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

Rhea-AI Summary

Capital One Financial reported Q3 2024 net income of $1.8 billion, or $4.41 per diluted share, compared to $597 million ($1.38 per share) in Q2 2024. Total net revenue increased 5% to $10.0 billion, while non-interest expense rose 7% to $5.3 billion. The quarter showed growth in domestic card and auto businesses, with period-end loans held for investment increasing $2.1 billion to $320.2 billion. Credit Card period-end loans grew $2.8 billion to $156.7 billion, while total deposits increased $2.2 billion to $353.6 billion. The company's Common equity Tier 1 capital ratio stood at 13.6%.

Positive

• Net income increased significantly from $597M in Q2 to $1.8B in Q3 2024
• Total net revenue grew 5% to $10.0B
• Credit Card period-end loans increased by $2.8B (2%)
• Total deposits grew by $2.2B to $353.6B
• Strong capital position with CET1 ratio at 13.6%

Negative

• Non-interest expense increased 7% to $5.3B
• Net charge-offs reached $2.6B
• Commercial Banking loans decreased by $1.8B (-2%)

Insights

Financial Analyst

Capital One delivered a strong Q3 2024 with net income of $1.8 billion ($4.41 per share), significantly higher than Q2's $597 million. Key highlights include revenue growth of 5% to $10.0 billion and improved credit metrics with a $134 million loan reserve release. The efficiency ratio of 53.07% and CET1 ratio of 13.6% demonstrate solid operational performance and strong capital position.

The credit card business shows momentum with Domestic Card loans up 2% to $149.4 billion. The net interest margin expanded 41 basis points to 7.11%, indicating improved profitability despite the high-rate environment. The pending Discover acquisition, while creating integration expenses, positions COF for significant market expansion in the card business.

Credit Risk Analyst

The credit portfolio shows stabilization with net charge-offs of $2.6 billion and a notable $134 million reserve release, suggesting improving credit conditions. The 2% growth in credit card loans alongside stable consumer credit results indicates controlled risk appetite. The diversified loan portfolio, with growth in both consumer and card segments while commercial lending decreased, demonstrates strategic risk management.

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

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

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

The quarter included the following adjusting items:

(Dollars in millions, except per share data)	Pre-Tax Impact			After-Tax Diluted EPS Impact
Discover integration expenses	$	63		$	0.12
FDIC special assessment	$	(9	)	$	(0.02	)

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

Third Quarter 2024 Income Statement Summary:

• Total net revenue increased 5 percent to $10.0 billion.
• Total non-interest expense increased 7 percent to $5.3 billion:
  • 5 percent increase in marketing.
  • 8 percent increase in operating expenses.
• Pre-provision earnings⁽²⁾ increased 3 percent to $4.7 billion.
• Provision for credit losses decreased $1.4 billion to $2.5 billion:
  • Net charge-offs of $2.6 billion.
  • $134 million loan reserve release.
• Net interest margin of 7.11 percent, an increase of 41 basis point.
• Efficiency ratio of 53.07 percent.
  • Adjusted efficiency ratio⁽¹⁾ of 52.53 percent.
• Operating efficiency ratio of 41.95 percent.
  • Adjusted operating efficiency ratio⁽¹⁾ of 41.41 percent.

Third Quarter 2024 Balance Sheet Summary:

• Common equity Tier 1 capital ratio⁽³⁾ under Basel III Standardized Approach of 13.6 percent at September 30, 2024.
• Period-end loans held for investment in the quarter increased $2.1 billion, or 1 percent, to $320.2 billion.
  • Credit Card period-end loans increased $2.8 billion, or 2 percent, to $156.7 billion.
    • Domestic Card period-end loans increased $2.3 billion, or 2 percent, to $149.4 billion.
  • Consumer Banking period-end loans increased $1.1 billion, or 1 percent, to $76.8 billion.
    • Auto period-end loans increased $1.1 billion, or 2 percent, to $75.5 billion.
  • Commercial Banking period-end loans decreased $1.8 billion, or 2 percent, to $86.8 billion.
• Average loans held for investment in the quarter increased $3.4 billion, or 1 percent, to $318.3 billion.
  • Credit Card average loans increased $3.5 billion, or 2 percent, to $154.0 billion.
    • Domestic Card average loans increased $3.3 billion, or 2 percent, to $147.0 billion.
  • Consumer Banking average loans increased $796 million, or 1 percent, to $76.2 billion.
    • Auto average loans increased $822 million, or 1 percent, to $74.9 billion.
  • Commercial Banking average loans decreased $934 million, or 1 percent, to $88.1 billion.
• Period-end total deposits increased $2.2 billion, or 1 percent, to $353.6 billion, while average deposits increased $1.6 billion, or less than 1 percent, to $351.1 billion.
• Interest-bearing deposits rate paid increased 7 basis points to 3.63 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 24, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through November 7, 2024 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other 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 $353.6 billion in deposits and $486.4 billion in total assets as of September 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 October 24, 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 October 24, 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 September 30, 2024 are preliminary and therefore subject to change.

Exhibit 99.2
Capital One Financial Corporation Financial Supplement(1)(2) Third 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 September 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 Q3						Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)		2024				2024				2024				2023				2023				2024			2023											2024 vs.
		Q3				Q2				Q1				Q4				Q3				Q2			Q3			2024				2023				2023
Income Statement
Net interest income		$	8,076			$	7,546			$	7,488			$	7,519			$	7,423			7	%		9	%		$	23,110			$	21,722			6	%
Non-interest income			1,938				1,960				1,914				1,987				1,943			(1	)		—				5,812				5,559			5
Total net revenue(1)			10,014				9,506				9,402				9,506				9,366			5			7				28,922				27,281			6
Provision for credit losses			2,482				3,909				2,683				2,857				2,284			(37	)		9				9,074				7,569			20
Non-interest expense:
Marketing			1,113				1,064				1,010				1,254				972			5			15				3,187				2,755			16
Operating expense			4,201				3,882				4,127				4,463				3,888			8			8				12,210				11,844			3
Total non-interest expense			5,314				4,946				5,137				5,717				4,860			7			9				15,397				14,599			5
Income from continuing operations before income taxes			2,218				651				1,582				932				2,222			**			—				4,451				5,113			(13	)
Income tax provision			441				54				302				226				432			**			2				797				932			(14	)
Net income			1,777				597				1,280				706				1,790			198			(1	)			3,654				4,181			(13	)
Dividends and undistributed earnings allocated to participating securities(2)			(28	)			(9	)			(23	)			(10	)			(28	)		**			—				(60	)			(67	)		(10	)
Preferred stock dividends			(57	)			(57	)			(57	)			(57	)			(57	)		—			—				(171	)			(171	)		—
Net income available to common stockholders		$	1,692			$	531			$	1,200			$	639			$	1,705			**			(1	)		$	3,423			$	3,943			(13	)
Common Share Statistics
Basic earnings per common share:(2)
Net income per basic common share		$	4.42			$	1.39			$	3.14			$	1.67			$	4.46			**			(1	)%		$	8.94			$	10.31			(13	)%
Diluted earnings per common share:(2)
Net income per diluted common share		$	4.41			$	1.38			$	3.13			$	1.67			$	4.45			**			(1	)%		$	8.92			$	10.28			(13	)%
Weighted-average common shares outstanding (in millions):
Basic			383.0				383.1				382.2				381.9				382.5			—			—				382.8				382.7			—
Diluted			383.7				383.9				383.4				382.8				383.3			—			—				383.7				383.6			—
Common shares outstanding (period-end, in millions)			381.5				381.9				382.1				380.4				381.0			—			—				381.5				381.0			—
Dividends declared and paid per common share		$	0.60			$	0.60			$	0.60			$	0.60			$	0.60			—			—			$	1.80			$	1.80			—
Tangible book value per common share (period-end)(3)			112.36				99.28				98.67				99.78				87.97			13	%		28	%			112.36				87.97			28	%

