Companies: 10,822     total market cap: $145.952 T
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Capital One
COF
#190
Rank
$116.47 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$187.17
Share price
0.74%
Change (1 day)
-4.53%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Capital One
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-07

Capital One - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 10-Q
___________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File No. 001-13300
____________________________________
CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
____________________________________
Delaware 54-1719854
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1680 Capital One Drive,
McLean,Virginia 22102
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (703) 720-1000
(Not Applicable)
(Former name, former address and former fiscal year, if changed since last report)
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)COF
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series ICOF PRI
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series JCOF PRJ
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series KCOF PRK
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series LCOF PRL
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series NCOF PRN
New York Stock Exchange
1.650% Senior Notes Due 2029COF29
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒  Accelerated filer 
☐
Non-accelerated filer 
☐
  Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, there were 622,292,783 shares of the registrant’s Common Stock outstanding.


TABLE OF CONTENTS
Page
4
69
Consolidated Statements of Income
70
Consolidated Statements of Comprehensive Income
71
Consolidated Balance Sheets
72
Consolidated Statements of Changes in Stockholders’ Equity
73
Consolidated Statements of Cash Flows
74
76
Note 1—Summary of Significant Accounting Policies
76
Note 2—Business Combinations
79
Note 3—Investment Securities
80
Note 4—Loans
83
Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments
98
Note 6—Variable Interest Entities and Securitizations
102
Note 7—Goodwill and Other Intangible Assets
106
Note 8—Deposits and Borrowings
108
Note 9—Derivative Instruments and Hedging Activities
109
Note 10—Stockholders’ Equity
117
Note 11—Earnings Per Common Share
120
Note 12—Fair Value Measurement
121
Note 13—Business Segments and Revenue from Contracts with Customers
128
Note 14—Commitments, Contingencies, Guarantees and Others
131
4
Introduction
4
Selected Financial Data
6
Executive Summary
9
Consolidated Results of Operations
10
Consolidated Balance Sheets Analysis
15
Off-Balance Sheet Arrangements
17
Business Segment Financial Performance
18
Critical Accounting Policies and Estimates
27
Accounting Changes and Developments
28
Capital Management
29
Risk Management
35
Credit Risk Profile
37
Liquidity Risk Profile
49
Market Risk Profile
53
Supervision and Regulation
58
Forward-Looking Statements
59
Supplemental Table
61
Glossary and Acronyms
63
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Capital One Financial Corporation (COF)

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Capital One Financial Corporation (COF)

INDEX OF MD&A AND SUPPLEMENTAL TABLE
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A
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PART I—FINANCIAL INFORMATION
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)
This discussion contains forward-looking statements that are based upon management’s current expectations and are subject to significant uncertainties and changes in circumstances. Please review “Forward-Looking Statements” for more information on the forward-looking statements in this Quarterly Report on Form 10-Q (“this Report”). All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Our actual results may differ materially from those included in these forward-looking statements due to a variety of factors including, but not limited to, those described in “Part I—Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K (“2025 Form 10-K”) and “Part II—Item 1A. Risk Factors” in this Report. Unless otherwise specified, references to notes to our consolidated financial statements refer to the notes to our consolidated financial statements as of March 31, 2026 included in this Report.
Management monitors a variety of key indicators to evaluate our business results and financial condition. The following MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and related notes in this Report and the more detailed information contained in our 2025 Form 10-K.
INTRODUCTION
Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) operate as a global payments provider and diversified financial institution, delivering a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.
Capital One Financial Corporation’s principal operating subsidiary was Capital One, National Association (“CONA”). On May 18, 2025 (the “Closing Date”), Discover Financial Services (“Discover”) merged into Capital One and Discover Bank merged into CONA. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” in our 2025 Form 10-K for additional information. The Company is hereafter collectively referred to as “we,” “us” or “our.” CONA is referred to as the “Bank.”
We offer credit cards, debit cards, bank lending, treasury management and depository services, auto loans, and other consumer lending products in markets across the United States (“U.S.”). We service banking customer accounts through digital channels and our network of branch locations, cafés, call centers and automated teller machines (“ATMs”). Additionally, through the acquisition of Discover, we acquired new products including personal loans as well as the Discover Network, the PULSE Network and Diners Club (collectively, the “Global Payment Network”).
We also offer credit card products and certain other services outside of the U.S. principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of CONA organized and located in the United Kingdom (“U.K.”), and through a branch of CONA in Canada. Both COEP and our Canadian branch of CONA have the authority to provide credit card loans. In addition, we offer Global Payment Network services globally.
Our consolidated total net revenues are derived primarily from lending to consumer and commercial customers net of funding costs associated with our deposits, long-term debt and other borrowings. We also earn non-interest income which primarily consists of discount and interchange income, net of reward expenses, and service charges and other customer-related fees. Our expenses primarily consist of the provision for credit losses, operating expenses, marketing expenses and income taxes.
Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support
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the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses.
•Credit Card: Consists of our domestic consumer card lending, personal loans, domestic small business card lending and international card businesses in the U.K. and Canada.
•Consumer Banking: Consists of our deposit gathering and lending activities for consumers and small businesses, national auto lending and services offered by the Global Payment Network.
•Commercial Banking: Consists of our lending, deposit gathering, capital markets and treasury management services to commercial real estate and commercial and industrial customers. Our customers typically include companies with annual revenues between $20 million and $2 billion.
Business Developments
We regularly explore and evaluate opportunities to acquire financial products and services as well as financial assets, including credit card and other loan portfolios, and enter into strategic partnerships as part of our growth strategy. We also explore opportunities to acquire technology companies and related assets to improve our information technology infrastructure and to deliver on our digital strategy. We may issue equity or debt to fund our acquisitions. In addition, we regularly consider the potential disposition of certain of our assets, branches, partnership agreements or lines of business.
Discover Acquisition
On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover, a Delaware corporation and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”). On May 18, 2025, the Company closed the acquisition of Discover, pursuant to which (i) Merger Sub merged with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (ii) immediately following the Merger, Discover, as the surviving entity, merged with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (iii) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, merged with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and Second Step Merger, the “Transaction”).
For additional information on the Transaction, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” in our 2025 Form 10-K.
Brex Acquisition
On April 7, 2026, the Company completed its previously announced acquisition of Brex Inc., a Delaware corporation (“Brex” and such acquisition, the “Brex acquisition”), pursuant to the terms of an Agreement and Plan of Merger and Reorganization, dated as of January 22, 2026 with Brex and certain other parties thereto. Brex offers businesses solutions to issue corporate cards, automate expense management and make secure, real-time payments. The Brex acquisition enhances the Company's offerings in the business payments marketplace. The total consideration paid to Brex shareholders for the acquisition was approximately $4.5 billion and included $2.6 billion of cash consideration and 10.6 million shares of common stock, par value $0.01 per share, of the Company with a fair value of $1.9 billion. The consideration is also subject to customary post-closing adjustments. Immediately following the completion of the Brex acquisition, the Company settled Brex's outstanding debt of $1.1 billion.
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SELECTED FINANCIAL DATA
The following table presents selected consolidated financial data and performance from our results of operations for the first quarters of 2026 and 2025 and selected comparative balance sheet data as of March 31, 2026 and December 31, 2025. We also provide selected key metrics we use in evaluating our performance, including certain metrics that are computed using non-GAAP measures. We consider these metrics to be key financial measures that management uses in assessing our operating performance, capital adequacy and the level of returns generated. We believe these non-GAAP metrics provide useful insight 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. (“U.S. GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies.
Table 1: Consolidated Financial Highlights
Three Months Ended March 31,
(Dollars in millions, except per share data and as noted)20262025
Change
Income statement
Net interest income$12,145$8,01352%
Non-interest income3,0861,98755 
Total net revenue15,23110,00052 
Provision for credit losses4,0682,36972 
Non-interest expense:
Marketing1,4971,20225 
Operating expense6,9674,70048 
Total non-interest expense8,4645,90243 
Income from continuing operations before income taxes2,6991,72956 
Income tax provision51832559 
Income from continuing operations, net of tax2,1811,40455 
Income (loss) from discontinued operations, net of tax
(7)—**
Net income2,1741,40455 
Dividends and undistributed earnings allocated to participating securities(20)(22)(9)
Preferred stock dividends(73)(57)28 
Net income available to common stockholders$2,081$1,32557 
Common share statistics 
Basic earnings per common share:
Net income from continuing operations$3.35$3.46(3)%
Income (loss) from discontinued operations
(0.01)—**
Net income per basic common share$3.34$3.46(3)
Diluted earnings per common share:
Net income from continuing operations$3.35$3.45(3)%
Income (loss) from discontinued operations
(0.01)—**
Net income per diluted common share
$3.34$3.45(3)
Weighted-average common shares outstanding (in millions):
Basic 622.5383.162%
Diluted623.4384.062 
Common shares outstanding (period-end, in millions)615.9383.061 
Dividends declared and paid per common share$0.80$0.6033 
Tangible book value per common share (period-end)(1)
107.76113.74(5)
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Three Months Ended March 31,
(Dollars in millions, except per share data and as noted)20262025
Change
Balance sheet (average balances)
Loans held for investment$446,235$322,38538%
Interest-earning assets617,173462,77133 
Total assets675,999491,81737 
Interest-bearing deposits451,957337,84034 
Total deposits479,958364,07832 
Borrowings52,34844,44818 
Common equity109,14957,39590 
Total stockholders’ equity114,55662,24084 
Selected performance metrics 
Purchase volume$220,540$157,94840%
Global Payment Network volume
174,332N/A**
Total net revenue margin(2)
9.87%8.64%123bps
Net interest margin7.87 6.93 94 
Return on average assets(3)
1.29 1.14 15 
Return on average tangible assets(4)
1.37 1.18 19 
Return on average common equity(5)
7.65 9.23 (158)
Return on average tangible common equity(6)
12.20 12.55 (35)
Equity-to-assets ratio(7)
16.95 12.66 429 
Efficiency ratio(8)
55.57 59.02 (345)
Operating efficiency ratio(9)
45.74 47.00 (126)
Effective income tax rate from continuing operations19.2 18.8 40 
Net charge-offs$3,847$2,73641%
Net charge-off rate3.45%3.40%5bps
    
(Dollars in millions, except as noted)March 31, 2026December 31, 2025
Change
Balance sheet (period-end)  
Loans held for investment$447,754$453,622(1)%
Interest-earning assets624,560613,7502
Total assets682,905669,0092
Interest-bearing deposits461,117448,3863
Total deposits489,053475,7713
Borrowings51,88851,0002
Common equity106,854108,209(1)
Total stockholders’ equity112,261113,616(1)
Credit quality metrics
Allowance for credit losses$23,630$23,4091%
Allowance coverage ratio5.28%5.16%12bps
30+ day performing delinquency rate3.04 3.41 (37)
30+ day delinquency rate3.24 3.59 (35)
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(Dollars in millions, except as noted)March 31, 2026December 31, 2025
Change
Capital ratios 
Common equity Tier 1 capital(10)
14.4%14.3%10bps
Tier 1 capital(10)
15.4 15.3 10
Total capital(10)
17.3 17.2 10
Tier 1 leverage(10)
12.2 12.5 (30)
Tangible common equity (“TCE”)(11)
10.3 10.7 (40)
Supplementary leverage(10)
10.4 10.6 (20)
Other
Employees (period-end, in thousands)
77.1 76.3 1%
__________
(1)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(2)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(3)Return on average assets is calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average total assets for the period.
(4)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(5)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.
(6)Return on average TCE 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 “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(7)Equity-to-assets ratio is calculated based on average stockholders’ equity for the period divided by average total assets for the period.
(8)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period.
(9)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period.
(10)Capital ratios are calculated based on the Basel III standardized approach framework. See “Capital Management” for additional information.
(11)TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for the calculation of this measure and reconciliation to the comparative U.S. GAAP measure.
**    Not meaningful.
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EXECUTIVE SUMMARY
Financial Highlights
We reported net income of $2.2 billion ($3.34 per diluted common share) on total net revenue of $15.2 billion for the first quarter of 2026. In comparison, we reported net income of $1.4 billion ($3.45 per diluted common share) on total net revenue of $10.0 billion for the first quarter of 2025.
Our common equity Tier 1 (“CET1”) capital ratio as calculated under the Basel III standardized approach was 14.4% and 14.3% as of March 31, 2026 and December 31, 2025, respectively. See “Capital Management” for additional information.
In the first quarter of 2026, we declared and paid common stock dividends of $505 million and repurchased $2.5 billion of shares of our common stock. See “Capital Management—Dividend Policy and Stock Purchases” for additional information.
Below are additional highlights of our performance in the first quarter of 2026. These highlights are based on a comparison between the results of the first quarters of 2026 and 2025, except as otherwise noted. Highlights related to changes in our financial condition and credit performance are based on March 31, 2026 compared to December 31, 2025. We provide a more detailed discussion of our financial performance in the sections following this “Executive Summary.”
Total Company Performance
•Earnings:
Our net income increased by $770 million to $2.2 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by:
◦Higher net interest income primarily driven by higher average credit card loan balances, largely due to the addition of Discover.
◦Higher non-interest income primarily driven by growth in our credit card loan portfolio, largely due to the addition of Discover.
These drivers were partially offset by:
◦Higher provision for credit losses primarily driven by higher net losses in our credit card loan portfolio, largely due to the addition of Discover.
◦Higher non-interest expense primarily driven by the addition of Discover, amortization of the intangibles recognized in the Transaction and higher Discover integration expenses.
•Loans Held for Investment:
◦Loans held for investment decreased by $5.9 billion to $447.8 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonal paydowns in our credit card loan portfolio, partially offset by growth in our auto loan portfolio.
◦Average loans held for investment increased by $123.9 billion to $446.2 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover.
•Net Charge-Off and Delinquency Metrics:
◦Our net charge-off rate increased by 5 basis points (“bps”) to 3.45% in the first quarter of 2026 compared to the first quarter of 2025.
◦Our 30+ day delinquency rate decreased by 35 bps to 3.24% as of March 31, 2026 from December 31, 2025.
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•Allowance for Credit Losses: Our allowance for credit losses increased by $221 million to $23.6 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by allowance builds in our auto and commercial businesses. Our allowance coverage ratio increased by 12 bps to 5.28% as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonally lower loan balances and a substantially flat allowance for credit losses on our credit card loan portfolio.
CONSOLIDATED RESULTS OF OPERATIONS
The section below provides a comparative discussion of our consolidated financial performance for the first quarters of 2026 and 2025. We provide a discussion of our business segment results in the following section, “Business Segment Financial Performance.” This section should be read together with our “Executive Summary,” where we discuss trends and other factors that we expect will affect our future results of operations.
Net Interest Income
Net interest income represents the difference between interest income, including certain fees, earned on our interest-earning assets and the interest expense incurred on our interest-bearing liabilities. Our interest-earning assets include loans, investment securities and other interest-earning assets, while our interest-bearing liabilities include interest-bearing deposits, securitized debt obligations, senior and subordinated notes, other borrowings and other interest-bearing liabilities. Generally, we include in interest income any past due fees, net of reversals, on loans that we deem collectible. Our net interest margin represents the difference between the yield on our interest-earning assets and the cost of our interest-bearing liabilities, including the notional impact of non-interest-bearing funding and excluding discontinued operations. We expect net interest income and our net interest margin to fluctuate based on changes in interest rates and changes in the amount and composition of our interest-earning assets and interest-bearing liabilities. Loans, other assets and liabilities associated with discontinued operations, and their related income and expense, are excluded from the net interest margin calculation.
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Table 2 below presents the average outstanding balance, interest income earned, interest expense incurred and average yield for the first quarters of 2026 and 2025 for each major category of our interest-earning assets and interest-bearing liabilities. Nonperforming loans are included in the average loan balances below.
Table 2: Average Balances, Net Interest Income and Net Interest Margin
 
 Three Months Ended March 31,
 20262025
(Dollars in millions)Average
Balance		Interest Income/
Expense
Average Yield/
Rate(1)
Average
Balance		Interest Income/
Expense
Average Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Credit card$270,975 $11,633 17.17%$156,408 $7,248 18.54%
Consumer banking85,701 2,020 9.4378,480 1,773 9.03
Commercial banking(3)
90,064 1,278 5.6887,884 1,382 6.29
Other(4)
— (196)**— (246)**
Total loans, including loans held for sale446,740 14,735 13.19322,772 10,157 12.59
Investment securities97,803 832 3.4092,659 770 3.32
Cash equivalents and other interest-earning assets72,630 664 3.6647,340 491 4.14
Total interest-earning assets617,173 16,231 10.52462,771 11,418 9.87
Cash and due from banks5,270 4,071 
Allowance for credit losses(23,414)(16,253)
Premises and equipment, net5,664 4,534 
Other assets71,306 36,694 
Total assets$675,999 $491,817 
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits$451,957 $3,387 3.00%$337,840 $2,715 3.22%
Securitized debt obligations12,476 141 4.5213,731 176 5.11
Senior and subordinated notes37,846 532 5.6330,331 505 6.66
Other borrowings and interest-bearing liabilities(5)
4,238 26 2.442,312 9 1.57
Total interest-bearing liabilities506,517 4,086 3.23384,214 3,405 3.54
Non-interest-bearing deposits28,001 26,238 
Other liabilities26,925 19,125 
Total liabilities561,443 429,577 
Stockholders’ equity114,556 62,240 
Total liabilities and stockholders’ equity$675,999 $491,817 
Net interest income/spread$12,145 7.29$8,013 6.32
Impact of non-interest-bearing funding0.580.61
Net interest margin
7.87%6.93%
__________
(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Average yield is calculated using whole dollar values for average balances and interest income/expense.
(2)Past due fees, net of reversals, included in interest income totaled approximately $671 million and $549 million in the first quarters of 2026 and 2025, respectively.
(3)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category. Taxable-equivalent adjustments included in the interest income and yield computations for our commercial loans totaled approximately $20 million in both the first quarters of 2026 and 2025, with corresponding reductions to the Other category.
(4)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.
(5)Includes amounts related to entities that provide capital to low-income and rural communities of $2.2 billion and $1.9 billion in the first quarters of 2026 and 2025, respectively. Related interest expense was $8 million and $7 million in the first quarters of 2026 and 2025, respectively.
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**    Not meaningful.
Net interest income increased by $4.1 billion to $12.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher average credit card loan balances, largely due to the addition of Discover.
Net interest margin increased by 94 bps to 7.87% in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher average credit card loan balances, largely due to the addition of Discover.
Our total company cumulative interest-bearing deposit beta increased to 32% as of March 31, 2026, from 23% as of December 31, 2025. We define cumulative deposit beta as the ratio of changes in the average rate paid on our average interest-bearing deposits to changes in the upper bound of the federal funds rate during the falling interest rate cycle.
Table 3 displays the change in our net interest income between periods and the extent to which the variance is attributable to:
•Changes in the volume of our interest-earning assets and interest-bearing liabilities; or
•Changes in the interest rates related to these assets and liabilities.
Table 3: Rate/Volume Analysis of Net Interest Income(1)
Three Months Ended March 31,
 2026 vs. 2025
(Dollars in millions)Total VarianceVolumeRate
Interest income:
Loans:
Credit card$4,385 $4,918 $(533)
Consumer banking247 168 79 
Commercial banking(2)
(104)31 (135)
Other(3)
50 — 50 
Total loans, including loans held for sale4,578 5,117 (539)
Investment securities62 43 19 
Cash equivalents and other interest-earning assets173 232 (59)
Total interest income4,813 5,392 (579)
Interest expense:
Interest-bearing deposits672 855 (183)
Securitized debt obligations(35)(15)(20)
Senior and subordinated notes27 106 (79)
Other borrowings and liabilities17 9 8 
Total interest expense681 955 (274)
Net interest income$4,132 $4,437 $(305)
__________
(1)We calculate the change in interest income and interest expense separately for each item. The portion of interest income or interest expense attributable to both volume and rate is allocated proportionately when the calculation results in a positive value. When the portion of interest income or interest expense attributable to both volume and rate results in a negative value, the total amount is allocated to volume or rate, depending on which amount is positive. The portion of interest income or interest expense attributable to both volume and rate is calculated using rounded dollars in millions for average balances and interest income/expense.
(2)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(3)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.
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Non-Interest Income
Table 4 displays the components of non-interest income for the first quarters of 2026 and 2025.
Table 4: Non-Interest Income
 Three Months Ended March 31,
(Dollars in millions)20262025
Discount and interchange fees, net
$1,964$1,223 
Service charges and other customer-related fees809509 
Other(1)(2)
313255 
Total non-interest income$3,086$1,987 
__________
(1)Primarily consists of revenue from Capital One Shopping, treasury income and auto industry services.
(2)Includes losses of $18 million and $16 million on deferred compensation plan investments in the first quarters of 2026 and 2025, respectively. These amounts have corresponding offsets in non-interest expense.
Non-interest income increased by $1.1 billion to $3.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by growth in our credit card loan portfolio, largely due to the addition of Discover.
Provision for Credit Losses
Our provision for credit losses in each period is driven by net charge-offs, changes to the allowance for credit losses and changes to the reserve for unfunded lending commitments. Our provision for credit losses increased by $1.7 billion to $4.1 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by higher net charge-offs in our credit card loan portfolio, largely due to the addition of Discover.
We provide additional information on the provision for credit losses and changes in the allowance for credit losses within “Credit Risk Profile” and “Part I—Item 1. Financial Statements—Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments.” For information on the allowance methodology, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.
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Non-Interest Expense
Table 5 displays the components of non-interest expense for the first quarters of 2026 and 2025.
Table 5: Non-Interest Expense
Three Months Ended March 31,
(Dollars in millions)20262025
Operating expense:
    Salaries and associate benefits(1)
$3,671 $2,546 
    Occupancy and equipment867 615 
    Professional services585 437 
    Communications and data processing496 399 
    Amortization of intangibles492 16 
    Other non-interest expense:
    Bankcard, regulatory and other fee assessments182 65 
    Collections244 108 
    Other430 514 
    Total other non-interest expense856 687 
Total operating expense$6,967 $4,700 
Marketing1,497 1,202 
Total non-interest expense$8,464 $5,902 
_________
(1)Includes benefits of $18 million and $16 million related to our deferred compensation plan investments for the first quarters of 2026 and 2025, respectively. These amounts have corresponding offsets from investments in other non-interest income.

Non-interest expense increased by $2.6 billion to $8.5 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover, amortization of the intangibles recognized in the Transaction and higher Discover integration expenses.
Discover integration expenses increased by $305 million to $415 million in the first quarter of 2026 primarily driven by higher salaries and associate benefits, which are included within operating expense in our consolidated statements of income. Since the announcement of the Transaction in the first quarter of 2024, we have incurred $1.8 billion of Discover integration expenses as of March 31, 2026.

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Income Taxes
We recorded an income tax expense of $518 million (19.2% effective income tax rate) and $325 million (18.8% effective income tax rate) in the first quarters of 2026 and 2025, respectively. Our effective tax rate on income from continuing operations varies between periods due, in part, to the impact of changes in pre-tax income and changes in tax credits, tax-exempt income and non-deductible expenses relative to our pre-tax earnings.
We provide additional information on items affecting our income taxes and effective tax rate in “Part II—Item 8. Financial Statements and Supplementary Data—Note 16—Income Taxes” in our 2025 Form 10-K.
CONSOLIDATED BALANCE SHEETS ANALYSIS
Total assets increased by $13.9 billion to $682.9 billion as of March 31, 2026 from December 31, 2025 primarily driven by increases in our cash balances from deposit growth and seasonal paydowns in our credit card loan portfolio.
Total liabilities increased by $15.3 billion to $570.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued deposit growth from our national banking strategy.
Stockholders’ equity decreased by $1.4 billion to $112.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by purchases of treasury stock and stock dividends, partially offset by an increase in net income.
The following is a discussion of material changes in the major components of our assets and liabilities during the first quarter of 2026. Period-end balance sheet amounts may vary from average balance sheet amounts due to the timing of normal balance sheet management activities that are intended to support our capital and liquidity positions, our market risk profile and the needs of our customers.
Investment Securities
Our investment securities portfolio consists of the following debt securities: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other debt securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of March 31, 2026 and December 31, 2025, respectively.
The carrying value of our investment securities portfolio increased by $1.3 billion to $92.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by net purchases.
Loans Held for Investment
Total loans held for investment consists of both unsecuritized loans and loans held in our consolidated trusts. Table 6 summarizes by segment the carrying value of our loans held for investment, the allowance for credit losses and net loan balance as of March 31, 2026 and December 31, 2025.
Table 6: Loans Held for Investment
 March 31, 2026December 31, 2025
(Dollars in millions)LoansAllowanceNet LoansLoansAllowanceNet Loans
Credit Card$270,558 $(20,049)$250,509 $279,570 $(20,066)$259,504 
Consumer Banking86,873 (2,047)84,826 84,790 (1,892)82,898 
Commercial Banking90,323 (1,534)88,789 89,262 (1,451)87,811 
Total$447,754 $(23,630)$424,124 $453,622 $(23,409)$430,213 
Loans held for investment decreased by $5.9 billion to $447.8 billion as of March 31, 2026 compared to December 31, 2025 primarily driven by seasonal paydowns in our credit card loan portfolio, partially offset by growth in our auto loan portfolio.
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We provide additional information on the composition of our loan portfolio and credit quality in “Credit Risk Profile,” “Consolidated Results of Operations” and “Part I—Item 1. Financial Statements—Note 4—Loans.”
Funding Sources
Our funding sources include deposits, senior and subordinated notes, securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase and advances from the Federal Home Loan Bank (“FHLB”) secured by certain portions of our loan and securities portfolios. Insured deposits in our Consumer Banking business represent our primary source of funding, as they are a relatively stable and low cost source of funding.
Table 7 provides the composition of our primary sources of funding as of March 31, 2026 and December 31, 2025.
Table 7: Funding Sources Composition
March 31, 2026December 31, 2025
(Dollars in millions)Amount% of TotalAmount% of Total
Deposits:
Consumer Banking$438,034 81%$423,932 80%
Commercial Banking31,007 631,250 6
Other(1)
20,012 320,589 4
Total deposits
489,053 90475,771 90
Securitized debt obligations11,283 212,853 3
Other debt40,605 838,147 7
Total funding sources$540,941 100%$526,771 100%
__________
(1)Includes brokered deposits of $18.5 billion and $19.2 billion as of March 31, 2026 and December 31, 2025, respectively.
Total deposits increased by $13.3 billion to $489.1 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued growth from our national banking strategy.
As of March 31, 2026 and December 31, 2025, we held $73.6 billion and $71.9 billion, respectively, of estimated uninsured deposits. These amounts were primarily comprised of checking and savings deposits. These estimated uninsured deposits comprised approximately 15% of our total deposits as of both March 31, 2026 and December 31, 2025. We estimate our uninsured amounts based on methodologies and assumptions used for our “Consolidated Reports of Condition and Income” Federal Financial Institutions Examination Council (“FFIEC”) 031 filed with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”), hereafter collectively referred to as the “Federal Banking Agencies,” adjusted to exclude intercompany balances and cash collateral received on certain derivative contracts which are not presented within deposits on our consolidated balance sheet.
Securitized debt obligations decreased by $1.6 billion to $11.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by maturities and paydowns.
Other debt increased by $2.5 billion to $40.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by net issuances of unsecured senior debt.
We provide additional information on our funding sources in “Liquidity Risk Profile” and “Part I—Item 1. Financial Statements—Note 8—Deposits and Borrowings.”
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OFF-BALANCE SHEET ARRANGEMENTS
In the ordinary course of business, we engage in certain activities that are not reflected on our consolidated balance sheets, generally referred to as off-balance sheet arrangements. These activities typically involve transactions with unconsolidated variable interest entities (“VIEs”) as well as other arrangements, such as letters of credit, loan commitments and guarantees, to meet the financing needs of our customers and support their ongoing operations. We provide additional information regarding these types of activities in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations” and “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others.”
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BUSINESS SEGMENT FINANCIAL PERFORMANCE
Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses.
The results of our individual businesses, which we report on a continuing operations basis, reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies and changes in organizational alignment. Our business segment results are intended to reflect each segment as if it were a stand-alone business. We use an internal management and reporting process to derive our business segment results. Our internal management and reporting process employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business. Total interest income and non-interest income are directly attributable to the segment in which they are reported. The net interest income of each segment reflects the results of our funds transfer pricing process, which is primarily based on a matched funding concept that takes into consideration market interest rates. Our funds transfer pricing process is managed by our centralized Corporate Treasury group and provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a charge for the use of funds by each business. The allocation is unique to each business and is based on the composition of assets and liabilities. The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the funds transfer pricing process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the businesses. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Part II—Item 8. Financial Statements and Supplementary Data—Note 18—Business Segments and Revenue from Contracts with Customers” in our 2025 Form 10-K.
We refer to the business segment results derived from our internal management accounting and reporting process as our “managed” presentation, which differs in some cases from our reported results prepared based on U.S. GAAP. There is no comprehensive authoritative body of guidance for management accounting equivalent to U.S. GAAP; therefore, the managed presentation of our business segment results may not be comparable to similar information provided by other financial services companies. In addition, our individual business segment results should not be used as a substitute for comparable results determined in accordance with U.S. GAAP.
We summarize our business segment results for the first quarters of 2026 and 2025 and provide a comparative discussion of these results, as well as changes in our financial condition and credit performance metrics as of March 31, 2026 compared to December 31, 2025. We provide a reconciliation of our total business segment results to our reported consolidated results in “Part I—Item 1. Financial Statements—Note 13—Business Segments and Revenue from Contracts with Customers.”
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Business Segment Financial Performance
Table 8 summarizes our business segment results, which we report based on total net revenue (loss) and net income (loss) from continuing operations, for the first quarters of 2026 and 2025.
Table 8: Business Segment Results
Three Months Ended March 31,
 
20262025
 
Total Net
Revenue (Loss)(1)
Net Income
(Loss)(2)
Total Net
Revenue (Loss)(1)
Net Income
(Loss)(2)
(Dollars in millions)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Credit Card$11,389 75%$1,869 86%$7,165 72%$1,219 87%
Consumer Banking2,912 19298 142,126 21186 13
Commercial Banking(3)
909 6206 9884 9195 14
Other(3)
21 —(192)(9)(175)(2)(196)(14)
Total$15,231 100%$2,181 100%$10,000 100%$1,404 100%
__________
(1)Total net revenue (loss) consists of net interest income and non-interest income.
(2)Net income (loss) for our business segments and the Other category is based on income (loss) from continuing operations, net of tax.
(3)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
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Credit Card Business
The primary sources of revenue for our Credit Card business are net interest income, net discount and interchange income and fees collected from customers. Expenses primarily consist of operating costs, the provision for credit losses and marketing expenses.
Our Credit Card business generated income from continuing operations, net of tax, of $1.9 billion and $1.2 billion in the first quarters of 2026 and 2025, respectively.
Table 9 summarizes the financial results of our Credit Card business and displays selected key metrics for the periods indicated.
Table 9: Credit Card Business Results
 Three Months Ended March 31,
(Dollars in millions, except as noted)20262025Change
Selected income statement data:
Net interest income$9,236$5,65463%
Non-interest income2,1531,51142
Total net revenue(1)
11,3897,16559
Provision for credit losses
3,4111,92677
Non-interest expense5,5013,63851
Income from continuing operations before income taxes2,4771,60155
Income tax provision60838259
Income from continuing operations, net of tax$1,869$1,21953
Selected performance metrics:
Average loans held for investment:
Domestic credit card
$254,036$149,63970
Personal loans
9,310
N/A
**
International card businesses
7,6286,76813
Total credit card
$270,974$156,40773
Average yield on loans(2)
17.17%18.54%(137)bps
Total net revenue margin(3)
16.8118.32(151)
Net charge-offs$3,419$2,39943%
Net charge-off rate
5.05%6.14%(109)bps
Purchase volume$220,540$157,94840%
(Dollars in millions, except as noted)March 31, 2026December 31, 2025Change
Selected period-end data:
Loans held for investment:
Domestic credit card
$254,028$262,403(3)%
Personal loans
9,0709,499(5)
International card businesses
7,4607,668(3)
Total credit card
$270,558$279,570(3)
30+ day performing delinquency rate3.66%3.93%(27)bps
30+ day delinquency rate3.673.94 (27)
Nonperforming loan rate(4)
0.010.01 —
Allowance for credit losses$20,049$20,066—
Allowance coverage ratio7.41%7.18%23bps
__________
(1)We recognize finance charges and fee income on open-ended loans in accordance with the contractual provisions of the credit arrangements and charge off any uncollectible amounts. Total net revenue was reduced by $980 million and $705 million in the first quarters of 2026 and 2025, respectively, for finance charges and fees charged off as uncollectible.
(2)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.
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(3)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans during the period.
(4)Within our credit card loan portfolio, certain loans in our international card and personal loan businesses are classified as nonperforming. See “Nonperforming Loans and Other Nonperforming Assets” for additional information.
**    Not meaningful.
Key factors affecting the results of our Credit Card business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:
•Net Interest Income: Net interest income increased by $3.6 billion to $9.2 billion in the first quarter of 2026 primarily driven by higher average loan balances, largely due to the addition of Discover.
•Non-Interest Income: Non-interest income increased by $642 million to $2.2 billion in the first quarter of 2026 primarily driven by growth in our portfolio, largely due to the addition of Discover.
•Provision for Credit Losses: Provision for credit losses increased by $1.5 billion to $3.4 billion in the first quarter of 2026 primarily driven by higher net charge-offs, largely due to the addition of Discover.

