Discover Financial Services (DFS) Financials

$197.76 -2.73 (-1.36%)

Closing price 05/16/2025

Extended Trading

$197.76 0.00 (0.00%)

As of 05/16/2025 07:59 PM Eastern

Annual Income Statements for Discover Financial Services

This table shows Discover Financial Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	4,446	2,715	4,228	5,289	1,104	2,908	2,689	2,031	2,393	1,962
Consolidated Net Income / (Loss)	4,535	2,796	4,316	5,388	1,141	2,957	2,742	2,099	2,393	2,297
Net Income / (Loss) Continuing Operations	4,535	2,796	4,316	5,388	1,141	2,957	2,742	2,099	2,393	1,962
Total Pre-Tax Income	6,074	3,637	5,641	6,984	1,435	3,835	3,597	3,537	3,656	3,612
Total Revenue	17,910	15,794	13,216	12,007	11,088	11,459	10,709	9,897	9,099	8,404
Net Interest Income / (Expense)	14,296	13,099	10,999	9,517	9,230	9,463	8,754	8,000	7,218	6,682
Total Interest Income	20,020	17,845	12,864	10,651	11,095	11,993	10,893	9,648	8,616	7,945
Loans and Leases Interest Income	18,838	16,953	12,502	10,451	10,802	11,561	10,561	9,467	8,516	7,869
Investment Securities Interest Income	521	449	179	182	252	179	40	27	38	49
Other Interest Income	661	443	183	18	41	253	292	154	62	27
Total Interest Expense	5,724	4,746	1,865	1,134	1,865	2,530	2,139	1,648	1,398	1,263
Deposits Interest Expense	4,772	3,886	1,257	661	1,231	1,587	1,238	846	687	623
Short-Term Borrowings Interest Expense	19	5.00	2.00	0.00	32	0.00	0.00	-	-	1.00
Long-Term Debt Interest Expense	933	855	606	473	602	943	901	802	711	639
Total Non-Interest Income	3,614	2,695	2,217	2,490	1,858	1,996	1,955	1,897	1,881	2,057
Other Service Charges	1,582	848	707	530	470	542	499	455	432	369
Net Realized & Unrealized Capital Gains on Investments	-2.00	-9.00	-214	424	80	-3.00	0.00	-	-	77
Other Non-Interest Income	2,034	1,856	1,724	1,536	1,308	1,457	1,456	1,442	1,449	1,276
Provision for Credit Losses	4,911	6,018	2,359	218	5,134	3,231	3,035	2,579	1,859	1,512
Total Non-Interest Expense	6,925	6,139	5,216	4,805	4,519	4,393	4,077	3,781	3,584	3,615
Salaries and Employee Benefits	2,824	2,434	2,139	1,986	1,894	1,738	1,627	1,512	1,379	1,327
Net Occupancy & Equipment Expense	828	697	631	592	653	516	452	414	434	444
Marketing Expense	1,070	1,164	1,035	810	659	883	857	776	731	745
Other Operating Expenses	2,203	1,844	1,411	1,417	1,313	1,256	1,141	1,079	1,040	1,099
Income Tax Expense	1,539	841	1,325	1,596	294	878	855	1,438	1,263	1,315
Basic Earnings per Share	$17.72	$10.71	$15.25	$17.64	$3.60	$9.09	$7.81	$5.43	$5.77	$5.14
Weighted Average Basic Shares Outstanding	251.60M	250.56M	261.93M	284.90M	306.69M	308.34M	344M	374M	405M	437M
Diluted Earnings per Share	$17.72	$10.70	$15.23	$17.63	$3.60	$9.08	$7.79	$5.42	$5.77	$5.13
Weighted Average Diluted Shares Outstanding	251.60M	250.56M	261.93M	284.90M	306.69M	308.34M	344M	374M	405M	437M
Weighted Average Basic & Diluted Shares Outstanding	251.60M	250.56M	261.93M	284.90M	306.69M	308.34M	344M	374M	405M	437M
Cash Dividends to Common per Share	$2.80	$2.70	$2.30	$1.88	$1.76	$1.68	$1.50	$1.30	$1.16	$1.08

This table shows Discover Financial Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,069	1,284	834	1,515	813	364	550	883	918	951	975
Consolidated Net Income / (Loss)	1,104	1,291	870	1,523	851	366	586	889	955	958	1,013
Net Income / (Loss) Continuing Operations	1,104	1,291	870	1,523	851	366	586	889	955	3,382	1,013
Total Pre-Tax Income	1,444	1,702	1,192	2,061	1,119	483	761	1,152	1,241	1,255	1,327
Total Revenue	4,251	4,759	4,453	4,538	4,160	4,180	4,027	3,861	3,726	6,057	3,468
Net Interest Income / (Expense)	3,558	3,630	3,655	3,524	3,487	3,468	3,322	3,177	3,132	3,067	2,843
Total Interest Income	4,801	4,989	5,112	4,971	4,948	4,868	4,610	4,290	4,077	3,856	3,357
Loans and Leases Interest Income	4,485	4,666	4,834	4,688	4,650	4,617	4,379	4,072	3,885	6,108	3,259
Investment Securities Interest Income	143	142	130	125	124	122	120	106	101	75	35
Other Interest Income	173	181	148	158	174	129	111	112	91	97	63
Total Interest Expense	1,243	1,359	1,457	1,447	1,461	1,400	1,288	1,113	945	789	514
Deposits Interest Expense	1,058	1,150	1,213	1,199	1,210	1,164	1,061	905	756	599	345
Short-Term Borrowings Interest Expense	0.00	5.00	8.00	0.00	6.00	3.00	2.00	0.00	0.00	-	1.00
Long-Term Debt Interest Expense	185	204	236	248	245	233	225	208	189	190	168
Total Non-Interest Income	693	1,129	798	1,014	673	712	705	684	594	566	625
Other Service Charges	228	606	309	444	223	225	221	214	188	193	187
Other Non-Interest Income	465	525	489	570	450	479	484	469	424	379	442
Provision for Credit Losses	1,244	1,202	1,473	739	1,497	1,909	1,702	1,305	1,102	883	773
Total Non-Interest Expense	1,563	1,855	1,788	1,738	1,544	1,788	1,564	1,404	1,383	1,495	1,368
Salaries and Employee Benefits	735	792	703	658	671	646	575	588	625	573	551
Net Occupancy & Equipment Expense	204	233	222	190	183	195	171	170	161	191	146
Marketing Expense	246	299	263	258	250	372	283	268	241	313	276
Other Operating Expenses	378	531	600	632	440	575	535	378	356	418	395
Income Tax Expense	340	411	322	538	268	117	175	263	286	297	314
Basic Earnings per Share	$4.25	$5.11	$3.32	$6.04	$3.25	$1.51	$2.21	$3.49	$3.50	$3.52	$3.57
Weighted Average Basic Shares Outstanding	251.65M	251.60M	251.23M	251.07M	250.60M	250.56M	250.06M	249.95M	253.95M	261.93M	273.23M
Diluted Earnings per Share	$4.25	$5.12	$3.32	$6.03	$3.25	$1.50	$2.21	$3.49	$3.50	$3.52	$3.56
Weighted Average Diluted Shares Outstanding	251.65M	251.60M	251.23M	251.07M	250.60M	250.56M	250.06M	249.95M	253.95M	261.93M	273.23M
Weighted Average Basic & Diluted Shares Outstanding	251.65M	251.60M	251.23M	251.07M	250.60M	250.56M	250.06M	249.95M	253.95M	261.93M	273.23M
Cash Dividends to Common per Share	$0.70	-	$0.70	$0.70	$0.70	-	$0.70	$0.70	$0.60	-	$0.60

