**		170		(152)		797		**
Income (loss) from continuing operations, net of tax	3,193		(4,263)		1,404		1,093		1,777		**		80		334		3,654		(91)
Income (loss) from discontinued operations, net of tax	(1)		(14)		—		3		—		(93)		**		(15)		—		**
Net income (loss)	3,192		(4,277)		1,404		1,096		1,777		**		80		319		3,654		(91)
Dividends and undistributed earnings allocated to participating securities(2)	(33)		(4)		(22)		(17)		(28)		**		18		(13)		(60)		(78)
Preferred stock dividends	(73)		(65)		(57)		(57)		(57)		12		28		(195)		(171)		14
Discount on redeemed preferred stock	—		6		—		—		—		**		—		6		—		**
Net income (loss) available to common stockholders	$	3,086	$	(4,340)	$	1,325	$	1,022	$	1,692	**		82		$	117	$	3,423	(97)














											2025 Q3				Nine Months Ended September 30,
	2025		2025		2025		2024		2024		2025		2024						2025 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2025		2024		2024
Basic earnings per common share:(2)
Net income (loss) from continuing operations	$	4.83	$	(8.55)	$	3.46	$	2.66	$	4.42	**		9	%	$	0.26	$	8.94	(97)	%
Income (loss) from discontinued operations	—		(0.03)		—		0.01		—		**		—		(0.03)		—		**
Net income (loss) per basic common share	$	4.83	$	(8.58)	$	3.46	$	2.67	$	4.42	**		9		$	0.23	$	8.94	(97)
Diluted earnings per common share:(2)
Net income (loss) from continuing operations	$	4.83	$	(8.55)	$	3.45	$	2.66	$	4.41	**		10	%	$	0.26	$	8.92	(97)	%
Income (loss) from discontinued operations	—		(0.03)		—		0.01		—		**		—		(0.03)		—		**
Net income (loss) per diluted common share	$	4.83	$	(8.58)	$	3.45	$	2.67	$	4.41	**		10		$	0.23	$	8.92	(97)
Weighted-average common shares outstanding (in millions):
Basic common shares	639.0		505.6		383.1		382.4		383.0		26	%	67	%	510.2		382.8		33	%
Diluted common shares	639.5		505.6		384.0		383.4		383.7		26		67		510.9		383.7		33

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets


											2025 Q3
	2025		2025		2025		2024		2024		2025		2024
(Dollars in millions)	Q3		Q2		Q1		Q4		Q3		Q2		Q3
Assets:
Cash and cash equivalents:
Cash and due from banks	$	4,606	$	4,854	$	4,108	$	3,028	$	3,976	(5)	%	16	%
Interest-bearing deposits and other short-term investments	50,673		54,255		44,465		40,202		45,322		(7)		12
Total cash and cash equivalents	55,279		59,109		48,573		43,230		49,298		(6)		12
Restricted cash for securitization investors	3,248		2,469		392		441		421		32		**
Securities available for sale	89,733		87,196		84,362		83,013		83,500		3		7
Loans held for investment:
Unsecuritized loans held for investment	389,808		384,413		295,939		298,241		292,061		1		33
Loans held in consolidated trusts	53,351		54,884		27,659		29,534		28,182		(3)		89
Total loans held for investment	443,159		439,297		323,598		327,775		320,243		1		38
Allowance for credit losses	(23,103)		(23,873)		(15,899)		(16,258)		(16,534)		(3)		40
Net loans held for investment	420,056		415,424		307,699		311,517		303,709		1		38
Loans held for sale	670		198		686		202		96		**		**
Premises and equipment, net	5,576		5,687		4,579		4,511		4,440		(2)		26
Interest receivable	3,456		3,373		2,599		2,532		2,577		2		34
Goodwill	28,863		28,335		15,070		15,059		15,083		2		91
Other intangible assets	17,042		18,157		217		233		253		(6)		**
Other assets	29,957		30,904		29,427		29,406		27,056		(3)		11
Assets of discontinued operations	7,997		8,116		—		—		—		(1)		**
Total assets	$	661,877	$	658,968	$	493,604	$	490,144	$	486,433	—		36


											2025 Q3
	2025		2025		2025		2024		2024		2025		2024
(Dollars in millions)	Q3		Q2		Q1		Q4		Q3		Q2		Q3
Liabilities:
Interest payable	$	826	$	888	$	646	$	666	$	705	(7)	%	17	%
Deposits:
Non-interest-bearing deposits	27,649		27,879		26,500		26,122		26,378		(1)		5
Interest-bearing deposits	441,136		440,231		340,964		336,585		327,253		—		35
Total deposits	468,785		468,110		367,464		362,707		353,631		—		33
Securitized debt obligations	13,642		14,658		11,716		14,264		15,881		(7)		(14)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase	616		742		573		562		520		(17)		18
Senior and subordinated notes	36,662		36,706		29,459		30,696		32,911		—		11
Other borrowings	562		560		25		29		24		—		**
Total other debt	37,840		38,008		30,057		31,287		33,455		—		13
Other liabilities	26,941		26,316		20,179		20,436		19,836		2		36
Liabilities of discontinued operations	30		32		—		—		—		(6)		**
Total liabilities	548,064		548,012		430,062		429,360		423,508		—		29

Stockholders’ equity:
Preferred stock	0		0		0		0		0		**		**
Common stock	7		7		7		7		7		—		—
Additional paid-in capital, net	63,725		63,465		36,693		36,428		36,216		—		76
Retained earnings	63,624		60,892		65,616		64,505		63,698		4		—
Accumulated other comprehensive loss	(5,917)		(6,819)		(7,529)		(9,286)		(6,287)		(13)		(6)
Treasury stock, at cost	(7,626)		(6,589)		(31,245)		(30,870)		(30,709)		16		(75)
Total stockholders’ equity	113,813		110,956		63,542		60,784		62,925		3		81
Total liabilities and stockholders’ equity	$	661,877	$	658,968	$	493,604	$	490,144	$	486,433	—		36

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 $869 million in Q3 2025, $785 million in Q2 2025, $705 million in Q1 2025, $706 million in Q4 2024 and $624 million in Q3 2024 for credit card finance charges and fees charged off as uncollectible.