•Non-Interest Expense: Non-interest expense increased by $1.9 billion to $5.5 billion in the first quarter of 2026 primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction.
Loans Held for Investment:
•Period-end loans held for investment decreased by $9.0 billion to $270.6 billion as of March 31, 2026 from December 31, 2025 primarily driven by seasonal paydowns.

•Average loans held for investment increased by $114.6 billion to $271.0 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by the addition of Discover.
Net Charge-Off and Delinquency Metrics:
•The net charge-off rate decreased by 109 bps to 5.05% in the first quarter of 2026 compared to the first quarter of 2025 primarily due to favorable observed credit performance and the addition of Discover.

•The 30+ day delinquency rate decreased by 27 bps to 3.67% as of March 31, 2026 from December 31, 2025.
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Domestic Card Business
The Domestic Card business generated income from continuing operations, net of tax, of $1.7 billion and $1.2 billion in the first quarters of 2026 and 2025, respectively. In the first quarters of 2026 and 2025, the Domestic Card business accounted for greater than 90% of total net revenue of our Credit Card business.
Table 9.1 summarizes the financial results for our Domestic Card business and displays selected key metrics for the periods indicated.
Table 9.1: Domestic Card Business Results
Three Months Ended March 31,
(Dollars in millions, except as noted)20262025Change
Selected income statement data:
Net interest income
$8,618$5,34361%
Non-interest income
2,1071,46044
Total net revenue(1)
10,7256,80358
Provision for credit losses
3,2361,85674
Non-interest expense5,1793,42251
Income from continuing operations before income taxes
2,3101,52551
Income tax provision
56636356
Income from continuing operations, net of tax
$1,744$1,16250
Selected performance metrics:
Average loans held for investment$254,036$149,63970
Average yield on loans(2)
17.13%18.42%(129)bps
Total net revenue margin(3)
16.8918.19(130)
Net charge-offs
$3,241$2,31440%
Net charge-off rate
5.10%6.19%(109)bps
Purchase volume$216,513$154,39140%
(Dollars in millions, except as noted)March 31, 2026December 31, 2025Change
Selected period-end data:
Loans held for investment$254,028$262,403(3)%
30+ day performing delinquency rate3.70%3.99%(29)bps
Allowance for credit losses$18,806$18,811—
Allowance coverage ratio7.40%7.17%23bps
__________
(1)We recognize finance charges and fee income on open-ended loans in accordance with the contractual provisions of the credit arrangements and charge off any uncollectible amounts. Finance charges and fees charged off as uncollectible are reflected as a reduction in total net revenue.
(2)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.
(3)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans during the period.
Because our Domestic Card business accounts for the substantial majority of our Credit Card business, the key factors driving the results are similar to the key factors affecting our total Credit Card business. Net income for our Domestic Card business increased in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by:
•Higher net interest income primarily driven by higher average loan balances, largely due to the addition of Discover.
•Higher non-interest income primarily driven by growth in our portfolio, largely due to the addition of Discover.
These drivers were partially offset by:
•Higher non-interest expense primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction.
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•Higher provision for credit losses primarily driven by higher net charge-offs, largely due to the addition of Discover.
Consumer Banking Business
The primary sources of revenue for our Consumer Banking business are net interest income from loans and deposits as well as service charges and customer-related fees, including revenue from processing transactions on the Global Payment Network. Expenses primarily consist of operating costs, the provision for credit losses and marketing expenses.
Our Consumer Banking business generated income from continuing operations, net of tax, of $298 million and $186 million in the first quarters of 2026 and 2025, respectively.

Table 10 summarizes the financial results of our Consumer Banking business and displays selected key metrics for the periods indicated.

Table 10: Consumer Banking Business Results
 Three Months Ended March 31,
(Dollars in millions, except as noted)20262025Change
Selected income statement data:
Net interest income
$2,229$1,94315%
Non-interest income
683183**
Total net revenue
2,9122,12637
Provision for credit losses
51930172
Non-interest expense1,9981,58126
Income from continuing operations before income taxes
39524462
Income tax provision
975867
Income from continuing operations, net of tax
$298$18660
Selected performance metrics:
Average loans held for investment:
Auto$84,522$77,2289
Retail banking1,1791,252(6)
Total consumer banking$85,701$78,4809
Average yield on loans held for investment(1)
9.43%9.03%40bps
Average deposits$428,391$319,95034%
Average deposits interest rate2.84%3.00%(16)bps
Net charge-offs
$364$31316%
Net charge-off rate
1.70%1.60%10bps
Global Payment Network volume$174,332N/A**
Auto loan originations11,130$9,21021%
(Dollars in millions, except as noted)March 31, 2026December 31, 2025Change
Selected period-end data:
Loans held for investment:
Auto$85,700$83,6003%
Retail banking1,1731,190(1)
Total consumer banking$86,873$84,7902
30+ day performing delinquency rate4.17%5.17%(100)bps
30+ day delinquency rate4.595.73(114)
Nonperforming loan rate0.570.69(12)
Nonperforming asset rate(2)
0.660.79(13)
Allowance for credit losses$2,047$1,8928%
Allowance coverage ratio2.36%2.23%13bps
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Deposits$438,034$423,9323%
_________
(1)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.
(2)Nonperforming assets primarily consist of nonperforming loans and repossessed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment and repossessed assets.
**    Not meaningful.
Key factors affecting the results of our Consumer Banking business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:
•Net Interest Income: Net interest income increased by $286 million to $2.2 billion in the first quarter of 2026 primarily driven by higher deposits due to the addition of Discover and higher average loan balances in our auto business, partially offset by lower margins in our retail banking business.
•Non-Interest Income: Non-interest income increased by $500 million to $683 million in the first quarter of 2026 primarily due to the addition of the Global Payment Network and the reissuance of legacy Capital One customer debit cards onto the Global Payment Network.
•Provision for Credit Losses: Provision for credit losses increased by $218 million to $519 million in the first quarter of 2026 primarily driven by a $157 million allowance build in our auto business compared to a $14 million allowance release in the first quarter of 2025.
•Non-Interest Expense: Non-interest expense increased by $417 million to $2.0 billion in the first quarter of 2026 primarily driven by the addition of Discover and amortization of the intangibles recognized in the Transaction, partially offset by the absence of a legal reserve build recorded in the first quarter of 2025.
Loans Held for Investment: 
•Period-end loans held for investment increased by $2.1 billion to $86.9 billion as of March 31, 2026 from December 31, 2025 primarily driven by growth in our auto loan portfolio.
•Average loans held for investment increased by $7.2 billion to $85.7 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily driven by growth in our auto loan portfolio.
Deposits: 
•Period-end deposits increased by $14.1 billion to $438.0 billion as of March 31, 2026 from December 31, 2025 primarily driven by continued growth from our national banking strategy.
Net Charge-Off and Delinquency Metrics: 
•The net charge-off rate increased by 10 bps to 1.70% in the first quarter of 2026 compared to the first quarter of 2025.
•The 30+ day delinquency rate decreased by 114 bps to 4.59% as of March 31, 2026 compared to December 31, 2025.
Commercial Banking Business
The primary sources of revenue for our Commercial Banking business are net interest income from loans and deposits and non-interest income earned from products and services provided to our clients such as capital markets, advisory services and treasury management. Because our Commercial Banking business has loans and investments that generate tax-exempt income, tax credits or other tax benefits, we present the revenues on a taxable-equivalent basis. Expenses primarily consist of operating costs and the provision for credit losses.
Our Commercial Banking business generated income from continuing operations, net of tax, of $206 million and $195 million in the first quarters of 2026 and 2025, respectively.

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Table 11 summarizes the financial results of our Commercial Banking business and displays selected key metrics for the periods indicated.
Table 11: Commercial Banking Business Results
 Three Months Ended March 31,
(Dollars in millions, except as noted)20262025
Change
Selected income statement data:
Net interest income$581$5722%
Non-interest income3283125
Total net revenue(1)
9098843
Provision for credit losses(2)
138142(3)
Non-interest expense4984862
Income from continuing operations before income taxes2732567
Income tax provision676110
Income from continuing operations, net of tax$206$1956
Selected performance metrics:
Average loans held for investment:
Commercial and multifamily real estate$33,539$31,7336
Commercial and industrial56,02155,765—
Total commercial banking$89,560$87,4982
Average yield on loans held for investment(1)(3)
5.68%6.29%(61)bps
Average deposits$31,137$31,654(2)%
Average deposits interest rate1.83%2.13%(30)bps
Net charge-offs$64$24167%
Net charge-off rate0.29%0.11%18bps
(Dollars in millions, except as noted)March 31, 2026December 31, 2025Change
Selected period-end data:
Loans held for investment:
Commercial and multifamily real estate$33,809$33,6181%
Commercial and industrial56,51455,6442
Total commercial banking$90,323$89,2621
Nonperforming loan rate1.40%1.36%4bps
Nonperforming asset rate(4)
1.47 1.39 8 
Allowance for credit losses(2)
$1,534$1,4516%
Allowance coverage ratio1.70%1.63%7bps
Deposits$31,007$31,250(1)%
Loans serviced for others52,63452,2401
__________
(1)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(2)The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve is included in other liabilities on our consolidated balance sheets. Our reserve for unfunded lending commitments totaled $133 million and $142 million as of March 31, 2026 and December 31, 2025, respectively.
(3)Average yield is calculated based on annualized interest income for the period divided by average loans during the period and does not include any allocations, such as funds transfer pricing.
(4)Nonperforming assets consist of nonperforming loans 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 and other foreclosed assets.

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Key factors affecting the results of our Commercial Banking business for the first quarter of 2026 compared to the first quarter of 2025, and changes in financial condition and credit performance between March 31, 2026 and December 31, 2025 include the following:
•Net Interest Income: Net interest income remained substantially flat at $581 million in the first quarter of 2026 compared to the first quarter of 2025.
•Non-Interest Income: Non-interest income increased $16 million to $328 million in the first quarter of 2026 primarily driven by our tax advantaged investments business.
•Provision for Credit Losses: Provision for credit losses remained substantially flat at $138 million in the first quarter of 2026 compared to the first quarter of 2025.
•Non-Interest Expense: Non-interest expense remained substantially flat at $498 million in the first quarter of 2026 compared to the first quarter of 2025.
Loans Held for Investment:
•Period-end loans held for investment increased by $1.1 billion to $90.3 billion as of March 31, 2026 from December 31, 2025 primarily due to originations outpacing customer payments.
•Average loans held for investment increased by $2.1 billion to $89.6 billion in the first quarter of 2026 compared to the first quarter of 2025 primarily due to originations outpacing customer payments.
Deposits:
•Period-end deposits remained substantially flat at $31.0 billion as of March 31, 2026 compared to December 31, 2025.
Net Charge-Off and Nonperforming Metrics:
•The net charge-off rate increased by 18 bps to 0.29% in the first quarter of 2026 compared to the first quarter of 2025.
•The nonperforming loan rate increased by 4 bps to 1.40% as of March 31, 2026 compared to December 31, 2025.
Other Category
Other includes unallocated amounts related to our centralized Corporate Treasury group activities, such as management of our corporate investment securities portfolio, asset/liability management and oversight of our funds transfer pricing process. Other also includes:
•unallocated corporate revenue and expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses;
•residual tax expense or benefit to arrive at the consolidated effective tax rate that is not assessed to our primary business segments; and
•foreign exchange rate fluctuations on foreign currency-denominated balances. As a result of our derivative management activities, we believe our net exposure to foreign exchange risk is minimal.
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Table 12 summarizes the financial results of our Other category for the periods indicated.
Table 12: Other Category Results
 Three Months Ended March 31,
(Dollars in millions)20262025
Change
Selected income statement data:
Net interest income (loss)$99 $(156)**
Non-interest loss
(78)(19)**
Total net revenue (loss)(1)
21 (175)**
Provision for credit losses
— —**
Non-interest expense467 197137%
Loss from continuing operations before income taxes(446)(372)20
Income tax benefit(254)(176)44
Loss from continuing operations, net of tax$(192)$(196)(2)
__________
(1)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
**    Not meaningful.

Loss from continuing operations, net of tax remained substantially flat at a loss of $192 million in the first quarter of 2026 compared to the first quarter of 2025 as higher treasury income was largely offset by higher Discover integration expenses.
Discover integration expenses increased by $305 million to $415 million in the first quarter of 2026 primarily driven by higher salaries and associate benefits, which are included within operating expense in our consolidated statements of income. Since the announcement of the Transaction in the first quarter of 2024, we have incurred $1.8 billion of Discover integration expenses as of March 31, 2026.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of financial statements in accordance with U.S. GAAP requires management to make a number of judgments, estimates and assumptions that affect the amount of assets, liabilities, income and expenses on the consolidated financial statements. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We provide a summary of our significant accounting policies under “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.
We have identified the following accounting estimates as critical because they require significant judgments and assumptions about highly complex and inherently uncertain matters and the use of reasonably different estimates and assumptions could have a material impact on our results of operations or financial condition. Our critical accounting policies and estimates are as follows:
•Loan loss reserves
•Goodwill
•Fair value
•Customer rewards reserve
We evaluate our critical accounting estimates and judgments on an ongoing basis and update them as necessary, based on changing conditions. There have been no changes to our critical accounting policies and estimates described in our 2025 Form 10-K under “Part II—Item 7. MD&A—Critical Accounting Policies and Estimates.”
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ACCOUNTING CHANGES AND DEVELOPMENTS
Accounting Standards Issued but Not Adopted as of March 31, 2026
StandardGuidanceAdoption Timing and
Financial Statement Impacts
Disaggregation of Income Statement Expenses

Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Issued November 2024
Requires entities to separately disclose specific disaggregated expense categories on an annual and interim basis as well as disclose selling expenses on an annual basis.Effective beginning with our annual period ending on December 31, 2027, with early adoption permitted. Prospective and retrospective applications are permitted.

We are still assessing the extent of the impacts of adoption to our disclosures.
Internal-Use Software

ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

Issued September 2025
Requires entities to capitalize costs associated with internal-use software based on a new methodology, which focuses on management’s authorization and commitment to funding the project and the probability that the software will be completed and used to perform the function intended.
Effective beginning with our interim period ending on March 31, 2028, with early adoption permitted. Prospective, retrospective and modified transition applications are each permitted.

We are still assessing the extent of the impacts of adoption to our consolidated financial statements.
Purchased Seasoned Loans

ASU No. 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans

Issued November 2025
Expands the population of acquired financial assets subject to the gross-up approach in Topic 326, which requires an entity to record an initial allowance for credit losses through an adjustment to the asset’s amortized cost basis rather than through a current-period provision for credit losses. The expanded population includes loan receivables, excluding credit cards, acquired without credit deterioration that are deemed “seasoned,” as defined by the update.
Effective beginning with our interim period ending on March 31, 2027, with early adoption permitted. Prospective application is required.

We are still assessing the extent of the impacts of adoption to our consolidated financial statements.
Hedge Accounting Improvements

ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

Issued November 2025
Enables entities to achieve and maintain hedge accounting to a greater number of highly effective economic hedges.
Effective beginning with our interim period ending on March 31, 2027, with early adoption permitted. Prospective application is required.

We are still assessing the extent of the impacts of adoption to our consolidated financial statements.
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CAPITAL MANAGEMENT
The level and composition of our capital are determined by multiple factors, including our consolidated regulatory capital requirements as described in more detail below and internal risk-based capital assessments such as internal stress testing. The level and composition of our capital may also be influenced by rating agency guidelines, subsidiary capital requirements, business environment, conditions in the financial markets and assessments of potential future losses due to adverse changes in our business and market environments.
Capital Standards and Prompt Corrective Action
The Company and the Bank are subject to the regulatory capital requirements established by the Federal Reserve and the OCC, respectively (the “Basel III Capital Rules”). The Basel III Capital Rules implement certain capital requirements published by the Basel Committee on Banking Supervision (“Basel Committee”), along with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) and other capital provisions.
As a bank holding company (“BHC”) with total consolidated assets of at least $250 billion but less than $700 billion and not exceeding any of the applicable risk-based thresholds, the Company is a Category III institution under the Basel III Capital Rules.
The Bank, as a subsidiary of a Category III institution, is a Category III bank. Moreover, the Bank, as an insured depository institution, is subject to prompt corrective action (“PCA”) capital regulations.
Basel III and U.S. Capital Rules
Under the Basel III Capital Rules, we must maintain a minimum CET1 capital ratio of 4.5%, a Tier 1 capital ratio of 6.0% and a total capital ratio of 8.0%, in each case in relation to risk-weighted assets. In addition, we must maintain a minimum leverage ratio of 4.0% and a minimum supplementary leverage ratio of 3.0% .We are also subject to the capital conservation buffer requirement and countercyclical capital buffer requirement, each as described below. Our capital and leverage ratios are calculated based on the Basel III standardized approach framework.
We have elected to exclude certain elements of accumulated other comprehensive income (“AOCI”) from our regulatory capital as permitted for a Category III institution. For information on the recognition of AOCI in regulatory capital under the proposed changes to the Basel III Capital Rules, see “Supervision and Regulation—Basel III Finalization Proposals” in this Report.
Global systemically important banks (“G-SIBs”) that are based in the U.S. are subject to an additional CET1 capital requirement known as the “G-SIB Surcharge.” We are not a G-SIB based on the most recent available data and thus we are not subject to a G-SIB Surcharge.
Capital Buffer Requirements
The Basel III Capital Rules require banking institutions to maintain a capital conservation buffer, composed of CET1 capital, above the regulatory minimum ratios. Under the Federal Reserve’s final rule to implement the stress capital buffer requirement (“Stress Capital Buffer Rule”), the Company’s “standardized approach capital conservation buffer” includes its stress capital buffer requirement (as described below), any G-SIB Surcharge (which is not applicable to us) and the countercyclical capital buffer requirement (which is currently set at 0%). Any determination to increase the countercyclical capital buffer applicable to the Company generally would be effective twelve months after the announcement of such an increase, unless the Federal Reserve sets an earlier effective date.
The Company’s stress capital buffer requirement is recalibrated every year based on the Company’s supervisory stress test results, unless otherwise determined by the Federal Reserve. In particular, the Company’s stress capital buffer requirement equals, subject to a floor of 2.5%, the sum of (i) the difference between the Company’s starting CET1 capital ratio and its lowest projected CET1 capital ratio under the severely adverse scenario of the Federal Reserve’s supervisory stress test plus (ii) the ratio of the Company’s projected four quarters of common stock dividends (for the fourth to seventh quarters of the planning horizon) to the projected risk-weighted assets for the quarter in which the Company’s projected CET1 capital ratio reaches its minimum under the supervisory stress test.
Based on the Company’s 2025 supervisory stress test results, the Company’s final stress capital buffer requirement for the period beginning on October 1, 2025 through September 30, 2026 is 4.5%. On February 4, 2026, the Federal Reserve notified
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all participating firms, including the Company, that because the Stress Testing Transparency Proposal remains subject to public comment, the Federal Reserve is maintaining stress capital buffer requirements for all such firms at their current levels. Consequently, absent further action from the Federal Reserve, the Company’s stress capital buffer requirement will remain at 4.5% until September 30, 2027. Accordingly, the Company’s minimum capital requirements plus the standardized approach capital conservation buffer for CET1 capital, Tier 1 capital and total capital ratios under the stress capital buffer framework are 9.0%, 10.5% and 12.5%, respectively, for the period from October 1, 2025 through September 30, 2027. For additional information regarding the proposed rulemaking to modify the stress capital buffer framework and the Stress Testing Transparency Proposal, see “Part I—Item 1. Business—Supervision and Regulation—Prudential Regulation of Banking—Capital and Stress Testing Regulation—Capital Buffer Requirements” in our 2025 Form 10-K.
The Stress Capital Buffer Rule does not apply to the Bank. Pursuant to the OCC’s capital regulations, which are only applicable to the Bank, the capital conservation buffer for the Bank continues to be fixed at 2.5%. The Bank is also subject to the countercyclical capital buffer requirement (which is currently set at 0%). Any determination to increase the countercyclical capital buffer applicable to the Bank generally would be effective twelve months after the announcement of such an increase, unless the OCC sets an earlier effective date. Accordingly, the Bank’s minimum capital requirements plus its capital conservation buffer for CET1 capital, Tier 1 capital and total capital ratios are 7.0%, 8.5% and 10.5%, respectively.
If the Company or the Bank fails to maintain its capital ratios above the minimum capital requirements plus the applicable capital conservation buffer requirements, it will face increasingly strict automatic limitations on capital distributions and discretionary bonus payments to certain executive officers.
As of March 31, 2026 and December 31, 2025, respectively, the Company and the Bank each exceeded the minimum capital requirements and the capital conservation buffer requirements applicable to them, and the Company and the Bank were each “well-capitalized.” The “well-capitalized” standards applicable to the Company are established in the Federal Reserve’s regulations, and the “well-capitalized” standards applicable to the Bank are established in the OCC’s PCA capital requirements.
Market Risk Rule
The “Market Risk Rule” supplements the Basel III Capital Rules by requiring institutions subject to the rule to adjust their risk-based capital ratios to reflect the market risk in their trading book. The Market Risk Rule generally applies to institutions with aggregate trading assets and liabilities equal to 10% or more of total assets or $1 billion or more. As of March 31, 2026, the Company and the Bank are subject to the Market Risk Rule. See “Market Risk Profile” below for additional information.
For the description of the regulatory capital rules to which we are subject, see “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K, and for a description of recent proposed amendments to these rules under the Basel III Finalization Proposals, see “Supervision and Regulation” in this Report.
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Table 13 provides a comparison of our regulatory capital ratios under the Basel III standardized approach, the regulatory minimum capital adequacy ratios and the applicable well-capitalized standards as of March 31, 2026 and December 31, 2025.
Table 13: Capital Ratios Under Basel III(1)(2)
 March 31, 2026December 31, 2025
RatioMinimum
Capital
Adequacy		Well-
Capitalized
Ratio
Minimum
Capital
Adequacy		Well-
Capitalized
Capital One Financial Corp:
Common equity Tier 1 capital(3)
14.4%4.5%N/A14.3%4.5%N/A
Tier 1 capital(4)
15.4 6.0 6.0%15.3 6.0 6.0%
Total capital(5)
17.3 8.0 10.0 17.2 8.0 10.0 
Tier 1 leverage(6)
12.2 4.0 N/A12.5 4.0 N/A
Supplementary leverage(7)
10.4 3.0 N/A10.6 3.0 N/A
CONA:
Common equity Tier 1 capital(3)
13.7 4.5 6.5 13.4 4.5 6.5 
Tier 1 capital(4)
13.7 6.0 8.0 13.4 6.0 8.0 
Total capital(5)
15.4 8.0 10.0 15.1 8.0 10.0 
Tier 1 leverage(6)
10.8 4.0 5.0 10.9 4.0 5.0 
Supplementary leverage(7)
9.2 3.0 N/A9.3 3.0 N/A
__________
(1)Capital requirements that are not applicable are denoted by “N/A.”
(2)Ratios as of March 31, 2026 are preliminary and therefore subject to change until we file our March 31, 2026 Form FR Y-9C—Consolidated Financial Statements for Holding Companies and Call Reports.
(3)CET1 capital ratio is a regulatory capital measure calculated based on CET1 capital divided by risk-weighted assets.
(4)Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(5)Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(6)Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(7)Supplementary leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by total leverage exposure.
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Table 14 presents regulatory capital under the Basel III standardized approach and regulatory capital metrics as of March 31, 2026 and December 31, 2025.
Table 14: Regulatory Risk-Based Capital Components and Regulatory Capital Metrics
(Dollars in millions)March 31, 2026December 31, 2025
Regulatory capital under Basel III standardized approach
Common equity excluding AOCI
$112,733 $113,677 
Adjustments and deductions:
AOCI, net of tax(1)
69 81 
Goodwill, net of related deferred tax liabilities(28,201)(28,217)
Other intangible and deferred tax assets, net of deferred tax liabilities(12,142)(12,493)
Common equity Tier 1 capital72,459 73,048 
Tier 1 capital instruments5,407 5,407 
Tier 1 capital77,866 78,455 
Tier 2 capital instruments2,941 2,940 
Qualifying allowance for credit losses6,519 6,605 
Tier 2 capital9,460 9,545 
Total capital$87,326 $88,000 
Regulatory capital metrics
Risk-weighted assets$504,654 $511,794 
Adjusted average assets(2)
640,503 629,997 
Total leverage exposure(3)
749,583 737,911 
__________
(1)Excludes certain components of AOCI in accordance with rules applicable to Category III institutions. See “Capital Management—Capital Standards and Prompt Corrective Action—Basel III and U.S. Capital Rules” in this Report.
(2)Includes on-balance sheet asset adjustments subject to deduction from Tier 1 capital under the Basel III Capital Rules.
(3)Reflects on- and off-balance sheet amounts for the denominator of the supplementary leverage ratio as set forth by the Basel III Capital Rules.
Capital Planning and Regulatory Stress Testing
We repurchased $2.5 billion in shares of our common stock during the first quarter of 2026.
On February 4, 2026, the Federal Reserve notified all participating firms, including the Company, that because the Stress Testing Transparency Proposal remains subject to public comment, the Federal Reserve is maintaining stress capital buffer requirements for all such firms at their current levels. Consequently, absent further action from the Federal Reserve, the Company’s stress capital buffer requirement will remain at 4.5% until September 30, 2027.
On April 3, 2026, we submitted our capital plan to the Federal Reserve as part of the 2026 stress testing cycle. The supervisory stress test results are expected to be released by the Federal Reserve by June 30, 2026
For the description of the regulatory capital planning rules and stress testing requirements to which we are subject, see “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K and for additional information on the potential impacts of proposed amendments and recent regulatory developments, see “Supervision and Regulation” in this Report.

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Dividend Policy and Stock Purchases
In the first three months of 2026, we declared and paid common stock dividends of $505 million, or $0.80 per share. We declared and paid $57 million of preferred stock dividends in the first three months of 2026. In addition, we declared $16 million of dividends on our Series O preferred stock that were not yet paid as of March 31, 2026.
The following table summarizes the dividends paid per share on our various preferred stock series in the first three months of 2026.
Table 15: Preferred Stock Dividends Paid Per Share(1)
SeriesDescriptionIssuance DatePer Annum
Dividend Rate		Dividend Frequency2026
Q1
Series I5.000%
Non-Cumulative		September 11,
2019		5.000%Quarterly$12.50
Series J4.800%
Non-Cumulative		January 31,
2020		4.800%Quarterly12.00
Series K4.625%
Non-Cumulative		September 17,
2020		4.625%Quarterly11.56
Series L4.375%
Non-Cumulative		May 4,
2021		4.375%Quarterly10.94
Series M3.950% Fixed Rate Reset
Non-Cumulative		June 10,
2021		3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%Quarterly9.88
Series N4.250%
Non-Cumulative		July 29,
2021		4.250%Quarterly10.63
Series O
Fixed-to-Floating Rate Non-Cumulative
May 18,
2025
5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%
Semi-Annually through 10/30/2027; Quarterly thereafter
—
__________
(1)For Series I, J, K, L, M and N, the liquidation preference for each share of non-cumulative perpetual preferred stock is $1,000 per share of preferred stock. For Series O, the liquidation preference for each share of non-cumulative perpetual preferred stock is $100,000 per share of preferred stock. For Series I, J, K, L and N, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of non-cumulative perpetual preferred stock. For Series O, ownership is held in the form of depositary shares, each representing a 1/100th interest in a share of non-cumulative perpetual preferred stock.
The declaration and payment of dividends to our stockholders, as well as the amount thereof, are subject to the discretion of our Board of Directors and depend upon our results of operations, financial condition, capital levels, cash requirements, future prospects, regulatory requirements and other factors deemed relevant by the Board of Directors. For additional information related to capital distributions, see “Capital Management—Capital Planning and Regulatory Stress Testing” in this Report.
As a BHC, our ability to pay dividends is largely dependent upon the receipt of dividends or other payments from our subsidiaries. The Bank is subject to regulatory restrictions that limit its ability to transfer funds to our BHC. As of March 31, 2026, funds available for dividend payments from the Bank were $1.6 billion. There can be no assurance that we will declare and pay any dividends to stockholders.

We repurchased $2.5 billion in shares of our common stock during the first quarter of 2026. The timing and exact amount of any future common stock repurchases will depend on various factors, including market conditions, opportunities for growth, our capital position and the amount of retained earnings, as well as regulatory considerations. The Board authorized stock repurchase program does not include specific price targets or number of shares, may be executed through open market purchases, tender offers, or privately negotiated transactions, including utilizing Rule 10b5-1 plans, does not have a set expiration date and may be modified, suspended or terminated at any time. For additional information on dividends and stock
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repurchases, see “Capital Management—Capital Planning and Regulatory Stress Testing” and “Part II—Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” in this Report, and “Part I—Item 1. Business—Supervision and Regulation—Prudential Regulation of Banking—Capital and Stress Testing Regulation” and “Part I—Item 1. Business—Supervision and Regulation—Prudential Regulation of Banking—Funding and Dividends from Subsidiaries” in our 2025 Form 10-K.


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RISK MANAGEMENT
Risk Management Framework
Our Risk Management Framework (the “Framework”) sets consistent expectations for risk management across the Company. It also sets expectations for our “Three Lines of Defense” model, which defines the roles, responsibilities and accountabilities for taking and managing risk across the Company. Accountability for overseeing an effective Framework resides with our Board of Directors either directly or through its committees. The Company is in the process of integrating Discover into its existing risk management practices, policies and processes.
First Line

Identifies and Owns Risk		Second Line

Advises & Challenges First Line		Third Line

Provides Independent Assurance
DefinitionBusiness areas that are accountable for risk and responsible for: i) generating revenue or reducing expenses; ii) supporting the business to provide products or services to customers; or iii) providing technology services for the first line.Independent Risk Management (“IRM”) and Support Functions (e.g., Human Resources, Accounting, Legal) that provide support services to the Company.Internal Audit and Credit Review.
Key Responsibilities
Identify, assess, measure, monitor, control and report the risks associated with their business.
IRM: Independently oversees and assesses risk-taking activities for the first line of defense.

Support Functions: Centers of specialized expertise that provide support services to the enterprise.

