Cover and table of contents

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Cover and table of contents

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


☐			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 Class	Trading 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 I	COF 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 J	COF 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 K	COF 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 L	COF 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 N	COF PRN	New York Stock Exchange
1.650% Senior Notes Due 2029	COF29	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
PART I - FINANCIAL INFORMATION		4














Item 1.	Financial Statements	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
	Notes to Consolidated Financial Statements	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





Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)	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



			1			Capital One Financial Corporation (COF)


Item 3.	Quantitative and Qualitative Disclosures about Market Risk	135































Item 4.	Controls and Procedures	136












PART II—OTHER INFORMATION		137
Item 1.	Legal Proceedings	137
Item 1A.	Risk Factors	137
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	137
Item 3.	Defaults Upon Senior Securities	137
Item 4.	Mine Safety Disclosures	137
Item 5.	Other Information	137
Item 6.	Exhibits	138





EXHIBIT INDEX		139
SIGNATURES		140



			2			Capital One Financial Corporation (COF)

INDEX OF MD&A AND SUPPLEMENTAL TABLE


MD&A Tables:		Page
1	Consolidated Financial Highlights	6
2	Average Balances, Net Interest Income and Net Interest Margin	11
3	Rate/Volume Analysis of Net Interest Income	12
4	Non-Interest Income	13
5	Non-Interest Expense	14

6	Loans Held for Investment	15
7	Funding Sources Composition	16
8	Business Segment Results	19
9	Credit Card Business Results	20
9.1	Domestic Card Business Results	22
10	Consumer Banking Business Results	23
11	Commercial Banking Business Results	24
12	Other Category Results	26
13	Capital Ratios Under Basel III	31
14	Regulatory Risk-Based Capital Components and Regulatory Capital Metrics	32
15	Preferred Stock Dividends Paid Per Share	33


16	Domestic Credit Card Portfolio by Geographic Region	38
17	Auto Loan Portfolio by Geographic Region	39
18	Commercial Real Estate Portfolio by Region	40
19	Commercial Loans by Industry	41
20	Credit Score Distribution	42
21	30+ Day Delinquencies	43
22	Aging and Geography of 30+ Day Delinquent Loans	44
23	90+ Day Delinquent Loans Accruing Interest	44
24	Nonperforming Loans and Other Nonperforming Assets	45
25	Net Charge-Offs (Recoveries)	46

26	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	48

27	Liquidity Reserves	49
28	Deposits Composition and Average Deposits Interest Rates	51

29	Long-Term Debt Funding Activities	52
30	Senior Unsecured Long-Term Debt Credit Ratings	52

31	Interest Rate Sensitivity Analysis	56


Supplemental Table:





A	Reconciliation of Non-GAAP Measures	61



			3			Capital One Financial Corporation (COF)

PART I—FINANCIAL INFORMATION

Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)