DISCOVER FINANCIAL SERVICES																		Exhibit 99.2
EARNINGS SUMMARY 1
(unaudited, in millions, except per share statistics)
	Quarter Ended													Six Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023 vs. Jun 30, 2022			Jun 30, 2023		Jun 30, 2022		2023 vs. 2022
EARNINGS SUMMARY
Interest Income	$4,290		$4,077		$3,856		$3,357		$2,915		$1,375	47	%	$8,367		$5,651		$2,716	48	%
Interest Expense	1,113		945		789		514		305		808	NM		2,058		562		1,496	NM
Net Interest Income	3,177		3,132		3,067		2,843		2,610		567	22	%	6,309		5,089		1,220	24	%
Discount/Interchange Revenue	1,158		1,046		1,154		1,146		1,122		36	3	%	2,204		2,066		138	7	%
Rewards Cost	788		716		797		811		743		45	6	%	1,504		1,378		126	9	%
Discount and Interchange Revenue, net	370		330		357		335		379		(9)	(2	%)	700		688		12	2	%
Protection Products Revenue	44		43		44		42		42		2	5	%	87		86		1	1	%
Loan Fee Income	186		166		182		168		142		44	31	%	352		282		70	25	%
Transaction Processing Revenue	72		67		66		65		61		11	18	%	139		118		21	18	%
Gains (Losses) on Equity Investments	1		(18)		(6)		(4)		(42)		43	102	%	(17)		(204)		187	NM
Other Income	28		22		11		19		21		7	33	%	50		45		5	11	%
Total Non-Interest Income	701		610		654		625		603		98	16	%	1,311		1,015		296	29	%
Revenue Net of Interest Expense	3,878		3,742		3,721		3,468		3,213		665	21	%	7,620		6,104		1,516	25	%
Provision for Credit Losses	1,305		1,102		883		773		549		756	138	%	2,407		703		1,704	NM
Employee Compensation and Benefits	588		625		573		551		515		73	14	%	1,213		1,015		198	20	%
Marketing and Business Development	268		241		313		276		254		14	6	%	509		446		63	14	%
Information Processing & Communications	150		139		143		124		121		29	24	%	289		246		43	17	%
Professional Fees	216		232		264		241		189		27	14	%	448		366		82	22	%
Premises and Equipment	20		22		48		22		24		(4)	(17	%)	42		48		(6)	(13	%)
Other Expense	162		124		154		154		120		42	35	%	286		232		54	23	%
Total Operating Expense	1,404		1,383		1,495		1,368		1,223		181	15	%	2,787		2,353		434	18	%
Income/ (Loss) Before Income Taxes	1,169		1,257		1,343		1,327		1,441		(272)	(19	%)	2,426		3,048		(622)	(20	%)
Tax Expense	268		289		318		315		338		(70)	(21	%)	557		712		(155)	(22	%)
Net Income/ (Loss)	$901		$968		$1,025		$1,012		$1,103		($202)	(18	%)	$1,869		$2,336		($467)	(20	%)
Net Income/ (Loss) Allocated to Common Stockholders	$895		$931		$1,019		$974		$1,097		($202)	(18	%)	$1,826		$2,293		($467)	(20	%)
Effective Tax Rate	23.0	%	23.0	%	23.7	%	23.6	%	23.5	%				23.0	%	23.4	%
Net Interest Margin	11.06	%	11.34	%	11.27	%	11.05	%	10.94	%	12	bps		11.19	%	10.89	%	30	bps
Operating Efficiency	36.2	%	36.9	%	40.2	%	39.5	%	38.1	%	(190)	bps		36.6	%	38.5	%	(190)	bps
ROE	26	%	27	%	28	%	29	%	33	%				27	%	35	%
ROCE	28	%	28	%	30	%	30	%	35	%				28	%	37	%
Capital Returned to Common Stockholders	$864		$1,365		$743		$350		$742		$122	16	%	$2,228		$1,809		$419	23	%
Payout Ratio	97	%	147	%	73	%	36	%	68	%				122	%	79	%
Ending Common Shares Outstanding	250		257		267		273		275		(25)	(9	%)	250		275		(25)	(9	%)
Weighted Average Common Shares Outstanding	253		262		272		273		279		(26)	(9	%)	257		282		(25)	(9	%)
Weighted Average Common Shares Outstanding (fully diluted)	253		262		273		274		279		(26)	(9	%)	257		282		(25)	(9	%)
