Document

EX-99.2 3 ex992q22025earningsrelease.htm EX-99.2 Document

Exhibit 99.2

Capital One Financial Corporation

Financial Supplement(1)(2)(3)

Second Quarter 2025

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	15
	Table 10:	Financial & Statistical Summary—Credit Card Business	16
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	18
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	19
	Table 13:	Financial & Statistical Summary—Other and Total	20
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	21
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	22

__________

(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, 2025 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 in assessing our capital adequacy and the level of return generated. 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 acquisition of Discover in an all-stock transaction as outlined in the merger agreement dated February 19, 2024. Discover results and statistics reported herein are from May 18, 2025 to June 30, 2025.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated


											2025 Q2				Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	2025		2025		2024		2024		2024		2025		2024						2025 vs.
	Q2		Q1		Q4		Q3		Q2		Q1		Q2		2025		2024		2024
Income Statement
Net interest income	$	9,995	$	8,013	$	8,098	$	8,076	$	7,546	25	%	32	%	$	18,008	$	15,034	20	%
Non-interest income	2,497		1,987		2,092		1,938		1,960		26		27		4,484		3,874		16
Total net revenue(1)	12,492		10,000		10,190		10,014		9,506		25		31		22,492		18,908		19
Provision for credit losses	11,430		2,369		2,642		2,482		3,909		**		192		13,799		6,592		109
Non-interest expense:
Marketing	1,345		1,202		1,375		1,113		1,064		12		26		2,547		2,074		23
Operating expense	5,646		4,700		4,714		4,201		3,882		20		45		10,346		8,009		29
Total non-interest expense	6,991		5,902		6,089		5,314		4,946		18		41		12,893		10,083		28
Income (loss) from continuing operations before income taxes	(5,929)		1,729		1,459		2,218		651		**		**		(4,200)		2,233		**
Income tax provision (benefit)	(1,666)		325		366		441		54		**		**		(1,341)		356		**
Income (loss) from continuing operations, net of tax	(4,263)		1,404		1,093		1,777		597		**		**		(2,859)		1,877		**
Income (loss) from discontinued operations, net of tax	(14)		—		3		—		—		**		**		(14)		—		**
Net income (loss)	(4,277)		1,404		1,096		1,777		597		**		**		(2,873)		1,877		**
Dividends and undistributed earnings allocated to participating securities(2)	(4)		(22)		(17)		(28)		(9)		(82)		(56)		(9)		(32)		(72)
Preferred stock dividends	(65)		(57)		(57)		(57)		(57)		14		14		(122)		(114)		7
Discount on redeemed preferred stock	6		—		—		—		—		**		**		6		—		**
Net income (loss) available to common stockholders	$	(4,340)	$	1,325	$	1,022	$	1,692	$	531	**		**		$	(2,998)	$	1,731	**
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations	$	(8.55)	$	3.46	$	2.66	$	4.42	$	1.39	**		**		$	(6.71)	$	4.52	**
Income (loss) from discontinued operations	(0.03)		—		0.01		—		—		**		**		(0.03)		—		**
Net income (loss) per basic common share	$	(8.58)	$	3.46	$	2.67	$	4.42	$	1.39	**		**		$	(6.74)	$	4.52	**
Diluted earnings per common share:(2)
Net income (loss) from continuing operations	$	(8.55)	$	3.45	$	2.66	$	4.41	$	1.38	**		**		$	(6.71)	$	4.51	**
Income (loss) from discontinued operations	(0.03)		—		0.01		—		—		**		**		(0.03)		—		**
Net income (loss) per diluted common share	$	(8.58)	$	3.45	$	2.67	$	4.41	$	1.38	**		**		$	(6.74)	$	4.51	**
Weighted-average common shares outstanding (in millions):
Basic	505.6		383.1		382.4		383.0		383.1		32	%	32	%	444.7		382.7		16	%
Diluted	505.6		384.0		383.4		383.7		383.9		32		32		444.7		383.7		16
Common shares outstanding (period-end, in millions)	639.5		383.0		381.2		381.5		381.9		67		67		639.5		381.9		67
Dividends declared and paid per common share	$	0.60	$	0.60	$	0.60	$	0.60	$	0.60	—		—		$	1.20	$	1.20	—
Tangible book value per common share (period-end)(3)	99.35		113.74		106.97		112.36		99.28		(13)		—		99.35		99.28		—


											2025 Q2				Six Months Ended June 30,
(Dollars in millions)	2025		2025		2024		2024		2024		2025		2024						2025 vs.
	Q2		Q1		Q4		Q3		Q2		Q1		Q2		2025		2024		2024
Balance Sheet (Period-End)
Loans held for investment	$	439,297	$	323,598	$	327,775	$	320,243	$	318,186	36	%	38	%	$	439,297	$	318,186	38	%
Interest-earning assets	601,999		463,414		463,058		458,189		452,547		30		33		601,999		452,547		33
Total assets	658,968		493,604		490,144		486,433		480,018		34		37		658,968		480,018		37
Interest-bearing deposits	440,231		340,964		336,585		327,253		324,437		29		36		440,231		324,437		36
Total deposits	468,110		367,464		362,707		353,631		351,442		27		33		468,110		351,442		33
Borrowings	52,666		41,773		45,551		49,336		47,956		26		10		52,666		47,956		10
Common equity	105,549		58,697		55,938		58,080		53,135		80		99		105,549		53,135		99
Total stockholders’ equity	110,956		63,542		60,784		62,925		57,981		75		91		110,956		57,981		91
Balance Sheet (Average Balances)
Loans held for investment	$	378,157	$	322,385	$	321,871	$	318,255	$	314,888	17	%	20	%	$	350,425	$	314,751	11	%
Interest-earning assets	524,929		462,771		460,640		454,484		450,908		13		16		494,022		449,356		10
Total assets	572,446		491,817		488,300		481,219		477,285		16		20		532,354		476,140		12
Interest-bearing deposits	387,139		337,840		331,564		324,509		322,581		15		20		362,626		320,515		13
Total deposits	414,568		364,078		358,323		351,125		349,488		14		19		389,462		347,572		12
Borrowings	46,601		44,448		46,293		48,274		48,842		5		(5)		45,531		49,658		(8)
Common equity	81,563		57,395		56,918		56,443		53,262		42		53		69,546		53,207		31
Total stockholders’ equity	86,918		62,240		61,764		61,289		58,107		40		50		74,647		58,052		29

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated


																2025 Q2				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025			2025			2024			2024			2024			2025		2024								2025 vs.
	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Performance Metrics
Net interest income growth (period over period)	25		%	(1)		%	—			7		%	1		%	**		**		20		%	5		%	**
Non-interest income growth (period over period)	26			(5)			8		%	(1)			2			**		**		16			7			**
Total net revenue growth (period over period)	25			(2)			2			5			1			**		**		19			6			**
Total net revenue margin(4)	9.52			8.64			8.85			8.81			8.43			88	bps	109	bps	9.11			8.42			69	bps
Net interest margin(5)	7.62			6.93			7.03			7.11			6.70			69		92		7.29			6.69			60
Return on average assets(6)	(2.98)			1.14			0.90			1.48			0.50			(412)		(348)		(1.07)			0.79			(186)
Return on average tangible assets(7)	(3.14)			1.18			0.92			1.53			0.52			(432)		(366)		(1.12)			0.81			(193)
Return on average common equity(8)	(21.22)			9.23			7.16			11.99			3.99			(3,045)		(2,521)		(8.58)			6.51			(1,509)
Return on average tangible common equity(9)	(32.99)			12.55			9.77			16.42			5.59			(4,554)		(3,858)		(12.60)			9.12			(2,172)

