CAPITAL ONE FINANCIAL CORP

For the period ended Jun 30, 2026. Filed Jul 28, 2026.

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.

Jun 30, 2026 · Filed Jul 28, 2026

COF$195.84-1.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Financial Highlights

Table 1: Consolidated Financial Highlights

	Three Months Ended June 30,			Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	2026	2025	Change	2026	2025	Change
Income statement
Net interest income	$12,374	$9,995	24%	$24,519	$18,008	36%
Non-interest income	3,476	2,497	39	6,562	4,484	46
Total net revenue	15,850	12,492	27	31,081	22,492	38
Provision for credit losses	2,989	11,430	(74)	7,057	13,799	(49)
Non-interest expense:
Marketing	1,661	1,345	23	3,158	2,547	24
Operating expense	7,382	5,646	31	14,349	10,346	39
Total non-interest expense	9,043	6,991	29	17,507	12,893	36
Income (loss) from continuing operations before income taxes	3,818	(5,929)	**	6,517	(4,200)	**
Income tax provision (benefit)	798	(1,666)	**	1,316	(1,341)	**
Income (loss) from continuing operations, net of tax	3,020	(4,263)	**	5,201	(2,859)	**
Income (loss) from discontinued operations, net of tax	—	(14)	**	(7)	(14)	(50)
Net income (loss)	3,020	(4,277)	**	5,194	(2,873)	**
Dividends and undistributed earnings allocated to participating securities	(28)	(4)	**	(48)	(9)	**
Preferred stock dividends	(57)	(65)	(12)	(130)	(122)	7
Discount on redeemed preferred stock	—	6	**	—	6	**
Net income (loss) available to common stockholders	$2,935	$(4,340)	**	$5,016	$(2,998)	**
Common share statistics
Basic earnings per common share:
Net income (loss) from continuing operations	$4.73	$(8.55)	**	$8.08	$(6.71)	**
Income (loss) from discontinued operations	—	(0.03)	**	(0.01)	(0.03)	(67)%
Net income (loss) per basic common share	$4.73	$(8.58)	**	$8.07	$(6.74)	**
Diluted earnings per common share:
Net income (loss) from continuing operations	$4.73	$(8.55)	**	$8.08	$(6.71)	**
Income (loss) from discontinued operations	—	(0.03)	**	(0.01)	(0.03)	(67)%
Net income (loss) per diluted common share	$4.73	$(8.58)	**	$8.07	$(6.74)	**
Weighted-average common shares outstanding (in millions):
Basic	620.5	505.6	23%	621.5	444.7	40%
Diluted	621.1	505.6	23	622.3	444.7	40
Common shares outstanding (period-end, in millions)	613.5	639.5	(4)	613.5	639.5	(4)

6	Capital One Financial Corporation (COF)

Three Months Ended June 30, · Six Months Ended June 30,
(Dollars in millions, except per share data and as noted) · 2026 · 2025 · Change · 2026 · 2025 · Change
Dividends declared and paid per common share	$0.80	$0.60		33%		$1.60		$1.20		33%
Tangible book value per common share (period-end)(1)	105.21	99.35		6		105.21		99.35		6
Balance sheet (average balances)
Loans held for investment	$450,679	$378,157		19%		$448,469		$350,425		28%
Interest-earning assets	617,583	524,929		18		617,378		494,022		25
Total assets	682,079	572,446		19		679,050		532,354		28
Interest-bearing deposits	458,130	387,139		18		455,060		362,626		25
Total deposits	486,791	414,568		17		483,393		389,462		24
Borrowings	49,092	46,601		5		50,710		45,531		11
Common equity	109,111	81,563		34		109,130		69,546		57
Total stockholders’ equity	114,518	86,918		32		114,537		74,647		53
Selected performance metrics
Purchase volume	$253,750	$201,453		26%		$474,290		$359,401		32%
Global Payment Network volume	189,612	74,014		156		363,944		74,014		**
Total net revenue margin(2)	10.27%	9.52%		75	bps		10.07%		9.11%		96	bps
Net interest margin	8.01		7.62			39			7.94			7.29	65
Return on average assets(3)	1.77		(2.98)			475			1.53			(1.07)	260
Return on average tangible assets(4)	1.89		(3.14)			503			1.63			(1.12)	275
Return on average common equity(5)	10.76		(21.22)			3,198			9.21			(8.58)	1,779
Return on average tangible common equity(6)	18.04		(32.99)			5,103			15.05			(12.60)	2,765
Equity-to-assets ratio(7)	16.79		15.18			161			16.87			14.02	285
Efficiency ratio(8)	57.05		55.96			109			56.33			57.32	(99)
Operating efficiency ratio(9)	46.57		45.20			137			46.17			46.00	17
Effective income tax rate from continuing operations	20.9		28.1			(720)			20.2			31.9	(1,170)
Net charge-offs	$3,642	$3,060		19%		$7,489		$5,796		29%
Net charge-off rate	3.23%	3.24%		(1)bps		3.34%		3.31%		3	bps

(Dollars in millions, except as noted)	June 30, 2026	December 31, 2025	Change
Balance sheet (period-end)
Loans held for investment	$457,168	$453,622	1%
Interest-earning assets	610,913	613,750	—
Total assets	673,835	669,009	1
Interest-bearing deposits	456,464	448,386	2
Total deposits	484,257	475,771	2
Borrowings	45,371	51,000	(11)
Common equity	108,386	108,209	—
Total stockholders’ equity	113,793	113,616	—
Credit quality metrics
Allowance for credit losses	$22,966	$23,409	(2)%
Allowance coverage ratio	5.02%	5.16%	(14)bps
30+ day performing delinquency rate	2.91	3.41	(50)
30+ day delinquency rate	3.13	3.59	(46)

7	Capital One Financial Corporation (COF)

(Dollars in millions, except as noted)	June 30, 2026	December 31, 2025	Change
Capital ratios
Common equity Tier 1 capital(10)	13.7%	14.3%	(60)bps
Tier 1 capital(10)	14.8	15.3	(50)
Total capital(10)	16.6	17.2	(60)
Tier 1 leverage(10)	11.8	12.5	(70)
Tangible common equity (“TCE”)(11)	10.2	10.7	(50)
Supplementary leverage(10)	10.1	10.6	(50)
Other
Employees (period-end, in thousands)	78.4	76.3	3%

(1)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(2)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(3)Return on average assets is calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average total assets for the period.

(4)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. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(5)Return on average common equity is 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 common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.

(6)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. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(7)Equity-to-assets ratio is calculated based on average stockholders’ equity for the period divided by average total assets for the period.

(8)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period.

(9)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period.

(10)Capital ratios are calculated based on the Basel III standardized approach framework. See “Capital Management” for additional information.

(11)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for the calculation of this measure and reconciliation to the comparative U.S. GAAP measure.

8	Capital One Financial Corporation (COF)

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