Form 8-K

8-K — CAPITAL ONE FINANCIAL CORP

Accession: 0000927628-26-000039

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000927628

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cof-20260421.htm (Primary)

EX-99.1 (ex991q12026earningsrelease.htm)

EX-99.2 (ex992q12026earningsrelease.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cof-20260421.htm · Sequence: 1

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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

April 21, 2026

Date of Report (Date of earliest event reported)

____________________________________

CAPITAL ONE FINANCIAL CORPORATION

(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

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 April 21, 2026, Capital One Financial Corporation (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release, dated April 21, 2026 - First Quarter 2026

99.2

Financial Supplement - First 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 April 21, 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 May 5, 2026 at 5:00 PM Eastern Time.

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: April 21, 2026

By: /s/ TIMOTHY P. GOLDEN

Timothy P. Golden

SVP, Chief Accounting Officer

EX-99.1

Filename: ex991q12026earningsrelease.htm · Sequence: 2

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: April 21, 2026

Capital One Reports First Quarter 2026 Net Income of $2.2 billion,

or $3.34 per share

Net of adjusting items, First Quarter 2026 Net Income of $4.42 per share(1)

McLean, Va. (April 21, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2026 of $2.2 billion, or $3.34 per diluted common share, compared with net income of $2.1 billion, or $3.26 per diluted common share in the fourth quarter of 2025, and with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025. Adjusted net income(1) for the first quarter of 2026 was $4.42 per diluted common share.

"Our results in the first quarter reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition."

The quarter included the following adjusting items:

(Dollars in millions, except per share data) Pre-Tax

Impact After-Tax Diluted EPS

Impact

Discover amortization expenses $ 477 $ 0.58

Discover integration expenses $ 415 $ 0.50

Capital One First Quarter 2026 Earnings

Page 2

All comparisons below are for the first quarter of 2026 compared with the fourth quarter of 2025 unless otherwise noted.

First Quarter 2026 Income Statement Summary:

•Total net revenue decreased 2 percent to $15.2 billion.

•Total non-interest expense decreased 9 percent to $8.5 billion:

◦23 percent decrease in marketing.

◦6 percent decrease in operating expenses.

•Pre-provision earnings(2) increased 8 percent to $6.8 billion.

•Provision for credit losses decreased $74 million to $4.1 billion:

◦Net charge-offs of $3.8 billion.

◦$230 million loan reserve build.

•Net interest margin of 7.87 percent, a decrease of 39 basis points.

•Efficiency ratio of 55.57 percent.

◦Adjusted efficiency ratio(3) of 49.71 percent.

•Operating efficiency ratio of 45.74 percent.

◦Adjusted operating efficiency ratio(3) of 39.88 percent.

First Quarter 2026 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(4) under Basel III Standardized Approach of 14.4 percent at March 31, 2026.

•Period-end loans held for investment in the quarter decreased $5.9 billion, or 1 percent, to $447.8 billion.

◦Credit Card period-end loans decreased $9.0 billion, or 3 percent, to $270.6 billion.

•Domestic Card period-end loans decreased $8.4 billion, or 3 percent, to $254.0 billion.

◦Consumer Banking period-end loans increased $2.1 billion, or 2 percent, to $86.9 billion.

•Auto period-end loans increased $2.1 billion, or 3 percent, to $85.7 billion.

◦Commercial Banking period-end loans increased $1.1 billion, or 1 percent, to $90.3 billion.

•Average loans held for investment in the quarter increased $1.6 billion, or less than 1 percent, to $446.2 billion.

◦Credit Card average loans decreased $1.3 billion, or less than 1 percent, to $271.0 billion.

•Domestic Card average loans decreased $1.2 billion, or less than 1 percent, to $254.0 billion.

◦Consumer Banking average loans increased $1.7 billion, or 2 percent, to $85.7 billion.

•Auto average loans increased $1.8 billion, or 2 percent, to $84.5 billion.

◦Commercial Banking average loans increased $1.1 billion, or 1 percent, to $89.6 billion.

•Period-end total deposits increased $13.3 billion, or 3 percent, to $489.1 billion, while average deposits increased $9.0 billion, or 2 percent, to $480.0 billion.

•Interest-bearing deposits rate paid decreased 16 basis points to 3.00 percent.

Capital One First Quarter 2026 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 21, 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 May 5, 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 $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 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 Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these 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 April 21, 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.

(3) 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 April 21, 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) Regulatory capital metrics as of March 31, 2026 are preliminary and therefore subject to change.

EX-99.2

Filename: ex992q12026earningsrelease.htm · Sequence: 3

Document

Exhibit 99.2

Capital One Financial Corporation

Financial Supplement(1)(2)(3)

First Quarter 2026

Table of Contents

Capital One Financial Corporation Consolidated Results Page

Table 1:

Financial Summary—Consolidated

Table 2:

Selected Metrics—Consolidated

Table 3:

Consolidated Statements of Income

Table 4:

Consolidated Balance Sheets

Table 5:

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

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

Table 7:

Loan Information and Performance Statistics

Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

Business Segment Results

Table 9:

Financial Summary—Business Segment Results

Table 10:

Financial & Statistical Summary—Credit Card Business

Table 11:

Financial & Statistical Summary—Consumer Banking Business

Table 12:

Financial & Statistical Summary—Commercial Banking Business

Table 13:

Financial & Statistical Summary—Other and Total

Other

Table 14:

Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

Table 15:

Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures

__________

(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 March 31, 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 May 18, 2025, we completed the Discover acquisition in an all-stock transaction as outlined in the merger agreement dated February 19, 2024.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated

2026 Q1

(Dollars in millions, except per share data and as noted) 2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Income Statement

Net interest income $ 12,145 $ 12,466 $ 12,404 $ 9,995 $ 8,013 (3) % 52 %

Non-interest income 3,086 3,117 2,955 2,497 1,987 (1) 55

Total net revenue(1)

15,231 15,583 15,359 12,492 10,000 (2) 52

Provision for credit losses 4,068 4,142 2,714 11,430 2,369 (2) 72

Non-interest expense:

Marketing 1,497 1,934 1,403 1,345 1,202 (23) 25

Operating expense 6,967 7,408 6,860 5,646 4,700 (6) 48

Total non-interest expense 8,464 9,342 8,263 6,991 5,902 (9) 43

Income (loss) from continuing operations before income taxes 2,699 2,099 4,382 (5,929) 1,729 29 56