(2)Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(3)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

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

(5)Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

(6)Return on average assets is calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average total assets for the period.

(7)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(8)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.

(9)Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(10)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(11)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(12)Charge-offs exclude $19.4 billion of 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 Q3 2025 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.

(15)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

** Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin


	2025 Q3						2025 Q2						2024 Q3
(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	$	440,374	$	15,229	13.83	%	$	378,537	$	12,449	13.15	%	$	318,715	$	10,547	13.24	%
Investment securities	96,186		823		3.42		93,024		784		3.37		90,644		733		3.24
Cash equivalents and other	56,687		711		5.02		53,368		595		4.46		45,125		580		5.14
Total interest-earning assets	$	593,247	$	16,763	11.30		$	524,929	$	13,828	10.54		$	454,484	$	11,860	10.44
Interest-bearing liabilities:
Interest-bearing deposits	$	439,527	$	3,597	3.27		$	387,139	$	3,120	3.22		$	324,509	$	2,945	3.63
Securitized debt obligations	12,919		165		5.11		13,043		164		5.06		15,833		234		5.93
Senior and subordinated notes	36,272		582		6.41		32,872		535		6.51		32,041		596		7.43
Other borrowings and liabilities(2)	3,120		15		2.04		2,872		14		1.85		2,389		9		1.50
Total interest-bearing liabilities	$	491,838	$	4,359	3.55		$	435,926	$	3,833	3.52		$	374,772	$	3,784	4.04
Net interest income/spread			$	12,404	7.75				$	9,995	7.02				$	8,076	6.40
Impact of non-interest-bearing funding					0.61						0.60						0.71
Net interest margin					8.36	%					7.62	%					7.11	%




	Nine Months Ended September 30,
	2025						2024
(Dollars in millions, except as noted)	Average Balance		Interest Income/ Expense		Yield/Rate(1)		Average Balance		Interest Income/ Expense		Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale	$	380,992	$	37,835	13.24	%	$	316,707	$	30,460	12.82	%
Investment securities	93,970		2,377		3.37		89,580		2,120		3.16
Cash equivalents and other	52,499		1,797		4.56		44,791		1,737		5.17
Total interest-earning assets	$	527,461	$	42,009	10.62		$	451,078	$	34,317	10.14
Interest-bearing liabilities:
Interest-bearing deposits	$	388,541	$	9,432	3.24		$	321,856	$	8,631	3.58
Securitized debt obligations	13,228		505		5.10		17,036		753		5.90
Senior and subordinated notes	33,180		1,622		6.52		31,744		1,793		7.53
Other borrowings and liabilities(2)	2,771		38		1.84		2,422		30		1.67
Total interest-bearing liabilities	$	437,720	$	11,597	3.53		$	373,058	$	11,207	4.01
Net interest income/spread			$	30,412	7.09				$	23,110	6.14
Impact of non-interest-bearing funding					0.60						0.69
Net interest margin					7.69	%					6.83	%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics


											2025 Q3				Nine Months Ended September 30,
	2025		2025		2025		2024		2024		2025		2024		2025		2024		2025 vs. 2024
(Dollars in millions, except as noted)	Q3		Q2		Q1		Q4		Q3		Q2		Q3
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	253,951	$	252,481	$	150,309	$	155,618	$	149,400	1	%	70	%	$	253,951	$	149,400	70	%
Personal loans	9,646		9,788		—		—		—		(1)		**		9,646		—		**
International card businesses	7,440		7,440		6,880		6,890		7,251		—		3		7,440		7,251		3
Total credit card	271,037		269,709		157,189		162,508		156,651		—		73		271,037		156,651		73
Consumer banking:
Auto	82,035		80,017		77,656		76,829		75,505		3		9		82,035		75,505		9

Retail banking	1,195		1,216		1,240		1,263		1,253		(2)		(5)		1,195		1,253		(5)
Total consumer banking	83,230		81,233		78,896		78,092		76,758		2		8		83,230		76,758		8
Commercial banking:
Commercial and multifamily real estate	33,461		32,967		31,971		31,903		32,199		1		4		33,461		32,199		4
Commercial and industrial	55,431		55,388		55,542		55,272		54,635		—		1		55,431		54,635		1
Total commercial banking	88,892		88,355		87,513		87,175		86,834		1		2		88,892		86,834		2

Total loans held for investment	$	443,159	$	439,297	$	323,598	$	327,775	$	320,243	1		38		$	443,159	$	320,243	38
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	252,090	$	197,808	$	149,639	$	150,290	$	147,021	27	%	71	%	$	200,221	$	144,560	39	%
Personal loans	9,703		4,778		—		—		—		103		**		4,863		—		**
International card businesses	7,382		7,107		6,768		7,036		6,951		4		6		7,088		6,811		4
Total credit card	269,175		209,693		156,407		157,326		153,972		28		75		212,172		151,371		40
Consumer banking:
Auto	81,094		78,875		77,228		75,968		74,920		3		8		79,080		74,264		6

Retail banking	1,201		1,220		1,252		1,253		1,262		(2)		(5)		1,224		1,291		(5)
Total consumer banking	82,295		80,095		78,480		77,221		76,182		3		8		80,304		75,555		6
Commercial banking:
Commercial and multifamily real estate	33,104		32,522		31,733		32,058		32,416		2		2		32,458		33,505		(3)
Commercial and industrial	55,285		55,847		55,765		55,266		55,685		(1)		(1)		55,630		55,496		—
Total commercial banking	88,389		88,369		87,498		87,324		88,101		—		—		88,088		89,001		(1)
Total average loans held for investment	$	439,859	$	378,157	$	322,385	$	321,871	$	318,255	16		38		$	380,564	$	315,927	20


