Capital One Reports Second Quarter 2026 Net Income of $3.0 billion, or $4.73 per share
MCLEAN, Va.--( BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2026 of $3.0 billion, or $4.73 per diluted common share, compared with net income of $2.2 billion, or $3.34 per diluted common share in the first quarter of 2026, and with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025. Adjusted net income (1) for the second quarter of 2026 was $5.81 per diluted common share.
"Our results in the second quarter continue to reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re now 14 months into our integration of Discover, and integration is going well."
The quarter included the following adjusting items:
(Dollars in millions, except per share data)
Pre-Tax
Impact
After-Tax
Diluted EPS
Impact
Acquisition amortization expenses (2)
$
494
$
0.60
Discover integration expenses
$
298
$
0.36
Brex integration expenses
$
96
$
0.12
All comparisons below are for the second quarter of 2026 compared with the first quarter of 2026 unless otherwise noted.
Second Quarter 2026 Income Statement Summary:
Second Quarter 2026 Balance Sheet Summary:
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page ( www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 4, 2026 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $484.3 billion in deposits and $673.8 billion in total assets as of June 30, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
(1)
Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.
(2)
Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(3)
Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(4)
This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 21, 2026 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(5)
Regulatory capital metrics as of June 30, 2026 are preliminary and therefore subject to change.
Capital One Financial Corporation
Financial Supplement (1)(2)(3)(4)
Second Quarter 2026
Table of Contents
Capital One Financial Corporation Consolidated Results
Page
Table 1:
Financial Summary—Consolidated
1
Table 2:
Selected Metrics—Consolidated
3
Table 3:
Consolidated Statements of Income
4
Table 4:
Consolidated Balance Sheets
6
Table 5:
Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
8
Table 6:
Average Balances, Net Interest Income and Net Interest Margin
9
Table 7:
Loan Information and Performance Statistics
10
Table 8:
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
13
Business Segment Results
Table 9:
Financial Summary—Business Segment Results
14
Table 10:
Financial & Statistical Summary—Credit Card Business
15
Table 11:
Financial & Statistical Summary—Consumer Banking Business
17
Table 12:
Financial & Statistical Summary—Commercial Banking Business
18
Table 13:
Financial & Statistical Summary—Other and Total
19
Other
Table 14:
Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)
20
Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures
21
Table 16:
Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)
26
__________
(1)
The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2026 once it is filed with the Securities and Exchange Commission.
(2)
This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist when assessing returns and capital management over time. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.
(3)
On May 18, 2025, we completed the Discover acquisition in an all-stock transaction as outlined in the merger agreement dated February 19, 2024.
(4)
On April 7, 2026, we completed the acquisition of Brex in a combination of stock and cash transaction. Brex results and statistics reported herein are from April 7, 2026 to June 30, 2026 and included within the Credit Card business.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
2026 Q2
Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)
2026
2026
2025
2025
2025
2026
2025
2026 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Income Statement
Net interest income
$
12,374
$
12,145
$
12,466
$
12,404
$
9,995
2
%
24
%
$
24,519
$
18,008
36
%
Non-interest income
3,476
3,086
3,117
2,955
2,497
13
39
6,562
4,484
46
Total net revenue (1)
15,850
15,231
15,583
15,359
12,492
4
27
31,081
22,492
38
Provision for credit losses
2,989
4,068
4,142
2,714
11,430
(27
)
(74
)
7,057
13,799
(49
)
Non-interest expense:
Marketing
1,661
1,497
1,934
1,403
1,345
11
23
3,158
2,547
24
Operating expense
7,382
6,967
7,408
6,860
5,646
6
31
14,349
10,346
39
Total non-interest expense
9,043
8,464
9,342
8,263
6,991
7
29
17,507
12,893
36
Income (loss) from continuing operations before income taxes
3,818
2,699
2,099
4,382
(5,929
)
41
**
6,517
(4,200
)
**
Income tax provision (benefit)
798
518
345
1,189
(1,666
)
54
**
1,316
(1,341
)
**
Income (loss) from continuing operations, net of tax
3,020
2,181
1,754
3,193
(4,263
)
38
**
5,201
(2,859
)
**
Income (loss) from discontinued operations, net of tax
—
(7
)
380
(1
)
(14
)
**
**
(7
)
(14
)
(50
)
Net income (loss)
3,020
2,174
2,134
3,192
(4,277
)
39
**
5,194
(2,873
)
**
Dividends and undistributed earnings allocated to participating securities (2)
(28
)
(20
)
(20
)
(33
)
(4
)
40
**
(48
)
(9
)
**
Preferred stock dividends
(57
)
(73
)
(57
)
(73
)
(65
)
(22
)
(12
)
(130
)
(122
)
7
Discount on redeemed preferred stock
—
—
—
—
6
—
**
—
6
**
Net income (loss) available to common stockholders
$
2,935
$
2,081
$
2,057
$
3,086
$
(4,340
)
41
%
**
$
5,016
$
(2,998
)
**
Common Share Statistics
Basic earnings per common share: (2)
Net income (loss) from continuing operations
$
4.73
$
3.35
$
2.66
$
4.83
$
(8.55
)
41
%
**
$
8.08
$
(6.71
)
**
Income (loss) from discontinued operations
—
(0.01
)
0.60
—
(0.03
)
**
**
(0.01
)
(0.03
)
(67
)%
Net income (loss) per basic common share
$
4.73
$
3.34
$
3.26
$
4.83
$
(8.58
)
42
**
$
8.07
$
(6.74
)
**
Diluted earnings per common share: (2)
Net income (loss) from continuing operations
$
4.73
$
3.35
$
2.66
$
4.83
$
(8.55
)
41
%
**
$
8.08
$
(6.71
)
**
Income (loss) from discontinued operations
—
(0.01
)
0.60
—
(0.03
)
**
**
(0.01
)
(0.03
)
(67
)%
Net income (loss) per diluted common share
$
4.73
$
3.34
$
3.26
$
4.83
$
(8.58
)
42
**
$
8.07
$
(6.74
)
**
Weighted-average common shares outstanding (in millions):
Basic
620.5
622.5
631.1
639.0
505.6
—
23
%
621.5
444.7
40
%
Diluted
621.1
623.4
631.6
639.5
505.6
—
23
622.3
444.7
40
Common shares outstanding (period-end, in millions)
