Capital One Second Quarter 2025 Results

Capital One Second Quarter 2025 Results

• 1. Second Quarter 2025 Results July 22, 2025

• 2. This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in Capital One’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Please note that the following materials containing information regarding Capital One’s financial performance is preliminary and based on Capital One’s data available at the time of the earnings presentation. It speaks only as of the particular date or dates indicated in these materials. Capital One does not undertake any obligation to update or revise any of the information contained herein whether as a result of new information, and future events or otherwise. Certain statements in this presentation and other oral and written statements made by Capital One from time to time are forward-looking statements, including those that discuss, among other things: strategies, goals, outlook or other non-historical matters; projections, revenues, income, returns, expenses, assets, liabilities, capital and liquidity measures, capital allocation plans, accruals for claims in litigation and for other claims against Capital One, earnings per share, efficiency ratio, operating efficiency ratio or other financial measures for Capital One; future financial and operating results; Capital One’s plans, objectives, expectations and intentions; and the assumptions that underlie these matters. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Numerous factors could cause Capital One’s actual results to differ materially from those described in such forward-looking statements, including, among other things: risks related to the integration of the acquisition of Discover Financial Services by Capital One (the “Discover Acquisition”), including Capital One’s ability to successfully integrate its businesses, incur substantial expenses related to the Discover Acquisition and to the integration of Discover, and the expenses may be greater than anticipated due to factors, some or all of which may be outside Capital One’s control; Capital One’s ability to realize all of the anticipated benefits of the Discover Acquisition, or those benefits may take longer to realize than expected due to factors that may be outside its control; the integration of Discover may have an adverse effect on Capital One’s business and results of operations due to the diversion of a substantial portion of the time and attention of its management team; potential employee attrition; and other factors that may affect Capital One’s future results; changes and instability in the macroeconomic environment, resulting from factors that include, but are not limited to monetary, fiscal and trade policy actions such as tariffs, geopolitical conflicts or instability, such as the war between Ukraine and Russia and the conflict in the Middle East, labor shortages, government shutdowns, inflation and deflation, potential recessions, technology-driven disruption of certain industries, lower demand for credit, changes in deposit practices and payment patterns; fluctuations in interest rates; Capital One’s ability to maintain adequate sources of funding and liquidity to operate its business; increases in credit losses and delinquencies and the impact of incorrectly estimated expected losses, which could result in inadequate reserves; Capital One’s ability to maintain adequate capital or liquidity levels or to comply with revised capital or liquidity requirements, which could have a negative impact on its financial results and its ability to return capital to its stockholders; limitations on Capital One’s ability to receive dividends from its subsidiaries; a downgrade in Capital One’s credit ratings; Capital One’s ability to develop, operate, and adapt its operational, technology and organizational infrastructure suitable for the nature of its business; increased costs, reductions in revenue, reputational damage, legal exposure and business disruptions that can result from a cyberattack or other security incident on Capital One or third parties (including their supply chains) with which Capital One conducts business, including an incident that results in the theft, loss, manipulation or misuse of information, or the disabling of systems and access to information critical to business operations; the use, reliability, and accuracy of the models, artificial intelligence, and data on which Capital One relies; Capital One’s ability to manage fraudulent activity risks; compliance with new and existing domestic and foreign laws, regulations and regulatory expectations, which may change over time including as a result of the political and policy goals of elected officials; compliance with applicable laws and regulations related to privacy, data protection and data security, in addition to compliance with Capital One’s own privacy policies and contractual obligations to third parties; developments, changes or actions relating to any litigation, governmental investigation or regulatory enforcement action or matter involving Capital One; the amount and rate of deposit growth and changes in deposit costs; Capital One’s ability to execute on its strategic initiatives and operational plans; Capital One’s response to competitive pressures; change in market preference towards other operators of payment networks and alternative payment providers; Capital One’s ability to create and maintain a strong base of network licensees and achieving meaningful global card acceptance; legislation, regulation and merchants’ efforts to reduce the interchange fees charged by credit and debit card networks to facilitate card transactions, and by legislation and regulation impacting such fees; the number of large merchants that accept cards on Capital One’s recently acquired Discover Network or PULSE Network; merchant defaults; Capital One’s ability to invest successfully in and introduce digital and other technological developments across all its businesses; Capital One’s success in integrating acquired businesses and loan portfolios, and its ability to realize anticipated benefits from announced transactions and strategic partnerships; changes in the reputation of, or expectations regarding, Capital One or the financial services industry with respect to practices, products, services or financial condition; the success of Capital One’s marketing efforts in attracting and retaining customers; Capital One’s risk management strategies; Capital One’s ability to protect its intellectual property rights; Capital One’s ability to attract, develop, retain and motivate key senior leaders and skilled employees; Capital One’s ability to manage risks from catastrophic events; climate change manifesting as physical or transition risks; Capital One’s assumptions or estimates in its financial statements; the soundness of other financial institutions and other third parties, actual or perceived; and other risk factors identified from time to time in Capital One’s public disclosures, including in the reports that its files with the U.S. Securities and Exchange Commission (the “SEC”). You should carefully consider the factors referred to above in evaluating these forward-looking statements. All information in these slides is based on the consolidated results of Capital One, unless otherwise noted. This presentation includes certain non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results, nor are they necessarily comparably to non-GAAP measures that may be presented by other companies. A reconciliation of any non-GAAP financial measures included in this presentation to the comparative GAAP measure can be found in Capital One’s Current Report on Form 8-K filed with the SEC on July 22, 2025, available on its website at www.capitalone.com under “Investors.” Forward-Looking Statements