Income tax provision (benefit) 518 345 1,189 (1,666) 325 50 59

Income (loss) from continuing operations, net of tax 2,181 1,754 3,193 (4,263) 1,404 24 55

Income (loss) from discontinued operations, net of tax (7) 380 (1) (14) — ** **

Net income (loss) 2,174 2,134 3,192 (4,277) 1,404 2 55

Dividends and undistributed earnings allocated to participating securities(2)

(20) (20) (33) (4) (22) — (9)

Preferred stock dividends (73) (57) (73) (65) (57) 28 28

Discount on redeemed preferred stock

— — — 6 — — —

Net income (loss) available to common stockholders $ 2,081 $ 2,057 $ 3,086 $ (4,340) $ 1,325 1 57

Common Share Statistics

Basic earnings per common share:(2)

Net income (loss) from continuing operations $ 3.35 $ 2.66 $ 4.83 $ (8.55) $ 3.46 26 % (3) %

Income (loss) from discontinued operations (0.01) 0.60 — (0.03) — ** **

Net income (loss) per basic common share $ 3.34 $ 3.26 $ 4.83 $ (8.58) $ 3.46 2 (3)

Diluted earnings per common share:(2)

Net income (loss) from continuing operations $ 3.35 $ 2.66 $ 4.83 $ (8.55) $ 3.45 26 % (3) %

Income (loss) from discontinued operations (0.01) 0.60 — (0.03) — ** **

Net income (loss) per diluted common share $ 3.34 $ 3.26 $ 4.83 $ (8.58) $ 3.45 2 (3)

Weighted-average common shares outstanding (in millions):

Basic 622.5 631.1 639.0 505.6 383.1 (1) % 62 %

Diluted 623.4 631.6 639.5 505.6 384.0 (1) 62

Common shares outstanding (period-end, in millions) 615.9 625.1 635.7 639.5 383.0 (1) 61

Dividends declared and paid per common share $ 0.80 $ 0.80 $ 0.60 $ 0.60 $ 0.60 — 33

Tangible book value per common share (period-end)(3)

107.76 107.72 105.18 99.35 113.74 — (5)

2026 Q1

(Dollars in millions) 2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Balance Sheet (Period-End)

Loans held for investment $ 447,754 $ 453,622 $ 443,159 $ 439,297 $ 323,598 (1) % 38 %

Interest-earning assets 624,560 613,750 605,235 601,999 463,414 2 35

Total assets 682,905 669,009 661,877 658,968 493,604 2 38

Interest-bearing deposits 461,117 448,386 441,136 440,231 340,964 3 35

Total deposits 489,053 475,771 468,785 468,110 367,464 3 33

Borrowings 51,888 51,000 51,482 52,666 41,773 2 24

Common equity 106,854 108,209 108,406 105,549 58,697 (1) 82

Total stockholders’ equity 112,261 113,616 113,813 110,956 63,542 (1) 77

Balance Sheet (Average Balances)

Loans held for investment $ 446,235 $ 444,680 $ 439,859 $ 378,157 $ 322,385 — 38 %

Interest-earning assets 617,173 603,730 593,247 524,929 462,771 2 % 33

Total assets 675,999 665,656 657,858 572,446 491,817 2 37

Interest-bearing deposits 451,957 442,763 439,527 387,139 337,840 2 34

Total deposits 479,958 470,965 467,280 414,568 364,078 2 32

Borrowings 52,348 50,814 50,180 46,601 44,448 3 18

Common equity 109,149 109,997 107,412 81,563 57,395 (1) 90

Total stockholders’ equity 114,556 115,404 112,819 86,918 62,240 (1) 84

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated

2026 Q1

(Dollars in millions, except as noted) 2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Performance Metrics

Net interest income growth (period over period) (3) % — 24 % 25 % (1) % ** **

Non-interest income growth (period over period) (1) 5 % 18 26 (5) ** **

Total net revenue growth (period over period) (2) 1 23 25 (2) ** **

Total net revenue margin(4)

9.87 10.32 10.36 9.52 8.64 (45) bps 123 bps

Net interest margin(5)

7.87 8.26 8.36 7.62 6.93 (39) 94

Return on average assets(6)

1.29 1.05 1.94 (2.98) 1.14 24 15

Return on average tangible assets(7)

1.37 1.12 2.07 (3.14) 1.18 25 19

Return on average common equity(8)

7.65 6.10 11.50 (21.22) 9.23 155 (158)

Return on average tangible common equity(9)

12.20 9.74 18.82 (32.99) 12.55 246 (35)

Efficiency ratio(10)

55.57 59.95 53.80 55.96 59.02 (438) (345)

Operating efficiency ratio(11)

45.74 47.54 44.66 45.20 47.00 (180) (126)

Effective income tax rate for continuing operations 19.2 16.4 27.1 28.1 18.8 280 40

Employees (period-end, in thousands) 77.1 76.3 77.0 76.5 53.9 1% 43%

Credit Quality Metrics

Allowance for credit losses $ 23,630 $ 23,409 $ 23,103 $ 23,873 $ 15,899 1% 49%

Allowance coverage ratio 5.28 % 5.16 % 5.21 % 5.43 % 4.91 % 12 bps 37 bps

Net charge-offs(12)

$ 3,847 $ 3,833 $ 3,473 $ 3,060 $ 2,736 — 41%

Net charge-off rate(13)

3.45 % 3.45 % 3.16 % 3.24 % 3.40 % — 5 bps

30+ day performing delinquency rate 3.04 3.41 3.29 3.13 3.29 (37) bps (25)

30+ day delinquency rate 3.24 3.59 3.50 3.32 3.51 (35) (27)

Capital Ratios(14)

Common equity Tier 1 capital

14.4 % 14.3 % 14.4 % 14.0 % 13.6 % 10 bps 80 bps

Tier 1 capital 15.4 15.3 15.5 15.1 14.9 10 50

Total capital 17.3 17.2 17.3 17.1 17.0 10 30

Tier 1 leverage 12.2 12.5 12.6 14.2 11.6 (30) 60

Tangible common equity (“TCE”)(15)

10.3 10.7 10.8 10.3 9.1 (40) 120

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

2026 Q1

(Dollars in millions, except as noted) 2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Interest income:

