Capital One Reports Second Quarter 2025 Net Loss of $4.3 Billion, or $(8.58) Per Share

Net of adjusting items, Second Quarter 2025 Net Income of $5.48 per share⁽¹⁾

Capital One Financial Corporation (NYSE: COF) today announced net loss for the second quarter of 2025 of $4.3 billion, or $(8.58) per diluted common share, compared with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025, and with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024. Adjusted net income⁽¹⁾ for the second quarter of 2025 was $5.48 per diluted common share.

"We completed our acquisition of Discover on May 18th. We’re fully mobilized and hard at work on integration which is going well," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re as excited as ever by the expanding set of opportunities to grow and create value as a combined company."

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
Initial allowance build for Discover non-PCD loans	$	8,767	$	13.04
Discover integration expenses	$	299	$	0.45
Discover intangible amortization expense	$	255	$	0.38
Discover loan and deposit fair value mark amortization	$	85	$	0.13
Legal reserve activities	$	41	$	0.06

The quarter included the following notable item:

(Dollars in millions, except per share data)	Impact		Diluted EPS Impact
(Dollars in millions, except per share data)	Impact		Diluted EPS Impact
California tax rate change	$	(128)	$	(0.25)

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

Second Quarter 2025 Income Statement Summary:

Total net revenue increased 25 percent to $12.5 billion.
Total non-interest expense increased 18 percent to $7.0 billion:
- 12 percent increase in marketing.
- 20 percent increase in operating expenses.
Pre-provision earnings⁽²⁾ increased 34 percent to $5.5 billion.
Provision for credit losses increased $9.1 billion to $11.4 billion:
- Net charge-offs of $3.1 billion.
- $7.9 billion loan reserve build.
Net interest margin of 7.62 percent, an increase of 69 basis points.
- Adjusted net interest margin⁽¹⁾ of 7.68 percent.
Efficiency ratio of 55.96 percent.
- Adjusted efficiency ratio⁽¹⁾ of 50.85 percent.
Operating efficiency ratio of 45.20 percent.
- Adjusted operating efficiency ratio⁽¹⁾of 40.16 percent.

Second Quarter 2025 Balance Sheet Summary:

Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 14.0 percent at June 30, 2025.
Period-end loans held for investment in the quarter increased $115.7 billion, or 36 percent, to $439.3 billion.
- Credit Card period-end loans increased $112.5 billion, or 72 percent, to $269.7 billion.
  - Domestic Card period-end loans increased $102.2 billion, or 68 percent, to $252.5 billion.
- Consumer Banking period-end loans increased $2.3 billion, or 3 percent, to $81.2 billion.
  - Auto period-end loans increased $2.4 billion, or 3 percent, to $80.0 billion.
- Commercial Banking period-end loans increased $842 million, or 1 percent, to $88.4 billion.
Average loans held for investment in the quarter increased $55.8 billion, or 17 percent, to $378.2 billion.
- Credit Card average loans increased $53.3 billion, or 34 percent, to $209.7 billion.
  - Domestic Card average loans increased $48.2 billion, or 32 percent, to $197.8 billion.
- Consumer Banking average loans increased $1.6 billion, or 2 percent, to $80.1 billion.
  - Auto average loans increased $1.6 billion, or 2 percent, to $78.9 billion.
- Commercial Banking average loans increased $871 million, or 1 percent, to $88.4 billion.
Period-end total deposits increased $100.6 billion, or 27 percent, to $468.1 billion, while average deposits increased $50.5 billion, or 14 percent, to $414.6 billion.
Interest-bearing deposits rate paid remained flat at 3.22 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 22, 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 August 5, 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 $468.1 billion in deposits and $659.0 billion in total assets as of June 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 July 22, 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 July 22, 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 June 30, 2025 are preliminary and therefore subject to change.

Capital One Financial Corporation
Financial Supplement^(1)(2)(3)
Second 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	15
	Table 10:	Financial & Statistical Summary—Credit Card Business	16
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	18
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	19
	Table 13:	Financial & Statistical Summary—Other and Total	20
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	21
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	22

____________
⁽¹⁾		The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 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 acquisition of Discover 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 June 30, 2025.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
																2025 Q2				Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except per share data and as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Income Statement
Net interest income	$	9,995		$	8,013		$	8,098		$	8,076		$	7,546		25	%	32	%	$	18,008		$	15,034		20	%
Non-interest income		2,497			1,987			2,092			1,938			1,960		26		27			4,484			3,874		16
Total net revenue⁽¹⁾		12,492			10,000			10,190			10,014			9,506		25		31			22,492			18,908		19
Provision for credit losses		11,430			2,369			2,642			2,482			3,909		**		192			13,799			6,592		109
Non-interest expense:
Marketing		1,345			1,202			1,375			1,113			1,064		12		26			2,547			2,074		23
Operating expense		5,646			4,700			4,714			4,201			3,882		20		45			10,346			8,009		29
Total non-interest expense		6,991			5,902			6,089			5,314			4,946		18		41			12,893			10,083		28
Income (loss) from continuing operations before income taxes		(5,929	)		1,729			1,459			2,218			651		**		**			(4,200	)		2,233		**
Income tax provision (benefit)		(1,666	)		325			366			441			54		**		**			(1,341	)		356		**
Income (loss) from continuing operations, net of tax		(4,263	)		1,404			1,093			1,777			597		**		**			(2,859	)		1,877		**
Income (loss) from discontinued operations, net of tax		(14	)		—			3			—			—		**		**			(14	)		—		**
Net income (loss)		(4,277	)		1,404			1,096			1,777			597		**		**			(2,873	)		1,877		**
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(4	)		(22	)		(17	)		(28	)		(9	)	(82	)	(56	)		(9	)		(32	)	(72	)
Preferred stock dividends		(65	)		(57	)		(57	)		(57	)		(57	)	14		14			(122	)		(114	)	7
Discount on redeemed preferred stock		6			—			—			—			—		**		**			6			—		**
Net income (loss) available to common stockholders	$	(4,340	)	$	1,325		$	1,022		$	1,692		$	531		**		**		$	(2,998	)	$	1,731		**
Common Share Statistics
Basic earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	(8.55	)	$	3.46		$	2.66		$	4.42		$	1.39		**		**		$	(6.71	)	$	4.52		**
Income (loss) from discontinued operations		(0.03	)		—			0.01			—			—		**		**			(0.03	)		—		**
Net income (loss) per basic common share	$	(8.58	)	$	3.46		$	2.67		$	4.42		$	1.39		**		**		$	(6.74	)	$	4.52		**
Diluted earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	(8.55	)	$	3.45		$	2.66		$	4.41		$	1.38		**		**		$	(6.71	)	$	4.51		**
Income (loss) from discontinued operations		(0.03	)		—			0.01			—			—		**		**			(0.03	)		—		**
Net income (loss) per diluted common share	$	(8.58	)	$	3.45		$	2.67		$	4.41		$	1.38		**		**		$	(6.74	)	$	4.51		**
Weighted-average common shares outstanding (in millions):
Basic		505.6			383.1			382.4			383.0			383.1		32	%	32	%		444.7			382.7		16	%
Diluted		505.6			384.0			383.4			383.7			383.9		32		32			444.7			383.7		16
Common shares outstanding (period-end, in millions)		639.5			383.0			381.2			381.5			381.9		67		67			639.5			381.9		67
Dividends declared and paid per common share	$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		—		—		$	1.20		$	1.20		—
Tangible book value per common share (period-end)⁽³⁾		99.35			113.74			106.97			112.36			99.28		(13	)	—			99.35			99.28		—

