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Capital One Reports First Quarter 2026 Net Income of $2.2 Billion, or $3.34 Per ShareApril 21, 2026 4:05 PM
Business Wire
Net of adjusting items, First Quarter 2026 Net Income of $4.42 per share(1)
Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2026 of $2.2 billion, or $3.34 per diluted common share, compared with net income of $2.1 billion, or $3.26 per diluted common share in the fourth quarter of 2025, and with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025. Adjusted net income(1) for the first quarter of 2026 was $4.42 per diluted common share.
"Our results in the first quarter reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition."
The quarter included the following adjusting items:
(Dollars in millions, except per share data)
Pre-Tax
Impact
After-Tax
Diluted EPS
Impact
Discover amortization expenses
$
477
$
0.58
Discover integration expenses
$
415
$
0.50
All comparisons below are for the first quarter of 2026 compared with the fourth quarter of 2025 unless otherwise noted.
First Quarter 2026 Income Statement Summary:
Total net revenue decreased 2 percent to $15.2 billion.
Total non-interest expense decreased 9 percent to $8.5 billion:
23 percent decrease in marketing.
6 percent decrease in operating expenses.
Pre-provision earnings(2) increased 8 percent to $6.8 billion.
Provision for credit losses decreased $74 million to $4.1 billion:
Net charge-offs of $3.8 billion.
$230 million loan reserve build.
Net interest margin of 7.87 percent, a decrease of 39 basis points.
Efficiency ratio of 55.57 percent.
Adjusted efficiency ratio(3) of 49.71 percent.
Operating efficiency ratio of 45.74 percent.
Adjusted operating efficiency ratio(3) of 39.88 percent.
First Quarter 2026 Balance Sheet Summary:
Common equity Tier 1 capital ratio(4) under Basel III Standardized Approach of 14.4 percent at March 31, 2026.
Period-end loans held for investment in the quarter decreased $5.9 billion, or 1 percent, to $447.8 billion.
Credit Card period-end loans decreased $9.0 billion, or 3 percent, to $270.6 billion.
Domestic Card period-end loans decreased $8.4 billion, or 3 percent, to $254.0 billion.
Consumer Banking period-end loans increased $2.1 billion, or 2 percent, to $86.9 billion.
Auto period-end loans increased $2.1 billion, or 3 percent, to $85.7 billion.
Commercial Banking period-end loans increased $1.1 billion, or 1 percent, to $90.3 billion.
Average loans held for investment in the quarter increased $1.6 billion, or less than 1 percent, to $446.2 billion.
Credit Card average loans decreased $1.3 billion, or less than 1 percent, to $271.0 billion.
Domestic Card average loans decreased $1.2 billion, or less than 1 percent, to $254.0 billion.
Consumer Banking average loans increased $1.7 billion, or 2 percent, to $85.7 billion.
Auto average loans increased $1.8 billion, or 2 percent, to $84.5 billion.
Commercial Banking average loans increased $1.1 billion, or 1 percent, to $89.6 billion.
Period-end total deposits increased $13.3 billion, or 3 percent, to $489.1 billion, while average deposits increased $9.0 billion, or 2 percent, to $480.0 billion.
Interest-bearing deposits rate paid decreased 16 basis points to 3.00 percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on April 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 May 5, 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 $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 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)
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 April 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.
(3)
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 April 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)
Regulatory capital metrics as of March 31, 2026 are preliminary and therefore subject to change.
Capital One Financial Corporation
Financial Supplement(1)(2)(3)
First 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
__________
(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 March 31, 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.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
2026 Q1
(Dollars in millions, except per share data and as noted)
2026
2025
2025
2025
2025
2025
2025
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Income Statement
Net interest income
$
12,145
$
12,466
$
12,404
$
9,995
$
8,013
(3
)%
52
%
Non-interest income
3,086
3,117
2,955
2,497
1,987
(1
)
55
Total net revenue(1)
15,231
15,583
15,359
12,492
10,000
(2
)
52
Provision for credit losses
4,068
4,142
2,714
11,430
2,369
(2
)
72
Non-interest expense:
Marketing
1,497
1,934
1,403
1,345
1,202
(23
)
25
Operating expense
6,967
7,408
6,860
5,646
4,700
(6
)
48
Total non-interest expense
8,464
9,342
8,263
6,991
5,902
(9
)
43
Income (loss) from continuing operations before income taxes
2,699
2,099
4,382
(5,929
)
1,729
29
56
Income tax provision (benefit)
518
345
1,189
(1,666
)
325
50
59
Income (loss) from continuing operations, net of tax
2,181
1,754
3,193
(4,263
)
1,404
24
55
Income (loss) from discontinued operations, net of tax
(7
)
380
(1
)
(14
)
—
**
**
Net income (loss)
2,174
2,134
3,192
