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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 10-Q

___________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-13300

____________________________________

CAPITAL ONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

____________________________________


Delaware		54-1719854
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1680 Capital One Drive,
McLean,	Virginia	22102
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (703) 720-1000

(Not Applicable)
(Former name, former address and former fiscal year, if changed since last report)
____________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)	COF	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I	COF PRI	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series J	COF PRJ	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series K	COF PRK	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L	COF PRL	New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series N	COF PRN	New York Stock Exchange
1.650% Senior Notes Due 2029	COF29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, there were 622,292,783 shares of the registrant’s Common Stock outstanding.

TABLE OF CONTENTS


		Page
PART I - FINANCIAL INFORMATION		4














Item 1.	Financial Statements	69
	Consolidated Statements of Income	70
	Consolidated Statements of Comprehensive Income	71
	Consolidated Balance Sheets	72
	Consolidated Statements of Changes in Stockholders’ Equity	73
	Consolidated Statements of Cash Flows	74
	Notes to Consolidated Financial Statements	76
	Note 1—Summary of Significant Accounting Policies	76
	Note 2—Business Combinations	79
	Note 3—Investment Securities	80
	Note 4—Loans	83
	Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments	98
	Note 6—Variable Interest Entities and Securitizations	102
	Note 7—Goodwill and Other Intangible Assets	106
	Note 8—Deposits and Borrowings	108
	Note 9—Derivative Instruments and Hedging Activities	109
	Note 10—Stockholders’ Equity	117
	Note 11—Earnings Per Common Share	120
	Note 12—Fair Value Measurement	121
	Note 13—Business Segments and Revenue from Contracts with Customers	128
	Note 14—Commitments, Contingencies, Guarantees and Others	131





Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)	4
	Introduction	4

	Selected Financial Data	6
	Executive Summary	9
	Consolidated Results of Operations	10
	Consolidated Balance Sheets Analysis	15
	Off-Balance Sheet Arrangements	17
	Business Segment Financial Performance	18
	Critical Accounting Policies and Estimates	27
	Accounting Changes and Developments	28
	Capital Management	29
	Risk Management	35
	Credit Risk Profile	37
	Liquidity Risk Profile	49
	Market Risk Profile	53
	Supervision and Regulation	58
	Forward-Looking Statements	59
	Supplemental Table	61
	Glossary and Acronyms	63



			1			Capital One Financial Corporation (COF)


Item 3.	Quantitative and Qualitative Disclosures about Market Risk	135































Item 4.	Controls and Procedures	136












PART II—OTHER INFORMATION		137
Item 1.	Legal Proceedings	137
Item 1A.	Risk Factors	137
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	137
Item 3.	Defaults Upon Senior Securities	137
Item 4.	Mine Safety Disclosures	137
Item 5.	Other Information	137
Item 6.	Exhibits	138





EXHIBIT INDEX		139
SIGNATURES		140



			2			Capital One Financial Corporation (COF)

INDEX OF MD&A AND SUPPLEMENTAL TABLE


MD&A Tables:		Page
1	Consolidated Financial Highlights	6
2	Average Balances, Net Interest Income and Net Interest Margin	11
3	Rate/Volume Analysis of Net Interest Income	12
4	Non-Interest Income	13
5	Non-Interest Expense	14

6	Loans Held for Investment	15
7	Funding Sources Composition	16
8	Business Segment Results	19
9	Credit Card Business Results	20
9.1	Domestic Card Business Results	22
10	Consumer Banking Business Results	23
11	Commercial Banking Business Results	24
12	Other Category Results	26
13	Capital Ratios Under Basel III	31
14	Regulatory Risk-Based Capital Components and Regulatory Capital Metrics	32
15	Preferred Stock Dividends Paid Per Share	33


16	Domestic Credit Card Portfolio by Geographic Region	38
17	Auto Loan Portfolio by Geographic Region	39
18	Commercial Real Estate Portfolio by Region	40
19	Commercial Loans by Industry	41
20	Credit Score Distribution	42
21	30+ Day Delinquencies	43
22	Aging and Geography of 30+ Day Delinquent Loans	44
23	90+ Day Delinquent Loans Accruing Interest	44
24	Nonperforming Loans and Other Nonperforming Assets	45
25	Net Charge-Offs (Recoveries)	46

26	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	48

27	Liquidity Reserves	49
28	Deposits Composition and Average Deposits Interest Rates	51

29	Long-Term Debt Funding Activities	52
30	Senior Unsecured Long-Term Debt Credit Ratings	52

31	Interest Rate Sensitivity Analysis	56


Supplemental Table:





A	Reconciliation of Non-GAAP Measures	61



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PART I—FINANCIAL INFORMATION

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)

This discussion contains forward-looking statements that are based upon management’s current expectations and are subject to significant uncertainties and changes in circumstances. Please review “Forward-Looking Statements” for more information on the forward-looking statements in this Quarterly Report on Form 10-Q (“this Report”). All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Our actual results may differ materially from those included in these forward-looking statements due to a variety of factors including, but not limited to, those described in “Part I—Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K (“2025 Form 10-K”) and “Part II—Item 1A. Risk Factors” in this Report. Unless otherwise specified, references to notes to our consolidated financial statements refer to the notes to our consolidated financial statements as of March 31, 2026 included in this Report.

Management monitors a variety of key indicators to evaluate our business results and financial condition. The following MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and related notes in this Report and the more detailed information contained in our 2025 Form 10-K.


INTRODUCTION

Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) operate as a global payments provider and diversified financial institution, delivering a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.

Capital One Financial Corporation’s principal operating subsidiary was Capital One, National Association (“CONA”). On May 18, 2025 (the “Closing Date”), Discover Financial Services (“Discover”) merged into Capital One and Discover Bank merged into CONA. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” in our 2025 Form 10-K for additional information. The Company is hereafter collectively referred to as “we,” “us” or “our.” CONA is referred to as the “Bank.”

We offer credit cards, debit cards, bank lending, treasury management and depository services, auto loans, and other consumer lending products in markets across the United States (“U.S.”). We service banking customer accounts through digital channels and our network of branch locations, cafés, call centers and automated teller machines (“ATMs”). Additionally, through the acquisition of Discover, we acquired new products including personal loans as well as the Discover Network, the PULSE Network and Diners Club (collectively, the “Global Payment Network”).

We also offer credit card products and certain other services outside of the U.S. principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of CONA organized and located in the United Kingdom (“U.K.”), and through a branch of CONA in Canada. Both COEP and our Canadian branch of CONA have the authority to provide credit card loans. In addition, we offer Global Payment Network services globally.

Our consolidated total net revenues are derived primarily from lending to consumer and commercial customers net of funding costs associated with our deposits, long-term debt and other borrowings. We also earn non-interest income which primarily consists of discount and interchange income, net of reward expenses, and service charges and other customer-related fees. Our expenses primarily consist of the provision for credit losses, operating expenses, marketing expenses and income taxes.

Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support



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the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses.

•Credit Card: Consists of our domestic consumer card lending, personal loans, domestic small business card lending and international card businesses in the U.K. and Canada.

•Consumer Banking: Consists of our deposit gathering and lending activities for consumers and small businesses, national auto lending and services offered by the Global Payment Network.

•Commercial Banking: Consists of our lending, deposit gathering, capital markets and treasury management services to commercial real estate and commercial and industrial customers. Our customers typically include companies with annual revenues between $20 million and $2 billion.

Business Developments

We regularly explore and evaluate opportunities to acquire financial products and services as well as financial assets, including credit card and other loan portfolios, and enter into strategic partnerships as part of our growth strategy. We also explore opportunities to acquire technology companies and related assets to improve our information technology infrastructure and to deliver on our digital strategy. We may issue equity or debt to fund our acquisitions. In addition, we regularly consider the potential disposition of certain of our assets, branches, partnership agreements or lines of business.

Discover Acquisition

On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover, a Delaware corporation and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”). On May 18, 2025, the Company closed the acquisition of Discover, pursuant to which (i) Merger Sub merged with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (ii) immediately following the Merger, Discover, as the surviving entity, merged with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (iii) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, merged with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and Second Step Merger, the “Transaction”).

For additional information on the Transaction, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” in our 2025 Form 10-K.

Brex Acquisition

On April 7, 2026, the Company completed its previously announced acquisition of Brex Inc., a Delaware corporation (“Brex” and such acquisition, the “Brex acquisition”), pursuant to the terms of an Agreement and Plan of Merger and Reorganization, dated as of January 22, 2026 with Brex and certain other parties thereto. Brex offers businesses solutions to issue corporate cards, automate expense management and make secure, real-time payments. The Brex acquisition enhances the Company's offerings in the business payments marketplace. The total consideration paid to Brex shareholders for the acquisition was approximately $4.5 billion and included $2.6 billion of cash consideration and 10.6 million shares of common stock, par value $0.01 per share, of the Company with a fair value of $1.9 billion. The consideration is also subject to customary post-closing adjustments. Immediately following the completion of the Brex acquisition, the Company settled Brex's outstanding debt of $1.1 billion.