613.5
615.9
625.1
635.7
639.5
—
(4
)
613.5
639.5
(4
)
Dividends declared and paid per common share
$
0.80
$
0.80
$
0.80
$
0.60
$
0.60
—
33
$
1.60
$
1.20
33
Tangible book value per common share (period-end) (3)
105.21
107.76
107.72
105.18
99.35
(2
)%
6
105.21
99.35
6
2026 Q2
Six Months Ended June 30,
(Dollars in millions)
2026
2026
2025
2025
2025
2026
2025
2026 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Balance Sheet (Period-End)
Loans held for investment
$
457,168
$
447,754
$
453,622
$
443,159
$
439,297
2
%
4
%
$
457,168
$
439,297
4
%
Interest-earning assets
610,913
624,560
613,750
605,235
601,999
(2
)
1
610,913
601,999
1
Total assets
673,835
682,905
669,009
661,877
658,968
(1
)
2
673,835
658,968
2
Interest-bearing deposits
456,464
461,117
448,386
441,136
440,231
(1
)
4
456,464
440,231
4
Total deposits
484,257
489,053
475,771
468,785
468,110
(1
)
3
484,257
468,110
3
Borrowings
45,371
51,888
51,000
51,482
52,666
(13
)
(14
)
45,371
52,666
(14
)
Common equity
108,386
106,854
108,209
108,406
105,549
1
3
108,386
105,549
3
Total stockholders’ equity
113,793
112,261
113,616
113,813
110,956
1
3
113,793
110,956
3
Balance Sheet (Average Balances)
Loans held for investment
$
450,679
$
446,235
$
444,680
$
439,859
$
378,157
1
%
19
%
$
448,469
$
350,425
28
%
Interest-earning assets
617,583
617,173
603,730
593,247
524,929
—
18
617,378
494,022
25
Total assets
682,079
675,999
665,656
657,858
572,446
1
19
679,050
532,354
28
Interest-bearing deposits
458,130
451,957
442,763
439,527
387,139
1
18
455,060
362,626
25
Total deposits
486,791
479,958
470,965
467,280
414,568
1
17
483,393
389,462
24
Borrowings
49,092
52,348
50,814
50,180
46,601
(6
)
5
50,710
45,531
11
Common equity
109,111
109,149
109,997
107,412
81,563
—
34
109,130
69,546
57
Total stockholders’ equity
114,518
114,556
115,404
112,819
86,918
—
32
114,537
74,647
53
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2026 Q2
Six Months Ended June 30,
(Dollars in millions, except as noted)
2026
2026
2025
2025
2025
2026
2025
2026 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Performance Metrics
Net interest income growth (period over period)
2
%
(3
)%
—
%
24
%
25
%
**
**
36
%
20
%
**
Non-interest income growth (period over period)
13
(1
)
5
18
26
**
**
46
16
**
Total net revenue growth (period over period)
4
(2
)
1
23
25
**
**
38
19
**
Total net revenue margin (4)
10.27
9.87
10.32
10.36
9.52
40bps
75bps
10.07
9.11
96bps
Net interest margin (5)
8.01
7.87
8.26
8.36
7.62
14
39
7.94
7.29
65
Return on average assets (6)
1.77
1.29
1.05
1.94
(2.98
)
48
475
1.53
(1.07
)
260
Return on average tangible assets (7)
1.89
1.37
1.12
2.07
(3.14
)
52
503
1.63
(1.12
)
275
Return on average common equity (8)
10.76
7.65
6.10
11.50
(21.22
)
311
3,198
9.21
(8.58
)
1,779
Return on average tangible common equity (9)
18.04
12.20
9.74
18.82
(32.99
)
584
5,103
15.05
(12.60
)
2,765
Efficiency ratio (10)
57.05
55.57
59.95
53.80
55.96
148
109
56.33
57.32
(99
)
Operating efficiency ratio (11)
46.57
45.74
47.54
44.66
45.20
83
137
46.17
46.00
17
Effective income tax rate for continuing operations
20.9
19.2
16.4
27.1
28.1
170
(720
)
20.2
31.9
(1,170
)
Employees (period-end, in thousands)
78.4
77.1
76.3
77.0
76.5
2
%
2
%
78.4
76.5
2
%
Credit Quality Metrics
Allowance for credit losses
$
22,966
$
23,630
$
23,409
$
23,103
$
23,873
(3
)%
(4
)%
$
22,966
$
23,873
(4
)%
Allowance coverage ratio
5.02
%
5.28
%
5.16
%
5.21
%
5.43
%
(26) bps
(41) bps
5.02
%
5.43
%
(41) bps
Net charge-offs (12)
$
3,642
$
3,847
$
3,833
$
3,473
$
3,060
—
19
%
$
7,489
$
5,796
29
%
Net charge-off rate (13)
3.23
%
3.45
%
3.45
%
3.16
%
3.24
%
(22) bps
(1) bps
3.34
%
3.31
%
3bps
30+ day performing delinquency rate
2.91
3.04
3.41
3.29
3.13
(13
)
(22
)
2.91
3.13
(22
)
30+ day delinquency rate
3.13
3.24
3.59
3.50
3.32
(11
)
(19
)
3.13
3.32
(19
)
Capital Ratios (14)
Common equity Tier 1 capital
13.7
%
14.4
%
14.3
%
14.4
%
14.0
%
(70) bps
(30) bps
13.7
%
14.0
%
(30) bps
Tier 1 capital
14.8
15.4
15.3
15.5
15.1
(60
)
(30
)
14.8
15.1
(30
)
Total capital
16.6
17.3
17.2
17.3
17.1
(70
)
(50
)
16.6
17.1
(50
)
Tier 1 leverage
11.8
12.2
12.5
12.6
14.2
(40
)
(240
)
11.8
14.2
(240
)
Tangible common equity (“TCE”) (15)
10.2
10.3
10.7
10.8
10.3
(10
)
(10
)
10.2
10.3
(10
)
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2026 Q2
Six Months Ended June 30,
(Dollars in millions, except as noted)
2026
2026
2025
2025
2025
2026
2025
2026 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Interest income:
Loans, including loans held for sale
$
14,911
$
14,735
$
15,186
$
15,229
$
12,449
1
%
20
%
$
29,646
$
22,606
31
%
Investment securities
850
832
841
823
784
2
8
1,682
1,554
8
Other
624
664
660
711
595
(6
)
5
1,288
1,086
19
Total interest income
16,385
16,231
16,687
16,763
13,828
1
18
32,616
25,246
29
Interest expense:
Deposits
3,338
3,387
3,493
3,597
3,120
(1
)
7
6,725
5,835
15
Securitized debt obligations
117
141
155
165
164
(17
)
(29
)
258
340
(24
)
Senior and subordinated notes
535
532
550
582
535
1
—
1,067
1,040
3
Other borrowings
21
26
23
15
14
(19
)
50
47
23
104
Total interest expense
4,011
4,086
4,221
4,359
3,833
(2
)
5
8,097
7,238
12
Net interest income
12,374
12,145
12,466
12,404
9,995
2
24
24,519
18,008
36
Provision for credit losses
2,989
4,068
4,142
2,714
11,430
(27
)
(74
)
7,057
13,799
(49
)
Net interest income (loss) after provision for credit losses
9,385
8,077
8,324
9,690
(1,435
)
16
**
17,462
4,209
**
Non-interest income:
Discount and interchange fees, net
2,256
1,964
1,930
1,812
1,478
15
53
4,220
2,701
56
Service charges and other customer-related fees
808
809
833
849
658
—
23
1,617
1,167
39
Other
412
313
354
294
361
32
14
725
616
18
Total non-interest income
3,476
3,086
3,117
2,955
2,497
13
39
6,562
4,484
46
Non-interest expense:
Salaries and associate benefits
3,769
3,671
3,430
3,496
2,999
3
26
7,440
5,545
34
Occupancy and equipment
969
867
958
856
737
12
31
1,836
1,352
36
Marketing
1,661
1,497
1,934
1,403
1,345
11
23
3,158
2,547
24
Professional services
667
585
693
641
653
14
2
1,252
1,090
15
Communications and data processing
489
496
482
476
413
(1
)
18
985
812
21
Amortization of intangibles
507
492
525
514
271
3
87
999
287
**
Other
981
856
1,320
877
573
15
71
1,837
1,260
46
Total non-interest expense
9,043
8,464
9,342
8,263
6,991
7
29
17,507
12,893
36
Income (loss) from continuing operations before income taxes