Loans, including loans held for sale $ 14,735 $ 15,186 $ 15,229 $ 12,449 $ 10,157 (3)% 45%

Investment securities 832 841 823 784 770 (1) 8

Other 664 660 711 595 491 1 35

Total interest income 16,231 16,687 16,763 13,828 11,418 (3) 42

Interest expense:

Deposits 3,387 3,493 3,597 3,120 2,715 (3) 25

Securitized debt obligations 141 155 165 164 176 (9) (20)

Senior and subordinated notes 532 550 582 535 505 (3) 5

Other borrowings 26 23 15 14 9 13 189

Total interest expense 4,086 4,221 4,359 3,833 3,405 (3) 20

Net interest income 12,145 12,466 12,404 9,995 8,013 (3) 52

Provision for credit losses 4,068 4,142 2,714 11,430 2,369 (2) 72

Net interest income (loss) after provision for credit losses

8,077 8,324 9,690 (1,435) 5,644 (3) 43

Non-interest income:

Discount and interchange fees, net

1,964 1,930 1,812 1,478 1,223 2 61

Service charges and other customer-related fees 809 833 849 658 509 (3) 59

Other 313 354 294 361 255 (12) 23

Total non-interest income 3,086 3,117 2,955 2,497 1,987 (1) 55

Non-interest expense:

Salaries and associate benefits 3,671 3,430 3,496 2,999 2,546 7 44

Occupancy and equipment 867 958 856 737 615 (9) 41

Marketing 1,497 1,934 1,403 1,345 1,202 (23) 25

Professional services 585 693 641 653 437 (16) 34

Communications and data processing 496 482 476 413 399 3 24

Amortization of intangibles 492 525 514 271 16 (6) **

Other 856 1,320 877 573 687 (35) 25

Total non-interest expense 8,464 9,342 8,263 6,991 5,902 (9) 43

Income (loss) from continuing operations before income taxes 2,699 2,099 4,382 (5,929) 1,729 29 56

Income tax provision (benefit) 518 345 1,189 (1,666) 325 50 59

Income (loss) from continuing operations, net of tax 2,181 1,754 3,193 (4,263) 1,404 24 55

Income (loss) from discontinued operations, net of tax (7) 380 (1) (14) — ** **

Net income (loss) 2,174 2,134 3,192 (4,277) 1,404 2 55

Dividends and undistributed earnings allocated to participating securities(2)

(20) (20) (33) (4) (22) — (9)

Preferred stock dividends (73) (57) (73) (65) (57) 28 28

Discount on redeemed preferred stock

— — — 6 — — —

Net income (loss) available to common stockholders $ 2,081 $ 2,057 $ 3,086 $ (4,340) $ 1,325 1 57

2026 Q1

2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Basic earnings per common share:(2)

Net income (loss) from continuing operations $ 3.35 $ 2.66 $ 4.83 $ (8.55) $ 3.46 26% (3)%

Income (loss) from discontinued operations (0.01) 0.60 — (0.03) — ** **

Net income (loss) per basic common share $ 3.34 $ 3.26 $ 4.83 $ (8.58) $ 3.46 2 (3)

Diluted earnings per common share:(2)

Net income (loss) from continuing operations $ 3.35 $ 2.66 $ 4.83 $ (8.55) $ 3.45 26% (3)%

Income (loss) from discontinued operations (0.01) 0.60 — (0.03) — ** **

Net income (loss) per diluted common share $ 3.34 $ 3.26 $ 4.83 $ (8.58) $ 3.45 2 (3)

Weighted-average common shares outstanding (in millions):

Basic common shares 622.5 631.1 639.0 505.6 383.1 (1)% 62%

Diluted common shares 623.4 631.6 639.5 505.6 384.0 (1) 62

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

2026 Q1

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Assets:

Cash and cash equivalents:

Cash and due from banks $ 4,555 $ 3,031 $ 4,606 $ 4,854 $ 4,108 50 % 11 %

Interest-bearing deposits and other short-term investments 71,939 54,403 50,673 54,255 44,465 32 62

Total cash and cash equivalents 76,494 57,434 55,279 59,109 48,573 33 57

Restricted cash for securitization investors 2,762 4,659 3,248 2,469 392 (41) **

Investment securities:

Investment securities available for sale 90,620 91,051 89,733 87,196 84,362 — 7

Investment securities held to maturity

1,694 — — — — ** **

Total investment securities

92,314 91,051 89,733 87,196 84,362 1 9

Loans held for investment:

Unsecuritized loans held for investment 421,360 425,665 389,808 384,413 295,939 (1) 42

Loans held in consolidated trusts(16)

26,394 27,957 53,351 54,884 27,659 (6) (5)

Total loans held for investment 447,754 453,622 443,159 439,297 323,598 (1) 38

Allowance for credit losses (23,630) (23,409) (23,103) (23,873) (15,899) 1 49

Net loans held for investment 424,124 430,213 420,056 415,424 307,699 (1) 38

Loans held for sale 186 760 670 198 686 (76) (73)

Premises and equipment, net 5,730 5,602 5,576 5,687 4,579 2 25

Interest receivable 3,460 3,492 3,456 3,373 2,599 (1) 33

Goodwill 28,502 28,509 28,863 28,335 15,070 — 89

Other intangible assets

16,087 16,578 17,042 18,157 217 (3) **

Other assets 33,246 30,711 29,957 30,904 29,427 8 13

Assets of discontinued operations

— — 7,997 8,116 — ** **

Total assets $ 682,905 $ 669,009 $ 661,877 $ 658,968 $ 493,604 2 38

2026 Q1

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Liabilities:

Interest payable $ 827 $ 844 $ 826 $ 888 $ 646 (2) % 28 %

Deposits:

Non-interest-bearing deposits 27,936 27,385 27,649 27,879 26,500 2 5

Interest-bearing deposits 461,117 448,386 441,136 440,231 340,964 3 35

Total deposits 489,053 475,771 468,785 468,110 367,464 3 33

Securitized debt obligations 11,283 12,853 13,642 14,658 11,716 (12) (4)

Other debt:

Federal funds purchased and securities loaned or sold under agreements to repurchase 626 587 616 742 573 7 9

Senior and subordinated notes 38,421 36,001 36,662 36,706 29,459 7 30

Other borrowings 1,558 1,559 562 560 25 — **

Total other debt 40,605 38,147 37,840 38,008 30,057 6 35

Other liabilities 28,876 27,778 26,941 26,316 20,179 4 43

Liabilities of discontinued operations

— — 30 32 — — —

Total liabilities 570,644 555,393 548,064 548,012 430,062 3 33

Stockholders’ equity:

