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

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

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

The quarter included the following adjusting item:

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

Impact After-Tax
Diluted EPS

Impact FDIC special assessment $                   42 $                          0.08

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

First Quarter 2024 Income Statement Summary:

Total net revenue decreased 1 percent to $9.4 billion. Total non-interest expense decreased 10 percent to $5.1 billion:

19 percent decrease in marketing. 8 percent decrease in operating expenses. Pre-provision earnings(2) increased 13 percent to $4.3 billion. Provision for credit losses decreased $174 million to $2.7 billion:

Net charge-offs of $2.6 billion. $91 million loan reserve build. Net interest margin of 6.69 percent, a decrease of 4 basis points. Efficiency ratio of 54.64 percent.

Adjusted efficiency ratio(1) of 54.19 percent. Operating efficiency ratio of 43.89 percent.

Adjusted operating efficiency ratio(1) of 43.45 percent.

First Quarter 2024 Balance Sheet Summary:

Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.1 percent at March 31, 2024. Period-end loans held for investment in the quarter decreased $5.3 billion, or 2 percent, to $315.2 billion.

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

Domestic Card period-end loans decreased $3.8 billion, or 3 percent, to $143.9 billion. Consumer Banking period-end loans decreased $338 million, or less than 1 percent, to $75.1 billion.

Auto period-end loans decreased $274 million, or less than 1 percent, to $73.8 billion. Commercial Banking period-end loans decreased $1.0 billion, or 1 percent, to $89.5 billion. Average loans held for investment in the quarter decreased $1.3 billion, or less than 1 percent, to $314.6 billion.

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

Domestic Card average loans increased $775 million, or 1 percent, to $142.9 billion. Consumer Banking average loans decreased $1.1 billion, or 2 percent, to $75.1 billion.

Auto average loans decreased $1.1 billion, or 1 percent, to $73.8 billion. Commercial Banking average loans decreased $1.1 billion, or 1 percent, to $89.9 billion. Period-end total deposits increased $2.6 billion, or 1 percent, to $351.0 billion, while average deposits increased $329 million, or less than 1 percent, to $345.7 billion. Interest-bearing deposits rate paid increased 6 basis points to 3.53 percent.



(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 From 8-K on April 25, 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 From 8-K on April 25, 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 March 31, 2024 are preliminary and therefore subject to change.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 25, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company's home page (www.capitalone.com). Under "About," choose "Investors" to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company's website through May 9, 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 $351.0 billion in deposits and $481.7 billion in total assets as of March 31, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Exhibit 99.2 Capital One Financial Corporation

Financial Supplement(1)(2)

First 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 March 31, 2024 once it is filed with the Securities and Exchange Commission. (2) This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. ("GAAP"), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for a reconciliation of any non-GAAP financial measures.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated  2024 Q1 (Dollars in millions, except per share data and as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Income Statement Net interest income $      7,488 $      7,519 $      7,423 $      7,113 $      7,186 — 4 % Non-interest income 1,914 1,987 1,943 1,899 1,717 (4) % 11 Total net revenue(1) 9,402 9,506 9,366 9,012 8,903 (1) 6 Provision for credit losses 2,683 2,857 2,284 2,490 2,795 (6) (4) Non-interest expense: Marketing 1,010 1,254 972 886 897 (19) 13 Operating expense 4,127 4,463 3,888 3,908 4,048 (8) 2 Total non-interest expense 5,137 5,717 4,860 4,794 4,945 (10) 4 Income from continuing operations before income taxes 1,582 932 2,222 1,728 1,163 70 36 Income tax provision 302 226 432 297 203 34 49 Net income 1,280 706 1,790 1,431 960 81 33 Dividends and undistributed earnings allocated to participating securities(2) (23) (10) (28) (23) (16) 130 44 Preferred stock dividends (57) (57) (57) (57) (57) — — Net income available to common stockholders $      1,200 $        639 $      1,705 $      1,351 $        887 88 35 Common Share Statistics Basic earnings per common share:(2) Net income per basic common share $       3.14 $       1.67 $       4.46 $       3.53 $       2.32 88 % 35 % Diluted earnings per common share:(2) Net income per diluted common share $       3.13 $       1.67 $       4.45 $       3.52 $       2.31 87 % 35 % Weighted-average common shares outstanding (in millions): Basic 382.2 381.9 382.5 382.8 382.6 — — Diluted 383.4 382.8 383.3 383.7 383.8 — — Common shares outstanding (period-end, in millions) 382.1 380.4 381.0 381.4 382.0 — — Dividends declared and paid per common share $       0.60 $       0.60 $       0.60 $       0.60 $       0.60 — — Tangible book value per common share (period-end)(3) 98.67 99.78 87.97 90.07 90.86 (1) % 9 % 2024 Q1 (Dollars in millions) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Balance Sheet (Period-End) Loans held for investment $  315,154 $  320,472 $  314,780 $  311,323 $  308,836 (2) % 2 % Interest-earning assets 453,557 449,701 445,428 441,250 445,166 1 2 Total assets 481,720 478,464 471,435 467,800 471,660 1 2 Interest-bearing deposits 323,352 320,389 317,217 314,393 318,641 1 1 Total deposits 350,969 348,413 346,011 343,705 349,827 1 — Borrowings 50,361 49,856 49,247 50,258 48,777 1 3 Common equity 52,955 53,244 48,823 49,713 49,807 (1) 6 Total stockholders' equity 57,801 58,089 53,668 54,559 54,653 — 6 Balance Sheet (Average Balances) Loans held for investment $  314,614 $  315,890 $  312,759 $  309,655 $  307,756 — 2 % Interest-earning assets 447,803 446,929 443,532 439,139 435,199 — 3 Total assets 474,995 472,594 469,860 466,652 462,324 1 % 3 Interest-bearing deposits 318,450 316,808 316,032 313,207 308,788 1 3 Total deposits 345,657 345,328 345,013 343,678 340,123 — 2 Borrowings 50,474 51,070 49,736 48,468 48,016 (1) 5 Common equity 53,152 50,786 50,166 50,511 49,927 5 6 Total stockholders' equity 57,998 55,632 55,012 55,357 54,773 4 6