3,818
2,699
2,099
4,382
(5,929
)
41
**
6,517
(4,200
)
**
Income tax provision (benefit)
798
518
345
1,189
(1,666
)
54
**
1,316
(1,341
)
**
Income (loss) from continuing operations, net of tax
3,020
2,181
1,754
3,193
(4,263
)
38
**
5,201
(2,859
)
**
Income (loss) from discontinued operations, net of tax
—
(7
)
380
(1
)
(14
)
**
**
(7
)
(14
)
(50
)
Net income (loss)
3,020
2,174
2,134
3,192
(4,277
)
39
**
5,194
(2,873
)
**
Dividends and undistributed earnings allocated to participating securities (2)
(28
)
(20
)
(20
)
(33
)
(4
)
40
**
(48
)
(9
)
**
Preferred stock dividends
(57
)
(73
)
(57
)
(73
)
(65
)
(22
)
(12
)%
(130
)
(122
)
7
%
Discount on redeemed preferred stock
—
—
—
—
6
—
**
—
6
**
Net income (loss) available to common stockholders
$
2,935
$
2,081
$
2,057
$
3,086
$
(4,340
)
41
%
**
$
5,016
$
(2,998
)
**
2026 Q2
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Basic earnings per common share: (2)
Net income (loss) from continuing operations
$
4.73
$
3.35
$
2.66
$
4.83
$
(8.55
)
41
%
**
$
8.08
$
(6.71
)
**
Income (loss) from discontinued operations
—
(0.01
)
0.60
—
(0.03
)
**
**
(0.01
)
(0.03
)
(67
)%
Net income (loss) per basic common share
$
4.73
$
3.34
$
3.26
$
4.83
$
(8.58
)
42
%
**
$
8.07
$
(6.74
)
**
Diluted earnings per common share: (2)
Net income (loss) from continuing operations
$
4.73
$
3.35
$
2.66
$
4.83
$
(8.55
)
41
%
**
$
8.08
$
(6.71
)
**
Income (loss) from discontinued operations
—
(0.01
)
0.60
—
(0.03
)
**
**
(0.01
)
(0.03
)
(67
)%
Net income (loss) per diluted common share
$
4.73
$
3.34
$
3.26
$
4.83
$
(8.58
)
42
%
**
$
8.07
$
(6.74
)
**
Weighted-average common shares outstanding (in millions):
Basic common shares
620.5
622.5
631.1
639.0
505.6
—
23
%
621.5
444.7
40
%
Diluted common shares
621.1
623.4
631.6
639.5
505.6
—
23
622.3
444.7
40
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2026 Q2
2026
2026
2025
2025
2025
2026
2025
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
Assets:
Cash and cash equivalents:
Cash and due from banks
$
4,834
$
4,555
$
3,031
$
4,606
$
4,854
6
%
—
%
Interest-bearing deposits and other short-term investments
49,880
71,939
54,403
50,673
54,255
(31
)
(8
)
Total cash and cash equivalents
54,714
76,494
57,434
55,279
59,109
(28
)
(7
)
Restricted cash for securitization investors
1,167
2,762
4,659
3,248
2,469
(58
)
(53
)
Investment securities:
Investment securities available for sale
90,041
90,620
91,051
89,733
87,196
(1
)
3
Investment securities held to maturity
2,737
1,694
—
—
—
62
**
Total investment securities
92,778
92,314
91,051
89,733
87,196
1
6
Loans held for investment:
Unsecuritized loans held for investment
431,440
421,360
425,665
389,808
384,413
2
12
Loans held in consolidated trusts (16)
25,728
26,394
27,957
53,351
54,884
(3
)
(53
)
Total loans held for investment
457,168
447,754
453,622
443,159
439,297
2
4
Allowance for credit losses
(22,966
)
(23,630
)
(23,409
)
(23,103
)
(23,873
)
(3
)
(4
)
Net loans held for investment
434,202
424,124
430,213
420,056
415,424
2
5
Loans held for sale
264
186
760
670
198
42
33
Premises and equipment, net
6,244
5,730
5,602
5,576
5,687
9
10
Interest receivable
3,432
3,460
3,492
3,456
3,373
(1
)
2
Goodwill
31,866
28,502
28,509
28,863
28,335
12
12
Other intangible assets
16,077
16,087
16,578
17,042
18,157
—
(11
)
Other assets
33,091
33,246
30,711
29,957
30,904
—
7
Assets of discontinued operations
—
—
—
7,997
8,116
—
**
Total assets
$
673,835
$
682,905
$
669,009
$
661,877
$
658,968
(1
)%
2
%
Liabilities:
Interest payable
$
816
$
827
$
844
$
826
$
888
(1
)%
(8
)%
Deposits:
Non-interest-bearing deposits
27,793
27,936
27,385
27,649
27,879
(1
)
—
Interest-bearing deposits
456,464
461,117
448,386
441,136
440,231
(1
)
4
Total deposits
484,257
489,053
475,771
468,785
468,110
(1
)
3
Securitized debt obligations
8,502
11,283
12,853
13,642
14,658
(25
)
(42
)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase
694
626
587
616
742
11
(6
)
Senior and subordinated notes
35,620
38,421
36,001
36,662
36,706
(7
)
(3
)
Other borrowings
555
1,558
1,559
562
560
(64
)
(1
)
Total other debt
36,869
40,605
38,147
37,840
38,008
(9
)
(3
)
Other liabilities
29,598
28,876
27,778
26,941
26,316
3
12
Liabilities of discontinued operations
—
—
—
30
32
—
**
Total liabilities
560,042
570,644
555,393
548,064
548,012
(2
)
2
Stockholders’ equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
65,105
64,284
64,031
63,725
63,465
1
3
Retained earnings
69,250
66,788
65,192
63,624
60,892
4
14
Accumulated other comprehensive loss
(6,300
)
(5,879
)
(5,468
)
(5,917
)
(6,819
)
7
(8
)
Treasury stock, at cost
(14,269
)
(12,939
)
(10,146
)
(7,626
)
(6,589
)
10
117
Total stockholders’ equity
113,793
112,261
113,616
113,813
110,956
1
3
Total liabilities and stockholders’ equity
$
673,835
$
682,905
$
669,009
$
661,877
$
658,968
(1
)%
2
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
(1)
Total net revenue was reduced by $898 million in Q2 2026, $980 million in Q1 2026, $941 million in Q4 2025, $869 million in Q3 2025 and $785 million in Q2 2025 for credit card finance charges and fees charged off as uncollectible.
(2)
Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)
Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)
Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)
Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)
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.
(7)
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 “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(8)
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.
(9)
Return on average tangible common equity 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 “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(10)
Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)
Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(12)
Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(13)
Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(14)
Capital ratios as of the end of Q2 2026 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(15)
TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(16)
On December 18, 2025, after giving effect to the Discover Card Execution Note Trust (“DCENT”) Defeasance Amendments, Funding, as Beneficiary on behalf of DCENT, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the “Class A Notes”) issued by DCENT.
