COF

EX-99.1

2 ex991q22026earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 21, 2026

Capital One Reports Second Quarter 2026 Net Income of $3.0 billion, or $4.73 per share

Net of adjusting items, Second Quarter 2026 Net Income of $5.81 per share(1)

McLean, Va. (July 21, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2026 of $3.0 billion, or $4.73 per diluted common share, compared with net income of $2.2 billion, or $3.34 per diluted common share in the first quarter of 2026, and with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025. Adjusted net income(1) for the second quarter of 2026 was $5.81 per diluted common share.

"Our results in the second quarter continue to reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re now 14 months into our integration of Discover, and integration is going well."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Acquisition amortization expenses(2) $494 $0.60

Discover integration expenses$298 $0.36

Brex integration expenses$96 $0.12

Capital One Second Quarter 2026 Earnings

Page 2

All comparisons below are for the second quarter of 2026 compared with the first quarter of 2026 unless otherwise noted.

Second Quarter 2026 Income Statement Summary:

•Total net revenue increased 4 percent to $15.9 billion.

•Total non-interest expense increased 7 percent to $9.0 billion:

◦11 percent increase in marketing.

◦6 percent increase in operating expenses.

•Pre-provision earnings(3) increased 1 percent to $6.8 billion.

•Provision for credit losses decreased $1.1 billion to $3.0 billion:

◦Net charge-offs of $3.6 billion.

◦$662 million loan reserve release.

•Net interest margin of 8.01 percent, an increase of 14 basis points.

•Efficiency ratio of 57.05 percent.

◦Adjusted efficiency ratio(4) of 51.38 percent.

•Operating efficiency ratio of 46.57 percent.

◦Adjusted operating efficiency ratio(4) of 40.88 percent.

Second Quarter 2026 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(5) under Basel III Standardized Approach of 13.7% percent at June 30, 2026.

•Period-end loans held for investment in the quarter increased $9.4 billion, or 2 percent, to $457.2 billion.

◦Credit Card period-end loans increased $4.9 billion, or 2 percent, to $275.4 billion.

•Domestic Card period-end loans increased $5.0 billion, or 2 percent, to $259.0 billion.

◦Consumer Banking period-end loans increased $3.6 billion, or 4 percent, to $90.5 billion.

•Auto period-end loans increased $3.6 billion, or 4 percent, to $89.3 billion.

◦Commercial Banking period-end loans increased $1.0 billion, or 1 percent, to $91.3 billion.

•Average loans held for investment in the quarter increased $4.4 billion, or 1 percent, to $450.7 billion.

◦Credit Card average loans increased $223 million, or less than 1 percent, to $271.2 billion.

•Domestic Card average loans increased $589 million, or less than 1 percent, to $254.6 billion.

◦Consumer Banking average loans increased $2.9 billion, or 3 percent, to $88.6 billion.

•Auto average loans increased $2.9 billion, or 3 percent, to $87.4 billion.

◦Commercial Banking average loans increased $1.3 billion, or 1 percent, to $90.9 billion.

•Period-end total deposits decreased $4.8 billion, or 1 percent, to $484.3 billion, while average deposits increased $6.8 billion, or 1 percent, to $486.8 billion.

•Interest-bearing deposits rate paid decreased 9 basis points to 2.91 percent.

Capital One Second Quarter 2026 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 4, 2026 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking sta

EX-99.1

2 ex991q12026earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: April 21, 2026

Capital One Reports First Quarter 2026 Net Income of $2.2 billion, or $3.34 per share

Net of adjusting items, First Quarter 2026 Net Income of $4.42 per share(1)

McLean, Va. (April 21, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2026 of $2.2 billion, or $3.34 per diluted common share, compared with net income of $2.1 billion, or $3.26 per diluted common share in the fourth quarter of 2025, and with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025. Adjusted net income(1) for the first quarter of 2026 was $4.42 per diluted common share.

"Our results in the first quarter reflect solid top line growth and strong credit performance," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Discover amortization expenses$477 $0.58

Discover integration expenses$415 $0.50

Capital One First Quarter 2026 Earnings

Page 2

All comparisons below are for the first quarter of 2026 compared with the fourth quarter of 2025 unless otherwise noted.

First Quarter 2026 Income Statement Summary:

•Total net revenue decreased 2 percent to $15.2 billion.

•Total non-interest expense decreased 9 percent to $8.5 billion:

◦23 percent decrease in marketing.

◦6 percent decrease in operating expenses.

•Pre-provision earnings(2) increased 8 percent to $6.8 billion.

•Provision for credit losses decreased $74 million to $4.1 billion:

◦Net charge-offs of $3.8 billion.

◦$230 million loan reserve build.

•Net interest margin of 7.87 percent, a decrease of 39 basis points.

•Efficiency ratio of 55.57 percent.

◦Adjusted efficiency ratio(3) of 49.71 percent.

•Operating efficiency ratio of 45.74 percent.

◦Adjusted operating efficiency ratio(3) of 39.88 percent.

First Quarter 2026 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(4) under Basel III Standardized Approach of 14.4 percent at March 31, 2026.

•Period-end loans held for investment in the quarter decreased $5.9 billion, or 1 percent, to $447.8 billion.

◦Credit Card period-end loans decreased $9.0 billion, or 3 percent, to $270.6 billion.

•Domestic Card period-end loans decreased $8.4 billion, or 3 percent, to $254.0 billion.

◦Consumer Banking period-end loans increased $2.1 billion, or 2 percent, to $86.9 billion.

•Auto period-end loans increased $2.1 billion, or 3 percent, to $85.7 billion.

◦Commercial Banking period-end loans increased $1.1 billion, or 1 percent, to $90.3 billion.

•Average loans held for investment in the quarter increased $1.6 billion, or less than 1 percent, to $446.2 billion.

◦Credit Card average loans decreased $1.3 billion, or less than 1 percent, to $271.0 billion.

•Domestic Card average loans decreased $1.2 billion, or less than 1 percent, to $254.0 billion.

◦Consumer Banking average loans increased $1.7 billion, or 2 percent, to $85.7 billion.

•Auto average loans increased $1.8 billion, or 2 percent, to $84.5 billion.

◦Commercial Banking average loans increased $1.1 billion, or 1 percent, to $89.6 billion.

•Period-end total deposits increased $13.3 billion, or 3 percent, to $489.1 billion, while average deposits increased $9.0 billion, or 2 percent, to $480.0 billion.

•Interest-bearing deposits rate paid decreased 16 basis points to 3.00 percent.

Capital One First Quarter 2026 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 21, 2026 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through May 5, 2026 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital

EX-99.1

2 d45426dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

News Release

Contacts:

Investor Relations

Media Relations

Jeff Norris

Danielle Dietz

Sie Soheili

jeff.norris@capitalone.com

danielle.dietz@capitalone.com

sie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: January 22, 2026

Capital One Reports Fourth Quarter 2025 Net Income of $2.1 billion, or $3.26 per share

Net of adjusting items, Fourth Quarter 2025 Net Income of $3.86 per share(1)

McLean, Va. (January 22, 2026) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2025 of $2.1 billion, or $3.26 per diluted common share, compared with net income of $3.2 billion, or $4.83 per diluted common share in the third quarter of 2025, and with net income of $1.1 billion, or $2.67 per diluted common share in the fourth quarter of 2024. Adjusted net income(1) for the fourth quarter of 2025 was $3.86 per diluted common share.

On January 22, 2026, Capital One entered into a definitive agreement to acquire Brex Inc. for $5.15 billion with approximately 50% cash and 50% stock consideration.

“Our fourth quarter and full year results reflect solid top line growth and strong and stable credit performance” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “Years of strategic preparation and our choices to consistently invest to sustain long-term growth and returns enable our results and put us in a strong position going forward. I’m struck by the number and quality of the opportunities we have before us.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)

Pre-Tax

Impact

After-Tax

Diluted EPS Impact

Discover intangible amortization expense

$ 509

$ 0.61

Discover loan and deposit fair value mark amortization

$ 37

$ 0.04

Discover integration expenses

$ 352

$ 0.42

Legal reserve activities

$ 117

$ 0.14

Gain on sale of home loan portfolio

$ (483 )

$ (0.58 )

FDIC special assessment

$ (29 )

$ (0.03 )

The quarter included the following notable items:

(Dollars in millions, except per share data)

Pre-Tax

Impact

After-Tax

Diluted EPS Impact

Accelerated philanthropy contributions

$ 200

$ 0.24

Pension termination expense

$ 37

$ 0.04

Capital One Fourth Quarter 2025 Earnings

Page 2

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

Fourth Quarter 2025 Income Statement Summary:

•

Total net revenue increased 1 percent to $15.6 billion.

