Capital One Financial : Q1 2026 Q1 2026 Financial Supplement

Published: 2026-04-21 16:53:05 ET COF

Published on 04/21/2026 at 04:53 pm EDT

‌Exhibit 99.2

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

Table 2:

Selected Metrics-Consolidated

Table 3:

Consolidated Statements of Income

Table 4:

Consolidated Balance Sheets

Table 5:

Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1-4)

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

Table 7:

Loan Information and Performance Statistics

Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

Business Segment Results

Table 9:

Financial Summary-Business Segment Results

Table 10:

Financial & Statistical Summary-Credit Card Business

Table 11:

Financial & Statistical Summary-Consumer Banking Business

Table 12:

Financial & Statistical Summary-Commercial Banking Business

Table 13:

Financial & Statistical Summary-Other and Total

(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.

‌(Dollars in millions, except per share data and as noted)‌

2026

2025

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)

Total net revenue(1)

15,231

15,583

15,359

12,492

10,000

(2)

Provision for credit losses

4,068

4,142

2,714

11,430

2,369

(2)

Non-interest expense:

Marketing

1,497

1,934

1,403

1,345

1,202

(23)

Operating expense

6,967

7,408

6,860

5,646

4,700

(6)

Total non-interest expense

8,464

9,342

8,263

6,991

5,902

(9)

Income (loss) from continuing operations before income taxes

2,699

2,099

4,382

(5,929)

1,729

Income tax provision (benefit)

518

345

1,189

(1,666)

325

Income (loss) from continuing operations, net of tax

2,181

1,754

3,193

(4,263)

1,404

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

Dividends and undistributed earnings allocated to participating securities(2)

(20)

(33)

(4)

(22)

(9)

Preferred stock dividends

(73)

(57)

(73)

(65)

(57)

Discount on redeemed preferred stock

Net income (loss) available to common stockholders

$ 2,081

$ 2,057

$ 3,086

$ (4,340)

$ 1,325

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

(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

(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)

Common shares outstanding (period-end, in millions)

615.9

625.1

635.7

639.5

383.0

(1)

Dividends declared and paid per common share

$ 0.80

$ 0.60

Tangible book value per common share (period-end)(3)

107.76

107.72

105.18

99.35

113.74

(5)

2026

2025

(Dollars in millions)

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

Total assets

682,905

669,009

661,877

658,968

493,604

Interest-bearing deposits

461,117

448,386

441,136

440,231

340,964

Total deposits

489,053

475,771

468,785

468,110

367,464

Borrowings

51,888

51,000

51,482

52,666

41,773

Common equity

106,854

108,209

108,406

105,549

58,697

(1)

Total stockholders' equity

112,261

113,616

113,813

110,956

63,542

(1)

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 %

Total assets

675,999

665,656

657,858

572,446

491,817

Interest-bearing deposits

451,957

442,763

439,527

387,139

337,840

Total deposits

479,958

470,965

467,280

414,568

364,078

Borrowings

52,348

50,814

50,180

46,601

44,448

Common equity

109,149

109,997

107,412

81,563

57,395

(1)

Total stockholders' equity

114,556

115,404

112,819

86,918

62,240

(1)

‌(Dollars in millions, except as noted)‌

Performance Metrics

Net interest income growth (period over period)

(3)%

24 %

25 %

(1)%

Non-interest income growth (period over period)

(1)

5 %

(5)

Total net revenue growth (period over period)

(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)

Return on average assets(6)

1.29

1.05

1.94

(2.98)

1.14

Return on average tangible assets(7)

1.37

1.12

2.07

(3.14)

1.18

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

Employees (period-end, in thousands)

77.1

76.3

77.0

76.5

53.9

43%

Credit Quality Metrics

Allowance for credit losses

23,630

23,409

23,103

23,873

15,899

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%

3.16%

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

Total capital

17.3

17.2

17.3

17.1

17.0

Tier 1 leverage

12.2

12.5

12.6

14.2

11.6

(30)

Tangible common equity ("TCE")(15)

10.3

10.7

10.8

10.3

9.1

(40)

120

‌(Dollars in millions, except as noted)‌

2026

2025

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)

Other

664

660

711

595

491

Total interest income

16,231

16,687

16,763

13,828

11,418

(3)

Interest expense:

Deposits

3,387

3,493

3,597

3,120

2,715

(3)

Securitized debt obligations

141

155

165

164

176

(9)

(20)

Senior and subordinated notes

532

550

582

535

505

(3)

Other borrowings

189

Total interest expense

4,086

4,221

4,359

3,833

3,405

(3)

Net interest income

12,145

12,466

12,404

9,995

8,013

(3)

Provision for credit losses

4,068

4,142

2,714

11,430

2,369

(2)

