Capital One Reports Fourth Quarter 2024 Net Income of $1.1 Billion, or $2.67 Per Share

Rhea-AI Summary

Capital One (NYSE: COF) reported Q4 2024 net income of $1.1 billion, or $2.67 per diluted share, down from $1.8 billion ($4.41/share) in Q3 2024 but up from $706 million ($1.67/share) in Q4 2023. Adjusted net income was $3.09 per share.

Total net revenue increased 2% to $10.2 billion, while non-interest expenses rose 15% to $6.1 billion. The quarter included $140 million in Discover integration expenses and $75 million in legal reserve activity. Credit metrics showed net charge-offs of $2.9 billion, offset by a $245 million loan reserve release.

Period-end loans increased 2% to $327.8 billion, with Credit Card loans up 4% to $162.5 billion. Total deposits grew 3% to $362.7 billion. The company maintains a strong capital position with a CET1 ratio of 13.5%. The Discover acquisition shareholder votes are scheduled for February 18th, with completion expected in early 2025, subject to approvals.

Positive

• Net income increased year-over-year from $706M to $1.1B
• Total net revenue grew 2% to $10.2B
• Credit Card loans increased 4% to $162.5B
• Total deposits grew 3% to $362.7B
• Strong capital position with 13.5% CET1 ratio
• $245M loan reserve release

Negative

• Net income decreased 39% quarter-over-quarter from $1.8B to $1.1B
• Non-interest expenses increased 15% to $6.1B
• Net charge-offs of $2.9B
• Net interest margin declined 8 basis points to 7.03%
• Marketing expenses increased 24%

Insights

Financial Analyst

Capital One's Q4 2024 performance presents a complex picture that requires careful analysis. The headline net income of $1.1 billion ($2.67 per share) represents a 39% sequential decline from Q3, though it's up 56% year-over-year. The adjusted EPS of $3.09 excludes $140 million in Discover integration expenses and $75 million in legal reserves.

Credit quality metrics demand attention: Net charge-offs of $2.9 billion remain elevated, though the $245 million reserve release suggests management's confidence in the portfolio's trajectory. The 7.03% net interest margin declined 8 basis points, reflecting ongoing deposit cost pressures despite a 18 basis point reduction in deposit rates to 3.45%.

The loan portfolio shows strategic growth, with Domestic Card loans up 4% to $155.6 billion and Auto loans growing 2% to $76.8 billion. The 13.5% CET1 ratio remains robust, providing a strong capital buffer for the pending Discover acquisition.

The 15% increase in non-interest expense, driven by higher marketing (+24%) and operating costs (+12%), suggests aggressive customer acquisition efforts. This investment in growth, combined with stable credit metrics and strong capital levels, positions Capital One well for the anticipated Discover merger, though integration costs will need monitoring.

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

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

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

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax Impact		After-Tax Diluted EPS Impact
Discover integration expenses	$	140	$	0.27
Legal reserve activity	$	75	$	0.15

The quarter included the following notable item:

(Dollars in millions, except per share data)	Pre-Tax Impact		After-Tax Diluted EPS Impact
Accelerated philanthropy contributions	$	100	$	0.20

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

Fourth Quarter 2024 Income Statement Summary:

• Total net revenue increased 2 percent to $10.2 billion.
• Total non-interest expense increased 15 percent to $6.1 billion:
  • 24 percent increase in marketing.
  • 12 percent increase in operating expenses.
• Pre-provision earnings⁽²⁾ decreased 13 percent to $4.1 billion.
• Provision for credit losses increased $160 million to $2.6 billion:
  • Net charge-offs of $2.9 billion.
  • $245 million loan reserve release.
• Net interest margin of 7.03 percent, a decrease of 8 basis points.
• Efficiency ratio of 59.75 percent.
  • Adjusted efficiency ratio⁽¹⁾ of 57.64 percent.
• Operating efficiency ratio of 46.26 percent.
  • Adjusted operating efficiency ratio⁽¹⁾ of 44.15 percent.

Fourth Quarter 2024 Balance Sheet Summary:

• Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 13.5 percent at December 31, 2024.
• Period-end loans held for investment in the quarter increased $7.5 billion, or 2 percent, to $327.8 billion.
  • Credit Card period-end loans increased $5.9 billion, or 4 percent, to $162.5 billion.
    • Domestic Card period-end loans increased $6.2 billion, or 4 percent, to $155.6 billion.
  • Consumer Banking period-end loans increased $1.3 billion, or 2 percent, to $78.1 billion.
    • Auto period-end loans increased $1.3 billion, or 2 percent, to $76.8 billion.
  • Commercial Banking period-end loans increased $341 million, or less than 1 percent, to $87.2 billion.
• Average loans held for investment in the quarter increased $3.6 billion, or 1 percent, to $321.9 billion.
  • Credit Card average loans increased $3.4 billion, or 2 percent, to $157.3 billion.
    • Domestic Card average loans increased $3.3 billion, or 2 percent, to $150.3 billion.
  • Consumer Banking average loans increased $1.0 billion, or 1 percent, to $77.2 billion.
    • Auto average loans increased $1.0 billion, or 1 percent, to $76.0 billion.
  • Commercial Banking average loans decreased $777 million, or 1 percent, to $87.3 billion.
• Period-end total deposits increased $9.1 billion, or 3 percent, to $362.7 billion, while average deposits increased $7.2 billion, or 2 percent, to $358.3 billion.
• Interest-bearing deposits rate paid decreased 18 basis points to 3.45 percent.

2024 Full Year Income Statement Summary:

• Total net revenue increased 6 percent to $39.1 billion.
• Total non-interest expense increased 6 percent to $21.5 billion:
  • 14 percent increase in Marketing expense.
  • 4 percent increase in operating expenses.
• Pre-provision earnings⁽²⁾ increased 7 percent to $17.6 billion.
• Provision for credit losses increased $1.3 billion to $11.7 billion.
• Net interest margin of 6.88 percent, an increase of 25 basis points.
• Efficiency ratio of 54.93 percent.
  • Adjusted efficiency ratio⁽¹⁾ of 54.00 percent.
• Operating efficiency ratio of 43.27 percent.
  • Adjusted operating efficiency ratio⁽¹⁾ of 42.35 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 21, 2025 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through February 4, 2025 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”).

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

⁽¹⁾ This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

⁽²⁾ Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

⁽³⁾ Regulatory capital metrics as of December 31, 2024 are preliminary and therefore subject to change.

Capital One Financial Corporation
Financial Supplement(1)(2)
Fourth Quarter 2024
Table of Contents
Capital One Financial Corporation Consolidated Results			Page
	Table 1:	Financial Summary—Consolidated	1
	Table 2:	Selected Metrics—Consolidated	3
	Table 3:	Consolidated Statements of Income	4
	Table 4:	Consolidated Balance Sheets	6
	Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)	8
	Table 6:	Average Balances, Net Interest Income and Net Interest Margin	9
	Table 7:	Loan Information and Performance Statistics	10
	Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	12
Business Segment Results
	Table 9:	Financial Summary—Business Segment Results	13
	Table 10:	Financial & Statistical Summary—Credit Card Business	14
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	16
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	17
	Table 13:	Financial & Statistical Summary—Other and Total	18
Other
	Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)	19
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	20