PER SHARE STATISTICS
Basic EPS	$3.54		$3.55		$3.74		$3.57		$3.93		($0.39)	(10	%)	$7.09		$8.13		($1.04)	(13	%)
Diluted EPS	$3.54		$3.55		$3.74		$3.56		$3.93		($0.39)	(10	%)	$7.09		$8.12		($1.03)	(13	%)
Common Dividends Declared Per Share	$0.70		$0.60		$0.60		$0.60		$0.60		$0.10	17	%	$1.30		$1.10		$0.20	18	%
Common Stock Price (period end)	$116.85		$98.84		$97.83		$90.92		$94.58		$22.27	24	%	$116.85		$94.58		$22.27	24	%
Book Value per share	$55.44		$54.79		$53.65		$51.42		$49.11		$6.33	13	%	$55.44		$49.11		$6.33	13	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and the six months ended June 30, 2022 have been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods for reconciliation to previously reported results.
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
BALANCE SHEET SUMMARY 1
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023 vs. Jun 30, 2022
BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities	$22,110		$22,411		$21,105		$18,767		$17,007		$5,103		30	%
Total Loan Receivables	117,906		112,674		112,120		104,908		99,301		18,605		19	%
Allowance for Credit Losses	(8,064)		(7,691)		(7,374)		(7,061)		(6,757)		(1,307)		(19	%)
Net Loan Receivables	109,842		104,983		104,746		97,847		92,544		17,298		19	%
Premises and Equipment, net	1,053		1,031		1,003		1,015		984		69		7	%
Goodwill and Intangible Assets, net	255		255		255		255		255		—		—	%
Other Assets	4,822		4,461		4,597		4,077		3,888		934		24	%
Total Assets	$138,082		$133,141		$131,706		$121,961		$114,678		$23,404		20	%
Liabilities & Stockholders' Equity
Certificates of Deposits 2	21,020		18,965		16,124		14,505		13,543		7,477		55	%
Savings, Money Market, and Other Deposits 2, 3	56,326		56,389		54,397		51,743		49,655		6,671		13	%
Total Direct to Consumer Deposits 2, 3	$	77,346	$	75,354	$	70,521	$	66,248	$	63,198	$	14,148	22	%
Brokered Deposits and Other Deposits	21,641		20,386		21,115		16,649		13,214		8,427		64	%
Deposits	98,987		95,740		91,636		82,897		76,412		22,575		30	%
Securitized Borrowings 4	11,216		9,095		10,259		11,092		9,099		2,117		23	%
Other Borrowings 4	9,060		9,068		9,849		9,085		10,886		(1,826)		(17	%)
Borrowings	20,276		18,163		20,108		20,177		19,985		291		1	%
Accrued Expenses and Other Liabilities	4,963		5,178		5,618		4,839		4,762		201		4	%
Total Liabilities	124,226		119,081		117,362		107,913		101,159		23,067		23	%
Total Equity	13,856		14,060		14,344		14,048		13,519		337		2	%
Total Liabilities and Stockholders' Equity	$138,082		$133,141		$131,706		$121,961		$114,678		$23,404		20	%
LIQUIDITY
Liquidity Portfolio	$20,895		$21,450		$19,798		$16,042		$16,204		$4,691		29	%
Private Asset-backed Securitizations	3,500		3,500		3,500		3,500		3,500		—		—	%
Federal Home Loan Bank Borrowing Capacity	2,372		2,056		1,712		2,078		12		2,360		NM
Federal Reserve Discount Window  5	45,936		43,780		42,268		39,888		36,463		9,473		26	%
Undrawn Credit Facilities 5	51,808		49,336		47,480		45,466		39,975		11,833		30	%
Total Liquidity	$72,703		$70,786		$67,278		$61,508		$56,179		$16,524		29	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and the six months ended June 30, 2022 have been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods for reconciliation to previously reported results.