											2025 Q3				Nine Months Ended September 30,
	2025		2025		2025		2024		2024		2025		2024		2025		2024		2025 vs. 2024
	Q3		Q2		Q1		Q4		Q3		Q2		Q3
Net Charge-Off (Recovery) Rates
Credit card(3):
Domestic credit card(4)	4.63	%	5.25	%	6.19	%	6.06	%	5.61	%	(62)	bps	(98)	bps	5.21	%	5.86	%	(65)	bps
Personal loans	3.81		3.47		—		—		—		34		**		3.67		—		**
International card businesses	5.07		5.17		5.02		5.17		5.23		(10)		(16)		5.09		5.14		(5)
Total credit card	4.61		5.20		6.14		6.02		5.60		(59)		(99)		5.17		5.83		(66)
Consumer banking:
Auto	1.54		1.25		1.55		2.32		2.05		29		(51)		1.44		1.95		(51)

Retail banking	4.41		4.54		4.75		5.63		5.43		(13)		(102)		4.57		4.94		(37)
Total consumer banking	1.58		1.30		1.60		2.38		2.11		28		(53)		1.49		2.00		(51)
Commercial banking:
Commercial and multifamily real estate	(0.09)		(0.06)		0.09		0.50		0.26		(3)		(35)		(0.02)		0.19		(21)
Commercial and industrial	0.38		0.55		0.12		0.13		0.20		(17)		18		0.35		0.15		20
Total commercial banking	0.21		0.33		0.11		0.26		0.22		(12)		(1)		0.21		0.17		4
Total net charge-offs	3.16		3.24		3.40		3.59		3.27		(8)		(11)		3.25		3.32		(7)
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card	3.89	%	3.60	%	4.25	%	4.53	%	4.53	%	29	bps	(64)	bps	3.89	%	4.53	%	(64)	bps
Personal loans	1.74		1.62		—		—		—		12		**		1.74		—		**
International card businesses	4.60		4.50		4.56		4.52		4.53		10		7		4.60		4.53		7
Total credit card	3.84		3.55		4.26		4.53		4.53		29		(69)		3.84		4.53		(69)
Consumer banking:
Auto	4.99		4.84		4.93		5.95		5.61		15		(62)		4.99		5.61		(62)

Retail banking	0.89		0.93		1.13		1.12		0.95		(4)		(6)		0.89		0.95		(6)
Total consumer banking	4.93		4.78		4.87		5.87		5.53		15		(60)		4.93		5.53		(60)


											2025 Q3				Nine Months Ended September 30,
	2025		2025		2025		2024		2024		2025		2024		2025		2024		2025 vs. 2024
	Q3		Q2		Q1		Q4		Q3		Q2		Q3
Nonperforming Loans and Nonperforming Assets Rates(5)(6)
Credit card:
Personal loans	0.13	%	0.12	%	—		—		—		1	bps	**		0.13	%	—		**
International card businesses	0.16		0.16		0.13	%	0.15	%	0.15	%	—		1	bps	0.16		0.15	%	1	bps
Total credit card	0.01		0.01		0.01		0.01		0.01		—		—		0.01		0.01		—
Consumer banking:
Auto	0.71		0.73		0.72		0.98		0.91		(2)		(20)		0.71		0.91		(20)

Retail banking	1.65		1.47		1.89		1.94		2.19		18		(54)		1.65		2.19		(54)
Total consumer banking	0.73		0.74		0.74		0.99		0.93		(1)		(20)		0.73		0.93		(20)
Commercial banking:
Commercial and multifamily real estate	1.05		1.06		1.23		1.60		1.96		(1)		(91)		1.05		1.96		(91)
Commercial and industrial	1.59		1.45		1.50		1.27		1.32		14		27		1.59		1.32		27
Total commercial banking	1.39		1.30		1.40		1.39		1.55		9		(16)		1.39		1.55		(16)
Total nonperforming loans	0.42		0.40		0.56		0.61		0.65		2		(23)		0.42		0.65		(23)
Total nonperforming assets	0.44		0.42		0.58		0.63		0.67		2		(23)		0.44		0.67		(23)

CAPITAL ONE FINANCIAL CORPORATION (COF)

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




	Three Months Ended September 30, 2025
	Credit Card								Consumer Banking
(Dollars in millions)	Domestic Card		Personal Loans		International Card Businesses		Total Credit Card		Auto		Retail Banking		Total Consumer Banking		Commercial Banking		Total
Allowance for credit losses:
Balance as of June 30, 2025	$	19,229	$	762	$	483	$	20,474	$	1,838	$	26	$	1,864	$	1,535	$	23,873
Charge-offs	(3,951)		(121)		(139)		(4,211)		(651)		(18)		(669)		(61)		(4,941)
Recoveries	1,035		29		46		1,110		338		5		343		15		1,468
Net charge-offs	(2,916)		(92)		(93)		(3,101)		(313)		(13)		(326)		(46)		(3,473)


Provision for credit losses	2,163		97		104		2,364		330		10		340		9		2,713
Allowance build (release) for credit losses	(753)		5		11		(737)		17		(3)		14		(37)		(760)
Other changes(8)	—		—		(10)		(10)		—		—		—		—		(10)
Balance as of September 30, 2025	18,476		767		484		19,727		1,855		23		1,878		1,498		23,103
Reserve for unfunded lending commitments:
Balance as of June 30, 2025	—		—		—		—		—		—		—		135		135
Provision for losses on unfunded lending commitments	—		—		—		—		—		—		—		—		—

Balance as of September 30, 2025	—		—		—		—		—		—		—		135		135
Combined allowance and reserve as of September 30, 2025	$	18,476	$	767	$	484	$	19,727	$	1,855	$	23	$	1,878	$	1,633	$	23,238