																						2024 Q3						Nine Months Ended September 30,
(Dollars in millions)		2024				2024				2024				2023				2023				2024			2023											2024 vs.
		Q3				Q2				Q1				Q4				Q3				Q2			Q3			2024				2023				2023
Balance Sheet (Period-End)
Loans held for investment		$	320,243			$	318,186			$	315,154			$	320,472			$	314,780			1	%		2	%		$	320,243			$	314,780			2	%
Interest-earning assets			458,189				452,547				453,557				449,701				445,428			1			3				458,189				445,428			3
Total assets			486,433				480,018				481,720				478,464				471,435			1			3				486,433				471,435			3
Interest-bearing deposits			327,253				324,437				323,352				320,389				317,217			1			3				327,253				317,217			3
Total deposits			353,631				351,442				350,969				348,413				346,011			1			2				353,631				346,011			2
Borrowings			49,336				47,956				50,361				49,856				49,247			3			—				49,336				49,247			—
Common equity			58,080				53,135				52,955				53,244				48,823			9			19				58,080				48,823			19
Total stockholders’ equity			62,925				57,981				57,801				58,089				53,668			9			17				62,925				53,668			17
Balance Sheet (Average Balances)
Loans held for investment		$	318,255			$	314,888			$	314,614			$	315,890			$	312,759			1	%		2	%		$	315,927			$	310,075			2	%
Interest-earning assets			454,484				450,908				447,803				446,929				443,532			1			2				451,078				439,321			3
Total assets			481,219				477,285				474,995				472,594				469,860			1			2				477,816				466,279			2
Interest-bearing deposits			324,509				322,581				318,450				316,808				316,032			1			3				321,856				312,702			3
Total deposits			351,125				349,488				345,657				345,328				345,013			—			2				348,765				342,956			2
Borrowings			48,274				48,842				50,474				51,070				49,736			(1	)		(3	)			49,194				48,746			1
Common equity			56,443				53,262				53,152				50,786				50,166			6			13				54,293				50,202			8
Total stockholders’ equity			61,289				58,107				57,998				55,632				55,012			5			11				59,139				55,048			7

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 2: Selected Metrics—Consolidated
																						2024 Q3						Nine Months Ended September 30,
(Dollars in millions, except as noted)			2024				2024				2024				2023				2023			2024			2023											2024 vs.
		Q3				Q2				Q1				Q4				Q3				Q2			Q3				2024				2023			2023
Performance Metrics
Net interest income growth (period over period)			7	%			1	%			—				1	%			4	%		**			**				6	%			9	%		**
Non-interest income growth (period over period)			(1	)			2				(4	)%			2				2			**			**				5				5			**
Total net revenue growth (period over period)			5				1				(1	)			1				4			**			**				6				8			**
Total net revenue margin(4)			8.81				8.43				8.40				8.51				8.45			38 bps			36 bps				8.55				8.28			27 bps
Net interest margin(5)			7.11				6.70				6.69				6.73				6.69			41			42				6.83				6.59			24
Return on average assets			1.48				0.50				1.08				0.60				1.52			98			(4	)			1.02				1.20			(18	)
Return on average tangible assets(6)			1.53				0.52				1.11				0.62				1.58			101			(5	)			1.05				1.24			(19	)
Return on average common equity(7)			11.99				3.99				9.03				5.03				13.59			800			(160	)			8.41				10.47			(206	)
Return on average tangible common equity(8)			16.42				5.59				12.67				7.20				19.59			1,083			(317	)			11.69				15.01			(332	)
Efficiency ratio(9)			53.07				52.03				54.64				60.14				51.89			104			118				53.24				53.51			(27	)
Operating efficiency ratio(10)			41.95				40.84				43.89				46.95				41.51			111			44				42.22				43.41			(119	)
Effective income tax rate for continuing operations			19.9				8.3				19.1				24.2				19.4			1,160			50				17.9				18.2			(30	)
Employees (period-end, in thousands)			52.5				52.1				51.3				52.0				54.2			1	%		(3	)%			52.5				54.2			(3	)%
Credit Quality Metrics
Allowance for credit losses		$	16,534			$	16,649			$	15,380			$	15,296			$	14,955			(1	)%		11	%		$	16,534			$	14,955			11	%
Allowance coverage ratio			5.16	%			5.23	%			4.88	%			4.77	%			4.75	%		(7) bps			41 bps				5.16	%			4.75	%		41 bps
Net charge-offs		$	2,604			$	2,644			$	2,616			$	2,533			$	1,999			(2	)%		30	%		$	7,864			$	5,881			34	%
Net charge-off rate(11)			3.27	%			3.36	%			3.33	%			3.21	%			2.56	%		(9) bps			71 bps				3.32	%			2.53	%		79 bps
30+ day performing delinquency rate			3.58				3.36				3.40				3.71				3.42			22			16				3.58				3.42			16
30+ day delinquency rate			3.89				3.63				3.67				3.99				3.71			26			18				3.89				3.71			18
Capital Ratios(12)
Common equity Tier 1 capital			13.6	%			13.2	%			13.1	%			12.9	%			13.0	%		40 bps			60 bps				13.6	%			13.0	%		60 bps
Tier 1 capital			14.9				14.5				14.4				14.2				14.3			40			60				14.9				14.3			60
Total capital			16.6				16.3				16.3				16.0				16.2			30			40				16.6				16.2			40
Tier 1 leverage			11.6				11.3				11.3				11.2				11.2			30			40				11.6				11.2			40
Tangible common equity (“TCE”)(13)			9.1				8.2				8.1				8.2				7.3			90			180				9.1				7.3			180