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SELECTED FINANCIAL DATA

The following table presents selected consolidated financial data and performance from our results of operations for the first quarters of 2026 and 2025 and selected comparative balance sheet data as of March 31, 2026 and December 31, 2025. We also provide selected key metrics we use in evaluating our performance, including certain metrics that are computed using non-GAAP measures. We consider these metrics to be key financial measures that management uses in assessing our operating performance, capital adequacy and the level of returns generated. We believe these non-GAAP metrics provide useful insight to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies.

Table 1: Consolidated Financial Highlights


	Three Months Ended March 31,
(Dollars in millions, except per share data and as noted)		2026		2025		Change
Income statement


Net interest income		$	12,145	$	8,013	52	%
Non-interest income		3,086		1,987		55
Total net revenue		15,231		10,000		52
Provision for credit losses		4,068		2,369		72
Non-interest expense:
Marketing		1,497		1,202		25
Operating expense		6,967		4,700		48
Total non-interest expense		8,464		5,902		43
Income from continuing operations before income taxes		2,699		1,729		56
Income tax provision		518		325		59
Income from continuing operations, net of tax		2,181		1,404		55
Income (loss) from discontinued operations, net of tax		(7)		—		**
Net income		2,174		1,404		55
Dividends and undistributed earnings allocated to participating securities		(20)		(22)		(9)
Preferred stock dividends		(73)		(57)		28

Net income available to common stockholders		$	2,081	$	1,325	57
Common share statistics
Basic earnings per common share:
Net income from continuing operations		$	3.35	$	3.46	(3)%
Income (loss) from discontinued operations		(0.01)		—		**
Net income per basic common share		$	3.34	$	3.46	(3)
Diluted earnings per common share:
Net income from continuing operations		$	3.35	$	3.45	(3)%
Income (loss) from discontinued operations		(0.01)		—		**
Net income per diluted common share		$	3.34	$	3.45	(3)
Weighted-average common shares outstanding (in millions):
Basic		622.5		383.1		62	%
Diluted		623.4		384.0		62
Common shares outstanding (period-end, in millions)		615.9		383.0		61
Dividends declared and paid per common share		$	0.80	$	0.60	33

Tangible book value per common share (period-end)(1)		107.76		113.74		(5)



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	Three Months Ended March 31,
(Dollars in millions, except per share data and as noted)		2026			2025			Change
Balance sheet (average balances)
Loans held for investment		$	446,235		$	322,385		38	%
Interest-earning assets		617,173			462,771			33
Total assets		675,999			491,817			37
Interest-bearing deposits		451,957			337,840			34
Total deposits		479,958			364,078			32
Borrowings		52,348			44,448			18
Common equity		109,149			57,395			90
Total stockholders’ equity		114,556			62,240			84
Selected performance metrics
Purchase volume		$	220,540		$	157,948		40	%
Global Payment Network volume		174,332			N/A			**
Total net revenue margin(2)		9.87%			8.64%			123bps
Net interest margin		7.87			6.93			94
Return on average assets(3)		1.29			1.14			15
Return on average tangible assets(4)		1.37			1.18			19
Return on average common equity(5)		7.65			9.23			(158)
Return on average tangible common equity(6)		12.20			12.55			(35)
Equity-to-assets ratio(7)		16.95			12.66			429

Efficiency ratio(8)		55.57			59.02			(345)
Operating efficiency ratio(9)		45.74			47.00			(126)
Effective income tax rate from continuing operations		19.2			18.8			40
Net charge-offs		$	3,847		$	2,736		41%
Net charge-off rate		3.45		%	3.40		%	5bps



(Dollars in millions, except as noted)	March 31, 2026			December 31, 2025			Change
Balance sheet (period-end)
Loans held for investment	$	447,754		$	453,622		(1)%
Interest-earning assets	624,560			613,750			2
Total assets	682,905			669,009			2
Interest-bearing deposits	461,117			448,386			3
Total deposits	489,053			475,771			3
Borrowings	51,888			51,000			2
Common equity	106,854			108,209			(1)
Total stockholders’ equity	112,261			113,616			(1)
Credit quality metrics
Allowance for credit losses	$	23,630		$	23,409		1%
Allowance coverage ratio	5.28		%	5.16		%	12bps
30+ day performing delinquency rate	3.04			3.41			(37)
30+ day delinquency rate	3.24			3.59			(35)



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(Dollars in millions, except as noted)	March 31, 2026		December 31, 2025		Change
Capital ratios
Common equity Tier 1 capital(10)	14.4	%	14.3	%	10bps
Tier 1 capital(10)	15.4		15.3		10
Total capital(10)	17.3		17.2		10
Tier 1 leverage(10)	12.2		12.5		(30)
Tangible common equity (“TCE”)(11)	10.3		10.7		(40)
Supplementary leverage(10)	10.4		10.6		(20)
Other
Employees (period-end, in thousands)	77.1		76.3		1%

__________

(1)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(2)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(3)Return on average assets is calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average total assets for the period.

(4)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(5)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.

(6)Return on average TCE is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(7)Equity-to-assets ratio is calculated based on average stockholders’ equity for the period divided by average total assets for the period.

(8)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period.

(9)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period.

(10)Capital ratios are calculated based on the Basel III standardized approach framework. See “Capital Management” for additional information.

(11)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for the calculation of this measure and reconciliation to the comparative U.S. GAAP measure.

** Not meaningful.



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EXECUTIVE SUMMARY

Financial Highlights

We reported net income of $2.2 billion ($3.34 per diluted common share) on total net revenue of $15.2 billion for the first quarter of 2026. In comparison, we reported net income of $1.4 billion ($3.45 per diluted common share) on total net revenue of $10.0 billion for the first quarter of 2025.

Our common equity Tier 1 (“CET1”) capital ratio as calculated under the Basel III standardized approach was 14.4% and 14.3% as of March 31, 2026 and December 31, 2025, respectively. See “Capital Management” for additional information.

In the first quarter of 2026, we declared and paid common stock dividends of $505 million and repurchased $2.5 billion of shares of our common stock. See “Capital Management—Dividend Policy and Stock Purchases” for additional information.

Below are additional highlights of our performance in the first quarter of 2026. These highlights are based on a comparison between the results of the first quarters of 2026 and 2025, except as otherwise noted. Highlights related to changes in our financial condition and credit performance are based on March 31, 2026 compared to December 31, 2025. We provide a more detailed discussion of our financial performance in the sections following this “Executive Summary.”

Total Company Performance

•Earnings:

Our net income increased by $770 million to $2.2 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by:

◦Higher net interest income primarily driven by higher average credit card loan balances, largely due to the addition of Discover.

◦Higher non-interest income primarily driven by growth in our credit card loan portfolio, largely due to the addition of Discover.

These drivers were partially offset by:

◦Higher provision for credit losses primarily driven by higher net losses in our credit card loan portfolio, largely due to the addition of Discover.

◦Higher non-interest expense primarily driven by the addition of Discover, amortization of the intangibles recognized in the Transaction and higher Discover integration expenses.

•Loans Held for Investment:

◦Loans held for investment decreased by $5.9 billion to $447.8 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonal paydowns in our credit card loan portfolio, partially offset by growth in our auto loan portfolio.

◦Average loans held for investment increased by $123.9 billion to $446.2 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover.

•Net Charge-Off and Delinquency Metrics:

◦Our net charge-off rate increased by 5 basis points (“bps”) to 3.45% in the first quarter of 2026 compared to the first quarter of 2025.

◦Our 30+ day delinquency rate decreased by 35 bps to 3.24% as of March 31, 2026 from December 31, 2025.



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•Allowance for Credit Losses: Our allowance for credit losses increased by $221 million to $23.6 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by allowance builds in our auto and commercial businesses. Our allowance coverage ratio increased by 12 bps to 5.28% as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonally lower loan balances and a substantially flat allowance for credit losses on our credit card loan portfolio.


CONSOLIDATED RESULTS OF OPERATIONS

The section below provides a comparative discussion of our consolidated financial performance for the first quarters of 2026 and 2025. We provide a discussion of our business segment results in the following section, “Business Segment Financial Performance.” This section should be read together with our “Executive Summary,” where we discuss trends and other factors that we expect will affect our future results of operations.

Net Interest Income

Net interest income represents the difference between interest income, including certain fees, earned on our interest-earning assets and the interest expense incurred on our interest-bearing liabilities. Our interest-earning assets include loans, investment securities and other interest-earning assets, while our interest-bearing liabilities include interest-bearing deposits, securitized debt obligations, senior and subordinated notes, other borrowings and other interest-bearing liabilities. Generally, we include in interest income any past due fees, net of reversals, on loans that we deem collectible. Our net interest margin represents the difference between the yield on our interest-earning assets and the cost of our interest-bearing liabilities, including the notional impact of non-interest-bearing funding and excluding discontinued operations. We expect net interest income and our net interest margin to fluctuate based on changes in interest rates and changes in the amount and composition of our interest-earning assets and interest-bearing liabilities. Loans, other assets and liabilities associated with discontinued operations, and their related income and expense, are excluded from the net interest margin calculation.



