Capital One Reports First Quarter 2025 Net Income of $1.4 Billion, or $3.45 Per Share

Business Wire

Tue, Apr 22, 2025, 2:05 PM 10 min read

MCLEAN, Va., April 22, 2025--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2025 of $1.4 billion, or $3.45 per diluted common share, compared with net income of $1.1 billion, or $2.67 per diluted common share in the fourth quarter of 2024, and with net income of $1.3 billion, or $3.13 per diluted common share in the first quarter of 2024. Adjusted net income⁽¹⁾ for the first quarter of 2025 was $4.06 per diluted common share.

"Last week, we received regulatory approval for our acquisition of Discover and we're fully mobilized to complete the transaction on May 18th," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The combination of Capital One and Discover will create a leading consumer banking and payments platform with unique capabilities, modern technology, and powerful brands. It leverages Capital One’s technology transformation and digital capabilities across a significantly larger customer franchise. And it offers the potential to enhance competition and create significant value for merchants and customers."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax		After-Tax Diluted EPS
	Impact		Impact
Legal reserve activities	$	198	$	0.39
Discover integration expenses	$	110	$	0.22

All comparisons below are for the first quarter of 2025 compared with the fourth quarter of 2024 unless otherwise noted.

First Quarter 2025 Income Statement Summary:

Total net revenue decreased 2 percent to $10.0 billion.
Total non-interest expense decreased 3 percent to $5.9 billion:
- 13 percent decrease in marketing.
- Less than 1 percent decrease in operating expenses.
Pre-provision earnings⁽²⁾ remained substantially flat at $4.1 billion.
Provision for credit losses decreased $273 million to $2.4 billion:
- Net charge-offs of $2.7 billion.
- $368 million loan reserve release.
Net interest margin of 6.93 percent, a decrease of 10 basis points.
Efficiency ratio of 59.02 percent.
- Adjusted efficiency ratio⁽¹⁾ of 55.94 percent.
Operating efficiency ratio of 47.00 percent.
- Adjusted operating efficiency ratio⁽¹⁾of 43.92 percent.

First Quarter 2025 Balance Sheet Summary:

Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 13.6 percent at March 31, 2025.
Period-end loans held for investment in the quarter decreased $4.2 billion, or 1 percent, to $323.6 billion.
- Credit Card period-end loans decreased $5.3 billion, or 3 percent, to $157.2 billion.
  - Domestic Card period-end loans decreased $5.3 billion, or 3 percent, to $150.3 billion.
- Consumer Banking period-end loans increased $804 million, or 1 percent, to $78.9 billion.
  - Auto period-end loans increased $827 million, or 1 percent, to $77.7 billion.
- Commercial Banking period-end loans increased $338 million, or less than 1 percent, to $87.5 billion.
Average loans held for investment in the quarter increased $514 million, or less than 1 percent, to $322.4 billion.
- Credit Card average loans decreased $919 million, or 1 percent, to $156.4 billion.
  - Domestic Card average loans decreased $651 million, or less than 1 percent, to $149.6 billion.
- Consumer Banking average loans increased $1.3 billion, or 2 percent, to $78.5 billion.
  - Auto average loans increased $1.3 billion, or 2 percent, to $77.2 billion.
- Commercial Banking average loans increased $174 million, or less than 1 percent, to $87.5 billion.
Period-end total deposits increased $4.8 billion, or 1 percent, to $367.5 billion, while average deposits increased $5.8 billion, or 2 percent, to $364.1 billion.
Interest-bearing deposits rate paid decreased 23 basis points to 3.22 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 22, 2025 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 6, 2025 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, 2024 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 (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $367.5 billion in deposits and $493.6 billion in total assets as of March 31, 2025. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

⁽¹⁾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 22, 2025 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.

⁽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 22, 2025 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⁾Regulatory capital metrics as of March 31, 2025 are preliminary and therefore subject to change.


Capital One Financial Corporation
Financial Supplement⁽¹⁾⁽²⁾
First 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	12
Business Segment Results
	Table 9:	Financial Summary—Business Segment Results	13
	Table 10:	Financial & Statistical Summary—Credit Card Business	14
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	16
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	17
	Table 13:	Financial & Statistical Summary—Other and Total	18
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	19
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	20

__________
⁽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, 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.


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
																2025 Q1
(Dollars in millions, except per share data and as noted)	2025			2024			2024			2024			2024			2024		2024
(Dollars in millions, except per share data and as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Income Statement
Net interest income	$	8,013		$	8,098		$	8,076		$	7,546		$	7,488		(1	)%	7	%
Non-interest income		1,987			2,092			1,938			1,960			1,914		(5	)	4
Total net revenue⁽¹⁾		10,000			10,190			10,014			9,506			9,402		(2	)	6
Provision for credit losses		2,369			2,642			2,482			3,909			2,683		(10	)	(12	)
Non-interest expense:
Marketing		1,202			1,375			1,113			1,064			1,010		(13	)	19
Operating expense		4,700			4,714			4,201			3,882			4,127		—		14
Total non-interest expense		5,902			6,089			5,314			4,946			5,137		(3	)	15
Income from continuing operations before income taxes		1,729			1,459			2,218			651			1,582		19		9
Income tax provision		325			366			441			54			302		(11	)	8
Income from continuing operations, net of tax		1,404			1,093			1,777			597			1,280		28		10
Income from discontinued operations, net of tax		—			3			—			—			—		**		—
Net income		1,404			1,096			1,777			597			1,280		28		10
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(22	)		(17	)		(28	)		(9	)		(23	)	29		(4	)
Preferred stock dividends		(57	)		(57	)		(57	)		(57	)		(57	)	—		—
Net income available to common stockholders	$	1,325		$	1,022		$	1,692		$	531		$	1,200		30		10
Common Share Statistics
Basic earnings per common share:⁽²⁾
Net income from continuing operations	$	3.46		$	2.66		$	4.42		$	1.39		$	3.14		30	%	10	%
Income from discontinued operations		—			0.01			—			—			—		**		—
Net income per basic common share	$	3.46		$	2.67		$	4.42		$	1.39		$	3.14		30		10
Diluted earnings per common share:⁽²⁾
Net income from continuing operations	$	3.45		$	2.66		$	4.41		$	1.38		$	3.13		30	%	10	%
Income from discontinued operations		—			0.01			—			—			—		**		—
Net income per diluted common share	$	3.45		$	2.67		... $	4.41		$	1.38		$	3.13		29		10
Weighted-average common shares outstanding (in millions):
Basic		383.1			382.4			383.0			383.1			382.2		—		—
Diluted		384.0			383.4			383.7			383.9			383.4		—		—
Common shares outstanding (period-end, in millions)		383.0			381.2			381.5			381.9			382.1		—		—
Dividends declared and paid per common share	$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		—		—
Tangible book value per common share (period-end)⁽³⁾		113.74			106.97			112.36			99.28			98.67		6	%	15	%

