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Capital One Contacts : Investor Relations Jeff Norris jeff.norris@capitalone.com FOR IMMEDIATE RELEASE : July 22 , 2021 ( 1 ) Danielle Dietz danielle.dietz@capitalone.com Media Relations Sie Soheili ( Dollars in millions , except per share data ) Legal reserve build O sie.soheili@capitalone.com McLean , Va . ( July 22 , 2021 ) – Capital One Financial Corporation ( NYSE : COF ) today announced net income for the second quarter of 2021 of $ 3.5 billion , or $ 7.62 per diluted common share , compared with net income of $ 3.3 billion , or $ 7.03 per diluted common share in the first quarter of 2021 , and with a net loss of $ 918 million , or $ 2.21 per diluted common share in the second quarter of 2020. Excluding adjusting items , net income for the second quarter of 2021 was $ 7.71 per diluted common share . ( ¹ ) O " We are seeing increasing near - term opportunities to build our franchise as we emerge from the pandemic , ” said Richard D. Fairbank , Founder , Chairman and Chief Executive Officer . " Our modern technology is powering our current performance and setting us up to capitalize on the accelerating digital revolution in banking . " The quarter included the following adjusting item : Exhibit 99.1 News Release Capital One Reports Second Quarter 2021 Net Income of $ 3.5 billion , or $ 7.62 per share Excluding adjusting items , Second Quarter 2021 Net Income of $ 7.71 per share ( ¹ ) Pre - Tax Impact $ 55 $ All comparisons below are for the second quarter of 2021 compared with the first quarter of 2021 unless otherwise noted . Second Quarter 2021 Income Statement Summary : Total net revenue increased 4 percent to $ 7.4 billion . Total non - interest expense increased 6 percent to $ 4.0 billion : 24 percent increase in marketing . 3 percent increase in operating expenses . Diluted EPS Impact 0.09 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 .