Capital One Reports Third Quarter 2026 Net Income of $3.5 billion, or $5.61 per share

Net of adjusting items, Third Quarter 2026 Net Income of $6.69 per share⁽¹⁾

MCLEAN, Va.--(BUSINESS WIRE)--Oct. 20, 2026-- Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2026 of $3.5 billion, or $5.61 per diluted common share, compared with net income of $3.0 billion, or $4.73 per diluted common share in the second quarter of 2026, and with net income of $3.2 billion, or $4.83 per diluted common share in the third quarter of 2025. Adjusted net income⁽¹⁾ for the third quarter of 2026 was $6.69 per diluted common share.

"The Discover integration continues to go well and we’re making good progress on delivering the expected synergies," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We continue to invest to deliver sustained growth and value creation over the long-term."

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⁾	$	483	$	0.60
Discover integration expenses	$	338	$	0.42
Brex integration expenses	$	47	$	0.06

All comparisons below are for the third quarter of 2026 compared with the second quarter of 2026 unless otherwise noted.

Third Quarter 2026 Income Statement Summary:

Total net revenue increased 3 percent to $16.3 billion.
Total non-interest expense decreased 2 percent to $8.9 billion:
- 4 percent decrease in marketing.
- 2 percent decrease in operating expenses.
Pre-provision earnings⁽³⁾ increased 10 percent to $7.5 billion.
Provision for credit losses decreased $73 million to $2.9 billion:
- Net charge-offs of $3.1 billion.
- $225 million loan reserve release.
Net interest margin of 8.41 percent, an increase of 40 basis points.
Efficiency ratio of 54.19 percent.
- Adjusted efficiency ratio⁽⁴⁾ of 48.76 percent.
Operating efficiency ratio of 44.43 percent.
- Adjusted operating efficiency ratio⁽⁴⁾of 38.99 percent.

Third Quarter 2026 Balance Sheet Summary:

Common equity Tier 1 capital ratio⁽⁵⁾ under Basel III Standardized Approach of 13.8% as of September 30, 2026.
Period-end loans held for investment in the quarter increased $5.4 billion, or 1 percent, to $462.5 billion.
- Credit Card period-end loans increased $952 million, or less than 1 percent, to $276.4 billion.
  - Domestic Card period-end loans increased $1.2 billion, or less than 1 percent, to $260.3 billion.
- Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $94.0 billion.
  - Auto period-end loans increased $3.6 billion, or 4 percent, to $92.9 billion.
- Commercial Banking period-end loans increased $834 million, or 1 percent, to $92.1 billion.
Average loans held for investment in the quarter increased $6.7 billion, or 1 percent, to $457.4 billion.
- Credit Card average loans increased $2.5 billion, or 1 percent, to $273.7 billion.
  - Domestic Card average loans increased $2.7 billion, or 1 percent, to $257.3 billion.
- Consumer Banking average loans increased $3.7 billion, or 4 percent, to $92.3 billion.
  - Auto average loans increased $3.8 billion, or 4 percent, to $91.2 billion.
- Commercial Banking average loans increased $481 million, or 1 percent, to $91.4 billion.
Period-end total deposits decreased $3.6 billion, or 1 percent, to $480.7 billion, while average deposits decreased $4.2 billion, or 1 percent, to $482.6 billion.
Interest-bearing deposits rate paid increased 3 basis points to 2.94 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 20, 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 November 03, 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 $480.7 billion in deposits and $672.9 billion in total assets as of September 30, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.

⁽¹⁾		Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 20, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures for a reconciliation of our selected reported results to these non-GAAP measures.
⁽²⁾		Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
⁽³⁾		Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 20, 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 October 20, 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 September 30, 2026 are preliminary and therefore subject to change.

Capital One Financial Corporation Financial Supplement^(1)(2)(3) Third Quarter 2026 Table of Contents

Capital One Financial Corporation Consolidated Results			Page
	Table 1:	Financial Summary—Consolidated	1
	Table 2:	Selected Metrics—Consolidated	3
	Table 3:	Consolidated Statements of Income	4
	Table 4:	Consolidated Balance Sheets	6
	Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)	8
	Table 6:	Average Balances, Net Interest Income and Net Interest Margin	9
	Table 7:	Loan Information and Performance Statistics	10
	Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	13
Business Segment Results
	Table 9:	Financial Summary—Business Segment Results	14
	Table 10:	Financial & Statistical Summary—Credit Card Business	15
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	17
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	18
	Table 13:	Financial & Statistical Summary—Other and Total	19
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	20
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	21
	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 September 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 April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction.

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 1: Financial Summary—Consolidated

(Dollars in millions, except per share data and as noted)																2026 Q3				Nine Months Ended September 30,
	2026			2026			2026			2025			2025			2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2026			2025			2025
Income Statement
Net interest income	$	12,886		$	12,374		$	12,145		$	12,466		$	12,404		4	%	4	%	$	37,405		$	30,412		23	%
Non-interest income		3,458			3,476			3,086			3,117			2,955		(1	)	17			10,020			7,439		35
Total net revenue⁽¹⁾		16,344			15,850			15,231			15,583			15,359		3		6			47,425			37,851		25
Provision for credit losses		2,916			2,989			4,068			4,142			2,714		(2	)	7			9,973			16,513		(40	)
Non-interest expense:
Marketing		1,594			1,661			1,497			1,934			1,403		(4	)	14			4,752			3,950		20
Operating expense		7,262			7,382			6,967			7,408			6,860		(2	)	6			21,611			17,206		26
Total non-interest expense		8,856			9,043			8,464			9,342			8,263		(2	)	7			26,363			21,156		25
Income from continuing operations before income taxes		4,572			3,818			2,699			2,099			4,382		20		4			11,089			182		**
Income tax provision (benefit)		1,033			798			518			345			1,189		29		(13	)		2,349			(152	)	**
Income from continuing operations, net of tax		3,539			3,020			2,181			1,754			3,193		17		11			8,740			334		**
Income (loss) from discontinued operations, net of tax		—			—			(7	)		380			(1	)	—		**			(7	)		(15	)	(53	)
Net income		3,539			3,020			2,174			2,134			3,192		17		11			8,733			319		**
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(32	)		(28	)		(20	)		(20	)		(33	)	14		(3	)		(80	)		(13	)	**
Preferred stock dividends		(73	)		(57	)		(73	)		(57	)		(73	)	28		—			(203	)		(195	)	4	%
Impacts from preferred stock redemptions		(12	)		—			—			—			—		**		**			(12	)		6		**
Net income available to common stockholders	$	3,422		$	2,935		$	2,081		$	2,057		$	3,086		17	%	11	%	$	8,438		$	117		**
Common Share Statistics
Basic earnings per common share:⁽²⁾
Net income from continuing operations	$	5.62		$	4.73		$	3.35		$	2.66		$	4.83		19	%	16	%	$	13.68		$	0.26		**
Income (loss) from discontinued operations		—			—			(0.01	)		0.60			—		—		—			(0.01	)		(0.03	)	(67	)%
Net income per basic common share	$	5.62		$	4.73		$	3.34		$	3.26		$	4.83		19	%	16	%	$	13.67		$	0.23		**
Diluted earnings per common share:⁽²⁾
Net income from continuing operations	$	5.61		$	4.73		$	3.35		$	2.66		$	4.83		19	%	16	%	$	13.66		$	0.26		**
Income (loss) from discontinued operations		—			—			(0.01	)		0.60			—		—		—			(0.01	)		(0.03	)	(67	)%
Net income per diluted common share	$	5.61		$	4.73		$	3.34		$	3.26		$	4.83		19	%	16	%	$	13.65		$	0.23		**
Weighted-average common shares outstanding (in millions):
Basic		608.9			620.5			622.5			631.1			639.0		(2	)%	(5	)%		617.2			510.2		21	%
Diluted		609.5			621.1			623.4			631.6			639.5		(2	)	(5	)		618.0			510.9		21
Common shares outstanding (period-end, in millions)		601.5			613.5			615.9			625.1			635.7		(2	)	(5	)		601.5			635.7		(5	)
Dividends declared and paid per common share	$	0.80		$	0.80		$	0.80		$	0.80		$	0.60		—		33		$	2.40		$	1.80		33
Tangible book value per common share (period-end)⁽³⁾		102.72			105.21			107.76			107.72			105.18		(2	)%	(2	)%		102.72			105.18		(2	)%