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated 2024 Q1 (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Performance Metrics Net interest income growth (period over period) — 1 % 4 % (1) % — ** ** Non-interest income growth (period over period) (4) % ...2 2 11 (7) % ** ** Total net revenue growth (period over period) (1) 1 4 1 (2) ** ** Total net revenue margin(4) 8.40 8.51 8.45 8.21 8.18 (11) bps 22 bps Net interest margin(5) 6.69 6.73 6.69 6.48 6.60 (4) 9 Return on average assets 1.08 0.60 1.52 1.23 0.83 48 25 Return on average tangible assets(6) 1.11 0.62 1.58 1.27 0.86 49 25 Return on average common equity(7) 9.03 5.03 13.59 10.70 7.11 400 192 Return on average tangible common equity(8) 12.67 7.20 19.59 15.30 10.15 547 252 Efficiency ratio(9) 54.64 60.14 51.89 53.20 55.54 (550) (90) Operating efficiency ratio(10) 43.89 46.95 41.51 43.36 45.47 (306) (158) Effective income tax rate for continuing operations  19.1 24.2 19.4 17.2 17.5 (510) 160 Employees (period-end, in thousands) 51.3 52.0 54.2 55.6 56.1 (1) % (9) % Credit Quality Metrics Allowance for credit losses $  15,380 $  15,296 $  14,955 $  14,646 $  14,318 1 % 7 % Allowance coverage ratio 4.88 % 4.77 % 4.75 % 4.70 % 4.64 % 11 bps 24 bps Net charge-offs $    2,616 $    2,533 $    1,999 $    2,185 $    1,697 3 % 54 % Net charge-off rate(11) 3.33 % 3.21 % 2.56 % 2.82 % 2.21 % 12 bps 112 bps 30+ day performing delinquency rate 3.40 3.71 3.42 3.08 2.88 (31) 52 30+ day delinquency rate 3.67 3.99 3.71 3.36 3.09 (32) 58 Capital Ratios(12) Common equity Tier 1 capital  13.1 % 12.9 % 13.0 % 12.7 % 12.5 % 20 bps 60 bps Tier 1 capital 14.4 14.2 14.3 14.0 13.9 20 50 Total capital 16.3 16.0 16.2 16.0 15.9 30 40 Tier 1 leverage 11.3 11.2 11.2 11.0 10.9 10 40 Tangible common equity ("TCE")(13) 8.1 8.2 7.3 7.6 7.6 (10) 50

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income 2024 Q1 (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Interest income: Loans, including loans held for sale $      9,920 $      9,934 $      9,696 $      9,057 $      8,723 — 14 % Investment securities 687 669 627 639 615 3 % 12 Other 570 542 550 470 416 5 37 Total interest income 11,177 11,145 10,873 10,166 9,754 — 15 Interest expense: Deposits 2,812 2,745 2,611 2,277 1,856 2 52 Securitized debt obligations 261 263 249 236 211 (1) 24 Senior and subordinated notes 606 608 579 528 489 — 24 Other borrowings 10 10 11 12 12 — (17) Total interest expense 3,689 3,626 3,450 3,053 2,568 2 44 Net interest income 7,488 7,519 7,423 7,113 7,186 — 4 Provision for credit losses 2,683 2,857 2,284 2,490 2,795 (6) (4) Net interest income after provision for credit losses 4,805 4,662 5,139 4,623 4,391 3 9 Non-interest income: Interchange fees, net 1,145 1,207 1,234 1,213 1,139 (5) 1 Service charges and other customer-related fees 462 424 453 411 379 9 22 Net securities gains (losses) — (34) — — — ** — Other 307 390 256 275 199 (21) 54 Total non-interest income 1,914 1,987 1,943 1,899 1,717 (4) 11 Non-interest expense: Salaries and associate benefits 2,478 2,284 2,274 2,317 2,427 8 2 Occupancy and equipment 554 628 518 506 508 (12) 9 Marketing 1,010 1,254 972 886 897 (19) 13 Professional services 262 359 295 290 324 (27) (19) Communications and data processing 351 345 344 344 350 2 — Amortization of intangibles 19 22 24 22 14 (14) 36 Other 463 825 433 429 425 (44) 9 Total non-interest expense 5,137 5,717 4,860 4,794 4,945 (10) 4 Income from continuing operations before income taxes 1,582 932 2,222 1,728 1,163 70 36 Income tax provision 302 226 432 297 203 34 49 Net income 1,280 706 1,790 1,431 960 81 33 Dividends and undistributed earnings allocated to participating securities(2) (23) (10) (28) (23) (16) 130 44 Preferred stock dividends (57) (57) (57) (57) (57) — — Net income available to common stockholders $      1,200 $         639 $      1,705 $      1,351 $         887 88 35 2024 Q1 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Basic earnings per common share:(2) Net income per basic common share $        3.14 $        1.67 $        4.46 $        3.53 $        2.32 88 % 35 % Diluted earnings per common share:(2) Net income per diluted common share $        3.13 $        1.67 $        4.45 $        3.52 $        2.31 87 % 35 % Weighted-average common shares outstanding (in millions): Basic common shares 382.2 381.9 382.5 382.8 382.6 — — Diluted common shares 383.4 382.8 383.3 383.7 383.8 — —

