CAPITAL ONE FINANCIAL CORP
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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
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Reconciliation of Non-GAAP Measures
Table A—Reconciliation of Non-GAAP Measures
The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses when assessing returns and capital management over time. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with U.S. GAAP. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP.
| Three Months Ended March 31, | ||
|---|---|---|
| (Dollars in millions, except as noted) | 2026 | 2025 |
| TCE (Average): | ||
| Stockholders’ equity | $114,556 | $62,240 |
| Goodwill and other intangible assets(1) | (40,709) | (15,149) |
| Noncumulative perpetual preferred stock | (5,407) | (4,845) |
| TCE | $68,440 | $42,246 |
| Return on TCE (Average): | ||
| Net income (loss) available to common stockholders | $2,081 | $1,325 |
| Income (loss) from discontinued operations, net of tax | (7) | — |
| Net income (loss) available to common stockholders less income (loss) from discontinued operations | 2,088 | 1,325 |
| TCE (Average) | $68,440 | $42,246 |
| Return on TCE(2) | 12.20% | 12.55% |
| Tangible Assets (Average): | ||
| Total assets | $675,999 | $491,817 |
| Goodwill and other intangible assets(1) | (40,709) | (15,149) |
| Tangible assets | 635,290 | 476,668 |
| Return on Tangible Assets (Average): | ||
| Net income | 2,174 | 1,404 |
| Income (loss) from discontinued operations, net of tax | (7) | — |
| Net income (loss) less income (loss) from discontinued operations, net of tax | 2,181 | 1,404 |
| Tangible assets (Average) | $635,290 | $476,668 |
| Return on tangible assets(3) | 1.37% | 1.18% |
| 61 | Capital One Financial Corporation (COF) |
| (Dollars in millions, except as noted) | March 31, 2026 | March 31, 2025 | December 31, 2025 |
|---|---|---|---|
| TCE (Period-End): | |||
| Stockholders’ equity | $112,261 | $63,542 | $113,616 |
| Goodwill and other intangible assets(1) | (40,489) | (15,139) | (40,876) |
| Noncumulative perpetual preferred stock | (5,407) | (4,845) | (5,407) |
| TCE | $66,365 | $43,558 | $67,333 |
| Tangible Assets (Period-End): | |||
| Total assets | $682,905 | $493,604 | $669,009 |
| Goodwill and other intangible assets(1) | (40,489) | (15,139) | (40,876) |
| Tangible assets | $642,416 | $478,465 | $628,133 |
| Tangible Book Value per Common Share: | |||
| TCE (Period-end) | $66,365 | $43,558 | $67,333 |
| Outstanding Common Shares | 615.9 | 383.0 | 625.1 |
| Tangible book value per common share(4) | $107.76 | $113.74 | $107.72 |
| TCE Ratio | |||
| TCE (Period-end) | $66,365 | $43,558 | $67,333 |
| Tangible Assets (Period-end) | 642,416 | 478,465 | 628,133 |
| TCE Ratio(5) | 10.3% | 9.1% | 10.7% |
(1)Includes impact of related deferred taxes.
(2)Return on average TCE is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.
(3)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period.
(4)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding.
(5)TCE ratio is a non-GAAP measure calculated based on TCE divided by period-end tangible assets.
| 62 | Capital One Financial Corporation (COF) |
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