2 Includes Affinity relationships
3 Savings, Money Market, and Other Deposits and reflects both interest-bearing and non-interest bearing direct to consumer deposits
4 Includes short-term and long-term borrowings
5 Excludes investments pledged to the Federal Reserve, which is included within the liquidity portfolio
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
BALANCE SHEET STATISTICS 1
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023 vs. Jun 30, 2022
BALANCE SHEET STATISTICS
Total Common Equity	$12,800		$13,004		$13,288		$12,992		$12,463		$337	3	%
Total Common Equity/Total Assets	9.3	%	9.8	%	10.1	%	10.7	%	10.9	%
Total Common Equity/Net Loans	11.7	%	12.4	%	12.7	%	13.3	%	13.5	%
Tangible Assets	$137,827		$132,886		$131,451		$121,706		$114,423		$23,404	20	%
Tangible Common Equity 2	$12,545		$12,749		$13,033		$12,737		$12,208		$337	3	%
Tangible Common Equity/Tangible Assets 2	9.1	%	9.6	%	9.9	%	10.5	%	10.7	%
Tangible Common Equity/Net Loans 2	11.4	%	12.1	%	12.4	%	13.0	%	13.2	%
Tangible Common Equity per share  2	$50.19		$49.68		$48.74		$46.62		$44.35		$5.84	13	%
	Basel III
	Quarter Ended
REGULATORY CAPITAL RATIOS 3	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Total Risk Based Capital Ratio	14.3	%	14.7	%	15.8	%	16.4	%	16.7	%
Tier 1 Risk Based Capital Ratio	12.5	%	13.0	%	14.0	%	14.7	%	14.9	%
Tier 1 Leverage Ratio	11.1	%	11.4	%	12.5	%	13.2	%	13.7	%
Common Equity Tier 1 Capital Ratio	11.7	%	12.1	%	13.1	%	13.7	%	13.9	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and the six months ended June 30, 2022 have been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods for reconciliation to previously reported results.
2 Tangible Common Equity ("TCE") is a non-GAAP measure. The Company believes TCE is a more meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure see Reconciliation of GAAP to non-GAAP Data schedule
3 Based on the final rule published September 30, 2020. Capital ratios reflect delay in the recognition of the impact of CECL reserves on regulatory capital for two years in accordance with the final rule
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
AVERAGE BALANCE SHEET
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Jun 30, 2023 vs. Jun 30, 2022
AVERAGE BALANCES
Assets
Cash and Investment Securities	$21,251			$19,579			$19,529			$16,057			$14,409			$6,842		47	%
Restricted Cash	75			588			393			853			40			35		88	%
Credit Card Loans	91,825			89,460			86,396			81,445			75,917			15,908		21	%
Private Student Loans	10,343			10,546			10,284			10,132			10,164			179		2	%
Personal Loans	8,744			8,155			7,871			7,408			6,981			1,763		25	%
Other Loans	4,347			3,888			3,485			3,050			2,674			1,673		63	%
Total Loans	115,259			112,049			108,036			102,035			95,736			19,523		20	%
Total Interest Earning Assets	136,585			132,216			127,958			118,945			110,185			26,400		24	%
Allowance for Credit Losses	(7,691)			(7,307)			(7,059)			(6,758)			(6,644)			(1,047)		(16	%)
Other Assets	6,668			6,494			6,235			5,923			5,874			794		14	%
Total Assets	$135,562			$131,403			$127,134			$118,110			$109,415			$26,147		24	%
Liabilities and Stockholders' Equity
Non-Interest-bearing Direct to Consumer Deposits 1	$985			$1,023			$1,062			$1,122			$1,136			($151)		(13	%)
Certificates of Deposits 1	20,159			17,565			15,189			14,029			13,391			6,768		51	%
Savings, Money Market, and Other Deposits 1	54,776			54,386			51,703			49,332			48,504			6,272		13	%