(Dollars in millions)											2026 Q3				Nine Months Ended September 30,
	2026		2026		2026		2025		2025		2026		2025						2026 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2026		2025		2025
Balance Sheet (Period-End)
Loans held for investment	$	462,530	$	457,168	$	447,754	$	453,622	$	443,159	1	%	4	%	$	462,530	$	443,159	4	%
Interest-earning assets		610,799		610,913		624,560		613,750		605,235	—		1			610,799		605,235	1
Total assets		672,867		673,835		682,905		669,009		661,877	—		2			672,867		661,877	2
Interest-bearing deposits		453,006		456,464		461,117		448,386		441,136	(1	)	3			453,006		441,136	3
Total deposits		480,697		484,257		489,053		475,771		468,785	(1	)	3			480,697		468,785	3
Borrowings		49,774		45,371		51,888		51,000		51,482	10		(3	)		49,774		51,482	(3	)
Common equity		105,237		108,386		106,854		108,209		108,406	(3	)	(3	)		105,237		108,406	(3	)
Total stockholders’ equity		109,656		113,793		112,261		113,616		113,813	(4	)	(4	)		109,656		113,813	(4	)
Balance Sheet (Average Balances)
Loans held for investment	$	457,380	$	450,679	$	446,235	$	444,680	$	439,859	1	%	4	%	$	451,472	$	380,564	19	%
Interest-earning assets		612,521		617,583		617,173		603,730		593,247	(1	)	3			615,741		527,461	17
Total assets		676,168		682,079		675,999		665,656		657,858	(1	)	3			678,056		574,602	18
Interest-bearing deposits		454,245		458,130		451,957		442,763		439,527	(1	)	3			454,785		388,541	17
Total deposits		482,613		486,791		479,958		470,965		467,280	(1	)	3			483,130		415,686	16
Borrowings		48,061		49,092		52,348		50,814		50,180	(2	)	(4	)		49,818		47,097	6
Common equity		108,486		109,111		109,149		109,997		107,412	(1	)	1			108,913		82,306	32
Total stockholders’ equity		113,571		114,518		114,556		115,404		112,819	(1	)	1			114,211		87,511	31

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 2: Selected Metrics—Consolidated

(Dollars in millions, except as noted)																2026 Q3				Nine Months Ended September 30,
		2026			2026			2026			2025			2025		2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2026			2025		2025
Performance Metrics
Net interest income growth (period over period)		4	%		2	%		(3	)%		—	%		24	%	**		**			23	%		32	%	**
Non-interest income growth (period over period)		(1	)		13			(1	)		5			18		**		**			35			28		**
Total net revenue growth (period over period)		3			4			(2	)		1			23		**		**			25			31		**
Total net revenue margin⁽⁴⁾		10.67			10.27			9.87			10.32			10.36		40	bps	31	bps		10.27			9.57		70	bps
Net interest margin⁽⁵⁾		8.41			8.01			7.87			8.26			8.36		40		5			8.10			7.69		41
Return on average assets⁽⁶⁾		2.09			1.77			1.29			1.05			1.94		32		15			1.72			0.08		164
Return on average tangible assets⁽⁷⁾		2.24			1.89			1.37			1.12			2.07		35		17			1.83			0.08		175
Return on average common equity⁽⁸⁾		12.62			10.76			7.65			6.10			11.50		186		112			10.34			0.21		1,013
Return on average tangible common equity⁽⁹⁾		21.12			18.04			12.20			9.74			18.82		308		230			17.04			0.33		1,671
Efficiency ratio⁽¹⁰⁾		54.19			57.05			55.57			59.95			53.80		(286	)	39			55.59			55.89		(30)
Operating efficiency ratio⁽¹¹⁾		44.43			46.57			45.74			47.54			44.66		(214	)	(23	)		45.57			45.46		11
Effective income tax rate for continuing operations		22.6			20.9			19.2			16.4			27.1		170		(450	)		21.2			(83.5	)	**
Employees (period-end, in thousands)		77.5			78.4			77.1			76.3			77.0		(1	)%	1	%		77.5			77.0		1%
Credit Quality Metrics
Allowance for credit losses	$	22,739		$	22,966		$	23,630		$	23,409		$	23,103		(1	)%	(2	)%	$	22,739		$	23,103		(2)%
Allowance coverage ratio		4.92	%		5.02	%		5.28	%		5.16	%		5.21	%	(10)	bps	(29)	bps		4.92	%		5.21	%	(29)	bps
Net charge-offs	$	3,121		$	3,642		$	3,847		$	3,833		$	3,473		(14	)%	(10	)%	$	10,610		$	9,269		14%
Net charge-off rate⁽¹²⁾		2.73	%		3.23	%		3.45	%		3.45	%		3.16	%	(50)	bps	(43)	bps		3.13	%		3.25	%	(12)	bps
30+ day performing delinquency rate		3.18			2.91			3.04			3.41			3.29		27		(11	)		3.18			3.29		(11)
30+ day delinquency rate		3.41			3.13			3.24			3.59			3.50		28		(9	)		3.41			3.50		(9)
Capital Ratios⁽¹³⁾
Common equity Tier 1 capital		13.8	%		13.7	%		14.4	%		14.3	%		14.4	%	10	bps	(60)	bps		13.8	%		14.4	%	(60)	bps
Tier 1 capital		14.6			14.8			15.4			15.3			15.5		(20	)	(90	)		14.6			15.5		(90)
Total capital		16.5			16.6			17.3			17.2			17.3		(10	)	(80	)		16.5			17.3		(80)
Tier 1 leverage		11.9			11.8			12.2			12.5			12.6		10		(70	)		11.9			12.6		(70)
Tangible common equity (“TCE”)⁽¹⁴⁾		9.8			10.2			10.3			10.7			10.8		(40	)	(100	)		9.8			10.8		(100)

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 3: Consolidated Statements of Income

(Dollars in millions, except as noted)																2026 Q3				Nine Months Ended September 30,
	2026			2026			2026			2025			2025			2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2026			2025			2025
Interest income:
Loans, including loans held for sale	$	15,515		$	14,911		$	14,735		$	15,186		$	15,229		4	%	2	%	$	45,161		$	37,835		19	%
Investment securities		867			850			832			841			823		2		5			2,549			2,377		7
Other		517			624			664			660			711		(17	)	(27	)		1,805			1,797		—
Total interest income		16,899			16,385			16,231			16,687			16,763		3		1			49,515			42,009		18
Interest expense:
Deposits		3,334			3,338			3,387			3,493			3,597		—		(7	)		10,059			9,432		7
Securitized debt obligations		127			117			141			155			165		9		(23	)		385			505		(24	)
Senior and subordinated notes		528			535			532			550			582		(1	)	(9	)		1,595			1,622		(2	)
Other borrowings		24			21			26			23			15		14		60			71			38		87
Total interest expense		4,013			4,011			4,086			4,221			4,359		—		(8	)		12,110			11,597		4
Net interest income		12,886			12,374			12,145			12,466			12,404		4		4			37,405			30,412		23
Provision for credit losses		2,916			2,989			4,068			4,142			2,714		(2	)	7			9,973			16,513		(40	)
Net interest income after provision for credit losses		9,970			9,385			8,077			8,324			9,690		6		3			27,432			13,899		97
Non-interest income:
Discount and interchange fees, net		2,335			2,256			1,964			1,930			1,812		4		29			6,555			4,513		45
Service charges and other customer-related fees		807			808			809			833			849		—		(5	)		2,424			2,016		20
Net securities gains (losses)		(40	)		—			—			—			—		**		**			(40	)		—		**
Other		356			412			313			354			294		(14	)	21			1,081			910		19
Total non-interest income		3,458			3,476			3,086			3,117			2,955		(1	)	17			10,020			7,439		35
Non-interest expense:
Salaries and associate benefits		3,733			3,769			3,671			3,430			3,496		(1	)	7			11,173			9,041		24
Occupancy and equipment		985			969			867			958			856		2		15			2,821			2,208		28
Marketing		1,594			1,661			1,497			1,934			1,403		(4	)	14			4,752			3,950		20
Professional services		604			667			585			693			641		(9	)	(6	)		1,856			1,731		7
Communications and data processing		622			489			496			482			476		27		31			1,607			1,288		25
Amortization of intangibles		508			507			492			525			514		—		(1	)		1,507			801		88
Other		810			981			856			1,320			877		(17	)	(8	)		2,647			2,137		24
Total non-interest expense		8,856			9,043			8,464			9,342			8,263		(2	)	7			26,363			21,156		25
Income from continuing operations before income taxes		4,572			3,818			2,699			2,099			4,382		20		4			11,089			182		**
Income tax provision (benefit)		1,033			798			518			345			1,189		29		(13	)		2,349			(152	)	**
Income from continuing operations, net of tax		3,539			3,020			2,181			1,754			3,193		17		11			8,740			334		**
Income (loss) from discontinued operations, net of tax		—			—			(7	)		380			(1	)	—		**			(7	)		(15	)	(53	)
Net income		3,539			3,020			2,174			2,134			3,192		17		11			8,733			319		**
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(32	)		(28	)		(20	)		(20	)		(33	)	14		(3	)		(80	)		(13	)	**
Preferred stock dividends		(73	)		(57	)		(73	)		(57	)		(73	)	28		—			(203	)		(195	)	4	%
Impacts from preferred stock redemptions		(12	)		—			—			—			—		**		**			(12	)		6		**
Net income available to common stockholders	$	3,422		$	2,935		$	2,081		$	2,057		$	3,086		17	%	11	%	$	8,438		$	117		**


