Capital One Reports Fourth Quarter 2025 Net Income of $2.1 Billion, or $3.26 Per Share

By: Capital One Financial Corporation via Business Wire

January 22, 2026 at 16:05 PM EST

Net of adjusting items, Fourth Quarter 2025 Net Income of $3.86 per share⁽¹⁾

Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2025 of $2.1 billion, or $3.26 per diluted common share, compared with net income of $3.2 billion, or $4.83 per diluted common share in the third quarter of 2025, and with net income of $1.1 billion, or $2.67 per diluted common share in the fourth quarter of 2024. Adjusted net income⁽¹⁾ for the fourth quarter of 2025 was $3.86 per diluted common share.

On January 22, 2026, Capital One entered into a definitive agreement to acquire Brex Inc. for $5.15 billion with approximately 50% cash and 50% stock consideration.

"Our fourth quarter and full year results reflect solid top line growth and strong and stable credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "Years of strategic preparation and our choices to consistently invest to sustain long-term growth and returns enable our results and put us in a strong position going forward. I’m struck by the number and quality of the opportunities we have before us.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax Impact			After-Tax Diluted EPS Impact
Discover intangible amortization expense	$	509		$	0.61
Discover loan and deposit fair value mark amortization	$	37		$	0.04
Discover integration expenses	$	352		$	0.42
Legal reserve activities	$	117		$	0.14
Gain on sale of home loan portfolio	$	(483	)	$	(0.58	)
FDIC special assessment	$	(29	)	$	(0.03	)

The quarter included the following notable items:

(Dollars in millions, except per share data)

Pre-Tax

Impact

After-Tax

Diluted EPS

Impact

Accelerated philanthropy contributions

$200

$0.24

Pension termination expense

$37

$0.04

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

Fourth Quarter 2025 Income Statement Summary:

Total net revenue increased 1 percent to $15.6 billion.
Total non-interest expense increased 13 percent to $9.3 billion:
- 38 percent increase in marketing.
- 8 percent increase in operating expenses.
Pre-provision earnings⁽²⁾ decreased 12 percent to $6.2 billion.
Provision for credit losses increased $1.4 billion to $4.1 billion:
- Net charge-offs of $3.8 billion.
- $302 million loan reserve build.
Net interest margin of 8.26 percent, a decrease of 10 basis points.
- Adjusted net interest margin⁽³⁾ of 8.28 percent.
Efficiency ratio of 59.95 percent.
- Adjusted efficiency ratio⁽³⁾ of 53.73 percent.
Operating efficiency ratio of 47.54 percent.
- Adjusted operating efficiency ratio⁽³⁾of 41.35 percent.

Fourth Quarter 2025 Balance Sheet Summary:

Common equity Tier 1 capital ratio⁽⁴⁾ under Basel III Standardized Approach of 14.3 percent at December 31, 2025.
Period-end loans held for investment in the quarter increased $10.5 billion, or 2 percent, to $453.6 billion.
- Credit Card period-end loans increased $8.5 billion, or 3 percent, to $279.6 billion.
  - Domestic Card period-end loans increased $8.5 billion, or 3 percent, to $262.4 billion.
- Consumer Banking period-end loans increased $1.6 billion, or 2 percent, to $84.8 billion.
  - Auto period-end loans increased $1.6 billion, or 2 percent, to $83.6 billion.
- Commercial Banking period-end loans increased $370 million, or less than 1 percent, to $89.3 billion.
Average loans held for investment in the quarter increased $4.8 billion, or 1 percent, to $444.7 billion.
- Credit Card average loans increased $3.1 billion, or 1 percent, to $272.2 billion.
  - Domestic Card average loans increased $3.1 billion, or 1 percent, to $255.2 billion.
- Consumer Banking average loans increased $1.7 billion, or 2 percent, to $84.0 billion.
  - Auto average loans increased $1.7 billion, or 2 percent, to $82.8 billion.
- Commercial Banking average loans increased $106 million, or less than 1 percent, to $88.5 billion.
Period-end total deposits increased $7.0 billion, or 1 percent, to $475.8 billion, while average deposits increased $3.7 billion, or 1 percent, to $471.0 billion.
Interest-bearing deposits rate paid decreased 11 basis points to 3.16 percent.

2025 Full Year Income Statement Summary:

Total net revenue increased 37 percent to $53.4 billion.
Total non-interest expense increased 42 percent to $30.5 billion:
- 29 percent increase in marketing expense.
- 45 percent increase in operating expenses.
Pre-provision earnings⁽²⁾ increased 30 percent to $22.9 billion.
Provision for credit losses increased $8.9 billion to $20.7 billion.
Net interest margin of 7.84 percent, an increase of 96 basis points.
- Adjusted net interest margin⁽³⁾ of 7.88 percent.
Efficiency ratio of 57.08 percent.
- Adjusted efficiency ratio⁽³⁾ of 51.81 percent.
Operating efficiency ratio of 46.06 percent.
- Adjusted operating efficiency ratio⁽³⁾ of 40.84 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 22, 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 February 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, 2024 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

About Capital One

Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $475.8 billion in deposits and $669.0 billion in total assets as of December 31, 2025. 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 January 22, 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 January 22, 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 December 31, 2025 are preliminary and therefore subject to change.

Capital One Financial Corporation Financial Supplement^(1)(2)(3) Fourth Quarter2025 Table of Contents
Capital One Financial Corporation Consolidated Results			Page
	Table 1:	Financial Summary—Consolidated	1
	Table 2:	Selected Metrics—Consolidated	3
	Table 3:	Consolidated Statements of Income	4
	Table 4:	Consolidated Balance Sheets	6
	Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)	8
	Table 6:	Average Balances, Net Interest Income and Net Interest Margin	9
	Table 7:	Loan Information and Performance Statistics	10
	Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	13
Business Segment Results
	Table 9:	Financial Summary—Business Segment Results	14
	Table 10:	Financial & Statistical Summary—Credit Card Business	15
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	17
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	18
	Table 13:	Financial & Statistical Summary—Other and Total	19
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	20
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	21

__________
⁽¹⁾		The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2025 once it is filed with the Securities and Exchange Commission.
⁽²⁾		This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.
⁽³⁾		On May 18, 2025, we completed the Discover acquisition in an all-stock transaction as outlined in the merger agreement dated February 19, 2024. Discover results and statistics reported herein are from May 18, 2025 to December 31, 2025.

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated

																2025 Q4				Year Ended December 31,
(Dollars in millions, except per share data and as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4		2025			2024			2025 vs. 2024
Income Statement
Net interest income	$	12,466		$	12,404		$	9,995		$	8,013		$	8,098		—		54	%	$	42,878		$	31,208		37	%
Non-interest income		3,117			2,955			2,497			1,987			2,092		5	%	49			10,556			7,904		34
Total net revenue⁽¹⁾		15,583			15,359			12,492			10,000			10,190		1		53			53,434			39,112		37
Provision for credit losses		4,142			2,714			11,430			2,369			2,642		53		57			20,655			11,716		76
Non-interest expense:
Marketing		1,934			1,403			1,345			1,202			1,375		38		41			5,884			4,562		29
Operating expense		7,408			6,860			5,646			4,700			4,714		8		57			24,614			16,924		45
Total non-interest expense		9,342			8,263			6,991			5,902			6,089		13		53			30,498			21,486		42
Income (loss) from continuing operations before income taxes		2,099			4,382			(5,929	)		1,729			1,459		(52	)	44			2,281			5,910		(61	)
Income tax provision (benefit)		345			1,189			(1,666	)		325			366		(71	)	(6	)		193			1,163		(83	)
Income (loss) from continuing operations, net of tax		1,754			3,193			(4,263	)		1,404			1,093		(45	)	60			2,088			4,747		(56	)
Income (loss) from discontinued operations, net of tax		380			(1	)		(14	)		—			3		**		**			365			3		**
Net income (loss)		2,134			3,192			(4,277	)		1,404			1,096		(33	)	95			2,453			4,750		(48	)
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(20	)		(33	)		(4	)		(22	)		(17	)	(39	)	18			(26	)		(77	)	(66	)
Preferred stock dividends		(57	)		(73	)		(65	)		(57	)		(57	)	(22	)	—			(252	)		(228	)	11
Discount on redeemed preferred stock		—			—			6			—			—		—		—			6			—		**
Net income (loss) available to common stockholders	$	2,057		$	3,086		$	(4,340	)	$	1,325		$	1,022		(33	)	101		$	2,181		$	4,445		(51	)
Common Share Statistics
Basic earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	2.66		$	4.83		$	(8.55	)	$	3.46		$	2.66		(45	)%	—		$	3.36		$	11.60		(71	)%
Income (loss) from discontinued operations		0.60			—			(0.03	)		—			0.01		**		**			0.67			0.01		**
Net income (loss) per basic common share	$	3.26		$	4.83		$	(8.58	)	$	3.46		$	2.67		(33	)	22	%	$	4.03		$	11.61		(65	)
Diluted earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	2.66		$	4.83		$	(8.55	)	$	3.45		$	2.66		(45	)%	—		$	3.36		$	11.58		(71	)%
Income (loss) from discontinued operations		0.60			—			(0.03	)		—			0.01		**		**			0.67			0.01		**
Net income (loss) per diluted common share	$	3.26		$	4.83		$	(8.58	)	$	3.45		$	2.67		(33	)	22	%	$	4.03		$	11.59		(65	)
Weighted-average common shares outstanding (in millions):
Basic		631.1			639.0			505.6			383.1			382.4		(1	)%	65	%		540.7			382.7		41	%
Diluted		631.6			639.5			505.6			384.0			383.4		(1	)	65			541.3			383.6		41
Common shares outstanding (period-end, in millions)		625.1			635.7			639.5			383.0			381.2		(2	)	64			625.1			381.2		64
Dividends declared and paid per common share	$	0.80		$	0.60		$	0.60		$	0.60		$	0.60		33		33		$	2.60		$	2.40		8
Tangible book value per common share (period-end)⁽³⁾		107.72			105.18			99.35			113.74			106.97		2		1			107.72			106.97		1

