CAPITAL ONE FINANCIAL CORP
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 2026
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Average Balances, Net Interest Income and Net Interest Margin
Table 2 below presents the average outstanding balance, interest income earned, interest expense incurred and average yield for the third quarter and first nine months of 2026 and 2025 for each major category of our interest-earning assets and interest-bearing liabilities. Nonperforming loans are included in the average loan balances below.
Table 2: Average Balances, Net Interest Income and Net Interest Margin
| Three Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 · 2025 | ||||||||
| (Dollars in millions) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) | ||||||||
| Assets: | ||||||||
| Interest-earning assets: | ||||||||
| Loans:(2) | ||||||||
| Credit card | $273,671 | $12,112 | 17.70% | $269,175 | $12,109 | 17.99% | ||
| Consumer banking | 92,330 | 2,242 | 9.71 | 82,295 | 1,958 | 9.52 | ||
| Commercial banking(3) | 91,830 | 1,350 | 5.88 | 88,904 | 1,426 | 6.42 | ||
| Other(4) | — | (189) | ** | — | (264) | ** | ||
| Total loans, including loans held for sale | 457,831 | 15,515 | 13.56 | 440,374 | 15,229 | 13.83 | ||
| Investment securities | 99,842 | 867 | 3.48 | 96,186 | 823 | 3.42 | ||
| Cash equivalents and other interest-earning assets | 54,848 | 517 | 3.77 | 56,687 | 711 | 5.02 | ||
| Total interest-earning assets | $612,521 | $16,899 | 11.04% | $593,247 | $16,763 | 11.30% | ||
| Cash and due from banks | 3,854 | 5,062 | ||||||
| Allowance for credit losses | (22,966) | (23,857) | ||||||
| Premises and equipment, net | 6,231 | 5,200 | ||||||
| Other assets | 76,528 | 70,035 | ||||||
| Assets of discontinued operations | — | 8,171 | ||||||
| Total assets | $676,168 | $657,858 | ||||||
| Liabilities and stockholders’ equity: | ||||||||
| Interest-bearing liabilities: | ||||||||
| Interest-bearing deposits | $454,245 | $3,334 | 2.94% | $439,527 | $3,597 | 3.27% | ||
| Securitized debt obligations | 10,918 | 127 | 4.66 | 12,919 | 165 | 5.11 | ||
| Senior and subordinated notes | 35,603 | 528 | 5.93 | 36,272 | 582 | 6.41 | ||
| Other borrowings and interest-bearing liabilities(5) | 4,356 | 24 | 2.17 | 3,120 | 15 | 2.04 | ||
| Total interest-bearing liabilities | $505,122 | $4,013 | 3.18% | $491,838 | $4,359 | 3.55% | ||
| Non-interest-bearing deposits | 28,368 | 27,753 | ||||||
| Other liabilities | 29,107 | 25,414 | ||||||
| Liabilities of discontinued operations | — | 34 | ||||||
| Total liabilities | 562,597 | 545,039 | ||||||
| Stockholders’ equity | 113,571 | 112,819 | ||||||
| Total liabilities and stockholders’ equity | $676,168 | $657,858 | ||||||
| Net interest income/spread | $12,886 | 7.86 | $12,404 | 7.75 | ||||
| Impact of non-interest-bearing funding | 0.55 | 0.61 | ||||||
| Net interest margin | 8.41% | 8.36% | ||||||
| 11 | Capital One Financial Corporation (COF) |
| Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 · 2025 | ||||||||
| (Dollars in millions) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) | ||||||||
| Assets: | ||||||||
| Interest-earning assets: | ||||||||
| Loans:(2) | ||||||||
| Credit card | $271,956 | $35,415 | 17.36% | $212,172 | $28,764 | 18.08% | ||
| Consumer banking | 88,896 | 6,383 | 9.57 | 80,304 | 5,592 | 9.28 | ||
| Commercial banking(3) | 90,999 | 3,936 | 5.77 | 88,516 | 4,229 | 6.37 | ||
| Other(4) | — | (573) | ** | — | (750) | ** | ||
| Total loans, including loans held for sale | 451,851 | 45,161 | 13.33 | 380,992 | 37,835 | 13.24 | ||
| Investment securities | 99,002 | 2,549 | 3.43 | 93,970 | 2,377 | 3.37 | ||
| Cash equivalents and other interest-earning assets | 64,888 | 1,805 | 3.71 | 52,499 | 1,797 | 4.56 | ||
| Total interest-earning assets | 615,741 | 49,515 | 10.72% | 527,461 | 42,009 | 10.62% | ||