Net interest income (loss) after provision for credit losses

8,077

8,324

9,690

(1,435)

5,644

(3)

Non-interest income:

Discount and interchange fees, net

1,964

1,930

1,812

1,478

1,223

Service charges and other customer-related fees

809

833

849

658

509

(3)

Other

313

354

294

361

255

(12)

Total non-interest income

3,086

3,117

2,955

2,497

1,987

(1)

Non-interest expense:

Salaries and associate benefits

3,671

3,430

3,496

2,999

2,546

Occupancy and equipment

867

958

856

737

615

(9)

Marketing

1,497

1,934

1,403

1,345

1,202

(23)

Professional services

585

693

641

653

437

(16)

Communications and data processing

496

482

476

413

399

Amortization of intangibles

492

525

514

271

(6)

Other

856

1,320

877

573

687

(35)

Total non-interest expense

8,464

9,342

8,263

6,991

5,902

(9)

Income (loss) from continuing operations before income taxes

2,699

2,099

4,382

(5,929)

1,729

Income tax provision (benefit)

518

345

1,189

(1,666)

325

Income (loss) from continuing operations, net of tax

2,181

1,754

3,193

(4,263)

1,404

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

Dividends and undistributed earnings allocated to participating securities(2)

(20)

(33)

(4)

(22)

(9)

Preferred stock dividends

(73)

(57)

(73)

(65)

(57)

Discount on redeemed preferred stock

Net income (loss) available to common stockholders

$ 2,081

$ 2,057

$ 3,086

$ (4,340)

$ 1,325

2026

2025

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

(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

(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)

‌CAPITAL ONE FINANCIAL CORPORATION (COF)‌

Table 4: Consolidated Balance Sheets

2026 Q1

2026

2025

(Dollars in millions)

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

Total cash and cash equivalents

76,494

57,434

55,279

59,109

48,573

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

Investment securities held to maturity

1,694

Total investment securities

92,314

91,051

89,733

87,196

84,362

Loans held for investment:

Unsecuritized loans held for investment

421,360

425,665

389,808

384,413

295,939

(1)

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)

Allowance for credit losses

(23,630)

(23,409)

(23,103)

(23,873)

(15,899)

Net loans held for investment

424,124

430,213

420,056

415,424

307,699

(1)

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

Interest receivable

3,460

3,492

3,456

3,373

2,599

(1)

Goodwill

28,502

28,509

28,863

28,335

15,070

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

Assets of discontinued operations

7,997

8,116

Total assets

$ 682,905

$ 669,009

$ 661,877

$ 658,968

$ 493,604

2026

2025

(Dollars in millions)

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

Interest-bearing deposits

461,117

448,386

441,136

440,231

340,964

Total deposits

489,053

475,771

468,785

468,110

367,464

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

Senior and subordinated notes

38,421

36,001

36,662

36,706

29,459

Other borrowings

1,558

1,559

562

560

Total other debt

40,605

38,147

37,840

38,008

30,057

Other liabilities

28,876

27,778

26,941

26,316

20,179

Liabilities of discontinued operations

Total liabilities

570,644

555,393

548,064

548,012

430,062

Stockholders' equity:

Preferred stock

Common stock

Additional paid-in capital, net

64,284

64,031

63,725

63,465

36,693

Retained earnings

66,788

65,192

63,624

60,892

65,616

Accumulated other comprehensive loss

(5,879)

(5,468)

(5,917)

(6,819)

(7,529)

(22)

Treasury stock, at cost

(12,939)

(10,146)

(7,626)

(6,589)

(31,245)

(59)

Total stockholders' equity

112,261

113,616

113,813

110,956

63,542

(1)

Total liabilities and stockholders' equity

$ 682,905

$ 669,009

$ 661,877

$ 658,968

$ 493,604

(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.

‌2026 Q1‌

2025 Q4

2025 Q1

Average

Interest Income/

Yield/

Average

Interest Income/

Yield/

Average

Interest Income/

Yield/

(Dollars in millions, except as noted)

Balance

Expense

Rate(1)

Balance

Expense

Rate(1)

Balance

Expense

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

2.44

3,745

2.41

2,312

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

Net interest margin

7.87%

8.26%

6.93%

(Dollars in millions, except as noted)

2026

2025

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

6,880

(3)

Total credit card

270,558

279,570

271,037

269,709

157,189

(3)

Consumer banking:

Auto

85,700

83,600

82,035

80,017

77,656

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

Commercial banking:

Commercial and multifamily real estate

33,809

33,618

33,461

32,967

31,971

Commercial and industrial

56,514

55,644

55,431

55,388

55,542

Total commercial banking

90,323

89,262

88,892

88,355

87,513

Total loans held for investment

$ 447,754

$ 453,622

$ 443,159

$ 439,297

$ 323,598

(1)

