CAPITAL ONE FINANCIAL CORP
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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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
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Reconciliation of Non-GAAP Measures
The following non-GAAP measure consists of our adjusted results that we believe helps investors and users of our financial information understand the effect of adjusting items on our selected reported results; however, it may not be comparable to similarly-titled measures reported by other companies. This adjusted result provides alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following table presents reconciliations of the non-GAAP measure to the applicable amounts measured in accordance with U.S. GAAP. The non-GAAP measure below should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP.
Table A—Reconciliation of Non-GAAP Measures
| Three Months Ended September 30, · Nine Months Ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in millions, except as noted) · 2025 · 2024 · 2025 · 2024 | |||||||||
| Adjusted operating efficiency ratio: | |||||||||
| Operating expense (U.S. GAAP) | $6,860 | $4,201 | $17,206 | $12,210 | |||||
| Discover integration expenses | (348) | (63) | (757) | (94) | |||||
| Discover intangible amortization expense | (498) | — | (753) | — | |||||
| Legal reserve activities | — | — | (239) | — | |||||
| FDIC special assessment | — | 9 | — | (41) | |||||
| Adjusted operating expense (non-GAAP) | $6,014 | $4,147 | $15,457 | $12,075 | |||||
| Total net revenue (U.S. GAAP) | $15,359 | $10,014 | $37,851 | $28,922 | |||||
| Discover loan and deposit fair value mark amortization | 105 | — | 190 | — | |||||
| Walmart program agreement termination contra revenue impact | — | — | — | 27 | |||||
| Adjusted net revenue (non-GAAP) | $15,464 | $10,014 | $38,041 | $28,949 | |||||
| Operating efficiency ratio (U.S. GAAP) | 44.66% | 41.95% | 45.46% | 42.22% | |||||
| Impact of adjustments noted above | (577) | bps | (54) | bps | (482) | bps | (51) | bps | |
| Adjusted operating efficiency ratio (non-GAAP) | 38.89% | 41.41% | 40.63% | 41.71% | |||||
The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses in assessing capital adequacy and the level of returns generated. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the 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 U.S. GAAP. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP.
| 68 | Capital One Financial Corporation (COF) |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (Dollars in millions, except as noted) | 2025 | 2024 | 2025 | 2024 |
| TCE (Average): | ||||
| Stockholders’ equity | $112,819 | $61,289 | $87,511 | $59,139 |
| Goodwill and other intangible assets(1) | (41,815) | (15,225) | (28,790) | (15,251) |
| Noncumulative perpetual preferred stock | (5,407) | (4,845) | (5,204) | (4,845) |
| TCE | $65,597 | $41,219 | $53,517 | $39,043 |
| Return on TCE (Average): | ||||
| Net income available to common stockholders (excluding discontinued operations) | $3,087 | $1,692 | $132 | $3,423 |
| TCE (Average) | 65,597 | 41,219 | 53,517 | 39,043 |
| Return on TCE(2) | 18.82% | 16.42% | 0.33% | 11.69% |
| Tangible Assets (Average): | ||||
| Total assets | $657,858 | $481,219 | $574,602 | $477,816 |
| Goodwill and other intangible assets(1) | (41,815) | (15,225) | (28,790) | (15,251) |
| Tangible assets | $616,043 | $465,994 | $545,812 | $462,565 |
| Return on Tangible Assets (Average): | ||||
| Net income | $3,192 | $1,777 | $319 | $3,654 |
| Tangible assets (Average) | 616,043 | 465,994 | 545,812 | 462,565 |
| Return on tangible assets(3) | 2.07% | 1.53% | 0.08% | 1.05% |
| (Dollars in millions, except as noted) | September 30, 2025 | September 30, 2024 | December 31, 2024 |
|---|---|---|---|
| TCE (Period-End): | |||
| Stockholders’ equity | $113,813 | $62,925 | $60,784 |
| Goodwill and other intangible assets(1) | (41,537) | (15,214) | (15,157) |
| Noncumulative perpetual preferred stock | (5,407) | (4,845) | (4,845) |
| TCE | $66,869 | $42,866 | $40,782 |
| Tangible Assets (Period-End): | |||
| Total assets | $661,877 | $486,433 | $490,144 |
| Goodwill and other intangible assets(1) | (41,537) | (15,214) | (15,157) |
| Tangible assets | $620,340 | $471,219 | $474,987 |
| Tangible Book Value per Common Share: | |||
| TCE (Period-end) | $66,869 | $42,866 | $40,782 |
| Outstanding Common Shares | 635.7 | 381.5 | 381.2 |
| Tangible book value per common share(4) | $105.18 | $112.36 | $106.97 |
| TCE Ratio | |||
| TCE (Period-end) | $66,869 | $42,866 | $40,782 |
| Tangible Assets (Period-end) | 620,340 | 471,219 | 474,987 |
| TCE Ratio(5) | 10.8% | 9.1% | 8.6% |
(1)Includes impact of related deferred taxes.
(2)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.
(3)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.
(4)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding.
(5)TCE ratio is a non-GAAP measure calculated based on TCE divided by period-end tangible assets.
| 69 | Capital One Financial Corporation (COF) |
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