CAPITAL ONE FINANCIAL CORP

Financial Highlights

We reported net income of $3.0 billion ($4.73 per diluted common share) on total net revenue of $15.9 billion and net income of $5.2 billion ($8.07 per diluted common share) on total net revenue of $31.1 billion for the second quarter and first six months of 2026, respectively. In comparison, we reported net loss of $4.3 billion ($(8.58) per diluted common share) on total net revenue of $12.5 billion and net loss of $2.9 billion ($(6.74) per diluted common share) on total net revenue of $22.5 billion for the second quarter and first six months of 2025, respectively.

Our common equity Tier 1 (“CET1”) capital ratio as calculated under the Basel III standardized approach was 13.7% and 14.3% as of June 30, 2026 and December 31, 2025, respectively. See “Capital Management” for additional information.

In the second quarter of 2026, we declared and paid common stock dividends of $501 million and repurchased $2.7 billion of our common stock. During the first six months of 2026, we declared and paid common stock dividends of $1.0 billion and repurchased $5.2 billion of our common stock. See “Capital Management—Dividend Policy and Stock Purchases” for additional information.

Below are additional highlights of our performance in the second quarter and first six months of 2026. These highlights are based on a comparison between the results of the second quarter and first six months of 2026 and 2025, except as otherwise noted. Highlights related to changes in our financial condition and credit performance are based on June 30, 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 $7.3 billion to $3.0 billion in the second quarter of 2026 compared to the second quarter of 2025 and increased by $8.1 billion to $5.2 billion in the first six months of 2026 compared to the first six months of 2025 primarily driven by:

◦Lower provision for credit losses primarily driven by the absence of the initial allowance for credit losses for loans acquired in the Discover acquisition.

◦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, including the addition of Discover, as well as impacts from the reissuance of legacy Capital One customer debit cards onto the Global Payment Network.

These drivers were partially offset by:

◦Higher non-interest expense primarily driven by the addition of Discover and higher acquisition amortization expenses.

•Loans Held for Investment:

◦Loans held for investment increased by $3.5 billion to $457.2 billion as of June 30, 2026 compared to December 31, 2025 primarily driven by growth in our auto and commercial loan portfolios, partially offset by seasonal paydowns in our credit card loan portfolio.

◦Average loans held for investment increased by $72.5 billion to $450.7 billion in the second quarter of 2026 compared to the second quarter of 2025 and increased by $98.0 billion to $448.5 billion in the first six months of 2026 compared to the first six months of 2025 primarily driven by the addition of Discover.

•Net Charge-Off and Delinquency Metrics:

◦Our net charge-off rate decreased by 1 basis point (“bps”) to 3.23% in the second quarter of 2026 compared to the second quarter of 2025 and increased by 3 bps to 3.34% in the first six months of 2026 compared to the first six months of 2025.

◦Our 30+ day delinquency rate decreased by 46 bps to 3.13% as of June 30, 2026 from December 31, 2025.

•Allowance for Credit Losses: Our allowance for credit losses decreased by $443 million to $23.0 billion as of June 30, 2026 compared to December 31, 2025 primarily driven by an allowance release in our Domestic Card loan portfolio, partially offset by a build in our auto loan portfolio. Our allowance coverage ratio decreased by 14 bps to 5.02% as of June 30, 2026 compared to December 31, 2025 primarily driven by favorable credit performance in our Domestic Card loan portfolio.