											2025 Q4				Year Ended December 31,
(Dollars in millions)	2025 Q4		2025 Q3		2025 Q2		2025 Q1		2024 Q4		2025 Q3		2024 Q4		2025		2024		2025 vs. 2024
Balance Sheet (Period-End)
Loans held for investment	$	453,622	$	443,159	$	439,297	$	323,598	$	327,775	2	%	38	%	$	453,622	$	327,775	38	%
Interest-earning assets		613,750		605,235		601,999		463,414		463,058	1		33			613,750		463,058	33
Total assets		669,009		661,877		658,968		493,604		490,144	1		36			669,009		490,144	36
Interest-bearing deposits		448,386		441,136		440,231		340,964		336,585	2		33			448,386		336,585	33
Total deposits		475,771		468,785		468,110		367,464		362,707	1		31			475,771		362,707	31
Borrowings		51,000		51,482		52,666		41,773		45,551	(1	)	12			51,000		45,551	12
Common equity		108,209		108,406		105,549		58,697		55,938	—		93			108,209		55,938	93
Total stockholders’ equity		113,616		113,813		110,956		63,542		60,784	—		87			113,616		60,784	87
Balance Sheet (Average Balances)
Loans held for investment	$	444,680	$	439,859	$	378,157	$	322,385	$	321,871	1	%	38	%	$	396,725	$	317,421	25	%
Interest-earning assets		603,730		593,247		524,929		462,771		460,640	2		31			546,685		453,481	21
Total assets		665,656		657,858		572,446		491,817		488,300	1		36			597,536		480,451	24
Interest-bearing deposits		442,763		439,527		387,139		337,840		331,564	1		34			402,209		324,297	24
Total deposits		470,965		467,280		414,568		364,078		358,323	1		31			429,620		351,168	22
Borrowings		50,814		50,180		46,601		44,448		46,293	1		10			48,034		48,465	(1	)
Common equity		109,997		107,412		81,563		57,395		56,918	2		93			89,286		54,953	62
Total stockholders’ equity		115,404		112,819		86,918		62,240		61,764	2		87			94,542		59,799	58

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated

																2025 Q4				Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4		2025			2024			2025 vs. 2024
Performance Metrics
Net interest income growth (period over period)		—			24	%		25	%		(1	)%		—		**		**			37	%		7	%	**
Non-interest income growth (period over period)		5	%		18			26			(5	)		8	%	**		**			34			5		**
Total net revenue growth (period over period)		1			23			25			(2	)		2		**		**			37			6		**
Total net revenue margin⁽⁴⁾		10.32			10.36			9.52			8.64			8.85		(4	) bps	147	bps		9.77			8.62		115	bps
Net interest margin⁽⁵⁾		8.26			8.36			7.62			6.93			7.03		(10	)	123			7.84			6.88		96
Return on average assets⁽⁶⁾		1.05			1.94			(2.98	)		1.14			0.90		(89	)	15			0.35			0.99		(64	)
Return on average tangible assets⁽⁷⁾		1.12			2.07			(3.14	)		1.18			0.92		(95	)	20			0.37			1.02		(65	)
Return on average common equity⁽⁸⁾		6.10			11.50			(21.22	)		9.23			7.16		(540	)	(106	)		2.03			8.08		(605	)
Return on average tangible common equity⁽⁹⁾		9.74			18.82			(32.99	)		12.55			9.77		(908	)	(3	)		3.16			11.18		(802	)
Efficiency ratio⁽¹⁰⁾		59.95			53.80			55.96			59.02			59.75		615		20			57.08			54.93		215
Operating efficiency ratio⁽¹¹⁾		47.54			44.66			45.20			47.00			46.26		288		128			46.06			43.27		279
Effective income tax rate for continuing operations		16.4			27.1			28.1			18.8			25.1		(1,070	)	(870	)		8.5			19.7		(1,120	)
Employees (period-end, in thousands)		76.3			77.0			76.5			53.9			52.6		(1	)%	45	%		76.3			52.6		45	%
Credit Quality Metrics
Allowance for credit losses	$	23,409		$	23,103		$	23,873		$	15,899		$	16,258		1	%	44	%	$	23,409		$	16,258		44	%
Allowance coverage ratio		5.16	%		5.21	%		5.43	%		4.91	%		4.96	%	(5	) bps	20	bps		5.16	%		4.96	%	20	bps
Net charge-offs⁽¹²⁾	$	3,833		$	3,473		$	3,060		$	2,736		$	2,884		10	%	33	%	$	13,102		$	10,748		22	%
Net charge-off rate⁽¹³⁾		3.45	%		3.16	%		3.24	%		3.40	%		3.59	%	29	bps	(14	) bps		3.30	%		3.39	%	(9	) bps
30+ day performing delinquency rate		3.41			3.29			3.13			3.29			3.69		12		(28	)		3.41			3.69		(28	)
30+ day delinquency rate		3.59			3.50			3.32			3.51			3.98		9		(39	)		3.59			3.98		(39	)
Capital Ratios⁽¹⁴⁾
Common equity Tier 1 capital		14.3	%		14.4	%		14.0	%		13.6	%		13.5	%	(10	) bps	80	bps		14.3	%		13.5	%	80	bps
Tier 1 capital		15.3			15.5			15.1			14.9			14.8		(20	)	50			15.3			14.8		50
Total capital		17.2			17.3			17.1			17.0			16.4		(10	)	80			17.2			16.4		80
Tier 1 leverage		12.5			12.6			14.2			11.6			11.6		(10	)	90			12.5			11.6		90
Tangible common equity (“TCE”)⁽¹⁵⁾		10.7			10.8			10.3			9.1			8.6		(10	)	210			10.7			8.6		210