Provides independent and objective assurance to the Board of Directors and senior management that the systems and governance processes are designed and working as intended.
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Our Framework sets consistent expectations for risk management across the Company and consists of the following nine elements:

 Governance and Accountability

Strategy and Risk Alignment

Risk Identification

Assessment, Measurement
and Response

Monitoring and Testing

Aggregation, Reporting and Escalation

Capital and Liquidity Management (including Stress Testing)

Risk Data and Enabling Technology

Culture and Talent Management
We provide additional discussion of our risk management principles, roles and responsibilities, framework and risk appetite under “Part II—Item 7. MD&A—Risk Management” in our 2025 Form 10-K.
Risk Categories
We apply our Framework to protect the Company from the major categories of risk that we are exposed to through our business activities. We have seven major categories of risk as noted below. We provide a description of these categories and how we manage them under “Part II—Item 7. MD&A—Risk Management” in our 2025 Form 10-K.
•Compliance risk
•Credit risk
•Liquidity risk
•Market risk
•Operational risk
•Reputation risk
•Strategic risk

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CREDIT RISK PROFILE
Our loan portfolio accounts for the substantial majority of our credit risk exposure. Our lending activities are governed under our credit policies and are subject to independent review and approval. Below we provide information about the composition of our loan portfolio, key concentrations and credit performance metrics.
We also engage in certain non-lending activities that may give rise to ongoing credit and counterparty settlement risk, including purchasing securities for our investment securities portfolio, entering into derivative transactions to manage our market risk exposure and to accommodate customers, extending short-term advances on syndication activity including bridge financing transactions we have underwritten, depositing certain operational cash balances in other financial institutions, executing certain foreign exchange transactions and extending customer overdrafts. We provide additional information related to our investment securities portfolio under “Consolidated Balance Sheets Analysis—Investment Securities” and “Part I—Item 1. Financial Statements—Note 3—Investment Securities” as well as credit risk related to derivative transactions in “Part I—Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”
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Geographic Composition
We market our credit card products throughout the U.S., the U.K. and Canada. Our credit card loan portfolio is geographically diversified due to our product and marketing approach. The table below presents the geographic profile of our domestic credit card loan portfolio as of March 31, 2026 and December 31, 2025.
Table 16: Domestic Credit Card Loan Portfolio by Geographic Region
March 31, 2026December 31, 2025
(Dollars in millions)Amount% of TotalAmount% of Total
Domestic credit card:
California$24,726 9.7%$25,430 9.7%
Texas22,596 8.923,197 8.8
Florida19,470 7.720,050 7.7
New York16,131 6.316,664 6.4
Pennsylvania10,926 4.311,363 4.3
Illinois10,567 4.211,001 4.2
Ohio9,128 3.69,520 3.6
New Jersey8,451 3.38,741 3.3
Georgia8,189 3.28,429 3.2
North Carolina
7,244 2.97,429 2.8
Other116,600 45.9120,579 46.0
Total domestic credit card
$254,028 100.0%$262,403 100.0%
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Our auto loan portfolio is geographically diversified in the U.S. due to our product and marketing approach. The table below presents the geographic profile of our auto loan portfolio as of March 31, 2026 and December 31, 2025.
Table 17: Auto Loan Portfolio by Geographic Region
 March 31, 2026December 31, 2025
(Dollars in millions)Amount% of TotalAmount% of Total
Auto:
Texas$11,236 13.1%$10,802 12.9%
California8,594 10.08,561 10.2
Florida7,570 8.87,397 8.8
Ohio4,160 4.94,014 4.8
Pennsylvania3,881 4.53,806 4.6
Illinois3,487 4.13,401 4.1
Georgia3,433 4.03,330 4.0
North Carolina2,821 3.32,746 3.3
New Jersey2,576 3.02,603 3.1
New York2,509 2.92,502 3.0
Other35,433 41.434,438 41.2
Total auto$85,700 100.0%$83,600 100.0%
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We originate commercial and multifamily real estate loans in most regions of the U.S. The table below presents the geographic profile of our commercial real estate loan portfolio as of March 31, 2026 and December 31, 2025.
Table 18: Commercial Real Estate Loan Portfolio by Region
March 31, 2026December 31, 2025
(Dollars in millions)Amount% of TotalAmount% of Total
Geographic concentration:(1)
Northeast$12,575 37.2%$12,149 36.1%
South7,921 23.4 7,724 23.0 
Pacific West5,602 16.6 5,477 16.3 
Mid-Atlantic3,179 9.4 3,200 9.5 
Mountain
2,483 7.3 2,719 8.1 
Midwest
2,049 6.1 2,349 7.0 
Total$33,809 100.0%$33,618 100.0%
__________
(1)Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of: CT, MA, ME, NH, NJ, NY, PA, RI and VT. South consists of: AL, AR, FL, GA, KY, LA, MS, NC, OK, SC, TN and TX. Pacific West consists of: AK, CA, HI, OR and WA. Mid-Atlantic consists of: DC, DE, MD, VA and WV. Midwest consists of: IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD and WI. Mountain consists of: AZ, CO, ID, MT, NM, NV, UT and WY.
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Commercial Loans by Industry
Table 19 summarizes our commercial loans held for investment by industry classification as of March 31, 2026 and December 31, 2025. Industry classifications below are based on our interpretation of the Federal Loan Classification codes as they pertain to each individual loan.
Table 19: Commercial Loans by Industry
(Percentage of portfolio)March 31, 2026December 31, 2025
Industry Classification:
Finance42%42%
Real Estate & Construction
25 25 
Government & Education8 8 
Commercial Services4 4 
Health Care & Pharmaceuticals3 3 
Food & Beverage Manufacturing & Wholesale
3 3 
Oil, Gas & Pipelines
2 2 
Technology, Telecommunications & Media
2 2 
Retail
2 2 
Other9 9 
Total100%100%



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Credit Risk Measurement
We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. Trends in delinquency rates are the key credit quality indicator for our credit card, personal loans and retail banking loan portfolios as changes in delinquency rates can provide an early warning of changes in potential future credit losses. The key indicator we monitor when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they provide insight into borrower risk profiles, which give indications of potential future credit losses. The key credit quality indicator for our commercial loan portfolio is our internal risk ratings as we generally classify loans that have been delinquent for an extended period of time and other loans with significant risk of loss as nonperforming. In addition to these credit quality indicators, we also manage and monitor other credit quality metrics such as level of nonperforming loans and net charge-off rates.
We underwrite most consumer loans using proprietary models, which typically include credit bureau data, such as borrower credit scores, application information and, where applicable, collateral and deal structure data. We continuously adjust our management of credit lines and collection strategies based on customer behavior and risk profile changes. We also use borrower credit scores for subprime classification, for competitive benchmarking and, in some cases, to drive product segmentation decisions. 
Table 20 provides details on the credit scores of our domestic credit card, personal and auto loan portfolios as of March 31, 2026 and December 31, 2025.
Table 20: Credit Score Distribution
(Percentage of portfolio)March 31, 2026December 31, 2025
Domestic credit card—Refreshed FICO scores:(1)
Greater than 66073%73%
660 or below27 27 
Total100%100%
Personal loans—Refreshed FICO scores:(1)
Greater than 66094%94%
621 - 6603 3 
620 or below3 3 
Total100%100%
Auto—At origination FICO scores:(2)
Greater than 66050%51%
621 - 66019 19 
620 or below31 30 
Total100%100%
__________
(1)Percentages represent period-end loans held for investment in each credit score category. Domestic credit card and personal loan credit scores generally represent Fair Isaac Corporation (“FICO”) scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter and may be based on different versions of FICO over time. 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 for Domestic credit card and 620 or below for personal loans.
(2)Percentages represent period-end loans held for investment in each credit score category. Auto loan 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.
In our commercial loan portfolio, we assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends.
We present information in the section below on the credit performance of our loan portfolio, including the key metrics we use in tracking changes in the credit quality of our loan portfolio. See “Part I—Item 1. Financial Statements—Note 4—Loans” for additional credit quality information in this Report and see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for information on our accounting policies for delinquent and nonperforming loans, charge-offs and loan modifications and restructurings.
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Delinquency Rates
We consider the entire balance of an account to be delinquent if the minimum required payment is not received by the customer’s due date, measured at each balance sheet date. Our 30+ day delinquency metrics include all loans held for investment that are 30 or more days past due, whereas our 30+ day performing delinquency metrics include all loans held for investment that are 30 or more days past due but are currently classified as performing and accruing interest. The 30+ day delinquency and 30+ day performing delinquency metrics are the same for domestic credit card loans, as we continue to classify these loans as performing until the account is charged off, typically when the account is 180 days past due. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for information on our policies for classifying loans as nonperforming for each of our loan categories. We provide additional information on our credit quality metrics in “Business Segment Financial Performance.”
Table 21 presents our 30+ day performing delinquency rates and 30+ day delinquency rates of our portfolio of loans held for investment, by portfolio, as of March 31, 2026 and December 31, 2025.
Table 21: 30+ Day Delinquencies
 March 31, 2026December 31, 2025
 30+ Day Performing Delinquencies30+ Day Delinquencies30+ Day Performing Delinquencies30+ Day Delinquencies
(Dollars in millions)Amount
Rate(1)
Amount
Rate(1)
Amount
Rate(1)
Amount
Rate(1)
Credit Card:
Domestic credit card$9,395 3.70%$9,395 3.70%$10,471 3.99%$10,471 3.99%
Personal loans
155 1.72 164 1.81 165 1.74 174 1.83 
International card businesses360 4.82 369 4.94 355 4.62 364 4.75 
Total credit card9,910 3.66 9,928 3.67 10,991 3.93 11,009 3.94 
Consumer Banking:
Auto3,609 4.21 3,971 4.63 4,371 5.23 4,842 5.79 
Retail banking11 0.92 20 1.69 13 1.09 19 1.60 
Total consumer banking3,620 4.17 3,991 4.59 4,384 5.17 4,861 5.73 
Commercial Banking:
Commercial and multifamily real estate90 0.27 205 0.61 55 0.16 117 0.35 
Commercial and industrial3 0.01 392 0.69 33 0.06 314 0.56 
Total commercial banking93 0.10 597 0.66 88 0.10 431 0.48 
Total$13,623 3.04 $14,516 3.24 $15,463 3.41 $16,301 3.59 
__________
(1)Delinquency rates are calculated by dividing delinquency amounts by period-end loans held for investment for each specified loan category.
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Table 22 presents our 30+ day delinquent loans held for investment, by aging and geography, as of March 31, 2026 and December 31, 2025.
Table 22: Aging and Geography of 30+ Day Delinquent Loans
 March 31, 2026December 31, 2025
(Dollars in millions)Amount
Rate(1)
Amount
Rate(1)
Delinquency status:
30 – 59 days$5,697 1.27%$6,492 1.43%
60 – 89 days3,264 0.73 3,773 0.83 
> 90 days
5,555 1.24 6,036 1.33 
Total$14,516 3.24%$16,301 3.59%
Geographic region:
Domestic$14,147 3.16%$15,937 3.51%
International369 0.08 364 0.08 
Total$14,516 3.24%$16,301 3.59%
__________
(1)Delinquency rates are calculated by dividing delinquency amounts by total period-end loans held for investment.
Table 23 summarizes loans that were 90+ days delinquent, in regards to interest or principal payments, and still accruing interest as of March 31, 2026 and December 31, 2025. These loans consist primarily of credit card accounts between 90 days and 179 days past due. As permitted by regulatory guidance issued by the FFIEC, we continue to accrue interest and fees on domestic credit card loans through the date of charge-off, which is typically in the period the account becomes 180 days past due.
Table 23: 90+ Day Delinquent Loans Accruing Interest
 March 31, 2026December 31, 2025
(Dollars in millions)Amount
Rate(1)
Amount
Rate(1)
Loan segment:
Credit card$4,962 1.83%$5,352 1.91%
Total$4,962 1.11 $5,352 1.18 
Geographic region:
Domestic$4,801 1.09%$5,195 1.16%
International161 2.16 157 2.05 
Total$4,962 1.11 $5,352 1.18 
__________
(1)Delinquency rates are calculated by dividing delinquency amounts by period-end loans held for investment for each specified loan category.
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Nonperforming Loans and Nonperforming Assets
Nonperforming loans include loans that have been placed on nonaccrual status. Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for information on our policies for classifying loans as nonperforming for each of our loan portfolios.
Table 24 presents our nonperforming loans by portfolio and other nonperforming assets as of March 31, 2026 and December 31, 2025. We do not classify loans held for sale as nonperforming. We provide additional information on our credit quality metrics in “Business Segment Financial Performance.”
Table 24: Nonperforming Loans and Other Nonperforming Assets(1)
 March 31, 2026December 31, 2025
(Dollars in millions)AmountRateAmountRate
Nonperforming loans held for investment:(2)
Credit Card:
Personal loans
$12 0.13%$12 0.13%
International card businesses11 0.15 12 0.16 
Total credit card23 0.01 24 0.01 
Consumer Banking:
Auto475 0.55 566 0.68 
Retail banking19 1.66 17 1.45 
Total consumer banking494 0.57 583 0.69 
Commercial Banking:
Commercial and multifamily real estate362 1.07 320 0.95 
Commercial and industrial906 1.60 892 1.60 
Total commercial banking1,268 1.40 1,212 1.36 
Total nonperforming loans held for investment(3)
1,785 0.40 1,819 0.40 
Other nonperforming assets(4)
138 0.03 115 0.03 
Total nonperforming assets$1,923 0.43 $1,934 0.43 
__________
(1)We recognized interest income for loans classified as nonperforming of $4 million and $3 million in the first quarters of 2026 and 2025, respectively.
(2)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.
(3)Excluding the impact of domestic credit card loans, nonperforming loans as a percentage of total loans held for investment was 0.92% and 0.95% as of March 31, 2026 and December 31, 2025, respectively.
(4)The denominators used in calculating nonperforming asset rates consist of total loans held for investment and other nonperforming assets.
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Net Charge-Offs
Net charge-offs consist of the amortized cost basis, excluding accrued interest, of loans held for investment that we determine to be uncollectible, net of recovered amounts. Recoveries are recognized for payments received after a loan has been charged off, up to the amount that was charged off. The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation. Uncollectible finance charges and fees are reversed through revenue and certain fraud losses are recorded in other non-interest expense. Generally, costs to recover charged-off loans are recorded as collection expenses as incurred and are included in our consolidated statements of income as a component of other non-interest expense. Our charge-off policy for loans varies based on the loan type. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for information on our charge-off policy for each of our loan portfolios.
Table 25 presents our net charge-off amounts and rates, by portfolio segment, in the first quarters of 2026 and 2025.
Table 25: Net Charge-Offs (Recoveries)
 Three Months Ended March 31,
 20262025
(Dollars in millions)Amount
Rate(1)
Amount
Rate(1)
Credit Card:
Domestic credit card$3,241 5.10%$2,314 6.19%
Personal loans
89 3.81 N/AN/A
International card businesses89 4.65 85 5.02 
Total credit card3,419 5.05 2,399 6.14 
Consumer Banking:
Auto346 1.64 299 1.55 
Retail banking18 5.99 14 4.75 
Total consumer banking364 1.70 313 1.60 
Commercial Banking:
Commercial and multifamily real estate2 0.03 7 0.09 
Commercial and industrial62 0.44 17 0.12 
Total commercial banking64 0.29 24 0.11 
Total net charge-offs$3,847 3.45 $2,736 3.40 
Average loans held for investment$446,235 $322,385 
__________
(1)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.



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Financial Difficulty Modifications to Borrowers
A financial difficulty modification (“FDM”) occurs when a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of these modifications is granted to a borrower experiencing financial difficulty.
As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectibility of the loan and to avoid the need for repossession or foreclosure of collateral.
We consider the impact of all loan modifications, including FDMs, when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, loan modifications are also considered in the assignment of an internal risk rating.
In our Credit Card business, the majority of our FDMs receive an interest rate reduction and are placed on a fixed payment plan not exceeding 60 months. If the customer does not comply with the modified payment terms, then the credit card loan agreement may revert to its original payment terms, generally resulting in any loan outstanding being reflected in the appropriate delinquency category and charged off in accordance with our standard charge-off policy.
In our Consumer Banking business, the majority of our FDMs receive an extension, an interest rate reduction, principal reduction, or a combination of these modifications.
In our Commercial Banking business, the majority of our FDMs receive an extension. A portion of FDMs receive an interest rate reduction, principal reduction, or a combination of modifications.
For more information on FDMs, see “Part I—Item 1. Financial Statements—Note 4—Loans.”
Allowance for Credit Losses and Reserve for Unfunded Lending Commitments
Our allowance for credit losses represents management’s current estimate of expected credit losses over the contractual terms of our loans held for investment as of each balance sheet date. Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance. Charge-offs of uncollectible amounts result in a reduction to the allowance and recoveries of previously charged off amounts are credited to the allowance. We also estimate expected credit losses related to unfunded lending commitments that are not unconditionally cancellable. The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets. We provide additional information on the methodologies and key assumptions used in determining our allowance for credit losses and our reserve for unfunded lending commitments in “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.
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Table 26 presents changes in our allowance for credit losses and reserve for unfunded lending commitments for the first quarters of 2026 and 2025, and details by portfolio for the provision for credit losses, charge-offs and recoveries.
Table 26: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended March 31, 2026
Credit CardConsumer Banking
(Dollars in millions)Domestic Card
Personal Loans
International Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of December 31, 2025$18,811 $731 $524 $20,066 $1,869 $23 $1,892 $1,451 $23,409 
Charge-offs
(4,370)(121)(150)(4,641)(711)(24)(735)(69)(5,445)
Recoveries(1)
1,129 32 61 1,222 365 6 371 5 1,598 
Net charge-offs(3,241)(89)(89)(3,419)(346)(18)(364)(64)(3,847)
Provision for credit losses
3,236 60 115 3,411 503 16 519 147 4,077 
Allowance build (release) for credit losses(5)(29)26 (8)157 (2)155 83 230 
Other changes(2)
— — (9)(9)— — — — (9)
Balance as of March 31, 202618,806 702 541 20,049 2,026 21 2,047 1,534 23,630 
Reserve for unfunded lending commitments:
Balance as of December 31, 2025— — — — — — — 142 142 
Provision (benefit) for losses on unfunded lending commitments— — — — — — — (9)(9)
Balance as of March 31, 2026— — — — — — — 133 133 
Combined allowance and reserve as of March 31, 2026$18,806 $702 $541 $20,049 $2,026 $21 $2,047 $1,667 $23,763 
Three Months Ended March 31, 2025
Credit CardConsumer Banking
(Dollars in millions)Domestic Card
Personal Loans
International Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of December 31, 2024$12,494 N/A$480 $12,974 $1,859 $25 $1,884 $1,400 $16,258 
Charge-offs
(2,852)N/A(126)(2,978)(656)(20)(676)(38)(3,692)
Recoveries(1)
538 N/A41 579 357 6 363 14 956 
Net charge-offs(2,314)N/A(85)(2,399)(299)(14)(313)(24)(2,736)
Provision for credit losses
1,856 N/A70 1,926 285 16 301 141 2,368 
Allowance build (release) for credit losses(458)N/A(15)(473)(14)2 (12)117 (368)
Other changes(2)
— N/A9 9 — — — — 9 
Balance as of March 31, 202512,036 N/A474 12,510 1,845 27 1,872 1,517 15,899 
Reserve for unfunded lending commitments:N/A
Balance as of December 31, 2024— N/A— — — — — 143 143 
Provision (benefit) for losses on unfunded lending commitments— N/A— — — — — 1 1 
Balance as of March 31, 2025— N/A— — — — — 144 144 
Combined allowance and reserve as of March 31, 2025$12,036 N/A$474 $12,510 $1,845 $27 $1,872 $1,661 $16,043 
__________
(1)The amount and timing of recoveries are impacted by our collection strategies, which are based on customer behavior and risk profile and include direct customer communications, repossession of collateral, the periodic sale of charged off loans as well as additional strategies, such as litigation.    
(2)Primarily represents foreign currency translation adjustments.

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LIQUIDITY RISK PROFILE
We manage our funding and liquidity risk in an integrated manner in support of the current and future cash flow needs of our business. We maintained liquidity reserves of $164.8 billion and $144.0 billion as of March 31, 2026 and December 31, 2025, respectively, as shown in Table 27 below. Included in liquidity reserves are cash and cash equivalents, investment securities and FHLB borrowing capacity secured by loans.
As of March 31, 2026, we had available issuance capacity of $39.0 billion under shelf registrations associated with our credit card and auto loan securitization programs. We also maintain a shelf registration that enables us to issue an indeterminate amount of senior or subordinated debt securities, preferred stock, depositary shares, common stock, purchase contracts, warrants and units. Our ability to issue under each shelf registration is subject to market conditions.
Finally, as of March 31, 2026, we had access to available contingent liquidity sources totaling $106.4 billion through the prepositioning of collateral, including a portion of the investment securities included in the liquidity reserves amount in the following table, at the Federal Reserve Discount Window, the Standing Repo Operations, FHLB and the Fixed Income Clearing Corporation - Government Securities Division (“FICC - GSD”).
As of March 31, 2026 and December 31, 2025, our funding sources totaled $540.9 billion and $526.8 billion, respectively, primarily composed of consumer deposits, as shown in “Consolidated Balance Sheets Analysis—Table 7: Funding Sources Composition.”
Our liquidity reserves, borrowing capacity, contingent liquidity sources and total funding sources are all discussed in more detail in the following sections. Both our investment securities available for sale and held to maturity are presented at fair value in the measurement of liquidity reserves.
Table 27 below presents the composition of our liquidity reserves as of March 31, 2026 and December 31, 2025.
Table 27: Liquidity Reserves
(Dollars in millions)March 31, 2026December 31, 2025
Cash and cash equivalents$76,494 $57,434 
Investment securities at fair value(1)
92,304 91,051 
FHLB borrowing capacity secured by loans4,196 4,447 
Outstanding FHLB advances and letters of credit secured by loans and investment securities(1,839)(1,839)
Other encumbrances of investment securities(6,389)(7,121)
Total liquidity reserves$164,766 $143,972 
________
(1)    Includes investment securities that have been pledged or otherwise encumbered within the below Liquidity Reserves line items “Outstanding FHLB advances and letters of credit secured by loans and investment securities” and “Other encumbrances of investment securities.”
Our liquidity reserves increased by $20.8 billion to $164.8 billion as of March 31, 2026 from December 31, 2025, primarily due to increases in cash and cash equivalents. In addition to these liquidity reserves, we maintain access to a diversified mix of funding sources as discussed in the “Borrowing Capacity” and “Funding Sources” sections below. See “Part II—Item 7. MD&A—Risk Management” in our 2025 Form 10-K for additional information on our management of liquidity risk.
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Liquidity Coverage Ratio
We are subject to the final rules published by the Basel Committee and as implemented by the Federal Reserve and the OCC for the Basel III Liquidity Coverage Ratio (“LCR”) in the U.S. (the “LCR Rule”). The LCR Rule requires both the Company and the Bank to calculate its respective LCR daily. It also requires the Company to publicly disclose, on a quarterly basis, its LCR, certain related quantitative liquidity metrics, and a qualitative discussion of its LCR. Our average LCR during the first quarter of 2026 was 166%, which exceeded the LCR Rule requirement of 100%. The calculation and the underlying components are based on our interpretations, expectations and assumptions of relevant regulations, as well as interpretations provided by our regulators, and are subject to change based on changes to future regulations and interpretations. See “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K for additional information.
Net Stable Funding Ratio
We are subject to the final rules published by the Basel Committee and as implemented by the Federal Reserve and the OCC for the Basel III Net Stable Funding Ratio (“NSFR”) in the U.S. (the “NSFR Rule”). The NSFR Rule requires each of the Company and the Bank to maintain an NSFR of 100% on an ongoing basis. It also requires the Company to publicly disclose, on a semi-annual basis each second and fourth quarter, its NSFR, certain related quantitative liquidity metrics and qualitative discussion of its NSFR. Our average NSFR for the first quarter of 2026 exceeded the NSFR Rule requirement of 100%. The calculation and the underlying components are based on our interpretations, expectations and assumptions of the relevant regulations, as well as interpretations provided by our regulators, and are subject to change based on changes to future regulations and interpretations. See “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K for additional information.
Borrowing Capacity
We maintain a shelf registration with the U.S. Securities and Exchange Commission (“SEC”) so that we may periodically offer and sell an indeterminate aggregate amount of senior or subordinated debt securities, preferred stock, depositary shares, common stock, purchase contracts, warrants and units. There is no limit under this shelf registration to the amount or number of such securities that we may offer and sell, subject to market conditions. In addition, we also maintain a shelf registration associated with our Capital One Multi-asset Execution Trust (“COMET”) that allows us to periodically offer and sell up to $24.0 billion of securitized debt obligations and a shelf registration associated with our Capital One Prime Auto Receivables Trusts (“COPAR”) that allows us to periodically offer and sell up to $18.6 billion of securitized debt obligations. These shelf registration statements are subject to periodic renewal and, thus, change, which may be reviewed by the SEC at the time of each such renewal. As part of each periodic renewal, we assess registered amounts under each shelf registration statement which may be updated as appropriate. As of March 31, 2026, we had $21.5 billion and $17.5 billion of available issuance capacity in our COMET and COPAR securitization programs, respectively.
In addition to our issuance capacity under the shelf registration statements, we also have collateral pledged to support our access to FHLB advances, the Federal Reserve Discount Window, the Standing Repo Operations and FICC - GSD general collateral financing repurchase agreement service. For each of these programs, the ability to borrow utilizing these sources is dependent on meeting the respective membership requirements. Our borrowing capacity in each program is a function of the collateral the Bank has posted with each counterparty, including any respective haircuts applied to that collateral.
As of March 31, 2026, we pledged loans and securities to the FHLB to secure a maximum borrowing capacity of $34.5 billion, of which $1.3 billion was used. Our FHLB membership is supported by our investment in FHLB stock of $89 million as of both March 31, 2026 and December 31, 2025.
As of March 31, 2026, we pledged loans to secure a borrowing capacity of $49.9 billion under the Federal Reserve Discount Window. Our membership with the Federal Reserve is supported by our investment in Federal Reserve stock of $2.6 billion as of both March 31, 2026 and December 31, 2025.
As a member of FICC - GSD, we have $22.0 billion of readily available borrowing capacity secured by securities from our investment portfolio as of March 31, 2026. Our FICC - GSD membership is supported by our investment in Depository Trust and Clearing Corporation common stock of $575 thousand and $488 thousand as of March 31, 2026 and December 31, 2025, respectively.
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Deposits
Table 28 provides a comparison of the average balances, interest expense and average deposits interest rates for the three months ended March 31, 2026 and 2025.
Table 28: Deposits Composition and Average Deposits Interest Rates
Three Months Ended March 31,
20262025
(Dollars in millions)Average
Balance		Interest
Expense		Average
Deposits
Interest Rate		Average
Balance		Interest
Expense		Average
Deposits
Interest Rate
Interest-bearing checking accounts(1)
$38,642 $114 1.18%$36,285 $119 1.31%
Saving deposits(2)
309,341 2,263 2.93 227,780 1,768 3.11 
Time deposits103,974 1,010 3.89 73,775 828 4.49 
Total interest-bearing deposits$451,957 $3,387 3.00 $337,840 $2,715 3.22 
__________
(1)Includes negotiable order of withdrawal accounts.
(2)Includes money market deposit accounts.
The FDIC limits the acceptance of brokered deposits to well-capitalized insured depository institutions and, with a waiver from the FDIC, to adequately-capitalized institutions. The Bank was well capitalized, as defined under the federal banking regulatory guidelines, as of both March 31, 2026 and December 31, 2025. See “Part I—Item 1. Business—Supervision and Regulation” in our 2025 Form 10-K for additional information. We provide additional information on the composition of deposits in “Consolidated Balance Sheets Analysis—Table 7: Funding Sources Composition” and in “Part I—Item 1. Financial Statements—Note 8—Deposits and Borrowings.”
Funding Sources
Our funding sources include deposits, senior and subordinated notes, securitized debt obligations, federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances secured by certain portions of our loan and securities portfolios. A key objective in our use of these markets is to maintain access to a diversified mix of wholesale funding sources. Insured deposits in our Consumer Banking business represent our primary source of funding, as they are a relatively stable and low cost source of funding. See “Consolidated Balance Sheets Analysis—Table 7: Funding Sources Composition” for additional information on our primary sources of funding.
Short-Term Borrowings and Long-Term Debt
We access the capital markets to meet our funding needs through the issuance of senior and subordinated notes, securitized debt obligations and federal funds purchased and securities loaned or sold under agreements to repurchase. In addition, we have access to short-term and long-term FHLB advances secured by certain investment securities, multifamily real estate loans and commercial real estate loans.
Our short-term borrowings, which include those borrowings with an original contractual maturity of one year or less, typically consist of federal funds purchased, securities loaned or sold under agreements to repurchase or short-term FHLB advances, and do not include the current portion of long-term debt. Our short-term borrowings increased by $539 million to $1.6 billion as of March 31, 2026 from December 31, 2025, primarily driven by an increase in short-term FHLB advances.
Our long-term funding, which primarily consists of securitized debt obligations, senior and subordinated notes and long-term FHLB advances, increased by $349 million to $50.3 billion as of March 31, 2026 from December 31, 2025 primarily driven by net issuances of unsecured senior debt, partially offset by maturities and paydowns of securitized debt and long term FHLB advances. We provide more information on our securitization activity in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations” and on our borrowings in “Part I—Item 1. Financial Statements—Note 8—Deposits and Borrowings.”
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The following table summarizes issuances of securitized debt obligations, senior and subordinated notes, long-term FHLB advances and their respective maturities or redemptions for the three months ended March 31, 2026 and 2025.
Table 29: Long-Term Debt Funding Activities
Issuances
Maturities/Redemptions
Three Months Ended March 31,Three Months Ended March 31,
(Dollars in millions)2026202520262025
Securitized debt obligations— — $1,563 $2,626 
Senior and subordinated notes$3,000 $1,750 418 3,447 
Long-term FHLB advances
— — 500 — 
Total$3,000 $1,750 $2,481 $6,073 
Credit Ratings
Our credit ratings impact our ability to access capital markets and our borrowing costs. For more information, see “Part I—Item 1A. Risk Factors” under the heading in our 2025 Form 10-K “A downgrade in our credit ratings could significantly impact our liquidity, funding costs and access to the capital markets.”
Table 30 provides a summary of the credit ratings for the senior unsecured long-term debt of Capital One Financial Corporation and CONA as of March 31, 2026 and December 31, 2025.
Table 30: Senior Unsecured Long-Term Debt Credit Ratings
March 31, 2026December 31, 2025
Capital One
Financial
Corporation		CONACapital One
Financial
Corporation		CONA
Moody’sBaa1A3Baa1A3
S&PBBBBBB+BBBBBB+
FitchA-AA-A