											2025 Q1
(Dollars in millions)	2025		2024		2024		2024		2024		2024		2024
(Dollars in millions)	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Balance Sheet (Period-End)
Loans held for investment	$	323,598	$	327,775	$	320,243	$	318,186	$	315,154	(1	)%	3	%
Interest-earning assets		463,414		463,058		458,189		452,547		453,557	—		2
Total assets		493,604		490,144		486,433		480,018		481,720	1		2
Interest-bearing deposits		340,964		336,585		327,253		324,437		323,352	1		5
Total deposits		367,464		362,707		353,631		351,442		350,969	1		5
Borrowings		41,773		45,551		49,336		47,956		50,361	(8	)	(17	)
Common equity		58,697		55,938		58,080		53,135		52,955	5		11
Total stockholders’ equity		63,542		60,784		62,925		57,981		57,801	5		10
Balance Sheet (Average Balances)
Loans held for investment	$	322,385	$	321,871	$	318,255	$	314,888	$	314,614	—		2	%
Interest-earning assets		462,771		460,640		454,484		450,908		447,803	—		3
Total assets		491,817		488,300		481,219		477,285		474,995	1	%	4
Interest-bearing deposits		337,840		331,564		324,509		322,581		318,450	2		6
Total deposits		364,078		358,323		351,125		349,488		345,657	2		5
Borrowings		44,448		46,293		48,274		48,842		50,474	(4	)	(12	)
Common equity		57,395		56,918		56,443		53,262		53,152	1		8
Total stockholders’ equity		62,240		61,764		61,289		58,107		57,998	1		7


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
																2025 Q1
(Dollars in millions, except as noted)	2025			2024			2024			2024			2024			2024		2024
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Performance Metrics
Net interest income growth (period over period)		(1	)%		—			7	%		1	%		—		**		**
Non-interest income growth (period over period)		(5	)		8	%		(1	)		2			(4	)%	**		**
Total net revenue growth (period over period)		(2	)		2			5			1			(1	)	**		**
Total net revenue margin⁽⁴⁾		8.64			8.85			8.81			8.43			8.40		(21	) bps	24	bps
Net interest margin⁽⁵⁾		6.93			7.03			7.11			6.70			6.69		(10	)	24
Return on average assets		1.14			0.90			1.48			0.50			1.08		24		6
Return on average tangible assets⁽⁶⁾		1.18			0.92			1.53			0.52			1.11		26		7
Return on average common equity⁽⁷⁾		9.23			7.16			11.99			3.99			9.03		207		20
Return on average tangible common equity⁽⁸⁾		12.55			9.77			16.42			5.59			12.67		278		(12	)
Efficiency ratio⁽⁹⁾		59.02			59.75			53.07			52.03			54.64		(73	)	438
Operating efficiency ratio⁽¹⁰⁾		47.00			46.26			41.95			40.84			43.89		74		311
Effective income tax rate for continuing operations		18.8			25.1			19.9			8.3			19.1		(630	)	(30	)
Employees (period-end, in thousands)		53.9			52.6			52.5			52.1			51.3		2	%	5	%
Credit Quality Metrics
Allowance for credit losses	$	15,899		$	16,258		$	16,534		$	16,649		$	15,380		(2	)%	3	%
Allowance coverage ratio		4.91	%		4.96	%		5.16	%		5.23	%		4.88	%	(5	) bps	3	bps
Net charge-offs	$	2,736		$	2,884		$	2,604		$	2,644		$	2,616		(5	)%	5	%
Net charge-off rate⁽¹¹⁾		3.40	%		3.59	%		3.27	%		3.36	%		3.33	%	(19	) bps	7	bps
30+ day performing delinquency rate		3.29			3.69			3.58			3.36			3.40		(40	)	(11	)
30+ day delinquency rate		3.51			3.98			3.89			3.63			3.67		(47	)	(16	)
Capital Ratios⁽¹²⁾
Common equity Tier 1 capital		13.6	%		13.5	%		13.6	%		13.2	%		13.1	%	10	bps	50	bps
Tier 1 capital		14.9			14.8			14.9			14.5			14.4		10		50
Total capital		17.0			16.4			16.6			16.3			16.2		60		80
Tier 1 leverage		11.6			11.6			11.6			11.3			11.3		—		30
Tangible common equity ("TCE")⁽¹³⁾		9.1			8.6			9.1			8.2			8.1		50		100