Preferred stock 0 0 0 0 0 — —

Common stock 7 7 7 7 7 — —

Additional paid-in capital, net 64,284 64,031 63,725 63,465 36,693 — 75

Retained earnings 66,788 65,192 63,624 60,892 65,616 2 2

Accumulated other comprehensive loss (5,879) (5,468) (5,917) (6,819) (7,529) 8 (22)

Treasury stock, at cost (12,939) (10,146) (7,626) (6,589) (31,245) 28 (59)

Total stockholders’ equity 112,261 113,616 113,813 110,956 63,542 (1) 77

Total liabilities and stockholders’ equity $ 682,905 $ 669,009 $ 661,877 $ 658,968 $ 493,604 2 38

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 $980 million in Q1 2026, $941 million in Q4 2025, $869 million in Q3 2025, $785 million in Q2 2025 and $705 million in Q1 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)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.

(13)Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.

(14)Capital ratios as of the end of Q1 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.

(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.

(16)On December 18, 2025, after giving effect to the Discover Card Execution Note Trust (“DCENT”) Defeasance Amendments, Funding, as Beneficiary on behalf of DCENT, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the “Class A Notes”) issued by DCENT.

** Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

2026 Q1 2025 Q4 2025 Q1

(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 $ 446,740 $ 14,735 13.19 % $ 445,370 $ 15,186 13.64 % $ 322,772 $ 10,157 12.59 %

Investment securities 97,803 832 3.40 97,304 841 3.46 92,659 770 3.32

Cash equivalents and other 72,630 664 3.66 61,056 660 4.32 47,340 491 4.14

Total interest-earning assets $ 617,173 $ 16,231 10.52 $ 603,730 $ 16,687 11.06 $ 462,771 $ 11,418 9.87

Interest-bearing liabilities:

Interest-bearing deposits $ 451,957 $ 3,387 3.00 % $ 442,763 $ 3,493 3.16 % $ 337,840 $ 2,715 3.22 %

Securitized debt obligations 12,476 141 4.52 12,673 155 4.87 13,731 176 5.11

Senior and subordinated notes 37,846 532 5.63 36,500 550 6.03 30,331 505 6.66

Other borrowings and liabilities(2)

4,238 26 2.44 3,745 23 2.41 2,312 9 1.57

Total interest-bearing liabilities $ 506,517 $ 4,086 3.23 $ 495,681 $ 4,221 3.41 $ 384,214 $ 3,405 3.54

Net interest income/spread $ 12,145 7.29 $ 12,466 7.65 $ 8,013 6.32

Impact of non-interest-bearing funding 0.58 0.61 0.61

Net interest margin

7.87 % 8.26 % 6.93 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

2026 Q1

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Loans Held for Investment (Period-End)

Credit card:

Domestic credit card $ 254,028 $ 262,403 $ 253,951 $ 252,481 $ 150,309 (3) % 69 %

Personal loans

9,070 9,499 9,646 9,788 — (5) **

International card businesses 7,460 7,668 7,440 7,440 6,880 (3) 8

Total credit card 270,558 279,570 271,037 269,709 157,189 (3) 72

Consumer banking:

Auto 85,700 83,600 82,035 80,017 77,656 3 10

Retail banking 1,173 1,190 1,195 1,216 1,240 (1) (5)

Total consumer banking 86,873 84,790 83,230 81,233 78,896 2 10

Commercial banking:

Commercial and multifamily real estate 33,809 33,618 33,461 32,967 31,971 1 6

Commercial and industrial 56,514 55,644 55,431 55,388 55,542 2 2

Total commercial banking 90,323 89,262 88,892 88,355 87,513 1 3

Total loans held for investment $ 447,754 $ 453,622 $ 443,159 $ 439,297 $ 323,598 (1) 38

Loans Held for Investment (Average)

Credit card:

Domestic credit card $ 254,036 $ 255,221 $ 252,090 $ 197,808 $ 149,639 — 70 %

Personal loans

9,310 9,618 9,703 4,778 — (3) % **

International card businesses 7,628 7,389 7,382 7,107 6,768 3 13

Total credit card 270,974 272,228 269,175 209,693 156,407 — 73

Consumer banking:

Auto 84,522 82,767 81,094 78,875 77,228 2 9

Retail banking 1,179 1,190 1,201 1,220 1,252 (1) (6)

Total consumer banking 85,701 83,957 82,295 80,095 78,480 2 9

Commercial banking:

Commercial and multifamily real estate 33,539 33,155 33,104 32,522 31,733 1 6

Commercial and industrial 56,021 55,340 55,285 55,847 55,765 1 —

Total commercial banking 89,560 88,495 88,389 88,369 87,498 1 2

Total average loans held for investment $ 446,235 $ 444,680 $ 439,859 $ 378,157 $ 322,385 — 38

2026 Q1

2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Net Charge-Off (Recovery) Rates

Credit card(3):

Domestic credit card(4)

5.10 % 4.93 % 4.63 % 5.25 % 6.19 % 17 bps (109) bps

Personal loans

3.81 4.08 3.81 3.47 — (27) **

International card businesses 4.65 5.29 5.07 5.17 5.02 (64) (37)

Total credit card 5.05 4.91 4.61 5.20 6.14 14 (109)

Consumer banking:

Auto 1.64 1.82 1.54 1.25 1.55 (18) 9

Retail banking 5.99 6.04 4.41 4.54 4.75 (5) 124

Total consumer banking 1.70 1.88 1.58 1.30 1.60 (18) 10

Commercial banking:

Commercial and multifamily real estate 0.03 0.02 (0.09) (0.06) 0.09 1 (6)

Commercial and industrial 0.44 0.67 0.38 0.55 0.12 (23) 32

Total commercial banking 0.29 0.43 0.21 0.33 0.11 (14) 18

Total net charge-offs 3.45 3.45 3.16 3.24 3.40 — 5

30+ Day Performing Delinquency Rates

Credit card:

Domestic credit card 3.70 % 3.99 % 3.89 % 3.60 % 4.25 % (29) bps (55) bps

Personal loans

1.72 1.74 1.74 1.62 — (2) **

International card businesses 4.82 4.62 4.60 4.50 4.56 20 26

Total credit card 3.66 3.93 3.84 3.55 4.26 (27) (60)