• 3. Discover Acquisition Summary • On May 18, 2025 Capital One closed the acquisition of Discover Financial Services (“Discover Acquisition”) for a purchase consideration of $51.8 billion with impacts to our continuing operations(1) highlighted below • Discover products were integrated into Capital One’s existing business segments ◦ Credit Card - Domestic Card and Personal Loans ◦ Consumer Banking - Deposits and Global Payment Network ◦ Commercial Banking - Investments in Affordable Housing Entities • Loans and Deposits(2) ◦ Domestic Card Loans of $98.3 billion including a fair value discount of $220 million ◦ Personal Loans of $9.9 billion including a fair value discount of $114 million ◦ Deposits of $106.7 billion including a fair value discount of $30 million • Loan Credit Mark at closing of $8.4 billion ◦ Initial allowance for non-purchased credit deteriorated (“non-PCD”) loans recognized through provision expense of $8.8 billion ◦ Initial allowance for purchased-credit deteriorated (“PCD”) loans established through purchase accounting of $2.9 billion ◦ Initial benefit to allowance from expected recoveries of acquired charged-off loans(3) established through purchase accounting of ($3.3) billion • Goodwill and Intangibles(4) ◦ Core Deposit Intangible (“CDI”) of $1.0 billion ◦ Purchase Credit Card Relationships (“PCCR”) of $10.3 billion ◦ Network and Financial Partner Relationships of $1.5 billion ◦ Network intangible of $3.1 billion with an indefinite life ◦ Brand / Trade Names of $2.3 billion with an indefinite life ◦ Goodwill of $13.2 billion • Discover partial quarter impacts on Q2 2025 earnings(5), inclusive of purchase accounting ◦ Total net revenue of $2.0 billion ◦ Loss from continuing operations of $(6.4) billion Note: Purchase accounting amounts are provisional as of June 30, 2025 and are subject to change until the measurement period is closed. (1) The home loan business has been accounted for as discontinued operations and are excluded from the acquisition summary. (2) Represent opening balance sheet amounts as of May 18, 2025. Loan fair value marks are amortized through interest income and deposit fair value mark is amortized through interest expense. See appendix slides for opening balance sheet and amortization schedules. (3) Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged-off. (4) Intangibles are amortized through non-interest expense. See appendix slides for amortization schedules for amortizing intangibles. (5) All Discover results and statistics reported herein are from May 18, 2025 to June 30,2025.