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 3: Consolidated Statements of Income
																						2024 Q3						Nine Months Ended September 30,
(Dollars in millions, except as noted)			2024				2024				2024				2023				2023			2024			2023											2024 vs.
		Q3				Q2				Q1				Q4				Q3				Q2			Q3				2024				2023			2023
Interest income:
Loans, including loans held for sale		$	10,547			$	9,993			$	9,920			$	9,934			$	9,696			6	%		9	%		$	30,460			$	27,476			11	%
Investment securities			733				700				687				669				627			5			17				2,120				1,881			13
Other			580				587				570				542				550			(1	)		5				1,737				1,436			21
Total interest income			11,860				11,280				11,177				11,145				10,873			5			9				34,317				30,793			11
Interest expense:
Deposits			2,945				2,874				2,812				2,745				2,611			2			13				8,631				6,744			28
Securitized debt obligations			234				258				261				263				249			(9	)		(6	)			753				696			8
Senior and subordinated notes			596				591				606				608				579			1			3				1,793				1,596			12
Other borrowings			9				11				10				10				11			(18	)		(18	)			30				35			(14	)
Total interest expense			3,784				3,734				3,689				3,626				3,450			1			10				11,207				9,071			24
Net interest income			8,076				7,546				7,488				7,519				7,423			7			9				23,110				21,722			6
Provision for credit losses			2,482				3,909				2,683				2,857				2,284			(37	)		9				9,074				7,569			20
Net interest income after provision for credit losses			5,594				3,637				4,805				4,662				5,139			54			9				14,036				14,153			(1	)
Non-interest income:
Interchange fees, net			1,228				1,249				1,145				1,207				1,234			(2	)		—				3,622				3,586			1
Service charges and other customer-related fees			501				459				462				424				453			9			11				1,422				1,243			14
Net securities gains (losses)			(35	)			—				—				(34	)			—			**			**				(35	)			—			**
Other			244				252				307				390				256			(3	)		(5	)			803				730			10
Total non-interest income			1,938				1,960				1,914				1,987				1,943			(1	)		—				5,812				5,559			5
Non-interest expense:
Salaries and associate benefits			2,391				2,200				2,478				2,284				2,274			9			5				7,069				7,018			1
Occupancy and equipment			587				551				554				628				518			7			13				1,692				1,532			10
Marketing			1,113				1,064				1,010				1,254				972			5			15				3,187				2,755			16
Professional services			402				316				262				359				295			27			36				980				909			8
Communications and data processing			358				355				351				345				344			1			4				1,064				1,038			3
Amortization of intangibles			20				19				19				22				24			5			(17	)			58				60			(3	)
Other			443				441				463				825				433			—			2				1,347				1,287			5
Total non-interest expense			5,314				4,946				5,137				5,717				4,860			7			9				15,397				14,599			5
Income from continuing operations before income taxes			2,218				651				1,582				932				2,222			**			—				4,451				5,113			(13	)
Income tax provision			441				54				302				226				432			**			2				797				932			(14	)
Net income			1,777				597				1,280				706				1,790			198			(1	)			3,654				4,181			(13	)
Dividends and undistributed earnings allocated to participating securities(2)			(28	)			(9	)			(23	)			(10	)			(28	)		**			—				(60	)			(67	)		(10	)
Preferred stock dividends			(57	)			(57	)			(57	)			(57	)			(57	)		—			—				(171	)			(171	)		—
Net income available to common stockholders		$	1,692			$	531			$	1,200			$	639			$	1,705			**			(1	)		$	3,423			$	3,943			(13	)
																						2024 Q3						Nine Months Ended September 30,
			2024				2024				2024				2023				2023			2024			2023											2024 vs.
		Q3				Q2				Q1				Q4				Q3				Q2			Q3				2024				2023			2023
Basic earnings per common share:(2)
Net income per basic common share		$	4.42			$	1.39			$	3.14			$	1.67			$	4.46			**			(1	)%		$	8.94			$	10.31			(13	)%
Diluted earnings per common share:(2)
Net income per diluted common share		$	4.41			$	1.38			$	3.13			$	1.67			$	4.45			**			(1	)%		$	8.92			$	10.28			(13	)%
Weighted-average common shares outstanding (in millions):
Basic common shares			383.0				383.1				382.2				381.9				382.5			—			—				382.8				382.7			—
Diluted common shares			383.7				383.9				383.4				382.8				383.3			—			—				383.7				383.6			—

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 4: Consolidated Balance Sheets
																						2024 Q3
			2024				2024				2024				2023				2023			2024			2023
(Dollars in millions)		Q3				Q2				Q1				Q4				Q3				Q2			Q3
Assets:
Cash and cash equivalents:
Cash and due from banks		$	3,976			$	5,298			$	4,671			$	4,903			$	4,620			(25	)%		(14	)%
Interest-bearing deposits and other short-term investments			45,322				40,116				46,357				38,394				40,249			13			13
Total cash and cash equivalents			49,298				45,414				51,028				43,297				44,869			9			10
Restricted cash for securitization investors			421				2,415				474				458				435			(83	)		(3	)
Securities available for sale			83,500				79,250				78,398				79,117				74,837			5			12
Loans held for investment:
Unsecuritized loans held for investment			292,061				289,124				285,577				289,229				284,953			1			2
Loans held in consolidated trusts			28,182				29,062				29,577				31,243				29,827			(3	)		(6	)
Total loans held for investment			320,243				318,186				315,154				320,472				314,780			1			2
Allowance for credit losses			(16,534	)			(16,649	)			(15,380	)			(15,296	)			(14,955	)		(1	)		11
Net loans held for investment			303,709				301,537				299,774				305,176				299,825			1			1
Loans held for sale			96				808				1,631				854				742			(88	)		(87	)
Premises and equipment, net			4,440				4,396				4,366				4,375				4,378			1			1
Interest receivable			2,577				2,494				2,514				2,478				2,469			3			4
Goodwill			15,083				15,062				15,062				15,065				15,048			—			—
Other assets			27,309				28,642				28,473				27,644				28,832			(5	)		(5	)
Total assets		$	486,433			$	480,018			$	481,720			$	478,464			$	471,435			1			3
																						2024 Q3
			2024				2024				2024				2023				2023			2024			2023
(Dollars in millions)		Q3				Q2				Q1				Q4				Q3				Q2			Q3
Liabilities:
Interest payable		$	705			$	668			$	762			$	649			$	685			6	%		3	%
Deposits:
Non-interest-bearing deposits			26,378				27,005				27,617				28,024				28,794			(2	)		(8	)
Interest-bearing deposits			327,253				324,437				323,352				320,389				317,217			1			3
Total deposits			353,631				351,442				350,969				348,413				346,011			1			2
Securitized debt obligations			15,881				17,291				17,661				18,043				17,417			(8	)		(9	)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase			520				715				568				538				522			(27	)		—
Senior and subordinated notes			32,911				29,925				32,108				31,248				31,283			10			5
Other borrowings			24				25				24				27				25			(4	)		(4	)
Total other debt			33,455				30,665				32,700				31,813				31,830			9			5
Other liabilities			19,836				21,971				21,827				21,457				21,824			(10	)		(9	)
Total liabilities			423,508				422,037				423,919				420,375				417,767			—			1
Stockholders’ equity:
Preferred stock			0				0				0				0				0			—			—
Common stock			7				7				7				7				7			—			—
Additional paid-in capital, net			36,216				36,012				35,808				35,541				35,334			1			2
Retained earnings			63,698				62,211				61,905				60,945				60,529			2			5
Accumulated other comprehensive loss			(6,287	)			(9,701	)			(9,534	)			(8,268	)			(12,224	)		(35	)		(49	)
Treasury stock, at cost			(30,709	)			(30,548	)			(30,385	)			(30,136	)			(29,978	)		1			2
Total stockholders’ equity			62,925				57,981				57,801				58,089				53,668			9			17
Total liabilities and stockholders’ equity		$	486,433			$	480,018			$	481,720			$	478,464			$	471,435			1			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 $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023 and $449 million in Q3 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 Q3 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 Q3									2024 Q2									2023 Q3
(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		$	318,715		$	10,547		13.24	%		$	315,823		$	9,993		12.66	%		$	313,461		$	9,696		12.37	%
Investment securities			90,644			733		3.24				89,501			700		3.13				87,845			627		2.86
Cash equivalents and other			45,125			580		5.14				45,584			587		5.16				42,226			550		5.21
Total interest-earning assets		$	454,484		$	11,860		10.44			$	450,908		$	11,280		10.01			$	443,532		$	10,873		9.81
Interest-bearing liabilities:
Interest-bearing deposits		$	324,509		$	2,945		3.63			$	322,581		$	2,874		3.56			$	316,032		$	2,611		3.30
Securitized debt obligations			15,833			234		5.93				17,452			258		5.91				17,649			249		5.63
Senior and subordinated notes			32,041			596		7.43				30,978			591		7.64				31,522			579		7.36
Other borrowings and liabilities(2)			2,389			9		1.50				2,502			11		1.73				2,473			11		1.79
Total interest-bearing liabilities		$	374,772		$	3,784		4.04			$	373,513		$	3,734		4.00			$	367,676		$	3,450		3.75
Net interest income/spread					$	8,076		6.40						$	7,546		6.01						$	7,423		6.05
Impact of non-interest-bearing funding								0.71									0.69									0.64
Net interest margin(3)								7.11	%								6.70	%								6.69	%

