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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Financial Highlights
Table 1: Consolidated Financial Highlights
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|---|
| (Dollars in millions, except per share data and as noted) | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Income statement | ||||||
| Net interest income | $12,886 | $12,404 | 4% | $37,405 | $30,412 | 23% |
| Non-interest income | 3,458 | 2,955 | 17 | 10,020 | 7,439 | 35 |
| Total net revenue | 16,344 | 15,359 | 6 | 47,425 | 37,851 | 25 |
| Provision for credit losses | 2,916 | 2,714 | 7 | 9,973 | 16,513 | (40) |
| Non-interest expense: | ||||||
| Marketing | 1,594 | 1,403 | 14 | 4,752 | 3,950 | 20 |
| Operating expense | 7,262 | 6,860 | 6 | 21,611 | 17,206 | 26 |
| Total non-interest expense | 8,856 | 8,263 | 7 | 26,363 | 21,156 | 25 |
| Income from continuing operations before income taxes | 4,572 | 4,382 | 4 | 11,089 | 182 | ** |
| Income tax provision (benefit) | 1,033 | 1,189 | (13) | 2,349 | (152) | ** |
| Income from continuing operations, net of tax | 3,539 | 3,193 | 11 | 8,740 | 334 | ** |
| Income (loss) from discontinued operations, net of tax | — | (1) | ** | (7) | (15) | (53) |
| Net income | 3,539 | 3,192 | 11 | 8,733 | 319 | ** |
| Dividends and undistributed earnings allocated to participating securities | (32) | (33) | (3) | (80) | (13) | ** |
| Preferred stock dividends | (73) | (73) | — | (203) | (195) | 4% |
| Impacts from preferred stock redemptions | (12) | — | ** | (12) | 6 | ** |
| Net income available to common stockholders | $3,422 | $3,086 | 11% | $8,438 | $117 | ** |
| Common share statistics | ||||||
| Basic earnings per common share: | ||||||
| Net income from continuing operations | $5.62 | $4.83 | 16% | $13.68 | $0.26 | ** |
| Income (loss) from discontinued operations | — | — | — | (0.01) | (0.03) | (67)% |
| Net income per basic common share | $5.62 | $4.83 | 16% | $13.67 | $0.23 | ** |
| Diluted earnings per common share: | ||||||
| Net income from continuing operations | $5.61 | $4.83 | 16% | $13.66 | $0.26 | ** |
| Income (loss) from discontinued operations | — | — | — | (0.01) | (0.03) | (67)% |
| Net income per diluted common share | $5.61 | $4.83 | 16% | $13.65 | $0.23 | ** |
| Weighted-average common shares outstanding (in millions): | ||||||
| Basic | 608.9 | 639.0 | (5)% | 617.2 | 510.2 | 21% |
| Diluted | 609.5 | 639.5 | (5) | 618.0 | 510.9 | 21 |
| Common shares outstanding (period-end, in millions) | 601.5 | 635.7 | (5) | 601.5 | 635.7 | (5) |
| 6 | Capital One Financial Corporation (COF) |
| Three Months Ended September 30, · Nine Months Ended September 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% | $2.40 | $1.80 | 33% | ||||||
| Tangible book value per common share (period-end)(1) | 102.72 | 105.18 | (2) | 102.72 | 105.18 | (2) | ||||||
| Balance sheet (average balances) | ||||||||||||
| Loans held for investment | $457,380 | $439,859 | 4% | $451,472 | $380,564 | 19% | ||||||
| Interest-earning assets | 612,521 | 593,247 | 3 | 615,741 | 527,461 | 17 | ||||||
