Third Quarter 2023 Financial Results
Reconciliation of Non-GAAP Measures
Capital One
Nine Months Ended
Insurance recoveries and legal reserve activity
(Dollars in millions, except per share data and as noted)
Adjusted diluted earnings per share ("EPS"):
Net income available to common stockholders (GAAP)
Restructuring charges
2023
Q3
2023
2023
2022
2022
Q2
Q1
Q4
Q3
September 30,
2023
2022
$
1,705 $ 1,351 $
887
$
1,161 $ 1,616
$
3,943 $
5,883
(177)
72
Adjusted net income available to common stockholders before income tax impacts
(non-GAAP) ........
1,705
1,351
887
1,056
1,616
3,943
5,883
Income tax impacts
25
Adjusted net income available to common stockholders (non-GAAP)
$
1,705 $
1,351
$
887
$
1.081
$
1,616
$
3,943 $
5,883
Diluted weighted-average common shares outstanding (in millions) (GAAP)
383.3
383.7
383.8
383.7
384.6
383.6
396.4
Diluted EPS (GAAP)
Impact of adjustments noted above
Adjusted diluted EPS (non-GAAP)
$
4.45 $
3.52
$
2.31
$
3.03
$
4.20
$
10.28
$
14.84
(0.21)
$
4.45 $
3.52
$
2.31
$
2.82 $
4.20 $
10.28
$
14.84
Adjusted efficiency ratio:
Non-interest expense (GAAP)
Insurance recoveries and legal reserve activity
Restructuring charges
Adjusted non-interest expense (non-GAAP)
Total net revenue (GAAP)
Efficiency ratio (GAAP)
Impact of adjustments noted above
Adjusted efficiency ratio (non-GAAP)
4,860 $
4,794 $
4,945 $
5,080 $
4,949 $
14,599
14,083
177
$
4,860 $
4,794
$
4,945 $
(72)
5,185 $
4,949
$
14,599 $
14,083
$
9,366 $
9,012 $
8,903 $
9,040
$
8,805 $
27,281 $
25,210
51.89%
53.20%
55.54%
51.89%
53.20%
55.54%
56.19%
117bps
57.36%
56.21%
53.51%
55.86%
56.21%
53.51%
55.86%
Adjusted operating efficiency ratio:
Operating expense (GAAP)
Legal reserve activity, including insurance recoveries
Restructuring charges
Adjusted operating expense (non-GAAP)
3,888 $
3,908 $
4,048
$
3,962 $
3,971 $
11,844
$
11,184
177
(72)
$
3,888
$
3,908 $
4,048
$
4,067
$
3,971 $
11,844
11,184View entire presentation