•

Total non-interest expense increased 13 percent to $9.3 billion:

○

38 percent increase in marketing.

○

8 percent increase in operating expenses.

•

Pre-provision

earnings(2) decreased 12 percent to $6.2 billion.

•

Provision for credit losses increased $1.4 billion to $4.1 billion:

○

Net charge-offs of $3.8 billion.

○

$302 million loan reserve build.

•

Net interest margin of 8.26 percent, a decrease of 10 basis points.

○

Adjusted net interest margin(3) of 8.28 percent.

•

Efficiency ratio of 59.95 percent.

○

Adjusted efficiency ratio(3) of 53.73 percent.

•

Operating efficiency ratio of 47.54 percent.

○

Adjusted operating efficiency ratio(3) of 41.35 percent.

Fourth Quarter 2025 Balance Sheet Summary:

•

Common equity Tier 1 capital ratio(4) under Basel III Standardized Approach of 14.3 percent at December 31, 2025.

•

Period-end loans held for investment in the quarter increased

$10.5 billion, or 2 percent, to $453.6 billion.

○

Credit Card period-end loans increased $8.5 billion, or

3 percent, to $279.6 billion.

•

Domestic Card period-end loans increased $8.5 billion, or

3 percent, to $262.4 billion.

○

Consumer Banking period-end loans increased $1.6 billion, or

2 percent, to $84.8 billion.

•

Auto period-end loans increased $1.6 billion, or 2 percent, to

$83.6 billion.

○

Commercial Banking period-end loans increased $370 million, or less

than 1 percent, to $89.3 billion.

•

Average loans held for investment in the quarter increased $4.8 billion, or 1 percent, to $444.7 billion.

○

Credit Card average loans increased $3.1 billion, or 1 percent, to $272.2 billion.

•

Domestic Card average loans increased $3.1 billion, or 1 percent, to $255.2 billion.

○

Consumer Banking average loans increased $1.7 billion, or 2 percent, to $84.0 billion.

•

Auto average loans increased $1.7 billion, or 2 percent, to $82.8 billion.

○

Commercial Banking average loans increased $106 million, or less than 1 percent, to $88.5 billion.

•

Period-end total deposits increased $7.0 billion, or 1 percent,

to $475.8 billion, while average deposits increased $3.7 billion, or 1 percent, to $471.0 billion.

•

Interest-bearing deposits rate paid decreased 11 basis points to 3.16 percent.

Capital One Fourth Quarter 2025 Earnings

Page 3

2025 Full Year Income Statement Summary:

○

Total net revenue increased 37 percent to $53.4 billion.

○

Total non-interest expense increased 42 percent to $30.5 billion:

EX-99.1

2 ex991q32025earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: October 21, 2025

Capital One Reports Third Quarter 2025 Net Income of $3.2 billion, or $4.83 per share

Net of adjusting items, Third Quarter 2025 Net Income of $5.95 per share(1)

McLean, Va. (October 21, 2025) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2025 of $3.2 billion, or $4.83 per diluted common share, compared with net loss of $4.3 billion, or $(8.58) per diluted common share in the second quarter of 2025, and with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024. Adjusted net income(1) for the third quarter of 2025 was $5.95 per diluted common share.

"In the third quarter, our adjusted earnings, top-line growth, credit results, and capital generation continued to be strong," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The Discover integration continues to go well and we are well positioned to capitalize on the opportunities that lie in front of us."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Discover integration expenses$348 $0.41

Discover intangible amortization expense $498 $0.59

Discover loan and deposit fair value mark amortization $105 $0.12

Capital One Third Quarter 2025 Earnings

Page 2

All comparisons below are for the third quarter of 2025 compared with the second quarter of 2025 unless otherwise noted.

Third Quarter 2025 Income Statement Summary:

•Total net revenue increased 23 percent to $15.4 billion.

•Total non-interest expense increased 18 percent to $8.3 billion:

◦4 percent increase in marketing.

◦22 percent increase in operating expenses.

•Pre-provision earnings(2) increased 29 percent to $7.1 billion.

•Provision for credit losses decreased $8.7 billion to $2.7 billion:

◦Net charge-offs of $3.5 billion.

◦$760 million loan reserve release.

•Net interest margin of 8.36 percent, an increase of 74 basis points.

◦Adjusted net interest margin(1) of 8.43 percent.

•Efficiency ratio of 53.80 percent.

◦Adjusted efficiency ratio(1) of 47.96 percent.

•Operating efficiency ratio of 44.66 percent.

◦Adjusted operating efficiency ratio(1) of 38.89 percent.

Third Quarter 2025 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 14.4 percent at September 30, 2025.

•Period-end loans held for investment in the quarter increased $3.9 billion, or 1 percent, to $443.2 billion.

◦Credit Card period-end loans increased $1.3 billion, or less than 1 percent, to $271.0 billion.

•Domestic Card period-end loans increased $1.5 billion, or 1 percent, to $254.0 billion.

◦Consumer Banking period-end loans increased $2.0 billion, or 2 percent, to $83.2 billion.

•Auto period-end loans increased $2.0 billion, or 3 percent, to $82.0 billion.

◦Commercial Banking period-end loans increased $537 million, or 1 percent, to $88.9 billion.

•Average loans held for investment in the quarter increased $61.7 billion, or 16 percent, to $439.9 billion.

◦Credit Card average loans increased $59.5 billion, or 28 percent, to $269.2 billion.

•Domestic Card average loans increased $54.3 billion, or 27 percent, to $252.1 billion.

◦Consumer Banking average loans increased $2.2 billion, or 3 percent, to $82.3 billion.

•Auto average loans increased $2.2 billion, or 3 percent, to $81.1 billion.

◦Commercial Banking average loans increased $20 million, or less than 1 percent, to $88.4 billion.

•Period-end total deposits increased $675 million, or less than 1 percent, to $468.8 billion, while average deposits increased $52.7 billion, or 13 percent, to $467.3 billion.

•Interest-bearing deposits rate paid increased 5 basis points to 3.27 percent.

Capital One Third Quarter 2025 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 21, 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 November 4, 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 “

EX-99.1

2 ex991q22025earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 22, 2025

Capital One Reports Second Quarter 2025 Net Loss of $4.3 billion, or $(8.58) per share

Net of adjusting items, Second Quarter 2025 Net Income of $5.48 per share(1)

McLean, Va. (July 22, 2025) – Capital One Financial Corporation (NYSE: COF) today announced net loss for the second quarter of 2025 of $4.3 billion, or $(8.58) per diluted common share, compared with net income of $1.4 billion, or $3.45 per diluted common share in the first quarter of 2025, and with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024. Adjusted net income(1) for the second quarter of 2025 was $5.48 per diluted common share.

"We completed our acquisition of Discover on May 18th. We’re fully mobilized and hard at work on integration which is going well," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "We’re as excited as ever by the expanding set of opportunities to grow and create value as a combined company."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Initial allowance build for Discover non-PCD loans

$8,767 $13.04

Discover integration expenses$299 $0.45

Discover intangible amortization expense $255 $0.38

Discover loan and deposit fair value mark amortization $85 $0.13

Legal reserve activities$41 $0.06

The quarter included the following notable item:

(Dollars in millions, except per share data) Impact

Diluted EPS Impact

California tax rate change $(128)$(0.25)

Capital One Second Quarter 2025 Earnings

Page 2

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

Second Quarter 2025 Income Statement Summary:

•Total net revenue increased 25 percent to $12.5 billion.

•Total non-interest expense increased 18 percent to $7.0 billion:

◦12 percent increase in marketing.

◦20 percent increase in operating expenses.

•Pre-provision earnings(2) increased 34 percent to $5.5 billion.

•Provision for credit losses increased $9.1 billion to $11.4 billion:

◦Net charge-offs of $3.1 billion.

◦$7.9 billion loan reserve build.

•Net interest margin of 7.62 percent, an increase of 69 basis points.

◦Adjusted net interest margin(1) of 7.68 percent.

•Efficiency ratio of 55.96 percent.

◦Adjusted efficiency ratio(1) of 50.85 percent.

•Operating efficiency ratio of 45.20 percent.

◦Adjusted operating efficiency ratio(1) of 40.16 percent.

Second Quarter 2025 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 14.0 percent at June 30, 2025.