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income

																2025 Q4				Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4		2025			2024			2025 vs. 2024
Interest income:
Loans, including loans held for sale	$	15,186		$	15,229		$	12,449		$	10,157		$	10,434		—		46	%	$	53,021		$	40,894		30	%
Investment securities		841			823			784			770			753		2	%	12			3,218			2,873		12
Other		660			711			595			491			530		(7	)	25			2,457			2,267		8
Total interest income		16,687			16,763			13,828			11,418			11,717		—		42			58,696			46,034		28
Interest expense:
Deposits		3,493			3,597			3,120			2,715			2,862		(3	)	22			12,925			11,493		12
Securitized debt obligations		155			165			164			176			205		(6	)	(24	)		660			958		(31	)
Senior and subordinated notes		550			582			535			505			540		(5	)	2			2,172			2,333		(7	)
Other borrowings		23			15			14			9			12		53		92			61			42		45
Total interest expense		4,221			4,359			3,833			3,405			3,619		(3	)	17			15,818			14,826		7
Net interest income		12,466			12,404			9,995			8,013			8,098		—		54			42,878			31,208		37
Provision for credit losses		4,142			2,714			11,430			2,369			2,642		53		57			20,655			11,716		76
Net interest income (loss) after provision for credit losses		8,324			9,690			(1,435	)		5,644			5,456		(14	)	53			22,223			19,492		14
Non-interest income:
Discount and interchange fees, net		1,930			1,812			1,478			1,223			1,260		7		53			6,443			4,882		32
Service charges and other customer-related fees		833			849			658			509			554		(2	)	50			2,849			1,976		44
Net securities gains (losses)		—			—			—			—			—		—		—			—			(35	)	**
Other		354			294			361			255			278		20		27			1,264			1,081		17
Total non-interest income		3,117			2,955			2,497			1,987			2,092		5		49			10,556			7,904		34
Non-interest expense:
Salaries and associate benefits		3,430			3,496			2,999			2,546			2,329		(2	)	47			12,471			9,398		33
Occupancy and equipment		958			856			737			615			674		12		42			3,166			2,366		34
Marketing		1,934			1,403			1,345			1,202			1,375		38		41			5,884			4,562		29
Professional services		693			641			653			437			630		8		10			2,424			1,610		51
Communications and data processing		482			476			413			399			398		1		21			1,770			1,462		21
Amortization of intangibles		525			514			271			16			19		2		**			1,326			77		**
Other		1,320			877			573			687			664		51		99			3,457			2,011		72
Total non-interest expense		9,342			8,263			6,991			5,902			6,089		13		53			30,498			21,486		42
Income (loss) from continuing operations before income taxes		2,099			4,382			(5,929	)		1,729			1,459		(52	)	44			2,281			5,910		(61	)
Income tax provision (benefit)		345			1,189			(1,666	)		325			366		(71	)	(6	)		193			1,163		(83	)
Income (loss) from continuing operations, net of tax		1,754			3,193			(4,263	)		1,404			1,093		(45	)	60			2,088			4,747		(56	)
Income (loss) from discontinued operations, net of tax		380			(1	)		(14	)		—			3		**		**			365			3		**
Net income (loss)		2,134			3,192			(4,277	)		1,404			1,096		(33	)	95			2,453			4,750		(48	)
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(20	)		(33	)		(4	)		(22	)		(17	)	(39	)	18			(26	)		(77	)	(66	)
Preferred stock dividends		(57	)		(73	)		(65	)		(57	)		(57	)	(22	)	—			(252	)		(228	)	11
Discount on redeemed preferred stock		—			—			6			—			—		—		—			6			—		**
Net income (loss) available to common stockholders	$	2,057		$	3,086		$	(4,340	)	$	1,325		$	1,022		(33	)	101		$	2,181		$	4,445		(51	)

																2025 Q4				Year Ended December 31,
	2025			2025			2025			2025			2024			2025		2024								2025 vs.
	Q4			Q3			Q2			Q1			Q4			Q3		Q4		2025			2024			2024
Basic earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	2.66		$	4.83		$	(8.55	)	$	3.46		$	2.66		(45	)%	—		$	3.36		$	11.60		(71	)%
Income (loss) from discontinued operations		0.60			—			(0.03	)		—			0.01		**		**			0.67			0.01		**
Net income (loss) per basic common share	$	3.26		$	4.83		$	(8.58	)	$	3.46		$	2.67		(33	)	22	%	$	4.03		$	11.61		(65	)
Diluted earnings per common share:⁽²⁾
Net income (loss) from continuing operations	$	2.66		$	4.83		$	(8.55	)	$	3.45		$	2.66		(45	)%	—		$	3.36		$	11.58		(71	)%
Income (loss) from discontinued operations		0.60			—			(0.03	)		—			0.01		**		**			0.67			0.01		**
Net income (loss) per diluted common share	$	3.26		$	4.83		$	(8.58	)	$	3.45		$	2.67		(33	)	22	%	$	4.03		$	11.59		(65	)
Weighted-average common shares outstanding (in millions):
Basic common shares		631.1			639.0			505.6			383.1			382.4		(1	)%	65	%		540.7			382.7		41	%
Diluted common shares		631.6			639.5			505.6			384.0			383.4		(1	)	65			541.3			383.6		41

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets

																2025 Q4
(Dollars in millions)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4
Assets:
Cash and cash equivalents:
Cash and due from banks	$	3,031		$	4,606		$	4,854		$	4,108		$	3,028		(34	)%	—
Interest-bearing deposits and other short-term investments		54,403			50,673			54,255			44,465			40,202		7		35	%
Total cash and cash equivalents		57,434			55,279			59,109			48,573			43,230		4		33
Restricted cash for securitization investors		4,659			3,248			2,469			392			441		43		**
Securities available for sale		91,051			89,733			87,196			84,362			83,013		1		10
Loans held for investment:
Unsecuritized loans held for investment		425,665			389,808			384,413			295,939			298,241		9		43
Loans held in consolidated trusts⁽¹⁶⁾		27,957			53,351			54,884			27,659			29,534		(48	)	(5	)
Total loans held for investment		453,622			443,159			439,297			323,598			327,775		2		38
Allowance for credit losses		(23,409	)		(23,103	)		(23,873	)		(15,899	)		(16,258	)	1		44
Net loans held for investment		430,213			420,056			415,424			307,699			311,517		2		38
Loans held for sale		760			670			198			686			202		13		**
Premises and equipment, net		5,602			5,576			5,687			4,579			4,511		—		24
Interest receivable		3,492			3,456			3,373			2,599			2,532		1		38
Goodwill		28,509			28,863			28,335			15,070			15,059		(1	)	89
Other intangible assets		16,578			17,042			18,157			217			233		(3	)	**
Other assets		30,711			29,957			30,904			29,427			29,406		3		4
Assets of discontinued operations		—			7,997			8,116			—			—		**		**
Total assets	$	669,009		$	661,877		$	658,968		$	493,604		$	490,144		1		36

																2025 Q4
(Dollars in millions)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4
Liabilities:
Interest payable	$	844		$	826		$	888		$	646		$	666		2	%	27	%
Deposits:
Non-interest-bearing deposits		27,385			27,649			27,879			26,500			26,122		(1	)	5
Interest-bearing deposits		448,386			441,136			440,231			340,964			336,585		2		33
Total deposits		475,771			468,785			468,110			367,464			362,707		1		31
Securitized debt obligations		12,853			13,642			14,658			11,716			14,264		(6	)	(10	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase		587			616			742			573			562		(5	)	4
Senior and subordinated notes		36,001			36,662			36,706			29,459			30,696		(2	)	17
Other borrowings		1,559			562			560			25			29		177		**
Total other debt		38,147			37,840			38,008			30,057			31,287		1		22
Other liabilities		27,778			26,941			26,316			20,179			20,436		3		36
Liabilities of discontinued operations		—			30			32			—			—		**		**
Total liabilities		555,393			548,064			548,012			430,062			429,360		1		29

Stockholders’ equity:
Preferred stock		0			0			0			0			0		**		**
Common stock		7			7			7			7			7		—		—
Additional paid-in capital, net		64,031			63,725			63,465			36,693			36,428		—		76
Retained earnings		65,192			63,624			60,892			65,616			64,505		2		1
Accumulated other comprehensive loss		(5,468	)		(5,917	)		(6,819	)		(7,529	)		(9,286	)	(8	)	(41	)
Treasury stock, at cost		(10,146	)		(7,626	)		(6,589	)		(31,245	)		(30,870	)	33		(67	)
Total stockholders’ equity		113,616			113,813			110,956			63,542			60,784		—		87
Total liabilities and stockholders’ equity	$	669,009		$	661,877		$	658,968		$	493,604		$	490,144		1		36

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

⁽¹⁾		Total net revenue was reduced by $941 million in Q4 2025, $869 million in Q3 2025, $785 million in Q2 2025, $705 million in Q1 2025 and $706 million in Q4 2024 for credit card finance charges and fees charged off as uncollectible.
⁽²⁾		Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
⁽³⁾		Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
⁽⁴⁾		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
⁽⁵⁾		Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
⁽⁶⁾		Return on average assets is calculated based on annualized 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 Q4 2025 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
⁽¹⁵⁾		TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
⁽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

	2025 Q4						2025 Q3						2024 Q4
(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	$	445,370	$	15,186	13.64	%	$	440,374	$	15,229	13.83	%	$	322,231	$	10,434	12.95	%
Investment securities		97,304		841	3.46			96,186		823	3.42			92,248		753	3.26
Cash equivalents and other		61,056		660	4.32			56,687		711	5.02			46,161		530	4.59
Total interest-earning assets	$	603,730	$	16,687	11.06		$	593,247	$	16,763	11.30		$	460,640	$	11,717	10.17
Interest-bearing liabilities:
Interest-bearing deposits	$	442,763	$	3,493	3.16		$	439,527	$	3,597	3.27		$	331,564	$	2,862	3.45
Securitized debt obligations		12,673		155	4.87			12,919		165	5.11			14,931		205	5.47
Senior and subordinated notes		36,500		550	6.03			36,272		582	6.41			30,888		540	7.00
Other borrowings and liabilities⁽²⁾		3,745		23	2.41			3,120		15	2.04			2,434		12	1.85
Total interest-bearing liabilities	$	495,681	$	4,221	3.41		$	491,838	$	4,359	3.55		$	379,817	$	3,619	3.81
Net interest income/spread			$	12,466	7.65				$	12,404	7.75				$	8,098	6.36
Impact of non-interest-bearing funding					0.61						0.61						0.67
Net interest margin					8.26	%					8.36	%					7.03	%