This table details how cash moves in and out of Discover Financial Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-3,229	2,831	-2,435	-2,257	6,625	-8,181	1,758	1,378	2,338	2,288
Net Cash From Operating Activities	8,425	8,563	7,140	6,019	6,196	6,196	5,191	5,208	4,425	3,854
Net Cash From Continuing Operating Activities	8,425	8,563	7,140	6,019	6,196	6,196	5,191	5,208	4,425	3,854
Net Income / (Loss) Continuing Operations	4,535	2,796	4,316	5,388	1,141	2,957	2,742	2,099	2,393	2,297
Consolidated Net Income / (Loss)	4,535	2,796	4,316	5,388	1,141	2,957	2,742	2,099	2,393	2,297
Provision For Loan Losses	4,911	6,018	2,359	218	5,134	3,231	3,035	2,579	1,859	1,512
Depreciation Expense	300	458	561	531	485	436	435	393	351	391
Amortization Expense	-425	-468	-365	-295	-320	-421	-403	-399	-395	-432
Non-Cash Adjustments to Reconcile Net Income	-141	-511	-66	183	-498	-14	-62	416	170	161
Changes in Operating Assets and Liabilities, net	-755	270	335	-6.00	254	7.00	-556	120	47	-75
Net Cash From Investing Activities	-3,751	-21,491	-25,637	40	1,514	-15,274	-10,579	-8,791	-4,898	-2,868
Net Cash From Continuing Investing Activities	-3,751	-21,491	-25,637	40	1,514	-15,274	-10,579	-8,791	-4,898	-2,868
Purchase of Property, Leasehold Improvements and Equipment	-268	-303	-236	-194	-261	-284	-254	-218	-179	-167
Purchase of Investment Securities	-16,487	-23,079	-27,862	-4,781	-5,230	-16,161	-11,181	-8,806	-6,085	-4,244
Sale of Property, Leasehold Improvements and Equipment	59	0.00	9.00	0.00	0.00	-	-	-	-	-
Sale and/or Maturity of Investments	12,945	1,891	2,452	5,015	7,005	1,171	856	233	1,366	1,534
Net Cash From Financing Activities	-7,903	15,759	16,062	-8,316	-1,085	897	7,146	4,961	2,811	1,302
Net Cash From Continuing Financing Activities	-7,903	15,759	16,062	-8,316	-1,085	897	7,146	4,961	2,811	1,302
Net Change in Deposits	-1,995	17,250	19,208	-4,533	4,128	4,945	8,961	6,753	4,453	1,510
Issuance of Debt	0.00	4,271	5,135	3,477	494	4,859	6,999	6,186	4,192	5,764
Issuance of Common Equity	13	12	10	9.00	10	7.00	6.00	5.00	7.00	5.00
Repayment of Debt	-5,067	-3,084	-5,229	-4,373	-5,286	-6,573	-6,203	-5,363	-3,419	-3,747
Repurchase of Common Equity	-83	-1,938	-2,359	-2,260	-348	-1,768	-2,065	-2,081	-1,908	-1,715
Payment of Dividends	-771	-752	-703	-636	-576	-573	-552	-527	-514	-515
Cash Interest Paid	5,690	4,508	1,666	1,077	1,799	2,407	1,847	1,396	1,211	1,070
Cash Income Taxes Paid	1,180	1,605	1,865	1,305	901	1,088	650	1,424	1,300	1,341

This table details how cash moves in and out of Discover Financial Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	4,336	-2,324	-74	-3,546	2,715	2,495	589	-1,519	1,266	-2,973	399
Net Cash From Operating Activities	2,132	1,980	2,024	2,578	1,843	2,876	2,389	1,507	1,791	2,175	1,619
Net Cash From Continuing Operating Activities	2,132	1,980	2,024	2,578	1,843	2,876	2,389	1,507	1,791	2,175	1,619
Net Income / (Loss) Continuing Operations	1,104	1,291	870	2,066	851	366	586	876	955	967	1,013
Consolidated Net Income / (Loss)	1,104	1,291	870	2,066	851	366	586	876	955	967	1,013
Provision For Loan Losses	1,244	1,202	1,473	739	1,497	1,909	1,702	1,305	1,102	883	773
Depreciation Expense	11	31	91	82	96	104	106	119	129	137	145
Amortization Expense	-101	-101	-98	-103	-123	-133	-120	-110	-105	-104	-99
Non-Cash Adjustments to Reconcile Net Income	111	-260	-54	327	18	-106	-216	-129	-64	-68	-127
Changes in Operating Assets and Liabilities, net	-237	-183	-258	-533	-496	736	331	-554	-226	360	-86
Net Cash From Investing Activities	3,006	619	-2,238	-2,490	358	-6,822	-5,836	-7,604	-1,229	-13,014	-7,490
Net Cash From Continuing Investing Activities	3,006	619	-2,238	-2,490	358	-6,822	-5,836	-7,604	-1,229	-13,014	-7,490
Purchase of Property, Leasehold Improvements and Equipment	-64	-63	-69	-65	-71	-68	-77	-82	-76	-58	-79
Purchase of Investment Securities	1,918	-9,127	-4,249	-3,013	-98	-7,198	-6,289	-8,033	-1,559	-25,686	4,256
Sale and/or Maturity of Investments	1,152	9,809	2,080	529	527	444	530	511	406	12,721	-11,667
Net Cash From Financing Activities	-802	-4,923	140	-3,634	514	6,441	4,036	4,578	704	7,866	6,270
Net Cash From Continuing Financing Activities	-802	-4,923	140	-3,634	514	6,441	4,036	4,578	704	7,866	6,270
Net Change in Deposits	1,173	-2,883	1,490	-2,090	1,488	4,902	5,021	3,239	4,088	8,726	6,475
Issuance of Debt	0.00	-	750	-	-750	1,516	518	2,237	0.00	509	1,991
Issuance of Common Equity	4.00	3.00	3.00	4.00	3.00	3.00	3.00	3.00	3.00	3.00	2.00
Repayment of Debt	-1,756	-1,830	-1,903	-1,329	-5.00	213	-1,309	-8.00	-1,980	-591	-1,805
Repurchase of Common Equity	-29	-21	-8.00	-26	-28	-1.00	-4.00	-701	-1,232	-602	-212
Payment of Dividends	-194	-192	-192	-193	-194	-192	-193	-192	-175	-179	-181