• 4. • Net loss of $4.3 billion, or $(8.58) per diluted common share ◦ Adjusted net income per diluted common share(1) of $5.48 • Pre-provision earnings(1) increased 34% to $5.5 billion • Net interest margin increased 69 bps to 7.62% ◦ Adjusted net interest margin(1) of 7.68% • Provision for credit losses of $11.4 billion • Efficiency ratio of 55.96% ◦ Adjusted efficiency ratio(1) of 50.85% • Operating efficiency ratio of 45.20% ◦ Adjusted operating efficiency ratio(1) of 40.16% • The quarter included the following adjusting items: (Dollars in millions, except per share data) Pre-Tax Impact After-Tax Diluted EPS Impact Initial allowance build for Discover non-PCD loans $ 8,767 $ 13.04 Discover integration expenses $ 299 $ 0.45 Discover intangible amortization expense $ 255 $ 0.38 Discover loan and deposit fair value mark amortization $ 85 $ 0.13 Legal reserve activities $ 41 $ 0.06 Note: All comparisons are for the second quarter of 2025 compared with the first quarter of 2025 unless otherwise noted. Regulatory capital metrics and capital ratios as of June 30, 2025 are preliminary and therefore subject to change. (1) This is a non-GAAP measure. See appendix slides for the reconciliation of non-GAAP measures to our reported results. Q2 2025 Company Highlights (Dollars in millions, except per share data) Impact Diluted EPS Impact California tax rate change $ (128) $ (0.25) • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 14.0% at June 30, 2025 • Tangible book value per share(1) decreased 13% to $99.35 • Period-end loans held for investment increased 36%, or $115.7 billion, to $439.3 billion • Average loans held for investment increased 17%, or $55.8 billion, to $378.2 billion • Period-end total deposits increased $100.6 billion to $468.1 billion ◦ Period-end insured deposits of $401.0 billion, 86% of total deposits • Average total deposits increased $50.5 billion to $414.6 billion • The quarter included the following notable item:

• 5. (1) Charge-offs exclude $19.4 billion of acquired Discover loans that are fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses. (2) Represents contractual rights to collect on recoveries of acquired Discover loans that are fully charged off. (3) Includes $8.8 billion from initial allowance for Discover non-purchased credit deteriorated loans. (4) Does not include $(9) million of provision (benefit) related to unfunded lending commitments that is recorded in other liabilities in Commercial Banking or $(1) million of provision (benefit) related to available for sale securities. (5) Primarily represents foreign currency translation adjustments. (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Allowance for credit losses: Balance as of March 31, 2025 $ 12,510 $ 1,872 $ 1,517 $ 15,899 Charge-offs(1) (3,590) (612) (81) (4,283) Recoveries 862 352 9 1,223 Net charge-offs (2,728) (260) (72) (3,060) Initial allowance for purchased credit-deteriorated loans 2,870 — — 2,870 Benefit from expected recoveries of charged off loans(2) (3,305) — — (3,305) Provision for credit losses(3)(4) 11,098 252 90 11,440 Allowance build/(release) for credit losses(3) 7,935 (8) 18 7,945 Other changes(5) 29 — — 29 Balance as of June 30, 2025 $ 20,474 $ 1,864 $ 1,535 $ 23,873 Allowance coverage ratio as of June 30, 2025 7.59% 2.29% 1.74% 5.43% Second Quarter 2025 Highlights • Allowance build of $7.9 billion primarily driven by the Discover Acquisition • Allowance coverage ratio of 5.43% at June 30, 2025, compared to 4.91% at March 31, 2025 Allowance for Credit Losses

• 6. Consumer Banking $1,540 $2,065 $2,015 $1,884 $1,872 $1,864 2.44% 2.73% 2.63% 2.41% 2.37% 2.29% 01/01/20 06/30/24 09/30/24 12/31/24 03/31/25 06/30/25 Commercial Banking $877 $1,544 $1,530 $1,400 $1,517 $1,535 1.18% 1.74% 1.76% 1.61% 1.73% 1.74% 01/01/20 06/30/24 09/30/24 12/31/24 03/31/25 06/30/25 Credit Card $8,098 $13,040 $12,989 $12,974 $12,510 $20,841 $20,474 $12,510 $8,331 6.31% 8.47% 8.29% 7.98% 7.96% 7.59% 01/01/20 06/30/24 09/30/24 12/31/24 03/31/25 3/31/2025 + DFS LD-1 ACL(2) 06/30/25 Domestic Card $7,673 $12,560 $12,494 $12,494 $12,036 $19,596 $19,229 $12,036 $7,560 6.47% 8.54% 8.36% 8.03% 8.01% 7.62% 01/01/20 06/30/24 09/30/24 12/31/24 03/31/25 3/31/25 + DFS LD-1 ACL(2) 06/30/25 (1) Amount includes personal loans allowance of $762 million as of June 30, 2025. (2) DFS LD-1 ACL refers to the initial allowance build related to loans acquired as part of the Discover Acquisition on May 18th, 2025. Allowance Coverage Ratios by Segment (1)