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
																2025 Q1
(Dollars in millions, except as noted)	2025			2024			2024			2024			2024			2024		2024
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Interest income:
Loans, including loans held for sale	$	10,157		$	10,434		$	10,547		$	9,993		$	9,920		(3	)%	2	%
Investment securities		770			753			733			700			687		2		12
Other		491			530			580			587			570		(7	)	(14	)
Total interest income		11,418			11,717			11,860			11,280			11,177		(3	)	2
Interest expense:
Deposits		2,715			2,862			2,945			2,874			2,812		(5	)	(3	)
Securitized debt obligations		176			205			234			258			261		(14	)	(33	)
Senior and subordinated notes		505			540			596			591			606		(6	)	(17	)
Other borrowings		9			12			9			11			10		(25	)	(10	)
Total interest expense		3,405			3,619			3,784			3,734			3,689		(6	)	(8	)
Net interest income		8,013			8,098			8,076			7,546			7,488		(1	)	7
Provision for credit losses		2,369			2,642			2,482			3,909			2,683		(10	)	(12	)
Net interest income after provision for credit losses		5,644			5,456			5,594			3,637			4,805		3		17
Non-interest income:
Interchange fees, net		1,223			1,260			1,228			1,249			1,145		(3	)	7
Service charges and other customer-related fees		509			554			501			459			462		(8	)	10
Net securities gains (losses)		—			—			(35	)		—			—		—		—
Other		255			278			244			252			307		(8	)	(17	)
Total non-interest income		1,987			2,092			1,938			1,960			1,914		(5	)	4
Non-interest expense:
Salaries and associate benefits		2,546			2,329			2,391			2,200			2,478		9		3
Occupancy and equipment		615			674			587			551			554		(9	)	11
Marketing		1,202			1,375			1,113			1,064			1,010		(13	)	19
Professional services		437			630			402			316			262		(31	)	67
Communications and data processing		399			398			358			355			351		—		14
Amortization of intangibles		16			19			20			19			19		(16	)	(16	)
Other		687			664			443			441			463		3		48
Total non-interest expense		5,902			6,089			5,314			4,946			5,137		(3	)	15
Income from continuing operations before income taxes		1,729			1,459			2,218			651			1,582		19		9
Income tax provision		325			366			441			54			302		(11	)	8
Income from continuing operations, net of tax		1,404			1,093			1,777			597			1,280		28		10
Income from discontinued operations, net of tax		—			3			—			—			—		**		—
Net income		1,404			1,096			1,777			597			1,280		28		10
Dividends and undistributed earnings allocated to participating securities⁽²⁾		(22	)		(17	)		(28	)		(9	)		(23	)	29		(4	)
Preferred stock dividends		(57	)		(57	)		(57	)		(57	)		(57	)	—		—
Net income available to common stockholders	$	1,325		$	1,022		$	1,692		$	531		$	1,200		30		10

																2025 Q1
	2025			2024			2024			2024			2024			2024		2024
	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Basic earnings per common share:⁽²⁾
Net income from continuing operations	$	3.46		$	2.66		$	4.42		$	1.39		$	3.14		30	%	10	%
Income from discontinued operations		—			0.01			—			—			—		**		—
Net income per basic common share	$	3.46		$	2.67		$	4.42		$	1.39		$	3.14		30		10
Diluted earnings per common share:⁽²⁾
Net income from continuing operations	$	3.45		$	2.66		$	4.41		$	1.38		$	3.13		30	%	10	%
Income from discontinued operations		—			0.01			—			—			—		**		—
Net income per diluted common share	$	3.45		$	2.67		$	4.41		$	1.38		$	3.13		29		10
Weighted-average common shares outstanding (in millions):
Basic common shares		383.1			382.4			383.0			383.1			382.2		—		—
Diluted common shares		384.0			383.4			383.7			383.9			383.4		—		—


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
																2025 Q1
(Dollars in millions)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Assets:
Cash and cash equivalents:
Cash and due from banks	$	4,108		$	3,028		$	3,976		$	5,298		$	4,671		36	%	(12	)%
Interest-bearing deposits and other short-term investments		44,465			40,202			45,322			40,116			46,357		11		(4	)
Total cash and cash equivalents		48,573			43,230			49,298			45,414			51,028		12		(5	)
Restricted cash for securitization investors		392			441			421			2,415			474		(11	)	(17	)
Securities available for sale		84,362			83,013			83,500			79,250			78,398		2		8
Loans held for investment:
Unsecuritized loans held for investment		295,939			298,241			292,061			289,124			285,577		(1	)	4
Loans held in consolidated trusts		27,659			29,534			28,182			29,062			29,577		(6	)	(6	)
Total loans held for investment		323,598			327,775			320,243			318,186			315,154		(1	)	3
Allowance for credit losses		(15,899	)		(16,258	)		(16,534	)		(16,649	)		(15,380	)	(2	)	3
Net loans held for investment		307,699			311,517			303,709			301,537			299,774		(1	)	3
Loans held for sale		686			202			96			808			1,631		**		(58	)
Premises and equipment, net		4,579			4,511			4,440			4,396			4,366		2		5
Interest receivable		2,599			2,532			2,577			2,494			2,514		3		3
Goodwill		15,070			15,059			15,083			15,062			15,062		—		—
Other assets		29,644			29,639			27,309			28,642			28,473		—		4
Total assets	$	493,604		$	490,144		$	486,433		$	480,018		$	481,720		1		2

																2025 Q1
(Dollars in millions)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Liabilities:
Interest payable	$	646		$	666		$	705		$	668		$	762		(3	)%	(15	)%
Deposits:
Non-interest-bearing deposits		26,500			26,122			26,378			27,005			27,617		1		(4	)
Interest-bearing deposits		340,964			336,585			327,253			324,437			323,352		1		5
Total deposits		367,464			362,707			353,631			351,442			350,969		1		5
Securitized debt obligations		11,716			14,264			15,881			17,291			17,661		(18	)	(34	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase		573			562			520			715			568		2		1
Senior and subordinated notes		29,459			30,696			32,911			29,925			32,108		(4	)	(8	)
Other borrowings		25			29			24			25			24		(14	)	4
Total other debt		30,057			31,287			33,455			30,665			32,700		(4	)	(8	)
Other liabilities		20,179			20,436			19,836			21,971			21,827		(1	)	(8	)
Total liabilities		430,062			429,360			423,508			422,037			423,919		—		1

Stockholders’ equity:
Preferred stock		0			0			0			0			0		—		—
Common stock		7			7			7			7			7		—		—
Additional paid-in capital, net		36,693			36,428			36,216			36,012			35,808		1		2
Retained earnings		65,616			64,505			63,698			62,211			61,905		2		6
Accumulated other comprehensive loss		(7,529	)		(9,286	)		(6,287	)		(9,701	)		(9,534	)	(19	)	(21	)
Treasury stock, at cost		(31,245	)		(30,870	)		(30,709	)		(30,548	)		(30,385	)	1		3
Total stockholders’ equity		63,542			60,784			62,925			57,981			57,801		5		10
Total liabilities and stockholders’ equity	$	493,604		$	490,144		$	486,433		$	480,018		$	481,720		1		2