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Table 2 below presents the average outstanding balance, interest income earned, interest expense incurred and average yield for the first quarters of 2026 and 2025 for each major category of our interest-earning assets and interest-bearing liabilities. Nonperforming loans are included in the average loan balances below.

Table 2: Average Balances, Net Interest Income and Net Interest Margin


	Three Months Ended March 31,
	2026						2025
(Dollars in millions)	Average Balance		Interest Income/ Expense		Average Yield/ Rate(1)		Average Balance		Interest Income/ Expense		Average Yield/ Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Credit card	$	270,975	$	11,633	17.17	%	$	156,408	$	7,248	18.54	%
Consumer banking	85,701		2,020		9.43		78,480		1,773		9.03
Commercial banking(3)	90,064		1,278		5.68		87,884		1,382		6.29
Other(4)	—		(196)		**		—		(246)		**
Total loans, including loans held for sale	446,740		14,735		13.19		322,772		10,157		12.59
Investment securities	97,803		832		3.40		92,659		770		3.32
Cash equivalents and other interest-earning assets	72,630		664		3.66		47,340		491		4.14
Total interest-earning assets	617,173		16,231		10.52		462,771		11,418		9.87
Cash and due from banks	5,270						4,071
Allowance for credit losses	(23,414)						(16,253)
Premises and equipment, net	5,664						4,534
Other assets	71,306						36,694

Total assets	$	675,999					$	491,817
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits	$	451,957	$	3,387	3.00%		$	337,840	$	2,715	3.22	%
Securitized debt obligations	12,476		141		4.52		13,731		176		5.11
Senior and subordinated notes	37,846		532		5.63		30,331		505		6.66
Other borrowings and interest-bearing liabilities(5)	4,238		26		2.44		2,312		9		1.57
Total interest-bearing liabilities	506,517		4,086		3.23		384,214		3,405		3.54
Non-interest-bearing deposits	28,001						26,238
Other liabilities	26,925						19,125

Total liabilities	561,443						429,577
Stockholders’ equity	114,556						62,240
Total liabilities and stockholders’ equity	$	675,999					$	491,817
Net interest income/spread			$	12,145	7.29				$	8,013	6.32
Impact of non-interest-bearing funding					0.58						0.61
Net interest margin					7.87%						6.93%

__________

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense.

(2)Past due fees, net of reversals, included in interest income totaled approximately $671 million and $549 million in the first quarters of 2026 and 2025, respectively.

(3)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category. Taxable-equivalent adjustments included in the interest income and yield computations for our commercial loans totaled approximately $20 million in both the first quarters of 2026 and 2025, with corresponding reductions to the Other category.

(4)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.

(5)Includes amounts related to entities that provide capital to low-income and rural communities of $2.2 billion and $1.9 billion in the first quarters of 2026 and 2025, respectively. Related interest expense was $8 million and $7 million in the first quarters of 2026 and 2025, respectively.



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** Not meaningful.

Net interest income increased by $4.1 billion to $12.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher average credit card loan balances, largely due to the addition of Discover.

Net interest margin increased by 94 bps to 7.87% in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher average credit card loan balances, largely due to the addition of Discover.

Our total company cumulative interest-bearing deposit beta increased to 32% as of March 31, 2026, from 23% as of December 31, 2025. We define cumulative deposit beta as the ratio of changes in the average rate paid on our average interest-bearing deposits to changes in the upper bound of the federal funds rate during the falling interest rate cycle.

Table 3 displays the change in our net interest income between periods and the extent to which the variance is attributable to:

•Changes in the volume of our interest-earning assets and interest-bearing liabilities; or

•Changes in the interest rates related to these assets and liabilities.

Table 3: Rate/Volume Analysis of Net Interest Income(1)


	Three Months Ended March 31,
	2026 vs. 2025
(Dollars in millions)	Total Variance		Volume		Rate
Interest income:
Loans:
Credit card	$	4,385	$	4,918	$	(533)
Consumer banking	247		168		79
Commercial banking(2)	(104)		31		(135)
Other(3)	50		—		50
Total loans, including loans held for sale	4,578		5,117		(539)
Investment securities	62		43		19
Cash equivalents and other interest-earning assets	173		232		(59)
Total interest income	4,813		5,392		(579)
Interest expense:
Interest-bearing deposits	672		855		(183)
Securitized debt obligations	(35)		(15)		(20)
Senior and subordinated notes	27		106		(79)
Other borrowings and liabilities	17		9		8
Total interest expense	681		955		(274)
Net interest income	$	4,132	$	4,437	$	(305)

__________

(1)We calculate the change in interest income and interest expense separately for each item. The portion of interest income or interest expense attributable to both volume and rate is allocated proportionately when the calculation results in a positive value. When the portion of interest income or interest expense attributable to both volume and rate results in a negative value, the total amount is allocated to volume or rate, depending on which amount is positive. The portion of interest income or interest expense attributable to both volume and rate is calculated using rounded dollars in millions for average balances and interest income/expense.

(2)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category.

(3)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.



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Non-Interest Income

Table 4 displays the components of non-interest income for the first quarters of 2026 and 2025.

Table 4: Non-Interest Income


	Three Months Ended March 31,
(Dollars in millions)		2026		2025
Discount and interchange fees, net		$	1,964	$	1,223
Service charges and other customer-related fees		809		509





Other(1)(2)		313		255
Total non-interest income		$	3,086	$	1,987

__________

(1)Primarily consists of revenue from Capital One Shopping, treasury income and auto industry services.

(2)Includes losses of $18 million and $16 million on deferred compensation plan investments in the first quarters of 2026 and 2025, respectively. These amounts have corresponding offsets in non-interest expense.

Non-interest income increased by $1.1 billion to $3.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by growth in our credit card loan portfolio, largely due to the addition of Discover.

Provision for Credit Losses

Our provision for credit losses in each period is driven by net charge-offs, changes to the allowance for credit losses and changes to the reserve for unfunded lending commitments. Our provision for credit losses increased by $1.7 billion to $4.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher net charge-offs in our credit card loan portfolio, largely due to the addition of Discover.

We provide additional information on the provision for credit losses and changes in the allowance for credit losses within “Credit Risk Profile” and “Part I—Item 1. Financial Statements—Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments.” For information on the allowance methodology, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.



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Non-Interest Expense

Table 5 displays the components of non-interest expense for the first quarters of 2026 and 2025.

Table 5: Non-Interest Expense


	Three Months Ended March 31,
(Dollars in millions)		2026		2025
Operating expense:
Salaries and associate benefits(1)		$	3,671	$	2,546
Occupancy and equipment		867		615
Professional services		585		437
Communications and data processing		496		399
Amortization of intangibles		492		16
Other non-interest expense:
Bankcard, regulatory and other fee assessments		182		65
Collections		244		108
Other		430		514
Total other non-interest expense		856		687
Total operating expense		$	6,967	$	4,700
Marketing		1,497		1,202
Total non-interest expense		$	8,464	$	5,902

_________

(1)Includes benefits of $18 million and $16 million related to our deferred compensation plan investments for the first quarters of 2026 and 2025, respectively. These amounts have corresponding offsets from investments in other non-interest income.

Non-interest expense increased by $2.6 billion to $8.5 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover, amortization of the intangibles recognized in the Transaction and higher Discover integration expenses.

Discover integration expenses increased by $305 million to $415 million in the first quarter of 2026 primarily driven by higher salaries and associate benefits, which are included within operating expense in our consolidated statements of income. Since the announcement of the Transaction in the first quarter of 2024, we have incurred $1.8 billion of Discover integration expenses as of March 31, 2026.



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Income Taxes

We recorded an income tax expense of $518 million (19.2% effective income tax rate) and $325 million (18.8% effective income tax rate) in the first quarters of 2026 and 2025, respectively. Our effective tax rate on income from continuing operations varies between periods due, in part, to the impact of changes in pre-tax income and changes in tax credits, tax-exempt income and non-deductible expenses relative to our pre-tax earnings.

We provide additional information on items affecting our income taxes and effective tax rate in “Part II—Item 8. Financial Statements and Supplementary Data—Note 16—Income Taxes” in our 2025 Form 10-K.


CONSOLIDATED BALANCE SHEETS ANALYSIS

Total assets increased by $13.9 billion to $682.9 billion as of March 31, 2026 from December 31, 2025 primarily driven by increases in our cash balances from deposit growth and seasonal paydowns in our credit card loan portfolio.

Total liabilities increased by $15.3 billion to $570.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued deposit growth from our national banking strategy.

Stockholders’ equity decreased by $1.4 billion to $112.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by purchases of treasury stock and stock dividends, partially offset by an increase in net income.

The following is a discussion of material changes in the major components of our assets and liabilities during the first quarter of 2026. Period-end balance sheet amounts may vary from average balance sheet amounts due to the timing of normal balance sheet management activities that are intended to support our capital and liquidity positions, our market risk profile and the needs of our customers.

Investment Securities

Our investment securities portfolio consists of the following debt securities: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other debt securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of March 31, 2026 and December 31, 2025, respectively.

The carrying value of our investment securities portfolio increased by $1.3 billion to $92.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by net purchases.