	Year Ended December 31,
	2025						2024
(Dollars in millions, except as noted)	Average Balance		Interest Income/ Expense		Yield/Rate⁽¹⁾		Average Balance		Interest Income/ Expense		Yield/Rate⁽¹⁾
Interest-earning assets:
Loans, including loans held for sale	$	397,219	$	53,021	13.35	%	$	318,096	$	40,894	12.86	%
Investment securities		94,810		3,218	3.39			90,250		2,873	3.18
Cash equivalents and other		54,656		2,457	4.50			45,135		2,267	5.02
Total interest-earning assets	$	546,685	$	58,696	10.74		$	453,481	$	46,034	10.15
Interest-bearing liabilities:
Interest-bearing deposits	$	402,209	$	12,925	3.21		$	324,297	$	11,493	3.54
Securitized debt obligations		13,088		660	5.04			16,507		958	5.80
Senior and subordinated notes		34,017		2,172	6.39			31,529		2,333	7.40
Other borrowings and liabilities⁽²⁾		3,016		61	2.02			2,424		42	1.71
Total interest-bearing liabilities	$	452,330	$	15,818	3.50		$	374,757	$	14,826	3.96
Net interest income/spread			$	42,878	7.24				$	31,208	6.20
Impact of non-interest-bearing funding					0.60						0.68
Net interest margin					7.84	%					6.88	%

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics

											2025 Q4				Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4		2025 Q3		2025 Q2		2025 Q1		2024 Q4		2025 Q3		2024 Q4		2025		2024		2025 vs. 2024
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	262,403	$	253,951	$	252,481	$	150,309	$	155,618	3	%	69	%	$	262,403	$	155,618	69	%
Personal loans		9,499		9,646		9,788		—		—	(2	)	**			9,499		—	**
International card businesses		7,668		7,440		7,440		6,880		6,890	3		11			7,668		6,890	11
Total credit card		279,570		271,037		269,709		157,189		162,508	3		72			279,570		162,508	72
Consumer banking:
Auto		83,600		82,035		80,017		77,656		76,829	2		9			83,600		76,829	9
Retail banking		1,190		1,195		1,216		1,240		1,263	—		(6	)		1,190		1,263	(6	)
Total consumer banking		84,790		83,230		81,233		78,896		78,092	2		9			84,790		78,092	9
Commercial banking:
Commercial and multifamily real estate		33,618		33,461		32,967		31,971		31,903	—		5			33,618		31,903	5
Commercial and industrial		55,644		55,431		55,388		55,542		55,272	—		1			55,644		55,272	1
Total commercial banking		89,262		88,892		88,355		87,513		87,175	—		2			89,262		87,175	2
Total loans held for investment	$	453,622	$	443,159	$	439,297	$	323,598	$	327,775	2		38		$	453,622	$	327,775	38
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	255,221	$	252,090	$	197,808	$	149,639	$	150,290	1	%	70	%	$	214,084	$	146,000	47	%
Personal loans		9,618		9,703		4,778		—		—	(1	)	**			6,061		—	**
International card businesses		7,389		7,382		7,107		6,768		7,036	—		5			7,164		6,868	4
Total credit card		272,228		269,175		209,693		156,407		157,326	1		73			227,309		152,868	49
Consumer banking:
Auto		82,767		81,094		78,875		77,228		75,968	2		9			80,009		74,692	7
Retail banking		1,190		1,201		1,220		1,252		1,253	(1	)	(5	)		1,216		1,281	(5	)
Total consumer banking		83,957		82,295		80,095		78,480		77,221	2		9			81,225		75,973	7
Commercial banking:
Commercial and multifamily real estate		33,155		33,104		32,522		31,733		32,058	—		3			32,634		33,141	(2	)
Commercial and industrial		55,340		55,285		55,847		55,765		55,266	—		—			55,557		55,439	—
Total commercial banking		88,495		88,389		88,369		87,498		87,324	—		1			88,191		88,580	—
Total average loans held for investment	$	444,680	$	439,859	$	378,157	$	322,385	$	321,871	1		38		$	396,725	$	317,421	25

											2025 Q4				Year Ended December 31,
	2025 Q4		2025 Q3		2025 Q2		2025 Q1		2024 Q4		2025 Q3		2024 Q4		2025		2024		2025 vs. 2024
Net Charge-Off (Recovery) Rates
Credit card⁽³⁾:
Domestic credit card⁽⁴⁾	4.93	%	4.63	%	5.25	%	6.19	%	6.06	%	30	bps	(113	) bps	5.12	%	5.91	%	(79	) bps
Personal loans	4.08		3.81		3.47		—		—		27		**		3.83		—		**
International card businesses	5.29		5.07		5.17		5.02		5.17		22		12		5.14		5.15		(1	)
Total credit card	4.91		4.61		5.20		6.14		6.02		30		(111	)	5.09		5.88		(79	)
Consumer banking:
Auto	1.82		1.54		1.25		1.55		2.32		28		(50	)	1.54		2.05		(51	)
Retail banking	6.04		4.41		4.54		4.75		5.63		163		41		4.93		5.11		(18	)
Total consumer banking	1.88		1.58		1.30		1.60		2.38		30		(50	)	1.59		2.10		(51	)
Commercial banking:
Commercial and multifamily real estate	0.02		(0.09	)	(0.06	)	0.09		0.50		11		(48	)	(0.01	)	0.26		(27	)
Commercial and industrial	0.67		0.38		0.55		0.12		0.13		29		54		0.43		0.15		28
Total commercial banking	0.43		0.21		0.33		0.11		0.26		22		17		0.27		0.19		8
Total net charge-offs	3.45		3.16		3.24		3.40		3.59		29		(14	)	3.30		3.39		(9	)
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card	3.99	%	3.89	%	3.60	%	4.25	%	4.53	%	10	bps	(54	) bps	3.99	%	4.53	%	(54	) bps
Personal loans	1.74		1.74		1.62		—		—		—		**		1.74		—		**
International card businesses	4.62		4.60		4.50		4.56		4.52		2		10		4.62		4.52		10
Total credit card	3.93		3.84		3.55		4.26		4.53		9		(60	)	3.93		4.53		(60	)
Consumer banking:
Auto	5.23		4.99		4.84		4.93		5.95		24		(72	)	5.23		5.95		(72	)
Retail banking	1.09		0.89		0.93		1.13		1.12		20		(3	)	1.09		1.12		(3	)
Total consumer banking	5.17		4.93		4.78		4.87		5.87		24		(70	)	5.17		5.87		(70	)
Nonperforming Loans and Nonperforming Assets Rates⁽⁵⁾⁽⁶⁾
Credit card:
Personal loans	0.13	%	0.13	%	0.12	%	—		—		—		**		0.13	%	—		**
International card businesses	0.16		0.16		0.16		0.13	%	0.15	%	—		1	bps	0.16		0.15	%	1	bps
Total credit card	0.01		0.01		0.01		0.01		0.01		—		—		0.01		0.01		—
Consumer banking:
Auto	0.68		0.71		0.73		0.72		0.98		(3	) bps	(30	)	0.68		0.98		(30	)
Retail banking	1.45		1.65		1.47		1.89		1.94		(20	)	(49	)	1.45		1.94		(49	)
Total consumer banking	0.69		0.73		0.74		0.74		0.99		(4	)	(30	)	0.69		0.99		(30	)
Commercial banking:
Commercial and multifamily real estate	0.95		1.05		1.06		1.23		1.60		(10	)	(65	)	0.95		1.60		(65	)
Commercial and industrial	1.60		1.59		1.45		1.50		1.27		1		33		1.60		1.27		33
Total commercial banking	1.36		1.39		1.30		1.40		1.39		(3	)	(3	)	1.36		1.39		(3	)
Total nonperforming loans	0.40		0.42		0.40		0.56		0.61		(2	)	(21	)	0.40		0.61		(21	)
Total nonperforming assets	0.43		0.44		0.42		0.58		0.63		(1	)	(20	)	0.43		0.63		(20	)