**
Not meaningful.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin
2026 Q2
2026 Q1
2025 Q2
(Dollars in millions, except as noted)
Average
Balance
Interest
Income/
Expense
Yield/Rate (1)
Average
Balance
Interest
Income/
Expense
Yield/Rate (1)
Average
Balance
Interest
Income/
Expense
Yield/Rate (1)
Interest-earning assets:
Loans, including loans held for sale
$
450,862
$
14,911
13.23
%
$
446,740
$
14,735
13.19
%
$
378,537
$
12,449
13.15
%
Investment securities
99,339
850
3.42
97,803
832
3.40
93,024
784
3.37
Cash equivalents and other
67,382
624
3.70
72,630
664
3.66
53,368
595
4.46
Total interest-earning assets
$
617,583
$
16,385
10.61
%
$
617,173
$
16,231
10.52
%
$
524,929
$
13,828
10.54
%
Interest-bearing liabilities:
Interest-bearing deposits
$
458,130
$
3,338
2.91
%
$
451,957
$
3,387
3.00
%
$
387,139
$
3,120
3.22
%
Securitized debt obligations
10,190
117
4.59
12,476
141
4.52
13,043
164
5.06
Senior and subordinated notes
37,498
535
5.70
37,846
532
5.63
32,872
535
6.51
Other borrowings and liabilities (2)
3,838
21
2.30
4,238
26
2.44
2,872
14
1.85
Total interest-bearing liabilities
$
509,656
$
4,011
3.15
$
506,517
$
4,086
3.23
$
435,926
$
3,833
3.52
Net interest income/spread
$
12,374
7.46
$
12,145
7.29
$
9,995
7.02
Impact of non-interest-bearing funding
0.55
0.58
0.60
Net interest margin
8.01
%
7.87
%
7.62
%
Six Months Ended June 30,
2026
2025
(Dollars in millions, except as noted)
Average
Balance
Interest
Income/
Expense
Yield/Rate (1)
Average
Balance
Interest
Income/
Expense
Yield/Rate (1)
Interest-earning assets:
Loans, including loans held for sale
$
448,812
$
29,646
13.21
%
$
350,808
$
22,606
12.89
%
Investment securities
98,575
1,682
3.41
92,843
1,554
3.35
Cash equivalents and other
69,991
1,288
3.68
50,371
1,086
4.31
Total interest-earning assets
$
617,378
$
32,616
10.57
%
$
494,022
$
25,246
10.22
%
Interest-bearing liabilities:
Interest-bearing deposits
$
455,060
$
6,725
2.96
%
$
362,626
$
5,835
3.22
%
Securitized debt obligations
11,326
258
4.55
13,385
340
5.09
Senior and subordinated notes
37,671
1,067
5.66
31,609
1,040
6.58
Other borrowings and liabilities (2)
4,037
47
2.37
2,593
23
1.73
Total interest-bearing liabilities
$
508,094
$
8,097
3.19
$
410,213
$
7,238
3.53
Net interest income/spread
$
24,519
7.38
$
18,008
6.69
Impact of non-interest-bearing funding
0.56
0.60
Net interest margin
7.94
%
7.29
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics (3)
2026 Q2
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2025
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card
$
259,005
$
254,028
$
262,403
$
253,951
$
252,481
2
%
3
%
$
259,005
$
252,481
3
%
Personal loans
8,619
9,070
9,499
9,646
9,788
(5
)
(12
)
8,619
9,788
(12
)
International card businesses
7,784
7,460
7,668
7,440
7,440
4
5
7,784
7,440
5
Total credit card
275,408
270,558
279,570
271,037
269,709
2
2
275,408
269,709
2
Consumer banking:
Auto
89,311
85,700
83,600
82,035
80,017
4
12
89,311
80,017
12
Retail banking
1,156
1,173
1,190
1,195
1,216
(1
)
(5
)
1,156
1,216
(5
)
Total consumer banking
90,467
86,873
84,790
83,230
81,233
4
11
90,467
81,233
11
Commercial banking:
Commercial and multifamily real estate
34,290
33,809
33,618
33,461
32,967
1
4
34,290
32,967
4
Commercial and industrial
57,003
56,514
55,644
55,431
55,388
1
3
57,003
55,388
3
Total commercial banking
91,293
90,323
89,262
88,892
88,355
1
3
91,293
88,355
3
Total loans held for investment
$
457,168
$
447,754
$
453,622
$
443,159
$
439,297
2
%
4
%
$
457,168
$
439,297
4
%
Loans Held for Investment (Average)
Credit card:
Domestic credit card
$
254,625
$
254,036
$
255,221
$
252,090
$
197,808
—
%
29
%
$
254,332
$
173,858
46
%
Personal loans
8,866
9,310
9,618
9,703
4,778
(5
)
86
9,087
2,402
**
International card businesses
7,706
7,628
7,389
7,382
7,107
1
8
7,667
6,938
11
Total credit card
271,197
270,974
272,228
269,175
209,693
—
29
271,086
183,198
48
Consumer banking:
Auto
87,419
84,522
82,767
81,094
78,875
3
11
85,979
78,056
10
Retail banking
1,164
1,179
1,190
1,201
1,220
(1
)
(5
)
1,171
1,236
(5
)
Total consumer banking
88,583
85,701
83,957
82,295
80,095
3
11
87,150
79,292
10
Commercial banking:
Commercial and multifamily real estate
33,978
33,539
33,155
33,104
32,522
1
4
33,759
32,129
5
Commercial and industrial
56,921
56,021
55,340
55,285
55,847
2
2
56,474
55,806
1
Total commercial banking
90,899
89,560
88,495
88,389
88,369
1
3
90,233
87,935
3
Total average loans held for investment
$
450,679
$
446,235
$
444,680
$
439,859
$
378,157
1
%
19
%
$
448,469
$
350,425
28
%
2026 Q2
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026
2025
2026 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2025
Net Charge-Off (Recovery) Rates
Credit card (4):
Domestic credit card (5)
4.71
%
5.10
%
4.93
%
4.63
%
5.25
%
(39) bps
(54) bps
4.91
%
5.65
%
(74) bps
Personal loans
3.77
3.81
4.08
3.81
3.47
(4
)
30
3.79
3.46
33
International card businesses
5.82
4.65
5.29
5.07
5.17
117
65
5.24
5.10
14
Total credit card
4.71
5.05
4.91
4.61
5.20
(34
)
(49
)
4.88
5.60
(72
)
Consumer banking:
Auto
1.43
1.64
1.82
1.54
1.25
(21
)
18
1.53
1.40
13
Retail banking
5.39
5.99
6.04
4.41
4.54
(60
)
85
5.69
4.65
104
Total consumer banking
1.48
1.70
1.88
1.58
1.30
(22
)
18
1.59
1.45
14
Commercial banking:
Commercial and multifamily real estate
0.09
0.03
0.02
(0.09
)
(0.06
)
6
15
0.06
0.02
4
Commercial and industrial
0.80
0.44
0.67
0.38
0.55
36
25
0.62
0.33
29
Total commercial banking
0.53
0.29
0.43
0.21
0.33
24
20
0.41
0.22
19
Total net charge-offs
3.23
3.45
3.45
3.16
3.24
(22
)
(1
)
3.34
3.31
3
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card
3.39
%
3.70
%
3.99
%
3.89
%
3.60
%
(31) bps
(21) bps
3.39
%
3.60
%
(21) bps
Personal loans
1.67
1.72
1.74
1.74
1.62
(5
)
5
1.67
1.62
5
International card businesses
4.60
4.82
4.62
4.60
4.50
(22
)
10
4.60
4.50
10
Total credit card
3.37
3.66
3.93
3.84
3.55
(29
)
(18
)
3.37
3.55
(18
)
Consumer banking:
Auto
4.32
4.21
5.23
4.99
4.84
11
(52
)
4.32
4.84
(52
)
Retail banking
1.15
0.92
1.09
0.89
0.93
23
22
1.15
0.93
22
Total consumer banking
4.28
4.17
5.17
4.93
4.78
11
(50
)
4.28
4.78
(50
)
Nonperforming Loans and Nonperforming Assets Rates (6)(7)
Credit card:
Personal loans
0.12
%
0.13
%
0.13
%
0.13
%
0.12
%
(1) bps
—
0.12
%
0.12
%
—
International card businesses
0.18
0.15
0.16
0.16
0.16
3
2 bps
0.18
0.16
2 bps
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Consumer banking:
Auto
0.61
0.55
0.68
0.71
0.73
6
(12
)
0.61
0.73
(12
)
Retail banking
1.59
1.66
1.45
1.65
1.47
(7
)
12
1.59
1.47
12
Total consumer banking
0.62
0.57
0.69
0.73
0.74
5
(12
)
0.62
0.74
(12
)
Commercial banking:
Commercial and multifamily real estate
1.29
1.07
0.95
1.05
1.06
22
23
1.29
1.06
23
Commercial and industrial
1.33
1.60
1.60
1.59
1.45
(27
)
(12
)
1.33
1.45
(12
)
Total commercial banking
1.32
1.40
1.36
1.39
1.30
(8
)
2
1.32
1.30
2
Total nonperforming loans
0.39
0.40
0.40