•Period-end loans held for investment in the quarter increased $115.7 billion, or 36 percent, to $439.3 billion.

◦Credit Card period-end loans increased $112.5 billion, or 72 percent, to $269.7 billion.

•Domestic Card period-end loans increased $102.2 billion, or 68 percent, to $252.5 billion.

◦Consumer Banking period-end loans increased $2.3 billion, or 3 percent, to $81.2 billion.

•Auto period-end loans increased $2.4 billion, or 3 percent, to $80.0 billion.

◦Commercial Banking period-end loans increased $842 million, or 1 percent, to $88.4 billion.

•Average loans held for investment in the quarter increased $55.8 billion, or 17 percent, to $378.2 billion.

◦Credit Card average loans increased $53.3 billion, or 34 percent, to $209.7 billion.

•Domestic Card average loans increased $48.2 billion, or 32 percent, to $197.8 billion.

◦Consumer Banking average loans increased $1.6 billion, or 2 percent, to $80.1 billion.

•Auto average loans increased $1.6 billion, or 2 percent, to $78.9 billion.

◦Commercial Banking average loans increased $871 million, or 1 percent, to $88.4 billion.

•Period-end total deposits increased $100.6 billion, or 27 percent, to $468.1 billion, while average deposits increased $50.5 billion, or 14 percent, to $414.6 billion.

•Interest-bearing deposits rate paid remained flat at 3.22 percent.

Capital One Second Quarter 2025 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 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 August 5, 2025 at 5:00 PM Eastern Time.

EX-99.1

2 ex991q12025earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: April 22, 2025

Capital One Reports First Quarter 2025 Net Income of $1.4 billion, or $3.45 per share

Net of adjusting items, First Quarter 2025 Net Income of $4.06 per share(1)

McLean, Va. (April 22, 2025) – 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 ImpactAfter-Tax Diluted EPS Impact

Legal reserve activities$198 $0.39

Discover integration expenses$110 $0.22

Capital One First Quarter 2025 Earnings

Page 2

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.

Capital One First Quarter 2025 Earnings

Page 3

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

EX-99.1

2 ex991q42024earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: January 21, 2025

Capital One Reports Fourth Quarter 2024 Net Income of $1.1 billion, or $2.67 per share

Net of adjusting items, Fourth Quarter 2024 Net Income of $3.09 per share(1)

McLean, Va. (January 21, 2025) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2024 of $1.1 billion, or $2.67 per diluted common share, compared with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024, and with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023. Adjusted net income(1) for the fourth quarter of 2024 was $3.09 per diluted common share.

“Our fourth quarter results included steady top-line growth in our domestic card business, strong originations and a return to loan growth in our auto business, and stable credit results across our businesses,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “The shareholder votes on the Discover acquisition are scheduled for February 18th, and we continue to work closely with our regulators as our applications work their way through the regulatory approval process. We remain well positioned to complete the acquisition in early 2025, subject to regulatory and shareholder approvals.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Discover integration expenses$140 $0.27

Legal reserve activity$75 $0.15

The quarter included the following notable item:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Accelerated philanthropy contributions$100 $0.20

Capital One Fourth Quarter 2024 Earnings

Page 2

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

Fourth Quarter 2024 Income Statement Summary:

•Total net revenue increased 2 percent to $10.2 billion.

•Total non-interest expense increased 15 percent to $6.1 billion:

◦24 percent increase in marketing.

◦12 percent increase in operating expenses.

•Pre-provision earnings(2) decreased 13 percent to $4.1 billion.

•Provision for credit losses increased $160 million to $2.6 billion:

•Net charge-offs of $2.9 billion.

•$245 million loan reserve release.

•Net interest margin of 7.03 percent, a decrease of 8 basis points.

•Efficiency ratio of 59.75 percent.

◦Adjusted efficiency ratio(1) of 57.64 percent.

•Operating efficiency ratio of 46.26 percent.

◦Adjusted operating efficiency ratio(1) of 44.15 percent.

Fourth Quarter 2024 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.5 percent at December 31, 2024.

•Period-end loans held for investment in the quarter increased $7.5 billion, or 2 percent, to $327.8 billion.

◦Credit Card period-end loans increased $5.9 billion, or 4 percent, to $162.5 billion.

•Domestic Card period-end loans increased $6.2 billion, or 4 percent, to $155.6 billion.

◦Consumer Banking period-end loans increased $1.3 billion, or 2 percent, to $78.1 billion.

•Auto period-end loans increased $1.3 billion, or 2 percent, to $76.8 billion.

◦Commercial Banking period-end loans increased $341 million, or less than 1 percent, to $87.2 billion.

•Average loans held for investment in the quarter increased $3.6 billion, or 1 percent, to $321.9 billion.

◦Credit Card average loans increased $3.4 billion, or 2 percent, to $157.3 billion.

•Domestic Card average loans increased $3.3 billion, or 2 percent, to $150.3 billion.

◦Consumer Banking average loans increased $1.0 billion, or 1 percent, to $77.2 billion.

•Auto average loans increased $1.0 billion, or 1 percent, to $76.0 billion.

◦Commercial Banking average loans decreased $777 million, or 1 percent, to $87.3 billion.

•Period-end total deposits increased $9.1 billion, or 3 percent, to $362.7 billion, while average deposits increased $7.2 billion, or 2 percent, to $358.3 billion.

•Interest-bearing deposits rate paid decreased 18 basis points to 3.45 percent.

Capital One Fourth Quarter 2024 Earnings

Page 2

2024 Full Year Income Statement Summary:

◦Total net revenue increased 6 percent to $39.1 billion.

◦Total non-interest expense increased 6 percent to $21.5 billion:

▪14 percent increase in Marketing expense.

▪4 percent increase in operating expenses.

◦Pre-provision earnings(2) increased 7 percent to $17.6 billion.

◦Provision for credit losses increased $1.3 billion to $11.7 billion.

◦Net interest margin of 6.88 percent, an increased of 25 basis points.

◦Efficiency ratio of 54.93 percent.

▪Adjusted efficiency ratio(1) of 54.00 percent.

◦Operating efficiency ratio

EX-99.1

2 ex991q32024earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: October 24, 2024

Capital One Reports Third Quarter 2024 Net Income of $1.8 billion, or $4.41 per share

Net of adjusting items, Third Quarter 2024 Net Income of $4.51 per share(1)

McLean, Va. (October 24, 2024) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2024 of $1.8 billion, or $4.41 per diluted common share, compared with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024, and with net income of $1.8 billion, or $4.45 per diluted common share in the third quarter of 2023. Adjusted net income(1) for the third quarter of 2024 was $4.51 per diluted common share.

“Strong third quarter results included top-line growth in our domestic card and auto businesses and stable consumer credit results,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “On the Discover acquisition, we continue to work through the regulatory approval process, and we’re fully mobilized to plan and deliver a successful integration.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Discover integration expenses$63 $0.12

FDIC special assessment$(9)$(0.02)

Capital One Third Quarter 2024 Earnings

Page 2

All comparisons below are for the third quarter of 2024 compared with the second quarter of 2024 unless otherwise noted.

Third Quarter 2024 Income Statement Summary:

•Total net revenue increased 5 percent to $10.0 billion.

•Total non-interest expense increased 7 percent to $5.3 billion:

◦5 percent increase in marketing.

◦8 percent increase in operating expenses.

•Pre-provision earnings(2) increased 3 percent to $4.7 billion.

•Provision for credit losses decreased $1.4 billion to $2.5 billion:

•Net charge-offs of $2.6 billion.

•$134 million loan reserve release.

•Net interest margin of 7.11 percent, an increase of 41 basis point.

•Efficiency ratio of 53.07 percent.

◦Adjusted efficiency ratio(1) of 52.53 percent.

•Operating efficiency ratio of 41.95 percent.

◦Adjusted operating efficiency ratio(1) of 41.41 percent.

Third Quarter 2024 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.6 percent at September 30, 2024.

•Period-end loans held for investment in the quarter increased $2.1 billion, or 1 percent, to $320.2 billion.

◦Credit Card period-end loans increased $2.8 billion, or 2 percent, to $156.7 billion.

•Domestic Card period-end loans increased $2.3 billion, or 2 percent, to $149.4 billion.

◦Consumer Banking period-end loans increased $1.1 billion, or 1 percent, to $76.8 billion.

•Auto period-end loans increased $1.1 billion, or 2 percent, to $75.5 billion.

◦Commercial Banking period-end loans decreased $1.8 billion, or 2 percent, to $86.8 billion.