Consumer banking:

Auto 4.21 5.23 4.99 4.84 4.93 (102) (72)

Retail banking 0.92 1.09 0.89 0.93 1.13 (17) (21)

Total consumer banking 4.17 5.17 4.93 4.78 4.87 (100) (70)

2026 Q1

2026 2025 2025 2025 2025 2025 2025

Q1 Q4 Q3 Q2 Q1 Q4 Q1

Nonperforming Loans and Nonperforming Assets Rates(5)(6)

Credit card:

Personal loans

0.13 % 0.13 % 0.13 % 0.12 % — — **

International card businesses 0.15 0.16 0.16 0.16 0.13 % (1) bps 2 bps

Total credit card 0.01 0.01 0.01 0.01 0.01 — —

Consumer banking:

Auto 0.55 0.68 0.71 0.73 0.72 (13) (17)

Retail banking 1.66 1.45 1.65 1.47 1.89 21 (23)

Total consumer banking 0.57 0.69 0.73 0.74 0.74 (12) (17)

Commercial banking:

Commercial and multifamily real estate 1.07 0.95 1.05 1.06 1.23 12 (16)

Commercial and industrial 1.60 1.60 1.59 1.45 1.50 — 10

Total commercial banking 1.40 1.36 1.39 1.30 1.40 4 —

Total nonperforming loans 0.40 0.40 0.42 0.40 0.56 — (16)

Total nonperforming assets 0.43 0.43 0.44 0.42 0.58 — (15)

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

Three Months Ended March 31, 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 (4,370) (121) (150) (4,641) (711) (24) (735) (69) (5,445)

Recoveries 1,129 32 61 1,222 365 6 371 5 1,598

Net charge-offs (3,241) (89) (89) (3,419) (346) (18) (364) (64) (3,847)

Provision for credit losses 3,236 60 115 3,411 503 16 519 147 4,077

Allowance build (release) for credit losses (5) (29) 26 (8) 157 (2) 155 83 230

Other changes(7)

— — (9) (9) — — — — (9)

Balance as of March 31, 2026 18,806 702 541 20,049 2,026 21 2,047 1,534 23,630

Reserve for unfunded lending commitments:

Balance as of December 31, 2025 — — — — — — — 142 142

Provision (benefit) for losses on unfunded lending commitments — — — — — — — (9) (9)

Balance as of March 31, 2026 — — — — — — — 133 133

Combined allowance and reserve as of March 31, 2026 $ 18,806 $ 702 $ 541 $ 20,049 $ 2,026 $ 21 $ 2,047 $ 1,667 $ 23,763

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results

Three Months Ended March 31, 2026

(Dollars in millions) Credit Card Consumer Banking

Commercial Banking(8)

Other(8)

Total

Net interest income $ 9,236 $ 2,229 $ 581 $ 99 $ 12,145

Non-interest income (loss) 2,153 683 328 (78) 3,086

Total net revenue 11,389 2,912 909 21 15,231

Provision for credit losses 3,411 519 138 — 4,068

Non-interest expense 5,501 1,998 498 467 8,464

Income (loss) from continuing operations before income taxes 2,477 395 273 (446) 2,699

Income tax provision (benefit) 608 97 67 (254) 518

Income (loss) from continuing operations, net of tax $ 1,869 $ 298 $ 206 $ (192) $ 2,181

Three Months Ended December 31, 2025

(Dollars in millions) Credit Card Consumer Banking

Commercial Banking(8)

Other(8)

Total

Net interest income $ 9,479 $ 2,296 $ 574 $ 117 $ 12,466

Non-interest income (loss) 2,214 623 356 (76) 3,117

Total net revenue 11,693 2,919 930 41 15,583

Provision for credit losses 3,678 409 55 — 4,142

Non-interest expense 6,147 2,289 504 402 9,342

Income (loss) from continuing operations before income taxes 1,868 221 371 (361) 2,099

Income tax provision (benefit) 445 52 89 (241) 345

Income (loss) from continuing operations, net of tax $ 1,423 $ 169 $ 282 $ (120) $ 1,754

Three Months Ended March 31, 2025

(Dollars in millions) Credit Card Consumer Banking

Commercial Banking(8)

Other(8)

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

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business

2026 Q1 vs.

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Credit Card

Earnings:

Net interest income $ 9,236 $ 9,479 $ 9,396 $ 7,293 $ 5,654 (3)% 63%

Non-interest income 2,153 2,214 2,211 1,802 1,511 (3) 42

Total net revenue 11,389 11,693 11,607 9,095 7,165 (3) 59

Provision for credit losses 3,411 3,678 2,364 11,098 1,926 (7) 77

Non-interest expense 5,501 6,147 5,409 4,447 3,638 (11) 51

Income (loss) from continuing operations before income taxes 2,477 1,868 3,834 (6,450) 1,601 33 55

Income tax provision (benefit) 608 445 914 (1,533) 382 37 59

Income (loss) from continuing operations, net of tax $ 1,869 $ 1,423 $ 2,920 $ (4,917) $ 1,219 31 53

Selected performance metrics:

Period-end loans held for investment $ 270,558 $ 279,570 $ 271,037 $ 269,709 $ 157,189 (3) 72

Average loans held for investment 270,974 272,228 269,175 209,693 156,407 — 73

Average yield on loans outstanding(1)

17.17 % 17.71 % 17.99 % 17.94 % 18.54 % (54) bps (137) bps

Total net revenue margin(9)

16.81 17.18 17.25 17.35 18.32 (37) (151)

Net charge-off rate(3)

5.05 4.91 4.61 5.20 6.14 14 (109)

30+ day performing delinquency rate 3.66 3.93 3.84 3.55 4.26 (27) (60)

30+ day delinquency rate 3.67 3.94 3.84 3.56 4.27 (27) (60)

Nonperforming loan rate(5)

0.01 0.01 0.01 0.01 0.01 — —

Purchase volume(10)

$ 220,540 $ 238,687 $ 230,379 $ 201,453 $ 157,948 (8)% 40%

2026 Q1 vs.

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Domestic Card

Earnings:

