CAPITAL ONE FINANCIAL CORP

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

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FY2025 · Filed Feb 19, 2026

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

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Contents

Average Balances, Net Interest Income and Net Interest Margin

Table 1 below presents the average outstanding balance, interest income earned, interest expense incurred and average yield for 2025, 2024 and 2023 for each major category of our interest-earning assets and interest-bearing liabilities. Nonperforming loans are included in the average loan balances below.

Table 1: Average Balances, Net Interest Income and Net Interest Margin

	Year Ended December 31,
2025 · 2024 · 2023
(Dollars in millions) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Credit card	$227,309	$40,813	17.95%		$153,115		$29,226		19.09%	$141,675		$26,267	18.54%
Consumer banking	81,225	7,604	9.36		75,974		6,612		8.70	77,514		6,041	7.79
Commercial banking(3)	88,685	5,585	6.30		89,007		6,301		7.08	92,984		6,363	6.84
Other(4)	—	(981)	**		—		(1,245)		**	—		(1,261)	**
Total loans, including loans held for sale	397,219	53,021	13.35		318,096		40,894		12.86	312,173		37,410	11.98
Investment securities	94,810	3,218	3.39		90,250		2,873		3.18	89,105		2,550	2.86
Cash equivalents and other interest-earning assets	54,656	2,457	4.50		45,135		2,267		5.02	39,960		1,978	4.95
Total interest-earning assets	546,685	58,696	10.74		453,481		46,034		10.15	441,238		41,938	9.50
Cash and due from banks	4,588			3,793					3,869
Allowance for credit losses	(20,800)			(15,968)					(14,290)
Premises and equipment, net	5,099			4,409					4,373
Other assets	57,733			34,736					32,617
Assets of discontinued operations	4,231			—					—
Total assets	$597,536			$480,451					$467,807
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits	$402,209	$12,925	3.21%		$324,297		$11,493		3.54%	$313,737		$9,489	3.02%
Securitized debt obligations	13,088	660	5.04		16,507		958		5.80	17,675		959	5.42
Senior and subordinated notes	34,017	2,172	6.39		31,529		2,333		7.40	31,109		2,204	7.08
Other borrowings and interest-bearing liabilities(5)	3,016	61	2.02		2,424		42		1.71	2,394		45	1.89
Total interest-bearing liabilities	452,330	15,818	3.50		374,757		14,826		3.96	364,915		12,697	3.48
Non-interest-bearing deposits	27,411			26,871					29,817
Other liabilities	23,235			19,024					17,880
Liabilities of discontinued operations	18			—					—
Total liabilities	502,994			420,652					412,612
Stockholders’ equity	94,542			59,799					55,195
Total liabilities and stockholders’ equity	$597,536			$480,451					$467,807
Net interest income/spread	$42,878	7.24		$31,208		6.20			$29,241		6.03
Impact of non-interest-bearing funding	0.60		0.68					0.60
Net interest margin	7.84%		6.88%					6.63%

(1)Average yield is calculated based on 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.

(2)Past due fees, net of reversals, included in interest income totaled approximately $2.6 billion in 2025, $2.3 billion in 2024 and $2.2 billion in 2023.

(3)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking

65	Capital One Financial Corporation (COF)

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. Taxable-equivalent adjustments included in the interest income and yield computations for our commercial loans totaled approximately $80 million in 2025, $79 million in 2024 and $74 million in 2023, with corresponding reductions to the Other category.

(4)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.

(5)Includes amounts related to entities that provide capital to low-income and rural communities of $2.1 billion, $2.0 billion and $1.8 billion in 2025, 2024 and 2023, respectively. Related interest expense was $31 million, $31 million and $32 million for 2025, 2024 and 2023, respectively.

Net interest income increased by $11.7 billion to $42.9 billion in 2025 compared to 2024 primarily driven by higher loan balances, including the impacts of the Transaction, and lower rates paid on deposits.

Net interest margin increased by 96 bps to 7.84% in 2025 compared to 2024 primarily driven by higher loan balances, including the impacts of the Transaction, and lower rates paid on deposits.

Our total company cumulative interest-bearing deposit beta increased to 23% as of December 31, 2025, from 11% as of December 31, 2024. We define cumulative deposit beta as the ratio of changes in the average rate paid on our average interest-bearing deposits to changes in the upper bound of the federal funds rate during the falling interest rate cycle.

66	Capital One Financial Corporation (COF)

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