•Average loans held for investment in the quarter increased $3.4 billion, or 1 percent, to $318.3 billion.

◦Credit Card average loans increased $3.5 billion, or 2 percent, to $154.0 billion.

•Domestic Card average loans increased $3.3 billion, or 2 percent, to $147.0 billion.

◦Consumer Banking average loans increased $796 million, or 1 percent, to $76.2 billion.

•Auto average loans increased $822 million, or 1 percent, to $74.9 billion.

◦Commercial Banking average loans decreased $934 million, or 1 percent, to $88.1 billion.

•Period-end total deposits increased $2.2 billion, or 1 percent, to $353.6 billion, while average deposits increased $1.6 billion, or less than 1 percent, to $351.1 billion.

•Interest-bearing deposits rate paid increased 7 basis points to 3.63 percent.

Capital One Third Quarter 2024 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 24, 2024 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 November 7, 2024 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 wor

EX-99.1

2 ex991q22024earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 23, 2024

Capital One Reports Second Quarter 2024 Net Income of $597 million, or $1.38 per share

Net of adjusting items, Second Quarter 2024 Net Income of $3.14 per share(1)

McLean, Va. (July 23, 2024) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2024 of $597 million, or $1.38 per diluted common share, compared with net income of $1.3 billion, or $3.13 per diluted common share in the first quarter of 2024, and with net income of $1.4 billion, or $3.52 per diluted common share in the second quarter of 2023. Adjusted net income(1) for the second quarter of 2024 was $3.14 per diluted common share.

"We posted strong second quarter results while continuing to lean into opportunities to grow and further strengthen our domestic card and national consumer banking franchises," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "And we’re “all in” and working hard to complete the Discover acquisition, which will create a consumer banking and global payments platform with the potential to enhance competition, deliver compelling financial results, and create significant value for merchants, small businesses, and consumers."

The quarter included the following adjusting items:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Allowance build for Walmart program agreement loss sharing termination$826 $1.63

Walmart program agreement termination contra revenue impact$27 $0.05

Discover integration expenses$31 $0.06

FDIC special assessment$8 $0.02

Capital One Second Quarter 2024 Earnings

Page 2

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

Second Quarter 2024 Income Statement Summary:

•Total net revenue increased 1 percent to $9.5 billion.

•Total non-interest expense decreased 4 percent to $4.9 billion:

◦5 percent increase in marketing.

◦6 percent decrease in operating expenses.

•Pre-provision earnings(2) increased 7 percent to $4.6 billion.

•Provision for credit losses increased $1.2 billion to $3.9 billion:

•Net charge-offs of $2.6 billion.

•$1.3 billion loan reserve build.

•Net interest margin of 6.70 percent, an increase of 1 basis point.

•Efficiency ratio of 52.03 percent.

◦Adjusted efficiency ratio(1) of 51.47 percent.

•Operating efficiency ratio of 40.84 percent.

◦Adjusted operating efficiency ratio(1) of 40.31 percent.

Second Quarter 2024 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.2 percent at June 30, 2024.

•Period-end loans held for investment in the quarter increased $3.0 billion, or 1 percent, to $318.2 billion.

◦Credit Card period-end loans increased $3.3 billion, or 2 percent, to $153.9 billion.

•Domestic Card period-end loans increased $3.2 billion, or 2 percent, to $147.1 billion.

◦Consumer Banking period-end loans increased $564 million, or 1 percent, to $75.7 billion.

•Auto period-end loans increased $584 million, or 1 percent, to $74.4 billion.

◦Commercial Banking period-end loans decreased $833 million, or 1 percent, to $88.6 billion.

•Average loans held for investment in the quarter increased $274 million, or less than 1 percent, to $314.9 billion.

◦Credit Card average loans increased $822 million, or 1 percent, to $150.5 billion.

•Domestic Card average loans increased $857 million, or 1 percent, to $143.7 billion.

◦Consumer Banking average loans increased $294 million, or less than 1 percent, to $75.4 billion.

•Auto average loans increased $330 million, or less than 1% percent, to $74.1 billion.

◦Commercial Banking average loans decreased $842 million, or 1 percent, to $89.0 billion.

•Period-end total deposits increased $473 million, or less than 1 percent, to $351.4 billion, while average deposits increased $3.8 billion, or 1 percent, to $349.5 billion.

•Interest-bearing deposits rate paid increased 3 basis points to 3.56 percent.

Capital One Second Quarter 2024 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 23, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 6, 2024 at 5:00 PM Eastern

EX-99.1

2 ex991q12024earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: April 25, 2024

Capital One Reports First Quarter 2024 Net Income of $1.3 billion, or $3.13 per share

Net of adjusting items, First Quarter 2024 Net Income of $3.21 per share(1)

McLean, Va. (April 25, 2024) – Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2024 of $1.3 billion, or $3.13 per diluted common share, compared with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023, and with net income of $960 million, or $2.31 per diluted common share in the first quarter of 2023. Adjusted net income(1) for the first quarter of 2024 was $3.21 per diluted common share.

“First quarter results continue to show top-line growth, stabilizing consumer credit, and balance sheet strength,” said Richard Fairbank, Founder, Chairman, and Chief Executive Officer “And in the quarter, we announced our definitive agreement to acquire Discover. The acquisition of Discover is a singular opportunity that creates a consumer banking and global payments platform with the capabilities, technology, brands, and customer franchise to create significant value for merchants, consumers, small businesses and shareholders."

The quarter included the following adjusting item:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

FDIC special assessment $42 $0.08

All comparisons below are for the first quarter of 2024 compared with the fourth quarter of 2023 unless otherwise noted.

First Quarter 2024 Income Statement Summary:

•Total net revenue decreased 1 percent to $9.4 billion.

•Total non-interest expense decreased 10 percent to $5.1 billion:

◦19 percent decrease in marketing.

◦8 percent decrease in operating expenses.

•Pre-provision earnings(2) increased 13 percent to $4.3 billion.

•Provision for credit losses decreased $174 million to $2.7 billion:

•Net charge-offs of $2.6 billion.

Capital One First Quarter 2024 Earnings

Page 2

•$91 million loan reserve build.

(1)Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures

(2)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

Capital One First Quarter 2024 Earnings

Page 2

•Net interest margin of 6.69 percent, a decrease of 4 basis points.

•Efficiency ratio of 54.64 percent.

◦Adjusted efficiency ratio(1) of 54.19 percent.

•Operating efficiency ratio of 43.89 percent.

◦Adjusted operating efficiency ratio(1) of 43.45 percent.

First Quarter 2024 Balance Sheet Summary:

•Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.1 percent at March 31, 2024.

•Period-end loans held for investment in the quarter decreased $5.3 billion, or 2 percent, to $315.2 billion.

◦Credit Card period-end loans decreased $4.0 billion, or 3 percent, to $150.6 billion.

•Domestic Card period-end loans decreased $3.8 billion, or 3 percent, to $143.9 billion.

◦Consumer Banking period-end loans decreased $338 million, or less than 1 percent, to $75.1 billion.

•Auto period-end loans decreased $274 million, or less than 1 percent, to $73.8 billion.

◦Commercial Banking period-end loans decreased $1.0 billion, or 1 percent, to $89.5 billion.

•Average loans held for investment in the quarter decreased $1.3 billion, or less than 1 percent, to $314.6 billion.

◦Credit Card average loans increased $1.0 billion, or 1 percent, to $149.6 billion.

•Domestic Card average loans increased $775 million, or 1 percent, to $142.9 billion.

◦Consumer Banking average loans decreased $1.1 billion, or 2 percent, to $75.1 billion.

•Auto average loans decreased $1.1 billion, or 1 percent, to $73.8 billion.

◦Commercial Banking average loans decreased $1.1 billion, or 1 percent, to $89.9 billion.

•Period-end total deposits increased $2.6 billion, or 1 percent, to $351.0 billion, while average deposits increased $329 million, or less than 1 percent, to $345.7 billion.

•Interest-bearing deposits rate paid increased 6 basis points to 3.53 percent.

Capital One First Quarter 2024 Earnings

Page 3

Earnings Conference Call Webc

EX-99.1

2 ex991q42023earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: January 25, 2024

Capital One Reports Fourth Quarter 2023 Net Income of $706 million, or $1.67 per share

Net of adjusting items, Fourth Quarter 2023 Net Income of $2.24 per share(1)

McLean, Va. (January 25, 2024) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2023 of $706 million, or $1.67 per diluted common share, compared with net income of $1.8 billion, or $4.45 per diluted common share in the third quarter of 2023, and with net income of $1.2 billion, or $3.03 per diluted common share in the fourth quarter of 2022. Adjusted net income(1) for the fourth quarter of 2023 was $2.24 per diluted common share.