Efficiency ratio(10)	55.96			59.02			59.75			53.07			52.03			(306)		393		57.32			53.33			399
Operating efficiency ratio(11)	45.20			47.00			46.26			41.95			40.84			(180)		436		46.00			42.36			364
Effective income tax rate for continuing operations	28.1			18.8			25.1			19.9			8.3			930		1,980		31.9			15.9			1,600
Employees (period-end, in thousands)	76.5			53.9			52.6			52.5			52.1			42%		47%		76.5			52.1			47%
Credit Quality Metrics
Allowance for credit losses	$	23,873		$	15,899		$	16,258		$	16,534		$	16,649		50%		43%		$	23,873		$	16,649		43%
Allowance coverage ratio	5.43		%	4.91		%	4.96		%	5.16		%	5.23		%	52	bps	20	bps	5.43		%	5.23		%	20	bps
Net charge-offs(12)	$	3,060		$	2,736		$	2,884		$	2,604		$	2,644		12%		16%		$	5,796		$	5,260		10%
Net charge-off rate(13)	3.24		%	3.40		%	3.59		%	3.27		%	3.36		%	(16)	bps	(12)	bps	3.31		%	3.34		%	(3)	bps
30+ day performing delinquency rate	3.13			3.29			3.69			3.58			3.36			(16)		(23)		3.13			3.36			(23)
30+ day delinquency rate	3.32			3.51			3.98			3.89			3.63			(19)		(31)		3.32			3.63			(31)
Capital Ratios(14)
Common equity Tier 1 capital	14.0		%	13.6		%	13.5		%	13.6		%	13.2		%	40	bps	80	bps	14.0		%	13.2		%	80	bps
Tier 1 capital	15.1			14.9			14.8			14.9			14.5			20		60		15.1			14.5			60
Total capital	17.1			17.0			16.4			16.6			16.3			10		80		17.1			16.3			80
Tier 1 leverage	14.2			11.6			11.6			11.6			11.3			260		290		14.2			11.3			290
Tangible common equity (“TCE”)(15)	10.3			9.1			8.6			9.1			8.2			120		210		10.3			8.2			210

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income


											2025 Q2				Six Months Ended June 30,
(Dollars in millions, except as noted)	2025		2025		2024		2024		2024		2025		2024						2025 vs.
	Q2		Q1		Q4		Q3		Q2		Q1		Q2		2025		2024		2024
Interest income:
Loans, including loans held for sale	$	12,449	$	10,157	$	10,434	$	10,547	$	9,993	23	%	25	%	$	22,606	$	19,913	14	%
Investment securities	784		770		753		733		700		2		12		1,554		1,387		12
Other	595		491		530		580		587		21		1		1,086		1,157		(6)
Total interest income	13,828		11,418		11,717		11,860		11,280		21		23		25,246		22,457		12
Interest expense:
Deposits	3,120		2,715		2,862		2,945		2,874		15		9		5,835		5,686		3
Securitized debt obligations	164		176		205		234		258		(7)		(36)		340		519		(34)
Senior and subordinated notes	535		505		540		596		591		6		(9)		1,040		1,197		(13)
Other borrowings	14		9		12		9		11		56		27		23		21		10
Total interest expense	3,833		3,405		3,619		3,784		3,734		13		3		7,238		7,423		(2)
Net interest income	9,995		8,013		8,098		8,076		7,546		25		32		18,008		15,034		20
Provision for credit losses	11,430		2,369		2,642		2,482		3,909		**		192		13,799		6,592		109
Net interest income (loss) after provision for credit losses	(1,435)		5,644		5,456		5,594		3,637		**		**		4,209		8,442		(50)
Non-interest income:
Discount and interchange fees, net	1,478		1,223		1,260		1,228		1,249		21		18		2,701		2,394		13
Service charges and other customer-related fees	658		509		554		501		459		29		43		1,167		921		27
Net securities gains (losses)	—		—		—		(35)		—		—		—		—		—		—
Other	361		255		278		244		252		42		43		616		559		10
Total non-interest income	2,497		1,987		2,092		1,938		1,960		26		27		4,484		3,874		16
Non-interest expense:
Salaries and associate benefits	2,999		2,546		2,329		2,391		2,200		18		36		5,545		4,678		19
Occupancy and equipment	737		615		674		587		551		20		34		1,352		1,105		22
Marketing	1,345		1,202		1,375		1,113		1,064		12		26		2,547		2,074		23
Professional services	653		437		630		402		316		49		107		1,090		578		89
Communications and data processing	413		399		398		358		355		4		16		812		706		15
Amortization of intangibles	271		16		19		20		19		**		**		287		38		**
Other	573		687		664		443		441		(17)		30		1,260		904		39
Total non-interest expense	6,991		5,902		6,089		5,314		4,946		18		41		12,893		10,083		28
Income (loss) from continuing operations before income taxes	(5,929)		1,729		1,459		2,218		651		**		**		(4,200)		2,233		**
Income tax provision (benefit)	(1,666)		325		366		441		54		**		**		(1,341)		356		**
Income (loss) from continuing operations, net of tax	(4,263)		1,404		1,093		1,777		597		**		**		(2,859)		1,877		**
Income (loss) from discontinued operations, net of tax	(14)		—		3		—		—		**		**		(14)		—		**
Net income (loss)	(4,277)		1,404		1,096		1,777		597		**		**		(2,873)		1,877		**
Dividends and undistributed earnings allocated to participating securities(2)	(4)		(22)		(17)		(28)		(9)		(82)		(56)		(9)		(32)		(72)
Preferred stock dividends	(65)		(57)		(57)		(57)		(57)		14		14		(122)		(114)		7
Discount on redeemed preferred stock	6		—		—		—		—		**		**		6		—		**
Net income (loss) available to common stockholders	$	(4,340)	$	1,325	$	1,022	$	1,692	$	531	**		**		$	(2,998)	$	1,731	**


											2025 Q2		Six Months Ended June 30,
	2025		2025		2024		2024		2024		2025	2024					2025 vs.
	Q2		Q1		Q4		Q3		Q2		Q1	Q2	2025		2024		2024
Basic earnings per common share:(2)
Net income (loss) from continuing operations	$	(8.55)	$	3.46	$	2.66	$	4.42	$	1.39	**	**	$	(6.71)	$	4.52	**
Income (loss) from discontinued operations	(0.03)		—		0.01		—		—		**	**	(0.03)		—		**
Net income (loss) per basic common share	$	(8.58)	$	3.46	$	2.67	$	4.42	$	1.39	**	**	$	(6.74)	$	4.52	**
Diluted earnings per common share:(2)
Net income (loss) from continuing operations	$	(8.55)	$	3.45	$	2.66	$	4.41	$	1.38	**	**	$	(6.71)	$	4.51	**
Income (loss) from discontinued operations	(0.03)		—		0.01		—		—		**	**	(0.03)		—		**
Net income (loss) per diluted common share	$	(8.58)	$	3.45	$	2.67	$	4.41	$	1.38	**	**	$	(6.74)	$	4.51	**
Weighted-average common shares outstanding (in millions):
Basic common shares	505.6		383.1		382.4		383.0		383.1		32	32	444.7		382.7		16
Diluted common shares	505.6		384.0		383.4		383.7		383.9		32	32	444.7		383.7		16