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

Total credit card

270,974

272,228

269,175

209,693

156,407

Consumer banking:

Auto

84,522

82,767

81,094

78,875

77,228

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

Commercial banking:

Commercial and multifamily real estate

33,539

33,155

33,104

32,522

31,733

Commercial and industrial

56,021

55,340

55,285

55,847

55,765

Total commercial banking

89,560

88,495

88,389

88,369

87,498

Total average loans held for investment

$ 446,235

$ 444,680

$ 439,859

$ 378,157

$ 322,385

2026

2025

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

(109)

Consumer banking:

Auto

1.64

1.82

1.54

1.25

1.55

(18)

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)

Commercial banking:

Commercial and multifamily real estate

0.03

0.02

(0.09)

(0.06)

0.09

(6)

Commercial and industrial

0.44

0.67

0.38

0.55

0.12

(23)

Total commercial banking

0.29

0.43

0.21

0.33

0.11

(14)

Total net charge-offs

3.45

3.16

3.24

3.40

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

1.62

(2)

International card businesses

4.82

4.62

4.60

4.50

4.56

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%

0.12%

International card businesses

0.15

0.16

0.13%

(1) bps

2 bps

Total credit card

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

(23)

Total consumer banking

0.57

0.69

0.73

0.74

(12)

(17)

Commercial banking:

Commercial and multifamily real estate

1.07

0.95

1.05

1.06

1.23

(16)

Commercial and industrial

1.60

1.59

1.45

1.50

Total commercial banking

1.40

1.36

1.39

1.30

1.40

Total nonperforming loans

0.40

0.42

0.40

0.56

(16)

Total nonperforming assets

0.43

0.44

0.42

0.58

(15)

(Dollars in millions)

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

371

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

519

147

4,077

Allowance build (release) for credit losses

(5)

(29) 26

(8)

157

(2)

155

230

Other changes(7)

- (9)

(9)

Balance as of March 31, 2026

18,806

702 541

20,049

2,026

2,047

1,534

23,630

Reserve for unfunded lending commitments:

Balance as of December 31, 2025

- -

142

Provision (benefit) for losses on unfunded lending commitments

- -

(9)

Balance as of March 31, 2026

- -

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

(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

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

(254)

518

Income (loss) from continuing operations, net of tax

$ 1,869

$ 298

$ 206

$ (192)

$ 2,181

(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

15,583

Provision for credit losses

3,678

409

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

(241)

345

Income (loss) from continuing operations, net of tax

$ 1,423

$ 169

$ 282

$ (120)

$ 1,754

(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

(176)

325

Income (loss) from continuing operations, net of tax

$ 1,219

$ 186

$ 195

$ (196)

$ 1,404

2026

2025

(Dollars in millions, except as noted)

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)

Total net revenue

11,389

11,693

11,607

9,095

7,165

(3)

Provision for credit losses

3,411

3,678

2,364

11,098

1,926

(7)

Non-interest expense

5,501

6,147

5,409

4,447

3,638

(11)

Income (loss) from continuing operations before income taxes

2,477

1,868

3,834

(6,450)

1,601

Income tax provision (benefit)

608

445

914

(1,533)

382

Income (loss) from continuing operations, net of tax

$ 1,869 $ 1,423 $ 2,920 $ (4,917) $ 1,219

Selected performance metrics:

Period-end loans held for investment

$ 270,558

$ 279,570

$ 271,037

$ 269,709

$ 157,189

(3)

Average loans held for investment

270,974

272,228

269,175

209,693

156,407

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

(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

Purchase volume(10)

$ 220,540

$ 238,687

$ 230,379

$ 201,453

$ 157,948

(8)%

40%

(Dollars in millions, except as noted)

2026

2025

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)

Total net revenue

10,725

11,022

10,926

8,571

6,803

(3)

Provision for credit losses

3,236

3,482

2,163

10,200

1,856

(7)

Non-interest expense

5,179

5,789

5,092

4,192

3,422

(11)

Income (loss) from continuing operations before income taxes

2,310

1,751

3,671

(5,821)

1,525

Income tax provision (benefit)

566

417

873

(1,385)

363

Income (loss) from continuing operations, net of tax

$ 1,744

$ 1,334

$ 2,798

$ (4,436)

$ 1,162

Selected performance metrics:

Period-end loans held for investment

$ 254,028

$ 262,403

$ 253,951

$ 252,481

$ 150,309

(3)

Average loans held for investment

254,036

255,221

252,090

197,808

149,639

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

(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%

69%

660 or below

(4)