											2025 Q2				Six Months Ended June 30,
(Dollars in millions)	2025		2025		2024		2024		2024		2025		2024						2025 vs.
(Dollars in millions)	Q2		Q1		Q4		Q3		Q2		Q1		Q2		2025		2024		2024
Balance Sheet (Period-End)
Loans held for investment	$	439,297	$	323,598	$	327,775	$	320,243	$	318,186	36	%	38	%	$	439,297	$	318,186	38	%
Interest-earning assets		601,999		463,414		463,058		458,189		452,547	30		33			601,999		452,547	33
Total assets		658,968		493,604		490,144		486,433		480,018	34		37			658,968		480,018	37
Interest-bearing deposits		440,231		340,964		336,585		327,253		324,437	29		36			440,231		324,437	36
Total deposits		468,110		367,464		362,707		353,631		351,442	27		33			468,110		351,442	33
Borrowings		52,666		41,773		45,551		49,336		47,956	26		10			52,666		47,956	10
Common equity		105,549		58,697		55,938		58,080		53,135	80		99			105,549		53,135	99
Total stockholders’ equity		110,956		63,542		60,784		62,925		57,981	75		91			110,956		57,981	91
Balance Sheet (Average Balances)
Loans held for investment	$	378,157	$	322,385	$	321,871	$	318,255	$	314,888	17	%	20	%	$	350,425	$	314,751	11	%
Interest-earning assets		524,929		462,771		460,640		454,484		450,908	13		16			494,022		449,356	10
Total assets		572,446		491,817		488,300		481,219		477,285	16		20			532,354		476,140	12
Interest-bearing deposits		387,139		337,840		331,564		324,509		322,581	15		20			362,626		320,515	13
Total deposits		414,568		364,078		358,323		351,125		349,488	14		19			389,462		347,572	12
Borrowings		46,601		44,448		46,293		48,274		48,842	5		(5	)		45,531		49,658	(8	)
Common equity		81,563		57,395		56,918		56,443		53,262	42		53			69,546		53,207	31
Total stockholders’ equity		86,918		62,240		61,764		61,289		58,107	40		50			74,647		58,052	29


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
																2025 Q2				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Performance Metrics
Net interest income growth (period over period)		25	%		(1	)%		—			7	%		1	%	**		**			20	%		5	%	**
Non-interest income growth (period over period)		26			(5	)		8	%		(1	)		2		**		**			16			7		**
Total net revenue growth (period over period)		25			(2	)		2			5			1		**		**			19			6		**
Total net revenue margin⁽⁴⁾		9.52			8.64			8.85			8.81			8.43		88	bps	109	bps		9.11			8.42		69	bps
Net interest margin⁽⁵⁾		7.62			6.93			7.03			7.11			6.70		69		92			7.29			6.69		60
Return on average assets⁽⁶⁾		(2.98	)		1.14			0.90			1.48			0.50		(412	)	(348	)		(1.07	)		0.79		(186	)
Return on average tangible assets⁽⁷⁾		(3.14	)		1.18			0.92			1.53			0.52		(432	)	(366	)		(1.12	)		0.81		(193	)
Return on average common equity⁽⁸⁾		(21.22	)		9.23			7.16			11.99			3.99		(3,045	)	(2,521	)		(8.58	)		6.51		(1,509	)
Return on average tangible common equity⁽⁹⁾		(32.99	)		12.55			9.77			16.42			5.59		(4,554	)	(3,858	)		(12.60	)		9.12		(2,172	)
Efficiency ratio⁽¹⁰⁾		55.96			59.02			59.75			53.07			52.03		(306	)	393			57.32			53.33		399
Operating efficiency ratio⁽¹¹⁾		45.20			47.00			46.26			41.95			40.84		(180	)	436			46.00			42.36		364
Effective income tax rate for continuing operations		28.1			18.8			25.1			19.9			8.3		930		1,980			31.9			15.9		1,600
Employees (period-end, in thousands)		76.5			53.9			52.6			52.5			52.1		42	%	47	%		76.5			52.1		47	%
Credit Quality Metrics
Allowance for credit losses	$	23,873		$	15,899		$	16,258		$	16,534		$	16,649		50	%	43	%	$	23,873		$	16,649		43	%
Allowance coverage ratio		5.43	%		4.91	%		4.96	%		5.16	%		5.23	%	52	bps	20	bps		5.43	%		5.23	%	20	bps
Net charge-offs⁽¹²⁾	$	3,060		$	2,736		$	2,884		$	2,604		$	2,644		12	%	16	%	$	5,796		$	5,260		10	%
Net charge-off rate⁽¹³⁾		3.24	%		3.40	%		3.59	%		3.27	%		3.36	%	(16	) bps	(12	) bps		3.31	%		3.34	%	(3	) bps
30+ day performing delinquency rate		3.13			3.29			3.69			3.58			3.36		(16	)	(23	)		3.13			3.36		(23	)
30+ day delinquency rate		3.32			3.51			3.98			3.89			3.63		(19	)	(31	)		3.32			3.63		(31	)
Capital Ratios⁽¹⁴⁾
Common equity Tier 1 capital		14.0	%		13.6	%		13.5	%		13.6	%		13.2	%	40	bps	80	bps		14.0	%		13.2	%	80	bps
Tier 1 capital		15.1			14.9			14.8			14.9			14.5		20		60			15.1			14.5		60
Total capital		17.1			17.0			16.4			16.6			16.3		10		80			17.1			16.3		80
Tier 1 leverage		14.2			11.6			11.6			11.6			11.3		260		290			14.2			11.3		290
Tangible common equity (“TCE”)⁽¹⁵⁾		10.3			9.1			8.6			9.1			8.2		120		210			10.3			8.2		210


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
																2025 Q2				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Interest income:
Loans, including loans held for sale	$	12,449		$	10,157		$	10,434		$	10,547		$	9,993		23	%	25	%	$	22,606		$	19,913		14	%
Investment securities		784			770			753			733			700		2		12			1,554			1,387		12
Other		595			491			530			580			587		21		1			1,086			1,157		(6	)
Total interest income		13,828			11,418			11,717			11,860			11,280		21		23			25,246			22,457		12
Interest expense:
Deposits		3,120			2,715			2,862			2,945			2,874		15		9			5,835			5,686		3
Securitized debt obligations		164			176			205			234			258		(7	)	(36	)		340			519		(34	)
Senior and subordinated notes		535			505			540			596			591		6		(9	)		1,040			1,197		(13	)
Other borrowings		14			9			12			9			11		56		27			23			21		10
Total interest expense		3,833			3,405			3,619			3,784			3,734		13		3			7,238			7,423		(2	)
Net interest income		9,995			8,013			8,098			8,076			7,546		25		32			18,008			15,034		20
Provision for credit losses		11,430			2,369			2,642			2,482			3,909		**		192			13,799			6,592		109
Net interest income (loss) after provision for credit losses		(1,435	)		5,644			5,456			5,594			3,637		**		**			4,209			8,442		(50	)
Non-interest income:
Discount and interchange fees, net		1,478			1,223			1,260			1,228			1,249		21		18			2,701			2,394		13
Service charges and other customer-related fees		658			509			554			501			459		29		43			1,167			921		27
Net securities gains (losses)		—			—			—			(35	)		—		—		—			—			—		—
Other		361			255			278			244			252		42		43			616			559		10
Total non-interest income		2,497			1,987			2,092			1,938			1,960		26		27			4,484			3,874		16
Non-interest expense:
Salaries and associate benefits		2,999			2,546			2,329			2,391			2,200		18		36			5,545			4,678		19
Occupancy and equipment		737			615			674			587			551		20		34			1,352			1,105		22
Marketing		1,345			1,202			1,375			1,113			1,064		12		26			2,547			2,074		23
Professional services		653			437			630			402			316		49		107			1,090			578		89
Communications and data processing		413			399			398			358			355		4		16			812			706		15
Amortization of intangibles		271			16			19			20			19		**		**			287			38		**
Other		573			687			664			443			441		(17	)	30			1,260			904		39
Total non-interest expense		6,991			5,902			6,089			5,314			4,946		18		41			12,893			10,083		28
Income (loss) from continuing operations before income taxes		(5,929	)		1,729			1,459			2,218			651		**		**			(4,200	)		2,233		**
Income tax provision (benefit)		(1,666	)		325			366			441			54		**		**			(1,341	)		356		**
Income (loss) from continuing operations, net of tax		(4,263	)		1,404			1,093			1,777			597		**		**			(2,859	)		1,877		**
Income (loss) from discontinued operations, net of tax		(14	)		—			3			—			—		**		**			(14	)		—		**
Net income (loss)		(4,277	)		1,404			1,096			1,777			597		**		**			(2,873	)		1,877		**
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(4	)		(22	)		(17	)		(28	)		(9	)	(82	)	(56	)		(9	)		(32	)	(72	)
Preferred stock dividends		(65	)		(57	)		(57	)		(57	)		(57	)	14		14			(122	)		(114	)	7
Discount on redeemed preferred stock		6			—			—			—			—		**		**			6			—		**
Net income (loss) available to common stockholders	$	(4,340	)	$	1,325		$	1,022		$	1,692		$	531		**		**		$	(2,998	)	$	1,731		**