__________
(1)		The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2024 once it is filed with the Securities and Exchange Commission.
(2)		This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 1: Financial Summary—Consolidated
																						2024 Q4						Year Ended December 31,
(Dollars in millions, except per share data and as noted)		2024				2024				2024				2024				2023				2024			2023											2024 vs.
		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Income Statement
Net interest income		$	8,098			$	8,076			$	7,546			$	7,488			$	7,519			—			8	%		$	31,208			$	29,241			7	%
Non-interest income			2,092				1,938				1,960				1,914				1,987			8	%		5				7,904				7,546			5
Total net revenue(1)			10,190				10,014				9,506				9,402				9,506			2			7				39,112				36,787			6
Provision for credit losses			2,642				2,482				3,909				2,683				2,857			6			(8	)			11,716				10,426			12
Non-interest expense:
Marketing			1,375				1,113				1,064				1,010				1,254			24			10				4,562				4,009			14
Operating expense			4,714				4,201				3,882				4,127				4,463			12			6				16,924				16,307			4
Total non-interest expense			6,089				5,314				4,946				5,137				5,717			15			7				21,486				20,316			6
Income from continuing operations before income taxes			1,459				2,218				651				1,582				932			(34	)		57				5,910				6,045			(2	)
Income tax provision			366				441				54				302				226			(17	)		62				1,163				1,158			—
Income from continuing operations, net of tax			1,093				1,777				597				1,280				706			(38	)		55				4,747				4,887			(3	)
Income from discontinued operations, net of tax			3				—				—				—				—			**			**				3				—			**
Net income			1,096				1,777				597				1,280				706			(38	)		55				4,750				4,887			(3	)
Dividends and undistributed earnings allocated to participating securities(2)			(17	)			(28	)			(9	)			(23	)			(10	)		(39	)		70				(77	)			(77	)		—
Preferred stock dividends			(57	)			(57	)			(57	)			(57	)			(57	)		—			—				(228	)			(228	)		—
Net income available to common stockholders		$	1,022			$	1,692			$	531			$	1,200			$	639			(40	)		60			$	4,445			$	4,582			(3	)
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations		$	2.66			$	4.42			$	1.39			$	3.14			$	1.67			(40	)%		59	%		$	11.60			$	11.98			(3	)%
Income from discontinued operations			0.01				—				—				—				—			**			**				0.01				—			**
Net income per basic common share		$	2.67			$	4.42			$	1.39			$	3.14			$	1.67			(40	)		60			$	11.61			$	11.98			(3	)
Diluted earnings per common share:(2)
Net income from continuing operations		$	2.66			$	4.41			$	1.38			$	3.13			$	1.67			(40	)%		59	%		$	11.58			$	11.95			(3	)%
Income from discontinued operations			0.01				—				—				—				—			**			**				0.01				—			**
Net income per diluted common share		$	2.67			$	4.41			$	1.38			$	3.13			$	1.67			(39	)		60			$	11.59			$	11.95			(3	)
Weighted-average common shares outstanding (in millions):
Basic			382.4				383.0				383.1				382.2				381.9			—			—				382.7				382.4			—
Diluted			383.4				383.7				383.9				383.4				382.8			—			—				383.6				383.4			—
Common shares outstanding (period-end, in millions)			381.2				381.5				381.9				382.1				380.4			—			—				381.2				380.4			—
Dividends declared and paid per common share		$	0.60			$	0.60			$	0.60			$	0.60			$	0.60			—			—			$	2.40			$	2.40			—
Tangible book value per common share (period-end)(3)			106.97				112.36				99.28				98.67				99.78			(5	)%		7	%			106.97				99.78			7	%

																	2024 Q4						Year Ended December 31,
(Dollars in millions)		2024			2024			2024			2024			2023			2024			2023									2024 vs.
		Q4			Q3			Q2			Q1			Q4			Q3			Q4			2024			2023			2023
Balance Sheet (Period-End)
Loans held for investment		$	327,775		$	320,243		$	318,186		$	315,154		$	320,472		2	%		2	%		$	327,775		$	320,472		2	%
Interest-earning assets			463,058			458,189			452,547			453,557			449,701		1			3				463,058			449,701		3
Total assets			490,144			486,433			480,018			481,720			478,464		1			2				490,144			478,464		2
Interest-bearing deposits			336,585			327,253			324,437			323,352			320,389		3			5				336,585			320,389		5
Total deposits			362,707			353,631			351,442			350,969			348,413		3			4				362,707			348,413		4
Borrowings			45,551			49,336			47,956			50,361			49,856		(8	)		(9	)			45,551			49,856		(9	)
Common equity			55,938			58,080			53,135			52,955			53,244		(4	)		5				55,938			53,244		5
Total stockholders’ equity			60,784			62,925			57,981			57,801			58,089		(3	)		5				60,784			58,089		5
Balance Sheet (Average Balances)
Loans held for investment		$	321,871		$	318,255		$	314,888		$	314,614		$	315,890		1	%		2	%		$	317,421		$	311,541		2	%
Interest-earning assets			460,640			454,484			450,908			447,803			446,929		1			3				453,481			441,238		3
Total assets			488,300			481,219			477,285			474,995			472,594		1			3				480,451			467,807		3
Interest-bearing deposits			331,564			324,509			322,581			318,450			316,808		2			5				324,297			313,737		3
Total deposits			358,323			351,125			349,488			345,657			345,328		2			4				351,168			343,554		2
Borrowings			46,293			48,274			48,842			50,474			51,070		(4	)		(9	)			48,465			49,332		(2	)
Common equity			56,918			56,443			53,262			53,152			50,786		1			12				54,953			50,349		9
Total stockholders’ equity			61,764			61,289			58,107			57,998			55,632		1			11				59,799			55,195		8

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 2: Selected Metrics—Consolidated
																						2024 Q4						Year Ended December 31,
(Dollars in millions, except as noted)		2024				2024				2024				2024				2023				2024			2023											2024 vs.
		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Performance Metrics
Net interest income growth (period over period)			—				7	%			1	%			—				1	%		**			**				7	%			8	%		**
Non-interest income growth (period over period)			8	%			(1	)			2				(4	)%			2			**			**				5				6			**
Total net revenue growth (period over period)			2				5				1				(1	)			1			**			**				6				7			**
Total net revenue margin(4)			8.85				8.81				8.43				8.40				8.51			4	bps		34	bps			8.62				8.34			28	bps
Net interest margin(5)			7.03				7.11				6.70				6.69				6.73			(8	)		30				6.88				6.63			25
Return on average assets			0.90				1.48				0.50				1.08				0.60			(58	)		30				0.99				1.04			(5	)
Return on average tangible assets(6)			0.92				1.53				0.52				1.11				0.62			(61	)		30				1.02				1.08			(6	)
Return on average common equity(7)			7.16				11.99				3.99				9.03				5.03			(483	)		213				8.08				9.10			(102	)
Return on average tangible common equity(8)			9.77				16.42				5.59				12.67				7.20			(665	)		257				11.18				13.04			(186	)
Efficiency ratio(9)			59.75				53.07				52.03				54.64				60.14			668			(39	)			54.93				55.23			(30	)
Operating efficiency ratio(10)			46.26				41.95				40.84				43.89				46.95			431			(69	)			43.27				44.33			(106	)
Effective income tax rate for continuing operations			25.1				19.9				8.3				19.1				24.2			520			90				19.7				19.2			50
Employees (period-end, in thousands)			52.6				52.5				52.1				51.3				52.0			—			1	%			52.6				52.0			1	%
Credit Quality Metrics
Allowance for credit losses		$	16,258			$	16,534			$	16,649			$	15,380			$	15,296			(2	)%		6	%		$	16,258			$	15,296			6	%
Allowance coverage ratio			4.96	%			5.16	%			5.23	%			4.88	%			4.77	%		(20	) bps		19	bps			4.96	%			4.77	%		19	bps
Net charge-offs		$	2,884			$	2,604			$	2,644			$	2,616			$	2,533			11	%		14	%		$	10,748			$	8,414			28	%
Net charge-off rate(11)			3.59	%			3.27	%			3.36	%			3.33	%			3.21	%		32	bps		38	bps			3.39	%			2.70	%		69	bps
30+ day performing delinquency rate			3.69				3.58				3.36				3.40				3.71			11			(2	)			3.69				3.71			(2	)
30+ day delinquency rate			3.98				3.89				3.63				3.67				3.99			9			(1	)			3.98				3.99			(1	)
Capital Ratios(12)
Common equity Tier 1 capital			13.5	%			13.6	%			13.2	%			13.1	%			12.9	%		(10	) bps		60	bps			13.5	%			12.9	%		60	bps
Tier 1 capital			14.8				14.9				14.5				14.4				14.2			(10	)		60				14.8				14.2			60
Total capital			16.4				16.6				16.3				16.2				16.0			(20	)		40				16.4				16.0			40
Tier 1 leverage			11.6				11.6				11.3				11.3				11.2			—			40				11.6				11.2			40
Tangible common equity (“TCE”)(13)			8.6				9.1				8.2				8.1				8.2			(51	)		39				8.6				8.2			39

