Discover Financial Services (DFS) Financials

$160.03 +0.96 (+0.61%)

Closing price 03:59 PM Eastern

Extended Trading

$159.52 -0.51 (-0.32%)

As of 05:09 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,962	2,393	2,031	2,689	2,908	1,104	5,289	4,228	2,715	4,446
Consolidated Net Income / (Loss)	2,297	2,393	2,099	2,742	2,957	1,141	5,388	4,316	2,796	4,535
Net Income / (Loss) Continuing Operations	1,962	2,393	2,099	2,742	2,957	1,141	5,388	4,316	2,796	4,535
Total Pre-Tax Income	3,612	3,656	3,537	3,597	3,835	1,435	6,984	5,641	3,637	6,074
Total Revenue	8,404	9,099	9,897	10,709	11,459	11,088	12,007	13,216	15,794	17,910
Net Interest Income / (Expense)	6,682	7,218	8,000	8,754	9,463	9,230	9,517	10,999	13,099	14,296
Total Interest Income	7,945	8,616	9,648	10,893	11,993	11,095	10,651	12,864	17,845	20,020
Loans and Leases Interest Income	7,869	8,516	9,467	10,561	11,561	10,802	10,451	12,502	16,953	18,838
Investment Securities Interest Income	49	38	27	40	179	252	182	179	449	521
Other Interest Income	27	62	154	292	253	41	18	183	443	661
Total Interest Expense	1,263	1,398	1,648	2,139	2,530	1,865	1,134	1,865	4,746	5,724
Deposits Interest Expense	623	687	846	1,238	1,587	1,231	661	1,257	3,886	4,772
Short-Term Borrowings Interest Expense	1.00	-	-	0.00	0.00	32	0.00	2.00	5.00	19
Long-Term Debt Interest Expense	639	711	802	901	943	602	473	606	855	933
Total Non-Interest Income	2,057	1,881	1,897	1,955	1,996	1,858	2,490	2,217	2,695	3,614
Other Service Charges	369	432	455	499	542	470	530	707	848	1,582
Net Realized & Unrealized Capital Gains on Investments	77	-	-	0.00	-3.00	80	424	-214	-9.00	-2.00
Other Non-Interest Income	1,276	1,449	1,442	1,456	1,457	1,308	1,536	1,724	1,856	2,034
Provision for Credit Losses	1,512	1,859	2,579	3,035	3,231	5,134	218	2,359	6,018	4,911
Total Non-Interest Expense	3,615	3,584	3,781	4,077	4,393	4,519	4,805	5,216	6,139	6,925
Salaries and Employee Benefits	1,327	1,379	1,512	1,627	1,738	1,894	1,986	2,139	2,434	2,824
Net Occupancy & Equipment Expense	444	434	414	452	516	653	592	631	697	828
Marketing Expense	745	731	776	857	883	659	810	1,035	1,164	1,070
Other Operating Expenses	1,099	1,040	1,079	1,141	1,256	1,313	1,417	1,411	1,844	2,203
Income Tax Expense	1,315	1,263	1,438	855	878	294	1,596	1,325	841	1,539
Basic Earnings per Share	$5.14	$5.77	$5.43	$7.81	$9.09	$3.60	$17.64	$15.25	$10.71	$17.72
Weighted Average Basic Shares Outstanding	437M	405M	374M	344M	308.34M	306.69M	284.90M	261.93M	250.56M	251.60M
Diluted Earnings per Share	$5.13	$5.77	$5.42	$7.79	$9.08	$3.60	$17.63	$15.23	$10.70	$17.72
Weighted Average Diluted Shares Outstanding	437M	405M	374M	344M	308.34M	306.69M	284.90M	261.93M	250.56M	251.60M
Weighted Average Basic & Diluted Shares Outstanding	437M	405M	374M	344M	308.34M	306.69M	284.90M	261.93M	250.56M	251.60M
Cash Dividends to Common per Share	$1.08	$1.16	$1.30	$1.50	$1.68	$1.76	$1.88	$2.30	$2.70	$2.80

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

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	121,886	131,851	133,061	138,082	143,432	151,713	152,707	150,888	151,615	147,640
Cash and Due from Banks	10,004	8,856	10,130	8,605	9,194	11,685	14,004	10,865	10,787	8,474
Restricted Cash	1,866	41	33	39	39	43	439	32	36	25
Trading Account Securities	6,897	12,208	12,248	13,466	13,336	13,655	13,522	13,508	14,865	14,630
Loans and Leases, Net of Allowance	-7,061	-7,374	-7,691	-8,064	-8,665	-9,283	-9,258	-8,481	-8,512	-8,323
Allowance for Loan and Lease Losses	7,061	7,374	7,691	8,064	8,665	9,283	9,258	8,481	8,512	8,323
Premises and Equipment, Net	1,015	1,003	1,031	1,053	1,084	1,091	1,107	1,087	1,085	1,072
Goodwill	255	255	255	255	255	255	255	255	255	255
Other Assets	108,910	116,862	117,055	122,728	128,189	134,267	132,638	133,622	133,099	131,507
Total Liabilities & Shareholders' Equity	121,886	131,851	133,061	138,082	143,432	151,713	152,707	150,888	151,615	147,640
Total Liabilities	107,600	117,956	118,746	124,226	129,196	137,478	138,037	134,878	134,506	129,714
Non-Interest Bearing Deposits	1,524	1,485	1,421	1,357	1,381	1,438	1,500	1,479	1,496	1,550
Interest Bearing Deposits	81,373	90,151	94,319	97,630	102,638	107,493	108,930	106,871	108,356	105,459
Short-Term Debt	0.00	0.00	-	0.00	-	750	0.00	0.00	750	0.00
Other Short-Term Payables	4,526	6,212	-	4,963	-	7,216	7,132	7,387	6,477	6,452
Long-Term Debt	20,177	20,108	18,163	20,276	19,467	20,581	20,475	19,141	17,427	16,253
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,286	13,895	14,315	13,856	14,236	14,235	14,670	16,010	17,109	17,926
Total Preferred & Common Equity	14,286	13,895	14,315	13,856	14,236	14,235	14,670	16,010	17,109	17,926
Preferred Stock	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056	1,056
Total Common Equity	13,230	12,839	13,259	12,800	13,180	13,179	13,614	14,954	16,053	16,870
Common Stock	4,450	4,474	4,499	4,514	4,526	4,559	4,584	4,609	4,639	4,657
Retained Earnings	27,585	27,758	29,292	29,761	30,236	29,855	30,461	31,807	32,469	33,583
Treasury Stock	-18,452	-19,054	-20,297	-21,005	-21,009	-21,010	-21,038	-21,064	-21,072	-21,074
Accumulated Other Comprehensive Income / (Loss)	-353	-339	-235	-470	-573	-225	-393	-398	17	-296

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

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

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

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

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.

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 4/15/2025 by MarketBeat.com Staff

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Discover Financial Services (DFS) Financials

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