| Cash and due from banks | 4,624 | 4,612 | ||||||
| Allowance for credit losses | (23,339) | (20,024) | ||||||
| Premises and equipment, net | 6,065 | 4,946 | ||||||
| Other assets | 74,965 | 53,545 | ||||||
| Assets of discontinued operations | — | 4,062 | ||||||
| Total assets | $678,056 | $574,602 | ||||||
| Liabilities and stockholders’ equity: | ||||||||
| Interest-bearing liabilities: | ||||||||
| Interest-bearing deposits | $454,785 | $10,059 | 2.95% | $388,541 | $9,432 | 3.24% | ||
| Securitized debt obligations | 11,189 | 385 | 4.59 | 13,228 | 505 | 5.10 | ||
| Senior and subordinated notes | 36,974 | 1,595 | 5.75 | 33,180 | 1,622 | 6.52 | ||
| Other borrowings and interest-bearing liabilities(5) | 4,145 | 71 | 2.30 | 2,771 | 38 | 1.84 | ||
| Total interest-bearing liabilities | 507,093 | 12,110 | 3.18 | 437,720 | 11,597 | 3.53% | ||
| Non-interest-bearing deposits | 28,345 | 27,145 | ||||||
| Other liabilities | 28,409 | 22,213 | ||||||
| Liabilities of discontinued operations | (2) | 13 | ||||||
| Total liabilities | 563,845 | 487,091 | ||||||
| Stockholders’ equity | 114,211 | 87,511 | ||||||
| Total liabilities and stockholders’ equity | $678,056 | $574,602 | ||||||
| Net interest income/spread | $37,405 | 7.54 | $30,412 | 7.09 | ||||
| Impact of non-interest-bearing funding | 0.56 | 0.60 | ||||||
| Net interest margin | 8.10% | 7.69% | ||||||
(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense.
(2)Past due fees, net of reversals, included in interest income totaled approximately $748 million and $2.1 billion in the third quarter and first nine months of 2026, respectively, and $745 million and $1.9 billion in the third quarter and first nine months of 2025, respectively.
(3)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category. Taxable-equivalent adjustments included in the interest income and yield computations for our commercial loans totaled approximately $21 million and $61 million in the third quarter and first nine months of 2026, respectively, and $19 million and $59 million in the third quarter and first nine months of 2025, respectively, with corresponding reductions to the Other category.
(4)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.
(5)Includes amounts related to entities that provide capital to low-income and rural communities of $2.8 billion and $2.5 billion in the third quarter and first nine months of 2026, respectively, and $2.1 billion in both the third quarter and first nine months of 2025. Related interest expense was $10 million and $27 million for the third quarter and first nine months of 2026, respectively, and $8 million and $23 million for the third quarter and first nine months of 2025, respectively.
| 12 | Capital One Financial Corporation (COF) |
Net interest income increased by $482 million to $12.9 billion in the third quarter of 2026 compared to the third quarter of 2025 primarily driven by lower rates paid on deposits and higher average credit card and auto loan balances. Net interest income increased by $7.0 billion to $37.4 billion in the first nine months of 2026 compared to the first nine months of 2025 primarily driven by higher average credit card loan balances, largely due to the addition of Discover.
Net interest margin increased by 5 bps to 8.41% in the third quarter of 2026 compared to the third quarter of 2025 primarily driven by lower rates paid on deposits, partially offset by lower asset yields. Net interest margin increased by 41 bps to 8.10% in the first nine months of 2026 compared to the first nine months of 2025 primarily driven by higher average credit card loan balances, largely due to the addition of Discover, and lower rates paid on deposits, partially offset by lower yields in our credit card loan portfolio.
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