CAPITAL ONE FINANCIAL CORP

Consumer Banking Business

The primary sources of revenue for our Consumer Banking business are net interest income from loans and deposits as well as service charges and customer-related fees, including revenue from processing transactions on the Global Payment Network. Expenses primarily consist of operating costs, the provision for credit losses and marketing expenses.

Our Consumer Banking business generated income from continuing operations, net of tax, of$298 million and $186 million in the first quarters of 2026 and 2025, respectively.

Table 10 summarizes the financial results of our Consumer Banking business and displays selected key metrics for the periods indicated.

Table 10: Consumer Banking Business Results

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.

(2)Nonperforming assets primarily consist of nonperforming loans and repossessed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment and repossessed assets.

Key factors affecting the results of our Consumer Banking business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:

•Net Interest Income: Net interest income increased by $286 million to $2.2 billion in the first quarter of 2026 primarily driven by higher deposits due to the addition of Discover and higher average loan balances in our auto business, partially offset by lower margins in our retail banking business.

•Non-Interest Income: Non-interest income increased by $500 million to $683 million in the first quarter of 2026 primarily due to the addition of the Global Payment Network and the reissuance of legacy Capital One customer debit cards onto the Global Payment Network.

•Provision for Credit Losses: Provision for credit losses increased by $218 million to $519 million in the first quarter of 2026 primarily driven by a $157 million allowance build in our auto business compared to a $14 million allowance release in the first quarter of 2025.

•Non-Interest Expense: Non-interest expense increased by $417 million to $2.0 billion in the first quarter of 2026 primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction, partially offset by the absence of a legal reserve build recorded in the first quarter of 2025.

•Period-end loans held for investment increased by $2.1 billion to $86.9 billion as of March 31, 2026 from December 31, 2025 primarily driven by growth in our auto loan portfolio.

•Average loans held for investment increased by $7.2 billion to $85.7 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by growth in our auto loan portfolio.

Deposits:

•Period-end deposits increased by $14.1 billion to $438.0 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued growth from our national banking strategy.

Net Charge-Off and Delinquency Metrics:

•The net charge-off rate increased by 10 bps to 1.70% in the first quarter of 2026 compared to the first quarter of 2025.

•The 30+ day delinquency rate decreased by 114 bps to 4.59% as of March 31, 2026 compared to December 31, 2025.