Capital One Reports First Quarter 2025 Net Income of $1.4 Billion, or $3.45 Per Share

Business Wire

22-04-2025

MCLEAN, Va.--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2025 of $1.4 billion, or $3.45 per diluted common share, compared with net income of $1.1 billion, or $2.67 per diluted common share in the fourth quarter of 2024, and with net income of $1.3 billion, or $3.13 per diluted common share in the first quarter of 2024. Adjusted net income (1) for the first quarter of 2025 was $4.06 per diluted common share.
"Last week, we received regulatory approval for our acquisition of Discover and we're fully mobilized to complete the transaction on May 18th," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "The combination of Capital One and Discover will create a leading consumer banking and payments platform with unique capabilities, modern technology, and powerful brands. It leverages Capital One's technology transformation and digital capabilities across a significantly larger customer franchise. And it offers the potential to enhance competition and create significant value for merchants and customers."
The quarter included the following adjusting items:
All comparisons below are for the first quarter of 2025 compared with the fourth quarter of 2024 unless otherwise noted.
First Quarter 2025 Income Statement Summary:
Total net revenue decreased 2 percent to $10.0 billion.
Total non-interest expense decreased 3 percent to $5.9 billion:
13 percent decrease in marketing.
Less than 1 percent decrease in operating expenses.
Pre-provision earnings (2) remained substantially flat at $4.1 billion.
Provision for credit losses decreased $273 million to $2.4 billion:
Net charge-offs of $2.7 billion.
$368 million loan reserve release.
Net interest margin of 6.93 percent, a decrease of 10 basis points.
Efficiency ratio of 59.02 percent.
Adjusted efficiency ratio (1) of 55.94 percent.
Operating efficiency ratio of 47.00 percent.
Adjusted operating efficiency ratio (1) of 43.92 percent.
First Quarter 2025 Balance Sheet Summary:
Common equity Tier 1 capital ratio (3) under Basel III Standardized Approach of 13.6 percent at March 31, 2025.
Period-end loans held for investment in the quarter decreased $4.2 billion, or 1 percent, to $323.6 billion.
Credit Card period-end loans decreased $5.3 billion, or 3 percent, to $157.2 billion.
Domestic Card period-end loans decreased $5.3 billion, or 3 percent, to $150.3 billion.
Consumer Banking period-end loans increased $804 million, or 1 percent, to $78.9 billion.
Auto period-end loans increased $827 million, or 1 percent, to $77.7 billion.
Commercial Banking period-end loans increased $338 million, or less than 1 percent, to $87.5 billion.
Average loans held for investment in the quarter increased $514 million, or less than 1 percent, to $322.4 billion.
Credit Card average loans decreased $919 million, or 1 percent, to $156.4 billion.
Domestic Card average loans decreased $651 million, or less than 1 percent, to $149.6 billion.
Consumer Banking average loans increased $1.3 billion, or 2 percent, to $78.5 billion.
Auto average loans increased $1.3 billion, or 2 percent, to $77.2 billion.
Commercial Banking average loans increased $174 million, or less than 1 percent, to $87.5 billion.
Period-end total deposits increased $4.8 billion, or 1 percent, to $367.5 billion, while average deposits increased $5.8 billion, or 2 percent, to $364.1 billion.
Interest-bearing deposits rate paid decreased 23 basis points to 3.22 percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on April 22, 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 May 6, 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, 2024 filed with the Securities and Exchange Commission (the 'SEC') and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $367.5 billion in deposits and $493.6 billion in total assets as of March 31, 2025. 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 April 22, 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 April 22, 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 March 31, 2025 are preliminary and therefore subject to change.
__________
(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 Quarterly Report on Form 10-Q for the period ended March 31, 2025 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.