																2026 Q3				Nine Months Ended September 30,
	2026			2026			2026			2025			2025			2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3		2026			2025			2025
Basic earnings per common share:⁽²⁾
Net income from continuing operations	$	5.62		$	4.73		$	3.35		$	2.66		$	4.83		19	%	16	%	$	13.68		$	0.26		**
Income (loss) from discontinued operations		—			—			(0.01	)		0.60			—		—		—			(0.01	)		(0.03	)	(67	)%
Net income per basic common share	$	5.62		$	4.73		$	3.34		$	3.26		$	4.83		19	%	16	%	$	13.67		$	0.23		**
Diluted earnings per common share:⁽²⁾
Net income from continuing operations	$	5.61		$	4.73		$	3.35		$	2.66		$	4.83		19	%	16	%	$	13.66		$	0.26		**
Income (loss) from discontinued operations		—			—			(0.01	)		0.60			—		—		—			(0.01	)		(0.03	)	(67	)%
Net income per diluted common share	$	5.61		$	4.73		$	3.34		$	3.26		$	4.83		19	%	16	%	$	13.65		$	0.23		**
Weighted-average common shares outstanding (in millions):
Basic common shares		608.9			620.5			622.5			631.1			639.0		(2	)%	(5	)%		617.2			510.2		21	%
Diluted common shares		609.5			621.1			623.4			631.6			639.5		(2	)	(5	)		618.0			510.9		21

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 4: Consolidated Balance Sheets

																2026 Q3
(Dollars in millions)		2026			2026			2026			2025			2025		2026		2025
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3			Q2		Q3
Assets:
Cash and cash equivalents:
Cash and due from banks	$	4,950		$	4,834		$	4,555		$	3,031		$	4,606		2	%	7	%
Interest-bearing deposits and other short-term investments		43,939			49,880			71,939			54,403			50,673		(12	)	(13	)
Total cash and cash equivalents		48,889			54,714			76,494			57,434			55,279		(11	)	(12	)
Restricted cash for securitization investors		442			1,167			2,762			4,659			3,248		(62	)	(86	)
Investment securities:
Investment securities available for sale		85,990			90,041			90,620			91,051			89,733		(4	)	(4	)
Investment securities held to maturity		3,781			2,737			1,694			—			—		38		**
Total investment securities		89,771			92,778			92,314			91,051			89,733		(3	)	—
Loans held for investment:
Unsecuritized loans held for investment		435,477			431,440			421,360			425,665			389,808		1		12
Loans held in consolidated trusts⁽¹⁵⁾		27,053			25,728			26,394			27,957			53,351		5		(49	)
Total loans held for investment		462,530			457,168			447,754			453,622			443,159		1		4
Allowance for credit losses		(22,739	)		(22,966	)		(23,630	)		(23,409	)		(23,103	)	(1	)	(2	)
Net loans held for investment		439,791			434,202			424,124			430,213			420,056		1		5
Loans held for sale		636			264			186			760			670		141		(5	)
Premises and equipment, net		6,158			6,244			5,730			5,602			5,576		(1	)	10
Interest receivable		3,531			3,432			3,460			3,492			3,456		3		2
Goodwill		31,880			31,866			28,502			28,509			28,863		—		10
Other intangible assets		15,569			16,077			16,087			16,578			17,042		(3	)	(9	)
Other assets		36,200			33,091			33,246			30,711			29,957		9		21
Assets of discontinued operations		—			—			—			—			7,997		—		**
Total assets	$	672,867		$	673,835		$	682,905		$	669,009		$	661,877		—	%	2	%

Liabilities:
Interest payable	$	782		$	816		$	827		$	844		$	826		(4	)%	(5	)%
Deposits:
Non-interest-bearing deposits		27,691			27,793			27,936			27,385			27,649		—		—
Interest-bearing deposits		453,006			456,464			461,117			448,386			441,136		(1	)	3
Total deposits		480,697			484,257			489,053			475,771			468,785		(1	)	3
Securitized debt obligations		11,280			8,502			11,283			12,853			13,642		33		(17	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase		612			694			626			587			616		(12	)	(1	)
Senior and subordinated notes		36,347			35,620			38,421			36,001			36,662		2		(1	)
Other borrowings		1,535			555			1,558			1,559			562		177		173
Total other debt		38,494			36,869			40,605			38,147			37,840		4		2
Other liabilities		31,958			29,598			28,876			27,778			26,941		8		19
Liabilities of discontinued operations		—			—			—			—			30		—		**
Total liabilities		563,211			560,042			570,644			555,393			548,064		1		3

Stockholders’ equity:
Preferred stock		0			0			0			0			0		—		—
Common stock		7			7			7			7			7		—		—
Additional paid-in capital, net		64,397			65,105			64,284			64,031			63,725		(1	)	1
Retained earnings		72,213			69,250			66,788			65,192			63,624		4		13
Accumulated other comprehensive loss		(10,008	)		(6,300	)		(5,879	)		(5,468	)		(5,917	)	59		69
Treasury stock, at cost		(16,953	)		(14,269	)		(12,939	)		(10,146	)		(7,626	)	19		122
Total stockholders’ equity		109,656			113,793			112,261			113,616			113,813		(4	)	(4	)
Total liabilities and stockholders’ equity	$	672,867		$	673,835		$	682,905		$	669,009		$	661,877		—	%	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 $784 million in Q3 2026, $898 million in Q2 2026, $980 million in Q1 2026, $941 million in Q4 2025 and $869 million in Q3 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⁾		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.
⁽¹³⁾		Capital ratios as of the end of Q3 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.
⁽¹⁴⁾		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.
⁽¹⁵⁾		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 Q3						2026 Q2						2025 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	$	457,831	$	15,515	13.56	%	$	450,862	$	14,911	13.23	%	$	440,374	$	15,229	13.83	%
Investment securities		99,842		867	3.48			99,339		850	3.42			96,186		823	3.42
Cash equivalents and other		54,848		517	3.77			67,382		624	3.70			56,687		711	5.02
Total interest-earning assets	$	612,521	$	16,899	11.04	%	$	617,583	$	16,385	10.61	%	$	593,247	$	16,763	11.30	%
Interest-bearing liabilities:
Interest-bearing deposits	$	454,245	$	3,334	2.94	%	$	458,130	$	3,338	2.91	%	$	439,527	$	3,597	3.27	%
Securitized debt obligations		10,918		127	4.66			10,190		117	4.59			12,919		165	5.11
Senior and subordinated notes		35,603		528	5.93			37,498		535	5.70			36,272		582	6.41
Other borrowings and liabilities⁽²⁾		4,356		24	2.17			3,838		21	2.30			3,120		15	2.04
Total interest-bearing liabilities	$	505,122	$	4,013	3.18	%	$	509,656	$	4,011	3.15	%	$	491,838	$	4,359	3.55	%
Net interest income/spread			$	12,886	7.86				$	12,374	7.46				$	12,404	7.75
Impact of non-interest-bearing funding					0.55						0.55						0.61
Net interest margin					8.41	%					8.01	%					8.36	%