		Nine Months Ended September 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		$	316,707		$	30,460		12.82	%		$	310,657		$	27,476		11.79	%
Investment securities			89,580			2,120		3.16				89,259			1,881		2.81
Cash equivalents and other			44,791			1,737		5.17				39,405			1,436		4.86
Total interest-earning assets		$	451,078		$	34,317		10.14			$	439,321		$	30,793		9.35
Interest-bearing liabilities:
Interest-bearing deposits		$	321,856		$	8,631		3.58			$	312,702		$	6,744		2.88
Securitized debt obligations			17,036			753		5.90				17,558			696		5.28
Senior and subordinated notes			31,744			1,793		7.53				30,611			1,596		6.95
Other borrowings and liabilities(2)			2,422			30		1.67				2,410			35		1.94
Total interest-bearing liabilities		$	373,058		$	11,207		4.01			$	363,281		$	9,071		3.33
Net interest income/spread					$	23,110		6.14						$	21,722		6.02
Impact of non-interest-bearing funding								0.69									0.57
Net interest margin								6.83	%								6.59	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 7: Loan Information and Performance Statistics
																	2024 Q3						Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2			2023 Q3			2024			2023			2024 vs. 2023
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card		$	149,400		$	147,065		$	143,861		$	147,666		$	140,320		2	%		6	%		$	149,400		$	140,320		6	%
International card businesses			7,251			6,830			6,733			6,881			6,463		6			12				7,251			6,463		12
Total credit card			156,651			153,895			150,594			154,547			146,783		2			7				156,651			146,783		7
Consumer banking:
Auto			75,505			74,385			73,801			74,075			75,456		2			—				75,505			75,456		—
Retail banking			1,253			1,278			1,298			1,362			1,388		(2	)		(10	)			1,253			1,388		(10	)
Total consumer banking			76,758			75,663			75,099			75,437			76,844		1			—				76,758			76,844		—
Commercial banking:
Commercial and multifamily real estate			32,199			32,832			34,272			34,446			35,622		(2	)		(10	)			32,199			35,622		(10	)
Commercial and industrial			54,635			55,796			55,189			56,042			55,531		(2	)		(2	)			54,635			55,531		(2	)
Total commercial banking			86,834			88,628			89,461			90,488			91,153		(2	)		(5	)			86,834			91,153		(5	)
Total loans held for investment		$	320,243		$	318,186		$	315,154		$	320,472		$	314,780		1			2			$	320,243		$	314,780		2
Loans Held for Investment (Average)
Credit card:
Domestic credit card		$	147,021		$	143,744		$	142,887		$	142,112		$	137,500		2	%		7	%		$	144,560		$	132,889		9	%
International card businesses			6,951			6,723			6,758			6,515			6,549		3			6				6,811			6,306		8
Total credit card			153,972			150,467			149,645			148,627			144,049		2			7				151,371			139,195		9
Consumer banking:
Auto			74,920			74,098			73,768			74,861			75,740		1			(1	)			74,264			76,473		(3	)
Retail banking			1,262			1,288			1,324			1,377			1,414		(2	)		(11	)			1,291			1,469		(12	)
Total consumer banking			76,182			75,386			75,092			76,238			77,154		1			(1	)			75,555			77,942		(3	)
Commercial banking:
Commercial and multifamily real estate			32,416			33,801			34,310			35,414			35,964		(4	)		(10	)			33,505			36,796		(9	)
Commercial and industrial			55,685			55,234			55,567			55,611			55,592		1			—				55,496			56,142		(1	)
Total commercial banking			88,101			89,035			89,877			91,025			91,556		(1	)		(4	)			89,001			92,938		(4	)
Total average loans held for investment		$	318,255		$	314,888		$	314,614		$	315,890		$	312,759		1			2			$	315,927		$	310,075		2

																	2024 Q3						Nine Months Ended September 30,
		2024 Q3			2024 Q2			2024 Q1			2023 Q4			2023 Q3			2024 Q2			2023 Q3			2024			2023			2024 vs. 2023
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(4)(5)		5.61	%		6.05	%		5.94	%		5.35	%		4.40	%		(44) bps			121 bps			5.86	%		4.28	%		158 bps
International card businesses		5.23			5.03			5.16			4.94			4.87			20			36			5.14			4.80			34
Total credit card		5.60			6.00			5.90			5.33			4.42			(40	)		118			5.83			4.30			153
Consumer banking:
Auto		2.05			1.81			1.99			2.19			1.77			24			28			1.95			1.57			38
Retail banking		5.43			5.38			4.04			5.68			3.80			5			163			4.94			3.33			161
Total consumer banking		2.11			1.87			2.03			2.25			1.81			24			30			2.00			1.60			40
Commercial banking:
Commercial and multifamily real estate		0.26			0.11			0.20			0.96			0.27			15			(1	)		0.19			1.46			(127	)
Commercial and industrial		0.20			0.17			0.08			0.26			0.24			3			(4	)		0.15			0.13			2
Total commercial banking		0.22			0.15			0.13			0.53			0.25			7			(3	)		0.17			0.66			(49	)
Total net charge-offs		3.27			3.36			3.33			3.21			2.56			(9	)		71			3.32			2.53			79
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card		4.53	%		4.14	%		4.48	%		4.61	%		4.31	%		39 bps			22 bps			4.53	%		4.31	%		22 bps
International card businesses		4.53			4.63			4.83			4.67			4.43			(10	)		10			4.53			4.43			10
Total credit card		4.53			4.16			4.50			4.61			4.32			37			21			4.53			4.32			21
Consumer banking:
Auto		5.61			5.67			5.28			6.34			5.64			(6	)		(3	)		5.61			5.64			(3	)
Retail banking		0.95			1.57			0.95			1.19			1.07			(62	)		(12	)		0.95			1.07			(12	)
Total consumer banking		5.53			5.60			5.21			6.25			5.55			(7	)		(2	)		5.53			5.55			(2	)
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
International card businesses		0.15	%		0.15	%		0.13	%		0.13	%		0.14	%		—			1 bps			0.15	%		0.14	%		1 bps
Total credit card		0.01			0.01			0.01			0.01			0.01			—			—			0.01			0.01			—
Consumer banking:
Auto		0.91			0.88			0.79			0.96			0.85			3 bps			6			0.91			0.85			6
Retail banking		2.19			2.81			3.21			3.36			3.28			(62	)		(109	)		2.19			3.28			(109	)
Total consumer banking		0.93			0.92			0.83			1.00			0.89			1			4			0.93			0.89			4
Commercial banking:
Commercial and multifamily real estate		1.96			1.28			1.58			1.23			1.29			68			67			1.96			1.29			67
Commercial and industrial		1.32			1.56			1.10			0.60			0.65			(24	)		67			1.32			0.65			67
Total commercial banking		1.55			1.46			1.28			0.84			0.90			9			65			1.55			0.90			65
Total nonperforming loans		0.65			0.63			0.57			0.48			0.48			2			17			0.65			0.48			17
Total nonperforming assets		0.67			0.64			0.58			0.50			0.50			3			17			0.67			0.50			17

