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Capital One Reports Fourth Quarter 2024 Net Income of $1.1 Billion, or $2.67 Per Share

1. Q4 2024 net income decreased to $1.1 billion from $1.8 billion. 2. Provision for credit losses surged by $160 million, totaling $2.6 billion. 3. Credit card loans grew by 4% to $162.5 billion, representing stable growth. 4. Overall revenue increased by 2% to $10.2 billion in Q4 2024. 5. Regulatory approval for the Discover acquisition aims for completion in early 2025.

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The significant drop in net income and increase in provisions suggest potential financial strain, following a historical trend of stock declines post-earnings misses.

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MCLEAN, Va.--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2024 of $1.1 billion, or $2.67 per diluted common share, compared with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024, and with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023. Adjusted net income(1) for the fourth quarter of 2024 was $3.09 per diluted common share. “Our fourth quarter results included steady top-line growth in our domestic card business, strong originations and a return to loan growth in our auto business, and stable credit results across our businesses,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “The shareholder votes on the Discover acquisition are scheduled for February 18th, and we continue to work closely with our regulators as our applications work their way through the regulatory approval process. We remain well positioned to complete the acquisition in early 2025, subject to regulatory and shareholder approvals.” The quarter included the following adjusting items: (Dollars in millions, except per share data) Pre-Tax Impact After-Tax Diluted EPS Impact Discover integration expenses $ 140 $ 0.27 Legal reserve activity $ 75 $ 0.15 The quarter included the following notable item: (Dollars in millions, except per share data) Pre-Tax Impact After-Tax Diluted EPS Impact Accelerated philanthropy contributions $ 100 $ 0.20 All comparisons below are for the fourth quarter of 2024 compared with the third quarter of 2024 unless otherwise noted. Fourth Quarter 2024 Income Statement Summary: Total net revenue increased 2 percent to $10.2 billion. Total non-interest expense increased 15 percent to $6.1 billion: 24 percent increase in marketing. 12 percent increase in operating expenses. Pre-provision earnings(2) decreased 13 percent to $4.1 billion. Provision for credit losses increased $160 million to $2.6 billion: Net charge-offs of $2.9 billion. $245 million loan reserve release. Net interest margin of 7.03 percent, a decrease of 8 basis points. Efficiency ratio of 59.75 percent. Adjusted efficiency ratio(1) of 57.64 percent. Operating efficiency ratio of 46.26 percent. Adjusted operating efficiency ratio(1) of 44.15 percent. Fourth Quarter 2024 Balance Sheet Summary: Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.5 percent at December 31, 2024. Period-end loans held for investment in the quarter increased $7.5 billion, or 2 percent, to $327.8 billion. Credit Card period-end loans increased $5.9 billion, or 4 percent, to $162.5 billion. Domestic Card period-end loans increased $6.2 billion, or 4 percent, to $155.6 billion. Consumer Banking period-end loans increased $1.3 billion, or 2 percent, to $78.1 billion. Auto period-end loans increased $1.3 billion, or 2 percent, to $76.8 billion. Commercial Banking period-end loans increased $341 million, or less than 1 percent, to $87.2 billion. Average loans held for investment in the quarter increased $3.6 billion, or 1 percent, to $321.9 billion. Credit Card average loans increased $3.4 billion, or 2 percent, to $157.3 billion. Domestic Card average loans increased $3.3 billion, or 2 percent, to $150.3 billion. Consumer Banking average loans increased $1.0 billion, or 1 percent, to $77.2 billion. Auto average loans increased $1.0 billion, or 1 percent, to $76.0 billion. Commercial Banking average loans decreased $777 million, or 1 percent, to $87.3 billion. Period-end total deposits increased $9.1 billion, or 3 percent, to $362.7 billion, while average deposits increased $7.2 billion, or 2 percent, to $358.3 billion. Interest-bearing deposits rate paid decreased 18 basis points to 3.45 percent. 2024 Full Year Income Statement Summary: Total net revenue increased 6 percent to $39.1 billion. Total non-interest expense increased 6 percent to $21.5 billion: 14 percent increase in Marketing expense. 4 percent increase in operating expenses. Pre-provision earnings(2) increased 7 percent to $17.6 billion. Provision for credit losses increased $1.3 billion to $11.7 billion. Net interest margin of 6.88 percent, an increase of 25 basis points. Efficiency ratio of 54.93 percent. Adjusted efficiency ratio(1) of 54.00 percent. Operating efficiency ratio of 43.27 percent. Adjusted operating efficiency ratio(1) of 42.35 percent. Earnings Conference Call Webcast Information The company will hold an earnings conference call on January 21, 2025 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through February 4, 2025 at 5:00 PM Eastern Time. Forward-Looking Statements Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. 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 Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”). About Capital One Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index. (1) This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures. (2) Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures. (3) Regulatory capital metrics as of December 31, 2024 are preliminary and therefore subject to change.   Capital One Financial Corporation Financial Supplement(1)(2) Fourth Quarter 2024 Table of Contents     Capital One Financial Corporation Consolidated Results Page Table 1: Financial Summary—Consolidated 1 Table 2: Selected Metrics—Consolidated 3 Table 3: Consolidated Statements of Income 4 Table 4: Consolidated Balance Sheets 6 Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4) 8 Table 6: Average Balances, Net Interest Income and Net Interest Margin 9 Table 7: Loan Information and Performance Statistics 10 Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity 12 Business Segment Results Table 9: Financial Summary—Business Segment Results 13 Table 10: Financial & Statistical Summary—Credit Card Business 14 Table 11: Financial & Statistical Summary—Consumer Banking Business 16 Table 12: Financial & Statistical Summary—Commercial Banking Business 17 Table 13: Financial & Statistical Summary—Other and Total 18 Other Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13) 19 Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures 20 __________ (1)   The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2024 once it is filed with the Securities and Exchange Commission. (2)   This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful 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. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures. CAPITAL ONE FINANCIAL CORPORATION (COF) Table 1: Financial Summary—Consolidated             2024 Q4 Year Ended December 31, (Dollars in millions, except per share data and as noted) 2024 2024 2024 2024 2023 2024 2023 2024 vs. Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Income Statement       Net interest income $ 8,098 $ 8,076 $ 7,546 $ 7,488 $ 7,519 — 8 % $ 31,208 $ 29,241 7 % Non-interest income 2,092 1,938 1,960 1,914 1,987 8 % 5 7,904 7,546 5 Total net revenue(1) 10,190 10,014 9,506 9,402 9,506 2 7 39,112 36,787 6 Provision for credit losses 2,642 2,482 3,909 2,683 2,857 6 (8 ) 11,716 10,426 12 Non-interest expense:       Marketing 1,375 1,113 1,064 1,010 1,254 24 10 4,562 4,009 14 Operating expense 4,714 4,201 3,882 4,127 4,463 12 6 16,924 16,307 4 Total non-interest expense 6,089 5,314 4,946 5,137 5,717 15 7 21,486 20,316 6 Income from continuing operations before income taxes 1,459 2,218 651 1,582 932 (34 ) 57 5,910 6,045 (2 ) Income tax provision 366 441 54 302 226 (17 ) 62 1,163 1,158 — Income from continuing operations, net of tax 1,093 1,777 597 1,280 706 (38 ) 55 4,747 4,887 (3 ) Income from discontinued operations, net of tax 3 — — — — **   **   3 — **   Net income 1,096 1,777 597 1,280 706 (38 ) 55 4,750 4,887 (3 ) Dividends and undistributed earnings allocated to participating securities(2) (17 ) (28 ) (9 ) (23 ) (10 ) (39 ) 70 (77 ) (77 ) — Preferred stock dividends (57 ) (57 ) (57 ) (57 ) (57 ) — — (228 ) (228 ) — Net income available to common stockholders $ 1,022 $ 1,692 $ 531 $ 1,200 $ 639 (40 ) 60 $ 4,445 $ 4,582 (3 ) Common Share Statistics       Basic earnings per common share:(2)       Net income from continuing operations $ 2.66 $ 4.42 $ 1.39 $ 3.14 $ 1.67 (40 )% 59 % $ 11.60 $ 11.98 (3 )% Income from discontinued operations 0.01 — — — — **   **   0.01 — **   Net income per basic common share $ 2.67 $ 4.42 $ 1.39 $ 3.14 $ 1.67 (40 ) 60 $ 11.61 $ 11.98 (3 ) Diluted earnings per common share:(2)       Net income from continuing operations $ 2.66 $ 4.41 $ 1.38 $ 3.13 $ 1.67 (40 )% 59 % $ 11.58 $ 11.95 (3 )% Income from discontinued operations 0.01 — — — — **   **   0.01 — **   Net income per diluted common share $ 2.67 $ 4.41 $ 1.38 $ 3.13 $ 1.67 (39 ) 60 $ 11.59 $ 11.95 (3 ) Weighted-average common shares outstanding (in millions):       Basic 382.4 383.0 383.1 382.2 381.9 — — 382.7 382.4 — Diluted 383.4 383.7 383.9 383.4 382.8 — — 383.6 383.4 — Common shares outstanding (period-end, in millions) 381.2 381.5 381.9 382.1 380.4 — — 381.2 380.4 — Dividends declared and paid per common share $ 0.60 $ 0.60 $ 0.60 $ 0.60 $ 0.60 — — $ 2.40 $ 2.40 — Tangible book value per common share (period-end)(3) 106.97 112.36 99.28 98.67 99.78 (5 )% 7 % 106.97 99.78 7 % 2024 Q4 Year Ended December 31, (Dollars in millions) 2024 2024 2024 2024 2023 2024 2023 2024 vs. Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Balance Sheet (Period-End) Loans held for investment $ 327,775 $ 320,243 $ 318,186 $ 315,154 $ 320,472 2 % 2 % $ 327,775 $ 320,472 2 % Interest-earning assets 463,058 458,189 452,547 453,557 449,701 1 3 463,058 449,701 3 Total assets 490,144 486,433 480,018 481,720 478,464 1 2 490,144 478,464 2 Interest-bearing deposits 336,585 327,253 324,437 323,352 320,389 3 5 336,585 320,389 5 Total deposits 362,707 353,631 351,442 350,969 348,413 3 4 362,707 348,413 4 Borrowings 45,551 49,336 47,956 50,361 49,856 (8 ) (9 ) 45,551 49,856 (9 ) Common equity 55,938 58,080 53,135 52,955 53,244 (4 ) 5 55,938 53,244 5 Total stockholders’ equity 60,784 62,925 57,981 57,801 58,089 (3 ) 5 60,784 58,089 5 Balance Sheet (Average Balances) Loans held for investment $ 321,871 $ 318,255 $ 314,888 $ 314,614 $ 315,890 1 % 2 % $ 317,421 $ 311,541 2 % Interest-earning assets 460,640 454,484 450,908 447,803 446,929 1 3 453,481 441,238 3 Total assets 488,300 481,219 477,285 474,995 472,594 1 3 480,451 467,807 3 Interest-bearing deposits 331,564 324,509 322,581 318,450 316,808 2 5 324,297 313,737 3 Total deposits 358,323 351,125 349,488 345,657 345,328 2 4 351,168 343,554 2 Borrowings 46,293 48,274 48,842 50,474 51,070 (4 ) (9 ) 48,465 49,332 (2 ) Common equity 56,918 56,443 53,262 53,152 50,786 1 12 54,953 50,349 9 Total stockholders’ equity 61,764 61,289 58,107 57,998 55,632 1 11 59,799 55,195 8     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 2: Selected Metrics—Consolidated                 2024 Q4 Year Ended December 31, (Dollars in millions, except as noted) 2024 2024 2024 2024 2023 2024 2023 2024 vs. Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Performance Metrics       Net interest income growth (period over period) — 7 % 1 % — 1 % ** **   7 % 8 % **   Non-interest income growth (period over period) 8 % (1 ) 2 (4 )% 2 ** **   5 6 **   Total net revenue growth (period over period) 2 5 1 (1 ) 1 ** **   6 7 **   Total net revenue margin(4) 8.85 8.81 8.43 8.40 8.51 4 bps 34 bps  8.62 8.34 28 bps  Net interest margin(5) 7.03 7.11 6.70 6.69 6.73 (8 ) 30 6.88 6.63 25 Return on average assets 0.90 1.48 0.50 1.08 0.60 (58 ) 30 0.99 1.04 (5 ) Return on average tangible assets(6) 0.92 1.53 0.52 1.11 0.62 (61 ) 30 1.02 1.08 (6 ) Return on average common equity(7) 7.16 11.99 3.99 9.03 5.03 (483 ) 213 8.08 9.10 (102 ) Return on average tangible common equity(8) 9.77 16.42 5.59 12.67 7.20 (665 ) 257 11.18 13.04 (186 ) Efficiency ratio(9) 59.75 53.07 52.03 54.64 60.14 668 (39 ) 54.93 55.23 (30 ) Operating efficiency ratio(10) 46.26 41.95 40.84 43.89 46.95 431 (69 ) 43.27 44.33 (106 ) Effective income tax rate for continuing operations 25.1 19.9 8.3 19.1 24.2 520 90 19.7 19.2 50 Employees (period-end, in thousands) 52.6 52.5 52.1 51.3 52.0 — 1 % 52.6 52.0 1 % Credit Quality Metrics       Allowance for credit losses $ 16,258 $ 16,534 $ 16,649 $ 15,380 $ 15,296 (2 )% 6 % $ 16,258 $ 15,296 6 % Allowance coverage ratio 4.96 % 5.16 % 5.23 % 4.88 % 4.77 % (20 ) bps  19 bps  4.96 % 4.77 % 19 bps  Net charge-offs $ 2,884 $ 2,604 $ 2,644 $ 2,616 $ 2,533 11 % 14 % $ 10,748 $ 8,414 28 % Net charge-off rate(11) 3.59 % 3.27 % 3.36 % 3.33 % 3.21 % 32 bps 38 bps  3.39 % 2.70 % 69 bps  30+ day performing delinquency rate 3.69 3.58 3.36 3.40 3.71 11 (2 ) 3.69 3.71 (2 ) 30+ day delinquency rate 3.98 3.89 3.63 3.67 3.99 9 (1 ) 3.98 3.99 (1 ) Capital Ratios(12)       Common equity Tier 1 capital 13.5 % 13.6 % 13.2 % 13.1 % 12.9 % (10 ) bps 60 bps 13.5 % 12.9 % 60 bps Tier 1 capital 14.8 14.9 14.5 14.4 14.2 (10 ) 60 14.8 14.2 60 Total capital 16.4 16.6 16.3 16.2 16.0 (20 ) 40 16.4 16.0 40 Tier 1 leverage 11.6 11.6 11.3 11.3 11.2 — 40 11.6 11.2 40 Tangible common equity (“TCE”)(13) 8.6 9.1 8.2 8.1 8.2 (51 ) 39 8.6 8.2 39     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 3: Consolidated Statements of Income                 2024 Q4 Year Ended December 31, (Dollars in millions, except as noted) 2024 2024 2024 2024 2023 2024 2023 2024 vs. Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Interest income:       Loans, including loans held for sale $ 10,434 $ 10,547 $ 9,993 $ 9,920 $ 9,934 (1 )% 5 % $ 40,894 $ 37,410 9 % Investment securities 753 733 700 687 669 3 13 2,873 2,550 13 Other 530 580 587 570 542 (9 ) (2 ) 2,267 1,978 15 Total interest income 11,717 11,860 11,280 11,177 11,145 (1 ) 5 46,034 41,938 10 Interest expense:       Deposits 2,862 2,945 2,874 2,812 2,745 (3 ) 4 11,493 9,489 21 Securitized debt obligations 205 234 258 261 263 (12 ) (22 ) 958 959 — Senior and subordinated notes 540 596 591 606 608 (9 ) (11 ) 2,333 2,204 6 Other borrowings 12 9 11 10 10 33 20 42 45 (7 ) Total interest expense 3,619 3,784 3,734 3,689 3,626 (4 ) — 14,826 12,697 17 Net interest income 8,098 8,076 7,546 7,488 7,519 — 8 31,208 29,241 7 Provision for credit losses 2,642 2,482 3,909 2,683 2,857 6 (8 ) 11,716 10,426 12 Net interest income after provision for credit losses 5,456 5,594 3,637 4,805 4,662 (2 ) 17 19,492 18,815 4 Non-interest income:       Interchange fees, net 1,260 1,228 1,249 1,145 1,207 3 4 4,882 4,793 2 Service charges and other customer-related fees 554 501 459 462 424 11 31 1,976 1,667 19 Net securities gains (losses) — (35 ) — — (34 ) **   **   (35 ) (34 ) 3 Other 278 244 252 307 390 14 (29 ) 1,081 1,120 (3 ) Total non-interest income 2,092 1,938 1,960 1,914 1,987 8 5 7,904 7,546 5 Non-interest expense:       Salaries and associate benefits 2,329 2,391 2,200 2,478 2,284 (3 ) 2 9,398 9,302 1 Occupancy and equipment 674 587 551 554 628 15 7 2,366 2,160 10 Marketing 1,375 1,113 1,064 1,010 1,254 24 10 4,562 4,009 14 Professional services 630 402 316 262 359 57 75 1,610 1,268 27 Communications and data processing 398 358 355 351 345 11 15 1,462 1,383 6 Amortization of intangibles 19 20 19 19 22 (5 ) (14 ) 77 82 (6 ) Other 664 443 441 463 825 50 (20 ) 2,011 2,112 (5 ) Total non-interest expense 6,089 5,314 4,946 5,137 5,717 15 7 21,486 20,316 6 Income from continuing operations before income taxes 1,459 2,218 651 1,582 932 (34 ) 57 5,910 6,045 (2 ) Income tax provision 366 441 54 302 226 (17 ) 62 1,163 1,158 — Income from continuing operations, net of tax 1,093 1,777 597 1,280 706 (38 ) 55 4,747 4,887 (3 ) Income from discontinued operations, net of tax 3 — — — — **   **   3 — **   Net income 1,096 1,777 597 1,280 706 (38 ) 55 4,750 4,887 (3 ) Dividends and undistributed earnings allocated to participating securities(2) (17 ) (28 ) (9 ) (23 ) (10 ) (39 ) 70 (77 ) (77 ) — Preferred stock dividends (57 ) (57 ) (57 ) (57 ) (57 ) — — (228 ) (228 ) — Net income available to common stockholders $ 1,022 $ 1,692 $ 531 $ 1,200 $ 639 (40 ) 60 $ 4,445 $ 4,582 (3 )             2024 Q4 Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 vs. Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Basic earnings per common share:(2)       Net income from continuing operations $ 2.66 $ 4.42 $ 1.39 $ 3.14 $ 1.67 (40 )% 59 % $ 11.60 $ 11.98 (3 )% Income from discontinued operations 0.01 — — — — **   **   0.01 — **   Net income per basic common share $ 2.67 $ 4.42 $ 1.39 $ 3.14 $ 1.67 (40 ) 60 $ 11.61 $ 11.98 (3 ) Diluted earnings per common share:(2)       Net income from continuing operations $ 2.66 $ 4.41 $ 1.38 $ 3.13 $ 1.67 (40 )% 59 % $ 11.58 11.95 (3 )% Income from discontinued operations 0.01 — — — — **   **   0.01 — **   Net income per diluted common share $ 2.67 $ 4.41 $ 1.38 $ 3.13 $ 1.67 (39 ) 60 $ 11.59 $ 11.95 (3 ) Weighted-average common shares outstanding (in millions):       Basic common shares 382.4 383.0 383.1 382.2 381.9 — — 382.7 382.4 — Diluted common shares 383.4 383.7 383.9 383.4 382.8 — — 383.6 383.4 —     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 4: Consolidated Balance Sheets       2024 Q4 2024 2024 2024 2024 2023 2024 2023 (Dollars in millions) Q4 Q3 Q2 Q1 Q4 Q3 Q4 Assets: Cash and cash equivalents: Cash and due from banks $ 3,028 $ 3,976 $ 5,298 $ 4,671 $ 4,903 (24 )% (38 )% Interest-bearing deposits and other short-term investments 40,202 45,322 40,116 46,357 38,394 (11 ) 5 Total cash and cash equivalents 43,230 49,298 45,414 51,028 43,297 (12 ) — Restricted cash for securitization investors 441 421 2,415 474 458 5 (4 ) Securities available for sale 83,013 83,500 79,250 78,398 79,117 (1 ) 5 Loans held for investment: Unsecuritized loans held for investment 298,241 292,061 289,124 285,577 289,229 2 3 Loans held in consolidated trusts 29,534 28,182 29,062 29,577 31,243 5 (5 ) Total loans held for investment 327,775 320,243 318,186 315,154 320,472 2 2 Allowance for credit losses (16,258 ) (16,534 ) (16,649 ) (15,380 ) (15,296 ) (2 ) 6 Net loans held for investment 311,517 303,709 301,537 299,774 305,176 3 2 Loans held for sale 202 96 808 1,631 854 110 (76 ) Premises and equipment, net 4,511 4,440 4,396 4,366 4,375 2 3 Interest receivable 2,532 2,577 2,494 2,514 2,478 (2 ) 2 Goodwill 15,059 15,083 15,062 15,062 15,065 — — Other assets 29,639 27,309 28,642 28,473 27,644 9 7 Total assets $ 490,144 $ 486,433 $ 480,018 $ 481,720 $ 478,464 1 2 2024 Q4 2024 2024 2024 2024 2023 2024 2023 (Dollars in millions) Q4 Q3 Q2 Q1 Q4 Q3 Q4 Liabilities: Interest payable $ 666 $ 705 $ 668 $ 762 $ 649 (6 )% 3 % Deposits: Non-interest-bearing deposits 26,122 26,378 27,005 27,617 28,024 (1 ) (7 ) Interest-bearing deposits 336,585 327,253 324,437 323,352 320,389 3 5 Total deposits 362,707 353,631 351,442 350,969 348,413 3 4 Securitized debt obligations 14,264 15,881 17,291 17,661 18,043 (10 ) (21 ) Other debt: Federal funds purchased and securities loaned or sold under agreements to repurchase 562 520 715 568 538 8 4 Senior and subordinated notes 30,696 32,911 29,925 32,108 31,248 (7 ) (2 ) Other borrowings 29 24 25 24 27 21 7 Total other debt 31,287 33,455 30,665 32,700 31,813 (6 ) (2 ) Other liabilities 20,436 19,836 21,971 21,827 21,457 3 (5 ) Total liabilities 429,360 423,508 422,037 423,919 420,375 1 2 Stockholders’ equity: Preferred stock 0 0 0 0 0 — — Common stock 7 7 7 7 7 — — Additional paid-in capital, net 36,428 36,216 36,012 35,808 35,541 1 2 Retained earnings 64,505 63,698 62,211 61,905 60,945 1 6 Accumulated other comprehensive loss (9,286 ) (6,287 ) (9,701 ) (9,534 ) (8,268 ) 48 12 Treasury stock, at cost (30,870 ) (30,709 ) (30,548 ) (30,385 ) (30,136 ) 1 2 Total stockholders’ equity 60,784 62,925 57,981 57,801 58,089 (3 ) 5 Total liabilities and stockholders’ equity $ 490,144 $ 486,433 $ 480,018 $ 481,720 $ 478,464 1 2     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)   (1)   Total net revenue was reduced by $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024 and $566 million in Q4 2023 for credit card finance charges and fees charged-off as uncollectible. (2)   Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures. (3)   Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures. (4)   Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period. (5)   Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period. (6)   Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures. (7)   Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less 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. (8)   Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures. (9)   Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures. (10)   Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures. (11)   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. (12)   Capital ratios as of the end of Q4 2024 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios. (13)   TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures. **   Not meaningful.     