	Nine Months Ended September 30, 2025
	Credit Card								Consumer Banking
(Dollars in millions)	Domestic Card		Personal Loans		International Card Businesses		Total Credit Card		Auto		Retail Banking		Total Consumer Banking		Commercial Banking		Total
Allowance for credit losses:
Balance as of December 31, 2024	$	12,494	—		$	480	$	12,974	$	1,859	$	25	$	1,884	$	1,400	$	16,258
Charge-offs(3)	(10,199)		$	(177)	(403)		(10,779)		(1,900)		(57)		(1,957)		(180)		(12,916)
Recoveries	2,375		43		133		2,551		1,043		15		1,058		38		3,647
Net charge-offs	(7,824)		(134)		(270)		(8,228)		(857)		(42)		(899)		(142)		(9,269)
Initial allowance for purchased credit-deteriorated loans	2,722		148		—		2,870		—		—		—		—		2,870
Benefit from expected recoveries of charged off loans(9)	(3,135)		(170)		—		(3,305)		—		—		—		—		(3,305)
Provision for credit losses(7)	14,219		923		246		15,388		853		40		893		240		16,521
Allowance build (release) for credit losses(7)	5,982		767		(24)		6,725		(4)		(2)		(6)		98		6,817
Other changes(8)	—		—		28		28		—		—		—		—		28
Balance as of September 30, 2025	18,476		767		484		19,727		1,855		23		1,878		1,498		23,103
Reserve for unfunded lending commitments:
Balance as of December 31, 2024	—		—		—		—		—		—		—		143		143


Provision (benefit) for losses on unfunded lending commitments	—		—		—		—		—		—		—		(8)		(8)

Balance as of September 30, 2025	—		—		—		—		—		—		—		135		135
Combined allowance and reserve as of September 30, 2025	$	18,476	$	767	$	484	$	19,727	$	1,855	$	23	$	1,878	$	1,633	$	23,238

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results


	Three Months Ended September 30, 2025										Nine Months Ended September 30, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(10)		Other(10)		Total		Credit Card		Consumer Banking		Commercial Banking(10)		Other(10)		Total
Net interest income (loss)	$	9,396	$	2,357	$	586	$	65	$	12,404	$	22,343	$	6,462	$	1,760	$	(153)	$	30,412
Non-interest income (loss)	2,211		475		318		(49)		2,955		5,524		1,052		965		(102)		7,439
Total net revenue (loss)	11,607		2,832		904		16		15,359		27,867		7,514		2,725		(255)		37,851
Provision (benefit) for credit losses	2,364		340		9		1		2,714		15,388		893		232		—		16,513
Non-interest expense	5,409		1,941		520		393		8,263		13,494		5,235		1,495		932		21,156
Income (loss) from continuing operations before income taxes	3,834		551		375		(378)		4,382		(1,015)		1,386		998		(1,187)		182
Income tax provision (benefit)	914		131		89		55		1,189		(237)		330		237		(482)		(152)
Income (loss) from continuing operations, net of tax	$	2,920	$	420	$	286	$	(433)	$	3,193	$	(778)	$	1,056	$	761	$	(705)	$	334

	Three Months Ended June 30, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(10)		Other(10)		Total
Net interest income (loss)	$	7,293	$	2,162	$	602	$	(62)	$	9,995
Non-interest income (loss)	1,802		394		335		(34)		2,497
Total net revenue (loss)	9,095		2,556		937		(96)		12,492
Provision (benefit) for credit losses	11,098		252		81		(1)		11,430
Non-interest expense	4,447		1,713		489		342		6,991
Income (loss) from continuing operations before income taxes	(6,450)		591		367		(437)		(5,929)
Income tax provision (benefit)	(1,533)		141		87		(361)		(1,666)
Income (loss) from continuing operations, net of tax	$	(4,917)	$	450	$	280	$	(76)	$	(4,263)

	Three Months Ended September 30, 2024										Nine Months Ended September 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(10)		Other(10)		Total		Credit Card		Consumer Banking		Commercial Banking(10)		Other(10)		Total
Net interest income (loss)	$	5,743	$	2,028	$	596	$	(291)	$	8,076	$	16,309	$	6,064	$	1,804	$	(1,067)	$	23,110
Non-interest income (loss)	1,509		182		292		(45)		1,938		4,491		513		844		(36)		5,812
Total net revenue (loss)	7,252		2,210		888		(336)		10,014		20,800		6,577		2,648		(1,103)		28,922
Provision (benefit) for credit losses	2,084		351		48		(1)		2,482		7,888		1,107		80		(1)		9,074
Non-interest expense	3,367		1,331		495		121		5,314		9,730		3,827		1,493		347		15,397
Income (loss) from continuing operations before income taxes	1,801		528		345		(456)		2,218		3,182		1,643		1,075		(1,449)		4,451
Income tax provision (benefit)	427		125		82		(193)		441		756		388		254		(601)		797
Income (loss) from continuing operations, net of tax	$	1,374	$	403	$	263	$	(263)	$	1,777	$	2,426	$	1,255	$	821	$	(848)	$	3,654

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business


																2025 Q3 vs.				Nine Months Ended September 30,
	2025			2025			2025			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2025			2024			2024
Credit Card
Earnings:
Net interest income	$	9,396		$	7,293		$	5,654		$	5,779		$	5,743		29%		64%		$	22,343		$	16,309		37%
Non-interest income	2,211			1,802			1,511			1,585			1,509			23		47		5,524			4,491			23
Total net revenue	11,607			9,095			7,165			7,364			7,252			28		60		27,867			20,800			34
Provision for credit losses	2,364			11,098			1,926			2,384			2,084			(79)		13		15,388			7,888			95
Non-interest expense	5,409			4,447			3,638			3,846			3,367			22		61		13,494			9,730			39
Income (loss) from continuing operations before income taxes	3,834			(6,450)			1,601			1,134			1,801			**		113		(1,015)			3,182			**
Income tax provision (benefit)	914			(1,533)			382			268			427			**		114		(237)			756			**
Income (loss) from continuing operations, net of tax	$	2,920		$	(4,917)		$	1,219		$	866		$	1,374		**		113		$	(778)		$	2,426		**
Selected performance metrics:
Period-end loans held for investment	$	271,037		$	269,709		$	157,189		$	162,508		$	156,651		—		73		$	271,037		$	156,651		73
Average loans held for investment	269,175			209,693			156,407			157,326			153,972			28		75		212,172			151,371			40
Average yield on loans outstanding(1)	17.99		%	17.94		%	18.54		%	19.05		%	19.66		%	5	bps	(167)	bps	18.08		%	19.10		%	(102)	bps
Total net revenue margin(11)	17.25			17.35			18.32			18.72			18.82			(10)		(157)		17.51			18.28			(77)
Net charge-off (recovery) rate(3)	4.61			5.20			6.14			6.02			5.60			(59)		(99)		5.17			5.83			(66)
30+ day performing delinquency rate	3.84			3.55			4.26			4.53			4.53			29		(69)		3.84			4.53			(69)
30+ day delinquency rate	3.84			3.56			4.27			4.54			4.54			28		(70)		3.84			4.54			(70)
Nonperforming loan rate(5)	0.01			0.01			0.01			0.01			0.01			—		—		0.01			0.01			—
Purchase volume(12)	$	230,379		$	201,453		$	157,948		$	172,919		$	166,203		14%		39%		$	589,780		$	481,517		22%