This table presents Discover Financial Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	147,640	151,713	131,851	110,242	112,889	113,996	109,553	100,087	92,308	86,799
Cash and Due from Banks	8,474	11,685	8,856	8,750	13,564	6,924	13,299	13,306	11,914	9,572
Restricted Cash	25	43	41	2,582	25	40	1,846	81	95	99
Trading Account Securities	14,630	13,655	12,208	6,904	9,914	10,595	3,370	1,568	1,757	3,084
Loans and Leases, Net of Allowance	-8,323	-9,283	-7,374	-6,822	-8,226	-3,383	87,471	81,627	75,087	70,516
Allowance for Loan and Lease Losses	8,323	9,283	7,374	6,822	8,226	3,383	3,041	2,621	2,167	1,869
Premises and Equipment, Net	1,072	1,091	1,003	983	1,027	1,057	936	825	734	693
Goodwill	255	255	255	255	255	255	255	255	255	255
Other Assets	131,507	134,267	116,862	97,590	96,235	98,353	2,215	2,262	2,300	2,412
Total Liabilities & Shareholders' Equity	147,640	151,713	131,851	110,242	112,889	113,996	109,553	100,087	92,308	86,799
Total Liabilities	129,714	137,478	117,956	96,834	102,005	102,137	98,423	89,195	80,985	75,524
Non-Interest Bearing Deposits	1,550	1,438	1,485	1,575	1,209	791	675	599	531	437
Interest Bearing Deposits	105,459	107,493	90,151	70,818	75,695	71,955	67,084	58,165	51,461	47,094
Short-Term Debt	0.00	750	0.00	1,750	0.00	-	-	-	-	-
Other Short-Term Payables	6,452	7,216	6,212	4,214	-	-	3,436	-	-	-
Long-Term Debt	16,253	20,581	20,108	18,477	21,241	25,701	27,228	26,326	25,443	24,650
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	17,926	14,235	13,895	13,408	10,884	11,859	11,130	10,892	11,323	11,275
Total Preferred & Common Equity	17,926	14,235	13,895	13,408	10,884	11,859	11,130	10,892	11,323	11,275
Preferred Stock	1,056	1,056	1,056	1,056	1,056	563	563	563	560	560
Total Common Equity	16,870	13,179	12,839	12,352	9,828	11,296	10,567	10,329	10,763	10,715
Common Stock	4,657	4,559	4,474	4,375	4,263	4,212	4,136	4,048	3,967	3,890
Retained Earnings	33,583	29,855	27,758	24,766	19,955	21,290	18,906	16,687	15,130	13,250
Treasury Stock	-21,074	-21,010	-19,054	-16,695	-14,435	-14,087	-12,319	-10,254	-8,173	-6,265
Accumulated Other Comprehensive Income / (Loss)	-296	-225	-339	-94	45	-119	-156	-152	-161	-160

This table presents Discover Financial Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	147,914	147,640	151,615	150,888	152,707	151,713	143,432	138,082	133,061	131,851	121,886
Cash and Due from Banks	11,865	8,474	10,787	10,865	14,004	11,685	9,194	8,605	10,130	8,856	10,004
Restricted Cash	970	25	36	32	439	43	39	39	33	41	1,866
Trading Account Securities	14,775	14,630	14,865	13,508	13,522	13,655	13,336	13,466	12,248	12,208	6,897
Loans and Leases, Net of Allowance	-8,108	-8,323	-8,512	-8,481	-9,258	-9,283	-8,665	-8,064	-7,691	-7,374	-7,061
Allowance for Loan and Lease Losses	8,108	8,323	8,512	8,481	9,258	9,283	8,665	8,064	7,691	7,374	7,061
Premises and Equipment, Net	1,080	1,072	1,085	1,087	1,107	1,091	1,084	1,053	1,031	1,003	1,015
Goodwill	255	255	255	255	255	255	255	255	255	255	255
Other Assets	127,077	131,507	133,099	133,622	132,638	134,267	128,189	122,728	117,055	116,862	108,910
Total Liabilities & Shareholders' Equity	147,914	147,640	151,615	150,888	152,707	151,713	143,432	138,082	133,061	131,851	121,886
Total Liabilities	128,951	129,714	134,506	134,878	138,037	137,478	129,196	124,226	118,746	117,956	107,600
Non-Interest Bearing Deposits	1,600	1,550	1,496	1,479	1,500	1,438	1,381	1,357	1,421	1,485	1,524
Interest Bearing Deposits	106,620	105,459	108,356	106,871	108,930	107,493	102,638	97,630	94,319	90,151	81,373
Other Short-Term Payables	6,193	6,452	6,477	7,387	7,132	7,216	-	4,963	-	6,212	4,526
Long-Term Debt	14,538	16,253	17,427	19,141	20,475	20,581	19,467	20,276	18,163	20,108	20,177
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Equity & Noncontrolling Interests	18,963	17,926	17,109	16,010	14,670	14,235	14,236	13,856	14,315	13,895	14,286
Total Preferred & Common Equity	18,963	17,926	17,109	16,010	14,670	14,235	14,236	13,856	14,315	13,895	14,286
Preferred Stock	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056
Total Common Equity	17,907	16,870	16,053	14,954	13,614	13,179	13,180	12,800	13,259	12,839	13,230
Common Stock	4,684	4,657	4,639	4,609	4,584	4,559	4,526	4,514	4,499	4,474	4,450
Retained Earnings	34,478	33,583	32,469	31,807	30,461	29,855	30,236	29,761	29,292	27,758	27,585
Treasury Stock	-21,103	-21,074	-21,072	-21,064	-21,038	-21,010	-21,009	-21,005	-20,297	-19,054	-18,452
Accumulated Other Comprehensive Income / (Loss)	-152	-296	17	-398	-393	-225	-573	-470	-235	-339	-353