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

	Three Months Ended December 31, 2025
	Credit Card												Consumer Banking
(Dollars in millions)	Domestic Card			Personal Loans			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial Banking			Total
Allowance for credit losses:
Balance as of September 30, 2025	$	18,476		$	767		$	484		$	19,727		$	1,855		$	23		$	1,878		$	1,498		$	23,103
Charge-offs		(4,167	)		(128	)		(142	)		(4,437	)		(682	)		(23	)		(705	)		(108	)		(5,250	)
Recoveries		1,020			30			44			1,094			305			5			310			13			1,417
Net charge-offs		(3,147	)		(98	)		(98	)		(3,343	)		(377	)		(18	)		(395	)		(95	)		(3,833	)
Provision for credit losses		3,482			62			134			3,678			391			18			409			48			4,135
Allowance build (release) for credit losses		335			(36	)		36			335			14			—			14			(47	)		302
Other changes⁽⁸⁾		—			—			4			4			—			—			—			—			4
Balance as of December 31, 2025		18,811			731			524			20,066			1,869			23			1,892			1,451			23,409
Reserve for unfunded lending commitments:
Balance as of September 30, 2025		—			—			—			—			—			—			—			135			135
Provision for losses on unfunded lending commitments		—			—			—			—			—			—			—			7			7
Balance as of December 31, 2025		—			—			—			—			—			—			—			142			142
Combined allowance and reserve as of December 31, 2025	$	18,811		$	731		$	524		$	20,066		$	1,869		$	23		$	1,892		$	1,593		$	23,551

	Year Ended December 31, 2025
	Credit Card												Consumer Banking
(Dollars in millions)	Domestic Card			Personal Loans			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial Banking			Total
Allowance for credit losses:
Balance as of December 31, 2024	$	12,494			—		$	480		$	12,974		$	1,859		$	25		$	1,884		$	1,400		$	16,258
Charge-offs⁽³⁾		(14,366	)	$	(305	)		(545	)		(15,216	)		(2,582	)		(80	)		(2,662	)		(288	)		(18,166	)
Recoveries		3,395			73			177			3,645			1,348			20			1,368			51			5,064
Net charge-offs		(10,971	)		(232	)		(368	)		(11,571	)		(1,234	)		(60	)		(1,294	)		(237	)		(13,102	)
Initial allowance for purchased credit-deteriorated loans		2,722			148			—			2,870			—			—			—			—			2,870
Benefit from expected recoveries of charged off loans⁽⁹⁾		(3,135	)		(170	)		—			(3,305	)		—			—			—			—			(3,305	)
Provision for credit losses⁽⁷⁾		17,701			985			380			19,066			1,244			58			1,302			288			20,656
Allowance build (release) for credit losses⁽⁷⁾		6,317			731			12			7,060			10			(2	)		8			51			7,119
Other changes⁽⁸⁾		—			—			32			32			—			—			—			—			32
Balance as of December 31, 2025		18,811			731			524			20,066			1,869			23			1,892			1,451			23,409
Reserve for unfunded lending commitments:
Balance as of December 31, 2024		—			—			—			—			—			—			—			143			143
Provision (benefit) for losses on unfunded lending commitments		—			—			—			—			—			—			—			(1	)		(1	)
Balance as of December 31, 2025		—			—			—			—			—			—			—			142			142
Combined allowance and reserve as of December 31, 2025	$	18,811		$	731		$	524		$	20,066		$	1,869		$	23		$	1,892		$	1,593		$	23,551

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

	Three Months Ended December 31, 2025												Year Ended December 31, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾			Other⁽¹⁰⁾			Total		Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total
Net interest income (loss)	$	9,479	$	2,296	$	574		$	117		$	12,466	$	31,822	$	8,758	$	2,334	$	(36	)	$	42,878
Non-interest income (loss)		2,214		623		356			(76	)		3,117		7,738		1,675		1,321		(178	)		10,556
Total net revenue (loss)		11,693		2,919		930			41			15,583		39,560		10,433		3,655		(214	)		53,434
Provision for credit losses		3,678		409		55			—			4,142		19,066		1,302		287		—			20,655
Non-interest expense		6,147		2,289		504			402			9,342		19,641		7,524		1,999		1,334			30,498
Income (loss) from continuing operations before income taxes		1,868		221		371			(361	)		2,099		853		1,607		1,369		(1,548	)		2,281
Income tax provision (benefit)		445		52		89			(241	)		345		208		382		326		(723	)		193
Income (loss) from continuing operations, net of tax	$	1,423	$	169	$	282		$	(120	)	$	1,754	$	645	$	1,225	$	1,043	$	(825	)	$	2,088

	Three Months Ended September 30, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾			Other⁽¹⁰⁾			Total
Net interest income	$	9,396	$	2,357	$	586		$	65		$	12,404
Non-interest income (loss)		2,211		475		318			(49	)		2,955
Total net revenue		11,607		2,832		904			16			15,359
Provision for credit losses		2,364		340		9			1			2,714
Non-interest expense		5,409		1,941		520			393			8,263
Income (loss) from continuing operations before income taxes		3,834		551		375			(378	)		4,382
Income tax provision		914		131		89			55			1,189
Income (loss) from continuing operations, net of tax	$	2,920	$	420	$	286		$	(433	)	$	3,193

	Three Months Ended December 31, 2024												Year Ended December 31, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾			Other⁽¹⁰⁾			Total		Credit Card		Consumer Banking		Commercial Banking⁽¹⁰⁾		Other⁽¹⁰⁾			Total
Net interest income (loss)	$	5,779	$	1,959	$	587		$	(227	)	$	8,098	$	22,088	$	8,023	$	2,391	$	(1,294	)	$	31,208
Non-interest income (loss)		1,585		182		366			(41	)		2,092		6,076		695		1,210		(77	)		7,904
Total net revenue (loss)		7,364		2,141		953			(268	)		10,190		28,164		8,718		3,601		(1,371	)		39,112
Provision (benefit) for credit losses		2,384		328		(72	)		2			2,642		10,272		1,435		8		1			11,716
Non-interest expense		3,846		1,545		518			180			6,089		13,576		5,372		2,011		527			21,486
Income (loss) from continuing operations before income taxes		1,134		268		507			(450	)		1,459		4,316		1,911		1,582		(1,899	)		5,910
Income tax provision (benefit)		268		63		119			(84	)		366		1,024		451		373		(685	)		1,163
Income (loss) from continuing operations, net of tax	$	866	$	205	$	388		$	(366	)	$	1,093	$	3,292	$	1,460	$	1,209	$	(1,214	)	$	4,747

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business

																2025 Q4 vs.				Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4		2025			2024			2025 vs. 2024
Credit Card
Earnings:
Net interest income	$	9,479		$	9,396		$	7,293		$	5,654		$	5,779		1	%	64	%	$	31,822		$	22,088		44	%
Non-interest income		2,214			2,211			1,802			1,511			1,585		—		40			7,738			6,076		27
Total net revenue		11,693			11,607			9,095			7,165			7,364		1		59			39,560			28,164		40
Provision for credit losses		3,678			2,364			11,098			1,926			2,384		56		54			19,066			10,272		86
Non-interest expense		6,147			5,409			4,447			3,638			3,846		14		60			19,641			13,576		45
Income (loss) from continuing operations before income taxes		1,868			3,834			(6,450	)		1,601			1,134		(51	)	65			853			4,316		(80	)
Income tax provision (benefit)		445			914			(1,533	)		382			268		(51	)	66			208			1,024		(80	)
Income (loss) from continuing operations, net of tax	$	1,423		$	2,920		$	(4,917	)	$	1,219		$	866		(51	)	64		$	645		$	3,292		(80	)
Selected performance metrics:
Period-end loans held for investment	$	279,570		$	271,037		$	269,709		$	157,189		$	162,508		3		72		$	279,570		$	162,508		72
Average loans held for investment		272,228			269,175			209,693			156,407			157,326		1		73			227,309			152,868		49
Average yield on loans outstanding⁽¹⁾		17.71	%		17.99	%		17.94	%		18.54	%		19.05	%	(28	) bps	(134	) bps		17.95	%		19.09	%	(114	) bps
Total net revenue margin⁽¹¹⁾		17.18			17.25			17.35			18.32			18.72		(7	)	(154	)		17.40			18.39		(99	)
Net charge-off rate⁽³⁾		4.91			4.61			5.20			6.14			6.02		30		(111	)		5.09			5.88		(79	)
30+ day performing delinquency rate		3.93			3.84			3.55			4.26			4.53		9		(60	)		3.93			4.53		(60	)
30+ day delinquency rate		3.94			3.84			3.56			4.27			4.54		10		(60	)		3.94			4.54		(60	)
Nonperforming loan rate⁽⁵⁾		0.01			0.01			0.01			0.01			0.01		—		—			0.01			0.01		—
Purchase volume⁽¹²⁾	$	238,687		$	230,379		$	201,453		$	157,948		$	172,919		4	%	38	%	$	828,467		$	654,436		27	%
																2025 Q4 vs.				Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3		2024 Q4		2025			2024			2025 vs. 2024
Domestic Card
Earnings:
Net interest income	$	8,854		$	8,766		$	6,822		$	5,343		$	5,474		1	%	62	%	$	29,785		$	20,881		43	%
Non-interest income		2,168			2,160			1,749			1,460			1,522		—		42			7,537			5,811		30
Total net revenue		11,022			10,926			8,571			6,803			6,996		1		58			37,322			26,692		40
Provision for credit losses		3,482			2,163			10,200			1,856			2,278		61		53			17,701			9,867		79
Non-interest expense		5,789			5,092			4,192			3,422			3,607		14		60			18,495			12,727		45
Income (loss) from continuing operations before income taxes		1,751			3,671			(5,821	)		1,525			1,111		(52	)	58			1,126			4,098		(73	)
Income tax provision (benefit)		417			873			(1,385	)		363			262		(52	)	59			268			967		(72	)
Income (loss) from continuing operations, net of tax	$	1,334		$	2,798		$	(4,436	)	$	1,162		$	849		(52	)	57		$	858		$	3,131		(73	)
Selected performance metrics:
Period-end loans held for investment	$	262,403		$	253,951		$	252,481		$	150,309		$	155,618		3		69		$	262,403		$	155,618		69
Average loans held for investment		255,221			252,090			197,808			149,639			150,290		1		70			214,084			146,000		47
Average yield on loans outstanding⁽¹⁾		17.68	%		17.99	%		17.88	%		18.42	%		19.00	%	(31	) bps	(132	) bps		17.92	%		19.03	%	(111	) bps
Total net revenue margin⁽¹¹⁾		17.28			17.34			17.33			18.19			18.62		(6	)	(134	)		17.43			18.25		(82	)
Net charge-off rate⁽⁴⁾		4.93			4.63			5.25			6.19			6.06		30		(113	)		5.12			5.91		(79	)
30+ day performing delinquency rate		3.99			3.89			3.60			4.25			4.53		10		(54	)		3.99			4.53		(54	)
Purchase volume⁽¹²⁾	$	234,375		$	226,147		$	197,308		$	154,391		$	168,994		4	%	39	%	$	812,221		$	639,341		27	%
Refreshed FICO scores:⁽¹³⁾
Greater than 660		73	%		73	%		73	%		69	%		69	%	—		4			73	%		69	%	4
660 or below		27			27			27			31			31		—		(4	)		27			31		(4	)
Total		100	%		100	%		100	%		100	%		100	%						100	%		100	%

