CAPITAL ONE FINANCIAL CORP

Financial Highlights

We reported net income of $3.5 billion ($5.61 per diluted common share) on total net revenue of $16.3 billion and net income of $8.7 billion ($13.65 per diluted common share) on total net revenue of $47.4 billion for the third quarter and first nine months of 2026, respectively. In comparison, we reported net income of $3.2 billion ($4.83 per diluted common share) on total net revenue of $15.4 billion and net income of $319 million ($0.23 per diluted common share) on total net revenue of $37.9 billion for the third quarter and first nine months of 2025, respectively.

Our CET1 capital ratio as calculated under the Basel III standardized approach was 13.8% and 14.3% as of September 30, 2026 and December 31, 2025, respectively. See “Capital Management” for additional information.

In the third quarter of 2026, we declared and paid common stock dividends of $491 million and repurchased $2.6 billion of our common stock. During the first nine months of 2026, we declared and paid common stock dividends of $1.5 billion and repurchased $7.9 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 third quarter and first nine months of 2026. These highlights are based on a comparison between the results of the third quarter and first nine months of 2026 and 2025, except as otherwise noted. Highlights related to changes in our financial condition and credit performance are based on September 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 $347 million to $3.5 billion in the third quarter of 2026 compared to the third quarter of 2025 primarily driven by:

◦Higher non-interest income primarily driven by higher discount and interchange fees due to an increase in purchase volume and the impacts from the reissuance of legacy Capital One customer debit cards onto the Global Payment Network.

◦Higher net interest income primarily driven by lower rates paid on deposits and higher average credit card and auto loan balances.

◦Higher non-interest expense primarily driven by growth in our Card portfolio, including the addition of Brex, as well as continued investment in technology, and higher marketing spend.

◦Higher provision for credit losses primarily driven by a smaller allowance release in our Domestic Card loan portfolio compared to the prior year.

Our net income increased by $8.4 billion to $8.7 billion in the first nine months of 2026 compared to the first nine months of 2025 primarily driven by:

◦Higher net interest income primarily driven by higher average credit card loan balances, largely due to the addition of Discover.

◦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 non-interest income primarily driven by higher discount and interchange fees due to an increase in purchase volume and the impacts from the reissuance of legacy Capital One customer debit cards onto the Global Payment Network.

◦Higher non-interest expense primarily driven by growth in our Card portfolio inclusive of continued investment in technology and higher marketing spend, primarily due to the addition of Discover and Brex.

•Loans Held for Investment:

◦Loans held for investment increased by $8.9 billion to $462.5 billion as of September 30, 2026 compared to December 31, 2025 primarily driven by growth in our auto and legacy Capital One card portfolios, partially offset by a decrease in the legacy Discover portfolio.

◦Average loans held for investment increased by $17.5 billion to $457.4 billion in the third quarter of 2026 compared to the third quarter of 2025 primarily driven by growth in our auto loan portfolio and an increase in purchase volume, including the addition of Brex. Average loans held for investment increased by $70.9 billion to $451.5 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:

◦Our net charge-off rate decreased by 43 basis points (“bps”) to 2.73% in the third quarter of 2026 compared to the third quarter of 2025 and decreased by 12 bps to 3.13% in the first nine months of 2026 compared to the first nine months of 2025.

◦Our 30+ day delinquency rate decreased by 18 bps to 3.41% as of September 30, 2026 from December 31, 2025.

•Allowance for Credit Losses: Our allowance for credit losses decreased by $670 million to $22.7 billion as of September 30, 2026 compared to December 31, 2025 primarily driven by a net allowance release in our Domestic Card loan portfolio due to favorable credit performance, partially offset by an allowance build due to growth in our auto loan portfolio. Our allowance coverage ratio decreased by 24 bps to 4.92% as of September 30, 2026 compared to December 31, 2025 primarily driven by our Domestic Card loan portfolio.