Net interest income $ 8,618 $ 8,854 $ 8,766 $ 6,822 $ 5,343 (3)% 61%

Non-interest income 2,107 2,168 2,160 1,749 1,460 (3) 44

Total net revenue 10,725 11,022 10,926 8,571 6,803 (3) 58

Provision for credit losses 3,236 3,482 2,163 10,200 1,856 (7) 74

Non-interest expense 5,179 5,789 5,092 4,192 3,422 (11) 51

Income (loss) from continuing operations before income taxes 2,310 1,751 3,671 (5,821) 1,525 32 51

Income tax provision (benefit) 566 417 873 (1,385) 363 36 56

Income (loss) from continuing operations, net of tax $ 1,744 $ 1,334 $ 2,798 $ (4,436) $ 1,162 31 50

Selected performance metrics:

Period-end loans held for investment $ 254,028 $ 262,403 $ 253,951 $ 252,481 $ 150,309 (3) 69

Average loans held for investment 254,036 255,221 252,090 197,808 149,639 — 70

Average yield on loans outstanding(1)

17.13 % 17.68 % 17.99 % 17.88 % 18.42 % (55) bps (129) bps

Total net revenue margin(9)

16.89 17.28 17.34 17.33 18.19 (39) (130)

Net charge-off rate(4)

5.10 4.93 4.63 5.25 6.19 17 (109)

30+ day performing delinquency rate 3.70 3.99 3.89 3.60 4.25 (29) (55)

Purchase volume(10)

$ 216,513 $ 234,375 $ 226,147 $ 197,308 $ 154,391 (8)% 40%

Refreshed FICO scores:(11)

Greater than 660 73 % 73 % 73 % 73 % 69 % — 4

660 or below 27 27 27 27 31 — (4)

Total 100 % 100 % 100 % 100 % 100 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business

2026 Q1 vs.

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Consumer Banking

Earnings:

Net interest income $ 2,229 $ 2,296 $ 2,357 $ 2,162 $ 1,943 (3)% 15%

Non-interest income 683 623 475 394 183 10 **

Total net revenue 2,912 2,919 2,832 2,556 2,126 — 37

Provision for credit losses 519 409 340 252 301 27 72

Non-interest expense 1,998 2,289 1,941 1,713 1,581 (13) 26

Income from continuing operations before income taxes 395 221 551 591 244 79 62

Income tax provision 97 52 131 141 58 87 67

Income from continuing operations, net of tax $ 298 $ 169 $ 420 $ 450 $ 186 76 60

Selected performance metrics:

Period-end loans held for investment $ 86,873 $ 84,790 $ 83,230 $ 81,233 $ 78,896 2 10

Average loans held for investment 85,701 83,957 82,295 80,095 78,480 2 9

Average yield on loans held for investment(1)

9.43 % 9.59 % 9.52 % 9.30 % 9.03 % (16)bps 40bps

Auto loan originations $ 11,130 $ 10,194 $ 10,731 $ 10,861 $ 9,210 9% 21%

Period-end deposits 438,034 423,932 416,765 414,044 324,920 3 35

Average deposits 428,391 418,673 414,219 365,359 319,950 2 34

Average deposits interest rate 2.84 % 2.98 % 3.07 % 3.02 % 3.00 % (14)bps (16)bps

Net charge-off rate 1.70 1.88 1.58 1.30 1.60 (18) 10

30+ day performing delinquency rate 4.17 5.17 4.93 4.78 4.87 (100) (70)

30+ day delinquency rate 4.59 5.73 5.53 5.40 5.47 (114) (88)

Nonperforming loan rate(5)

0.57 0.69 0.73 0.74 0.74 (12) (17)

Nonperforming asset rate(6)

0.66 0.79 0.82 0.82 0.82 (13) (16)

Global Payment Network volume(12)

$ 174,332 $ 174,644 $ 153,117 $ 74,014 — — **

Auto—At origination FICO scores:(13)

Greater than 660 50 % 51 % 51 % 52 % 53 % (1)% (3)%

621 - 660 19 19 19 19 19 — —

620 or below 31 30 30 29 28 1 3

Total 100 % 100 % 100 % 100 % 100 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business

2026 Q1 vs.

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions, except as noted) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Commercial Banking

Earnings:

Net interest income $ 581 $ 574 $ 586 $ 602 $ 572 1% 2%

Non-interest income 328 356 318 335 312 (8) 5

Total net revenue(8)

909 930 904 937 884 (2) 3

Provision for credit losses 138 55 9 81 142 151 (3)

Non-interest expense 498 504 520 489 486 (1) 2

Income from continuing operations before income taxes 273 371 375 367 256 (26) 7

Income tax provision 67 89 89 87 61 (25) 10

Income from continuing operations, net of tax $ 206 $ 282 $ 286 $ 280 $ 195 (27) 6

Selected performance metrics:

Period-end loans held for investment $ 90,323 $ 89,262 $ 88,892 $ 88,355 $ 87,513 1 3

Average loans held for investment 89,560 88,495 88,389 88,369 87,498 1 2

Average yield on loans held for investment(1)(8)

5.68 % 6.08 % 6.42 % 6.40 % 6.29 % (40)bps (61)bps

Period-end deposits $ 31,007 $ 31,250 $ 29,920 $ 29,245 $ 29,984 (1)% 3%

Average deposits 31,137 31,462 29,889 30,444 31,654 (1) (2)

Average deposits interest rate 1.83 % 1.96 % 2.13 % 2.06 % 2.13 % (13)bps (30)bps

Net charge-off rate 0.29 0.43 0.21 0.33 0.11 (14) 18

Nonperforming loan rate(5)

1.40 1.36 1.39 1.30 1.40 4 —

Nonperforming asset rate(6)

1.47 1.39 1.40 1.30 1.40 8 7

Risk category:(14)

Noncriticized $ 84,545 $ 83,873 $ 83,098 $ 82,000 $ 80,677 1% 5%

Criticized performing 4,510 4,177 4,558 5,204 5,612 8 (20)

Criticized nonperforming 1,268 1,212 1,236 1,151 1,224 5 4

Total commercial banking loans held for investment $ 90,323 $ 89,262 $ 88,892 $ 88,355 $ 87,513 1 3

Risk category as a percentage of period-end loans held for investment:(14)

Noncriticized 93.61 % 93.96 % 93.48 % 92.81 % 92.19 % (35)bps 142bps

Criticized performing 4.99 4.68 5.13 5.89 6.41 31 (142)

