Capital One Financial Corporation · NYSE:COF
Capital One Financial — Q4 2025 Earnings Presentation
22 slides from Capital One Financial's earnings presentation, Jan 22, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results January 22, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in Capital One’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Please note that
Slide 3: Q4 2025 Company Highlights
Q4 2025 Company Highlights • Net income of $2.1 billion, or $3.26 per diluted common share for the fourth quarter of 2025; net income of $2.5 billion, or $4.03 per diluted common share for full year 2025 ◦ Adjusted net income per diluted common share(1) of $3.86 for the fourth quarter of 2025 and $1
Slide 4: Allowance for Credit Losses
Allowance for Credit Losses Credit Consumer Commercial Total Card Banking Banking (Dollars in millions) Allowance for credit losses: Balance as of September 30, 2025 $ 19,727 $ 1,878 $ 1,498 $ 23,103 Charge-offs (4,437) (705) (108) (5,250) Recoveries 1,094 310 13 1,417 Net charge-offs (3,343) (395)
Slide 5: Allowance Coverage Ratios by Segment
Allowance Coverage Ratios by Segment Domestic Card Credit Card $20,841 $20,474 $19,727 $20,066 $19,596 $19,229 $18,476 $18,811 $8,331 $7,560 $12,974 $12,510 $12,494 $12,036 $12,510 $12,036 7.98% 7.96% 8.03% 8.01% 7.59% 7.62% 7.28% 7.18% 7.28% 7.17% 12/31/24 03/31/25 03/31/25 + DFS 06/30/25 09/30/25
Slide 6: Liquidity
Liquidity Average Quarterly Total Liquidity Reserves ($M)(1) Liquidity Coverage Ratio ("LCR") 5 1% Q/Q 5 16% Y/Y 143,946 143,071 143,972 131,084 173% 123,826 161% 155% 157% 152% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Liquidity coverage ratio FHLB eligible loans Cash and cash equivalents I
Slide 7: Net Interest Income and Net Interest Margin
Net Interest Income and Net Interest Margin Flat Q/Q NII 5 54% Y/Y NII $12,404 $12,466 $9,995 8.36% 8.26% $8,098 $8,013 7.62% 7.03% 6.93% (1) (1) (1) 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Income (NII) ($M) Net Interest Margin Fourth Quarter 2025 Highlights • Net interest margin decreased 10 bps quar
Slide 8: Capital
Capital (Dollars in millions) Amount Ratio Common Equity Tier 1 Capital Ratio Common equity Tier 1 (“CET1”) as of September 30, 2025 $ 72,970 14.4% Q4 2025 Net Income 2,134 42 bps Common & Preferred Stock Dividends(1) (566) (11)bps 14.4% 14.0% 14.3% 13.5% 13.6% Share Repurchases (2,500) (49)bps Adju
Slide 9: Financial Summary—Business Segment Results
Financial Summary—Business Segment Results Three Months Ended December 31, 2025 Consumer Commercial (Dollars in millions) Credit Card Banking Banking Other Total Net interest income $ 9,479 $ 2,296 $ 574 $ 117 $ 12,466 Non-interest income (loss) 2,214 623 356 (76) 3,117 Total net revenue 11,693 2,91
Slide 10: Credit Card
Credit Card 2025 Q4 Fourth Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q4 Q3 Q4 Q3 Q4 • Ending loans held for investment up Earnings: $117.1 billion, or 72%, year-over-year; average loans held for investment up Net interest income $ 9,479 $ 9,396 $ 5,779 1
Slide 11: Domestic Card
Domestic Card 2025 Q4 Fourth Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q4 Q3 Q4 Q3 Q4 • Ending loans held for investment up $106.8 Earnings: billion, or 69%, year-over-year; average loans Net interest income $8,854 $8,766 $5,474 1% 62% held for investmen
Slide 12: Consumer Banking
Consumer Banking 2025 Q4 Fourth Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q4 Q3 Q4 Q3 Q4 • Ending loans held for investment up $6.7 Earnings: billion or 9% year-over-year; average Net interest income $ 2,296 $ 2,357 $ 1,959 (3)% 17% loans held for invest
Slide 13: Commercial Banking
Commercial Banking 2025 Q4 Fourth Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q4 Q3 Q4 Q3 Q4 • Ending loans held for investment and Earnings: average loans held for investment were Net interest income $ 574 $ 586 $ 587 (2)% (2)% flat quarter-over-quarter N
Slide 14: Appendix
Appendix Capital y,
Slide 15: Capital One has entered into a definitive agreement to acquire Brex
Capital One has entered into a definitive agreement to acquire Brex Transaction • Capital One has entered into a definitive agreement to acquire Brex for $5.15B Structure with approximately 50% cash and 50% stock consideration • Transaction-related costs of ~ $950M, including deal costs, integration
Slide 16: Brex offers business credit cards, spend management software, and banking as an integrated platform
Brex offers business credit cards, spend management software, and banking as an integrated platform Spend Business management Banking credit cards software Brex is a modern, AI-native software platform offering intelligent finance solutions that make it easy for businesses to issue corporate cards,
Slide 17: Discover Acquisition: Preliminary Purchase Consideration Allocation
Discover Acquisition: Preliminary Purchase Consideration Allocation Q3 2025 Q4 2025 Measurement Measurement Initial Fair Period Period Revised Fair (in millions, except share and per share data) Value(1) Adjustments Adjustments Value(1) Purchase consideration: Shares of Discover common stock issued
Slide 18: Discover Acquisition: Loan and Deposit Fair Value Mark Amortization
Discover Acquisition: Loan and Deposit Fair Value Mark Amortization Total 2025 2026 2027 2028 2029 Thereafter Premium / (Dollars in millions, except as noted) (Discount) Card Loans: Non-PCD $618 $379 $98 $20 $1 — $1,116 PCD (414) (427) (218) (119) (63) $(95) (1,336) Decrease / (Increase) to Interest
Slide 19: Discover Acquisition: Intangible Amortization
Discover Acquisition: Intangible Amortization 2025 2026 2027 2028 2029 Thereafter Total (Dollars in millions, except as noted) Purchase Credit Card $1,053 $1,588 $1,435 $1,282 $1,129 $3,613 $10,100 Relationships (“PCCR”)(1) Network and Financial Partner 84 135 135 135 135 876 1,500 Relationships(2)
Slide 20: Reconciliation of Non-GAAP Measures
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
Slide 21: Reconciliation of Non-GAAP Measures
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 t
Slide 22: Reconciliation of Non-GAAP Measures
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 t
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