(4,277
)
1,404
2
55
Dividends and undistributed earnings allocated to participating securities(2)
(20
)
(20
)
(33
)
(4
)
(22
)
—
(9
)
Preferred stock dividends
(73
)
(57
)
(73
)
(65
)
(57
)
28
28
Discount on redeemed preferred stock
—
—
—
6
—
—
—
Net income (loss) available to common stockholders
$
2,081
$
2,057
$
3,086
$
(4,340
)
$
1,325
1
57
Common Share Statistics
Basic earnings per common share:(2)
Net income (loss) from continuing operations
$
3.35
$
2.66
$
4.83
$
(8.55
)
$
3.46
26
%
(3
)%
Income (loss) from discontinued operations
(0.01
)
0.60
—
(0.03
)
—
**
**
Net income (loss) per basic common share
$
3.34
$
3.26
$
4.83
$
(8.58
)
$
3.46
2
(3
)
Diluted earnings per common share:(2)
Net income (loss) from continuing operations
$
3.35
$
2.66
$
4.83
$
(8.55
)
$
3.45
26
%
(3
)%
Income (loss) from discontinued operations
(0.01
)
0.60
—
(0.03
)
—
**
**
Net income (loss) per diluted common share
$
3.34
$
3.26
$
4.83
$
(8.58
)
$
3.45
2
(3
)
Weighted-average common shares outstanding (in millions):
Basic
622.5
631.1
639.0
505.6
383.1
(1
)%
62
%
Diluted
623.4
631.6
639.5
505.6
384.0
(1
)
62
Common shares outstanding (period-end, in millions)
615.9
625.1
635.7
639.5
383.0
(1
)
61
Dividends declared and paid per common share
$
0.80
$
0.80
$
0.60
$
0.60
$
0.60
—
33
Tangible book value per common share (period-end)(3)
107.76
107.72
105.18
99.35
113.74
—
(5
)
2026 Q1
(Dollars in millions)
2026
2025
2025
2025
2025
2025
2025
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Balance Sheet (Period-End)
Loans held for investment
$
447,754
$
453,622
$
443,159
$
439,297
$
323,598
(1
)%
38
%
Interest-earning assets
624,560
613,750
605,235
601,999
463,414
2
35
Total assets
682,905
669,009
661,877
658,968
493,604
2
38
Interest-bearing deposits
461,117
448,386
441,136
440,231
340,964
3
35
Total deposits
489,053
475,771
468,785
468,110
367,464
3
33
Borrowings
51,888
51,000
51,482
52,666
41,773
2
24
Common equity
106,854
108,209
108,406
105,549
58,697
(1
)
82
Total stockholders’ equity
112,261
113,616
113,813
110,956
63,542
(1
)
77
Balance Sheet (Average Balances)
Loans held for investment
$
446,235
$
444,680
$
439,859
$
378,157
$
322,385
—
38
%
Interest-earning assets
617,173
603,730
593,247
524,929
462,771
2
%
33
Total assets
675,999
665,656
657,858
572,446
491,817
2
37
Interest-bearing deposits
451,957
442,763
439,527
387,139
337,840
2
34
Total deposits
479,958
470,965
467,280
414,568
364,078
2
32
Borrowings
52,348
50,814
50,180
46,601
44,448
3
18
Common equity
109,149
109,997
107,412
81,563
57,395
(1
)
90
Total stockholders’ equity
114,556
115,404
112,819
86,918
62,240
(1
)
84
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2026 Q1
(Dollars in millions, except as noted)
2026
2025
2025
2025
2025
2025
2025
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Performance Metrics
Net interest income growth (period over period)
(3
)%
—
24
%
25
%
(1
)%
**
**
Non-interest income growth (period over period)
(1
)
5
%
18
26
(5
)
**
**
Total net revenue growth (period over period)
(2
)
1
23
25
(2
)
**
**
Total net revenue margin(4)
9.87
10.32
10.36
9.52
8.64
(45)
bps
123
bps
Net interest margin(5)
7.87
8.26
8.36
7.62
6.93
(39
)
94
Return on average assets(6)
1.29
1.05
1.94
(2.98
)
1.14
24
15
Return on average tangible assets(7)
1.37
1.12
2.07
(3.14
)
1.18
25
19
Return on average common equity(8)
7.65
6.10
11.50
(21.22
)
9.23
155
(158
)
Return on average tangible common equity(9)
12.20
9.74
18.82
(32.99
)
12.55
246
(35
)
Efficiency ratio(10)
55.57
59.95
53.80
55.96
59.02
(438
)
(345
)
Operating efficiency ratio(11)
45.74
47.54
44.66
45.20
47.00
(180
)
(126
)
Effective income tax rate for continuing operations
19.2
16.4
27.1
28.1
18.8
280
40
Employees (period-end, in thousands)
77.1
76.3
77.0
76.5
53.9
1
%
43
%
Credit Quality Metrics
Allowance for credit losses
$
23,630
$
23,409
$
23,103
$
23,873
$
15,899
1
%
49
%
Allowance coverage ratio
5.28
%
5.16
%
5.21
%
5.43
%
4.91
%
12
bps
37
bps
Net charge-offs(12)
$
3,847
$
3,833
$
3,473
$
3,060
$
2,736
—
41
%
Net charge-off rate(13)
3.45
%
3.45
%
3.16
%
3.24
%
3.40
%
—
5
bps
30+ day performing delinquency rate
3.04
3.41
3.29
3.13
3.29
(37)
bps
(25
)
30+ day delinquency rate
3.24
3.59
3.50
3.32
3.51
(35
)
(27
)
Capital Ratios(14)
Common equity Tier 1 capital
14.4
%
14.3
%
14.4
%
14.0
%
13.6
%
10
bps
80
bps
Tier 1 capital
15.4
15.3
15.5
15.1
14.9
10
50
Total capital
17.3
17.2
17.3
17.1
17.0
10
30
Tier 1 leverage
12.2
12.5
12.6
14.2
11.6
(30
)
60
Tangible common equity (“TCE”)(15)
10.3
10.7
10.8
10.3
9.1
(40
)
120
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2026 Q1
(Dollars in millions, except as noted)
2026
2025
2025
2025
2025
2025
2025
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Interest income:
Loans, including loans held for sale
$
14,735
$
15,186
$
15,229
$
12,449
$
10,157
(3
)%
45
%
Investment securities
832
841
823
784
770
(1
)
8
Other
664
660
711
595
491
1
35
Total interest income
16,231
16,687
16,763
13,828
11,418
(3
)
42
Interest expense:
Deposits
3,387
3,493
3,597
3,120
2,715
(3
)
25
Securitized debt obligations
141
155
165
164
176
(9
)
(20
)
Senior and subordinated notes
532
550
582
535
505
(3
)
5
Other borrowings
26
23
15
14
