CAPITAL ONE FINANCIAL CORP

Credit Ratings

Our credit ratings impact our ability to access capital markets and our borrowing costs. For more information, see “Part I—Item 1A. Risk Factors” under the heading in our 2025 Form 10-K“A downgrade in our credit ratings could significantly impact our liquidity, funding costs and access to the capital markets.”

Table 30 provides a summary of the credit ratings for the senior unsecured long-term debt of Capital One Financial Corporation and CONA as of June 30, 2026 and December 31, 2025.

Table 30: Senior Unsecured Long-Term Debt Credit Ratings

As of July 22, 2026, Moody’s Investors Service (“Moody’s”) has our credit ratings on a stable outlook, Standard & Poor’s (“S&P”) has our credit ratings on a positive outlook. On May 12, 2026, Fitch Ratings (“Fitch”) put our ratings on review for possible downgrade.

Funding Uses and Commitments

In the normal course of business, we enter into various contractual obligations that may require future cash payments that affect our short-term and long-term liquidity and capital resource needs. Our future contractual cash outflows primarily relate to deposits, borrowings, operating leases and other contractual obligations. Other contractual obligations include lending commitments, leases, purchase obligations and other contractual arrangements. The actual timing and amounts of future cash payments may vary over time due to a number of factors, such as early debt redemptions and changes in deposit balances.

As of June 30, 2026 and December 31, 2025, our total unfunded lending commitments were$762.5 billionand $729.6 billion, respectively, consisting of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities. For additional information, refer to “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others” in this Report.

Our primary involvement with leases is in the capacity as a lessee where we lease premises to support our business. The majority of our leases are operating leases of office space, retail bank branches and cafés. Our operating leases expire at various dates through 2071, although some have extension or termination options, and we assess the likelihood of exercising such options. If it is reasonably certain that we will exercise the options, then we include the impact in the measurement of our right-of-use assets and lease liabilities. As of June 30, 2026 and December 31, 2025, we had$1.4 billion and $1.5 billion in aggregate operating lease obligations, respectively. We provide more information on our lease activity in “Part II—Item 8. Financial Statements and Supplementary Data—Note 8—Premises, Equipment and Leases” in our 2025 Form 10-K.

We have enforceable and legally binding purchase obligations for goods and services such as data management, media and other software and third-party services. As of June 30, 2026 and December 31, 2025, we had $4.0 billion and $3.8 billion, respectively, in aggregate purchase obligations.

We also enter into various contractual arrangements that may require future cash payments, including short-term obligations such as trade payables, commitments to fund certain equity investments, obligations for pension and post-retirement benefit plans, and representation and warranty reserves. These arrangements are discussed in more detail in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations,” and “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others” in this Report and “Part II—Item 8. Financial Statements and Supplementary Data—Note 15—Employee Benefit Plans” in our 2025 Form 10-K.