CAPITAL ONE FINANCIAL CORP

Financial Highlights

We reported net income of $2.2 billion ($3.34 per diluted common share) on total net revenue of $15.2 billion for the first quarter of 2026. In comparison, we reported net income of $1.4 billion ($3.45 per diluted common share) on total net revenue of $10.0 billion for the first quarter of 2025.

Our common equity Tier 1 (“CET1”) capital ratio as calculated under the Basel III standardized approach was 14.4% and 14.3% as of March 31, 2026 and December 31, 2025, respectively. See “Capital Management” for additional information.

In the first quarter of 2026, we declared and paid common stock dividends of $505 million and repurchased $2.5 billion of shares of our common stock. See “Capital Management—Dividend Policy and Stock Purchases” for additional information.

Below are additional highlights of our performance in the first quarter of 2026. These highlights are based on a comparison between the results of the first quarters of 2026 and 2025, except as otherwise noted. Highlights related to changes in our financial condition and credit performance are based on March 31, 2026 compared to December 31, 2025. We provide a more detailed discussion of our financial performance in the sections following this “Executive Summary.”

Total Company Performance

•Earnings:

Our net income increased by $770 million to $2.2 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by:

◦Higher net interest income primarily driven by higher average credit card loan balances, largely due to the addition of Discover.

◦Higher non-interest income primarily driven by growth in our credit card loan portfolio, largely due to the addition of Discover.

These drivers were partially offset by:

◦Higher provision for credit losses primarily driven by higher net losses in our credit card loan portfolio, largely due to the addition of Discover.

◦Higher non-interest expense primarily driven by the addition of Discover, amortization of the intangibles recognized in the Transaction and higher Discover integration expenses.

•Loans Held for Investment:

◦Loans held for investment decreased by $5.9 billion to $447.8 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonal paydowns in our credit card loan portfolio, partially offset by growth in our auto loan portfolio.

◦Average loans held for investment increased by $123.9 billion to $446.2 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover.

•Net Charge-Off and Delinquency Metrics:

◦Our net charge-off rate increased by 5 basis points (“bps”) to 3.45% in the first quarter of 2026 compared to the first quarter of 2025.

◦Our 30+ day delinquency rate decreased by 35 bps to 3.24% as of March 31, 2026 from December 31, 2025.

•Allowance for Credit Losses: Our allowance for credit losses increased by $221 million to $23.6 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by allowance builds in our auto and commercial businesses. Our allowance coverage ratio increased by 12 bps to 5.28% as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonally lower loan balances and a substantially flat allowance for credit losses on our credit card loan portfolio.