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
2025 Q1
(Dollars in millions, except per share data and as noted)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Income Statement
Net interest income
$
8,013
$
8,098
$
8,076
$
7,546
$
7,488
(1
)%
7
%
Non-interest income
1,987
2,092
1,938
1,960
1,914
(5
)
4
Total net revenue (1)
10,000
10,190
10,014
9,506
9,402
(2
)
6
Provision for credit losses
2,369
2,642
2,482
3,909
2,683
(10
)
(12
)
Non-interest expense:
Marketing
1,202
1,375
1,113
1,064
1,010
(13
)
19
Operating expense
4,700
4,714
4,201
3,882
4,127
—
14
Total non-interest expense
5,902
6,089
5,314
4,946
5,137
(3
)
15
Income from continuing operations before income taxes
1,729
1,459
2,218
651
1,582
19
9
Income tax provision
325
366
441
54
302
(11
)
8
Income from continuing operations, net of tax
1,404
1,093
1,777
597
1,280
28
10
Income from discontinued operations, net of tax
—
3
—
—
—
**
—
Net income
1,404
1,096
1,777
597
1,280
28
10
Dividends and undistributed earnings allocated to participating securities (2)
(22
)
(17
)
(28
)
(9
)
(23
)
29
(4
)
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
Net income available to common stockholders
$
1,325
$
1,022
$
1,692
$
531
$
1,200
30
10
Common Share Statistics
Basic earnings per common share: (2)
Net income from continuing operations
$
3.46
$
2.66
$
4.42
$
1.39
$
3.14
30
%
10
%
Income from discontinued operations
—
0.01
—
—
—
**
—
Net income per basic common share
$
3.46
$
2.67
$
4.42
$
1.39
$
3.14
30
10
Diluted earnings per common share: (2)
Net income from continuing operations
$
3.45
$
2.66
$
4.41
$
1.38
$
3.13
30
%
10
%
Income from discontinued operations
—
0.01
—
—
—
**
—
Net income per diluted common share
$
3.45
$
2.67
$
4.41
$
1.38
$
3.13
29
10
Weighted-average common shares outstanding (in millions):
Basic
383.1
382.4
383.0
383.1
382.2
—
—
Diluted
384.0
383.4
383.7
383.9
383.4
—
—
Common shares outstanding (period-end, in millions)
383.0
381.2
381.5
381.9
382.1
—
—
Dividends declared and paid per common share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.60
—
—
Tangible book value per common share (period-end) (3)
113.74
106.97
112.36
99.28
98.67
6
%
15
%
Expand
2025 Q1
(Dollars in millions)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Balance Sheet (Period-End)
Loans held for investment
$
323,598
$
327,775
$
320,243
$
318,186
$
315,154
(1
)%
3
%
Interest-earning assets
463,414
463,058
458,189
452,547
453,557
—
2
Total assets
493,604
490,144
486,433
480,018
481,720
1
2
Interest-bearing deposits
340,964
336,585
327,253
324,437
323,352
1
5
Total deposits
367,464
362,707
353,631
351,442
350,969
1
5
Borrowings
41,773
45,551
49,336
47,956
50,361
(8
)
(17
)
Common equity
58,697
55,938
58,080
53,135
52,955
5
11
Total stockholders' equity
63,542
60,784
62,925
57,981
57,801
5
10
Balance Sheet (Average Balances)
Loans held for investment
$
322,385
$
321,871
$
318,255
$
314,888
$
314,614
—
2
%
Interest-earning assets
462,771
460,640
454,484
450,908
447,803
—
3
Total assets
491,817
488,300
481,219
477,285
474,995
1
%
4
Interest-bearing deposits
337,840
331,564
324,509
322,581
318,450
2
6
Total deposits
364,078
358,323
351,125
349,488
345,657