This table displays calculated financial ratios and metrics derived from Discover Financial Services' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.40%	19.51%	10.07%	8.29%	-3.24%	7.00%	8.20%	8.77%	8.27%	3.21%
EBITDA Growth	64.02%	-37.86%	-19.16%	351.25%	-58.44%	6.09%	2.78%	-2.24%	11.62%	-0.58%
EBIT Growth	67.01%	-35.53%	-19.23%	386.69%	-62.58%	6.62%	1.70%	-3.25%	11.57%	-2.47%
NOPAT Growth	62.20%	-35.22%	-19.90%	372.22%	-61.41%	7.84%	30.63%	-12.29%	4.18%	-1.12%
Net Income Growth	62.20%	-35.22%	-19.90%	372.22%	-61.41%	7.84%	30.63%	-12.29%	4.18%	-1.12%
EPS Growth	65.61%	-29.74%	-13.61%	389.72%	-60.35%	16.56%	43.73%	-6.07%	12.48%	4.69%
Operating Cash Flow Growth	-1.61%	19.93%	18.62%	-2.86%	0.00%	19.36%	-0.33%	17.69%	14.82%	0.73%
Free Cash Flow Firm Growth	380.29%	-68.77%	1.81%	-41.03%	75.13%	134.39%	-2.73%	6.12%	852.15%	462.22%
Invested Capital Growth	-3.90%	4.60%	1.09%	4.70%	-14.47%	-2.08%	3.06%	1.23%	2.34%	6.32%
Revenue Q/Q Growth	3.34%	-10.62%	30.92%	0.27%	-1.07%	1.21%	0.98%	0.97%	6.20%	2.34%
EBITDA Q/Q Growth	24.69%	-47.32%	64.33%	4.09%	8.70%	0.79%	-2.34%	-3.63%	14.89%	5.96%
EBIT Q/Q Growth	25.11%	-46.77%	69.76%	3.96%	6.77%	0.71%	-2.47%	-3.94%	14.86%	5.27%
NOPAT Q/Q Growth	25.62%	-17.47%	-2.46%	4.00%	8.67%	0.72%	12.29%	-7.74%	2.70%	4.36%
Net Income Q/Q Growth	25.62%	-17.47%	-2.46%	4.00%	8.67%	0.72%	12.29%	-7.74%	2.70%	4.36%
EPS Q/Q Growth	25.67%	-15.88%	-1.17%	5.38%	10.77%	2.71%	14.90%	-6.71%	4.53%	5.56%
Operating Cash Flow Q/Q Growth	-9.61%	8.92%	13.21%	-4.61%	2.80%	12.80%	-14.26%	6.81%	5.94%	1.15%
Free Cash Flow Firm Q/Q Growth	192.16%	-70.27%	126.77%	-76.05%	218.02%	-21.43%	104.50%	-95.93%	308.60%	129.96%
Invested Capital Q/Q Growth	-3.14%	5.53%	-1.33%	5.84%	-24.93%	3.84%	0.90%	0.00%	-3.70%	2.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	33.22%	22.96%	44.17%	60.13%	14.43%	33.60%	33.89%	35.68%	39.70%	38.51%
EBIT Margin	33.91%	23.03%	42.68%	58.17%	12.94%	33.47%	33.59%	35.74%	40.18%	38.99%
Profit (Net Income) Margin	25.32%	17.70%	32.66%	44.87%	10.29%	25.81%	25.60%	21.21%	26.30%	27.33%
Tax Burden Percent	74.66%	76.88%	76.51%	77.15%	79.51%	77.11%	76.23%	59.34%	65.45%	63.59%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	110.22%
Effective Tax Rate	25.34%	23.12%	23.49%	22.85%	20.49%	22.89%	23.77%	40.66%	34.55%	36.41%
Return on Invested Capital (ROIC)	13.00%	8.04%	12.76%	16.39%	3.27%	7.79%	7.26%	5.67%	6.58%	6.59%
ROIC Less NNEP Spread (ROIC-NNEP)	13.00%	8.04%	12.76%	16.39%	3.27%	7.79%	7.26%	5.67%	6.58%	6.59%
Return on Net Nonoperating Assets (RNNOA)	15.20%	11.84%	18.85%	27.97%	6.76%	17.94%	17.65%	13.22%	14.59%	13.91%
Return on Equity (ROE)	28.20%	19.88%	31.62%	44.36%	10.03%	25.73%	24.90%	18.90%	21.18%	20.50%
Cash Return on Invested Capital (CROIC)	16.98%	3.54%	11.67%	11.79%	18.87%	9.89%	4.24%	4.45%	4.27%	0.47%
Operating Return on Assets (OROA)	4.06%	2.57%	4.66%	6.26%	1.27%	3.43%	3.43%	3.68%	4.08%	3.86%
Return on Assets (ROA)	3.03%	1.97%	3.57%	4.83%	1.01%	2.65%	2.62%	2.18%	2.67%	2.70%
Return on Common Equity (ROCE)	26.35%	18.39%	29.17%	40.50%	9.32%	24.47%	23.63%	17.94%	20.13%	19.48%
Return on Equity Simple (ROE_SIMPLE)	25.30%	19.64%	31.06%	40.19%	10.48%	24.93%	24.64%	19.27%	21.13%	20.37%
Net Operating Profit after Tax (NOPAT)	4,535	2,796	4,316	5,388	1,141	2,957	2,742	2,099	2,393	2,297
NOPAT Margin	25.32%	17.70%	32.66%	44.87%	10.29%	25.81%	25.60%	21.21%	26.30%	27.33%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	26.37%	27.19%	28.79%	28.22%	28.91%	27.38%	27.42%	27.30%	27.96%	29.94%
Operating Expenses to Revenue	38.67%	38.87%	39.47%	40.02%	40.76%	38.34%	38.07%	38.20%	39.39%	43.02%
Earnings before Interest and Taxes (EBIT)	6,074	3,637	5,641	6,984	1,435	3,835	3,597	3,537	3,656	3,277
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,949	3,627	5,837	7,220	1,600	3,850	3,629	3,531	3,612	3,236
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.57	2.08	1.98	2.56	2.64	2.14	1.67	2.41	2.25	1.79
Price to Tangible Book Value (P/TBV)	2.61	2.12	2.02	2.61	2.74	2.22	1.73	2.52	2.34	1.86
Price to Revenue (P/Rev)	2.42	1.74	1.92	2.63	2.34	2.11	1.64	2.52	2.67	2.28
Price to Earnings (P/E)	9.75	10.11	6.00	5.97	23.53	8.30	6.54	12.28	10.13	9.75
Dividend Yield	1.62%	2.46%	2.48%	1.74%	2.08%	2.18%	2.86%	1.94%	1.89%	2.41%
Earnings Yield	10.25%	9.89%	16.67%	16.75%	4.25%	12.06%	15.28%	8.14%	9.87%	10.26%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.07	1.11	1.23	1.08	1.16	0.79	1.03	1.04	0.97
Enterprise Value to Revenue (EV/Rev)	2.91	2.41	2.85	3.46	3.13	3.79	2.82	3.88	4.20	4.13
Enterprise Value to EBITDA (EV/EBITDA)	8.77	10.50	6.45	5.75	21.68	11.28	8.33	10.89	10.59	10.71
Enterprise Value to EBIT (EV/EBIT)	8.59	10.48	6.67	5.95	24.17	11.32	8.41	10.87	10.46	10.58
Enterprise Value to NOPAT (EV/NOPAT)	11.51	13.63	8.72	7.71	30.40	14.68	11.03	18.31	15.98	15.09
Enterprise Value to Operating Cash Flow (EV/OCF)	6.19	4.45	5.27	6.90	5.60	7.01	5.83	7.38	8.64	9.00