	Nine Months Ended September 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	$	451,851	$	45,161	13.33	%	$	380,992	$	37,835	13.24	%
Investment securities		99,002		2,549	3.43			93,970		2,377	3.37
Cash equivalents and other		64,888		1,805	3.71			52,499		1,797	4.56
Total interest-earning assets	$	615,741	$	49,515	10.72	%	$	527,461	$	42,009	10.62	%
Interest-bearing liabilities:
Interest-bearing deposits	$	454,785	$	10,059	2.95	%	$	388,541	$	9,432	3.24	%
Securitized debt obligations		11,189		385	4.59			13,228		505	5.10
Senior and subordinated notes		36,974		1,595	5.75			33,180		1,622	6.52
Other borrowings and liabilities⁽²⁾		4,145		71	2.30			2,771		38	1.84
Total interest-bearing liabilities	$	507,093	$	12,110	3.18	%	$	437,720	$	11,597	3.53	%
Net interest income/spread			$	37,405	7.54				$	30,412	7.09
Impact of non-interest-bearing funding					0.56						0.60
Net interest margin					8.10	%					7.69	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 7: Loan Information and Performance Statistics ⁽³⁾

(Dollars in millions, except as noted)											2026 Q3				Nine Months Ended September 30,
	2026		2026		2026		2025		2025		2026		2025			2026		2025	2026 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3			2026		2025	2025
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	260,252	$	259,005	$	254,028	$	262,403	$	253,951	—		2	%	$	260,252	$	253,951	2	%
Personal loans		7,984		8,619		9,070		9,499		9,646	(7	)%	(17	)		7,984		9,646	(17	)
International card businesses		8,124		7,784		7,460		7,668		7,440	4		9			8,124		7,440	9
Total credit card		276,360		275,408		270,558		279,570		271,037	—		2			276,360		271,037	2
Consumer banking:
Auto		92,901		89,311		85,700		83,600		82,035	4		13			92,901		82,035	13
Retail banking		1,142		1,156		1,173		1,190		1,195	(1	)	(4	)		1,142		1,195	(4	)
Total consumer banking		94,043		90,467		86,873		84,790		83,230	4		13			94,043		83,230	13
Commercial banking:
Commercial and multifamily real estate		35,636		34,290		33,809		33,618		33,461	4		7			35,636		33,461	7
Commercial and industrial		56,491		57,003		56,514		55,644		55,431	(1	)	2			56,491		55,431	2
Total commercial banking		92,127		91,293		90,323		89,262		88,892	1		4			92,127		88,892	4
Total loans held for investment	$	462,530	$	457,168	$	447,754	$	453,622	$	443,159	1	%	4	%	$	462,530	$	443,159	4	%
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	257,311	$	254,625	$	254,036	$	255,221	$	252,090	1	%	2	%	$	255,336	$	200,221	28	%
Personal loans		8,314		8,866		9,310		9,618		9,703	(6	)	(14	)		8,826		4,863	81
International card businesses		8,045		7,706		7,628		7,389		7,382	4		9			7,795		7,088	10
Total credit card		273,670		271,197		270,974		272,228		269,175	1		2			271,957		212,172	28
Consumer banking:
Auto		91,178		87,419		84,522		82,767		81,094	4		12			87,731		79,080	11
Retail banking		1,152		1,164		1,179		1,190		1,201	(1	)	(4	)		1,165		1,224	(5	)
Total consumer banking		92,330		88,583		85,701		83,957		82,295	4		12			88,896		80,304	11
Commercial banking:
Commercial and multifamily real estate		34,354		33,978		33,539		33,155		33,104	1		4			33,960		32,458	5
Commercial and industrial		57,026		56,921		56,021		55,340		55,285	—		3			56,659		55,630	2
Total commercial banking		91,380		90,899		89,560		88,495		88,389	1		3			90,619		88,088	3
Total average loans held for investment	$	457,380	$	450,679	$	446,235	$	444,680	$	439,859	1	%	4	%	$	451,472	$	380,564	19	%

											2026 Q3				Nine Months Ended September 30,
	2026		2026		2026		2025		2025		2026		2025		2026		2025		2026 vs.
	Q3		Q2		Q1		Q4		Q3		Q2		Q3		2026		2025		2025
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card	3.98	%	4.71	%	5.10	%	4.93	%	4.63	%	(73)	bps	(65)	bps	4.59	%	5.21	%	(62)	bps
Personal loans	3.41		3.77		3.81		4.08		3.81		(36	)	(40	)	3.67		3.67		—
International card businesses	5.66		5.82		4.65		5.29		5.07		(16	)	59		5.38		5.09		29
Total credit card	4.01		4.71		5.05		4.91		4.61		(70	)	(60	)	4.59		5.17		(58	)
Consumer banking:
Auto	1.59		1.43		1.64		1.82		1.54		16		5		1.55		1.44		11
Retail banking	5.11		5.39		5.99		6.04		4.41		(28	)	70		5.50		4.57		93
Total consumer banking	1.63		1.48		1.70		1.88		1.58		15		5		1.60		1.49		11
Commercial banking:
Commercial and multifamily real estate	0.02		0.09		0.03		0.02		(0.09	)	(7	)	11		0.05		(0.02	)	7
Commercial and industrial	(0.02	)	0.80		0.44		0.67		0.38		(82	)	(40	)	0.41		0.35		6
Total commercial banking	—		0.53		0.29		0.43		0.21		(53	)	(21	)	0.27		0.21		6
Total net charge-offs	2.73		3.23		3.45		3.45		3.16		(50	)	(43	)	3.13		3.25		(12	)
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card	3.74	%	3.39	%	3.70	%	3.99	%	3.89	%	35	bps	(15)	bps	3.74	%	3.89	%	(15)	bps
Personal loans	1.84		1.67		1.72		1.74		1.74		17		10		1.84		1.74		10
International card businesses	4.67		4.60		4.82		4.62		4.60		7		7		4.67		4.60		7
Total credit card	3.72		3.37		3.66		3.93		3.84		35		(12	)	3.72		3.84		(12	)
Consumer banking:
Auto	4.64		4.32		4.21		5.23		4.99		32		(35	)	4.64		4.99		(35	)
Retail banking	1.14		1.15		0.92		1.09		0.89		(1	)	25		1.14		0.89		25
Total consumer banking	4.60		4.28		4.17		5.17		4.93		32		(33	)	4.60		4.93		(33	)

Nonperforming Loans and Nonperforming Assets Rates⁽⁴⁾⁽⁵⁾
Credit card:
Personal loans	0.13	%	0.12	%	0.13	%	0.13	%	0.13	%	1	bps	—		0.13	%	0.13	%	—
International card businesses	0.18		0.18		0.15		0.16		0.16		—		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	0.65		0.61		0.55		0.68		0.71		4		(6	)	0.65		0.71		(6	)
Retail banking	1.51		1.59		1.66		1.45		1.65		(8	)	(14	)	1.51		1.65		(14	)
Total consumer banking	0.66		0.62		0.57		0.69		0.73		4		(7	)	0.66		0.73		(7	)
Commercial banking:
Commercial and multifamily real estate	1.24		1.29		1.07		0.95		1.05		(5	)	19		1.24		1.05		19
Commercial and industrial	1.22		1.33		1.60		1.60		1.59		(11	)	(37	)	1.22		1.59		(37	)
Total commercial banking	1.22		1.32		1.40		1.36		1.39		(10	)	(17	)	1.22		1.39		(17	)
Total nonperforming loans	0.38		0.39		0.40		0.40		0.42		(1	)	(4	)	0.38		0.42		(4	)
Total nonperforming assets	0.42		0.43		0.43		0.43		0.44		(1	)	(2	)	0.42		0.44		(2	)