																2025 Q2				Six Months Ended June 30,
	2025			2025			2024			2024			2024			2025		2024								2025 vs.
	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Basic earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	(8.55	)	$	3.46		$	2.66		$	4.42		$	1.39		**		**		$	(6.71	)	$	4.52		**
Income (loss) from discontinued operations		(0.03	)		—			0.01			—			—		**		**			(0.03	)		—		**
Net income (loss) per basic common share	$	(8.58	)	$	3.46		$	2.67		$	4.42		$	1.39		**		**		$	(6.74	)	$	4.52		**
Diluted earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	(8.55	)	$	3.45		$	2.66		$	4.41		$	1.38		**		**		$	(6.71	)	$	4.51		**
Income (loss) from discontinued operations		(0.03	)		—			0.01			—			—		**		**			(0.03	)		—		**
Net income (loss) per diluted common share	$	(8.58	)	$	3.45		$	2.67		$	4.41		$	1.38		**		**		$	(6.74	)	$	4.51		**
Weighted-average common shares outstanding (in millions):
Basic common shares		505.6			383.1			382.4			383.0			383.1		32		32			444.7			382.7		16
Diluted common shares		505.6			384.0			383.4			383.7			383.9		32		32			444.7			383.7		16


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
																2025 Q2
(Dollars in millions)	2025 Q2			2025 Q1			2024 Q4			2024 Q3			2024 Q2			2025 Q1		2024 Q2
Assets:
Cash and cash equivalents:
Cash and due from banks	$	4,854		$	4,108		$	3,028		$	3,976		$	5,298		18	%	(8	)%
Interest-bearing deposits and other short-term investments		54,255			44,465			40,202			45,322			40,116		22		35
Total cash and cash equivalents		59,109			48,573			43,230			49,298			45,414		22		30
Restricted cash for securitization investors		2,469			392			441			421			2,415		**		2
Securities available for sale		87,196			84,362			83,013			83,500			79,250		3		10
Loans held for investment:
Unsecuritized loans held for investment		384,413			295,939			298,241			292,061			289,124		30		33
Loans held in consolidated trusts		54,884			27,659			29,534			28,182			29,062		98		89
Total loans held for investment		439,297			323,598			327,775			320,243			318,186		36		38
Allowance for credit losses		(23,873	)		(15,899	)		(16,258	)		(16,534	)		(16,649	)	50		43
Net loans held for investment		415,424			307,699			311,517			303,709			301,537		35		38
Loans held for sale		198			686			202			96			808		(71	)	(75	)
Premises and equipment, net		5,687			4,579			4,511			4,440			4,396		24		29
Interest receivable		3,373			2,599			2,532			2,577			2,494		30		35
Goodwill		28,335			15,070			15,059			15,083			15,062		88		88
Other intangible assets		18,157			217			233			253			271		**		**
Other assets		30,904			29,427			29,406			27,056			28,371		5		9
Assets of discontinued operations		8,116			—			—			—			—		**		**
Total assets	$	658,968		$	493,604		$	490,144		$	486,433		$	480,018		34		37

																2025 Q2
	2025			2025			2024			2024			2024			2025		2024
(Dollars in millions)	Q2			Q1			Q4			Q3			Q2			Q1		Q2
Liabilities:
Interest payable	$	888		$	646		$	666		$	705		$	668		37	%	33	%
Deposits:
Non-interest-bearing deposits		27,879			26,500			26,122			26,378			27,005		5		3
Interest-bearing deposits		440,231			340,964			336,585			327,253			324,437		29		36
Total deposits		468,110			367,464			362,707			353,631			351,442		27		33
Securitized debt obligations		14,658			11,716			14,264			15,881			17,291		25		(15	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase		742			573			562			520			715		29		4
Senior and subordinated notes		36,706			29,459			30,696			32,911			29,925		25		23
Other borrowings		560			25			29			24			25		**		**
Total other debt		38,008			30,057			31,287			33,455			30,665		26		24
Other liabilities		26,316			20,179			20,436			19,836			21,971		30		20
Liabilities of discontinued operations		32			—			—			—			—		**		**
Total liabilities		548,012			430,062			429,360			423,508			422,037		27		30

Stockholders’ equity:
Preferred stock		0			0			0			0			0		—		—
Common stock		7			7			7			7			7		—		—
Additional paid-in capital, net		63,465			36,693			36,428			36,216			36,012		73		76
Retained earnings		60,892			65,616			64,505			63,698			62,211		(7	)	(2	)
Accumulated other comprehensive loss		(6,819	)		(7,529	)		(9,286	)		(6,287	)		(9,701	)	(9	)	(30	)
Treasury stock, at cost		(6,589	)		(31,245	)		(30,870	)		(30,709	)		(30,548	)	(79	)	(78	)
Total stockholders’ equity		110,956			63,542			60,784			62,925			57,981		75		91
Total liabilities and stockholders’ equity	$	658,968		$	493,604		$	490,144		$	486,433		$	480,018		34		37


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 $785 million in Q2 2025, $705 million in Q1 2025, $706 million in Q4 2024, $624 million in Q3 2024 and $649 million in Q2 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 acquired Discover loans that are fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
⁽¹³⁾	Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
⁽¹⁴⁾	Capital ratios as of the end of Q2 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 Q2						2025 Q1						2024 Q2
(Dollars in millions, except as noted)	Average Balance		Interest Income/ Expense		Yield/Rate ⁽¹⁾		Average Balance		Interest Income/ Expense		Yield/Rate ⁽¹⁾		Average Balance		Interest Income/ Expense		Yield/Rate ⁽¹⁾
Interest-earning assets:
Loans, including loans held for sale	$	378,537	$	12,449	13.15	%	$	322,772	$	10,157	12.59	%	$	315,823	$	9,993	12.66	%
Investment securities		93,024		784	3.37			92,659		770	3.32			89,501		700	3.13
Cash equivalents and other		53,368		595	4.46			47,340		491	4.14			45,584		587	5.16
Total interest-earning assets	$	524,929	$	13,828	10.54		$	462,771	$	11,418	9.87		$	450,908	$	11,280	10.01
Interest-bearing liabilities:
Interest-bearing deposits	$	387,139	$	3,120	3.22		$	337,840	$	2,715	3.22		$	322,581	$	2,874	3.56
Securitized debt obligations		13,043		164	5.06			13,731		176	5.11			17,452		258	5.91
Senior and subordinated notes		32,872		535	6.51			30,331		505	6.66			30,978		591	7.64
Other borrowings and liabilities⁽²⁾		2,872		14	1.85			2,312		9	1.57			2,502		11	1.73
Total interest-bearing liabilities	$	435,926	$	3,833	3.52		$	384,214	$	3,405	3.54		$	373,513	$	3,734	4.00
Net interest income/spread			$	9,995	7.02				$	8,013	6.32				$	7,546	6.01
Impact of non-interest-bearing funding					0.60						0.61						0.69
Net interest margin					7.62	%					6.93	%					6.70	%


	Six Months Ended June 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	$	350,808	$	22,606	12.89	%	$	315,693	$	19,913	12.62	%
Investment securities		92,843		1,554	3.35			89,041		1,387	3.12
Cash equivalents and other		50,371		1,086	4.31			44,622		1,157	5.19
Total interest-earning assets	$	494,022	$	25,246	10.22		$	449,356	$	22,457	10.00
Interest-bearing liabilities:
Interest-bearing deposits	$	362,626	$	5,835	3.22		$	320,515	$	5,686	3.55
Securitized debt obligations		13,385		340	5.09			17,644		519	5.88
Senior and subordinated notes		31,609		1,040	6.58			31,594		1,197	7.58
Other borrowings and liabilities⁽²⁾		2,593		23	1.73			2,438		21	1.75
Total interest-bearing liabilities	$	410,213	$	7,238	3.53		$	372,191	$	7,423	3.99
Net interest income/spread			$	18,008	6.69				$	15,034	6.01
Impact of non-interest-bearing funding					0.60						0.68
Net interest margin					7.29	%					6.69	%