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
		Three Months Ended September 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 June 30, 2024		$	12,560			$	480			$	13,040			$	2,037			$	28			$	2,065			$	1,544			$	16,649
Charge-offs			(2,501	)			(131	)			(2,632	)			(684	)			(23	)			(707	)			(88	)			(3,427	)
Recoveries			438				40				478				300				6				306				39				823
Net charge-offs			(2,063	)			(91	)			(2,154	)			(384	)			(17	)			(401	)			(49	)			(2,604	)
Provision for credit losses			1,997				87				2,084				335				16				351				35				2,470
Allowance release for credit losses			(66	)			(4	)			(70	)			(49	)			(1	)			(50	)			(14	)			(134	)
Other changes(8)			—				19				19				—				—				—				—				19
Balance as of September 30, 2024			12,494				495				12,989				1,988				27				2,015				1,530				16,534
Reserve for unfunded lending commitments:
Balance as of June 30, 2024			—				—				—				—				—				—				129				129
Provision (benefit) for losses on unfunded lending commitments			—				—				—				—				—				—				13				13
Balance as of September 30, 2024			—				—				—				—				—				—				142				142
Combined allowance and reserve as of September 30, 2024		$	12,494			$	495			$	12,989			$	1,988			$	27			$	2,015			$	1,672			$	16,676
		Nine Months Ended September 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			(7,509	)			(383	)			(7,892	)			(1,941	)			(62	)			(2,003	)			(166	)			(10,061	)
Recoveries			1,153				120				1,273				855				14				869				55				2,197
Net charge-offs			(6,356	)			(263	)			(6,619	)			(1,086	)			(48	)			(1,134	)			(111	)			(7,864	)
Provision for credit losses			7,589				299				7,888				1,072				35				1,107				96				9,091
Allowance build (release) for credit losses(9)			1,233				36				1,269				(14	)			(13	)			(27	)			(15	)			1,227
Other changes(8)			—				11				11				—				—				—				—				11
Balance as of September 30, 2024			12,494				495				12,989				1,988				27				2,015				1,530				16,534
Reserve for unfunded lending commitments:
Balance as of December 31, 2023			—				—				—				—				—				—				158				158
Provision (benefit) for losses on unfunded lending commitments			—				—				—				—				—				—				(16	)			(16	)
Balance as of September 30, 2024			—				—				—				—				—				—				142				142
Combined allowance and reserve as of September 30, 2024		$	12,494			$	495			$	12,989			$	1,988			$	27			$	2,015			$	1,672			$	16,676

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 9: Financial Summary—Business Segment Results
		Three Months Ended September 30, 2024																Nine Months Ended September 30, 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)		$	5,743		$	2,028		$	596		$	(291	)		$	8,076		$	16,309		$	6,064		$	1,804		$	(1,067	)		$	23,110
Non-interest income (loss)			1,509			182			292			(45	)			1,938			4,491			513			844			(36	)			5,812
Total net revenue (loss)			7,252			2,210			888			(336	)			10,014			20,800			6,577			2,648			(1,103	)			28,922
Provision (benefit) for credit losses			2,084			351			48			(1	)			2,482			7,888			1,107			80			(1	)			9,074
Non-interest expense			3,367			1,331			495			121				5,314			9,730			3,827			1,493			347				15,397
Income (loss) from continuing operations before income taxes			1,801			528			345			(456	)			2,218			3,182			1,643			1,075			(1,449	)			4,451
Income tax provision (benefit)			427			125			82			(193	)			441			756			388			254			(601	)			797
Income (loss) from continuing operations, net of tax		$	1,374		$	403		$	263		$	(263	)		$	1,777		$	2,426		$	1,255		$	821		$	(848	)		$	3,654
		Three Months Ended June 30, 2024
(Dollars in millions)		Credit Card			Consumer Banking			Commercial Banking(10)			Other(10)				Total
Net interest income (loss)		$	5,294		$	2,025		$	609		$	(382	)		$	7,546
Non-interest income			1,506			172			271			11				1,960
Total net revenue (loss)			6,800			2,197			880			(371	)			9,506
Provision for credit losses			3,545			330			34			—				3,909
Non-interest expense			3,134			1,250			483			79				4,946
Income (loss) from continuing operations before income taxes			121			617			363			(450	)			651
Income tax provision (benefit)			30			146			85			(207	)			54
Income (loss) from continuing operations, net of tax		$	91		$	471		$	278		$	(243	)		$	597
		Three Months Ended September 30, 2023																Nine Months Ended September 30, 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)		$	5,114		$	2,133		$	621		$	(445	)		$	7,423		$	14,498		$	6,762		$	1,901		$	(1,439	)		$	21,722
Non-interest income (loss)			1,513			142			288			—				1,943			4,375			426			757			1				5,559
Total net revenue (loss)			6,627			2,275			909			(445	)			9,366			18,873			7,188			2,658			(1,438	)			27,281
Provision for credit losses			1,953			213			116			2				2,284			6,298			747			521			3				7,569
Non-interest expense			3,015			1,262			512			71				4,860			9,073			3,776			1,524			226				14,599
Income (loss) from continuing operations before income taxes			1,659			800			281			(518	)			2,222			3,502			2,665			613			(1,667	)			5,113
Income tax provision (benefit)			393			189			67			(217	)			432			830			629			145			(672	)			932
Income (loss) from continuing operations, net of tax		$	1,266		$	611		$	214		$	(301	)		$	1,790		$	2,672		$	2,036		$	468		$	(995	)		$	4,181