Loans Held for Investment

Total loans held for investment consists of both unsecuritized loans and loans held in our consolidated trusts. Table 6 summarizes by segment the carrying value of our loans held for investment, the allowance for credit losses and net loan balance as of March 31, 2026 and December 31, 2025.

Table 6: Loans Held for Investment


	March 31, 2026						December 31, 2025
(Dollars in millions)	Loans		Allowance		Net Loans		Loans		Allowance		Net Loans
Credit Card	$	270,558	$	(20,049)	$	250,509	$	279,570	$	(20,066)	$	259,504
Consumer Banking	86,873		(2,047)		84,826		84,790		(1,892)		82,898
Commercial Banking	90,323		(1,534)		88,789		89,262		(1,451)		87,811
Total	$	447,754	$	(23,630)	$	424,124	$	453,622	$	(23,409)	$	430,213

Loans held for investment decreased by $5.9 billion to $447.8 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonal paydowns in our credit card loan portfolio, partially offset by growth in our auto loan portfolio.



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We provide additional information on the composition of our loan portfolio and credit quality in “Credit Risk Profile,” “Consolidated Results of Operations” and “Part I—Item 1. Financial Statements—Note 4—Loans.”

Funding Sources

Our funding sources include deposits, senior and subordinated notes, securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase and advances from the Federal Home Loan Bank (“FHLB”) secured by certain portions of our loan and securities portfolios. Insured deposits in our Consumer Banking business represent our primary source of funding, as they are a relatively stable and low cost source of funding.

Table 7 provides the composition of our primary sources of funding as of March 31, 2026 and December 31, 2025.

Table 7: Funding Sources Composition


	March 31, 2026				December 31, 2025
(Dollars in millions)	Amount		% of Total		Amount		% of Total
Deposits:
Consumer Banking	$	438,034	81	%	$	423,932	80	%
Commercial Banking	31,007		6		31,250		6
Other(1)	20,012		3		20,589		4
Total deposits	489,053		90		475,771		90
Securitized debt obligations	11,283		2		12,853		3
Other debt	40,605		8		38,147		7
Total funding sources	$	540,941	100	%	$	526,771	100	%

__________

(1)Includes brokered deposits of $18.5 billion and $19.2 billion as of March 31, 2026 and December 31, 2025, respectively.

Total deposits increased by $13.3 billion to $489.1 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued growth from our national banking strategy.

As of March 31, 2026 and December 31, 2025, we held $73.6 billion and $71.9 billion, respectively, of estimated uninsured deposits. These amounts were primarily comprised of checking and savings deposits. These estimated uninsured deposits comprised approximately 15% of our total deposits as of both March 31, 2026 and December 31, 2025. We estimate our uninsured amounts based on methodologies and assumptions used for our “Consolidated Reports of Condition and Income” Federal Financial Institutions Examination Council (“FFIEC”) 031 filed with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”), hereafter collectively referred to as the “Federal Banking Agencies,” adjusted to exclude intercompany balances and cash collateral received on certain derivative contracts which are not presented within deposits on our consolidated balance sheet.

Securitized debt obligations decreased by $1.6 billion to $11.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by maturities and paydowns.

Other debt increased by $2.5 billion to $40.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by net issuances of unsecured senior debt.

We provide additional information on our funding sources in “Liquidity Risk Profile” and “Part I—Item 1. Financial Statements—Note 8—Deposits and Borrowings.”



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OFF-BALANCE SHEET ARRANGEMENTS

In the ordinary course of business, we engage in certain activities that are not reflected on our consolidated balance sheets, generally referred to as off-balance sheet arrangements. These activities typically involve transactions with unconsolidated variable interest entities (“VIEs”) as well as other arrangements, such as letters of credit, loan commitments and guarantees, to meet the financing needs of our customers and support their ongoing operations. We provide additional information regarding these types of activities in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations” and “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others.”



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BUSINESS SEGMENT FINANCIAL PERFORMANCE

Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses.

The results of our individual businesses, which we report on a continuing operations basis, reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies and changes in organizational alignment. Our business segment results are intended to reflect each segment as if it were a stand-alone business. We use an internal management and reporting process to derive our business segment results. Our internal management and reporting process employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business. Total interest income and non-interest income are directly attributable to the segment in which they are reported. The net interest income of each segment reflects the results of our funds transfer pricing process, which is primarily based on a matched funding concept that takes into consideration market interest rates. Our funds transfer pricing process is managed by our centralized Corporate Treasury group and provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a charge for the use of funds by each business. The allocation is unique to each business and is based on the composition of assets and liabilities. The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the funds transfer pricing process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the businesses. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Part II—Item 8. Financial Statements and Supplementary Data—Note 18—Business Segments and Revenue from Contracts with Customers” in our 2025 Form 10-K.

We refer to the business segment results derived from our internal management accounting and reporting process as our “managed” presentation, which differs in some cases from our reported results prepared based on U.S. GAAP. There is no comprehensive authoritative body of guidance for management accounting equivalent to U.S. GAAP; therefore, the managed presentation of our business segment results may not be comparable to similar information provided by other financial services companies. In addition, our individual business segment results should not be used as a substitute for comparable results determined in accordance with U.S. GAAP.

We summarize our business segment results for the first quarters of 2026 and 2025 and provide a comparative discussion of these results, as well as changes in our financial condition and credit performance metrics as of March 31, 2026 compared to December 31, 2025. We provide a reconciliation of our total business segment results to our reported consolidated results in “Part I—Item 1. Financial Statements—Note 13—Business Segments and Revenue from Contracts with Customers.”



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Business Segment Financial Performance

Table 8 summarizes our business segment results, which we report based on total net revenue (loss) and net income (loss) from continuing operations, for the first quarters of 2026 and 2025.

Table 8: Business Segment Results


	Three Months Ended March 31,
	2026						2025
	Total Net Revenue (Loss)(1)			Net Income (Loss)(2)			Total Net Revenue (Loss)(1)			Net Income (Loss)(2)
(Dollars in millions)	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total
Credit Card	$	11,389	75%	$	1,869	86%	$	7,165	72%	$	1,219	87%
Consumer Banking	2,912		19	298		14	2,126		21	186		13
Commercial Banking(3)	909		6	206		9	884		9	195		14
Other(3)	21		—	(192)		(9)	(175)		(2)	(196)		(14)
Total	$	15,231	100%	$	2,181	100%	$	10,000	100%	$	1,404	100%

__________

(1)Total net revenue (loss) consists of net interest income and non-interest income.

(2)Net income (loss) for our business segments and the Other category is based on income (loss) from continuing operations, net of tax.



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Credit Card Business

The primary sources of revenue for our Credit Card business are net interest income, net discount and interchange income and fees collected from customers. Expenses primarily consist of operating costs, the provision for credit losses and marketing expenses.

Our Credit Card business generated income from continuing operations, net of tax, of $1.9 billion and $1.2 billion in the first quarters of 2026 and 2025, respectively.

Table 9 summarizes the financial results of our Credit Card business and displays selected key metrics for the periods indicated.

Table 9: Credit Card Business Results


	Three Months Ended March 31,
(Dollars in millions, except as noted)		2026			2025			Change
Selected income statement data:
Net interest income		$	9,236		$	5,654		63%
Non-interest income		2,153			1,511			42
Total net revenue(1)		11,389			7,165			59
Provision for credit losses		3,411			1,926			77
Non-interest expense		5,501			3,638			51
Income from continuing operations before income taxes		2,477			1,601			55
Income tax provision		608			382			59
Income from continuing operations, net of tax		$	1,869		$	1,219		53
Selected performance metrics:
Average loans held for investment:
Domestic credit card		$	254,036		$	149,639		70
Personal loans		9,310			N/A			**
International card businesses		7,628			6,768			13
Total credit card		$	270,974		$	156,407		73
Average yield on loans(2)		17.17		%	18.54		%	(137)bps
Total net revenue margin(3)		16.81			18.32			(151)
Net charge-offs		$	3,419		$	2,399		43%
Net charge-off rate		5.05		%	6.14		%	(109)bps
Purchase volume		$	220,540		$	157,948		40%

(Dollars in millions, except as noted)		March 31, 2026			December 31, 2025			Change
Selected period-end data:
Loans held for investment:
Domestic credit card		$	254,028		$	262,403		(3)%
Personal loans		9,070			9,499			(5)
International card businesses		7,460			7,668			(3)
Total credit card		$	270,558		$	279,570		(3)
30+ day performing delinquency rate		3.66		%	3.93		%	(27)bps
30+ day delinquency rate		3.67			3.94			(27)
Nonperforming loan rate(4)		0.01			0.01			—
Allowance for credit losses		$	20,049		$	20,066		—
Allowance coverage ratio		7.41%			7.18		%	23bps

__________

(1)We recognize finance charges and fee income on open-ended loans in accordance with the contractual provisions of the credit arrangements and charge off any uncollectible amounts. Total net revenue was reduced by $980 million and $705 million in the first quarters of 2026 and 2025, respectively, for finance charges and fees charged off as uncollectible.

(2)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.



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(3)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans during the period.