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 6: Average Balances, Net Interest Income and Net Interest Margin   2024 Q4 2024 Q3 2023 Q4 (Dollars in millions, except as noted) Average Balance Interest Income/ Expense Yield/Rate(1) Average Balance Interest Income/ Expense Yield/Rate(1) Average Balance Interest Income/ Expense Yield/Rate(1) Interest-earning assets: Loans, including loans held for sale $ 322,231 $ 10,434 12.95 % $ 318,715 $ 10,547 13.24 % $ 316,670 $ 9,934 12.55 % Investment securities 92,248 753 3.26 90,644 733 3.24 88,650 669 3.02 Cash equivalents and other 46,161 530 4.59 45,125 580 5.14 41,609 542 5.21 Total interest-earning assets $ 460,640 $ 11,717 10.17 $ 454,484 $ 11,860 10.44 $ 446,929 $ 11,145 9.97 Interest-bearing liabilities: Interest-bearing deposits $ 331,564 $ 2,862 3.45 $ 324,509 $ 2,945 3.63 $ 316,808 $ 2,745 3.47 Securitized debt obligations 14,931 205 5.47 15,833 234 5.93 18,022 263 5.84 Senior and subordinated notes 30,888 540 7.00 32,041 596 7.43 32,586 608 7.46 Other borrowings and liabilities(2) 2,434 12 1.85 2,389 9 1.50 2,349 10 1.74 Total interest-bearing liabilities $ 379,817 $ 3,619 3.81 $ 374,772 $ 3,784 4.04 $ 369,765 $ 3,626 3.92 Net interest income/spread $ 8,098 6.36 $ 8,076 6.40 $ 7,519 6.05 Impact of non-interest-bearing funding 0.67 0.71 0.68 Net interest margin(3) 7.03 % 7.11 % 6.73 % Year Ended December 31, 2024 2023 (Dollars in millions, except as noted) Average Balance Interest Income/ Expense Yield/Rate(1) Average Balance Interest Income/ Expense Yield/Rate(1) Interest-earning assets: Loans, including loans held for sale $ 318,096 $ 40,894 12.86 % $ 312,173 $ 37,410 11.98 % Investment securities 90,250 2,873 3.18 89,105 2,550 2.86 Cash equivalents and other 45,135 2,267 5.02 39,960 1,978 4.95 Total interest-earning assets $ 453,481 $ 46,034 10.15 $ 441,238 $ 41,938 9.50 Interest-bearing liabilities: Interest-bearing deposits $ 324,297 $ 11,493 3.54 $ 313,737 $ 9,489 3.02 Securitized debt obligations 16,507 958 5.80 17,675 959 5.42 Senior and subordinated notes 31,529 2,333 7.40 31,109 2,204 7.08 Other borrowings and liabilities(2) 2,424 42 1.71 2,394 45 1.89 Total interest-bearing liabilities $ 374,757 $ 14,826 3.96 $ 364,915 $ 12,697 3.48 Net interest income/spread $ 31,208 6.20 $ 29,241 6.03 Impact of non-interest-bearing funding 0.68 0.60 Net interest margin 6.88 % 6.63 %     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 7: Loan Information and Performance Statistics     2024 Q4 Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 2023 2024 vs. 2023 (Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 Loans Held for Investment (Period-End) Credit card: Domestic credit card $ 155,618 $ 149,400 $ 147,065 $ 143,861 $ 147,666 4 % 5 % $ 155,618 $ 147,666 5 % International card businesses 6,890 7,251 6,830 6,733 6,881 (5 ) — 6,890 6,881 — Total credit card 162,508 156,651 153,895 150,594 154,547 4 5 162,508 154,547 5 Consumer banking: Auto 76,829 75,505 74,385 73,801 74,075 2 4 76,829 74,075 4 Retail banking 1,263 1,253 1,278 1,298 1,362 1 (7 ) 1,263 1,362 (7 ) Total consumer banking 78,092 76,758 75,663 75,099 75,437 2 4 78,092 75,437 4 Commercial banking: Commercial and multifamily real estate 31,903 32,199 32,832 34,272 34,446 (1 ) (7 ) 31,903 34,446 (7 ) Commercial and industrial 55,272 54,635 55,796 55,189 56,042 1 (1 ) 55,272 56,042 (1 ) Total commercial banking 87,175 86,834 88,628 89,461 90,488 — (4 ) 87,175 90,488 (4 ) Total loans held for investment $ 327,775 $ 320,243 $ 318,186 $ 315,154 $ 320,472 2 2 $ 327,775 $ 320,472 2 Loans Held for Investment (Average) Credit card: Domestic credit card $ 150,290 $ 147,021 $ 143,744 $ 142,887 $ 142,112 2 % 6 % $ 146,000 $ 135,213 8 % International card businesses 7,036 6,951 6,723 6,758 6,515 1 8 6,868 6,359 8 Total credit card 157,326 153,972 150,467 149,645 148,627 2 6 152,868 141,572 8 Consumer banking: Auto 75,968 74,920 74,098 73,768 74,861 1 1 74,692 76,067 (2 ) Retail banking 1,253 1,262 1,288 1,324 1,377 (1 ) (9 ) 1,281 1,446 (11 ) Total consumer banking 77,221 76,182 75,386 75,092 76,238 1 1 75,973 77,513 (2 ) Commercial banking: Commercial and multifamily real estate 32,058 32,416 33,801 34,310 35,414 (1 ) (9 ) 33,141 36,448 (9 ) Commercial and industrial 55,266 55,685 55,234 55,567 55,611 (1 ) (1 ) 55,439 56,008 (1 ) Total commercial banking 87,324 88,101 89,035 89,877 91,025 (1 ) (4 ) 88,580 92,456 (4 ) Total average loans held for investment $ 321,871 $ 318,255 $ 314,888 $ 314,614 $ 315,890 1 2 $ 317,421 $ 311,541 2 2024 Q4 Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 2023 2024 vs. 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q4 Net Charge-Off (Recovery) Rates       Credit card:       Domestic credit card(4)(5) 6.06 % 5.61 % 6.05 % 5.94 % 5.35 % 45 bps 71 bps  5.91 % 4.56 % 135 bps  International card businesses 5.17 5.23 5.03 5.16 4.94 (6 ) 23 5.15 4.84 31 Total credit card 6.02 5.60 6.00 5.90 5.33 42 69 5.88 4.57 131 Consumer banking:       Auto 2.32 2.05 1.81 1.99 2.19 27 13 2.05 1.72 33 Retail banking 5.63 5.43 5.38 4.04 5.68 20 (5 ) 5.11 3.89 122 Total consumer banking 2.38 2.11 1.87 2.03 2.25 27 13 2.10 1.76 34 Commercial banking:       Commercial and multifamily real estate 0.50 0.26 0.11 0.20 0.96 24 (46 ) 0.26 1.34 (108 ) Commercial and industrial 0.13 0.20 0.17 0.08 0.26 (7 ) (13 ) 0.15 0.16 (1 ) Total commercial banking 0.26 0.22 0.15 0.13 0.53 4 (27 ) 0.19 0.62 (43 ) Total net charge-offs 3.59 3.27 3.36 3.33 3.21 32 38 3.39 2.70 69 30+ Day Performing Delinquency Rates       Credit card:       Domestic credit card 4.53 % 4.53 % 4.14 % 4.48 % 4.61 % — (8 ) bps 4.53 % 4.61 % (8 ) bps International card businesses 4.52 4.53 4.63 4.83 4.67 (1 ) bps (15 ) 4.52 4.67 (15 ) Total credit card 4.53 4.53 4.16 4.50 4.61 — (8 ) 4.53 4.61 (8 ) Consumer banking:       Auto 5.95 5.61 5.67 5.28 6.34 34 (39 ) 5.95 6.34 (39 ) Retail banking 1.12 0.95 1.57 0.95 1.19 17 (7 ) 1.12 1.19 (7 ) Total consumer banking 5.87 5.53 5.60 5.21 6.25 34 (38 ) 5.87 6.25 (38 ) Nonperforming Loans and Nonperforming Assets Rates(6)(7)       Credit card:       International card businesses 0.15 % 0.15 % 0.15 % 0.13 % 0.13 % — 2 bps 0.15 % 0.13 % 2 bps  Total credit card 0.01 0.01 0.01 0.01 0.01 — — 0.01 0.01 — Consumer banking:       Auto 0.98 0.91 0.88 0.79 0.96 7 bps 