Capital One Financial Corporation · NYSE:COF
Capital One Financial — Q3 2025 Earnings Presentation
20 slides from Capital One Financial's earnings presentation, Oct 21, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results October 21, 2025
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: Q3 2025 Company Highlights
Q3 2025 Company Highlights • Net income of $3.2 billion, or $4.83 per diluted common share ◦ Adjusted net income per diluted common share(1) of $5.95 • Pre-provision earnings(1) increased 29% to $7.1 billion • Net interest margin increased 74 bps to 8.36% ◦ Adjusted net interest margin(1) of 8.43% •
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 June 30, 2025 $ 20,474 $ 1,864 $ 1,535 $ 23,873 Charge-offs (4,211) (669) (61) (4,941) Recoveries 1,110 343 15 1,468 Net charge-offs (3,101) (326) (46) (
Slide 5: Allowance Coverage Ratios by Segment
Allowance Coverage Ratios by Segment (1) Domestic Card Credit Card $20,841 $20,474 $19,727 $19,596 $19,229 $18,476 $8,331 $7,560 $12,989 $12,974 $12,510 $12,494 $12,494 $12,036 8.29% $12,510 8.36% $12,036 7.98% 7.96% 8.03% 8.01% 7.59% 7.62% 7.28% 7.28% 09/30/24 12/31/24 03/31/25 3/31/2025 + 06/30/25
Slide 6: Liquidity
Liquidity Average Quarterly Total Liquidity Reserves ($M)(1) Liquidity Coverage Ratio ("LCR") 6 1% Q/Q 5 9% Y/Y 143,946 143,071 131,622 131,084 123,826 163% 161% 155% 157% 152% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Liquidity coverage ratio FHLB eligible loans Cash and cash equivalents In
Slide 7: Net Interest Income and Net Interest Margin
Net Interest Income and Net Interest Margin 5 24% Q/Q 5 54% Y/Y $12,404 $9,995 8.36% $8,076 $8,098 $8,013 7.62% 7.11% 7.03% 6.93% (1) (1) 3Q24 4Q24 1Q25 2Q25 3Q25 Net Interest Income (NII) ($M) Net Interest Margin Third Quarter 2025 Highlights • Net interest margin increased 74 bps quarter-over-quar
Slide 8: Capital
Capital (Dollars in millions) Amount Ratio Common Equity Tier 1 Capital Ratio Common equity Tier 1 (“CET1”) as of June 30, 2025 $ 70,712 14.0% Q3 2025 Net Income 3,192 63 bps Common & Preferred Stock Dividends(1) (460) (9)bps 14.4% 14.0% 13.6% 13.5% 13.6% Share Repurchases (1,000) (20)bps Adjustment
Slide 9: Financial Summary—Business Segment Results
Financial Summary—Business Segment Results Three Months Ended September 30, 2025 Consumer Commercial (Dollars in millions) Credit Card Banking Banking Other Total Net interest income $ 9,396 $ 2,357 $ 586 $ 65 $ 12,404 Non-interest income (loss) 2,211 475 318 (49) 2,955 Total net revenue 11,607 2,83
Slide 10: Credit Card
Credit Card 2025 Q3 Third Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 • Ending loans held for investment up Earnings: $114.4 billion, or 73%, year-over-year; average loans held for investment up Net interest income $ 9,396 $ 7,293 $ 5,743 29
Slide 11: Domestic Card
Domestic Card 2025 Q3 Third Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 • Ending loans held for investment up $104.6 Earnings: billion, or 70%, year-over-year; average loans Net interest income $8,766 $6,822 $5,434 28% 61% held for investmen
Slide 12: Consumer Banking
Consumer Banking 2025 Q3 Third Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 • Ending loans held for investment up $6.5 Earnings: billion or 8% year-over-year; average Net interest income $ 2,357 $ 2,162 $ 2,028 9% 16% loans held for investmen
Slide 13: Commercial Banking
Commercial Banking 2025 Q3 Third Quarter 2025 Highlights 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q3 Q2 Q3 Q2 Q3 • Ending loans held for investment up Earnings: $537 million or 1% quarter-over-quarter Net interest income $ 586 $ 602 $ 596 (3)% (2)% and average loans held for i
Slide 14: Appendix
Appendix Capital y,
Slide 15: Discover Acquisition: Preliminary Purchase Consideration Allocation
Discover Acquisition: Preliminary Purchase Consideration Allocation Q3 2025 Measurement Period (in millions, except share and per share data) Initial Fair Value(1) Adjustments Revised Fair Value(1) Purchase consideration: Shares of Discover common stock issued and outstanding immediately prior to th
Slide 16: 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 17: 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)(2) Network and Financial Partner 84 135 135 135 135 876 1,500 Relationships(
Slide 18: 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 19: 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 20: 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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