Capital One Reports Second Quarter 2024 Net Income of $597 Million, or $1.38 Per Share

Rhea-AI Summary

Capital One Financial (NYSE: COF) reported net income of $597 million, or $1.38 per diluted common share, for the second quarter of 2024. This compares to net income of $1.3 billion in Q1 2024 and $1.4 billion in Q2 2023. Adjusted net income was $3.14 per diluted share. The quarter included adjusting items related to the Walmart program agreement and Discover integration expenses.

Key highlights:

• Total net revenue increased 1% to $9.5 billion
• Pre-provision earnings rose 7% to $4.6 billion
• Provision for credit losses increased $1.2 billion to $3.9 billion
• Period-end loans held for investment increased 1% to $318.2 billion
• Common equity Tier 1 capital ratio was 13.2%

CEO Richard D. Fairbank emphasized strong results and progress on the Discover acquisition.

Positive

• Total net revenue increased 1% to $9.5 billion
• Pre-provision earnings rose 7% to $4.6 billion
• Period-end loans held for investment increased 1% to $318.2 billion
• Credit Card period-end loans increased 2% to $153.9 billion
• Common equity Tier 1 capital ratio remained strong at 13.2%

Negative

• Net income decreased to $597 million from $1.3 billion in Q1 2024
• Provision for credit losses increased $1.2 billion to $3.9 billion
• Net charge-offs of $2.6 billion
• $1.3 billion loan reserve build
• Commercial Banking period-end loans decreased 1% to $88.6 billion

Insights

Financial Analyst

Capital One's latest earnings report reveals a significant drop in net income compared to both the previous quarter and the same quarter last year. The net income for Q2 2024 stands at $597 million, or $1.38 per share, compared to $1.3 billion, or $3.13 per share in Q1 2024 and $1.4 billion, or $3.52 per share in Q2 2023. This marks a substantial year-over-year decline and indicates pressures on the company's profitability. Adjusted net income per share, however, shows a different story at $3.14 per share, somewhat cushioning the negative sentiment. The increase in the provision for credit losses by $1.2 billion to $3.9 billion is particularly noteworthy, as it signals potential concerns about loan quality and economic conditions affecting borrowers. Retail investors should be cautious and keep an eye on future reports to see if this trend persists.

On a positive note, the total net revenue saw a modest increase of 1% to $9.5 billion and the company's efficiency ratios have improved. The efficiency ratio at 52.03% and adjusted efficiency ratio at 51.47% suggest operational improvements. However, the significant inclusion of adjusting items and a complex array of metrics may obfuscate the true operational performance. Investors would do well to dig deeper and understand the nature and impact of these adjustments.

Market Research Analyst

The reported figures highlight several areas of stability and growth despite the headline decline in net income. The slight increase in period-end loans held for investment by $3.0 billion to $318.2 billion shows steady consumer demand for credit. Particularly, auto and domestic card loans have increased, which could reflect consumer confidence and spending behavior. This can have positive long-term implications for Capital One as it suggests a growing customer base and higher revenue potential from interest charges.

Furthermore, the strategic focus on completing the Discover acquisition is crucial. Richard D. Fairbank's comments about the acquisition creating a robust consumer banking and global payments platform could be transformative, enhancing Capital One's market position. If the integration is successful, it could lead to significant value creation for shareholders. Investors should monitor updates on this front closely.

Tech Expert

From a technology standpoint, Capital One's efforts to enhance its domestic card and consumer banking franchises indicate an ongoing focus on digital transformation and operational excellence. The decrease in non-interest expenses by 4%, driven by a 6% drop in operating expenses, suggests successful cost-cutting initiatives, likely facilitated by technology and automation. Such improvements are critical for maintaining competitive margins in an increasingly tech-driven financial services landscape.

Additionally, the integration expenses related to the Discover acquisition highlight the significant investments being made in building a scalable and efficient technological infrastructure. If executed well, this could provide a seamless customer experience and robust back-end operations, solidifying Capital One's position as a tech-forward financial institution.

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

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

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

The quarter included the following adjusting items:

	Pre-Tax		After-Tax Diluted EPS
(Dollars in millions, except per share data)	Impact		Impact
Allowance build for Walmart program agreement loss sharing termination	$	826	$	1.63
Walmart program agreement termination contra revenue impact	$	27	$	0.05
Discover integration expenses	$	31	$	0.06
FDIC special assessment	$	8	$	0.02

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

Second Quarter 2024 Income Statement Summary:

• Total net revenue increased 1 percent to $9.5 billion.
• Total non-interest expense decreased 4 percent to $4.9 billion:
  • 5 percent increase in marketing.
  • 6 percent decrease in operating expenses.
• Pre-provision earnings⁽²⁾ increased 7 percent to $4.6 billion.
• Provision for credit losses increased $1.2 billion to $3.9 billion:
  • Net charge-offs of $2.6 billion.
  • $1.3 billion loan reserve build.
• Net interest margin of 6.70 percent, an increase of 1 basis point.
• Efficiency ratio of 52.03 percent.
  • Adjusted efficiency ratio⁽¹⁾ of 51.47 percent.
• Operating efficiency ratio of 40.84 percent.
  • Adjusted operating efficiency ratio⁽¹⁾ of 40.31 percent.

Second Quarter 2024 Balance Sheet Summary:

• Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 13.2 percent at June 30, 2024.
• Period-end loans held for investment in the quarter increased $3.0 billion, or 1 percent, to $318.2 billion.
  • Credit Card period-end loans increased $3.3 billion, or 2 percent, to $153.9 billion.
    • Domestic Card period-end loans increased $3.2 billion, or 2 percent, to $147.1 billion.
  • Consumer Banking period-end loans increased $564 million, or 1 percent, to $75.7 billion.
    • Auto period-end loans increased $584 million, or 1 percent, to $74.4 billion.
  • Commercial Banking period-end loans decreased $833 million, or 1 percent, to $88.6 billion.
• Average loans held for investment in the quarter increased $274 million, or less than 1 percent, to $314.9 billion.
  • Credit Card average loans increased $822 million, or 1 percent, to $150.5 billion.
    • Domestic Card average loans increased $857 million, or 1 percent, to $143.7 billion.
  • Consumer Banking average loans increased $294 million, or less than 1 percent, to $75.4 billion.
    • Auto average loans increased $330 million, or less than 1% percent, to $74.1 billion.
  • Commercial Banking average loans decreased $842 million, or 1 percent, to $89.0 billion.
• Period-end total deposits increased $473 million, or less than 1 percent, to $351.4 billion, while average deposits increased $3.8 billion, or 1 percent, to $349.5 billion.
• Interest-bearing deposits rate paid increased 3 basis points to 3.56 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 23, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through August 6, 2024 at 5:00 PM Eastern 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”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $351.4 billion in deposits and $480.0 billion in total assets as of June 30, 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 July 23, 2024 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 July 23, 2024 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 June 30, 2024 are preliminary and therefore subject to change.