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 10: Financial & Statistical Summary—Credit Card Business
																						2024 Q3 vs.						Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024 Q3				2024 Q2				2024 Q1				2023 Q4				2023 Q3				2024 Q2			2023 Q3			2024				2023				2024 vs 2023
Credit Card
Earnings:
Net interest income		$	5,743			$	5,294			$	5,272			$	5,231			$	5,114			8	%		12	%		$	16,309			$	14,498			12	%
Non-interest income			1,509				1,506				1,476				1,565				1,513			—			—				4,491				4,375			3
Total net revenue			7,252				6,800				6,748				6,796				6,627			7			9				20,800				18,873			10
Provision for credit losses			2,084				3,545				2,259				2,353				1,953			(41	)		7				7,888				6,298			25
Non-interest expense			3,367				3,134				3,229				3,417				3,015			7			12				9,730				9,073			7
Income from continuing operations before income taxes			1,801				121				1,260				1,026				1,659			**			9				3,182				3,502			(9	)
Income tax provision			427				30				299				241				393			**			9				756				830			(9	)
Income from continuing operations, net of tax		$	1,374			$	91			$	961			$	785			$	1,266			**			9			$	2,426			$	2,672			(9	)
Selected performance metrics:
Period-end loans held for investment		$	156,651			$	153,895			$	150,594			$	154,547			$	146,783			2			7			$	156,651			$	146,783			7
Average loans held for investment			153,972				150,467				149,645				148,627				144,049			2			7				151,371				139,195			9
Average yield on loans outstanding(1)			19.66	%			18.79	%			18.84	%			18.96	%			19.02	%		87 bps			64 bps				19.10	%			18.40	%		70 bps
Total net revenue margin(11)			18.82				18.03				17.99				18.24				18.40			79			42				18.28				18.08			20
Net charge-off rate			5.60				6.00				5.90				5.33				4.42			(40	)		118				5.83				4.30			153
30+ day performing delinquency rate			4.53				4.16				4.50				4.61				4.32			37			21				4.53				4.32			21
30+ day delinquency rate			4.54				4.17				4.50				4.62				4.32			37			22				4.54				4.32			22
Nonperforming loan rate(6)			0.01				0.01				0.01				0.01				0.01			—			—				0.01				0.01			—
Purchase volume(12)		$	166,203			$	165,143			$	150,171			$	162,055			$	158,640			1	%		5	%		$	481,517			$	458,235			5	%
																						2024 Q3 vs.						Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024 Q3				2024 Q2				2024 Q1				2023 Q4				2023 Q3				2024 Q2			2023 Q3			2024				2023				2024 vs. 2023
Domestic Card
Earnings:
Net interest income		$	5,434			$	5,001			$	4,972			$	4,940			$	4,827			9	%		13	%		$	15,407			$	13,670			13	%
Non-interest income			1,438				1,440				1,411				1,498				1,445			—			—				4,289				4,174			3
Total net revenue(13)			6,872				6,441				6,383				6,438				6,272			7			10				19,696				17,844			10
Provision for credit losses			1,997				3,435				2,157				2,238				1,861			(42	)		7				7,589				6,030			26
Non-interest expense			3,149				2,946				3,025				3,186				2,810			7			12				9,120				8,462			8
Income from continuing operations before income taxes			1,726				60				1,201				1,014				1,601			**			8				2,987				3,352			(11	)
Income tax provision			407				15				283				239				378			**			8				705				791			(11	)
Income from continuing operations, net of tax		$	1,319			$	45			$	918			$	775			$	1,223			**			8			$	2,282			$	2,561			(11	)
Selected performance metrics:
Period-end loans held for investment		$	149,400			$	147,065			$	143,861			$	147,666			$	140,320			2			6			$	149,400			$	140,320			6
Average loans held for investment			147,021				143,744				142,887				142,112				137,500			2			7				144,560				132,889			9
Average yield on loans outstanding(1)			19.62	%			18.73	%			18.76	%			18.88	%			18.96	%		89 bps			66 bps				19.04	%			18.31	%		73 bps
Total net revenue margin(11)(13)			18.67				17.87				17.82				18.07				18.24			80			43				18.12				17.90			22
Net charge-off rate(4)(5)			5.61				6.05				5.94				5.35				4.40			(44	)		121				5.86				4.28			158
30+ day performing delinquency rate			4.53				4.14				4.48				4.61				4.31			39			22				4.53				4.31			22
Purchase volume(12)		$	162,281			$	161,370			$	146,696			$	158,290			$	154,880			1	%		5	%		$	470,347			$	447,374			5	%
Refreshed FICO scores:(14)
Greater than 660			69	%			69	%			68	%			68	%			69	%		—			—				69	%			69	%		—
660 or below			31				31				32				32				31			—			—				31				31			—
Total			100	%			100	%			100	%			100	%			100	%									100	%			100	%