2
5
Borrowings
44,448
46,293
48,274
48,842
50,474
(4
)
(12
)
Common equity
57,395
56,918
56,443
53,262
53,152
1
8
Total stockholders' equity
62,240
61,764
61,289
58,107
57,998
1
7
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2025 Q1
(Dollars in millions, except as noted)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Performance Metrics
Net interest income growth (period over period)
(1
)%
—
7
%
1
%
—
**
**
Non-interest income growth (period over period)
(5
)
8
%
(1
)
2
(4
)%
**
**
Total net revenue growth (period over period)
(2
)
2
5
1
(1
)
**
**
Total net revenue margin (4)
8.64
8.85
8.81
8.43
8.40
(21
) bps
24
bps
Net interest margin (5)
6.93
7.03
7.11
6.70
6.69
(10
)
24
Return on average assets
1.14
0.90
1.48
0.50
1.08
24
6
Return on average tangible assets (6)
1.18
0.92
1.53
0.52
1.11
26
7
Return on average common equity (7)
9.23
7.16
11.99
3.99
9.03
207
20
Return on average tangible common equity (8)
12.55
9.77
16.42
5.59
12.67
278
(12
)
Efficiency ratio (9)
59.02
59.75
53.07
52.03
54.64
(73
)
438
Operating efficiency ratio (10)
47.00
46.26
41.95
40.84
43.89
74
311
Effective income tax rate for continuing operations
18.8
25.1
19.9
8.3
19.1
(630
)
(30
)
Employees (period-end, in thousands)
53.9
52.6
52.5
52.1
51.3
2
%
5
%
Credit Quality Metrics
Allowance for credit losses
$
15,899
$
16,258
$
16,534
$
16,649
$
15,380
(2
)%
3
%
Allowance coverage ratio
4.91
%
4.96
%
5.16
%
5.23
%
4.88
%
(5
) bps
3
bps
Net charge-offs
$
2,736
$
2,884
$
2,604
$
2,644
$
2,616
(5
)%
5
%
Net charge-off rate (11)
3.40
%
3.59
%
3.27
%
3.36
%
3.33
%
(19
) bps
7
bps
30+ day performing delinquency rate
3.29
3.69
3.58
3.36
3.40
(40
)
(11
)
30+ day delinquency rate
3.51
3.98
3.89
3.63
3.67
(47
)
(16
)
Capital Ratios (12)
Common equity Tier 1 capital
13.6
%
13.5
%
13.6
%
13.2
%
13.1
%
10
bps
50
bps
Tier 1 capital
14.9
14.8
14.9
14.5
14.4
10
50
Total capital
17.0
16.4
16.6
16.3
16.2
60
80
Tier 1 leverage
11.6
11.6
11.6
11.3
11.3
—
30
Tangible common equity ('TCE') (13)
9.1
8.6
9.1
8.2
8.1
50
100
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2025 Q1
(Dollars in millions, except as noted)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Interest income:
Loans, including loans held for sale
$
10,157
$
10,434
$
10,547
$
9,993
$
9,920
(3
)%
2
%
Investment securities
770
753
733
700
687
2
12
Other
491
530
580
587
570
(7
)
(14
)
Total interest income
11,418
11,717
11,860
11,280
11,177
(3
)
2
Interest expense:
Deposits
2,715
2,862
2,945
2,874
2,812
(5
)
(3
)
Securitized debt obligations
176
205
234
258
261
(14
)
(33
)
Senior and subordinated notes
505
540
596
591
606
(6
)
(17
)
Other borrowings
9
12
9
11
10
(25
)
(10
)
Total interest expense
3,405
3,619
3,784
3,734
3,689
(6
)
(8
)
Net interest income
8,013
8,098
8,076
7,546
7,488
(1
)
7
Provision for credit losses
2,369
2,642
2,482
3,909
2,683
(10
)
(12
)
Net interest income after provision for credit losses
5,644
5,456
5,594
3,637
4,805
3
17
Non-interest income:
Interchange fees, net
1,223
1,260
1,228
1,249
1,145
(3
)
7
Service charges and other customer-related fees
509
554
501
459
462
(8
)
10
Net securities gains (losses)
—
—
(35
)
—
—
—
—
Other
255
278
244
252
307
(8
)
(17