Capital One Financial Corporation
Financial Supplement(1)(2)
Second 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 Quarterly Report on Form 10-Q for the period ended June 30, 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 Q2						Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)		2024				2024				2023				2023				2023				2024			2023											2024 vs.
		Q2				Q1				Q4				Q3				Q2				Q1			Q2			2024				2023				2023
Income Statement
Net interest income		$	7,546			$	7,488			$	7,519			$	7,423			$	7,113			1	%		6	%		$	15,034			$	14,299			5	%
Non-interest income			1,960				1,914				1,987				1,943				1,899			2			3				3,874				3,616			7
Total net revenue(1)			9,506				9,402				9,506				9,366				9,012			1			5				18,908				17,915			6
Provision for credit losses			3,909				2,683				2,857				2,284				2,490			46			57				6,592				5,285			25
Non-interest expense:
Marketing			1,064				1,010				1,254				972				886			5			20				2,074				1,783			16
Operating expense			3,882				4,127				4,463				3,888				3,908			(6	)		(1	)			8,009				7,956			1
Total non-interest expense			4,946				5,137				5,717				4,860				4,794			(4	)		3				10,083				9,739			4
Income from continuing operations before income taxes			651				1,582				932				2,222				1,728			(59	)		(62	)			2,233				2,891			(23	)
Income tax provision			54				302				226				432				297			(82	)		(82	)			356				500			(29	)
Net income			597				1,280				706				1,790				1,431			(53	)		(58	)			1,877				2,391			(21	)
Dividends and undistributed earnings allocated to participating securities(2)			(9	)			(23	)			(10	)			(28	)			(23	)		(61	)		(61	)			(32	)			(39	)		(18	)
Preferred stock dividends			(57	)			(57	)			(57	)			(57	)			(57	)		—			—				(114	)			(114	)		—
Net income available to common stockholders		$	531			$	1,200			$	639			$	1,705			$	1,351			(56	)		(61	)		$	1,731			$	2,238			(23	)
Common Share Statistics
Basic earnings per common share:(2)
Net income per basic common share		$	1.39			$	3.14			$	1.67			$	4.46			$	3.53			(56	)%		(61	)%		$	4.52			$	5.85			(23	)%
Diluted earnings per common share:(2)
Net income per diluted common share		$	1.38			$	3.13			$	1.67			$	4.45			$	3.52			(56	)%		(61	)%		$	4.51			$	5.83			(23	)%
Weighted-average common shares outstanding (in millions):
Basic			383.1				382.2				381.9				382.5				382.8			—			—				382.7				382.7			—
Diluted			383.9				383.4				382.8				383.3				383.7			—			—				383.7				383.8			—
Common shares outstanding (period-end, in millions)			381.9				382.1				380.4				381.0				381.4			—			—				381.9				381.4			—
Dividends declared and paid per common share		$	0.60			$	0.60			$	0.60			$	0.60			$	0.60			—			—			$	1.20			$	1.20			—
Tangible book value per common share (period-end)(3)			99.28				98.67				99.78				87.97				90.07			1	%		10	%			99.28				90.07			10	%

																	2024 Q2						Six Months Ended June 30,
(Dollars in millions)		2024			2024			2023			2023			2023			2024			2023									2024 vs.
		Q2			Q1			Q4			Q3			Q2			Q1			Q2			2024			2023			2023
Balance Sheet (Period-End)
Loans held for investment		$	318,186		$	315,154		$	320,472		$	314,780		$	311,323		1	%		2	%		$	318,186		$	311,323		2	%
Interest-earning assets			452,547			453,557			449,701			445,428			441,250		—			3				452,547			441,250		3
Total assets			480,018			481,720			478,464			471,435			467,800		—			3				480,018			467,800		3
Interest-bearing deposits			324,437			323,352			320,389			317,217			314,393		—			3				324,437			314,393		3
Total deposits			351,442			350,969			348,413			346,011			343,705		—			2				351,442			343,705		2
Borrowings			47,956			50,361			49,856			49,247			50,258		(5	)		(5	)			47,956			50,258		(5	)
Common equity			53,135			52,955			53,244			48,823			49,713		—			7				53,135			49,713		7
Total stockholders’ equity			57,981			57,801			58,089			53,668			54,559		—			6				57,981			54,559		6
Balance Sheet (Average Balances)
Loans held for investment		$	314,888		$	314,614		$	315,890		$	312,759		$	309,655		—			2	%		$	314,751		$	308,711		2	%
Interest-earning assets			450,908			447,803			446,929			443,532			439,139		1	%		3				449,356			437,180		3
Total assets			477,285			474,995			472,594			469,860			466,652		—			2				476,140			464,459		3
Interest-bearing deposits			322,581			318,450			316,808			316,032			313,207		1			3				320,515			311,010		3
Total deposits			349,488			345,657			345,328			345,013			343,678		1			2				347,572			341,910		2
Borrowings			48,842			50,474			51,070			49,736			48,468		(3	)		1				49,658			48,243		3
Common equity			53,262			53,152			50,786			50,166			50,511		—			5				53,207			50,221		6
Total stockholders’ equity			58,107			57,998			55,632			55,012			55,357		—			5				58,052			55,066		5

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 2: Selected Metrics—Consolidated
																						2024 Q2						Six Months Ended June 30,
(Dollars in millions, except as noted)			2024				2024				2023				2023				2023			2024			2023											2024 vs.
		Q2				Q1				Q4				Q3				Q2				Q1			Q2				2024				2023			2023
Performance Metrics
Net interest income growth (period over period)			1	%			—				1	%			4	%			(1	)%		**			**				5	%			11	%		**
Non-interest income growth (period over period)			2				(4	)%			2				2				11			**			**				7				4			**
Total net revenue growth (period over period)			1				(1	)			1				4				1			**			**				6				9			**
Total net revenue margin(4)			8.43				8.40				8.51				8.45				8.21			3	bps		22	bps			8.42				8.20			22	bps
Net interest margin(5)			6.70				6.69				6.73				6.69				6.48			1			22				6.69				6.54			15
Return on average assets			0.50				1.08				0.60				1.52				1.23			(58	)		(73	)			0.79				1.03			(24	)
Return on average tangible assets(6)			0.52				1.11				0.62				1.58				1.27			(59	)		(75	)			0.81				1.06			(25	)
Return on average common equity(7)			3.99				9.03				5.03				13.59				10.70			(504	)		(671	)			6.51				8.91			(240	)
Return on average tangible common equity(8)			5.59				12.67				7.20				19.59				15.30			(708	)		(971	)			9.12				12.74			(362	)
Efficiency ratio(9)			52.03				54.64				60.14				51.89				53.20			(261	)		(117	)			53.33				54.36			(103	)
Operating efficiency ratio(10)			40.84				43.89				46.95				41.51				43.36			(305	)		(252	)			42.36				44.41			(205	)
Effective income tax rate for continuing operations			8.3				19.1				24.2				19.4				17.2			(1,080	)		(890	)			15.9				17.3			(140	)
Employees (period-end, in thousands)			52.1				51.3				52.0				54.2				55.6			2	%		(6	)%			52.1				55.6			(6	)%
Credit Quality Metrics
Allowance for credit losses		$	16,649			$	15,380			$	15,296			$	14,955			$	14,646			8	%		14	%		$	16,649			$	14,646			14	%
Allowance coverage ratio			5.23	%			4.88	%			4.77	%			4.75	%			4.70	%		35	bps		53	bps			5.23	%			4.70	%		53	bps
Net charge-offs		$	2,644			$	2,616			$	2,533			$	1,999			$	2,185			1	%		21	%		$	5,260			$	3,882			35	%
Net charge-off rate(11)			3.36	%			3.33	%			3.21	%			2.56	%			2.82	%		3	bps		54	bps			3.34	%			2.52	%		82	bps
30+ day performing delinquency rate			3.36				3.40				3.71				3.42				3.08			(4	)		28				3.36				3.08			28
30+ day delinquency rate			3.63				3.67				3.99				3.71				3.36			(4	)		27				3.63				3.36			27
Capital Ratios(12)
Common equity Tier 1 capital			13.2	%			13.1	%			12.9	%			13.0	%			12.7	%		10	bps		50	bps			13.2	%			12.7	%		50	bps
Tier 1 capital			14.5				14.4				14.2				14.3				14.0			10			50				14.5				14.0			50
Total capital			16.3				16.3				16.0				16.2				16.0			—			30				16.3				16.0			30
Tier 1 leverage			11.3				11.3				11.2				11.2				11.0			—			30				11.3				11.0			30
Tangible common equity (“TCE”)(13)			8.2				8.1				8.2				7.3				7.6			10			60				8.2				7.6			60

