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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 10-Q
___________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File No. 001-13300
____________________________________
CAPITAL ONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
____________________________________
Delaware 54-1719854
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1680 Capital One Drive,
McLean,Virginia 22102
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (703720-1000
(Not Applicable)
(Former name, former address and former fiscal year, if changed since last report)
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)COF
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series ICOF PRI
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series JCOF PRJ
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series KCOF PRK
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series LCOF PRL
New York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series NCOF PRN
New York Stock Exchange
0.800% Senior Notes Due 2024COF24
New York Stock Exchange
1.650% Senior Notes Due 2029COF29
New York Stock Exchange


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

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

As of April 30, 2024, there were 381,922,067 shares of the registrant’s Common Stock outstanding.



TABLE OF CONTENTS
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Capital One Financial Corporation (COF)


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Capital One Financial Corporation (COF)


INDEX OF MD&A AND SUPPLEMENTAL TABLE
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A
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Capital One Financial Corporation (COF)

PART IFINANCIAL INFORMATION
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)
This discussion contains forward-looking statements that are based upon management’s current expectations and are subject to significant uncertainties and changes in circumstances. Please review “Forward-Looking Statements” for more information on the forward-looking statements in this Quarterly Report on Form 10-Q (“this Report”). All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Our actual results may differ materially from those included in these forward-looking statements due to a variety of factors including, but not limited to, those described in “Part I—Item 1A. Risk Factors” in our 2023 Annual Report on Form 10-K (“2023 Form 10-K”) and “Part II—Item 1A. Risk Factors” in this Report. Unless otherwise specified, references to notes to our consolidated financial statements refer to the notes to our consolidated financial statements as of March 31, 2024 included in this Report.
Management monitors a variety of key indicators to evaluate our business results and financial condition. The following MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and related notes in this Report and the more detailed information contained in our 2023 Form 10-K.
INTRODUCTION
Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company” or “Capital One”) offer a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, cafés and other distribution channels.
As of March 31, 2024, Capital One Financial Corporation’s principal operating subsidiary was Capital One, National Association (“CONA”). The Company is hereafter collectively referred to as “we,” “us” or “our.” CONA is referred to as the “Bank.”
Our consolidated total net revenues are derived primarily from lending to consumer and commercial customers net of funding costs associated with our deposits, long-term debt and other borrowings. We also earn non-interest income which primarily consists of interchange income, net of reward expenses, service charges and other customer-related fees. Our expenses primarily consist of the provision for credit losses, operating expenses, marketing expenses and income taxes.
Our principal operations are organized for management reporting purposes into three major business segments, which are defined primarily based on the products and services provided or the types of customers served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into or managed as a part of our existing business segments. Certain activities that are not part of a business segment are included in the Other category, such as the management of our corporate investment portfolio and asset/liability positions performed by our centralized Corporate Treasury group and any residual tax expense or benefit beyond what is assessed to our business segments in order to arrive at the consolidated effective tax rate. The Other category also includes unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as certain restructuring charges.
Credit Card: Consists of our domestic consumer and small business card lending, and international card businesses in the United Kingdom (“U.K.”) and Canada.
Consumer Banking: Consists of our deposit gathering and lending activities for consumers and small businesses, and national auto lending.
Commercial Banking: Consists of our lending, deposit gathering, capital markets and treasury management services to commercial real estate and commercial and industrial customers. Our customers typically include companies with annual revenues between $20 million and $2 billion.
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Capital One Financial Corporation (COF)