0.42
0.40
(1
)
(1
)
0.39
0.40
(1
)
Total nonperforming assets
0.43
0.43
0.43
0.44
0.42
—
1
0.43
0.42
1
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended June 30, 2026
Credit Card
Consumer Banking
(Dollars in millions)
Domestic
Card
Personal
Loans
International
Card
Businesses
Total Credit
Card
Auto
Retail
Banking
Total
Consumer
Banking
Commercial
Banking
Total
Allowance for credit losses:
Balance as of March 31, 2026
$
18,806
$
702
$
541
$
20,049
$
2,026
$
21
$
2,047
$
1,534
$
23,630
Charge-offs
(4,182
)
(116
)
(160
)
(4,458
)
(683
)
(19
)
(702
)
(123
)
(5,283
)
Recoveries
1,185
33
48
1,266
370
3
373
2
1,641
Net charge-offs
(2,997
)
(83
)
(112
)
(3,192
)
(313
)
(16
)
(329
)
(121
)
(3,642
)
Provision for credit losses
2,292
37
145
2,474
429
15
444
62
2,980
Allowance build (release) for credit losses
(705
)
(46
)
33
(718
)
116
(1
)
115
(59
)
(662
)
Other changes (8)
—
—
(2
)
(2
)
—
—
—
—
(2
)
Balance as of June 30, 2026
18,101
656
572
19,329
2,142
20
2,162
1,475
22,966
Reserve for unfunded lending commitments:
Balance as of March 31, 2026
—
—
—
—
—
—
—
133
133
Provision for losses on unfunded lending commitments
—
—
—
—
—
—
—
9
9
Balance as of June 30, 2026
—
—
—
—
—
—
—
142
142
Combined allowance and reserve as of June 30, 2026
$
18,101
$
656
$
572
$
19,329
$
2,142
$
20
$
2,162
$
1,617
$
23,108
Six Months Ended June 30, 2026
Credit Card
Consumer Banking
(Dollars in millions)
Domestic
Card
Personal
Loans
International
Card
Businesses
Total Credit
Card
Auto
Retail
Banking
Total
Consumer
Banking
Commercial
Banking
Total
Allowance for credit losses:
Balance as of December 31, 2025
$
18,811
$
731
$
524
$
20,066
$
1,869
$
23
$
1,892
$
1,451
$
23,409
Charge-offs
(8,552
)
(237
)
(310
)
(9,099
)
(1,394
)
(43
)
(1,437
)
(192
)
(10,728
)
Recoveries
2,314
65
109
2,488
735
9
744
7
3,239
Net charge-offs
(6,238
)
(172
)
(201
)
(6,611
)
(659
)
(34
)
(693
)
(185
)
(7,489
)
Provision for credit losses
5,528
97
260
5,885
932
31
963
209
7,057
Allowance build (release) for credit losses
(710
)
(75
)
59
(726
)
273
(3
)
270
24
(432
)
Other changes (8)
—
—
(11
)
(11
)
—
—
—
—
(11
)
Balance as of June 30, 2026
18,101
656
572
19,329
2,142
20
2,162
1,475
22,966
Reserve for unfunded lending commitments:
Balance as of December 31, 2025
—
—
—
—
—
—
—
142
142
Provision (benefit) for losses on unfunded lending commitments
—
—
—
—
—
—
—
—
—
Balance as of June 30, 2026
—
—
—
—
—
—
—
142
142
Combined allowance and reserve as of June 30, 2026
$
18,101
$
656
$
572
$
19,329
$
2,142
$
20
$
2,162
$
1,617
$
23,108
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results (3)
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
(Dollars in millions)
Credit
Card
Consumer
Banking
Commercial
Banking (9)
Other (9)
Total
Credit
Card
Consumer
Banking
Commercial
Banking (9)
Other (9)
Total
Net interest income
$
9,252
$
2,431
$
585
$
106
$
12,374
$
18,488
$
4,660
$
1,166
$
205
$
24,519
Non-interest income (loss)
2,513
778
265
(80
)
3,476
4,666
1,461
593
(158
)
6,562
Total net revenue
11,765
3,209
850
26
15,850
23,154
6,121
1,759
47
31,081
Provision for credit losses
2,474
444
71
—
2,989
5,885
963
209
—
7,057
Non-interest expense
6,098
2,121
462
362
9,043
11,599
4,119
960
829
17,507
Income (loss) from continuing operations before income taxes
3,193
644
317
(336
)
3,818
5,670
1,039
590
(782
)
6,517
Income tax provision (benefit)
782
158
78
(220
)
798
1,390
255
145
(474
)
1,316
Income (loss) from continuing operations, net of tax
$
2,411
$
486
$
239
$
(116
)
$
3,020
$
4,280
$
784
$
445
$
(308
)
$
5,201
Three Months Ended March 31, 2026
(Dollars in millions)
Credit
Card
Consumer
Banking
Commercial
Banking (9)
Other (9)
Total
Net interest income
$
9,236
$
2,229
$
581
$
99
$
12,145
Non-interest income (loss)
2,153
683
328
(78
)
3,086
Total net revenue
11,389
2,912
909
21
15,231
Provision for credit losses
3,411
519
138
—
4,068
Non-interest expense
5,501
1,998
498
467
8,464
Income (loss) from continuing operations before income taxes
2,477
395
273
(446
)
2,699
Income tax provision (benefit)
608
97
67
(254
)
518
Income (loss) from continuing operations, net of tax
$
1,869
$
298
$
206
$
(192
)
$
2,181
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
(Dollars in millions)
Credit
Card
Consumer
Banking
Commercial
Banking (9)
Other (9)
Total
Credit
Card
Consumer
Banking
Commercial
Banking (9)
Other (9)
Total
Net interest income (loss)
$
7,293
$
2,162
$
602
$
(62
)
$
9,995
$
12,947
$
4,105
$
1,174
$
(218
)
$
18,008
Non-interest income (loss)
1,802
394
335
(34
)
2,497
3,313
577
647
(53
)
4,484
Total net revenue (loss)
9,095
2,556
937
(96
)
12,492
16,260
4,682
1,821
(271
)
22,492
Provision (benefit) for credit losses
11,098
252
81
(1
)
11,430
13,024
553
223
(1
)
13,799
Non-interest expense
4,447
1,713
489
342
6,991
8,085
3,294
975
539
12,893
Income (loss) from continuing operations before income taxes
(6,450
)
591
367
(437
)
(5,929
)
(4,849
)
835
623
(809
)
(4,200
)
Income tax provision (benefit)
(1,533
)
141
87
(361
)
(1,666
)
(1,151
)
199
148
(537
)
(1,341
)
Income (loss) from continuing operations, net of tax
$
(4,917
)
$
450
$
280
$
(76
)
$
(4,263
)
$
(3,698
)
$
636
$
475
$
(272
)
$
(2,859
)
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business (3)
2026 Q2 vs.
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Credit Card
Earnings:
Net interest income
$
9,252
$
9,236
$
9,479
$
9,396
$
7,293
—
%
27
%
$
18,488
$
12,947
43
%
Non-interest income
2,513
2,153
2,214
2,211
1,802
17
39
4,666
3,313
41
Total net revenue
11,765
11,389
11,693
11,607
9,095
3
29
23,154
16,260
42
Provision for credit losses
2,474
3,411
3,678
2,364
11,098
(27
)
(78
)
5,885
13,024
(55
)
Non-interest expense (10)
6,098
5,501
6,147
5,409
4,447
11
37
%
11,599
8,085
43
%
Income (loss) from continuing operations before income taxes
3,193
2,477
1,868
3,834
(6,450
)
29
**
5,670
(4,849
)
**
Income tax provision (benefit)
782
608
445
914
(1,533
)
29
**
1,390
(1,151
)
**
Income (loss) from continuing operations, net of tax
$
2,411
$
1,869
$
1,423
$
2,920
$
(4,917
)
29
%
**
$
4,280
$
(3,698
)
**
Selected performance metrics:
Period-end loans held for investment
$
275,408
$
270,558
$
279,570
$
271,037
$
269,709
2
%
2
%
$
275,408
$
269,709
2
%
Average loans held for investment
271,197
270,974
272,228
269,175
209,693
—
29
271,086
183,198
48
Average yield on loans outstanding (1)
17.21
%
17.17
%
17.71
%
17.99
%
17.94
%
4bps
(73) bps
17.19
%
18.18
%
(99) bps
Total net revenue margin (12)
17.35
16.81
17.18
17.25
17.35
54
—
17.08
17.75
(67
)
Net charge-off rate (4)
4.71
5.05
4.91
4.61
5.20
(34
)
(49
)
4.88
5.60
(72
)
30+ day performing delinquency rate
3.37
3.66
3.93
3.84
3.55
(29
)
(18
)
3.37
3.55
(18
)
30+ day delinquency rate
3.37
3.67
3.94
3.84
3.56
(30
)
(19
)
3.37
3.56
(19
)
Nonperforming loan rate (6)
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Purchase volume (11)
