Capital One Reports Third Quarter 2025 Net Income of $3.2 billion, or $4.83 per share

By: Capital One Financial Corporation via Business Wire

October 21, 2025 at 16:05 PM EDT

Net of adjusting items, Third Quarter 2025 Net Income of $5.95 per share⁽¹⁾

Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2025 of $3.2 billion, or $4.83 per diluted common share, compared with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025, and with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024. Adjusted net income⁽¹⁾ for the third quarter of 2025 was $5.95 per diluted common share.

"In the third quarter, our adjusted earnings, top-line growth, credit results, and capital generation continued to be strong," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we are well positioned to capitalize on the opportunities that lie in front of us."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax Impact		After-Tax Diluted EPS Impact
(Dollars in millions, except per share data)	Pre-Tax Impact		After-Tax Diluted EPS Impact
Discover integration expenses	$	348	$	0.41
Discover intangible amortization expense	$	498	$	0.59
Discover loan and deposit fair value mark amortization	$	105	$	0.12

All comparisons below are for the third quarter of 2025 compared with the second quarter of 2025 unless otherwise noted.

Third Quarter 2025 Income Statement Summary:

Total net revenue increased 23 percent to $15.4 billion.
Total non-interest expense increased 18 percent to $8.3 billion:
- 4 percent increase in marketing.
- 22 percent increase in operating expenses.
Pre-provision earnings⁽²⁾ increased 29 percent to $7.1 billion.
Provision for credit losses decreased $8.7 billion to $2.7 billion:
- Net charge-offs of $3.5 billion.
- $760 million loan reserve release.
Net interest margin of 8.36 percent, an increase of 74 basis points.
- Adjusted net interest margin⁽¹⁾ of 8.43 percent.
Efficiency ratio of 53.80 percent.
- Adjusted efficiency ratio⁽¹⁾ of 47.96 percent.
Operating efficiency ratio of 44.66 percent.
- Adjusted operating efficiency ratio⁽¹⁾of 38.89 percent.

Third Quarter 2025 Balance Sheet Summary:

Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 14.4 percent at September 30, 2025.
Period-end loans held for investment in the quarter increased $3.9 billion, or 1 percent, to $443.2 billion.
- Credit Card period-end loans increased $1.3 billion, or less than 1 percent, to $271.0 billion.
  - Domestic Card period-end loans increased $1.5 billion, or 1 percent, to $254.0 billion.
- Consumer Banking period-end loans increased $2.0 billion, or 2 percent, to $83.2 billion.
  - Auto period-end loans increased $2.0 billion, or 3 percent, to $82.0 billion.
- Commercial Banking period-end loans increased $537 million, or 1 percent, to $88.9 billion.
Average loans held for investment in the quarter increased $61.7 billion, or 16 percent, to $439.9 billion.
- Credit Card average loans increased $59.5 billion, or 28 percent, to $269.2 billion.
  - Domestic Card average loans increased $54.3 billion, or 27 percent, to $252.1 billion.
- Consumer Banking average loans increased $2.2 billion, or 3 percent, to $82.3 billion.
  - Auto average loans increased $2.2 billion, or 3 percent, to $81.1 billion.
- Commercial Banking average loans increased $20 million, or less than 1 percent, to $88.4 billion.
Period-end total deposits increased $675 million, or less than 1 percent, to $468.8 billion, while average deposits increased $52.7 billion, or 13 percent, to $467.3 billion.
Interest-bearing deposits rate paid increased 5 basis points to 3.27 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 21, 2025 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 4, 2025 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, 2024 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 (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $468.8 billion in deposits and $661.9 billion in total assets as of September 30, 2025. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

⁽¹⁾		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 21, 2025 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.
⁽²⁾		Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
⁽³⁾		Regulatory capital metrics as of September 30, 2025 are preliminary and therefore subject to change.

Capital One Financial Corporation Financial Supplement^(1)(2)(3) Third Quarter2025 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.
(Dollars in millions, except per share data and as noted)	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.
(Dollars in millions)	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.
(Dollars in millions, except as noted)	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.
(Dollars in millions, except as noted)	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		2025		2024		2025 vs. 2024
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		2025		2024		2025 vs. 2024
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	)
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

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		1	bps
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251017788130/en/

Contacts

Investor Relations

Jeff Norris

jeff.norris@capitalone.com

Danielle Dietz

danielle.dietz@capitalone.com

Media Relations

Sie Soheili

sie.soheili@capitalone.com

Symbol	Price	Change (%)
AMZN	222.03	+5.55 (2.56%)
AAPL	262.77	+0.53 (0.20%)
AMD	238.03	-2.53 (-1.05%)
BAC	51.52	-0.52 (-1.00%)
GOOG	251.34	-5.68 (-2.21%)
META	733.27	+1.10 (0.15%)
MSFT	517.66	+0.87 (0.17%)
NVDA	181.16	-1.48 (-0.81%)
ORCL	275.15	-2.03 (-0.73%)
TSLA	442.60	-4.83 (-1.08%)

Capital One Reports Third Quarter 2025 Net Income of $3.2 billion, or $4.83 per share

Contacts

More News

Recent Quotes

Sections

Services

The Daily Press

Saint Marys, PA (15857)

Today

Tonight

Capital One Reports Third Quarter 2025 Net Income of $3.2 billion, or $4.83 per share

Contacts

More News

Recent Quotes

Sections

Services

The Daily Press