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 3: Consolidated Statements of Income
																						2024 Q4						Year Ended December 31,
(Dollars in millions, except as noted)		2024				2024				2024				2024				2023				2024			2023											2024 vs.
		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Interest income:
Loans, including loans held for sale		$	10,434			$	10,547			$	9,993			$	9,920			$	9,934			(1	)%		5	%		$	40,894			$	37,410			9	%
Investment securities			753				733				700				687				669			3			13				2,873				2,550			13
Other			530				580				587				570				542			(9	)		(2	)			2,267				1,978			15
Total interest income			11,717				11,860				11,280				11,177				11,145			(1	)		5				46,034				41,938			10
Interest expense:
Deposits			2,862				2,945				2,874				2,812				2,745			(3	)		4				11,493				9,489			21
Securitized debt obligations			205				234				258				261				263			(12	)		(22	)			958				959			—
Senior and subordinated notes			540				596				591				606				608			(9	)		(11	)			2,333				2,204			6
Other borrowings			12				9				11				10				10			33			20				42				45			(7	)
Total interest expense			3,619				3,784				3,734				3,689				3,626			(4	)		—				14,826				12,697			17
Net interest income			8,098				8,076				7,546				7,488				7,519			—			8				31,208				29,241			7
Provision for credit losses			2,642				2,482				3,909				2,683				2,857			6			(8	)			11,716				10,426			12
Net interest income after provision for credit losses			5,456				5,594				3,637				4,805				4,662			(2	)		17				19,492				18,815			4
Non-interest income:
Interchange fees, net			1,260				1,228				1,249				1,145				1,207			3			4				4,882				4,793			2
Service charges and other customer-related fees			554				501				459				462				424			11			31				1,976				1,667			19
Net securities gains (losses)			—				(35	)			—				—				(34	)		**			**				(35	)			(34	)		3
Other			278				244				252				307				390			14			(29	)			1,081				1,120			(3	)
Total non-interest income			2,092				1,938				1,960				1,914				1,987			8			5				7,904				7,546			5
Non-interest expense:
Salaries and associate benefits			2,329				2,391				2,200				2,478				2,284			(3	)		2				9,398				9,302			1
Occupancy and equipment			674				587				551				554				628			15			7				2,366				2,160			10
Marketing			1,375				1,113				1,064				1,010				1,254			24			10				4,562				4,009			14
Professional services			630				402				316				262				359			57			75				1,610				1,268			27
Communications and data processing			398				358				355				351				345			11			15				1,462				1,383			6
Amortization of intangibles			19				20				19				19				22			(5	)		(14	)			77				82			(6	)
Other			664				443				441				463				825			50			(20	)			2,011				2,112			(5	)
Total non-interest expense			6,089				5,314				4,946				5,137				5,717			15			7				21,486				20,316			6
Income from continuing operations before income taxes			1,459				2,218				651				1,582				932			(34	)		57				5,910				6,045			(2	)
Income tax provision			366				441				54				302				226			(17	)		62				1,163				1,158			—
Income from continuing operations, net of tax			1,093				1,777				597				1,280				706			(38	)		55				4,747				4,887			(3	)
Income from discontinued operations, net of tax			3				—				—				—				—			**			**				3				—			**
Net income			1,096				1,777				597				1,280				706			(38	)		55				4,750				4,887			(3	)
Dividends and undistributed earnings allocated to participating securities(2)			(17	)			(28	)			(9	)			(23	)			(10	)		(39	)		70				(77	)			(77	)		—
Preferred stock dividends			(57	)			(57	)			(57	)			(57	)			(57	)		—			—				(228	)			(228	)		—
Net income available to common stockholders		$	1,022			$	1,692			$	531			$	1,200			$	639			(40	)		60			$	4,445			$	4,582			(3	)
																						2024 Q4						Year Ended December 31,
		2024				2024				2024				2024				2023				2024			2023											2024 vs.
		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Basic earnings per common share:(2)
Net income from continuing operations		$	2.66			$	4.42			$	1.39			$	3.14			$	1.67			(40	)%		59	%		$	11.60			$	11.98			(3	)%
Income from discontinued operations			0.01				—				—				—				—			**			**				0.01				—			**
Net income per basic common share		$	2.67			$	4.42			$	1.39			$	3.14			$	1.67			(40	)		60			$	11.61			$	11.98			(3	)
Diluted earnings per common share:(2)
Net income from continuing operations		$	2.66			$	4.41			$	1.38			$	3.13			$	1.67			(40	)%		59	%		$	11.58				11.95			(3	)%
Income from discontinued operations			0.01				—				—				—				—			**			**				0.01				—			**
Net income per diluted common share		$	2.67			$	4.41			$	1.38			$	3.13			$	1.67			(39	)		60			$	11.59			$	11.95			(3	)
Weighted-average common shares outstanding (in millions):
Basic common shares			382.4				383.0				383.1				382.2				381.9			—			—				382.7				382.4			—
Diluted common shares			383.4				383.7				383.9				383.4				382.8			—			—				383.6				383.4			—

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 4: Consolidated Balance Sheets
																						2024 Q4
		2024				2024				2024				2024				2023				2024			2023
(Dollars in millions)		Q4				Q3				Q2				Q1				Q4				Q3			Q4
Assets:
Cash and cash equivalents:
Cash and due from banks		$	3,028			$	3,976			$	5,298			$	4,671			$	4,903			(24	)%		(38	)%
Interest-bearing deposits and other short-term investments			40,202				45,322				40,116				46,357				38,394			(11	)		5
Total cash and cash equivalents			43,230				49,298				45,414				51,028				43,297			(12	)		—
Restricted cash for securitization investors			441				421				2,415				474				458			5			(4	)
Securities available for sale			83,013				83,500				79,250				78,398				79,117			(1	)		5
Loans held for investment:
Unsecuritized loans held for investment			298,241				292,061				289,124				285,577				289,229			2			3
Loans held in consolidated trusts			29,534				28,182				29,062				29,577				31,243			5			(5	)
Total loans held for investment			327,775				320,243				318,186				315,154				320,472			2			2
Allowance for credit losses			(16,258	)			(16,534	)			(16,649	)			(15,380	)			(15,296	)		(2	)		6
Net loans held for investment			311,517				303,709				301,537				299,774				305,176			3			2
Loans held for sale			202				96				808				1,631				854			110			(76	)
Premises and equipment, net			4,511				4,440				4,396				4,366				4,375			2			3
Interest receivable			2,532				2,577				2,494				2,514				2,478			(2	)		2
Goodwill			15,059				15,083				15,062				15,062				15,065			—			—
Other assets			29,639				27,309				28,642				28,473				27,644			9			7
Total assets		$	490,144			$	486,433			$	480,018			$	481,720			$	478,464			1			2
																						2024 Q4
		2024				2024				2024				2024				2023				2024			2023
(Dollars in millions)		Q4				Q3				Q2				Q1				Q4				Q3			Q4
Liabilities:
Interest payable		$	666			$	705			$	668			$	762			$	649			(6	)%		3	%
Deposits:
Non-interest-bearing deposits			26,122				26,378				27,005				27,617				28,024			(1	)		(7	)
Interest-bearing deposits			336,585				327,253				324,437				323,352				320,389			3			5
Total deposits			362,707				353,631				351,442				350,969				348,413			3			4
Securitized debt obligations			14,264				15,881				17,291				17,661				18,043			(10	)		(21	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase			562				520				715				568				538			8			4
Senior and subordinated notes			30,696				32,911				29,925				32,108				31,248			(7	)		(2	)
Other borrowings			29				24				25				24				27			21			7
Total other debt			31,287				33,455				30,665				32,700				31,813			(6	)		(2	)
Other liabilities			20,436				19,836				21,971				21,827				21,457			3			(5	)
Total liabilities			429,360				423,508				422,037				423,919				420,375			1			2
Stockholders’ equity:
Preferred stock			0				0				0				0				0			—			—
Common stock			7				7				7				7				7			—			—
Additional paid-in capital, net			36,428				36,216				36,012				35,808				35,541			1			2
Retained earnings			64,505				63,698				62,211				61,905				60,945			1			6
Accumulated other comprehensive loss			(9,286	)			(6,287	)			(9,701	)			(9,534	)			(8,268	)		48			12
Treasury stock, at cost			(30,870	)			(30,709	)			(30,548	)			(30,385	)			(30,136	)		1			2
Total stockholders’ equity			60,784				62,925				57,981				57,801				58,089			(3	)		5
Total liabilities and stockholders’ equity		$	490,144			$	486,433			$	480,018			$	481,720			$	478,464			1			2