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 3: Consolidated Statements of Income
																						2024 Q2						Six Months Ended June 30,
(Dollars in millions, except as noted)			2024				2024				2023				2023				2023			2024			2023											2024 vs.
		Q2				Q1				Q4				Q3				Q2				Q1			Q2				2024				2023			2023
Interest income:
Loans, including loans held for sale		$	9,993			$	9,920			$	9,934			$	9,696			$	9,057			1	%		10	%		$	19,913			$	17,780			12	%
Investment securities			700				687				669				627				639			2			10				1,387				1,254			11
Other			587				570				542				550				470			3			25				1,157				886			31
Total interest income			11,280				11,177				11,145				10,873				10,166			1			11				22,457				19,920			13
Interest expense:
Deposits			2,874				2,812				2,745				2,611				2,277			2			26				5,686				4,133			38
Securitized debt obligations			258				261				263				249				236			(1	)		9				519				447			16
Senior and subordinated notes			591				606				608				579				528			(2	)		12				1,197				1,017			18
Other borrowings			11				10				10				11				12			10			(8	)			21				24			(13	)
Total interest expense			3,734				3,689				3,626				3,450				3,053			1			22				7,423				5,621			32
Net interest income			7,546				7,488				7,519				7,423				7,113			1			6				15,034				14,299			5
Provision for credit losses			3,909				2,683				2,857				2,284				2,490			46			57				6,592				5,285			25
Net interest income after provision for credit losses			3,637				4,805				4,662				5,139				4,623			(24	)		(21	)			8,442				9,014			(6	)
Non-interest income:
Interchange fees, net			1,249				1,145				1,207				1,234				1,213			9			3				2,394				2,352			2
Service charges and other customer-related fees			459				462				424				453				411			(1	)		12				921				790			17
Net securities gains (losses)			—				—				(34	)			—				—			—			—				—				—			—
Other			252				307				390				256				275			(18	)		(8	)			559				474			18
Total non-interest income			1,960				1,914				1,987				1,943				1,899			2			3				3,874				3,616			7
Non-interest expense:
Salaries and associate benefits			2,200				2,478				2,284				2,274				2,317			(11	)		(5	)			4,678				4,744			(1	)
Occupancy and equipment			551				554				628				518				506			(1	)		9				1,105				1,014			9
Marketing			1,064				1,010				1,254				972				886			5			20				2,074				1,783			16
Professional services			316				262				359				295				290			21			9				578				614			(6	)
Communications and data processing			355				351				345				344				344			1			3				706				694			2
Amortization of intangibles			19				19				22				24				22			—			(14	)			38				36			6
Other			441				463				825				433				429			(5	)		3				904				854			6
Total non-interest expense			4,946				5,137				5,717				4,860				4,794			(4	)		3				10,083				9,739			4
Income from continuing operations before income taxes			651				1,582				932				2,222				1,728			(59	)		(62	)			2,233				2,891			(23	)
Income tax provision			54				302				226				432				297			(82	)		(82	)			356				500			(29	)
Net income			597				1,280				706				1,790				1,431			(53	)		(58	)			1,877				2,391			(21	)
Dividends and undistributed earnings allocated to participating securities(2)			(9	)			(23	)			(10	)			(28	)			(23	)		(61	)		(61	)			(32	)			(39	)		(18	)
Preferred stock dividends			(57	)			(57	)			(57	)			(57	)			(57	)		—			—				(114	)			(114	)		—
Net income available to common stockholders		$	531			$	1,200			$	639			$	1,705			$	1,351			(56	)		(61	)		$	1,731			$	2,238			(23	)
																						2024 Q2						Six Months Ended June 30,
			2024				2024				2023				2023				2023			2024			2023											2024 vs.
		Q2				Q1				Q4				Q3				Q2				Q1			Q2				2024				2023			2023
Basic earnings per common share:(2)
Net income per basic common share		$	1.39			$	3.14			$	1.67			$	4.46			$	3.53			(56	)%		(61	)%		$	4.52			$	5.85			(23	)%
Diluted earnings per common share:(2)
Net income per diluted common share		$	1.38			$	3.13			$	1.67			$	4.45			$	3.52			(56	)%		(61	)%		$	4.51			$	5.83			(23	)%
Weighted-average common shares outstanding (in millions):
Basic common shares			383.1				382.2				381.9				382.5				382.8			—			—				382.7				382.7			—
Diluted common shares			383.9				383.4				382.8				383.3				383.7			—			—				383.7				383.8			—

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 4: Consolidated Balance Sheets
																						2024 Q2
			2024				2024				2023				2023				2023			2024			2023
(Dollars in millions)		Q2				Q1				Q4				Q3				Q2				Q1			Q2
Assets:
Cash and cash equivalents:
Cash and due from banks		$	5,298			$	4,671			$	4,903			$	4,620			$	3,360			13	%		58	%
Interest-bearing deposits and other short-term investments			40,116				46,357				38,394				40,249				38,236			(13	)		5
Total cash and cash equivalents			45,414				51,028				43,297				44,869				41,596			(11	)		9
Restricted cash for securitization investors			2,415				474				458				435				452			**			**
Securities available for sale			79,250				78,398				79,117				74,837				78,412			1			1
Loans held for investment:
Unsecuritized loans held for investment			289,124				285,577				289,229				284,953				280,933			1			3
Loans held in consolidated trusts			29,062				29,577				31,243				29,827				30,390			(2	)		(4	)
Total loans held for investment			318,186				315,154				320,472				314,780				311,323			1			2
Allowance for credit losses			(16,649	)			(15,380	)			(15,296	)			(14,955	)			(14,646	)		8			14
Net loans held for investment			301,537				299,774				305,176				299,825				296,677			1			2
Loans held for sale			808				1,631				854				742				1,211			(50	)		(33	)
Premises and equipment, net			4,396				4,366				4,375				4,378				4,359			1			1
Interest receivable			2,494				2,514				2,478				2,469				2,297			(1	)		9
Goodwill			15,062				15,062				15,065				15,048				15,060			—			—
Other assets			28,642				28,473				27,644				28,832				27,736			1			3
Total assets		$	480,018			$	481,720			$	478,464			$	471,435			$	467,800			—			3
																						2024 Q2
			2024				2024				2023				2023				2023			2024			2023
(Dollars in millions)		Q2				Q1				Q4				Q3				Q2				Q1			Q2
Liabilities:
Interest payable		$	668			$	762			$	649			$	685			$	637			(12	)%		5	%
Deposits:
Non-interest-bearing deposits			27,005				27,617				28,024				28,794				29,312			(2	)		(8	)
Interest-bearing deposits			324,437				323,352				320,389				317,217				314,393			—			3
Total deposits			351,442				350,969				348,413				346,011				343,705			—			2
Securitized debt obligations			17,291				17,661				18,043				17,417				17,861			(2	)		(3	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase			715				568				538				522				649			26			10
Senior and subordinated notes			29,925				32,108				31,248				31,283				31,627			(7	)		(5	)
Other borrowings			25				24				27				25				121			4			(79	)
Total other debt			30,665				32,700				31,813				31,830				32,397			(6	)		(5	)
Other liabilities			21,971				21,827				21,457				21,824				18,641			1			18
Total liabilities			422,037				423,919				420,375				417,767				413,241			—			2
Stockholders’ equity:
Preferred stock			0				0				0				0				0			—			—
Common stock			7				7				7				7				7			—			—
Additional paid-in capital, net			36,012				35,808				35,541				35,334				35,163			1			2
Retained earnings			62,211				61,905				60,945				60,529				59,028			—			5
Accumulated other comprehensive loss			(9,701	)			(9,534	)			(8,268	)			(12,224	)			(9,818	)		2			(1	)
Treasury stock, at cost			(30,548	)			(30,385	)			(30,136	)			(29,978	)			(29,821	)		1			2
Total stockholders’ equity			57,981				57,801				58,089				53,668				54,559			—			6
Total liabilities and stockholders’ equity		$	480,018			$	481,720			$	478,464			$	471,435			$	467,800			—			3