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

	Three Months Ended September 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 June 30, 2026	$	18,101		$	656		$	572		$	19,329		$	2,142		$	20		$	2,162		$	1,475		$	22,966
Charge-offs		(3,773	)		(104	)		(166	)		(4,043	)		(714	)		(20	)		(734	)		(21	)		(4,798	)
Recoveries		1,213			33			52			1,298			352			6			358			21			1,677
Net charge-offs		(2,560	)		(71	)		(114	)		(2,745	)		(362	)		(14	)		(376	)		—			(3,121	)
Provision for credit losses		2,310			15			154			2,479			403			14			417			—			2,896
Allowance build (release) for credit losses		(250	)		(56	)		40			(266	)		41			—			41			—			(225	)
Other changes⁽⁶⁾		—			—			(2	)		(2	)		—			—			—			—			(2	)
Balance as of September 30, 2026		17,851			600			610			19,061			2,183			20			2,203			1,475			22,739
Reserve for unfunded lending commitments:
Balance as of June 30, 2026		—			—			—			—			—			—			—			142			142
Provision for losses on unfunded lending commitments		—			—			—			—			—			—			—			20			20
Balance as of September 30, 2026		—			—			—			—			—			—			—			162			162
Combined allowance and reserve as of September 30, 2026	$	17,851		$	600		$	610		$	19,061		$	2,183		$	20		$	2,203		$	1,637		$	22,901


	Nine Months Ended September 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		(12,325	)		(341	)		(476	)		(13,142	)		(2,108	)		(63	)		(2,171	)		(213	)		(15,526	)
Recoveries		3,527			98			161			3,786			1,087			15			1,102			28			4,916
Net charge-offs		(8,798	)		(243	)		(315	)		(9,356	)		(1,021	)		(48	)		(1,069	)		(185	)		(10,610	)
Provision for credit losses		7,838			112			414			8,364			1,335			45			1,380			209			9,953
Allowance build (release) for credit losses		(960	)		(131	)		99			(992	)		314			(3	)		311			24			(657	)
Other changes⁽⁶⁾		—			—			(13	)		(13	)		—			—			—			—			(13	)
Balance as of September 30, 2026		17,851			600			610			19,061			2,183			20			2,203			1,475			22,739
Reserve for unfunded lending commitments:
Balance as of December 31, 2025		—			—			—			—			—			—			—			142			142
Provision for losses on unfunded lending commitments		—			—			—			—			—			—			—			20			20
Balance as of September 30, 2026		—			—			—			—			—			—			—			162			162
Combined allowance and reserve as of September 30, 2026	$	17,851		$	600		$	610		$	19,061		$	2,183		$	20		$	2,203		$	1,637		$	22,901

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

	Three Months Ended September 30, 2026											Nine Months Ended September 30, 2026
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽⁷⁾		Other⁽⁷⁾			Total		Credit Card			Consumer Banking		Commercial Banking⁽⁷⁾		Other⁽⁷⁾			Total
Net interest income	$	9,622	$	2,531	$	603	$	130		$	12,886	$	28,110		$	7,191	$	1,769	$	335		$	37,405
Non-interest income (loss)		2,525		769		298		(134	)		3,458		7,191			2,230		891		(292	)		10,020
Total net revenue (loss)		12,147		3,300		901		(4	)		16,344		35,301			9,421		2,660		43			47,425
Provision (benefit) for credit losses		2,479		417		20		—			2,916		8,364			1,380		229		—			9,973
Non-interest expense		5,880		2,142		467		367			8,856		17,479			6,261		1,427		1,196			26,363
Income (loss) from continuing operations before income taxes		3,788		741		414		(371	)		4,572		9,458			1,780		1,004		(1,153	)		11,089
Income tax provision (benefit)		929		181		101		(178	)		1,033		2,319			436		246		(652	)		2,349
Income (loss) from continuing operations, net of tax	$	2,859	$	560	$	313	$	(193	)	$	3,539	$	7,139		$	1,344	$	758	$	(501	)	$	8,740

	Three Months Ended June 30, 2026
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽⁷⁾		Other⁽⁷⁾			Total
Net interest income	$	9,252	$	2,431	$	585	$	106		$	12,374
Non-interest income (loss)		2,513		778		265		(80	)		3,476
Total net revenue		11,765		3,209		850		26			15,850
Provision for credit losses		2,474		444		71		—			2,989
Non-interest expense		6,098		2,121		462		362			9,043
Income (loss) from continuing operations before income taxes		3,193		644		317		(336	)		3,818
Income tax provision (benefit)		782		158		78		(220	)		798
Income (loss) from continuing operations, net of tax	$	2,411	$	486	$	239	$	(116	)	$	3,020

	Three Months Ended September 30, 2025											Nine Months Ended September 30, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽⁷⁾		Other⁽⁷⁾			Total		Credit Card			Consumer Banking		Commercial Banking⁽⁷⁾		Other⁽⁷⁾			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

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 10: Financial & Statistical Summary—Credit Card Business⁽³⁾

(Dollars in millions, except as noted)																2026 Q3 vs.				Nine Months Ended September 30,
		2026			2026			2026			2025			2025		2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2026			2025		2025
Credit Card
Earnings:
Net interest income	$	9,622		$	9,252		$	9,236		$	9,479		$	9,396		4	%	2	%	$	28,110		$	22,343		26	%
Non-interest income		2,525			2,513			2,153			2,214			2,211		—		14			7,191			5,524		30
Total net revenue		12,147			11,765			11,389			11,693			11,607		3		5			35,301			27,867		27
Provision for credit losses		2,479			2,474			3,411			3,678			2,364		—		5			8,364			15,388		(46	)
Non-interest expense⁽⁸⁾		5,880			6,098			5,501			6,147			5,409		(4	)	9			17,479			13,494		30	%
Income (loss) from continuing operations before income taxes		3,788			3,193			2,477			1,868			3,834		19		(1	)		9,458			(1,015	)	**
Income tax provision (benefit)		929			782			608			445			914		19		2			2,319			(237	)	**
Income (loss) from continuing operations, net of tax	$	2,859		$	2,411		$	1,869		$	1,423		$	2,920		19	%	(2	)%	$	7,139		$	(778	)	**
Selected performance metrics:
Period-end loans held for investment	$	276,360		$	275,408		$	270,558		$	279,570		$	271,037		—		2	%	$	276,360		$	271,037		2	%
Average loans held for investment		273,670			271,197			270,974			272,228			269,175		1	%	2			271,957			212,172		28
Average yield on loans outstanding⁽¹⁾		17.70	%		17.21	%		17.17	%		17.71	%		17.99	%	49	bps	(29)	bps		17.36	%		18.08	%	(72)	bps
Total net revenue margin⁽⁹⁾		17.75			17.35			16.81			17.18			17.25		40		50			17.31			17.51		(20	)
Net charge-off rate		4.01			4.71			5.05			4.91			4.61		(70	)	(60	)		4.59			5.17		(58	)
30+ day performing delinquency rate		3.72			3.37			3.66			3.93			3.84		35		(12	)		3.72			3.84		(12	)
30+ day delinquency rate		3.72			3.37			3.67			3.94			3.84		35		(12	)		3.72			3.84		(12	)
Nonperforming loan rate⁽⁴⁾		0.01			0.01			0.01			0.01			0.01		—		—			0.01			0.01		—
Purchase volume⁽¹⁰⁾	$	254,679		$	253,750		$	220,540		$	238,687		$	230,379		—	%	11	%	$	728,969		$	589,780		24	%