As of April 20, 2026, Moody’s Investors Service (“Moody’s”) and Fitch Ratings (“Fitch”) have our credit ratings on a stable outlook and Standard & Poor’s (“S&P”) has our credit ratings on a positive outlook.
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Funding Uses and Commitments
In the normal course of business, we enter into various contractual obligations that may require future cash payments that affect our short-term and long-term liquidity and capital resource needs. Our future contractual cash outflows primarily relate to deposits, borrowings, operating leases and other contractual obligations. Other contractual obligations include lending commitments, leases, purchase obligations and other contractual arrangements. The actual timing and amounts of future cash payments may vary over time due to a number of factors, such as early debt redemptions and changes in deposit balances.    
As of March 31, 2026 and December 31, 2025, our total unfunded lending commitments were $746.9 billion and $729.6 billion, respectively, consisting of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities. For additional information, refer to “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others” in this Report.
Our primary involvement with leases is in the capacity as a lessee where we lease premises to support our business. The majority of our leases are operating leases of office space, retail bank branches and cafés. Our operating leases expire at various dates through 2071, although some have extension or termination options, and we assess the likelihood of exercising such options. If it is reasonably certain that we will exercise the options, then we include the impact in the measurement of our right-of-use assets and lease liabilities. As of March 31, 2026 and December 31, 2025, we had $1.4 billion and $1.5 billion in aggregate operating lease obligations, respectively. We provide more information on our lease activity in “Part II—Item 8. Financial Statements and Supplementary Data—Note 8—Premises, Equipment and Leases” in our 2025 Form 10-K.
We have enforceable and legally binding purchase obligations for goods and services such as data management, media and other software and third-party services. As of March 31, 2026 and December 31, 2025, we had $3.4 billion and $3.8 billion, respectively, in aggregate purchase obligations.
We also enter into various contractual arrangements that may require future cash payments, including short-term obligations such as trade payables, commitments to fund certain equity investments, obligations for pension and post-retirement benefit plans, and representation and warranty reserves. These arrangements are discussed in more detail in “Part I—Item 1. Financial Statements—Note 6—Variable Interest Entities and Securitizations,” and “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others” in this Report and “Part II—Item 8. Financial Statements and Supplementary Data—Note 15—Employee Benefit Plans” in our 2025 Form 10-K.
MARKET RISK PROFILE
Our primary market risk exposures include interest rate risk, foreign exchange risk and commodity pricing risk. We are exposed to market risk primarily from the following operations and activities:
•Traditional banking activities of deposit gathering and lending;
•Asset/liability management activities including the management of investment securities, short-term and long-term borrowings and derivatives;
•Foreign operations within our Credit Card and Consumer Banking businesses; and
•Customer accommodation activities within our Commercial Banking business.
We have enterprise-wide risk management policies and limits, approved by our Board of Directors, which govern our market risk management activities. Our objective is to manage our exposure to market risk in accordance with these policies and limits based on prevailing market conditions and long-term expectations. We provide additional information below about our primary sources of market risk, our market risk management strategies and the measures that we use to evaluate these exposures.
Interest Rate Risk
Interest rate risk represents exposure to financial instruments whose values vary with the level or volatility of interest rates. We are exposed to interest rate risk primarily from the differences in the timing between the maturities or repricing of assets and liabilities. We manage our interest rate risk primarily by entering into interest rate swaps and other derivative instruments which
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could include caps, floors, options, futures and forward contracts.
We use various industry standard market risk measurement techniques and analyses to measure, assess and manage the impact of changes in interest rates on our net interest income and our economic value of equity and changes in foreign exchange rates on our non-dollar-denominated funding and non-dollar equity investments in foreign operations.
Net Interest Income Sensitivity
Our net interest income sensitivity measure estimates the impact of hypothetical instantaneous movements in interest rates relative to our baseline interest rate forecast on our projected 12-month net interest income. Net interest income sensitivity metrics are derived using the following key assumptions:
•As of March 31, 2026, our metrics assume a market implied baseline interest rate projection for the upper limit of the Federal Funds Target Rate of 3.75% and 3.50% at December 31, 2026 and 2027, respectively.
•In addition to our existing assets, liabilities and derivative positions, we incorporate expected future business growth assumptions. These assumptions include loan and deposit growth, pricing, plans for projected changes in our funding mix and our securities and cash position from our internal corporate outlook that is used in our financial planning process.
•The analysis assumes this forecast of expected future business growth remains unchanged between the baseline rate forecast and rate shock scenarios, including no changes to our interest rate risk management activities like securities and hedging actions.
•We incorporate the dynamic nature of deposit repricing, which includes pricing lags and changes in deposit beta and mix as interest rates change, and the prepayment sensitivity of our mortgage securities to the level of interest rates. In our models, deposit betas and mortgage security prepayments vary dynamically based on the level of interest rates and by product type. In the contexts used in this section, “beta” refers to the change in deposit rate paid relative to the change in the federal funds rate.
•In instances where an interest rate scenario would result in a rate less than 0%, we assume a rate of 0% for that scenario. This assumption applies only to jurisdictions that do not have a practice of employing negative policy rates. In jurisdictions that have negative policy rates, we do not floor interest rates at 0%.
At the current level of interest rates, our projected 12-month net interest income is expected to increase in higher rate scenarios and decrease in lower rate scenarios. The decrease in lower rate scenarios is driven by lower interest income from our assets, including floating rate credit card and commercial loans, being partially offset by lower interest expense from our deposits and other liabilities, net of our interest rate hedges. Our combined 12-month net interest income sensitivity was largely unchanged as compared to December 31, 2025.
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Economic Value of Equity Sensitivity
Our economic value of equity sensitivity measure estimates the impact of hypothetical instantaneous movements in interest rates on the net present value of our assets and liabilities, including derivative exposures. Economic value of equity sensitivity metrics are derived using the following key assumptions:
•As of March 31, 2026, our metrics assume a market implied baseline interest rate projection for the upper limit of the Federal Funds Target Rate of 3.75% and 3.50% at December 31, 2026 and 2027, respectively.
•The analysis includes only existing assets, liabilities and derivative positions and does not incorporate business growth assumptions or projected balance sheet changes.
•Similar to our net interest income sensitivity measure, we incorporate the dynamic nature of deposit repricing and attrition, which includes pricing lags and changes in deposit beta as interest rates change and the prepayment sensitivity of our mortgage securities to the level of interest rates. In our models, deposit betas and mortgage security prepayments vary dynamically based on the level of interest rates and by product type.
•Balance attrition assumptions for loans, including credit card, personal, auto and commercial loans, remain unchanged between the baseline interest rate forecast and interest rate shock scenarios as the majority of these loans are floating rate or shorter duration fixed rate loans and hence paydowns have a low sensitivity to the level of interest rates.
•For assets and liabilities with embedded optionality, such as mortgage securities and deposit balances, we utilize Monte Carlo simulations to assess economic value with industry-standard term structure modeling of interest rates.
•Our calculations of net present value apply appropriate spreads over the benchmark yield curve for select assets and liabilities to capture the inherent risks (including credit risk) to discount expected interest and principal cash flows.
•In instances where an interest rate scenario would result in a rate less than 0%, we assume a rate of 0% for that scenario. This assumption applies only to jurisdictions that do not have a practice of employing negative policy rates. In jurisdictions that have negative policy rates, we do not floor interest rates at 0%.
Our current economic value of equity sensitivity profile demonstrates that our economic value of equity decreases in higher interest rate scenarios and increases in lower interest rate scenarios. The decrease in higher rate scenarios is due to the decline in the projected value of our fixed rate assets being only partially offset by corresponding movements in the projected value of our deposits and other liabilities. The pace of economic value of equity decrease is larger for the +200 bps scenario as our deposits are assumed to reprice more rapidly in higher interest rate environments. Our combined economic value of equity sensitivity modestly increased as compared to December 31, 2025, driven by the increase in long-term interest rates.

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Table 31 shows the estimated percentage impact on our projected baseline net interest income and our current economic value of equity calculated under the methodology described above as of March 31, 2026 and December 31, 2025.
Table 31: Interest Rate Sensitivity Analysis
March 31, 2026December 31, 2025
Estimated impact on projected baseline net interest income:
+200 bps0.8%1.0%
+100 bps0.5 0.6 
+50 bps0.3 0.3 
–50 bps(0.2)(0.3)
–100 bps(0.5)(0.7)
–200 bps(2.0)(2.7)
Estimated impact on economic value of equity:
+200 bps(5.5)(4.5)
+100 bps(2.5)(2.0)
+50 bps(1.2)(0.9)
–50 bps1.1 0.7 
–100 bps1.9 1.2 
–200 bps2.7 1.1 
    
In addition to these industry standard measures, we also consider the potential impact of alternative interest rate scenarios, such as larger rate shocks, higher than +/- 200 bps, as well as steepening and flattening yield curve scenarios in our internal interest rate risk management decisions. We also regularly review the sensitivity of our interest rate risk metrics to changes in our key modeling assumptions, such as our loan and deposit balance forecasts, mortgage prepayments and deposit repricing.
Limitations of Market Risk Measures
The interest rate risk models that we use in deriving these measures incorporate contractual information, internally developed assumptions and proprietary modeling methodologies, which project borrower and depositor behavior patterns in certain interest rate environments. Other market inputs, such as interest rates, market prices and interest rate volatility, are also critical components of our interest rate risk measures. We regularly evaluate, update and enhance these assumptions, models and analytical tools as we believe appropriate to reflect our best assessment of the market environment and the expected behavior patterns of our existing assets and liabilities.
There are inherent limitations in any methodology used to estimate the exposure to changes in market interest rates. The sensitivity analysis described above contemplates only certain movements in interest rates and is performed at a particular point in time based on our existing balance sheet and, in some cases, expected future business growth and funding mix assumptions. The strategic actions that management may take to manage our balance sheet may differ significantly from our projections, which could cause our actual earnings and economic value of equity sensitivities to differ substantially from the above sensitivity analysis.
For further information on our interest rate exposures, see “Part I—Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”
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Foreign Exchange Risk
Foreign exchange risk represents exposure to changes in the values of current holdings and future cash flows denominated in other currencies. We are exposed to foreign exchange risk primarily from the intercompany funding denominated in pound sterling (“GBP”) and the Canadian dollar (“CAD”) that we provide to our businesses in the U.K. and Canada and net equity investments in those businesses. We are also exposed to foreign exchange risk due to changes in the dollar-denominated value of future earnings and cash flows from our foreign operations and from our Euro (“EUR”)-denominated borrowing.
Our non-dollar denominated intercompany funding and EUR-denominated borrowing expose our earnings to foreign exchange transaction risk. We manage these transaction risks by using forward foreign currency derivatives and cross-currency swaps to hedge our exposures. We measure our foreign exchange transaction risk exposures by applying a 1% U.S. dollar appreciation shock against the value of the non-dollar denominated intercompany funding and EUR-denominated borrowing and their related hedges, which shows the impact to our earnings from foreign exchange risk. Our nominal intercompany funding outstanding with interest accrued was 1.5 billion GBP as of both March 31, 2026 and December 31, 2025 and 953 million CAD and 1.1 billion CAD as of March 31, 2026 and December 31, 2025, respectively. Our nominal EUR-denominated borrowing outstanding with interest accrued were 507 million EUR and 505 million EUR as of March 31, 2026 and December 31, 2025, respectively.
Certain non-dollar equity investments in foreign operations expose our balance sheet and capital ratios to translation risk in AOCI. We manage our translation risk by entering into foreign currency derivatives designated as net investment hedges. We measure these exposures by applying a 30% U.S. dollar appreciation shock, which we believe approximates a significant adverse shock over a one-year time horizon, against the value of the equity invested in our foreign operations net of related net investment hedges where applicable. Our primary exposure is to our U.K. and Canadian operations and the gross equity amounts were 2.4 billion GBP and 2.3 billion GBP as of March 31, 2026 and December 31, 2025, respectively, and 2.9 billion CAD and 2.8 billion CAD as of March 31, 2026 and December 31, 2025, respectively. Additionally, we have immaterial foreign translation exposure to a small number of other currencies.
As a result of our derivative management activities, we believe our net exposure to foreign exchange risk is minimal. For more information, see “Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities” and “Item 1. Financial Statements—Note 10—Stockholders’ Equity.”
Risk Related to Customer Accommodation Derivatives
We offer interest rate, commodity and foreign currency derivatives as an accommodation to our customers within our Commercial Banking business. We offset the majority of the market risk of these customer accommodation derivatives by entering into offsetting derivatives transactions with other counterparties. We use value-at-risk (“VaR”) as the primary method to measure the market risk in our customer accommodation derivative activities on a daily basis. VaR is a statistical risk measure used to estimate the potential loss from movements observed in the recent market environment. We employ a historical simulation approach using the most recent 500 business days and use a 99% confidence level and a holding period of one business day. As a result of offsetting our customer exposures with other counterparties, we believe that our net exposure to market risk in our customer accommodation derivatives is minimal. For further information on our risk related to customer accommodation derivatives, see “Item 1. Financial Statements—Note 9—Derivative Instruments and Hedging Activities.”
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SUPERVISION AND REGULATION
Basel III Finalization Proposals
In March 2026, the Federal Banking Agencies released two notices of proposed rulemakings (collectively, the “Basel III Finalization Proposals”) to revise the Basel III Capital Rules applicable to certain U.S. banking organizations, including the Company and the Bank. The Basel III Finalization Proposals replace a July 2023 proposal to amend the U.S. capital rules, which was rescinded.
The first proposal (the “Standardized Approach Proposal”) would revise the existing standardized approach by enhancing the sensitivity of the standardized risk weights for certain traditional banking activities and recalibrating the standardized risk weights for certain exposures (the “Modified Standardized Approach”). The second proposal (the “Expanded Risk-Based Approach Proposal”) introduces a new framework for calculating risk-weighted assets (the “Expanded Risk-Based Approach”). The Expanded Risk-Based Approach is mandatory for Category I and II banking organizations although any other banking organization could elect to use it. Compared to the Modified Standardized Approach, the Expanded Risk-Based Approach would reflect more granular risk weights for credit exposures and a separate risk-weighted asset for operational risk. In addition, the Expanded Risk-Based Approach Proposal would introduce a new approach for calculating market risk based on both internal models and standardized methodologies that would apply only to Category I and II banking organizations and any banking organizations with aggregate trading assets and trading liabilities of at least (i) $5 billion based on a four-quarter average or (ii) 10% of total assets.
As Category III banking organizations, the Company and the Bank would have the option to calculate their risk-based capital ratios using either the Modified Standardized Approach or the Expanded Risk-Based Approach.
The proposals would also make certain changes to the calculation of regulatory capital. In particular, Category III and IV banking organizations would be required to recognize most elements of AOCI in their regulatory capital, subject to a five-year transition period, regardless of whether they elect to apply the Modified Standardized Approach or the Expanded Risk-Based Approach. In addition, the Standardized Approach Proposal would retain the existing deduction threshold for Category III and IV banking organizations to deduct certain assets, such as certain deferred tax assets, from CET1 capital. However, if such an organization elects to adopt the Expanded Risk-Based Approach, it would instead be subject to the lower, more restrictive deduction thresholds currently applicable only to Category I and II banking organizations. The capital buffer requirements currently applicable to the Company and the Bank would not change under the Basel III Finalization Proposals.
The Basel III Finalization Proposals do not include a proposed effective date. We are in the process of evaluating the Basel III Finalization Proposals and their potential impact on Capital One, if adopted as proposed.
Resolution and Recovery Planning
On March 31, 2026, the OCC issued a final rule rescinding its enforceable recovery planning guidelines. These guidelines required banks with assets of $100 billion or more, including the Bank, to develop recovery plans detailing the actions they would take to remain a going concern when they experience considerable financial or non-financial risks but have not deteriorated to the point that resolution is imminent. The rescission was effective May 1, 2026.
We provide additional information on our Supervision and Regulation in our 2025 Form 10-K under “Part I—Item 1. Business—Supervision and Regulation.”

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FORWARD-LOOKING STATEMENTS
From time to time, we have made and will make forward-looking statements, including those that discuss, among other things: strategies, goals, outlook or other non-historical matters; projections, revenues, income, returns, expenses, assets, liabilities, capital and liquidity measures, capital allocation plans, accruals for claims in litigation and for other claims against us; earnings per share, efficiency ratio, operating efficiency ratio or other financial measures for us; future financial and operating results; our plans, objectives, expectations and intentions; and the assumptions that underlie these matters.

To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995.

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 us or on our behalf speak only as of the date they are made or as of the date indicated, and we do not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. For additional information on factors that could materially influence forward-looking statements included in this Report, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in our 2025 Form 10-K. You should carefully consider the factors discussed below, and in our Risk Factors or other disclosures, in evaluating these forward-looking statements.

Numerous factors could cause our actual results to differ materially from those described in such forward-looking statements, including, among other things:

•risks related to the integration of the Transaction, including our ability to successfully integrate our businesses, incur substantial expenses related to the Transaction and to the integration of Discover, and the expenses may be greater than anticipated due to factors, some or all of which may be outside our control; our ability to realize all of the anticipated benefits of the Transaction, or those benefits may take longer to realize than expected due to factors that may be outside our control; the integration of Discover may have an adverse effect on our business and results of operations due to the diversion of a substantial portion of the time and attention of our management team; potential employee attrition; and other factors that may affect our future results;

•changes and instability in the macroeconomic environment, resulting from factors that include, but are not limited to monetary, fiscal and trade policy actions such as tariffs, geopolitical conflicts or instability, such as the war in Ukraine, the ongoing conflict in the Middle East and the political instability in Venezuela, labor shortages, government shutdowns, inflation and deflation, potential recessions, technology-driven disruption of certain industries, adverse developments impacting the U.S. or global banking industry, immigration policies, lower demand for credit, changes in deposit practices and payment patterns;

•fluctuations in interest rates;

•our ability to maintain adequate sources of funding and liquidity to operate our business;

•increases in credit losses and delinquencies and the impact of incorrectly estimated expected losses, which could result in inadequate reserves;

•our ability to maintain adequate capital or liquidity levels or to comply with revised capital or liquidity requirements, which could have a negative impact on our financial results and our ability to return capital to our stockholders;

•limitations on our ability to receive dividends from our subsidiaries;

•a downgrade in our credit ratings;

•our ability to develop, operate and adapt our operational, technology and organizational infrastructure suitable for the nature of our business;

•increased costs, reductions in revenue, reputational damage, legal exposure and business disruptions that can result from a cyber-attack or other security incident on us or third parties (including their supply chains) with which we conduct business, including an incident that results in the theft, loss, manipulation or misuse of information, or the disabling of systems and access to information critical to business operations;

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•the use, reliability and accuracy of the models, AI, and data on which we rely;

•our ability to manage risks of internal and external fraud;

•compliance with new and existing domestic and foreign laws, regulations and regulatory expectations, which may change over time including as a result of the political and policy goals of elected and appointed officials;

•compliance with applicable laws and regulations related to privacy, data protection and data security, in addition to compliance with our own privacy policies and contractual obligations to third parties;

•developments, changes or actions relating to any litigation, governmental investigation or regulatory enforcement action or matter involving us;

•our response to competitive pressures;

•the amount and rate of deposit growth and changes in deposit costs;

•our ability to execute on our strategic initiatives and operational plans;

•change in market preference towards other operators of payment networks and alternative payment providers;

•our ability to create and maintain a strong base of network licensees and achieving meaningful global card acceptance;
•legislation, regulation and merchants’ efforts to reduce the fees (including the interchange component) charged by credit and debit card networks and acquirers to facilitate card transactions;

•the number of large merchants that accept cards on our recently acquired Discover Network or PULSE Network;

•defaults or risks from bankruptcies, liquidations, restructurings, consolidations and outages by our network participants;

•our ability to invest successfully in and introduce digital and other technological developments across all our businesses;

•our success in integrating acquired businesses and loan portfolios, and our ability to realize anticipated benefits from announced transactions and strategic partnerships;

•changes in the reputation of, or expectations regarding, us or the financial services industry with respect to practices, products, services or financial condition;

•our ability to protect our intellectual property rights;

•the success of our marketing efforts in attracting and retaining customers;

•our risk management strategies;

•our ability to attract, develop, retain and motivate key senior leaders and skilled employees;

•our ability to manage risks from catastrophic events;

•climate change manifesting as physical or transition risks;

•our assumptions or estimates in our financial statements;

•the soundness of other financial institutions and other third parties, actual or perceived; and

•other risk factors identified from time to time in our public disclosures, including in the reports that we file with the SEC.
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SUPPLEMENTAL TABLE
Reconciliation of Non-GAAP Measures
Table A—Reconciliation of Non-GAAP Measures
The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses when assessing returns and capital management over time. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the 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 U.S. GAAP. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP.
Three Months Ended March 31,
(Dollars in millions, except as noted)20262025
TCE (Average):
Stockholders’ equity$114,556$62,240 
Goodwill and other intangible assets(1)
(40,709)(15,149)
Noncumulative perpetual preferred stock(5,407)(4,845)
TCE
$68,440$42,246 
Return on TCE (Average):
Net income (loss) available to common stockholders$2,081$1,325
Income (loss) from discontinued operations, net of tax(7)—
Net income (loss) available to common stockholders less income (loss) from discontinued operations
2,0881,325
TCE (Average)
$68,440$42,246
Return on TCE(2)
12.20%12.55%
Tangible Assets (Average):
Total assets$675,999$491,817 
Goodwill and other intangible assets(1)
(40,709)(15,149)
Tangible assets
635,290476,668 
Return on Tangible Assets (Average):
Net income2,1741,404
Income (loss) from discontinued operations, net of tax(7)—
Net income (loss) less income (loss) from discontinued operations, net of tax
2,1811,404
Tangible assets (Average)
$635,290$476,668
Return on tangible assets(3)
1.37%1.18%
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(Dollars in millions, except as noted)March 31, 2026March 31, 2025December 31, 2025
TCE (Period-End):
Stockholders’ equity$112,261$63,542$113,616
Goodwill and other intangible assets(1)
(40,489)(15,139)(40,876)
Noncumulative perpetual preferred stock(5,407)(4,845)(5,407)
TCE
$66,365$43,558$67,333
Tangible Assets (Period-End):
Total assets$682,905$493,604$669,009
Goodwill and other intangible assets(1)
(40,489)(15,139)(40,876)
Tangible assets$642,416$478,465$628,133
Tangible Book Value per Common Share:
TCE (Period-end)
$66,365$43,558$67,333
Outstanding Common Shares615.9383.0625.1
Tangible book value per common share(4)
$107.76$113.74$107.72
TCE Ratio
TCE (Period-end)
$66,365$43,558$67,333
Tangible Assets (Period-end)642,416478,465628,133
TCE Ratio(5)
10.3%9.1%10.7%
__________
(1)Includes impact of related deferred taxes.
(2)Return on average TCE 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.
(3)Return on average tangible assets is a non-GAAP measure calculated based on annualized net income (loss) less annualized income (loss) from discontinued operations, net of tax, for the period divided by average tangible assets for the period.
(4)Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding.
(5)TCE ratio is a non-GAAP measure calculated based on TCE divided by period-end tangible assets.
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Glossary and Acronyms
2022 Call Report: Consolidated Reports of Condition and Income (FFIEC 031) as of December 31, 2022.
Allowance coverage ratio: Allowance for credit losses as a percentage of loans held for investment.
Amortized cost basis: The amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion, or amortization of premium, discount, and net deferred fees or costs, collection of cash, write-offs, foreign exchange and fair value hedge accounting adjustments.
Annual Report: References to our “2025 Form 10-K” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Bank: CONA, Capital One Financial Corporation’s principal operating subsidiary.
Basel Committee: The Basel Committee on Banking Supervision.
Basel III Capital Rules: The regulatory capital requirements established by the Federal Banking Agencies in July 2013 to implement the Basel III capital framework developed by the Basel Committee as well as certain Dodd-Frank Act and other capital provisions.
Basel III Finalization Proposals: Two notices of proposed rulemakings released by the Federal Banking Agencies on March 19, 2026 to revise the Basel III Capital Rules applicable to certain U.S. banking organizations.
Basel III standardized approach: The Basel III Capital Rules modified Basel I to create the Basel III standardized approach.
Capital One or the Company: Capital One Financial Corporation and its subsidiaries.
Card Product Misclassification: Discover’s incorrect classification of certain credit card accounts into its highest merchant and merchant acquirer pricing tier.
Carrying value (with respect to loans): The amount at which a loan is recorded on the consolidated balance sheets. For loans recorded at amortized cost basis, carrying value is the unpaid principal balance net of unamortized deferred loan origination fees and costs, and unamortized purchase premium or discount. For loans that are or have been on nonaccrual status, the carrying value is also reduced by any net charge-offs that have been recorded and the amount of interest payments applied as a reduction of principal under the cost recovery method. For credit card loans, the carrying value also includes interest that has been billed to the customer, net of any related reserves. Loans held for sale are recorded at either fair value (if we elect the fair value option) or at the lower of cost or fair value.
Closing Date: The Transaction was completed on May 18, 2025.
Common equity Tier 1 (“CET1”) capital: CET1 capital primarily includes qualifying common shareholders’ equity, retained earnings and certain AOCI amounts less certain deductions for goodwill, intangible assets, and certain deferred tax assets.
CONA: Capital One, National Association, one of our wholly-owned subsidiaries, which offers a broad spectrum of banking products and financial services to consumers, small businesses and commercial clients.
CONA Bank Merger: The merger of Discover Bank into CONA with CONA as the surviving entity.
Credit risk: The risk to current or projected financial condition and resilience arising from an obligor’s failure to meet the terms of any contract with the Company or otherwise perform as agreed.
Derivative: A contract or agreement whose value is derived from changes in interest rates, foreign exchange rates, prices of securities or commodities, creditworthiness for credit default swaps or financial or commodity indices.
Diners Club: Diners Club International, a global payments network of licensees, which are generally financial institutions, that issue Diners Club branded charge cards and/or provide card acceptance services.
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Discontinued operations: The operating results of a component of an entity, as defined by Accounting Standards Codification 205, that are removed from continuing operations when that component has been disposed of or it is management’s intention to sell the component.
Discover: Discover Financial Services, a Delaware corporation.
Discover Network: The network that provides transaction processing and settlement services for credit and debit cards.
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”): Regulatory reform legislation signed into law on July 21, 2010. This law broadly affects the financial services industry and contains numerous provisions aimed at strengthening the sound operation of the financial services sector.
Exchange Act: The Securities Exchange Act of 1934, as amended.
eXtensible Business Reporting Language (“XBRL”): A language for the electronic communication of business and financial data.
Federal Banking Agencies: The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.
Federal Deposit Insurance Corporation (“FDIC”): An independent U.S. governmental agency that administers the Deposit Insurance Fund.
Federal Reserve: The Board of Governors of the Federal Reserve System.
FICO score: A measure of consumer credit risk provided by credit bureaus, typically produced from statistical modeling software created by FICO (formerly known as “Fair Isaac Corporation”) utilizing data collected by the credit bureaus.
Financial difficulty modification (“FDM”): An FDM is deemed to occur when a loan modification is made to a borrower experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination of these modifications in the current reporting period.
Foreign exchange contracts: Contracts that provide for the future receipt or delivery of foreign currency at previously agreed-upon terms.
Framework: The Capital One enterprise-wide risk management framework.
Global Payment Network: The Discover Network, PULSE Network and Diners Club, collectively.
GSE or Agency: A government-sponsored enterprise or agency is a financial services corporation created by the U.S. Congress. Examples of U.S. government agencies include the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”) and the Federal Home Loan Bank (“FHLB”).
Globally Systematically Important Bank Surcharge (“G-SIB Surcharge”): The capital buffer imposed on U.S. banking organizations designated as global systematically important banks (“G-SIBs”) under the Federal Reserve’s capital framework. The surcharge increases a G-SIB’s minimum Common Equity Tier 1 (CET1) capital requirement based on its systematic risk score, which considers factors such as size, interconnectedness, complexity, cross-jurisdictional activity, and sustainability.
Interest rate sensitivity: The exposure to interest rate movements.
Interest rate swaps: Contracts in which a series of interest rate flows in a single currency are exchanged over a prescribed period. Interest rate swaps are the most common type of derivative contract that we use in our asset/liability management activities.
Investment grade: Represents a Moody’s long-term rating of Baa3 or better; and/or an S&P long-term rating of BBB- or better; and/or a Fitch long-term rating of BBB- or better; or if unrated, an equivalent rating using our internal risk ratings. Instruments that fall below these levels are considered to be non-investment grade.
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Investor Entities: Entities that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities.
LCR Rule: The final rules published by the Basel Committee and as implemented by the Federal Banking Agencies in 2014 for the Basel III Liquidity Coverage Ratio (“LCR”) in the U.S. The LCR is calculated by dividing the amount of an institution’s high-quality, unencumbered liquid assets by its estimated net cash outflow, as defined and calculated in accordance with the LCR Rule.
Leverage ratio: Tier 1 capital divided by average assets after certain adjustments, as defined by regulators.
Liquidity risk: The risk that the Company will not be able to meet its future financial obligations as they come due, or invest in future asset growth because of an inability to obtain funds at a reasonable price within a reasonable time.
Loss severity: Loss given default.
Managed presentation: A non-GAAP presentation of business segment results derived from our internal management accounting and reporting process, which employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business segment. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources and are intended to reflect each segment as if it were a stand-alone business.
Market risk: The risk that an institution’s earnings or the economic value of equity could be adversely impacted by changes in interest rates, foreign exchange rates or other market factors.
Master netting agreement: An agreement between two counterparties that have multiple contracts with each other that provides for the net settlement of all contracts through a single payment in the event of default or termination of any one contract.
Merger: The merger of Merger Sub with and into Discover, with Discover as the surviving entity, pursuant to the Merger Agreement.
Merger Agreement: Agreement and Plan of Merger, dated as of February 19, 2024, by and among Discover, Capital One and Merger Sub.
Merger Sub: Vega Merger Sub, Inc.
Mortgage servicing rights (“MSRs”): The right to service a mortgage loan when the underlying loan is sold or securitized. Servicing includes collections of principal, interest and escrow payments from borrowers and accounting for and remitting principal and interest payments to investors.
Net charge-off rate: Represents (annualized) net charge-offs divided by average loans held for investment for the period. Negative net charge-offs and related rates are captioned as net recoveries.
Net interest margin: Represents (annualized) net interest income divided by average interest-earning assets for the period.
Nonperforming loans: Generally include loans that have been placed on nonaccrual status. We do not report loans classified as held for sale as nonperforming.
NSFR Rule: The final rules published by the Basel Committee and as issued by the Federal Banking Agencies in October 2020 implementing the Basel III Net Stable Funding Ratio (“NSFR”) in the U.S. The NSFR measures the stability of our funding profile and requires us to maintain minimum amounts of stable funding to support our assets, commitments and derivatives exposures over a one-year period.
Public Fund Deposits: Deposits that are derived from a variety of political subdivisions such as school districts and municipalities.
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PULSE Network: The network which operates an electronic funds transfer network, providing financial institutions issuing debit cards on the PULSE Network with access to ATMs domestically and internationally, as well as merchant acceptance throughout the U.S. for debit card transactions.
Purchase volume: Consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
Rating agency: An independent agency that assesses the credit quality and likelihood of default of an issue or issuer and assigns a rating to that issue or issuer.
Repurchase agreement: An instrument used to raise short-term funds whereby securities are sold with an agreement for the seller to buy back the securities at a later date.
Restructuring charges: Charges associated with the realignment of resources supporting various businesses, primarily consisting of severance and related benefits pursuant to our ongoing benefit programs and impairment of certain assets related to the business locations and/or activities being exited.
Risk-weighted assets: On- and off-balance sheet assets that are assigned to one of several broad risk categories and weighted by factors representing their risk and potential for default.
Second Step Merger: The merger of Discover with and into Capital One, with Capital One as the surviving entity.
Securitized debt obligations: A type of asset-backed security and structured credit product constructed from a portfolio of fixed-income assets.
Stress capital buffer requirement: A component of our standardized approach capital conservation buffer, which is recalibrated annually based on the results of our supervisory stress tests.
Stress Capital Buffer Rule: The final rule issued by the Federal Reserve in March 2020 to implement the stress capital buffer requirement.
Stress Testing Transparency Proposal: The Federal Reserve’s October 2025 proposal for the Federal Reserve to annually publish comprehensive documentation on the stress test models, invite public comment on any material changes to those models, and annually publish the stress test scenarios for comment.
Subprime: For purposes of lending in our Credit Card business, we generally consider FICO scores of 660 or below, or other equivalent risk scores, to be subprime. For purposes of auto lending in our Consumer Banking business, we generally consider FICO scores of 620 or below to be subprime.
Tangible common equity (“TCE”): A non-GAAP financial measure calculated as common equity less goodwill and other intangible assets, inclusive of any related deferred tax liabilities.
This Report: Quarterly Report on Form 10-Q for the period ended March 31, 2026.
Transaction: On May 18, 2025, we completed the acquisition of Discover in an all-stock transaction as outlined in the Merger Agreement dated February 19, 2024.
Unfunded lending commitments: Legally binding agreements to provide a defined level of financing until a specified future date.
U.S. GAAP: Generally accepted accounting principles in the U.S. Accounting rules and conventions defining acceptable practices in preparing financial statements in the U.S.
Variable interest entity (“VIE”): An entity that, by design, either (i) lacks sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) has equity investors that do not have (a) the ability to make significant decisions relating to the entity’s operations through voting rights, (b) the obligation to absorb the expected losses, and/or (c) the right to receive the residual returns of the entity.
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Acronyms
ABS: Asset-backed securities
AOCI: Accumulated other comprehensive income
ASU: Accounting Standards Update
ATM: Automated teller machine
BHC: Bank holding company
bps: Basis points
CAD: Canadian dollar
CCP: Central Counterparty Clearinghouse, or Central Clearinghouse
CDE: Community development entities
CEO: Chief Executive Officer
CET1: Common equity Tier 1 capital
CFO: Chief Financial Officer
CFPB: Consumer Financial Protection Bureau
CMBS: Commercial mortgage-backed securities
CME: Chicago Mercantile Exchange
CODM: Chief Operating Decision Maker
COEP: Capital One (Europe) plc
COF: Capital One Financial Corporation
COMET: Capital One Multi-asset Execution Trust
CONA: Capital One, National Association
COPAR: Capital One Prime Auto Receivables Trusts
CVA: Credit valuation adjustment
DCENT: Discover Card Execution Note Trust
DCF: Discounted cash flow
EUR: Euro
Fannie Mae: Federal National Mortgage Association
FCM: Futures commission merchant
FDIC: Federal Deposit Insurance Corporation
FDM: Financial difficulty modification
FFIEC: Federal Financial Institutions Examination Council
FHLB: Federal Home Loan Bank
FICC - GSD: Fixed Income Clearing Corporation - Government Securities Division
FICO: Fair Isaac Corporation
Fitch: Fitch Ratings
Freddie Mac: Federal Home Loan Mortgage Corporation
GAAP: Generally accepted accounting principles in the U.S.
GBP: Pound sterling
Ginnie Mae: Government National Mortgage Association
G-SIB: Global systemically important banks
GSE or Agency: Government-sponsored enterprise
ICE: Intercontinental Exchange
IRM: Independent Risk Management
LCH: LCH Group
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LCR: Liquidity coverage ratio
LLC: Limited liability company
Moody’s: Moody’s Investors Service
MSRs: Mortgage servicing rights
NSFR: Net stable funding ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income
OTC: Over-the-counter
PCA: Prompt corrective action
RMBS: Residential mortgage-backed securities
S&P: Standard & Poor’s
SEC: U.S. Securities and Exchange Commission
SOFR: Secured Overnight Financing Rate
TCE: Tangible common equity
U.K.: United Kingdom
U.S.: United States of America
VaR: Value-At-Risk
VIE: Variable interest entity