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets 2024 Q1 (Dollars in millions) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Assets: Cash and cash equivalents: Cash and due from banks $     4,671 $     4,903 $     4,620 $     3,360 $     3,347 (5) % 40 % Interest-bearing deposits and other short-term investments 46,357 38,394 40,249 38,236 43,166 21 7 Total cash and cash equivalents 51,028 43,297 44,869 41,596 46,513 18 10 Restricted cash for securitization investors 474 458 435 452 460 3 3 Securities available for sale 78,398 79,117 74,837 78,412 81,925 (1) (4) Loans held for investment: Unsecuritized loans held for investment 285,577 289,229 284,953 280,933 280,093 (1) 2 Loans held in consolidated trusts 29,577 31,243 29,827 30,390 28,743 (5) 3 Total loans held for investment 315,154 320,472 314,780 311,323 308,836 (2) 2 Allowance for credit losses (15,380) (15,296) (14,955) (14,646) (14,318) 1 7 Net loans held for investment 299,774 305,176 299,825 296,677 294,518 (2) 2 Loans held for sale 1,631 854 742 1,211 363 91 ** Premises and equipment, net 4,366 4,375 4,378 4,359 4,365 — — Interest receivable 2,514 2,478 2,469 2,297 2,250 1 12 Goodwill 15,062 15,065 15,048 15,060 14,779 — 2 Other assets 28,473 27,644 28,832 27,736 26,487 3 7 Total assets $ 481,720 $ 478,464 $ 471,435 $ 467,800 $ 471,660 1 2 2024 Q1 (Dollars in millions) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Liabilities: Interest payable $        762 $        649 $        685 $        637 $        621 17 % 23 % Deposits: Non-interest-bearing deposits 27,617 28,024 28,794 29,312 31,186 (1) (11) Interest-bearing deposits 323,352 320,389 317,217 314,393 318,641 1 1 Total deposits 350,969 348,413 346,011 343,705 349,827 1 — Securitized debt obligations 17,661 18,043 17,417 17,861 17,813 (2) (1) Other debt: Federal funds purchased and securities loaned or sold under agreements to repurchase 568 538 522 649 542 6 5 Senior and subordinated notes 32,108 31,248 31,283 31,627 30,398 3 6 Other borrowings 24 27 25 121 24 (11) — Total other debt 32,700 31,813 31,830 32,397 30,964 3 6 Other liabilities 21,827 21,457 21,824 18,641 17,782 2 23 Total liabilities 423,919 420,375 417,767 413,241 417,007 1 2 Stockholders' equity: Preferred stock — — Common stock 7 7 7 7 7 — — Additional paid-in capital, net 35,808 35,541 35,334 35,163 34,952 1 2 Retained earnings 61,905 60,945 60,529 59,028 57,898 2 7 Accumulated other comprehensive loss (9,534) (8,268) (12,224) (9,818) (8,540) 15 12 Treasury stock, at cost (30,385) (30,136) (29,978) (29,821) (29,664) 1 2 Total stockholders' equity 57,801 58,089 53,668 54,559 54,653 — 6 Total liabilities and stockholders' equity $ 481,720 $ 478,464 $ 471,435 $ 467,800 $ 471,660 1 2

