Capital One Q3 2026业绩超预期：调整后EPS $6.69、NIM升至8.41%，盘后大涨约6%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM
8-K
____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
October 20, 2026
Date of Report (Date of earliest event reported)
____________________________________
CAPITAL ONE FINANCIAL CORP
ORATION
(Exact name of registrant as specified in its charter)
____________________________________
Delaware
001-13300
54-1719854
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1680 Capital One Drive,
McLean,
Virginia
22102
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (
703
)
720-1000
(Not applicable)
(Former name or former address, if changed since last report)
____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)
COF
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I
COF PRI
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J
COF PRJ
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K
COF PRK
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L
COF PRL
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N
COF PRN
New York Stock Exchange
1.650% Senior Notes Due 2029
COF29
New York Stock Exchange
4.326% Fixed-to-Floating Rate Senior Notes Due 2032
COF32
New York Stock Exchange
4.832% Fixed-to-Floating Rate Senior Notes Due 2037
COF37
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On October 20, 2026, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. Copies of the Company’s press release and financial supplement are attached and furnished herewith as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.
Note:
Information in this report (including Exhibits 99.1 and 99.2) furnished pursuant to Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section.
1
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release, dated
October
20
, 2026
-
Third
Quarter 2026
99.2
Financial Supplement -
Third
Quarter 2026
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
Earnings Conference Call Webcast Information.
The Company will hold an earnings conference call on October 20, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the Company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. A replay of the webcast will be archived on the Company’s website through November 03, 2026 at 5:00 PM Eastern Time.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
CAPITAL ONE FINANCIAL CORPORATION
Date: October 20, 2026
By:
/s/ TIMOTHY P. GOLDEN
Timothy P. Golden
SVP, Chief Accounting Officer
3

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EX-99.1
2
ex991q32026earningsrelease.htm
EX-99.1
Document
Exhibit 99.1
News Release
Contacts:
Investor Relations
Media Relations
Jeff Norris
Danielle Dietz
Sie Soheili
jeff.norris@capitalone.com
danielle.dietz@capitalone.com
sie.soheili@capitalone.com
FOR IMMEDIATE RELEASE:
October 20, 2026
Capital One Reports Third Quarter 2026 Net Income of $3.5 billion,
or $5.61 per share
Net of adjusting items, Third Quarter 2026 Net Income of $6.69 per share
(1)
McLean, Va. (
October 20, 2026
)
– Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2026 of $3.5 billion, or $5.61 per diluted common share, compared with net income of $3.0 billion, or $4.73 per diluted common share in the second quarter of 2026, and with net income of $3.2 billion, or $4.83 per diluted common share in the third quarter of 2025. Adjusted net income
(1)
for the third quarter of 2026 was $6.69 per diluted common share.
"The Discover integration continues to go well and we’re making good progress on delivering the expected synergies" said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We continue to invest to deliver sustained growth and value creation over the long-term."
The quarter included the following adjusting items:
(Dollars in millions, except per share data)
Pre-Tax Impact
After-Tax Diluted EPS Impact
Acquisition amortization expenses
(2)
$
483
$
0.60
Discover integration expenses
$
338
$
0.42
Brex integration expenses
$
47
$
0.06
Capital One Third Quarter 2026 Earnings
Page 2
All comparisons below are for the third quarter of 2026 compared with the second quarter of 2026 unless otherwise noted.
Third Quarter 2026 Income Statement Summary:
•
Total net revenue increased 3 percent to $16.3 billion.
•
Total non-interest expense decreased 2 percent to $8.9 billion:
◦
4 percent decrease in marketing.
◦
2 percent decrease in operating expenses.
•
Pre-provision earnings
(3)
increased 10 percent to $7.5 billion.
•
Provision for credit losses decreased $73 million to $2.9 billion:
◦
Net charge-offs of $3.1 billion.
◦
$225 million loan reserve release.
•
Net interest margin of 8.41 percent, an increase of 40 basis points.
•
Efficiency ratio of 54.19 percent.
◦
Adjusted efficiency ratio
(4)
of 48.76 percent.
•
Operating efficiency ratio of 44.43 percent.
◦
Adjusted operating efficiency ratio
(4)
of 38.99 percent.
Third Quarter 2026 Balance Sheet Summary:
•
Common equity Tier 1 capital ratio
(5)
under Basel III Standardized Approach of 13.8% as of September 30, 2026.
•
Period-end loans held for investment in the quarter increased $5.4 billion, or 1 percent, to $462.5 billion.
◦
Credit Card period-end loans increased $952 million, or less than 1 percent, to $276.4 billion.
•
Domestic Card period-end loans increased $1.2 billion, or less than 1 percent, to $260.3 billion.
◦
Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $94.0 billion.
•
Auto period-end loans increased $3.6 billion, or 4 percent, to $92.9 billion.
◦
Commercial Banking period-end loans increased $834 million, or 1 percent, to $92.1 billion.
•
Average loans held for investment in the quarter increased $6.7 billion, or 1 percent, to $457.4 billion.
◦
Credit Card average loans increased $2.5 billion, or 1 percent, to $273.7 billion.
•
Domestic Card average loans increased $2.7 billion, or 1 percent, to $257.3 billion.
◦
Consumer Banking average loans increased $3.7 billion, or 4 percent, to $92.3 billion.
•
Auto average loans increased $3.8 billion, or 4 percent, to $91.2 billion.
◦
Commercial Banking average loans increased $481 million, or 1 percent, to $91.4 billion.
•
Period-end total deposits decreased $3.6 billion, or 1 percent, to $480.7 billion, while average deposits decreased $4.2 billion, or 1 percent, to $482.6 billion.
•
Interest-bearing deposits rate paid increased 3 basis points to 2.94 percent.
Capital One Third Quarter 2026 Earnings
Page 3
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on October 20, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through November 03, 2026 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $480.7 billion in deposits and $672.9 billion in total assets as of September 30, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
###
(1)
Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 20, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures for a reconciliation of our selected reported results to these non-GAAP measures.
(2)
Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(3)
Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 20, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(4)
This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 20, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(5)
Regulatory capital metrics as of September 30, 2026 are preliminary and therefore subject to change.

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EX-99.2
3
ex992q32026earningsrelease.htm
EX-99.2
Document
Exhibit 99.2
Capital One Financial Corporation
Financial Supplement
(1)(2)(3)
Third Quarter
2026
Table of Contents
Capital One Financial Corporation Consolidated Results
Page
Table 1:
Financial Summary—Consolidated
1
Table 2:
Selected Metrics—Consolidated
3
Table 3:
Consolidated Statements of Income
4
Table 4:
Consolidated Balance Sheets
6
Table 5:
Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
8
Table 6:
Average Balances, Net Interest Income and Net Interest Margin
9
Table 7:
Loan Information and Performance Statistics
10
Table 8:
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
13
Business Segment Results
Table 9:
Financial Summary—Business Segment Results
14
Table 10:
Financial & Statistical Summary—Credit Card Business
15
Table 11:
Financial & Statistical Summary—Consumer Banking Business
17
Table 12:
Financial & Statistical Summary—Commercial Banking Business
18
Table 13:
Financial & Statistical Summary—Other and Total
19
Other
Table 14:
Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)
20
Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures
21
Table 16:
Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)
26
__________
(1)
The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended September 30, 2026 once it is filed with the Securities and Exchange Commission.
(2)
This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist when assessing returns and capital management over time. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.