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 $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023, $449 million in Q3 2023 and $443 million in Q2 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 annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(8)	Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(9)	Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(10)	Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.
(11)	Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
(12)	Capital ratios as of the end of Q2 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 Q2									2024 Q1									2023 Q2
(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		$	315,823		$	9,993		12.66	%		$	315,563		$	9,920		12.57	%		$	310,335		$	9,057		11.67	%
Investment securities			89,501			700		3.13				88,581			687		3.10				89,994			639		2.84
Cash equivalents and other			45,584			587		5.16				43,659			570		5.21				38,810			470		4.84
Total interest-earning assets		$	450,908		$	11,280		10.01			$	447,803		$	11,177		9.98			$	439,139		$	10,166		9.26
Interest-bearing liabilities:
Interest-bearing deposits		$	322,581		$	2,874		3.56			$	318,450		$	2,812		3.53			$	313,207		$	2,277		2.91
Securitized debt obligations			17,452			258		5.91				17,836			261		5.85				17,771			236		5.31
Senior and subordinated notes			30,978			591		7.64				32,211			606		7.52				30,161			528		7.00
Other borrowings and liabilities(2)			2,502			11		1.73				2,373			10		1.78				2,419			12		1.95
Total interest-bearing liabilities		$	373,513		$	3,734		4.00			$	370,870		$	3,689		3.98			$	363,558		$	3,053		3.36
Net interest income/spread					$	7,546		6.01						$	7,488		6.00						$	7,113		5.90
Impact of non-interest-bearing funding								0.69									0.69									0.58
Net interest margin								6.70	%								6.69	%								6.48	%

		Six Months Ended June 30,
		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		$	315,693		$	19,913		12.62	%		$	309,231		$	17,780		11.50	%
Investment securities			89,041			1,387		3.12				89,977			1,254		2.79
Cash equivalents and other			44,622			1,157		5.19				37,972			886		4.67
Total interest-earning assets		$	449,356		$	22,457		10.00			$	437,180		$	19,920		9.11
Interest-bearing liabilities:
Interest-bearing deposits		$	320,515		$	5,686		3.55			$	311,010		$	4,133		2.66
Securitized debt obligations			17,644			519		5.88				17,512			447		5.10
Senior and subordinated notes			31,594			1,197		7.58				30,149			1,017		6.75
Other borrowings and liabilities(2)			2,438			21		1.75				2,377			24		2.01
Total interest-bearing liabilities		$	372,191		$	7,423		3.99			$	361,048		$	5,621		3.11
Net interest income/spread					$	15,034		6.01						$	14,299		6.00
Impact of non-interest-bearing funding								0.68									0.54
Net interest margin								6.69	%								6.54	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 7: Loan Information and Performance Statistics
																	2024 Q2						Six Months Ended June 30,
(Dollars in millions, except as noted)		2024 Q2			2024 Q1			2023 Q4			2023 Q3			2023 Q2			2024 Q1			2023 Q2			2024			2023			2024 vs. 2023
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card		$	147,065		$	143,861		$	147,666		$	140,320		$	135,975		2	%		8	%		$	147,065		$	135,975		8	%
International card businesses			6,830			6,733			6,881			6,463			6,516		1			5				6,830			6,516		5
Total credit card			153,895			150,594			154,547			146,783			142,491		2			8				153,895			142,491		8
Consumer banking:
Auto			74,385			73,801			74,075			75,456			75,841		1			(2	)			74,385			75,841		(2	)
Retail banking			1,278			1,298			1,362			1,388			1,439		(2	)		(11	)			1,278			1,439		(11	)
Total consumer banking			75,663			75,099			75,437			76,844			77,280		1			(2	)			75,663			77,280		(2	)
Commercial banking:
Commercial and multifamily real estate			32,832			34,272			34,446			35,622			36,041		(4	)		(9	)			32,832			36,041		(9	)
Commercial and industrial			55,796			55,189			56,042			55,531			55,511		1			1				55,796			55,511		1
Total commercial banking			88,628			89,461			90,488			91,153			91,552		(1	)		(3	)			88,628			91,552		(3	)
Total loans held for investment		$	318,186		$	315,154		$	320,472		$	314,780		$	311,323		1			2			$	318,186		$	311,323		2
Loans Held for Investment (Average)
Credit card:
Domestic credit card		$	143,744		$	142,887		$	142,112		$	137,500		$	132,505		1	%		8	%		$	143,316		$	130,544		10	%
International card businesses			6,723			6,758			6,515			6,549			6,257		(1	)		7				6,740			6,183		9
Total credit card			150,467			149,645			148,627			144,049			138,762		1			8				150,056			136,727		10
Consumer banking:
Auto			74,098			73,768			74,861			75,740			76,233		—			(3	)			73,933			76,846		(4	)
Retail banking			1,288			1,324			1,377			1,414			1,465		(3	)		(12	)			1,306			1,497		(13	)
Total consumer banking			75,386			75,092			76,238			77,154			77,698		—			(3	)			75,239			78,343		(4	)
Commercial banking:
Commercial and multifamily real estate			33,801			34,310			35,414			35,964			37,068		(1	)		(9	)			34,055			37,220		(9	)
Commercial and industrial			55,234			55,567			55,611			55,592			56,127		(1	)		(2	)			55,401			56,421		(2	)
Total commercial banking			89,035			89,877			91,025			91,556			93,195		(1	)		(4	)			89,456			93,641		(4	)
Total average loans held for investment		$	314,888		$	314,614		$	315,890		$	312,759		$	309,655		—			2			$	314,751		$	308,711		2

																	2024 Q2						Six Months Ended June 30,
		2024			2024			2023			2023			2023			2024			2023			2024			2023			2024 vs. 2023
		Q2			Q1			Q4			Q3			Q2			Q1			Q2
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(3)(4)		6.05	%		5.94	%		5.35	%		4.40	%		4.38	%		11	bps		167	bps		5.99	%		4.21	%		178	bps
International card businesses		5.03			5.16			4.94			4.87			4.98			(13	)		5			5.10			4.77			33
Total credit card		6.00			5.90			5.33			4.42			4.41			10			159			5.95			4.24			171
Consumer banking:
Auto		1.81			1.99			2.19			1.77			1.40			(18	)		41			1.90			1.46			44
Retail banking		5.38			4.04			5.68			3.80			3.25			134			213			4.70			3.10			160
Total consumer banking		1.87			2.03			2.25			1.81			1.43			(16	)		44			1.95			1.50			45
Commercial banking:
Commercial and multifamily real estate		0.11			0.20			0.96			0.27			3.91			(9	)		(380	)		0.16			2.04			(188	)
Commercial and industrial		0.17			0.08			0.26			0.24			0.11			9			6			0.13			0.07			6
Total commercial banking		0.15			0.13			0.53			0.25			1.62			2			(147	)		0.14			0.85			(71	)
Total net charge-offs		3.36			3.33			3.21			2.56			2.82			3			54			3.34			2.52			82
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card		4.14	%		4.48	%		4.61	%		4.31	%		3.74	%		(34)	bps		40	bps		4.14	%		3.74	%		40	bps
International card businesses		4.63			4.83			4.67			4.43			4.24			(20	)		39			4.63			4.24			39
Total credit card		4.16			4.50			4.61			4.32			3.77			(34	)		39			4.16			3.77			39
Consumer banking:
Auto		5.67			5.28			6.34			5.64			5.38			39			29			5.67			5.38			29
Retail banking		1.57			0.95			1.19			1.07			1.19			62			38			1.57			1.19			38
Total consumer banking		5.60			5.21			6.25			5.55			5.30			39			30			5.60			5.30			30
Nonperforming Loans and Nonperforming Assets Rates(5)(6)
Credit card:
International card businesses		0.15	%		0.13	%		0.13	%		0.14	%		0.16	%		2	bps		(1)	bps		0.15	%		0.16	%		(1)	bps
Total credit card		0.01			0.01			0.01			0.01			0.01			—			—			0.01			0.01			—
Consumer banking:
Auto		0.88			0.79			0.96			0.85			0.77			9			11			0.88			0.77			11
Retail banking		2.81			3.21			3.36			3.28			2.99			(40	)		(18	)		2.81			2.99			(18	)
Total consumer banking		0.92			0.83			1.00			0.89			0.82			9			10			0.92			0.82			10
Commercial banking:
Commercial and multifamily real estate		1.28			1.58			1.23			1.29			1.15			(30	)		13			1.28			1.15			13
Commercial and industrial		1.56			1.10			0.60			0.65			0.71			46			85			1.56			0.71			85
Total commercial banking		1.46			1.28			0.84			0.90			0.89			18			57			1.46			0.89			57
Total nonperforming loans		0.63			0.57			0.48			0.48			0.47			6			16			0.63			0.47			16
Total nonperforming assets		0.64			0.58			0.50			0.50			0.48			6			16			0.64			0.48			16