CAPITAL ONE FINANCIAL CORPORATION (COF) Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)  (1) Total net revenue was reduced by $630 million in Q1 2024, $566 million in Q4 2023, $449 million in Q3 2023, $443 million in Q2 2023 and $405 million in Q1 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 Q1 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 Q1 2023 Q4 2023 Q1 (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 $   315,563 $      9,920 12.57 % $   316,670 $      9,934 12.55 % $   308,115 $      8,723 11.32 % Investment securities 88,581 687 3.10 88,650 669 3.02 89,960 615 2.73 Cash equivalents and other 43,659 570 5.21 41,609 542 5.21 37,124 416 4.49 Total interest-earning assets $   447,803 $     11,177 9.98 $   446,929 $     11,145 9.97 $   435,199 $      9,754 8.96 Interest-bearing liabilities: Interest-bearing deposits $   318,450 $      2,812 3.53 $   316,808 $      2,745 3.47 $   308,788 $      1,856 2.40 Securitized debt obligations 17,836 261 5.85 18,022 263 5.84 17,251 211 4.90 Senior and subordinated notes 32,211 606 7.52 32,586 608 7.46 30,136 489 6.49 Other borrowings and liabilities(2) 2,373 10 1.78 2,349 10 1.74 2,335 12 2.08 Total interest-bearing liabilities $   370,870 $      3,689 3.98 $   369,765 $      3,626 3.92 $   358,510 $      2,568 2.87 Net interest income/spread $      7,488 6.00 $      7,519 6.05 $      7,186 6.10 Impact of non-interest-bearing funding 0.69 0.68 0.50 Net interest margin 6.69 % 6.73 % 6.60 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics  2024 Q1 (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Loans Held for Investment (Period-End) Credit card: Domestic credit card $   143,861 $   147,666 $   140,320 $   135,975 $   130,980 (3) % 10 % International card businesses 6,733 6,881 6,463 6,516 6,162 (2) 9 Total credit card 150,594 154,547 146,783 142,491 137,142 (3) 10 Consumer banking: Auto 73,801 74,075 75,456 75,841 76,652 — (4) Retail banking 1,298 1,362 1,388 1,439 1,499 (5) (13) Total consumer banking 75,099 75,437 76,844 77,280 78,151 — (4) Commercial banking: Commercial and multifamily real estate 34,272 34,446 35,622 36,041 37,132 (1) (8) Commercial and industrial 55,189 56,042 55,531 55,511 56,411 (2) (2) Total commercial banking 89,461 90,488 91,153 91,552 93,543 (1) (4) Total loans held for investment $   315,154 $   320,472 $   314,780 $   311,323 $   308,836 (2) 2 Loans Held for Investment (Average) Credit card: Domestic credit card $   142,887 $   142,112 $   137,500 $   132,505 $   128,562 1 % 11 % International card businesses 6,758 6,515 6,549 6,257 6,108 4 11 Total credit card 149,645 148,627 144,049 138,762 134,670 1 11 Consumer banking: Auto 73,768 74,861 75,740 76,233 77,465 (1) (5) Retail banking 1,324 1,377 1,414 1,465 1,529 (4) (13) Total consumer banking 75,092 76,238 77,154 77,698 78,994 (2) (5) Commercial banking: Commercial and multifamily real estate 34,310 35,414 35,964 37,068 37,373 (3) (8) Commercial and industrial 55,567 55,611 55,592 56,127 56,719 — (2) Total commercial banking 89,877 91,025 91,556 93,195 94,092 (1) (4) Total average loans held for investment $   314,614 $   315,890 $   312,759 $   309,655 $   307,756 — 2 2024 Q1 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Net Charge-Off (Recovery) Rates Credit card: Domestic credit card(3) 5.94 % 5.35 % 4.40 % 4.38 % 4.04 % 59 bps 190 bps International card businesses 5.16 4.94 4.87 4.98 4.54 22 62 Total credit card 5.90 5.33 4.42 4.41 4.06 57 184 Consumer banking: Auto 1.99 2.19 1.77 1.40 1.53 (20) 46 Retail banking 4.04 5.68 3.80 3.25 2.97 (164) 107 Total consumer banking 2.03 2.25 1.81 1.43 1.56 (22) 47 Commercial banking: Commercial and multifamily real estate 0.20 0.96 0.27 3.91 0.19 (76) 1 Commercial and industrial 0.08 0.26 0.24 0.11 0.03 (18) 5 Total commercial banking 0.13 0.53 0.25 1.62 0.09 (40) 4 Total net charge-offs 3.33 3.21 2.56 2.82 2.21 12 112 30+ Day Performing Delinquency Rates Credit card: Domestic credit card 4.48 % 4.61 % 4.31 % 3.74 % 3.66 % (13) bps 82 bps International card businesses 4.83 4.67 4.43 4.24 4.20 16 63 Total credit card 4.50 4.61 4.32 3.77 3.68 (11) 82 Consumer banking: Auto 5.28 6.34 5.64 5.38 5.00 (106) 28 Retail banking 0.95 1.19 1.07 1.19 0.56 (24) 39 Total consumer banking 5.21 6.25 5.55 5.30 4.92 (104) 29 Nonperforming Loans and Nonperforming Assets Rates(4)(5) Credit card: International card businesses 0.13 % 0.13 % 0.14 % 0.16 % 0.12 % — 1 bps Total credit card 0.01 0.01 0.01 0.01 0.01 — — Consumer banking: Auto 0.79 0.96 0.85 0.77 0.67 (17) bps 12 Retail banking 3.21 3.36 3.28 2.99 2.94 (15) 27 Total consumer banking 0.83 1.00 0.89 0.82 0.72 (17) 11 Commercial banking: Commercial and multifamily real estate 1.58 1.23 1.29 1.15 0.90 35 68 Commercial and industrial 1.10 0.60 0.65 0.71 0.72 50 38 Total commercial banking 1.28 0.84 0.90 0.89 0.79 44 49 Total nonperforming loans 0.57 0.48 0.48 0.47 0.42 9 15 Total nonperforming assets 0.58 0.50 0.50 0.48 0.44 8 14