Total 100% 100% 100% 100% 100%

‌(Dollars in millions, except as noted)‌

2026

2025

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

Total net revenue

2,912

2,919

2,832

2,556

2,126

Provision for credit losses

519

409

340

252

301

Non-interest expense

1,998

2,289

1,941

1,713

1,581

(13)

Income from continuing operations before income taxes

395

221

551

591

244

Income tax provision

131

141

Income from continuing operations, net of tax

$ 298

$ 169

$ 420

$ 450

$ 186

Selected performance metrics:

Period-end loans held for investment

$ 86,873

$ 84,790

$ 83,230

$ 81,233

$ 78,896

Average loans held for investment

85,701

83,957

82,295

80,095

78,480

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

21%

Period-end deposits

438,034

423,932

416,765

414,044

324,920

Average deposits

428,391

418,673

414,219

365,359

319,950

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)

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

(12)

(17)

Nonperforming asset rate(6)

0.66

0.79

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%

52%

53%

(1)%

(3)%

621 - 660

620 or below

Total

100%

‌(Dollars in millions, except as noted)‌

2026

2025

Commercial Banking

Earnings:

Net interest income

$ 581

$ 574

$ 586

$ 602

$ 572

Non-interest income

328

356

318

335

312

(8)

Total net revenue(8)

909

930

904

937

884

(2)

Provision for credit losses

138

142

151

(3)

Non-interest expense

498

504

520

489

486

(1)

Income from continuing operations before income taxes

273

371

375

367

256

(26)

Income tax provision

(25)

Income from continuing operations, net of tax

$ 206

$ 282

$ 286

$ 280

$ 195

(27)

Selected performance metrics:

Period-end loans held for investment

$ 90,323

$ 89,262

$ 88,892

$ 88,355

$ 87,513

Average loans held for investment

89,560

88,495

88,389

88,369

87,498

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)%

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)

Nonperforming loan rate(5)

1.40

1.36

1.39

1.30

1.40

Nonperforming asset rate(6)

1.47

1.39

1.40

1.30

1.40

Risk category:(14)

Noncriticized

$ 84,545

$ 83,873

$ 83,098

$ 82,000

$ 80,677

Criticized performing

4,510

4,177

4,558

5,204

5,612

(20)

Criticized nonperforming

1,268

1,212

1,236

1,151

1,224

Total commercial banking loans held for investment

$ 90,323

$ 89,262

$ 88,892

$ 88,355

$ 87,513

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

(142)

Criticized nonperforming

1.40

1.36

1.39

1.30

1.40

Total commercial banking loans 100.00% 100.00% 100.00% 100.00% 100.00%

‌(Dollars in millions)‌

2026

2025

Other

Earnings:

Net interest income (loss)

$ 99

$ 117

$ 65

$ (62)

$ (156)

(15)%

Non-interest loss

(78)

(76)

(49)

(34)

(19)

Total net revenue (loss)(8)

(96)

(175)

(49)

Provision (benefit) for credit losses

(1)

Non-interest expense(15)

467

402

393

342

197

137%

Loss from continuing operations before income taxes

(446)

(361)

(378)

(437)

(372)

Income tax provision (benefit)

(254)

(241)

(361)

(176)

Loss from continuing operations, net of tax

$ (192)

$ (120)

$ (433)

$ (76)

$ (196)

(2)

Selected performance metrics:

Period-end deposits

$ 20,012

$ 20,589

$ 22,100

$ 24,821

$ 12,560

(3)

Average deposits

20,430

20,830

23,172

18,765

12,474

(2)

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)

Total net revenue

15,231

15,583

15,359

12,492

10,000

(2)

Provision for credit losses

4,068

4,142

2,714

11,430

2,369

(2)

Non-interest expense

8,464

9,342

8,263

6,991

5,902

(9)

Income (loss) from continuing operations before income taxes

2,699

2,099

4,382

(5,929)

1,729

Income tax provision (benefit)

518

345

1,189

(1,666)

325

Income (loss) from continuing operations, net of tax

$ 2,181

$ 1,754

$ 3,193

$ (4,263)

$ 1,404

Selected performance metrics:

Period-end loans held for investment

$ 447,754

$ 453,622

$ 443,159

$ 439,297

$ 323,598

(1)

Average loans held for investment

446,235

444,680

439,859

378,157

322,385

Period-end deposits

489,053

475,771

468,785

468,110

367,464

Average deposits

479,958

470,965

467,280

414,568

364,078

‌(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.

(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)

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

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2026

2025

(Dollars in millions, except per share data and as noted)

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

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

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)

105

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%

2026

2025

(Dollars in millions, except per share data and as noted)

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

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)

105

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%

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

(Dollars in millions)

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)

(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)

(5,355)

(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

(Dollars in millions)

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.

Disclaimer

Capital One Financial Corporation published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 20:49 UTC.