)
Total non-interest income
1,987
2,092
1,938
1,960
1,914
(5
)
4
Non-interest expense:
Salaries and associate benefits
2,546
2,329
2,391
2,200
2,478
9
3
Occupancy and equipment
615
674
587
551
554
(9
)
11
Marketing
1,202
1,375
1,113
1,064
1,010
(13
)
19
Professional services
437
630
402
316
262
(31
)
67
Communications and data processing
399
398
358
355
351
—
14
Amortization of intangibles
16
19
20
19
19
(16
)
(16
)
Other
687
664
443
441
463
3
48
Total non-interest expense
5,902
6,089
5,314
4,946
5,137
(3
)
15
Income from continuing operations before income taxes
1,729
1,459
2,218
651
1,582
19
9
Income tax provision
325
366
441
54
302
(11
)
8
Income from continuing operations, net of tax
1,404
1,093
1,777
597
1,280
28
10
Income from discontinued operations, net of tax
—
3
—
—
—
**
—
Net income
1,404
1,096
1,777
597
1,280
28
10
Dividends and undistributed earnings allocated to participating securities (2)
(22
)
(17
)
(28
)
(9
)
(23
)
29
(4
)
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
Net income available to common stockholders
$
1,325
$
1,022
$
1,692
$
531
$
1,200
30
10
2025 Q1
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Basic earnings per common share: (2)
Net income from continuing operations
$
3.46
$
2.66
$
4.42
$
1.39
$
3.14
30
%
10
%
Income from discontinued operations
—
0.01
—
—
—
**
—
Net income per basic common share
$
3.46
$
2.67
$
4.42
$
1.39
$
3.14
30
10
Diluted earnings per common share: (2)
Net income from continuing operations
$
3.45
$
2.66
$
4.41
$
1.38
$
3.13
30
%
10
%
Income from discontinued operations
—
0.01
—
—
—
**
—
Net income per diluted common share
$
3.45
$
2.67
$
4.41
$
1.38
$
3.13
29
10
Weighted-average common shares outstanding (in millions):
Basic common shares
383.1
382.4
383.0
383.1
382.2
—
—
Diluted common shares
384.0
383.4
383.7
383.9
383.4
—
—
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2025 Q1
(Dollars in millions)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Assets:
Cash and cash equivalents:
Cash and due from banks
$
4,108
$
3,028
$
3,976
$
5,298
$
4,671
36
%
(12
)%
Interest-bearing deposits and other short-term investments
44,465
40,202
45,322
40,116
46,357
11
(4
)
Total cash and cash equivalents
48,573
43,230
49,298
45,414
51,028
12
(5
)
Restricted cash for securitization investors
392
441
421
2,415
474
(11
)
(17
)
Securities available for sale
84,362
83,013
83,500
79,250
78,398
2
8
Loans held for investment:
Unsecuritized loans held for investment
295,939
298,241
292,061
289,124
285,577
(1
)
4
Loans held in consolidated trusts
27,659
29,534
28,182
29,062
29,577
(6
)
(6
)
Total loans held for investment
323,598
327,775
320,243
318,186
315,154
(1
)
3
Allowance for credit losses
(15,899
)
(16,258
)
(16,534
)
(16,649
)
(15,380
)
(2
)
3
Net loans held for investment
307,699
311,517
303,709
301,537
299,774
(1
)
3
Loans held for sale
686
202
96
808
1,631
**
(58
)
Premises and equipment, net
4,579
4,511
4,440
4,396
4,366
2
5
Interest receivable
2,599
2,532
2,577
2,494
2,514
3
3
Goodwill
15,070
15,059
15,083
15,062
15,062
—
—
Other assets
29,644
29,639
27,309
28,642
28,473
—
4
Total assets
$
493,604
$
490,144
$
486,433
$
480,018
$
481,720
1
2
2025 Q1