"We delivered solid results with strong top line growth in 2023," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "Our modern technology capabilities are driving resilient growth, enabling efficiency improvement, and putting us in a strong position to deliver long-term shareholder value."

The quarter included the following adjusting item:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

FDIC special assessment $289 $0.57

All comparisons below are for the fourth quarter of 2023 compared with the third quarter of 2023 unless otherwise noted.

Fourth Quarter 2023 Income Statement Summary:

•Total net revenue increased 1 percent to $9.5 billion.

•Total non-interest expense increased 18 percent to $5.7 billion:

◦29 percent increase in marketing.

◦15 percent increase in operating expenses.

•Pre-provision earnings(2) decreased 16 percent to $3.8 billion.

•Provision for credit losses increased $573 million to $2.9 billion:

•Net charge-offs of $2.5 billion.

•$326 million loan reserve build.

Capital One Fourth Quarter 2023 Earnings

Page 2

•Net interest margin of 6.73 percent, an increase of 4 basis points.

•Efficiency ratio of 60.14 percent.

◦Adjusted efficiency ratio(1) of 57.10 percent.

•Operating efficiency ratio of 46.95 percent.

◦Adjusted operating efficiency ratio(1) of 43.91 percent.

Fourth Quarter 2023 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.9 percent at December 31, 2023.

•Period-end loans held for investment in the quarter increased $5.7 billion, or 2 percent, to $320.5 billion.

◦Credit Card period-end loans increased $7.8 billion, or 5 percent, to $154.5 billion.

•Domestic Card period-end loans increased $7.3 billion, or 5 percent, to $147.7 billion.

◦Consumer Banking period-end loans decreased $1.4 billion, or 2 percent, to $75.4 billion.

•Auto period-end loans decreased $1.4 billion, or 2 percent, to $74.1 billion.

◦Commercial Banking period-end loans decreased $665 million, or 1 percent, to $90.5 billion.

•Average loans held for investment in the quarter increased $3.1 billion, or 1 percent, to $315.9 billion.

◦Credit Card average loans increased $4.6 billion, or 3 percent, to $148.6 billion.

•Domestic Card average loans increased $4.6 billion, or 3 percent, to $142.1 billion.

◦Consumer Banking average loans decreased $916 million, or 1 percent, to $76.2 billion.

•Auto average loans decreased $879 million, or 1 percent, to $74.9 billion.

◦Commercial Banking average loans decreased $531 million, or 1 percent, to $91.0 billion.

•Period-end total deposits increased $2.4 billion, or 1 percent, to $348.4 billion, while average deposits increased $315 million, or less than 1 percent, to $345.3 billion.

•Interest-bearing deposits rate paid increased 17 basis points to 3.47 percent.

2023 Full Year Income Statement Summary:

◦Total net revenue increased 7 percent to $36.8 billion.

◦Total non-interest expense increased 6 percent to $20.3 billion:

▪Marketing expense remained flat at $4.0 billion.

▪8 percent increase in operating expenses.

◦Pre-provision earnings(2) increased 9 percent to $16.5 billion.

◦Provision for credit losses increased $4.6 billion to $10.4 billion.

◦Net interest margin of 6.63 percent, a decrease of 4 basis points.

Capital One Fourth Quarter 2023 Earnings

Page 3

◦Efficiency ratio of 55.23 percent.

▪Adjusted efficiency ratio(1) of 54.44 percent.

◦Operating efficiency ratio of 44.33 percent.

▪Adjusted operating efficiency ratio(1) of 43.54 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 25, 2024 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 s

EX-99.1

2 ex991q32023earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: October 26, 2023

Capital One Reports Third Quarter 2023 Net Income of $1.8 billion, or $4.45 per share

McLean, Va. (October 26, 2023) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2023 of $1.8 billion, or $4.45 per diluted common share, compared with net income of $1.4 billion, or $3.52 per diluted common share in the second quarter of 2023, and with net income of $1.7 billion, or $4.20 per diluted common share in the third quarter of 2022.

“In the third quarter we continued to deliver solid results fueled by strong top-line growth in our domestic card business," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "Our modern technology capabilities are generating opportunities and driving performance improvements across our businesses.”

All comparisons below are for the third quarter of 2023 compared with the second quarter of 2023 unless otherwise noted.

Third Quarter 2023 Income Statement Summary:

•Total net revenue increased 4 percent to $9.4 billion.

•Total non-interest expense increased 1 percent to $4.9 billion:

◦10 percent increase in marketing.

◦1 percent decrease in operating expenses.

•Pre-provision earnings(1) increased 7 percent to $4.5 billion.

•Provision for credit losses decreased $206 million to $2.3 billion:

◦Net charge-offs of $2.0 billion.

◦$322 million loan reserve build.

•Net interest margin of 6.69 percent, an increase of 21 basis points.

•Efficiency ratio of 51.89 percent.

•Operating efficiency ratio of 41.51 percent.

Third Quarter 2023 Balance Sheet Summary:

(1)    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 From 8-K on October 26, 2023 with the Securities and Exchange Commission (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.

Capital One Third Quarter 2023 Earnings

Page 2

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.0 percent.

•Period-end loans held for investment in the quarter increased $3.5 billion, or 1 percent, to $314.8 billion.

◦Credit Card period-end loans increased $4.3 billion, or 3 percent, to $146.8 billion.

•Domestic Card period-end loans increased $4.3 billion, or 3 percent, to $140.3 billion.

◦Consumer Banking period-end loans decreased $436 million, or 1 percent, to $76.8 billion.

•Auto period-end loans decreased $385 million, or 1 percent, to $75.5 billion.

◦Commercial Banking period-end loans decreased $399 million, or less than 1 percent, to $91.2 billion.

•Average loans held for investment in the quarter increased $3.1 billion, or 1 percent, to $312.8 billion.

◦Credit Card average loans increased $5.3 billion, or 4 percent, to $144.0 billion.

•Domestic Card average loans increased $5.0 billion, or 4 percent, to $137.5 billion.

◦Consumer Banking average loans decreased $544 million, or 1 percent, to $77.2 billion.

•Auto average loans decreased $493 million, or 1 percent, to $75.7 billion.

◦Commercial Banking average loans decreased $1.6 billion, or 2 percent, to $91.6 billion.

•Period-end total deposits increased $2.3 billion, or 1 percent, to $346.0 billion, while average deposits increased $1.3 billion, or less than 1 percent, to $345.0 billion.

•Interest-bearing deposits rate paid increased 39 basis points to 3.30 percent.

Capital One Third Quarter 2023 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 26, 2023 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 November 9, 2023 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,” “e

EX-99.1

2 ex991q22023earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 20, 2023

Capital One Reports Second Quarter 2023 Net Income of $1.4 billion, or $3.52 per share

McLean, Va. (July 20, 2023) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2023 of $1.4 billion, or $3.52 per diluted common share, compared with net income of $960 million, or $2.31 per diluted common share in the first quarter of 2023, and with net income of $2.0 billion, or $4.96 per diluted common share in the second quarter of 2022.

“We continue to lean into attractive opportunities to grow and build our franchise in our domestic card and national retail bank businesses, and our opportunities are enhanced by our technology transformation." said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "Our investments to build and leverage a modern technology infrastructure are expanding our opportunities and driving value creation over the long-term.”

All comparisons below are for the second quarter of 2023 compared with the first quarter of 2023 unless otherwise noted.

Second Quarter 2023 Income Statement Summary:

•Total net revenue increased 1 percent to $9.0 billion.

•Total non-interest expense decreased 3 percent to $4.8 billion:

◦1 percent decrease in marketing.

◦3 percent decrease in operating expenses.

•Pre-provision earnings(1) increased 7 percent to $4.2 billion.

•Provision for credit losses decreased $305 million to $2.5 billion:

◦Net charge-offs of $2.2 billion.

◦$318 million loan reserve build.

•Net interest margin of 6.48 percent, a decrease of 12 basis points.

•Efficiency ratio of 53.20 percent.

•Operating efficiency ratio of 43.36 percent.

(1)    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 From 8-K on July 20, 2023 with the Securities and Exchange Commission (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.

Capital One Second Quarter 2023 Earnings

Page 2

Second Quarter 2023 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.7 percent.

•Period-end loans held for investment in the quarter increased $2.5 billion, or 1 percent, to $311.3 billion.