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Page
70
Consolidated Statements of Income
70
Consolidated Statements of Comprehensive Income
71
Consolidated Balance Sheets
72
Consolidated Statements of Changes in Stockholders’ Equity
73
Consolidated Statements of Cash Flows
74
76
Note 1—Summary of Significant Accounting Policies
76
Note 2—Business Combinations
79
Note 3—Investment Securities
80
Note 4—Loans
83
Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments
98
Note 6—Variable Interest Entities and Securitizations
102
Note 7—Goodwill and Other Intangible Assets
106
Note 8—Deposits and Borrowings
108
Note 9—Derivative Instruments and Hedging Activities
109
Note 10—Stockholders’ Equity
117
Note 11—Earnings Per Common Share
120
Note 12—Fair Value Measurement
121
Note 13—Business Segments and Revenue from Contracts with Customers
128
Note 14—Commitments, Contingencies, Guarantees and Others
131
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended March 31,
(Dollars in millions, except per share-related data)20262025
Interest income:
Loans, including loans held for sale$14,735 $10,157 
Investment securities832 770 
Other664 491 
Total interest income16,231 11,418 
Interest expense:
Deposits3,387 2,715 
Securitized debt obligations141 176 
Senior and subordinated notes532 505 
Other borrowings26 9 
Total interest expense4,086 3,405 
Net interest income12,145 8,013 
Provision for credit losses 4,068 2,369 
Net interest income after provision for credit losses
8,077 5,644 
Non-interest income:
Discount and interchange fees, net
1,964 1,223 
Service charges and other customer-related fees809 509 
Other313 255 
Total non-interest income3,086 1,987 
Non-interest expense:
Salaries and associate benefits3,671 2,546 
Occupancy and equipment867 615 
Marketing1,497 1,202 
Professional services585 437 
Communications and data processing496 399 
Amortization of intangibles492 16 
Other856 687 
Total non-interest expense8,464 5,902 
Income from continuing operations before income taxes2,699 1,729 
Income tax provision518 325 
Income from continuing operations, net of tax2,181 1,404 
Income (loss) from discontinued operations, net of tax
(7)0 
Net income2,174 1,404 
Dividends and undistributed earnings allocated to participating securities(20)(22)
Preferred stock dividends(73)(57)
Net income available to common stockholders$2,081 $1,325 
Basic earnings per common share:
Net income from continuing operations$3.35 $3.46 
Net income (loss) from discontinued operations
(0.01)0.00 
Net income per basic common share$3.34 $3.46 
Diluted earnings per common share:
Net income from continuing operations$3.35 $3.45 
Net income (loss) from discontinued operations
(0.01)0.00 
Net income per diluted common share$3.34 $3.45 
                
See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended March 31,
(Dollars in millions)20262025
Net income$2,174 $1,404 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on investment securities available for sale(234)1,071 
Net unrealized gains (losses) on hedging relationships(167)670 
Foreign currency translation adjustments(13)16 
Other3 0 
Other comprehensive income (loss), net of tax(411)1,757 
Comprehensive income$1,763 $3,161 
        
See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in millions, except per share-related data)March 31, 2026December 31, 2025
Assets:
Cash and cash equivalents:
Cash and due from banks$4,555 $3,031 
Interest-bearing deposits and other short-term investments71,939 54,403 
Total cash and cash equivalents76,494 57,434 
Restricted cash for securitization investors2,762 4,659 
Investment securities:
Investment securities available for sale (amortized cost basis of $97.5 billion and $97.7 billion and allowance for credit losses of $3 million as of both March 31, 2026 and December 31, 2025)
90,620 91,051 
Investment securities held to maturity
1,694 0 
Total investment securities
92,314 91,051 
Loans held for investment:
Unsecuritized loans held for investment421,360 425,665 
Loans held in consolidated trusts26,394 27,957 
Total loans held for investment447,754 453,622 
Allowance for credit losses(23,630)(23,409)
Net loans held for investment424,124 430,213 
Loans held for sale ($169 million and $755 million carried at fair value as of March 31, 2026 and December 31, 2025, respectively)
186 760 
Premises and equipment, net5,730 5,602 
Interest receivable3,460 3,492 
Goodwill28,502 28,509 
Other intangible assets
16,087 16,578 
Other assets33,246 30,711 
Total assets$682,905 $669,009 
Liabilities:
Interest payable$827 $844 
Deposits:
Non-interest-bearing deposits27,936 27,385 
Interest-bearing deposits461,117 448,386 
Total deposits489,053 475,771 
Securitized debt obligations11,283 12,853 
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase626 587 
Senior and subordinated notes38,421 36,001 
Other borrowings1,558 1,559 
Total other debt40,605 38,147 
Other liabilities28,876 27,778 
Total liabilities570,644 555,393 
Commitments, contingencies and guarantees (see Note 14)
Stockholders’ equity:
Preferred stock (par value $0.01 per share; 50,000,000 shares authorized; 4,980,700 shares issued and outstanding as of both March 31, 2026 and December 31, 2025)
0 0 
Common stock (par value $0.01 per share; 1,000,000,000 shares authorized; 712,695,412 and 708,546,381 shares issued as of March 31, 2026 and December 31, 2025, respectively; 615,856,605 and 625,102,271 shares outstanding as of March 31, 2026 and December 31, 2025, respectively)
7 7 
Additional paid-in capital, net64,284 64,031 
Retained earnings66,788 65,192 
Accumulated other comprehensive loss(5,879)(5,468)
Treasury stock, at cost (par value $0.01 per share; 96,838,807 and 83,444,110 shares as of March 31, 2026 and December 31, 2025, respectively)
(12,939)(10,146)
Total stockholders’ equity112,261 113,616 
Total liabilities and stockholders’ equity$682,905 $669,009 
See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
(Dollars in millions)Preferred StockCommon StockAdditional
Paid-In
Capital		Retained Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock		Total
Stockholders’
Equity
SharesAmountSharesAmount
Balance as of December 31, 20254,980,700 $0 708,546,381 $7 $64,031 $65,192 $(5,468)$(10,146)$113,616 
Comprehensive income (loss)2,174 (411)1,763 
Dividends—common stock(1)
16,317 0 3 (505)(502)
Dividends—preferred stock(73)(73)
Purchases of treasury stock(2,793)(2,793)
Issuances of common stock and restricted stock, net of forfeitures4,117,161 0 119 119 
Exercises of stock options15,553 0 1 1 
Compensation expense for restricted stock units
130 130 
Balance as of March 31, 20264,980,700 $0 712,695,412 $7 $64,284 $66,788 $(5,879)$(12,939)$112,261 
(Dollars in millions)Preferred StockCommon StockAdditional
Paid-In
Capital		Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Total
Stockholders’
Equity
SharesAmountSharesAmount
Balance as of December 31, 20244,975,000 $0 702,224,674 $7 $36,428 $64,505 $(9,286)$(30,870)$60,784 
Comprehensive income1,404 1,757 3,161 
Dividends—common stock(1)
12,211 0 2 (236)(234)
Dividends—preferred stock(57)(57)
Purchases of treasury stock(375)(375)
Issuances of common stock and restricted stock, net of forfeitures3,572,356 0 93 93 
Exercises of stock options14,070 0 1 1 
Compensation expense for restricted stock units169 169 
Balance as of March 31, 20254,975,000 $0 705,823,311 $7 $36,693 $65,616 $(7,529)$(31,245)$63,542 
__________
(1)We declared dividends per share on our common stock of $0.80 and $0.60 in the first quarters of 2026 and 2025, respectively.
See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(Dollars in millions) 20262025
Operating activities:
Income from continuing operations, net of tax$2,181 $1,404 
Income (loss) from discontinued operations, net of tax
(7)0 
Net income2,174 1,404 
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses4,068 2,369 
Depreciation and amortization, net1,510 812 
Deferred tax provision
244 262 
Stock-based compensation expense
131 177 
Other, net
6 45 
Loans held for sale:
Originations and purchases
(1,056)(1,208)
Proceeds from sales and paydowns
1,706 724 
Changes in operating assets and liabilities:
Changes in interest receivable
32 (67)
Changes in other assets
(2,956)(9)
Changes in interest payable
(17)(20)
Changes in other liabilities
181 178 
Net cash from operating activities
$6,023 $4,667 
Investing activities:
Investment securities available for sale:
Purchases
(5,683)(2,839)
Proceeds from paydowns and maturities
5,789 3,073 
Proceeds from sales
68 0 
Investment securities held to maturity:
Purchases
(1,056)0 
Proceeds from paydowns and maturities
3 0 
Net changes in loans originated as held for investment
1,699 1,277 
Changes in premises and equipment(553)(348)
Net cash used in other investing activities(241)(318)
Net cash from investing activities
$26 $845 
See Notes to Consolidated Financial Statements.
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CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(Dollars in millions) 20262025
Financing activities:
Deposits and borrowings:
Changes in deposits$13,301 $4,678 
Issuance of long-term debt
2,988 1,742 
Maturities and paydowns of long-term debt
(2,481)(6,073)
Changes in other borrowings538 7 
Common stock:
Net proceeds from issuances119 93 
Dividends paid(502)(234)
Preferred stock:
Dividends paid(57)(57)
Purchases of treasury stock(2,793)(375)
Proceeds from share-based payment activities1 1 
Net cash from (used in) financing activities11,114 (218)
Changes in cash, cash equivalents and restricted cash for securitization investors17,163 5,294 
Cash, cash equivalents and restricted cash for securitization investors, beginning of the period62,093 43,671 
Cash, cash equivalents and restricted cash for securitization investors, end of the period$79,256 $48,965 
Supplemental cash flow information:
Interest paid$4,010 $3,211 
Income taxes paid
184 3 
                                                                                                                                                                                                            
See Notes to Consolidated Financial Statements.
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NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company
Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) operate as a global payments provider and diversified financial institution, delivering a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.
As of March 31, 2026, Capital One Financial Corporation’s principal operating subsidiary was Capital One, National Association (“CONA”). On May 18, 2025 (the “Closing Date”), Discover Financial Services (“Discover”) merged into Capital One and Discover Bank merged into CONA. See “Note 2—Business Combinations” for additional information. The Company is hereafter collectively referred to as “we,” “us” or “our.” CONA is referred to as the “Bank.”

We offer credit cards, debit cards, bank lending, treasury management and depository services, auto loans, and other consumer lending products in markets across the United States (“U.S.”). We service banking customer accounts through digital channels and our network of branch locations, cafés, call centers and automated teller machines (“ATMs”). Additionally, through the acquisition of Discover, we acquired new products including personal loans as well as the Discover Network, the PULSE Network and Diners Club (collectively, the “Global Payment Network”).

We also offer credit card products and certain other services outside of the U.S. principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of CONA organized and located in the United Kingdom (“U.K.”), and through a branch of CONA in Canada. Both COEP and our Canadian branch of CONA have the authority to provide credit card loans. In addition, we offer Global Payment Network services globally.
Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of any recent material acquisitions into our business segments, and the allocation methodologies and accounting policies used to derive our business segment results in “Note 13—Business Segments and Revenue from Contracts with Customers.”
Basis of Presentation and Use of Estimates
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information.
These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in Capital One Financial Corporation’s 2025 Annual Report on Form 10-K (“2025 Form 10-K”). We have described relevant updates to the significant accounting policies presented in 2025 Form 10-K below. The following policies for investment securities are included as the Company began classifying certain newly acquired debt securities as held-to-maturity during the three months ended March 31, 2026.
Investment Securities
Our investment securities portfolio consists of the following debt securities: U.S. government-sponsored enterprise or agency (“GSE” or “Agency”) and non-agency residential mortgage-backed securities (“RMBS”), agency commercial mortgage-backed securities (“CMBS”), U.S. Treasury securities and other debt securities. The accounting and measurement framework for our investment securities differs depending on the security classification.
We classify investment securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. Securities that we may sell prior to maturity in response
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to changes in our investment strategy, liquidity needs, interest rate risk profile or for other reasons are classified as available for sale. Securities that we have the intent and ability to hold until maturity are classified as held to maturity.
We report investment securities available for sale on our consolidated balance sheets at fair value with unrealized gains or losses recorded, net of tax, as a component of accumulated other comprehensive income (“AOCI”). We report investment securities held to maturity at amortized cost, net of allowance for credit losses. The amortized cost basis of investment securities reflects the amount for which the security was acquired, adjusted for accrued interest, amortization of premiums, discounts, and net deferred fees and costs, any applicable fair value hedge accounting adjustments, collection of cash, and charge-offs. Investment securities transferred into the held to maturity category from the available for sale category are recorded at fair value at the date of transfer. Any unrealized gains or losses at the transfer date are thereafter included in AOCI. Such unrealized gains or losses are amortized over the remaining life of the security and are expected to offset the amortization of the related premium or discount created upon the investment securities transfer into the held to maturity category, with no expected impact on future net income.
Unamortized premiums, discounts and other basis adjustments for investment securities are generally recognized in interest income over the contractual lives of the securities using the interest method. However, premiums on certain callable investment securities are amortized to the earliest call date. We record purchases and sales of investment securities on a trade date basis. Realized gains or losses from the sale of investment securities are computed using the first-in first-out method of identification, and are included in non-interest income in our consolidated statements of income. We elect to present accrued interest for investment securities within interest receivable on our consolidated balance sheets.
An individual available for sale security is impaired when the fair value of the security is less than its amortized cost basis. For impaired securities that we have both the intent and ability to hold, the securities are evaluated to determine if a credit loss exists. The allowance for credit losses on our investment securities is recognized through our provision for credit losses. For investment securities classified as available for sale, this allowance is limited by the unrealized losses of a security measured as the difference between the security’s amortized cost basis and fair value. See further discussion below under the “Allowance for Credit Losses - Investment Securities” section of this Note.
If we intend to sell an available for sale security in an unrealized loss position or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, any allowance for credit losses is reversed through our provision for credit losses and the difference between the amortized cost basis of the security and its fair value is recognized in our consolidated statements of income.
We charge off any portion of an investment security that we determine is uncollectible. The amortized cost basis, excluding accrued interest, is charged off through the allowance for credit losses. Accrued interest is charged off as a reduction to interest income. Recoveries of previously charged off principal amounts are recognized in our provision for credit losses when received.
Allowance for Credit Losses - Investment Securities
For our investment securities held to maturity and the vast majority of our securities available for sale, we have determined that there is no risk of impairment due to credit factors. These investment securities include high-quality debt instruments that are issued and guaranteed by the United States (“U.S.”) government or issued by GSEs or Agencies, certain foreign sovereign governments or supranational organizations. Accordingly, no allowance for credit losses is recognized for these investment securities. Management performs periodic assessments to reevaluate this conclusion by considering any changes in historical losses, current conditions, and reasonable and supportable forecasts.
For our remaining securities available for sale, we maintain an allowance for credit losses that represents management’s current estimate of expected credit losses over the contractual terms. When an investment security available for sale is impaired due to credit factors, we recognize that impairment through the provision for credit losses in our consolidated statements of income and correspondingly establish an allowance for credit losses on our consolidated balance sheets. Credit losses recognized in the allowance for credit losses are limited to the amount by which the investment security’s amortized cost basis exceeds its fair value. Investment securities in unrealized gain positions do not have any allowance for credit losses as the investment security could be sold at its fair value to prevent realization of any credit losses. We exclude accrued interest from the fair value and amortized cost basis of an investment security for purposes of measuring impairment. Charge-offs of uncollectible amounts of investment securities are deducted from the allowance for credit losses.
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We evaluate impairment on a quarterly basis at the individual security level and determine whether any portion of the decline in fair value is due to a credit loss. We make this determination through the use of quantitative and qualitative analyses. Our qualitative analysis includes factors such as the extent to which fair value is less than amortized cost basis, any changes in the security’s credit rating, past defaults or delayed payments, and adverse conditions impacting the security or issuer. A credit loss exists to the extent that management does not expect to recover the amortized cost basis.
For investment securities which require further assessment, we perform a quantitative analysis using a discounted cash flow (“DCF”) methodology and compare the present value of expected future cash flows to the security’s amortized cost basis. Projected future cash flows reflect management’s best estimate and are based on our understanding of past events, current conditions, reasonable and supportable forecasts, and are discounted by the security’s effective interest rate adjusted for prepayments. The allowance for credit losses for investment securities reflects the difference by which the amortized cost basis exceeds the present value of future cash flows and is limited to the amount by which the security’s amortized cost basis exceeds its fair value. See “Note 3—Investment Securities” for additional information.

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NOTE 2—BUSINESS COMBINATIONS
Discover Acquisition
On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover, a Delaware corporation and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”). On May 18, 2025, the Company closed the acquisition of Discover, pursuant to which (i) Merger Sub merged with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (ii) immediately following the Merger, Discover, as the surviving entity, merged with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (iii) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, merged with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and Second Step Merger, the “Transaction”).
For the three months ended March 31, 2026, we incurred $415 million of Discover integration expenses. Discover integration expenses are primarily salaries and associate benefits and professional services and are included within operating expense in our consolidated statements of income. Since the announcement of the Transaction in the first quarter of 2024, we have incurred $1.8 billion of Discover integration expenses as of March 31, 2026.
For additional information on the Transaction, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” in our 2025 Form 10-K.
Brex Acquisition
On April 7, 2026, the Company completed its previously announced acquisition of Brex Inc., a Delaware corporation (“Brex” and such acquisition, the “Brex acquisition”), pursuant to the terms of an Agreement and Plan of Merger and Reorganization, dated as of January 22, 2026 with Brex and certain other parties thereto. Brex offers businesses solutions to issue corporate cards, automate expense management and make secure, real-time payments. The Brex acquisition enhances the Company's offerings in the business payments marketplace. The total consideration paid to Brex shareholders for the acquisition was approximately $4.5 billion and included $2.6 billion of cash consideration and 10.6 million shares of common stock, par value $0.01 per share, of the Company with a fair value of $1.9 billion. The consideration is also subject to customary post-closing adjustments. Due to the timing of the Brex acquisition, the Company is currently undertaking the allocation of purchase consideration, which is expected to be provisionally completed in the second quarter of 2026.



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NOTE 3—INVESTMENT SECURITIES
Our investment securities portfolio consists of the following: U.S. GSE or Agency and non-agency RMBS, agency CMBS, U.S. Treasury securities and other securities. Agency securities include securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The carrying value of our investments in Agency and U.S. Treasury securities represented 96% and 97% of our total investment securities portfolio as of March 31, 2026 and December 31, 2025, respectively.
The table below presents the amortized cost basis, allowance for credit losses, gross unrealized gains and losses and fair value of our investment securities aggregated by major security type as of March 31, 2026 and December 31, 2025. Accrued interest receivable of $306 million and $327 million as of March 31, 2026 and December 31, 2025, respectively, is not included in the table below.
Table 3.1: Investment Securities
March 31, 2026
(Dollars in millions)
Amortized
Cost Basis
Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$8,954 $0 $18 $(6)$8,966 
RMBS:
Agency75,708 0 222 (6,883)69,047 
Non-agency515 (3)57 (3)566 
Total RMBS76,223 (3)279 (6,886)69,613 
Agency CMBS7,785 0 30 (344)7,471 
Other securities(1)
4,574 0 3 (7)4,570 
Total investment securities available for sale$97,536 $(3)$330 $(7,243)$90,620 
Investment securities held to maturity:
Agency RMBS$1,299 $0 $1 $(9)$1,291 
U.S. Treasury securities395 0 — (2)393 
Total investment securities held to maturity$1,694 $0 $1 $(11)$1,684 
 December 31, 2025
(Dollars in millions)
Amortized
Cost Basis
Allowance
 for Credit
 Losses		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
U.S. Treasury securities$9,958 $0 $55 $0 $10,013 
RMBS:
Agency75,561 0 322 (6,742)69,141 
Non-agency525 (3)67 (2)587 
Total RMBS76,086 (3)389 (6,744)69,728 
Agency CMBS8,201 0 35 (344)7,892 
Other securities(1)
3,411 0 7 0 3,418 
Total investment securities available for sale$97,656 $(3)$486 $(7,088)$91,051 
__________
(1)Includes $2.4 billion and $1.9 billion of asset-backed securities (“ABS”) as of March 31, 2026 and December 31, 2025, respectively. The remaining amount is primarily comprised of supranational bonds, foreign government bonds and U.S. agency debt bonds.
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Investment Securities Available for Sale in a Gross Unrealized Loss Position
The table below provides the gross unrealized losses and fair value of our investment securities available for sale aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025. The amounts include investment securities available for sale without an allowance for credit losses.
Table 3.2: Investment Securities Available for Sale in a Gross Unrealized Loss Position
March 31, 2026
Less than 12 Months12 Months or LongerTotal
(Dollars in millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities$3,427 $(6)$0 $0 $3,427 $(6)
RMBS:
Agency8,104 (89)43,105 (6,794)51,209 (6,883)
Non-agency5 0 6 0 11 0 
Total RMBS8,109 (89)43,111 (6,794)51,220 (6,883)
Agency CMBS725 (5)4,444 (339)5,169 (344)
Other securities2,572 (7)0 0 2,572 (7)
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$14,833 $(107)$47,555 $(7,133)$62,388 $(7,240)
December 31, 2025
Less than 12 Months12 Months or LongerTotal
(Dollars in millions)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
Investment securities available for sale without an allowance for credit losses:
U.S. Treasury securities$0 $0 $588 $0 $588 $0 
RMBS:
Agency1,063 (4)46,859 (6,738)47,922 (6,742)
Non-agency2 0 4 0 6 0 
Total RMBS1,065 (4)46,863 (6,738)47,928 (6,742)
Agency CMBS698 (2)4,795 (342)5,493 (344)
Other securities425 0 0 0 425 0 
Total investment securities available for sale in a gross unrealized loss position without an allowance for credit losses(1)
$2,188 $(6)$52,246 $(7,080)$54,434 $(7,086)
__________
(1)    Consists of approximately 2,390 and 2,270 securities in gross unrealized loss positions as of March 31, 2026 and December 31, 2025, respectively.
Maturities and Yields of Investment Securities
The table below summarizes, as of March 31, 2026, the fair value of our investment securities by major security type and contractual maturity as well as the total fair value, amortized cost basis and weighted-average yields of our investment securities by contractual maturity. Since borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented below. The weighted-average
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yield below represents the effective yield for the investment securities presented on a pre-tax basis and is calculated based on the amortized cost basis of each security, inclusive of the contractual coupon, the impact of any premium amortization or discount accretion and any basis adjustments resulting from discontinued hedge accounting relationships. The effective yield is calculated to the contractural maturity or to the earliest call date for certain callable debt securities.
Table 3.3: Contractual Maturities and Weighted-Average Yields of Investment Securities
March 31, 2026
(Dollars in millions)Due in
1 Year or Less		Due > 1 Year
through
5 Years		Due > 5 Years
through
10 Years		Due > 10 YearsTotal
Fair value of investment securities available for sale:
U.S. Treasury securities$1,241$2,539$5,186$0$8,966
RMBS(1):
Agency71491,10467,78769,047
Non-agency0052514566
Total RMBS71491,15668,30169,613
Agency CMBS(1)
5363,0202,2391,6767,471
Other securities4344,0440924,570
Total investment securities available for sale$2,218$9,752$8,581$70,069$90,620
Amortized cost basis of investment securities available for sale$2,221$9,832$8,756$76,727$97,536
Weighted-average yield for investment securities available for sale3.36%3.58%3.66%3.54%3.55%
Amortized cost basis of investment securities held to maturity:
Agency RMBS(1)
0001,2991,299
U.S. Treasury securities
003950395
Total investment securities held to maturity$0$0$395$1,299$1,694
Fair value of investment securities held to maturity$0$0$393$1,291$1,684
Weighted-average yield for investment securities held to maturity0.00%0.00%4.09%3.92%3.96%
__________
(1)As of March 31, 2026, the weighted-average expected maturities of RMBS and Agency CMBS were 7.6 years and 4.5 years, respectively.
Net Securities Gains or Losses and Proceeds from Sales
For the three months ended March 31, 2026, total proceeds from the sale of investment securities available for sale were $68 million with immaterial gains. We had no sale of investment securities for the three months ended March 31, 2025.
Securities Pledged and Received
We pledged investment securities with a carrying value totaling $39.4 billion and $39.7 billion as of March 31, 2026 and December 31, 2025, respectively. These securities are primarily pledged to support our advances from the Federal Home Loan Bank (“FHLB”) and Public Fund Deposits, as well as for other purposes as required or permitted by law. We accepted pledges of securities with a fair value of less than $1 million as of both March 31, 2026 and December 31, 2025, related to our derivative transactions.

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NOTE 4—LOANS
Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment into three segments: Credit Card, Consumer Banking and Commercial Banking. The Credit Card segment consists of domestic credit card loans, international credit card loans and personal loans. The Consumer Banking segment consists of auto and retail banking loans. The Commercial Banking segment consists of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in the tables in this note excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value.
Accrued interest receivable of $3.0 billion and $3.1 billion as of March 31, 2026 and December 31, 2025, respectively, is not included in the tables in this note. The table below presents the composition and aging analysis of our loans held for investment portfolio as of March 31, 2026 and December 31, 2025. The delinquency aging includes all past due loans, both performing and nonperforming.
Table 4.1: Loan Portfolio Composition and Aging Analysis
 March 31, 2026
Delinquent Loans
(Dollars in millions)Current30-59
Days		60-89
Days
> 90
Days
Total
Delinquent
Loans		Total
Loans
Credit Card:
Domestic credit card$244,633$2,617$2,021$4,757$9,395$254,028
Personal loans
8,9066849471649,070
International card businesses7,091118841673697,460
Total credit card260,6302,8032,1544,9719,928270,558
Consumer Banking:
Auto81,7292,7709622393,97185,700
Retail banking1,1531442201,173
Total consumer banking82,8822,7849662413,99186,873
Commercial Banking:
Commercial and multifamily real estate33,60490407520533,809
Commercial and industrial56,1222010426839256,514
Total commercial banking89,72611014434359790,323
Total loans(1)
$433,238$5,697$3,264$5,555$14,516$447,754
% of Total loans96.76%1.27%0.73%1.24%3.24%100.00%
    
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December 31, 2025
Delinquent Loans
(Dollars in millions)Current30-59
Days		60-89
Days
> 90
Days
Total
Delinquent
Loans		Total
Loans
Credit Card:
Domestic credit card$251,932$3,015$2,308$5,148$10,471$262,403
Personal loans
9,3257253491749,499
International card businesses7,304117831643647,668
Total credit card268,5613,2042,4445,36111,009279,570
Consumer Banking:
Auto78,7583,1651,3233544,84283,600
Retail banking1,1711225191,190
Total consumer banking79,9293,1771,3253594,86184,790
Commercial Banking:
Commercial and multifamily real estate33,5015416211733,618
Commercial and industrial55,33057325431455,644
Total commercial banking88,831111431643189,262
Total loans(1)
$437,321$6,492$3,773$6,036$16,301$453,622
% of Total loans96.41%1.43%0.83%1.33%3.59%100.00%
__________
(1)Loans include unamortized premiums, discounts and deferred fees and costs totaling $1.0 billion and $980 million as of March 31, 2026 and December 31, 2025, respectively.
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The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of March 31, 2026 and December 31, 2025. Nonperforming loans generally include loans that have been placed on nonaccrual status. We recognized interest income for loans classified as nonperforming of $4 million and $3 million for the three months ended March 31, 2026 and 2025, respectively.
Table 4.2: 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans
March 31, 2026December 31, 2025
(Dollars in millions)
> 90 Days and Accruing
Nonperforming
Loans
Nonperforming
 Loans Without an Allowance
> 90 Days and Accruing
Nonperforming
Loans		Nonperforming
 Loans Without an Allowance
Credit Card:
Domestic credit card$4,757 N/A$0 $5,148 N/A$0 
Personal loans
44 $12 0 47$12 0 
International card businesses161 11 0 157 12 0 
Total credit card4,962 23 0 5,352 24 0 
Consumer Banking:
Auto0 475 0 0 566 0 
Retail banking0 19 9 0 17 4 
Total consumer banking0 494 9 0 583 4 
Commercial Banking:
Commercial and multifamily real estate0 362 174 0 320 191 
Commercial and industrial0 906 527 0 892 527 
Total commercial banking0 1,268 701 0 1,212 718 
Total$4,962 $1,785 $710 $5,352 $1,819 $722 
% of Total loans held for investment1.11 %0.40 %0.16 %1.18 %0.40 %0.16 %

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Credit Quality Indicators
We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. We discuss these risks and our credit quality indicator for each portfolio below.
Credit Card
Our Credit Card segment is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our Credit Card segment correlates to broad economic trends, such as the U.S. unemployment rate and U.S. Real Gross Domestic Product growth rate, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our Credit Card segment is delinquency trends, including an analysis of loan migration between delinquency categories over time.
The tables below present our Credit Card segment by delinquency status as of March 31, 2026 and December 31, 2025.
Table 4.3: Domestic and International Credit Card Delinquency Status
March 31, 2026December 31, 2025
(Dollars in millions)Revolving LoansRevolving Loans Converted to TermTotalRevolving LoansRevolving Loans Converted to TermTotal
Credit Card:
Domestic credit card:
Current
$242,915 $1,718 $244,633 $250,332 $1,600 $251,932 
30-59 days
2,529 88 2,617 2,925 90 3,015 
60-89 days
1,951 70 2,021 2,233 75 2,308 
Greater than 90 days
4,631 126 4,757 5,016 132 5,148 
Total domestic credit card252,026 2,002 254,028 260,506 1,897 262,403 
International card businesses:
Current
7,046 45 7,091 7,260 44 7,304 
30-59 days
113 5 118 112 5 117 
60-89 days
81 3 84 80 3 83 
Greater than 90 days
162 5 167 158 6 164 
Total international card businesses$7,402 $58 $7,460 $7,610 $58 $7,668 