(4)Within our credit card loan portfolio, certain loans in our international card and personal loan businesses are classified as nonperforming. See “Nonperforming Loans and Other Nonperforming Assets” for additional information.

** Not meaningful.

Key factors affecting the results of our Credit Card business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:

•Net Interest Income: Net interest income increased by $3.6 billion to $9.2 billion in the first quarter of 2026 primarily driven by higher average loan balances, largely due to the addition of Discover.

•Non-Interest Income: Non-interest income increased by $642 million to $2.2 billion in the first quarter of 2026 primarily driven by growth in our portfolio, largely due to the addition of Discover.

•Provision for Credit Losses: Provision for credit losses increased by $1.5 billion to $3.4 billion in the first quarter of 2026 primarily driven by higher net charge-offs, largely due to the addition of Discover.

•Non-Interest Expense: Non-interest expense increased by $1.9 billion to $5.5 billion in the first quarter of 2026 primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction.

Loans Held for Investment:

•Period-end loans held for investment decreased by $9.0 billion to $270.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by seasonal paydowns.

•Average loans held for investment increased by $114.6 billion to $271.0 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover.

Net Charge-Off and Delinquency Metrics:

•The net charge-off rate decreased by 109 bps to 5.05% in the first quarter of 2026 compared to the first quarter of 2025 primarily due to favorable observed credit performance and the addition of Discover.

•The 30+ day delinquency rate decreased by 27 bps to 3.67% as of March 31, 2026 from December 31, 2025.



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Domestic Card Business

The Domestic Card business generated income from continuing operations, net of tax, of $1.7 billion and $1.2 billion in the first quarters of 2026 and 2025, respectively. In the first quarters of 2026 and 2025, the Domestic Card business accounted for greater than 90% of total net revenue of our Credit Card business.

Table 9.1 summarizes the financial results for our Domestic Card business and displays selected key metrics for the periods indicated.

Table 9.1: Domestic Card Business Results


	Three Months Ended March 31,
(Dollars in millions, except as noted)		2026			2025			Change
Selected income statement data:
Net interest income		$	8,618		$	5,343		61%
Non-interest income		2,107			1,460			44
Total net revenue(1)		10,725			6,803			58
Provision for credit losses		3,236			1,856			74
Non-interest expense		5,179			3,422			51
Income from continuing operations before income taxes		2,310			1,525			51
Income tax provision		566			363			56
Income from continuing operations, net of tax		$	1,744		$	1,162		50

Selected performance metrics:
Average loans held for investment		$	254,036		$	149,639		70
Average yield on loans(2)		17.13		%	18.42		%	(129)bps
Total net revenue margin(3)		16.89			18.19			(130)
Net charge-offs		$	3,241		$	2,314		40%
Net charge-off rate		5.10		%	6.19		%	(109)bps
Purchase volume		$	216,513		$	154,391		40%

(Dollars in millions, except as noted)		March 31, 2026			December 31, 2025			Change
Selected period-end data:
Loans held for investment		$	254,028		$	262,403		(3)%
30+ day performing delinquency rate		3.70		%	3.99		%	(29)bps
Allowance for credit losses		$	18,806		$	18,811		—
Allowance coverage ratio		7.40		%	7.17		%	23bps

__________

(1)We recognize finance charges and fee income on open-ended loans in accordance with the contractual provisions of the credit arrangements and charge off any uncollectible amounts. Finance charges and fees charged off as uncollectible are reflected as a reduction in total net revenue.

(2)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.

(3)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans during the period.

Because our Domestic Card business accounts for the substantial majority of our Credit Card business, the key factors driving the results are similar to the key factors affecting our total Credit Card business. Net income for our Domestic Card business increased in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by:

•Higher net interest income primarily driven by higher average loan balances, largely due to the addition of Discover.

•Higher non-interest income primarily driven by growth in our portfolio, largely due to the addition of Discover.

These drivers were partially offset by:

•Higher non-interest expense primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction.



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•Higher provision for credit losses primarily driven by higher net charge-offs, largely due to the addition of Discover.

Consumer Banking Business

The primary sources of revenue for our Consumer Banking business are net interest income from loans and deposits as well as service charges and customer-related fees, including revenue from processing transactions on the Global Payment Network. Expenses primarily consist of operating costs, the provision for credit losses and marketing expenses.

Our Consumer Banking business generated income from continuing operations, net of tax, of $298 million and $186 million in the first quarters of 2026 and 2025, respectively.

Table 10 summarizes the financial results of our Consumer Banking business and displays selected key metrics for the periods indicated.

Table 10: Consumer Banking Business Results


	Three Months Ended March 31,
(Dollars in millions, except as noted)		2026			2025			Change
Selected income statement data:
Net interest income		$	2,229		$	1,943		15%
Non-interest income		683			183			**
Total net revenue		2,912			2,126			37
Provision for credit losses		519			301			72
Non-interest expense		1,998			1,581			26
Income from continuing operations before income taxes		395			244			62
Income tax provision		97			58			67
Income from continuing operations, net of tax		$	298		$	186		60

Selected performance metrics:
Average loans held for investment:
Auto		$	84,522		$	77,228		9

Retail banking		1,179			1,252			(6)
Total consumer banking		$	85,701		$	78,480		9
Average yield on loans held for investment(1)		9.43		%	9.03%			40bps
Average deposits		$	428,391		$	319,950		34%
Average deposits interest rate		2.84		%	3.00		%	(16)bps
Net charge-offs		$	364		$	313		16%
Net charge-off rate		1.70		%	1.60		%	10bps
Global Payment Network volume		$	174,332		N/A			**
Auto loan originations		11,130			$	9,210		21%

(Dollars in millions, except as noted)		March 31, 2026			December 31, 2025			Change
Selected period-end data:
Loans held for investment:
Auto		$	85,700		$	83,600		3%

Retail banking		1,173			1,190			(1)
Total consumer banking		$	86,873		$	84,790		2
30+ day performing delinquency rate		4.17		%	5.17		%	(100)	bps
30+ day delinquency rate		4.59			5.73			(114)
Nonperforming loan rate		0.57			0.69			(12)
Nonperforming asset rate(2)		0.66			0.79			(13)
Allowance for credit losses		$	2,047		$	1,892		8%



Allowance coverage ratio		2.36		%	2.23		%	13bps



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Deposits																								$	438,034					$	423,932											3%

_________

(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.

(2)Nonperforming assets primarily consist of nonperforming loans and repossessed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment and repossessed assets.

** Not meaningful.

Key factors affecting the results of our Consumer Banking business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:

•Net Interest Income: Net interest income increased by $286 million to $2.2 billion in the first quarter of 2026 primarily driven by higher deposits due to the addition of Discover and higher average loan balances in our auto business, partially offset by lower margins in our retail banking business.

•Non-Interest Income: Non-interest income increased by $500 million to $683 million in the first quarter of 2026 primarily due to the addition of the Global Payment Network and the reissuance of legacy Capital One customer debit cards onto the Global Payment Network.

•Provision for Credit Losses: Provision for credit losses increased by $218 million to $519 million in the first quarter of 2026 primarily driven by a $157 million allowance build in our auto business compared to a $14 million allowance release in the first quarter of 2025.

•Non-Interest Expense: Non-interest expense increased by $417 million to $2.0 billion in the first quarter of 2026 primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction, partially offset by the absence of a legal reserve build recorded in the first quarter of 2025.

Loans Held for Investment:

•Period-end loans held for investment increased by $2.1 billion to $86.9 billion as of March 31, 2026 from December 31, 2025 primarily driven by growth in our auto loan portfolio.

•Average loans held for investment increased by $7.2 billion to $85.7 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by growth in our auto loan portfolio.

Deposits:

•Period-end deposits increased by $14.1 billion to $438.0 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued growth from our national banking strategy.

Net Charge-Off and Delinquency Metrics:

•The net charge-off rate increased by 10 bps to 1.70% in the first quarter of 2026 compared to the first quarter of 2025.

•The 30+ day delinquency rate decreased by 114 bps to 4.59% as of March 31, 2026 compared to December 31, 2025.

Commercial Banking Business

The primary sources of revenue for our Commercial Banking business are net interest income from loans and deposits and non-interest income earned from products and services provided to our clients such as capital markets, advisory services and treasury management. Because our Commercial Banking business has loans and investments that generate tax-exempt income, tax credits or other tax benefits, we present the revenues on a taxable-equivalent basis. Expenses primarily consist of operating costs and the provision for credit losses.

Our Commercial Banking business generated income from continuing operations, net of tax, of $206 million and $195 million in the first quarters of 2026 and 2025, respectively.



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Table 11 summarizes the financial results of our Commercial Banking business and displays selected key metrics for the periods indicated.