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
(1)		Total net revenue was reduced by $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024 and $566 million in Q4 2023 for credit card finance charges and fees charged-off as uncollectible.
(2)		Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(3)		Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(4)		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(5)		Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
(6)		Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(7)		Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(8)		Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(9)		Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(10)		Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)		Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(12)		Capital ratios as of the end of Q4 2024 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.
(13)		TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
**		Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 6: Average Balances, Net Interest Income and Net Interest Margin
		2024 Q4									2024 Q3									2023 Q4
(Dollars in millions, except as noted)		Average Balance			Interest Income/ Expense			Yield/Rate(1)			Average Balance			Interest Income/ Expense			Yield/Rate(1)			Average Balance			Interest Income/ Expense			Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale		$	322,231		$	10,434		12.95	%		$	318,715		$	10,547		13.24	%		$	316,670		$	9,934		12.55	%
Investment securities			92,248			753		3.26				90,644			733		3.24				88,650			669		3.02
Cash equivalents and other			46,161			530		4.59				45,125			580		5.14				41,609			542		5.21
Total interest-earning assets		$	460,640		$	11,717		10.17			$	454,484		$	11,860		10.44			$	446,929		$	11,145		9.97
Interest-bearing liabilities:
Interest-bearing deposits		$	331,564		$	2,862		3.45			$	324,509		$	2,945		3.63			$	316,808		$	2,745		3.47
Securitized debt obligations			14,931			205		5.47				15,833			234		5.93				18,022			263		5.84
Senior and subordinated notes			30,888			540		7.00				32,041			596		7.43				32,586			608		7.46
Other borrowings and liabilities(2)			2,434			12		1.85				2,389			9		1.50				2,349			10		1.74
Total interest-bearing liabilities		$	379,817		$	3,619		3.81			$	374,772		$	3,784		4.04			$	369,765		$	3,626		3.92
Net interest income/spread					$	8,098		6.36						$	8,076		6.40						$	7,519		6.05
Impact of non-interest-bearing funding								0.67									0.71									0.68
Net interest margin(3)								7.03	%								7.11	%								6.73	%

		Year Ended December 31,
		2024									2023
(Dollars in millions, except as noted)		Average Balance			Interest Income/ Expense			Yield/Rate(1)			Average Balance			Interest Income/ Expense			Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale		$	318,096		$	40,894		12.86	%		$	312,173		$	37,410		11.98	%
Investment securities			90,250			2,873		3.18				89,105			2,550		2.86
Cash equivalents and other			45,135			2,267		5.02				39,960			1,978		4.95
Total interest-earning assets		$	453,481		$	46,034		10.15			$	441,238		$	41,938		9.50
Interest-bearing liabilities:
Interest-bearing deposits		$	324,297		$	11,493		3.54			$	313,737		$	9,489		3.02
Securitized debt obligations			16,507			958		5.80				17,675			959		5.42
Senior and subordinated notes			31,529			2,333		7.40				31,109			2,204		7.08
Other borrowings and liabilities(2)			2,424			42		1.71				2,394			45		1.89
Total interest-bearing liabilities		$	374,757		$	14,826		3.96			$	364,915		$	12,697		3.48
Net interest income/spread					$	31,208		6.20						$	29,241		6.03
Impact of non-interest-bearing funding								0.68									0.60
Net interest margin								6.88	%								6.63	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 7: Loan Information and Performance Statistics
																	2024 Q4						Year Ended December 31,
		2024			2024			2024			2024			2023			2024			2023			2024			2023			2024 vs. 2023
(Dollars in millions, except as noted)		Q4			Q3			Q2			Q1			Q4			Q3			Q4
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card		$	155,618		$	149,400		$	147,065		$	143,861		$	147,666		4	%		5	%		$	155,618		$	147,666		5	%
International card businesses			6,890			7,251			6,830			6,733			6,881		(5	)		—				6,890			6,881		—
Total credit card			162,508			156,651			153,895			150,594			154,547		4			5				162,508			154,547		5
Consumer banking:
Auto			76,829			75,505			74,385			73,801			74,075		2			4				76,829			74,075		4
Retail banking			1,263			1,253			1,278			1,298			1,362		1			(7	)			1,263			1,362		(7	)
Total consumer banking			78,092			76,758			75,663			75,099			75,437		2			4				78,092			75,437		4
Commercial banking:
Commercial and multifamily real estate			31,903			32,199			32,832			34,272			34,446		(1	)		(7	)			31,903			34,446		(7	)
Commercial and industrial			55,272			54,635			55,796			55,189			56,042		1			(1	)			55,272			56,042		(1	)
Total commercial banking			87,175			86,834			88,628			89,461			90,488		—			(4	)			87,175			90,488		(4	)
Total loans held for investment		$	327,775		$	320,243		$	318,186		$	315,154		$	320,472		2			2			$	327,775		$	320,472		2
Loans Held for Investment (Average)
Credit card:
Domestic credit card		$	150,290		$	147,021		$	143,744		$	142,887		$	142,112		2	%		6	%		$	146,000		$	135,213		8	%
International card businesses			7,036			6,951			6,723			6,758			6,515		1			8				6,868			6,359		8
Total credit card			157,326			153,972			150,467			149,645			148,627		2			6				152,868			141,572		8
Consumer banking:
Auto			75,968			74,920			74,098			73,768			74,861		1			1				74,692			76,067		(2	)
Retail banking			1,253			1,262			1,288			1,324			1,377		(1	)		(9	)			1,281			1,446		(11	)
Total consumer banking			77,221			76,182			75,386			75,092			76,238		1			1				75,973			77,513		(2	)
Commercial banking:
Commercial and multifamily real estate			32,058			32,416			33,801			34,310			35,414		(1	)		(9	)			33,141			36,448		(9	)
Commercial and industrial			55,266			55,685			55,234			55,567			55,611		(1	)		(1	)			55,439			56,008		(1	)
Total commercial banking			87,324			88,101			89,035			89,877			91,025		(1	)		(4	)			88,580			92,456		(4	)
Total average loans held for investment		$	321,871		$	318,255		$	314,888		$	314,614		$	315,890		1			2			$	317,421		$	311,541		2

																	2024 Q4						Year Ended December 31,
		2024			2024			2024			2024			2023			2024			2023			2024			2023			2024 vs. 2023
		Q4			Q3			Q2			Q1			Q4			Q3			Q4
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(4)(5)		6.06	%		5.61	%		6.05	%		5.94	%		5.35	%		45	bps		71	bps		5.91	%		4.56	%		135	bps
International card businesses		5.17			5.23			5.03			5.16			4.94			(6	)		23			5.15			4.84			31
Total credit card		6.02			5.60			6.00			5.90			5.33			42			69			5.88			4.57			131
Consumer banking:
Auto		2.32			2.05			1.81			1.99			2.19			27			13			2.05			1.72			33
Retail banking		5.63			5.43			5.38			4.04			5.68			20			(5	)		5.11			3.89			122
Total consumer banking		2.38			2.11			1.87			2.03			2.25			27			13			2.10			1.76			34
Commercial banking:
Commercial and multifamily real estate		0.50			0.26			0.11			0.20			0.96			24			(46	)		0.26			1.34			(108	)
Commercial and industrial		0.13			0.20			0.17			0.08			0.26			(7	)		(13	)		0.15			0.16			(1	)
Total commercial banking		0.26			0.22			0.15			0.13			0.53			4			(27	)		0.19			0.62			(43	)
Total net charge-offs		3.59			3.27			3.36			3.33			3.21			32			38			3.39			2.70			69
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card		4.53	%		4.53	%		4.14	%		4.48	%		4.61	%		—			(8	) bps		4.53	%		4.61	%		(8	) bps
International card businesses		4.52			4.53			4.63			4.83			4.67			(1	) bps		(15	)		4.52			4.67			(15	)
Total credit card		4.53			4.53			4.16			4.50			4.61			—			(8	)		4.53			4.61			(8	)
Consumer banking:
Auto		5.95			5.61			5.67			5.28			6.34			34			(39	)		5.95			6.34			(39	)
Retail banking		1.12			0.95			1.57			0.95			1.19			17			(7	)		1.12			1.19			(7	)
Total consumer banking		5.87			5.53			5.60			5.21			6.25			34			(38	)		5.87			6.25			(38	)
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
International card businesses		0.15	%		0.15	%		0.15	%		0.13	%		0.13	%		—			2	bps		0.15	%		0.13	%		2	bps
Total credit card		0.01			0.01			0.01			0.01			0.01			—			—			0.01			0.01			—
Consumer banking:
Auto		0.98			0.91			0.88			0.79			0.96			7	bps		2			0.98			0.96			2
Retail banking		1.94			2.19			2.81			3.21			3.36			(25	)		(142	)		1.94			3.36			(142	)
Total consumer banking		0.99			0.93			0.92			0.83			1.00			6			(1	)		0.99			1.00			(1	)
Commercial banking:
Commercial and multifamily real estate		1.60			1.96			1.28			1.58			1.23			(36	)		37			1.60			1.23			37
Commercial and industrial		1.27			1.32			1.56			1.10			0.60			(5	)		67			1.27			0.60			67
Total commercial banking		1.39			1.55			1.46			1.28			0.84			(16	)		55			1.39			0.84			55
Total nonperforming loans		0.61			0.65			0.63			0.57			0.48			(4	)		13			0.61			0.48			13
Total nonperforming assets		0.63			0.67			0.64			0.58			0.50			(4	)		13			0.63			0.50			13