$
253,750
$
220,540
$
238,687
$
230,379
$
201,453
15
%
26
%
$
474,290
$
359,401
32
%
2026 Q2 vs.
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Domestic Card
Earnings:
Net interest income
$
8,643
$
8,618
$
8,854
$
8,766
$
6,822
—
%
27
%
$
17,261
$
12,165
42
%
Non-interest income
2,460
2,107
2,168
2,160
1,749
17
41
4,567
3,209
42
Total net revenue
11,103
10,725
11,022
10,926
8,571
4
30
21,828
15,374
42
Provision for credit losses
2,292
3,236
3,482
2,163
10,200
(29
)
(78
)
5,528
12,056
(54
)
Non-interest expense
5,771
5,179
5,789
5,092
4,192
11
38
%
10,950
7,614
44
%
Income (loss) from continuing operations before income taxes
3,040
2,310
1,751
3,671
(5,821
)
32
**
5,350
(4,296
)
**
Income tax provision (benefit)
745
566
417
873
(1,385
)
32
**
1,311
(1,022
)
**
Income (loss) from continuing operations, net of tax
$
2,295
$
1,744
$
1,334
$
2,798
$
(4,436
)
32
%
**
$
4,039
$
(3,274
)
**
Selected performance metrics:
Period-end loans held for investment
$
259,005
$
254,028
$
262,403
$
253,951
$
252,481
2
%
3
%
$
259,005
$
252,481
3
%
Average loans held for investment
254,625
254,036
255,221
252,090
197,808
—
29
254,332
173,858
46
Average yield on loans outstanding (1)
17.16
%
17.13
%
17.68
%
17.99
%
17.88
%
3 bps
(72) bps
17.15
%
18.10
%
(95) bps
Total net revenue margin (12)
17.44
16.89
17.28
17.34
17.33
55
11
17.16
17.69
(53
)
Net charge-off rate (5)
4.71
5.10
4.93
4.63
5.25
(39
)
(54
)
4.91
5.65
(74
)
30+ day performing delinquency rate
3.39
3.70
3.99
3.89
3.60
(31
)
(21
)
3.39
3.60
(21
)
Purchase volume (11)
$
249,195
$
216,513
$
234,375
$
226,147
$
197,308
15
%
26
%
$
465,708
$
351,699
32
%
Refreshed FICO scores: (13)
Greater than 660
74
%
73
%
73
%
73
%
73
%
1
1
74
%
73
%
1
660 or below
26
27
27
27
27
(1
)
(1
)
26
27
(1
)
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2026 Q2 vs.
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Consumer Banking
Earnings:
Net interest income
$
2,431
$
2,229
$
2,296
$
2,357
$
2,162
9
%
12
%
$
4,660
$
4,105
14
%
Non-interest income
778
683
623
475
394
14
97
1,461
577
153
Total net revenue
3,209
2,912
2,919
2,832
2,556
10
26
6,121
4,682
31
Provision for credit losses
444
519
409
340
252
(14
)
76
963
553
74
Non-interest expense
2,121
1,998
2,289
1,941
1,713
6
24
4,119
3,294
25
Income from continuing operations before income taxes
644
395
221
551
591
63
9
1,039
835
24
Income tax provision
158
97
52
131
141
63
12
255
199
28
Income from continuing operations, net of tax
$
486
$
298
$
169
$
420
$
450
63
%
8
%
$
784
$
636
23
%
Selected performance metrics:
Period-end loans held for investment
$
90,467
$
86,873
$
84,790
$
83,230
$
81,233
4
%
11
%
$
90,467
$
81,233
11
%
Average loans held for investment
88,583
85,701
83,957
82,295
80,095
3
11
87,150
79,292
10
Average yield on loans held for investment (1)
9.57
%
9.43
%
9.59
%
9.52
%
9.30
%
14bps
27bps
9.50
%
9.17
%
33bps
Auto loan originations
$
12,916
$
11,130
$
10,194
$
10,731
$
10,861
16
%
19
%
$
24,046
$
20,071
20
%
Period-end deposits
435,221
438,034
423,932
416,765
414,044
(1
)
5
435,221
414,044
5
Average deposits
435,890
428,391
418,673
414,219
365,359
2
19
432,161
342,780
26
Average deposits interest rate
2.76
%
2.84
%
2.98
%
3.07
%
3.02
%
(8) bps
(26) bps
2.80
%
3.01
%
(21)bps
Net charge-off rate
1.48
1.70
1.88
1.58
1.30
(22
)
18
1.59
1.45
14
30+ day performing delinquency rate
4.28
4.17
5.17
4.93
4.78
11
(50
)
4.28
4.78
(50
)
30+ day delinquency rate
4.76
4.59
5.73
5.53
5.40
17
(64
)
4.76
5.40
(64
)
Nonperforming loan rate (6)
0.62
0.57
0.69
0.73
0.74
5
(12
)
0.62
0.74
(12
)
Nonperforming asset rate (7)
0.72
0.66
0.79
0.82
0.82
6
(10
)
0.72
0.82
(10
)
Global Payment Network volume
$
189,612
$
174,332
$
174,644
$
153,117
$
74,014
9
%
156
%
$
363,944
$
74,014
**
Auto—At origination FICO scores: (14)
Greater than 660
49
%
50
%
51
%
51
%
52
%
(1
)
(3
)
49
%
52
%
(3
)
621 - 660
19
19
19
19
19
—
—
19
19
—
620 or below
32
31
30
30
29
1
3
32
29
3
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2026 Q2 vs.
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026 vs.
(Dollars in millions, except as noted)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Commercial Banking
Earnings:
Net interest income
$
585
$
581
$
574
$
586
$
602
1
%
(3
)%
$
1,166
$
1,174
(1
)%
Non-interest income
265
328
356
318
335
(19
)
(21
)
593
647
(8
)
Total net revenue (9)
850
909
930
904
937
(6
)
(9
)
1,759
1,821
(3
)
Provision for credit losses
71
138
55
9
81
(49
)
(12
)
209
223
(6
)
Non-interest expense
462
498
504
520
489
(7
)
(6
)
960
975
(2
)
Income from continuing operations before income taxes
317
273
371
375
367
16
(14
)
590
623
(5
)
Income tax provision
78
67
89
89
87
16
(10
)
145
148
(2
)
Income from continuing operations, net of tax
$
239
$
206
$
282
$
286
$
280
16
%
(15
)%
$
445
$
475
(6
)%
Selected performance metrics:
Period-end loans held for investment
$
91,293
$
90,323
$
89,262
$
88,892
$
88,355
1
%
3
%
$
91,293
$
88,355
3
%
Average loans held for investment
90,899
89,560
88,495
88,389
88,369
1
3
90,233
87,935
3
Average yield on loans held for investment (1)(9)
5.75
%
5.68
%
6.08
%
6.42
%
6.40
%
7bps
(65)bps
5.71
%
6.35
%
(64)bps
Period-end deposits
$
30,841
$
31,007
$
31,250
$
29,920
$
29,245
(1
)%
5
%
$
30,841
$
29,245
5
%
Average deposits
31,248
31,137
31,462
29,889
30,444
—
3
31,193
31,045
—
Average deposits interest rate
1.81
%
1.83
%
1.96
%
2.13
%
2.06
%
(2)bps
(25)bps
1.82
%
2.09
%
(27)bps
Net charge-off rate
0.53
0.29
0.43
0.21
0.33
24
20
0.41
0.22
19
Nonperforming loan rate (6)
1.32
1.40
1.36
1.39
1.30
(8
)
2
1.32
1.30
2
Nonperforming asset rate (7)
1.39
1.47
1.39
1.40
1.30
(8
)
9
1.39
1.30
9
Risk category: (15)
Noncriticized
$
86,034
$
84,545
$
83,873
$
83,098
$
82,000
2
%
5
%
$
86,034
$
82,000
5
%
Criticized performing
4,058
4,510
4,177
4,558
5,204
(10
)
(22
)
4,058
5,204
(22
)
Criticized nonperforming
1,201
1,268
1,212
1,236
1,151
(5
)
4
1,201
1,151
4
Total commercial banking loans held for investment
$
91,293
$
90,323
$
89,262
$
88,892
$
88,355
1
%
3
%
$
91,293
$
88,355
3
%
Risk category as a percentage of period-end loans held for investment: (15)
Noncriticized
94.24
%
93.61
%
93.96
%
93.48
%
92.81
%
63bps
143bps
94.24
%
92.81
%
143bps
Criticized performing
4.44
4.99
4.68
5.13
5.89
(55
)
(145
)
4.44
5.89
(145
)
Criticized nonperforming
1.32
1.40
1.36
1.39
1.30
(8
)
2
1.32
1.30
2
Total commercial banking loans
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2026 Q2 vs.