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets


											2025 Q2
	2025		2025		2024		2024		2024		2025		2024
(Dollars in millions)	Q2		Q1		Q4		Q3		Q2		Q1		Q2
Assets:
Cash and cash equivalents:
Cash and due from banks	$	4,854	$	4,108	$	3,028	$	3,976	$	5,298	18	%	(8)	%
Interest-bearing deposits and other short-term investments	54,255		44,465		40,202		45,322		40,116		22		35
Total cash and cash equivalents	59,109		48,573		43,230		49,298		45,414		22		30
Restricted cash for securitization investors	2,469		392		441		421		2,415		**		2
Securities available for sale	87,196		84,362		83,013		83,500		79,250		3		10
Loans held for investment:
Unsecuritized loans held for investment	384,413		295,939		298,241		292,061		289,124		30		33
Loans held in consolidated trusts	54,884		27,659		29,534		28,182		29,062		98		89
Total loans held for investment	439,297		323,598		327,775		320,243		318,186		36		38
Allowance for credit losses	(23,873)		(15,899)		(16,258)		(16,534)		(16,649)		50		43
Net loans held for investment	415,424		307,699		311,517		303,709		301,537		35		38
Loans held for sale	198		686		202		96		808		(71)		(75)
Premises and equipment, net	5,687		4,579		4,511		4,440		4,396		24		29
Interest receivable	3,373		2,599		2,532		2,577		2,494		30		35
Goodwill	28,335		15,070		15,059		15,083		15,062		88		88
Other intangible assets	18,157		217		233		253		271		**		**
Other assets	30,904		29,427		29,406		27,056		28,371		5		9
Assets of discontinued operations	8,116		—		—		—		—		**		**
Total assets	$	658,968	$	493,604	$	490,144	$	486,433	$	480,018	34		37


											2025 Q2
	2025		2025		2024		2024		2024		2025		2024
(Dollars in millions)	Q2		Q1		Q4		Q3		Q2		Q1		Q2
Liabilities:
Interest payable	$	888	$	646	$	666	$	705	$	668	37	%	33	%
Deposits:
Non-interest-bearing deposits	27,879		26,500		26,122		26,378		27,005		5		3
Interest-bearing deposits	440,231		340,964		336,585		327,253		324,437		29		36
Total deposits	468,110		367,464		362,707		353,631		351,442		27		33
Securitized debt obligations	14,658		11,716		14,264		15,881		17,291		25		(15)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase	742		573		562		520		715		29		4
Senior and subordinated notes	36,706		29,459		30,696		32,911		29,925		25		23
Other borrowings	560		25		29		24		25		**		**
Total other debt	38,008		30,057		31,287		33,455		30,665		26		24
Other liabilities	26,316		20,179		20,436		19,836		21,971		30		20
Liabilities of discontinued operations	32		—		—		—		—		**		**
Total liabilities	548,012		430,062		429,360		423,508		422,037		27		30

Stockholders’ equity:
Preferred stock	0		0		0		0		0		—		—
Common stock	7		7		7		7		7		—		—
Additional paid-in capital, net	63,465		36,693		36,428		36,216		36,012		73		76
Retained earnings	60,892		65,616		64,505		63,698		62,211		(7)		(2)
Accumulated other comprehensive loss	(6,819)		(7,529)		(9,286)		(6,287)		(9,701)		(9)		(30)
Treasury stock, at cost	(6,589)		(31,245)		(30,870)		(30,709)		(30,548)		(79)		(78)
Total stockholders’ equity	110,956		63,542		60,784		62,925		57,981		75		91
Total liabilities and stockholders’ equity	$	658,968	$	493,604	$	490,144	$	486,433	$	480,018	34		37

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 $785 million in Q2 2025, $705 million in Q1 2025, $706 million in Q4 2024, $624 million in Q3 2024 and $649 million in Q2 2024 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 income (loss) from continuing 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 income (loss) from continuing 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 acquired Discover loans that are 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 2025 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.

** Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin


	2025 Q2						2025 Q1						2024 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	$	378,537	$	12,449	13.15	%	$	322,772	$	10,157	12.59	%	$	315,823	$	9,993	12.66	%
Investment securities	93,024		784		3.37		92,659		770		3.32		89,501		700		3.13
Cash equivalents and other	53,368		595		4.46		47,340		491		4.14		45,584		587		5.16
Total interest-earning assets	$	524,929	$	13,828	10.54		$	462,771	$	11,418	9.87		$	450,908	$	11,280	10.01
Interest-bearing liabilities:
Interest-bearing deposits	$	387,139	$	3,120	3.22		$	337,840	$	2,715	3.22		$	322,581	$	2,874	3.56
Securitized debt obligations	13,043		164		5.06		13,731		176		5.11		17,452		258		5.91
Senior and subordinated notes	32,872		535		6.51		30,331		505		6.66		30,978		591		7.64
Other borrowings and liabilities(2)	2,872		14		1.85		2,312		9		1.57		2,502		11		1.73
Total interest-bearing liabilities	$	435,926	$	3,833	3.52		$	384,214	$	3,405	3.54		$	373,513	$	3,734	4.00
Net interest income/spread			$	9,995	7.02				$	8,013	6.32				$	7,546	6.01
Impact of non-interest-bearing funding					0.60						0.61						0.69
Net interest margin					7.62	%					6.93	%					6.70	%




	Six Months Ended June 30,
	2025						2024
(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	$	350,808	$	22,606	12.89	%	$	315,693	$	19,913	12.62	%
Investment securities	92,843		1,554		3.35		89,041		1,387		3.12
Cash equivalents and other	50,371		1,086		4.31		44,622		1,157		5.19
Total interest-earning assets	$	494,022	$	25,246	10.22		$	449,356	$	22,457	10.00
Interest-bearing liabilities:
Interest-bearing deposits	$	362,626	$	5,835	3.22		$	320,515	$	5,686	3.55
Securitized debt obligations	13,385		340		5.09		17,644		519		5.88
Senior and subordinated notes	31,609		1,040		6.58		31,594		1,197		7.58
Other borrowings and liabilities(2)	2,593		23		1.73		2,438		21		1.75
Total interest-bearing liabilities	$	410,213	$	7,238	3.53		$	372,191	$	7,423	3.99
Net interest income/spread			$	18,008	6.69				$	15,034	6.01
Impact of non-interest-bearing funding					0.60						0.68
Net interest margin					7.29	%					6.69	%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics


											2025 Q2				Six Months Ended June 30,
	2025		2025		2024		2024		2024		2025		2024		2025		2024		2025 vs. 2024
(Dollars in millions, except as noted)	Q2		Q1		Q4		Q3		Q2		Q1		Q2
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	252,481	$	150,309	$	155,618	$	149,400	$	147,065	68	%	72	%	$	252,481	$	147,065	72	%
Personal loans	9,788		—		—		—		—		**		**		9,788		—		**
International card businesses	7,440		6,880		6,890		7,251		6,830		8		9		7,440		6,830		9
Total credit card	269,709		157,189		162,508		156,651		153,895		72		75		269,709		153,895		75
Consumer banking:
Auto	80,017		77,656		76,829		75,505		74,385		3		8		80,017		74,385		8