																2025 Q3 vs.				Nine Months Ended September 30,
	2025			2025			2025			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2025			2024			2024
Domestic Card
Earnings:
Net interest income	$	8,766		$	6,822		$	5,343		$	5,474		$	5,434		28%		61%		$	20,931		$	15,407		36%
Non-interest income	2,160			1,749			1,460			1,522			1,438			23		50		5,369			4,289			25
Total net revenue	10,926			8,571			6,803			6,996			6,872			27		59		26,300			19,696			34
Provision for credit losses	2,163			10,200			1,856			2,278			1,997			(79)		8		14,219			7,589			87
Non-interest expense	5,092			4,192			3,422			3,607			3,149			21		62		12,706			9,120			39
Income (loss) from continuing operations before income taxes	3,671			(5,821)			1,525			1,111			1,726			**		113		(625)			2,987			**
Income tax provision (benefit)	873			(1,385)			363			262			407			**		114		(149)			705			**
Income (loss) from continuing operations, net of tax	$	2,798		$	(4,436)		$	1,162		$	849		$	1,319		**		112		$	(476)		$	2,282		**
Selected performance metrics:
Period-end loans held for investment	$	253,951		$	252,481		$	150,309		$	155,618		$	149,400		1		70		$	253,951		$	149,400		70
Average loans held for investment	252,090			197,808			149,639			150,290			147,021			27		71		200,221			144,560			39
Average yield on loans outstanding(1)	17.99		%	17.88		%	18.42		%	19.00		%	19.62		%	11	bps	(163)	bps	18.03		%	19.04		%	(101)	bps
Total net revenue margin(11)	17.34			17.33			18.19			18.62			18.67			1		(133)		17.51			18.12			(61)
Net charge-off (recovery) rate(4)	4.63			5.25			6.19			6.06			5.61			(62)		(98)		5.21			5.86			(65)
30+ day performing delinquency rate	3.89			3.60			4.25			4.53			4.53			29		(64)		3.89			4.53			(64)
Purchase volume(12)	$	226,147		$	197,308		$	154,391		$	168,994		$	162,281		15%		39%		$	577,846		$	470,347		23%
Refreshed FICO scores:(13)
Greater than 660	73		%	73		%	69		%	69		%	69		%	—		4		73		%	69		%	4
660 or below	27			27			31			31			31			—		(4)		27			31			(4)
Total	100		%	100		%	100		%	100		%	100		%					100		%	100		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business


																2025 Q3 vs.				Nine Months Ended September 30,
	2025			2025			2025			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2025			2024			2024
Consumer Banking
Earnings:
Net interest income	$	2,357		$	2,162		$	1,943		$	1,959		$	2,028		9%		16%		$	6,462		$	6,064		7%
Non-interest income	475			394			183			182			182			21		161		1,052			513			105
Total net revenue	2,832			2,556			2,126			2,141			2,210			11		28		7,514			6,577			14
Provision for credit losses	340			252			301			328			351			35		(3)		893			1,107			(19)
Non-interest expense	1,941			1,713			1,581			1,545			1,331			13		46		5,235			3,827			37
Income from continuing operations before income taxes	551			591			244			268			528			(7)		4		1,386			1,643			(16)
Income tax provision	131			141			58			63			125			(7)		5		330			388			(15)
Income from continuing operations, net of tax	$	420		$	450		$	186		$	205		$	403		(7)		4		$	1,056		$	1,255		(16)
Selected performance metrics:
Period-end loans held for investment	$	83,230		$	81,233		$	78,896		$	78,092		$	76,758		2		8		$	83,230		$	76,758		8
Average loans held for investment	82,295			80,095			78,480			77,221			76,182			3		8		80,304			75,555			6
Average yield on loans held for investment(1)	9.52		%	9.30		%	9.03		%	9.04		%	8.88		%	22	bps	64	bps	9.28		%	8.59		%	69	bps
Auto loan originations	$	10,731		$	10,861		$	9,210		$	9,399		$	9,158		(1)%		17%		$	30,802		$	25,143		23%
Period-end deposits	416,765			414,044			324,920			318,329			309,569			1		35		416,765			309,569			35
Average deposits	414,219			365,359			319,950			313,992			306,121			13		35		366,854			300,475			22
Average deposits interest rate	3.07		%	3.02		%	3.00		%	3.21		%	3.33		%	5	bps	(26)	bps	3.03		%	3.23		%	(20)	bps
Net charge-off rate	1.58			1.30			1.60			2.38			2.11			28		(53)		1.49			2.00			(51)
30+ day performing delinquency rate	4.93			4.78			4.87			5.87			5.53			15		(60)		4.93			5.53			(60)
30+ day delinquency rate	5.53			5.40			5.47			6.73			6.31			13		(78)		5.53			6.31			(78)
Nonperforming loan rate(5)	0.73			0.74			0.74			0.99			0.93			(1)		(20)		0.73			0.93			(20)
Nonperforming asset rate(6)	0.82			0.82			0.82			1.08			1.01			—		(19)		0.82			1.01			(19)
Global Payment Network volume(14)	$	153,117		$	74,014		—			—			—			107%		**		$	227,131		—			**
Auto—At origination FICO scores:(15)
Greater than 660	51		%	52		%	53		%	54		%	53		%	(1)		(2)%		51		%	53		%	(2)%
621 - 660	19			19			19			19			20			—		(1)		19			20			(1)
620 or below	30			29			28			27			27			1		3		30			27			3
Total	100		%	100		%	100		%	100		%	100		%					100		%	100		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business