Business Developments
We regularly explore and evaluate opportunities to acquire financial products and services as well as financial assets, including credit card and other loan portfolios, and enter into strategic partnerships as part of our growth strategy. We also explore opportunities to acquire technology companies and related assets to improve our information technology infrastructure and to deliver on our digital strategy. We may issue equity or debt to fund our acquisitions. In addition, we regularly consider the potential disposition of certain of our assets, branches, partnership agreements or lines of business.
Agreement to Acquire Discover
On February 19, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”), by and among Capital One, Discover Financial Services, a Delaware corporation (“Discover”) and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which (a) Merger Sub will merge with and into Discover, with Discover as the surviving entity in the merger (the “Merger”); (b) immediately following the Merger, Discover, as the surviving entity, will merge with and into Capital One, with Capital One as the surviving entity in the second-step merger (the “Second Step Merger”); and (c) immediately following the Second Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, will merge with and into CONA, with CONA as the surviving entity in the merger (the “CONA Bank Merger,” and collectively with the Merger and the Second Step Merger, the “Transaction”). The Merger Agreement was unanimously approved by the Boards of Directors of each of Capital One and Discover.
At the effective time of the Merger, each share of common stock of Discover outstanding immediately prior to the effective time of the Merger, other than certain shares held by Discover or Capital One, will be converted into the right to receive 1.0192 shares of common stock of Capital One. Holders of Discover common stock will receive cash in lieu of fractional shares. At the effective time of the Second Step Merger, each share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C, of Discover, and each share of 6.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, of Discover, in each case outstanding immediately prior to the effective time of the Second Step Merger, will be converted into the right to receive a share of newly created series of preferred stock of Capital One having terms that are not materially less favorable than the applicable series of Discover preferred stock. The closing of the Transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the stockholders of each of Capital One and Discover.
Consumer Financial Protection Bureau Final Rule
On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending Regulation Z that, when effective, would significantly lower the safe harbor amount for past due fees that a large credit card issuer, including the Bank, can charge on consumer credit card accounts. The final rule currently has an effective date of May 14, 2024 but is subject to ongoing litigation, the outcome of which remains uncertain.
The final rule, when effective, will have a significant impact on our revenue. In response to the final rule, we have developed a number of mitigating actions, including changes to our policies, products, and investment choices. Some of these mitigating actions have been implemented. Others may be implemented as matters related to the final rule continue to develop. After their implementation, we believe that these actions will gradually resolve the impact of the final rule on our results of operations over time.
For more information on risks related to these rules, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in our 2023 Form 10-K.
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Capital One Financial Corporation (COF)

SELECTED FINANCIAL DATA
The following table presents selected consolidated financial data and performance from our results of operations for the first quarters of 2024 and 2023 and selected comparative balance sheet data as of March 31, 2024 and December 31, 2023. We also provide selected key metrics we use in evaluating our performance, including certain metrics that are computed using non-GAAP measures. We consider these metrics to be key financial measures that management uses in assessing our operating performance, capital adequacy and the level of returns generated. We believe these non-GAAP metrics provide useful insight to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies.
Table 1: Consolidated Financial Highlights
Three Months Ended March 31,
(Dollars in millions, except per share data and as noted)20242023Change
Income statement
Net interest income$7,488$7,1864%
Non-interest income1,9141,71711
Total net revenue9,4028,9036
Provision for credit losses2,6832,795(4)
Non-interest expense:
Marketing1,01089713
Operating expense4,1274,0482
Total non-interest expense5,1374,9454
Income from continuing operations before income taxes1,5821,16336
Income tax provision30220349
Net income1,28096033
Dividends and undistributed earnings allocated to participating securities(23)(16)44
Preferred stock dividends(57)(57)
Net income available to common stockholders$1,200$88735
Common share statistics 
Basic earnings per common share:
Net income per basic common share$3.14$2.3235%
Diluted earnings per common share:
Net income per diluted common share$3.13$2.3135%
Weighted-average common shares outstanding (in millions):
Basic 382.2382.6
Diluted383.4383.8
Common shares outstanding (period-end, in millions)382.1382.0
Dividends declared and paid per common share$0.60$0.60
Tangible book value per common share (period-end)(1)
98.6790.869%
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Capital One Financial Corporation (COF)