(Dollars in millions, except as noted)																2026 Q3 vs.				Nine Months Ended September 30,
		2026			2026			2026			2025			2025		2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2026			2025		2025
Domestic Card
Earnings:
Net interest income	$	9,005		$	8,643		$	8,618		$	8,854		$	8,766		4	%	3	%	$	26,266		$	20,931		25	%
Non-interest income		2,475			2,460			2,107			2,168			2,160		1		15			7,042			5,369		31
Total net revenue		11,480			11,103			10,725			11,022			10,926		3		5			33,308			26,300		27
Provision for credit losses		2,310			2,292			3,236			3,482			2,163		1		7			7,838			14,219		(45	)
Non-interest expense		5,556			5,771			5,179			5,789			5,092		(4	)	9			16,506			12,706		30	%
Income (loss) from continuing operations before income taxes		3,614			3,040			2,310			1,751			3,671		19		(2	)		8,964			(625	)	**
Income tax provision (benefit)		885			745			566			417			873		19		1			2,196			(149	)	**
Income (loss) from continuing operations, net of tax	$	2,729		$	2,295		$	1,744		$	1,334		$	2,798		19	%	(2	)%	$	6,768		$	(476	)	**
Selected performance metrics:
Period-end loans held for investment	$	260,252		$	259,005		$	254,028		$	262,403		$	253,951		—		2	%	$	260,252		$	253,951		2	%
Average loans held for investment		257,311			254,625			254,036			255,221			252,090		1	%	2			255,336			200,221		28
Average yield on loans outstanding⁽¹⁾		17.66	%		17.16	%		17.13	%		17.68	%		17.99	%	50	bps	(33)	bps		17.32	%		18.03	%	(71)	bps
Total net revenue margin⁽⁹⁾		17.85			17.44			16.89			17.28			17.34		41		51			17.39			17.51		(12	)
Net charge-off rate		3.98			4.71			5.10			4.93			4.63		(73	)	(65	)		4.59			5.21		(62	)
30+ day performing delinquency rate		3.74			3.39			3.70			3.99			3.89		35		(15	)		3.74			3.89		(15	)
Purchase volume⁽¹⁰⁾	$	250,024		$	249,195		$	216,513		$	234,375		$	226,147		—	%	11	%	$	715,732		$	577,846		24	%
Refreshed FICO scores:⁽¹¹⁾
Greater than 660		73	%		74	%		73	%		73	%		73	%	(1	)	—			73	%		73	%	—
660 or below		27			26			27			27			27		1		—			27			27		—
Total		100	%		100	%		100	%		100	%		100	%						100	%		100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 11: Financial & Statistical Summary—Consumer Banking Business

(Dollars in millions, except as noted)																2026 Q3 vs.				Nine Months Ended September 30,
		2026			2026			2026			2025			2025		2026		2025								2026 vs.
		Q3			Q2			Q1			Q4			Q3		Q2		Q3			2026			2025		2025
Consumer Banking
Earnings:
Net interest income	$	2,531		$	2,431		$	2,229		$	2,296		$	2,357		4	%	7	%	$	7,191		$	6,462		11	%
Non-interest income		769			778			683			623			475		(1	)	62			2,230			1,052		112
Total net revenue		3,300			3,209			2,912			2,919			2,832		3		17			9,421			7,514		25
Provision for credit losses		417			444			519			409			340		(6	)	23			1,380			893		55
Non-interest expense		2,142			2,121			1,998			2,289			1,941		1		10			6,261			5,235		20
Income from continuing operations before income taxes		741			644			395			221			551		15		34			1,780			1,386		28
Income tax provision		181			158			97			52			131		15		38			436			330		32
Income from continuing operations, net of tax	$	560		$	486		$	298		$	169		$	420		15	%	33	%	$	1,344		$	1,056		27	%
Selected performance metrics:
Period-end loans held for investment	$	94,043		$	90,467		$	86,873		$	84,790		$	83,230		4	%	13	%	$	94,043		$	83,230		13	%
Average loans held for investment		92,330			88,583			85,701			83,957			82,295		4		12			88,896			80,304		11
Average yield on loans held for investment⁽¹⁾		9.71	%		9.57	%		9.43	%		9.59	%		9.52	%	14	bps	19	bps		9.57	%		9.28	%	29	bps
Auto loan originations	$	13,103		$	12,916		$	11,130		$	10,194		$	10,731		1	%	22	%	$	37,149		$	30,802		21	%
Period-end deposits		431,095			435,221			438,034			423,932			416,765		(1	)	3			431,095			416,765		3
Average deposits		432,953			435,890			428,391			418,673			414,219		(1	)	5			432,428			366,854		18
Average deposits interest rate		2.78	%		2.76	%		2.84	%		2.98	%		3.07	%	2	bps	(29)	bps		2.79	%		3.03	%	(24)	bps
Net charge-off rate		1.63			1.48			1.70			1.88			1.58		15		5			1.60			1.49		11
30+ day performing delinquency rate		4.60			4.28			4.17			5.17			4.93		32		(33	)		4.60			4.93		(33	)
30+ day delinquency rate		5.12			4.76			4.59			5.73			5.53		36		(41	)		5.12			5.53		(41	)
Nonperforming loan rate⁽⁴⁾		0.66			0.62			0.57			0.69			0.73		4		(7	)		0.66			0.73		(7	)
Nonperforming asset rate⁽⁵⁾		0.77			0.72			0.66			0.79			0.82		5		(5	)		0.77			0.82		(5	)
Global Payment Network volume	$	190,934		$	189,612		$	174,332		$	174,644		$	153,117		1	%	25	%	$	554,878		$	227,131		144	%
Auto—At origination FICO scores:⁽¹²⁾
Greater than 660		49	%		49	%		50	%		51	%		51	%	—		(2	)		49	%		51	%	(2	)
621 - 660		19			19			19			19			19		—		—			19			19		—
620 or below		32			32			31			30			30		—		2			32			30		2
Total		100	%		100	%		100	%		100	%		100	%						100	%		100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 12: Financial & Statistical Summary—Commercial Banking Business

(Dollars in millions, except as noted)																2026 Q3 vs.				Nine Months Ended September 30,
		2026			2026			2026			2025			2025		2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2026			2025		2025
Commercial Banking
Earnings:
Net interest income	$	603		$	585		$	581		$	574		$	586		3	%	3	%	$	1,769		$	1,760		1	%
Non-interest income		298			265			328			356			318		12		(6	)		891			965		(8	)
Total net revenue⁽⁷⁾		901			850			909			930			904		6		—			2,660			2,725		(2	)
Provision for credit losses		20			71			138			55			9		(72	)	122			229			232		(1	)
Non-interest expense		467			462			498			504			520		1		(10	)		1,427			1,495		(5	)
Income from continuing operations before income taxes		414			317			273			371			375		31		10			1,004			998		1
Income tax provision		101			78			67			89			89		29		13			246			237		4	%
Income from continuing operations, net of tax	$	313		$	239		$	206		$	282		$	286		31	%	9	%	$	758		$	761		—
Selected performance metrics:
Period-end loans held for investment	$	92,127		$	91,293		$	90,323		$	89,262		$	88,892		1	%	4	%	$	92,127		$	88,892		4	%
Average loans held for investment		91,380			90,899			89,560			88,495			88,389		1		3			90,619			88,088		3
Average yield on loans held for investment⁽¹⁾⁽⁷⁾		5.88	%		5.75	%		5.68	%		6.08	%		6.42	%	13	bps	(54)	bps		5.77	%		6.37	%	(60)	bps
Period-end deposits	$	31,136		$	30,841		$	31,007		$	31,250		$	29,920		1	%	4	%	$	31,136		$	29,920		4	%
Average deposits		31,531			31,248			31,137			31,462			29,889		1		5			31,307			30,656		2
Average deposits interest rate		1.83	%		1.81	%		1.83	%		1.96	%		2.13	%	2	bps	(30)	bps		1.82	%		2.11	%	(29)	bps
Net charge-off (recovery) rate		—			0.53			0.29			0.43			0.21		(53	)	(21	)		0.27			0.21		6
Nonperforming loan rate⁽⁴⁾		1.22			1.32			1.40			1.36			1.39		(10	)	(17	)		1.22			1.39		(17	)
Nonperforming asset rate⁽⁵⁾		1.30			1.39			1.47			1.39			1.40		(9	)	(10	)		1.30			1.40		(10	)
Risk category:⁽¹³⁾
Noncriticized	$	86,948		$	86,034		$	84,545		$	83,873		$	83,098		1	%	5	%	$	86,948		$	83,098		5	%
Criticized performing		4,051			4,058			4,510			4,177			4,558		—		(11	)		4,051			4,558		(11	)
Criticized nonperforming		1,128			1,201			1,268			1,212			1,236		(6	)	(9	)		1,128			1,236		(9	)
Total commercial banking loans held for investment	$	92,127		$	91,293		$	90,323		$	89,262		$	88,892		1	%	4	%	$	92,127		$	88,892		4	%
Risk category as a percentage of period-end loans held for investment:⁽¹³⁾
Noncriticized		94.38	%		94.24	%		93.61	%		93.96	%		93.48	%	14	bps	90	bps		94.38	%		93.48	%	90	bps
Criticized performing		4.40			4.44			4.99			4.68			5.13		(4	)	(73	)		4.40			5.13		(73	)
Criticized nonperforming		1.22			1.32			1.40			1.36			1.39		(10	)	(17	)		1.22			1.39		(17	)
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

