CAPITAL ONE FINANCIAL CORP

Credit Card Business

The primary sources of revenue for our Credit Card business are net interest income, net discount and interchange income and fees collected from customers. Expenses primarily consist of operating costs, the provision for credit losses and marketing expenses.

Our Credit Card business generated income from continuing operations, net of tax, of$2.9 billion and$7.1 billion in the third quarter and first nine months of 2026, respectively, compared toincome from continuing operations, net of tax, of $2.9 billion andloss from continuing operations, net of tax, of$778 million in the third quarter and first nine months of 2025, respectively.

Table 9 summarizes the financial results of our Credit Card business and displays selected key metrics for the periods indicated.

Table 9: Credit Card Business Results

(1)We recognize finance charges and fee income on open-ended loans in accordance with the contractual provisions of the credit arrangements and charge off any uncollectible amounts. Total net revenue was reducedby$784 million and $2.7 billion in the third quarter and first nine months of 2026 respectively, compared to $869 million and $2.4 billion in the third quarter and first nine months of 2025, respectively, for finance charges and fees

charged off as uncollectible.

(2)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.

(3)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans during the period.

(4)Within our credit card loan portfolio, certain loans in our international card and personal loan businesses are classified as nonperforming. See “Credit Risk Profile—Credit Risk Measurement—Nonperforming Loans and Nonperforming Assets” for additional information.

Key factors affecting the results of our Credit Card business forthe third quarter and first nine months of 2026 compared to the third quarter and first nine months of 2025, and changes in financial condition and credit performance between September 30, 2026 and December 31, 2025 include the following:

•Net Interest Income: Net interest income increased by $226 million to $9.6 billion in the third quarter of 2026 primarily driven by higher average loan balances. Net interest income increased by $5.8 billion to $28.1 billion in the first nine months of 2026 primarily driven by higher average loan balances, largely due to the addition of Discover.

•Non-Interest Income: Non-interest income increased by $314 million to $2.5 billion in the third quarter of 2026 primarily driven by higher discount and interchange fees due to an increase in purchase volume, including the addition of Brex. Non-interest income increased by $1.7 billion to $7.2 billion in the first nine months of 2026 primarily driven by higher discount and interchange fees due to an increase in purchase volume, including the addition of Discover and Brex.

•Provision for Credit Losses: Provision for credit losses increased by $115 million to $2.5 billion in the third quarter of 2026 primarily driven by a smaller allowance release compared to the prior year, partially offset by lower net losses. Provision for credit losses decreased by $7.0 billion to $8.4 billion in the first nine months of 2026 primarily driven by the absence of the initial allowance for credit losses for loans acquired in the Discover acquisition.

•Non-Interest Expense: Non-interest expense increased by $471 million to $5.9 billion in the third quarter of 2026 primarily driven by growth in our portfolio, including the addition of Brex, as well as continued investment in technology and higher marketing spend. Non-interest expense increased by $4.0 billion to $17.5 billion in the first nine months of 2026 primarily driven by growth in our portfolio inclusive of continued investment in technology and higher marketing spend, primarily due to the addition of Discover and Brex.

•Period-end loans held for investment decreased by $3.2 billion to $276.4 billion as of September 30, 2026 from December 31, 2025 primarily driven by a decrease in the legacy Discover portfolio, partially offset by growth in the legacy Capital One portfolio.

•Average loans held for investment increased by $4.5 billion to $273.7 billion in the third quarter of 2026 compared to the third quarter of 2025 primarily driven by an increase in purchase volume, including the addition of Brex. Average loans held for investment increased by $59.8 billion to $272.0 billion in the first nine months of 2026 compared to the first nine months of 2025 primarily driven by an increase in purchase volume, including the addition of Discover and Brex.

Net Charge-Off and Delinquency Metrics:

•The net charge-off rate decreased by 60 bps to 4.01% in the third quarter of 2026 compared to the third quarter of 2025 and decreased by 58 bps to 4.59% in the first nine months of 2026 compared to the first nine months of 2025.

•The 30+ day delinquency rate decreased by 22 bps to 3.72% as of September 30, 2026 from December 31, 2025.