◦Credit Card period-end loans increased $5.3 billion, or 4 percent, to $142.5 billion.

•Domestic Card period-end loans increased $5.0 billion, or 4 percent, to $136.0 billion.

◦Consumer Banking period-end loans decreased $871 million, or 1 percent, to $77.3 billion.

•Auto period-end loans decreased $811 million, or 1 percent, to $75.8 billion.

◦Commercial Banking period-end loans decreased $2.0 billion, or 2 percent, to $91.6 billion.

•Average loans held for investment in the quarter increased $1.9 billion, or 1 percent, to $309.7 billion.

◦Credit Card average loans increased $4.1 billion, or 3 percent, to $138.8 billion.

•Domestic Card average loans increased $3.9 billion, or 3 percent, to $132.5 billion.

◦Consumer Banking average loans decreased $1.3 billion, or 2 percent, to $77.7 billion.

•Auto average loans decreased $1.2 billion, or 2 percent, to $76.2 billion.

◦Commercial Banking average loans decreased $897 million, or 1 percent, to $93.2 billion.

•Period-end total deposits decreased $6.1 billion, or 2 percent, to $343.7 billion, while average deposits increased $3.6 billion, or 1 percent, to $343.7 billion.

•Interest-bearing deposits rate paid increased 51 basis points to 2.91 percent.

Capital One Second Quarter 2023 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 20, 2023 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 3, 2023 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 sta

EX-99.1

2 ex991q12023earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: April 27, 2023

Capital One Reports First Quarter 2023 Net Income of $960 million, or $2.31 per share

McLean, Va. (April 27, 2023) – Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2023 of $960 million, or $2.31 per diluted common share, compared with net income of $1.2 billion, or $3.03 per diluted common share in the fourth quarter of 2022, and with net income of $2.4 billion, or $5.62 per diluted common share in the first quarter of 2022.

“In the first quarter, we built additional balance sheet strength as we grew retail deposits, and maintained or increased strong levels of capital and liquidity,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “At the same time, we continue to see attractive growth opportunities in our domestic card business and our “digital first” national retail bank, and our investments to transform our technology and to drive resilient growth put us in a strong position to capture opportunities and deliver compelling long-term shareholder value.”

All comparisons below are for the first quarter of 2023 compared with the fourth quarter of 2022 unless otherwise noted.

First Quarter 2023 Income Statement Summary:

•Total net revenue decreased 2 percent to $8.9 billion.

•Total non-interest expense decreased 3 percent to $4.9 billion:

◦20 percent decrease in marketing.

◦2 percent increase in operating expenses.

•Pre-provision earnings(1) remained flat at $4.0 billion.

•Provision for credit losses increased $379 million to $2.8 billion:

◦Net charge-offs of $1.7 billion.

◦$1.1 billion loan reserve build.

•Net interest margin of 6.60 percent, a decrease of 24 basis points.

•Efficiency ratio of 55.54 percent.

(1)    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 From 8-K on April 27, 2023 with the Securities and Exchange Commission (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.

Capital One First Quarter 2023 Earnings

Page 2

•Operating efficiency ratio of 45.47 percent.

First Quarter 2023 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.5 percent at March 31, 2023.

•Period-end loans held for investment in the quarter decreased $3.5 billion, or 1 percent, to $308.8 billion.

◦Credit Card period-end loans decreased $588 million, or less than 1 percent, to $137.1 billion.

•Domestic Card period-end loans decreased $601 million, or less than 1 percent, to $131.0 billion.

◦Consumer Banking period-end loans decreased $1.8 billion, or 2 percent, to $78.2 billion.

•Auto period-end loans decreased $1.7 billion, or 2 percent, to $76.7 billion.

◦Commercial Banking period-end loans decreased $1.1 billion, or 1 percent, to $93.5 billion.

•Average loans held for investment in the quarter increased $875 million, or less than 1 percent, to $307.8 billion.

◦Credit Card average loans increased $4.0 billion, or 3 percent, to $134.7 billion.

•Domestic Card average loans increased $3.7 billion, or 3 percent, to $128.6 billion.

◦Consumer Banking average loans decreased $1.7 billion, or 2 percent, to $79.0 billion.

•Auto average loans decreased $1.6 billion, or 2 percent, to $77.5 billion.

◦Commercial Banking average loans decreased $1.4 billion, or 2 percent, to $94.1 billion.

•Period-end total deposits increased $16.8 billion, or 5 percent, to $349.8 billion, while average deposits increased $13.6 billion, or 4 percent, to $340.1 billion.

•Interest-bearing deposits rate paid increased 58 basis points to 2.40 percent.

Capital One First Quarter 2023 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 27, 2023 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 11, 2023 at 5:00 PM Eastern Time.

Forward-L

EX-99.1

2 ex991q42022earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: January 24, 2023

Capital One Reports Fourth Quarter 2022 Net Income of $1.2 billion, or $3.03 per share

Net of adjusting items, Fourth Quarter 2022 Net Income of $2.82 per share(1)

McLean, Va. (January 24, 2023) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2022 of $1.2 billion, or $3.03 per diluted common share, compared with net income of $1.7 billion, or $4.20 per diluted common share in the third quarter of 2022, and with net income of $2.4 billion, or $5.41 per diluted common share in the fourth quarter of 2021. Adjusted net income(1) for the Fourth Quarter of 2022 was $2.82 per diluted common share.

“We posted strong top line growth throughout 2022," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "As a result of our investments to transform our technology and to drive resilient growth, we’re in a strong position to deliver compelling long-term shareholder value and thrive in a broad range of possible economic scenarios.”

The quarter included the following adjusting items that increase/(decrease) earnings:

(Dollars in millions, except per share data)Pre-Tax ImpactAfter-Tax Diluted EPS Impact

Insurance recoveries and legal reserve activity$(177)$(0.35)

Restructuring Charges$72 $0.14

All comparisons below are for the fourth quarter of 2022 compared with the third quarter of 2022 unless otherwise noted.

Fourth Quarter 2022 Income Statement Summary:

•Total net revenue increased 3 percent to $9.0 billion.

•Total non-interest expense increased 3 percent to $5.1 billion:

◦14 percent increase in marketing.

◦less than 1 percent decrease in operating expenses.

(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 Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.

Capital One Fourth Quarter 2022 Earnings

Page 2

•Pre-provision earnings(1) increased 3 percent to $4.0 billion.

•Provision for credit losses increased $747 million to $2.4 billion:

◦Net charge-offs of $1.4 billion.

◦$1.0 billion loan reserve build.

•Net interest margin of 6.84 percent, an increase of 4 basis points.

•Efficiency ratio of 56.19 percent.

◦Adjusted efficiency ratio(2) of 57.36 percent.

•Operating efficiency ratio of 43.83 percent.

◦Adjusted operating efficiency ratio(2) of 44.99 percent.

Fourth Quarter 2022 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.5 percent at December 31, 2022.

•Period-end loans held for investment in the quarter increased $8.4 billion, or 3 percent, to $312.3 billion.

◦Credit Card period-end loans increased $10.8 billion, or 9 percent, to $137.7 billion.

•Domestic Card period-end loans increased $10.3 billion, or 8 percent, to $131.6 billion.

◦Consumer Banking period-end loans decreased $1.3 billion, or 2 percent, to $79.9 billion.

•Auto period-end loans decreased $1.2 billion, or 2 percent, to $78.4 billion.

◦Commercial Banking period-end loans decreased $1.2 billion, or 1 percent, to $94.7 billion.

•Average loans held for investment in the quarter increased $6.7 billion, or 2 percent, to $306.9 billion.

◦Credit Card average loans increased $7.3 billion, or 6 percent, to $130.7 billion.

•Domestic Card average loans increased $7.3 billion, or 6 percent, to $124.8 billion.

◦Consumer Banking average loans decreased $639 million, or 1 percent, to $80.7 billion.

•Auto average loans decreased $633 million, or 1 percent, to $79.1 billion.

◦Commercial Banking average loans increased $39 million, or less than 1 percent, to $95.5 billion.

•Period-end total deposits increased $15.8 billion, or 5 percent, to $333.0 billion, while average deposits increased $14.6 billion, or 5 percent, to $326.6 billion.

•Interest-bearing deposits rate paid increased 82 basis points to 1.82 percent.