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

⁽¹⁾		Total net revenue was reduced by $705 million in Q1 2025, $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024 and $630 million in Q1 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 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.
⁽⁷⁾		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.
⁽⁸⁾		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.
⁽⁹⁾		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.
⁽¹⁰⁾		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.
⁽¹¹⁾		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.
⁽¹²⁾		Capital ratios as of the end of Q1 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.
⁽¹³⁾		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 Q1						2024 Q4						2024 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	$	322,772	$	10,157	12.59	%	$	322,231	$	10,434	12.95	%	$	315,563	$	9,920	12.57	%
Investment securities		92,659		770	3.32			92,248		753	3.26			88,581		687	3.10
Cash equivalents and other		47,340		491	4.14			46,161		530	4.59			43,659		570	5.21
Total interest-earning assets	$	462,771	$	11,418	9.87		$	460,640	$	11,717	10.17		$	447,803	$	11,177	9.98
Interest-bearing liabilities:
Interest-bearing deposits	$	337,840	$	2,715	3.22		$	331,564	$	2,862	3.45		$	318,450	$	2,812	3.53
Securitized debt obligations		13,731		176	5.11			14,931		205	5.47			17,836		261	5.85
Senior and subordinated notes		30,331		505	6.66			30,888		540	7.00			32,211		606	7.52
Other borrowings and liabilities⁽²⁾		2,312		9	1.57			2,434		12	1.85			2,373		10	1.78
Total interest-bearing liabilities	$	384,214	$	3,405	3.54		$	379,817	$	3,619	3.81		$	370,870	$	3,689	3.98
Net interest income/spread			$	8,013	6.32				$	8,098	6.36				$	7,488	6.00
Impact of non-interest-bearing funding					0.61						0.67						0.69
Net interest margin⁽³⁾					6.93	%					7.03	%					6.69	%


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
											2025 Q1
(Dollars in millions, except as noted)	2025		2024		2024		2024		2024		2024		2024
(Dollars in millions, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card	$	150,309	$	155,618	$	149,400	$	147,065	$	143,861	(3	)%	4	%
International card businesses		6,880		6,890		7,251		6,830		6,733	—		2
Total credit card		157,189		162,508		156,651		153,895		150,594	(3	)	4
Consumer banking:
Auto		77,656		76,829		75,505		74,385		73,801	1		5
Retail banking		1,240		1,263		1,253		1,278		1,298	(2	)	(4	)
Total consumer banking		78,896		78,092		76,758		75,663		75,099	1		5
Commercial banking:
Commercial and multifamily real estate		31,971		31,903		32,199		32,832		34,272	—		(7	)
Commercial and industrial		55,542		55,272		54,635		55,796		55,189	—		1
Total commercial banking		87,513		87,175		86,834		88,628		89,461	—		(2	)
Total loans held for investment	$	323,598	$	327,775	$	320,243	$	318,186	$	315,154	(1	)	3
Loans Held for Investment (Average)
Credit card:
Domestic credit card	$	149,639	$	150,290	$	147,021	$	143,744	$	142,887	—		5	%
International card businesses		6,768		7,036		6,951		6,723		6,758	(4	)%	—
Total credit card		156,407		157,326		153,972		150,467		149,645	(1	)	5
Consumer banking:
Auto		77,228		75,968		74,920		74,098		73,768	2		5
Retail banking		1,252		1,253		1,262		1,288		1,324	—		(5	)
Total consumer banking		78,480		77,221		76,182		75,386		75,092	2		5
Commercial banking:
Commercial and multifamily real estate		31,733		32,058		32,416		33,801		34,310	(1	)	(8	)
Commercial and industrial		55,765		55,266		55,685		55,234		55,567	1		—
Total commercial banking		87,498		87,324		88,101		89,035		89,877	—		(3	)
Total average loans held for investment	$	322,385	$	321,871	$	318,255	$	314,888	$	314,614	—		2

											2025 Q1
	2025		2024		2024		2024		2024		2024		2024
	Q1		Q4		Q3		Q2		Q1		Q4		Q1
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card⁽⁴⁾	6.19	%	6.06	%	5.61	%	6.05	%	5.94	%	13	bps	25	bps
International card businesses	5.02		5.17		5.23		5.03		5.16		(15	)	(14	)
Total credit card	6.14		6.02		5.60		6.00		5.90		12		24
Consumer banking:
Auto	1.55		2.32		2.05		1.81		1.99		(77	)	(44	)
Retail banking	4.75		5.63		5.43		5.38		4.04		(88	)	71
Total consumer banking	1.60		2.38		2.11		1.87		2.03		(78	)	(43	)
Commercial banking:
Commercial and multifamily real estate	0.09		0.50		0.26		0.11		0.20		(41	)	(11	)
Commercial and industrial	0.12		0.13		0.20		0.17		0.08		(1	)	4
Total commercial banking	0.11		0.26		0.22		0.15		0.13		(15	)	(2	)
Total net charge-offs	3.40		3.59		3.27		3.36		3.33		(19	)	7
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card	4.25	%	4.53	%	4.53	%	4.14	%	4.48	%	(28	) bps	(23	) bps
International card businesses	4.56		4.52		4.53		4.63		4.83		4		(27	)
Total credit card	4.26		4.53		4.53		4.16		4.50		(27	)	(24	)
Consumer banking:
Auto	4.93		5.95		5.61		5.67		5.28		(102	)	(35	)
Retail banking	1.13		1.12		0.95		1.57		0.95		1		18
Total consumer banking	4.87		5.87		5.53		5.60		5.21		(100	)	(34	)
Nonperforming Loans and Nonperforming Assets Rates⁽⁵⁾⁽⁶⁾
Credit card:
International card businesses	0.13	%	0.15	%	0.15	%	0.15	%	0.13	%	(2	) bps	—
Total credit card	0.01		0.01		0.01		0.01		0.01		—		—
Consumer banking:
Auto	0.72		0.98		0.91		0.88		0.79		(26	)	(7	) bps
Retail banking	1.89		1.94		2.19		2.81		3.21		(5	)	(132	)
Total consumer banking	0.74		0.99		0.93		0.92		0.83		(25	)	(9	)
Commercial banking:
Commercial and multifamily real estate	1.23		1.60		1.96		1.28		1.58		(37	)	(35	)
Commercial and industrial	1.50		1.27		1.32		1.56		1.10		23		40
Total commercial banking	1.40		1.39		1.55		1.46		1.28		1		12
Total nonperforming loans	0.56		0.61		0.65		0.63		0.57		(5	)	(1	)
Total nonperforming assets	0.58		0.63		0.67		0.64		0.58		(5	)	—