• 7. Second Quarter 2025 Highlights • Average quarterly Liquidity Coverage Ratio of 157% • Average Quarterly Net Stable Funding Ratio (“NSFR”) of 136% • Total liquidity reserves of $143.9 billion as of June 30, 2025 ◦ $59.1 billion in cash and cash equivalents 122,914 131,622 123,826 131,084 143,946 FHLB eligible loans Cash and cash equivalents Investment securities 2Q24 3Q24 4Q24 1Q25 2Q25 5 17% Y/Y Average Quarterly Liquidity Coverage Ratio ("LCR") 155% 163% 155% 152% 157% Liquidity coverage ratio 2Q24 3Q24 4Q24 1Q25 2Q25 Total Liquidity Reserves ($M)(1) Liquidity Note: The Q2’25 LCR and NSFR are preliminary and therefore subject to change. (1) Amount below represents unencumbered liquidity reserves. Securities pledged and eligible to secure FHLB borrowing capacity are presented within investment securities below. 5 10% Q/Q

• 8. Second Quarter 2025 Highlights • Net interest margin increased 69 bps quarter-over-quarter primarily driven by growth in our credit card loan portfolio due to the Discover Acquisition • Net interest margin increased 92 bps year-over-year primarily driven by growth in our credit card loan portfolio due to the Discover Acquisition and lower rates paid on deposits $7,546 $8,076 $8,098 $8,013 $9,995 6.70% 7.11% 7.03% 6.93% 7.62% Net Interest Income (NII) ($M) Net Interest Margin 2Q24 3Q24 4Q24 1Q25 2Q25 5 25% Q/Q 5 32% Y/Y (1) Net Interest Income and Net Interest Margin (1) Adjusted net interest margin of 7.68%, inclusive of a 46 bps impact from the Discover Acquisition. Adjusted net interest margin is a non-GAAP measure. See appendix slides for the reconciliation of non-GAAP measures to our reported results.

• 9. Second Quarter 2025 Highlights • Well-capitalized with CET1 capital ratio of 14.0% as of June 30, 2025 • Preliminary Stress Capital Buffer of 4.5% effective October 1, 2025 • Repurchased 760 thousand common shares for $150 million in the second quarter of 2025; Full year repurchases of $300 million Common Equity Tier 1 Capital Ratio 13.2% 13.6% 13.5% 13.6% 14.0% 2Q24 3Q24 4Q24 1Q25 2Q25 (Dollars in millions) Amount Ratio Common equity Tier 1 (“CET1”) as of March 31, 2025 $ 51,205 13.6% Share Issuances related to Discover Acquisition 50,708 1,007 bps Q2 2025 Net loss (4,277) (85) bps Common & Preferred Stock Dividends(1) (445) (9) bps Share Repurchases (150) (3) bps Adjustments for goodwill and intangibles (26,731) (531) bps Other quarterly activities(2) 402 8 bps Risk Weighted Assets changes N/A (346) bps CET1 as of June 30, 2025 $ 70,712 14.0% Capital Note: Regulatory capital metrics and capital ratios as of June 30, 2025 are preliminary and therefore subject to change. (1) Includes $440 million of cash dividends and $5 million of dividend-equivalents associated with employee stock awards. (2) Primarily represents net issuances of employee stock.

• 10. Three Months Ended June 30, 2025 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other Total Net interest income (loss) $ 7,293 $ 2,162 $ 602 $ (62) $ 9,995 Non-interest income (loss) 1,802 394 335 (34) 2,497 Total net revenue (loss) 9,095 2,556 937 (96) 12,492 Provision (benefit) for credit losses 11,098 252 81 (1) 11,430 Non-interest expense 4,447 1,713 489 342 6,991 Income (loss) from continuing operations before income taxes (6,450) 591 367 (437) (5,929) Income tax provision (benefit) (1,533) 141 87 (361) (1,666) Income (loss) from continuing operations, net of tax $ (4,917) $ 450 $ 280 $ (76) $ (4,263) Financial Summary—Business Segment Results