9
13
189
Total interest expense
4,086
4,221
4,359
3,833
3,405
(3
)
20
Net interest income
12,145
12,466
12,404
9,995
8,013
(3
)
52
Provision for credit losses
4,068
4,142
2,714
11,430
2,369
(2
)
72
Net interest income (loss) after provision for credit losses
8,077
8,324
9,690
(1,435
)
5,644
(3
)
43
Non-interest income:
Discount and interchange fees, net
1,964
1,930
1,812
1,478
1,223
2
61
Service charges and other customer-related fees
809
833
849
658
509
(3
)
59
Other
313
354
294
361
255
(12
)
23
Total non-interest income
3,086
3,117
2,955
2,497
1,987
(1
)
55
Non-interest expense:
Salaries and associate benefits
3,671
3,430
3,496
2,999
2,546
7
44
Occupancy and equipment
867
958
856
737
615
(9
)
41
Marketing
1,497
1,934
1,403
1,345
1,202
(23
)
25
Professional services
585
693
641
653
437
(16
)
34
Communications and data processing
496
482
476
413
399
3
24
Amortization of intangibles
492
525
514
271
16
(6
)
**
Other
856
1,320
877
573
687
(35
)
25
Total non-interest expense
8,464
9,342
8,263
6,991
5,902
(9
)
43
Income (loss) from continuing operations before income taxes
2,699
2,099
4,382
(5,929
)
1,729
29
56
Income tax provision (benefit)
518
345
1,189
(1,666
)
325
50
59
Income (loss) from continuing operations, net of tax
2,181
1,754
3,193
(4,263
)
1,404
24
55
Income (loss) from discontinued operations, net of tax
(7
)
380
(1
)
(14
)
—
**
**
Net income (loss)
2,174
2,134
3,192
(4,277
)
1,404
2
55
Dividends and undistributed earnings allocated to participating securities(2)
(20
)
(20
)
(33
)
(4
)
(22
)
—
(9
)
Preferred stock dividends
(73
)
(57
)
(73
)
(65
)
(57
)
28
28
Discount on redeemed preferred stock
—
—
—
6
—
—
—
Net income (loss) available to common stockholders
$
2,081
$
2,057
$
3,086
$
(4,340
)
$
1,325
1
57
2026 Q1
2026
2025
2025
2025
2025
2025
2025
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Basic earnings per common share:(2)
Net income (loss) from continuing operations
$
3.35
$
2.66
$
4.83
$
(8.55
)
$
3.46
26
%
(3
)%
Income (loss) from discontinued operations
(0.01
)
0.60
—
(0.03
)
—
**
**
Net income (loss) per basic common share
$
3.34
$
3.26
$
4.83
$
(8.58
)
$
3.46
2
(3
)
Diluted earnings per common share:(2)
Net income (loss) from continuing operations
$
3.35
$
2.66
$
4.83
$
(8.55
)
$
3.45
26
%
(3
)%
Income (loss) from discontinued operations
(0.01
)
0.60
—
(0.03
)
—
**
**
Net income (loss) per diluted common share
$
3.34
$
3.26
$
4.83
$
(8.58
)
$
3.45
2
(3
)
Weighted-average common shares outstanding (in millions):
Basic common shares
622.5
631.1
639.0
505.6
383.1
(1
)%
62
%
Diluted common shares
623.4
631.6
639.5
505.6
384.0
(1
)
62
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2026 Q1
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Assets:
Cash and cash equivalents:
Cash and due from banks
$
4,555
$
3,031
$
4,606
$
4,854
$
4,108
50
%
11
%
Interest-bearing deposits and other short-term investments
71,939
54,403
50,673
54,255
44,465
32
62
Total cash and cash equivalents
76,494
57,434
55,279
59,109
48,573
33
57
Restricted cash for securitization investors
2,762
4,659
3,248
2,469
392
(41
)
**
Investment securities:
Investment securities available for sale
90,620
91,051
89,733
87,196
84,362
—
7
Investment securities held to maturity
1,694
—
—
—
—
**
**
Total investment securities
92,314
91,051
89,733
87,196
84,362
1
9
Loans held for investment:
Unsecuritized loans held for investment
421,360
425,665
389,808
384,413
295,939
(1
)
42
Loans held in consolidated trusts(16)
26,394
27,957
53,351
54,884
27,659
(6
)
(5
)
Total loans held for investment
447,754
453,622
443,159
439,297
323,598
(1
)
38
Allowance for credit losses
(23,630
)
(23,409
)
(23,103
)
(23,873
)
(15,899
)
1
49
Net loans held for investment
424,124
430,213
420,056
415,424
307,699
(1
)
38
Loans held for sale
186
760
670
198
686
(76
)
(73
)
Premises and equipment, net
5,730
5,602
5,576
5,687
4,579
2
25
Interest receivable
3,460
3,492
3,456
3,373
2,599
(1
)
33
Goodwill
28,502
28,509
28,863
28,335
15,070
—
89
Other intangible assets
16,087
16,578
17,042
18,157
217
(3
)
**
Other assets
33,246
30,711
29,957
30,904
29,427
8
13
Assets of discontinued operations
—
—
7,997
8,116
—
**
**
Total assets
$
682,905
$
669,009
$
661,877
$
658,968
$
493,604
2
38
2026 Q1
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Liabilities:
Interest payable
$
827
$
844
$
826
$
888
$
646
(2
)%
28
%
Deposits:
Non-interest-bearing deposits
27,936
27,385
27,649
27,879
26,500
2
5
Interest-bearing deposits
461,117
448,386
441,136
440,231
340,964
3
35
Total deposits
489,053
475,771
468,785
468,110
367,464
3
33
Securitized debt obligations
11,283
12,853
13,642
14,658
11,716
(12
)
(4
)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase
626
587
616
742
573
7
9
Senior and subordinated notes
38,421
36,001
36,662
36,706
29,459
7
30
Other borrowings
1,558
1,559
562
560
25
—
**
Total other debt
40,605
38,147
37,840
38,008
30,057
6
35
Other liabilities
28,876
27,778
26,941
26,316
20,179
4
43
Liabilities of discontinued operations
—
—
30
32
—
—
—
Total liabilities
570,644
555,393
548,064
548,012
430,062
3
33
Stockholders’ equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
64,284
64,031
63,725
63,465
36,693
—
75