Three Months Ended March 31,
(Dollars in millions, except per share data and as noted)20242023Change
Balance sheet (average balances)
Loans held for investment$314,614$307,7562%
Interest-earning assets447,803435,1993
Total assets474,995462,3243
Interest-bearing deposits318,450308,7883
Total deposits345,657340,1232
Borrowings50,47448,0165
Common equity53,15249,9276
Total stockholders’ equity57,99854,7736
Selected performance metrics 
Purchase volume$150,171$141,6586%
Total net revenue margin(2)
8.40%8.18 %22bps
Net interest margin6.69 6.60 9
Return on average assets(3)
1.08 0.83 25
Return on average tangible assets(4)
1.11 0.86 25
Return on average common equity(5)
9.03 7.11 192
Return on average tangible common equity(6)
12.67 10.15 252
Equity-to-assets ratio(7)
12.21 11.85 36
Efficiency ratio(8)
54.64 55.54 (90)
Operating efficiency ratio(9)
43.89 45.47 (158)
Adjusted operating efficiency ratio(10)
43.45 45.47 (202)
Effective income tax rate from continuing operations19.1 17.5 160
Net charge-offs$2,616$1,697 54%
Net charge-off rate3.33 %2.21 %112bps
    
(Dollars in millions, except as noted)March 31, 2024December 31, 2023Change
Balance sheet (period-end)  
Loans held for investment$315,154$320,472(2)%
Interest-earning assets453,557449,7011
Total assets481,720478,4641
Interest-bearing deposits323,352320,3891
Total deposits350,969348,4131
Borrowings50,36149,8561
Common equity52,95553,244(1)
Total stockholders’ equity57,80158,089
Credit quality metrics
Allowance for credit losses$15,380$15,2961%
Allowance coverage ratio
4.88 %4.77 %11 bps
30+ day performing delinquency rate3.40 3.71 (31)
30+ day delinquency rate3.67 3.99 (32)
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Capital One Financial Corporation (COF)

(Dollars in millions, except as noted)March 31, 2024December 31, 2023Change
Capital ratios 
Common equity Tier 1 capital(11)
13.1 %12.9 %20 bps
Tier 1 capital(11)
14.4 14.2 20
Total capital(11)
16.2 16.0 20
Tier 1 leverage(11)
11.3 11.2 10
Tangible common equity(12)
8.1 8.2 (10)
Supplementary leverage(11)
9.6 9.6 
Other
Employees (period end, in thousands)51.3 52.0 (1)%
__________
(1)Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity (“TCE”) divided by common shares outstanding. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(2)Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
(3)Return on average assets is calculated based on annualized income from continuing operations, net of tax, for the period divided by average total assets for the period.
(4)Return on average tangible assets is a non-GAAP measure calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(5)Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
(6)Return on average 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. Our calculation of return on average TCE may not be comparable to similarly-titled measures reported by other companies. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.
(7)Equity-to-assets ratio is calculated based on average stockholders’ equity for the period divided by average total assets for the period.
(8)Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period.
(9)Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period.
(10)Adjusted operating efficiency ratio is a non-GAAP measure. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for a reconciliation of our adjusted operating efficiency ratio (non-GAAP) to our operating efficiency ratio (GAAP).
(11)Capital ratios are calculated based on the Basel III standardized approach framework, see “Capital Management” for additional information.
(12)Tangible common equity ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Supplemental Table—Table A—Reconciliation of Non-GAAP Measures” for the calculation of this measure and reconciliation to the comparative U.S. GAAP measure.


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Capital One Financial Corporation (COF)