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
											2025 Q2				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025		2025		2024		2024		2024		2025		2024		2025		2024		2025 vs. 2024
(Dollars in millions, except as noted)	Q2		Q1		Q4		Q3		Q2		Q1		Q2		2025		2024		2025 vs. 2024
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	252,481	$	150,309	$	155,618	$	149,400	$	147,065	68	%	72	%	$	252,481	$	147,065	72	%
Personal loans		9,788		—		—		—		—	**		**			9,788		—	**
International card businesses		7,440		6,880		6,890		7,251		6,830	8		9			7,440		6,830	9
Total credit card		269,709		157,189		162,508		156,651		153,895	72		75			269,709		153,895	75
Consumer banking:
Auto		80,017		77,656		76,829		75,505		74,385	3		8			80,017		74,385	8
Retail banking		1,216		1,240		1,263		1,253		1,278	(2	)	(5	)		1,216		1,278	(5	)
Total consumer banking		81,233		78,896		78,092		76,758		75,663	3		7			81,233		75,663	7
Commercial banking:
Commercial and multifamily real estate		32,967		31,971		31,903		32,199		32,832	3		—			32,967		32,832	—
Commercial and industrial		55,388		55,542		55,272		54,635		55,796	—		(1	)		55,388		55,796	(1	)
Total commercial banking		88,355		87,513		87,175		86,834		88,628	1		—			88,355		88,628	—
Total loans held for investment	$	439,297	$	323,598	$	327,775	$	320,243	$	318,186	36		38		$	439,297	$	318,186	38
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	197,808	$	149,639	$	150,290	$	147,021	$	143,744	32	%	38	%	$	173,858	$	143,316	21	%
Personal loans		4,778		—		—		—		—	**		**			2,402		—	**
International card businesses		7,107		6,768		7,036		6,951		6,723	5		6			6,938		6,740	3
Total credit card		209,693		156,407		157,326		153,972		150,467	34		39			183,198		150,056	22
Consumer banking:
Auto		78,875		77,228		75,968		74,920		74,098	2		6			78,056		73,933	6
Retail banking		1,220		1,252		1,253		1,262		1,288	(3	)	(5	)		1,236		1,306	(5	)
Total consumer banking		80,095		78,480		77,221		76,182		75,386	2		6			79,292		75,239	5
Commercial banking:
Commercial and multifamily real estate		32,522		31,733		32,058		32,416		33,801	2		(4	)		32,129		34,055	(6	)
Commercial and industrial		55,847		55,765		55,266		55,685		55,234	—		1			55,806		55,401	1
Total commercial banking		88,369		87,498		87,324		88,101		89,035	1		(1	)		87,935		89,456	(2	)
Total average loans held for investment	$	378,157	$	322,385	$	321,871	$	318,255	$	314,888	17		20		$	350,425	$	314,751	11

											2025 Q2				Six Months Ended June 30,
	2025		2025		2024		2024		2024		2025		2024		2025		2024		2025 vs. 2024
	Q2		Q1		Q4		Q3		Q2		Q1		Q2		2025		2024		2025 vs. 2024
Net Charge-Off (Recovery) Rates
Credit card⁽³⁾:
Domestic credit card⁽⁴⁾	5.25	%	6.19	%	6.06	%	5.61	%	6.05	%	(94	) bps	(80	) bps	5.65	%	5.99	%	(34	) bps
Personal loans	3.47		—		—		—		—		**		**		3.46		—		**
International card businesses	5.17		5.02		5.17		5.23		5.03		15		14		5.10		5.10		—
Total credit card	5.20		6.14		6.02		5.60		6.00		(94	)	(80	)	5.60		5.95		(35	)
Consumer banking:
Auto	1.25		1.55		2.32		2.05		1.81		(30	)	(56	)	1.40		1.90		(50	)
Retail banking	4.54		4.75		5.63		5.43		5.38		(21	)	(84	)	4.65		4.70		(5	)
Total consumer banking	1.30		1.60		2.38		2.11		1.87		(30	)	(57	)	1.45		1.95		(50	)
Commercial banking:
Commercial and multifamily real estate	(0.06	)	0.09		0.50		0.26		0.11		(15	)	(17	)	0.02		0.16		(14	)
Commercial and industrial	0.55		0.12		0.13		0.20		0.17		43		38		0.33		0.13		20
Total commercial banking	0.33		0.11		0.26		0.22		0.15		22		18		0.22		0.14		8
Total net charge-offs	3.24		3.40		3.59		3.27		3.36		(16	)	(12	)	3.31		3.34		(3	)
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card⁽⁵⁾	3.60	%	4.25	%	4.53	%	4.53	%	4.14	%	(65	) bps	(54	) bps	3.60	%	4.14	%	(54	) bps
Personal loans	1.62		—		—		—		—		**		**		1.62		—		**
International card businesses	4.50		4.56		4.52		4.53		4.63		(6	)	(13	)	4.50		4.63		(13	)
Total credit card	3.55		4.26		4.53		4.53		4.16		(71	)	(61	)	3.55		4.16		(61	)
Consumer banking:
Auto	4.84		4.93		5.95		5.61		5.67		(9	)	(83	)	4.84		5.67		(83	)
Retail banking	0.93		1.13		1.12		0.95		1.57		(20	)	(64	)	0.93		1.57		(64	)
Total consumer banking	4.78		4.87		5.87		5.53		5.60		(9	)	(82	)	4.78		5.60		(82	)
Nonperforming Loans and Nonperforming Assets Rates⁽⁶⁾⁽⁷⁾
Credit card:
Personal loans	0.12	%	—		—		—		—		**		**		0.12	%	—		**
International card businesses	0.16		0.13	%	0.15	%	0.15	%	0.15	%	3	bps	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	0.73		0.72		0.98		0.91		0.88		1		(15	)	0.73		0.88		(15	)
Retail banking	1.47		1.89		1.94		2.19		2.81		(42	)	(134	)	1.47		2.81		(134	)
Total consumer banking	0.74		0.74		0.99		0.93		0.92		—		(18	)	0.74		0.92		(18	)
Commercial banking:
Commercial and multifamily real estate	1.06		1.23		1.60		1.96		1.28		(17	)	(22	)	1.06		1.28		(22	)
Commercial and industrial	1.45		1.50		1.27		1.32		1.56		(5	)	(11	)	1.45		1.56		(11	)
Total commercial banking	1.30		1.40		1.39		1.55		1.46		(10	)	(16	)	1.30		1.46		(16	)
Total nonperforming loans	0.40		0.56		0.61		0.65		0.63		(16	)	(23	)	0.40		0.63		(23	)
Total nonperforming assets	0.42		0.58		0.63		0.67		0.64		(16	)	(22	)	0.42		0.64		(22	)


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

	Three Months Ended June 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 March 31, 2025	$	12,036			—		$	474		$	12,510		$	1,845		$	27		$	1,872		$	1,517		$	15,899
Charge-offs⁽³⁾		(3,396	)	$	(56	)		(138	)		(3,590	)		(593	)		(19	)		(612	)		(81	)		(4,283	)
Recoveries		802			14			46			862			348			4			352			9			1,223
Net charge-offs		(2,594	)		(42	)		(92	)		(2,728	)		(245	)		(15	)		(260	)		(72	)		(3,060	)
Initial allowance for purchased credit-deteriorated loans		2,722			148			—			2,870			—			—			—			—			2,870
Benefit from expected recoveries of charged off loans⁽⁸⁾		(3,135	)		(170	)		—			(3,305	)		—			—			—			—			(3,305	)
Provision for credit losses⁽⁹⁾		10,200			826			72			11,098			238			14			252			90			11,440
Allowance build (release) for credit losses⁽⁹⁾		7,193			762			(20	)		7,935			(7	)		(1	)		(8	)		18			7,945
Other changes⁽¹⁰⁾		—			—			29			29			—			—			—			—			29
Balance as of June 30, 2025		19,229			762			483			20,474			1,838			26			1,864			1,535			23,873
Reserve for unfunded lending commitments:
Balance as of March 31, 2025		—			—			—			—			—			—			—			144			144
Provision (benefit) for losses on unfunded lending commitments		—			—			—			—			—			—			—			(9	)		(9	)
Balance as of June 30, 2025		—			—			—			—			—			—			—			135			135
Combined allowance and reserve as of June 30, 2025	$	19,229		$	762		$	483		$	20,474		$	1,838		$	26		$	1,864		$	1,670		$	24,008