																2025 Q3 vs.				Nine Months Ended September 30,
	2025			2025			2025			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2025			2024			2024
Commercial Banking
Earnings:
Net interest income	$	586		$	602		$	572		$	587		$	596		(3)%		(2)%		$	1,760		$	1,804		(2)%
Non-interest income	318			335			312			366			292			(5)		9		965			844			14
Total net revenue(10)	904			937			884			953			888			(4)		2		2,725			2,648			3
Provision (benefit) for credit losses	9			81			142			(72)			48			(89)		(81)		232			80			190
Non-interest expense	520			489			486			518			495			6		5		1,495			1,493			—
Income from continuing operations before income taxes	375			367			256			507			345			2		9		998			1,075			(7)
Income tax provision	89			87			61			119			82			2		9		237			254			(7)
Income from continuing operations, net of tax	$	286		$	280		$	195		$	388		$	263		2		9		$	761		$	821		(7)
Selected performance metrics:
Period-end loans held for investment	$	88,892		$	88,355		$	87,513		$	87,175		$	86,834		1		2		$	88,892		$	86,834		2
Average loans held for investment	88,389			88,369			87,498			87,324			88,101			—		—		88,088			89,001			(1)
Average yield on loans held for investment(1)(10)	6.42		%	6.40		%	6.29		%	6.72		%	7.25		%	2	bps	(83)	bps	6.37		%	7.21		%	(84)	bps
Period-end deposits	$	29,920		$	29,245		$	29,984		$	31,691		$	30,598		2%		(2)%		$	29,920		$	30,598		(2)%
Average deposits	29,889			30,444			31,654			31,545			30,365			(2)		(2)		30,656			31,004			(1)
Average deposits interest rate	2.13		%	2.06		%	2.13		%	2.28		%	2.55		%	7	bps	(42)	bps	2.11		%	2.58		%	(47)	bps
Net charge-off rate	0.21			0.33			0.11			0.26			0.22			(12)		(1)		0.21			0.17			4
Nonperforming loan rate(5)	1.39			1.30			1.40			1.39			1.55			9		(16)		1.39			1.55			(16)
Nonperforming asset rate(6)	1.40			1.30			1.40			1.39			1.55			10		(15)		1.40			1.55			(15)
Risk category:(16)
Noncriticized	$	83,098		$	82,000		$	80,677		$	80,431		$	78,835		1%		5%		$	83,098		$	78,835		5%
Criticized performing	4,558			5,204			5,612			5,534			6,651			(12)		(31)		4,558			6,651			(31)
Criticized nonperforming	1,236			1,151			1,224			1,210			1,348			7		(8)		1,236			1,348			(8)
Total commercial banking loans held for investment	$	88,892		$	88,355		$	87,513		$	87,175		$	86,834		1		2		$	88,892		$	86,834		2
Risk category as a percentage of period-end loans held for investment:(16)
Noncriticized	93.48		%	92.81		%	92.19		%	92.26		%	90.79		%	67	bps	269	bps	93.48		%	90.79		%	269	bps
Criticized performing	5.13			5.89			6.41			6.35			7.66			(76)		(253)		5.13			7.66			(253)
Criticized nonperforming	1.39			1.30			1.40			1.39			1.55			9		(16)		1.39			1.55			(16)
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


											2025 Q3 vs.		Nine Months Ended September 30,
	2025		2025		2025		2024		2024		2025	2024					2025 vs.
(Dollars in millions)	Q3		Q2		Q1		Q4		Q3		Q2	Q3	2025		2024		2024
Other
Earnings:
Net interest income (loss)	$	65	$	(62)	$	(156)	$	(227)	$	(291)	**	**	$	(153)	$	(1,067)	(86)%
Non-interest loss	(49)		(34)		(19)		(41)		(45)		44%	9%	(102)		(36)		183
Total net revenue (loss)(10)	16		(96)		(175)		(268)		(336)		**	**	(255)		(1,103)		(77)
Provision (benefit) for credit losses	1		(1)		—		2		(1)		**	**	—		(1)		**
Non-interest expense(17)	393		342		197		180		121		15	**	932		347		169
Loss from continuing operations before income taxes	(378)		(437)		(372)		(450)		(456)		(14)	(17)	(1,187)		(1,449)		(18)
Income tax provision (benefit)	55		(361)		(176)		(84)		(193)		**	**	(482)		(601)		(20)
Loss from continuing operations, net of tax	$	(433)	$	(76)	$	(196)	$	(366)	$	(263)	**	65	$	(705)	$	(848)	(17)
Selected performance metrics:
Period-end deposits	$	22,100	$	24,821	$	12,560	$	12,687	$	13,464	(11)	64	$	22,100	$	13,464	64
Average deposits	23,172		18,765		12,474		12,786		14,639		23	58	18,176		17,286		5
Total
Earnings:
Net interest income	$	12,404	$	9,995	$	8,013	$	8,098	$	8,076	24%	54%	$	30,412	$	23,110	32%
Non-interest income	2,955		2,497		1,987		2,092		1,938		18	52	7,439		5,812		28
Total net revenue	15,359		12,492		10,000		10,190		10,014		23	53	37,851		28,922		31
Provision for credit losses	2,714		11,430		2,369		2,642		2,482		(76)	9	16,513		9,074		82
Non-interest expense	8,263		6,991		5,902		6,089		5,314		18	55	21,156		15,397		37
Income (loss) from continuing operations before income taxes	4,382		(5,929)		1,729		1,459		2,218		**	98	182		4,451		(96)
Income tax provision (benefit)	1,189		(1,666)		325		366		441		**	170	(152)		797		**
Income (loss) from continuing operations, net of tax	$	3,193	$	(4,263)	$	1,404	$	1,093	$	1,777	**	80	$	334	$	3,654	(91)
Selected performance metrics:
Period-end loans held for investment	$	443,159	$	439,297	$	323,598	$	327,775	$	320,243	1	38	$	443,159	$	320,243	38
Average loans held for investment	439,859		378,157		322,385		321,871		318,255		16	38	380,564		315,927		20
Period-end deposits	468,785		468,110		367,464		362,707		353,631		—	33	468,785		353,631		33
Average deposits	467,280		414,568		364,078		358,323		351,125		13	33	415,686		348,765		19