| Total assets | 676,168 | 657,858 | 3 | 678,056 | 574,602 | 18 | ||||||
| Interest-bearing deposits | 454,245 | 439,527 | 3 | 454,785 | 388,541 | 17 | ||||||
| Total deposits | 482,613 | 467,280 | 3 | 483,130 | 415,686 | 16 | ||||||
| Borrowings | 48,061 | 50,180 | (4) | 49,818 | 47,097 | 6 | ||||||
| Common equity | 108,486 | 107,412 | 1 | 108,913 | 82,306 | 32 | ||||||
| Total stockholders’ equity | 113,571 | 112,819 | 1% | 114,211 | 87,511 | 31% | ||||||
| Selected performance metrics | ||||||||||||
| Purchase volume | $254,679 | $230,379 | 11% | $728,969 | $589,780 | 24% | ||||||
| Global Payment Network volume | 190,934 | 153,117 | 25 | 554,878 | 227,131 | 144 | ||||||
| Total net revenue margin(2) | 10.67% | 10.36% | 31bps | 10.27% | 9.57% | 70bps | ||||||
| Net interest margin | 8.41 | 8.36 | 5 | 8.10 | 7.69 | 41 | ||||||
| Return on average assets(3) | 2.09 | 1.94 | 15 | 1.72 | 0.08 | 164 | ||||||
| Return on average tangible assets(4) | 2.24 | 2.07 | 17 | 1.83 | 0.08 | 175 | ||||||
| Return on average common equity(5) | 12.62 | 11.50 | 112 | 10.34 | 0.21 | 1,013 | ||||||
| Return on average tangible common equity(6) | 21.12 | 18.82 | 230 | 17.04 | 0.33 | 1,671 | ||||||
| Equity-to-assets ratio(7) | 16.80 | 17.15 | (35) | 16.84 | 15.23 | 161 | ||||||
| Efficiency ratio(8) | 54.19 | 53.80 | 39 | 55.59 | 55.89 | (30) | ||||||
| Operating efficiency ratio(9) | 44.43 | 44.66 | (23) | 45.57 | 45.46 | 11 | ||||||
| Effective income tax rate from continuing operations | 22.6 | 27.1 | (450) | 21.2 | (83.5) | ** | ||||||
| Net charge-offs | $3,121 | $3,473 | (10)% | $10,610 | $9,269 | 14% | ||||||
| Net charge-off rate | 2.73% | 3.16% | (43)bps | 3.13% | 3.25% | (12)bps | ||||||
| (Dollars in millions, except as noted) | September 30, 2026 | December 31, 2025 | Change |
|---|---|---|---|
| Balance sheet (period-end) | |||
| Loans held for investment | $462,530 | $453,622 | 2% |
| Interest-earning assets | 610,799 | 613,750 | — |
| Total assets | 672,867 | 669,009 | 1 |
| Interest-bearing deposits | 453,006 | 448,386 | 1 |
| Total deposits | 480,697 | 475,771 | 1 |
| Borrowings | 49,774 | 51,000 | (2) |
| Common equity | 105,237 | 108,209 | (3) |
| Total stockholders’ equity | 109,656 | 113,616 | (3) |
| Credit quality metrics | |||
| Allowance for credit losses | $22,739 | $23,409 | (3)% |
| Allowance coverage ratio | 4.92% | 5.16% | (24)bps |
| 30+ day performing delinquency rate | 3.18 | 3.41 | (23) |
| 30+ day delinquency rate | 3.41 | 3.59 | (18) |
| 7 | Capital One Financial Corporation (COF) |
| (Dollars in millions, except as noted) | September 30, 2026 | December 31, 2025 | Change |
|---|---|---|---|
| Capital ratios | |||
| Common equity Tier 1 (“CET1”) capital(10) | 13.8% | 14.3% | (50)bps |
| Tier 1 capital(10) | 14.6 | 15.3 | (70) |
| Total capital(10) | 16.5 | 17.2 | (70) |
| Tier 1 leverage(10) | 11.9 | 12.5 | (60) |
| Tangible common equity (“TCE”)(11) | 9.8 | 10.7 | (90) |
| Supplementary leverage(10) | 10.1 | 10.6 | (50) |
| Other | |||
| Employees (period-end, in thousands) | 77.5 | 76.3 | 2% |
(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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