Enterprise Value to Free Cash Flow (EV/FCFF)	8.81	30.90	9.53	10.71	5.27	11.56	18.88	23.34	24.64	212.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.91	1.50	1.45	1.51	1.95	2.17	2.45	2.42	2.25	2.19
Long-Term Debt to Equity	0.91	1.45	1.45	1.38	1.95	2.17	2.45	2.42	2.25	2.19
Financial Leverage	1.17	1.47	1.48	1.71	2.06	2.30	2.43	2.33	2.22	2.11
Leverage Ratio	9.31	10.08	8.87	9.19	9.98	9.72	9.52	8.66	7.93	7.58
Compound Leverage Factor	9.31	10.08	8.87	9.19	9.98	9.72	9.52	8.66	7.93	8.36
Debt to Total Capital	47.55%	59.98%	59.14%	60.14%	66.12%	68.43%	70.98%	70.73%	69.20%	68.62%
Short-Term Debt to Total Capital	0.00%	2.11%	0.00%	5.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	47.55%	57.87%	59.14%	54.93%	66.12%	68.43%	70.98%	70.73%	69.20%	68.62%
Preferred Equity to Total Capital	3.09%	2.97%	3.11%	3.14%	3.29%	1.50%	1.47%	1.51%	1.52%	1.56%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.36%	37.06%	37.76%	36.72%	30.59%	30.07%	27.55%	27.75%	29.27%	29.83%
Debt to EBITDA	2.73	5.88	3.44	2.80	13.28	6.68	7.50	7.46	7.04	7.62
Net Debt to EBITDA	1.30	2.65	1.92	1.23	4.78	4.87	3.33	3.66	3.72	4.63
Long-Term Debt to EBITDA	2.73	5.67	3.44	2.56	13.28	6.68	7.50	7.46	7.04	7.62
Debt to NOPAT	3.58	7.63	4.66	3.75	18.62	8.69	9.93	12.54	10.63	10.73
Net Debt to NOPAT	1.71	3.43	2.60	1.65	6.71	6.34	4.41	6.16	5.61	6.52
Long-Term Debt to NOPAT	3.58	7.36	4.66	3.43	18.62	8.69	9.93	12.54	10.63	10.73
Noncontrolling Interest Sharing Ratio	6.57%	7.51%	7.74%	8.69%	7.12%	4.90%	5.11%	5.06%	4.96%	5.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,922	1,233	3,948	3,878	6,576	3,755	1,602	1,647	1,552	163
Operating Cash Flow to CapEx	4,031.10%	2,826.07%	3,145.37%	3,102.58%	2,373.95%	2,181.69%	2,043.70%	2,388.99%	2,472.07%	2,307.78%
Free Cash Flow to Firm to Interest Expense	1.03	0.26	2.12	3.42	3.53	1.48	0.75	1.00	1.11	0.13
Operating Cash Flow to Interest Expense	1.47	1.80	3.83	5.31	3.32	2.45	2.43	3.16	3.17	3.05
Operating Cash Flow Less CapEx to Interest Expense	1.44	1.74	3.71	5.14	3.18	2.34	2.31	3.03	3.04	2.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.11	0.11	0.11	0.10	0.10	0.10	0.10	0.10	0.10
Fixed Asset Turnover	16.56	15.09	13.31	11.95	10.64	11.50	12.16	12.70	12.75	12.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,179	35,566	34,003	33,635	32,125	37,560	38,358	37,218	36,766	35,925
Invested Capital Turnover	0.51	0.45	0.39	0.37	0.32	0.30	0.28	0.27	0.25	0.24
Increase / (Decrease) in Invested Capital	-1,387	1,563	368	1,510	-5,435	-798	1,140	452	841	2,134
Enterprise Value (EV)	52,180	38,098	37,632	41,530	34,684	43,423	30,241	38,439	38,244	34,669
Market Capitalization	43,370	27,439	25,365	31,579	25,976	24,123	17,595	24,937	24,250	19,130
Book Value per Share	$67.15	$52.70	$46.99	$42.15	$32.07	$36.04	$31.45	$27.62	$27.29	$25.07
Tangible Book Value per Share	$66.14	$51.68	$46.06	$41.28	$30.92	$34.73	$30.21	$26.50	$26.22	$24.08
Total Capital	34,179	35,566	34,003	33,635	32,125	37,560	38,358	37,218	36,766	35,925
Total Debt	16,253	21,331	20,108	20,227	21,241	25,701	27,228	26,326	25,443	24,650
Total Long-Term Debt	16,253	20,581	20,108	18,477	21,241	25,701	27,228	26,326	25,443	24,650
Net Debt	7,754	9,603	11,211	8,895	7,652	18,737	12,083	12,939	13,434	14,979
Capital Expenditures (CapEx)	209	303	227	194	261	284	254	218	179	167
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	16,253	21,331	20,108	20,227	21,241	25,701	27,228	26,326	25,443	24,650
Total Depreciation and Amortization (D&A)	-125	-10	196	236	165	15	32	-6.00	-44	-41
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$17.72	$0.00	$15.52	$17.85	$3.60	$9.09	$0.00	$5.43	$5.77	$5.14
Adjusted Weighted Average Basic Shares Outstanding	251.60M	0.00	261.93M	284.90M	306.69M	308.34M	0.00	354.76M	385.53M	414.20M
Adjusted Diluted Earnings per Share	$17.72	$0.00	$15.50	$17.83	$3.60	$9.08	$0.00	$5.42	$5.77	$5.13
Adjusted Weighted Average Diluted Shares Outstanding	251.60M	0.00	261.93M	284.90M	306.69M	308.34M	0.00	354.76M	385.53M	414.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$9.09	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	251.60M	0.00	261.93M	284.90M	306.69M	308.34M	0.00	354.76M	385.53M	414.20M
Normalized Net Operating Profit after Tax (NOPAT)	4,535	2,796	4,316	5,388	1,141	2,957	2,742	2,099	2,393	2,297
Normalized NOPAT Margin	25.32%	17.70%	32.66%	44.87%	10.29%	25.81%	25.60%	21.21%	26.30%	27.33%
Pre Tax Income Margin	33.91%	23.03%	42.68%	58.17%	12.94%	33.47%	33.59%	35.74%	40.18%	42.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.06	0.77	3.02	6.16	0.77	1.52	1.68	2.15	2.62	2.59
NOPAT to Interest Expense	0.79	0.59	2.31	4.75	0.61	1.17	1.28	1.27	1.71	1.82
EBIT Less CapEx to Interest Expense	1.02	0.70	2.90	5.99	0.63	1.40	1.56	2.01	2.49	2.46
NOPAT Less CapEx to Interest Expense	0.76	0.53	2.19	4.58	0.47	1.06	1.16	1.14	1.58	1.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.00%	26.90%	16.29%	11.80%	50.48%	19.38%	20.13%	25.11%	21.48%	22.42%
Augmented Payout Ratio	18.83%	96.21%	70.95%	53.75%	80.98%	79.17%	95.44%	124.25%	101.21%	97.08%