(1)     Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

(2) 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 o

EX-99.1

2 ex991q32022earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: October 27, 2022

Capital One Reports Third Quarter 2022 Net Income of $1.7 billion, or $4.20 per share

McLean, Va. (October 27, 2022) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2022 of $1.7 billion, or $4.20 per diluted common share, compared with net income of $2.0 billion, or $4.96 per diluted common share in the second quarter of 2022, and with net income of $3.1 billion, or $6.78 per diluted common share in the third quarter of 2021.

“We delivered strong growth and revenue in the third quarter, and we continue to see opportunities to lean into marketing and resilient asset growth that can deliver sustained revenue annuities,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “We’re in a strong position to deliver compelling long-term shareholder value as modern digital technology continues to transform banking.”

All comparisons below are for the third quarter of 2022 compared with the second quarter of 2022 unless otherwise noted.

Third Quarter 2022 Income Statement Summary:

•Total net revenue increased 7 percent to $8.8 billion.

•Total non-interest expense increased 8 percent to $4.9 billion:

◦2 percent decrease in marketing.

◦11 percent increase in operating expenses.

•Pre-provision earnings increased 6 percent to $3.9 billion.(1)

•Provision for credit losses increased $584 million to $1.7 billion:

◦Net charge-offs of $931 million.

◦$734 million loan reserve build.

•Net interest margin of 6.80 percent, an increase of 26 basis points.

(1)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

Capital One Third Quarter 2022 Earnings

Page 2

•Efficiency ratio of 56.21 percent.

•Operating efficiency ratio of 45.10 percent.

Third Quarter 2022 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.2 percent at September 30, 2022.

•Period-end loans held for investment in the quarter increased $7.6 billion, or 3 percent, to $303.9 billion.

◦Credit Card period-end loans increased $6.0 billion, or 5 percent, to $126.9 billion.

•Domestic Card period-end loans increased $6.3 billion, or 5 percent, to $121.3 billion.

◦Consumer Banking period-end loans decreased $332 million, or less than 1 percent, to $81.2 billion.

•Auto period-end loans decreased $346 million, or less than 1 percent, to $79.6 billion.

◦Commercial Banking period-end loans increased $1.9 billion, or 2 percent, to $95.8 billion.

•Average loans held for investment in the quarter increased $14.1 billion, or 5 percent, to $300.2 billion.

◦Credit Card average loans increased $7.5 billion, or 6 percent, to $123.4 billion.

•Domestic Card average loans increased $7.5 billion, or 7 percent, to $117.5 billion.

◦Consumer Banking average loans increased $358 million, or less than 1 percent, to $81.3 billion.

•Auto average loans increased $428 million, or 1 percent, to $79.7 billion.

◦Commercial Banking average loans increased $6.2 billion, or 7 percent, to $95.5 billion.

•Period-end total deposits increased $9.3 billion, or 3 percent, to $317.2 billion, while average deposits increased $6.0 billion, or 2 percent, to $311.9 billion.

•Interest-bearing deposits rate paid increased 56 basis points to 1.00 percent.

Capital One Third Quarter 2022 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 27, 2022 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 November 10, 2022 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. 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 factor

EX-99.1

2 ex991q22022earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: July 21, 2022

Capital One Reports Second Quarter 2022 Net Income of $2.0 billion, or $4.96 per share

McLean, Va. (July 21, 2022) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2022 of $2.0 billion, or $4.96 per diluted common share, compared with net income of $2.4 billion, or $5.62 per diluted common share in the first quarter of 2022, and with net income of $3.5 billion, or $7.62 per diluted common share in the second quarter of 2021.

“We continued to drive attractive and resilient growth in the second quarter, and we’re staying focused on the most resilient businesses and opportunities", said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "The choices we’re making today put us in a strong position to continue to deliver long-term value as the sweeping digital transformation of banking continues.”

All comparisons below are for the second quarter of 2022 compared with the first quarter of 2022 unless otherwise noted.

Second Quarter 2022 Income Statement Summary:

•Total net revenue increased 1 percent to $8.2 billion.

•Total non-interest expense increased 1 percent to $4.6 billion:

◦9 percent increase in marketing.

◦1 percent decrease in operating expenses.

•Pre-provision earnings increased 1 percent to $3.6 billion.(1)

•Provision for credit losses increased $408 million to $1.1 billion:

◦Net charge-offs of $845 million.

◦$200 million loan reserve build.

•Net interest margin of 6.54 percent, an increase of 5 basis points.

(1)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

Capital One Second Quarter 2022 Earnings

Page 2

•Efficiency ratio of 55.67 percent.

•Operating efficiency ratio of 43.49 percent.

Second Quarter 2022 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.1 percent at June 30, 2022.

•Period-end loans held for investment in the quarter increased $15.9 billion, or 6 percent, to $296.4 billion.

◦Credit Card period-end loans increased $6.9 billion, or 6 percent, to $120.9 billion.

•Domestic Card period-end loans increased $7.0 billion, or 6 percent, to $115.0 billion.

◦Consumer Banking period-end loans increased $1.2 billion, or 1 percent, to $81.5 billion.

•Auto period-end loans increased $1.3 billion, or 2 percent, to $79.9 billion.

◦Commercial Banking period-end loans increased $7.8 billion, or 9 percent, to $94.0 billion.

•Average loans held for investment in the quarter increased $10.8 billion, or 4 percent, to $286.1 billion.

◦Credit Card average loans increased $4.4 billion, or 4 percent, to $115.8 billion.

•Domestic Card average loans increased $4.4 billion, or 4 percent, to $110.0 billion.

◦Consumer Banking average loans increased $2.3 billion, or 3 percent, to $81.0 billion.

•Auto average loans increased $2.4 billion, or 3 percent, to $79.3 billion.

◦Commercial Banking average loans increased $4.1 billion, or 5 percent, to $89.3 billion.

•Period-end total deposits decreased $5.5 billion, or 2 percent, to $307.9 billion, while average deposits decreased $3.6 billion, or 1 percent, to $306.0 billion.

•Interest-bearing deposits rate paid increased 12 basis points to 0.44 percent.

Capital One Second Quarter 2022 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 21, 2022 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 4, 2022 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. 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, including those listed from time to time in reports that C

EX-99.1

2 ex991q12022earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: April 26, 2022

Capital One Reports First Quarter 2022 Net Income of $2.4 billion, or $5.62 per share

McLean, Va. (April 26, 2022) – Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2022 of $2.4 billion, or $5.62 per diluted common share, compared with net income of $2.4 billion, or $5.41 per diluted common share in the fourth quarter of 2021, and with net income of $3.3 billion, or $7.03 per diluted common share in the first quarter of 2021.

“We continued to deliver strong growth across our businesses in the first quarter,” said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. “We remain well-positioned to capitalize on opportunities that emerge as sweeping digital change and modern technology transform banking.”

The quarter included the following notable item:

(Dollars in millions, except per share data)Pre-Tax ImpactDiluted EPS Impact

Gain on sale of partnership card portfolios$192 $0.35

All comparisons below are for the first quarter of 2022 compared with the fourth quarter of 2021 unless otherwise noted.

First Quarter 2022 Income Statement Summary:

•Total net revenue increased 1 percent to $8.2 billion.

•Total non-interest expense decreased 3 percent to $4.6 billion:

◦8 percent decrease in marketing.

◦1 percent decrease in operating expenses.

Capital One First Quarter 2022 Earnings

Page 2

•Pre-provision earnings increased 5 percent to $3.6 billion.(1)

•Provision for credit losses increased $296 million to $677 million:

◦Net charge-offs of $767 million.

◦$119 million loan reserve release.

•Net interest margin of 6.49 percent, a decrease of 11 basis points.

•Efficiency ratio of 55.68 percent.

•Operating efficiency ratio of 44.45 percent.

First Quarter 2022 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.7 percent at March 31, 2022.

•Period-end loans held for investment in the quarter increased $3.1 billion, or 1 percent, to $280.5 billion.

◦Credit Card period-end loans decreased $810 million, or 1 percent, to $114.0 billion.

•Domestic Card period-end loans decreased $736 million, or 1 percent, to $108.0 billion.

◦Consumer Banking period-end loans increased $2.7 billion, or 3 percent, to $80.3 billion.

•Auto period-end loans increased $2.8 billion, or 4 percent, to $78.6 billion.

◦Commercial Banking period-end loans increased $1.3 billion, or 1 percent, to $86.2 billion.

•Average loans held for investment in the quarter increased $8.2 billion, or 3 percent, to $275.3 billion.

◦Credit Card average loans increased $2.9 billion, or 3 percent, to $111.5 billion.

•Domestic Card average loans increased $2.8 billion, or 3 percent, to $105.5 billion.