(3)
On April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
2026 Q3
Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)
2026
2026
2026
2025
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Income Statement
Net interest income
$
12,886
$
12,374
$
12,145
$
12,466
$
12,404
4%
4%
$
37,405
$
30,412
23%
Non-interest income
3,458
3,476
3,086
3,117
2,955
(1)
17
10,020
7,439
35
Total net revenue
(1)
16,344
15,850
15,231
15,583
15,359
3
6
47,425
37,851
25
Provision for credit losses
2,916
2,989
4,068
4,142
2,714
(2)
7
9,973
16,513
(40)
Non-interest expense:
Marketing
1,594
1,661
1,497
1,934
1,403
(4)
14
4,752
3,950
20
Operating expense
7,262
7,382
6,967
7,408
6,860
(2)
6
21,611
17,206
26
Total non-interest expense
8,856
9,043
8,464
9,342
8,263
(2)
7
26,363
21,156
25
Income from continuing operations before income taxes
4,572
3,818
2,699
2,099
4,382
20
4
11,089
182
**
Income tax provision (benefit)
1,033
798
518
345
1,189
29
(13)
2,349
(152)
**
Income from continuing operations, net of tax
3,539
3,020
2,181
1,754
3,193
17
11
8,740
334
**
Income (loss) from discontinued operations, net of tax
—
—
(7)
380
(1)
—
**
(7)
(15)
(53)
Net income
3,539
3,020
2,174
2,134
3,192
17
11
8,733
319
**
Dividends and undistributed earnings allocated to participating securities
(2)
(32)
(28)
(20)
(20)
(33)
14
(3)
(80)
(13)
**
Preferred stock dividends
(73)
(57)
(73)
(57)
(73)
28
—
(203)
(195)
4%
Impacts from preferred stock redemptions
(12)
—
—
—
—
**
**
(12)
6
**
Net income available to common stockholders
$
3,422
$
2,935
$
2,081
$
2,057
$
3,086
17%
11%
$
8,438
$
117
**
Common Share Statistics
Basic earnings per common share:
(2)
Net income from continuing operations
$
5.62
$
4.73
$
3.35
$
2.66
$
4.83
19%
16%
$
13.68
$
0.26
**
Income (loss) from discontinued operations
—
—
(0.01)
0.60
—
—
—
(0.01)
(0.03)
(67)%
Net income per basic common share
$
5.62
$
4.73
$
3.34
$
3.26
$
4.83
19%
16%
$
13.67
$
0.23
**
Diluted earnings per common share:
(2)
Net income from continuing operations
$
5.61
$
4.73
$
3.35
$
2.66
$
4.83
19%
16%
$
13.66
$
0.26
**
Income (loss) from discontinued operations
—
—
(0.01)
0.60
—
—
—
(0.01)
(0.03)
(67)%
Net income per diluted common share
$
5.61
$
4.73
$
3.34
$
3.26
$
4.83
19%
16%
$
13.65
$
0.23
**
Weighted-average common shares outstanding (in millions):
Basic
608.9
620.5
622.5
631.1
639.0
(2)%
(5)%
617.2
510.2
21%
Diluted
609.5
621.1
623.4
631.6
639.5
(2)
(5)
618.0
510.9
21
Common shares outstanding (period-end, in millions)
601.5
613.5
615.9
625.1
635.7
(2)
(5)
601.5
635.7
(5)
Dividends declared and paid per common share
$
0.80
$
0.80
$
0.80
$
0.80
$
0.60
—
33
$
2.40
$
1.80
33
Tangible book value per common share (period-end)
(3)
102.72
105.21
107.76
107.72
105.18
(2)%
(2)%
102.72
105.18
(2)%
1
2026 Q3
Nine Months Ended September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Balance Sheet (Period-End)
Loans held for investment
$
462,530
$
457,168
$
447,754
$
453,622
$
443,159
1%
4%
$
462,530
$
443,159
4%
Interest-earning assets
610,799
610,913
624,560
613,750
605,235
—
1
610,799
605,235
1
Total assets
672,867
673,835
682,905
669,009
661,877
—
2
672,867
661,877
2
Interest-bearing deposits
453,006
456,464
461,117
448,386
441,136
(1)
3
453,006
441,136
3
Total deposits
480,697
484,257
489,053
475,771
468,785
(1)
3
480,697
468,785
3
Borrowings
49,774
45,371
51,888
51,000
51,482
10
(3)
49,774
51,482
(3)
Common equity
105,237
108,386
106,854
108,209
108,406
(3)
(3)
105,237
108,406
(3)
Total stockholders’ equity
109,656
113,793
112,261
113,616
113,813
(4)
(4)
109,656
113,813
(4)
Balance Sheet (Average Balances)
Loans held for investment
$
457,380
$
450,679
$
446,235
$
444,680
$
439,859
1%
4%
$
451,472
$
380,564
19%
Interest-earning assets
612,521
617,583
617,173
603,730
593,247
(1)
3
615,741
527,461
17
Total assets
676,168
682,079
675,999
665,656
657,858
(1)
3
678,056
574,602
18
Interest-bearing deposits
454,245
458,130
451,957
442,763
439,527
(1)
3
454,785
388,541
17
Total deposits
482,613
486,791
479,958
470,965
467,280
(1)
3
483,130
415,686
16
Borrowings
48,061
49,092
52,348
50,814
50,180
(2)
(4)
49,818
47,097
6
Common equity
108,486
109,111
109,149
109,997
107,412
(1)
1
108,913
82,306
32
Total stockholders’ equity
113,571
114,518
114,556
115,404
112,819
(1)
1
114,211
87,511
31
2
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2026 Q3
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2026
2026
2026
2025
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Performance Metrics
Net interest income growth (period over period)
4
%
2
%
(3)
%
—
%
24
%
**
**
23
%
32
%
**
Non-interest income growth (period over period)
(1)
13
(1)
5
18
**
**
35
28
**
Total net revenue growth (period over period)
3
4
(2)
1
23
**
**
25
31
**
Total net revenue margin
(4)
10.67
10.27
9.87
10.32
10.36
40bps
31bps
10.27
9.57
70bps
Net interest margin
(5)
8.41
8.01
7.87
8.26
8.36
40
5
8.10
7.69
41
Return on average assets
(6)
2.09
1.77
1.29
1.05
1.94
32
15
1.72
0.08
164
Return on average tangible assets
(7)
2.24
1.89
1.37
1.12
2.07
35
17
1.83
0.08
175
Return on average common equity
(8)
12.62
10.76
7.65
6.10
11.50
186
112
10.34
0.21
1,013
Return on average tangible common equity
(9)
21.12
18.04
12.20
9.74
18.82
308
230
17.04
0.33
1,671
Efficiency ratio
(10)
54.19
57.05
55.57
59.95
53.80
(286)
39
55.59
55.89
(30)
Operating efficiency ratio
(11)
44.43
46.57
45.74
47.54
44.66
(214)
(23)
45.57
45.46
11
Effective income tax rate for continuing operations
22.6
20.9
19.2
16.4
27.1
170
(450)
21.2
(83.5)
**
Employees (period-end, in thousands)
77.5
78.4
77.1
76.3
77.0
(1)%
1%
77.5
77.0
1%
Credit Quality Metrics
Allowance for credit losses
$
22,739
$
22,966
$
23,630
$
23,409
$
23,103
(1)%
(2)%
$
22,739
$
23,103
(2)%
Allowance coverage ratio
4.92
%
5.02
%
5.28
%
5.16
%
5.21
%
(10)
bps
(29)
bps
4.92
%
5.21
%
(29)
bps
Net charge-offs
$
3,121
$
3,642
$
3,847
$
3,833
$
3,473
(14)%
(10)%
$
10,610
$
9,269
14%
Net charge-off rate
(12)
2.73
%
3.23
%
3.45
%
3.45
%
3.16
%
(50)
bps
(43)
bps
3.13
%
3.25
%
(12)
bps
30+ day performing delinquency rate
3.18
2.91
3.04
3.41
3.29
27
(11)
3.18
3.29
(11)
30+ day delinquency rate
3.41
3.13
3.24
3.59
3.50
28
(9)
3.41
3.50
(9)
Capital Ratios
(13)
Common equity Tier 1 capital
13.8
%
13.7
%
14.4
%
14.3
%
14.4
%
10bps
(60)
bps
13.8
%
14.4
%
(60)
bps
Tier 1 capital
14.6
14.8
15.4
15.3
15.5
(20)
(90)
14.6
15.5
(90)
Total capital
16.5
16.6
17.3
17.2
17.3
(10)
(80)
16.5
17.3
(80)
Tier 1 leverage
11.9
11.8
12.2
12.5
12.6
10
(70)
11.9
12.6
(70)
Tangible common equity (“TCE”)
(14)
9.8
10.2
10.3
10.7
10.8
(40)
(100)
9.8
10.8
(100)
3
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2026 Q3
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2026
2026
2026
2025
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Interest income:
Loans, including loans held for sale
$
15,515
$
14,911
$
14,735
$
15,186
$