Criticized nonperforming 1.40 1.36 1.39 1.30 1.40 4 —

Total commercial banking loans 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total

2026 Q1 vs.

2026 2025 2025 2025 2025 2025 2025

(Dollars in millions) Q1 Q4 Q3 Q2 Q1 Q4 Q1

Other

Earnings:

Net interest income (loss) $ 99 $ 117 $ 65 $ (62) $ (156) (15)% **

Non-interest loss (78) (76) (49) (34) (19) 3 **

Total net revenue (loss)(8)

21 41 16 (96) (175) (49) **

Provision (benefit) for credit losses — — 1 (1) — ** **

Non-interest expense(15)

467 402 393 342 197 16 137%

Loss from continuing operations before income taxes (446) (361) (378) (437) (372) 24 20

Income tax provision (benefit) (254) (241) 55 (361) (176) 5 44

Loss from continuing operations, net of tax $ (192) $ (120) $ (433) $ (76) $ (196) 60 (2)

Selected performance metrics:

Period-end deposits $ 20,012 $ 20,589 $ 22,100 $ 24,821 $ 12,560 (3) 59

Average deposits 20,430 20,830 23,172 18,765 12,474 (2) 64

Total

Earnings:

Net interest income $ 12,145 $ 12,466 $ 12,404 $ 9,995 $ 8,013 (3)% 52%

Non-interest income 3,086 3,117 2,955 2,497 1,987 (1) 55

Total net revenue 15,231 15,583 15,359 12,492 10,000 (2) 52

Provision for credit losses 4,068 4,142 2,714 11,430 2,369 (2) 72

Non-interest expense 8,464 9,342 8,263 6,991 5,902 (9) 43

Income (loss) from continuing operations before income taxes 2,699 2,099 4,382 (5,929) 1,729 29 56

Income tax provision (benefit) 518 345 1,189 (1,666) 325 50 59

Income (loss) from continuing operations, net of tax $ 2,181 $ 1,754 $ 3,193 $ (4,263) $ 1,404 24 55

Selected performance metrics:

Period-end loans held for investment $ 447,754 $ 453,622 $ 443,159 $ 439,297 $ 323,598 (1) 38

Average loans held for investment 446,235 444,680 439,859 378,157 322,385 — 38

Period-end deposits 489,053 475,771 468,785 468,110 367,464 3 33

Average deposits 479,958 470,965 467,280 414,568 364,078 2 32

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 Q1 2026, $2.1 billion in Q4 2025 and $1.9 billion in Q1 2025. Related interest expense was $8 million in Q1 2026, $8 million in Q4 2025 and $7 million in Q1 2025.

(3)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.

(4)Charge-offs exclude $18.0 billion of Discover Domestic credit card loans acquired in the second quarter of 2025 that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.

(5)Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.

(6)Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.

(7)Primarily represents foreign currency translation adjustments.

(8)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.

(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.

(12)Global Payment Network volume includes Discover Network, PULSE Network, Diners Club International and Network Partners transactions.

(13)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.

(14)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

(15)Includes the impact of $415 million, $352 million, $348 million, $299 million and $110 million in Discover integration expenses in Q1 2026, Q4 2025, Q3 2025, Q2 2025 and Q1 2025, 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) March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

Regulatory Capital Metrics

Common equity excluding AOCI $ 112,733 $ 113,677 $ 114,323 $ 112,368 $ 66,225

Adjustments:

AOCI, net of tax(2)

69 81 68 83 19

Goodwill, net of related deferred tax liabilities (28,201) (28,217) (28,575) (28,052) (14,792)

Other Intangible and deferred tax assets, net of deferred tax liabilities (12,141) (12,493) (12,846) (13,687) (247)

Common equity Tier 1 capital $ 72,460 $ 73,048 $ 72,970 $ 70,712 $ 51,205

Tier 1 capital $ 77,867 $ 78,455 $ 78,377 $ 76,118 $ 56,050

Total capital(3)

87,326 88,000 87,853 85,988 63,926

Risk-weighted assets 504,705 511,794 506,535 503,413 375,538

Adjusted average assets(4)

640,503 629,997 622,435 537,581 483,888

Capital Ratios

Common equity Tier 1 capital(5)

14.4% 14.3% 14.4% 14.0% 13.6%

Tier 1 capital(6)

15.4 15.3 15.5 15.1 14.9

Total capital(7)

17.3 17.2 17.3 17.1 17.0

Tier 1 leverage(4)

12.2 12.5 12.6 14.2 11.6

TCE(8)

10.3 10.7 10.8 10.3 9.1

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2026 2025 2025 2025 2025

(Dollars in millions, except per share data and as noted) Q1 Q4 Q3 Q2 Q1

Adjusted diluted earnings per share (“EPS”):

Net income (loss) available to common stockholders (GAAP) $ 2,081 $ 2,057 $ 3,086 $ (4,340) $ 1,325

Discover amortization expenses 477 546 603 340 —

Discover integration expenses 415 352 348 299 110

Initial allowance build for Discover non-PCD loans

— — — 8,767 —

Legal reserve activities

— 117 — 41 198

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) 2,973 2,560 4,037 5,107 1,633

Income tax impacts (221) (124) (236) (2,339) (76)

Adjusted net income available to common stockholders (non-GAAP) $ 2,752 $ 2,436 $ 3,801 $ 2,768 $ 1,557

Diluted weighted-average common shares outstanding (in millions) (GAAP) 623.4 631.6 639.5 505.6 384.0

Diluted EPS (GAAP) $ 3.34 $ 3.26 $ 4.83 $ (8.58) $ 3.45

Impact of adjustments noted above 1.08 0.60 1.12 14.06 0.61

Adjusted diluted EPS (non-GAAP) $ 4.42 $ 3.86 $ 5.95 $ 5.48 $ 4.06

Adjusted efficiency ratio:

Non-interest expense (GAAP) $ 8,464 $ 9,342 $ 8,263 $ 6,991 $ 5,902

Discover amortization expenses (478) (509) (498) (255) —

Discover integration expenses (415) (352) (348) (299) (110)

Legal reserve activities — (117) — (41) (198)

