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Capital One® Contacts : Investor Relations Jeff Norris Danielle Dietz Media Relations Sie Soheili Exhibit 99.1 News Release jeff.norris@capitalone.com danielle.dietz@capitalone.com sie.soheili@capitalone.com FOR IMMEDIATE RELEASE : April 27 , 2021 Capital One Reports First Quarter 2021 Net Income of $ 3.3 billion , or $ 7.03 per share First Quarter 2021 Net Income of $ 7.03 per share McLean , Va . ( April 27 , 2021 ) – Capital One Financial Corporation ( NYSE : COF ) today announced net income for the first quarter of 2021 of $ 3.3 billion , or $ 7.03 per diluted common share , compared with net income of $ 2.6 billion , or $ 5.35 per diluted common share in the fourth quarter of 2020 , and with a net loss of $ 1.3 billion , or $ 3.10 per diluted common share in the first quarter of 2020 . " Strikingly strong credit drove another quarter of record earnings per share , and our investments to transform our technology and how we work are paying off , ” said Richard D. Fairbank , Founder , Chairman and Chief Executive Officer . “ Our modern technology is powering our response to the pandemic , and putting us in a strong position for opportunities that emerge as sweeping digital change transforms banking . " The quarter included the following notable item : ( Dollars in millions , except per share data ) Pre - Tax Impact Diluted EPS Impact Equity investment loss $ ( 75 ) $ ( 0.12 ) All comparisons below are for the first quarter of 2021 compared with the fourth quarter of 2020 unless otherwise noted . First Quarter 2021 Income Statement Summary : • Total net revenue decreased 3 percent to $ 7.1 billion . . Total non - interest expense decreased 7 percent to $ 3.7 billion : о 11 percent decrease in marketing . ° 6 percent decrease in operating expenses .