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
		Three Months Ended December 31, 2024
		Credit Card												Consumer Banking
(Dollars in millions)		Domestic Card				International Card Businesses				Total Credit Card				Auto				Retail Banking				Total Consumer Banking				Commercial Banking				Total
Allowance for credit losses:
Balance as of September 30, 2024		$	12,494			$	495			$	12,989			$	1,988			$	27			$	2,015			$	1,530			$	16,534
Charge-offs			(2,737	)			(128	)			(2,865	)			(733	)			(22	)			(755	)			(68	)			(3,688	)
Recoveries			459				38				497				291				5				296				11				804
Net charge-offs			(2,278	)			(90	)			(2,368	)			(442	)			(17	)			(459	)			(57	)			(2,884	)
Provision (benefit) for credit losses			2,278				106				2,384				313				15				328				(73	)			2,639
Allowance build (release) for credit losses			—				16				16				(129	)			(2	)			(131	)			(130	)			(245	)
Other changes(8)			—				(31	)			(31	)			—				—				—				—				(31	)
Balance as of December 31, 2024			12,494				480				12,974				1,859				25				1,884				1,400				16,258
Reserve for unfunded lending commitments:
Balance as of September 30, 2024			—				—				—				—				—				—				142				142
Provision (benefit) for losses on unfunded lending commitments			—				—				—				—				—				—				1				1
Balance as of December 31, 2024			—				—				—				—				—				—				143				143
Combined allowance and reserve as of December 31, 2024		$	12,494			$	480			$	12,974			$	1,859			$	25			$	1,884			$	1,543			$	16,401

		Year Ended December 31, 2024
		Credit Card												Consumer Banking
(Dollars in millions)		Domestic Card				International Card Businesses				Total Credit Card				Auto				Retail Banking				Total Consumer Banking				Commercial Banking				Total
Allowance for credit losses:
Balance as of December 31, 2023		$	11,261			$	448			$	11,709			$	2,002			$	40			$	2,042			$	1,545			$	15,296
Charge-offs			(10,246	)			(511	)			(10,757	)			(2,674	)			(84	)			(2,758	)			(234	)			(13,749	)
Recoveries			1,612				158				1,770				1,146				19				1,165				66				3,001
Net charge-offs			(8,634	)			(353	)			(8,987	)			(1,528	)			(65	)			(1,593	)			(168	)			(10,748	)
Provision for credit losses			9,867				405				10,272				1,385				50				1,435				23				11,730
Allowance build (release) for credit losses(9)			1,233				52				1,285				(143	)			(15	)			(158	)			(145	)			982
Other changes(8)			—				(20	)			(20	)			—				—				—				—				(20	)
Balance as of December 31, 2024			12,494				480				12,974				1,859				25				1,884				1,400				16,258
Reserve for unfunded lending commitments:
Balance as of December 31, 2023			—				—				—				—				—				—				158				158
Provision (benefit) for losses on unfunded lending commitments			—				—				—				—				—				—				(15	)			(15	)
Balance as of December 31, 2024			—				—				—				—				—				—				143				143
Combined allowance and reserve as of December 31, 2024		$	12,494			$	480			$	12,974			$	1,859			$	25			$	1,884			$	1,543			$	16,401

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 9: Financial Summary—Business Segment Results
		Three Months Ended December 31, 2024																	Year Ended December 31, 2024
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(10)				Other(10)				Total			Credit Card			Consumer Banking			Commercial Banking(10)			Other(10)				Total
Net interest income (loss)		$	5,779		$	1,959		$	587			$	(227	)		$	8,098		$	22,088		$	8,023		$	2,391		$	(1,294	)		$	31,208
Non-interest income (loss)			1,585			182			366				(41	)			2,092			6,076			695			1,210			(77	)			7,904
Total net revenue (loss)			7,364			2,141			953				(268	)			10,190			28,164			8,718			3,601			(1,371	)			39,112
Provision (benefit) for credit losses			2,384			328			(72	)			2				2,642			10,272			1,435			8			1				11,716
Non-interest expense			3,846			1,545			518				180				6,089			13,576			5,372			2,011			527				21,486
Income (loss) from continuing operations before income taxes			1,134			268			507				(450	)			1,459			4,316			1,911			1,582			(1,899	)			5,910
Income tax provision (benefit)			268			63			119				(84	)			366			1,024			451			373			(685	)			1,163
Income (loss) from continuing operations, net of tax		$	866		$	205		$	388			$	(366	)		$	1,093		$	3,292		$	1,460		$	1,209		$	(1,214	)		$	4,747
		Three Months Ended September 30, 2024
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(10)				Other(10)				Total
Net interest income (loss)		$	5,743		$	2,028		$	596			$	(291	)		$	8,076
Non-interest income (loss)			1,509			182			292				(45	)			1,938
Total net revenue (loss)			7,252			2,210			888				(336	)			10,014
Provision (benefit) for credit losses			2,084			351			48				(1	)			2,482
Non-interest expense			3,367			1,331			495				121				5,314
Income (loss) from continuing operations before income taxes			1,801			528			345				(456	)			2,218
Income tax provision (benefit)			427			125			82				(193	)			441
Income (loss) from continuing operations, net of tax		$	1,374		$	403		$	263			$	(263	)		$	1,777
		Three Months Ended December 31, 2023																	Year Ended December 31, 2023
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(10)				Other(10)				Total			Credit Card			Consumer Banking			Commercial Banking(10)			Other(10)				Total
Net interest income (loss)		$	5,231		$	1,951		$	617			$	(280	)		$	7,519		$	19,729		$	8,713		$	2,518		$	(1,719	)		$	29,241
Non-interest income			1,565			163			245				14				1,987			5,940			589			1,002			15				7,546
Total net revenue (loss)			6,796			2,114			862				(266	)			9,506			25,669			9,302			3,520			(1,704	)			36,787
Provision (benefit) for credit losses			2,353			422			84				(2	)			2,857			8,651			1,169			605			1				10,426
Non-interest expense			3,417			1,402			487				411				5,717			12,490			5,178			2,011			637				20,316
Income (loss) from continuing operations before income taxes			1,026			290			291				(675	)			932			4,528			2,955			904			(2,342	)			6,045
Income tax provision (benefit)			241			68			68				(151	)			226			1,071			697			213			(823	)			1,158
Income (loss) from continuing operations, net of tax		$	785		$	222		$	223			$	(524	)		$	706		$	3,457		$	2,258		$	691		$	(1,519	)		$	4,887