15,229
4%
2%
$
45,161
$
37,835
19%
Investment securities
867
850
832
841
823
2
5
2,549
2,377
7
Other
517
624
664
660
711
(17)
(27)
1,805
1,797
—
Total interest income
16,899
16,385
16,231
16,687
16,763
3
1
49,515
42,009
18
Interest expense:
Deposits
3,334
3,338
3,387
3,493
3,597
—
(7)
10,059
9,432
7
Securitized debt obligations
127
117
141
155
165
9
(23)
385
505
(24)
Senior and subordinated notes
528
535
532
550
582
(1)
(9)
1,595
1,622
(2)
Other borrowings
24
21
26
23
15
14
60
71
38
87
Total interest expense
4,013
4,011
4,086
4,221
4,359
—
(8)
12,110
11,597
4
Net interest income
12,886
12,374
12,145
12,466
12,404
4
4
37,405
30,412
23
Provision for credit losses
2,916
2,989
4,068
4,142
2,714
(2)
7
9,973
16,513
(40)
Net interest income after provision for credit losses
9,970
9,385
8,077
8,324
9,690
6
3
27,432
13,899
97
Non-interest income:
Discount and interchange fees, net
2,335
2,256
1,964
1,930
1,812
4
29
6,555
4,513
45
Service charges and other customer-related fees
807
808
809
833
849
—
(5)
2,424
2,016
20
Net securities gains (losses)
(40)
—
—
—
—
**
**
(40)
—
**
Other
356
412
313
354
294
(14)
21
1,081
910
19
Total non-interest income
3,458
3,476
3,086
3,117
2,955
(1)
17
10,020
7,439
35
Non-interest expense:
Salaries and associate benefits
3,733
3,769
3,671
3,430
3,496
(1)
7
11,173
9,041
24
Occupancy and equipment
985
969
867
958
856
2
15
2,821
2,208
28
Marketing
1,594
1,661
1,497
1,934
1,403
(4)
14
4,752
3,950
20
Professional services
604
667
585
693
641
(9)
(6)
1,856
1,731
7
Communications and data processing
622
489
496
482
476
27
31
1,607
1,288
25
Amortization of intangibles
508
507
492
525
514
—
(1)
1,507
801
88
Other
810
981
856
1,320
877
(17)
(8)
2,647
2,137
24
Total non-interest expense
8,856
9,043
8,464
9,342
8,263
(2)
7
26,363
21,156
25
Income from continuing operations before income taxes
4,572
3,818
2,699
2,099
4,382
20
4
11,089
182
**
Income tax provision (benefit)
1,033
798
518
345
1,189
29
(13)
2,349
(152)
**
Income from continuing operations, net of tax
3,539
3,020
2,181
1,754
3,193
17
11
8,740
334
**
Income (loss) from discontinued operations, net of tax
—
—
(7)
380
(1)
—
**
(7)
(15)
(53)
Net income
3,539
3,020
2,174
2,134
3,192
17
11
8,733
319
**
Dividends and undistributed earnings allocated to participating securities
(2)
(32)
(28)
(20)
(20)
(33)
14
(3)
(80)
(13)
**
Preferred stock dividends
(73)
(57)
(73)
(57)
(73)
28
—
(203)
(195)
4%
Impacts from preferred stock redemptions
(12)
—
—
—
—
**
**
(12)
6
**
Net income available to common stockholders
$
3,422
$
2,935
$
2,081
$
2,057
$
3,086
17%
11%
$
8,438
$
117
**
4
2026 Q3
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Basic earnings per common share:
(2)
Net income from continuing operations
$
5.62
$
4.73
$
3.35
$
2.66
$
4.83
19%
16%
$
13.68
$
0.26
**
Income (loss) from discontinued operations
—
—
(0.01)
0.60
—
—
—
(0.01)
(0.03)
(67)%
Net income per basic common share
$
5.62
$
4.73
$
3.34
$
3.26
$
4.83
19%
16%
$
13.67
$
0.23
**
Diluted earnings per common share:
(2)
Net income from continuing operations
$
5.61
$
4.73
$
3.35
$
2.66
$
4.83
19%
16%
$
13.66
$
0.26
**
Income (loss) from discontinued operations
—
—
(0.01)
0.60
—
—
—
(0.01)
(0.03)
(67)%
Net income per diluted common share
$
5.61
$
4.73
$
3.34
$
3.26
$
4.83
19%
16%
$
13.65
$
0.23
**
Weighted-average common shares outstanding (in millions):
Basic common shares
608.9
620.5
622.5
631.1
639.0
(2)%
(5)%
617.2
510.2
21%
Diluted common shares
609.5
621.1
623.4
631.6
639.5
(2)
(5)
618.0
510.9
21
5
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2026 Q3
2026
2026
2026
2025
2025
2026
2025
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
Assets:
Cash and cash equivalents:
Cash and due from banks
$
4,950
$
4,834
$
4,555
$
3,031
$
4,606
2%
7%
Interest-bearing deposits and other short-term investments
43,939
49,880
71,939
54,403
50,673
(12)
(13)
Total cash and cash equivalents
48,889
54,714
76,494
57,434
55,279
(11)
(12)
Restricted cash for securitization investors
442
1,167
2,762
4,659
3,248
(62)
(86)
Investment securities:
Investment securities available for sale
85,990
90,041
90,620
91,051
89,733
(4)
(4)
Investment securities held to maturity
3,781
2,737
1,694
—
—
38
**
Total investment securities
89,771
92,778
92,314
91,051
89,733
(3)
—
Loans held for investment:
Unsecuritized loans held for investment
435,477
431,440
421,360
425,665
389,808
1
12
Loans held in consolidated trusts
(15)
27,053
25,728
26,394
27,957
53,351
5
(49)
Total loans held for investment
462,530
457,168
447,754
453,622
443,159
1
4
Allowance for credit losses
(22,739)
(22,966)
(23,630)
(23,409)
(23,103)
(1)
(2)
Net loans held for investment
439,791
434,202
424,124
430,213
420,056
1
5
Loans held for sale
636
264
186
760
670
141
(5)
Premises and equipment, net
6,158
6,244
5,730
5,602
5,576
(1)
10
Interest receivable
3,531
3,432
3,460
3,492
3,456
3
2
Goodwill
31,880
31,866
28,502
28,509
28,863
—
10
Other intangible assets
15,569
16,077
16,087
16,578
17,042
(3)
(9)
Other assets
36,200
33,091
33,246
30,711
29,957
9
21
Assets of discontinued operations
—
—
—
—
7,997
—
**
Total assets
$
672,867
$
673,835
$
682,905
$
669,009
$
661,877
—
%
2%
6
2026 Q3
2026
2026
2026
2025
2025
2026
2025
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
Liabilities:
Interest payable
$
782
$
816
$
827
$
844
$
826
(4)
%
(5)
%
Deposits:
Non-interest-bearing deposits
27,691
27,793
27,936
27,385
27,649
—
—
Interest-bearing deposits
453,006
456,464
461,117
448,386
441,136
(1)
3
Total deposits
480,697
484,257
489,053
475,771
468,785
(1)
3
Securitized debt obligations
11,280
8,502
11,283
12,853
13,642
33
(17)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase
612
694
626
587
616
(12)
(1)
Senior and subordinated notes
36,347
35,620
38,421
36,001
36,662
2
(1)
Other borrowings
1,535
555
1,558
1,559
562
177
173
Total other debt
38,494
36,869
40,605
38,147
37,840
4
2
Other liabilities
31,958
29,598
28,876
27,778
26,941
8
19
Liabilities of discontinued operations
—
—
—
—
30
—
**
Total liabilities
563,211
560,042
570,644
555,393
548,064
1
3
Stockholders’ equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
64,397
65,105
64,284
64,031
63,725
(1)
1
Retained earnings
72,213
69,250
66,788
65,192
63,624
4
13
Accumulated other comprehensive loss
(10,008)
(6,300)
(5,879)
(5,468)
(5,917)
59
69
Treasury stock, at cost
(16,953)
(14,269)
(12,939)
(10,146)
(7,626)
19
122
Total stockholders’ equity
109,656
113,793
112,261
113,616
113,813
(4)
(4)
Total liabilities and stockholders’ equity
$
672,867
$
673,835
$
682,905
$
669,009
$
661,877
—
%
2%
7
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
(1)
Total net revenue was reduced by $784 million in Q3 2026, $898 million in Q2 2026, $980 million in Q1 2026, $941 million in Q4 2025 and $869 million in Q3 2025 for credit card finance charges and fees charged off as uncollectible.