This table displays calculated financial ratios and metrics derived from Discover Financial Services' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.19%	13.85%	10.58%	17.53%	11.65%	-30.99%	16.12%	389.35%	28.39%	112.08%	24.88%
EBITDA Growth	23.99%	259.47%	58.63%	75.71%	-13.68%	-87.77%	-45.59%	224.97%	-24.75%	175.58%	-6.47%
EBIT Growth	29.04%	252.38%	56.64%	78.91%	-9.83%	-86.87%	-42.65%	217.19%	-23.30%	187.20%	-5.35%
NOPAT Growth	29.73%	252.73%	48.46%	71.32%	-10.89%	-61.80%	-42.15%	-19.40%	-23.11%	-4.77%	-7.15%
Net Income Growth	29.73%	252.73%	48.46%	71.32%	-10.89%	-61.80%	-42.15%	-19.40%	-23.11%	-4.77%	-7.15%
EPS Growth	30.77%	241.33%	50.23%	72.78%	-7.14%	-57.39%	-37.92%	-11.20%	-17.06%	0.57%	0.57%
Operating Cash Flow Growth	15.68%	-31.15%	-15.28%	71.07%	2.90%	32.23%	47.56%	-6.51%	3.29%	62.07%	-0.12%
Free Cash Flow Firm Growth	251.32%	323.73%	-152.97%	-0.40%	-89.56%	-302.88%	180.55%	504.80%	-124.93%	217.06%	-113.80%
Invested Capital Growth	-4.68%	-3.90%	4.70%	2.99%	8.21%	4.60%	-2.21%	1.13%	6.26%	1.09%	8.45%
Revenue Q/Q Growth	-10.67%	6.87%	-1.87%	7.79%	-0.60%	3.80%	4.30%	3.18%	-39.26%	74.65%	339.54%
EBITDA Q/Q Growth	-17.03%	37.72%	-41.91%	441.11%	131.36%	-39.22%	-35.66%	-9.37%	-66.61%	170.36%	247.79%
EBIT Q/Q Growth	-15.16%	42.79%	-42.16%	410.15%	123.35%	-36.53%	-33.94%	-8.35%	-66.96%	177.24%	234.99%
NOPAT Q/Q Growth	-14.48%	48.39%	-42.88%	394.48%	123.95%	-37.54%	-34.08%	-8.16%	-6.00%	-5.43%	-8.16%
Net Income Q/Q Growth	-14.48%	48.39%	-42.88%	394.48%	123.95%	-37.54%	-34.08%	-8.16%	-6.00%	-5.43%	-8.16%
EPS Q/Q Growth	-16.99%	54.22%	-44.94%	448.18%	109.68%	-32.13%	-36.68%	-1.69%	-6.17%	-1.12%	-9.41%
Operating Cash Flow Q/Q Growth	7.68%	-2.17%	-21.49%	39.88%	-35.92%	20.39%	58.53%	-15.86%	-17.66%	34.34%	0.43%
Free Cash Flow Firm Q/Q Growth	2.61%	475.60%	-241.47%	120.92%	-36.85%	-188.93%	166.01%	153.55%	-581.41%	135.31%	-1,236.80%
Invested Capital Q/Q Growth	-1.98%	-3.14%	0.38%	-0.13%	-2.80%	5.53%	-1.26%	5.09%	-5.73%	-1.33%	2.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	31.85%	34.29%	26.61%	44.95%	26.25%	10.86%	18.55%	30.07%	33.95%	61.28%	39.59%
EBIT Margin	33.97%	35.76%	26.77%	45.42%	26.90%	11.56%	18.90%	29.84%	33.31%	60.74%	38.26%
Profit (Net Income) Margin	25.97%	27.13%	19.54%	33.56%	20.46%	8.76%	14.55%	23.03%	25.63%	15.82%	29.21%
Tax Burden Percent	76.45%	75.85%	72.99%	73.90%	76.05%	75.78%	77.00%	77.17%	76.95%	76.33%	76.34%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	34.11%	100.00%
Effective Tax Rate	23.55%	24.15%	27.01%	26.10%	23.95%	24.22%	23.00%	22.83%	23.05%	23.67%	23.66%
Return on Invested Capital (ROIC)	13.62%	13.93%	9.82%	16.47%	9.86%	3.98%	7.54%	11.67%	11.48%	6.18%	8.90%
ROIC Less NNEP Spread (ROIC-NNEP)	13.62%	13.93%	9.82%	16.47%	9.86%	3.98%	7.54%	11.67%	11.48%	6.18%	8.90%
Return on Net Nonoperating Assets (RNNOA)	14.18%	16.28%	11.79%	21.74%	13.14%	5.86%	10.49%	17.01%	14.60%	9.13%	12.50%
Return on Equity (ROE)	27.80%	30.21%	21.60%	38.22%	23.00%	9.83%	18.03%	28.69%	26.08%	15.31%	21.41%
Cash Return on Invested Capital (CROIC)	18.74%	16.98%	5.88%	5.47%	0.50%	3.54%	12.17%	10.32%	6.90%	11.67%	5.26%
Operating Return on Assets (OROA)	4.07%	4.28%	3.14%	5.35%	3.07%	1.29%	2.52%	4.06%	3.91%	6.63%	3.35%
Return on Assets (ROA)	3.11%	3.25%	2.30%	3.95%	2.33%	0.98%	1.94%	3.14%	3.01%	1.73%	2.56%
Return on Common Equity (ROCE)	26.05%	28.23%	20.15%	35.52%	21.32%	9.09%	16.70%	26.49%	24.09%	14.13%	19.77%
Return on Equity Simple (ROE_SIMPLE)	25.25%	0.00%	21.10%	18.20%	19.33%	0.00%	23.80%	28.05%	28.55%	0.00%	30.97%
Net Operating Profit after Tax (NOPAT)	1,104	1,291	870	1,523	851	366	586	889	955	958	1,013
NOPAT Margin	25.97%	27.13%	19.54%	33.56%	20.46%	8.76%	14.55%	23.03%	25.63%	15.82%	29.21%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	27.88%	27.82%	26.68%	24.37%	26.54%	29.02%	25.55%	26.57%	27.56%	17.78%	28.06%
Operating Expenses to Revenue	36.77%	38.98%	40.15%	38.30%	37.12%	42.78%	38.84%	36.36%	37.12%	24.68%	39.45%
Earnings before Interest and Taxes (EBIT)	1,444	1,702	1,192	2,061	1,119	483	761	1,152	1,241	3,679	1,327
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,354	1,632	1,185	2,040	1,092	454	747	1,161	1,265	3,712	1,373
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	2.57	2.19	2.17	2.37	2.08	1.60	2.24	1.87	1.98	1.81
Price to Tangible Book Value (P/TBV)	2.43	2.61	2.22	2.21	2.42	2.12	1.63	2.28	1.91	2.02	1.85
Price to Revenue (P/Rev)	2.39	2.42	2.02	1.91	1.98	1.74	1.19	1.66	1.76	1.92	2.38
Price to Earnings (P/E)	9.13	9.75	9.95	11.46	11.73	10.11	6.37	7.53	6.20	6.00	5.53
Dividend Yield	1.64%	1.62%	2.00%	2.16%	2.17%	2.46%	3.09%	2.22%	2.54%	2.48%	2.50%
Earnings Yield	10.95%	10.25%	10.05%	8.73%	8.53%	9.89%	15.69%	13.28%	16.13%	16.67%	18.07%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.53	1.23	1.19	1.12	1.07	0.96	1.21	1.04	1.11	0.97
Enterprise Value to Revenue (EV/Rev)	2.54	2.91	2.51	2.46	2.42	2.41	1.83	2.40	2.40	2.85	3.31
Enterprise Value to EBITDA (EV/EBITDA)	7.36	8.77	9.12	11.02	10.81	10.50	4.70	5.43	6.16	6.45	9.39
Enterprise Value to EBIT (EV/EBIT)	7.14	8.59	8.96	10.76	10.63	10.48	4.73	5.51	6.34	6.67	10.04
Enterprise Value to NOPAT (EV/NOPAT)	9.55	11.51	12.05	14.34	13.89	13.63	9.54	10.63	8.28	8.72	7.54
Enterprise Value to Operating Cash Flow (EV/OCF)	5.25	6.19	4.67	4.31	4.57	4.45	4.11	5.82	4.70	5.27	5.29