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
		Three Months Ended June 30, 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 March 31, 2024		$	11,298			$	456			$	11,754			$	2,057			$	31			$	2,088			$	1,538			$	15,380
Charge-offs			(2,556	)			(130	)			(2,686	)			(615	)			(21	)			(636	)			(39	)			(3,361	)
Recoveries			383				45				428				280				3				283				6				717
Net charge-offs			(2,173	)			(85	)			(2,258	)			(335	)			(18	)			(353	)			(33	)			(2,644	)
Provision for credit losses			3,435				110				3,545				315				15				330				39				3,914
Allowance build (release) for credit losses(7)			1,262				25				1,287				(20	)			(3	)			(23	)			6				1,270
Other changes(8)			—				(1	)			(1	)			—				—				—				—				(1	)
Balance as of June 30, 2024			12,560				480				13,040				2,037				28				2,065				1,544				16,649
Reserve for unfunded lending commitments:
Balance as of March 31, 2024			—				—				—				—				—				—				134				134
Provision (benefit) for losses on unfunded lending commitments			—				—				—				—				—				—				(5	)			(5	)
Balance as of June 30, 2024			—				—				—				—				—				—				129				129
Combined allowance and reserve as of June 30, 2024		$	12,560			$	480			$	13,040			$	2,037			$	28			$	2,065			$	1,673			$	16,778

		Six Months Ended June 30, 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			(5,008	)			(252	)			(5,260	)			(1,257	)			(39	)			(1,296	)			(78	)			(6,634	)
Recoveries			715				80				795				555				8				563				16				1,374
Net charge-offs			(4,293	)			(172	)			(4,465	)			(702	)			(31	)			(733	)			(62	)			(5,260	)
Provision for credit losses			5,592				212				5,804				737				19				756				61				6,621
Allowance build (release) for credit losses(7)			1,299				40				1,339				35				(12	)			23				(1	)			1,361
Other changes(8)			—				(8	)			(8	)			—				—				—				—				(8	)
Balance as of June 30, 2024			12,560				480				13,040				2,037				28				2,065				1,544				16,649
Reserve for unfunded lending commitments:
Balance as of December 31, 2023			—				—				—				—				—				—				158				158
Provision (benefit) for losses on unfunded lending commitments			—				—				—				—				—				—				(29	)			(29	)
Balance as of June 30, 2024			—				—				—				—				—				—				129				129
Combined allowance and reserve as of June 30, 2024		$	12,560			$	480			$	13,040			$	2,037			$	28			$	2,065			$	1,673			$	16,778

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 9: Financial Summary—Business Segment Results
		Three Months Ended June 30, 2024																	Six Months Ended June 30, 2024
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(9)				Other(9)				Total			Credit Card			Consumer Banking			Commercial Banking(9)			Other(9)				Total
Net interest income (loss)		$	5,294		$	2,025		$	609			$	(382	)		$	7,546		$	10,566		$	4,036		$	1,208		$	(776	)		$	15,034
Non-interest income			1,506			172			271				11				1,960			2,982			331			552			9				3,874
Total net revenue (loss)			6,800			2,197			880				(371	)			9,506			13,548			4,367			1,760			(767	)			18,908
Provision for credit losses			3,545			330			34				—				3,909			5,804			756			32			—				6,592
Non-interest expense			3,134			1,250			483				79				4,946			6,363			2,496			998			226				10,083
Income (loss) from continuing operations before income taxes			121			617			363				(450	)			651			1,381			1,115			730			(993	)			2,233
Income tax provision (benefit)			30			146			85				(207	)			54			329			263			172			(408	)			356
Income (loss) from continuing operations, net of tax		$	91		$	471		$	278			$	(243	)		$	597		$	1,052		$	852		$	558		$	(585	)		$	1,877
		Three Months Ended March 31, 2024
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(9)				Other(9)				Total
Net interest income (loss)		$	5,272		$	2,011		$	599			$	(394	)		$	7,488
Non-interest income (loss)			1,476			159			281				(2	)			1,914
Total net revenue (loss)			6,748			2,170			880				(396	)			9,402
Provision (benefit) for credit losses			2,259			426			(2	)			—				2,683
Non-interest expense			3,229			1,246			515				147				5,137
Income (loss) from continuing operations before income taxes			1,260			498			367				(543	)			1,582
Income tax provision (benefit)			299			117			87				(201	)			302
Income (loss) from continuing operations, net of tax		$	961		$	381		$	280			$	(342	)		$	1,280
		Three Months Ended June 30, 2023																	Six Months Ended June 30, 2023
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(9)				Other(9)				Total			Credit Card			Consumer Banking			Commercial Banking(9)			Other(9)				Total
Net interest income (loss)		$	4,727		$	2,269		$	632			$	(515	)		$	7,113		$	9,384		$	4,629		$	1,280		$	(994	)		$	14,299
Non-interest income (loss)			1,499			149			257				(6	)			1,899			2,862			284			469			1				3,616
Total net revenue (loss)			6,226			2,418			889				(521	)			9,012			12,246			4,913			1,749			(993	)			17,915
Provision for credit losses			2,084			259			146				1				2,490			4,345			534			405			1				5,285
Non-interest expense			3,020			1,231			482				61				4,794			6,058			2,514			1,012			155				9,739
Income (loss) from continuing operations before income taxes			1,122			928			261				(583	)			1,728			1,843			1,865			332			(1,149	)			2,891
Income tax provision (benefit)			265			219			61				(248	)			297			437			440			78			(455	)			500
Income (loss) from continuing operations, net of tax		$	857		$	709		$	200			$	(335	)		$	1,431		$	1,406		$	1,425		$	254		$	(694	)		$	2,391