Interest-bearing Direct to Consumer Deposits 1	$	74,935		$	71,951		$	66,892		$	63,361		$	61,895		$	13,040	21	%
Brokered Deposits and Other Deposits	20,457			19,267			19,165			14,722			10,031			10,426		104	%
Total Interest-bearing Deposits	95,392			91,218			86,057			78,083			71,926			23,466		33	%
Securitized Borrowings 2	10,214			9,667			9,954			10,246			8,262			1,952		24	%
Other Borrowings 2	9,070			9,372			9,636			9,185			9,325			(255)		(3	%)
Total Interest-bearing Liabilities	114,676			110,257			105,647			97,514			89,513			25,163		28	%
Other Liabilities & Stockholders' Equity	19,901			20,123			20,425			19,474			18,766			1,135		6	%
Total Liabilities and Stockholders' Equity	$135,562			$131,403			$127,134			$118,110			$109,415			$26,147		24	%
AVERAGE YIELD
Assets
Cash and Investment Securities	4.08		%	3.89		%	3.45		%	2.31		%	1.46		%	262		bps
Restricted Cash	10.27		%	4.05		%	2.73		%	2.25		%	0.41		%	986		bps
Credit Card Loans	15.14		%	15.06		%	14.50		%	13.56		%	12.81		%	233		bps
Private Student Loans	9.87		%	9.68		%	9.02		%	8.26		%	7.74		%	213		bps
Personal Loans	12.72		%	12.35		%	12.04		%	11.83		%	11.84		%	88		bps
Other Loans	6.81		%	6.64		%	6.16		%	5.70		%	5.47		%	134		bps
Total Loans	14.17		%	14.06		%	13.53		%	12.67		%	12.00		%	217		bps
Total Interest Earning Assets	12.60		%	12.51		%	11.96		%	11.20		%	10.61		%	199		bps
AVERAGE RATES
Liabilities and Stockholders' Equity
Certificates of Deposits 1	3.35		%	2.65		%	1.83		%	1.31		%	1.04		%	231		bps
Savings, Money Market, and Other Deposits 1	3.84		%	3.41		%	2.76		%	1.60		%	0.68		%	316		bps
Interest-bearing Direct to Consumer Deposits 1	3.71		%	3.23		%	2.55		%	1.53		%	0.75		%	296		bps
Brokered Deposits and Other Deposits	4.15		%	3.87		%	3.50		%	2.71		%	2.28		%	187		bps
Total Interest-bearing Deposits	3.80		%	3.36		%	2.76		%	1.76		%	0.97		%	283		bps
Securitized Borrowings 2	4.24		%	3.67		%	3.33		%	2.79		%	1.87		%	237		bps
Other Borrowings 2	4.43		%	4.40		%	4.37		%	4.17		%	3.97		%	46		bps
Total Interest-bearing Liabilities	3.89		%	3.48		%	2.96		%	2.09		%	1.36		%	253		bps
Net Interest Margin	11.06		%	11.34		%	11.27		%	11.05		%	10.94		%	12		bps
Net Yield on Interest-earning Assets	9.33		%	9.61		%	9.51		%	9.48		%	9.50		%	(17)		bps
1 Includes Affinity relationships
2Includes short-term and long-term borrowings
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
LOAN STATISTICS
(unaudited, in millions)
	Quarter Ended													Six Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023 vs. Jun 30, 2022			Jun 30, 2023		Jun 30, 2022		2023 vs. 2022
TOTAL LOAN RECEIVABLES
Ending Loans 1	$117,906		$112,674		$112,120		$104,908		$99,301		$18,605	19	%	$117,906		$99,301		$18,605	19	%
Average Loans 1	$115,259		$112,049		$108,036		$102,035		$95,736		$19,523	20	%	$113,663		$94,221		$19,442	21	%
Interest Yield	14.17	%	14.06	%	13.53	%	12.67	%	12.00	%	217	bps		14.12	%	11.90	%	222	bps
Gross Principal Charge-off Rate	4.01	%	3.50	%	2.87	%	2.56	%	2.76	%	125	bps		3.76	%	2.70	%	106	bps
Net Principal Charge-off Rate	3.22	%	2.72	%	2.13	%	1.71	%	1.80	%	142	bps		2.97	%	1.71	%	126	bps
Delinquency Rate (30 or more days)	2.56	%	2.48	%	2.30	%	1.94	%	1.63	%	93	bps		2.56	%	1.63	%	93	bps
Delinquency Rate (90 or more days)	1.15	%	1.14	%	0.98	%	0.80	%	0.70	%	45	bps		1.15	%	0.70	%	45	bps
Gross Principal Charge-off Dollars	$1,153		$966		$781		$659		$659		$494	75	%	$2,119		$1,262		$857	68	%
Net Principal Charge-off Dollars	$924		$750		$581		$439		$429		$495	115	%	$1,674		$797		$877	110	%