Retail banking	1,216		1,240		1,263		1,253		1,278		(2)		(5)		1,216		1,278		(5)
Total consumer banking	81,233		78,896		78,092		76,758		75,663		3		7		81,233		75,663		7
Commercial banking:
Commercial and multifamily real estate	32,967		31,971		31,903		32,199		32,832		3		—		32,967		32,832		—
Commercial and industrial	55,388		55,542		55,272		54,635		55,796		—		(1)		55,388		55,796		(1)
Total commercial banking	88,355		87,513		87,175		86,834		88,628		1		—		88,355		88,628		—

Total loans held for investment	$	439,297	$	323,598	$	327,775	$	320,243	$	318,186	36		38		$	439,297	$	318,186	38
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	197,808	$	149,639	$	150,290	$	147,021	$	143,744	32	%	38	%	$	173,858	$	143,316	21	%
Personal loans	4,778		—		—		—		—		**		**		2,402		—		**
International card businesses	7,107		6,768		7,036		6,951		6,723		5		6		6,938		6,740		3
Total credit card	209,693		156,407		157,326		153,972		150,467		34		39		183,198		150,056		22
Consumer banking:
Auto	78,875		77,228		75,968		74,920		74,098		2		6		78,056		73,933		6

Retail banking	1,220		1,252		1,253		1,262		1,288		(3)		(5)		1,236		1,306		(5)
Total consumer banking	80,095		78,480		77,221		76,182		75,386		2		6		79,292		75,239		5
Commercial banking:
Commercial and multifamily real estate	32,522		31,733		32,058		32,416		33,801		2		(4)		32,129		34,055		(6)
Commercial and industrial	55,847		55,765		55,266		55,685		55,234		—		1		55,806		55,401		1
Total commercial banking	88,369		87,498		87,324		88,101		89,035		1		(1)		87,935		89,456		(2)
Total average loans held for investment	$	378,157	$	322,385	$	321,871	$	318,255	$	314,888	17		20		$	350,425	$	314,751	11


											2025 Q2				Six Months Ended June 30,
	2025		2025		2024		2024		2024		2025		2024		2025		2024		2025 vs. 2024
	Q2		Q1		Q4		Q3		Q2		Q1		Q2
Net Charge-Off (Recovery) Rates
Credit card(3):
Domestic credit card(4)	5.25	%	6.19	%	6.06	%	5.61	%	6.05	%	(94)	bps	(80)	bps	5.65	%	5.99	%	(34)	bps
Personal loans	3.47		—		—		—		—		**		**		3.46		—		**
International card businesses	5.17		5.02		5.17		5.23		5.03		15		14		5.10		5.10		—
Total credit card	5.20		6.14		6.02		5.60		6.00		(94)		(80)		5.60		5.95		(35)
Consumer banking:
Auto	1.25		1.55		2.32		2.05		1.81		(30)		(56)		1.40		1.90		(50)

Retail banking	4.54		4.75		5.63		5.43		5.38		(21)		(84)		4.65		4.70		(5)
Total consumer banking	1.30		1.60		2.38		2.11		1.87		(30)		(57)		1.45		1.95		(50)
Commercial banking:
Commercial and multifamily real estate	(0.06)		0.09		0.50		0.26		0.11		(15)		(17)		0.02		0.16		(14)
Commercial and industrial	0.55		0.12		0.13		0.20		0.17		43		38		0.33		0.13		20
Total commercial banking	0.33		0.11		0.26		0.22		0.15		22		18		0.22		0.14		8
Total net charge-offs	3.24		3.40		3.59		3.27		3.36		(16)		(12)		3.31		3.34		(3)
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card(5)	3.60	%	4.25	%	4.53	%	4.53	%	4.14	%	(65)	bps	(54)	bps	3.60	%	4.14	%	(54)	bps
Personal loans	1.62		—		—		—		—		**		**		1.62		—		**
International card businesses	4.50		4.56		4.52		4.53		4.63		(6)		(13)		4.50		4.63		(13)
Total credit card	3.55		4.26		4.53		4.53		4.16		(71)		(61)		3.55		4.16		(61)
Consumer banking:
Auto	4.84		4.93		5.95		5.61		5.67		(9)		(83)		4.84		5.67		(83)

Retail banking	0.93		1.13		1.12		0.95		1.57		(20)		(64)		0.93		1.57		(64)
Total consumer banking	4.78		4.87		5.87		5.53		5.60		(9)		(82)		4.78		5.60		(82)


											2025 Q2				Six Months Ended June 30,
	2025		2025		2024		2024		2024		2025		2024		2025		2024		2025 vs. 2024
	Q2		Q1		Q4		Q3		Q2		Q1		Q2
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
Personal loans	0.12	%	—		—		—		—		**		**		0.12	%	—		**
International card businesses	0.16		0.13	%	0.15	%	0.15	%	0.15	%	3	bps	1	bps	0.16		0.15	%	1	bps
Total credit card	0.01		0.01		0.01		0.01		0.01		—		—		0.01		0.01		—
Consumer banking:
Auto	0.73		0.72		0.98		0.91		0.88		1		(15)		0.73		0.88		(15)

Retail banking	1.47		1.89		1.94		2.19		2.81		(42)		(134)		1.47		2.81		(134)
Total consumer banking	0.74		0.74		0.99		0.93		0.92		—		(18)		0.74		0.92		(18)
Commercial banking:
Commercial and multifamily real estate	1.06		1.23		1.60		1.96		1.28		(17)		(22)		1.06		1.28		(22)
Commercial and industrial	1.45		1.50		1.27		1.32		1.56		(5)		(11)		1.45		1.56		(11)
Total commercial banking	1.30		1.40		1.39		1.55		1.46		(10)		(16)		1.30		1.46		(16)
Total nonperforming loans	0.40		0.56		0.61		0.65		0.63		(16)		(23)		0.40		0.63		(23)
Total nonperforming assets	0.42		0.58		0.63		0.67		0.64		(16)		(22)		0.42		0.64		(22)

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity




	Three Months Ended June 30, 2025
	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, 2025	$	12,036	—		$	474	$	12,510	$	1,845	$	27	$	1,872	$	1,517	$	15,899
Charge-offs(3)	(3,396)		$	(56)	(138)		(3,590)		(593)		(19)		(612)		(81)		(4,283)
Recoveries	802		14		46		862		348		4		352		9		1,223
Net charge-offs	(2,594)		(42)		(92)		(2,728)		(245)		(15)		(260)		(72)		(3,060)
Initial allowance for purchased credit-deteriorated loans	2,722		148		—		2,870		—		—		—		—		2,870
Benefit from expected recoveries of charged off loans(8)	(3,135)		(170)		—		(3,305)		—		—		—		—		(3,305)
Provision for credit losses(9)	10,200		826		72		11,098		238		14		252		90		11,440
Allowance build (release) for credit losses(9)	7,193		762		(20)		7,935		(7)		(1)		(8)		18		7,945
Other changes(10)	—		—		29		29		—		—		—		—		29
Balance as of June 30, 2025	19,229		762		483		20,474		1,838		26		1,864		1,535		23,873
Reserve for unfunded lending commitments:
Balance as of March 31, 2025	—		—		—		—		—		—		—		144		144
Provision (benefit) for losses on unfunded lending commitments	—		—		—		—		—		—		—		(9)		(9)

Balance as of June 30, 2025	—		—		—		—		—		—		—		135		135
Combined allowance and reserve as of June 30, 2025	$	19,229	$	762	$	483	$	20,474	$	1,838	$	26	$	1,864	$	1,670	$	24,008