Table 11: Commercial Banking Business Results


	Three Months Ended March 31,
(Dollars in millions, except as noted)		2026			2025			Change
Selected income statement data:
Net interest income		$	581		$	572		2%
Non-interest income		328			312			5
Total net revenue(1)		909			884			3
Provision for credit losses(2)		138			142			(3)
Non-interest expense		498			486			2
Income from continuing operations before income taxes		273			256			7
Income tax provision		67			61			10
Income from continuing operations, net of tax		$	206		$	195		6
Selected performance metrics:
Average loans held for investment:
Commercial and multifamily real estate		$	33,539		$	31,733		6
Commercial and industrial		56,021			55,765			—


Total commercial banking		$	89,560		$	87,498		2
Average yield on loans held for investment(1)(3)		5.68		%	6.29		%	(61)	bps
Average deposits		$	31,137		$	31,654		(2)%
Average deposits interest rate		1.83		%	2.13		%	(30)	bps
Net charge-offs		$	64		$	24		167%
Net charge-off rate		0.29		%	0.11		%	18bps

(Dollars in millions, except as noted)		March 31, 2026			December 31, 2025			Change
Selected period-end data:
Loans held for investment:
Commercial and multifamily real estate		$	33,809		$	33,618		1%
Commercial and industrial		56,514			55,644			2
Total commercial banking		$	90,323		$	89,262		1
Nonperforming loan rate		1.40		%	1.36		%	4	bps
Nonperforming asset rate(4)		1.47			1.39			8
Allowance for credit losses(2)		$	1,534		$	1,451		6%
Allowance coverage ratio		1.70%			1.63		%	7	bps
Deposits		$	31,007		$	31,250		(1)%
Loans serviced for others		52,634			52,240			1

__________

(1)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using a blended federal and state statutory tax rate, with offsetting reductions to the Other category.

(2)The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve is included in other liabilities on our consolidated balance sheets. Our reserve for unfunded lending commitments totaled $133 million and $142 million as of March 31, 2026 and December 31, 2025, respectively.

(3)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.

(4)Nonperforming assets consist of nonperforming loans and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment and other foreclosed assets.



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Key factors affecting the results of our Commercial Banking business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:

•Net Interest Income: Net interest income remained substantially flat at $581 million in the first quarter of 2026 compared to the first quarter of 2025.

•Non-Interest Income: Non-interest income increased $16 million to $328 million in the first quarter of 2026 primarily driven by our tax advantaged investments business.

•Provision for Credit Losses: Provision for credit losses remained substantially flat at $138 million in the first quarter of 2026 compared to the first quarter of 2025.

•Non-Interest Expense: Non-interest expense remained substantially flat at $498 million in the first quarter of 2026 compared to the first quarter of 2025.

Loans Held for Investment:

•Period-end loans held for investment increased by $1.1 billion to $90.3 billion as of March 31, 2026 from December 31, 2025 primarily due to originations outpacing customer payments.

•Average loans held for investment increased by $2.1 billion to $89.6 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily due to originations outpacing customer payments.

Deposits:

•Period-end deposits remained substantially flat at $31.0 billion as of March 31, 2026 compared to December 31, 2025.

Net Charge-Off and Nonperforming Metrics:

•The net charge-off rate increased by 18 bps to 0.29% in the first quarter of 2026 compared to the first quarter of 2025.

•The nonperforming loan rate increased by 4 bps to 1.40% as of March 31, 2026 compared to December 31, 2025.

Other Category

Other includes unallocated amounts related to our centralized Corporate Treasury group activities, such as management of our corporate investment securities portfolio, asset/liability management and oversight of our funds transfer pricing process. Other also includes:

•unallocated corporate revenue and expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses;

•residual tax expense or benefit to arrive at the consolidated effective tax rate that is not assessed to our primary business segments; and

•foreign exchange rate fluctuations on foreign currency-denominated balances. As a result of our derivative management activities, we believe our net exposure to foreign exchange risk is minimal.



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Table 12 summarizes the financial results of our Other category for the periods indicated.

Table 12: Other Category Results


	Three Months Ended March 31,
(Dollars in millions)		2026		2025		Change
Selected income statement data:
Net interest income (loss)		$	99	$	(156)	**
Non-interest loss		(78)		(19)		**
Total net revenue (loss)(1)		21		(175)		**
Provision for credit losses		—		—		**
Non-interest expense		467		197		137%
Loss from continuing operations before income taxes		(446)		(372)		20
Income tax benefit		(254)		(176)		44
Loss from continuing operations, net of tax		$	(192)	$	(196)	(2)

__________

** Not meaningful.

Loss from continuing operations, net of tax remained substantially flat at a loss of $192 million in the first quarter of 2026 compared to the first quarter of 2025 as higher treasury income was largely offset by higher Discover integration expenses.


CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in accordance with U.S. GAAP requires management to make a number of judgments, estimates and assumptions that affect the amount of assets, liabilities, income and expenses on the consolidated financial statements. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We provide a summary of our significant accounting policies under “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.

We have identified the following accounting estimates as critical because they require significant judgments and assumptions about highly complex and inherently uncertain matters and the use of reasonably different estimates and assumptions could have a material impact on our results of operations or financial condition. Our critical accounting policies and estimates are as follows:

•Loan loss reserves

•Goodwill

•Fair value

•Customer rewards reserve

We evaluate our critical accounting estimates and judgments on an ongoing basis and update them as necessary, based on changing conditions. There have been no changes to our critical accounting policies and estimates described in our 2025 Form 10-K under “Part II—Item 7. MD&A—Critical Accounting Policies and Estimates.”



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ACCOUNTING CHANGES AND DEVELOPMENTS

Accounting Standards Issued but Not Adopted as of March 31, 2026

Standard

Guidance

Adoption Timing and
Financial Statement Impacts

Disaggregation of Income Statement Expenses

Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Issued November 2024

Requires entities to separately disclose specific disaggregated expense categories on an annual and interim basis as well as disclose selling expenses on an annual basis.

Effective beginning with our annual period ending on December 31, 2027, with early adoption permitted. Prospective and retrospective applications are permitted.

We are still assessing the extent of the impacts of adoption to our disclosures.

Internal-Use Software

ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

Issued September 2025

Requires entities to capitalize costs associated with internal-use software based on a new methodology, which focuses on management’s authorization and commitment to funding the project and the probability that the software will be completed and used to perform the function intended.

Effective beginning with our interim period ending on March 31, 2028, with early adoption permitted. Prospective, retrospective and modified transition applications are each permitted.

We are still assessing the extent of the impacts of adoption to our consolidated financial statements.

Purchased Seasoned Loans

ASU No. 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans

Issued November 2025

Expands the population of acquired financial assets subject to the gross-up approach in Topic 326, which requires an entity to record an initial allowance for credit losses through an adjustment to the asset’s amortized cost basis rather than through a current-period provision for credit losses. The expanded population includes loan receivables, excluding credit cards, acquired without credit deterioration that are deemed “seasoned,” as defined by the update.

Effective beginning with our interim period ending on March 31, 2027, with early adoption permitted. Prospective application is required.

We are still assessing the extent of the impacts of adoption to our consolidated financial statements.

Hedge Accounting Improvements

ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

Issued November 2025

Enables entities to achieve and maintain hedge accounting to a greater number of highly effective economic hedges.

Effective beginning with our interim period ending on March 31, 2027, with early adoption permitted. Prospective application is required.

We are still assessing the extent of the impacts of adoption to our consolidated financial statements.



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CAPITAL MANAGEMENT

The level and composition of our capital are determined by multiple factors, including our consolidated regulatory capital requirements as described in more detail below and internal risk-based capital assessments such as internal stress testing. The level and composition of our capital may also be influenced by rating agency guidelines, subsidiary capital requirements, business environment, conditions in the financial markets and assessments of potential future losses due to adverse changes in our business and market environments.

Capital Standards and Prompt Corrective Action

The Company and the Bank are subject to the regulatory capital requirements established by the Federal Reserve and the OCC, respectively (the “Basel III Capital Rules”). The Basel III Capital Rules implement certain capital requirements published by the Basel Committee on Banking Supervision (“Basel Committee”), along with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) and other capital provisions.

As a bank holding company (“BHC”) with total consolidated assets of at least $250 billion but less than $700 billion and not exceeding any of the applicable risk-based thresholds, the Company is a Category III institution under the Basel III Capital Rules.

The Bank, as a subsidiary of a Category III institution, is a Category III bank. Moreover, the Bank, as an insured depository institution, is subject to prompt corrective action (“PCA”) capital regulations.

Basel III and U.S. Capital Rules

Under the Basel III Capital Rules, we must maintain a minimum CET1 capital ratio of 4.5%, a Tier 1 capital ratio of 6.0% and a total capital ratio of 8.0%, in each case in relation to risk-weighted assets. In addition, we must maintain a minimum leverage ratio of 4.0% and a minimum supplementary leverage ratio of 3.0% .We are also subject to the capital conservation buffer requirement and countercyclical capital buffer requirement, each as described below. Our capital and leverage ratios are calculated based on the Basel III standardized approach framework.

We have elected to exclude certain elements of accumulated other comprehensive income (“AOCI”) from our regulatory capital as permitted for a Category III institution. For information on the recognition of AOCI in regulatory capital under the proposed changes to the Basel III Capital Rules, see “Supervision and Regulation—Basel III Finalization Proposals” in this Report.