EXECUTIVE SUMMARY
Financial Highlights
We reported net income of $1.3 billion ($3.13 per diluted common share) on total net revenue of $9.4 billion for the first quarter of 2024. In comparison, we reported net income of $960 million ($2.31 per diluted common share) on total net revenue of $8.9 billion for the first quarter of 2023.
Our common equity Tier 1 (“CET1”) capital ratio as calculated under the Basel III standardized approach was 13.1% and 12.9% as of March 31, 2024 and December 31, 2023, respectively. See “Capital Management” for additional information.
In the first quarter of 2024, we declared and paid common stock dividends of $238 million and repurchased $103 million of shares of our common stock. See “Capital Management—Dividend Policy and Stock Purchases” for additional information.
Below are additional highlights of our performance in the first quarter of 2024. These highlights are based on a comparison between the results of the first quarters of 2024 and 2023, except as otherwise noted. The changes in our financial condition and credit performance are generally based on our financial condition and credit performance as of March 31, 2024 compared to December 31, 2023. We provide a more detailed discussion of our financial performance in the sections following this “Executive Summary.”
Total Company Performance
Earnings:
Our net income increased by $320 million to $1.3 billion in the first quarter of 2024 compared to the first quarter of 2023 primarily driven by:
Higher net interest income primarily driven by higher average loan balances in our credit card loan portfolio and higher asset yields, partially offset by higher deposit rates paid.
Higher non-interest income primarily driven by growth in our Credit Card business.
These drivers were partially offset by:
Higher non-interest expense primarily driven by increased marketing spend and the $42 million of incremental expense recognized in the first quarter of 2024 for the Federal Deposit Insurance Corporation (“FDIC”) special assessment related to certain regional bank failures.
Loans Held for Investment:
Period-end loans held for investment decreased by $5.3 billion to $315.2 billion as of March 31, 2024 from December 31, 2023 primarily driven by seasonal paydowns in our credit card loan portfolio.
Average loans held for investment increased by $6.9 billion to $314.6 billion in the first quarter of 2024 compared to the first quarter of 2023 primarily driven by growth in our credit card loan portfolio.
Net Charge-Off and Delinquency Metrics:
Our net charge-off rate increased by 112 basis points (“bps”) to 3.33% in the first quarter of 2024 compared to the first quarter of 2023 primarily driven by higher net charge-offs in our domestic credit card loan portfolio.
Our 30+ day delinquency rate decreased by 32 bps to 3.67% as of March 31, 2024 from December 31, 2023 primarily driven by seasonally lower delinquency inventories in our auto and domestic credit card loan portfolios.
Allowance for Credit Losses: Our allowance for credit losses increased by $84 million to $15.4 billion and our allowance coverage ratio increased by 11 bps to 4.88% as of March 31, 2024 compared to December 31, 2023.
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Capital One Financial Corporation (COF)

CONSOLIDATED RESULTS OF OPERATIONS
The section below provides a comparative discussion of our consolidated financial performance for the first quarters of 2024 and 2023. We provide a discussion of our business segment results in the following section, “Business Segment Financial Performance.” This section should be read together with our “Executive Summary,” where we discuss trends and other factors that we expect will affect our future results of operations.
Net Interest Income
Net interest income represents the difference between interest income, including certain fees, earned on our interest-earning assets and the interest expense incurred on our interest-bearing liabilities. Our interest-earning assets include loans, investment securities and other interest-earning assets, while our interest-bearing liabilities include interest-bearing deposits, securitized debt obligations, senior and subordinated notes, other borrowings and other interest-bearing liabilities. Generally, we include in interest income any past due fees, net of reversals, on loans that we deem collectible. Our net interest margin, based on our consolidated results, represents the difference between the yield on our interest-earning assets and the cost of our interest-bearing liabilities, including the notional impact of non-interest-bearing funding. We expect net interest income and our net interest margin to fluctuate based on changes in interest rates and changes in the amount and composition of our interest-earning assets and interest-bearing liabilities.
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Capital One Financial Corporation (COF)

Table 2 below presents the average outstanding balance, interest income earned, interest expense incurred and average yield for the first quarters of 2024 and 2023 for each major category of our interest-earning assets and interest-bearing liabilities. Nonperforming loans are included in the average loan balances below.
Table 2: Average Balances, Net Interest Income and Net Interest Margin
 Three Months Ended March 31,
 20242023
(Dollars in millions)Average
Balance
Interest Income/
Expense
Average Yield/
Rate(1)
Average
Balance
Interest Income/
Expense
Average Yield/
Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Credit card$150,049 $7,067 18.84 %$134,669 $6,053 17.98 %
Consumer banking75,091 1,564 8.3379,000 1,461 7.40
Commercial banking(3)
90,423 1,612 7.1394,446 1,488 6.30
Other(4)
 (323)**— (279)**
Total loans, including loans held for sale315,563 9,920 12.57308,115 8,723 11.32
Investment securities88,581 687 3.1089,960 615 2.73
Cash equivalents and other interest-earning assets43,659 570 5.2137,124 416 4.49
Total interest-earning assets447,803 11,177 9.98435,199 9,754 8.96
Cash and due from banks3,947 4,155 
Allowance for credit losses(15,293)(13,203)
Premises and equipment, net4,391 4,349 
Other assets34,147 31,824 
Total assets$474,995