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

	Three Months Ended March 31, 2025
	Credit Card									Consumer Banking
(Dollars in millions)	Domestic Card			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		(2,852	)		(126	)		(2,978	)		(656	)		(20	)		(676	)		(38	)		(3,692	)
Recoveries		538			41			579			357			6			363			14			956
Net charge-offs		(2,314	)		(85	)		(2,399	)		(299	)		(14	)		(313	)		(24	)		(2,736	)
Provision for credit losses		1,856			70			1,926			285			16			301			141			2,368
Allowance build (release) for credit losses		(458	)		(15	)		(473	)		(14	)		2			(12	)		117			(368	)
Other changes⁽⁷⁾		—			9			9			—			—			—			—			9
Balance as of March 31, 2025		12,036			474			12,510			1,845			27			1,872			1,517			15,899
Reserve for unfunded lending commitments:
Balance as of December 31, 2024		—			—			—			—			—			—			143			143
Provision for losses on unfunded lending commitments		—			—			—			—			—			—			1			1
Balance as of March 31, 2025		—			—			—			—			—			—			144			144
Combined allowance and reserve as of March 31, 2025	$	12,036		$	474		$	12,510		$	1,845		$	27		$	1,872		$	1,661		$	16,043


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results

	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 (benefit) 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 December 31, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽⁸⁾			Other⁽⁸⁾			Total
Net interest income (loss)	$	5,779	$	1,959	$	587		$	(227	)	$	8,098
Non-interest income (loss)		1,585		182		366			(41	)		2,092
Total net revenue (loss)		7,364		2,141		953			(268	)		10,190
Provision (benefit) for credit losses		2,384		328		(72	)		2			2,642
Non-interest expense		3,846		1,545		518			180			6,089
Income (loss) from continuing operations before income taxes		1,134		268		507			(450	)		1,459
Income tax provision (benefit)		268		63		119			(84	)		366
Income (loss) from continuing operations, net of tax	$	866	$	205	$	388		$	(366	)	$	1,093

	Three Months Ended March 31, 2024
(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking⁽⁸⁾			Other⁽⁸⁾			Total
Net interest income (loss)	$	5,272	$	2,011	$	599		$	(394	)	$	7,488
Non-interest income (loss)		1,476		159		281			(2	)		1,914
Total net revenue (loss)		6,748		2,170		880			(396	)		9,402
Provision (benefit) for credit losses		2,259		426		(2	)		—			2,683
Non-interest expense		3,229		1,246		515			147			5,137
Income (loss) from continuing operations before income taxes		1,260		498		367			(543	)		1,582
Income tax provision (benefit)		299		117		87			(201	)		302
Income (loss) from continuing operations, net of tax	$	961	$	381	$	280		$	(342	)	$	1,280


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
																2025 Q1 vs.
(Dollars in millions, except as noted)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Credit Card
Earnings:
Net interest income	$	5,654		$	5,779		$	5,743		$	5,294		$	5,272		(2	)%	7	%
Non-interest income		1,511			1,585			1,509			1,506			1,476		(5	)	2
Total net revenue		7,165			7,364			7,252			6,800			6,748		(3	)	6
Provision for credit losses		1,926			2,384			2,084			3,545			2,259		(19	)	(15	)
Non-interest expense		3,638			3,846			3,367			3,134			3,229		(5	)	13
Income from continuing operations before income taxes		1,601			1,134			1,801			121			1,260		41		27
Income tax provision		382			268			427			30			299		43		28
Income from continuing operations, net of tax	$	1,219		$	866		$	1,374		$	91		$	961		41		27
Selected performance metrics:
Period-end loans held for investment	$	157,189		$	162,508		$	156,651		$	153,895		$	150,594		(3	)	4
Average loans held for investment		156,407			157,326			153,972			150,467			149,645		(1	)	5
Average yield on loans outstanding⁽¹⁾		18.54	%		19.05	%		19.66	%		18.79	%		18.84	%	(51	) bps	(30	) bps
Total net revenue margin⁽⁹⁾		18.32			18.72			18.82			18.03			17.99		(40	)	33
Net charge-off rate		6.14			6.02			5.60			6.00			5.90		12		24
30+ day performing delinquency rate		4.26			4.53			4.53			4.16			4.50		(27	)	(24	)
30+ day delinquency rate		4.27			4.54			4.54			4.17			4.50		(27	)	(23	)
Nonperforming loan rate⁽⁵⁾		0.01			0.01			0.01			0.01			0.01		—		—
Purchase volume⁽¹⁰⁾	$	157,948		$	172,919		$	166,203		$	165,143		$	150,171		(9	)%	5	%
																2025 Q1 vs.
(Dollars in millions, except as noted)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Domestic Card
Earnings:
Net interest income	$	5,343		$	5,474		$	5,434		$	5,001		$	4,972		(2	)%	7	%
Non-interest income		1,460			1,522			1,438			1,440			1,411		(4	)	3
Total net revenue		6,803			6,996			6,872			6,441			6,383		(3	)	7
Provision for credit losses		1,856			2,278			1,997			3,435			2,157		(19	)	(14	)
Non-interest expense		3,422			3,607			3,149			2,946			3,025		(5	)	13
Income from continuing operations before income taxes		1,525			1,111			1,726			60			1,201		37		27
Income tax provision		363			262			407			15			283		39		28
Income from continuing operations, net of tax	$	1,162		$	849		$	1,319		$	45		$	918		37		27
Selected performance metrics:
Period-end loans held for investment	$	150,309		$	155,618		$	149,400		$	147,065		$	143,861		(3	)	4
Average loans held for investment		149,639			150,290			147,021			143,744			142,887		—		5
Average yield on loans outstanding⁽¹⁾		18.42	%		19.00	%		19.62	%		18.73	%		18.76	%	(58	) bps	(34	) bps
Total net revenue margin^(9)(11)		18.19			18.62			18.67			17.87			17.82		(43	)	37
Net charge-off rate⁽⁴⁾		6.19			6.06			5.61			6.05			5.94		13		25
30+ day performing delinquency rate		4.25			4.53			4.53			4.14			4.48		(28	)	(23	)
Purchase volume⁽¹⁰⁾	$	154,391		$	168,994		$	162,281		$	161,370		$	146,696		(9	)%	5	%
Refreshed FICO scores:⁽¹²⁾
Greater than 660		69	%		69	%		69	%		69	%		68	%	—		1
660 or below		31			31			31			31			32		—		(1	)
Total		100	%		100	%		100	%		100	%		100	%