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity Three Months Ended March 31, 2024 Credit Card Consumer Banking (Dollars in millions) Domestic
Card International
Card
Businesses Total Credit
Card Auto Retail
Banking Total
Consumer
Banking Commercial
Banking Total Allowance for credit losses: Balance as of December 31, 2023 $       11,261 $             448 $       11,709 $         2,002 $             40 $        2,042 $         1,545 $       15,296 Charge-offs (2,452) (122) (2,574) (642) (18) (660) (39) (3,273) Recoveries 332 35 367 275 5 280 10 657 Net charge-offs (2,120) (87) (2,207) (367) (13) (380) (29) (2,616) Provision for credit losses 2,157 102 2,259 422 4 426 22 2,707 Allowance build (release) for credit losses 37 15 52 55 (9) 46 (7) 91 Other changes(6) — (7) (7) — — — — (7) Balance as of March 31, 2024 11,298 456 11,754 2,057 31 2,088 1,538 15,380 Reserve for unfunded lending commitments: Balance as of December 31, 2023 — — — — — — 158 158 Provision (benefit) for losses on unfunded lending commitments — — — — — — (24) (24) Balance as of March 31, 2024 — — — — — — 134 134 Combined allowance and reserve as of March 31, 2024 $       11,298 $             456 $       11,754 $         2,057 $             31 $        2,088 $         1,672 $       15,514

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results Three Months Ended March 31, 2024 (Dollars in millions) Credit Card Consumer
Banking Commercial
Banking(7) Other(7) 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 December 31, 2023 (Dollars in millions) Credit Card Consumer
Banking Commercial
Banking(7) Other(7) Total Net interest income (loss) $        5,231 $       1,951 $             617 $      (280) $      7,519 Non-interest income 1,565 163 245 14 1,987 Total net revenue (loss) 6,796 2,114 862 (266) 9,506 Provision (benefit) for credit losses 2,353 422 84 (2) 2,857 Non-interest expense 3,417 1,402 487 411 5,717 Income (loss) from continuing operations before income taxes 1,026 290 291 (675) 932 Income tax provision (benefit) 241 68 68 (151) 226 Income (loss) from continuing operations, net of tax $           785 $          222 $             223 $      (524) $        706 Three Months Ended March 31, 2023 (Dollars in millions) Credit Card Consumer
Banking Commercial
Banking(7) Other(7) Total Net interest income (loss) $        4,657 $       2,360 $             648 $      (479) $      7,186 Non-interest income 1,363 135 212 7 1,717 Total net revenue (loss) 6,020 2,495 860 (472) 8,903 Provision (benefit) for credit losses 2,261 275 259 — 2,795 Non-interest expense 3,038 1,283 530 94 4,945 Income (loss) from continuing operations before income taxes 721 937 71 (566) 1,163 Income tax provision (benefit) 172 221 17 (207) 203 Income (loss) from continuing operations, net of tax $           549 $          716 $               54 $      (359) $        960