	Six Months Ended June 30, 2025
	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, 2024	$	12,494	—		$	480	$	12,974	$	1,859	$	25	$	1,884	$	1,400	$	16,258
Charge-offs(3)	(6,248)		$	(56)	(264)		(6,568)		(1,249)		(39)		(1,288)		(119)		(7,975)
Recoveries	1,340		14		87		1,441		705		10		715		23		2,179
Net charge-offs	(4,908)		(42)		(177)		(5,127)		(544)		(29)		(573)		(96)		(5,796)
Initial allowance for purchased credit-deteriorated loans	2,722		148		—		2,870		—		—		—		—		2,870
Benefit from expected recoveries of charged off loans(8)	(3,135)		(170)		—		(3,305)		—		—		—		—		(3,305)
Provision for credit losses(9)	12,056		826		142		13,024		523		30		553		231		13,808
Allowance build (release) for credit losses(9)	6,735		762		(35)		7,462		(21)		1		(20)		135		7,577
Other changes(10)	—		—		38		38		—		—		—		—		38
Balance as of June 30, 2025	19,229		762		483		20,474		1,838		26		1,864		1,535		23,873
Reserve for unfunded lending commitments:
Balance as of December 31, 2024	—		—		—		—		—		—		—		143		143


Provision (benefit) for losses on unfunded lending commitments	—		—		—		—		—		—		—		(8)		(8)

Balance as of June 30, 2025	—		—		—		—		—		—		—		135		135
Combined allowance and reserve as of June 30, 2025	$	19,229	$	762	$	483	$	20,474	$	1,838	$	26	$	1,864	$	1,670	$	24,008

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results


	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(11)		Other(11)		Total		Credit Card		Consumer Banking		Commercial Banking(11)		Other(11)		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)

	Three Months Ended March 31, 2025
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(11)		Other(11)		Total
Net interest income (loss)	$	5,654	$	1,943	$	572	$	(156)	$	8,013
Non-interest income (loss)	1,511		183		312		(19)		1,987
Total net revenue (loss)	7,165		2,126		884		(175)		10,000
Provision for credit losses	1,926		301		142		—		2,369
Non-interest expense	3,638		1,581		486		197		5,902
Income (loss) from continuing operations before income taxes	1,601		244		256		(372)		1,729
Income tax provision (benefit)	382		58		61		(176)		325
Income (loss) from continuing operations, net of tax	$	1,219	$	186	$	195	$	(196)	$	1,404

	Three Months Ended June 30, 2024										Six Months Ended June 30, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking(11)		Other(11)		Total		Credit Card		Consumer Banking		Commercial Banking(11)		Other(11)		Total
Net interest income (loss)	$	5,294	$	2,025	$	609	$	(382)	$	7,546	$	10,566	$	4,036	$	1,208	$	(776)	$	15,034
Non-interest income	1,506		172		271		11		1,960		2,982		331		552		9		3,874
Total net revenue (loss)	6,800		2,197		880		(371)		9,506		13,548		4,367		1,760		(767)		18,908
Provision for credit losses	3,545		330		34		—		3,909		5,804		756		32		—		6,592
Non-interest expense	3,134		1,250		483		79		4,946		6,363		2,496		998		226		10,083
Income (loss) from continuing operations before income taxes	121		617		363		(450)		651		1,381		1,115		730		(993)		2,233
Income tax provision (benefit)	30		146		85		(207)		54		329		263		172		(408)		356
Income (loss) from continuing operations, net of tax	$	91	$	471	$	278	$	(243)	$	597	$	1,052	$	852	$	558	$	(585)	$	1,877

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business


																2025 Q2 vs.				Six Months Ended June 30,
	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Credit Card
Earnings:
Net interest income	$	7,293		$	5,654		$	5,779		$	5,743		$	5,294		29%		38%		$	12,947		$	10,566		23%
Non-interest income	1,802			1,511			1,585			1,509			1,506			19		20		3,313			2,982			11
Total net revenue	9,095			7,165			7,364			7,252			6,800			27		34		16,260			13,548			20
Provision for credit losses	11,098			1,926			2,384			2,084			3,545			**		**		13,024			5,804			124
Non-interest expense	4,447			3,638			3,846			3,367			3,134			22		42		8,085			6,363			27
Income (loss) from continuing operations before income taxes	(6,450)			1,601			1,134			1,801			121			**		**		(4,849)			1,381			**
Income tax provision (benefit)	(1,533)			382			268			427			30			**		**		(1,151)			329			**
Income (loss) from continuing operations, net of tax	$	(4,917)		$	1,219		$	866		$	1,374		$	91		**		**		$	(3,698)		$	1,052		**
Selected performance metrics:
Period-end loans held for investment	$	269,709		$	157,189		$	162,508		$	156,651		$	153,895		72		75		$	269,709		$	153,895		75
Average loans held for investment	209,693			156,407			157,326			153,972			150,467			34		39		183,198			150,056			22
Average yield on loans outstanding(1)	17.94		%	18.54		%	19.05		%	19.66		%	18.79		%	(60)	bps	(85)	bps	18.18		%	18.82		%	(64)	bps
Total net revenue margin(12)	17.35			18.32			18.72			18.82			18.03			(97)		(68)		17.75			18.01			(26)
Net charge-off rate(3)	5.20			6.14			6.02			5.60			6.00			(94)		(80)		5.60			5.95			(35)
30+ day performing delinquency rate	3.55			4.26			4.53			4.53			4.16			(71)		(61)		3.55			4.16			(61)
30+ day delinquency rate	3.56			4.27			4.54			4.54			4.17			(71)		(61)		3.56			4.17			(61)
Nonperforming loan rate(6)	0.01			0.01			0.01			0.01			0.01			—		—		0.01			0.01			—
Purchase volume(13)	$	201,453		$	157,948		$	172,919		$	166,203		$	165,143		28%		22%		$	359,401		$	315,314		14%


																2025 Q2 vs.				Six Months Ended June 30,
	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Domestic Card
Earnings:
Net interest income	$	6,822		$	5,343		$	5,474		$	5,434		$	5,001		28%		36%		$	12,165		$	9,973		22%
Non-interest income	1,749			1,460			1,522			1,438			1,440			20		21		3,209			2,851			13
Total net revenue	8,571			6,803			6,996			6,872			6,441			26		33		15,374			12,824			20
Provision for credit losses	10,200			1,856			2,278			1,997			3,435			**		197		12,056			5,592			116
Non-interest expense	4,192			3,422			3,607			3,149			2,946			23		42		7,614			5,971			28
Income (loss) from continuing operations before income taxes	(5,821)			1,525			1,111			1,726			60			**		**		(4,296)			1,261			**
Income tax provision (benefit)	(1,385)			363			262			407			15			**		**		(1,022)			298			**
Income (loss) from continuing operations, net of tax	$	(4,436)		$	1,162		$	849		$	1,319		$	45		**		**		$	(3,274)		$	963		**
Selected performance metrics:
Period-end loans held for investment	$	252,481		$	150,309		$	155,618		$	149,400		$	147,065		68		72		$	252,481		$	147,065		72
Average loans held for investment	197,808			149,639			150,290			147,021			143,744			32		38		173,858			143,316			21
Average yield on loans outstanding(1)	17.88		%	18.42		%	19.00		%	19.62		%	18.73		%	(54)	bps	(85)	bps	18.10		%	18.75		%	(65)	bps
Total net revenue margin(12)	17.33			18.19			18.62			18.67			17.87			(86)		(54)		17.69			17.85			(16)
Net charge-off rate(4)	5.25			6.19			6.06			5.61			6.05			(94)		(80)		5.65			5.99			(34)
30+ day performing delinquency rate(5)	3.60			4.25			4.53			4.53			4.14			(65)		(54)		3.60			4.14			(54)
Purchase volume(13)	$	197,308		$	154,391		$	168,994		$	162,281		$	161,370		28%		22%		$	351,699		$	308,066		14%
Refreshed FICO scores:(14)
Greater than 660	73		%	69		%	69		%	69		%	69		%	4		4		73		%	69		%	4
660 or below	27			31			31			31			31			(4)		(4)		27			31			(4)
Total	100		%	100		%	100		%	100		%	100		%					100		%	100		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business


