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CAPITAL ONE FINANCIAL CORP

For the period ended Mar 31, 2026. Filed May 7, 2026.

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About this filing

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.

Mar 31, 2026 · Filed May 7, 2026

COF$198.58-1.6%Stored close · as of Nov 9, 2026

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Contents

Non-Interest Expense

Table 5 displays the components of non-interest expense for the first quarters of 2026 and 2025.

Table 5: Non-Interest Expense

Three Months Ended March 31,
(Dollars in millions)20262025
Operating expense:
Salaries and associate benefits(1)$3,671$2,546
Occupancy and equipment867615
Professional services585437
Communications and data processing496399
Amortization of intangibles49216
Other non-interest expense:
Bankcard, regulatory and other fee assessments18265
Collections244108
Other430514
Total other non-interest expense856687
Total operating expense$6,967$4,700
Marketing1,4971,202
Total non-interest expense$8,464$5,902

(1)Includes benefits of $18 million and $16 million related to our deferred compensation plan investments for the first quarters of 2026 and 2025, respectively. These amounts have corresponding offsets from investments in other non-interest income.

Non-interest expense increased by $2.6 billion to $8.5 billion inthe first quarter of 2026 compared to the first quarter of 2025 primarily driven bythe addition of Discover, amortization of the intangibles recognized in the Transaction and higher Discover integration expenses.

Discover integration expenses increased by $305 million to $415 million in the first quarter of 2026 primarily driven by higher salaries and associate benefits, which are included within operating expense in our consolidated statements of income. Since the announcement of the Transaction in the first quarter of 2024, we have incurred $1.8 billion of Discover integration expenses as of March 31, 2026.

14Capital One Financial Corporation (COF)

Income Taxes

We recorded an income tax expense of $518 million (19.2% effective income tax rate) and $325 million (18.8% effective income tax rate) in the first quarters of 2026 and 2025, respectively. Our effective tax rate on income from continuing operations varies between periods due, in part, to the impact of changes in pre-tax income and changes in tax credits, tax-exempt income and non-deductible expenses relative to our pre-tax earnings.

We provide additional information on items affecting our income taxes and effective tax rate in “Part II—Item 8. Financial Statements and Supplementary Data—Note 16—Income Taxes” in our 2025 Form 10-K.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.