• 11. Second Quarter 2025 Highlights • Ending loans held for investment up $115.8 billion, or 75%, year-over-year; average loans held for investment up $59.2 billion, or 39%, year-over-year • Purchase volume up 22% year-over-year • Revenue up $2.3 billion, or 34%, yearover-year • Revenue margin of 17.35% • Non-interest expense up $1.3 billion or 42% year-over-year • Provision for credit losses up $7.6 billion year-over-year • Net charge-off rate of 5.20% 2025 Q2 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 Earnings: Net interest income $ 7,293 $ 5,654 $ 5,294 29% 38% Non-interest income 1,802 1,511 1,506 19 20 Total net revenue 9,095 7,165 6,800 27 34 Provision for credit losses 11,098 1,926 3,545 ** ** Non-interest expense 4,447 3,638 3,134 22 42 Pre-tax income (loss) (6,450) 1,601 121 ** ** Selected performance metrics: Period-end loans held for investment $ 269,709 $ 157,189 $ 153,895 72% 75% Average loans held for investment 209,693 156,407 150,467 34 39 Total net revenue margin 17.35% 18.32% 18.03% (97)bps (68)bps Net charge-off rate(1) 5.20 6.14 6.00 (94) (80) Purchase volume $ 201,453 $ 157,948 $ 165,143 28% 22% Credit Card (1) Charge-offs exclude $19.4 billion of acquired Discover loans that are fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.

• 12. Second Quarter 2025 Highlights • Ending loans held for investment up $105.4 billion, or 72%, year-over-year; average loans held for investment up $54.1 billion, or 38%, year-over-year • Purchase volume up 22% year-over-year • Revenue up $2.1 billion, or 33%, year-overyear • Revenue margin of 17.33% • Non-interest expense up $1.2 billion, or 42%, year-over-year • Provision for credit losses up $6.8 billion yearover-year • Net charge-off rate of 5.25% ◦ Legacy COF rate of 5.50% ◦ Legacy DFS rate of 4.44% • 30+ day performing delinquency rate of 3.60% ◦ Legacy COF rate of 3.92% ◦ Legacy DFS rate of 3.11% 2025 Q2 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 Earnings: Net interest income $6,822 $5,343 $5,001 28% 36% Non-interest income 1,749 1,460 1,440 20 21 Total net revenue 8,571 6,803 6,441 26 33 Provision for credit losses 10,200 1,856 3,435 ** 197 Non-interest expense 4,192 3,422 2,946 23 42 Pre-tax income (loss) (5,821) 1,525 60 ** ** Selected performance metrics: Period-end loans held for investment $252,481 $150,309 $147,065 68% 72% Average loans held for investment 197,808 149,639 143,744 32 38 Total net revenue margin 17.33% 18.19% 17.87% (86)bps (54)bps Net charge-off rate(1) 5.25 6.19 6.05 (94) (80) 30+ day performing delinquency rate 3.60 4.25 4.14 (65) (54) Purchase volume $197,308 $154,391 $161,370 28% 22% Domestic Card (1) Charge-offs exclude $18.0 billion of acquired Discover loans that are fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.

• 13. 2025 Q2 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 Earnings: Net interest income $ 2,162 $ 1,943 $ 2,025 11 % 7 % Non-interest income 394 183 172 115 129 Total net revenue 2,556 2,126 2,197 20 16 Provision for credit losses 252 301 330 (16) (24) Non-interest expense 1,713 1,581 1,250 8 37 Pre-tax income 591 244 617 142 (4) Selected performance metrics: Period-end loans held for investment $ 81,233 $ 78,896 $ 75,663 3 % 7 % Average loans held for investment 80,095 78,480 75,386 2 6 Auto loan originations 10,861 9,210 8,463 18 28 Period-end deposits 414,044 324,920 305,422 27 36 Average deposits 365,359 319,950 300,794 14 21 Average deposits interest rate 3.02% 3.00% 3.22% 2 bps (20) bps Net charge-off rate 1.30 1.60 1.87 (30) (57) Global Payment Network volume(1) $74,014 — — — — Second Quarter 2025 Highlights • Ending loans held for investment up $5.6 billion or 7% year-over-year; average loans held for investment up $4.7 billion, or 6%, year-over-year • Ending deposits up $108.6 billion, or 36%, year-over-year • Auto loan originations up $2.4 billion, or 28%, year-over-year • Revenue up $359 million, or 16%, yearover-year • Non-interest expense up $463 million, or 37%, year-over-year • Provision for credit losses down $78 million year-over-year • Average deposits interest rate of 3.02% • Net charge-off rate of 1.30% • Global Payment Network volume of $74.0 billion . Consumer Banking (1) Global Payment Network volume includes transactions processed on the Discover Network, PULSE Network and Diners Club International.