	Six Months Ended June 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⁾		(6,248	)	$	(56	)		(264	)		(6,568	)		(1,249	)		(39	)		(1,288	)		(119	)		(7,975	)
Recoveries		1,340			14			87			1,441			705			10			715			23			2,179
Net charge-offs		(4,908	)		(42	)		(177	)		(5,127	)		(544	)		(29	)		(573	)		(96	)		(5,796	)
Initial allowance for purchased credit-deteriorated loans		2,722			148			—			2,870			—			—			—			—			2,870
Benefit from expected recoveries of charged off loans⁽⁸⁾		(3,135	)		(170	)		—			(3,305	)		—			—			—			—			(3,305	)
Provision for credit losses⁽⁹⁾		12,056			826			142			13,024			523			30			553			231			13,808
Allowance build (release) for credit losses⁽⁹⁾		6,735			762			(35	)		7,462			(21	)		1			(20	)		135			7,577
Other changes⁽¹⁰⁾		—			—			38			38			—			—			—			—			38
Balance as of June 30, 2025		19,229			762			483			20,474			1,838			26			1,864			1,535			23,873
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 June 30, 2025		—			—			—			—			—			—			—			135			135
Combined allowance and reserve as of June 30, 2025	$	19,229		$	762		$	483		$	20,474		$	1,838		$	26		$	1,864		$	1,670		$	24,008


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

	Three Months Ended June 30, 2025													Six Months Ended June 30, 2025
(Dollars in millions)	Credit Card			Consumer Banking		Commercial Banking⁽¹¹⁾		Other⁽¹¹⁾			Total			Credit Card			Consumer Banking		Commercial Banking⁽¹¹⁾		Other⁽¹¹⁾			Total
Net interest income (loss)	$	7,293		$	2,162	$	602	$	(62	)	$	9,995		$	12,947		$	4,105	$	1,174	$	(218	)	$	18,008
Non-interest income (loss)		1,802			394		335		(34	)		2,497			3,313			577		647		(53	)		4,484
Total net revenue (loss)		9,095			2,556		937		(96	)		12,492			16,260			4,682		1,821		(271	)		22,492
Provision (benefit) for credit losses		11,098			252		81		(1	)		11,430			13,024			553		223		(1	)		13,799
Non-interest expense		4,447			1,713		489		342			6,991			8,085			3,294		975		539			12,893
Income (loss) from continuing operations before income taxes		(6,450	)		591		367		(437	)		(5,929	)		(4,849	)		835		623		(809	)		(4,200	)
Income tax provision (benefit)		(1,533	)		141		87		(361	)		(1,666	)		(1,151	)		199		148		(537	)		(1,341	)
Income (loss) from continuing operations, net of tax	$	(4,917	)	$	450	$	280	$	(76	)	$	(4,263	)	$	(3,698	)	$	636	$	475	$	(272	)	$	(2,859	)

	Three Months Ended March 31, 2025
(Dollars in millions)	Credit Card			Consumer Banking		Commercial Banking⁽¹¹⁾		Other⁽¹¹⁾			Total
Net interest income (loss)	$	5,654		$	1,943	$	572	$	(156	)	$	8,013
Non-interest income (loss)		1,511			183		312		(19	)		1,987
Total net revenue (loss)		7,165			2,126		884		(175	)		10,000
Provision for credit losses		1,926			301		142		—			2,369
Non-interest expense		3,638			1,581		486		197			5,902
Income (loss) from continuing operations before income taxes		1,601			244		256		(372	)		1,729
Income tax provision (benefit)		382			58		61		(176	)		325
Income (loss) from continuing operations, net of tax	$	1,219		$	186	$	195	$	(196	)	$	1,404

	Three Months Ended June 30, 2024													Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card			Consumer Banking		Commercial Banking⁽¹¹⁾		Other⁽¹¹⁾			Total			Credit Card			Consumer Banking		Commercial Banking⁽¹¹⁾		Other⁽¹¹⁾			Total
Net interest income (loss)	$	5,294		$	2,025	$	609	$	(382	)	$	7,546		$	10,566		$	4,036	$	1,208	$	(776	)	$	15,034
Non-interest income		1,506			172		271		11			1,960			2,982			331		552		9			3,874
Total net revenue (loss)		6,800			2,197		880		(371	)		9,506			13,548			4,367		1,760		(767	)		18,908
Provision for credit losses		3,545			330		34		—			3,909			5,804			756		32		—			6,592
Non-interest expense		3,134			1,250		483		79			4,946			6,363			2,496		998		226			10,083
Income (loss) from continuing operations before income taxes		121			617		363		(450	)		651			1,381			1,115		730		(993	)		2,233
Income tax provision (benefit)		30			146		85		(207	)		54			329			263		172		(408	)		356
Income (loss) from continuing operations, net of tax	$	91		$	471	$	278	$	(243	)	$	597		$	1,052		$	852	$	558	$	(585	)	$	1,877