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
																2025 Q1 vs.
(Dollars in millions, except as noted)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Consumer Banking
Earnings:
Net interest income	$	1,943		$	1,959		$	2,028		$	2,025		$	2,011		(1	)%	(3	)%
Non-interest income		183			182			182			172			159		1		15
Total net revenue		2,126			2,141			2,210			2,197			2,170		(1	)	(2	)
Provision for credit losses		301			328			351			330			426		(8	)	(29	)
Non-interest expense		1,581			1,545			1,331			1,250			1,246		2		27
Income from continuing operations before income taxes		244			268			528			617			498		(9	)	(51	)
Income tax provision		58			63			125			146			117		(8	)	(50	)
Income from continuing operations, net of tax	$	186		$	205		$	403		$	471		$	381		(9	)	(51	)
Selected performance metrics:
Period-end loans held for investment	$	78,896		$	78,092		$	76,758		$	75,663		$	75,099		1		5
Average loans held for investment		78,480			77,221			76,182			75,386			75,092		2		5
Average yield on loans held for investment⁽¹⁾		9.03	%		9.04	%		8.88	%		8.54	%		8.33	%	(1	) bps	70	bps
Auto loan originations	$	9,210		$	9,399		$	9,158		$	8,463		$	7,522		(2	)%	22	%
Period-end deposits		324,920			318,329			309,569			305,422			300,806		2		8
Average deposits		319,950			313,992			306,121			300,794			294,448		2		9
Average deposits interest rate		3.00	%		3.21	%		3.33	%		3.22	%		3.15	%	(21	) bps	(15	) bps
Net charge-off rate		1.60			2.38			2.11			1.87			2.03		(78	)	(43	)
30+ day performing delinquency rate		4.87			5.87			5.53			5.60			5.21		(100	)	(34	)
30+ day delinquency rate		5.47			6.73			6.31			6.35			5.86		(126	)	(39	)
Nonperforming loan rate⁽⁵⁾		0.74			0.99			0.93			0.92			0.83		(25	)	(9	)
Nonperforming asset rate⁽⁶⁾		0.82			1.08			1.01			0.99			0.91		(26	)	(9	)
Auto—At origination FICO scores:⁽¹³⁾
Greater than 660		53	%		54	%		53	%		53	%		53	%	(1	)%	—
621 - 660		19			19			20			20			20		—		(1	)%
620 or below		28			27			27			27			27		1		1
Total		100	%		100	%		100	%		100	%		100	%


CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
																2025 Q1 vs.
(Dollars in millions, except as noted)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Commercial Banking
Earnings:
Net interest income	$	572		$	587		$	596		$	609		$	599		(3	)%	(5	)%
Non-interest income		312			366			292			271			281		(15	)	11
Total net revenue⁽⁸⁾		884			953			888			880			880		(7	)	—
Provision (benefit) for credit losses		142			(72	)		48			34			(2	)	**		**
Non-interest expense		486			518			495			483			515		(6	)	(6	)
Income from continuing operations before income taxes		256			507			345			363			367		(50	)	(30	)
Income tax provision		61			119			82			85			87		(49	)	(30	)
Income from continuing operations, net of tax	$	195		$	388		$	263		$	278		$	280		(50	)	(30	)
Selected performance metrics:
Period-end loans held for investment	$	87,513		$	87,175		$	86,834		$	88,628		$	89,461		—		(2	)
Average loans held for investment		87,498			87,324			88,101			89,035			89,877		—		(3	)
Average yield on loans held for investment⁽¹⁾⁽⁸⁾		6.29	%		6.72	%		7.25	%		7.23	%		7.14	%	(43	) bps	(85	) bps
Period-end deposits	$	29,984		$	31,691		$	30,598		$	29,210		$	31,082		(5	)%	(4	)%
Average deposits		31,654			31,545			30,365			30,810			31,844		—		(1	)
Average deposits interest rate		2.13	%		2.28	%		2.55	%		2.55	%		2.65	%	(15	) bps	(52	) bps
Net charge-off rate		0.11			0.26			0.22			0.15			0.13		(15	)	(2	)
Nonperforming loan rate⁽⁵⁾		1.40			1.39			1.55			1.46			1.28		1		12
Nonperforming asset rate⁽⁶⁾		1.40			1.39			1.55			1.46			1.28		1		12
Risk category:⁽¹⁴⁾
Noncriticized	$	80,677		$	80,431		$	78,835		$	79,695		$	80,804		—		—
Criticized performing		5,612			5,534			6,651			7,639			7,509		1	%	(25	)%
Criticized nonperforming		1,224			1,210			1,348			1,294			1,148		1		7
Total commercial banking loans held for investment	$	87,513		$	87,175		$	86,834		$	88,628		$	89,461		—		(2	)
Risk category as a percentage of period-end loans held for investment:⁽¹⁴⁾
Noncriticized		92.19	%		92.26	%		90.79	%		89.92	%		90.33	%	(7	) bps	186	bps
Criticized performing		6.41			6.35			7.66			8.62			8.39		6		(198	)
Criticized nonperforming		1.40			1.39			1.55			1.46			1.28		1		12
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
																2025 Q1 vs.
(Dollars in millions)		2025			2024			2024			2024			2024		2024		2024
(Dollars in millions)	Q1			Q4			Q3			Q2			Q1			Q4		Q1
Other
Earnings:
Net interest loss	$	(156	)	$	(227	)	$	(291	)	$	(382	)	$	(394	)	(31	)%	(60	)%
Non-interest income (loss)		(19	)		(41	)		(45	)		11			(2	)	(54	)	**
Total net loss⁽⁸⁾		(175	)		(268	)		(336	)		(371	)		(396	)	(35	)	(56	)
Provision (benefit) for credit losses		—			2			(1	)		—			—		**		—
Non-interest expense^(15)(16)		197			180			121			79			147		9		34
Loss from continuing operations before income taxes		(372	)		(450	)		(456	)		(450	)		(543	)	(17	)	(31	)
Income tax benefit		(176	)		(84	)		(193	)		(207	)		(201	)	110		(12	)
Loss from continuing operations, net of tax	$	(196	)	$	(366	)	$	(263	)	$	(243	)	$	(342	)	(46	)	(43	)
Selected performance metrics:
Period-end deposits	$	12,560		$	12,687		$	13,464		$	16,810		$	19,081		(1	)	(34	)
Average deposits		12,474			12,786			14,639			17,884			19,365		(2	)	(36	)
Total
Earnings:
Net interest income	$	8,013		$	8,098		$	8,076		$	7,546		$	7,488		(1	)%	7	%
Non-interest income		1,987			2,092			1,938			1,960			1,914		(5	)	4
Total net revenue		10,000			10,190			10,014			9,506			9,402		(2	)	6
Provision for credit losses		2,369			2,642			2,482			3,909			2,683		(10	)	(12	)
Non-interest expense		5,902			6,089			5,314			4,946			5,137		(3	)	15
Income from continuing operations before income taxes		1,729			1,459			2,218			651			1,582		19		9
Income tax provision		325			366			441			54			302		(11	)	8
Income from continuing operations, net of tax	$	1,404		$	1,093		$	1,777		$	597		$	1,280		28		10
Selected performance metrics:
Period-end loans held for investment	$	323,598		$	327,775		$	320,243		$	318,186		$	315,154		(1	)	3
Average loans held for investment		322,385			321,871			318,255			314,888			314,614		—		2
Period-end deposits		367,464			362,707			353,631			351,442			350,969		1		5
Average deposits		364,078			358,323			351,125			349,488			345,657		2		5