(2)
Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)
Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)
Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)
Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)
Return on average assets is calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average total assets for the period.
(7)
Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(8)
Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(9)
Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(10)
Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)
Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(12)
Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(13)
Capital ratios as of the end of Q3 2026 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(14)
TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(15)
On December 18, 2025, after giving effect to the Discover Card Execution Note Trust (“DCENT”) Defeasance Amendments, Funding, as Beneficiary on behalf of DCENT, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the “Class A Notes”) issued by DCENT.
**    Not meaningful.
8
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2026 Q3
2026 Q2
2025 Q3
(Dollars in millions, except as noted)
Average Balance
Interest Income/ Expense
Yield/Rate
(1)
Average Balance
Interest Income/ Expense
Yield/Rate
(1)
Average Balance
Interest Income/ Expense
Yield/Rate
(1)
Interest-earning assets:
Loans, including loans held for sale
$
457,831
$
15,515
13.56
%
$
450,862
$
14,911
13.23
%
$
440,374
$
15,229
13.83
%
Investment securities
99,842
867
3.48
99,339
850
3.42
96,186
823
3.42
Cash equivalents and other
54,848
517
3.77
67,382
624
3.70
56,687
711
5.02
Total interest-earning assets
$
612,521
$
16,899
11.04
%
$
617,583
$
16,385
10.61
%
$
593,247
$
16,763
11.30
%
Interest-bearing liabilities:
Interest-bearing deposits
$
454,245
$
3,334
2.94
%
$
458,130
$
3,338
2.91
%
$
439,527
$
3,597
3.27
%
Securitized debt obligations
10,918
127
4.66
10,190
117
4.59
12,919
165
5.11
Senior and subordinated notes
35,603
528
5.93
37,498
535
5.70
36,272
582
6.41
Other borrowings and liabilities
(2)
4,356
24
2.17
3,838
21
2.30
3,120
15
2.04
Total interest-bearing liabilities
$
505,122
$
4,013
3.18
%
$
509,656
$
4,011
3.15
%
$
491,838
$
4,359
3.55
%
Net interest income/spread
$
12,886
7.86
$
12,374
7.46
$
12,404
7.75
Impact of non-interest-bearing funding
0.55
0.55
0.61
Net interest margin
8.41
%
8.01
%
8.36
%
Nine Months Ended September 30,
2026
2025
(Dollars in millions, except as noted)
Average Balance
Interest Income/ Expense
Yield/Rate
(1)
Average Balance
Interest Income/ Expense
Yield/Rate
(1)
Interest-earning assets:
Loans, including loans held for sale
$
451,851
$
45,161
13.33
%
$
380,992
$
37,835
13.24
%
Investment securities
99,002
2,549
3.43
93,970
2,377
3.37
Cash equivalents and other
64,888
1,805
3.71
52,499
1,797
4.56
Total interest-earning assets
$
615,741
$
49,515
10.72
%
$
527,461
$
42,009
10.62
%
Interest-bearing liabilities:
Interest-bearing deposits
$
454,785
$
10,059
2.95
%
$
388,541
$
9,432
3.24
%
Securitized debt obligations
11,189
385
4.59
13,228
505
5.10
Senior and subordinated notes
36,974
1,595
5.75
33,180
1,622
6.52
Other borrowings and liabilities
(2)
4,145
71
2.30
2,771
38
1.84
Total interest-bearing liabilities
$
507,093
$
12,110
3.18
%
$
437,720
$
11,597
3.53
%
Net interest income/spread
$
37,405
7.54
$
30,412
7.09
Impact of non-interest-bearing funding
0.56
0.60
Net interest margin
8.10
%
7.69
%
9
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
(3)
2026 Q3
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2025
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card
$
260,252
$
259,005
$
254,028
$
262,403
$
253,951
—
2%
$
260,252
$
253,951
2%
Personal loans
7,984
8,619
9,070
9,499
9,646
(7)
%
(17)
7,984
9,646
(17)
International card businesses
8,124
7,784
7,460
7,668
7,440
4
9
8,124
7,440
9
Total credit card
276,360
275,408
270,558
279,570
271,037
—
2
276,360
271,037
2
Consumer banking:
Auto
92,901
89,311
85,700
83,600
82,035
4
13
92,901
82,035
13
Retail banking
1,142
1,156
1,173
1,190
1,195
(1)
(4)
1,142
1,195
(4)
Total consumer banking
94,043
90,467
86,873
84,790
83,230
4
13
94,043
83,230
13
Commercial banking:
Commercial and multifamily real estate
35,636
34,290
33,809
33,618
33,461
4
7
35,636
33,461
7
Commercial and industrial
56,491
57,003
56,514
55,644
55,431
(1)
2
56,491
55,431
2
Total commercial banking
92,127
91,293
90,323
89,262
88,892
1
4
92,127
88,892
4
Total loans held for investment
$
462,530
$
457,168
$
447,754
$
453,622
$
443,159
1
%
4%
$
462,530
$
443,159
4%
Loans Held for Investment (Average)
Credit card:
Domestic credit card
$
257,311
$
254,625
$
254,036
$
255,221
$
252,090
1%
2%
$
255,336
$
200,221
28%
Personal loans
8,314
8,866
9,310
9,618
9,703
(6)
(14)
8,826
4,863
81
International card businesses
8,045
7,706
7,628
7,389
7,382
4
9
7,795
7,088
10
Total credit card
273,670
271,197
270,974
272,228
269,175
1
2
271,957
212,172
28
Consumer banking:
Auto
91,178
87,419
84,522
82,767
81,094
4
12
87,731
79,080
11
Retail banking
1,152
1,164
1,179
1,190
1,201
(1)
(4)
1,165
1,224
(5)
Total consumer banking
92,330
88,583
85,701
83,957
82,295
4
12
88,896
80,304
11
Commercial banking:
Commercial and multifamily real estate
34,354
33,978
33,539
33,155
33,104
1
4
33,960
32,458
5
Commercial and industrial
57,026
56,921
56,021
55,340
55,285
—
3
56,659
55,630
2
Total commercial banking
91,380
90,899
89,560
88,495
88,389
1
3
90,619
88,088
3
Total average loans held for investment
$
457,380
$
450,679
$
446,235
$
444,680
$
439,859
1%
4%
$
451,472
$
380,564
19%
10
2026 Q3
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2025
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card
3.98
%
4.71
%
5.10
%
4.93
%
4.63
%
(73)
bps
(65)
bps
4.59
%
5.21
%
(62)
bps
Personal loans
3.41
3.77
3.81
4.08
3.81
(36)
(40)
3.67
3.67
—
International card businesses
5.66
5.82
4.65
5.29
5.07
(16)
59
5.38
5.09
29
Total credit card
4.01
4.71
5.05
4.91
4.61
(70)
(60)
4.59
5.17
(58)
Consumer banking:
Auto
1.59
1.43
1.64
1.82
1.54
16
5
1.55
1.44
11
Retail banking
5.11
5.39
5.99
6.04
4.41
(28)
70
5.50
4.57
93
Total consumer banking
1.63
1.48
1.70
1.88
1.58
15
5
1.60
1.49
11
Commercial banking:
Commercial and multifamily real estate
0.02
0.09
0.03
0.02
(0.09)
(7)
11
0.05
(0.02)
7
Commercial and industrial
(0.02)
0.80
0.44
0.67
0.38
(82)
(40)
0.41
0.35
6
Total commercial banking
—
0.53
0.29
0.43
0.21
(53)
(21)
0.27
0.21
6
Total net charge-offs
2.73
3.23
3.45
3.45
3.16
(50)
(43)
3.13
3.25
(12)
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card