Retained earnings
66,788
65,192
63,624
60,892
65,616
2
2
Accumulated other comprehensive loss
(5,879
)
(5,468
)
(5,917
)
(6,819
)
(7,529
)
8
(22
)
Treasury stock, at cost
(12,939
)
(10,146
)
(7,626
)
(6,589
)
(31,245
)
28
(59
)
Total stockholders’ equity
112,261
113,616
113,813
110,956
63,542
(1
)
77
Total liabilities and stockholders’ equity
$
682,905
$
669,009
$
661,877
$
658,968
$
493,604
2
38
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 $980 million in Q1 2026, $941 million in Q4 2025, $869 million in Q3 2025, $785 million in Q2 2025 and $705 million in Q1 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 Q1 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 Q1
2025 Q4
2025 Q1
(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
$
446,740
$
14,735
13.19
%
$
445,370
$
15,186
13.64
%
$
322,772
$
10,157
12.59
%
Investment securities
97,803
832
3.40
97,304
841
3.46
92,659
770
3.32
Cash equivalents and other
72,630
664
3.66
61,056
660
4.32
47,340
491
4.14
Total interest-earning assets
$
617,173
$
16,231
10.52
$
603,730
$
16,687
11.06
$
462,771
$
11,418
9.87
Interest-bearing liabilities:
Interest-bearing deposits
$
451,957
$
3,387
3.00
%
$
442,763
$
3,493
3.16
%
$
337,840
$
2,715
3.22
%
Securitized debt obligations
12,476
141
4.52
12,673
155
4.87
13,731
176
5.11
Senior and subordinated notes
37,846
532
5.63
36,500
550
6.03
30,331
505
6.66
Other borrowings and liabilities(2)
4,238
26
2.44
3,745
23
2.41
2,312
9
1.57
Total interest-bearing liabilities
$
506,517
$
4,086
3.23
$
495,681
$
4,221
3.41
$
384,214
$
3,405
3.54
Net interest income/spread
$
12,145
7.29
$
12,466
7.65
$
8,013
6.32
Impact of non-interest-bearing funding
0.58
0.61
0.61
Net interest margin
7.87
%
8.26
%
6.93
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2026 Q1
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions, except as noted)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card
$
254,028
$
262,403
$
253,951
$
252,481
$
150,309
(3
)%
69
%
Personal loans
9,070
9,499
9,646
9,788
—
(5
)
**
International card businesses
7,460
7,668
7,440
7,440
6,880
(3
)
8
Total credit card
270,558
279,570
271,037
269,709
157,189
(3
)
72
Consumer banking:
Auto
85,700
83,600
82,035
80,017
77,656
3
10
Retail banking
1,173
1,190
1,195
1,216
1,240
(1
)
(5
)
Total consumer banking
86,873
84,790
83,230
81,233
78,896
2
10
Commercial banking:
Commercial and multifamily real estate
33,809
33,618
33,461
32,967
31,971
1
6
Commercial and industrial
56,514
55,644
55,431
55,388
55,542
2
2
Total commercial banking
90,323
89,262
88,892
88,355
87,513
1
3
Total loans held for investment
$
447,754
$
453,622
$
443,159
$
439,297
$
323,598
(1
)
38
Loans Held for Investment (Average)
Credit card:
Domestic credit card
$
254,036
$
255,221
$
252,090
$
197,808
$
149,639
—
70
%
Personal loans
9,310
9,618
9,703
4,778
—
(3
)%
**
International card businesses
7,628
7,389
7,382
7,107
6,768
3
13
Total credit card
270,974
272,228
269,175
209,693
156,407
—
73
Consumer banking:
Auto
84,522
82,767
81,094
78,875
77,228
2
9
Retail banking
1,179
1,190
1,201
1,220
1,252
(1
)
(6
)
Total consumer banking
85,701
83,957
82,295
80,095
78,480
2
9
Commercial banking:
Commercial and multifamily real estate
33,539
33,155
33,104
32,522
31,733
1
6
Commercial and industrial
56,021
55,340
55,285
55,847
55,765
1
—
Total commercial banking
89,560
88,495
88,389
88,369
87,498
1
2
Total average loans held for investment
$
446,235
$
444,680
$
439,859
$
378,157
$
322,385
—
38
2026 Q1
2026
2025
2025
2025
2025
2025
2025
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Net Charge-Off (Recovery) Rates
Credit card(3):
Domestic credit card(4)
5.10
%
4.93
%
4.63
%
5.25
%
6.19
%
17
bps
(109)
bps
Personal loans
3.81
4.08
3.81
3.47
—
(27
)
**
International card businesses
4.65
5.29
5.07
5.17
5.02
(64
)
(37
)
Total credit card
5.05
4.91
4.61
5.20
6.14
14
(109
)
Consumer banking:
Auto
1.64
1.82
1.54
1.25
1.55
(18
)
9
Retail banking
5.99
6.04
4.41
4.54
4.75
(5
)
124
Total consumer banking
1.70
1.88
1.58
1.30
1.60
(18
)
10
Commercial banking:
Commercial and multifamily real estate
0.03
0.02
(0.09
)
(0.06
)
0.09
1
(6
)
Commercial and industrial
0.44
0.67
0.38
0.55
0.12
(23
)
32
Total commercial banking
0.29
0.43
0.21
0.33
0.11
(14
)
18
Total net charge-offs
3.45
3.45
3.16
3.24
3.40
—
5
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card
3.70
%
3.99
%
3.89
%
3.60
%
4.25
%
(29)
bps
(55)
bps
Personal loans
1.72
1.74
1.74
1.62
—
(2
)
**
International card businesses
4.82
4.62
4.60
4.50
4.56
20
26
Total credit card
3.66
3.93
3.84
3.55
4.26
(27
)
(60
)
Consumer banking:
Auto
4.21
5.23
4.99
4.84
4.93
(102
)
(72
)
Retail banking
0.92
1.09
0.89
0.93
1.13
(17
)
(21
)
Total consumer banking
4.17
5.17
4.93
4.78
4.87
(100
)
(70
)
Nonperforming Loans and Nonperforming Assets Rates(5)(6)
Credit card:
Personal loans
0.13
%
0.13
%
0.13
%
0.12
%
—
—
**
International card businesses
0.15
0.16
0.16
0.16
0.13
%
(1)
bps
2
bps
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
Consumer banking:
Auto
0.55
0.68
0.71
0.73
0.72
(13
)
(17
)
Retail banking
1.66
1.45
1.65
1.47
1.89
21
(23
)
Total consumer banking
0.57
0.69
0.73
0.74
0.74
(12
)
(17
)
Commercial banking:
Commercial and multifamily real estate
1.07
0.95
1.05
1.06
1.23
12
(16
)
Commercial and industrial
1.60
1.60
1.59
1.45
1.50
—
10
Total commercial banking
1.40
1.36
1.39
1.30
1.40
4
—
Total nonperforming loans
0.40
0.40
0.42
0.40
0.56
—
(16
)
Total nonperforming assets
0.43
0.43
0.44
0.42
0.58
—
(15
)
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended March 31, 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
(4,370
)
(121
)
(150
)
(4,641
)
(711
)
(24
)
(735
)
(69
)
(5,445
)
Recoveries
1,129
32
61
1,222
365
6
371
5
1,598
Net charge-offs
(3,241
)
(89
)
(89
)
(3,419
)
(346
)
(18
)
(364
)
(64
)
(3,847
)
Provision for credit losses
3,236
60
115
3,411
503
16
519
147
4,077
Allowance build (release) for credit losses
(5
)
(29
)
26
(8
)
157
(2
)
155
83
230
Other changes(7)
—
—
(9
)
(9
)
—
—
—
—
(9
)
Balance as of March 31, 2026
18,806
702
541
20,049
2,026
21
2,047
1,534
23,630
Reserve for unfunded lending commitments:
Balance as of December 31, 2025
—
—
—
—
—
—
—
142
142
Provision (benefit) for losses on unfunded lending commitments
—
—
—
—
—
—
—
(9
)
(9
)
Balance as of March 31, 2026
—
—
—
—
—
—
—
133
133
Combined allowance and reserve as of March 31, 2026
$
18,806
$
702
$
541
$
20,049
$
2,026
$
21
$
2,047
$
1,667
$
23,763
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results
Three Months Ended March 31, 2026
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(8)
Other(8)
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 December 31, 2025
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(8)
Other(8)
Total
Net interest income
$
9,479
$
2,296
$
574
$
117
$
12,466
Non-interest income (loss)
2,214
623
356
(76
)
3,117
Total net revenue
11,693
2,919
930
41
15,583
Provision for credit losses
3,678
409
55
—
4,142
Non-interest expense
6,147
2,289
504
402
9,342
Income (loss) from continuing operations before income taxes
1,868
221
371
(361
)
2,099
Income tax provision (benefit)
445
52
89
(241
)
345
Income (loss) from continuing operations, net of tax
$
1,423
$
169
$
282
$
(120
)
$
1,754
Three Months Ended March 31, 2025
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(8)
Other(8)
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
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2026 Q1 vs.
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions, except as noted)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Credit Card
Earnings:
Net interest income
$
9,236
$
9,479
$
9,396
$
7,293
$
5,654
(3
)%
63
%
Non-interest income
2,153
2,214
2,211
1,802
1,511
(3
)
42
Total net revenue
11,389
11,693
11,607
9,095
7,165
(3
)
59
Provision for credit losses
3,411
3,678
2,364
11,098
1,926
(7
)
77
Non-interest expense
5,501
6,147
5,409
4,447
3,638
(11
)
51
Income (loss) from continuing operations before income taxes
2,477
1,868
3,834
(6,450
)
1,601
33
55
Income tax provision (benefit)
608
445
914
(1,533
)
382
37
59
Income (loss) from continuing operations, net of tax
$
1,869
$
1,423
$
2,920
$
(4,917
)
$
1,219
31
53
Selected performance metrics:
Period-end loans held for investment
$
270,558
$
279,570
$
271,037
$
269,709
$
157,189
(3
)
72
Average loans held for investment
270,974
272,228
269,175
209,693
156,407
—
73
Average yield on loans outstanding(1)
17.17
%
17.71
%
17.99
%
17.94
%
18.54
%
(54)
bps
(137)
bps
Total net revenue margin(9)
16.81
17.18
17.25
17.35
18.32
(37
)
(151
)
Net charge-off rate(3)
5.05
4.91
4.61
5.20
6.14
14
(109
)
30+ day performing delinquency rate
3.66
3.93
3.84
3.55
4.26
(27
)
(60
)
30+ day delinquency rate
3.67
3.94
3.84
3.56
4.27
(27
)
(60
)
Nonperforming loan rate(5)
0.01
0.01
0.01
0.01
0.01
—
—
Purchase volume(10)
$
220,540
$
238,687
$
230,379
$
201,453
$
157,948
(8
)%
40
%
2026 Q1 vs.
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions, except as noted)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Domestic Card
Earnings:
Net interest income
$
8,618
$
8,854
$
8,766
$
6,822
$
5,343
(3
)%
61
%
Non-interest income
2,107
2,168
2,160
1,749
1,460
(3
)
44
Total net revenue
10,725
11,022
10,926
8,571
6,803
(3
)
58
Provision for credit losses
3,236
3,482
2,163
10,200
1,856
(7
)
74
Non-interest expense
5,179
5,789
5,092
4,192
3,422
(11
)
51
Income (loss) from continuing operations before income taxes
2,310
1,751
3,671
(5,821
)
1,525
32
51
Income tax provision (benefit)
566
417
873
(1,385
)
363
36
56
Income (loss) from continuing operations, net of tax
$
1,744
$
1,334
$
2,798
$
(4,436
)
$
1,162
31
50
Selected performance metrics:
Period-end loans held for investment
$
254,028
$
262,403
$
253,951
$
252,481
$
150,309
(3
)
69
Average loans held for investment
254,036
255,221
252,090
197,808
149,639
—
70
Average yield on loans outstanding(1)
17.13
%
17.68
%
17.99
%
17.88
%
18.42
%
(55)
bps
(129)
bps
Total net revenue margin(9)
16.89
17.28
17.34
17.33
18.19
(39
)
(130
)
Net charge-off rate(4)
5.10
4.93
4.63
5.25
6.19
17
(109
)
30+ day performing delinquency rate
3.70
3.99
3.89
3.60
4.25
(29
)
(55
)
Purchase volume(10)
$
216,513
$
234,375
$
226,147
$
197,308
$
154,391
(8
)%
40
%
Refreshed FICO scores:(11)
Greater than 660
73
%
73
%
73
%
73
%
69
%
—
4
660 or below
27
27
27
27
31
—
(4
)
Total
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2026 Q1 vs.