Six Months Ended June 30,
2026
2026
2025
2025
2025
2026
2025
2026 vs.
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2026
2025
2025
Other
Earnings:
Net interest income (loss)
$
106
$
99
$
117
$
65
$
(62
)
7
%
**
$
205
$
(218
)
**
Non-interest loss
(80
)
(78
)
(76
)
(49
)
(34
)
3
135
%
(158
)
(53
)
198
%
Total net revenue (loss) (9)
26
21
41
16
(96
)
24
**
47
(271
)
**
Provision (benefit) for credit losses
—
—
—
1
(1
)
**
**
—
(1
)
**
Non-interest expense (16)
362
467
402
393
342
(22
)
6
829
539
54
Loss from continuing operations before income taxes
(336
)
(446
)
(361
)
(378
)
(437
)
(25
)
(23
)
(782
)
(809
)
(3
)
Income tax provision (benefit)
(220
)
(254
)
(241
)
55
(361
)
(13
)
(39
)
(474
)
(537
)
(12
)
Loss from continuing operations, net of tax
$
(116
)
$
(192
)
$
(120
)
$
(433
)
$
(76
)
(40
)%
53
%
$
(308
)
$
(272
)
13
%
Selected performance metrics:
Period-end deposits
$
18,195
$
20,012
$
20,589
$
22,100
$
24,821
(9
)%
(27
)%
$
18,195
$
24,821
(27
)%
Average deposits
19,653
20,430
20,830
23,172
18,765
(4
)
5
20,039
15,637
28
Total
Earnings:
Net interest income
$
12,374
$
12,145
$
12,466
$
12,404
$
9,995
2
%
24
%
$
24,519
$
18,008
36
%
Non-interest income
3,476
3,086
3,117
2,955
2,497
13
39
6,562
4,484
46
Total net revenue
15,850
15,231
15,583
15,359
12,492
4
27
31,081
22,492
38
Provision for credit losses
2,989
4,068
4,142
2,714
11,430
(27
)
(74
)
7,057
13,799
(49
)
Non-interest expense
9,043
8,464
9,342
8,263
6,991
7
29
%
17,507
12,893
36
%
Income (loss) from continuing operations before income taxes
3,818
2,699
2,099
4,382
(5,929
)
41
**
6,517
(4,200
)
**
Income tax provision (benefit)
798
518
345
1,189
(1,666
)
54
**
1,316
(1,341
)
**
Income (loss) from continuing operations, net of tax
$
3,020
$
2,181
$
1,754
$
3,193
$
(4,263
)
38
%
**
$
5,201
$
(2,859
)
**
Selected performance metrics:
Period-end loans held for investment
$
457,168
$
447,754
$
453,622
$
443,159
$
439,297
2
%
4
%
$
457,168
$
439,297
4
%
Average loans held for investment
450,679
446,235
444,680
439,859
378,157
1
19
448,469
350,425
28
Period-end deposits
484,257
489,053
475,771
468,785
468,110
(1
)
3
484,257
468,110
3
Average deposits
486,791
479,958
470,965
467,280
414,568
1
17
483,393
389,462
24
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)
(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. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)
Includes amounts related to entities that provide capital to low-income and rural communities of $2.4 billion in Q2 2026, $2.2 billion in both Q1 2026 and Q2 2025, $2.3 billion for the first six months of 2026 and $2.1 billion for the first six months of 2025. Related interest expense was $9 million in Q2 2026, $8 million in both Q1 2026 and Q2 2025, $17 million for the first six months of 2026 and $15 million for the first six months of 2025.
(3)
Effective in the second quarter of 2026, Domestic Card results include Brex and our legacy corporate card product.
(4)
Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
(5)
Charge-offs exclude $18.0 billion of Discover domestic credit card loans acquired in the second quarter of 2025 that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.
(6)
Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(7)
Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(8)
Primarily represents foreign currency translation adjustments.
(9)
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.
(10)
Includes the impact of $96 million in Brex integration expenses in Q2 2026.
(11)
Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(12)
Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(13)
Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category. Corporate credit cards do not have FICO scores associated with such loans and therefore are excluded.
(14)
Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
(15)
Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(16)
Includes the impact of $298 million, $415 million, $352 million, $348 million and $299 million in Discover integration expenses in Q2 2026, Q1 2026, Q4 2025, Q3 2025 and Q2 2025, respectively, as well as any charges incurred as a result of other restructuring activities for the periods presented.
**
Not meaningful.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (1)
Basel III Standardized Approach
(Dollars in millions, except as noted)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Regulatory Capital Metrics
Common equity excluding AOCI
$
114,686
$
112,733
$
113,677
$
114,323
$
112,368
Adjustments:
AOCI, net of tax (2)
62
69
81
68
83
Goodwill, net of related deferred tax liabilities
(31,559
)
(28,201
)
(28,217
)
(28,575
)
(28,052
)
Other Intangible and deferred tax assets, net of deferred tax liabilities
(12,413
)
(12,142
)
(12,493
)
(12,846
)
(13,687
)
Common equity Tier 1 capital
$
70,776
$
72,459
$
73,048
$
72,970
$
70,712
Tier 1 capital
$
76,183
$
77,866
$
78,455
$
78,377
$
76,118
Total capital (3)
85,770
87,326
88,000
87,853
85,988
Risk-weighted assets
516,267
504,654
511,794
506,535
503,413
Adjusted average assets (4)
643,349
640,503
629,997
622,435
537,581
Capital Ratios
Common equity Tier 1 capital (5)
13.7
%
14.4
%
14.3
%
14.4
%
14.0
%
Tier 1 capital (6)
14.8
15.4
15.3
15.5
15.1
Total capital (7)
16.6
17.3
17.2
17.3
17.1
Tier 1 leverage (4)
11.8
12.2
12.5
12.6
14.2
TCE (8)
10.2
10.3
10.7
10.8
10.3
Reconciliation of Non-GAAP Measures
The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
2026
2026
2025
2025
2025
Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)
Q2
Q1
Q4
Q3
Q2
2026
2025
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)
$
2,935
$
2,081
$
2,057
$
3,086
$
(4,340
)
$
5,016
$
(2,998
)
Acquisition amortization expenses (9)
494
477
546
603
340
971
340
Discover integration expenses
298
415
352
348
299
713
409
Brex integration expenses
96
—
—
—
—
96
—
Initial allowance build for Discover non-PCD loans
—
—
—
—
8,767
—
8,767
Legal reserve activities
—
—
117
—
41
—
239
Gain on sale of home loan portfolio
—
—
(483
)
—
—
—
—
FDIC special assessment
—
—
(29
)
—
—
—
—
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)
3,823
2,973
2,560
4,037
5,107
6,796
6,757
Income tax impacts
(219
)
(221
)
(124
)
(236
)
(2,339
)
(440
)
(2,415
)
Adjusted net income available to common stockholders (non-GAAP)
$
3,604
$
2,752
$
2,436
$
3,801
$
2,768
$
6,356
$
4,342
Diluted weighted-average common shares outstanding (in millions) (GAAP)
621.1
623.4
631.6
639.5
505.6
622.3
444.7
Diluted EPS (GAAP)
$
4.73
$
3.34
$
