CAPITAL ONE FINANCIAL CORP

Table 4 displays the components of non-interest income for the third quarter and first nine months of 2025 and 2024.

Table 4: Non-Interest Income

(1)Primarily consists of revenue from Capital One Shopping, treasury income, other investment income and auto industry services.

(2)Includes gains of $46 million and $87 million on deferred compensation plan investments in the third quarter and first nine months of 2025, respectively, and gains of $36 million and $89 million on deferred compensation plan investments in the third quarter and first nine months of 2024, respectively. These amounts have corresponding offsets in non-interest expense.

Non-interest income increased by $1.0 billion to $3.0 billion in the third quarter of 2025 and increased by $1.6 billion to $7.4 billion in the first nine months of 2025 primarily due to growth in our credit card portfolio and the impacts of acquiring the Global Payment Network, both as a result of the Transaction.

Provision for Credit Losses

Our provision for credit losses in each period is driven by net charge-offs, changes to the allowance for credit losses and changes to the reserve for unfunded lending commitments. Our provision for credit losses increased by $232 million to $2.7 billion in the third quarter of 2025 primarily driven by higher net charge-offs in Domestic Card as a result of the Transaction, partially offset by a larger net allowance release compared to the third quarter of 2024. Our provision for credit losses increased by $7.4 billion to $16.5 billion in the first nine months of 2025 primarily driven by the initial allowance for credit losses of $8.8 billion for non-PCD loans acquired in the Transaction.

We provide additional information on the provision for credit losses and changes in the allowance for credit losses within “Credit Risk Profile” and “Part I—Item 1. Financial Statements—Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments.” For information on the allowance methodology for each of our loan categories, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2024 Form 10-K.