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

July 22, 2025 4:05 PM

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

MCLEAN, Va.--(BUSINESS WIRE)-- 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

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

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:

Second Quarter 2025 Balance Sheet Summary:

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 Quarter 2025

Table of Contents

Capital One Financial Corporation Consolidated Results

Page

Table 1:

Financial Summary—Consolidated

1

Table 2:

Selected Metrics—Consolidated

3

Table 3:

Consolidated Statements of Income

4

Table 4:

Consolidated Balance Sheets

6

Table 5:

Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

8

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

9

Table 7:

Loan Information and Performance Statistics

10

Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

13

Business Segment Results

Table 9:

Financial Summary—Business Segment Results

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.

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.

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.

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.

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

Q2

Q1

Q4

Q3

Q2

Q1

Q2

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

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.

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.

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.

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.

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.

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,

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

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.

Investor Relations

Jeff Norris

[email protected]

Danielle Dietz

[email protected]

Media Relations

Sie Soheili

[email protected]

Source: Capital One Financial Corporation

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