3.74
%
3.39
%
3.70
%
3.99
%
3.89
%
35
bps
(15)
bps
3.74
%
3.89
%
(15)
bps
Personal loans
1.84
1.67
1.72
1.74
1.74
17
10
1.84
1.74
10
International card businesses
4.67
4.60
4.82
4.62
4.60
7
7
4.67
4.60
7
Total credit card
3.72
3.37
3.66
3.93
3.84
35
(12)
3.72
3.84
(12)
Consumer banking:
Auto
4.64
4.32
4.21
5.23
4.99
32
(35)
4.64
4.99
(35)
Retail banking
1.14
1.15
0.92
1.09
0.89
(1)
25
1.14
0.89
25
Total consumer banking
4.60
4.28
4.17
5.17
4.93
32
(33)
4.60
4.93
(33)
11
2026 Q3
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026
2025
2026 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2025
Nonperforming Loans and Nonperforming Assets Rates
(4)(5)
Credit card:
Personal loans
0.13
%
0.12
%
0.13
%
0.13
%
0.13
%
1
bps
—
0.13
%
0.13
%
—
International card businesses
0.18
0.18
0.15
0.16
0.16
—
2
bps
0.18
0.16
2
bps
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Consumer banking:
Auto
0.65
0.61
0.55
0.68
0.71
4
(6)
0.65
0.71
(6)
Retail banking
1.51
1.59
1.66
1.45
1.65
(8)
(14)
1.51
1.65
(14)
Total consumer banking
0.66
0.62
0.57
0.69
0.73
4
(7)
0.66
0.73
(7)
Commercial banking:
Commercial and multifamily real estate
1.24
1.29
1.07
0.95
1.05
(5)
19
1.24
1.05
19
Commercial and industrial
1.22
1.33
1.60
1.60
1.59
(11)
(37)
1.22
1.59
(37)
Total commercial banking
1.22
1.32
1.40
1.36
1.39
(10)
(17)
1.22
1.39
(17)
Total nonperforming loans
0.38
0.39
0.40
0.40
0.42
(1)
(4)
0.38
0.42
(4)
Total nonperforming assets
0.42
0.43
0.43
0.43
0.44
(1)
(2)
0.42
0.44
(2)
12
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended September 30, 2026
Credit Card
Consumer Banking
(Dollars in millions)
Domestic Card
Personal Loans
International Card Businesses
Total Credit Card
Auto
Retail Banking
Total Consumer Banking
Commercial Banking
Total
Allowance for credit losses:
Balance as of June 30, 2026
$
18,101
$
656
$
572
$
19,329
$
2,142
$
20
$
2,162
$
1,475
$
22,966
Charge-offs
(3,773)
(104)
(166)
(4,043)
(714)
(20)
(734)
(21)
(4,798)
Recoveries
1,213
33
52
1,298
352
6
358
21
1,677
Net charge-offs
(2,560)
(71)
(114)
(2,745)
(362)
(14)
(376)
—
(3,121)
Provision for credit losses
2,310
15
154
2,479
403
14
417
—
2,896
Allowance build (release) for credit losses
(250)
(56)
40
(266)
41
—
41
—
(225)
Other changes
(6)
—
—
(2)
(2)
—
—
—
—
(2)
Balance as of September 30, 2026
17,851
600
610
19,061
2,183
20
2,203
1,475
22,739
Reserve for unfunded lending commitments:
Balance as of June 30, 2026
—
—
—
—
—
—
—
142
142
Provision for losses on unfunded lending commitments
—
—
—
—
—
—
—
20
20
Balance as of September 30, 2026
—
—
—
—
—
—
—
162
162
Combined allowance and reserve as of September 30, 2026
$
17,851
$
600
$
610
$
19,061
$
2,183
$
20
$
2,203
$
1,637
$
22,901
Nine Months Ended September 30, 2026
Credit Card
Consumer Banking
(Dollars in millions)
Domestic Card
Personal Loans
International Card Businesses
Total Credit Card
Auto
Retail Banking
Total Consumer Banking
Commercial Banking
Total
Allowance for credit losses:
Balance as of December 31, 2025
$
18,811
$
731
$
524
$
20,066
$
1,869
$
23
$
1,892
$
1,451
$
23,409
Charge-offs
(12,325)
(341)
(476)
(13,142)
(2,108)
(63)
(2,171)
(213)
(15,526)
Recoveries
3,527
98
161
3,786
1,087
15
1,102
28
4,916
Net charge-offs
(8,798)
(243)
(315)
(9,356)
(1,021)
(48)
(1,069)
(185)
(10,610)
Provision for credit losses
7,838
112
414
8,364
1,335
45
1,380
209
9,953
Allowance build (release) for credit losses
(960)
(131)
99
(992)
314
(3)
311
24
(657)
Other changes
(6)
—
—
(13)
(13)
—
—
—
—
(13)
Balance as of September 30, 2026
17,851
600
610
19,061
2,183
20
2,203
1,475
22,739
Reserve for unfunded lending commitments:
Balance as of December 31, 2025
—
—
—
—
—
—
—
142
142
Provision for losses on unfunded lending commitments
—
—
—
—
—
—
—
20
20
Balance as of September 30, 2026
—
—
—
—
—
—
—
162
162
Combined allowance and reserve as of September 30, 2026
$
17,851
$
600
$
610
$
19,061
$
2,183
$
20
$
2,203
$
1,637
$
22,901
13
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results
(3)
Three Months Ended September 30, 2026
Nine Months Ended September 30, 2026
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking
(7)
Other
(7)
Total
Credit Card
Consumer Banking
Commercial Banking
(7)
Other
(7)
Total
Net interest income
$
9,622
$
2,531
$
603
$
130
$
12,886
$
28,110
$
7,191
$
1,769
$
335
$
37,405
Non-interest income (loss)
2,525
769
298
(134)
3,458
7,191
2,230
891
(292)
10,020
Total net revenue (loss)
12,147
3,300
901
(4)
16,344
35,301
9,421
2,660
43
47,425
Provision (benefit) for credit losses
2,479
417
20
—
2,916
8,364
1,380
229
—
9,973
Non-interest expense
5,880
2,142
467
367
8,856
17,479
6,261
1,427
1,196
26,363
Income (loss) from continuing operations before income taxes
3,788
741
414
(371)
4,572
9,458
1,780
1,004
(1,153)
11,089
Income tax provision (benefit)
929
181
101
(178)
1,033
2,319
436
246
(652)
2,349
Income (loss) from continuing operations, net of tax
$
2,859
$
560
$
313
$
(193)
$
3,539
$
7,139
$
1,344
$
758
$
(501)
$
8,740
Three Months Ended June 30, 2026
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking
(7)
Other
(7)
Total
Net interest income
$
9,252
$
2,431
$
585
$
106
$
12,374
Non-interest income (loss)
2,513
778
265
(80)
3,476
Total net revenue
11,765
3,209
850
26
15,850
Provision for credit losses
2,474
444
71
—
2,989
Non-interest expense
6,098
2,121
462
362
9,043
Income (loss) from continuing operations before income taxes
3,193
644
317
(336)
3,818
Income tax provision (benefit)
782
158
78
(220)
798
Income (loss) from continuing operations, net of tax
$
2,411
$
486
$
239
$
(116)
$
3,020
Three Months Ended September 30, 2025
Nine Months Ended September 30, 2025
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking
(7)
Other
(7)
Total
Credit Card
Consumer Banking
Commercial Banking
(7)
Other
(7)
Total
Net interest income (loss)
$
9,396
$
2,357
$
586
$
65
$
12,404
$
22,343
$
6,462
$
1,760
$
(153)
$
30,412
Non-interest income (loss)
2,211
475
318
(49)
2,955
5,524
1,052
965
(102)
7,439
Total net revenue (loss)
11,607
2,832
904
16
15,359
27,867
7,514
2,725
(255)
37,851
Provision (benefit) for credit losses
2,364
340
9
1
2,714
15,388
893
232
—
16,513
Non-interest expense
5,409
1,941
520
393
8,263
13,494
5,235
1,495
932
21,156
Income (loss) from continuing operations before income taxes
3,834
551
375
(378)
4,382
(1,015)
1,386
998
(1,187)
182
Income tax provision (benefit)
914
131
89
55
1,189
(237)
330
237
(482)
(152)
Income (loss) from continuing operations, net of tax
$
2,920
$
420
$
286
$
(433)
$
3,193
$
(778)
$
1,056
$
761
$
(705)
$
334
14
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
(3)