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions, except as noted)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Consumer Banking
Earnings:
Net interest income
$
2,229
$
2,296
$
2,357
$
2,162
$
1,943
(3)%
15%
Non-interest income
683
623
475
394
183
10
**
Total net revenue
2,912
2,919
2,832
2,556
2,126
—
37
Provision for credit losses
519
409
340
252
301
27
72
Non-interest expense
1,998
2,289
1,941
1,713
1,581
(13)
26
Income from continuing operations before income taxes
395
221
551
591
244
79
62
Income tax provision
97
52
131
141
58
87
67
Income from continuing operations, net of tax
$
298
$
169
$
420
$
450
$
186
76
60
Selected performance metrics:
Period-end loans held for investment
$
86,873
$
84,790
$
83,230
$
81,233
$
78,896
2
10
Average loans held for investment
85,701
83,957
82,295
80,095
78,480
2
9
Average yield on loans held for investment(1)
9.43
%
9.59
%
9.52
%
9.30
%
9.03
%
(16)bps
40bps
Auto loan originations
$
11,130
$
10,194
$
10,731
$
10,861
$
9,210
9%
21%
Period-end deposits
438,034
423,932
416,765
414,044
324,920
3
35
Average deposits
428,391
418,673
414,219
365,359
319,950
2
34
Average deposits interest rate
2.84
%
2.98
%
3.07
%
3.02
%
3.00
%
(14)bps
(16)bps
Net charge-off rate
1.70
1.88
1.58
1.30
1.60
(18)
10
30+ day performing delinquency rate
4.17
5.17
4.93
4.78
4.87
(100)
(70)
30+ day delinquency rate
4.59
5.73
5.53
5.40
5.47
(114)
(88)
Nonperforming loan rate(5)
0.57
0.69
0.73
0.74
0.74
(12)
(17)
Nonperforming asset rate(6)
0.66
0.79
0.82
0.82
0.82
(13)
(16)
Global Payment Network volume(12)
$
174,332
$
174,644
$
153,117
$
74,014
—
—
**
Auto—At origination FICO scores:(13)
Greater than 660
50
%
51
%
51
%
52
%
53
%
(1)%
(3)%
621 - 660
19
19
19
19
19
—
—
620 or below
31
30
30
29
28
1
3
Total
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2026 Q1 vs.
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions, except as noted)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Commercial Banking
Earnings:
Net interest income
$
581
$
574
$
586
$
602
$
572
1%
2%
Non-interest income
328
356
318
335
312
(8)
5
Total net revenue(8)
909
930
904
937
884
(2)
3
Provision for credit losses
138
55
9
81
142
151
(3)
Non-interest expense
498
504
520
489
486
(1)
2
Income from continuing operations before income taxes
273
371
375
367
256
(26)
7
Income tax provision
67
89
89
87
61
(25)
10
Income from continuing operations, net of tax
$
206
$
282
$
286
$
280
$
195
(27)
6
Selected performance metrics:
Period-end loans held for investment
$
90,323
$
89,262
$
88,892
$
88,355
$
87,513
1
3
Average loans held for investment
89,560
88,495
88,389
88,369
87,498
1
2
Average yield on loans held for investment(1)(8)
5.68
%
6.08
%
6.42
%
6.40
%
6.29
%
(40)bps
(61)bps
Period-end deposits
$
31,007
$
31,250
$
29,920
$
29,245
$
29,984
(1)%
3%
Average deposits
31,137
31,462
29,889
30,444
31,654
(1)
(2)
Average deposits interest rate
1.83
%
1.96
%
2.13
%
2.06
%
2.13
%
(13)bps
(30)bps
Net charge-off rate
0.29
0.43
0.21
0.33
0.11
(14)
18
Nonperforming loan rate(5)
1.40
1.36
1.39
1.30
1.40
4
—
Nonperforming asset rate(6)
1.47
1.39
1.40
1.30
1.40
8
7
Risk category:(14)
Noncriticized
$
84,545
$
83,873
$
83,098
$
82,000
$
80,677
1%
5%
Criticized performing
4,510
4,177
4,558
5,204
5,612
8
(20)
Criticized nonperforming
1,268
1,212
1,236
1,151
1,224
5
4
Total commercial banking loans held for investment
$
90,323
$
89,262
$
88,892
$
88,355
$
87,513
1
3
Risk category as a percentage of period-end loans held for investment:(14)
Noncriticized
93.61
%
93.96
%
93.48
%
92.81
%
92.19
%
(35)bps
142bps
Criticized performing
4.99
4.68
5.13
5.89
6.41
31
(142)
Criticized nonperforming
1.40
1.36
1.39
1.30
1.40
4
—
Total commercial banking loans
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 13: Financial & Statistical Summary—Other and Total