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
																2025 Q2 vs.				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2			2025		2024			2024
Credit Card
Earnings:
Net interest income	$	7,293		$	5,654		$	5,779		$	5,743		$	5,294		29	%	38	%	$	12,947		$	10,566		23	%
Non-interest income		1,802			1,511			1,585			1,509			1,506		19		20			3,313			2,982		11
Total net revenue		9,095			7,165			7,364			7,252			6,800		27		34			16,260			13,548		20
Provision for credit losses		11,098			1,926			2,384			2,084			3,545		**		**			13,024			5,804		124
Non-interest expense		4,447			3,638			3,846			3,367			3,134		22		42			8,085			6,363		27
Income (loss) from continuing operations before income taxes		(6,450	)		1,601			1,134			1,801			121		**		**			(4,849	)		1,381		**
Income tax provision (benefit)		(1,533	)		382			268			427			30		**		**			(1,151	)		329		**
Income (loss) from continuing operations, net of tax	$	(4,917	)	$	1,219		$	866		$	1,374		$	91		**		**		$	(3,698	)	$	1,052		**
Selected performance metrics:
Period-end loans held for investment	$	269,709		$	157,189		$	162,508		$	156,651		$	153,895		72		75		$	269,709		$	153,895		75
Average loans held for investment		209,693			156,407			157,326			153,972			150,467		34		39			183,198			150,056		22
Average yield on loans outstanding⁽¹⁾		17.94	%		18.54	%		19.05	%		19.66	%		18.79	%	(60	) bps	(85	) bps		18.18	%		18.82	%	(64	) bps
Total net revenue margin⁽¹²⁾		17.35			18.32			18.72			18.82			18.03		(97	)	(68	)		17.75			18.01		(26	)
Net charge-off rate⁽³⁾		5.20			6.14			6.02			5.60			6.00		(94	)	(80	)		5.60			5.95		(35	)
30+ day performing delinquency rate		3.55			4.26			4.53			4.53			4.16		(71	)	(61	)		3.55			4.16		(61	)
30+ day delinquency rate		3.56			4.27			4.54			4.54			4.17		(71	)	(61	)		3.56			4.17		(61	)
Nonperforming loan rate⁽⁶⁾		0.01			0.01			0.01			0.01			0.01		—		—			0.01			0.01		—
Purchase volume⁽¹³⁾	$	201,453		$	157,948		$	172,919		$	166,203		$	165,143		28	%	22	%	$	359,401		$	315,314		14	%
																2025 Q2 vs.				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Domestic Card
Earnings:
Net interest income	$	6,822		$	5,343		$	5,474		$	5,434		$	5,001		28	%	36	%	$	12,165		$	9,973		22	%
Non-interest income		1,749			1,460			1,522			1,438			1,440		20		21			3,209			2,851		13
Total net revenue		8,571			6,803			6,996			6,872			6,441		26		33			15,374			12,824		20
Provision for credit losses		10,200			1,856			2,278			1,997			3,435		**		197			12,056			5,592		116
Non-interest expense		4,192			3,422			3,607			3,149			2,946		23		42			7,614			5,971		28
Income (loss) from continuing operations before income taxes		(5,821	)		1,525			1,111			1,726			60		**		**			(4,296	)		1,261		**
Income tax provision (benefit)		(1,385	)		363			262			407			15		**		**			(1,022	)		298		**
Income (loss) from continuing operations, net of tax	$	(4,436	)	$	1,162		$	849		$	1,319		$	45		**		**		$	(3,274	)	$	963		**
Selected performance metrics:
Period-end loans held for investment	$	252,481		$	150,309		$	155,618		$	149,400		$	147,065		68		72		$	252,481		$	147,065		72
Average loans held for investment		197,808			149,639			150,290			147,021			143,744		32		38			173,858			143,316		21
Average yield on loans outstanding⁽¹⁾		17.88	%		18.42	%		19.00	%		19.62	%		18.73	%	(54	) bps	(85	) bps		18.10	%		18.75	%	(65	) bps
Total net revenue margin⁽¹²⁾		17.33			18.19			18.62			18.67			17.87		(86	)	(54	)		17.69			17.85		(16	)
Net charge-off rate⁽⁴⁾		5.25			6.19			6.06			5.61			6.05		(94	)	(80	)		5.65			5.99		(34	)
30+ day performing delinquency rate⁽⁵⁾		3.60			4.25			4.53			4.53			4.14		(65	)	(54	)		3.60			4.14		(54	)
Purchase volume⁽¹³⁾	$	197,308		$	154,391		$	168,994		$	162,281		$	161,370		28	%	22	%	$	351,699		$	308,066		14	%
Refreshed FICO scores:⁽¹⁴⁾
Greater than 660		73	%		69	%		69	%		69	%		69	%	4		4			73	%		69	%	4
660 or below		27			31			31			31			31		(4	)	(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 Q2 vs.				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Consumer Banking
Earnings:
Net interest income	$	2,162		$	1,943		$	1,959		$	2,028		$	2,025		11	%	7	%	$	4,105		$	4,036		2	%
Non-interest income		394			183			182			182			172		115		129			577			331		74
Total net revenue		2,556			2,126			2,141			2,210			2,197		20		16			4,682			4,367		7
Provision for credit losses		252			301			328			351			330		(16	)	(24	)		553			756		(27	)
Non-interest expense		1,713			1,581			1,545			1,331			1,250		8		37			3,294			2,496		32
Income from continuing operations before income taxes		591			244			268			528			617		142		(4	)		835			1,115		(25	)
Income tax provision		141			58			63			125			146		143		(3	)		199			263		(24	)
Income from continuing operations, net of tax	$	450		$	186		$	205		$	403		$	471		142		(4	)	$	636		$	852		(25	)
Selected performance metrics:
Period-end loans held for investment	$	81,233		$	78,896		$	78,092		$	76,758		$	75,663		3		7		$	81,233		$	75,663		7
Average loans held for investment		80,095			78,480			77,221			76,182			75,386		2		6			79,292			75,239		5
Average yield on loans held for investment⁽¹⁾		9.30	%		9.03	%		9.04	%		8.88	%		8.54	%	27	bps	76	bps		9.17	%		8.44	%	73	bps
Auto loan originations	$	10,861		$	9,210		$	9,399		$	9,158		$	8,463		18	%	28	%	$	20,071		$	15,985		26	%
Period-end deposits		414,044			324,920			318,329			309,569			305,422		27		36			414,044			305,422		36
Average deposits		365,359			319,950			313,992			306,121			300,794		14		21			342,780			297,621		15
Average deposits interest rate		3.02	%		3.00	%		3.21	%		3.33	%		3.22	%	2	bps	(20	) bps		3.01	%		3.19	%	(18	) bps
Net charge-off rate		1.30			1.60			2.38			2.11			1.87		(30	)	(57	)		1.45			1.95		(50	)
30+ day performing delinquency rate		4.78			4.87			5.87			5.53			5.60		(9	)	(82	)		4.78			5.60		(82	)
30+ day delinquency rate		5.40			5.47			6.73			6.31			6.35		(7	)	(95	)		5.40			6.35		(95	)
Nonperforming loan rate⁽⁶⁾		0.74			0.74			0.99			0.93			0.92		—		(18	)		0.74			0.92		(18	)
Nonperforming asset rate⁽⁷⁾		0.82			0.82			1.08			1.01			0.99		—		(17	)		0.82			0.99		(17	)
Global Payment Network volume⁽¹⁵⁾	$	74,014			—			—			—			—		**		**		$	74,014			—		**
Auto—At origination FICO scores:⁽¹⁶⁾
Greater than 660		52	%		53	%		54	%		53	%		53	%	(1	)%	(1	)%		52	%		53	%	(1	)%
621 - 660		19			19			19			20			20		—		(1	)		19			20		(1	)
620 or below		29			28			27			27			27		1		2			29			27		2
Total		100	%		100	%		100	%		100	%		100	%						100	%		100	%