FDIC special assessment — 29 — — —

Adjusted non-interest expense (non-GAAP) $ 7,571 $ 8,393 $ 7,417 $ 6,396 $ 5,594

Total net revenue (GAAP) $ 15,231 $ 15,583 $ 15,359 $ 12,492 $ 10,000

Discover amortization expenses (1) 37 105 85 —

Adjusted net revenue (non-GAAP) $ 15,230 $ 15,620 $ 15,464 $ 12,577 $ 10,000

Efficiency ratio (GAAP) 55.57% 59.95% 53.80% 55.96 % 59.02 %

Impact of adjustments noted above (586) bps (622) bps (584) bps (511) bps (308) bps

Adjusted efficiency ratio (non-GAAP) 49.71% 53.73% 47.96% 50.85 % 55.94 %

2026 2025 2025 2025 2025

(Dollars in millions, except per share data and as noted) Q1 Q4 Q3 Q2 Q1

Adjusted operating efficiency ratio:

Operating expense (GAAP) $ 6,967 $ 7,408 $ 6,860 $ 5,646 $ 4,700

Discover amortization expenses (478) (509) (498) (255) —

Discover integration expenses (415) (352) (348) (299) (110)

Legal reserve activities — (117) — (41) (198)

FDIC special assessment — 29 — — —

Adjusted operating expense (non-GAAP) $ 6,074 $ 6,459 $ 6,014 $ 5,051 $ 4,392

Total net revenue (GAAP) $ 15,231 $ 15,583 $ 15,359 $ 12,492 $ 10,000

Discover amortization expenses (1) 37 105 85 —

Adjusted net revenue (non-GAAP) $ 15,230 $ 15,620 $ 15,464 $ 12,577 $ 10,000

Operating efficiency ratio (GAAP) 45.74% 47.54% 44.66% 45.20 % 47.00 %

Impact of adjustments noted above (586) bps (619) bps (577) bps (504) bps (308) bps

Adjusted operating efficiency ratio (non-GAAP) 39.88% 41.35% 38.89% 40.16 % 43.92 %

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.

2026 2025 2025 2025 2025

(Dollars in millions) Q1 Q4 Q3 Q2 Q1

Pre- Provision Earnings

Total net revenue $ 15,231 $ 15,583 $ 15,359 $ 12,492 $ 10,000

Non-interest expense (8,464) (9,342) (8,263) (6,991) (5,902)

Pre-provision earnings(9)

$ 6,767 $ 6,241 $ 7,096 $ 5,501 $ 4,098

Tangible Common Equity (Period-End)

Stockholders’ equity $ 112,261 $ 113,616 $ 113,813 $ 110,956 $ 63,542

Goodwill and other intangible assets(10)

(40,489) (40,876) (41,537) (42,012) (15,139)

Noncumulative perpetual preferred stock (5,407) (5,407) (5,407) (5,407) (4,845)

Tangible common equity(11)

$ 66,365 $ 67,333 $ 66,869 $ 63,537 $ 43,558

Tangible Common Equity (Average)

Stockholders’ equity $ 114,556 $ 115,404 $ 112,819 $ 86,918 $ 62,240

Goodwill and other intangible assets(10)

(40,709) (41,144) (41,815) (29,114) (15,149)

Noncumulative perpetual preferred stock (5,407) (5,407) (5,407) (5,355) (4,845)

Tangible common equity(11)

$ 68,440 $ 68,853 $ 65,597 $ 52,449 $ 42,246

Return on Tangible Common Equity (Average)

Net income (loss) available to common stockholders

$ 2,081 $ 2,057 $ 3,086 $ (4,340) $ 1,325

Income (loss) from discontinued operations, net of tax (7) 380 (1) (14) —

Net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax

$ 2,088 $ 1,677 $ 3,087 $ (4,326) $ 1,325

Tangible common equity (Average)

68,440 68,853 65,597 52,449 42,246

Return on tangible common equity(11)(12)

12.20 % 9.74 % 18.82 % (32.99) % 12.55 %

Tangible Assets (Period-End)

Total assets $ 682,905 $ 669,009 $ 661,877 $ 658,968 $ 493,604

Goodwill and other intangible assets(10)

(40,489) (40,876) (41,537) (42,012) (15,139)

Tangible assets(11)

$ 642,416 $ 628,133 $ 620,340 $ 616,956 $ 478,465

2026 2025 2025 2025 2025

(Dollars in millions) Q1 Q4 Q3 Q2 Q1

Tangible Assets (Average)

Total assets $ 675,999 $ 665,656 $ 657,858 $ 572,446 $ 491,817

Goodwill and other intangible assets(10)

(40,709) (41,144) (41,815) (29,114) (15,149)

Tangible assets(11)

$ 635,290 $ 624,512 $ 616,043 $ 543,332 $ 476,668

Return on Tangible Assets (Average)

Net income (loss) $ 2,174 $ 2,134 $ 3,192 $ (4,277) $ 1,404

Income (loss) from discontinued operations, net of tax (7) 380 (1) (14) —

Net income (loss) less income (loss) from discontinued operations, net of tax

$ 2,181 $ 1,754 $ 3,193 $ (4,263) $ 1,404

Tangible Assets (Average) 635,290 624,512 616,043 543,332 476,668

Return on tangible assets(11)(13)

1.37% 1.12% 2.07% (3.14)% 1.18%

TCE Ratio

Tangible common equity (Period-end) $ 66,365 $ 67,333 $ 66,869 $ 63,537 $ 43,558

Tangible Assets (Period-end) 642,416 628,133 620,340 616,956 478,465

TCE Ratio(11)

10.3% 10.7% 10.8% 10.3% 9.1%

Tangible Book Value per Common Share

Tangible common equity (Period-end) $ 66,365 $ 67,333 $ 66,869 $ 63,537 $ 43,558

Outstanding Common Shares 615.9 625.1 635.7 639.5 383.0

Tangible book value per common share(11)

$ 107.76 $ 107.72 $ 105.18 $ 99.35 $ 113.74

__________

(1)Regulatory capital metrics and capital ratios as of March 31, 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)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 when assessing returns and capital management over time.

(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 net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period.

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Cover

Apr. 21, 2026

Entity Information [Line Items]

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Apr. 21, 2026

Entity Registrant Name

CAPITAL ONE FINANCIAL CORP

Entity Incorporation, State or Country Code

Entity File Number

001-13300

Entity Tax Identification Number

54-1719854

Entity Address, Address Line One

1680 Capital One Drive,

Entity Address, City or Town

McLean,

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22102

City Area Code

703

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720-1000

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Security Exchange Name

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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