																2025 Q2 vs.				Six Months Ended June 30,
	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Consumer Banking
Earnings:
Net interest income	$	2,162		$	1,943		$	1,959		$	2,028		$	2,025		11%		7%		$	4,105		$	4,036		2%
Non-interest income	394			183			182			182			172			115		129		577			331			74
Total net revenue	2,556			2,126			2,141			2,210			2,197			20		16		4,682			4,367			7
Provision for credit losses	252			301			328			351			330			(16)		(24)		553			756			(27)
Non-interest expense	1,713			1,581			1,545			1,331			1,250			8		37		3,294			2,496			32
Income from continuing operations before income taxes	591			244			268			528			617			142		(4)		835			1,115			(25)
Income tax provision	141			58			63			125			146			143		(3)		199			263			(24)
Income from continuing operations, net of tax	$	450		$	186		$	205		$	403		$	471		142		(4)		$	636		$	852		(25)
Selected performance metrics:
Period-end loans held for investment	$	81,233		$	78,896		$	78,092		$	76,758		$	75,663		3		7		$	81,233		$	75,663		7
Average loans held for investment	80,095			78,480			77,221			76,182			75,386			2		6		79,292			75,239			5
Average yield on loans held for investment(1)	9.30		%	9.03		%	9.04		%	8.88		%	8.54		%	27	bps	76	bps	9.17		%	8.44		%	73	bps
Auto loan originations	$	10,861		$	9,210		$	9,399		$	9,158		$	8,463		18%		28%		$	20,071		$	15,985		26%
Period-end deposits	414,044			324,920			318,329			309,569			305,422			27		36		414,044			305,422			36
Average deposits	365,359			319,950			313,992			306,121			300,794			14		21		342,780			297,621			15
Average deposits interest rate	3.02		%	3.00		%	3.21		%	3.33		%	3.22		%	2	bps	(20)	bps	3.01		%	3.19		%	(18)	bps
Net charge-off rate	1.30			1.60			2.38			2.11			1.87			(30)		(57)		1.45			1.95			(50)
30+ day performing delinquency rate	4.78			4.87			5.87			5.53			5.60			(9)		(82)		4.78			5.60			(82)
30+ day delinquency rate	5.40			5.47			6.73			6.31			6.35			(7)		(95)		5.40			6.35			(95)
Nonperforming loan rate(6)	0.74			0.74			0.99			0.93			0.92			—		(18)		0.74			0.92			(18)
Nonperforming asset rate(7)	0.82			0.82			1.08			1.01			0.99			—		(17)		0.82			0.99			(17)
Global Payment Network volume(15)	$	74,014		—			—			—			—			**		**		$	74,014		—			**
Auto—At origination FICO scores:(16)
Greater than 660	52		%	53		%	54		%	53		%	53		%	(1)%		(1)%		52		%	53		%	(1)%
621 - 660	19			19			19			20			20			—		(1)		19			20			(1)
620 or below	29			28			27			27			27			1		2		29			27			2
Total	100		%	100		%	100		%	100		%	100		%					100		%	100		%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business


																2025 Q2 vs.				Six Months Ended June 30,
	2025			2025			2024			2024			2024			2025		2024								2025 vs.
(Dollars in millions, except as noted)	Q2			Q1			Q4			Q3			Q2			Q1		Q2		2025			2024			2024
Commercial Banking
Earnings:
Net interest income	$	602		$	572		$	587		$	596		$	609		5%		(1)%		$	1,174		$	1,208		(3)%
Non-interest income	335			312			366			292			271			7		24		647			552			17
Total net revenue(11)	937			884			953			888			880			6		6		1,821			1,760			3
Provision (benefit) for credit losses	81			142			(72)			48			34			(43)		138		223			32			**
Non-interest expense	489			486			518			495			483			1		1		975			998			(2)
Income from continuing operations before income taxes	367			256			507			345			363			43		1		623			730			(15)
Income tax provision	87			61			119			82			85			43		2		148			172			(14)
Income from continuing operations, net of tax	$	280		$	195		$	388		$	263		$	278		44		1		$	475		$	558		(15)
Selected performance metrics:
Period-end loans held for investment	$	88,355		$	87,513		$	87,175		$	86,834		$	88,628		1		—		$	88,355		$	88,628		—
Average loans held for investment	88,369			87,498			87,324			88,101			89,035			1		(1)		87,935			89,456			(2)
Average yield on loans held for investment(1)(11)	6.40		%	6.29		%	6.72		%	7.25		%	7.23		%	11	bps	(83)	bps	6.35		%	7.18		%	(83)	bps
Period-end deposits	$	29,245		$	29,984		$	31,691		$	30,598		$	29,210		(2)%		—		$	29,245		$	29,210		—
Average deposits	30,444			31,654			31,545			30,365			30,810			(4)		(1)%		31,045			31,327			(1)%
Average deposits interest rate	2.06		%	2.13		%	2.28		%	2.55		%	2.55		%	(7)	bps	(49)	bps	2.09		%	2.60		%	(51)	bps
Net charge-off rate	0.33			0.11			0.26			0.22			0.15			22		18		0.22			0.14			8
Nonperforming loan rate(6)	1.30			1.40			1.39			1.55			1.46			(10)		(16)		1.30			1.46			(16)
Nonperforming asset rate(7)	1.30			1.40			1.39			1.55			1.46			(10)		(16)		1.30			1.46			(16)
Risk category:(17)
Noncriticized	$	82,000		$	80,677		$	80,431		$	78,835		$	79,695		2%		3%		$	82,000		$	79,695		3%
Criticized performing	5,204			5,612			5,534			6,651			7,639			(7)		(32)		5,204			7,639			(32)
Criticized nonperforming	1,151			1,224			1,210			1,348			1,294			(6)		(11)		1,151			1,294			(11)
Total commercial banking loans held for investment	$	88,355		$	87,513		$	87,175		$	86,834		$	88,628		1		—		$	88,355		$	88,628		—
Risk category as a percentage of period-end loans held for investment:(17)
Noncriticized	92.81		%	92.19		%	92.26		%	90.79		%	89.92		%	62	bps	289	bps	92.81		%	89.92		%	289	bps
Criticized performing	5.89			6.41			6.35			7.66			8.62			(52)		(273)		5.89			8.62			(273)
Criticized nonperforming	1.30			1.40			1.39			1.55			1.46			(10)		(16)		1.30			1.46			(16)
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