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 10: Financial & Statistical Summary—Credit Card Business
																						2024 Q4 vs.						Year Ended December 31,
		2024				2024				2024				2024				2023				2024			2023											2024 vs.
(Dollars in millions, except as noted)		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Credit Card
Earnings:
Net interest income		$	5,779			$	5,743			$	5,294			$	5,272			$	5,231			1	%		10	%		$	22,088			$	19,729			12	%
Non-interest income			1,585				1,509				1,506				1,476				1,565			5			1				6,076				5,940			2
Total net revenue			7,364				7,252				6,800				6,748				6,796			2			8				28,164				25,669			10
Provision for credit losses			2,384				2,084				3,545				2,259				2,353			14			1				10,272				8,651			19
Non-interest expense			3,846				3,367				3,134				3,229				3,417			14			13				13,576				12,490			9
Income from continuing operations before income taxes			1,134				1,801				121				1,260				1,026			(37	)		11				4,316				4,528			(5	)
Income tax provision			268				427				30				299				241			(37	)		11				1,024				1,071			(4	)
Income from continuing operations, net of tax		$	866			$	1,374			$	91			$	961			$	785			(37	)		10			$	3,292			$	3,457			(5	)
Selected performance metrics:
Period-end loans held for investment		$	162,508			$	156,651			$	153,895			$	150,594			$	154,547			4			5			$	162,508			$	154,547			5
Average loans held for investment			157,326				153,972				150,467				149,645				148,627			2			6				152,868				141,572			8
Average yield on loans outstanding(1)			19.05	%			19.66	%			18.79	%			18.84	%			18.96	%		(61	) bps		9	bps			19.09	%			18.54	%		55	bps
Total net revenue margin(11)			18.72				18.82				18.03				17.99				18.24			(10	)		48				18.39				18.12			27
Net charge-off rate			6.02				5.60				6.00				5.90				5.33			42			69				5.88				4.57			131
30+ day performing delinquency rate			4.53				4.53				4.16				4.50				4.61			—			(8	)			4.53				4.61			(8	)
30+ day delinquency rate			4.54				4.54				4.17				4.50				4.62			—			(8	)			4.54				4.62			(8	)
Nonperforming loan rate(6)			0.01				0.01				0.01				0.01				0.01			—			—				0.01				0.01			—
Purchase volume(12)		$	172,919			$	166,203			$	165,143			$	150,171			$	162,055			4	%		7	%		$	654,436			$	620,290			6	%
																						2024 Q4 vs.						Year Ended December 31,
		2024				2024				2024				2024				2023				2024			2023											2024 vs.
(Dollars in millions, except as noted)		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Domestic Card
Earnings:
Net interest income		$	5,474			$	5,434			$	5,001			$	4,972			$	4,940			1	%		11	%		$	20,881			$	18,610			12	%
Non-interest income			1,522				1,438				1,440				1,411				1,498			6			2				5,811				5,672			2
Total net revenue(13)			6,996				6,872				6,441				6,383				6,438			2			9				26,692				24,282			10
Provision for credit losses			2,278				1,997				3,435				2,157				2,238			14			2				9,867				8,268			19
Non-interest expense			3,607				3,149				2,946				3,025				3,186			15			13				12,727				11,648			9
Income from continuing operations before income taxes			1,111				1,726				60				1,201				1,014			(36	)		10				4,098				4,366			(6	)
Income tax provision			262				407				15				283				239			(36	)		10				967				1,030			(6	)
Income from continuing operations, net of tax		$	849			$	1,319			$	45			$	918			$	775			(36	)		10			$	3,131			$	3,336			(6	)
Selected performance metrics:
Period-end loans held for investment		$	155,618			$	149,400			$	147,065			$	143,861			$	147,666			4			5			$	155,618			$	147,666			5
Average loans held for investment			150,290				147,021				143,744				142,887				142,112			2			6				146,000				135,213			8
Average yield on loans outstanding(1)			19.00	%			19.62	%			18.73	%			18.76	%			18.88	%		(62	) bps		12	bps			19.03	%			18.46	%		57	bps
Total net revenue margin(11)(13)			18.62				18.67				17.87				17.82				18.07			(5	)		55				18.25				17.94			31
Net charge-off rate(4)(5)			6.06				5.61				6.05				5.94				5.35			45			71				5.91				4.56			135
30+ day performing delinquency rate			4.53				4.53				4.14				4.48				4.61			—			(8	)			4.53				4.61			(8	)
Purchase volume(12)		$	168,994			$	162,281			$	161,370			$	146,696			$	158,290			4	%		7	%		$	639,341			$	605,664			6	%
Refreshed FICO scores:(14)
Greater than 660			69	%			69	%			69	%			68	%			68	%		—			1				69	%			68	%		1
660 or below			31				31				31				32				32			—			(1	)			31				32			(1	)
Total			100	%			100	%			100	%			100	%			100	%									100	%			100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 11: Financial & Statistical Summary—Consumer Banking Business
																						2024 Q4 vs.						Year Ended December 31,
		2024				2024				2024				2024				2023				2024			2023											2024 vs.
(Dollars in millions, except as noted)		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Consumer Banking
Earnings:
Net interest income		$	1,959			$	2,028			$	2,025			$	2,011			$	1,951			(3	)%		—			$	8,023			$	8,713			(8	)%
Non-interest income			182				182				172				159				163			—			12	%			695				589			18
Total net revenue			2,141				2,210				2,197				2,170				2,114			(3	)		1				8,718				9,302			(6	)
Provision for credit losses			328				351				330				426				422			(7	)		(22	)			1,435				1,169			23
Non-interest expense			1,545				1,331				1,250				1,246				1,402			16			10				5,372				5,178			4
Income from continuing operations before income taxes			268				528				617				498				290			(49	)		(8	)			1,911				2,955			(35	)
Income tax provision			63				125				146				117				68			(50	)		(7	)			451				697			(35	)
Income from continuing operations, net of tax		$	205			$	403			$	471			$	381			$	222			(49	)		(8	)		$	1,460			$	2,258			(35	)
Selected performance metrics:
Period-end loans held for investment		$	78,092			$	76,758			$	75,663			$	75,099			$	75,437			2			4			$	78,092			$	75,437			4
Average loans held for investment			77,221				76,182				75,386				75,092				76,238			1			1				75,973				77,513			(2	)
Average yield on loans held for investment(1)			9.04	%			8.88	%			8.54	%			8.33	%			8.17	%		16	bps		87	bps			8.70	%			7.79	%		91	bps
Auto loan originations		$	9,399			$	9,158			$	8,463			$	7,522			$	6,157			3	%		53	%		$	34,542			$	26,980			28	%
Period-end deposits			318,329				309,569				305,422				300,806				296,171			3			7				318,329				296,171			7
Average deposits			313,992				306,121				300,794				294,448				291,486			3			8				303,873				285,880			6
Average deposits interest rate			3.21	%			3.33	%			3.22	%			3.15	%			3.06	%		(12	) bps		15	bps			3.23	%			2.59	%		64	bps
Net charge-off rate			2.38				2.11				1.87				2.03				2.25			27			13				2.10				1.76			34
30+ day performing delinquency rate			5.87				5.53				5.60				5.21				6.25			34			(38	)			5.87				6.25			(38	)
30+ day delinquency rate			6.73				6.31				6.35				5.86				7.08			42			(35	)			6.73				7.08			(35	)
Nonperforming loan rate(6)			0.99				0.93				0.92				0.83				1.00			6			(1	)			0.99				1.00			(1	)
Nonperforming asset rate(7)			1.08				1.01				0.99				0.91				1.09			7			(1	)			1.08				1.09			(1	)
Auto—At origination FICO scores:(15)
Greater than 660			54	%			53	%			53	%			53	%			53	%		1	%		1	%			54	%			53	%		1	%
621 - 660			19				20				20				20				20			(1	)		(1	)			19				20			(1	)
620 or below			27				27				27				27				27			—			—				27				27			—
Total			100	%			100	%			100	%			100	%			100	%									100	%			100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 12: Financial & Statistical Summary—Commercial Banking Business
																						2024 Q4 vs.						Year Ended December 31,
		2024				2024				2024				2024				2023				2024			2023											2024 vs.
(Dollars in millions, except as noted)		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Commercial Banking
Earnings:
Net interest income		$	587			$	596			$	609			$	599			$	617			(2	)%		(5	)%		$	2,391			$	2,518			(5	)%
Non-interest income			366				292				271				281				245			25			49				1,210				1,002			21
Total net revenue(10)			953				888				880				880				862			7			11				3,601				3,520			2
Provision (benefit) for credit losses			(72	)			48				34				(2	)			84			**			**				8				605			(99	)
Non-interest expense			518				495				483				515				487			5			6				2,011				2,011			—
Income from continuing operations before income taxes			507				345				363				367				291			47			74				1,582				904			75
Income tax provision			119				82				85				87				68			45			75				373				213			75
Income from continuing operations, net of tax		$	388			$	263			$	278			$	280			$	223			48			74			$	1,209			$	691			75
Selected performance metrics:
Period-end loans held for investment		$	87,175			$	86,834			$	88,628			$	89,461			$	90,488			—			(4	)		$	87,175			$	90,488			(4	)
Average loans held for investment			87,324				88,101				89,035				89,877				91,025			(1	)		(4	)			88,580				92,456			(4	)
Average yield on loans held for investment(1)(10)			6.72	%			7.25	%			7.23	%			7.14	%			7.24	%		(53	) bps		(52	) bps			7.09	%			6.86	%		23	bps
Period-end deposits		$	31,691			$	30,598			$	29,210			$	31,082			$	32,712			4	%		(3	)%		$	31,691			$	32,712			(3	)%
Average deposits			31,545				30,365				30,810				31,844				34,525			4			(9	)			31,140				37,411			(17	)
Average deposits interest rate			2.28	%			2.55	%			2.55	%			2.65	%			2.79	%		(27	) bps		(51	) bps			2.51	%			2.68	%		(17	) bps
Net charge-off rate			0.26				0.22				0.15				0.13				0.53			4			(27	)			0.19				0.62			(43	)
Nonperforming loan rate(6)			1.39				1.55				1.46				1.28				0.84			(16	)		55				1.39				0.84			55
Nonperforming asset rate(7)			1.39				1.55				1.46				1.28				0.84			(16	)		55				1.39				0.84			55
Risk category:(16)
Noncriticized		$	80,431			$	78,835			$	79,695			$	80,804			$	81,758			2	%		(2	)%		$	80,431			$	81,758			(2	)%
Criticized performing			5,534				6,651				7,639				7,509				7,969			(17	)		(31	)			5,534				7,969			(31	)
Criticized nonperforming			1,210				1,348				1,294				1,148				761			(10	)		59				1,210				761			59
Total commercial banking loans held for investment		$	87,175			$	86,834			$	88,628			$	89,461			$	90,488			—			(4	)		$	87,175			$	90,488			(4	)
Risk category as a percentage of period-end loans held for investment:(16)
Noncriticized			92.26	%			90.79	%			89.92	%			90.33	%			90.35	%		147	bps		191	bps			92.26	%			90.35	%		191	bps
Criticized performing			6.35				7.66				8.62				8.39				8.81			(131	)		(246	)			6.35				8.81			(246	)
Criticized nonperforming			1.39				1.55				1.46				1.28				0.84			(16	)		55				1.39				0.84			55
Total commercial banking loans			100.00	%			100.00	%			100.00	%			100.00	%			100.00	%									100.00	%			100.00	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 13: Financial & Statistical Summary—Other and Total
																						2024 Q4 vs.						Year Ended December 31,
		2024				2024				2024				2024				2023				2024			2023											2024 vs.
(Dollars in millions)		Q4				Q3				Q2				Q1				Q4				Q3			Q4			2024				2023				2023
Other
Earnings:
Net interest loss		$	(227	)		$	(291	)		$	(382	)		$	(394	)		$	(280	)		(22	)%		(19	)%		$	(1,294	)		$	(1,719	)		(25	)%
Non-interest income (loss)			(41	)			(45	)			11				(2	)			14			(9	)		**				(77	)			15			**
Total net loss(10)			(268	)			(336	)			(371	)			(396	)			(266	)		(20	)		1				(1,371	)			(1,704	)		(20	)
Provision (benefit) for credit losses			2				(1	)			—				—				(2	)		**			**				1				1			—
Non-interest expense(17)(18)			180				121				79				147				411			49			(56	)			527				637			(17	)
Loss from continuing operations before income taxes			(450	)			(456	)			(450	)			(543	)			(675	)		(1	)		(33	)			(1,899	)			(2,342	)		(19	)
Income tax benefit			(84	)			(193	)			(207	)			(201	)			(151	)		(56	)		(44	)			(685	)			(823	)		(17	)
Loss from continuing operations, net of tax		$	(366	)		$	(263	)		$	(243	)		$	(342	)		$	(524	)		39			(30	)		$	(1,214	)		$	(1,519	)		(20	)
Selected performance metrics:
Period-end deposits		$	12,687			$	13,464			$	16,810			$	19,081			$	19,530			(6	)		(35	)		$	12,687			$	19,530			(35	)
Average deposits			12,786				14,639				17,884				19,365				19,317			(13	)		(34	)			16,155				20,263			(20	)
Total
Earnings:
Net interest income		$	8,098			$	8,076			$	7,546			$	7,488			$	7,519			—			8	%		$	31,208			$	29,241			7	%
Non-interest income			2,092				1,938				1,960				1,914				1,987			8	%		5				7,904				7,546			5
Total net revenue			10,190				10,014				9,506				9,402				9,506			2			7				39,112				36,787			6
Provision for credit losses			2,642				2,482				3,909				2,683				2,857			6			(8	)			11,716				10,426			12
Non-interest expense			6,089				5,314				4,946				5,137				5,717			15			7				21,486				20,316			6
Income from continuing operations before income taxes			1,459				2,218				651				1,582				932			(34	)		57				5,910				6,045			(2	)
Income tax provision			366				441				54				302				226			(17	)		62				1,163				1,158			—
Income from continuing operations, net of tax		$	1,093			$	1,777			$	597			$	1,280			$	706			(38	)		55			$	4,747			$	4,887			(3	)
Selected performance metrics:
Period-end loans held for investment		$	327,775			$	320,243			$	318,186			$	315,154			$	320,472			2			2			$	327,775			$	320,472			2
Average loans held for investment			321,871				318,255				314,888				314,614				315,890			1			2				317,421				311,541			2
Period-end deposits			362,707				353,631				351,442				350,969				348,413			3			4				362,707				348,413			4
Average deposits			358,323				351,125				349,488				345,657				345,328			2			4				351,168				343,554			2