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Table 4.4: Personal Loans Delinquency Status
March 31, 2026
Term Loans by Vintage Year
(Dollars in millions)20262025202420232022PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Personal loans—Delinquency status:
Current$921 $3,586 $2,323 $1,334 $532 $210 $8,906 $0 $0 $8,906 
30-59 days1 16 22 18 8 3 68 0 0 68 
60-89 days0 12 16 12 6 3 49 0 0 49 
Greater than 90 days0 9 14 14 7 3 47 0 0 47 
Total personal loans$922 $3,623 $2,375 $1,378 $553 $219 $9,070 $0 $0 $9,070 
December 31, 2025
Term Loans by Vintage Year
(Dollars in millions)20252024202320222021PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Personal loans—Delinquency status:
Current$4,050 $2,727 $1,614 $658 $208 $68 $9,325 $0 $0 $9,325 
30-59 days14 22 22 10 3 1 72 0 0 72 
60-89 days8 17 16 8 3 1 53 0 0 53 
Greater than 90 days5 16 17 8 2 1 49 0 0 49 
Total personal loans$4,077 $2,782 $1,669 $684 $216 $71 $9,499 $0 $0 $9,499 

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Consumer Banking
Our Consumer Banking segment consists of auto and retail banking loans. Similar to our Credit Card segment, the risk in our Consumer Banking segment correlates to broad economic trends as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we consider when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio.
The table below presents loans held for investment in our Consumer Banking segment loans held for investment by credit quality indicator as of March 31, 2026 and December 31, 2025. We present our auto loan portfolio by Fair Isaac Corporation (“FICO”) scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming.
Table 4.5: Consumer Banking Portfolio by Vintage Year
March 31, 2026
Term Loans by Vintage Year
(Dollars in millions)20262025202420232022PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Auto—At origination FICO scores:(1)
Greater than 660$5,371 $16,021 $10,430 $4,551 $3,899 $2,472 $42,744 $0 $0 $42,744 
621-6601,980 6,223 3,630 2,000 1,434 964 16,231 0 0 16,231 
620 or below3,670 11,557 5,416 2,856 1,808 1,418 26,725 0 0 26,725 
Total auto11,021 33,801 19,476 9,407 7,141 4,854 85,700 0 0 85,700 
Retail banking—Delinquency status:
Current47 84 125 67 76 422 821 330 2 1,153 
30-59 days0 0 1 0 0 4 5 9 0 14 
60-89 days0 1 0 1 0 0 2 2 0 4 
Greater than 90 days0 0 0 0 0 1 1 1 0 2 
Total retail banking47 85 126 68 76 427 829 342 2 1,173 
Total consumer banking$11,068 $33,886 $19,602 $9,475 $7,217 $5,281 $86,529 $342 $2 $86,873 
    
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December 31, 2025
Term Loans by Vintage Year
(Dollars in millions)20252024202320222021PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Auto—At origination FICO scores:(1)
Greater than 660$17,601 $11,622 $5,209 $4,634 $2,706 $512 $42,284 $0 $0 $42,284 
621-6606,691 4,002 2,258 1,683 988 263 15,885 0 0 15,885 
620 or below12,319 5,947 3,213 2,115 1,290 547 25,431 0 0 25,431 
Total auto36,611 21,571 10,680 8,432 4,984 1,322 83,600 0 0 83,600 
Retail banking—Delinquency status:
Current103 126 69 78 40 411 827 341 3 1,171 
30-59 days1 0 0 0 0 1 2 10 0 12 
60-89 days0 0 0 0 0 1 1 1 0 2 
Greater than 90 days0 0 0 0 0 2 2 3 0 5 
Total retail banking104 126 69 78 40 415 832 355 3 1,190 
Total consumer banking$36,715 $21,697 $10,749 $8,510 $5,024 $1,737 $84,432 $355 $3 $84,790 
__________
(1)Amounts represent period-end loans held for investment in each credit score category. Auto loan 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.
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Commercial Banking
The key credit quality indicator for our Commercial Banking segment is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows:
•Noncriticized: Loans that have not been designated as criticized, frequently referred to as “pass” loans.
•Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date.
•Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status.
We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for credit losses. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due.
The following table presents loans held for investment for our Commercial Banking segment by internal risk ratings as of March 31, 2026 and December 31, 2025. The internal risk rating status includes all past due loans, both performing and nonperforming.
Table 4.6: Commercial Banking Portfolio by Internal Risk Ratings
March 31, 2026
Term Loans by Vintage Year
(Dollars in millions)20262025202420232022PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized$1,285 $2,216 $1,360 $1,769 $2,846 $5,236 $14,712 $16,783 $50 $31,545 
Criticized performing0 0 107 145 460 1,068 1,780 32 90 1,902 
Criticized nonperforming0 9 24 0 0 329 362 0 0 362 
Total commercial and multifamily real estate1,285 2,225 1,491 1,914 3,306 6,633 16,854 16,815 140 33,809 
Commercial and industrial
Noncriticized1,864 7,726 4,871 4,575 6,812 9,306 35,154 17,799 47 53,000 
Criticized performing0 43 267 188 519 900 1,917 691 0 2,608 
Criticized nonperforming0 17 67 14 157 416 671 186 49 906 
Total commercial and industrial1,864 7,786 5,205 4,777 7,488 10,622 37,742 18,676 96 56,514 
Total commercial banking$3,149 $10,011 $6,696 $6,691 $10,794 $17,255 $54,596 $35,491 $236 $90,323 
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December 31, 2025
Term Loans by Vintage Year
(Dollars in millions)20252024202320222021PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized$2,288 $1,516 $2,034 $3,178 $1,357 $4,573 $14,946 $16,352 $140 $31,438 
Criticized performing0 172 145 428 109 975 1,829 29 2 1,860 
Criticized nonperforming10 17 0 0 76 217 320 0 0 320 
Total commercial and multifamily real estate2,298 1,705 2,179 3,606 1,542 5,765 17,095 16,381 142 33,618 
Commercial and industrial
Noncriticized8,077 5,391 4,623 7,531 3,284 6,667 35,573 16,643 219 52,435 
Criticized performing3 162 185 391 726 309 1,776 541 0 2,317 
Criticized nonperforming12 71 12 158 246 196 695 162 35 892 
Total commercial and industrial8,092 5,624 4,820 8,080 4,256 7,172 38,044 17,346 254 55,644 
Total commercial banking$10,390 $7,329 $6,999 $11,686 $5,798 $12,937 $55,139 $33,727 $396 $89,262 
__________
(1)Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

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Financial Difficulty Modifications to Borrowers
As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectibility of the loan and to avoid the need for repossession or foreclosure of collateral. Our modification programs and balances include those in place at Discover prior to the Transaction. The Company also allows permanent loan modifications for Credit Card customers who request financial assistance through external sources. The Company will in certain cases accept partial payment in full satisfaction of the outstanding receivable known as settlements. The settlement typically includes a waiver of unpaid principal, interest or fees.
We consider the impact of all loan modifications when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, loan modifications are also considered in the assignment of an internal risk rating.
For additional information on financial difficulty modifications (“FDMs”), see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.
The following tables present the major modification types, amortized cost basis amounts for each modification type and financial effects for all FDMs undertaken during the three months ended March 31, 2026 and 2025.
Table 4.7: Financial Difficulty Modifications to Borrowers
Three Months Ended March 31, 2026
Credit CardConsumer BankingCommercial Banking
(Dollars in millions)
Domestic Card
Personal LoansInternational Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial and Multifamily Real EstateCommercial and IndustrialTotal Commercial BankingTotal
Interest rate reduction$1,098—$72$1,170———— — — $1,170
Term extension— $11 — 11 $56 $2 $58 $22 $69 $91 160 
Principal balance reduction— — — — 11 — 11 — — — 11 
Interest rate reduction and term extension5 20 — 25 565 — 565 — — — 590 
Other(1)
— 29 — 29 3 1 4 4 228 232 265 
Total loans modified$1,103$60 $72 $1,235$635$3 $638 $26 $297 $323 $2,196
% of total class of receivables0.43 %0.65 %0.97 %0.46 %0.74 %0.25 %0.73 %0.08 %0.53 %0.36 %0.49 %
Three Months Ended March 31, 2025
Credit CardConsumer BankingCommercial Banking
(Dollars in millions)Domestic CardPersonal LoansInternational Card BusinessesTotal Credit CardAutoRetail BankingTotal Consumer BankingCommercial and Multifamily Real EstateCommercial and IndustrialTotal Commercial BankingTotal
Interest rate reduction$171 N/A$57 $228 — — — $3 $16 $19 $247 
Term extension— N/A— — $33 $3 $36 210 201 411 447 
Principal balance reduction— N/A— — 9 — 9 — — — 9 
Interest rate reduction and term extension4 N/A— 4 269 — 269 — — — 273 
Other(1)
— N/A— — 1 — 1 32 107 139 140 
Total loans modified$175 N/A$57 $232 $312 $3 $315 $245 $324 $569 $1,116 
% of total class of receivables0.12 %N/A0.83 %0.15 %0.40 %0.21 %0.40 %0.77 %0.58 %0.65 %0.35 %
__________
(1)Primarily consists of modifications or combinations of modifications not categorized above, such as payment delays, increases in committed exposure, forbearances and other types of modifications in Commercial Banking.


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Table 4.8: Financial Effects of Financial Difficulty Modifications to Borrowers
Three Months Ended March 31, 2026
Credit CardConsumer BankingCommercial Banking
(Dollars in millions)Domestic CardPersonal LoansInternational Card BusinessesAutoRetail BankingCommercial and Multifamily Real EstateCommercial and Industrial
Weighted-average interest rate reduction15.25%13.94%23.78%9.33%———
Payment delay duration (in months)12300653610
Principal balance reduction$70——————
Interest and fees forgiven$64——————
Three Months Ended March 31, 2025
Credit CardConsumer BankingCommercial Banking
(Dollars in millions)Domestic Card
Personal Loans
International Card BusinessesAutoRetail BankingCommercial and Multifamily Real EstateCommercial and Industrial
Weighted-average interest rate reduction19.38%N/A25.30%9.03%—0.85%0.25%
Payment delay duration (in months)12N/A0651121
Principal balance reduction—N/A—————
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Performance of Financial Difficulty Modifications to Borrowers
We monitor loan performance trends, including FDMs, to assess and manage our exposure to credit risk. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on how the allowance for modified loans is calculated for each portfolio. FDMs are accumulated and the performance of each loan that received an FDM is reported on a rolling 12-month basis.
The following tables present FDMs over a rolling 12-month period by delinquency status as of March 31, 2026 and 2025. For the 12-month period ended March 31, 2026, the table includes amounts of FDMs from the acquired Discover portfolio, including loans which were modified prior to the Closing Date.
Table 4.9 Delinquency Status of Financial Difficulty Modifications to Borrowers(1)
March 31, 2026
Delinquent Loans
(Dollars in millions)Current30-59 Days60-89 Days
> 90 Days
Total Delinquent LoansTotal Loans
Credit Card:
Domestic credit card(2)
$3,140 $194 $149 $304 $647 $3,787 
Personal loans168 21 11 6 38 206 
International card businesses80 14 13 43 70 150 
Total credit card3,388 229 173 353 755 4,143 
Consumer Banking:
Auto1,214 161 79 24 264 1,478 
Retail banking4 1 1 0 2 6 
Total consumer banking1,218 162 80 24 266 1,484 
Commercial Banking:
Commercial and multifamily real estate144 0 0 0 0 144 
Commercial and industrial692 3 57 72 132 824 
Total commercial banking836 3 57 72 132 968 
Total$5,442 $394 $310 $449 $1,153 $6,595 
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March 31, 2025
Delinquent Loans
(Dollars in millions)Current30-59 Days60-89 Days
> 90 Days
Total Delinquent LoansTotal Loans
Credit Card:
Domestic credit card$388 $51 $38 $75 $164 $552 
Personal loans
N/AN/AN/AN/AN/AN/A
International card businesses71 11 10 35 56 127 
Total credit card459 62 48 110 220 679 
Consumer Banking:
Auto608 89 48 18 155 763 
Retail banking6 0 0 1 1 7 
Total consumer banking614 89 48 19 156 770 
Commercial Banking:
Commercial and multifamily real estate631 0 0 0 0 631 
Commercial and industrial880 20 48 43 111 991 
Total commercial banking1,511 20 48 43 111 1,622 
Total$2,584 $171 $144 $172 $487 $3,071 
__________
(1)Commitments to lend additional funds on FDMs totaled $173 million and $225 million as of March 31, 2026 and 2025, respectively.
(2)Includes $315 million of FDMs as of March 31, 2026 that were modified prior to the Closing Date.
Subsequent Defaults of Financial Difficulty Modifications to Borrowers
FDMs may subsequently enter default. A default occurs if a FDM is either 90 days or more delinquent, has been charged off, or has been reclassified from accrual to nonaccrual status. Loans that entered a modification program while in default are not considered to have subsequently defaulted for purposes of this disclosure. The allowance for any FDMs that have subsequently defaulted is measured using the same methodology as the allowance for loans held for investment. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information.
The following table presents FDMs that entered subsequent default for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026, the tables include amounts of FDMs from the acquired Discover portfolio, including loans which were modified or entered subsequent default prior to the Closing Date.









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Table 4.10 Subsequent Defaults of Financial Difficulty Modifications to Borrowers
Three Months Ended March 31, 2026
(Dollars in millions)Interest Rate ReductionTerm ExtensionPrincipal balance reductionInterest Rate Reduction and Term ExtensionOther ModificationsTotal Loans
Credit Card:
Domestic credit card$162 $0 $0 $1 $0 $163 
Personal loans0 2 0 3 12 17 
International card businesses24 0 0 0 0 24 
Total credit card186 2 0 4 12 204 
Consumer Banking:
Auto0 3 0 142 0 145 
Retail banking0 0 0 0 1 1 
Total consumer banking0 3 0 142 1 146 
Commercial Banking:
Commercial and multifamily real estate0 0 0 0 0 0 
Commercial and industrial0 0 5 0 0 5 
Total commercial banking0 0 5 0 0 5 
Total$186 $5 $5 $146 $13 $355 
Three Months Ended March 31, 2025
(Dollars in millions)Interest Rate ReductionTerm ExtensionInterest Rate Reduction and Term ExtensionOther modificationsTotal Loans
Credit Card:
Domestic credit card$37 $0 $1 $0 $38 
Personal loans
N/AN/AN/AN/AN/A
International card businesses21 0 0 0 21 
Total credit card58 0 1 0 59 
Consumer Banking:
Auto0 1 85 0 86 
Total consumer banking0 1 85 0 86 
Commercial Banking:
Commercial and multifamily real estate0 0 0 4 4 
Commercial and industrial0 0 0 0 0 
Total commercial banking0 0 0 4 4 
Total$58 $1 $86 $4 $149 

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Loans Pledged
We pledged loan collateral of $6.2 billion and $6.6 billion to secure a portion of our FHLB borrowing capacity of $34.5 billion and $34.4 billion as of March 31, 2026 and December 31, 2025, respectively. We also pledged loan collateral of $87.4 billion and $91.6 billion to secure our Federal Reserve Discount Window borrowing capacity of $49.9 billion and $53.3 billion as of March 31, 2026 and December 31, 2025, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See “Note 6—Variable Interest Entities and Securitizations” for additional information.
Revolving Loans Converted to Term Loans
For the three months ended March 31, 2026 and 2025, we converted $407 million and $141 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios.
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NOTE 5—ALLOWANCE FOR CREDIT LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS
Our allowance for credit losses represents management’s current estimate of expected credit losses over the contractual terms of our loans held for investment as of each balance sheet date. Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance. Significant judgment is applied in our estimation of lifetime credit losses. When developing an estimate of expected credit losses, we use both quantitative and qualitative methods in considering all available information relevant to assessing collectibility. This may include internal information, external information, or a combination of both relating to past events, current conditions and reasonable and supportable forecasts. Our estimate of expected credit losses includes a reasonable and supportable forecast period of one year and then reverts over a one-year period to historical losses at each relevant loss component of the estimate. Management will consider and may qualitatively adjust for conditions, changes and trends in loan portfolios that may not be captured in modeled results. These adjustments are referred to as qualitative factors and represent management’s judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance for credit losses.
We have unfunded lending commitments in our Commercial Banking business that are not unconditionally cancellable by us and for which we estimate expected credit losses in establishing a reserve. This reserve is measured using the same measurement objectives as the allowance for loans held for investment. We build or release the reserve for unfunded lending commitments through the provision for credit losses in our consolidated statements of income. The related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets.
See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses, as well as information on our reserve for unfunded lending commitments.
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Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
The table below summarizes changes in the allowance for credit losses and reserve for unfunded lending commitments by segment for the three months ended March 31, 2026 and 2025. Our allowance for credit losses increased by $221 million to $23.6 billion as of March 31, 2026 from December 31, 2025.
Table 5.1: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended March 31, 2026
(Dollars in millions)Credit CardConsumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of December 31, 2025$20,066 $1,892 $1,451 $23,409 
Charge-offs
(4,641)(735)(69)(5,445)
Recoveries(1)
1,222 371 5 1,598 
Net charge-offs(3,419)(364)(64)(3,847)
Provision for credit losses
3,411 519 147 4,077 
Allowance build (release) for credit losses(8)155 83 230 
Other changes(2)
(9)0 0 (9)
Balance as of March 31, 202620,049 2,047 1,534 23,630 
Reserve for unfunded lending commitments:
Balance as of December 31, 20250 0 142 142 
Provision (benefit) for losses on unfunded lending commitments0 0 (9)(9)
Balance as of March 31, 20260 0 133 133 
Combined allowance and reserve as of March 31, 2026$20,049 $2,047 $1,667 $23,763 

Three Months Ended March 31, 2025
(Dollars in millions)Credit CardConsumer BankingCommercial BankingTotal
Allowance for credit losses:
Balance as of December 31, 2024$12,974 $1,884 $1,400 $16,258 
Charge-offs
(2,978)(676)(38)(3,692)
Recoveries(1)
579 363 14 956 
Net charge-offs(2,399)(313)(24)(2,736)
Provision for credit losses
1,926 301 141 2,368 
Allowance build (release) for credit losses
(473)(12)117 (368)
Other changes(2)
9 0 0 9 
Balance as of March 31, 202512,510 1,872 1,517 15,899 
Reserve for unfunded lending commitments:
Balance as of December 31, 20240 0 143 143 
Provision (benefit) for losses on unfunded lending commitments0 0 1 1 
Balance as of March 31, 20250 0 144 144 
Combined allowance and reserve as of March 31, 2025$12,510 $1,872 $1,661 $16,043 
_________
(1)Third-party collection expenses of $244 million and $108 million for the three months ended March 31, 2026 and 2025, respectively, are included in other non-interest expense.
(2)Primarily represents foreign currency translation adjustments.
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We charge off loans when we determine that the loan is uncollectible. The amortized cost basis, excluding accrued interest, is charged off as a reduction to the allowance for credit losses in accordance with our accounting policies. For more information, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K.
Expected recoveries of amounts previously charged off or expected to be charged off are recognized within the allowance, with a corresponding reduction to our provision for credit losses.
The table below presents gross charge-offs for loans held for investment by vintage year during the three months ended March 31, 2026.
Table 5.2: Gross Charge-Offs by Vintage Year
Three Months Ended March 31, 2026
Term Loans by Vintage Year
(Dollars in millions)20262025202420232022PriorTotal Term LoansRevolving LoansRevolving Loans Converted to TermTotal
Credit Card
Domestic credit cardN/AN/AN/AN/AN/AN/AN/A$4,257 $113 $4,370 
Personal loans
$0 $24 $41 $35 $15 $6 $121 N/AN/A121 
International card businessN/AN/AN/AN/AN/AN/AN/A145 5 150 
Total credit card0 24 41 35 15 6 121 4,402 118 4,641 
Consumer Banking
Auto3 207 197 125 102 77 711 0 0 711 
Retail banking0 0 0 0 0 1 1 23 0 24 
Total consumer banking3 207 197 125 102 78 712 23 0 735 
Commercial Banking
Commercial and multifamily real estate0 0 0 0 0 3 3 0 0 3 
Commercial and industrial0 0 0 0 10 52 62 4 0 66 
Total commercial banking0 0 0 0 10 55 65 4 0 69 
Total$3 $231 $238 $160 $127 $139 $898 $4,429 $118 $5,445 
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Credit Card Partnership Loss Sharing Arrangements
We have certain credit card partnership agreements that are presented within our consolidated financial statements on a net basis, in which our partner agrees to share a portion of the credit losses on the underlying loan portfolio. The expected reimbursements from these partners are netted against our allowance for credit losses. Our methodology for estimating reimbursements is consistent with the methodology we use to estimate the allowance for credit losses on our credit card loan receivables. These expected reimbursements result in reductions in net charge-offs and the provision for credit losses. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2025 Form 10-K for further discussion of our credit card partnership agreements.
The table below summarizes the changes in the estimated reimbursements from these partners for the three months ended March 31, 2026 and 2025.
Table 5.3: Summary of Credit Card Partnership Loss Sharing Arrangements Impacts
Three Months Ended March 31,
(Dollars in millions)20262025
Estimated reimbursements from partners, beginning of period$1,103 $1,010 
Amounts due from partners for charged off loans(173)(171)
Change in estimated partner reimbursements that decreased provision for credit losses
337 251 
Estimated reimbursements from partners, end of period$1,267 $1,090 

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NOTE 6—VARIABLE INTEREST ENTITIES AND SECURITIZATIONS
In the normal course of business, we enter into various types of transactions with entities that are considered to be variable interest entities (“VIEs”). Our primary involvement with VIEs is related to our securitization transactions in which we transfer assets to securitization trusts. We primarily securitize credit card and auto loans, which provide a source of funding for us and enable us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties.
The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE.
Summary of Consolidated and Unconsolidated VIEs
The assets of our consolidated VIEs primarily consist of cash, loan receivables and the related allowance for credit losses, which we report on our consolidated balance sheets under restricted cash for securitization investors, loans held in consolidated trusts and allowance for credit losses, respectively. The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs typically do not have recourse to our general credit. Liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations on our consolidated balance sheets. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet the maximum amount of any remaining funding obligations.
The tables below present a summary of VIEs in which we had continuing involvement or held a significant variable interest, aggregated based on VIEs with similar characteristics as of March 31, 2026 and December 31, 2025. We separately present information for consolidated and unconsolidated VIEs.
Table 6.1: Carrying Amount of Consolidated and Unconsolidated VIEs
 March 31, 2026
 ConsolidatedUnconsolidated
(Dollars in millions)Carrying Amount of AssetsCarrying Amount of LiabilitiesCarrying Amount of AssetsCarrying Amount of LiabilitiesMaximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)
$25,269 $9,230 $0 $0 $0 
Auto loan securitizations2,937 2,309 0 0 0 
Total securitization-related VIEs28,206 11,539 0 0 0 
Other VIEs:(3)
Affordable housing entities428 134 6,517 2,134 6,517 
Entities that provide capital to low-income and rural communities2,998 10 44 22 44 
Other(4)
0 0 1,327 146 1,327 
Total other VIEs3,426 144 7,888 2,302 7,888 
Total VIEs$31,632 $11,683 $7,888 $2,302 $7,888 
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 December 31, 2025
 ConsolidatedUnconsolidated
(Dollars in millions)Carrying Amount of AssetsCarrying Amount of LiabilitiesCarrying Amount of AssetsCarrying Amount of LiabilitiesMaximum Exposure to Loss
Securitization-Related VIEs:(1)
Credit card loan securitizations(2)
$28,208 $10,478 $0 $0 $0 
Auto loan securitizations3,451 2,622 0 0 0 
Total securitization-related VIEs31,659 13,100 0 0 0 
Other VIEs:(3)
Affordable housing entities469 167 6,485 2,204 6,485 
Entities that provide capital to low-income and rural communities2,942 10 48 24 48 
Other(4)
0 0 1,389 154 1,389 
Total other VIEs3,411 177 7,922 2,382 7,922 
Total VIEs$35,070 $13,277 $7,922 $2,382 $7,922 
__________
(1)Excludes insignificant VIEs from previously exited businesses.
(2)Represents the carrying amount of assets and liabilities of the VIE, which includes the seller’s interest and repurchased notes held by other related parties.
(3)In certain investment structures, we consolidate a VIE which holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $3.1 billion of assets and $1.2 billion of liabilities as of March 31, 2026 and $3.0 billion of assets and $1.2 billion of liabilities as of December 31, 2025.
(4)Primarily consists of variable interests in companies that promote renewable energy sources and other equity method investments.
Securitization-Related VIEs
In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a VIE. We engage in securitization activities as an issuer and an investor. Our primary securitization issuance activity includes credit card and auto securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We also originate multifamily commercial real estate loans and transfer them to GSEs, which may, in turn, securitize them, where we do not consolidate the securitization trusts employed in these transactions.
Credit Card and Auto Securitizations
We securitize a portion of our credit card receivables and auto loans, which provides a source of funding for us. These securitizations involve the transfer of assets, including credit card receivables and auto loans, into respective securitization trusts. These trusts then issue debt securities collateralized by the transferred assets to third-party investors. We hold certain retained interests and continue to service the assets in these trusts. We consolidate these trusts because we are deemed to be the primary beneficiary as we have the power to direct the activities that most significantly impact the economic performance of the trusts, and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts.
Our primary credit card securitization platform is the Capital One Multi-asset Execution Trust securitization program. As part of the Transaction in May 2025, we acquired the Discover Card Execution Note Trust (“DCENT”) securitization program. In December 2025, we defeased the outstanding DiscoverSeries Class A Notes issued by DCENT (the “Class A Notes”) as part of the wind-down of that issuance platform. In connection with the defeasance, DCENT’s interest in the underlying credit card receivables collateral was replaced with defeasance collateral consisting of U.S. Treasury bills, cash, or a combination of both in an aggregate amount that is expected to be sufficient to pay the remaining principal of, and interest on, the defeased Class A Notes in accordance with their terms. Consequently, we no longer transfer new credit card receivables into the DCENT securitization trust or issue new debt securities from this program.
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Multifamily Agency Securitization Activity
In our multifamily agency business, we originate multifamily commercial real estate loans and transfer them to GSEs who may, in turn, securitize them. We retain the related mortgage servicing rights (“MSRs”) and service the transferred loans pursuant to the guidelines set forth by the GSEs. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of the MSRs and investment securities on our consolidated balance sheets as well as our contractual obligations under loss sharing arrangements. See “Note 14—Commitments, Contingencies, Guarantees and Others” for information about the loss sharing agreements, “Note 7—Goodwill and Other Intangible Assets” for information related to our MSRs associated with these securitizations and “Note 3—Investment Securities” for more information on the securities held in our investment securities portfolio.
Other VIEs
Affordable Housing Entities
As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multifamily affordable housing properties, a majority of which are VIEs. We receive affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. We account for our investments in qualified affordable housing projects using the proportional amortization method, where costs of the investment are amortized over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income tax expense attributable to continuing operations. For the three months ended March 31, 2026 and 2025, we recognized amortization of $179 million and $159 million, respectively, and tax credits of $179 million and $153 million, respectively, associated with these investments within income tax provision. The carrying value of our equity investments in these qualified affordable housing projects was $6.2 billion as of both March 31, 2026 and December 31, 2025. We are periodically required to provide additional financial or other support during the period of the investments. Our liability for these unfunded commitments was $2.4 billion and $2.5 billion as of March 31, 2026 and December 31, 2025, respectively, and is largely expected to be paid from 2026 to 2029.
For those investment funds considered to be VIEs, we are not required to consolidate them if we do not have the power to direct the activities that most significantly impact the economic performance of those entities. We record our interests in these unconsolidated VIEs in loans held for investment, other assets and other liabilities on our consolidated balance sheets. Our maximum exposure to these entities is limited to our variable interests in the entities which consisted of assets of approximately $6.5 billion as of both March 31, 2026 and December 31, 2025. The creditors of the VIEs have no recourse to our general credit and we do not provide additional financial or other support other than during the period that we are contractually required to provide it. The total assets of the unconsolidated VIE investment funds were approximately $17.7 billion and $18.2 billion as of March 31, 2026 and December 31, 2025, respectively.
Entities that Provide Capital to Low-Income and Rural Communities
We hold variable interests in entities (“Investor Entities”) that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities. Variable interests in the CDEs held by the consolidated Investor Entities are also our variable interests. The activities of the Investor Entities are financed with a combination of invested equity capital and debt. The activities of the CDEs are financed solely with invested equity capital. We receive federal and state tax credits for these investments. We consolidate the VIEs in which we have the power to direct the activities that most significantly impact the VIE’s economic performance and where we have the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. We consolidate other investments and CDEs that are not considered to be VIEs, but where we hold a controlling financial interest. The assets of the VIEs that we consolidated, which totaled approximately $3.0 billion and $2.9 billion as of March 31, 2026 and December 31, 2025, respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, and other assets. The liabilities are reflected in other liabilities. The creditors of the VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it.

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Other
We hold variable interests in other VIEs, including companies that promote renewable energy sources and other equity method investments. We are not required to consolidate these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these VIEs is limited to the investments on our consolidated balance sheets of $1.3 billion and $1.4 billion as of March 31, 2026 and December 31, 2025, respectively. The creditors of the other VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it.
Our renewable energy source equity investments subject to proportional amortization had a carrying value of $1.1 billion as of March 31, 2026. We are periodically required to provide additional financial or other support during the period of the investments. Our liability for these unfunded commitments was $146 million as of March 31, 2026, and is expected to be paid from 2026 to 2034.
In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs and act as an investor in RMBS, CMBS and ABS which are issued from securitization trusts, we have excluded these VIEs from the tables presented in this note. See “Note 3—Investment Securities” and “Note 4—Loans” for additional information regarding our investment securities portfolio and lending arrangements in the normal course of business.
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NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS
The table below presents our goodwill, other intangible assets and MSRs as of March 31, 2026 and December 31, 2025. Goodwill and other intangible assets are presented separately, while MSRs are included in other assets on our consolidated balance sheets.
Table 7.1: Components of Goodwill, Other Intangible Assets and MSRs
March 31, 2026
(Dollars in millions)Carrying Amount of AssetsAccumulated AmortizationNet Carrying Amount
Goodwill$28,502 N/A$28,502 
     Other intangible assets (definite lived):
     Purchased credit card relationships
10,469 $(1,683)8,786 
     Network and financial partner relationships
1,500 (117)1,383 
     Core deposit
1,100 (172)928 
     Other(1)
115 (103)12 
     Total other intangible assets (definite lived):
13,184 (2,075)11,109 
     Other intangible assets (indefinite lived):
     Discover Network
2,700 N/A2,700 
     Brand / Trade names
2,270 N/A2,270 
     Other(2)
8 N/A8 
     Total other intangible assets (indefinite lived):
4,978 N/A4,978 
Total other intangible assets18,162 (2,075)16,087 
Total goodwill and other intangible assets$46,664 $(2,075)$44,589 
Commercial MSRs
$653 $(352)$301 
December 31, 2025
(Dollars in millions)Carrying Amount of AssetsAccumulated AmortizationNet Carrying Amount
Goodwill$28,509 N/A$28,509 
     Other intangible assets (definite lived):
     Purchased credit card relationships
10,469 $(1,274)9,195 
Network and financial partner relationships
1,500 (84)1,416 
Core deposit
1,100 (125)975 
     Other(1)
121 (107)14 
     Total other intangible assets (definite lived)
13,190 (1,590)11,600 
     Other intangible assets (indefinite lived):
     Discover Network
2,700 N/A2,700 
Brand / Trade names
2,270 N/A2,270 
     Other(2)
8 N/A8 
     Total other intangible assets (indefinite lived)
4,978 N/A4,978 
Total other intangible assets18,168 (1,590)16,578 
Total goodwill and other intangible assets$46,677 $(1,590)$45,087 
Commercial MSRs
$646 $(343)$303 
__________
(1)Primarily consists of intangibles for customer, sponsor and merchant relationships.
(2)Consists of license and domain names.
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Amortization expense for intangible assets, which is presented separately in our consolidated statements of income, totaled $492 million for the three months ended March 31, 2026. The following table summarizes the estimated future amortization expense for intangible assets as of March 31, 2026 for the next five fiscal years and thereafter:
Table 7.2: Amortization Expense
(Dollars in millions)Amortization Expense
Estimated future amounts for the period between April 1, 2026 and December 31, 2026
$1,472 
Estimated future amounts for the year ending December 31,
20271,778 
20281,595 
20291,412 
20301,229 
20311,047 
Thereafter2,576 
Total estimated future amounts$11,109 
Goodwill
The following table presents changes in the carrying amount of goodwill by each of our business segments for March 31, 2026 and December 31, 2025.
Table 7.3: Goodwill by Business Segments
(Dollars in millions)Credit CardConsumer BankingCommercial BankingTotal
Balance as of December 31, 2025$11,915 $11,540 $5,054 $28,509 
Other adjustments(1)
(7)0 0 (7)
Balance as of March 31, 2026$11,908 $11,540 $5,054 $28,502 
__________
(1)Represents foreign currency translation adjustments.