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 10: Financial & Statistical Summary—Credit Card Business
																						2024 Q2 vs.						Six Months Ended June 30,
(Dollars in millions, except as noted)		2024 Q2				2024 Q1				2023 Q4				2023 Q3				2023 Q2				2024 Q1			2023 Q2				2024				2023			2024 vs. 2023
Credit Card
Earnings:
Net interest income		$	5,294			$	5,272			$	5,231			$	5,114			$	4,727			—			12	%		$	10,566			$	9,384			13	%
Non-interest income			1,506				1,476				1,565				1,513				1,499			2	%		—				2,982				2,862			4
Total net revenue			6,800				6,748				6,796				6,627				6,226			1			9				13,548				12,246			11
Provision for credit losses			3,545				2,259				2,353				1,953				2,084			57			70				5,804				4,345			34
Non-interest expense			3,134				3,229				3,417				3,015				3,020			(3	)		4				6,363				6,058			5
Income from continuing operations before income taxes			121				1,260				1,026				1,659				1,122			(90	)		(89	)			1,381				1,843			(25	)
Income tax provision			30				299				241				393				265			(90	)		(89	)			329				437			(25	)
Income from continuing operations, net of tax		$	91			$	961			$	785			$	1,266			$	857			(91	)		(89	)		$	1,052			$	1,406			(25	)
Selected performance metrics:
Period-end loans held for investment		$	153,895			$	150,594			$	154,547			$	146,783			$	142,491			2			8			$	153,895			$	142,491			8
Average loans held for investment			150,467				149,645				148,627				144,049				138,762			1			8				150,056				136,727			10
Average yield on loans outstanding(1)			18.79	%			18.84	%			18.96	%			19.02	%			18.17	%		(5)	bps		62	bps			18.82	%			18.07	%		75	bps
Total net revenue margin(10)			18.03				17.99				18.24				18.40				17.95			4			8				18.01				17.91			10
Net charge-off rate			6.00				5.90				5.33				4.42				4.41			10			159				5.95				4.24			171
30+ day performing delinquency rate			4.16				4.50				4.61				4.32				3.77			(34	)		39				4.16				3.77			39
30+ day delinquency rate			4.17				4.50				4.62				4.32				3.77			(33	)		40				4.17				3.77			40
Nonperforming loan rate(5)			0.01				0.01				0.01				0.01				0.01			—			—				0.01				0.01			—
Purchase volume(11)		$	165,143			$	150,171			$	162,055			$	158,640			$	157,937			10	%		5	%		$	315,314			$	299,595			5	%
																						2024 Q2 vs.						Six Months Ended June 30,
(Dollars in millions, except as noted)		2024 Q2				2024 Q1				2023 Q4				2023 Q3				2023 Q2				2024 Q1			2023 Q2				2024				2023			2024 vs. 2023
Domestic Card
Earnings:
Net interest income		$	5,001			$	4,972			$	4,940			$	4,827			$	4,453			1	%		12	%		$	9,973			$	8,843			13	%
Non-interest income			1,440				1,411				1,498				1,445				1,431			2			1				2,851				2,729			4
Total net revenue(12)			6,441				6,383				6,438				6,272				5,884			1			9				12,824				11,572			11
Provision for credit losses			3,435				2,157				2,238				1,861				1,995			59			72				5,592				4,169			34
Non-interest expense			2,946				3,025				3,186				2,810				2,805			(3	)		5				5,971				5,652			6
Income from continuing operations before income taxes			60				1,201				1,014				1,601				1,084			(95	)		(94	)			1,261				1,751			(28	)
Income tax provision			15				283				239				378				256			(95	)		(94	)			298				413			(28	)
Income from continuing operations, net of tax		$	45			$	918			$	775			$	1,223			$	828			(95	)		(95	)		$	963			$	1,338			(28	)
Selected performance metrics:
Period-end loans held for investment		$	147,065			$	143,861			$	147,666			$	140,320			$	135,975			2			8			$	147,065			$	135,975			8
Average loans held for investment			143,744				142,887				142,112				137,500				132,505			1			8				143,316				130,544			10
Average yield on loans outstanding(1)			18.73	%			18.76	%			18.88	%			18.96	%			18.07	%		(3)	bps		66	bps			18.75	%			17.98	%		77	bps
Total net revenue margin(10)(12)			17.87				17.82				18.07				18.24				17.76			5			11				17.85				17.73			12
Net charge-off rate(3)(4)			6.05				5.94				5.35				4.40				4.38			11			167				5.99				4.21			178
30+ day performing delinquency rate			4.14				4.48				4.61				4.31				3.74			(34	)		40				4.14				3.74			40
Purchase volume(11)		$	161,370			$	146,696			$	158,290			$	154,880			$	154,184			10	%		5	%		$	308,066			$	292,494			5	%
Refreshed FICO scores:(13)
Greater than 660			69	%			68	%			68	%			69	%			69	%		1			—				69	%			69	%		—
660 or below			31				32				32				31				31			(1	)		—				31				31			—
Total			100	%			100	%			100	%			100	%			100	%									100	%			100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 11: Financial & Statistical Summary—Consumer Banking Business
																						2024 Q2 vs.						Six Months Ended June 30,
(Dollars in millions, except as noted)		2024 Q2				2024 Q1				2023 Q4				2023 Q3				2023 Q2				2024 Q1			2023 Q2				2024				2023			2024 vs. 2023
Consumer Banking
Earnings:
Net interest income		$	2,025			$	2,011			$	1,951			$	2,133			$	2,269			1	%		(11	)%		$	4,036			$	4,629			(13	)%
Non-interest income			172				159				163				142				149			8			15				331				284			17
Total net revenue			2,197				2,170				2,114				2,275				2,418			1			(9	)			4,367				4,913			(11	)
Provision for credit losses			330				426				422				213				259			(23	)		27				756				534			42
Non-interest expense			1,250				1,246				1,402				1,262				1,231			—			2				2,496				2,514			(1	)
Income from continuing operations before income taxes			617				498				290				800				928			24			(34	)			1,115				1,865			(40	)
Income tax provision			146				117				68				189				219			25			(33	)			263				440			(40	)
Income from continuing operations, net of tax		$	471			$	381			$	222			$	611			$	709			24			(34	)		$	852			$	1,425			(40	)
Selected performance metrics:
Period-end loans held for investment		$	75,663			$	75,099			$	75,437			$	76,844			$	77,280			1			(2	)		$	75,663			$	77,280			(2	)
Average loans held for investment			75,386				75,092				76,238				77,154				77,698			—			(3	)			75,239				78,343			(4	)
Average yield on loans held for investment(1)			8.54	%			8.33	%			8.17	%			7.97	%			7.65	%		21	bps		89	bps			8.44	%			7.52	%		92	bps
Auto loan originations		$	8,463			$	7,522			$	6,157			$	7,452			$	7,160			13	%		18	%		$	15,985			$	13,371			20	%
Period-end deposits			305,422				300,806				296,171				290,789				286,174			2			7				305,422				286,174			7
Average deposits			300,794				294,448				291,486				287,457				285,647			2			5				297,621				282,229			5
Average deposits interest rate			3.22	%			3.15	%			3.06	%			2.85	%			2.46	%		7	bps		76	bps			3.19	%			2.21	%		98	bps
Net charge-off rate			1.87				2.03				2.25				1.81				1.43			(16	)		44				1.95				1.50			45
30+ day performing delinquency rate			5.60				5.21				6.25				5.55				5.30			39			30				5.60				5.30			30
30+ day delinquency rate			6.35				5.86				7.08				6.27				5.95			49			40				6.35				5.95			40
Nonperforming loan rate(5)			0.92				0.83				1.00				0.89				0.82			9			10				0.92				0.82			10
Nonperforming asset rate(6)			0.99				0.91				1.09				0.96				0.88			8			11				0.99				0.88			11
Auto—At origination FICO scores:(14)
Greater than 660			53	%			53	%			53	%			52	%			52	%		—			1	%			53	%			52	%		1	%
621 - 660			20				20				20				20				20			—			—				20				20			—
620 or below			27				27				27				28				28			—			(1	)			27				28			(1	)
Total			100	%			100	%			100	%			100	%			100	%									100	%			100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 12: Financial & Statistical Summary—Commercial Banking Business
																						2024 Q2 vs.						Six Months Ended June 30,
(Dollars in millions, except as noted)		2024 Q2				2024 Q1				2023 Q4				2023 Q3				2023 Q2				2024 Q1			2023 Q2				2024				2023			2024 vs. 2023
Commercial Banking
Earnings:
Net interest income		$	609			$	599			$	617			$	621			$	632			2	%		(4	)%		$	1,208			$	1,280			(6	)%
Non-interest income			271				281				245				288				257			(4	)		5				552				469			18
Total net revenue(9)			880				880				862				909				889			—			(1	)			1,760				1,749			1
Provision (benefit) for credit losses			34				(2	)			84				116				146			**			(77	)			32				405			(92	)
Non-interest expense			483				515				487				512				482			(6	)		—				998				1,012			(1	)