◦Consumer Banking average loans increased $1.2 billion, or 2 percent, to $78.7 billion.

•Auto average loans increased $1.6 billion, or 2 percent, to $76.9 billion.

◦Commercial Banking average loans increased $4.0 billion, or 5 percent, to $85.2 billion.

•Period-end total deposits increased $2.4 billion, or 1 percent, to $313.4 billion, while average deposits increased $2.3 billion, or 1 percent, to $309.6 billion.

•Interest-bearing deposits rate paid decreased 1 basis point to 0.32 percent.

(1)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

Capital One First Quarter 2022 Earnings

Page 3

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 26, 2022 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 10, 2022 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. 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

EX-99.1

2 ex991q42021earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: January 25, 2022

Capital One Reports Fourth Quarter 2021 Net Income of $2.4 billion, or $5.41 per share

Fourth Quarter 2021 Net Income of $5.41 per share

McLean, Va. (January 25, 2022) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2021 of $2.4 billion, or $5.41 per diluted common share, compared with net income of $3.1 billion, or $6.78 per diluted common share in the third quarter of 2021, and with net income of $2.6 billion, or $5.35 per diluted common share in the fourth quarter of 2020.

“In the fourth quarter, we posted strong growth with strikingly strong credit results, and we continued to return capital to our shareholders,” said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. “As we enter 2022, we continue to see attractive opportunities to grow and build our franchise.”

The quarter included the following notable item:

(Dollars in millions, except per share data)Pre-Tax ImpactDiluted EPS Impact

Legacy rewards program upgrade$(92)$(0.16)

All comparisons below are for the fourth quarter of 2021 compared with the third quarter of 2021 unless otherwise noted.

Fourth Quarter 2021 Income Statement Summary:

•Total net revenue increased 4 percent to $8.1 billion.

•Total non-interest expense increased 12 percent to $4.7 billion:

◦33 percent increase in marketing.

◦7 percent increase in operating expenses.

Capital One Fourth Quarter 2021 Earnings

Page 2

•Pre-provision earnings decreased 6 percent to $3.4 billion.(1)

•Provision for credit losses increased $723 million to $381 million:

◦Net charge-offs of $527 million.

◦$145 million loan reserve release.

•Net interest margin of 6.60 percent, an increase of 25 basis points.

•Efficiency ratio of 57.63 percent.

•Operating efficiency ratio of 45.32 percent.

Fourth Quarter 2021 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.1 percent at December 31, 2021.

•Period-end loans held for investment in the quarter increased $16.0 billion, or 6 percent, to $277.3 billion.

◦Credit Card period-end loans increased $9.7 billion, or 9 percent, to $114.8 billion.

•Domestic Card period-end loans increased $9.5 billion, or 10 percent, to $108.7 billion.

◦Consumer Banking period-end loans increased $534 million, or 1 percent, to $77.6 billion.

•Auto period-end loans increased $1.1 billion, or 1 percent, to $75.8 billion.

◦Commercial Banking period-end loans increased $5.7 billion, or 7 percent, to $84.9 billion.

•Average loans held for investment in the quarter increased $14.1 billion, or 6 percent, to $267.2 billion.

◦Credit Card average loans increased $6.5 billion, or 6 percent, to $108.6 billion.

•Domestic Card average loans increased $6.4 billion, or 7 percent, to $102.7 billion.

◦Consumer Banking average loans increased $1.4 billion, or 2 percent, to $77.4 billion.

•Auto average loans increased $2.0 billion, or 3 percent, to $75.3 billion.

◦Commercial Banking average loans increased $6.1 billion, or 8 percent, to $81.1 billion.

•Period-end total deposits increased $5.0 billion, or 2 percent, to $311.0 billion, while average deposits increased $2.2 billion, or 1 percent, to $307.3 billion.

•Interest-bearing deposits rate paid decreased 1 basis point to 0.33 percent.

(1)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to generate income to cover credit losses through a credit cycle, which can vary significantly between periods.

Capital One Fourth Quarter 2021 Earnings

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2021 Full Year Income Statement Summary:

◦Total net revenue increased 7% to $30.4 billion.

◦Total non-interest expense increased 10 percent to $16.6 billion:

◦78 percent increase in marketing.

◦2 percent increase in operating expenses.

◦Pre-provision earnings increased 3 percent to $13.9 billion.(1)

◦Provision for credit losses decreased 119 percent to $1.9 billion:

•Net interest margin of 6.21 percent, an increase of 15 basis points.

◦Efficiency ratio of 54.44 percent.

◦Efficiency ratio excluding adjusting items of 54.12 percent.(2)

◦Operating efficiency ratio of 45.01 percent.

◦Operating efficiency ratio excluding adjusting items of 44.68 percent.(2)

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 25, 2022 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 pag

EX-99.1

2 ex991q32021earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

News Release

Contacts:

Investor RelationsMedia Relations

Jeff NorrisDanielle DietzSie Soheili

jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.com

FOR IMMEDIATE RELEASE: October 26, 2021

Capital One Reports Third Quarter 2021 Net Income of $3.1 billion, or $6.78 per share

Excluding adjusting items, Third Quarter 2021 Net Income of $6.86 per share(1)

McLean, Va. (October 26, 2021) – Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2021 of $3.1 billion, or $6.78 per diluted common share, compared with net income of $3.5 billion, or $7.62 per diluted common share in the second quarter of 2021, and with a net income of $2.4 billion, or $5.06 per diluted common share in the third quarter of 2020. Excluding adjusting items, net income for the third quarter of 2021 was $6.86 per diluted common share.(1)

“Our modern technology stack is powering our performance and our opportunity,” said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. “It’s setting us up to capitalize on the accelerating digital revolution in banking, and it’s the engine that drives enduring value creation over the long-term.”

The quarter included the following adjusting item:

(Dollars in millions, except per share data)Pre-Tax ImpactDiluted EPS Impact

Legal reserve activity$45 $0.08

All comparisons below are for the third quarter of 2021 compared with the second quarter of 2021 unless otherwise noted.

Third Quarter 2021 Income Statement Summary:

•Total net revenue increased 6 percent to $7.8 billion.

•Total non-interest expense increased 6 percent to $4.2 billion:

◦21 percent increase in marketing.

◦3 percent increase in operating expenses.

(1)Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.

Capital One Third Quarter 2021 Earnings

Page 2

•Pre-provision earnings increased 7 percent to $3.6 billion.(2)

•Provision (benefit) for credit losses increased $818.0 million to $(342.0) million:

◦Net charge-offs of $426.0 million.

◦$770.0 million loan reserve release.

•Net interest margin of 6.35 percent, an increase of 46 basis points.

•Efficiency ratio of 53.46 percent.

◦Efficiency ratio excluding adjusting items of 52.89 percent.(1)

•Operating efficiency ratio of 43.87 percent.

◦Operating efficiency ratio excluding adjusting items of 43.30 percent.(1)

Third Quarter 2021 Balance Sheet Summary:

•Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.8 percent at September 30, 2021.

•Period-end loans held for investment in the quarter increased $11.8 billion, or 5 percent, to $261.4 billion.

◦Credit Card period-end loans increased $4.0 billion, or 4 percent, to $105.0 billion.

•Domestic Card period-end loans increased $3.9 billion, or 4 percent, to $99.3 billion.

◦Consumer Banking period-end loans increased $2.4 billion, or 3 percent, to $77.1 billion.

•Auto period-end loans increased $3.0 billion, or 4 percent, to $74.7 billion.

◦Commercial Banking period-end loans increased $5.4 billion, or 7 percent, to $79.2 billion.

•Average loans held for investment in the quarter increased $6.6 billion, or 3 percent, to $253.1 billion.

◦Credit Card average loans increased $2.4 billion, or 2 percent, to $102.0 billion.

•Domestic Card average loans increased $4.8 billion, or 5 percent, to $96.3 billion.

◦Consumer Banking average loans increased $3.3 billion, or 5 percent, to $76.0 billion.

•Auto average loans increased $3.8 billion, or 5 percent, to $73.3 billion.

◦Commercial Banking average loans increased $1.0 billion, or 1 percent, to $75.1 billion.

•Period-end total deposits decreased $370 million, or less than 1 percent, to $305.9 billion, while average deposits decreased $3.2 billion, or 1 percent, to $305.0 billion.

•Interest-bearing deposits rate paid decreased 1 basis point to 0.34 percent.

(1)Amounts excluding adjusting items are non-GAAP measures that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.

(2)Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period. Management believes that this financial metric is useful in enabling investors and others to assess the Company’s ability to g