CAPITAL ONE FINANCIAL CORP

For the period ended Sep 30, 2025. Filed Nov 3, 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.

Sep 30, 2025 · Filed Nov 3, 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 September 30,			Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)	2025	2024	Change	2025	2024	Change
Income statement
Net interest income	$12,404	$8,076	54%	$30,412	$23,110	32%
Non-interest income	2,955	1,938	52	7,439	5,812	28
Total net revenue	15,359	10,014	53	37,851	28,922	31
Provision for credit losses	2,714	2,482	9	16,513	9,074	82
Non-interest expense:
Marketing	1,403	1,113	26	3,950	3,187	24
Operating expense	6,860	4,201	63	17,206	12,210	41
Total non-interest expense	8,263	5,314	55	21,156	15,397	37
Income from continuing operations before income taxes	4,382	2,218	98	182	4,451	(96)
Income tax provision (benefit)	1,189	441	170	(152)	797	**
Income from continuing operations, net of tax	3,193	1,777	80	334	3,654	(91)
Loss from discontinued operations, net of tax	(1)	—	**	(15)	—	**
Net income	3,192	1,777	80	319	3,654	(91)
Dividends and undistributed earnings allocated to participating securities	(33)	(28)	18	(13)	(60)	(78)
Preferred stock dividends	(73)	(57)	28	(195)	(171)	14
Discount on redeemed preferred stock	—	—	—	6	—	**
Net income available to common stockholders	$3,086	$1,692	82	$117	$3,423	(97)
Common share statistics
Basic earnings per common share:
Net income from continuing operations	$4.83	$4.42	9%	$0.26	$8.94	(97)%
Net loss from discontinued operations	—	—	—	(0.03)	—	**
Net income per basic common share	$4.83	$4.42	9	$0.23	$8.94	(97)
Diluted earnings per common share:
Net income from continuing operations	$4.83	$4.41	10%	$0.26	$8.92	(97)%
Net loss from discontinued operations	—	—	—	(0.03)	—	**
Net income per diluted common share	$4.83	$4.41	10	$0.23	$8.92	(97)
Weighted-average common shares outstanding (in millions):
Basic	639.0	383.0	67%	510.2	382.8	33%
Diluted	639.5	383.7	67	510.9	383.7	33

7	Capital One Financial Corporation (COF)

Three Months Ended September 30, · Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted) · 2025 · 2024 · Change · 2025 · 2024 · Change
Common shares outstanding (period-end, in millions)	635.7	381.5		67%		635.7		381.5		67%
Dividends declared and paid per common share	$0.60	$0.60		—		$1.80		$1.80		—
Tangible book value per common share (period-end)(1)	105.18	112.36		(6)		105.18		112.36		(6)
Balance sheet (average balances)
Loans held for investment	$439,859	$318,255		38%		$380,564		$315,927		20%
Interest-earning assets	593,247	454,484		31		527,461		451,078		17
Total assets	657,858	481,219		37		574,602		477,816		20
Interest-bearing deposits	439,527	324,509		35		388,541		321,856		21
Total deposits	467,280	351,125		33		415,686		348,765		19
Borrowings	50,180	48,274		4		47,097		49,194		(4)
Common equity	107,412	56,443		90		82,306		54,293		52
Total stockholders’ equity	112,819	61,289		84		87,511		59,139		48
Selected performance metrics
Purchase volume	$230,379	$166,203		39%		$589,780		$481,517		22%
Global Payment Network volume(2)	153,117	N/A		**		227,131		N/A		**
Total net revenue margin(3)	10.36%	8.81%		155	bps		9.57%		8.55%		102	bps
Net interest margin	8.36		7.11			125			7.69			6.83	86
Return on average assets(4)	1.94		1.48			46			0.08			1.02	(94)
Return on average tangible assets(5)	2.07		1.53			54			0.08			1.05	(97)
Return on average common equity(6)	11.50		11.99			(49)			0.21			8.41	(820)
Return on average tangible common equity(7)	18.82		16.42			240			0.33			11.69	(1,136)
Equity-to-assets ratio(8)	17.15		12.74			441			15.23			12.38	285
Efficiency ratio(9)	53.80		53.07			73			55.89			53.24	265
Operating efficiency ratio(10)	44.66		41.95			271			45.46			42.22	324
Adjusted operating efficiency ratio(11)	38.89		41.41			(252)			40.63			41.71	(108)
Effective income tax rate from continuing operations	27.1		19.9			720			(83.5)			17.9	**
Net charge-offs	$3,473	$2,604		33%		$9,269		$7,864		18%
Net charge-off rate	3.16%	3.27%		(11)bps		3.25%		3.32%		(7)bps

(Dollars in millions, except as noted)	September 30, 2025	December 31, 2024	Change
Balance sheet (period-end)
Loans held for investment	$443,159	$327,775	35%
Interest-earning assets	605,235	463,058	31
Total assets	661,877	490,144	35
Interest-bearing deposits	441,136	336,585	31
Total deposits	468,785	362,707	29
Borrowings	51,482	45,551	13
Common equity	108,406	55,938	94
Total stockholders’ equity	113,813	60,784	87

8	Capital One Financial Corporation (COF)

(Dollars in millions, except as noted)	September 30, 2025	December 31, 2024	Change
Credit quality metrics
Allowance for credit losses	$23,103	$16,258	42%
Allowance coverage ratio	5.21%	4.96%	25bps
30+ day performing delinquency rate	3.29	3.69	(40)
30+ day delinquency rate	3.50	3.98	(48)
Capital ratios
Common equity Tier 1 capital(12)	14.4%	13.5%	90bps
Tier 1 capital(12)	15.5	14.8	70
Total capital(12)	17.3	16.4	90
Tier 1 leverage(12)	12.6	11.6	100
Tangible common equity (“TCE”)(13)	10.8	8.6	220
Supplementary leverage(12)	10.8	9.9	90
Other
Employees (period end, in thousands)	77.0	52.6	46%

(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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