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business 2024 Q1 vs (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Credit Card Earnings: Net interest income $    5,272 $   5,231 $   5,114 $   4,727 $   4,657 1 % 13 % Non-interest income 1,476 1,565 1,513 1,499 1,363 (6) 8 Total net revenue 6,748 6,796 6,627 6,226 6,020 (1) 12 Provision for credit losses 2,259 2,353 1,953 2,084 2,261 (4) — Non-interest expense 3,229 3,417 3,015 3,020 3,038 (6) 6 Income from continuing operations before income taxes 1,260 1,026 1,659 1,122 721 23 75 Income tax provision 299 241 393 265 172 24 74 Income from continuing operations, net of tax $      961 $      785 $   1,266 $      857 $      549 22 75 Selected performance metrics: Period-end loans held for investment $  150,594 $ 154,547 $ 146,783 $ 142,491 $ 137,142 (3) 10 Average loans held for investment 149,645 148,627 144,049 138,762 134,670 1 11 Average yield on loans outstanding(1) 18.84 % 18.96 % 19.02 % 18.17 % 17.98 % (12) bps 86 bps Total net revenue margin(8) 17.99 18.24 18.40 17.95 17.88 (25) 11 Net charge-off rate 5.90 5.33 4.42 4.41 4.06 57 184 30+ day performing delinquency rate 4.50 4.61 4.32 3.77 3.68 (11) 82 30+ day delinquency rate 4.50 4.62 4.32 3.77 3.69 (12) 81 Nonperforming loan rate(4) 0.01 0.01 0.01 0.01 0.01 — — Purchase volume(9) $  150,171 $ 162,055 $ 158,640 $ 157,937 $ 141,658 (7) % 6 % 2024 Q1 vs (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Domestic Card Earnings: Net interest income $    4,972 $   4,940 $   4,827 $   4,453 $   4,390 1 % 13 % Non-interest income 1,411 1,498 1,445 1,431 1,298 (6) 9 Total net revenue 6,383 6,438 6,272 5,884 5,688 (1) 12 Provision for credit losses 2,157 2,238 1,861 1,995 2,174 (4) (1) Non-interest expense 3,025 3,186 2,810 2,805 2,847 (5) 6 Income from continuing operations before income taxes 1,201 1,014 1,601 1,084 667 18 80 Income tax provision 283 239 378 256 157 18 80 Income from continuing operations, net of tax $      918 $      775 $   1,223 $      828 $      510 18 80 Selected performance metrics: Period-end loans held for investment $  143,861 $ 147,666 $ 140,320 $ 135,975 $ 130,980 (3) 10 Average loans held for investment 142,887 142,112 137,500 132,505 128,562 1 11 Average yield on loans outstanding(1) 18.76 % 18.88 % 18.96 % 18.07 % 17.88 % (12) bps 88 bps Total net revenue margin(8) 17.82 18.07 18.24 17.76 17.70 (25) 12 Net charge-off rate(3) 5.94 5.35 4.40 4.38 4.04 59 190 30+ day performing delinquency rate 4.48 4.61 4.31 3.74 3.66 (13) 82 Purchase volume(9) $  146,696 $ 158,290 $ 154,880 $ 154,184 $ 138,310 (7) % 6 % Refreshed FICO scores:(10) Greater than 660 68 % 68 % 69 % 69 % 68 % — — 660 or below 32 32 31 31 32 — — Total 100 % 100 % 100 % 100 % 100 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business 2024 Q1 vs (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Consumer Banking Earnings: Net interest income $    2,011 $   1,951 $   2,133 $   2,269 $   2,360 3 % (15) % Non-interest income 159 163 142 149 135 (2) 18 Total net revenue 2,170 2,114 2,275 2,418 2,495 3 (13) Provision for credit losses 426 422 213 259 275 1 55 Non-interest expense 1,246 1,402 1,262 1,231 1,283 (11) (3) Income from continuing operations before income taxes 498 290 800 928 937 72 (47) Income tax provision 117 68 189 219 221 72 (47) Income from continuing operations, net of tax $      381 $      222 $      611 $      709 $      716 72 (47) Selected performance metrics: Period-end loans held for investment $    75,099 $   75,437 $   76,844 $   77,280 $   78,151 — (4) Average loans held for investment 75,092 76,238 77,154 77,698 78,994 (2) (5) Average yield on loans held for investment(1) 8.33 % 8.17 % 7.97 % 7.65 % 7.40 % 16 bps 93 bps Auto loan originations $      7,522 $     6,157 $     7,452 $     7,160 $     6,211 22 % 21 % Period-end deposits 300,806 296,171 290,789 286,174 291,163 2 3 Average deposits 294,448 291,486 287,457 285,647 278,772 1 6 Average deposits interest rate 3.15 % 3.06 % 2.85 % 2.46 % 1.96 % 9 bps 119 bps Net charge-off rate 2.03 2.25 1.81 1.43 1.56 (22) 47 30+ day performing delinquency rate 5.21 6.25 5.55 5.30 4.92 (104) 29 30+ day delinquency rate 5.86 7.08 6.27 5.95 5.46 (122) 40 Nonperforming loan rate(4) 0.83 1.00 0.89 0.82 0.72 (17) 11 Nonperforming asset rate(5) 0.91 1.09 0.96 0.88 0.78 (18) 13 Auto—At origination FICO scores:(11) Greater than 660 53 % 53 % 52 % 52 % 52 % — 1 % 621 - 660 20 20 20 20 20 — — 620 or below 27 27 28 28 28 — (1) Total 100 % 100 % 100 % 100 % 100 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business 2024 Q1 vs (Dollars in millions, except as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Commercial Banking Earnings: Net interest income $      599 $      617 $      621 $      632 $      648 (3) % (8) % Non-interest income 281 245 288 257 212 15 33 Total net revenue(7) 880 862 909 889 860 2 2 Provision (benefit) for credit losses (2) 84 116 146 259 ** ** Non-interest expense 515 487 512 482 530 6 (3) Income from continuing operations before income taxes 367 291 281 261 71 26 ** Income tax provision 87 68 67 61 17 28 ** Income from continuing operations, net of tax $      280 $      223 $      214 $      200 $        54 26 ** Selected performance metrics: Period-end loans held for investment $    89,461 $   90,488 $   91,153 $   91,552 $   93,543 (1) (4) Average loans held for investment  89,877 91,025 91,556 93,195 94,092 (1) (4) Average yield on loans held for investment(1)(7) 7.14 % 7.24 % 7.16 % 6.75 % 6.31 % (10) bps 83 bps Period-end deposits $    31,082 $   32,712 $   36,035 $   36,793 $   38,380 (5) % (19) % Average deposits 31,844 34,525 37,279 37,960 39,941 (8) (20) Average deposits interest rate 2.65 % 2.79 % 2.93 % 2.68 % 2.34 % (14) bps 31 bps Net charge-off rate 0.13 0.53 0.25 1.62 0.09 (40) 4 Nonperforming loan rate(4) 1.28 0.84 0.90 0.89 0.79 44 49 Nonperforming asset rate(5) 1.28 0.84 0.90 0.89 0.79 44 49 Risk category:(12) Noncriticized $    80,804 $   81,758 $   82,968 $   84,583 $   85,964 (1) % (6) % Criticized performing 7,509 7,969 7,363 6,158 6,839 (6) 10 Criticized nonperforming 1,148 761 822 811 740 51 55 Total commercial banking loans held for investment $    89,461 $   90,488 $   91,153 $   91,552 $   93,543 (1) (4) Risk category as a percentage of period-end loans held for investment:(12) Noncriticized 90.33 % 90.35 % 91.02 % 92.38 % 91.90 % (2) bps (157) bps Criticized performing 8.39 8.81 8.08 6.73 7.31 (42) 108 Criticized nonperforming 1.28 0.84 0.90 0.89 0.79 44 49 Total commercial banking loans 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total 2024 Q1 vs (Dollars in millions) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2023