(Dollars in millions)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Liabilities:
Interest payable
$
646
$
666
$
705
$
668
$
762
(3
)%
(15
)%
Deposits:
Non-interest-bearing deposits
26,500
26,122
26,378
27,005
27,617
1
(4
)
Interest-bearing deposits
340,964
336,585
327,253
324,437
323,352
1
5
Total deposits
367,464
362,707
353,631
351,442
350,969
1
5
Securitized debt obligations
11,716
14,264
15,881
17,291
17,661
(18
)
(34
)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase
573
562
520
715
568
2
1
Senior and subordinated notes
29,459
30,696
32,911
29,925
32,108
(4
)
(8
)
Other borrowings
25
29
24
25
24
(14
)
4
Total other debt
30,057
31,287
33,455
30,665
32,700
(4
)
(8
)
Other liabilities
20,179
20,436
19,836
21,971
21,827
(1
)
(8
)
Total liabilities
430,062
429,360
423,508
422,037
423,919
—
1
Stockholders' equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
36,693
36,428
36,216
36,012
35,808
1
2
Retained earnings
65,616
64,505
63,698
62,211
61,905
2
6
Accumulated other comprehensive loss
(7,529
)
(9,286
)
(6,287
)
(9,701
)
(9,534
)
(19
)
(21
)
Treasury stock, at cost
(31,245
)
(30,870
)
(30,709
)
(30,548
)
(30,385
)
1
3
Total stockholders' equity
63,542
60,784
62,925
57,981
57,801
5
10
Total liabilities and stockholders' equity
$
493,604
$
490,144
$
486,433
$
480,018
$
481,720
1
2
Expand
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 $705 million in Q1 2025, $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024 and $630 million in Q1 2024 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 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.
(8)
Return on average tangible common equity 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 '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 Q1 2025 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.
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2025 Q1
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card
$
150,309
$
155,618
$
149,400
$
147,065
$
143,861
(3
)%
4
%
International card businesses
6,880
6,890
7,251
6,830
6,733
—
2
Total credit card
157,189
162,508
156,651
153,895
150,594
(3
)
4
Consumer banking:
Auto
77,656
76,829
75,505
74,385
73,801
1
5
Retail banking
1,240
1,263
1,253
1,278
1,298
(2
)
(4
)
Total consumer banking
78,896
78,092
76,758
75,663
75,099
1
5
Commercial banking:
Commercial and multifamily real estate
31,971
31,903
32,199
32,832
34,272
—
(7
)
Commercial and industrial
55,542
55,272
54,635
55,796
55,189
—
1
Total commercial banking
87,513
87,175
86,834
88,628
89,461
—
(2
)
Total loans held for investment
$
323,598
$
327,775
$
320,243
$
318,186
$
315,154
(1
)
3
Loans Held for Investment (Average)
Credit card:
Domestic credit card
$
149,639
$
150,290
$
147,021
$
143,744
$
142,887
—
5
%
International card businesses
6,768
7,036
6,951
6,723
6,758
(4
)%
—
Total credit card
156,407
157,326
153,972
150,467
149,645
(1
)
5
Consumer banking:
Auto
77,228
75,968
74,920
74,098
73,768
2
5
Retail banking
1,252
1,253
1,262
1,288
1,324
—
(5
)
Total consumer banking
78,480
77,221
76,182
75,386
75,092
2
5
Commercial banking:
Commercial and multifamily real estate
31,733
32,058
32,416
33,801
34,310
(1
)
(8
)