Enterprise Value to Free Cash Flow (EV/FCFF)	7.11	8.81	21.46	22.05	233.03	30.90	7.79	11.79	15.57	9.53	19.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.77	0.91	1.06	1.20	1.40	1.50	1.37	1.46	1.27	1.45	1.41
Long-Term Debt to Equity	0.77	0.91	1.02	1.20	1.40	1.45	1.37	1.46	1.27	1.45	1.41
Financial Leverage	1.04	1.17	1.20	1.32	1.33	1.47	1.39	1.46	1.27	1.48	1.40
Leverage Ratio	8.94	9.31	9.41	9.68	9.86	10.08	9.30	9.15	8.67	8.87	8.36
Compound Leverage Factor	8.94	9.31	9.41	9.68	9.86	10.08	9.30	9.15	8.67	3.02	8.36
Debt to Total Capital	43.40%	47.55%	51.51%	54.45%	58.26%	59.98%	57.76%	59.40%	55.92%	59.14%	58.55%
Short-Term Debt to Total Capital	0.00%	0.00%	2.13%	0.00%	0.00%	2.11%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	43.40%	47.55%	49.39%	54.45%	58.26%	57.87%	57.76%	59.40%	55.92%	59.14%	58.55%
Preferred Equity to Total Capital	3.15%	3.09%	2.99%	3.00%	3.00%	2.97%	3.13%	3.09%	3.25%	3.11%	3.06%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.45%	49.36%	45.49%	42.54%	38.74%	37.06%	39.11%	37.50%	40.82%	37.76%	38.39%
Debt to EBITDA	2.34	2.73	3.81	5.05	5.62	5.88	2.83	2.67	3.30	3.44	5.68
Net Debt to EBITDA	0.27	1.30	1.54	2.17	1.66	2.65	1.49	1.53	1.46	1.92	2.34
Long-Term Debt to EBITDA	2.34	2.73	3.65	5.05	5.62	5.67	2.83	2.67	3.30	3.44	5.68
Debt to NOPAT	3.04	3.58	5.04	6.57	7.22	7.63	5.75	5.22	4.44	4.66	4.56
Net Debt to NOPAT	0.36	1.71	2.04	2.83	2.13	3.43	3.02	2.99	1.96	2.60	1.88
Long-Term Debt to NOPAT	3.04	3.58	4.83	6.57	7.22	7.36	5.75	5.22	4.44	4.66	4.56
Noncontrolling Interest Sharing Ratio	6.28%	6.57%	6.74%	7.07%	7.29%	7.51%	7.40%	7.65%	7.61%	7.74%	7.67%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,748	2,678	-713	504	-1,816	-1,197	1,346	506	-958	590	-1,671
Operating Cash Flow to CapEx	3,331.25%	3,142.86%	2,933.33%	3,966.15%	2,595.77%	4,229.41%	3,102.60%	1,837.80%	2,356.58%	3,750.00%	2,049.37%
Free Cash Flow to Firm to Interest Expense	2.21	1.97	-0.49	0.35	-1.24	-0.86	1.05	0.45	-1.01	0.75	-3.25
Operating Cash Flow to Interest Expense	1.72	1.46	1.39	1.78	1.26	2.05	1.85	1.35	1.90	2.76	3.15
Operating Cash Flow Less CapEx to Interest Expense	1.66	1.41	1.34	1.74	1.21	2.01	1.80	1.28	1.81	2.68	3.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.12	0.12	0.11	0.11	0.13	0.14	0.12	0.11	0.09
Fixed Asset Turnover	16.46	16.56	15.98	15.89	15.24	15.09	16.84	16.89	14.01	13.31	10.08
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,501	34,179	35,286	35,151	35,145	35,566	33,703	34,132	32,478	34,003	34,463
Invested Capital Turnover	0.52	0.51	0.50	0.49	0.48	0.45	0.52	0.51	0.45	0.39	0.30
Increase / (Decrease) in Invested Capital	-1,644	-1,387	1,583	1,019	2,667	1,563	-760	383	1,913	368	2,684
Enterprise Value (EV)	45,708	52,180	43,490	41,777	39,382	38,098	32,331	41,297	33,845	37,632	33,371
Market Capitalization	42,949	43,370	35,080	32,477	32,294	27,439	21,041	28,609	24,789	25,365	24,008
Book Value per Share	$71.16	$67.15	$63.94	$59.67	$54.33	$52.70	$52.73	$50.40	$50.62	$46.99	$48.43
Tangible Book Value per Share	$70.14	$66.14	$62.92	$58.66	$53.31	$51.68	$51.71	$49.40	$49.65	$46.06	$47.50
Total Capital	33,501	34,179	35,286	35,151	35,145	35,566	33,703	34,132	32,478	34,003	34,463
Total Debt	14,538	16,253	18,177	19,141	20,475	21,331	19,467	20,276	18,163	20,108	20,177
Total Long-Term Debt	14,538	16,253	17,427	19,141	20,475	20,581	19,467	20,276	18,163	20,108	20,177
Net Debt	1,703	7,754	7,354	8,244	6,032	9,603	10,234	11,632	8,000	11,211	8,307
Capital Expenditures (CapEx)	64	63	69	65	71	68	77	82	76	58	79
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	14,538	16,253	18,177	19,141	20,475	21,331	19,467	20,276	18,163	20,108	20,177
Total Depreciation and Amortization (D&A)	-90	-70	-7.00	-21	-27	-29	-14	9.00	24	33	46
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.25	$5.11	$3.32	$6.04	$3.25	$1.51	$2.59	$3.54	$3.58	$3.52	$3.54
Adjusted Weighted Average Basic Shares Outstanding	251.65M	251.60M	251.23M	251.07M	250.60M	250.56M	250.06M	249.95M	253.95M	261.93M	273.23M
Adjusted Diluted Earnings per Share	$4.25	$5.12	$3.32	$6.03	$3.25	$1.50	$2.59	$3.54	$3.58	$3.52	$3.54
Adjusted Weighted Average Diluted Shares Outstanding	251.65M	251.60M	251.23M	251.07M	250.60M	250.56M	250.06M	249.95M	253.95M	261.93M	273.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	251.65M	251.60M	251.23M	251.07M	250.60M	250.56M	250.06M	249.95M	253.95M	261.93M	273.23M
Normalized Net Operating Profit after Tax (NOPAT)	1,104	1,291	870	1,523	851	366	586	889	955	958	1,013
Normalized NOPAT Margin	25.97%	27.13%	19.54%	33.56%	20.46%	8.76%	14.55%	23.03%	25.63%	15.82%	29.21%
Pre Tax Income Margin	33.97%	35.76%	26.77%	45.42%	26.90%	11.56%	18.90%	29.84%	33.31%	20.72%	38.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.16	1.25	0.82	1.42	0.77	0.35	0.59	1.04	1.31	4.66	2.58
NOPAT to Interest Expense	0.89	0.95	0.60	1.05	0.58	0.26	0.46	0.80	1.01	1.21	1.97
EBIT Less CapEx to Interest Expense	1.11	1.21	0.77	1.38	0.72	0.30	0.53	0.96	1.23	4.59	2.43
NOPAT Less CapEx to Interest Expense	0.84	0.90	0.55	1.01	0.53	0.21	0.40	0.73	0.93	1.14	1.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.10%	17.00%	21.36%	26.49%	27.19%	26.90%	21.81%	18.71%	17.57%	16.29%	15.50%
Augmented Payout Ratio	17.86%	18.83%	23.10%	28.52%	53.07%	96.21%	96.75%	89.40%	82.33%	70.95%	72.68%