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business

																2025 Q4 vs.		Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3	2024 Q4	2025			2024			2025 vs. 2024
Consumer Banking
Earnings:
Net interest income	$	2,296		$	2,357		$	2,162		$	1,943		$	1,959		(3)%	17%	$	8,758		$	8,023		9%
Non-interest income		623			475			394			183			182		31	**		1,675			695		141
Total net revenue		2,919			2,832			2,556			2,126			2,141		3	36		10,433			8,718		20
Provision for credit losses		409			340			252			301			328		20	25		1,302			1,435		(9)
Non-interest expense		2,289			1,941			1,713			1,581			1,545		18	48		7,524			5,372		40
Income from continuing operations before income taxes		221			551			591			244			268		(60)	(18)		1,607			1,911		(16)
Income tax provision		52			131			141			58			63		(60)	(17)		382			451		(15)
Income from continuing operations, net of tax	$	169		$	420		$	450		$	186		$	205		(60)	(18)	$	1,225		$	1,460		(16)
Selected performance metrics:
Period-end loans held for investment	$	84,790		$	83,230		$	81,233		$	78,896		$	78,092		2	9	$	84,790		$	78,092		9
Average loans held for investment		83,957			82,295			80,095			78,480			77,221		2	9		81,225			75,973		7
Average yield on loans held for investment⁽¹⁾		9.59	%		9.52	%		9.30	%		9.03	%		9.04	%	7bps	55bps		9.36	%		8.70	%	66bps
Auto loan originations	$	10,194		$	10,731		$	10,861		$	9,210		$	9,399		(5)%	8%	$	40,996		$	34,542		19%
Period-end deposits		423,932			416,765			414,044			324,920			318,329		2	33		423,932			318,329		33
Average deposits		418,673			414,219			365,359			319,950			313,992		1	33		379,915			303,873		25
Average deposits interest rate		2.98	%		3.07	%		3.02	%		3.00	%		3.21	%	(9)bps	(23)bps		3.02	%		3.23	%	(21)bps
Net charge-off rate		1.88			1.58			1.30			1.60			2.38		30	(50)		1.59			2.10		(51)
30+ day performing delinquency rate		5.17			4.93			4.78			4.87			5.87		24	(70)		5.17			5.87		(70)
30+ day delinquency rate		5.73			5.53			5.40			5.47			6.73		20	(100)		5.73			6.73		(100)
Nonperforming loan rate⁽⁵⁾		0.69			0.73			0.74			0.74			0.99		(4)	(30)		0.69			0.99		(30)
Nonperforming asset rate⁽⁶⁾		0.79			0.82			0.82			0.82			1.08		(3)	(29)		0.79			1.08		(29)
Global Payment Network volume⁽¹⁴⁾	$	174,644		$	153,117		$	74,014			—			—		14%	**	$	401,775			—		**
Auto—At origination FICO scores:⁽¹⁵⁾
Greater than 660		51	%		51	%		52	%		53	%		54	%	—	(3)%		51	%		54	%	(3)%
621 - 660		19			19			19			19			19		—	—		19			19		—
620 or below		30			30			29			28			27		—	3		30			27		3
Total		100	%		100	%		100	%		100	%		100	%				100	%		100	%

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business

																2025 Q4 vs.		Year Ended December 31,
(Dollars in millions, except as noted)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3	2024 Q4	2025			2024			2025 vs. 2024
Commercial Banking
Earnings:
Net interest income	$	574		$	586		$	602		$	572		$	587		(2)%	(2)%	$	2,334		$	2,391		(2)%
Non-interest income		356			318			335			312			366		12	(3)		1,321			1,210		9
Total net revenue⁽¹⁰⁾		930			904			937			884			953		3	(2)		3,655			3,601		1
Provision (benefit) for credit losses		55			9			81			142			(72	)	**	**		287			8		**
Non-interest expense		504			520			489			486			518		(3)	(3)		1,999			2,011		(1)
Income from continuing operations before income taxes		371			375			367			256			507		(1)	(27)		1,369			1,582		(13)
Income tax provision		89			89			87			61			119		—	(25)		326			373		(13)
Income from continuing operations, net of tax	$	282		$	286		$	280		$	195		$	388		(1)	(27)	$	1,043		$	1,209		(14)
Selected performance metrics:
Period-end loans held for investment	$	89,262		$	88,892		$	88,355		$	87,513		$	87,175		—	2	$	89,262		$	87,175		2
Average loans held for investment		88,495			88,389			88,369			87,498			87,324		—	1		88,191			88,580		—
Average yield on loans held for investment^(1)(10)		6.08	%		6.42	%		6.40	%		6.29	%		6.72	%	(34)bps	(64)bps		6.30	%		7.09	%	(79)bps
Period-end deposits	$	31,250		$	29,920		$	29,245		$	29,984		$	31,691		4%	(1)%	$	31,250		$	31,691		(1)%
Average deposits		31,462			29,889			30,444			31,654			31,545		5	—		30,859			31,140		(1)
Average deposits interest rate		1.96	%		2.13	%		2.06	%		2.13	%		2.28	%	(17)bps	(32)bps		2.07	%		2.51	%	(44)bps
Net charge-off rate		0.43			0.21			0.33			0.11			0.26		22	17		0.27			0.19		8
Nonperforming loan rate⁽⁵⁾		1.36			1.39			1.30			1.40			1.39		(3)	(3)		1.36			1.39		(3)
Nonperforming asset rate⁽⁶⁾		1.39			1.40			1.30			1.40			1.39		(1)	—		1.39			1.39		—
Risk category:⁽¹⁶⁾
Noncriticized	$	83,873		$	83,098		$	82,000		$	80,677		$	80,431		1%	4%	$	83,873		$	80,431		4%
Criticized performing		4,177			4,558			5,204			5,612			5,534		(8)	(25)		4,177			5,534		(25)
Criticized nonperforming		1,212			1,236			1,151			1,224			1,210		(2)	—		1,212			1,210		—
Total commercial banking loans held for investment	$	89,262		$	88,892		$	88,355		$	87,513		$	87,175		—	2	$	89,262		$	87,175		2
Risk category as a percentage of period-end loans held for investment:⁽¹⁶⁾
Noncriticized		93.96	%		93.48	%		92.81	%		92.19	%		92.26	%	48bps	170bps		93.96	%		92.26	%	170bps
Criticized performing		4.68			5.13			5.89			6.41			6.35		(45)	(167)		4.68			6.35		(167)
Criticized nonperforming		1.36			1.39			1.30			1.40			1.39		(3)	(3)		1.36			1.39		(3)
Total commercial banking loans		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%				100.00	%		100.00	%