2 0.98 0.96 2 Retail banking 1.94 2.19 2.81 3.21 3.36 (25 ) (142 ) 1.94 3.36 (142 ) Total consumer banking 0.99 0.93 0.92 0.83 1.00 6 (1 ) 0.99 1.00 (1 ) Commercial banking:       Commercial and multifamily real estate 1.60 1.96 1.28 1.58 1.23 (36 ) 37 1.60 1.23 37 Commercial and industrial 1.27 1.32 1.56 1.10 0.60 (5 ) 67 1.27 0.60 67 Total commercial banking 1.39 1.55 1.46 1.28 0.84 (16 ) 55 1.39 0.84 55 Total nonperforming loans 0.61 0.65 0.63 0.57 0.48 (4 ) 13 0.61 0.48 13 Total nonperforming assets 0.63 0.67 0.64 0.58 0.50 (4 ) 13 0.63 0.50 13     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity     Three Months Ended December 31, 2024 Credit Card Consumer Banking (Dollars in millions) Domestic Card International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of September 30, 2024 $ 12,494 $ 495 $ 12,989 $ 1,988 $ 27 $ 2,015 $ 1,530 $ 16,534 Charge-offs (2,737 ) (128 ) (2,865 ) (733 ) (22 ) (755 ) (68 ) (3,688 ) Recoveries 459 38 497 291 5 296 11 804 Net charge-offs (2,278 ) (90 ) (2,368 ) (442 ) (17 ) (459 ) (57 ) (2,884 ) Provision (benefit) for credit losses 2,278 106 2,384 313 15 328 (73 ) 2,639 Allowance build (release) for credit losses — 16 16 (129 ) (2 ) (131 ) (130 ) (245 ) Other changes(8) — (31 ) (31 ) — — — — (31 ) Balance as of December 31, 2024 12,494 480 12,974 1,859 25 1,884 1,400 16,258 Reserve for unfunded lending commitments: Balance as of September 30, 2024 — — — — — — 142 142 Provision (benefit) for losses on unfunded lending commitments — — — — — — 1 1 Balance as of December 31, 2024 — — — — — — 143 143 Combined allowance and reserve as of December 31, 2024 $ 12,494 $ 480 $ 12,974 $ 1,859 $ 25 $ 1,884 $ 1,543 $ 16,401 Year Ended December 31, 2024 Credit Card Consumer Banking (Dollars in millions) Domestic Card International Card Businesses Total Credit Card Auto Retail Banking Total Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of December 31, 2023 $ 11,261 $ 448 $ 11,709 $ 2,002 $ 40 $ 2,042 $ 1,545 $ 15,296 Charge-offs (10,246 ) (511 ) (10,757 ) (2,674 ) (84 ) (2,758 ) (234 ) (13,749 ) Recoveries 1,612 158 1,770 1,146 19 1,165 66 3,001 Net charge-offs (8,634 ) (353 ) (8,987 ) (1,528 ) (65 ) (1,593 ) (168 ) (10,748 ) Provision for credit losses 9,867 405 10,272 1,385 50 1,435 23 11,730 Allowance build (release) for credit losses(9) 1,233 52 1,285 (143 ) (15 ) (158 ) (145 ) 982 Other changes(8) — (20 ) (20 ) — — — — (20 ) Balance as of December 31, 2024 12,494 480 12,974 1,859 25 1,884 1,400 16,258 Reserve for unfunded lending commitments: Balance as of December 31, 2023 — — — — — — 158 158 Provision (benefit) for losses on unfunded lending commitments — — — — — — (15 ) (15 ) Balance as of December 31, 2024 — — — — — — 143 143 Combined allowance and reserve as of December 31, 2024 $ 12,494 $ 480 $ 12,974 $ 1,859 $ 25 $ 1,884 $ 1,543 $ 16,401     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 9: Financial Summary—Business Segment Results     Three Months Ended December 31, 2024 Year Ended December 31, 2024 (Dollars in millions) Credit Card Consumer Banking Commercial Banking(10) Other(10) Total Credit Card Consumer Banking Commercial Banking(10) Other(10) Total Net interest income (loss) $ 5,779 $ 1,959 $ 587 $ (227 ) $ 8,098 $ 22,088 $ 8,023 $ 2,391 $ (1,294 ) $ 31,208 Non-interest income (loss) 1,585 182 366 (41 ) 2,092 6,076 695 1,210 (77 ) 7,904 Total net revenue (loss) 7,364 2,141 953 (268 ) 10,190 28,164 8,718 3,601 (1,371 ) 39,112 Provision (benefit) for credit losses 2,384 328 (72 ) 2 2,642 10,272 1,435 8 1 11,716 Non-interest expense 3,846 1,545 518 180 6,089 13,576 5,372 2,011 527 21,486 Income (loss) from continuing operations before income taxes 1,134 268 507 (450 ) 1,459 4,316 1,911 1,582 (1,899 ) 5,910 Income tax provision (benefit) 268 63 119 (84 ) 366 1,024 451 373 (685 ) 1,163 Income (loss) from continuing operations, net of tax $ 866 $ 205 $ 388 $ (366 ) $ 1,093 $ 3,292 $ 1,460 $ 1,209 $ (1,214 ) $ 4,747 Three Months Ended September 30, 2024 (Dollars in millions) Credit Card Consumer Banking Commercial Banking(10) Other(10) Total Net interest income (loss) $ 5,743 $ 2,028 $ 596 $ (291 ) $ 8,076 Non-interest income (loss) 1,509 182 292 (45 ) 1,938 Total net revenue (loss) 7,252 2,210 888 (336 ) 10,014 Provision (benefit) for credit losses 2,084 351 48 (1 ) 2,482 Non-interest expense 3,367 1,331 495 121 5,314 Income (loss) from continuing operations before income taxes 1,801 528 345 (456 ) 2,218 Income tax provision (benefit) 427 125 82 (193 ) 441 Income (loss) from continuing operations, net of tax $ 1,374 $ 403 $ 263 $ (263 ) $ 1,777 Three Months Ended December 31, 2023 Year Ended December 31, 2023 (Dollars in millions) Credit Card Consumer Banking Commercial Banking(10) Other(10) Total Credit Card Consumer Banking Commercial Banking(10) Other(10) Total Net interest income (loss) $ 5,231 $ 1,951 $ 617 $ (280 ) $ 7,519 $ 19,729 $ 8,713 $ 2,518 $ (1,719 ) $ 29,241 Non-interest income 1,565 163 245 14 1,987 5,940 589 1,002 15 7,546 Total net revenue (loss) 6,796 2,114 862 (266 ) 9,506 25,669 9,302 3,520 (1,704 ) 36,787 Provision (benefit) for credit losses 2,353 422 84 (2 ) 2,857 8,651 1,169 605 1 10,426 Non-interest expense 3,417 1,402 487 411 5,717 12,490 5,178 2,011 637 20,316 Income (loss) from continuing operations before income taxes 1,026 290 291 (675 ) 932 4,528 2,955 904 (2,342 ) 6,045 Income tax provision (benefit) 241 68 68 (151 ) 226 1,071 697 213 (823 ) 1,158 Income (loss) from continuing operations, net of tax $ 785 $ 222 $ 223 $ (524 ) $ 706 $ 3,457 $ 2,258 $ 691 $ (1,519 ) $ 4,887     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 10: Financial & Statistical Summary—Credit Card Business               2024 Q4 vs. Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 vs. (Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Credit Card       Earnings:       Net interest income $ 5,779 $ 5,743 $ 5,294 $ 5,272 $ 5,231 1 % 10 % $ 22,088 $ 19,729 12 % Non-interest income 1,585 1,509 1,506 1,476 1,565 5 1 6,076 5,940 2 Total net revenue 7,364 7,252 6,800 6,748 6,796 2 8 28,164 25,669 10 Provision for credit losses 2,384 2,084 3,545 2,259 2,353 14 1 10,272 8,651 19 Non-interest expense 3,846 3,367 3,134 3,229 3,417 14 13 13,576 12,490 9 Income from continuing operations before income taxes 1,134 1,801 121 1,260 1,026 (37 ) 11 4,316 4,528 (5 ) Income tax provision 268 427 30 299 241 (37 ) 11 1,024 1,071 (4 ) Income from continuing operations, net of tax $ 866 $ 1,374 $ 91 $ 961 $ 785 (37 ) 10 $ 3,292 $ 3,457 (5 ) Selected performance metrics:       Period-end loans held for investment $ 162,508 $ 156,651 $ 153,895 $ 150,594 $ 154,547 4 5 $ 162,508 $ 154,547 5 Average loans held for investment 157,326 153,972 150,467 149,645 148,627 2 6 152,868 141,572 8 Average yield on loans outstanding(1) 19.05 % 19.66 % 18.79 % 18.84 % 18.96 % (61 ) bps 9 bps  19.09 % 18.54 % 55 bps  Total net revenue margin(11) 18.72 18.82 18.03 17.99 18.24 (10 ) 48 18.39 18.12 27 Net charge-off rate 6.02 5.60 6.00 5.90 5.33 42 69 5.88 4.57 131 30+ day performing delinquency rate 4.53 4.53 4.16 4.50 4.61 — (8 ) 4.53 4.61 (8 ) 30+ day delinquency rate 4.54 4.54 4.17 4.50 4.62 — (8 ) 4.54 4.62 (8 ) Nonperforming loan rate(6) 0.01 0.01 0.01 0.01 0.01 — — 0.01 0.01 — Purchase volume(12) $ 172,919 $ 166,203 $ 165,143 $ 150,171 $ 162,055 4 % 7 % $ 654,436 $ 620,290 6 % 2024 Q4 vs. Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 vs. (Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Domestic Card       Earnings:       Net interest income $ 5,474 $ 5,434 $ 5,001 $ 4,972 $ 4,940 1 % 11 % $ 20,881 $ 18,610 12 % Non-interest income 1,522 1,438 1,440 1,411 1,498 6 2 5,811 5,672 2 Total net revenue(13) 6,996 6,872 6,441 6,383 6,438 2 9 26,692 24,282 10 Provision for credit losses 2,278 1,997 3,435 2,157 2,238 14 2 9,867 8,268 19 Non-interest expense 3,607 3,149 2,946 3,025 3,186 15 13 12,727 11,648 9 Income from continuing operations before income taxes 1,111 1,726 60 1,201 1,014 (36 ) 10 4,098 4,366 (6 ) Income tax provision 262 407 15 283 239 (36 ) 10 967 1,030 (6 ) Income from continuing operations, net of tax $ 849 $ 1,319 $ 45 $ 918 $ 775 (36 ) 10 $ 3,131 $ 3,336 (6 ) Selected performance metrics:       Period-end loans held for investment $ 155,618 $ 149,400 $ 147,065 $ 143,861 $ 147,666 4 5 $ 155,618 $ 147,666 5 Average loans held for investment 150,290 147,021 143,744 142,887 142,112 2 6 146,000 135,213 8 Average yield on loans outstanding(1) 19.00 % 19.62 % 18.73 % 18.76 % 18.88 % (62 ) bps 12 bps  19.03 % 18.46 % 57 bps Total net revenue margin(11)(13) 18.62 18.67 17.87 17.82 18.07 (5 ) 55 18.25 17.94 31 Net charge-off rate(4)(5) 6.06 5.61 6.05 5.94 5.35 45 71 5.91 4.56 135 30+ day performing delinquency rate 4.53 4.53 4.14 4.48 4.61 — (8 ) 4.53 4.61 (8 ) Purchase volume(12) $ 168,994 $ 162,281 $ 161,370 $ 146,696 $ 158,290 4 % 7 % $ 639,341 $ 605,664 6 % Refreshed FICO scores:(14)       Greater than 660 69 % 69 % 69 % 68 % 68 % — 1 69 % 68 % 1 660 or below 31 31 31 32 32 — (1 ) 31 32 (1 ) Total 100 % 100 % 100 % 100 % 100 %     100 % 100 %       CAPITAL ONE FINANCIAL CORPORATION (COF) Table 11: Financial & Statistical Summary—Consumer Banking Business         2024 Q4 vs. Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 vs. (Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Consumer Banking       Earnings:       Net interest income $ 1,959 $ 2,028 $ 2,025 $ 2,011 $ 1,951 (3 )% — $ 8,023 $ 8,713 (8 )% Non-interest income 182 182 172 159 163 — 12 % 695 589 18 Total net revenue 2,141 2,210 2,197 2,170 2,114 (3 ) 1 8,718 9,302 (6 ) Provision for credit losses 328 351 330 426 422 (7 ) (22 ) 1,435 1,169 23 Non-interest expense 1,545 1,331 1,250 1,246 1,402 16 10 5,372 5,178 4 Income from continuing operations before income taxes 268 528 617 498 290 (49 ) (8 ) 1,911 2,955 (35 ) Income tax provision 63 125 146 117 68 (50 ) (7 ) 451 697 (35 ) Income from continuing operations, net of tax $ 205 $ 403 $ 471 $ 381 $ 222 (49 ) (8 ) $ 1,460 $ 2,258 (35 ) Selected performance metrics:       Period-end loans held for investment $ 78,092 $ 76,758 $ 75,663 $ 75,099 $ 75,437 2 4 $ 78,092 $ 75,437 4 Average loans held for investment 77,221 76,182 75,386 75,092 76,238 1 1 75,973 77,513 (2 ) Average yield on loans held for investment(1) 9.04 % 8.88 % 8.54 % 8.33 % 8.17 % 16 bps 87 bps  8.70 % 7.79 % 91 bps Auto loan originations $ 9,399 $ 9,158 $ 8,463 $ 7,522 $ 6,157 3 % 53 % $ 34,542 $ 26,980 28 % Period-end deposits 318,329 309,569 305,422 300,806 296,171 3 7 318,329 296,171 7 Average deposits 313,992 306,121 300,794 294,448 291,486 3 8 303,873 285,880 6 Average deposits interest rate 3.21 % 3.33 % 3.22 % 3.15 % 3.06 % (12 ) bps 15 bps  3.23 % 2.59 % 64 bps Net charge-off rate 2.38 2.11 1.87 2.03 2.25 27 13 2.10 1.76 34 30+ day performing delinquency rate 5.87 5.53 5.60 5.21 6.25 34 (38 ) 5.87 6.25 (38 ) 30+ day delinquency rate 6.73 6.31 6.35 5.86 7.08 42 (35 ) 6.73 7.08 (35 ) Nonperforming loan rate(6) 0.99 0.93 0.92 0.83 1.00 6 (1 ) 0.99 1.00 (1 ) Nonperforming asset rate(7) 1.08 1.01 0.99 0.91 1.09 7 (1 ) 1.08 1.09 (1 ) Auto—At origination FICO scores:(15)       Greater than 660 54 % 53 % 53 % 53 % 53 % 1 % 1 % 54 % 53 % 1 % 621 - 660 19 20 20 20 20 (1 ) (1 ) 19 20 (1 ) 620 or below 27 27 27 27 27 — — 27 27 — Total 100 % 100 % 100 % 100 % 100 %     100 % 100 %       CAPITAL ONE FINANCIAL CORPORATION (COF) Table 12: Financial & Statistical Summary—Commercial Banking Business         2024 Q4 vs. Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 vs. (Dollars in millions, except as noted) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Commercial Banking       Earnings:       Net interest income $ 587 $ 596 $ 609 $ 599 $ 617 (2 )% (5 )% $ 2,391 $ 2,518 (5 )% Non-interest income 366 292 271 281 245 25 49 1,210 1,002 21 Total net revenue(10) 953 888 880 880 862 7 11 3,601 3,520 2 Provision (benefit) for credit losses (72 ) 48 34 (2 ) 84 **   **   8 605 (99 ) Non-interest expense 518 495 483 515 487 5 6 2,011 2,011 — Income from continuing operations before income taxes 507 345 363 367 291 47 74 1,582 904 75 Income tax provision 119 82 85 87 68 45 75 373 213 75 Income from continuing operations, net of tax $ 388 $ 263 $ 278 $ 280 $ 223 48 74 $ 1,209 $ 691 75 Selected performance metrics:       Period-end loans held for investment $ 87,175 $ 86,834 $ 88,628 $ 89,461 $ 90,488 — (4 ) $ 87,175 $ 90,488 (4 ) Average loans held for investment 87,324 88,101 89,035 89,877 91,025 (1 ) (4 ) 88,580 92,456 (4 ) Average yield on loans held for investment(1)(10) 6.72 % 7.25 % 7.23 % 7.14 % 7.24 % (53 ) bps  (52 ) bps  7.09 % 6.86 % 23 bps  Period-end deposits $ 31,691 $ 30,598 $ 29,210 $ 31,082 $ 32,712 4 % (3 )% $ 31,691 $ 32,712 (3 )% Average deposits 31,545 30,365 30,810 31,844 34,525 4 (9 ) 31,140 37,411 (17 ) Average deposits interest rate 2.28 % 2.55 % 2.55 % 2.65 % 2.79 % (27 ) bps (51 ) bps  2.51 % 2.68 % (17 ) bps  Net charge-off rate 0.26 0.22 0.15 0.13 0.53 4 (27 ) 0.19 0.62 (43 ) Nonperforming loan rate(6) 1.39 1.55 1.46 1.28 0.84 (16 ) 55 1.39 0.84 55 Nonperforming asset rate(7) 1.39 1.55 1.46 1.28 0.84 (16 ) 55 1.39 0.84 55 Risk category:(16)       Noncriticized $ 80,431 $ 78,835 $ 79,695 $ 80,804 $ 81,758 2 % (2 )% $ 80,431 $ 81,758 (2 )% Criticized performing 5,534 6,651 7,639 7,509 7,969 (17 ) (31 ) 5,534 7,969 (31 ) Criticized nonperforming 1,210 1,348 1,294 1,148 761 (10 ) 59 1,210 761 59 Total commercial banking loans held for investment $ 87,175 $ 86,834 $ 88,628 $ 89,461 $ 90,488 — (4 ) $ 87,175 $ 90,488 (4 ) Risk category as a percentage of period-end loans held for investment:(16)       Noncriticized 92.26 % 90.79 % 89.92 % 90.33 % 90.35 % 147   bps 191   bps 92.26 % 90.35 % 191   bps Criticized performing 6.35 7.66 8.62 8.39 8.81 (131 ) (246 ) 6.35 8.81 (246 ) Criticized nonperforming 1.39 1.55 1.46 1.28 0.84 (16 ) 55 1.39 0.84 55 Total commercial banking loans 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %     100.00 % 100.00 %       CAPITAL ONE FINANCIAL CORPORATION (COF) Table 13: Financial & Statistical Summary—Other and Total                 2024 Q4 vs. Year Ended December 31, 2024 2024 2024 2024 2023 2024 2023 2024 vs. (Dollars in millions) Q4 Q3 Q2 Q1 Q4 Q3 Q4 2024 2023 2023 Other       Earnings:       Net interest loss $ (227 ) $ (291 ) $ (382 ) $ (394 ) $ (280 ) (22 )% (19 )% $ (1,294 ) $ (1,719 ) (25 )% Non-interest income (loss) (41 ) (45 ) 11 (2 ) 14 (9 ) **   (77 ) 15 **   Total net loss(10) (268 ) (336 ) (371 ) (396 ) (266 ) (20 ) 1 (1,371 ) (1,704 ) (20 ) Provision (benefit) for credit losses 2 (1 ) — — (2 ) **   **   1 1 — Non-interest expense(17)(18) 180 121 79 147 411 49 (56 ) 527 637 (17 ) Loss from continuing operations before income taxes (450 ) (456 ) (450 ) (543 ) (675 ) (1 ) (33 ) (1,899 ) (2,342 ) (19 ) Income tax benefit (84 ) (193 ) (207 ) (201 ) (151 ) (56 ) (44 ) (685 ) (823 ) (17 ) Loss from continuing operations, net of tax $ (366 ) $ (263 ) $ (243 ) $ (342 ) $ (524 ) 39 (30 ) $ (1,214 ) $ (1,519 ) (20 ) Selected performance metrics:       Period-end deposits $ 12,687 $ 13,464 $ 16,810 $ 19,081 $ 19,530 (6 ) (35 ) $ 12,687 $ 19,530 (35 ) Average deposits 12,786 14,639 17,884 19,365 19,317 (13 ) (34 ) 16,155 20,263 (20 ) Total       Earnings:       Net interest income $ 8,098 $ 8,076 $ 7,546 $ 7,488 $ 7,519 — 8 % $ 31,208 $ 29,241 7 % Non-interest income 2,092 1,938 1,960 1,914 1,987 8 % 5 7,904 7,546 5 Total net revenue 10,190 10,014 9,506 9,402 9,506 2 7 39,112 36,787 6 Provision for credit losses 2,642 2,482 3,909 2,683 2,857 6 (8 ) 11,716 10,426 12 Non-interest expense 6,089 5,314 4,946 5,137 5,717 15 7 21,486 20,316 6 Income from continuing operations before income taxes 1,459 2,218 651 1,582 932 (34 ) 57 5,910 6,045 (2 ) Income tax provision 366 441 54 302 226 (17 ) 62 1,163 1,158 — Income from continuing operations, net of tax $ 1,093 $ 1,777 $ 597 $ 1,280 $ 706 (38 ) 55 $ 4,747 $ 4,887 (3 ) Selected performance metrics:       Period-end loans held for investment $ 327,775 $ 320,243 $ 318,186 $ 315,154 $ 320,472 2 2 $ 327,775 $ 320,472 2 Average loans held for investment 321,871 318,255 314,888 314,614 315,890 1 2 317,421 311,541 2 Period-end deposits 362,707 353,631 351,442 350,969 348,413 3 4 362,707 348,413 4 Average deposits 358,323 351,125 349,488 345,657 345,328 2 4 351,168 343,554 2     CAPITAL ONE FINANCIAL CORPORATION (COF) Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)   (1)   Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Annualized interest income does not include any allocations, such as funds transfer pricing. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread. (2)   Includes amounts related to entities that provide capital to low-income and rural communities of $2.0 billion in Q4 2024, $2.0 billion in Q3 2024 and $1.9 billion in Q4 2023 and $2.0 billion and $1.8 billion in the twelve months ended 2024 and 2023, respectively. Related interest expense was $8 million in Q4 2024, $7 million in Q3 2024 and $7 million in Q4 2023, respectively, and $31 million and $32 million for the twelve months ended 2024 and 2023, respectively. (3)   The termination of our Walmart program agreement, effective May 21, 2024 (“Walmart Program Termination”) increased net interest margin by 21 basis points in Q4 2024 and 22 basis points in Q3 2024, respectively. Excluding this impact, the net interest margin would have been 6.82% in Q4 2024 and 6.89% in Q3 2024. (4)   The Walmart Program Termination increased the Domestic Card net charge-off rate by 40 basis points, 38 basis points and 19 basis points for Q4 2024, Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.66%, 5.23% and 5.86% for Q4 2024, Q3 2024 and Q2 2024, respectively. (5)   In December 2023, we recognized $18 million of incremental net charge-offs on certain loans in hardship programs from the one-time impact of operational delays, which increased the Q4 2023 net charge-off rate by approximately 5 basis points. Excluding this impact, the Q4 2023 net charge-off rate would have been 5.30%. (6)   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. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming. (7)   Nonperforming assets consist of nonperforming loans, repossessed assets 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, repossessed assets and other foreclosed assets. (8)   Primarily represents foreign currency translation adjustments. (9)   The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in Q2 2024. (10)   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 the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. (11)   Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period. (12)   Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions. (13)   The Walmart Program Termination increased Domestic Card net revenue margin by 55 basis points in Q4 2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024. Excluding this impact, the Domestic Card net revenue margin would have been 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2 2024. (14)   Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. 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. (15)   Percentages represent period-end loans held for investment in each credit score category. Auto 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. (16)   Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities. (17)   Includes the impact of ($9 million), $8 million, $42 million and $289 million FDIC special assessment in Q3 2024, Q2 2024, Q1 2024 and Q4 2023, respectively. (18)   Includes the impact of $140 million, $63 million and $31 million in Discover integration expenses in Q4 2024, Q3 2024 and Q2 2024, respectively, as well as any charges incurred as a result of restructuring activities for the periods presented. **   Not meaningful.   CAPITAL ONE FINANCIAL CORPORATION (COF) Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)   Basel III Standardized Approach (Dollars in millions, except as noted) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Regulatory Capital Metrics Common equity excluding AOCI $ 65,823 $ 64,966 $ 63,435 $ 63,088 $ 62,710 Adjustments: AOCI, net of tax(2) 1 58 13 14 27 Goodwill, net of related deferred tax liabilities (14,786 ) (14,816 ) (14,800 ) (14,804 ) (14,811 ) Other Intangible and deferred tax assets, net of deferred tax liabilities (231 ) (252 ) (271 ) (291 ) (311 ) Common equity Tier 1 capital $ 50,807 $ 49,956 $ 48,377 $ 48,007 $ 47,615 Tier 1 capital $ 55,652 $ 54,801 $ 53,222 $ 52,852 $ 52,460 Total capital(3) 61,805 61,151 59,875 59,484 59,124 Risk-weighted assets 377,147 368,199 366,959 366,161 369,206 Adjusted average assets(4) 480,794 473,146 470,915 468,030 467,553 Capital Ratios Common equity Tier 1 capital(5) 13.5 % 13.6 % 13.2 % 13.1 % 12.9 % Tier 1 capital(6) 14.8 14.9 14.5 14.4 14.2 Total capital(7) 16.4 16.6 16.3 16.2 16.0 Tier 1 leverage(4) 11.6 11.6 11.3 11.3 11.2 TCE(8) 8.6 