Does this 8-K include the combined company's results after the Discover acquisition?

No. The footnote states the metrics include legacy Capital One data only and exclude Discover operations, even though the acquisition closed May 18, 2025. Combined-company credit metrics would need to come from later disclosures.

What is the credit card net charge-off rate and why does it matter?

The legacy domestic credit card net charge-off rate was 5.57% for the month ended May 31, 2025, on $694 million of net charge-offs. It is a core indicator of unsecured credit losses in the card book, and investors often track it against prior months and peers.

Are these figures filed with the SEC or subject to liability?

The information is furnished under Item 7.01 and is explicitly not deemed filed for Section 18 purposes. It is also not incorporated by reference into Securities Act or Exchange Act filings, which limits the associated liability.

What drives changes in reported net charge-off rates?

According to the footnotes, net charge-offs and rates fluctuate with recoveries, including the impact of debt sales. Rates can therefore move without a change in underlying borrower performance, so trend analysis over several months is more informative.

Does the filing provide earnings or guidance?

No. The filing contains only monthly charge-off and delinquency metrics along with footnotes. It does not include earnings results, financial statements, or forward-looking guidance.

CAPITAL ONE FINANCIAL CORP 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed June 16, 2025. Cited figures are marked; the original filing is the authoritative source.

Capital One Financial Corp (COF) furnished this Form 8-K under Item 7.01 (Regulation FD) to publish its monthly charge-off and delinquency metrics for the month ended May 31, 2025.

The exhibit reports legacy Capital One figures only, because the company completed its acquisition of Discover Financial Services effective May 18, 2025, and the metrics exclude Discover operations. The information is furnished rather than filed, so it is not subject to Section 18 liability. For the legacy Domestic Credit Card portfolio, average loans held for investment were $149.6 billion^a and period-end loans were $152.4 billion.

The net charge-off rate was 5.57% on $694 million^b of net charge-offs, and the 30+ day performing delinquency rate was 3.85% ($5.9 billion). For Consumer Banking Auto, period-end loans were $79.3 billion, the net charge-off rate was 1.04% ($68 million), the 30+ day delinquency rate was 4.70% ($3.7 billion), and the nonperforming loan rate was 0.76% ($605 million). The filing notes that net charge-offs are sensitive to recoveries, including debt sales.

For investors, the key point is that this exhibit covers only the legacy business, so it does not show the combined company's credit profile after Discover. The card net charge-off rate of 5.57%^c and the auto delinquency metrics give a baseline for legacy credit trends.

Investors should look to later filings for the first metrics that include Discover, since the acquisition materially changes the scale and mix of the loan book. The filing does not include forward guidance, earnings, or commentary on the acquisition's financial impact.

02—Key points

Key Highlights

Discover acquisition completed May 18, 2025; the reported metrics include legacy Capital One only and exclude Discover operations.
Domestic credit card net charge-off rate of 5.57% for May 2025 on $694 million of net charge-offs, against average loans of $149.6 billion.
Domestic credit card 30+ day performing delinquency rate of 3.85%, totaling $5.9 billion in delinquent loans.
Consumer Banking auto net charge-off rate of 1.04% ($68 million), with a 30+ day delinquency rate of 4.70% ($3.7 billion).
Auto nonperforming loan rate of 0.76% ($605 million) on period-end auto loans of $79.3 billion.
Information furnished under Item 7.01 (Regulation FD) and not deemed filed under Section 18 of the Exchange Act; no financial statements or guidance included.
Net charge-off rates can shift with recoveries and debt sales, so single-month figures should be read alongside trend data.

03—Questions

Frequently Asked Questions

Does this 8-K include the combined company's results after the Discover acquisition?
No. The footnote states the metrics include legacy Capital One data only and exclude Discover operations, even though the acquisition closed May 18, 2025. Combined-company credit metrics would need to come from later disclosures.
What is the credit card net charge-off rate and why does it matter?
The legacy domestic credit card net charge-off rate was 5.57% for the month ended May 31, 2025, on $694 million of net charge-offs. It is a core indicator of unsecured credit losses in the card book, and investors often track it against prior months and peers.
Are these figures filed with the SEC or subject to liability?
The information is furnished under Item 7.01 and is explicitly not deemed filed for Section 18 purposes. It is also not incorporated by reference into Securities Act or Exchange Act filings, which limits the associated liability.
What drives changes in reported net charge-off rates?
According to the footnotes, net charge-offs and rates fluctuate with recoveries, including the impact of debt sales. Rates can therefore move without a change in underlying borrower performance, so trend analysis over several months is more informative.
Does the filing provide earnings or guidance?
No. The filing contains only monthly charge-off and delinquency metrics along with footnotes. It does not include earnings results, financial statements, or forward-looking guidance.

04—Continue

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