Net Interest and Fee Charge-off Dollars	$202		$169		$126		$98		$92		$110	120	%	$371		$179		$192	107	%
Loans Delinquent 30 or more days	$3,019		$2,791		$2,578		$2,034		$1,621		$1,398	86	%	$3,019		$1,621		$1,398	86	%
Loans Delinquent 90 or more days	$1,353		$1,290		$1,101		$837		$694		$659	95	%	$1,353		$694		$659	95	%
Allowance for Credit Losses (period end)	$8,064		$7,691		$7,374		$7,061		$6,757		$1,307	19	%	$8,064		$6,757		$1,307	19	%
Reserve Change Build/ (Release) 2	$373		$385		$313		$304		$110		$263			$758		($65)		$823
Reserve Rate	6.84	%	6.83	%	6.58	%	6.73	%	6.80	%	4	bps		6.84	%	6.80	%	4	bps
CREDIT CARD LOANS
Ending Loans	$93,955		$89,755		$90,113		$83,630		$79,237		$14,718	19	%	$93,955		$79,237		$14,718	19	%
Average Loans	$91,825		$89,460		$86,396		$81,445		$75,917		$15,908	21	%	$90,649		$74,487		$16,162	22	%
Interest Yield	15.14	%	15.06	%	14.50	%	13.56	%	12.81	%	233	bps		15.10	%	12.70	%	240	bps
Gross Principal Charge-off Rate	4.59	%	3.99	%	3.20	%	2.88	%	3.10	%	149	bps		4.29	%	3.05	%	124	bps
Net Principal Charge-off Rate	3.68	%	3.10	%	2.37	%	1.92	%	2.01	%	167	bps		3.39	%	1.93	%	146	bps
Delinquency Rate (30 or more days)	2.86	%	2.76	%	2.53	%	2.11	%	1.76	%	110	bps		2.86	%	1.76	%	110	bps
Delinquency Rate (90 or more days)	1.35	%	1.34	%	1.14	%	0.92	%	0.80	%	55	bps		1.35	%	0.80	%	55	bps
Gross Principal Charge-off Dollars	$1,051		$879		$697		$592		$587		$464	79	%	$1,930		$1,128		$802	71	%
Net Principal Charge-off Dollars	$842		$684		$516		$395		$381		$461	121	%	$1,526		$712		$814	114	%
Loans Delinquent 30 or more days	$2,689		$2,477		$2,278		$1,761		$1,392		$1,297	93	%	$2,689		$1,392		$1,297	93	%
Loans Delinquent 90 or more days	$1,269		$1,204		$1,028		$770		$633		$636	100	%	$1,269		$633		$636	100	%
Allowance for Credit Losses (period end)	$6,525		$6,135		$5,883		$5,561		$5,307		$1,218	23	%	$6,525		$5,307		$1,218	23	%
Reserve Change Build/ (Release) 2	$390		$318		$322		$254		$187		$203			$708		$34		$674
Reserve Rate	6.94	%	6.84	%	6.53	%	6.65	%	6.70	%	24	bps		6.94	%	6.70	%	24	bps
Total Discover Card Volume	$58,774		$54,129		$59,153		$58,561		$57,384		$1,390	2	%	$112,903		$106,763		$6,140	6	%
Discover Card Sales Volume	$55,229		$50,588		$55,663		$54,793		$53,860		$1,369	3	%	$105,817		$100,189		$5,628	6	%
Rewards Rate	1.42	%	1.41	%	1.42	%	1.47	%	1.37	%	5	bps		1.41	%	1.37	%	4	bps
1 Total Loans includes Home Equity and other loans
2 Excludes any build/release of the liability for expected credit losses on unfunded commitments as the offset is recorded in accrued expenses and other liabilities in the Company's condensed consolidated statements of financial condition
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
LOAN STATISTICS
(unaudited, in millions)
	Quarter Ended													Six Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023 vs. Jun 30, 2022			Jun 30, 2023		Jun 30, 2022		2023 vs. 2022
PRIVATE STUDENT LOANS
Organic Student Loans	$9,723		$9,927		$9,718		$9,722		$9,412		$311	3	%	$9,723		$9,412		$311	3	%
Purchased Student Loans	518		553		590		627		662		(144)	(22	%)	518		662		(144)	(22	%)
Total Private Student Loans	$10,241		$10,480		$10,308		$10,349		$10,074		$167	2	%	$10,241		$10,074		$167	2	%
Interest Yield	9.87	%	9.68	%	9.02	%	8.26	%	7.74	%	213	bps		9.77	%	7.58	%	219	bps
Net Principal Charge-off Rate	1.25	%	1.04	%	1.33	%	0.91	%	1.08	%	17	bps		1.15	%	0.88	%	27	bps
Delinquency Rate (30 or more days)	2.13	%	2.02	%	2.05	%	1.94	%	1.66	%	47	bps		2.13	%	1.66	%	47	bps
