CAPITAL ONE FINANCIAL CORP

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

COF$195.84-1.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Financial Highlights

Table 1: Consolidated Financial Highlights

	Three Months Ended June 30,			Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	2025	2024	Change	2025	2024	Change
Income statement
Net interest income	$9,995	$7,546	32%	$18,008	$15,034	20%
Non-interest income	2,497	1,960	27	4,484	3,874	16
Total net revenue	12,492	9,506	31	22,492	18,908	19
Provision for credit losses	11,430	3,909	192	13,799	6,592	109
Non-interest expense:
Marketing	1,345	1,064	26	2,547	2,074	23
Operating expense	5,646	3,882	45	10,346	8,009	29
Total non-interest expense	6,991	4,946	41	12,893	10,083	28
Income (loss) from continuing operations before income taxes	(5,929)	651	**	(4,200)	2,233	**
Income tax provision (benefit)	(1,666)	54	**	(1,341)	356	**
Income (loss) from continuing operations, net of tax	(4,263)	597	**	(2,859)	1,877	**
Loss from discontinued operations, net of tax	(14)	—	**	(14)	—	**
Net income (loss)	(4,277)	597	**	(2,873)	1,877	**
Dividends and undistributed earnings allocated to participating securities	(4)	(9)	(56)	(9)	(32)	(72)
Preferred stock dividends	(65)	(57)	14	(122)	(114)	7
Discount on redeemed preferred stock	6	—	**	6	—	**
Net income (loss) available to common stockholders	$(4,340)	$531	**	$(2,998)	$1,731	**
Common share statistics
Basic earnings per common share:
Net income (loss) from continuing operations	$(8.55)	$1.39	**	$(6.71)	$4.52	**
Net loss from discontinued operations	(0.03)	—	**	(0.03)	—	**
Net income (loss) per basic common share	$(8.58)	$1.39	**	$(6.74)	$4.52	**
Diluted earnings per common share:
Net income (loss) from continuing operations	$(8.55)	$1.38	**	$(6.71)	$4.51	**
Net loss from discontinued operations	(0.03)	—	**	(0.03)	—	**
Net income (loss) per diluted common share	$(8.58)	$1.38	**	$(6.74)	$4.51	**
Weighted-average common shares outstanding (in millions):
Basic	505.6	383.1	32%	444.7	382.7	16%

7	Capital One Financial Corporation (COF)

Three Months Ended June 30, · Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) · 2025 · 2024 · Change · 2025 · 2024 · Change
Diluted	505.6	383.9		32%		444.7		383.7		16%
Common shares outstanding (period-end, in millions)	639.5	381.9		67		639.5		381.9		67
Dividends declared and paid per common share	$0.60	$0.60		—		$1.20		$1.20		—
Tangible book value per common share (period-end)(1)	99.35	99.28		—		99.35		99.28		—
Balance sheet (average balances)
Loans held for investment	$378,157	$314,888		20%		$350,425		$314,751		11%
Interest-earning assets	524,929	450,908		16		494,022		449,356		10
Total assets	572,446	477,285		20		532,354		476,140		12
Interest-bearing deposits	387,139	322,581		20		362,626		320,515		13
Total deposits	414,568	349,488		19		389,462		347,572		12
Borrowings	46,601	48,842		(5)		45,531		49,658		(8)
Common equity	81,563	53,262		53		69,546		53,207		31
Total stockholders’ equity	86,918	58,107		50		74,647		58,052		29
Selected performance metrics
Purchase volume	$201,453	$165,143		22%		$359,401		$315,314		14%
Global Payment Network volume(2)	74,014	N/A		**		74,014		N/A		**
Total net revenue margin(3)	9.52%	8.43%		109	bps		9.11%		8.42%		69	bps
Net interest margin	7.62		6.70			92			7.29			6.69	60
Return on average assets(4)	(2.98)		0.50			(348)			(1.07)			0.79	(186)
Return on average tangible assets(5)	(3.14)		0.52			(366)			(1.12)			0.81	(193)
Return on average common equity(6)	(21.22)		3.99			(2,521)			(8.58)			6.51	(1,509)
Return on average tangible common equity(7)	(32.99)		5.59			(3,858)			(12.60)			9.12	(2,172)
Equity-to-assets ratio(8)	15.18		12.17			301			14.02			12.19	183
Efficiency ratio(9)	55.96		52.03			393			57.32			53.33	399
Operating efficiency ratio(10)	45.20		40.84			436			46.00			42.36	364
Adjusted operating efficiency ratio(11)	40.16		40.31			(15)			41.83			41.87	(4)
Effective income tax rate from continuing operations	28.1		8.3			1,980			31.9			15.9	1,600
Net charge-offs	$3,060	$2,644		16%		$5,796		$5,260		10%
Net charge-off rate	3.24%	3.36%		(12)bps		3.31%		3.34%		(3)bps

(Dollars in millions, except as noted)	June 30, 2025	December 31, 2024	Change
Balance sheet (period-end)
Loans held for investment	$439,297	$327,775	34%
Interest-earning assets	601,999	463,058	30
Total assets	658,968	490,144	34
Interest-bearing deposits	440,231	336,585	31
Total deposits	468,110	362,707	29
Borrowings	52,666	45,551	16
Common equity	105,549	55,938	89
Total stockholders’ equity	110,956	60,784	83

8	Capital One Financial Corporation (COF)

(Dollars in millions, except as noted)	June 30, 2025	December 31, 2024	Change
Credit quality metrics
Allowance for credit losses	$23,873	$16,258	47%
Allowance coverage ratio	5.43%	4.96%	47bps
30+ day performing delinquency rate	3.13	3.69	(56)
30+ day delinquency rate	3.32	3.98	(66)
Capital ratios
Common equity Tier 1 capital(12)	14.0%	13.5%	50bps
Tier 1 capital(12)	15.1	14.8	30
Total capital(12)	17.1	16.4	70
Tier 1 leverage(12)	14.2	11.6	260
Tangible common equity (“TCE”)(13)	10.3	8.6	170
Supplementary leverage(12)	12.0	9.9	210
Other
Employees (period end, in thousands)	76.5	52.6	45%

(1)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(2)Global Payment Network volume includes transactions processed on the Discover Network, PULSE Network, Diners Club, and Network Partners.

(3)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(4)Return on average assets is calculated based on annualized income from continuing operations, net of tax, for the period divided by average total assets for the period.

(5)Return on average tangible assets is a non-GAAP measure calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(6)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.

(7)Return on average TCE 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. Our calculation of return on average TCE may not be comparable to similarly-titled measures reported by other companies. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(8)Equity-to-assets ratio is calculated based on average stockholders’ equity for the period divided by average total assets for the period.

(9)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period.

(10)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period.

(11)Adjusted operating efficiency ratio is a non-GAAP measure. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for a reconciliation of our adjusted operating efficiency ratio (non-GAAP) to our operating efficiency ratio (GAAP).

(12)Capital ratios are calculated based on the Basel III standardized approach framework. See “Capital Management” for additional information.

(13)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for the calculation of this measure and reconciliation to the comparative U.S. GAAP measure.

9	Capital One Financial Corporation (COF)

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