Commercial and industrial
55,765
55,266
55,685
55,234
55,567
1
—
Total commercial banking
87,498
87,324
88,101
89,035
89,877
—
(3
)
Total average loans held for investment
$
322,385
$
321,871
$
318,255
$
314,888
$
314,614
—
2
Expand
2025 Q1
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card (4)
6.19
%
6.06
%
5.61
%
6.05
%
5.94
%
13
bps
25
bps
International card businesses
5.02
5.17
5.23
5.03
5.16
(15
)
(14
)
Total credit card
6.14
6.02
5.60
6.00
5.90
12
24
Consumer banking:
Auto
1.55
2.32
2.05
1.81
1.99
(77
)
(44
)
Retail banking
4.75
5.63
5.43
5.38
4.04
(88
)
71
Total consumer banking
1.60
2.38
2.11
1.87
2.03
(78
)
(43
)
Commercial banking:
Commercial and multifamily real estate
0.09
0.50
0.26
0.11
0.20
(41
)
(11
)
Commercial and industrial
0.12
0.13
0.20
0.17
0.08
(1
)
4
Total commercial banking
0.11
0.26
0.22
0.15
0.13
(15
)
(2
)
Total net charge-offs
3.40
3.59
3.27
3.36
3.33
(19
)
7
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card
4.25
%
4.53
%
4.53
%
4.14
%
4.48
%
(28
) bps
(23
) bps
International card businesses
4.56
4.52
4.53
4.63
4.83
4
(27
)
Total credit card
4.26
4.53
4.53
4.16
4.50
(27
)
(24
)
Consumer banking:
Auto
4.93
5.95
5.61
5.67
5.28
(102
)
(35
)
Retail banking
1.13
1.12
0.95
1.57
0.95
1
18
Total consumer banking
4.87
5.87
5.53
5.60
5.21
(100
)
(34
)
Nonperforming Loans and Nonperforming Assets Rates (5)(6)
Credit card:
International card businesses
0.13
%
0.15
%
0.15
%
0.15
%
0.13
%
(2
) bps
—
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
Consumer banking:
Auto
0.72
0.98
0.91
0.88
0.79
(26
)
(7
) bps
Retail banking
1.89
1.94
2.19
2.81
3.21
(5
)
(132
)
Total consumer banking
0.74
0.99
0.93
0.92
0.83
(25
)
(9
)
Commercial banking:
Commercial and multifamily real estate
1.23
1.60
1.96
1.28
1.58
(37
)
(35
)
Commercial and industrial
1.50
1.27
1.32
1.56
1.10
23
40
Total commercial banking
1.40
1.39
1.55
1.46
1.28
1
12
Total nonperforming loans
0.56
0.61
0.65
0.63
0.57
(5
)
(1
)
Total nonperforming assets
0.58
0.63
0.67
0.64
0.58
(5
)
—
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Three Months Ended March 31, 2025
Allowance for credit losses:
Balance as of December 31, 2024
$
12,494
$
480
$
12,974
$
1,859
$
25
$
1,884
$
1,400
$
16,258
Charge-offs
(2,852
)
(126
)
(2,978
)
(656
)
(20
)
(676
)
(38
)
(3,692
)
Recoveries
538
41
579
357
6
363
14
956
Net charge-offs
(2,314
)
(85
)
(2,399
)
(299
)
(14
)
(313
)
(24
)
(2,736
)
Provision for credit losses
1,856
70
1,926
285
16
301
141
2,368
Allowance build (release) for credit losses
(458
)
(15
)
(473
)
(14
)
2
(12
)
117
(368
)
Other changes (7)
—
9
9
—
—
—
—
9
Balance as of March 31, 2025
12,036
474
12,510
1,845
27
1,872
1,517
15,899
Reserve for unfunded lending commitments:
Balance as of December 31, 2024
—
—
—
—
—
—
143
143
Provision for losses on unfunded lending commitments
—
—
—
—
—
—
1
1
Balance as of March 31, 2025
—
—
—
—
—
—
144
144
Combined allowance and reserve as of March 31, 2025
$
12,036
$
474
$
12,510
$
1,845
$
27
$
1,872
$
1,661
$
16,043
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results
Three Months Ended March 31, 2025
(Dollars in millions)
Credit Card
Consumer
Banking
Commercial
Banking (8)
Other (8)