2026 Q1 vs.
2026
2025
2025
2025
2025
2025
2025
(Dollars in millions)
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Other
Earnings:
Net interest income (loss)
$
99
$
117
$
65
$
(62
)
$
(156
)
(15
)%
**
Non-interest loss
(78
)
(76
)
(49
)
(34
)
(19
)
3
**
Total net revenue (loss)(8)
21
41
16
(96
)
(175
)
(49
)
**
Provision (benefit) for credit losses
—
—
1
(1
)
—
**
**
Non-interest expense(15)
467
402
393
342
197
16
137
%
Loss from continuing operations before income taxes
(446
)
(361
)
(378
)
(437
)
(372
)
24
20
Income tax provision (benefit)
(254
)
(241
)
55
(361
)
(176
)
5
44
Loss from continuing operations, net of tax
$
(192
)
$
(120
)
$
(433
)
$
(76
)
$
(196
)
60
(2
)
Selected performance metrics:
Period-end deposits
$
20,012
$
20,589
$
22,100
$
24,821
$
12,560
(3
)
59
Average deposits
20,430
20,830
23,172
18,765
12,474
(2
)
64
Total
Earnings:
Net interest income
$
12,145
$
12,466
$
12,404
$
9,995
$
8,013
(3
)%
52
%
Non-interest income
3,086
3,117
2,955
2,497
1,987
(1
)
55
Total net revenue
15,231
15,583
15,359
12,492
10,000
(2
)
52
Provision for credit losses
4,068
4,142
2,714
11,430
2,369
(2
)
72
Non-interest expense
8,464
9,342
8,263
6,991
5,902
(9
)
43
Income (loss) from continuing operations before income taxes
2,699
2,099
4,382
(5,929
)
1,729
29
56
Income tax provision (benefit)
518
345
1,189
(1,666
)
325
50
59
Income (loss) from continuing operations, net of tax
$
2,181
$
1,754
$
3,193
$
(4,263
)
$
1,404
24
55
Selected performance metrics:
Period-end loans held for investment
$
447,754
$
453,622
$
443,159
$
439,297
$
323,598
(1
)
38
Average loans held for investment
446,235
444,680
439,859
378,157
322,385
—
38
Period-end deposits
489,053
475,771
468,785
468,110
367,464
3
33
Average deposits
479,958
470,965
467,280
414,568
364,078
2
32
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 Q1 2026, $2.1 billion in Q4 2025 and $1.9 billion in Q1 2025. Related interest expense was $8 million in Q1 2026, $8 million in Q4 2025 and $7 million in Q1 2025.
(3)
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.
(4)
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.
(5)
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.
(6)
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.
(7)
Primarily represents foreign currency translation adjustments.
(8)
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.
(9)
Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(10)
Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(11)
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.
(12)
Global Payment Network volume includes Discover Network, PULSE Network, Diners Club International and Network Partners transactions.
(13)
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.
(14)
Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(15)
Includes the impact of $415 million, $352 million, $348 million, $299 million and $110 million in Discover integration expenses in Q1 2026, Q4 2025, Q3 2025, Q2 2025 and Q1 2025, 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)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Regulatory Capital Metrics
Common equity excluding AOCI
$
112,733
$
113,677
$
114,323
$
112,368
$
66,225
Adjustments:
AOCI, net of tax(2)
69
81
68
83
19
Goodwill, net of related deferred tax liabilities
(28,201
)
(28,217
)
(28,575
)
(28,052
)
(14,792
)
Other Intangible and deferred tax assets, net of deferred tax liabilities
(12,141
)
(12,493
)
(12,846
)
(13,687
)
(247
)
Common equity Tier 1 capital
$
72,460
$
73,048
$
72,970
$
70,712
$
51,205
Tier 1 capital
$
77,867
$
78,455
$
78,377
$
76,118
$
56,050
Total capital(3)
87,326
88,000
87,853
85,988
63,926
Risk-weighted assets
504,705
511,794
506,535
503,413
375,538
Adjusted average assets(4)
640,503
629,997
622,435
537,581
483,888
Capital Ratios
Common equity Tier 1 capital(5)
14.4
%
14.3
%
14.4
%
14.0
%
13.6
%
Tier 1 capital(6)
15.4
15.3
15.5
15.1
14.9
Total capital(7)
17.3
17.2
17.3
17.1
17.0
Tier 1 leverage(4)
12.2
12.5
12.6
14.2
11.6
TCE(8)
10.3
10.7
10.8
10.3
9.1
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.
(Dollars in millions, except per share data and as noted)
2026
Q1
2025
Q4
2025
Q3
2025
Q2
2025
Q1
Adjusted diluted earnings per share (“EPS”):
Net income (loss) available to common stockholders (GAAP)
$
2,081
$
2,057
$
3,086
$
(4,340
)
$
1,325
Discover amortization expenses
477
546
603
340
—
Discover integration expenses
415
352
348
299
110
Initial allowance build for Discover non-PCD loans
—
—
—
8,767
—
Legal reserve activities
—
117
—
41
198
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)
2,973
2,560
4,037
5,107
1,633
Income tax impacts
(221
)
(124
)
(236
)
(2,339
)
(76
)
Adjusted net income available to common stockholders (non-GAAP)
$
2,752
$
2,436
$
3,801
$
2,768
$
1,557
Diluted weighted-average common shares outstanding (in millions) (GAAP)
623.4
631.6
639.5
505.6
384.0
Diluted EPS (GAAP)
$
3.34
$
3.26
$
4.83
$
(8.58
)
$
3.45
Impact of adjustments noted above
1.08
0.60
1.12
14.06
0.61
Adjusted diluted EPS (non-GAAP)
$
4.42
$
3.86
$
5.95
$
5.48
$
4.06
Adjusted efficiency ratio:
Non-interest expense (GAAP)
$
8,464
$
9,342
$
