CAPITAL ONE FINANCIAL CORP

Table 4 displays the components of non-interest income for the first quarters of 2026 and 2025.

Table 4: Non-Interest Income

(1)Primarily consists of revenue from Capital One Shopping, treasury income and auto industry services.

(2)Includes losses of $18 million and $16 million on deferred compensation plan investments in the first quarters of 2026 and 2025, respectively. These amounts have corresponding offsets in non-interest expense.

Non-interest income increased by $1.1 billion to $3.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by growth in our credit card loan portfolio, largely due to the addition of Discover.

Provision for Credit Losses

Our provision for credit losses in each period is driven by net charge-offs, changes to the allowance for credit losses and changes to the reserve for unfunded lending commitments. Our provision for credit losses increased by $1.7 billion to $4.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher net charge-offs in our credit card loan portfolio, largely due to the addition of Discover.

We provide additional information on the provision for credit losses and changes in the allowance for credit losses within “Credit Risk Profile” and “Part I—Item 1. Financial Statements—Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments.” For information on the allowance methodology, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.