2026 Q3 vs.
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Credit Card
Earnings:
Net interest income
$
9,622
$
9,252
$
9,236
$
9,479
$
9,396
4%
2%
$
28,110
$
22,343
26%
Non-interest income
2,525
2,513
2,153
2,214
2,211
—
14
7,191
5,524
30
Total net revenue
12,147
11,765
11,389
11,693
11,607
3
5
35,301
27,867
27
Provision for credit losses
2,479
2,474
3,411
3,678
2,364
—
5
8,364
15,388
(46)
Non-interest expense
(8)
5,880
6,098
5,501
6,147
5,409
(4)
9
17,479
13,494
30%
Income (loss) from continuing operations before income taxes
3,788
3,193
2,477
1,868
3,834
19
(1)
9,458
(1,015)
**
Income tax provision (benefit)
929
782
608
445
914
19
2
2,319
(237)
**
Income (loss) from continuing operations, net of tax
$
2,859
$
2,411
$
1,869
$
1,423
$
2,920
19%
(2)%
$
7,139
$
(778)
**
Selected performance metrics:
Period-end loans held for investment
$
276,360
$
275,408
$
270,558
$
279,570
$
271,037
—
2%
$
276,360
$
271,037
2%
Average loans held for investment
273,670
271,197
270,974
272,228
269,175
1%
2
271,957
212,172
28
Average yield on loans outstanding
(1)
17.70
%
17.21
%
17.17
%
17.71
%
17.99
%
49
bps
(29)
bps
17.36
%
18.08
%
(72)
bps
Total net revenue margin
(9)
17.75
17.35
16.81
17.18
17.25
40
50
17.31
17.51
(20)
Net charge-off rate
4.01
4.71
5.05
4.91
4.61
(70)
(60)
4.59
5.17
(58)
30+ day performing delinquency rate
3.72
3.37
3.66
3.93
3.84
35
(12)
3.72
3.84
(12)
30+ day delinquency rate
3.72
3.37
3.67
3.94
3.84
35
(12)
3.72
3.84
(12)
Nonperforming loan rate
(4)
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Purchase volume
(10)
$
254,679
$
253,750
$
220,540
$
238,687
$
230,379
—%
11%
$
728,969
$
589,780
24%
15
2026 Q3 vs.
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Domestic Card
Earnings:
Net interest income
$
9,005
$
8,643
$
8,618
$
8,854
$
8,766
4%
3%
$
26,266
$
20,931
25%
Non-interest income
2,475
2,460
2,107
2,168
2,160
1
15
7,042
5,369
31
Total net revenue
11,480
11,103
10,725
11,022
10,926
3
5
33,308
26,300
27
Provision for credit losses
2,310
2,292
3,236
3,482
2,163
1
7
7,838
14,219
(45)
Non-interest expense
5,556
5,771
5,179
5,789
5,092
(4)
9
16,506
12,706
30%
Income (loss) from continuing operations before income taxes
3,614
3,040
2,310
1,751
3,671
19
(2)
8,964
(625)
**
Income tax provision (benefit)
885
745
566
417
873
19
1
2,196
(149)
**
Income (loss) from continuing operations, net of tax
$
2,729
$
2,295
$
1,744
$
1,334
$
2,798
19%
(2)%
$
6,768
$
(476)
**
Selected performance metrics:
Period-end loans held for investment
$
260,252
$
259,005
$
254,028
$
262,403
$
253,951
—
2%
$
260,252
$
253,951
2%
Average loans held for investment
257,311
254,625
254,036
255,221
252,090
1%
2
255,336
200,221
28
Average yield on loans outstanding
(1)
17.66
%
17.16
%
17.13
%
17.68
%
17.99
%
50
bps
(33)
bps
17.32
%
18.03
%
(71)
bps
Total net revenue margin
(9)
17.85
17.44
16.89
17.28
17.34
41
51
17.39
17.51
(12)
Net charge-off rate
3.98
4.71
5.10
4.93
4.63
(73)
(65)
4.59
5.21
(62)
30+ day performing delinquency rate
3.74
3.39
3.70
3.99
3.89
35
(15)
3.74
3.89
(15)
Purchase volume
(10)
$
250,024
$
249,195
$
216,513
$
234,375
$
226,147
—%
11%
$
715,732
$
577,846
24%
Refreshed FICO scores:
(11)
Greater than 660
73
%
74
%
73
%
73
%
73
%
(1)
—
73
%
73
%
—
660 or below
27
26
27
27
27
1
—
27
27
—
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
16
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2026 Q3 vs.
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Consumer Banking
Earnings:
Net interest income
$
2,531
$
2,431
$
2,229
$
2,296
$
2,357
4
%
7
%
$
7,191
$
6,462
11%
Non-interest income
769
778
683
623
475
(1)
62
2,230
1,052
112
Total net revenue
3,300
3,209
2,912
2,919
2,832
3
17
9,421
7,514
25
Provision for credit losses
417
444
519
409
340
(6)
23
1,380
893
55
Non-interest expense
2,142
2,121
1,998
2,289
1,941
1
10
6,261
5,235
20
Income from continuing operations before income taxes
741
644
395
221
551
15
34
1,780
1,386
28
Income tax provision
181
158
97
52
131
15
38
436
330
32
Income from continuing operations, net of tax
$
560
$
486
$
298
$
169
$
420
15
%
33
%
$
1,344
$
1,056
27%
Selected performance metrics:
Period-end loans held for investment
$
94,043
$
90,467
$
86,873
$
84,790
$
83,230
4
%
13
%
$
94,043
$
83,230
13%
Average loans held for investment
92,330
88,583
85,701
83,957
82,295
4
12
88,896
80,304
11
Average yield on loans held for investment
(1)
9.71
%
9.57
%
9.43
%
9.59
%
9.52
%
14
bps
19bps
9.57
%
9.28
%
29bps
Auto loan originations
$
13,103
$
12,916
$
11,130
$
10,194
$
10,731
1
%
22
%
$
37,149
$
30,802
21%
Period-end deposits
431,095
435,221
438,034
423,932
416,765
(1)
3
431,095
416,765
3
Average deposits
432,953
435,890
428,391
418,673
414,219
(1)
5
432,428
366,854
18
Average deposits interest rate
2.78
%
2.76
%
2.84
%
2.98
%
3.07
%
2
bps
(29)
bps
2.79
%
3.03
%
(24)bps
Net charge-off rate
1.63
1.48
1.70
1.88
1.58
15
5
1.60
1.49
11
30+ day performing delinquency rate
4.60
4.28
4.17
5.17
4.93
32
(33)
4.60
4.93
(33)
30+ day delinquency rate
5.12
4.76
4.59
5.73
5.53
36
(41)
5.12
5.53
(41)
Nonperforming loan rate
(4)
0.66
0.62
0.57
0.69
0.73
4
(7)
0.66
0.73
(7)
Nonperforming asset rate
(5)
0.77
0.72
0.66
0.79
0.82
5
(5)
0.77
0.82
(5)
Global Payment Network volume
$
190,934
$
189,612
$
174,332
$
174,644
$
153,117
1
%
25
%
$
554,878
$
227,131
144%
Auto—At origination FICO scores:
(12)
Greater than 660
49
%
49
%
50
%
51
%
51
%
—
(2)
49
%
51
%
(2)
621 - 660
19
19
19
19
19
—
—
19
19
—
620 or below
32
32
31
30
30
—
2
32
30
2
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
17
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2026 Q3 vs.