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
																2025 Q2 vs.				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Commercial Banking
Earnings:
Net interest income	$	602		$	572		$	587		$	596		$	609		5	%	(1	)%	$	1,174		$	1,208		(3	)%
Non-interest income		335			312			366			292			271		7		24			647			552		17
Total net revenue⁽¹¹⁾		937			884			953			888			880		6		6			1,821			1,760		3
Provision (benefit) for credit losses		81			142			(72	)		48			34		(43	)	138			223			32		**
Non-interest expense		489			486			518			495			483		1		1			975			998		(2	)
Income from continuing operations before income taxes		367			256			507			345			363		43		1			623			730		(15	)
Income tax provision		87			61			119			82			85		43		2			148			172		(14	)
Income from continuing operations, net of tax	$	280		$	195		$	388		$	263		$	278		44		1		$	475		$	558		(15	)
Selected performance metrics:
Period-end loans held for investment	$	88,355		$	87,513		$	87,175		$	86,834		$	88,628		1		—		$	88,355		$	88,628		—
Average loans held for investment		88,369			87,498			87,324			88,101			89,035		1		(1	)		87,935			89,456		(2	)
Average yield on loans held for investment^(1)(11)		6.40	%		6.29	%		6.72	%		7.25	%		7.23	%	11	bps	(83	) bps		6.35	%		7.18	%	(83	) bps
Period-end deposits	$	29,245		$	29,984		$	31,691		$	30,598		$	29,210		(2	)%	—		$	29,245		$	29,210		—
Average deposits		30,444			31,654			31,545			30,365			30,810		(4	)	(1	)%		31,045			31,327		(1	)%
Average deposits interest rate		2.06	%		2.13	%		2.28	%		2.55	%		2.55	%	(7	) bps	(49	) bps		2.09	%		2.60	%	(51	) bps
Net charge-off rate		0.33			0.11			0.26			0.22			0.15		22		18			0.22			0.14		8
Nonperforming loan rate⁽⁶⁾		1.30			1.40			1.39			1.55			1.46		(10	)	(16	)		1.30			1.46		(16	)
Nonperforming asset rate⁽⁷⁾		1.30			1.40			1.39			1.55			1.46		(10	)	(16	)		1.30			1.46		(16	)
Risk category:⁽¹⁷⁾
Noncriticized	$	82,000		$	80,677		$	80,431		$	78,835		$	79,695		2	%	3	%	$	82,000		$	79,695		3	%
Criticized performing		5,204			5,612			5,534			6,651			7,639		(7	)	(32	)		5,204			7,639		(32	)
Criticized nonperforming		1,151			1,224			1,210			1,348			1,294		(6	)	(11	)		1,151			1,294		(11	)
Total commercial banking loans held for investment	$	88,355		$	87,513		$	87,175		$	86,834		$	88,628		1		—		$	88,355		$	88,628		—
Risk category as a percentage of period-end loans held for investment:⁽¹⁷⁾
Noncriticized		92.81	%		92.19	%		92.26	%		90.79	%		89.92	%	62	bps	289	bps		92.81	%		89.92	%	289	bps
Criticized performing		5.89			6.41			6.35			7.66			8.62		(52	)	(273	)		5.89			8.62		(273	)
Criticized nonperforming		1.30			1.40			1.39			1.55			1.46		(10	)	(16	)		1.30			1.46		(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 Q2 vs.				Six Months Ended June 30,
(Dollars in millions)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Other
Earnings:
Net interest loss	$	(62	)	$	(156	)	$	(227	)	$	(291	)	$	(382	)	(60	)%	(84	)%	$	(218	)	$	(776	)	(72	)%
Non-interest income (loss)		(34	)		(19	)		(41	)		(45	)		11		79		**			(53	)		9		**
Total net loss⁽¹¹⁾		(96	)		(175	)		(268	)		(336	)		(371	)	(45	)	(74	)		(271	)		(767	)	(65	)
Provision (benefit) for credit losses		(1	)		—			2			(1	)		—		**		**			(1	)		—		**
Non-interest expense⁽¹⁸⁾		342			197			180			121			79		74		**			539			226		138
Loss from continuing operations before income taxes		(437	)		(372	)		(450	)		(456	)		(450	)	17		(3	)		(809	)		(993	)	(19	)
Income tax benefit		(361	)		(176	)		(84	)		(193	)		(207	)	105		74			(537	)		(408	)	32
Loss from continuing operations, net of tax	$	(76	)	$	(196	)	$	(366	)	$	(263	)	$	(243	)	(61	)	(69	)	$	(272	)	$	(585	)	(54	)
Selected performance metrics:
Period-end deposits	$	24,821		$	12,560		$	12,687		$	13,464		$	16,810		98		48		$	24,821		$	16,810		48
Average deposits		18,765			12,474			12,786			14,639			17,884		50		5			15,637			18,624		(16	)
Total
Earnings:
Net interest income	$	9,995		$	8,013		$	8,098		$	8,076		$	7,546		25	%	32	%	$	18,008		$	15,034		20	%
Non-interest income		2,497			1,987			2,092			1,938			1,960		26		27			4,484			3,874		16
Total net revenue		12,492			10,000			10,190			10,014			9,506		25		31			22,492			18,908		19
Provision for credit losses		11,430			2,369			2,642			2,482			3,909		**		192			13,799			6,592		109
Non-interest expense		6,991			5,902			6,089			5,314			4,946		18		41			12,893			10,083		28
Income (loss) from continuing operations before income taxes		(5,929	)		1,729			1,459			2,218			651		**		**			(4,200	)		2,233		**
Income tax provision (benefit)		(1,666	)		325			366			441			54		**		**			(1,341	)		356		**
Income (loss) from continuing operations, net of tax	$	(4,263	)	$	1,404		$	1,093		$	1,777		$	597		**		**		$	(2,859	)	$	1,877		**
Selected performance metrics:
Period-end loans held for investment	$	439,297		$	323,598		$	327,775		$	320,243		$	318,186		36		38		$	439,297		$	318,186		38
Average loans held for investment		378,157			322,385			321,871			318,255			314,888		17		20			350,425			314,751		11
Period-end deposits		468,110			367,464			362,707			353,631			351,442		27		33			468,110			351,442		33
Average deposits		414,568			364,078			358,323			351,125			349,488		14		19			389,462			347,572		12


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

⁽¹⁾		Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
⁽²⁾		Includes amounts related to entities that provide capital to low-income and rural communities of $2.2 billion in Q2 2025, $1.9 billion in Q1 2025 and $2.1 billion for the first six months of 2025 and $2.0 billion in Q4 2024 and $2.0 billion for the first six months of 2024. Related interest expense was $8 million in Q2 2025, $7 million in Q1 2025 and $15 million for the first six months of 2025 and $8 million in Q4 2024 and $16 million for the first six months of 2024.
⁽³⁾		Charge-offs exclude $19.4 billion of acquired Discover loans that are 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 acquired Discover Domestic credit card loans that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses. Net charge-off rate for the second quarter of 2025 for legacy Capital One Domestic credit card was 5.50% and net charge-off rate the second quarter of 2025 for legacy Discover Domestic credit card was 4.44%.
⁽⁵⁾		30+ day performing delinquency rate for the second quarter of 2025 for legacy Capital One Domestic credit card was 3.92% and 30+ day performing delinquency rate for the second quarter of 2025 for legacy Discover Domestic credit card was 3.11%.
⁽⁶⁾		Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
⁽⁷⁾		Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
⁽⁸⁾		Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged-off.
⁽⁹⁾		Provision for credit losses includes the initial allowance for credit losses of $8.8 billion for non-PCD loans acquired in the Discover Acquisition.
⁽¹⁰⁾		Primarily represents foreign currency translation adjustments.
⁽¹¹⁾		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.
⁽¹²⁾		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
⁽¹³⁾		Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
⁽¹⁴⁾		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.
⁽¹⁵⁾		Global Payment Network volume includes transactions processed on the Discover Network, PULSE Network and Diners Club International.
⁽¹⁶⁾		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.
⁽¹⁷⁾		Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
⁽¹⁸⁾		Includes the impact of $299 million, $110 million, $140 million, $63 million and $31 million in Discover integration expenses in Q2 2025, Q1 2025, Q4 2024, Q3 2024 and Q2 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)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Regulatory Capital Metrics
Common equity excluding AOCI	$	112,368		$	66,225		$	65,823		$	64,966		$	63,435
Adjustments:
AOCI, net of tax⁽²⁾		83			19			1			58			13
Goodwill, net of related deferred tax liabilities		(28,052	)		(14,792	)		(14,786	)		(14,816	)		(14,800	)
Other Intangible and deferred tax assets, net of deferred tax liabilities		(13,687	)		(247	)		(231	)		(252	)		(271	)
Common equity Tier 1 capital	$	70,712		$	51,205		$	50,807		$	49,956		$	48,377
Tier 1 capital	$	76,118		$	56,050		$	55,652		$	54,801		$	53,222
Total capital⁽³⁾		85,987			63,926			61,805			61,151			59,875
Risk-weighted assets		503,397			375,538			377,145			368,199			366,959
Adjusted average assets⁽⁴⁾		537,581			483,888			480,794			473,146			470,915
Capital Ratios
Common equity Tier 1 capital⁽⁵⁾		14.0	%		13.6	%		13.5	%		13.6	%		13.2	%
Tier 1 capital⁽⁶⁾		15.1			14.9			14.8			14.9			14.5
Total capital⁽⁷⁾		17.1			17.0			16.4			16.6			16.3
Tier 1 leverage⁽⁴⁾		14.2			11.6			11.6			11.6			11.3
TCE⁽⁸⁾		10.3			9.1			8.6			9.1			8.2

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)	2025			2025			2024			2024			2024			Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	Q2			Q1			Q4			Q3			Q2			2025			2024
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)	$	(4,340	)	$	1,325		$	1,022		$	1,692		$	531		$	(2,998	)	$	1,731
Initial allowance build for Discover non-PCD loans		8,767			—			—			—			—			8,767			—
Discover integration expenses		299			110			140			63			31			409			31
Discover intangible amortization expense		255			—			—			—			—			255			—
Discover loan and deposit fair value mark amortization		85			—			—			—			—			85			—
Legal reserve activities		41			198			75			—			—			239			—
Allowance build for Walmart program agreement loss sharing termination		—			—			—			—			826			—			826
Walmart program agreement termination contra revenue impact		—			—			—			—			27			—			27
FDIC special assessment		—			—			—			(9	)		8			—			50
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)		5,107			1,633			1,237			1,746			1,423			6,757			2,665
Income tax impacts		(2,339	)		(76	)		(52	)		(13	)		(218	)		(2,415	)		(228	)
Adjusted net income available to common stockholders (non-GAAP)	$	2,768		$	1,557		$	1,185		$	1,733		$	1,205		$	4,342		$	2,437

Diluted weighted-average common shares outstanding (in millions) (GAAP)		505.6			384.0			383.4			383.7			383.9			444.7			383.7