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)
7,165
2,126
884
(175
)
10,000
Provision (benefit) for credit losses
1,926
301
142
—
2,369
Non-interest expense
3,638
1,581
486
197
5,902
Income (loss) from continuing operations before income taxes
1,601
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
Three Months Ended December 31, 2024
(Dollars in millions)
Credit Card
Consumer
Banking
Commercial
Banking (8)
Other (8)
Total
Net interest income (loss)
$
5,779
$
1,959
$
587
$
(227
)
$
8,098
Non-interest income (loss)
1,585
182
366
(41
)
2,092
Total net revenue (loss)
7,364
2,141
953
(268
)
10,190
Provision (benefit) for credit losses
2,384
328
(72
)
2
2,642
Non-interest expense
3,846
1,545
518
180
6,089
Income (loss) from continuing operations before income taxes
1,134
268
507
(450
)
1,459
Income tax provision (benefit)
268
63
119
(84
)
366
Income (loss) from continuing operations, net of tax
$
866
$
205
$
388
$
(366
)
$
1,093
Three Months Ended March 31, 2024
(Dollars in millions)
Credit Card
Consumer
Banking
Commercial
Banking (8)
Other (8)
Total
Net interest income (loss)
$
5,272
$
2,011
$
599
$
(394
)
$
7,488
Non-interest income (loss)
1,476
159
281
(2
)
1,914
Total net revenue (loss)
6,748
2,170
880
(396
)
9,402
Provision (benefit) for credit losses
2,259
426
(2
)
—
2,683
Non-interest expense
3,229
1,246
515
147
5,137
Income (loss) from continuing operations before income taxes
1,260
498
367
(543
)
1,582
Income tax provision (benefit)
299
117
87
(201
)
302
Income (loss) from continuing operations, net of tax
$
961
$
381
$
280
$
(342
)
$
1,280
Expand
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2025 Q1 vs.
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Credit Card
Earnings:
Net interest income
$
5,654
$
5,779
$
5,743
$
5,294
$
5,272
(2
)%
7
%
Non-interest income
1,511
1,585
1,509
1,506
1,476
(5
)
2
Total net revenue
7,165
7,364
7,252
6,800
6,748
(3
)
6
Provision for credit losses
1,926
2,384
2,084
3,545
2,259
(19
)
(15
)
Non-interest expense
3,638
3,846
3,367
3,134
3,229
(5
)
13
Income from continuing operations before income taxes
1,601
1,134
1,801
121
1,260
41
27
Income tax provision
382
268
427
30
299
43
28
Income from continuing operations, net of tax
$
1,219
$
866
$
1,374
$
91
$
961
41
27
Selected performance metrics:
Period-end loans held for investment
$
157,189
$
162,508
$
156,651
$
153,895
$
150,594
(3
)
4
Average loans held for investment
156,407
157,326
153,972
150,467
149,645
(1
)
5
Average yield on loans outstanding (1)
18.54
%
19.05
%
19.66
%
18.79
%
18.84
%
(51
) bps
(30
) bps
Total net revenue margin (9)
18.32
18.72
18.82
18.03
17.99
(40
)
33
Net charge-off rate
6.14
6.02
5.60
6.00
5.90
12
24
30+ day performing delinquency rate
4.26
4.53
4.53
4.16
4.50
(27
)
(24
)
30+ day delinquency rate
4.27
4.54
4.54
4.17
4.50
(27
)
(23
)
Nonperforming loan rate (5)
0.01
0.01
0.01
0.01
0.01
—
—
Purchase volume (10)
$
157,948
$
172,919
$
166,203
$
165,143
$
150,171
(9
)%
5
%
2025 Q1 vs.
(Dollars in millions, except as noted)
2025
2024
2024
2024
2024
2024
2024
Q1
Q4
Q3
Q2
Q1
Q4
Q1
Domestic Card
Earnings:
Net interest income
$
5,343
$
5,474
$
5,434
$
5,001
$
4,972
(2
)%
7
%
Non-interest income
1,460