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 11: Financial & Statistical Summary—Consumer Banking Business
																						2024 Q3 vs.						Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024 Q3				2024 Q2				2024 Q1				2023 Q4				2023 Q3				2024 Q2			2023 Q3				2024				2023			2024 vs. 2023
Consumer Banking
Earnings:
Net interest income		$	2,028			$	2,025			$	2,011			$	1,951			$	2,133			—			(5	)%		$	6,064			$	6,762			(10	)%
Non-interest income			182				172				159				163				142			6	%		28				513				426			20
Total net revenue			2,210				2,197				2,170				2,114				2,275			1			(3	)			6,577				7,188			(9	)
Provision for credit losses			351				330				426				422				213			6			65				1,107				747			48
Non-interest expense			1,331				1,250				1,246				1,402				1,262			6			5				3,827				3,776			1
Income from continuing operations before income taxes			528				617				498				290				800			(14	)		(34	)			1,643				2,665			(38	)
Income tax provision			125				146				117				68				189			(14	)		(34	)			388				629			(38	)
Income from continuing operations, net of tax		$	403			$	471			$	381			$	222			$	611			(14	)		(34	)		$	1,255			$	2,036			(38	)
Selected performance metrics:
Period-end loans held for investment		$	76,758			$	75,663			$	75,099			$	75,437			$	76,844			1			—			$	76,758			$	76,844			—
Average loans held for investment			76,182				75,386				75,092				76,238				77,154			1			(1	)			75,555				77,942			(3	)
Average yield on loans held for investment(1)			8.88	%			8.54	%			8.33	%			8.17	%			7.97	%		34 bps			91 bps				8.59	%			7.67	%		92 bps
Auto loan originations		$	9,158			$	8,463			$	7,522			$	6,157			$	7,452			8	%		23	%		$	25,143			$	20,823			21	%
Period-end deposits			309,569				305,422				300,806				296,171				290,789			1			6				309,569				290,789			6
Average deposits			306,121				300,794				294,448				291,486				287,457			2			6				300,475				283,991			6
Average deposits interest rate			3.33	%			3.22	%			3.15	%			3.06	%			2.85	%		11 bps			48 bps				3.23	%			2.43	%		80 bps
Net charge-off rate			2.11				1.87				2.03				2.25				1.81			24			30				2.00				1.60			40
30+ day performing delinquency rate			5.53				5.60				5.21				6.25				5.55			(7	)		(2	)			5.53				5.55			(2	)
30+ day delinquency rate			6.31				6.35				5.86				7.08				6.27			(4	)		4				6.31				6.27			4
Nonperforming loan rate(6)			0.93				0.92				0.83				1.00				0.89			1			4				0.93				0.89			4
Nonperforming asset rate(7)			1.01				0.99				0.91				1.09				0.96			2			5				1.01				0.96			5
Auto—At origination FICO scores:(15)
Greater than 660			53	%			53	%			53	%			53	%			52	%		—			1	%			53	%			52	%		1	%
621 - 660			20				20				20				20				20			—			—				20				20			—
620 or below			27				27				27				27				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 Q3 vs.						Nine Months Ended September 30,
(Dollars in millions, except as noted)		2024 Q3				2024 Q2				2024 Q1				2023 Q4				2023 Q3				2024 Q2			2023 Q3				2024				2023			2024 vs. 2023
Commercial Banking
Earnings:
Net interest income		$	596			$	609			$	599			$	617			$	621			(2	)%		(4	)%		$	1,804			$	1,901			(5	)%
Non-interest income			292				271				281				245				288			8			1				844				757			11
Total net revenue(10)			888				880				880				862				909			1			(2	)			2,648				2,658			—
Provision (benefit) for credit losses			48				34				(2	)			84				116			41			(59	)			80				521			(85	)
Non-interest expense			495				483				515				487				512			2			(3	)			1,493				1,524			(2	)
Income from continuing operations before income taxes			345				363				367				291				281			(5	)		23				1,075				613			75
Income tax provision			82				85				87				68				67			(4	)		22				254				145			75
Income from continuing operations, net of tax		$	263			$	278			$	280			$	223			$	214			(5	)		23			$	821			$	468			75
Selected performance metrics:
Period-end loans held for investment		$	86,834			$	88,628			$	89,461			$	90,488			$	91,153			(2	)		(5	)		$	86,834			$	91,153			(5	)
Average loans held for investment			88,101				89,035				89,877				91,025				91,556			(1	)		(4	)			89,001				92,938			(4	)
Average yield on loans held for investment(1)(10)			7.25	%			7.23	%			7.14	%			7.24	%			7.16	%		2 bps			9 bps				7.21	%			6.73	%		48 bps
Period-end deposits		$	30,598			$	29,210			$	31,082			$	32,712			$	36,035			5	%		(15	)%		$	30,598			$	36,035			(15	)%
Average deposits			30,365				30,810				31,844				34,525				37,279			(1	)		(19	)			31,004				38,383			(19	)
Average deposits interest rate			2.55	%			2.55	%			2.65	%			2.79	%			2.93	%		—			(38) bps				2.58	%			2.65	%		(7) bps
Net charge-off rate			0.22				0.15				0.13				0.53				0.25			7 bps			(3	)			0.17				0.66			(49	)
Nonperforming loan rate(6)			1.55				1.46				1.28				0.84				0.90			9			65				1.55				0.90			65
Nonperforming asset rate(7)			1.55				1.46				1.28				0.84				0.90			9			65				1.55				0.90			65
Risk category:(16)
Noncriticized		$	78,835			$	79,695			$	80,804			$	81,758			$	82,968			(1	)%		(5	)%		$	78,835			$	82,968			(5	)%
Criticized performing			6,651				7,639				7,509				7,969				7,363			(13	)		(10	)			6,651				7,363			(10	)
Criticized nonperforming			1,348				1,294				1,148				761				822			4			64				1,348				822			64
Total commercial banking loans held for investment		$	86,834			$	88,628			$	89,461			$	90,488			$	91,153			(2	)		(5	)		$	86,834			$	91,153			(5	)
Risk category as a percentage of period-end loans held for investment:(16)
Noncriticized			90.79	%			89.92	%			90.33	%			90.35	%			91.02	%		87 bps			(23) bps				90.79	%			91.02	%		(23) bps
Criticized performing			7.66				8.62				8.39				8.81				8.08			(96	)		(42	)			7.66				8.08			(42	)
Criticized nonperforming			1.55				1.46				1.28				0.84				0.90			9			65				1.55				0.90			65
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 Q3 vs.					Nine Months Ended September 30,
(Dollars in millions)		2024 Q3				2024 Q2				2024 Q1				2023 Q4				2023 Q3				2024 Q2			2023 Q3			2024				2023			2024 vs. 2023
Other
Earnings:
Net interest loss		$	(291	)		$	(382	)		$	(394	)		$	(280	)		$	(445	)		(24	)%		(35)%		$	(1,067	)		$	(1,439	)		(26	)%
Non-interest income (loss)			(45	)			11				(2	)			14				—			**			**			(36	)			1			**
Total net loss(10)			(336	)			(371	)			(396	)			(266	)			(445	)		(9	)		(24)			(1,103	)			(1,438	)		(23	)
Provision (benefit) for credit losses			(1	)			—				—				(2	)			2			**			**			(1	)			3			**
Non-interest expense(17)(18)			121				79				147				411				71			53			70			347				226			54
Loss from continuing operations before income taxes			(456	)			(450	)			(543	)			(675	)			(518	)		1			(12)			(1,449	)			(1,667	)		(13	)
Income tax benefit			(193	)			(207	)			(201	)			(151	)			(217	)		(7	)		(11)			(601	)			(672	)		(11	)
Loss from continuing operations, net of tax		$	(263	)		$	(243	)		$	(342	)		$	(524	)		$	(301	)		8			(13)		$	(848	)		$	(995	)		(15	)
Selected performance metrics:
Period-end deposits		$	13,464			$	16,810			$	19,081			$	19,530			$	19,187			(20	)		(30)		$	13,464			$	19,187			(30	)
Average deposits			14,639				17,884				19,365				19,317				20,277			(18	)		(28)			17,286				20,582			(16	)
Total
Earnings:
Net interest income		$	8,076			$	7,546			$	7,488			$	7,519			$	7,423			7	%		9%		$	23,110			$	21,722			6	%
Non-interest income			1,938				1,960				1,914				1,987				1,943			(1	)		—			5,812				5,559			5
Total net revenue			10,014				9,506				9,402				9,506				9,366			5			7			28,922				27,281			6
Provision for credit losses			2,482				3,909				2,683				2,857				2,284			(37	)		9			9,074				7,569			20
Non-interest expense			5,314				4,946				5,137				5,717				4,860			7			9			15,397				14,599			5
Income from continuing operations before income taxes			2,218				651				1,582				932				2,222			**			—			4,451				5,113			(13	)
Income tax provision			441				54				302				226				432			**			2			797				932			(14	)
Income from continuing operations, net of tax		$	1,777			$	597			$	1,280			$	706			$	1,790			198			(1)		$	3,654			$	4,181			(13	)
Selected performance metrics:
Period-end loans held for investment		$	320,243			$	318,186			$	315,154			$	320,472			$	314,780			1			2		$	320,243			$	314,780			2
Average loans held for investment			318,255				314,888				314,614				315,890				312,759			1			2			315,927				310,075			2
Period-end deposits			353,631				351,442				350,969				348,413				346,011			1			2			353,631				346,011			2
Average deposits			351,125				349,488				345,657				345,328				345,013			—			2			348,765				342,956			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, $2.1 billion and $2.0 billion for the third quarter, second quarter and first nine months of 2024, respectively, and $1.9 billion and $1.8 billion for the third quarter and first nine months of 2023, respectively. Related interest expense was $7 million, $8 million and $23 million for the third quarter, second quarter and first nine months of 2024, respectively, and $8 million and $24 million for the third quarter and first nine months of 2023, respectively.
(3)		The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased net interest margin by 22 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the net interest margin would have been 6.89% and 6.60% in the third quarter and second quarter of 2024, respectively.
(4)		The Walmart Program Termination increased the Domestic Card net charge-off rate by 38 basis points and 19 basis points for Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.23% and 5.86% for 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 the second quarter of 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 51 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the Domestic Card net revenue margin would have been 18.16% and 17.77% in the third quarter and second quarter of 2024, respectively.
(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 $63 million and $31 million in Discover integration expenses in 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)		September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
Regulatory Capital Metrics
Common equity excluding AOCI		$	64,966			$	63,435			$	63,088			$	62,710			$	62,245
Adjustments:
AOCI, net of tax(2)			58				13				14				27				(9	)
Goodwill, net of related deferred tax liabilities			(14,816	)			(14,800	)			(14,804	)			(14,811	)			(14,797	)
Other Intangible and deferred tax assets, net of deferred tax liabilities			(252	)			(271	)			(291	)			(311	)			(333	)
Common equity Tier 1 capital		$	49,956			$	48,377			$	48,007			$	47,615			$	47,106
Tier 1 capital		$	54,801			$	53,222			$	52,852			$	52,460			$	51,952
Total capital(3)			61,150				59,875				59,484				59,124				58,844
Risk-weighted assets			368,096				366,959				366,161				369,206				362,962
Adjusted average assets(4)			473,146				470,915				468,030				467,553				464,286
Capital Ratios
Common equity Tier 1 capital(5)			13.6	%			13.2	%			13.1	%			12.9	%			13.0	%
Tier 1 capital(6)			14.9				14.5				14.4				14.2				14.3
Total capital(7)			16.6				16.3				16.2				16.0				16.2
Tier 1 leverage(4)			11.6				11.3				11.3				11.2				11.2
TCE(8)			9.1				8.2				8.1				8.2				7.3