Frequently Asked Questions About Discover Financial Services' Financials

When does Discover Financial Services's financial year end?

According to the most recent income statement we have on file, Discover Financial Services' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Discover Financial Services' net income changed over the last 9 years?

Discover Financial Services' net income appears to be on an upward trend, with a most recent value of $4.54 billion in 2024, rising from $2.30 billion in 2015. The previous period was $2.80 billion in 2023. Check out Discover Financial Services' forecast to explore projected trends and price targets.

How has Discover Financial Services revenue changed over the last 9 years?

Over the last 9 years, Discover Financial Services' total revenue changed from $8.40 billion in 2015 to $17.91 billion in 2024, a change of 113.1%.

How much debt does Discover Financial Services have?

Discover Financial Services' total liabilities were at $129.71 billion at the end of 2024, a 5.6% decrease from 2023, and a 71.8% increase since 2015.

How much cash does Discover Financial Services have?

In the past 9 years, Discover Financial Services' cash and equivalents has ranged from $6.92 billion in 2019 to $13.56 billion in 2020, and is currently $8.47 billion as of their latest financial filing in 2024.

How has Discover Financial Services' book value per share changed over the last 9 years?

Over the last 9 years, Discover Financial Services' book value per share changed from 25.07 in 2015 to 67.15 in 2024, a change of 167.9%.

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This page (NYSE:DFS) was last updated on 5/24/2025 by MarketBeat.com Staff

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Discover Financial Services (DFS) Financials

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