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. Annualized interest income does not include any allocations, such as funds transfer pricing. 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 $1.9 billion in Q1 2025, $2.0 billion in Q4 2024 and $1.9 billion in Q1 2024. Related interest expense was $7 million in Q1 2025, $8 million in Q4 2024 and $8 million in Q1 2024.
⁽³⁾		The termination of our Walmart program agreement, effective May 21, 2024, ("Walmart Program Termination") increased net interest margin by 20 basis points and 21 basis points in the first quarter of 2025 and fourth quarter of 2024, respectively. Excluding this impact, the net interest margin would have been 6.73% and 6.82% in the first quarter of 2025 and fourth quarter of 2024, respectively.
⁽⁴⁾		The Walmart Program Termination increased the Domestic Card net charge-off rate by 42 basis points, 40 basis points, 38 basis points and 19 basis points for Q1 2025, Q4 2024, Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.77%, 5.66%, 5.23% and 5.86% for Q1 2025, Q4 2024, Q3 2024 and Q2 2024, respectively.
⁽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⁾		The Walmart Program Termination increased Domestic Card net revenue margin by 52 basis points in Q1 2025, 55 basis points in Q4 2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024, respectively. Excluding this impact, the Domestic Card net revenue margin would have been 17.67% in Q1 2025, 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2 2024.
⁽¹²⁾		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.
⁽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 ($9 million), $8 million and $42 million FDIC special assessment in Q3 2024, Q2 2024 and Q1 2024, respectively.
⁽¹⁶⁾		Includes the impact of $110 million, $140 million, $63 million and $31 million in Discover integration expenses in 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)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Regulatory Capital Metrics
Common equity excluding AOCI	$	66,225		$	65,823		$	64,966		$	63,435		$	63,088
Adjustments:
AOCI, net of tax⁽²⁾		19			1			58			13			14
Goodwill, net of related deferred tax liabilities		(14,792	)		(14,786	)		(14,816	)		(14,800	)		(14,804	)
Other Intangible and deferred tax assets, net of deferred tax liabilities		(247	)		(231	)		(252	)		(271	)		(291	)
Common equity Tier 1 capital	$	51,205		$	50,807		$	49,956		$	48,377		$	48,007
Tier 1 capital	$	56,050		$	55,652		$	54,801		$	53,222		$	52,852
Total capital⁽³⁾		63,930			61,805			61,151			59,875			59,484
Risk-weighted assets		375,874			377,145			368,199			366,959			366,161
Adjusted average assets⁽⁴⁾		483,888			480,794			473,146			470,915			468,030
Capital Ratios
Common equity Tier 1 capital⁽⁵⁾		13.6	%		13.5	%		13.6	%		13.2	%		13.1	%
Tier 1 capital⁽⁶⁾		14.9			14.8			14.9			14.5			14.4
Total capital⁽⁷⁾		17.0			16.4			16.6			16.3			16.2
Tier 1 leverage⁽⁴⁾		11.6			11.6			11.6			11.3			11.3
TCE⁽⁸⁾		9.1			8.6			9.1			8.2			8.1

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)	2025			2024			2024			2024			2024
(Dollars in millions, except per share data and as noted)	Q1			Q4			Q3			Q2			Q1
Adjusted diluted earnings per share ("EPS"):
Net income available to common stockholders (GAAP)	$	1,325		$	1,022		$	1,692		$	531		$	1,200
Allowance build for Walmart program agreement loss sharing termination		—			—			—			826			—
Walmart program agreement termination contra revenue impact		—			—			—			27			—
Legal reserve activities		198			75			—			—			—
Discover integration expenses		110			140			63			31			—
FDIC special assessment		—			—			(9	)		8			42
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)		1,633			1,237			1,746			1,423			1,242
Income tax impacts		(76	)		(52	)		(13	)		(218	)		(10	)
Adjusted net income available to common stockholders (non-GAAP)	$	1,557		$	1,185		$	1,733		$	1,205		$	1,232