8,263
$
6,991
$
5,902
Discover amortization expenses
(478
)
(509
)
(498
)
(255
)
—
Discover integration expenses
(415
)
(352
)
(348
)
(299
)
(110
)
Legal reserve activities
—
(117
)
—
(41
)
(198
)
FDIC special assessment
—
29
—
—
—
Adjusted non-interest expense (non-GAAP)
$
7,571
$
8,393
$
7,417
$
6,396
$
5,594
Total net revenue (GAAP)
$
15,231
$
15,583
$
15,359
$
12,492
$
10,000
Discover amortization expenses
(1
)
37
105
85
—
Adjusted net revenue (non-GAAP)
$
15,230
$
15,620
$
15,464
$
12,577
$
10,000
Efficiency ratio (GAAP)
55.57
%
59.95
%
53.80
%
55.96
%
59.02
%
Impact of adjustments noted above
(586)
bps
(622)
bps
(584)
bps
(511)
bps
(308)
bps
Adjusted efficiency ratio (non-GAAP)
49.71
%
53.73
%
47.96
%
50.85
%
55.94
%
Adjusted operating efficiency ratio:
Operating expense (GAAP)
$
6,967
$
7,408
$
6,860
$
5,646
$
4,700
Discover amortization expenses
(478
)
(509
)
(498
)
(255
)
—
Discover integration expenses
(415
)
(352
)
(348
)
(299
)
(110
)
Legal reserve activities
—
(117
)
—
(41
)
(198
)
FDIC special assessment
—
29
—
—
—
Adjusted operating expense (non-GAAP)
$
6,074
$
6,459
$
6,014
$
5,051
$
4,392
Total net revenue (GAAP)
$
15,231
$
15,583
$
15,359
$
12,492
$
10,000
Discover amortization expenses
(1
)
37
105
85
—
Adjusted net revenue (non-GAAP)
$
15,230
$
15,620
$
15,464
$
12,577
$
10,000
Operating efficiency ratio (GAAP)
45.74
%
47.54
%
44.66
%
45.20
%
47.00
%
Impact of adjustments noted above
(586)
bps
(619)
bps
(577)
bps
(504)
bps
(308)
bps
Adjusted operating efficiency ratio (non-GAAP)
39.88
%
41.35
%
38.89
%
40.16
%
43.92
%
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
2025
2025
2025
2025
(Dollars in millions)
Q1
Q4
Q3
Q2
Q1
Pre- Provision Earnings
Total net revenue
$
15,231
$
15,583
$
15,359
$
12,492
$
10,000
Non-interest expense
(8,464
)
(9,342
)
(8,263
)
(6,991
)
(5,902
)
Pre-provision earnings(9)
$
6,767
$
6,241
$
7,096
$
5,501
$
4,098
Tangible Common Equity (Period-End)
Stockholders’ equity
$
112,261
$
113,616
$
113,813
$
110,956
$
63,542
Goodwill and other intangible assets(10)
(40,489
)
(40,876
)
(41,537
)
(42,012
)
(15,139
)
Noncumulative perpetual preferred stock
(5,407
)
(5,407
)
(5,407
)
(5,407
)
(4,845
)
Tangible common equity(11)
$
66,365
$
67,333
$
66,869
$
63,537
$
43,558
Tangible Common Equity (Average)
Stockholders’ equity
$
114,556
$
115,404
$
112,819
$
86,918
$
62,240
Goodwill and other intangible assets(10)
(40,709
)
(41,144
)
(41,815
)
(29,114
)
(15,149
)
Noncumulative perpetual preferred stock
(5,407
)
(5,407
)
(5,407
)
(5,355
)
(4,845
)
Tangible common equity(11)
$
68,440
$
68,853
$
65,597
$
52,449
$
42,246
Return on Tangible Common Equity (Average)
Net income (loss) available to common stockholders
$
2,081
$
2,057
$
3,086
$
(4,340
)
$
1,325
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
$
2,088
$
1,677
$
3,087
$
(4,326
)
$
1,325
Tangible common equity (Average)
68,440
68,853
65,597
52,449
42,246
Return on tangible common equity(11)(12)
12.20
%
9.74
%
18.82
%
(32.99
)%
12.55
%
Tangible Assets (Period-End)
Total assets
$
682,905
$
669,009
$
661,877
$
658,968
$
493,604
Goodwill and other intangible assets(10)
(40,489
)
(40,876
)
(41,537
)
(42,012
)
(15,139
)
Tangible assets(11)
$
642,416
$
628,133
$
620,340
$
616,956
$
478,465
2026
2025
2025
2025
2025
(Dollars in millions)
Q1
Q4
Q3
Q2
Q1
Tangible Assets (Average)
Total assets
$
675,999
$
665,656
$
657,858
$
572,446
$
491,817
Goodwill and other intangible assets(10)
(40,709
)
(41,144
)
(41,815
)
(29,114
)
(15,149
)
Tangible assets(11)
$
635,290
$
624,512
$
616,043
$
543,332
$
476,668
Return on Tangible Assets (Average)
Net income (loss)
$
2,174
$
2,134
$
3,192
$
(4,277
)
$
1,404
Income (loss) from discontinued operations, net of tax
(7
)
380
(1
)
(14
)
—
Net income (loss) less income (loss) from discontinued operations, net of tax
$
2,181
$
1,754
$
3,193
$
(4,263
)
$
1,404
Tangible Assets (Average)
635,290
624,512
616,043
543,332
476,668
Return on tangible assets(11)(13)
1.37
%
1.12
%
2.07
%
(3.14
)%
1.18
%
TCE Ratio
Tangible common equity (Period-end)
$
66,365
$
67,333
$
66,869
$
63,537
$
43,558
Tangible Assets (Period-end)
642,416
628,133
620,340
616,956
478,465
TCE Ratio(11)
10.3
%
10.7
%
10.8
%
10.3
%
9.1
%
Tangible Book Value per Common Share
Tangible common equity (Period-end)
$
66,365
$
67,333
$
66,869
$
63,537
$
43,558
Outstanding Common Shares
615.9
625.1
635.7
639.5
383.0
Tangible book value per common share(11)
$
107.76
$
107.72
$
105.18
$
99.35
$
113.74
__________
(1)
Regulatory capital metrics and capital ratios as of March 31, 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)
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 when assessing returns and capital management over time.
(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 net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260417900015/en/
Investor Relations
Jeff Norris
jeff.norris@capitalone.com
Danielle Dietz
danielle.dietz@capitalone.com
Media Relations
Sie Soheili
sie.soheili@capitalone.com
Original: Capital One Reports First Quarter 2026 Net Income of $2.2 Billion, or $3.34 Per Share
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