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)
(1)		Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Annualized interest income does not include any allocations, such as funds transfer pricing. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.
(2)		Includes amounts related to entities that provide capital to low-income and rural communities of $2.0 billion in Q4 2024, $2.0 billion in Q3 2024 and $1.9 billion in Q4 2023 and $2.0 billion and $1.8 billion in the twelve months ended 2024 and 2023, respectively. Related interest expense was $8 million in Q4 2024, $7 million in Q3 2024 and $7 million in Q4 2023, respectively, and $31 million and $32 million for the twelve months ended 2024 and 2023, respectively.
(3)		The termination of our Walmart program agreement, effective May 21, 2024 (“Walmart Program Termination”) increased net interest margin by 21 basis points in Q4 2024 and 22 basis points in Q3 2024, respectively. Excluding this impact, the net interest margin would have been 6.82% in Q4 2024 and 6.89% in Q3 2024.
(4)		The Walmart Program Termination increased the Domestic Card net charge-off rate by 40 basis points, 38 basis points and 19 basis points for Q4 2024, Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.66%, 5.23% and 5.86% for Q4 2024, Q3 2024 and Q2 2024, respectively.
(5)		In December 2023, we recognized $18 million of incremental net charge-offs on certain loans in hardship programs from the one-time impact of operational delays, which increased the Q4 2023 net charge-off rate by approximately 5 basis points. Excluding this impact, the Q4 2023 net charge-off rate would have been 5.30%.
(6)		Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(7)		Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(8)		Primarily represents foreign currency translation adjustments.
(9)		The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in Q2 2024.
(10)		Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
(11)		Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(12)		Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(13)		The Walmart Program Termination increased Domestic Card net revenue margin by 55 basis points in Q4 2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024. Excluding this impact, the Domestic Card net revenue margin would have been 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2 2024.
(14)		Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.
(15)		Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
(16)		Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(17)		Includes the impact of ($9 million), $8 million, $42 million and $289 million FDIC special assessment in Q3 2024, Q2 2024, Q1 2024 and Q4 2023, respectively.
(18)		Includes the impact of $140 million, $63 million and $31 million in Discover integration expenses in Q4 2024, Q3 2024 and Q2 2024, respectively, as well as any charges incurred as a result of restructuring activities for the periods presented.
**		Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)
		Basel III Standardized Approach
(Dollars in millions, except as noted)		December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
Regulatory Capital Metrics
Common equity excluding AOCI		$	65,823			$	64,966			$	63,435			$	63,088			$	62,710
Adjustments:
AOCI, net of tax(2)			1				58				13				14				27
Goodwill, net of related deferred tax liabilities			(14,786	)			(14,816	)			(14,800	)			(14,804	)			(14,811	)
Other Intangible and deferred tax assets, net of deferred tax liabilities			(231	)			(252	)			(271	)			(291	)			(311	)
Common equity Tier 1 capital		$	50,807			$	49,956			$	48,377			$	48,007			$	47,615
Tier 1 capital		$	55,652			$	54,801			$	53,222			$	52,852			$	52,460
Total capital(3)			61,805				61,151				59,875				59,484				59,124
Risk-weighted assets			377,147				368,199				366,959				366,161				369,206
Adjusted average assets(4)			480,794				473,146				470,915				468,030				467,553
Capital Ratios
Common equity Tier 1 capital(5)			13.5	%			13.6	%			13.2	%			13.1	%			12.9	%
Tier 1 capital(6)			14.8				14.9				14.5				14.4				14.2
Total capital(7)			16.4				16.6				16.3				16.2				16.0
Tier 1 leverage(4)			11.6				11.6				11.3				11.3				11.2
TCE(8)			8.6				9.1				8.2				8.1				8.2