Income from continuing operations before income taxes			363				367				291				281				261			(1	)		39				730				332			120
Income tax provision			85				87				68				67				61			(2	)		39				172				78			121
Income from continuing operations, net of tax		$	278			$	280			$	223			$	214			$	200			(1	)		39			$	558			$	254			120
Selected performance metrics:
Period-end loans held for investment		$	88,628			$	89,461			$	90,488			$	91,153			$	91,552			(1	)		(3	)		$	88,628			$	91,552			(3	)
Average loans held for investment			89,035				89,877				91,025				91,556				93,195			(1	)		(4	)			89,456				93,641			(4	)
Average yield on loans held for investment(1)(9)			7.23	%			7.14	%			7.24	%			7.16	%			6.75	%		9	bps		48	bps			7.18	%			6.53	%		65	bps
Period-end deposits		$	29,210			$	31,082			$	32,712			$	36,035			$	36,793			(6	)%		(21	)%		$	29,210			$	36,793			(21	)%
Average deposits			30,810				31,844				34,525				37,279				37,960			(3	)		(19	)			31,327				38,945			(20	)
Average deposits interest rate			2.55	%			2.65	%			2.79	%			2.93	%			2.68	%		(10)	bps		(13)	bps			2.60	%			2.51	%		9	bps
Net charge-off rate			0.15				0.13				0.53				0.25				1.62			2			(147	)			0.14				0.85			(71	)
Nonperforming loan rate(5)			1.46				1.28				0.84				0.90				0.89			18			57				1.46				0.89			57
Nonperforming asset rate(6)			1.46				1.28				0.84				0.90				0.89			18			57				1.46				0.89			57
Risk category:(15)
Noncriticized		$	79,695			$	80,804			$	81,758			$	82,968			$	84,583			(1	)%		(6	)%		$	79,695			$	84,583			(6	)%
Criticized performing			7,639				7,509				7,969				7,363				6,158			2			24				7,639				6,158			24
Criticized nonperforming			1,294				1,148				761				822				811			13			60				1,294				811			60
Total commercial banking loans held for investment		$	88,628			$	89,461			$	90,488			$	91,153			$	91,552			(1	)		(3	)		$	88,628			$	91,552			(3	)
Risk category as a percentage of period-end loans held for investment:(15)
Noncriticized			89.92	%			90.33	%			90.35	%			91.02	%			92.38	%		(41)	bps		(246)	bps			89.92	%			92.38	%		(246)	bps
Criticized performing			8.62				8.39				8.81				8.08				6.73			23			189				8.62				6.73			189
Criticized nonperforming			1.46				1.28				0.84				0.90				0.89			18			57				1.46				0.89			57
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 Q2 vs.						Six Months Ended June 30,
			2024				2024				2023				2023				2023			2024			2023											2024 vs.
(Dollars in millions)		Q2				Q1				Q4				Q3				Q2				Q1			Q2				2024				2023			2023
Other
Earnings:
Net interest loss		$	(382	)		$	(394	)		$	(280	)		$	(445	)		$	(515	)		(3	)%		(26	)%		$	(776	)		$	(994	)		(22	)%
Non-interest income (loss)			11				(2	)			14				—				(6	)		**			**				9				1			**
Total net loss(9)			(371	)			(396	)			(266	)			(445	)			(521	)		(6	)		(29	)			(767	)			(993	)		(23	)
Provision (benefit) for credit losses			—				—				(2	)			2				1			—			**				—				1			**
Non-interest expense(16)(17)			79				147				411				71				61			(46	)		30				226				155			46
Loss from continuing operations before income taxes			(450	)			(543	)			(675	)			(518	)			(583	)		(17	)		(23	)			(993	)			(1,149	)		(14	)
Income tax benefit			(207	)			(201	)			(151	)			(217	)			(248	)		3			(17	)			(408	)			(455	)		(10	)
Loss from continuing operations, net of tax		$	(243	)		$	(342	)		$	(524	)		$	(301	)		$	(335	)		(29	)		(27	)		$	(585	)		$	(694	)		(16	)
Selected performance metrics:
Period-end deposits		$	16,810			$	19,081			$	19,530			$	19,187			$	20,738			(12	)		(19	)		$	16,810			$	20,738			(19	)
Average deposits			17,884				19,365				19,317				20,277				20,071			(8	)		(11	)			18,624				20,736			(10	)
Total
Earnings:
Net interest income		$	7,546			$	7,488			$	7,519			$	7,423			$	7,113			1	%		6	%		$	15,034			$	14,299			5	%
Non-interest income			1,960				1,914				1,987				1,943				1,899			2			3				3,874				3,616			7
Total net revenue			9,506				9,402				9,506				9,366				9,012			1			5				18,908				17,915			6
Provision for credit losses			3,909				2,683				2,857				2,284				2,490			46			57				6,592				5,285			25
Non-interest expense			4,946				5,137				5,717				4,860				4,794			(4	)		3				10,083				9,739			4
Income from continuing operations before income taxes			651				1,582				932				2,222				1,728			(59	)		(62	)			2,233				2,891			(23	)
Income tax provision			54				302				226				432				297			(82	)		(82	)			356				500			(29	)
Income from continuing operations, net of tax		$	597			$	1,280			$	706			$	1,790			$	1,431			(53	)		(58	)		$	1,877			$	2,391			(21	)
Selected performance metrics:
Period-end loans held for investment		$	318,186			$	315,154			$	320,472			$	314,780			$	311,323			1			2			$	318,186			$	311,323			2
Average loans held for investment			314,888				314,614				315,890				312,759				309,655			—			2				314,751				308,711			2
Period-end deposits			351,442				350,969				348,413				346,011				343,705			—			2				351,442				343,705			2
Average deposits			349,488				345,657				345,328				345,013				343,678			1			2				347,572				341,910			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 $2.1 billion, $1.9 billion and $2.0 billion for the second quarter, first quarter and first six months of 2024, respectively, and $1.9 billion and $1.8 billion for the second quarter and first six months of 2023, respectively. Related interest expense was $8 million for the second and first quarters of 2024, and the second quarter of 2023, and $16 million for both the first six months of 2024 and 2023.
(3)	The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased the Domestic Card net charge-off rate by 19 basis points for Q2 2024. Excluding this impact, the Domestic Card net charge-off rate would have been 5.86%.
(4)	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%.
(5)	Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.
(6)	Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
(7)	The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.
(8)	Primarily represents foreign currency translation adjustments.
(9)	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.
(10)	Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(11)	Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
(12)	The Walmart Program Termination decreased Domestic Card net revenue by $27 million and reduced revenue margin by 8 bps. This was more than offset by higher income from the partial quarter effect of the end of the Walmart revenue sharing provisions which increased revenue margin by 18 bps. The net impact of these items on revenue margin was an increase of 10 bps.
(13)	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.
(14)	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.
(15)	Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.
(16)	Includes the impact of $8 million, $42 million and $289 million FDIC special assessment in Q2 2024, Q1 2024 and Q4 2023, respectively.
(17)	Includes the impact of $31 million in Discover integration expenses in Q2 2024, 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)		June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023
Regulatory Capital Metrics
Common equity excluding AOCI		$	63,435			$	63,088			$	62,710			$	62,245			$	60,729
Adjustments:
AOCI, net of tax(2)			13				14				27				(9	)			31
Goodwill, net of related deferred tax liabilities			(14,800	)			(14,804	)			(14,811	)			(14,797	)			(14,813	)
Other Intangible and deferred tax assets, net of deferred tax liabilities			(271	)			(291	)			(311	)			(333	)			(358	)
Common equity Tier 1 capital		$	48,377			$	48,007			$	47,615			$	47,106			$	45,589
Tier 1 capital		$	53,222			$	52,852			$	52,460			$	51,952			$	50,434
Total capital(3)			59,876				59,484				59,124				58,844				57,607
Risk-weighted assets			367,068				366,161				369,206				362,962				359,613
Adjusted average assets(4)			470,915				468,030				467,553				464,286				459,732
Capital Ratios
Common equity Tier 1 capital(5)			13.2	%			13.1	%			12.9	%			13.0	%			12.7	%
Tier 1 capital(6)			14.5				14.4				14.2				14.3				14.0
Total capital(7)			16.3				16.2				16.0				16.2				16.0
Tier 1 leverage(4)			11.3				11.3				11.2				11.2				11.0
TCE(8)			8.2				8.1				8.2				7.3				7.6