`CAPITAL ONE FINANCIAL CORPORATION (COF)

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

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

(2)Includes amounts related to entities that provide capital to low-income and rural communities of $2.1 billion, $2.2 billion and $2.1 billion for the third quarter, second quarter and first nine months of 2025, respectively, and $2.0 billion, $2.1 billion and $2.0 billion for the third quarter, second quarter and first nine months of 2024, respectively. Related interest expense was $8 million for both the third quarter and second quarter and $23 million for the first nine months of 2025, and $7 million, $8 million and $23 million for the third quarter, second quarter and first nine months of 2024, respectively.

(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)In Q2 2025, provision for credit losses includes the initial allowance for credit losses of $8.8 billion for non-purchased credit deteriorated (“non-PCD”) loans acquired in the Discover Acquisition.

(8)Primarily represents foreign currency translation adjustments.

(9)Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged-off.

(10)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.

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

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

(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.

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

(15)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.

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

(17)Includes the impact of $348 million, $299 million, $110 million, $140 million and $63 million in Discover integration expenses in Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024, 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)	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Regulatory Capital Metrics
Common equity excluding AOCI	$	114,323	$	112,368	$	66,225	$	65,823	$	64,966
Adjustments:
AOCI, net of tax(2)	68		83		19		1		58
Goodwill, net of related deferred tax liabilities	(28,575)		(28,052)		(14,792)		(14,786)		(14,816)
Other Intangible and deferred tax assets, net of deferred tax liabilities	(12,846)		(13,687)		(247)		(231)		(252)
Common equity Tier 1 capital	$	72,970	$	70,712	$	51,205	$	50,807	$	49,956
Tier 1 capital	$	78,377	$	76,118	$	56,050	$	55,652	$	54,801
Total capital(3)	87,849		85,988		63,926		61,805		61,151
Risk-weighted assets	506,261		503,413		375,538		377,145		368,199
Adjusted average assets(4)	622,435		537,581		483,888		480,794		473,146
Capital Ratios
Common equity Tier 1 capital(5)	14.4%		14.0%		13.6%		13.5%		13.6%
Tier 1 capital(6)	15.5		15.1		14.9		14.8		14.9
Total capital(7)	17.4		17.1		17.0		16.4		16.6
Tier 1 leverage(4)	12.6		14.2		11.6		11.6		11.6
TCE(8)	10.8		10.3		9.1		8.6		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.


	2025		2025		2025		2024		2024		Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	Q3		Q2		Q1		Q4		Q3		2025		2024
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)	$	3,086	$	(4,340)	$	1,325	$	1,022	$	1,692	$	117	$	3,423
Initial allowance build for Discover non-PCD loans	—		8,767		—		—		—		8,767		—
Discover integration expenses	348		299		110		140		63		757		94
Discover intangible amortization expense	498		255		—		—		—		753		—
Discover loan and deposit fair value mark amortization	105		85		—		—		—		190		—
Legal reserve activities	—		41		198		75		—		239		—
Allowance build for Walmart program agreement loss sharing termination	—		—		—		—		—		—		826
Walmart program agreement termination contra revenue impact	—		—		—		—		—		—		27
FDIC special assessment	—		—		—		—		(9)		—		41
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)	4,037		5,107		1,633		1,237		1,746		10,823		4,411
Income tax impacts	(236)		(2,339)		(76)		(52)		(13)		(2,651)		(241)

Adjusted net income available to common stockholders (non-GAAP)	$	3,801	$	2,768	$	1,557	$	1,185	$	1,733	$	8,172	$	4,170

Diluted weighted-average common shares outstanding (in millions) (GAAP)	639.5		505.6		384.0		383.4		383.7		510.9		383.7

Diluted EPS (GAAP)	$	4.83	$	(8.58)	$	3.45	$	2.67	$	4.41	$	0.23	$	8.92
Impact of adjustments noted above	1.12		14.06		0.61		0.42		0.10		15.77		1.94
Adjusted diluted EPS (non-GAAP)	$	5.95	$	5.48	$	4.06	$	3.09	$	4.51	$	16.00	$	10.86

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	8,263	$	6,991	$	5,902	$	6,089	$	5,314	$	21,156	$	15,397
Discover integration expenses	(348)		(299)		(110)		(140)		(63)		(757)		(94)
Discover intangible amortization expense	(498)		(255)		—		—		—		(753)		—
Legal reserve activities	—		(41)		(198)		(75)		—		(239)		—
FDIC special assessment	—		—		—		—		9		—		(41)
Adjusted non-interest expense (non-GAAP)	$	7,417	$	6,396	$	5,594	$	5,874	$	5,260	$	19,407	$	15,262

Total net revenue (GAAP)	$	15,359	$	12,492	$	10,000	$	10,190	$	10,014	$	37,851	$	28,922
Discover loan and deposit fair value mark amortization	105		85		—		—		—		190		—
Walmart program agreement termination contra revenue impact	—		—		—		—		—		—		27
Adjusted net revenue (non-GAAP)	$	15,464	$	12,577	$	10,000	$	10,190	$	10,014	$	38,041	$	28,949


	2025			2025			2025			2024			2024			Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3			2025			2024

Efficiency ratio (GAAP)	53.80%			55.96%			59.02		%	59.75		%	53.07		%	55.89%			53.24%
Impact of adjustments noted above	(584)		bps	(511)		bps	(308)		bps	(211)		bps	(54)		bps	(489)		bps	(52)bps
Adjusted efficiency ratio (non-GAAP)	47.96%			50.85%			55.94		%	57.64		%	52.53		%	51.02%			52.72%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	6,860		$	5,646		$	4,700		$	4,714		$	4,201		$	17,206		$	12,210
Discover integration expenses	(348)			(299)			(110)			(140)			(63)			(757)			(94)
Discover intangible amortization expense	(498)			(255)			—			—			—			(753)			—
Legal reserve activities	—			(41)			(198)			(75)			—			(239)			—
FDIC special assessment	—			—			—			—			9			—			(41)
Adjusted operating expense (non-GAAP)	$	6,014		$	5,051		$	4,392		$	4,499		$	4,147		$	15,457		$	12,075