Reserve Rate	8.29	%	8.32	%	8.14	%	8.01	%	8.26	%	3	bps		8.29	%	8.26	%	3	bps
PERSONAL LOANS
Ending Loans	$9,106		$8,374		$7,998		$7,674		$7,145		$1,961	27	%	$9,106		$7,145		$1,961	27	%
Interest Yield	12.72	%	12.35	%	12.04	%	11.83	%	11.84	%	88	bps		12.54	%	11.96	%	58	bps
Net Principal Charge-off Rate	2.28	%	1.94	%	1.49	%	1.14	%	1.21	%	107	bps		2.12	%	1.17	%	95	bps
Delinquency Rate (30 or more days)	1.00	%	0.91	%	0.80	%	0.69	%	0.63	%	37	bps		1.00	%	0.63	%	37	bps
Reserve Rate	6.83	%	7.43	%	7.44	%	8.08	%	8.01	%	(118)	bps		6.83	%	8.01	%	(118)	bps
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
SEGMENT RESULTS AND VOLUME STATISTICS 1
(unaudited, in millions)
	Quarter Ended													Six Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Jun 30, 2023 vs. Jun 30, 2022			Jun 30, 2023		Jun 30, 2022		2023 vs. 2022
DIGITAL BANKING
Interest Income	$4,290		$4,077		$3,856		$3,357		$2,915		$1,375	47	%	$8,367		$5,651		$2,716	48	%
Interest Expense	1,113		945		789		514		305		808	NM		2,058		562		1,496	NM
Net Interest Income	3,177		3,132		3,067		2,843		2,610		567	22	%	6,309		5,089		1,220	24	%
Non-Interest Income	586		522		567		530		546		40	7	%	1,108		1,021		87	9	%
Revenue Net of Interest Expense	3,763		3,654		3,634		3,373		3,156		607	19	%	7,417		6,110		1,307	21	%
Provision for Credit Losses	1,305		1,102		883		773		549		756	138	%	2,407		703		1,704	NM
Total Operating Expense	1,359		1,342		1,445		1,326		1,186		173	15	%	2,701		2,278		423	19	%
Income/ (Loss) Before Income Taxes	$1,099		$1,210		$1,306		$1,274		$1,421		($322)	(23	%)	$2,309		$3,129		($820)	(26	%)
Net Interest Margin	11.06	%	11.34	%	11.27	%	11.05	%	10.94	%	12	bps		11.19	%	10.89	%	30	bps
Pretax Return on Loan Receivables	3.82	%	4.38	%	4.80	%	4.94	%	5.94	%	(212)	bps		4.10	%	6.7	%	(260)	bps
Allowance for Credit Losses (period end)	$8,064		$7,691		$7,374		$7,061		$6,757		$1,307	19	%	$8,064		$6,757		$1,307	19	%
Reserve Change Build/ (Release)	$373		$385		$313		$304		$110		$263			$758		($65)		$823
PAYMENT SERVICES
Interest Income	$—		$—		$—		$—		$—		$—	NM		$—		$—		$—	NM
Interest Expense	—		—		—		—		—		—	NM		—		—		—	NM
Net Interest Income	—		—		—		—		—		—	NM		—		—		—	NM
Non-Interest Income (Loss)	115		88		87		95		57		58	102	%	203		(6)		209	NM
Revenue Net of Interest Expense	115		88		87		95		57		58	102	%	203		(6)		209	NM
Provision for Credit Losses	—		—		—		—		—		—	NM		—		—		—	NM
Total Operating Expense	45		41		50		42		37		8	22	%	86		75		11	15	%
Income/ (Loss) Before Income Taxes	$70		$47		$37		$53		$20		$50	NM		$117		($81)		$198	NM
TRANSACTIONS PROCESSED ON NETWORKS
Discover Network	940		850		946		924		916		24	3	%	1,790		1,747		43	2	%
PULSE Network	1,761		1,625		1,666		1,611		1,524		237	16	%	3,386		2,923		463	16	%
Total	2,701		2,475		2,612		2,535		2,440		261	11	%	5,176		4,670		506	11	%
NETWORK VOLUME
PULSE Network	$69,008		$65,268		$66,807		$63,437		$62,992		$6,016	10	%	$134,276		$122,828		$11,448	9	%
Network Partners	10,408		10,628		10,433		11,894		11,532		(1,124)	(10	%)	21,036		22,215		(1,179)	(5	%)
Diners Club International 2	9,897		9,211		9,155		8,793		8,381		1,516	18	%	19,108		15,557		3,551	23	%
Total Payment Services	89,313		85,107		86,395		84,124		82,905		6,408	8	%	174,420		160,600		13,820	9	%
Discover Network - Proprietary	57,099		51,826		58,138		56,633		55,838		1,261	2	%	108,925		103,967		4,958	5	%
Total	$146,412		$136,933		$144,533		$140,757		$138,743		$7,669	6	%	$283,345		$264,567		$18,778	7	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and the six months ended June 30, 2022 have been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods for reconciliation to previously reported results.