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.

																						Six Months Ended June 30,
(Dollars in millions, except per share data and as noted)		2024 Q2				2024 Q1				2023 Q4				2023 Q3				2023 Q2					2024				2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)		$	531			$	1,200			$	639			$	1,705			$	1,351			$	1,731			$	2,238
Allowance build for Walmart program agreement loss sharing termination			826				—				—				—				—				826				—
Walmart program agreement termination contra revenue impact			27				—				—				—				—				27				—
Discover integration expenses			31				—				—				—				—				31				—
FDIC special assessment			8				42				289				—				—				50				—
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)			1,423				1,242				928				1,705				1,351				2,665				2,238
Income tax impacts			(218	)			(10	)			(70	)			—				—				(228	)			—
Adjusted net income available to common stockholders (non-GAAP)		$	1,205			$	1,232			$	858			$	1,705			$	1,351			$	2,437			$	2,238
Diluted weighted-average common shares outstanding (in millions) (GAAP)			383.9				383.4				382.8				383.3				383.7				383.7				383.8
Diluted EPS (GAAP)		$	1.38			$	3.13			$	1.67			$	4.45			$	3.52			$	4.51			$	5.83
Impact of adjustments noted above			1.76				0.08				0.57				—				—				1.84				—
Adjusted diluted EPS (non-GAAP)		$	3.14			$	3.21			$	2.24			$	4.45			$	3.52			$	6.35			$	5.83
Adjusted efficiency ratio:
Non-interest expense (GAAP)		$	4,946			$	5,137			$	5,717			$	4,860			$	4,794			$	10,083			$	9,739
Discover integration expenses			(31	)			—				—				—				—				(31	)			—
FDIC special assessment			(8	)			(42	)			(289	)			—				—				(50	)			—
Adjusted non-interest expense (non-GAAP)		$	4,907			$	5,095			$	5,428			$	4,860			$	4,794			$	10,002			$	9,739
Total net revenue (GAAP)		$	9,506			$	9,402			$	9,506			$	9,366			$	9,012			$	18,908			$	17,915
Walmart program agreement termination contra revenue impact			27				—				—				—				—				27				—
Adjusted net revenue (non-GAAP)		$	9,533			$	9,402			$	9,506			$	9,366			$	9,012			$	18,935			$	17,915
Efficiency ratio (GAAP)			52.03	%			54.64	%			60.14	%			51.89	%			53.20	%			53.33	%			54.36	%
Impact of adjustments noted above		(56) bps				(45) bps				(304) bps					—				—			(51) bps					—
Adjusted efficiency ratio (non-GAAP)			51.47	%			54.19	%			57.10	%			51.89	%			53.20	%			52.82	%			54.36	%
Adjusted operating efficiency ratio:
Operating expense (GAAP)		$	3,882			$	4,127			$	4,463			$	3,888			$	3,908			$	8,009			$	7,956
Discover integration expenses			(31	)			—				—				—				—				(31	)			—
FDIC special assessment			(8	)			(42	)			(289	)			—				—				(50	)			—
Adjusted operating expense (non-GAAP)		$	3,843			$	4,085			$	4,174			$	3,888			$	3,908			$	7,928			$	7,956
Total net revenue (GAAP)			9,506			$	9,402			$	9,506			$	9,366			$	9,012			$	18,908			$	17,915
Walmart program agreement termination revenue impact			27				—				—				—				—				27				—
Adjusted net revenue (non-GAAP)		$	9,533			$	9,402			$	9,506			$	9,366			$	9,012			$	18,935			$	17,915
Operating efficiency ratio (GAAP)			40.84	%			43.89	%			46.95	%			41.51	%			43.36	%			42.36	%			44.41	%
Impact of adjustments noted above		(53) bps				(44) bps				(304) bps				— bps				— bps				(49) bps				— bps
Adjusted operating efficiency ratio (non-GAAP)			40.31	%			43.45	%			43.91	%			41.51	%			43.36	%			41.87	%			44.41	%

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				2023				2023				2023
(Dollars in millions)		Q2				Q1				Q4				Q3				Q2
Pre- Provision Earnings
Total net revenue		$	9,506			$	9,402			$	9,506			$	9,366			$	9,012
Non-interest expense			(4,946	)			(5,137	)			(5,717	)			(4,860	)			(4,794	)
Pre-provision earnings(9)		$	4,560			$	4,265			$	3,789			$	4,506			$	4,218
Tangible Common Equity (Period-End)
Stockholders’ equity		$	57,981			$	57,801			$	58,089			$	53,668			$	54,559
Goodwill and other intangible assets(10)			(15,226	)			(15,257	)			(15,289	)			(15,308	)			(15,356	)
Noncumulative perpetual preferred stock			(4,845	)			(4,845	)			(4,845	)			(4,845	)			(4,845	)
Tangible common equity(11)		$	37,910			$	37,699			$	37,955			$	33,515			$	34,358
Tangible Common Equity (Average)
Stockholders’ equity		$	58,107			$	57,998			$	55,632			$	55,012			$	55,357
Goodwill and other intangible assets(10)			(15,249	)			(15,280	)			(15,304	)			(15,348	)			(15,187	)
Noncumulative perpetual preferred stock			(4,845	)			(4,845	)			(4,845	)			(4,845	)			(4,845	)
Tangible common equity(11)		$	38,013			$	37,873			$	35,483			$	34,819			$	35,325
Return on Tangible Common Equity (Average)
Net income available to common stockholders		$	531			$	1,200			$	639			$	1,705			$	1,351
Tangible common equity (Average)			38,013				37,873				35,483				34,819				35,325
Return on tangible common equity(11)(12)			5.59	%			12.67	%			7.20	%			19.59	%			15.30	%
Tangible Assets (Period-End)
Total assets		$	480,018			$	481,720			$	478,464			$	471,435			$	467,800
Goodwill and other intangible assets(10)			(15,226	)			(15,257	)			(15,289	)			(15,308	)			(15,356	)
Tangible assets(11)		$	464,792			$	466,463			$	463,175			$	456,127			$	452,444

			2024				2024				2023				2023				2023
(Dollars in millions)		Q2				Q1				Q4				Q3				Q2
Tangible Assets (Average)
Total assets		$	477,285			$	474,995			$	472,594			$	469,860			$	466,652
Goodwill and other intangible assets(10)			(15,249	)			(15,280	)			(15,304	)			(15,348	)			(15,187	)
Tangible assets(11)		$	462,036			$	459,715			$	457,290			$	454,512			$	451,465
Return on Tangible Assets (Average)
Net income		$	597			$	1,280			$	706			$	1,790			$	1,431
Tangible Assets (Average)			462,036				459,715				457,290				454,512				451,465
Return on tangible assets(11)(13)			0.52	%			1.11	%			0.62	%			1.58	%			1.27	%
TCE Ratio
Tangible common equity (Period-end)		$	37,910			$	37,699			$	37,955			$	33,515			$	34,358
Tangible Assets (Period-end)			464,792				466,463				463,175				456,127				452,444
TCE Ratio(11)			8.2	%			8.1	%			8.2	%			7.3	%			7.6	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)		$	37,910			$	37,699			$	37,955			$	33,515			$	34,358
Outstanding Common Shares			381.9				382.1				380.4				381.0				381.4
Tangible book value per common share(11)		$	99.28			$	98.67			$	99.78			$	87.97			$	90.07

____________
(1)		Regulatory capital metrics and capital ratios as of June 30, 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 on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.
(13)		Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.

 

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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) net income for Q2 2024?

Capital One reported net income of $597 million, or $1.38 per diluted common share, for the second quarter of 2024.

How did Capital One's (COF) Q2 2024 results compare to previous quarters?

Capital One's Q2 2024 net income of $597 million was lower compared to $1.3 billion in Q1 2024 and $1.4 billion in Q2 2023.

What was Capital One's (COF) adjusted net income per share for Q2 2024?

Capital One's adjusted net income was $3.14 per diluted share for the second quarter of 2024.

How did Capital One's (COF) loan portfolio perform in Q2 2024?

Period-end loans held for investment increased 1% to $318.2 billion, with Credit Card loans up 2% to $153.9 billion.

What was Capital One's (COF) provision for credit losses in Q2 2024?

Capital One's provision for credit losses increased $1.2 billion to $3.9 billion in Q2 2024.