Q1 Other Earnings: Net interest loss $      (394) $     (280) $     (445) $     (515) $     (479) 41 % (18) % Non-interest income (loss) (2) 14 — (6) 7 ** ** Total net loss(7) (396) (266) (445) (521) (472) 49 (16) Provision (benefit) for credit losses — (2) 2 1 — ** — Non-interest expense(13) 147 411 71 61 94 (64) 56 Loss from continuing operations before income taxes (543) (675) (518) (583) (566) (20) (4) Income tax benefit (201) (151) (217) (248) (207) 33 (3) Loss from continuing operations, net of tax $      (342) $     (524) $     (301) $     (335) $     (359) (35) (5) Selected performance metrics: Period-end deposits $      19,081 $     19,530 $     19,187 $     20,738 $     20,284 (2) (6) Average deposits 19,365 19,317 20,277 20,071 21,410 — (10) Total Earnings: Net interest income $       7,488 $      7,519 $      7,423 $      7,113 $      7,186 — 4 % Non-interest income 1,914 1,987 1,943 1,899 1,717 (4) % 11 Total net revenue 9,402 9,506 9,366 9,012 8,903 (1) 6 Provision for credit losses 2,683 2,857 2,284 2,490 2,795 (6) (4) Non-interest expense 5,137 5,717 4,860 4,794 4,945 (10) 4 Income from continuing operations before income taxes 1,582 932 2,222 1,728 1,163 70 36 Income tax provision 302 226 432 297 203 34 49 Income from continuing operations, net of tax $       1,280 $         706 $      1,790 $      1,431 $         960 81 33 Selected performance metrics: Period-end loans held for investment $    315,154 $   320,472 $   314,780 $   311,323 $   308,836 (2) 2 Average loans held for investment 314,614 315,890 312,759 309,655 307,756 — 2 Period-end deposits 350,969 348,413 346,011 343,705 349,827 1 — Average deposits 345,657 345,328 345,013 343,678 340,123 — 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 $1.9 billion and $1.7 billion for the first quarters of 2024 and 2023, respectively, and related interest expense of $8 million for both the first quarters of 2024 and 2023. (3) 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%. (4) 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. (5) 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. (6) Primarily represents foreign currency translation adjustments. (7) 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. (8) Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period. (9) Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions. (10) 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.  (11) 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. (12) Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities. (13) Includes the impact of the $42 million and $289 million FDIC special assessment in Q1 2024 and Q4 2023, respectively, and 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) March 31,

2024 December 31,

2023 September 30,

2023 June 30,

2023 March 31,

2023 Regulatory Capital Metrics Common equity excluding AOCI $        63,088 $        62,710 $        62,245 $         60,729 $        59,546 Adjustments: AOCI, net of tax(2) 14 27 (9) 31 (3) Goodwill, net of related deferred tax liabilities (14,804) (14,811) (14,797) (14,813) (14,538) Other Intangible and deferred tax assets, net of deferred tax liabilities (291) (311) (333) (358) (371) Common equity Tier 1 capital $        48,007 $        47,615 $        47,106 $         45,589 $        44,634 Tier 1 capital $        52,852 $        52,460 $        51,952 $         50,434 $        49,479 Total capital(3) 59,483 59,124 58,844 57,607 56,611 Risk-weighted assets 366,046 369,206 362,962 359,613 356,079 Adjusted average assets(4) 468,030 467,553 464,286 459,732 455,477 Capital Ratios Common equity Tier 1 capital(5) 13.1 % 12.9 % 13.0 % 12.7 % 12.5 % Tier 1 capital(6) 14.4 14.2 14.3 14.0 13.9 Total capital(7) 16.3 16.0 16.2 16.0 15.9 Tier 1 leverage(4) 11.3 11.2 11.2 11.0 10.9 TCE(8) 8.1 8.2 7.3 7.6 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.