(Dollars in millions)																2026 Q3 vs.				Nine Months Ended September 30,
		2026			2026			2026			2025			2025		2026		2025								2026 vs.
	Q3			Q2			Q1			Q4			Q3			Q2		Q3			2026			2025		2025
Other
Earnings:
Net interest income (loss)	$	130		$	106		$	99		$	117		$	65		23	%	100	%	$	335		$	(153	)	**
Non-interest loss		(134	)		(80	)		(78	)		(76	)		(49	)	68		173			(292	)		(102	)	186	%
Total net revenue (loss)⁽⁷⁾		(4	)		26			21			41			16		**		**			43			(255	)	**
Provision (benefit) for credit losses		—			—			—			—			1		**		**			—			—		**
Non-interest expense⁽¹⁴⁾		367			362			467			402			393		1		(7	)		1,196			932		28
Loss from continuing operations before income taxes		(371	)		(336	)		(446	)		(361	)		(378	)	10		(2	)		(1,153	)		(1,187	)	(3	)
Income tax provision (benefit)		(178	)		(220	)		(254	)		(241	)		55		(19	)	**			(652	)		(482	)	35
Loss from continuing operations, net of tax	$	(193	)	$	(116	)	$	(192	)	$	(120	)	$	(433	)	66	%	(55	)%	$	(501	)	$	(705	)	(29	)%
Selected performance metrics:
Period-end deposits	$	18,466		$	18,195		$	20,012		$	20,589		$	22,100		1	%	(16	)%	$	18,466		$	22,100		(16	)%
Average deposits		18,129			19,653			20,430			20,830			23,172		(8	)	(22	)		19,395			18,176		7
Total
Earnings:
Net interest income	$	12,886		$	12,374		$	12,145		$	12,466		$	12,404		4	%	4	%	$	37,405		$	30,412		23	%
Non-interest income		3,458			3,476			3,086			3,117			2,955		(1	)	17			10,020			7,439		35
Total net revenue		16,344			15,850			15,231			15,583			15,359		3		6			47,425			37,851		25
Provision for credit losses		2,916			2,989			4,068			4,142			2,714		(2	)	7			9,973			16,513		(40	)
Non-interest expense		8,856			9,043			8,464			9,342			8,263		(2	)	7			26,363			21,156		25	%
Income from continuing operations before income taxes		4,572			3,818			2,699			2,099			4,382		20		4			11,089			182		**
Income tax provision (benefit)		1,033			798			518			345			1,189		29		(13	)		2,349			(152	)	**
Income from continuing operations, net of tax	$	3,539		$	3,020		$	2,181		$	1,754		$	3,193		17	%	11	%	$	8,740		$	334		**
Selected performance metrics:
Period-end loans held for investment	$	462,530		$	457,168		$	447,754		$	453,622		$	443,159		1	%	4	%	$	462,530		$	443,159		4	%
Average loans held for investment		457,380			450,679			446,235			444,680			439,859		1		4			451,472			380,564		19
Period-end deposits		480,697			484,257			489,053			475,771			468,785		(1	)	3			480,697			468,785		3
Average deposits		482,613			486,791			479,958			470,965			467,280		(1	)	3			483,130			415,686		16

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 $2.8 billion in Q3 2026, $2.4 billion in Q2 2026, $2.1 billion in Q3 2025 and $2.5 billion for the first nine months of 2026 and $2.1 billion for the first nine months of 2025. Related interest expense was $10 million in Q3 2026, $9 million in Q2 2026, $8 million in Q3 2025 and $27 million for the first nine months of 2026 and $23 million for the first nine months of 2025.
⁽³⁾		Effective in the second quarter of 2026, Domestic Card results include Brex and our legacy corporate card product.
⁽⁴⁾		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.
⁽⁵⁾		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.
⁽⁶⁾		Primarily represents foreign currency translation adjustments.
⁽⁷⁾		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.
⁽⁸⁾		Includes the impact of $47 million and $96 million in Brex integration expenses in Q3 2026 and Q2 2026, respectively.
⁽⁹⁾		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
⁽¹⁰⁾		Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
⁽¹¹⁾		Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category. Corporate cards do not have FICO scores associated with such loans and therefore are excluded.
⁽¹²⁾		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.
⁽¹³⁾		Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
⁽¹⁴⁾		Includes the impact of $338 million, $298 million, $415 million, $352 million and $348 million in Discover integration expenses in Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 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)	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Regulatory Capital Metrics
Common equity excluding AOCI	$	115,246		$	114,686		$	112,733		$	113,677		$	114,323
Adjustments:
AOCI, net of tax⁽²⁾		66			62			69			81			68
Goodwill, net of related deferred tax liabilities		(31,569	)		(31,559	)		(28,201	)		(28,217	)		(28,575	)
Other Intangible and deferred tax assets, net of deferred tax liabilities		(11,998	)		(12,413	)		(12,142	)		(12,493	)		(12,846	)
Common equity Tier 1 capital	$	71,745		$	70,776		$	72,459		$	73,048		$	72,970
Tier 1 capital	$	76,164		$	76,183		$	77,866		$	78,455		$	78,377
Total capital⁽³⁾		85,698			85,771			87,326			88,000			87,853
Risk-weighted assets		520,429			516,287			504,654			511,794			506,535
Adjusted average assets⁽⁴⁾		638,655			643,349			640,503			629,997			622,435
Capital Ratios
Common equity Tier 1 capital⁽⁵⁾		13.8	%		13.7	%		14.4	%		14.3	%		14.4	%
Tier 1 capital⁽⁶⁾		14.6			14.8			15.4			15.3			15.5
Total capital⁽⁷⁾		16.5			16.6			17.3			17.2			17.3
Tier 1 leverage⁽⁴⁾		11.9			11.8			12.2			12.5			12.6
TCE⁽⁸⁾		9.8			10.2			10.3			10.7			10.8

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.