Diluted EPS (GAAP)	$	(8.58	)	$	3.45		$	2.67		$	4.41		$	1.38		$	(6.74	)	$	4.51
Impact of adjustments noted above		14.06			0.61			0.42			0.10			1.76			16.50			1.84
Adjusted diluted EPS (non-GAAP)	$	5.48		$	4.06		$	3.09		$	4.51		$	3.14		$	9.76		$	6.35

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	6,991		$	5,902		$	6,089		$	5,314		$	4,946		$	12,893		$	10,083
Discover integration expenses		(299	)		(110	)		(140	)		(63	)		(31	)		(409	)		(31	)
Discover intangible amortization expense		(255	)		—			—			—			—			(255	)		—
Legal reserve activities		(41	)		(198	)		(75	)		—			—			(239	)		—
FDIC special assessment		—			—			—			9			(8	)		—			(50	)
Adjusted non-interest expense (non-GAAP)	$	6,396		$	5,594		$	5,874		$	5,260		$	4,907		$	11,990		$	10,002

Total net revenue (GAAP)	$	12,492		$	10,000		$	10,190		$	10,014		$	9,506		$	22,492		$	18,908
Discover loan and deposit fair value mark amortization		85			—			—			—			—			85			—
Walmart program agreement termination contra revenue impact		—			—			—			—			27			—			27
Adjusted net revenue (non-GAAP)	$	12,577		$	10,000		$	10,190		$	10,014		$	9,533		$	22,577		$	18,935

Efficiency ratio (GAAP)		55.96	%		59.02	%		59.75	%		53.07	%		52.03	%		57.32	%		53.33	%
Impact of adjustments noted above	(511) bps			(308) bps			(211) bps			(54) bps			(56) bps			(421) bps			(51) bps
Adjusted efficiency ratio (non-GAAP)		50.85	%		55.94	%		57.64	%		52.53	%		51.47	%		53.11	%		52.82	%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	5,646		$	4,700		$	4,714		$	4,201		$	3,882		$	10,346		$	8,009
Discover integration expenses		(299	)		(110	)		(140	)		(63	)		(31	)		(409	)		(31	)
Discover intangible amortization expense		(255	)		—			—			—			—			(255	)		—
Legal reserve activities		(41	)		(198	)		(75	)		—			—			(239	)		—
FDIC special assessment		—			—			—			9			(8	)		—			(50	)
Adjusted operating expense (non-GAAP)	$	5,051		$	4,392		$	4,499		$	4,147		$	3,843		$	9,443		$	7,928

Total net revenue (GAAP)	$	12,492		$	10,000		$	10,190		$	10,014		$	9,506		$	22,492		$	18,908
Discover loan and deposit fair value mark amortization		85			—			—			—			—			85			—
Walmart program agreement termination contra revenue impact		—			—			—			—			27			—			27
Adjusted net revenue (non-GAAP)	$	12,577		$	10,000		$	10,190		$	10,014		$	9,533		$	22,577		$	18,935

Operating efficiency ratio (GAAP)		45.20	%		47.00	%		46.26	%		41.95	%		40.84	%		46.00	%		42.36	%
Impact of adjustments noted above	(504) bps			(308) bps			(211) bps			(54) bps			(53) bps			(417) bps			(49) bps
Adjusted operating efficiency ratio (non-GAAP)		40.16	%		43.92	%		44.15	%		41.41	%		40.31	%		41.83	%		41.87	%

Adjusted net interest margin:
Net interest income (GAAP)	$	9,995		$	8,013		$	8,098		$	8,076		$	7,546		$	18,008		$	15,034
Loan and deposit fair value mark amortization		85			—			—			—			—			85			—
Walmart program agreement termination contra revenue impact		—			—			—			—			27			—			27
Adjusted net interest income (non-GAAP)	$	10,080		$	8,013		$	8,098		$	8,076		$	7,573		$	18,093		$	15,061

Average interest earning assets	$	524,929		$	462,771		$	460,640		$	454,484		$	450,908		$	494,022		$	449,356

Net interest margin (GAAP)		7.62	%		6.93	%		7.03	%		7.11	%		6.70	%		7.29	%		6.69	%
Impact of adjustments noted above	6 bps			— bps			— bps			— bps			2 bps			3 bps			1 bps
Adjusted net interest margin (non-GAAP)		7.68	%		6.93	%		7.03	%		7.11	%		6.72	%		7.32	%		6.70	%

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.

(Dollars in millions)	2025			2025			2024			2024			2024
(Dollars in millions)	Q2			Q1			Q4			Q3			Q2
Pre- Provision Earnings
Total net revenue	$	12,492		$	10,000		$	10,190		$	10,014		$	9,506
Non-interest expense		(6,991	)		(5,902	)		(6,089	)		(5,314	)		(4,946	)
Pre-provision earnings⁽⁹⁾	$	5,501		$	4,098		$	4,101		$	4,700		$	4,560
Tangible Common Equity (Period-End)
Stockholders’ equity	$	110,956		$	63,542		$	60,784		$	62,925		$	57,981
Goodwill and other intangible assets⁽¹⁰⁾		(42,012	)		(15,139	)		(15,157	)		(15,214	)		(15,226	)
Noncumulative perpetual preferred stock		(5,407	)		(4,845	)		(4,845	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	63,537		$	43,558		$	40,782		$	42,866		$	37,910
Tangible Common Equity (Average)
Stockholders’ equity	$	86,918		$	62,240		$	61,764		$	61,289		$	58,107
Goodwill and other intangible assets⁽¹⁰⁾		(29,114	)		(15,149	)		(15,195	)		(15,225	)		(15,249	)
Noncumulative perpetual preferred stock		(5,355	)		(4,845	)		(4,845	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	52,449		$	42,246		$	41,724		$	41,219		$	38,013
Return on Tangible Common Equity (Average)
Net income available to common stockholders	$	(4,340	)	$	1,325		$	1,022		$	1,692		$	531
Tangible common equity (Average)		52,449			42,246			41,724			41,219			38,013
Return on tangible common equity^(11)(12)		(32.99	)%		12.55	%		9.77	%		16.42	%		5.59	%
Tangible Assets (Period-End)
Total assets	$	658,968		$	493,604		$	490,144		$	486,433		$	480,018
Goodwill and other intangible assets⁽¹⁰⁾		(42,012	)		(15,139	)		(15,157	)		(15,214	)		(15,226	)
Tangible assets⁽¹¹⁾	$	616,956		$	478,465		$	474,987		$	471,219		$	464,792

	2025			2025			2024			2024			2024
(Dollars in millions)	Q2			Q1			Q4			Q3			Q2
Tangible Assets (Average)
Total assets	$	572,446		$	491,817		$	488,300		$	481,219		$	477,285
Goodwill and other intangible assets⁽¹⁰⁾		(29,114	)		(15,149	)		(15,195	)		(15,225	)		(15,249	)
Tangible assets⁽¹¹⁾	$	543,332		$	476,668		$	473,105		$	465,994		$	462,036
Return on Tangible Assets (Average)
Net income	$	(4,277	)	$	1,404		$	1,096		$	1,777		$	597
Tangible Assets (Average)		543,332			476,668			473,105			465,994			462,036
Return on tangible assets^(11)(13)		(3.14	)%		1.18	%		0.92	%		1.53	%		0.52	%
TCE Ratio
Tangible common equity (Period-end)	$	63,537		$	43,558		$	40,782		$	42,866		$	37,910
Tangible Assets (Period-end)		616,956			478,465			474,987			471,219			464,792
TCE Ratio⁽¹¹⁾		10.3	%		9.1	%		8.6	%		9.1	%		8.2	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	63,537		$	43,558		$	40,782		$	42,866		$	37,910
Outstanding Common Shares		639.5			383.0			381.2			381.5			381.9
Tangible book value per common share⁽¹¹⁾	$	99.35		$	113.74		$	106.97		$	112.36		$	99.28

___________
⁽¹⁾		Regulatory capital metrics and capital ratios as of June 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/20250718496027/en/

Contacts

Investor Relations

Jeff Norris

jeff.norris@capitalone.com

Danielle Dietz

danielle.dietz@capitalone.com

Media Relations

Sie Soheili

sie.soheili@capitalone.com