2 Volume is derived from data provided by licencees for Diners Club branded cards issued outside of North America and is subject to subsequent revision or amendment
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES - GLOSSARY OF FINANCIAL TERMS
Balance Sheet & Regulatory Capital Terms
Liquidity Portfolio represents cash and cash equivalents (excluding cash-in-process) and other investments
Regulatory Capital Ratios are preliminary
•	Total Risk Based Capital Ratio represents total capital divided by risk-weighted assets
•	Tier 1 Capital Ratio represents tier 1 capital divided by risk-weighted assets
•	Tier 1 Leverage Ratio represents tier 1 capital divided by average total assets
•	Common Equity Tier 1 Capital Ratio represents common equity tier 1 capital divided by risk weighted assets
Tangible Assets represents total assets less goodwill and intangibles
Tangible Common Equity ("TCE"), a non-GAAP financial measure, represents total common equity less goodwill and intangibles. The Company believes TCE is a meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of GAAP to Non-GAAP Data
Tangible Common Equity/Net Loans, a non-GAAP measure, represents TCE divided by total loans less the allowance for credit losses (period end)
Tangible Common Equity per Share, a non-GAAP measure, represents TCE divided by ending common shares outstanding
Tangible Common Equity/Tangible Assets, a non-GAAP measure, represents TCE divided by total assets less goodwill and intangibles
Undrawn Credit Facilities represents asset-backed conduit funding facilities and Federal Reserve discount window (excluding investments pledged to the Federal Reserve, which are included within the liquidity investment portfolio)
Credit Related Terms
Delinquency Rate (30 or more days) represents loans delinquent thirty days or more divided by ending loans (total or respective product loans, as appropriate)
Delinquency Rate (90 or more days) represents loans delinquent ninety days or more divided by ending loans (total or respective product loans, as appropriate)
Gross Principal Charge-off Rate represents gross principal charge-off dollars (annualized) divided by average loans for the reporting period (total or respective product loans, as appropriate)
Net Principal Charge-off Rate represents net principal charge-off dollars (annualized) divided by average loans for the reporting period (total or respective product loans, as appropriate)
Reserve Rate represents the allowance for credit losses divided by total loans (total or respective product loans, as appropriate)
Earnings and Shareholder Return Terms
Book Value per share represents total equity divided by ending common shares outstanding
Capital Returned to Common Stockholders represents common stock dividends declared and treasury share repurchases, excluding common stock issued under employee benefit plans and stock based compensation
Earnings Per Share represents net income allocated to common stockholders divided by the weighted average common shares outstanding
Interest Yield represents interest income on loan receivables (annualized) divided by average loans for the reporting period (total or respective product loans, as appropriate)
Net Income Allocated to Common Stockholders represents net income less preferred stock dividends and income allocated to participating securities