(Dollars in millions, except per share data and as noted) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 Adjusted diluted earnings per share ("EPS"): Net income available to common stockholders (GAAP) $        1,200 $          639 $        1,705 $           1,351 $              887 FDIC special assessment  42 289 — — — Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 1,242 928 1,705 1,351 887 Income tax impacts (10) (70) — — — Adjusted net income available to common stockholders (non-GAAP) $        1,232 $          858 $        1,705 $           1,351 $              887 Diluted weighted-average common shares outstanding (in millions) (GAAP) 383.4 382.8 383.3 383.7 383.8 Diluted EPS (GAAP) $          3.13 $         1.67 $       4.45 $          3.52 $          2.31 Impact of adjustments noted above 0.08 0.57 — — — Adjusted diluted EPS (non-GAAP) $          3.21 $         2.24 $       4.45 $          3.52 $          2.31 Adjusted efficiency ratio: Non-interest expense (GAAP) $        5,137 $          5,717 $        4,860 $           4,794 $           4,945 FDIC special assessment (42) (289) — — — Adjusted non-interest expense (non-GAAP) $        5,095 $          5,428 $        4,860 $           4,794 $           4,945 Total net revenue (GAAP) $        9,402 $          9,506 $        9,366 $           9,012 $           8,903 Efficiency ratio (GAAP) 54.64 % 60.14 % 51.89 % 53.20 % 55.54 % Impact of adjustments noted above (45) bps (304) bps — — — Adjusted efficiency ratio (non-GAAP) 54.19 % 57.10 % 51.89 % 53.20 % 55.54 % Adjusted operating efficiency ratio: Operating expense (GAAP) $        4,127 $          4,463 $        3,888 $           3,908 $           4,048 FDIC special assessment (42) (289) — — — Adjusted operating expense (non-GAAP) $        4,085 $          4,174 $        3,888 $           3,908 $           4,048 Total net revenue (GAAP) $        9,402 $          9,506 $        9,366 $           9,012 $           8,903 Operating efficiency ratio (GAAP) 43.89 % 46.95 % 41.51 % 43.36 % 45.47 % Impact of adjustments noted above (44) bps (304) bps — — — Adjusted operating efficiency ratio (non-GAAP) 43.45 % 43.91 % 41.51 % 43.36 % 45.47 %

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.

(Dollars in millions) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 Pre- Provision Earnings Total net revenue $        9,402 $         9,506 $         9,366 $         9,012 $         8,903 Non-interest expense (5,137) (5,717) (4,860) (4,794) (4,945) Pre-provision earnings(9) $        4,265 $         3,789 $         4,506 $         4,218 $         3,958 Tangible Common Equity (Period-End) Stockholders' equity $      57,801 $       58,089 $       53,668 $       54,559 $       54,653 Goodwill and other intangible assets(10) (15,257) (15,289) (15,308) (15,356) (15,098) Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845) Tangible common equity(11) $      37,699 $       37,955 $       33,515 $       34,358 $       34,710 Tangible Common Equity (Average) Stockholders' equity $      57,998 $       55,632 $       55,012 $       55,357 $       54,773 Goodwill and other intangible assets(10) (15,280) (15,304) (15,348) (15,187) (14,984) Noncumulative perpetual preferred stock (4,845) (4,845) (4,845) (4,845) (4,845) Tangible common equity(11) $      37,873 $       35,483 $       34,819 $       35,325 $       34,944 Return on Tangible Common Equity (Average) Net income available to common stockholders $        1,200 $           639 $         1,705 $         1,351 $           887 Tangible common equity (Average) 37,873 35,483 34,819 35,325 34,944 Return on tangible common equity(11)(12) 12.67 % 7.20 % 19.59 % 15.30 % 10.15 % Tangible Assets (Period-End) Total assets $     481,720 $     478,464 $     471,435 $     467,800 $     471,660 Goodwill and other intangible assets(10) (15,257) (15,289) (15,308) (15,356) (15,098) Tangible assets(11) $     466,463 $     463,175 $     456,127 $     452,444 $     456,562 (Dollars in millions) 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Q1 Tangible Assets (Average) Total assets $     474,995 $     472,594 $     469,860 $     466,652 $     462,324 Goodwill and other intangible assets(10) (15,280) (15,304) (15,348) (15,187) (14,984) Tangible assets(11) $     459,715 $     457,290 $     454,512 $     451,465 $     447,340 Return on Tangible Assets (Average) Net income $        1,280 $           706 $         1,790 $         1,431 $           960 Tangible Assets (Average) 459,715 457,290 454,512 451,465 447,340 Return on tangible assets(11)(13) 1.11 % 0.62 % 1.58 % 1.27 % 0.86 % TCE Ratio Tangible common equity (Period-end) $      37,699 $       37,955 $       33,515 $       34,358 $       34,710 Tangible Assets (Period-end) 466,463 463,175 456,127 452,444 456,562 TCE Ratio(11) 8.1 % 8.2 % 7.3 % 7.6 % 7.6 % Tangible Book Value per Common Share Tangible common equity (Period-end) $      37,699 $       37,955 $       33,515 $       34,358 $       34,710 Outstanding Common Shares 382.1 380.4 381.0 381.4 382.0 Tangible book value per common share(11) $        98.67 $         99.78 $         87.97 $         90.07 $         90.86

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

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SOURCE Capital One Financial Corporation