											2025 Q2 vs.		Six Months Ended June 30,
	2025		2025		2024		2024		2024		2025	2024					2025 vs.
(Dollars in millions)	Q2		Q1		Q4		Q3		Q2		Q1	Q2	2025		2024		2024
Other
Earnings:
Net interest loss	$	(62)	$	(156)	$	(227)	$	(291)	$	(382)	(60)%	(84)%	$	(218)	$	(776)	(72)%
Non-interest income (loss)	(34)		(19)		(41)		(45)		11		79	**	(53)		9		**
Total net loss(11)	(96)		(175)		(268)		(336)		(371)		(45)	(74)	(271)		(767)		(65)
Provision (benefit) for credit losses	(1)		—		2		(1)		—		**	**	(1)		—		**
Non-interest expense(18)	342		197		180		121		79		74	**	539		226		138
Loss from continuing operations before income taxes	(437)		(372)		(450)		(456)		(450)		17	(3)	(809)		(993)		(19)
Income tax benefit	(361)		(176)		(84)		(193)		(207)		105	74	(537)		(408)		32
Loss from continuing operations, net of tax	$	(76)	$	(196)	$	(366)	$	(263)	$	(243)	(61)	(69)	$	(272)	$	(585)	(54)
Selected performance metrics:
Period-end deposits	$	24,821	$	12,560	$	12,687	$	13,464	$	16,810	98	48	$	24,821	$	16,810	48
Average deposits	18,765		12,474		12,786		14,639		17,884		50	5	15,637		18,624		(16)
Total
Earnings:
Net interest income	$	9,995	$	8,013	$	8,098	$	8,076	$	7,546	25%	32%	$	18,008	$	15,034	20%
Non-interest income	2,497		1,987		2,092		1,938		1,960		26	27	4,484		3,874		16
Total net revenue	12,492		10,000		10,190		10,014		9,506		25	31	22,492		18,908		19
Provision for credit losses	11,430		2,369		2,642		2,482		3,909		**	192	13,799		6,592		109
Non-interest expense	6,991		5,902		6,089		5,314		4,946		18	41	12,893		10,083		28
Income (loss) from continuing operations before income taxes	(5,929)		1,729		1,459		2,218		651		**	**	(4,200)		2,233		**
Income tax provision (benefit)	(1,666)		325		366		441		54		**	**	(1,341)		356		**
Income (loss) from continuing operations, net of tax	$	(4,263)	$	1,404	$	1,093	$	1,777	$	597	**	**	$	(2,859)	$	1,877	**
Selected performance metrics:
Period-end loans held for investment	$	439,297	$	323,598	$	327,775	$	320,243	$	318,186	36	38	$	439,297	$	318,186	38
Average loans held for investment	378,157		322,385		321,871		318,255		314,888		17	20	350,425		314,751		11
Period-end deposits	468,110		367,464		362,707		353,631		351,442		27	33	468,110		351,442		33
Average deposits	414,568		364,078		358,323		351,125		349,488		14	19	389,462		347,572		12

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 $2.2 billion in Q2 2025, $1.9 billion in Q1 2025 and $2.1 billion for the first six months of 2025 and $2.0 billion in Q4 2024 and $2.0 billion for the first six months of 2024. Related interest expense was $8 million in Q2 2025, $7 million in Q1 2025 and $15 million for the first six months of 2025 and $8 million in Q4 2024 and $16 million for the first six months of 2024.

(3)Charge-offs exclude $19.4 billion of acquired Discover loans that are fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.

(4)Charge-offs exclude $18.0 billion of acquired Discover Domestic credit card loans that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses. Net charge-off rate for the second quarter of 2025 for legacy Capital One Domestic credit card was 5.50% and net charge-off rate the second quarter of 2025 for legacy Discover Domestic credit card was 4.44%.

(5)30+ day performing delinquency rate for the second quarter of 2025 for legacy Capital One Domestic credit card was 3.92% and 30+ day performing delinquency rate for the second quarter of 2025 for legacy Discover Domestic credit card was 3.11%.

(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)Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged-off.

(9)Provision for credit losses includes the initial allowance for credit losses of $8.8 billion for non-PCD loans acquired in the Discover Acquisition.

(10)Primarily represents foreign currency translation adjustments.

(11)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 the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(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)Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.

(14)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.

(15)Global Payment Network volume includes transactions processed on the Discover Network, PULSE Network and Diners Club International.

(16)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.

(17)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

(18)Includes the impact of $299 million, $110 million, $140 million, $63 million and $31 million in Discover integration expenses in Q2 2025, Q1 2025, Q4 2024, Q3 2024 and Q2 2024, respectively, as well as any charges incurred as a result of 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, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Regulatory Capital Metrics
Common equity excluding AOCI	$	112,368	$	66,225	$	65,823	$	64,966	$	63,435
Adjustments:
AOCI, net of tax(2)	83		19		1		58		13
Goodwill, net of related deferred tax liabilities	(28,052)		(14,792)		(14,786)		(14,816)		(14,800)
Other Intangible and deferred tax assets, net of deferred tax liabilities	(13,687)		(247)		(231)		(252)		(271)
Common equity Tier 1 capital	$	70,712	$	51,205	$	50,807	$	49,956	$	48,377
Tier 1 capital	$	76,118	$	56,050	$	55,652	$	54,801	$	53,222
Total capital(3)	85,987		63,926		61,805		61,151		59,875
Risk-weighted assets	503,397		375,538		377,145		368,199		366,959
Adjusted average assets(4)	537,581		483,888		480,794		473,146		470,915
Capital Ratios
Common equity Tier 1 capital(5)	14.0%		13.6%		13.5%		13.6%		13.2%
Tier 1 capital(6)	15.1		14.9		14.8		14.9		14.5
Total capital(7)	17.1		17.0		16.4		16.6		16.3
Tier 1 leverage(4)	14.2		11.6		11.6		11.6		11.3
TCE(8)	10.3		9.1		8.6		9.1		8.2

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.


	2025		2025		2024		2024		2024		Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	Q2		Q1		Q4		Q3		Q2		2025		2024
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)	$	(4,340)	$	1,325	$	1,022	$	1,692	$	531	$	(2,998)	$	1,731
Initial allowance build for Discover non-PCD loans	8,767		—		—		—		—		8,767		—
Discover integration expenses	299		110		140		63		31		409		31
Discover intangible amortization expense	255		—		—		—		—		255		—
Discover loan and deposit fair value mark amortization	85		—		—		—		—		85		—
Legal reserve activities	41		198		75		—		—		239		—
Allowance build for Walmart program agreement loss sharing termination	—		—		—		—		826		—		826
Walmart program agreement termination contra revenue impact	—		—		—		—		27		—		27
FDIC special assessment	—		—		—		(9)		8		—		50
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)	5,107		1,633		1,237		1,746		1,423		6,757		2,665
Income tax impacts	(2,339)		(76)		(52)		(13)		(218)		(2,415)		(228)

Adjusted net income available to common stockholders (non-GAAP)	$	2,768	$	1,557	$	1,185	$	1,733	$	1,205	$	4,342	$	2,437

Diluted weighted-average common shares outstanding (in millions) (GAAP)	505.6		384.0		383.4		383.7		383.9		444.7		383.7

Diluted EPS (GAAP)	$	(8.58)	$	3.45	$	2.67	$	4.41	$	1.38	$	(6.74)	$	4.51
Impact of adjustments noted above	14.06		0.61		0.42		0.10		1.76		16.50		1.84
Adjusted diluted EPS (non-GAAP)	$	5.48	$	4.06	$	3.09	$	4.51	$	3.14	$	9.76	$	6.35