• 14. Second Quarter 2025 Highlights • Ending loans held for investment up $842 million or 1% quarter-over-quarter and average loans held for investment up $871 million, 1% quarter-over-quarter • Ending deposits down $739 million, or 2%, quarter-over-quarter; average deposits down $1.2 billion, or 4% quarter-over-quarter • Revenue up $53 million or 6% quarterover-quarter • Non-interest expense up $3 million, or 1%, quarter-over-quarter • Provision for credit losses down $61 million quarter-over-quarter • Net charge-off rate of 0.33% • Criticized performing loan rate of 5.89% and criticized nonperforming loan rate of 1.30% 2025 Q2 2025 2025 2024 2025 2024 (Dollars in millions, except as noted) Q2 Q1 Q2 Q1 Q2 Earnings: Net interest income $ 602 $ 572 $ 609 5 % (1) % Non-interest income 335 312 271 7 24 Total net revenue 937 884 880 6 6 Provision for credit losses 81 142 34 (43) 138 Non-interest expense 489 486 483 1 1 Pre-tax income 367 256 363 43 1 Selected performance metrics: Period-end loans held for investment $ 88,355 $ 87,513 $ 88,628 1 % — Average loans held for investment 88,369 87,498 89,035 1 (1) % Period-end deposits 29,245 29,984 29,210 (2) — Average deposits 30,444 31,654 30,810 (4) (1) Average deposits interest rate 2.06% 2.13% 2.55% (7) bps (49) bps Net charge-off rate 0.33 0.11 0.15 22 18 Risk category as a percentage of periodend loans held for investment:(1) Criticized performing 5.89% 6.41% 8.62% (52) bps (273) bps Criticized nonperforming 1.30 1.40 1.46 (10) (16) Commercial Banking (1) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

• 15. Appendix

• 16. Discover Acquisition: Preliminary Purchase Consideration Allocation (1) Purchase accounting amounts are provisional as of June 30, 2025 and are subject to change until the measurement period is closed. (2) The number of shares of Capital One treasury stock issued in the acquisition does not include cash paid to settle fractional shares, which is included in other consideration. (3) Includes amounts related to preferred stock, re-issuances of certain Discover employee equity awards and cash paid to settle fractional shares. (4) Includes $7.9 billion of home loans classified as discontinued operations. (5) Includes $3.6 billion of net deferred tax liabilities. (in millions, except share and per share data) Fair Value as of May 18, 2025(1) Purchase consideration: Shares of Discover common stock issued and outstanding immediately prior to the acquisition 251,679,740 Exchange ratio 1.0192 Number of shares of Capital One treasury stock issued in the acquisition(2) 256,497,213 Price per share of Capital One common stock $ 197.22 Fair value of consideration for outstanding common stock 50,586 Fair value of other consideration(2)(3) 1,207 Fair value of purchase consideration $ 51,793 Allocation of purchase consideration to net assets acquired: Preliminary fair value of assets acquired: Cash and cash equivalents and Restricted cash for securitization investors $ 16,467 Securities available for sale 14,108 Loans, net of allowance for credit losses 108,609 Intangible assets 18,210 All other assets(4) 11,227 Preliminary fair value of liabilities assumed: Deposits (106,717) Borrowings (13,282) All other liabilities(5) (10,071) Preliminary fair value of net assets acquired 38,551 Preliminary Goodwill 13,242