Global systemically important banks (“G-SIBs”) that are based in the U.S. are subject to an additional CET1 capital requirement known as the “G-SIB Surcharge.” We are not a G-SIB based on the most recent available data and thus we are not subject to a G-SIB Surcharge.

Capital Buffer Requirements

The Basel III Capital Rules require banking institutions to maintain a capital conservation buffer, composed of CET1 capital, above the regulatory minimum ratios. Under the Federal Reserve’s final rule to implement the stress capital buffer requirement (“Stress Capital Buffer Rule”), the Company’s “standardized approach capital conservation buffer” includes its stress capital buffer requirement (as described below), any G-SIB Surcharge (which is not applicable to us) and the countercyclical capital buffer requirement (which is currently set at 0%). Any determination to increase the countercyclical capital buffer applicable to the Company generally would be effective twelve months after the announcement of such an increase, unless the Federal Reserve sets an earlier effective date.

The Company’s stress capital buffer requirement is recalibrated every year based on the Company’s supervisory stress test results, unless otherwise determined by the Federal Reserve. In particular, the Company’s stress capital buffer requirement equals, subject to a floor of 2.5%, the sum of (i) the difference between the Company’s starting CET1 capital ratio and its lowest projected CET1 capital ratio under the severely adverse scenario of the Federal Reserve’s supervisory stress test plus (ii) the ratio of the Company’s projected four quarters of common stock dividends (for the fourth to seventh quarters of the planning horizon) to the projected risk-weighted assets for the quarter in which the Company’s projected CET1 capital ratio reaches its minimum under the supervisory stress test.

Based on the Company’s 2025 supervisory stress test results, the Company’s final stress capital buffer requirement for the period beginning on October 1, 2025 through September 30, 2026 is 4.5%. On February 4, 2026, the Federal Reserve notified



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all participating firms, including the Company, that because the Stress Testing Transparency Proposal remains subject to public comment, the Federal Reserve is maintaining stress capital buffer requirements for all such firms at their current levels. Consequently, absent further action from the Federal Reserve, the Company’s stress capital buffer requirement will remain at 4.5% until September 30, 2027. Accordingly, the Company’s minimum capital requirements plus the standardized approach capital conservation buffer for CET1 capital, Tier 1 capital and total capital ratios under the stress capital buffer framework are 9.0%, 10.5% and 12.5%, respectively, for the period from October 1, 2025 through September 30, 2027. For additional information regarding the proposed rulemaking to modify the stress capital buffer framework and the Stress Testing Transparency Proposal, see “Part I—Item 1. Business—Supervision and Regulation—Prudential Regulation of Banking—Capital and Stress Testing Regulation—Capital Buffer Requirements” in our 2025 Form 10-K.

The Stress Capital Buffer Rule does not apply to the Bank. Pursuant to the OCC’s capital regulations, which are only applicable to the Bank, the capital conservation buffer for the Bank continues to be fixed at 2.5%. The Bank is also subject to the countercyclical capital buffer requirement (which is currently set at 0%). Any determination to increase the countercyclical capital buffer applicable to the Bank generally would be effective twelve months after the announcement of such an increase, unless the OCC sets an earlier effective date. Accordingly, the Bank’s minimum capital requirements plus its capital conservation buffer for CET1 capital, Tier 1 capital and total capital ratios are 7.0%, 8.5% and 10.5%, respectively.

If the Company or the Bank fails to maintain its capital ratios above the minimum capital requirements plus the applicable capital conservation buffer requirements, it will face increasingly strict automatic limitations on capital distributions and discretionary bonus payments to certain executive officers.

As of March 31, 2026 and December 31, 2025, respectively, the Company and the Bank each exceeded the minimum capital requirements and the capital conservation buffer requirements applicable to them, and the Company and the Bank were each “well-capitalized.” The “well-capitalized” standards applicable to the Company are established in the Federal Reserve’s regulations, and the “well-capitalized” standards applicable to the Bank are established in the OCC’s PCA capital requirements.

Market Risk Rule

The “Market Risk Rule” supplements the Basel III Capital Rules by requiring institutions subject to the rule to adjust their risk-based capital ratios to reflect the market risk in their trading book. The Market Risk Rule generally applies to institutions with aggregate trading assets and liabilities equal to 10% or more of total assets or $1 billion or more. As of March 31, 2026, the Company and the Bank are subject to the Market Risk Rule. See “Market Risk Profile” below for additional information.

For the description of the regulatory capital rules to which we are subject, see “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K, and for a description of recent proposed amendments to these rules under the Basel III Finalization Proposals, see “Supervision and Regulation” in this Report.



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Table 13 provides a comparison of our regulatory capital ratios under the Basel III standardized approach, the regulatory minimum capital adequacy ratios and the applicable well-capitalized standards as of March 31, 2026 and December 31, 2025.

Table 13: Capital Ratios Under Basel III(1)(2)


	March 31, 2026						December 31, 2025
	Ratio		Minimum Capital Adequacy		Well- Capitalized		Ratio		Minimum Capital Adequacy		Well- Capitalized
Capital One Financial Corp:
Common equity Tier 1 capital(3)	14.4	%	4.5	%	N/A		14.3	%	4.5	%	N/A
Tier 1 capital(4)	15.4		6.0		6.0	%	15.3		6.0		6.0	%
Total capital(5)	17.3		8.0		10.0		17.2		8.0		10.0
Tier 1 leverage(6)	12.2		4.0		N/A		12.5		4.0		N/A
Supplementary leverage(7)	10.4		3.0		N/A		10.6		3.0		N/A
CONA:
Common equity Tier 1 capital(3)	13.7		4.5		6.5		13.4		4.5		6.5
Tier 1 capital(4)	13.7		6.0		8.0		13.4		6.0		8.0
Total capital(5)	15.4		8.0		10.0		15.1		8.0		10.0
Tier 1 leverage(6)	10.8		4.0		5.0		10.9		4.0		5.0
Supplementary leverage(7)	9.2		3.0		N/A		9.3		3.0		N/A

__________

(1)Capital requirements that are not applicable are denoted by “N/A.”

(2)Ratios as of March 31, 2026 are preliminary and therefore subject to change until we file our March 31, 2026 Form FR Y-9C—Consolidated Financial Statements for Holding Companies and Call Reports.

(3)CET1 capital ratio is a regulatory capital measure calculated based on CET1 capital divided by risk-weighted assets.

(4)Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.

(5)Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.

(6)Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.

(7)Supplementary leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by total leverage exposure.



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Table 14 presents regulatory capital under the Basel III standardized approach and regulatory capital metrics as of March 31, 2026 and December 31, 2025.

Table 14: Regulatory Risk-Based Capital Components and Regulatory Capital Metrics


(Dollars in millions)	March 31, 2026		December 31, 2025
Regulatory capital under Basel III standardized approach
Common equity excluding AOCI	$	112,733	$	113,677
Adjustments and deductions:
AOCI, net of tax(1)	69		81
Goodwill, net of related deferred tax liabilities	(28,201)		(28,217)
Other intangible and deferred tax assets, net of deferred tax liabilities	(12,142)		(12,493)
Common equity Tier 1 capital	72,459		73,048
Tier 1 capital instruments	5,407		5,407

Tier 1 capital	77,866		78,455
Tier 2 capital instruments	2,941		2,940
Qualifying allowance for credit losses	6,519		6,605
Tier 2 capital	9,460		9,545
Total capital	$	87,326	$	88,000

Regulatory capital metrics
Risk-weighted assets	$	504,654	$	511,794
Adjusted average assets(2)	640,503		629,997
Total leverage exposure(3)	749,583		737,911

__________

(1)Excludes certain components of AOCI in accordance with rules applicable to Category III institutions. See “Capital Management—Capital Standards and Prompt Corrective Action—Basel III and U.S. Capital Rules” in this Report.

(2)Includes on-balance sheet asset adjustments subject to deduction from Tier 1 capital under the Basel III Capital Rules.

(3)Reflects on- and off-balance sheet amounts for the denominator of the supplementary leverage ratio as set forth by the Basel III Capital Rules.

Capital Planning and Regulatory Stress Testing

We repurchased $2.5 billion in shares of our common stock during the first quarter of 2026.

On February 4, 2026, the Federal Reserve notified all participating firms, including the Company, that because the Stress Testing Transparency Proposal remains subject to public comment, the Federal Reserve is maintaining stress capital buffer requirements for all such firms at their current levels. Consequently, absent further action from the Federal Reserve, the Company’s stress capital buffer requirement will remain at 4.5% until September 30, 2027.

On April 3, 2026, we submitted our capital plan to the Federal Reserve as part of the 2026 stress testing cycle. The supervisory stress test results are expected to be released by the Federal Reserve by June 30, 2026

For the description of the regulatory capital planning rules and stress testing requirements to which we are subject, see “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K and for additional information on the potential impacts of proposed amendments and recent regulatory developments, see “Supervision and Regulation” in this Report.



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Dividend Policy and Stock Purchases

In the first three months of 2026, we declared and paid common stock dividends of $505 million, or $0.80 per share. We declared and paid $57 million of preferred stock dividends in the first three months of 2026. In addition, we declared $16 million of dividends on our Series O preferred stock that were not yet paid as of March 31, 2026.