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total

																2025 Q4 vs.		Year Ended December 31,
(Dollars in millions)	2025 Q4			2025 Q3			2025 Q2			2025 Q1			2024 Q4			2025 Q3	2024 Q4	2025			2024			2025 vs. 2024
Other
Earnings:
Net interest income (loss)	$	117		$	65		$	(62	)	$	(156	)	$	(227	)	80%	**	$	(36	)	$	(1,294	)	(97)%
Non-interest loss		(76	)		(49	)		(34	)		(19	)		(41	)	55	85%		(178	)		(77	)	131
Total net revenue (loss)⁽¹⁰⁾		41			16			(96	)		(175	)		(268	)	156	**		(214	)		(1,371	)	(84)
Provision (benefit) for credit losses		—			1			(1	)		—			2		**	**		—			1		**
Non-interest expense⁽¹⁷⁾		402			393			342			197			180		2	123		1,334			527		153
Loss from continuing operations before income taxes		(361	)		(378	)		(437	)		(372	)		(450	)	(4)	(20)		(1,548	)		(1,899	)	(18)
Income tax provision (benefit)		(241	)		55			(361	)		(176	)		(84	)	**	187		(723	)		(685	)	6
Loss from continuing operations, net of tax	$	(120	)	$	(433	)	$	(76	)	$	(196	)	$	(366	)	(72)	(67)	$	(825	)	$	(1,214	)	(32)
Selected performance metrics:
Period-end deposits	$	20,589		$	22,100		$	24,821		$	12,560		$	12,687		(7)	62	$	20,589		$	12,687		62
Average deposits		20,830			23,172			18,765			12,474			12,786		(10)	63		18,846			16,155		17
Total
Earnings:
Net interest income	$	12,466		$	12,404		$	9,995		$	8,013		$	8,098		—	54%	$	42,878		$	31,208		37%
Non-interest income		3,117			2,955			2,497			1,987			2,092		5%	49		10,556			7,904		34
Total net revenue		15,583			15,359			12,492			10,000			10,190		1	53		53,434			39,112		37
Provision for credit losses		4,142			2,714			11,430			2,369			2,642		53	57		20,655			11,716		76
Non-interest expense		9,342			8,263			6,991			5,902			6,089		13	53		30,498			21,486		42
Income (loss) from continuing operations before income taxes		2,099			4,382			(5,929	)		1,729			1,459		(52)	44		2,281			5,910		(61)
Income tax provision (benefit)		345			1,189			(1,666	)		325			366		(71)	(6)		193			1,163		(83)
Income (loss) from continuing operations, net of tax	$	1,754		$	3,193		$	(4,263	)	$	1,404		$	1,093		(45)	60	$	2,088		$	4,747		(56)
Selected performance metrics:
Period-end loans held for investment	$	453,622		$	443,159		$	439,297		$	323,598		$	327,775		2	38	$	453,622		$	327,775		38
Average loans held for investment		444,680			439,859			378,157			322,385			321,871		1	38		396,725			317,421		25
Period-end deposits		475,771			468,785			468,110			367,464			362,707		1	31		475,771			362,707		31
Average deposits		470,965			467,280			414,568			364,078			358,323		1	31		429,620			351,168		22

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

⁽¹⁾		Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
⁽²⁾		Includes amounts related to entities that provide capital to low-income and rural communities of $2.1 billion in Q4 2025, Q3 2025 and during the twelve months ended 2025 and $2.0 billion in Q4 2024 and during the twelve months ended 2024. Related interest expense was $8 million in Q4 2025 and Q3 2025, $31 million for the twelve months ended 2025, $8 million for Q4 2024 and $31 million for the twelve months ended 2024.
⁽³⁾		Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
⁽⁴⁾		Charge-offs exclude $18.0 billion of Discover Domestic credit card loans acquired in the second quarter of 2025 that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.
⁽⁵⁾		Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
⁽⁶⁾		Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
⁽⁷⁾		In Q2 2025, provision for credit losses includes the initial allowance for credit losses of $8.8 billion for non-purchased credit deteriorated (“non-PCD”) loans acquired in the Discover Acquisition.
⁽⁸⁾		Primarily represents foreign currency translation adjustments.
⁽⁹⁾		Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged-off.
⁽¹⁰⁾		Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
⁽¹¹⁾		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
⁽¹²⁾		Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
⁽¹³⁾		Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.
⁽¹⁴⁾		Global Payment Network volume includes Discover Network, PULSE Network, Diners Club International and Network Partners transactions.
⁽¹⁵⁾		Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
⁽¹⁶⁾		Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
⁽¹⁷⁾		Includes the impact of $352 million, $348 million, $299 million, $110 million and $140 million in Discover integration expenses in Q4 2025, Q3 2025, Q2 2025, Q1 2025 and Q4 2024, respectively, as well as any charges incurred as a result of restructuring activities for the periods presented.
**		Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures⁽¹⁾

	Basel III Standardized Approach
(Dollars in millions, except as noted)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Regulatory Capital Metrics
Common equity excluding AOCI	$	113,677		$	114,323		$	112,368		$	66,225		$	65,823
Adjustments:
AOCI, net of tax⁽²⁾		81			68			83			19			1
Goodwill, net of related deferred tax liabilities		(28,217	)		(28,575	)		(28,052	)		(14,792	)		(14,786	)
Other Intangible and deferred tax assets, net of deferred tax liabilities		(12,493	)		(12,846	)		(13,687	)		(247	)		(231	)
Common equity Tier 1 capital	$	73,048		$	72,970		$	70,712		$	51,205		$	50,807
Tier 1 capital	$	78,454		$	78,377		$	76,118		$	56,050		$	55,652
Total capital⁽³⁾		88,001			87,853			85,988			63,926			61,805
Risk-weighted assets		511,884			506,535			503,413			375,538			377,145
Adjusted average assets⁽⁴⁾		629,997			622,435			537,581			483,888			480,794
Capital Ratios
Common equity Tier 1 capital⁽⁵⁾		14.3	%		14.4	%		14.0	%		13.6	%		13.5	%
Tier 1 capital⁽⁶⁾		15.3			15.5			15.1			14.9			14.8
Total capital⁽⁷⁾		17.2			17.3			17.1			17.0			16.4
Tier 1 leverage⁽⁴⁾		12.5			12.6			14.2			11.6			11.6
TCE⁽⁸⁾		10.7			10.8			10.3			9.1			8.6

Reconciliation of Non-GAAP Measures

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

(Dollars in millions, except per share data and as noted)	2025			2025			2025			2025			2024			Year Ended December 31,
(Dollars in millions, except per share data and as noted)	Q4			Q3			Q2			Q1			Q4			2025			2024
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)	$	2,057		$	3,086		$	(4,340	)	$	1,325		$	1,022		$	2,181		$	4,445
Initial allowance build for Discover non-PCD loans		—			—			8,767			—			—			8,767			—
Discover intangible amortization expense		509			498			255			—			—			1,262			—
Discover loan and deposit fair value mark amortization		37			105			85			—			—			227			—
Discover integration expenses		352			348			299			110			140			1,109			234
Legal reserve activities		117			—			41			198			75			356			75
Gain on sale of home loan portfolio		(483	)		—			—			—			—			(483	)		—
FDIC special assessment		(29	)		—			—			—			—			(29	)		41
Allowance build for Walmart program agreement loss sharing termination		—			—			—			—			—			—			826
Walmart program agreement termination contra revenue impact		—			—			—			—			—			—			27
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)		2,560			4,037			5,107			1,633			1,237			13,390			5,648
Income tax impacts		(124	)		(236	)		(2,339	)		(76	)		(52	)		(2,775	)		(293	)
Adjusted net income available to common stockholders (non-GAAP)	$	2,436		$	3,801		$	2,768		$	1,557		$	1,185		$	10,615		$	5,355

Diluted weighted-average common shares outstanding (in millions) (GAAP)		631.6			639.5			505.6			384.0			383.4			541.3			383.6

Diluted EPS (GAAP)	$	3.26		$	4.83		$	(8.58	)	$	3.45		$	2.67		$	4.03		$	11.59
Impact of adjustments noted above		0.60			1.12			14.06			0.61			0.42			15.58			2.37
Adjusted diluted EPS (non-GAAP)	$	3.86		$	5.95		$	5.48		$	4.06		$	3.09		$	19.61		$	13.96