Total net revenue (GAAP)	$	15,359		$	12,492		$	10,000		$	10,190		$	10,014		$	37,851		$	28,922
Discover loan and deposit fair value mark amortization	105			85			—			—			—			190			—
Walmart program agreement termination contra revenue impact	—			—			—			—			—			—			27
Adjusted net revenue (non-GAAP)	$	15,464		$	12,577		$	10,000		$	10,190		$	10,014		$	38,041		$	28,949

Operating efficiency ratio (GAAP)	44.66%			45.20%			47.00		%	46.26		%	41.95		%	45.46%			42.22%
Impact of adjustments noted above	(577)		bps	(504)		bps	(308)		bps	(211)		bps	(54)		bps	(482)		bps	(51)bps
Adjusted operating efficiency ratio (non-GAAP)	38.89%			40.16%			43.92		%	44.15		%	41.41		%	40.63%			41.71%

Adjusted net interest margin:
Net interest income (GAAP)	$	12,404		$	9,995		$	8,013		$	8,098		$	8,076		$	30,412		$	23,110
Loan and deposit fair value mark amortization	105			85			—			—			—			190			—
Walmart program agreement termination contra revenue impact	—			—			—			—			—			—			27
Adjusted net interest income (non-GAAP)	$	12,509		$	10,080		$	8,013		$	8,098		$	8,076		$	30,602		$	23,137

Average interest earning assets	$	593,247		$	524,929		$	462,771		$	460,640		$	454,484		$	527,461		$	451,078

Net interest margin (GAAP)	8.36%			7.62%			6.93		%	7.03		%	7.11		%	7.69%			6.83%
Impact of adjustments noted above	7		bps	6		bps	—		bps	—		bps	—		bps	5		bps	1bps
Adjusted net interest margin (non-GAAP)	8.43%			7.68%			6.93		%	7.03		%	7.11		%	7.74%			6.84%

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.


	2025			2025			2025			2024			2024
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3
Pre- Provision Earnings
Total net revenue	$	15,359		$	12,492		$	10,000		$	10,190		$	10,014
Non-interest expense	(8,263)			(6,991)			(5,902)			(6,089)			(5,314)
Pre-provision earnings(9)	$	7,096		$	5,501		$	4,098		$	4,101		$	4,700
Tangible Common Equity (Period-End)
Stockholders’ equity	$	113,813		$	110,956		$	63,542		$	60,784		$	62,925
Goodwill and other intangible assets(10)	(41,537)			(42,012)			(15,139)			(15,157)			(15,214)
Noncumulative perpetual preferred stock	(5,407)			(5,407)			(4,845)			(4,845)			(4,845)
Tangible common equity(11)	$	66,869		$	63,537		$	43,558		$	40,782		$	42,866
Tangible Common Equity (Average)
Stockholders’ equity	$	112,819		$	86,918		$	62,240		$	61,764		$	61,289
Goodwill and other intangible assets(10)	(41,815)			(29,114)			(15,149)			(15,195)			(15,225)
Noncumulative perpetual preferred stock	(5,407)			(5,355)			(4,845)			(4,845)			(4,845)
Tangible common equity(11)	$	65,597		$	52,449		$	42,246		$	41,724		$	41,219
Return on Tangible Common Equity (Average)
Net income available to common stockholders	$	3,086		$	(4,340)		$	1,325		$	1,022		$	1,692
Tangible common equity (Average)	65,597			52,449			42,246			41,724			41,219
Return on tangible common equity(11)(12)	18.82		%	(32.99)		%	12.55		%	9.77		%	16.42		%
Tangible Assets (Period-End)
Total assets	$	661,877		$	658,968		$	493,604		$	490,144		$	486,433
Goodwill and other intangible assets(10)	(41,537)			(42,012)			(15,139)			(15,157)			(15,214)
Tangible assets(11)	$	620,340		$	616,956		$	478,465		$	474,987		$	471,219


	2025		2025		2025		2024		2024
(Dollars in millions)	Q3		Q2		Q1		Q4		Q3






















Tangible Assets (Average)
Total assets	$	657,858	$	572,446	$	491,817	$	488,300	$	481,219
Goodwill and other intangible assets(10)	(41,815)		(29,114)		(15,149)		(15,195)		(15,225)
Tangible assets(11)	$	616,043	$	543,332	$	476,668	$	473,105	$	465,994
Return on Tangible Assets (Average)
Net income (loss)	$	3,192	$	(4,277)	$	1,404	$	1,096	$	1,777
Tangible Assets (Average)	616,043		543,332		476,668		473,105		465,994
Return on tangible assets(11)(13)	2.07%		(3.14)%		1.18%		0.92%		1.53%
TCE Ratio
Tangible common equity (Period-end)	$	66,869	$	63,537	$	43,558	$	40,782	$	42,866
Tangible Assets (Period-end)	620,340		616,956		478,465		474,987		471,219
TCE Ratio(11)	10.8%		10.3%		9.1%		8.6%		9.1%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	66,869	$	63,537	$	43,558	$	40,782	$	42,866
Outstanding Common Shares	635.7		639.5		383.0		381.2		381.5
Tangible book value per common share(11)	$	105.18	$	99.35	$	113.74	$	106.97	$	112.36

__________

(1)Regulatory capital metrics and capital ratios as of September 30, 2025 are preliminary and therefore subject to change.

(2)Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.

(3)Total capital equals the sum of Tier 1 capital and Tier 2 capital.

(4)Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.

(5)Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.

(6)Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.

(7)Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.

(8)TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.

(9)Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(10)Includes impact of related deferred taxes.

(11)Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.

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

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