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Commercial Banking
Earnings:
Net interest income
$
603
$
585
$
581
$
574
$
586
3%
3%
$
1,769
$
1,760
1%
Non-interest income
298
265
328
356
318
12
(6)
891
965
(8)
Total net revenue
(7)
901
850
909
930
904
6
—
2,660
2,725
(2)
Provision for credit losses
20
71
138
55
9
(72)
122
229
232
(1)
Non-interest expense
467
462
498
504
520
1
(10)
1,427
1,495
(5)
Income from continuing operations before income taxes
414
317
273
371
375
31
10
1,004
998
1
Income tax provision
101
78
67
89
89
29
13
246
237
4%
Income from continuing operations, net of tax
$
313
$
239
$
206
$
282
$
286
31%
9%
$
758
$
761
—
Selected performance metrics:
Period-end loans held for investment
$
92,127
$
91,293
$
90,323
$
89,262
$
88,892
1%
4%
$
92,127
$
88,892
4%
Average loans held for investment
91,380
90,899
89,560
88,495
88,389
1
3
90,619
88,088
3
Average yield on loans held for investment
(1)(7)
5.88
%
5.75
%
5.68
%
6.08
%
6.42
%
13bps
(54)bps
5.77
%
6.37
%
(60)bps
Period-end deposits
$
31,136
$
30,841
$
31,007
$
31,250
$
29,920
1%
4%
$
31,136
$
29,920
4%
Average deposits
31,531
31,248
31,137
31,462
29,889
1
5
31,307
30,656
2
Average deposits interest rate
1.83
%
1.81
%
1.83
%
1.96
%
2.13
%
2bps
(30)bps
1.82
%
2.11
%
(29)bps
Net charge-off (recovery) rate
—
0.53
0.29
0.43
0.21
(53)
(21)
0.27
0.21
6
Nonperforming loan rate
(4)
1.22
1.32
1.40
1.36
1.39
(10)
(17)
1.22
1.39
(17)
Nonperforming asset rate
(5)
1.30
1.39
1.47
1.39
1.40
(9)
(10)
1.30
1.40
(10)
Risk category:
(13)
Noncriticized
$
86,948
$
86,034
$
84,545
$
83,873
$
83,098
1%
5%
$
86,948
$
83,098
5%
Criticized performing
4,051
4,058
4,510
4,177
4,558
—
(11)
4,051
4,558
(11)
Criticized nonperforming
1,128
1,201
1,268
1,212
1,236
(6)
(9)
1,128
1,236
(9)
Total commercial banking loans held for investment
$
92,127
$
91,293
$
90,323
$
89,262
$
88,892
1%
4%
$
92,127
$
88,892
4%
Risk category as a percentage of period-end loans held for investment:
(13)
Noncriticized
94.38
%
94.24
%
93.61
%
93.96
%
93.48
%
14bps
90bps
94.38
%
93.48
%
90bps
Criticized performing
4.40
4.44
4.99
4.68
5.13
(4)
(73)
4.40
5.13
(73)
Criticized nonperforming
1.22
1.32
1.40
1.36
1.39
(10)
(17)
1.22
1.39
(17)
Total commercial banking loans
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
18
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2026 Q3 vs.
Nine Months Ended September 30,
2026
2026
2026
2025
2025
2026
2025
2026 vs.
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2026
2025
2025
Other
Earnings:
Net interest income (loss)
$
130
$
106
$
99
$
117
$
65
23%
100%
$
335
$
(153)
**
Non-interest loss
(134)
(80)
(78)
(76)
(49)
68
173
(292)
(102)
186%
Total net revenue (loss)
(7)
(4)
26
21
41
16
**
**
43
(255)
**
Provision (benefit) for credit losses
—
—
—
—
1
**
**
—
—
**
Non-interest expense
(14)
367
362
467
402
393
1
(7)
1,196
932
28
Loss from continuing operations before income taxes
(371)
(336)
(446)
(361)
(378)
10
(2)
(1,153)
(1,187)
(3)
Income tax provision (benefit)
(178)
(220)
(254)
(241)
55
(19)
**
(652)
(482)
35
Loss from continuing operations, net of tax
$
(193)
$
(116)
$
(192)
$
(120)
$
(433)
66%
(55)%
$
(501)
$
(705)
(29)%
Selected performance metrics:
Period-end deposits
$
18,466
$
18,195
$
20,012
$
20,589
$
22,100
1%
(16)%
$
18,466
$
22,100
(16)%
Average deposits
18,129
19,653
20,430
20,830
23,172
(8)
(22)
19,395
18,176
7
Total
Earnings:
Net interest income
$
12,886
$
12,374
$
12,145
$
12,466
$
12,404
4%
4%
$
37,405
$
30,412
23%
Non-interest income
3,458
3,476
3,086
3,117
2,955
(1)
17
10,020
7,439
35
Total net revenue
16,344
15,850
15,231
15,583
15,359
3
6
47,425
37,851
25
Provision for credit losses
2,916
2,989
4,068
4,142
2,714
(2)
7
9,973
16,513
(40)
Non-interest expense
8,856
9,043
8,464
9,342
8,263
(2)
7
26,363
21,156
25%
Income from continuing operations before income taxes
4,572
3,818
2,699
2,099
4,382
20
4
11,089
182
**
Income tax provision (benefit)
1,033
798
518
345
1,189
29
(13)
2,349
(152)
**
Income from continuing operations, net of tax
$
3,539
$
3,020
$
2,181
$
1,754
$
3,193
17%
11%
$
8,740
$
334
**
Selected performance metrics:
Period-end loans held for investment
$
462,530
$
457,168
$
447,754
$
453,622
$
443,159
1%
4%
$
462,530
$
443,159
4%
Average loans held for investment
457,380
450,679
446,235
444,680
439,859
1
4
451,472
380,564
19
Period-end deposits
480,697
484,257
489,053
475,771
468,785
(1)
3
480,697
468,785
3
Average deposits
482,613
486,791
479,958
470,965
467,280
(1)
3
483,130
415,686
16
19
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)
(1)
Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)
Includes amounts related to entities that provide capital to low-income and rural communities of $2.8 billion in Q3 2026, $2.4 billion in Q2 2026, $2.1 billion in Q3 2025 and $2.5 billion for the first nine months of 2026 and $2.1 billion for the first nine months of 2025. Related interest expense was $10 million in Q3 2026, $9 million in Q2 2026, $8 million in Q3 2025 and $27 million for the first nine months of 2026 and $23 million for the first nine months of 2025.
(3)
Effective in the second quarter of 2026, Domestic Card results include Brex and our legacy corporate card product.
(4)
Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(5)
Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(6)
Primarily represents foreign currency translation adjustments.
(7)
Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(8)
Includes the impact of $47 million and $96 million in Brex integration expenses in Q3 2026 and Q2 2026, respectively.
(9)
Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(10)
Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(11)
Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category. Corporate cards do not have FICO scores associated with such loans and therefore are excluded.
(12)
Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
(13)
Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(14)
Includes the impact of $338 million, $298 million, $415 million, $352 million and $348 million in Discover integration expenses in Q3 2026, Q2 2026, Q1 2026, Q4 2025 and Q3 2025, respectively, as well as any charges incurred as a result of other restructuring activities for the periods presented.
**    Not meaningful.
20
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures
(1)
Basel III Standardized Approach
(Dollars in millions, except as noted)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Regulatory Capital Metrics
Common equity excluding AOCI
$
115,246
$
114,686
$
112,733
$
113,677
$
114,323
Adjustments:
AOCI, net of tax
(2)
66
62
69
81
68
Goodwill, net of related deferred tax liabilities
(31,569)
(31,559)
(28,201)
(28,217)
(28,575)
Other Intangible and deferred tax assets, net of deferred tax liabilities
(11,998)
(12,413)
(12,142)
(12,493)
(12,846)
Common equity Tier 1 capital
$
71,745
$
70,776
$
72,459
$
73,048
$
72,970
Tier 1 capital
$
76,164
$
76,183
$
77,866
$
78,455
$
78,377
Total capital
(3)
85,698
85,771
87,326
88,000
87,853
Risk-weighted assets
520,429
516,287
504,654
511,794
506,535
Adjusted average assets
(4)
638,655
643,349
640,503
629,997
622,435
Capital Ratios
Common equity Tier 1 capital
(5)
13.8%
13.7%
14.4%
14.3%
14.4%
Tier 1 capital
(6)
14.6
14.8
15.4
15.3
15.5
Total capital
(7)
16.5
16.6
17.3
17.2
17.3
Tier 1 leverage
(4)
11.9
11.8
12.2
12.5
12.6
TCE
(8)
9.8
10.2
10.3
10.7
10.8
21
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.