• 17. Discover Acquisition: Loan and Deposit Fair Value Mark Amortization (Dollars in millions, except as noted) 2025 2026 2027 2028 2029 Thereafter Total Premium / (Discount) Card Loans: Non-PCD $618 $379 $98 $20 $1 $— $1,116 PCD (414) (427) (218) (119) (63) (95) (1,336) Decrease / (Increase) to Interest Income 204 (48) (120) (99) (62) (95) (220) Personal Loans: Non-PCD (17) (18) (9) (3) — — (47) PCD (19) (21) (13) (7) (4) (3) (67) Decrease / (Increase) to Interest Income (36) (39) (22) (10) (4) (3) (114) Total Decrease / (Increase) to Interest Income(1) 168 (87) (142) (109) (66) (98) (334) Deposits: (Increase) / Decrease to Interest Expense(2) (60) 10 8 5 2 5 (30) (1) Loan fair value marks decreased interest income by $56 million in Q2 2025 and will decrease interest income by $75 million and $37 million in Q3 2025 and Q4 2025, respectively. (2) Deposit fair value marks increased interest expense by $29 million in Q2 2025 and will increase interest expense by $30 million and $1 million in Q3 2025 and Q4 2025, respectively.

• 18. Discover Acquisition: Intangible Amortization (1) Accelerated amortization approach over 11 year useful life. (2) Straight-line amortization approach over 11 year useful life. (3) Accelerated amortization approach over 10 year useful life. (4) Intangible amortization increased operating expense by $255 million in Q2 2025 and will increase operating expense by $510 million in both Q3 2025 and Q4 2025. (Dollars in millions, except as noted) 2025 2026 2027 2028 2029 Thereafter Total Purchase Credit Card Relationships (“PCCR”)(1) $1,073 $1,619 $1,463 $1,307 $1,151 $3,687 $10,300 Network and Financial Partner Relationships(2) 84 135 135 135 135 876 1,500 Core Deposit Intangible (“CDI”)(3) 118 177 158 139 121 327 1,040 Total Amortization Expense / Increase to Operating Expense(4) $1,275 $1,931 $1,756 $1,581 $1,407 $4,890 $12,840

• 19. 2025 2025 2024 2024 2024 Six Months Ended June 30, (Dollars in millions, except per share data and as noted) Q2 Q1 Q4 Q3 Q2 2025 2024 Adjusted diluted earnings per share (“EPS”): Net income (loss) available to common stockholders (GAAP) . . . . . . . . . . . . . . . . . . . . . $ (4,340) $ 1,325 $ 1,022 $ 1,692 $ 531 $ (2,998) $ 1,731 Initial allowance build for Discover non-PCD loans 8,767 — — — — 8,767 — Discover integration expenses 299 110 140 63 31 409 31 Discover intangible amortization expense 255 — — — — 255 — Discover loan and deposit fair value mark amortization 85 — — — — 85 — Legal reserve activities 41 198 75 — — 239 — Allowance build for Walmart program agreement loss sharing termination — — — — 826 — 826 Walmart program agreement termination contra revenue impact — — — — 27 — 27 FDIC special assessment — — — (9) 8 — 50 Adjusted net income available to common stockholders before income tax impacts (non-GAAP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,107 1,633 1,237 1,746 1,423 6,757 2,665 Income tax impacts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,339) (76) (52) (13) (218) (2,415) (228) Adjusted net income available to common stockholders (non-GAAP) . . . . . . . . . . . . . . . $ 2,768 $ 1,557 $ 1,185 $ 1,733 $ 1,205 $ 4,342 $ 2,437 Diluted weighted-average common shares outstanding (in millions) (GAAP) . . . . . . . . . 505.6 384.0 383.4 383.7 383.9 444.7 383.7 Diluted EPS (GAAP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (8.58) $ 3.45 $ 2.67 $ 4.41 $ 1.38 $ (6.74) $ 4.51 Impact of adjustments noted above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.06 0.61 0.42 0.10 1.76 16.50 1.84 Adjusted diluted EPS (non-GAAP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.48 $ 4.06 $ 3.09 $ 4.51 $ 3.14 $ 9.76 $ 6.35 Adjusted net interest margin: Net interest income (GAAP) $ 9,995 $ 8,013 $ 8,098 $ 8,076 $ 7,546 $ 18,008 $ 15,034 Discover loan and deposit fair value mark amortization 85 — — — — 85 — Walmart program agreement termination contra revenue impact — — — — 27 — 27 Adjusted net interest income (non-GAAP) $ 10,080 $ 8,013 $ 8,098 $ 8,076 $ 7,573 $ 18,093 $ 15,061 Average interest earning assets $ 524,929 $ 462,771 $ 460,640 $ 454,484 $ 450,908 $ 494,022 $ 449,356 Net interest margin (GAAP) 7.62% 6.93% 7.03% 7.11% 6.70% 7.29% 6.69% Impact of adjustments noted above 6 bps — bps — bps — bps 2 bps 3 bps 1 bps Adjusted net interest margin (non-GAAP) 7.68% 6.93% 7.03% 7.11% 6.72% 7.32 % 6.70% 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. Reconciliation of Non-GAAP Measures