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				2023				2023			Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)		Q3				Q2				Q1				Q4				Q3					2024				2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)		$	1,692			$	531			$	1,200			$	639			$	1,705			$	3,423			$	3,943
Allowance build for Walmart program agreement loss sharing termination			—				826				—				—				—				826				—
Walmart program agreement termination contra revenue impact			—				27				—				—				—				27				—
Discover integration expenses			63				31				—				—				—				94				—
FDIC special assessment			(9	)			8				42				289				—				41				—
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)			1,746				1,423				1,242				928				1,705				4,411				3,943
Income tax impacts			(13	)			(218	)			(10	)			(70	)			—				(241	)			—
Adjusted net income available to common stockholders (non-GAAP)		$	1,733			$	1,205			$	1,232			$	858			$	1,705			$	4,170			$	3,943
Diluted weighted-average common shares outstanding (in millions) (GAAP)			383.7				383.9				383.4				382.8				383.3				383.7				383.6
Diluted EPS (GAAP)		$	4.41			$	1.38			$	3.13			$	1.67			$	4.45			$	8.92			$	10.28
Impact of adjustments noted above			0.10				1.76				0.08				0.57				—				1.94				—
Adjusted diluted EPS (non-GAAP)		$	4.51			$	3.14			$	3.21			$	2.24			$	4.45			$	10.86			$	10.28
Adjusted efficiency ratio:
Non-interest expense (GAAP)		$	5,314			$	4,946			$	5,137			$	5,717			$	4,860			$	15,397			$	14,599
Discover integration expenses			(63	)			(31	)			—				—				—				(94	)			—
FDIC special assessment			9				(8	)			(42	)			(289	)			—				(41	)			—
Adjusted non-interest expense (non-GAAP)		$	5,260			$	4,907			$	5,095			$	5,428			$	4,860			$	15,262			$	14,599
Total net revenue (GAAP)		$	10,014			$	9,506			$	9,402			$	9,506			$	9,366			$	28,922			$	27,281
Walmart program agreement termination contra revenue impact			—				27				—				—				—				27				—
Adjusted net revenue (non-GAAP)		$	10,014			$	9,533			$	9,402			$	9,506			$	9,366			$	28,949			$	27,281
Efficiency ratio (GAAP)			53.07	%			52.03	%			54.64	%			60.14	%			51.89	%			53.24	%			53.51	%
Impact of adjustments noted above		(54) bps				(56) bps				(45) bps				(304) bps					— bps			(52) bps					— bps
Adjusted efficiency ratio (non-GAAP)			52.53	%			51.47	%			54.19	%			57.10	%			51.89	%			52.72	%			53.51	%
Adjusted operating efficiency ratio:
Operating expense (GAAP)		$	4,201			$	3,882			$	4,127			$	4,463			$	3,888			$	12,210			$	11,844
Discover integration expenses			(63	)			(31	)			—				—				—				(94	)			—
FDIC special assessment			9				(8	)			(42	)			(289	)			—				(41	)			—
Adjusted operating expense (non-GAAP)		$	4,147			$	3,843			$	4,085			$	4,174			$	3,888			$	12,075			$	11,844
Total net revenue (GAAP)			10,014			$	9,506			$	9,402			$	9,506			$	9,366			$	28,922			$	27,281
Walmart program agreement termination contra revenue impact			—				27				—				—				—				27				—
Adjusted net revenue (non-GAAP)		$	10,014			$	9,533			$	9,402			$	9,506			$	9,366			$	28,949			$	27,281
Operating efficiency ratio (GAAP)			41.95	%			40.84	%			43.89	%			46.95	%			41.51	%			42.22	%			43.41	%
Impact of adjustments noted above		(54) bps				(53) bps				(44) bps				(304) bps				— bps				(51) bps				— bps
Adjusted operating efficiency ratio (non-GAAP)			41.41	%			40.31	%			43.45	%			43.91	%			41.51	%			41.71	%			43.41	%

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				2024				2023				2023
(Dollars in millions)		Q3				Q2				Q1				Q4				Q3
Pre- Provision Earnings
Total net revenue		$	10,014			$	9,506			$	9,402			$	9,506			$	9,366
Non-interest expense			(5,314	)			(4,946	)			(5,137	)			(5,717	)			(4,860	)
Pre-provision earnings(9)		$	4,700			$	4,560			$	4,265			$	3,789			$	4,506
Tangible Common Equity (Period-End)
Stockholders’ equity		$	62,925			$	57,981			$	57,801			$	58,089			$	53,668
Goodwill and other intangible assets(10)			(15,214	)			(15,226	)			(15,257	)			(15,289	)			(15,308	)
Noncumulative perpetual preferred stock			(4,845	)			(4,845	)			(4,845	)			(4,845	)			(4,845	)
Tangible common equity(11)		$	42,866			$	37,910			$	37,699			$	37,955			$	33,515
Tangible Common Equity (Average)
Stockholders’ equity		$	61,289			$	58,107			$	57,998			$	55,632			$	55,012
Goodwill and other intangible assets(10)			(15,225	)			(15,249	)			(15,280	)			(15,304	)			(15,348	)
Noncumulative perpetual preferred stock			(4,845	)			(4,845	)			(4,845	)			(4,845	)			(4,845	)
Tangible common equity(11)		$	41,219			$	38,013			$	37,873			$	35,483			$	34,819
Return on Tangible Common Equity (Average)
Net income available to common stockholders		$	1,692			$	531			$	1,200			$	639			$	1,705
Tangible common equity (Average)			41,219				38,013				37,873				35,483				34,819
Return on tangible common equity(11)(12)			16.42	%			5.59	%			12.67	%			7.20	%			19.59	%
Tangible Assets (Period-End)
Total assets		$	486,433			$	480,018			$	481,720			$	478,464			$	471,435
Goodwill and other intangible assets(10)			(15,214	)			(15,226	)			(15,257	)			(15,289	)			(15,308	)
Tangible assets(11)		$	471,219			$	464,792			$	466,463			$	463,175			$	456,127
			2024				2024				2024				2023				2023
(Dollars in millions)		Q3				Q2				Q1				Q4				Q3
Tangible Assets (Average)
Total assets		$	481,219			$	477,285			$	474,995			$	472,594			$	469,860
Goodwill and other intangible assets(10)			(15,225	)			(15,249	)			(15,280	)			(15,304	)			(15,348	)
Tangible assets(11)		$	465,994			$	462,036			$	459,715			$	457,290			$	454,512
Return on Tangible Assets (Average)
Net income		$	1,777			$	597			$	1,280			$	706			$	1,790
Tangible Assets (Average)			465,994				462,036				459,715				457,290				454,512
Return on tangible assets(11)(13)			1.53	%			0.52	%			1.11	%			0.62	%			1.58	%
TCE Ratio
Tangible common equity (Period-end)		$	42,866			$	37,910			$	37,699			$	37,955			$	33,515
Tangible Assets (Period-end)			471,219				464,792				466,463				463,175				456,127
TCE Ratio(11)			9.1	%			8.2	%			8.1	%			8.2	%			7.3	%
Tangible Book Value per Common Share
Tangible common equity (Period-end)		$	42,866			$	37,910			$	37,699			$	37,955			$	33,515
Outstanding Common Shares			381.5				381.9				382.1				380.4				381.0
Tangible book value per common share(11)		$	112.36			$	99.28			$	98.67			$	99.78			$	87.97

__________
(1)		Regulatory capital metrics and capital ratios as of September 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) earnings per share in Q3 2024?

Capital One reported earnings of $4.41 per diluted share, or $4.51 per share on an adjusted basis in Q3 2024.

How much did Capital One's (COF) total revenue grow in Q3 2024?

Capital One's total net revenue increased 5% to $10.0 billion in Q3 2024 compared to Q2 2024.

What was Capital One's (COF) loan growth in Q3 2024?

Period-end loans held for investment increased $2.1 billion (1%) to $320.2 billion in Q3 2024.

What was Capital One's (COF) deposit growth in Q3 2024?

Period-end total deposits increased $2.2 billion (1%) to $353.6 billion in Q3 2024.