Reconciliation of Non-GAAP Measures

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

		2024				2024				2024				2024				2023				Year Ended December 31,
(Dollars in millions, except per share data and as noted)		Q4				Q3				Q2				Q1				Q4				2024				2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)		$	1,022			$	1,692			$	531			$	1,200			$	639			$	4,445			$	4,582
Allowance build for Walmart program agreement loss sharing termination			—				—				826				—				—				826				—
Walmart program agreement termination contra revenue impact			—				—				27				—				—				27				—
Discover integration expenses			140				63				31				—				—				234				—
Legal reserve activity			75				—				—				—				—				75				—
FDIC special assessment			—				(9	)			8				42				289				41				289
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)			1,237				1,746				1,423				1,242				928				5,648				4,871
Income tax impacts			(52	)			(13	)			(218	)			(10	)			(70	)			(293	)			(70	)
Adjusted net income available to common stockholders (non-GAAP)		$	1,185			$	1,733			$	1,205			$	1,232			$	858			$	5,355			$	4,801
Diluted weighted-average common shares outstanding (in millions) (GAAP)			383.4				383.7				383.9				383.4				382.8				383.6				383.4
Diluted EPS (GAAP)		$	2.67			$	4.41			$	1.38			$	3.13			$	1.67			$	11.59			$	11.95
Impact of adjustments noted above			0.42				0.10				1.76				0.08				0.57				2.37				0.57
Adjusted diluted EPS (non-GAAP)		$	3.09			$	4.51			$	3.14			$	3.21			$	2.24			$	13.96			$	12.52
Adjusted efficiency ratio:
Non-interest expense (GAAP)		$	6,089			$	5,314			$	4,946			$	5,137			$	5,717			$	21,486			$	20,316
Discover integration expenses			(140	)			(63	)			(31	)			—				—				(234	)			—
Legal reserve activity			(75	)			—				—				—				—				(75	)			—
FDIC special assessment			—				9				(8	)			(42	)			(289	)			(41	)			(289	)
Adjusted non-interest expense (non-GAAP)		$	5,874			$	5,260			$	4,907			$	5,095			$	5,428			$	21,136			$	20,027
Total net revenue (GAAP)		$	10,190			$	10,014			$	9,506			$	9,402			$	9,506			$	39,112			$	36,787
Walmart program agreement termination contra revenue impact			—				—				27				—				—				27				—
Adjusted net revenue (non-GAAP)		$	10,190			$	10,014			$	9,533			$	9,402			$	9,506			$	39,139			$	36,787
Efficiency ratio (GAAP)			59.75	%			53.07	%			52.03	%			54.64	%			60.14	%			54.93	%			55.23	%
Impact of adjustments noted above		(211) bps				(54) bps				(56) bps				(45) bps				(304) bps				(93) bps				(79) bps
Adjusted efficiency ratio (non-GAAP)			57.64	%			52.53	%			51.47	%			54.19	%			57.10	%			54.00	%			54.44	%
Adjusted operating efficiency ratio:
Operating expense (GAAP)		$	4,714			$	4,201			$	3,882			$	4,127			$	4,463			$	16,924			$	16,307
Discover integration expenses			(140	)			(63	)			(31	)			—				—				(234	)			—
Legal reserve activity			(75	)			—				—				—				—				(75	)			—
FDIC special assessment			—				9				(8	)			(42	)			(289	)			(41	)			(289	)
Adjusted operating expense (non-GAAP)		$	4,499			$	4,147			$	3,843			$	4,085			$	4,174			$	16,574			$	16,018
Total net revenue (GAAP)		$	10,190			$	10,014			$	9,506			$	9,402			$	9,506			$	39,112			$	36,787
Walmart program agreement termination contra revenue impact			—				—				27				—				—				27				—
Adjusted net revenue (non-GAAP)		$	10,190			$	10,014			$	9,533			$	9,402			$	9,506			$	39,139			$	36,787
Operating efficiency ratio (GAAP)			46.26	%			41.95	%			40.84	%			43.89	%			46.95	%			43.27	%			44.33	%
Impact of adjustments noted above		(211) bps				(54) bps				(53) bps				(44) bps				(304) bps				(92) bps				(79) bps
Adjusted operating efficiency ratio (non-GAAP)			44.15	%			41.41	%			40.31	%			43.45	%			43.91	%			42.35	%			43.54	%

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

		2024				2024				2024				2024				2023
(Dollars in millions)		Q4				Q3				Q2				Q1				Q4
Pre- Provision Earnings
Total net revenue		$	10,190			$	10,014			$	9,506			$	9,402			$	9,506
Non-interest expense			(6,089	)			(5,314	)			(4,946	)			(5,137	)			(5,717	)
Pre-provision earnings(9)		$	4,101			$	4,700			$	4,560			$	4,265			$	3,789
Tangible Common Equity (Period-End)
Stockholders’ equity		$	60,784			$	62,925			$	57,981			$	57,801			$	58,089
Goodwill and other intangible assets(10)			(15,157	)			(15,214	)			(15,226	)			(15,257	)			(15,289	)
Noncumulative perpetual preferred stock			(4,845	)			(4,845	)			(4,845	)			(4,845	)			(4,845	)
Tangible common equity(11)		$	40,782			$	42,866			$	37,910			$	37,699			$	37,955
Tangible Common Equity (Average)
Stockholders’ equity		$	61,764			$	61,289			$	58,107			$	57,998			$	55,632
Goodwill and other intangible assets(10)			(15,195	)			(15,225	)			(15,249	)			(15,280	)			(15,304	)
Noncumulative perpetual preferred stock			(4,845	)			(4,845	)			(4,845	)			(4,845	)			(4,845	)
Tangible common equity(11)		$	41,724			$	41,219			$	38,013			$	37,873			$	35,483
Return on Tangible Common Equity (Average)
Net income available to common stockholders		$	1,022			$	1,692			$	531			$	1,200			$	639
Tangible common equity (Average)			41,724				41,219				38,013				37,873				35,483
Return on tangible common equity(11)(12)			9.77	%			16.42	%			5.59	%			12.67	%			7.20	%
Tangible Assets (Period-End)
Total assets		$	490,144			$	486,433			$	480,018			$	481,720			$	478,464
Goodwill and other intangible assets(10)			(15,157	)			(15,214	)			(15,226	)			(15,257	)			(15,289	)
Tangible assets(11)		$	474,987			$	471,219			$	464,792			$	466,463			$	463,175

		2024				2024				2024				2024				2023
(Dollars in millions)		Q4				Q3				Q2				Q1				Q4
Tangible Assets (Average)
Total assets		$	488,300			$	481,219			$	477,285			$	474,995			$	472,594
Goodwill and other intangible assets(10)			(15,195	)			(15,225	)			(15,249	)			(15,280	)			(15,304	)
Tangible assets(11)		$	473,105			$	465,994			$	462,036			$	459,715			$	457,290
Return on Tangible Assets (Average)
Net income		$	1,096			$	1,777			$	597			$	1,280			$	706
Tangible Assets (Average)			473,105				465,994				462,036				459,715				457,290
Return on tangible assets(11)(13)			0.92	%			1.53	%			0.52	%			1.11	%			0.62	%
TCE Ratio
Tangible common equity (Period-end)		$	40,782			$	42,866			$	37,910			$	37,699			$	37,955
Tangible Assets (Period-end)			474,987				471,219				464,792				466,463				463,175
TCE Ratio(11)			8.6	%			9.1	%			8.2	%			8.1	%			8.2	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)		$	40,782			$	42,866			$	37,910			$	37,699			$	37,955
Outstanding Common Shares			381.2				381.5				381.9				382.1				380.4
Tangible book value per common share(11)		$	106.97			$	112.36			$	99.28			$	98.67			$	99.78

__________
(1)		Regulatory capital metrics and capital ratios as of December 31, 2024 are preliminary and therefore subject to change.
(2)		Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)		Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)		Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)		Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)		Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)		Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)		TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)		Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(10)		Includes impact of related deferred taxes.
(11)		Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.
(12)		Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.
(13)		Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250115832166/en/

Investor Relations

Jeff Norris

jeff.norris@capitalone.com

Danielle Dietz

danielle.dietz@capitalone.com

Media Relations

Sie Soheili

sie.soheili@capitalone.com

Source: Capital One Financial Corporation

FAQ

What was Capital One's (COF) Q4 2024 earnings per share?

Capital One reported Q4 2024 earnings of $2.67 per diluted share, with adjusted earnings of $3.09 per share.

How much did Capital One's (COF) loan portfolio grow in Q4 2024?

Capital One's period-end loans increased by $7.5 billion (2%) to $327.8 billion in Q4 2024.

What was Capital One's (COF) net charge-off amount in Q4 2024?

Capital One reported net charge-offs of $2.9 billion in Q4 2024.

When is Capital One's (COF) Discover acquisition expected to complete?

The Discover acquisition is expected to complete in early 2025, subject to regulatory and shareholder approvals.

What was Capital One's (COF) CET1 ratio at the end of Q4 2024?

Capital One's Common Equity Tier 1 (CET1) capital ratio was 13.5% as of December 31, 2024.