3.26
$
4.83
$
(8.58
)
$
8.07
$
(6.74
)
Impact of adjustments noted above
1.08
1.08
0.60
1.12
14.06
2.14
16.50
Adjusted diluted EPS (non-GAAP)
$
5.81
$
4.42
$
3.86
$
5.95
$
5.48
$
10.21
$
9.76
Adjusted efficiency ratio:
Non-interest expense (GAAP)
$
9,043
$
8,464
$
9,342
$
8,263
$
6,991
$
17,507
$
12,893
Acquisition amortization expenses (9)
(518
)
(478
)
(509
)
(498
)
(255
)
(996
)
(255
)
Discover integration expenses
(298
)
(415
)
(352
)
(348
)
(299
)
(713
)
(409
)
Brex integration expenses
(96
)
—
—
—
—
(96
)
—
Legal reserve activities
—
—
(117
)
—
(41
)
—
(239
)
FDIC special assessment
—
—
29
—
—
—
—
Adjusted non-interest expense (non-GAAP)
$
8,131
$
7,571
$
8,393
$
7,417
$
6,396
$
15,702
$
11,990
Total net revenue (GAAP)
$
15,850
$
15,231
$
15,583
$
15,359
$
12,492
$
31,081
$
22,492
Acquisition amortization expenses (9)
(24
)
(1
)
37
105
85
(25
)
85
Adjusted net revenue (non-GAAP)
$
15,826
$
15,230
$
15,620
$
15,464
$
12,577
$
31,056
$
22,577
Efficiency ratio (GAAP)
57.05
%
55.57
%
59.95
%
53.80
%
55.96
%
56.33
%
57.32
%
Impact of adjustments noted above
(567) bps
(586) bps
(622) bps
(584) bps
(511) bps
(577) bps
(421) bps
Adjusted efficiency ratio (non-GAAP)
51.38
%
49.71
%
53.73
%
47.96
%
50.85
%
50.56
%
53.11
%
Adjusted operating efficiency ratio:
Operating expense (GAAP)
$
7,382
$
6,967
$
7,408
$
6,860
$
5,646
$
14,349
$
10,346
Acquisition amortization expenses (9)
(518
)
(478
)
(509
)
(498
)
(255
)
(996
)
(255
)
Discover integration expenses
(298
)
(415
)
(352
)
(348
)
(299
)
(713
)
(409
)
Brex integration expenses
(96
)
—
—
—
—
(96
)
—
Legal reserve activities
—
—
(117
)
—
(41
)
—
(239
)
FDIC special assessment
—
—
29
—
—
—
—
Adjusted operating expense (non-GAAP)
$
6,470
$
6,074
$
6,459
$
6,014
$
5,051
$
12,544
$
9,443
Total net revenue (GAAP)
$
15,850
$
15,231
$
15,583
$
15,359
$
12,492
$
31,081
$
22,492
Acquisition amortization expenses (9)
(24
)
(1
)
37
105
85
(25
)
85
Adjusted net revenue (non-GAAP)
$
15,826
$
15,230
$
15,620
$
15,464
$
12,577
$
31,056
$
22,577
Operating efficiency ratio (GAAP)
46.57
%
45.74
%
47.54
%
44.66
%
45.20
%
46.17
%
46.00
%
Impact of adjustments noted above
(569) bps
(586) bps
(619) bps
(577) bps
(504) bps
(578) bps
(417) bps
Adjusted operating efficiency ratio (non-GAAP)
40.88
%
39.88
%
41.35
%
38.89
%
40.16
%
40.39
%
41.83
%
Reconciliation of Non-GAAP Measures
The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
2026
2026
2025
2025
2025
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Pre-provision earnings
Total net revenue
$
15,850
$
15,231
$
15,583
$
15,359
$
12,492
Non-interest expense
(9,043
)
(8,464
)
(9,342
)
(8,263
)
(6,991
)
Pre-provision earnings (10)(11)
$
6,807
$
6,767
$
6,241
$
7,096
$
5,501
Tangible common equity (period-end)
Stockholders’ equity
$
113,793
$
112,261
$
113,616
$
113,813
$
110,956
Goodwill and other intangible assets (12)
(43,840
)
(40,489
)
(40,876
)
(41,537
)
(42,012
)
Noncumulative perpetual preferred stock
(5,407
)
(5,407
)
(5,407
)
(5,407
)
(5,407
)
Tangible common equity (13)
$
64,546
$
66,365
$
67,333
$
66,869
$
63,537
Tangible common equity (average)
Stockholders’ equity
$
114,518
$
114,556
$
115,404
$
112,819
$
86,918
Goodwill and other intangible assets (12)
(44,033
)
(40,709
)
(41,144
)
(41,815
)
(29,114
)
Noncumulative perpetual preferred stock
(5,407
)
(5,407
)
(5,407
)
(5,407
)
(5,355
)
Tangible common equity (13)
$
65,078
$
68,440
$
68,853
$
65,597
$
52,449
Return on tangible common equity (average)
Net income (loss) available to common stockholders
$
2,935
$
2,081
$
2,057
$
3,086
$
(4,340
)
Income (loss) from discontinued operations, net of tax
—
(7
)
380
(1
)
(14
)
Net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax
$
2,935
$
2,088
$
1,677
$
3,087
$
(4,326
)
Tangible common equity (average)
65,078
68,440
68,853
65,597
52,449
Return on tangible common equity (13)
18.04
%
12.20
%
9.74
%
18.82
%
(32.99
)%
Tangible assets (period-end)
Total assets
$
673,835
$
682,905
$
669,009
$
661,877
$
658,968
Goodwill and other intangible assets (12)
(43,840
)
(40,489
)
(40,876
)
(41,537
)
(42,012
)
Tangible assets (13)
$
629,995
$
642,416
$
628,133
$
620,340
$
616,956
2026
2026
2025
2025
2025
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Tangible assets (average)
Total assets
$
682,079
$
675,999
$
665,656
$
657,858
$
572,446
Goodwill and other intangible assets (12)
(44,033
)
(40,709
)
(41,144
)
(41,815
)
(29,114
)
Tangible assets (13)
$
638,046
$
635,290
$
624,512
$
616,043
$
543,332
Return on tangible assets (average)
Net income (loss)
$
3,020
$
2,174
$
2,134
$
3,192
$
(4,277
)
Income (loss) from discontinued operations, net of tax
—
(7
)
380
(1
)
(14
)
Net income (loss) less income (loss) from discontinued operations, net of tax
$
3,020
$
2,181
$
1,754
$
3,193
$
(4,263
)
Tangible assets (average)
638,046
635,290
624,512
616,043
543,332
Return on tangible assets (13)
1.89
%
1.37
%
1.12
%
2.07
%
(3.14
)%
TCE ratio
Tangible common equity (period-end)
$
64,546
$
66,365
$
67,333
$
66,869
$
63,537
Tangible assets (period-end)
629,995
642,416
628,133
620,340
616,956
TCE ratio (13)
10.2
%
10.3
%
10.7
%
10.8
%
10.3
%
Tangible book value per common share
Tangible common equity (period-end)
$
64,546
$
66,365
$
67,333
$
66,869
$
63,537
Outstanding common shares
613.5
615.9
625.1
635.7
639.5
Tangible book value per common share (13)
$
105.21
$
107.76
$
107.72
$
105.18
$
99.35
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 16: Notes to Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures (Table 15)
(1)
Regulatory capital metrics and capital ratios as of June 30, 2026 are preliminary and therefore subject to change.
(2)
Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)
Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)
Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)
Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)
Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)
Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)
TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)
Includes purchase accounting-related amortization for acquisitions where integration expenses were also adjusted.
(10)
Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(11)
Adjusted pre-provision earnings is a non-GAAP metric calculated based on adjusted net revenue less non-interest expense for the period.
(12)
Includes impact of related deferred taxes.
(13)
Management believes that this financial metric is useful when assessing returns and capital management over time.