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NOTE 8—DEPOSITS AND BORROWINGS
Our deposits, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits, time deposits, and sweep accounts, represent our largest source of funding for our assets and operations. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts. Federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.
Our total short-term borrowings generally consist of federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of March 31, 2026 and December 31, 2025. The carrying value presented below for these borrowings includes any unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.
Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt
(Dollars in millions)March 31, 2026December 31, 2025
Deposits:
Non-interest-bearing deposits
$27,936 $27,385 
Interest-bearing deposits(1)
461,117 448,386 
Total deposits
$489,053 $475,771 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$626 $587 
Short-term FHLB advances1,000 500 
Total short-term borrowings$1,626 $1,087 
 March 31, 2026December 31, 2025
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2026-2035
1.03% - 5.82%
3.51 %$11,283 $12,853 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2026-2037
1.65 - 7.96
5.0633,767 31,335 
Fixed unsecured subordinated debt2026-2036
2.36 - 6.18
4.594,654 4,666 
Total senior and subordinated notes38,421 36,001 
Other long-term borrowings
FHLB advances2030
4.77 - 4.82
4.82536 1,037 
Finance lease liabilities2026-2030
3.74 - 9.91
5.5822 22 
Total other long-term borrowings$558 $1,059 
Total long-term debt$50,262 $49,913 
Total short-term borrowings and long-term debt$51,888 $51,000 
__________
(1)Some customers have time deposits in excess of the federal deposit insurance limit, making a portion of the deposit uninsured. As of March 31, 2026, the total time deposit amount with some portion in excess of the insured amount was $17.7 billion and the portion of total time deposits estimated to be uninsured was $13.4 billion. As of December 31, 2025, the total time deposit amount with some portion in excess of the insured amount was $17.4 billion and the portion of total time deposits estimated to be uninsured was $12.9 billion.
(2)Includes $532 million and $544 million of Euro (“EUR”)-denominated unsecured notes as of March 31, 2026 and December 31, 2025, respectively.

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NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Use of Derivatives and Accounting for Derivatives
We regularly enter into derivative transactions to support our overall risk management activities. Our primary market risks stem from the impact on our earnings and economic value of equity due to changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We manage our interest rate sensitivity by employing several techniques, which include changing the duration and repricing characteristics of various assets and liabilities by using interest rate derivatives. We also use foreign currency derivatives to limit our earnings and capital exposures to foreign exchange risk by hedging certain exposures denominated in foreign currencies. We use derivative instruments such as interest rate and foreign currency swaps, options, futures and forward contracts to manage our interest rate and foreign exchange risks. We designate these risk management derivatives as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are further designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives are economic hedges that do not qualify for hedge accounting.
We offer interest rate, commodity, foreign currency derivatives and other contracts as an accommodation to our customers within our Commercial Banking business. We enter into these derivatives with our customers primarily to help them manage their interest rate risks, hedge their energy and other commodities exposures, and manage foreign currency fluctuations. We offset the substantial majority of the market risk exposure of our customer accommodation derivatives through derivative transactions with other counterparties.
See below for additional information on our use of derivatives and how we account for them:
•Fair Value Hedges: We designate derivatives as fair value hedges when they are used to manage our exposure to changes in the fair value of certain financial assets and liabilities, which fluctuate in value as a result of movements in interest rates. Changes in the fair value of derivatives designated as fair value hedges are presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. We enter into receive-fixed, pay-float interest rate swaps to hedge changes in the fair value of outstanding fixed rate debt and deposits due to fluctuations in market interest rates. We also enter into pay-fixed, receive-float interest rate swaps to hedge changes in the fair value of fixed rate investment securities.
•Cash Flow Hedges: We designate derivatives as cash flow hedges when they are used to manage our exposure to variability in cash flows related to forecasted transactions. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of AOCI. Those amounts are reclassified into earnings in the same period during which the hedged forecasted transactions impact earnings and presented in the same line item in our consolidated statements of income as the earnings effect of the hedged items. We enter into receive-fixed, pay-float interest rate swaps and interest rate floors to modify the interest rate characteristics of designated credit card and commercial loans from floating to fixed in order to reduce the impact of changes in forecasted future cash flows due to fluctuations in market interest rates. We also enter into foreign currency forward contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currencies.
•Net Investment Hedges: We use net investment hedges to manage the foreign currency exposure related to our net investments in foreign operations that have functional currencies other than the U.S. dollar. Changes in the fair value of net investment hedges are recorded in the translation adjustment component of AOCI, offsetting the translation gain or loss from those foreign operations. We execute net investment hedges using foreign currency forward contracts to hedge the translation exposure of the net investment in our foreign operations under the forward method.
•Free-Standing Derivatives: Our free-standing derivatives primarily consist of our customer accommodation derivatives and other economic hedges. The customer accommodation derivatives and the related offsetting contracts are mainly interest rate, commodity and foreign currency contracts. The other free-standing derivatives are primarily used to economically hedge the risk of changes in the fair value of our commercial mortgage loan origination and purchase commitments as well as other interests held. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income.
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Derivatives Counterparty Credit Risk
Counterparty Types
Derivative instruments contain an element of credit risk that stems from the potential failure of a counterparty to perform according to the terms of the contract, including making payments due upon maturity of certain derivative instruments. We execute our derivative contracts primarily in over-the-counter (“OTC”) markets. We also execute interest rate and commodity futures in the exchange-traded derivative markets. Our OTC derivatives consist of both trades cleared through central counterparty clearinghouses (“CCPs”) and uncleared bilateral contracts. The Chicago Mercantile Exchange (“CME”), the Intercontinental Exchange (“ICE”) and the LCH Group (“LCH”) are our CCPs for our centrally cleared contracts. In our uncleared bilateral contracts, we enter into agreements directly with our derivative counterparties.
Counterparty Credit Risk Management
We manage the counterparty credit risk associated with derivative instruments by entering into legally enforceable master netting agreements, where applicable, and exchanging collateral with our counterparties, typically in the form of cash or high-quality liquid securities. We exchange collateral in two primary forms: variation margin, which accounts for changes in market value due to daily market movements, and initial margin, which offsets the potential future exposure of a derivative. We exchange variation margin and initial margin on bilateral derivatives in scope for uncleared margin rules.
The amount of collateral exchanged for variation margin is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral and will vary over time as market variables change. The amount of the initial margin exchanged is dependent upon (1) the calculation of initial margin exposure, as prescribed by (a) the U.S. prudential regulators’ margin rules for uncleared derivatives or (b) the CCPs for cleared derivatives and (2) the fair value of the pledged collateral; it will vary over time as market variables change. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. Our exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on our consolidated balance sheets. The fair value of our derivatives is adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated collateral received or pledged. See Table 9.3 for our net exposure associated with derivatives.
The terms under which we collateralize our exposures differ between cleared exposures and uncleared bilateral exposures.
•CCPs: We clear eligible OTC derivatives with CCPs as part of our regulatory requirements. We also clear exchange-traded instruments, like futures, with CCPs. Futures commission merchants (“FCMs”) serve as the intermediary between CCPs and us. CCPs require that we post initial and variation margin through our FCMs to mitigate the risk of non-payment or default. Initial margin is required by CCPs as collateral against potential losses on our exchange-traded and cleared derivative contracts and variation margin is exchanged on a daily basis to account for mark-to-market changes in those derivative contracts. For CME, ICE and LCH cleared OTC derivatives, variation margin cash payments are required to be characterized as settlements. Our FCM agreements governing these derivative transactions include provisions that may require us to post additional collateral under certain circumstances.
•Bilateral Counterparties: We enter into master netting agreements and collateral agreements with bilateral derivative counterparties, where applicable, to mitigate the risk of default. These bilateral agreements typically provide the right to offset exposure with the same counterparty and require the party in a net liability position to post collateral. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of uncleared derivatives exceed established exposure thresholds. Certain of these bilateral agreements include provisions requiring that our debt maintain a credit rating of investment grade or above by each of the major credit rating agencies. In the event of a downgrade of our debt credit rating below investment grade, some of our counterparties would have the right to terminate their derivative contract and close out existing positions.
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Credit Risk Valuation Adjustments
We record counterparty credit valuation adjustments (“CVAs”) on our derivative assets to reflect the credit quality of our counterparties. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining CVAs, which may be adjusted due to changes in the fair values of the derivative contracts, collateral, and creditworthiness of the counterparty. We also record debit valuation adjustments to adjust the fair values of our derivative liabilities to reflect the impact of our own credit quality.
Balance Sheet Presentation
The following table summarizes the notional amounts and fair values of our derivative instruments as of March 31, 2026 and December 31, 2025, which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or pledged. Derivative assets and liabilities are included in other assets and other liabilities, respectively, on our consolidated balance sheets, and their related gains or losses are included in operating activities as changes in other assets and other liabilities in the consolidated statements of cash flows.
Table 9.1: Derivative Assets and Liabilities at Fair Value
March 31, 2026December 31, 2025
Notional or Contractual Amount
Derivative(1)
Notional or Contractual Amount
Derivative(1)
(Dollars in millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as accounting hedges:
Interest rate contracts:
Fair value hedges$62,068 $30 $8 $60,580 $13 $52 
Cash flow hedges126,300 181 19 131,250 145 86 
Total interest rate contracts188,368 211 27 191,830 158 138 
Foreign exchange contracts:
Fair value hedges578 0 31 587 0 22 
Cash flow hedges2,643 45 0 2,737 0 35 
Net investment hedges5,418 43 32 5,526 18 82 
Total foreign exchange contracts8,639 88 63 8,850 18 139 
Total derivatives designated as accounting hedges197,007 299 90 200,680 176 277 
Derivatives not designated as accounting hedges:
Customer accommodation:
Interest rate contracts140,703 573 622 132,966 672 678 
Commodity contracts48,335 2,398 2,147 40,298 1,231 1,096 
Foreign exchange and other contracts5,893 66 53 6,390 57 56 
Total customer accommodation194,931 3,037 2,822 179,654 1,960 1,830 
Other interest rate exposures(2)
1,543 18 10 1,909 17 11 
Other contracts3,231 58 3 3,467 48 11 
Total derivatives not designated as accounting hedges199,705 3,113 2,835 185,030 2,025 1,852 
Total derivatives$396,712 $3,412 $2,925 $385,710 $2,201 $2,129 
Less: netting adjustment(3)
(520)(338)(408)(501)
Total derivative assets/liabilities$2,892 $2,587 $1,793 $1,628 
    __________
(1)Does not reflect $5 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of both March 31, 2026 and December 31, 2025. This net valuation allowance is included as part of other assets and other liabilities on the consolidated balance sheets, and is offset through non-interest income in the consolidated statements of income.
(2)Other interest rate exposures include commercial mortgage-related derivatives and interest rate swaps.
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(3)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty.
The following table summarizes the carrying value of our hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values, excluding basis adjustments related to foreign currency risk, as of March 31, 2026 and December 31, 2025.
Table 9.2: Hedged Items in Fair Value Hedging Relationships
March 31, 2026December 31, 2025
Carrying Amount Assets/(Liabilities)Cumulative Amount of Basis Adjustments Included in the Carrying AmountCarrying Amount Assets/(Liabilities)Cumulative Amount of Basis Adjustments Included in the Carrying Amount
(Dollars in millions)Total Assets/(Liabilities)Discontinued-Hedging RelationshipsTotal Assets/(Liabilities)Discontinued-Hedging Relationships
Line item on our consolidated balance sheets in which the hedged item is included:
Investment securities available for sale(1)(2)
$10,068 $19 $42 $9,424$79$44
Interest-bearing deposits(6,633)37 0 (6,702)170
Securitized debt obligations(8,979)149 0 (10,236)1360
Senior and subordinated notes(36,438)479 (92)(34,599)335(115)
__________
(1)These amounts include the amortized cost basis of our investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. The amortized cost basis of this portfolio was $3.6 billion and $3.7 billion as of March 31, 2026 and December 31, 2025, respectively. The amount of the designated hedged items was $2.5 billion as of both March 31, 2026 and December 31, 2025. The cumulative basis adjustments associated with these hedges was $10 million and $29 million as of March 31, 2026 and December 31, 2025, respectively.
(2)Carrying amount represents amortized cost basis.
Balance Sheet Offsetting of Financial Assets and Liabilities
Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are generally governed by enforceable master netting agreements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under master netting agreements for balance sheet presentation where a right of setoff exists. For derivative contracts entered into under master netting agreements for which we have not been able to confirm the enforceability of the setoff rights, or those not subject to master netting agreements, we do not offset our derivative positions for balance sheet presentation.
The following table presents the gross and net fair values of our derivative assets, derivative liabilities, resale and repurchase agreements and the related offsetting amounts permitted under U.S. GAAP as of March 31, 2026 and December 31, 2025. The table also includes cash and non-cash collateral received or pledged in accordance with such arrangements. The amount of collateral presented, however, is limited to the amount of the related net derivative fair values or outstanding balances; therefore, instances of over-collateralization are excluded.

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Table 9.3: Offsetting of Financial Assets and Financial Liabilities
Gross AmountsGross Amounts Offset in the Balance SheetNet Amounts as RecognizedSecurities Collateral Held Under Master Netting AgreementsNet Exposure
(Dollars in millions)Financial InstrumentsCash Collateral Received
As of March 31, 2026
Derivative assets(1)
$3,412 $(284)$(236)$2,892 $0 $2,892 
As of December 31, 2025
Derivative assets(1)
2,201 (302)(106)1,793 0 1,793 
Gross AmountsGross Amounts Offset in the Balance SheetNet Amounts as RecognizedSecurities Collateral Pledged Under Master Netting AgreementsNet Exposure
(Dollars in millions)Financial InstrumentsCash Collateral Pledged
As of March 31, 2026
Derivative liabilities(1)
$2,925 $(284)$(54)$2,587 $0 $2,587 
Repurchase agreements(2)
626 0 0 626 (626)0 
As of December 31, 2025
Derivative liabilities(1)
2,129 (302)(199)1,628 0 1,628 
Repurchase agreements(2)
587 0 0 587 (587)0 
__________
(1)We received cash collateral from derivative counterparties totaling $364 million and $144 million as of March 31, 2026 and December 31, 2025, respectively. We posted $2.4 billion and $1.8 billion of cash collateral as of March 31, 2026 and December 31, 2025, respectively.
(2)Under our customer repurchase agreements, which mature the next business day, we pledged collateral with a fair value of $639 million and $599 million as of March 31, 2026 and December 31, 2025, respectively, primarily consisting of agency RMBS securities.

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Income Statement and AOCI Presentation
Fair Value and Cash Flow Hedges
The net gains (losses) recognized in our consolidated statements of income related to derivatives in fair value and cash flow hedging relationships are presented below for the three months ended March 31, 2026 and 2025.
Table 9.4: Effects of Fair Value and Cash Flow Hedge Accounting
Three Months Ended March 31, 2026
Net Interest IncomeNon-Interest Income
(Dollars in millions)Investment SecuritiesLoans, Including Loans Held for SaleOtherInterest-bearing DepositsSecuritized Debt ObligationsSenior and Subordinated NotesOther
Total amounts presented in our consolidated statements of income
$832 $14,735 $664 $(3,387)$(141)$(532)$313 
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives$4 $0 $0 $(9)$(21)$(71)$0 
Gains (losses) recognized on derivatives57 0 0 (19)(13)(121)(10)
Gains (losses) recognized on hedged items(1)
(60)0 0 19 13 144 10 
Excluded component of fair value hedges(2)
0 0 0 0 0 0 0 
Net income (expense) recognized on fair value hedges$1 $0 $0 $(9)$(21)$(48)$0 
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income$(2)$(177)$0 $0 $0 $0 $0 
Foreign exchange contracts:
Realized gains reclassified from AOCI into net income(4)
0 0 3 0 0 0 0 
Net income (expense) recognized on cash flow hedges$(2)$(177)$3 $0 $0 $0 $0 
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Three Months Ended March 31, 2025
Net Interest IncomeNon-Interest Income
(Dollars in millions)Investment SecuritiesLoans, Including Loans Held for SaleOtherInterest-bearing DepositsSecuritized Debt ObligationsSenior and Subordinated NotesOther
Total amounts presented in our consolidated statements of income$770 $10,157 $491 $(2,715)$(176)$(505)$255 
Fair value hedging relationships:
Interest rate and foreign exchange contracts:
Interest recognized on derivatives$32 $0 $0 $(35)$(49)$(148)$0 
Gains (losses) recognized on derivatives(98)0 0 75 73 475 23 
Gains (losses) recognized on hedged items(1)
80 0 0 (75)(74)(447)(23)
Excluded component of fair value hedges(2)
0 0 0 0 0 0 0 
Net income (expense) recognized on fair value hedges$14 $0 $0 $(35)$(50)$(120)$0 
Cash flow hedging relationships:(3)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI into net income
$1 $(241)$0 $0 $0 $0 $0 
Foreign exchange contracts:
Realized gains (losses) reclassified from AOCI into net income(4)
0 0 2 0 0 0 (1)
Net income (expense) recognized on cash flow hedges$1 $(241)$2 $0 $0 $0 $(1)
__________
(1)Includes amortization benefit of $20 million and $10 million for the three months ended March 31, 2026 and 2025, respectively, related to basis adjustments on discontinued hedges.
(2)Changes in fair values of cross-currency swaps attributable to changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income (“OCI”). The initial value of the excluded component is recognized in earnings over the life of the swap under the amortization approach.
(3)See “Note 10—Stockholders’ Equity” for the effects of cash flow and net investment hedges on AOCI and amounts reclassified to net income, net of tax.
(4)We recognized a gain of $76 million for the three months ended March 31, 2026 and a loss of $126 million for the three months ended March 31, 2025 on foreign exchange contracts reclassified from AOCI. These amounts were largely offset by the foreign currency transaction gains (losses) on our foreign currency denominated intercompany funding included in other non-interest income on our consolidated statements of income.
In the next 12 months, we expect to reclassify into earnings an after-tax loss of $446 million recorded in AOCI as of March 31, 2026 associated with cash flow hedges of forecasted transactions. This amount will largely offset the cash flows associated with the forecasted transactions hedged by these derivatives. The maximum length of time over which forecasted transactions were hedged was approximately 9.0 years as of March 31, 2026. The amount we expect to reclassify into earnings may change as a result of changes in market conditions and ongoing actions taken as part of our overall risk management strategy.


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Free-Standing Derivatives
The net impacts to our consolidated statements of income related to free-standing derivatives are presented below for the three months ended March 31, 2026 and 2025. These gains or losses are recognized in other non-interest income on our consolidated statements of income.
Table 9.5: Gains (Losses) on Free-Standing Derivatives
Three Months Ended March 31,
(Dollars in millions)20262025
Gains (losses) recognized in other non-interest income:
Customer accommodation:
Interest rate contracts$15 $6 
Commodity contracts11 7 
Foreign exchange and other contracts4 4 
Total customer accommodation30 17 
Other interest rate exposures22 40 
Other contracts(1)(1)
Total$51 $56 
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NOTE 10—STOCKHOLDERS’ EQUITY
Preferred Stock
We may redeem each series of preferred stock at our option, in whole or in part, on any dividend payment date on or after the date set forth below for such series and subject to regulatory approval, at the liquidation preference per share plus any declared and unpaid dividends. For more information on the terms of our preferred stock, please refer to the relevant certificate of designations filed as exhibits to our 2025 Form 10-K. The following table summarizes our preferred stock outstanding as of March 31, 2026 and December 31, 2025.
Table 10.1: Preferred Stock Outstanding(1)
Redeemable by Issuer BeginningPer Annum Dividend RateDividend FrequencyLiquidation Preference per ShareTotal Shares Outstanding
as of March 31, 2026		Carrying Value
(in millions)
SeriesDescriptionIssuance DateMarch 31, 2026December 31, 2025
Series I5.000%
Non-Cumulative		September 11,
2019		December 1, 20245.000%Quarterly$1,000 1,500,000 $1,462 $1,462 
Series J4.800%
Non-Cumulative		January 31,
 2020		June 1, 20254.800%Quarterly1,000 1,250,000 1,209 1,209 
Series K4.625%
Non-Cumulative		September 17,
2020		December 1, 20254.625%Quarterly1,000 125,000 122 122 
Series L4.375%
Non-Cumulative		May 4,
2021		September 1, 20264.375%Quarterly1,000 675,000 652 652 
Series M3.950% Fixed Rate Reset
Non-Cumulative		June 10,
2021		September 1, 2026
3.950% through 8/31/2026; resets 9/1/2026 and every subsequent 5 year anniversary at 5-Year Treasury Rate +3.157%
Quarterly1,000 1,000,000 988 988 
Series N4.250%
Non-Cumulative		July 29,
2021		September 1, 20264.250%Quarterly1,000 425,000 412 412 
Series O
Fixed-to-Floating Rate Non-Cumulative
May 18,
2025
October 30, 2027
5.500% through 10/29/2027; resets 10/30/2027 and every quarter thereafter at three-month term SOFR + 3.338%
Semi-Annually through 10/30/2027; Quarterly thereafter
100,000 5,700 562 562 
Total$5,407 $5,407 
__________
(1)For Series I, J, K, L, and N, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of non-cumulative perpetual preferred stock. For Series O, ownership is held in the form of depositary shares, each representing a 1/100th interest in a share of non-cumulative perpetual preferred stock.
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CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Accumulated Other Comprehensive Income
AOCI primarily consists of accumulated net unrealized gains or losses associated with securities available for sale, changes in fair value of derivatives in hedging relationships and foreign currency translation adjustments.
The following table presents the changes in AOCI by component for the three months ended March 31, 2026 and 2025.
Table 10.2: AOCI
(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of December 31, 2025$(5,011)$(541)$81 $3 $(5,468)
Other comprehensive income (loss) before reclassifications(234)(242)(13)3 (486)
Amounts reclassified from AOCI into earnings0 75 0 0 75 
Other comprehensive income (loss), net of tax(234)(167)(13)3 (411)
AOCI as of March 31, 2026$(5,245)$(708)$68 $6 $(5,879)

(Dollars in millions)Securities Available for Sale
Hedging Relationships(1)
Foreign Currency Translation Adjustments(2)
OtherTotal
AOCI as of December 31, 2024$(7,544)$(1,720)$3 $(25)$(9,286)
Other comprehensive income (loss) before reclassifications1,071 394 16 0 1,481 
Amounts reclassified from AOCI into earnings0 276 0 0 276 
Other comprehensive income (loss), net of tax1,071 670 16 0 1,757 
AOCI as of March 31, 2025$(6,473)$(1,050)$19 $(25)$(7,529)
__________
(1)Includes amounts related to cash flow hedges as well as the excluded component of cross-currency swaps designated as fair value hedges.
(2)Includes other comprehensive gains of $74 million and losses of $69 million for the three months ended March 31, 2026 and 2025, respectively, from hedging instruments designated as net investment hedges.
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The following table presents amounts reclassified from each component of AOCI to our consolidated statements of income for the three months ended March 31, 2026 and 2025.
Table 10.3: Reclassifications from AOCI
(Dollars in millions)Three Months Ended March 31,
AOCI ComponentsAffected Income Statement Line Item20262025
Securities available for sale:
Non-interest income (expense)
$0 $0 
Income tax provision (benefit)0 0 
Net income (loss)0 0 
Hedging relationships:
Interest rate contracts:
Interest income (expense)
(179)(240)
Foreign exchange contracts:
Interest income
3 2 
Interest income (expense)0 0 
Non-interest income (expense)
76 (127)
Income (loss) from continuing operations before income taxes(100)(365)
Income tax provision (benefit)
(25)(89)
Net income (loss)
(75)(276)
Other:
Non-interest income and non-interest expense0 0 
Income tax provision (benefit)0 0 
Net income (loss)
0 0 
Total reclassifications$(75)$(276)
The table below summarizes other comprehensive income (loss) activity and the related tax impact for the three months ended March 31, 2026 and 2025.
Table 10.4: Other Comprehensive Income (Loss)
 Three Months Ended March 31,
 20262025
(Dollars in millions)Before
Tax		Provision
(Benefit)		After
Tax		Before
Tax		Provision
(Benefit)		After
Tax
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale$(311)$(77)$(234)$1,416 $345 $1,071 
Net unrealized gains (losses) on hedging relationships(222)(55)(167)886 216 670 
Foreign currency translation adjustments(1)
11 24 (13)(5)(21)16 
Other3 0 3 0 0 0 
Other comprehensive income (loss)$(519)$(108)$(411)$2,297 $540 $1,757 
__________
(1)Includes the impact of hedging instruments designated as net investment hedges.
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NOTE 11—EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share.
Table 11.1: Computation of Basic and Diluted Earnings per Common Share
Three Months Ended March 31,
(Dollars and shares in millions, except per share data)20262025
Income from continuing operations, net of tax$2,181 $1,404 
Income (loss) from discontinued operations, net of tax
(7)0 
Net income2,174 1,404 
Dividends and undistributed earnings allocated to participating securities(20)(22)
Preferred stock dividends(73)(57)
Discount on redeemed preferred stock0 0 
Net income available to common stockholders$2,081 $1,325 
Total weighted-average basic common shares outstanding622.5 383.1 
Effect of dilutive securities:(1)
Stock options0.0 0.2 
Other contingently issuable shares0.9 0.7 
Total effect of dilutive securities0.9 0.9 
Total weighted-average diluted common shares outstanding623.4 384.0 
Basic earnings per common share:
Net income from continuing operations$3.35 $3.46 
Net income from discontinued operations
(0.01)0.00 
Net income per basic common share$3.34 $3.46 
Diluted earnings per common share:(1)
Net income from continuing operations$3.35 $3.45 
Net income from discontinued operations
(0.01)0.00 
Net income per diluted common share$3.34 $3.45 
__________
(1)There were no options or awards excluded from the computation for both the three months ended March 31, 2026 and March 31, 2025.

,,
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NOTE 12—FAIR VALUE MEASUREMENT
Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below:
Level 1:Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:Valuation is based on observable market-based inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3:
Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, DCF methodologies or similar techniques.
The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. We consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs. Based upon the specific facts and circumstances of each instrument or instrument category, judgments are made regarding the significance of the observable or unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3. The process for determining fair value using unobservable inputs is generally more subjective and involves a high degree of management judgment and assumptions. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings.
The determination and classification of financial instruments in the fair value hierarchy is performed at the end of each reporting period. For additional information on the valuation techniques used in estimating the fair value of our financial assets and liabilities on a recurring basis, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 17—Fair Value Measurement” in our 2025 Form 10-K.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table displays our assets and liabilities of continuing operations measured on our consolidated balance sheets at fair value on a recurring basis as of March 31, 2026 and December 31, 2025.
Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis
March 31, 2026
Fair Value Measurements Using
Netting Adjustments(1)
(Dollars in millions)Level 1Level 2Level 3Total
Assets:
Investment securities available for sale:
U.S. Treasury securities$8,966 $0 $0 $0 $8,966 
RMBS0 69,459 154 069,613 
CMBS0 7,341 130 07,471 
Other securities156 4,414 0 04,570 
Total investment securities available for sale
9,122 81,214 284 090,620 
Loans held for sale0 169 0 0169 
Other assets:
Derivative assets(2)
1,484 1,507 421 (520)2,892 
Other(3)
852 0 27 0879 
Total assets$11,458 $82,890 $732 $(520)$94,560 
Liabilities:
Other liabilities:
Derivative liabilities(2)
$1,459 $1,133 $333 $(338)$2,587 
Total liabilities$1,459 $1,133 $333 $(338)$2,587 
December 31, 2025
Fair Value Measurements Using
Netting Adjustments(1)
(Dollars in millions)Level 1Level 2Level 3Total
Assets:
Investment securities available for sale:
U.S. Treasury securities$10,013 $0 $0 $0 $10,013 
RMBS0 69,602 126 069,728 
CMBS0 7,870 22 07,892 
Other securities134 3,284 0 03,418 
Total investment securities available for sale
10,147 80,756 148 091,051 
Loans held for sale0 755 0 0755 
Other assets:
Derivative assets(2)
918 839 444 (408)1,793 
Other(3)
837 0 28 0865 
Total assets$11,902 $82,350 $620 $(408)$94,464 
Liabilities:
Other liabilities:
Derivative liabilities(2)
$500 $1,295 $334 $(501)$1,628 
Total liabilities$500 $1,295 $334 $(501)$1,628 
__________
(1)Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See “Note 9—Derivative Instruments and Hedging Activities” for additional information.
(2)Does not reflect approximately $5 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of both March 31, 2026 and December 31, 2025. Non-performance risk is included in the measurement of derivative assets and liabilities on our consolidated balance sheets, and is recorded through non-interest income in the consolidated statements of income.
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(3)As of March 31, 2026 and December 31, 2025, other includes retained interests in securitizations of $27 million and $28 million, deferred compensation plan assets of $850 million and $835 million, equity securities of $2 million (including unrealized gains of $1 million) and $2 million (including unrealized gains of $2 million), respectively.
Level 3 Recurring Fair Value Rollforward
The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025. Generally, transfers into Level 3 were primarily driven by the usage of unobservable assumptions in the pricing of these financial instruments as evidenced by wider pricing variations among pricing vendors and transfers out of Level 3 were primarily driven by the usage of assumptions corroborated by market observable information as evidenced by tighter pricing among multiple pricing sources.
Table 12.2: Level 3 Recurring Fair Value Rollforward
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three Months Ended March 31, 2026
Total Gains (Losses)
(Realized/Unrealized)
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2026(1)
(Dollars in millions)Balance,
January 1, 2026
Included
in Net
Income(1)
Included in OCIPurchasesSalesIssuancesSettlementsTransfers
Into
Level 3		Transfers
Out of
Level 3
Balance,
March 31, 2026
Investment securities available for sale:(2)
RMBS$126 $2 $(2)$0 $0 $0 $(4)$36 $(4)$154 $2 
CMBS22 0 0 0 0 0 0 129 (21)130 0 
Total investment securities available for sale
148 2 (2)0 0 0 (4)165 (25)284 2 
Other assets:
Retained interests in securitizations28 (1)0 0 0 0 0 0 0 27 (1)
Net derivative assets (liabilities)(3)
110 (16)0 0 0 (8)1 1 0 88 (29)

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three Months Ended March 31, 2025
Total Gains (Losses)
(Realized/Unrealized)
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2025(1)
(Dollars in millions)
Balance, January 1, 2025
Included
in Net
Income(1)
Included in OCIPurchasesSalesIssuancesSettlementsTransfers
Into
Level 3		Transfers
Out of
Level 3
Balance,
 March 31,
2025
Investment securities available for sale:(2)
RMBS$116 $2 $3 $0 $0 $0 $(3)$25 $0 $143 $2 
CMBS2 0 0 0 0 0 0 0 0 2 0 
Total investment securities available for sale
118 2 3 0 0 0 (3)25 0 145 2 
Other assets:
Retained interests in securitizations34 (2)0 0 0 0 0 0 0 32 (2)
Net derivative assets (liabilities)(3)
69 13 0 0 0 14 (7)0 0 89 11 
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__________
(1)Realized gains (losses) on investment securities available for sale are included in net securities gains (losses) and retained interests in securitizations are reported as a component of non-interest income in our consolidated statements of income. Gains (losses) on derivatives are included as a component of net interest income or non-interest income in our consolidated statements of income.
(2)Net unrealized losses included in OCI related to Level 3 investment securities available for sale still held were $4 million for March 31, 2026 and net unrealized gains included in OCI related to Level 3 securities available for sale still held were $4 million as of March 31, 2025.
(3)Includes derivative assets and liabilities of $421 million and $333 million, respectively, as of March 31, 2026, and $570 million and $481 million, respectively, as of March 31, 2025.
Significant Level 3 Fair Value Asset and Liability Inputs
Generally, uncertainties in fair value measurements of financial instruments, such as changes in unobservable inputs, may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. In general, an increase in the discount rate, default rates, loss severity or credit spreads, in isolation, would result in a decrease in the fair value measurement. In addition, an increase in default rates would generally be accompanied by a decrease in recovery rates, slower prepayment rates and an increase in liquidity spreads, and would lead to a decrease in the fair value measurement.
Techniques and Inputs for Level 3 Fair Value Measurements
The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple vendor pricing services to obtain fair value for our securities. Several of our vendor pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other vendor pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models.