• 20. 2025 2025 2024 2024 2024 Six Months Ended June 30, (Dollars in millions) Q2 Q1 Q4 Q3 Q2 2025 2024 Adjusted net revenue: Total net revenue (GAAP) $ 12,492 $ 10,000 $ 10,190 $ 10,014 $ 9,506 $ 22,492 $ 18,908 Discover loan and deposit fair value mark amortization 85 — — — — 85 — Walmart program agreement termination contra revenue impact — — — — 27 — 27 Adjusted net revenue (non-GAAP) $ 12,577 $ 10,000 $ 10,190 $ 10,014 $ 9,533 $ 22,577 $ 18,935 Adjusted efficiency ratio: Non-interest expense (GAAP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,991 $ 5,902 $ 6,089 $ 5,314 $ 4,946 $ 12,893 $ 10,083 Discover integration expenses (299) (110) (140) (63) (31) (409) (31) Discover intangible amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (255) — — — — (255) — Legal reserve activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (41) (198) (75) — — (239) — FDIC special assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 9 (8) — (50) Adjusted non-interest expense (non-GAAP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,396 $ 5,594 $ 5,874 $ 5,260 $ 4,907 $ 11,990 $ 10,002 Adjusted net revenue (non-GAAP) $ 12,577 $ 10,000 $ 10,190 $ 10,014 $ 9,533 $ 22,577 $ 18,935 Efficiency ratio (GAAP) 55.96% 59.02% 59.75% 53.07% 52.03% 57.32% 53.33% Impact of adjustments noted above (511) bps (308) bps (211) bps (54) bps (56) bps (421) bps (51) bps Adjusted efficiency ratio (non-GAAP) 50.85% 55.94% 57.64% 52.53% 51.47% 53.11% 52.82% Adjusted operating efficiency ratio: Operating expense (GAAP) $ 5,646 $ 4,700 $ 4,714 $ 4,201 $ 3,882 $ 10,346 $ 8,009 Discover integration expenses (299) (110) (140) (63) (31) (409) (31) Discover intangible amortization expense (255) — — — — (255) — Legal reserve activities (41) (198) (75) — — (239) — FDIC special assessment — — — 9 (8) — (50) Adjusted operating expense (non-GAAP) $ 5,051 $ 4,392 $ 4,499 $ 4,147 $ 3,843 $ 9,443 $ 7,928 Adjusted net revenue (non-GAAP) $ 12,577 $ 10,000 $ 10,190 $ 10,014 $ 9,533 $ 22,577 $ 18,935 Operating efficiency ratio (GAAP) 45.20% 47.00% 46.26% 41.95% 40.84% 46.00% 42.36% Impact of adjustments noted above (504) bps (308) bps (211) bps (54) bps (53) bps (417) bps (49) bps Adjusted operating efficiency ratio (non-GAAP) 40.16% 43.92% 44.15% 41.41% 40.31% 41.83 % 41.87% 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.

• 21. 2025 2025 2024 2024 2024 (Dollars in millions) Q2 Q1 Q4 Q3 Q2 Pre- Provision Earnings Total net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,492 $ 10,000 $ 10,190 $ 10,014 $ 9,506 Non-interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,991) (5,902) (6,089) (5,314) (4,946) Pre-provision earnings(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,501 $ 4,098 $ 4,101 $ 4,700 $ 4,560 Tangible Book Value per Common Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tangible common equity (Period-end) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,537 $ 43,558 $ 40,782 $ 42,866 $ 37,910 Outstanding Common Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639.5 383.0 381.2 381.5 381.9 Tangible book value per common share(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99.35 $ 113.74 $ 106.97 $ 112.36 $ 99.28 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. Reconciliation of Non-GAAP Measures (1) 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. (2) Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.