2026
2026
2026
2025
2025
Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)
Q3
Q2
Q1
Q4
Q3
2026
2025
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)
$
3,422
$
2,935
$
2,081
$
2,057
$
3,086
$
8,438
$
117
Acquisition amortization expenses
(9)
483
494
477
546
603
1,454
943
Discover integration expenses
338
298
415
352
348
1,051
757
Brex integration expenses
47
96
—
—
—
143
—
Initial allowance build for Discover non-PCD loans
—
—
—
—
—
—
8,767
Legal reserve activities
—
—
—
117
—
—
239
Gain on sale of home loan portfolio
—
—
—
(483)
—
—
—
FDIC special assessment
—
—
—
(29)
—
—
—
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)
4,290
3,823
2,973
2,560
4,037
11,086
10,823
Income tax impacts
(214)
(219)
(221)
(124)
(236)
(654)
(2,651)
Adjusted net income available to common stockholders (non-GAAP)
$
4,076
$
3,604
$
2,752
$
2,436
$
3,801
$
10,432
$
8,172
Diluted weighted-average common shares outstanding (in millions) (GAAP)
609.5
621.1
623.4
631.6
639.5
618.0
510.9
Diluted EPS (GAAP)
$
5.61
$
4.73
$
3.34
$
3.26
$
4.83
$
13.65
$
0.23
Impact of adjustments noted above
1.08
1.08
1.08
0.60
1.12
3.23
15.77
Adjusted diluted EPS (non-GAAP)
$
6.69
$
5.81
$
4.42
$
3.86
$
5.95
$
16.88
$
16.00
Adjusted efficiency ratio:
Non-interest expense (GAAP)
$
8,856
$
9,043
$
8,464
$
9,342
$
8,263
$
26,363
$
21,156
Acquisition amortization expenses
(9)
(519)
(518)
(478)
(509)
(498)
(1,515)
(753)
Discover integration expenses
(338)
(298)
(415)
(352)
(348)
(1,051)
(757)
Brex integration expenses
(47)
(96)
—
—
—
(143)
—
Legal reserve activities
—
—
—
(117)
—
—
(239)
FDIC special assessment
—
—
—
29
—
—
—
Adjusted non-interest expense (non-GAAP)
$
7,952
$
8,131
$
7,571
$
8,393
$
7,417
$
23,654
$
19,407
Total net revenue (GAAP)
$
16,344
$
15,850
$
15,231
$
15,583
$
15,359
$
47,425
$
37,851
Acquisition amortization expenses
(9)
(36)
(24)
(1)
37
105
(61)
190
Adjusted net revenue (non-GAAP)
$
16,308
$
15,826
$
15,230
$
15,620
$
15,464
$
47,364
$
38,041
22
2026
2026
2026
2025
2025
Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)
Q3
Q2
Q1
Q4
Q3
2026
2025
Efficiency ratio (GAAP)
54.19%
57.05%
55.57%
59.95
%
53.80
%
55.59%
55.89%
Impact of adjustments noted above
(543)
bps
(567)
bps
(586)
bps
(622)
bps
(584)
bps
(565)
bps
(489)
bps
Adjusted efficiency ratio (non-GAAP)
48.76%
51.38%
49.71%
53.73
%
47.96
%
49.94%
51.02%
Adjusted operating efficiency ratio:
Operating expense (GAAP)
$
7,262
$
7,382
$
6,967
$
7,408
$
6,860
$
21,611
$
17,206
Acquisition amortization expenses
(9)
(519)
(518)
(478)
(509)
(498)
(1,515)
(753)
Discover integration expenses
(338)
(298)
(415)
(352)
(348)
(1,051)
(757)
Brex integration expenses
(47)
(96)
—
—
—
(143)
—
Legal reserve activities
—
—
—
(117)
—
—
(239)
FDIC special assessment
—
—
—
29
—
—
—
Adjusted operating expense (non-GAAP)
$
6,358
$
6,470
$
6,074
$
6,459
$
6,014
$
18,902
$
15,457
Total net revenue (GAAP)
$
16,344
$
15,850
$
15,231
$
15,583
$
15,359
$
47,425
$
37,851
Acquisition amortization expenses
(9)
(36)
(24)
(1)
37
105
(61)
190
Adjusted net revenue (non-GAAP)
$
16,308
$
15,826
$
15,230
$
15,620
$
15,464
$
47,364
$
38,041
Operating efficiency ratio (GAAP)
44.43%
46.57%
45.74%
47.54
%
44.66
%
45.57%
45.46%
Impact of adjustments noted above
(544)
bps
(569)
bps
(586)
bps
(619)
bps
(577)
bps
(566)
bps
(482)
bps
Adjusted operating efficiency ratio (non-GAAP)
38.99%
40.88%
39.88%
41.35
%
38.89
%
39.91%
40.63%
23
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.
2026
2026
2026
2025
2025
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Pre-provision earnings
Total net revenue
$
16,344
$
15,850
$
15,231
$
15,583
$
15,359
Non-interest expense
(8,856)
(9,043)
(8,464)
(9,342)
(8,263)
Pre-provision earnings
(10)
$
7,488
$
6,807
$
6,767
$
6,241
$
7,096
Adjusted pre-provision earnings
Adjusted net revenue (non-GAAP)
$
16,308
$
15,826
$
15,230
$
15,620
$
15,464
Adjusted non-interest expense (non-GAAP)
(7,952)
(8,131)
(7,571)
(8,393)
(7,417)
Adjusted pre-provision earnings
(10)
$
8,356
$
7,695
$
7,659
$
7,227
$
8,047
Tangible common equity (period-end)
Stockholders’ equity
$
109,656
$
113,793
$
112,261
$
113,616
$
113,813
Goodwill and other intangible assets, includes impact of related deferred taxes
(43,446)
(43,840)
(40,489)
(40,876)
(41,537)
Noncumulative perpetual preferred stock
(4,419)
(5,407)
(5,407)
(5,407)
(5,407)
Tangible common equity
(11)
$
61,791
$
64,546
$
66,365
$
67,333
$
66,869
Tangible common equity (average)
Stockholders’ equity
$
113,571
$
114,518
$
114,556
$
115,404
$
112,819
Goodwill and other intangible assets, includes impact of related deferred taxes
(43,672)
(44,033)
(40,709)
(41,144)
(41,815)
Noncumulative perpetual preferred stock
(5,085)
(5,407)
(5,407)
(5,407)
(5,407)
Tangible common equity
(11)
$
64,814
$
65,078
$
68,440
$
68,853
$
65,597
Return on tangible common equity (average)
Net income available to common stockholders
$
3,422
$
2,935
$
2,081
$
2,057
$
3,086
Income (loss) from discontinued operations, net of tax
—
—
(7)
380
(1)
Net income available to common stockholders less income (loss) from discontinued operations, net of tax
$
3,422
$
2,935
$
2,088
$
1,677
$
3,087
Tangible common equity (average)
64,814
65,078
68,440
68,853
65,597
Return on tangible common equity
(11)
21.12%
18.04%
12.20%
9.74%
18.82%
Tangible assets (period-end)
Total assets
$
672,867
$
673,835
$
682,905
$
669,009
$
661,877
Goodwill and other intangible assets, includes impact of related deferred taxes
(43,446)
(43,840)
(40,489)
(40,876)
(41,537)
Tangible assets
(11)
$
629,421
$
629,995
$
642,416
$
628,133
$
620,340
24
2026
2026
2026
2025
2025
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Tangible assets (average)
Total assets
$
676,168
$
682,079
$
675,999
$
665,656
$
657,858
Goodwill and other intangible assets, includes impact of related deferred taxes
(43,672)
(44,033)
(40,709)
(41,144)
(41,815)
Tangible assets
(11)
$
632,496
$
638,046
$
635,290
$
624,512
$
616,043
Return on tangible assets (average)
Net income
$
3,539
$
3,020
$
2,174
$
2,134
$
3,192
Income (loss) from discontinued operations, net of tax
—
—
(7)
380
(1)
Net income less income (loss) from discontinued operations, net of tax
$
3,539
$
3,020
$
2,181
$
1,754
$
3,193
Tangible assets (average)
632,496
638,046
635,290
624,512
616,043
Return on tangible assets
(11)
2.24%
1.89%
1.37%
1.12%
2.07%
TCE ratio
Tangible common equity (period-end)
$
61,791
$
64,546
$
66,365
$
67,333
$
66,869
Tangible assets (period-end)
629,421
629,995
642,416
628,133
620,340
TCE ratio
(11)
9.8%
10.2%
10.3%
10.7%
10.8%
Tangible book value per common share
Tangible common equity (period-end)
$
61,791
$
64,546
$
66,365
$
67,333
$
66,869
Outstanding common shares
601.5
613.5
615.9
625.1
635.7
Tangible book value per common share
(11)
$
102.72
$
105.21
$
107.76
$
107.72
$
105.18
25
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 16: Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)
(1)
Regulatory capital metrics and capital ratios as of September 30, 2026 are preliminary and therefore subject to change.
(2)
Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)
Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)
Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)
Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)
Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)
Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)
TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)
Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(10)
Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(11)
Management believes that this financial metric is useful when assessing returns and capital management over time.
26