Table 12.3: Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements
(Dollars in millions)
Fair Value at
March 31,
2026
Significant
Valuation
Techniques		Significant
Unobservable
Inputs		Range
Weighted
Average(1)
Investment securities available for sale:
RMBS$154 Discounted cash flows (vendor pricing)
Yield
Voluntary prepayment rate
Default rate
Loss severity
5-10%
0-16%
0-6%
25-75%
6%
7%
1%
55%
CMBS130 Discounted cash flows (vendor pricing)Yield
4-5%
5%
Other assets:
Retained interests in securitizations(2)
27 Discounted cash flows
Life of receivables (months)
Voluntary prepayment rate
Discount rate
Default rate
Loss severity
33-64
9%
5-12%
Less than 1%
65%
N/A
Net derivative assets (liabilities)88 Discounted cash flowsSwap rates
4%
4%
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Quantitative Information about Level 3 Fair Value Measurements
(Dollars in millions)
Fair Value at
December 31,
2025
Significant
Valuation
Techniques		Significant
Unobservable
Inputs		Range
Weighted
Average(1)
Investment securities available for sale:
RMBS$126 Discounted cash flows (vendor pricing)Yield
Voluntary prepayment rate
Default rate
Loss severity
5-10%
0-16%
0-6%
25-75%
6%
7%
1%
55%
CMBS22 Discounted cash flows (vendor pricing)Yield
4%
4%
Other assets:
Retained interests in securitizations(2)
28 Discounted cash flowsLife of receivables (months)
Voluntary prepayment rate
Discount rate
Default rate
Loss severity
35-64
8%
5-12%
1%
49%
N/A
Net derivative assets (liabilities)110 Discounted cash flowsSwap rates
3-4%
3%
__________
(1)Weighted averages are calculated by using the product of the input multiplied by the relative fair value of the instruments.
(2)Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We are required to measure and recognize certain assets at fair value on a nonrecurring basis on the consolidated balance sheets. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, from the application of lower of cost or fair value accounting or when we evaluate for impairment).
The following table presents the carrying value of the assets measured at fair value on a nonrecurring basis and still held as of March 31, 2026 and December 31, 2025, and for which a nonrecurring fair value measurement was recorded during the three and twelve months then ended.
Table 12.4: Nonrecurring Fair Value Measurements
March 31, 2026December 31, 2025
Estimated Fair Value HierarchyTotalEstimated Fair Value HierarchyTotal
(Dollars in millions)Level 2Level 3Level 2Level 3
Loans held for investment$0 $267 $267 $0 $662 $662 
Loans held for sale0 0 0 5 0 5 
Other assets(1)
0 87 87 0 131 131 
Total$0 $354 $354 $5 $793 $798 
__________
(1)As of March 31, 2026, other assets included investments accounted for under measurement alternative of $11 million and repossessed assets of $76 million. As of December 31, 2025, other assets included investments accounted for under measurement alternative of $44 million and repossessed assets of $82 million and long-lived assets held for sale and right-of-use assets totaling $5 million.

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In the above table, loans held for investment are generally valued based in part on the estimated fair value of the underlying collateral and the non-recoverable rate, which is considered to be a significant unobservable input. The non-recoverable rate ranged from 0% to 63%, with a weighted average of 40%, and from 0% to 62%, with a weighted average of 22%, as of March 31, 2026 and December 31, 2025, respectively. The weighted average non-recoverable rate is calculated based on the estimated market value of the underlying collateral. The significant unobservable inputs and related quantitative information related to fair value of the other assets are not meaningful to disclose as they vary significantly across properties and collateral.
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at March 31, 2026 and 2025.
Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings
Total Gains (Losses)
Three Months Ended March 31,
(Dollars in millions)20262025
Loans held for investment$(224)$(123)
Loans held for sale0 6 
Other assets(1)
(109)(67)
Total$(333)$(184)
__________
(1)Other assets primarily include fair value adjustments related to repossessed assets, long-lived assets held for sale and right-of-use assets and equity investments accounted for under the measurement alternative.
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Fair Value of Financial Instruments
The following table presents the carrying value and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured at fair value on a recurring basis on our consolidated balance sheets as of March 31, 2026 and December 31, 2025.
Table 12.6: Fair Value of Financial Instruments
March 31, 2026
Carrying
Value		Estimated
Fair Value		Estimated Fair Value Hierarchy
(Dollars in millions)Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$76,494 $76,494 $4,555 $71,939 $0 
Restricted cash for securitization investors2,762 2,762 2,762 0 0 
Investment securities held to maturity
1,694 1,684 393 1,291 0 
Net loans held for investment424,124 434,534 0 0 434,534 
Loans held for sale
17 17 0 17 0 
Interest receivable3,460 3,460 0 3,460 0 
Other investments(1)
2,664 2,664 0 2,664 0 
Financial liabilities:
Deposits with defined maturities105,312 105,435 0 105,435 0 
Securitized debt obligations11,283 11,357 0 11,357 0 
Senior and subordinated notes38,421 39,190 0 39,190 0 
Federal funds purchased and securities loaned or sold under agreements to repurchase626 626 0 626 0 
Other borrowings(2)
1,536 1,523 0 1,523 0 
Interest payable827 827 0 827 0 
 December 31, 2025
Carrying
Value		Estimated
Fair Value		Estimated Fair Value Hierarchy
(Dollars in millions)Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$57,434 $57,434 $3,031 $54,403 $0 
Restricted cash for securitization investors4,659 4,659 4,659 0 0 
Net loans held for investment430,213 438,783 0 0 438,783 
Loans held for sale5 5 0 5 0 
Interest receivable3,492 3,492 0 3,492 0 
Other investments(1)
2,683 2,683 0 2,683 0 
Financial liabilities:
Deposits with defined maturities105,010 105,309 0 105,309 0 
Securitized debt obligations12,853 12,955 0 12,955 0 
Senior and subordinated notes36,001 37,243 0 37,243 0 
Federal funds purchased and securities loaned or sold under agreements to repurchase587 587 0 587 0 
Other borrowings(2)
1,537 1,524 0 1,524 0 
Interest payable844 844 0 844 0 
__________
(1)Other investments include FHLB and Federal Reserve Bank stock. These investments are included in other assets on our consolidated balance sheets.
(2)Other borrowings exclude capital lease obligations.

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NOTE 13—BUSINESS SEGMENTS AND REVENUE FROM CONTRACTS WITH CUSTOMERS
Our principal operations are organized into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges and Discover integration expenses.
•Credit Card: Consists of our domestic consumer card lending, personal loans, domestic small business card lending and international card businesses in the U.K. and Canada.
•Consumer Banking: Consists of our deposit gathering and lending activities for consumers and small businesses, national auto lending and services offered by the Global Payment Network.
•Commercial Banking: Consists of our lending, deposit gathering, capital markets and treasury management services to commercial real estate and commercial and industrial customers. Our customers typically include companies with annual revenues between $20 million and $2 billion.
Basis of Presentation
We report the results of each of our business segments on a continuing operations basis. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. The Chief Operating Decision Maker (“CODM”) for each of our segments is the Chief Executive Officer (“CEO”). The CODM uses the segments’ income (loss) from continuing operations after tax to assess segment performance and decide how to allocate resources.
Business Segment Reporting Methodology
The results of our business segments are intended to present each segment as if it were a stand-alone business. Our internal management and reporting process used to derive our segment results employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenues and expenses directly or indirectly attributable to each business. Marketing expenses are included within non-interest expense and can be directly incurred by a business segment or indirectly incurred and allocated. Total marketing expense was $1.5 billion and $1.2 billion for the three months ended March 31, 2026 and 2025, respectively. Credit Card marketing expense was $1.3 billion and $1.0 billion for the three months ended March 31, 2026 and 2025, respectively. Our funds transfer pricing process managed by our centralized Corporate Treasury group provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a charge for the use of funds by each business. The allocation is unique to each business and is based on the composition of assets and liabilities. The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically the methodology and assumptions utilized in the funds transfer pricing process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the businesses. Due to the integrated nature of our business segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate market rates. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. We provide additional information on the allocation methodologies used to derive our business segment results in “Part II—Item 8. Financial Statements and Supplementary Data—Note 18—Business Segments and Revenue from Contracts with Customers” in our 2025 Form 10-K.
Segment Results and Reconciliation
We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies or changes in organizational alignment. The following table presents our business
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segment results for the three months ended March 31, 2026 and 2025, selected balance sheet data as of March 31, 2026 and 2025, and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits.
Table 13.1: Segment Results and Reconciliation
Three Months Ended March 31, 2026
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Net interest income$9,236 $2,229 $581 $99 $12,145 
Non-interest income (loss)2,153 683 328 (78)3,086 
Total net revenue(2)
11,389 2,912 909 21 15,231 
Provision for credit losses
3,411 519 138 0 4,068 
Non-interest expense5,501 1,998 498 467 8,464 
Income (loss) from continuing operations before income taxes2,477 395 273 (446)2,699 
Income tax provision (benefit)608 97 67 (254)518 
Income (loss) from continuing operations, net of tax$1,869 $298 $206 $(192)$2,181 
Loans held for investment$270,558 $86,873 $90,323 $0 $447,754 
Deposits0438,034 31,007 20,012 489,053 
                                                                                                                                                                                                                                                                                                                                                                                    
Three Months Ended March 31, 2025
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Net interest income (loss)$5,654 $1,943 $572 $(156)$8,013 
Non-interest income (loss)1,511 183 312 (19)1,987 
Total net revenue (loss)(2)
7,165 2,126 884 (175)10,000 
Provision (benefit) for credit losses1,926 301 142 0 2,369 
Non-interest expense3,638 1,581 486 197 5,902 
Income (loss) from continuing operations before income taxes1,601 244 256 (372)1,729 
Income tax provision (benefit)382 58 61 (176)325 
Income (loss) from continuing operations, net of tax$1,219 $186 $195 $(196)$1,404 
Loans held for investment$157,189 $78,896 $87,513 $0 $323,598 
Deposits0 324,920 29,984 12,560 367,464 
_________
(1)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(2)Total net revenue was reduced by $980 million and $705 million in the first quarters of 2026 and 2025, respectively, for credit card finance charges and fees charged off as uncollectible.
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Revenue from Contracts with Customers
The majority of our revenue from contracts with customers consists of discount and interchange fees net of customer reward expenses, service charges and other customer-related fees and other contract revenue. Discount and interchange fees are primarily from our Credit Card business and Consumer Banking business, inclusive of the Global Payment Network. Service charges and other customer-related fees within our Consumer Banking business are primarily related to fees earned on transaction processing services on the PULSE Network, consumer deposit accounts for account maintenance and various transaction-based services such as automated teller machine (“ATM”) usage, as well as various participation and membership fees.
Service charges and other customer-related fees within our Commercial Banking business are mostly related to fees earned on capital markets services and treasury management. Other contract revenue in our Credit Card business consists primarily of revenue from our merchant relationships. Other contract revenue in our Consumer Banking business consists primarily of revenue earned from services provided to auto industry participants. Revenue from contracts with customers is included in non-interest income in our consolidated statements of income.
The following table presents revenue from contracts with customers and a reconciliation to non-interest income by business segment for the three months ended March 31, 2026 and 2025.
Table 13.2: Revenue from Contracts with Customers and Reconciliation to Segment Results
Three Months Ended March 31, 2026
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Contract revenue:
Discount and interchange fees, net(2)
$1,469 $475 $20 $0 $1,964 
Service charges and other customer-related fees22 149 76 2 249 
Other136 58 2 1 197 
Total contract revenue
1,627 682 98 3 2,410 
Revenue (reduction) from other sources526 1 230 (81)676 
Total non-interest income (loss)$2,153 $683 $328 $(78)$3,086 
Three Months Ended March 31, 2025
(Dollars in millions)Credit CardConsumer Banking
Commercial Banking(1)
Other(1)
Consolidated Total
Contract revenue:
Interchange fees, net(2)
$1,085 $115 $23 $0 $1,223 
Service charges and other customer-related fees0 20 85 0 105 
Other111 49 1 0 161 
Total contract revenue1,196 184 109 0 1,489 
Revenue (reduction) from other sources315 (1)203 (19)498 
Total non-interest income (loss)$1,511 $183 $312 $(19)$1,987 
__________
(1)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 a blended federal and state statutory tax rate, with offsetting reductions to the Other category.
(2)Discount and interchange fees are presented net of customer reward expenses.
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NOTE 14—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS
Commitments to Lend
Our unfunded lending commitments primarily consist of credit card lines, loan commitments to customers of our Credit Card, Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. These commitments, other than credit card lines and certain other unconditionally cancellable lines of credit, are legally binding conditional agreements that have fixed expirations or termination dates and specified interest rates and purposes. The contractual amount of these commitments represents the maximum possible credit risk to us should the counterparty draw upon the commitment. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities.
For unused credit card lines, we have not experienced and do not anticipate that all of our customers will access their entire available line at any given point in time. Commitments to extend credit other than credit card lines generally require customers to maintain certain credit standards. Collateral requirements and loan-to-value ratios are the same as those for funded transactions and are established based on management’s credit assessment of the customer. These commitments may expire without being drawn upon; therefore, the total commitment amount does not necessarily represent future funding requirements.
We also issue letters of credit, such as financial standby, performance standby and commercial letters of credit, to meet the financing needs of our customers. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party in a borrowing arrangement. Commercial letters of credit are short-term commitments issued primarily to facilitate trade finance activities for customers and are generally collateralized by the goods being shipped to the customer. These collateral requirements are similar to those for funded transactions and are established based on management’s credit assessment of the customer. Management conducts regular reviews of all outstanding letters of credit and the results of these reviews are considered in assessing the adequacy of reserves for unfunded lending commitments.
The following table presents the contractual amount and carrying value of our unfunded lending commitments as of March 31, 2026 and December 31, 2025. The carrying value represents our reserve and deferred revenue on legally binding commitments.
Table 14.1: Unfunded Lending Commitments
Contractual AmountCarrying Value
(Dollars in millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Credit card lines$695,043 $678,375 N/AN/A
Other loan commitments(1)
50,307 49,555 $75 $82 
Standby letters of credit and commercial letters of credit(2)
1,590 1,672 32 32 
Total unfunded lending commitments$746,940 $729,602 $107 $114 
__________
(1)Includes $8.8 billion and $7.8 billion of advised lines of credit as of March 31, 2026 and December 31, 2025.
(2)These financial guarantees have expiration dates that range from 2026 to 2030 as of March 31, 2026.
Loss Sharing Agreements
Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to the GSEs. We enter into loss sharing agreements with the GSEs upon the sale of these originated loans. Beginning January 1, 2020, we elected the fair value option on new loss sharing agreements entered into. Unrealized gains and losses are recorded in other non-interest income in our consolidated statements of income. For those loss sharing agreements entered into as of and prior to December 31, 2019, we amortize the liability recorded at inception into non-interest income as we are released from risk of having to make a payment and record our estimate of expected credit losses each period through the provision for credit losses in our consolidated statements of income. The liability recognized on our consolidated balance sheets for these loss sharing agreements was $132 million and $150 million as of March 31, 2026 and December 31, 2025, respectively. See “Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments” for information related to our credit card partnership loss sharing arrangements.
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Global Payment Network Counterparty Settlement Obligations
The Company has entered into contractual relationships with certain international merchants, international ATM acquirers and international payment networks pursuant to which they have exposure arising from failures of third parties to perform their financial payment or settlement obligations.
The maximum potential amount of future payments related to such contingent obligations is dependent upon the transaction volume processed between the time a potential counterparty defaults on its financial payment or settlement obligations and the time at which the Company disables the settlement of any further transactions for the defaulting party. The Company has certain contractual remedies to offset these counterparty settlement exposures. Losses related to counterparty settlement failures were not material for the three months ended March 31, 2026. The Company did not record a contingent liability for this exposure in the consolidated financial statements as of March 31, 2026.
Discover Network Merchant Chargeback Obligations
The Company operates the Discover Network, issues payment cards and permits third parties to issue payment cards. The Company is contingently liable for certain transactions processed on the Discover Network in the event of a dispute between the cardholder and a merchant. The contingent liability arises if the disputed transaction involves a merchant or merchant acquirer with whom the Discover Network has a direct relationship. If a dispute is resolved in the cardholder’s favor, the Discover Network will credit or refund the disputed amount to the Discover Network card issuer, who in turn is responsible for crediting its cardholder’s account. The Discover Network will then charge back the disputed amount of the payment card transaction to the merchant or merchant acquirer, where permitted by the applicable agreement, to seek recovery of amounts already paid to the merchant for the payment card transaction. If the Discover Network is unable to collect the amount subject to dispute from the merchant or merchant acquirer, the Discover Network will bear the loss for the amount credited or refunded to the cardholder.
The maximum potential amount of obligations of the Discover Network arising from such contingent obligations is estimated to be the portion of the total Discover Network transaction volume processed to date for which timely and valid disputes may be raised under applicable law and relevant issuer and customer agreements. Losses related to merchant chargebacks were not material for the three months ended March 31, 2026. The Company did not record a contingent liability for this exposure in the consolidated financial statements as of March 31, 2026.
Discover-Related Consent Orders
Prior to the closing of the Transaction, Discover and Discover Bank and their respective subsidiaries were parties to certain enforcement actions. As a result of the Transaction, Capital One and CONA now have certain going-forward obligations with regard to these matters.
In December 2020, Discover entered into a consent order with the Consumer Financial Protection Bureau (“CFPB”) related to certain private student loan servicing practices (the “CFPB Order”). As part of the CFPB Order, Discover implemented a redress and compliance plan and paid a civil monetary penalty. Although Discover sold its student loan portfolio and ceased servicing student loans prior to the closing of the Transaction, the CFPB Order by its terms remains in effect until December 2030 for issues that occurred prior to the sale and transfer of servicing for the student loan portfolio.
On July 19, 2023, Discover disclosed that it had incorrectly classified certain credit cards into its highest merchant and merchant acquirer pricing tier (the “Card Product Misclassification”). On April 18, 2025, Discover and DFS Services LLC entered into a consent order with the Federal Reserve (the “Federal Reserve Order”) in connection with the Card Product Misclassification relating to, among other things, board governance, risk management and internal controls and requiring a civil money penalty, which was paid prior to the closing of the Transaction. Capital One and CONA have committed to satisfy the obligations of the Federal Reserve Order.
Litigation
In accordance with the current accounting standards for loss contingencies, we establish reserves for legal and regulatory related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Except as discussed below, litigation and regulatory matters were not considered to be material. Litigation claims and proceedings of all types are subject to
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many uncertain factors that generally cannot be predicted with assurance.
We are defendants or respondents in a number of evolving legal and regulatory matters. For certain matters, we are able to estimate reasonably possible losses above existing reserves, and for other matters, such an estimate is not possible at this time. Management estimates that reasonably possible future losses above our reserves for legal and regulatory matters as of March 31, 2026 are up to approximately $300 million. Our reserve and reasonably possible loss estimates involve considerable judgment and reflect that there is significant uncertainty regarding numerous factors that may impact the ultimate loss levels. Notwithstanding our attempt to estimate a reasonably possible range of loss beyond our current accrual levels for some legal and regulatory matters based on current information, it is possible that actual future losses will exceed both the current accrual level and reasonably possible losses disclosed here. Given the inherent uncertainties involved in these matters and the very large or indeterminate damages sought in some of these, there is significant uncertainty as to the ultimate liability we may incur from these legal and regulatory matters and an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period.
Below we provide a description of potentially material legal and regulatory proceedings and claims.
Discover Card Product Misclassification
Discover and certain of its subsidiaries entered into a settlement agreement to resolve putative class actions filed on behalf of merchants allegedly affected by the Card Product Misclassification. The court granted preliminary approval of the settlement on July 30, 2025. Discover reserved $1.2 billion related to this matter and the class action settlement will be the primary means through which restitution will be paid to adversely affected merchants, merchant acquirers and other intermediaries.
Discover was also named as a defendant in a putative class action on behalf of shareholders alleging securities and other claims based on the Card Product Misclassification, among other subjects. On March 31, 2025, the court dismissed the putative shareholder class action without prejudice. On March 13, 2026, the court granted the plaintiff’s request to file an amended complaint. Discover was also subject to an SEC investigation into the Card Product Misclassification matter. We are cooperating with the investigation.
Interchange Litigation
In 2005, a putative class of retail merchants filed antitrust lawsuits against Mastercard and Visa and several issuing banks, including Capital One, seeking both injunctive relief and monetary damages for an alleged conspiracy by defendants to fix the level of interchange fees.
Visa and Mastercard reached a settlement with the injunctive relief class and filed a motion for preliminary approval, which was denied by the District Court in June 2024. Visa and Mastercard reached a new settlement with the injunctive relief class and filed a motion for preliminary approval with the District Court in November 2025.
Savings Account Litigation and Related Attorney General Litigation
On July 10, 2023, we were sued in a putative class action in the Eastern District of Virginia by savings account holders alleging breach of contract and a variety of other causes of action relating to our introduction of a new savings account product with a higher interest rate than existing savings account products (“Savings Account Litigation”).
On May 14, 2025, the New York Attorney General sued Capital One in the Southern District of New York alleging a variety of causes of action under New York and federal law based on factual allegations similar to those raised in the Savings Account Litigation pending in the Eastern District of Virginia (“New York Attorney General Litigation”). On August 7, 2025, the New York Attorney General Litigation was transferred to the Eastern District of Virginia and Capital One filed a motion to dismiss on August 29, 2025.
The parties in the Savings Account Litigation reached an agreement to settle the case and the court granted preliminary approval of the settlement. In September 2025, the New York Attorney General, on behalf of itself and 17 other state attorneys general, filed an amicus brief opposing the class action settlement in the Savings Account Litigation and in November 2025, the court denied final approval of the settlement. In December 2025, the parties reached a new settlement that includes a $425 million settlement fund, which is reflected in our reserves, and an agreement to increase the interest rate on 360 Savings accounts to match the interest paid on 360 Performance Savings accounts. The new settlement also resolves the New York
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Attorney General Litigation as well as the objection filed by the New York Attorney General on behalf of itself and 17 other state attorneys general. On April 20, 2026, the court granted final approval of the settlement.
Fair Access to Banking
Capital One is responding to demands and requests from various federal agencies regarding “fair access to banking,” including those resulting from Executive Order 14331 “Guaranteeing Fair Banking for All Americans,” which directed government agencies to review financial institutions’ policies and practices for providing, maintaining, or discontinuing financial products or services to certain clients or potential clients, and a civil lawsuit filed by the Donald J. Trump Revocable Trust and several affiliated corporate entities against Capital One, which is pending in the U.S. District Court for the Southern District of Florida.
Other Pending and Threatened Litigation
In addition, we are commonly subject to various pending and threatened legal actions relating to the conduct of our normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such other pending or threatened legal actions is not expected to be material to our consolidated financial position or our results of operations.
Deposit Insurance Assessments
On November 16, 2023, the FDIC finalized a rule to implement a special assessment to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors in connection with the systemic risk determination announced on March 12, 2023, following the closures of Silicon Valley Bank and Signature Bank.
On July 8, 2025, the FDIC invoiced CONA for additional special assessment fees and interest and asserted that CONA underreported its estimated uninsured deposits on the Consolidated Reports of Condition and Income (FFIEC 031) as of December 31, 2022 (“2022 Call Report”). CONA disagrees with the FDIC’s special assessment calculation. On September 10, 2025, CONA filed suit against the FDIC in the U.S. District Court for the Eastern District of Virginia seeking a declaratory judgment that CONA does not owe the disputed portion of the FDIC’s special assessment. On November 17, 2025, the FDIC filed a counterclaim seeking payment of the disputed amount. While we cannot predict the outcome of this dispute with the FDIC, we estimate that the amount of reasonably possible additional special assessment fees is approximately $150 million, based on the FDIC’s December 2025 interim final rule and other factors. CONA has deposited collateral satisfactory to the FDIC related to the disputed additional assessment amounts that have been invoiced to date. The deposited collateral will remain in custody with a third-party bank pending resolution of the dispute.
Finally, the ultimate amount of expenses associated with the special assessment will also be impacted by the finalization of the losses incurred by the FDIC in the resolutions of Silicon Valley Bank and Signature Bank.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk
For a discussion of the quantitative and qualitative disclosures about market risk, see “Part I—Item 2. MD&A— Market Risk Profile.”
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Item 4. Controls and Procedures
Overview
We are required under applicable laws and regulations to maintain controls and procedures, which include disclosure controls and procedures as well as internal control over financial reporting, as further described below. 
(a) Disclosure Controls and Procedures
Disclosure controls and procedures refer to controls and other procedures designed to provide reasonable assurance that information required to be disclosed in our financial reports is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and that such information is accumulated and communicated to management, including our CEO and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding our required disclosure. In designing and evaluating our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we must apply judgment in evaluating and implementing possible controls and procedures.
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15 of the Securities Exchange Act of 1934 (“Exchange Act”), our management, including the CEO and CFO, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of March 31, 2026, the end of the period covered by this Report. Based upon that evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2026, at a reasonable level of assurance, in recording, processing, summarizing and reporting information required to be disclosed within the time periods specified by the SEC rules and forms.
(b) Changes in Internal Control Over Financial Reporting
We regularly review our disclosure controls and procedures and make changes intended to ensure the quality of our financial reporting. As a result of the Transaction, we are in the process of incorporating Discover into our internal control over financial reporting. See “Note 2—Business Combinations” for further information. Other than those related to the Transaction, there have been no changes in our internal control over financial reporting during the first quarter of 2026 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
The information required by Item 103 of Regulation S-K is included in “Part I—Item 1. Financial Statements—Note 14—Commitments, Contingencies, Guarantees and Others.”
Item 1A. Risk Factors
We are not aware of any material changes from the risk factors set forth under “Part I—Item 1A. Risk Factors” in our 2025 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table presents information related to the repurchases of shares of our common stock for each calendar month in the first quarter of 2026. Commission costs are excluded from the amounts presented below.
Total Number
of Shares
Purchased(1)
Average
Price 
per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans(1)
Maximum
Amount That May
Yet be Purchased
Under the Plan
or Program(1)
(in millions)
January3,308,438 $234.91 3,288,451 $13,342 
February4,974,435 211.39 3,812,122 12,533 
March5,111,824 184.78 4,973,281 11,614 
Total13,394,697 207.05 12,073,854 
_________
(1)    On October 20, 2025, our Board of Directors authorized the repurchase of up to $16 billion of shares of the Company’s common stock, effective October 21, 2025. There were 19,987, 1,162,313 and 138,543 shares withheld in January, February and March, respectively, to cover taxes on restricted stock awards whose restrictions lapsed. See “Part I—Item 2. MD&A—Capital Management—Dividend Policy and Stock Purchases” for more information.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the three months ended March 31, 2026, certain of our directors and officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K as follows:

Matthew W. Cooper, our General Counsel and Corporate Secretary; President, Discover Integration, entered into a pre-arranged stock trading plan on January 26, 2026. Mr. Cooper’s plan provides for the associated sale of up to 21,000 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and October 8, 2027.
Kaitlin Haggerty, our Chief Human Resources Officer, entered into a pre-arranged stock trading plan on February 6, 2026. Ms. Haggerty’s plan provides for the associated sale of up to 8,427.971 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and January 26, 2027.

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Table of Contents
Ann Fritz Hackett, our lead independent director, entered into a pre-arranged stock trading plan on January 28, 2026. Ms. Hackett’s plan provides for the associated sale of up to 33,382 shares of Capital One common stock plus related dividend-equivalent shares earned with respect to such shares in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and November 12, 2026.
Sanjiv Yajnik, our President, Financial Services, entered into a pre-arranged stock trading plan on February 2, 2026. Mr. Yajnik’s plan provides for the associated sale of up to 55,949.997 shares of Capital One common stock in amounts and prices set forth in the plan and terminates on the earlier of the date all shares under the plan are sold and February 2, 2027.
Each of the trading plans was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and Capital One’s policies regarding transactions in its securities.

Item 6. Exhibits
An index to exhibits has been filed as part of this Report and is incorporated herein by reference.
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EXHIBIT INDEX

Exhibit No.Description
2.1
Agreement and Plan of Merger, dated as of February 19, 2024, by and among Discover Financial Services, Capital One Financial Corporation and Vega Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K, filed on February 22, 2024).
3.1
Restated Certificate of Incorporation of Capital One Financial Corporation (as restated July 26, 2023) (incorporated by reference to Exhibit 3.1 of the Quarterly Report on Form 10-Q, filed on July 27, 2023).
3.2
Amended and Restated Bylaws of Capital One Financial Corporation, dated September 23, 2021 (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed on September 29, 2021).
4.1Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, copies of instruments defining the rights of holders of long-term debt are not filed. The Company agrees to furnish a copy thereof to the SEC upon request.
10.1+
Total Shareholder Return Performance Unit Award Agreement granted to our Chief Executive Officer under the Amended and Restated 2004 Stock Incentive Plan on February 3, 2026 (incorporated by reference to Exhibit 10.2.23 of the 2025 Form 10-K).
10.2+
Performance Unit Award Agreement granted to our Chief Executive Officer under the Amended and Restated 2004 Stock Incentive Plan on February 3, 2026 (incorporated by reference to Exhibit 10.2.24 of the 2025 Form 10-K).
10.3+
Form of Restricted Stock Unit Award Agreement, dated February 3, 2026, by and between Capital One Financial Corporation and Richard D. Fairbank under the Amended and Restated 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.2.25 of the 2025 Form 10-K).
10.4+
Form of Restricted Stock Unit Award Agreements granted to our executive officers under the Amended and Restated 2004 Stock Incentive Plan on February 3, 2026 (incorporated by reference to Exhibit 10.2.26 of the 2025 Form 10-K).
10.5+
Form of Performance Unit Award Agreements granted to our executive officers under the Amended and Restated 2004 Stock Incentive Plan on February 3, 2026 (incorporated by reference to Exhibit 10.2.27 of the 2025 Form 10-K).
10.6+
Amended and Restated Capital One Financial Corporation Executive Severance Plan (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K, filed on February 6, 2026).
10.7+
Capital One Financial Corporation Executive Change of Control Severance Plan (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K, filed on February 6, 2026).
10.8*+
Non-Competition Agreement, dated September 4, 2018, between Capital One Financial Corporation and Mark Daniel Mouadeb.
10.9+
Capital One Financial Corporation Executive Officer Cash Severance Policy (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K, filed on February 6, 2026).
10.10*+
Restricted Stock Unit Award Agreement, dated April 7, 2026, by and between Capital One Financial Corporation and Frank LaPrade under the Amended and Restated 2004 Stock Incentive Plan.
31.1*
Certification of Richard D. Fairbank.
31.2*
Certification of Andrew M. Young.
32.1**
Certification of Richard D. Fairbank.
32.2**
Certification of Andrew M. Young.
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
The cover page of Capital One Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL (included within the Exhibit 101 attachments).
__________
+Represents a management contract or compensatory plan or arrangement.
*
Indicates a document being filed with this Form 10-Q.
**
Indicates a document being furnished with this Form 10-Q. Information in this Form 10-Q furnished herewith shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such exhibit shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.
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Capital One Financial Corporation (COF)
SIGNATURES
Pursuant to the requirements of Section 13 of 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 CAPITAL ONE FINANCIAL CORPORATION
Date: May 7, 2026 By:/s/ ANDREW M. YOUNG
 Andrew M. Young
 Chief Financial Officer























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