9.1 8.2 8.1 8.2     Reconciliation of Non-GAAP Measures The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP. 2024 2024 2024 2024 2023 Year Ended December 31, (Dollars in millions, except per share data and as noted) Q4 Q3 Q2 Q1 Q4 2024 2023 Adjusted diluted earnings per share (“EPS”):               Net income available to common stockholders (GAAP) $ 1,022 $ 1,692 $ 531 $ 1,200 $ 639 $ 4,445 $ 4,582 Allowance build for Walmart program agreement loss sharing termination — — 826 — — 826 — Walmart program agreement termination contra revenue impact — — 27 — — 27 — Discover integration expenses 140 63 31 — — 234 — Legal reserve activity 75 — — — — 75 — FDIC special assessment — (9 ) 8 42 289 41 289 Adjusted net income available to common stockholders before income tax impacts (non-GAAP) 1,237 1,746 1,423 1,242 928 5,648 4,871 Income tax impacts (52 ) (13 ) (218 ) (10 ) (70 ) (293 ) (70 ) Adjusted net income available to common stockholders (non-GAAP) $ 1,185 $ 1,733 $ 1,205 $ 1,232 $ 858 $ 5,355 $ 4,801               Diluted weighted-average common shares outstanding (in millions) (GAAP) 383.4 383.7 383.9 383.4 382.8 383.6 383.4               Diluted EPS (GAAP) $ 2.67 $ 4.41 $ 1.38 $ 3.13 $ 1.67 $ 11.59 $ 11.95 Impact of adjustments noted above 0.42 0.10 1.76 0.08 0.57 2.37 0.57 Adjusted diluted EPS (non-GAAP) $ 3.09 $ 4.51 $ 3.14 $ 3.21 $ 2.24 $ 13.96 $ 12.52               Adjusted efficiency ratio:               Non-interest expense (GAAP) $ 6,089 $ 5,314 $ 4,946 $ 5,137 $ 5,717 $ 21,486 $ 20,316 Discover integration expenses (140 ) (63 ) (31 ) — — (234 ) — Legal reserve activity (75 ) — — — — (75 ) — FDIC special assessment — 9 (8 ) (42 ) (289 ) (41 ) (289 ) Adjusted non-interest expense (non-GAAP) $ 5,874 $ 5,260 $ 4,907 $ 5,095 $ 5,428 $ 21,136 $ 20,027               Total net revenue (GAAP) $ 10,190 $ 10,014 $ 9,506 $ 9,402 $ 9,506 $ 39,112 $ 36,787 Walmart program agreement termination contra revenue impact — — 27 — — 27 — Adjusted net revenue (non-GAAP) $ 10,190 $ 10,014 $ 9,533 $ 9,402 $ 9,506 $ 39,139 $ 36,787               Efficiency ratio (GAAP) 59.75 % 53.07 % 52.03 % 54.64 % 60.14 % 54.93 % 55.23 % Impact of adjustments noted above (211) bps (54) bps (56) bps (45) bps (304) bps (93) bps (79) bps Adjusted efficiency ratio (non-GAAP) 57.64 % 52.53 % 51.47 % 54.19 % 57.10 % 54.00 % 54.44 %               Adjusted operating efficiency ratio:               Operating expense (GAAP) $ 4,714 $ 4,201 $ 3,882 $ 4,127 $ 4,463 $ 16,924 $ 16,307 Discover integration expenses (140 ) (63 ) (31 ) — — (234 ) — Legal reserve activity (75 ) — — — — (75 ) — FDIC special assessment — 9 (8 ) (42 ) (289 ) (41 ) (289 ) Adjusted operating expense (non-GAAP) $ 4,499 $ 4,147 $ 3,843 $ 4,085 $ 4,174 $ 16,574 $ 16,018               Total net revenue (GAAP) $ 10,190 $ 10,014 $ 9,506 $ 9,402 $ 9,506 $ 39,112 $ 36,787 Walmart program agreement termination contra revenue impact — — 27 — — 27 — Adjusted net revenue (non-GAAP) $ 10,190 $ 10,014 $ 9,533 $ 9,402 $ 9,506 $ 39,139 $ 36,787               Operating efficiency ratio (GAAP) 46.26 % 41.95 % 40.84 % 43.89 % 46.95 % 43.27 % 44.33 % Impact of adjustments noted above (211) bps (54) bps (53) bps (44) bps (304) bps (92) bps (79) bps Adjusted operating efficiency ratio (non-GAAP) 44.15 % 41.41 % 40.31 % 43.45 % 43.91 % 42.35 % 43.54 %     Reconciliation of Non-GAAP Measures The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable 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 GAAP. 2024 2024 2024 2024 2023 (Dollars in millions) Q4 Q3 Q2 Q1 Q4 Pre- Provision Earnings Total net revenue $ 10,190 $ 10,014 $ 9,506 $ 9,402 $ 9,506 Non-interest expense (6,089 ) (5,314 ) (4,946 ) (5,137 ) (5,717 ) Pre-provision earnings(9) $ 4,101 $ 4,700 $ 4,560 $ 4,265 $ 3,789 Tangible Common Equity (Period-End) Stockholders’ equity $ 60,784 $ 62,925 $ 57,981 $ 57,801 $ 58,089 Goodwill and other intangible assets(10) (15,157 ) (15,214 ) (15,226 ) (15,257 ) (15,289 ) Noncumulative perpetual preferred stock (4,845 ) (4,845 ) (4,845 ) (4,845 ) (4,845 ) Tangible common equity(11) $ 40,782 $ 42,866 $ 37,910 $ 37,699 $ 37,955 Tangible Common Equity (Average) Stockholders’ equity $ 61,764 $ 61,289 $ 58,107 $ 57,998 $ 55,632 Goodwill and other intangible assets(10) (15,195 ) (15,225 ) (15,249 ) (15,280 ) (15,304 ) Noncumulative perpetual preferred stock (4,845 ) (4,845 ) (4,845 ) (4,845 ) (4,845 ) Tangible common equity(11) $ 41,724 $ 41,219 $ 38,013 $ 37,873 $ 35,483 Return on Tangible Common Equity (Average) Net income available to common stockholders $ 1,022 $ 1,692 $ 531 $ 1,200 $ 639 Tangible common equity (Average) 41,724 41,219 38,013 37,873 35,483 Return on tangible common equity(11)(12) 9.77 % 16.42 % 5.59 % 12.67 % 7.20 % Tangible Assets (Period-End) Total assets $ 490,144 $ 486,433 $ 480,018 $ 481,720 $ 478,464 Goodwill and other intangible assets(10) (15,157 ) (15,214 ) (15,226 ) (15,257 ) (15,289 ) Tangible assets(11) $ 474,987 $ 471,219 $ 464,792 $ 466,463 $ 463,175 2024 2024 2024 2024 2023 (Dollars in millions) Q4 Q3 Q2 Q1 Q4 Tangible Assets (Average) Total assets $ 488,300 $ 481,219 $ 477,285 $ 474,995 $ 472,594 Goodwill and other intangible assets(10) (15,195 ) (15,225 ) (15,249 ) (15,280 ) (15,304 ) Tangible assets(11) $ 473,105 $ 465,994 $ 462,036 $ 459,715 $ 457,290 Return on Tangible Assets (Average) Net income $ 1,096 $ 1,777 $ 597 $ 1,280 $ 706 Tangible Assets (Average) 473,105 465,994 462,036 459,715 457,290 Return on tangible assets(11)(13) 0.92 % 1.53 % 0.52 % 1.11 % 0.62 % TCE Ratio Tangible common equity (Period-end) $ 40,782 $ 42,866 $ 37,910 $ 37,699 $ 37,955 Tangible Assets (Period-end) 474,987 471,219 464,792 466,463 463,175 TCE Ratio(11) 8.6 % 9.1 % 8.2 % 8.1 % 8.2 % Tangible Book Value per Common Share Tangible common equity (Period-end) $ 40,782 $ 42,866 $ 37,910 $ 37,699 $ 37,955 Outstanding Common Shares 381.2 381.5 381.9 382.1 380.4 Tangible book value per common share(11) $ 106.97 $ 112.36 $ 99.28 $ 98.67 $ 99.78 __________ (1)   Regulatory capital metrics and capital ratios as of December 31, 2024 are preliminary and therefore subject to change. (2)   Excludes certain components of AOCI in accordance with rules applicable to Category III institutions. (3)   Total capital equals the sum of Tier 1 capital and Tier 2 capital. (4)   Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets. (5)   Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets. (6)   Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets. (7)   Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets. (8)   TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets. (9)   Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. (10)   Includes impact of related deferred taxes. (11)   Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated. (12)   Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. (13)   Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.

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