CAPITAL ONE FINANCIAL CORP

Table 4 displays the components of non-interest income for the third quarter and first nine months of 2026 and 2025.

Table 4: Non-Interest Income

(1)Primarily consists of revenue from Capital One Shopping, treasury income, and auto industry services.

(2)Includes gains of $1 million and $77 million on deferred compensation plan investments in the third quarter and first nine months of 2026, respectively, and gains of $46 million and $87 million on deferred compensation plan investments in the third quarter and first nine months of 2025, respectively. These amounts have corresponding offsets in non-interest expense.

Non-interest income increased by $503 million to $3.5 billion in the third quarter of 2026 compared to the third quarter of 2025 and increased by $2.6 billion to $10.0 billion in the first nine months of 2026 compared to the first nine months of 2025 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.

Provision for Credit Losses

Our provision for credit losses in each period is driven by net charge-offs, changes to the allowance for credit losses and changes to the reserve for unfunded lending commitments. Our provision for credit losses increased by $202 million to $2.9 billion in the third quarter of 2026 primarily driven by a smaller allowance release in our Domestic Card loan portfolio compared to the prior year. Our provision for credit losses decreased by $6.5 billion to $10.0 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.

We provide additional information on the provision for credit losses and changes in the allowance for credit losses within “Credit Risk Profile” and “Part I—Item 1. Financial Statements—Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments.” For information on the allowance methodology, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.