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	9,342		$	8,263		$	6,991		$	5,902		$	6,089		$	30,498		$	21,486
Discover intangible amortization expense		(509	)		(498	)		(255	)		—			—			(1,262	)		—
Discover integration expenses		(352	)		(348	)		(299	)		(110	)		(140	)		(1,109	)		(234	)
Legal reserve activities		(117	)		—			(41	)		(198	)		(75	)		(356	)		(75	)
FDIC special assessment		29			—			—			—			—			29			(41	)
Adjusted non-interest expense (non-GAAP)	$	8,393		$	7,417		$	6,396		$	5,594		$	5,874		$	27,800		$	21,136

Total net revenue (GAAP)	$	15,583		$	15,359		$	12,492		$	10,000		$	10,190		$	53,434		$	39,112
Discover loan and deposit fair value mark amortization		37			105			85			—			—			227			—
Walmart program agreement termination contra revenue impact		—			—			—			—			—			—			27
Adjusted net revenue (non-GAAP)	$	15,620		$	15,464		$	12,577		$	10,000		$	10,190		$	53,661		$	39,139

Efficiency ratio (GAAP)		59.95	%		53.80	%		55.96	%		59.02	%		59.75	%		57.08	%		54.93	%
Impact of adjustments noted above	(622) bps			(584) bps			(511) bps			(308) bps			(211) bps			(527) bps			(93) bps
Adjusted efficiency ratio (non-GAAP)		53.73	%		47.96	%		50.85	%		55.94	%		57.64	%		51.81	%		54.00	%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	7,408		$	6,860		$	5,646		$	4,700		$	4,714		$	24,614		$	16,924
Discover intangible amortization expense		(509	)		(498	)		(255	)		—			—			(1,262	)		—
Discover integration expenses		(352	)		(348	)		(299	)		(110	)		(140	)		(1,109	)		(234	)
Legal reserve activities		(117	)		—			(41	)		(198	)		(75	)		(356	)		(75	)
FDIC special assessment		29			—			—			—			—			29			(41	)
Adjusted operating expense (non-GAAP)	$	6,459		$	6,014		$	5,051		$	4,392		$	4,499		$	21,916		$	16,574

Total net revenue (GAAP)	$	15,583		$	15,359		$	12,492		$	10,000		$	10,190		$	53,434		$	39,112
Discover loan and deposit fair value mark amortization		37			105			85			—			—			227			—
Walmart program agreement termination contra revenue impact		—			—			—			—			—			—			27
Adjusted net revenue (non-GAAP)	$	15,620		$	15,464		$	12,577		$	10,000		$	10,190		$	53,661		$	39,139

Operating efficiency ratio (GAAP)		47.54	%		44.66	%		45.20	%		47.00	%		46.26	%		46.06	%		43.27	%
Impact of adjustments noted above	(619) bps			(577) bps			(504) bps			(308) bps			(211) bps			(522) bps			(92) bps
Adjusted operating efficiency ratio (non-GAAP)		41.35	%		38.89	%		40.16	%		43.92	%		44.15	%		40.84	%		42.35	%

Adjusted net interest margin:
Net interest income (GAAP)	$	12,466		$	12,404		$	9,995		$	8,013		$	8,098		$	42,878		$	31,208
Loan and deposit fair value mark amortization		37			105			85			—			—			227			—
Walmart program agreement termination contra revenue impact		—			—			—			—			—			—			27
Adjusted net interest income (non-GAAP)	$	12,503		$	12,509		$	10,080		$	8,013		$	8,098		$	43,105		$	31,235

Average interest earning assets	$	603,730		$	593,247		$	524,929		$	462,771		$	460,640		$	546,685		$	453,481

Net interest margin (GAAP)		8.26	%		8.36	%		7.62	%		6.93	%		7.03	%		7.84	%		6.88	%
Impact of adjustments noted above	2 bps			7 bps			6 bps			— bps			— bps			4 bps			1 bps
Adjusted net interest margin (non-GAAP)		8.28	%		8.43	%		7.68	%		6.93	%		7.03	%		7.88	%		6.89	%

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

(Dollars in millions)	2025			2025			2025			2025			2024
(Dollars in millions)	Q4			Q3			Q2			Q1			Q4
Pre- Provision Earnings
Total net revenue	$	15,583		$	15,359		$	12,492		$	10,000		$	10,190
Non-interest expense		(9,342	)		(8,263	)		(6,991	)		(5,902	)		(6,089	)
Pre-provision earnings⁽⁹⁾	$	6,241		$	7,096		$	5,501		$	4,098		$	4,101
Tangible Common Equity (Period-End)
Stockholders’ equity	$	113,616		$	113,813		$	110,956		$	63,542		$	60,784
Goodwill and other intangible assets⁽¹⁰⁾		(40,876	)		(41,537	)		(42,012	)		(15,139	)		(15,157	)
Noncumulative perpetual preferred stock		(5,407	)		(5,407	)		(5,407	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	67,333		$	66,869		$	63,537		$	43,558		$	40,782
Tangible Common Equity (Average)
Stockholders’ equity	$	115,404		$	112,819		$	86,918		$	62,240		$	61,764
Goodwill and other intangible assets⁽¹⁰⁾		(41,144	)		(41,815	)		(29,114	)		(15,149	)		(15,195	)
Noncumulative perpetual preferred stock		(5,407	)		(5,407	)		(5,355	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	68,853		$	65,597		$	52,449		$	42,246		$	41,724
Return on Tangible Common Equity (Average)
Net income (loss) available to common stockholders	$	2,057		$	3,086		$	(4,340	)	$	1,325		$	1,022
Income (loss) from discontinued operations, net of tax	$	380		$	(1	)	$	(14	)	$	—		$	3
Net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax	$	1,677		$	3,087		$	(4,326	)	$	1,325		$	1,019
Tangible common equity (Average)		68,853			65,597			52,449			42,246			41,724
Return on tangible common equity^(11)(12)		9.74	%		18.82	%		(32.99	)%		12.55	%		9.77	%
Tangible Assets (Period-End)
Total assets	$	669,009		$	661,877		$	658,968		$	493,604		$	490,144
Goodwill and other intangible assets⁽¹⁰⁾		(40,876	)		(41,537	)		(42,012	)		(15,139	)		(15,157	)
Tangible assets⁽¹¹⁾	$	628,133		$	620,340		$	616,956		$	478,465		$	474,987

(Dollars in millions)	2025			2025			2025			2025			2024
(Dollars in millions)	Q4			Q3			Q2			Q1			Q4
Tangible Assets (Average)
Total assets	$	665,656		$	657,858		$	572,446		$	491,817		$	488,300
Goodwill and other intangible assets⁽¹⁰⁾		(41,144	)		(41,815	)		(29,114	)		(15,149	)		(15,195	)
Tangible assets⁽¹¹⁾	$	624,512		$	616,043		$	543,332		$	476,668		$	473,105
Return on Tangible Assets (Average)
Net income (loss)	$	2,134		$	3,192		$	(4,277	)	$	1,404		$	1,096
Income (loss) from discontinued operations, net of tax	$	380		$	(1	)	$	(14	)	$	—		$	3
Net income (loss) less income (loss) from discontinued operations, net of tax	$	1,754		$	3,193		$	(4,263	)	$	1,404		$	1,093
Tangible Assets (Average)		624,512			616,043			543,332			476,668			473,105
Return on tangible assets^(11)(13)		1.12	%		2.07	%		(3.14	)%		1.18	%		0.92	%
TCE Ratio
Tangible common equity (Period-end)	$	67,333		$	66,869		$	63,537		$	43,558		$	40,782
Tangible Assets (Period-end)		628,133			620,340			616,956			478,465			474,987
TCE Ratio⁽¹¹⁾		10.7	%		10.8	%		10.3	%		9.1	%		8.6	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	67,333		$	66,869		$	63,537		$	43,558		$	40,782
Outstanding Common Shares		625.1			635.7			639.5			383.0			381.2
Tangible book value per common share⁽¹¹⁾	$	107.72		$	105.18		$	99.35		$	113.74		$	106.97

__________
⁽¹⁾		Regulatory capital metrics and capital ratios as of December 31, 2025 are preliminary and therefore subject to change.
⁽²⁾		Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
⁽³⁾		Total capital equals the sum of Tier 1 capital and Tier 2 capital.
⁽⁴⁾		Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
⁽⁵⁾		Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
⁽⁶⁾		Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
⁽⁷⁾		Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
⁽⁸⁾		TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
⁽⁹⁾		Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
⁽¹⁰⁾		Includes impact of related deferred taxes.
⁽¹¹⁾		Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.
⁽¹²⁾		Return on average tangible common equity is a non-GAAP measure calculated based on net income (loss) available to common stockholders less 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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Capital One Reports Fourth Quarter 2025 Net Income of $2.1 Billion, or $3.26 Per Share

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Capital One Reports Fourth Quarter 2025 Net Income of $2.1 Billion, or $3.26 Per Share

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