(Dollars in millions, except per share data and as noted)	2026			2026			2026			2025			2025			Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3			2026			2025
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)	$	3,422		$	2,935		$	2,081		$	2,057		$	3,086		$	8,438		$	117
Acquisition amortization expenses⁽⁹⁾		483			494			477			546			603			1,454			943
Discover integration expenses		338			298			415			352			348			1,051			757
Brex integration expenses		47			96			—			—			—			143			—
Initial allowance build for Discover non-PCD loans		—			—			—			—			—			—			8,767
Legal reserve activities		—			—			—			117			—			—			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)		4,290			3,823			2,973			2,560			4,037			11,086			10,823
Income tax impacts		(214	)		(219	)		(221	)		(124	)		(236	)		(654	)		(2,651	)
Adjusted net income available to common stockholders (non-GAAP)	$	4,076		$	3,604		$	2,752		$	2,436		$	3,801		$	10,432		$	8,172

Diluted weighted-average common shares outstanding (in millions) (GAAP)		609.5			621.1			623.4			631.6			639.5			618.0			510.9

Diluted EPS (GAAP)	$	5.61		$	4.73		$	3.34		$	3.26		$	4.83		$	13.65		$	0.23
Impact of adjustments noted above		1.08			1.08			1.08			0.60			1.12			3.23			15.77
Adjusted diluted EPS (non-GAAP)	$	6.69		$	5.81		$	4.42		$	3.86		$	5.95		$	16.88		$	16.00

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	8,856		$	9,043		$	8,464		$	9,342		$	8,263		$	26,363		$	21,156
Acquisition amortization expenses⁽⁹⁾		(519	)		(518	)		(478	)		(509	)		(498	)		(1,515	)		(753	)
Discover integration expenses		(338	)		(298	)		(415	)		(352	)		(348	)		(1,051	)		(757	)
Brex integration expenses		(47	)		(96	)		—			—			—			(143	)		—
Legal reserve activities		—			—			—			(117	)		—			—			(239	)
FDIC special assessment		—			—			—			29			—			—			—
Adjusted non-interest expense (non-GAAP)	$	7,952		$	8,131		$	7,571		$	8,393		$	7,417		$	23,654		$	19,407

Total net revenue (GAAP)	$	16,344		$	15,850		$	15,231		$	15,583		$	15,359		$	47,425		$	37,851
Acquisition amortization expenses⁽⁹⁾		(36	)		(24	)		(1	)		37			105			(61	)		190
Adjusted net revenue (non-GAAP)	$	16,308		$	15,826		$	15,230		$	15,620		$	15,464		$	47,364		$	38,041

Efficiency ratio (GAAP)		54.19	%		57.05	%		55.57	%		59.95	%		53.80	%		55.59	%		55.89	%
Impact of adjustments noted above	(543) bps			(567) bps			(586) bps			(622) bps			(584) bps			(565) bps			(489) bps
Adjusted efficiency ratio (non-GAAP)		48.76	%		51.38	%		49.71	%		53.73	%		47.96	%		49.94	%		51.02	%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	7,262		$	7,382		$	6,967		$	7,408		$	6,860		$	21,611		$	17,206
Acquisition amortization expenses⁽⁹⁾		(519	)		(518	)		(478	)		(509	)		(498	)		(1,515	)		(753	)
Discover integration expenses		(338	)		(298	)		(415	)		(352	)		(348	)		(1,051	)		(757	)
Brex integration expenses		(47	)		(96	)		—			—			—			(143	)		—
Legal reserve activities		—			—			—			(117	)		—			—			(239	)
FDIC special assessment		—			—			—			29			—			—			—
Adjusted operating expense (non-GAAP)	$	6,358		$	6,470		$	6,074		$	6,459		$	6,014		$	18,902		$	15,457

Total net revenue (GAAP)	$	16,344		$	15,850		$	15,231		$	15,583		$	15,359		$	47,425		$	37,851
Acquisition amortization expenses⁽⁹⁾		(36	)		(24	)		(1	)		37			105			(61	)		190
Adjusted net revenue (non-GAAP)	$	16,308		$	15,826		$	15,230		$	15,620		$	15,464		$	47,364		$	38,041

Operating efficiency ratio (GAAP)		44.43	%		46.57	%		45.74	%		47.54	%		44.66	%		45.57	%		45.46	%
Impact of adjustments noted above	(544) bps			(569) bps			(586) bps			(619) bps			(577) bps			(566) bps			(482) bps
Adjusted operating efficiency ratio (non-GAAP)		38.99	%		40.88	%		39.88	%		41.35	%		38.89	%		39.91	%		40.63	%

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.

(Dollars in millions)		2026			2026			2026			2025			2025
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3
Pre-provision earnings
Total net revenue	$	16,344		$	15,850		$	15,231		$	15,583		$	15,359
Non-interest expense		(8,856	)		(9,043	)		(8,464	)		(9,342	)		(8,263	)
Pre-provision earnings⁽¹⁰⁾	$	7,488		$	6,807		$	6,767		$	6,241		$	7,096
Adjusted pre-provision earnings
Adjusted net revenue (non-GAAP)	$	16,308		$	15,826		$	15,230		$	15,620		$	15,464
Adjusted non-interest expense (non-GAAP)		(7,952	)		(8,131	)		(7,571	)		(8,393	)		(7,417	)
Adjusted pre-provision earnings⁽¹⁰⁾	$	8,356		$	7,695		$	7,659		$	7,227		$	8,047
Tangible common equity (period-end)
Stockholders’ equity	$	109,656		$	113,793		$	112,261		$	113,616		$	113,813
Goodwill and other intangible assets, includes impact of related deferred taxes		(43,446	)		(43,840	)		(40,489	)		(40,876	)		(41,537	)
Noncumulative perpetual preferred stock		(4,419	)		(5,407	)		(5,407	)		(5,407	)		(5,407	)
Tangible common equity⁽¹¹⁾	$	61,791		$	64,546		$	66,365		$	67,333		$	66,869
Tangible common equity (average)
Stockholders’ equity	$	113,571		$	114,518		$	114,556		$	115,404		$	112,819
Goodwill and other intangible assets, includes impact of related deferred taxes		(43,672	)		(44,033	)		(40,709	)		(41,144	)		(41,815	)
Noncumulative perpetual preferred stock		(5,085	)		(5,407	)		(5,407	)		(5,407	)		(5,407	)
Tangible common equity⁽¹¹⁾	$	64,814		$	65,078		$	68,440		$	68,853		$	65,597
Return on tangible common equity (average)
Net income available to common stockholders	$	3,422		$	2,935		$	2,081		$	2,057		$	3,086
Income (loss) from discontinued operations, net of tax		—			—			(7	)		380			(1	)
Net income available to common stockholders less income (loss) from discontinued operations, net of tax	$	3,422		$	2,935		$	2,088		$	1,677		$	3,087
Tangible common equity (average)		64,814			65,078			68,440			68,853			65,597
Return on tangible common equity⁽¹¹⁾		21.12	%		18.04	%		12.20	%		9.74	%		18.82	%
Tangible assets (period-end)
Total assets	$	672,867		$	673,835		$	682,905		$	669,009		$	661,877
Goodwill and other intangible assets, includes impact of related deferred taxes		(43,446	)		(43,840	)		(40,489	)		(40,876	)		(41,537	)
Tangible assets⁽¹¹⁾	$	629,421		$	629,995		$	642,416		$	628,133		$	620,340

(Dollars in millions)		2026			2026			2026			2025			2025
(Dollars in millions)	Q3			Q2			Q1			Q4			Q3
Tangible assets (average)
Total assets	$	676,168		$	682,079		$	675,999		$	665,656		$	657,858
Goodwill and other intangible assets, includes impact of related deferred taxes		(43,672	)		(44,033	)		(40,709	)		(41,144	)		(41,815	)
Tangible assets⁽¹¹⁾	$	632,496		$	638,046		$	635,290		$	624,512		$	616,043
Return on tangible assets (average)
Net income	$	3,539		$	3,020		$	2,174		$	2,134		$	3,192
Income (loss) from discontinued operations, net of tax		—			—			(7	)		380			(1	)
Net income less income (loss) from discontinued operations, net of tax	$	3,539		$	3,020		$	2,181		$	1,754		$	3,193
Tangible assets (average)		632,496			638,046			635,290			624,512			616,043
Return on tangible assets⁽¹¹⁾		2.24	%		1.89	%		1.37	%		1.12	%		2.07	%
TCE ratio
Tangible common equity (period-end)	$	61,791		$	64,546		$	66,365		$	67,333		$	66,869
Tangible assets (period-end)		629,421			629,995			642,416			628,133			620,340
TCE ratio⁽¹¹⁾		9.8	%		10.2	%		10.3	%		10.7	%		10.8	%
Tangible book value per common share
Tangible common equity (period-end)	$	61,791		$	64,546		$	66,365		$	67,333		$	66,869
Outstanding common shares		601.5			613.5			615.9			625.1			635.7
Tangible book value per common share⁽¹¹⁾	$	102.72		$	105.21		$	107.76		$	107.72		$	105.18

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

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Jeff Norris
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Source: Capital One Financial Corporation