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

Diluted EPS (GAAP)	$	3.45		$	2.67		$	4.41		$	1.38		$	3.13
Impact of adjustments noted above		0.61			0.42			0.10			1.76			0.08
Adjusted diluted EPS (non-GAAP)	$	4.06		$	3.09		$	4.51		$	3.14		$	3.21

Adjusted efficiency ratio:
Non-interest expense (GAAP)	$	5,902		$	6,089		$	5,314		$	4,946		$	5,137
Legal reserve activities		(198	)		(75	)		—			—			—
Discover integration expenses		(110	)		(140	)		(63	)		(31	)		—
FDIC special assessment		—			—			9			(8	)		(42	)
Adjusted non-interest expense (non-GAAP)	$	5,594		$	5,874		$	5,260		$	4,907		$	5,095

Total net revenue (GAAP)	$	10,000		$	10,190		$	10,014		$	9,506		$	9,402
Walmart program agreement termination contra revenue impact		—			—			—			27			—
Adjusted net revenue (non-GAAP)	$	10,000		$	10,190		$	10,014		$	9,533		$	9,402

Efficiency ratio (GAAP)		59.02	%		59.75	%		53.07	%		52.03	%		54.64	%
Impact of adjustments noted above	(308) bps			(211) bps			(54) bps			(56) bps			(45) bps
Adjusted efficiency ratio (non-GAAP)		55.94	%		57.64	%		52.53	%		51.47	%		54.19	%

Adjusted operating efficiency ratio:
Operating expense (GAAP)	$	4,700		$	4,714		$	4,201		$	3,882		$	4,127
Legal reserve activities		(198	)		(75	)		—			—			—
Discover integration expenses		(110	)		(140	)		(63	)		(31	)		—
FDIC special assessment		—			—			9			(8	)		(42	)
Adjusted operating expense (non-GAAP)	$	4,392		$	4,499		$	4,147		$	3,843		$	4,085

Total net revenue (GAAP)	$	10,000		$	10,190		$	10,014		$	9,506		$	9,402
Walmart program agreement termination contra revenue impact		—			—			—			27			—
Adjusted net revenue (non-GAAP)	$	10,000		$	10,190		$	10,014		$	9,533		$	9,402

Operating efficiency ratio (GAAP)		47.00	%		46.26	%		41.95	%		40.84	%		43.89	%
Impact of adjustments noted above	(308) bps			(211) bps			(54) bps			(53) bps			(44) bps
Adjusted operating efficiency ratio (non-GAAP)		43.92	%		44.15	%		41.41	%		40.31	%		43.45	%

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.

(Dollars in millions)		2025			2024			2024			2024			2024
(Dollars in millions)	Q1			Q4			Q3			Q2			Q1
Pre- Provision Earnings
Total net revenue	$	10,000		$	10,190		$	10,014		$	9,506		$	9,402
Non-interest expense		(5,902	)		(6,089	)		(5,314	)		(4,946	)		(5,137	)
Pre-provision earnings⁽⁹⁾	$	4,098		$	4,101		$	4,700		$	4,560		$	4,265
Tangible Common Equity (Period-End)
Stockholders’ equity	$	63,542		$	60,784		$	62,925		$	57,981		$	57,801
Goodwill and other intangible assets⁽¹⁰⁾		(15,139	)		(15,157	)		(15,214	)		(15,226	)		(15,257	)
Noncumulative perpetual preferred stock		(4,845	)		(4,845	)		(4,845	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	43,558		$	40,782		$	42,866		$	37,910		$	37,699
Tangible Common Equity (Average)
Stockholders’ equity	$	62,240		$	61,764		$	61,289		$	58,107		$	57,998
Goodwill and other intangible assets⁽¹⁰⁾		(15,149	)		(15,195	)		(15,225	)		(15,249	)		(15,280	)
Noncumulative perpetual preferred stock		(4,845	)		(4,845	)		(4,845	)		(4,845	)		(4,845	)
Tangible common equity⁽¹¹⁾	$	42,246		$	41,724		$	41,219		$	38,013		$	37,873
Return on Tangible Common Equity (Average)
Net income available to common stockholders	$	1,325		$	1,022		$	1,692		$	531		$	1,200
Tangible common equity (Average)		42,246			41,724			41,219			38,013			37,873
Return on tangible common equity^(11)(12)		12.55	%		9.77	%		16.42	%		5.59	%		12.67	%
Tangible Assets (Period-End)
Total assets	$	493,604		$	490,144		$	486,433		$	480,018		$	481,720
Goodwill and other intangible assets⁽¹⁰⁾		(15,139	)		(15,157	)		(15,214	)		(15,226	)		(15,257	)
Tangible assets⁽¹¹⁾	$	478,465		$	474,987		$	471,219		$	464,792		$	466,463

(Dollars in millions)		2025			2024			2024			2024			2024
(Dollars in millions)	Q1			Q4			Q3			Q2			Q1
Tangible Assets (Average)
Total assets	$	491,817		$	488,300		$	481,219		$	477,285		$	474,995
Goodwill and other intangible assets⁽¹⁰⁾		(15,149	)		(15,195	)		(15,225	)		(15,249	)		(15,280	)
Tangible assets⁽¹¹⁾	$	476,668		$	473,105		$	465,994		$	462,036		$	459,715
Return on Tangible Assets (Average)
Net income	$	1,404		$	1,096		$	1,777		$	597		$	1,280
Tangible Assets (Average)		476,668			473,105			465,994			462,036			459,715
Return on tangible assets^(11)(13)		1.18	%		0.92	%		1.53	%		0.52	%		1.11	%
TCE Ratio
Tangible common equity (Period-end)	$	43,558		$	40,782		$	42,866		$	37,910		$	37,699
Tangible Assets (Period-end)		478,465			474,987			471,219			464,792			466,463
TCE Ratio⁽¹¹⁾		9.1	%		8.6	%		9.1	%		8.2	%		8.1	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)	$	43,558		$	40,782		$	42,866		$	37,910		$	37,699
Outstanding Common Shares		383.0			381.2			381.5			381.9			382.1
Tangible book value per common share⁽¹¹⁾	$	113.74		$	106.97		$	112.36		$	99.28		$	98.67

__________
⁽¹⁾		Regulatory capital metrics and capital ratios as of March 31, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250417991416/en/

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