Exhibit 99.1
News Release
earningsslidesvfinal1b581a.jpg    
Contacts:
Investor RelationsMedia Relations
Jeff NorrisDanielle DietzSie SoheiliTatiana Stead
jeff.norris@capitalone.comdanielle.dietz@capitalone.comsie.soheili@capitalone.comtatiana.stead@capitalone.com

FOR IMMEDIATE RELEASE: January 26, 2021
Capital One Reports Fourth Quarter 2020 Net Income of $2.6 billion,
or $5.35 per share
Excluding adjusting items, Fourth Quarter 2020 Net Income of $5.29 per share(1)
McLean, Va. (January 26, 2021) – Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2020 of $2.6 billion, or $5.35 per diluted common share, compared with net income of $2.4 billion, or $5.06 per diluted common share in the third quarter of 2020, and with net income of $1.2 billion, or $2.25 per diluted common share in the fourth quarter of 2019. Excluding adjusting items, net income for the fourth quarter of 2020 was $5.29 per diluted common share(1). In addition, Capital One’s Board of Directors has authorized a common stock repurchase program of up to $7.5 billion.
“Our long-standing strategic choices put us in a strong position to respond to both the near-term challenges and the emerging opportunities as the pandemic plays out,” said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. “Despite the pressures of the pandemic in the near-term, nothing has changed about where we think our businesses are headed, or the long-term strategic opportunities that are being created as sweeping digital change continues to transform banking.”
Adjusting items in the fourth quarter of 2020, which are excluded from diluted earnings per share (EPS), efficiency ratio and operating efficiency ratio metrics (see Table 15 in our Financial Supplement for additional information):
(Dollars in millions, except per share data)Pre-Tax
Impact
Diluted EPS
Impact
Legal reserve activity, including insurance recoveries$37 $0.07 
Cybersecurity Incident expenses, net of insurance(6)(0.01)
The quarter included the following notable item:
(Dollars in millions, except per share data)Pre-Tax
Impact
Diluted EPS
Impact
Equity investment gain$60 $0.10 
(1)Amounts excluding adjusting items are non-GAAP measures that we believe 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 Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.


The following information was filed by Capital One Financial Corp (COF) on Tuesday, January 26, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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