The following table summarizes the dividends paid per share on our various preferred stock series in the first three months of 2026.

Table 15: Preferred Stock Dividends Paid Per Share(1)

Series

Description

Issuance Date

Per Annum
Dividend Rate

Dividend Frequency

2026

Series I

5.000%
Non-Cumulative

September 11,
2019

5.000%

Quarterly

$12.50

Series J

4.800%
Non-Cumulative

January 31,
2020

4.800%

Quarterly

12.00

Series K

4.625%
Non-Cumulative

September 17,
2020

4.625%

Quarterly

11.56

Series L

4.375%
Non-Cumulative

May 4,
2021

4.375%

Quarterly

10.94

Series M

3.950% Fixed Rate Reset
Non-Cumulative

June 10,
2021

3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%

Quarterly

9.88

Series N

4.250%
Non-Cumulative

July 29,
2021

4.250%

Quarterly

10.63

Series O

Fixed-to-Floating Rate Non-Cumulative

May 18,

2025

5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%

Semi-Annually through 10/30/2027; Quarterly thereafter

—

__________

(1)For Series I, J, K, L, M and N, the liquidation preference for each share of non-cumulative perpetual preferred stock is $1,000 per share of preferred stock. For Series O, the liquidation preference for each share of non-cumulative perpetual preferred stock is $100,000 per share of preferred stock. For Series I, J, K, L and N, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of non-cumulative perpetual preferred stock. For Series O, ownership is held in the form of depositary shares, each representing a 1/100th interest in a share of non-cumulative perpetual preferred stock.

The declaration and payment of dividends to our stockholders, as well as the amount thereof, are subject to the discretion of our Board of Directors and depend upon our results of operations, financial condition, capital levels, cash requirements, future prospects, regulatory requirements and other factors deemed relevant by the Board of Directors. For additional information related to capital distributions, see “Capital Management—Capital Planning and Regulatory Stress Testing” in this Report.

As a BHC, our ability to pay dividends is largely dependent upon the receipt of dividends or other payments from our subsidiaries. The Bank is subject to regulatory restrictions that limit its ability to transfer funds to our BHC. As of March 31, 2026, funds available for dividend payments from the Bank were $1.6 billion. There can be no assurance that we will declare and pay any dividends to stockholders.

We repurchased $2.5 billion in shares of our common stock during the first quarter of 2026. The timing and exact amount of any future common stock repurchases will depend on various factors, including market conditions, opportunities for growth, our capital position and the amount of retained earnings, as well as regulatory considerations. The Board authorized stock repurchase program does not include specific price targets or number of shares, may be executed through open market purchases, tender offers, or privately negotiated transactions, including utilizing Rule 10b5-1 plans, does not have a set expiration date and may be modified, suspended or terminated at any time. For additional information on dividends and stock



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repurchases, see “Capital Management—Capital Planning and Regulatory Stress Testing” and “Part II—Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” in this Report, and “Part I—Item 1. Business—Supervision and Regulation—Prudential Regulation of Banking—Capital and Stress Testing Regulation” and “Part I—Item 1. Business—Supervision and Regulation—Prudential Regulation of Banking—Funding and Dividends from Subsidiaries” in our 2025 Form 10-K.



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RISK MANAGEMENT

Risk Management Framework

Our Risk Management Framework (the “Framework”) sets consistent expectations for risk management across the Company. It also sets expectations for our “Three Lines of Defense” model, which defines the roles, responsibilities and accountabilities for taking and managing risk across the Company. Accountability for overseeing an effective Framework resides with our Board of Directors either directly or through its committees. The Company is in the process of integrating Discover into its existing risk management practices, policies and processes.

First Line

Identifies and Owns Risk

Second Line

Advises & Challenges First Line

Third Line

Provides Independent Assurance

Definition

Business areas that are accountable for risk and responsible for: i) generating revenue or reducing expenses; ii) supporting the business to provide products or services to customers; or iii) providing technology services for the first line.

Independent Risk Management (“IRM”) and Support Functions (e.g., Human Resources, Accounting, Legal) that provide support services to the Company.

Internal Audit and Credit Review.

Key Responsibilities

Identify, assess, measure, monitor, control and report the risks associated with their business.

IRM: Independently oversees and assesses risk-taking activities for the first line of defense.

Support Functions: Centers of specialized expertise that provide support services to the enterprise.

Provides independent and objective assurance to the Board of Directors and senior management that the systems and governance processes are designed and working as intended.



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Our Framework sets consistent expectations for risk management across the Company and consists of the following nine elements:

Governance and Accountability

Strategy and Risk Alignment

Risk Identification

Assessment, Measurement
and Response

Monitoring and Testing

Aggregation, Reporting and Escalation

Capital and Liquidity Management (including Stress Testing)

Risk Data and Enabling Technology

Culture and Talent Management

We provide additional discussion of our risk management principles, roles and responsibilities, framework and risk appetite under “Part II—Item 7. MD&A—Risk Management” in our 2025 Form 10-K.

Risk Categories

We apply our Framework to protect the Company from the major categories of risk that we are exposed to through our business activities. We have seven major categories of risk as noted below. We provide a description of these categories and how we manage them under “Part II—Item 7. MD&A—Risk Management” in our 2025 Form 10-K.

•Compliance risk

•Credit risk

•Liquidity risk

•Market risk

•Operational risk

•Reputation risk

•Strategic risk



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CREDIT RISK PROFILE

Our loan portfolio accounts for the substantial majority of our credit risk exposure. Our lending activities are governed under our credit policies and are subject to independent review and approval. Below we provide information about the composition of our loan portfolio, key concentrations and credit performance metrics.

We also engage in certain non-lending activities that may give rise to ongoing credit and counterparty settlement risk, including purchasing securities for our investment securities portfolio, entering into derivative transactions to manage our market risk exposure and to accommodate customers, extending short-term advances on syndication activity including bridge financing transactions we have underwritten, depositing certain operational cash balances in other financial institutions, executing certain foreign exchange transactions and extending customer overdrafts. We provide additional information related to our investment securities portfolio under “Consolidated Balance Sheets Analysis—Investment Securities” and “Part I—Item 1. Financial Statements—Note 3—Investment Securities” as well as credit risk related to derivative transactions in “Part I—Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”



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Geographic Composition

We market our credit card products throughout the U.S., the U.K. and Canada. Our credit card loan portfolio is geographically diversified due to our product and marketing approach. The table below presents the geographic profile of our domestic credit card loan portfolio as of March 31, 2026 and December 31, 2025.

Table 16: Domestic Credit Card Loan Portfolio by Geographic Region


	March 31, 2026				December 31, 2025
(Dollars in millions)	Amount		% of Total		Amount		% of Total
Domestic credit card:
California	$	24,726	9.7	%	$	25,430	9.7	%
Texas	22,596		8.9		23,197		8.8
Florida	19,470		7.7		20,050		7.7
New York	16,131		6.3		16,664		6.4
Pennsylvania	10,926		4.3		11,363		4.3
Illinois	10,567		4.2		11,001		4.2
Ohio	9,128		3.6		9,520		3.6
New Jersey	8,451		3.3		8,741		3.3
Georgia	8,189		3.2		8,429		3.2
North Carolina	7,244		2.9		7,429		2.8
Other	116,600		45.9		120,579		46.0
Total domestic credit card	$	254,028	100.0	%	$	262,403	100.0	%



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Our auto loan portfolio is geographically diversified in the U.S. due to our product and marketing approach. The table below presents the geographic profile of our auto loan portfolio as of March 31, 2026 and December 31, 2025.

Table 17: Auto Loan Portfolio by Geographic Region


	March 31, 2026				December 31, 2025
(Dollars in millions)	Amount		% of Total		Amount		% of Total
Auto:
Texas	$	11,236	13.1	%	$	10,802	12.9	%
California	8,594		10.0		8,561		10.2
Florida	7,570		8.8		7,397		8.8
Ohio	4,160		4.9		4,014		4.8
Pennsylvania	3,881		4.5		3,806		4.6
Illinois	3,487		4.1		3,401		4.1
Georgia	3,433		4.0		3,330		4.0
North Carolina	2,821		3.3		2,746		3.3
New Jersey	2,576		3.0		2,603		3.1
New York	2,509		2.9		2,502		3.0
Other	35,433		41.4		34,438		41.2
Total auto	$	85,700	100.0	%	$	83,600	100.0	%



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We originate commercial and multifamily real estate loans in most regions of the U.S. The table below presents the geographic profile of our commercial real estate loan portfolio as of March 31, 2026 and December 31, 2025.

Table 18: Commercial Real Estate Loan Portfolio by Region



	March 31, 2026				December 31, 2025
(Dollars in millions)	Amount		% of Total		Amount		% of Total
Geographic concentration:(1)
Northeast	$	12,575	37.2	%	$	12,149	36.1	%
South	7,921		23.4		7,724		23.0
Pacific West	5,602		16.6		5,477		16.3
Mid-Atlantic	3,179		9.4		3,200		9.5

CAPITAL ONE FINANCIAL CORP 10-Q