Capital One Financial Corporation · NYSE:COF
Capital One Financial — Q2 2026 Earnings Presentation
19 slides from Capital One Financial's earnings presentation, Jul 21, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results July 21, 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: Q2 2026 Company Highlights
Q2 2026 Company Highlights • Net income of $3.0 billion, or $4.73 per diluted common share ◦ Adjusted net income per diluted common share(1) of $5.81 • Pre-provision earnings(1) increased 1% to $6.8 billion • Net interest margin increased 14 bps to 8.01% • Provision for credit losses of $3.0 billion
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 March 31, 2026 $ 20,049 $ 2,047 $ 1,534 $ 23,630 Charge-offs (4,458) (702) (123) (5,283) Recoveries 1,266 373 2 1,641 Net charge-offs (3,192) (329) (121)
Slide 5: Allowance Coverage Ratios by Segment
Allowance Coverage Ratios by Segment Domestic Card Credit Card $20,841 $20,474 $19,727 $20,066 $20,049 $19,329 $19,596 $19,229 $18,476 $18,811 $18,806 $18,101 $8,331 $7,560 $12,510 $12,036 7.59% 7.62% 7.40% 7.28% 7.18% 7.41% 7.28% 7.17% 7.02% 6.99% 03/31/25 + DFS 06/30/25 09/30/25 12/31/25 03/31/26
Slide 6: Liquidity
Liquidity Average Quarterly Total Liquidity Reserves ($M)(1) Liquidity Coverage Ratio 6 13% Q/Q 5 0% Y/Y 164,766 143,946 143,071 143,972 144,104 173% 166% 165% 161% 157% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Liquidity Coverage Ratio FHLB eligible loans Cash and cash equivalents Investmen
Slide 7: Net Interest Income and Net Interest Margin
Net Interest Income and Net Interest Margin 5 2% Q/Q NII 5 24% Y/Y NII $12,404 $12,466 $12,374 $12,145 $9,995 8.36% 8.26% 8.01% 7.87% 7.62% 2Q25 3Q25 4Q25 1Q26 2Q26 Net Interest Income (NII) ($M) Net Interest Margin Second Quarter 2026 Highlights • Net interest margin increased 14 bps quarter-over-q
Slide 8: Capital
Capital Amount Ratio (Dollars in millions) Common equity Tier 1 (“CET1”) as of March 31, 2026 $ 72,459 14.4% Common Equity Tier 1 Capital Ratio Share issuances related to Brex acquisition 1,878 36 bps Q2 2026 net income 3,020 58 bps Common & preferred stock dividends(1) (558) (11)bps 14.4% 14.3% 14.
Slide 9: Financial Summary—Business Segment Results
Financial Summary—Business Segment Results Three Months Ended June 30, 2026 Consumer Commercial Credit Card Other Total (Dollars in millions) Banking Banking Net interest income $ 9,252 $ 2,431 $ 585 $ 106 $ 12,374 Non-interest income (loss) 2,513 778 265 (80) 3,476 Total net revenue 11,765 3,209 85
Slide 10: Credit Card
Credit Card 2026 Q2 Second Quarter 2026 Highlights 2026 2026 2025 2026 2025 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 • Ending loans held for investment up $5.7 Earnings: billion, or 2%, year-over-year; average Net interest income $ 9,252 $ 9,236 $ 7,293 —% 27% loans held for investment
Slide 11: Domestic Card
Domestic Card 2026 Q2 Second Quarter 2026 Highlights 2026 2026 2025 2026 2025 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 • Ending loans held for investment up $6.5 Earnings: billion, or 3%, year-over-year; average loans Net interest income $ 8,643 $ 8,618 $ 6,822 —% 27% held for investmen
Slide 12: Consumer Banking
Consumer Banking 2026 Q2 Second Quarter 2026 Highlights 2026 2026 2025 2026 2025 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 • Ending loans held for investment up $9.2 Earnings: billion or 11% year-over-year; average Net interest income $ 2,431 $ 2,229 $ 2,162 9% 12% loans held for investm
Slide 13: Commercial Banking
Commercial Banking 2026 Q2 Second Quarter 2026 Highlights 2026 2026 2025 2026 2025 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 • Ending loans held for investment up Earnings: $970 million, or 1%, quarter-over-quarter Net interest income $ 585 $ 581 $ 602 1% (3)% and average loans held for
Slide 14: Appendix
Appendix Capital y,
Slide 15: 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 16: 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 17: 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 18: Brex Acquisition: Preliminary Purchase Consideration Allocation
Brex Acquisition: Preliminary Purchase Consideration Allocation Fair Value as of (in millions, except share and per share data) April 7, 2026(1) Purchase consideration: Fair value of Capital One common stock transferred(2) $ 1,891 Fair value of cash consideration transferred 2,630 Fair value of purc
Slide 19: Brex Acquisition: Amortization
Brex Acquisition: Amortization 2026 2027 2028 2029 2030 Thereafter Total (Dollars in millions, except as noted) Customer relationships(1) $36 $45 $41 $37 $32 $111 $302 Brand intangible(2) 10 13 13 13 13 68 130 Technology asset(3) 77 102 102 102 102 25 510 Total increase to operating expense(4) $123
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