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	6,991	$	5,902	$	6,089	$	5,314	$	4,946	$	12,893	$	10,083
Discover integration expenses	(299)		(110)		(140)		(63)		(31)		(409)		(31)
Discover intangible amortization expense	(255)		—		—		—		—		(255)		—
Legal reserve activities	(41)		(198)		(75)		—		—		(239)		—
FDIC special assessment	—		—		—		9		(8)		—		(50)
Adjusted non-interest expense (non-GAAP)	$	6,396	$	5,594	$	5,874	$	5,260	$	4,907	$	11,990	$	10,002

Total net revenue (GAAP)	$	12,492	$	10,000	$	10,190	$	10,014	$	9,506	$	22,492	$	18,908
Discover loan and deposit fair value mark amortization	85		—		—		—		—		85		—
Walmart program agreement termination contra revenue impact	—		—		—		—		27		—		27
Adjusted net revenue (non-GAAP)	$	12,577	$	10,000	$	10,190	$	10,014	$	9,533	$	22,577	$	18,935


	2025			2025			2024			2024			2024			Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)	Q2			Q1			Q4			Q3			Q2			2025			2024

Efficiency ratio (GAAP)	55.96%			59.02%			59.75		%	53.07		%	52.03		%	57.32%			53.33%
Impact of adjustments noted above	(511)		bps	(308)		bps	(211)		bps	(54)		bps	(56)		bps	(421)		bps	(51)bps
Adjusted efficiency ratio (non-GAAP)	50.85%			55.94%			57.64		%	52.53		%	51.47		%	53.11%			52.82%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	5,646		$	4,700		$	4,714		$	4,201		$	3,882		$	10,346		$	8,009
Discover integration expenses	(299)			(110)			(140)			(63)			(31)			(409)			(31)
Discover intangible amortization expense	(255)			—			—			—			—			(255)			—
Legal reserve activities	(41)			(198)			(75)			—			—			(239)			—
FDIC special assessment	—			—			—			9			(8)			—			(50)
Adjusted operating expense (non-GAAP)	$	5,051		$	4,392		$	4,499		$	4,147		$	3,843		$	9,443		$	7,928

Total net revenue (GAAP)	$	12,492		$	10,000		$	10,190		$	10,014		$	9,506		$	22,492		$	18,908
Discover loan and deposit fair value mark amortization	85			—			—			—			—			85			—
Walmart program agreement termination contra revenue impact	—			—			—			—			27			—			27
Adjusted net revenue (non-GAAP)	$	12,577		$	10,000		$	10,190		$	10,014		$	9,533		$	22,577		$	18,935

Operating efficiency ratio (GAAP)	45.20%			47.00%			46.26		%	41.95		%	40.84		%	46.00%			42.36%
Impact of adjustments noted above	(504)		bps	(308)		bps	(211)		bps	(54)		bps	(53)		bps	(417)		bps	(49)bps
Adjusted operating efficiency ratio (non-GAAP)	40.16%			43.92%			44.15		%	41.41		%	40.31		%	41.83%			41.87%

Adjusted net interest margin:
Net interest income (GAAP)	$	9,995		$	8,013		$	8,098		$	8,076		$	7,546		$	18,008		$	15,034
Loan and deposit fair value mark amortization	85			—			—			—			—			85			—
Walmart program agreement termination contra revenue impact	—			—			—			—			27			—			27
Adjusted net interest income (non-GAAP)	$	10,080		$	8,013		$	8,098		$	8,076		$	7,573		$	18,093		$	15,061

Average interest earning assets	$	524,929		$	462,771		$	460,640		$	454,484		$	450,908		$	494,022		$	449,356

Net interest margin (GAAP)	7.62%			6.93%			7.03		%	7.11		%	6.70		%	7.29%			6.69%
Impact of adjustments noted above	6		bps	—		bps	—		bps	—		bps	2		bps	3		bps	1bps
Adjusted net interest margin (non-GAAP)	7.68%			6.93%			7.03		%	7.11		%	6.72		%	7.32%			6.70%

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.


	2025			2025			2024			2024			2024
(Dollars in millions)	Q2			Q1			Q4			Q3			Q2
Pre- Provision Earnings
Total net revenue	$	12,492		$	10,000		$	10,190		$	10,014		$	9,506
Non-interest expense	(6,991)			(5,902)			(6,089)			(5,314)			(4,946)
Pre-provision earnings(9)	$	5,501		$	4,098		$	4,101		$	4,700		$	4,560
Tangible Common Equity (Period-End)
Stockholders’ equity	$	110,956		$	63,542		$	60,784		$	62,925		$	57,981
Goodwill and other intangible assets(10)	(42,012)			(15,139)			(15,157)			(15,214)			(15,226)
Noncumulative perpetual preferred stock	(5,407)			(4,845)			(4,845)			(4,845)			(4,845)
Tangible common equity(11)	$	63,537		$	43,558		$	40,782		$	42,866		$	37,910
Tangible Common Equity (Average)
Stockholders’ equity	$	86,918		$	62,240		$	61,764		$	61,289		$	58,107
Goodwill and other intangible assets(10)	(29,114)			(15,149)			(15,195)			(15,225)			(15,249)
Noncumulative perpetual preferred stock	(5,355)			(4,845)			(4,845)			(4,845)			(4,845)
Tangible common equity(11)	$	52,449		$	42,246		$	41,724		$	41,219		$	38,013
Return on Tangible Common Equity (Average)
Net income available to common stockholders	$	(4,340)		$	1,325		$	1,022		$	1,692		$	531
Tangible common equity (Average)	52,449			42,246			41,724			41,219			38,013
Return on tangible common equity(11)(12)	(32.99)		%	12.55		%	9.77		%	16.42		%	5.59		%
Tangible Assets (Period-End)
Total assets	$	658,968		$	493,604		$	490,144		$	486,433		$	480,018
Goodwill and other intangible assets(10)	(42,012)			(15,139)			(15,157)			(15,214)			(15,226)
Tangible assets(11)	$	616,956		$	478,465		$	474,987		$	471,219		$	464,792


	2025		2025		2024		2024		2024
(Dollars in millions)	Q2		Q1		Q4		Q3		Q2






















Tangible Assets (Average)
Total assets	$	572,446	$	491,817	$	488,300	$	481,219	$	477,285
Goodwill and other intangible assets(10)	(29,114)		(15,149)		(15,195)		(15,225)		(15,249)
Tangible assets(11)	$	543,332	$	476,668	$	473,105	$	465,994	$	462,036
Return on Tangible Assets (Average)
Net income	$	(4,277)	$	1,404	$	1,096	$	1,777	$	597
Tangible Assets (Average)	543,332		476,668		473,105		465,994		462,036
Return on tangible assets(11)(13)	(3.14)%		1.18%		0.92%		1.53%		0.52%
TCE Ratio
Tangible common equity (Period-end)	$	63,537	$	43,558	$	40,782	$	42,866	$	37,910
Tangible Assets (Period-end)	616,956		478,465		474,987		471,219		464,792
TCE Ratio(11)	10.3%		9.1%		8.6%		9.1%		8.2%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	63,537	$	43,558	$	40,782	$	42,866	$	37,910
Outstanding Common Shares	639.5		383.0		381.2		381.5		381.9
Tangible book value per common share(11)	$	99.35	$	113.74	$	106.97	$	112.36	$	99.28

__________

(1)Regulatory capital metrics and capital ratios as of June 30, 2025 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)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.

(10)Includes impact of related deferred taxes.

(11)Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.

(12)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.

(13)Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.