Net Interest Margin represents net interest income (annualized) divided by average total loans for the period
Net Yield on Interest Earning Assets represents net interest income (annualized) divided by average total interest earning assets for the period
Operating Efficiency represents total operating expense divided by revenue net of interest expense
Pretax Return on Loan Receivables represents income before income taxes (annualized) divided by total average loans for the period
Payout Ratio represents capital returned to common stockholders divided by net income allocated to common stockholders
Return on Common Equity represents net income available for common stockholders (annualized) divided by average total common equity for the reporting period
Return on Equity represents net income (annualized) divided by average total equity for the reporting period
Rewards Rate represents Credit Card rewards cost divided by Discover Card sales volume
Volume Terms
Discover Card Sales Volume represents Discover card activity related to sales net of returns
Discover Card Volume represents Discover card activity related to sales net of returns, balance transfers, cash advances and other activity
Discover Network Proprietary Volume represents gross Discover Card sales volume on the Discover Network

DISCOVER FINANCIAL SERVICES
RECONCILIATION OF GAAP TO NON-GAAP DATA 1
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022
GAAP Total Common Equity	$12,800	$13,004	$13,288	$12,992	$12,463
Less: Goodwill	(255)	(255)	(255)	(255)	(255)
Less: Intangibles	—	—	—	—	—
Tangible Common Equity 2	$12,545	$12,749	$13,033	$12,737	$12,208
GAAP Book Value Per Share	$55.44	$54.79	$53.65	$51.42	$49.11
Less: Goodwill	(1.03)	(1.00)	(0.96)	(0.94)	(0.92)
Less: Intangibles	—	—	—	—	—
Less: Preferred Stock	(4.22)	(4.11)	(3.95)	(3.86)	(3.84)
Tangible Common Equity Per Share	$50.19	$49.68	$48.74	$46.62	$44.35
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and the six months ended June 30, 2022 have been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods for reconciliation to previously reported results.
2 Tangible Common Equity ("TCE"), a non-GAAP financial measure, represents common equity less goodwill and intangibles. A reconciliation of TCE to common equity, a GAAP financial measure, is shown above. Other financial services companies may also use TCE and definitions may vary, so users of this information are advised to exercise caution in comparing TCE of different companies. TCE is included because management believes that common equity excluding goodwill and intangibles is a more meaningful measure to investors of the true net asset value of the Company
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES

RECONCILIATION OF PRIOR PERIOD RESTATED FINANCIAL RESULTS

The following pages present a reconciliation for certain information disclosed in the financial data supplement.

Beginning around mid-2007, Discover incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier. The Company determined the revenue impact of the incorrect card product classification was immaterial to the consolidated financial statements for the prior periods presented in this disclosure. For comparative purposes, the Company has made these immaterial corrections to the consolidated financial statements in the prior periods presented.

DISCOVER FINANCIAL SERVICES
RECONCILIATION OF PRIOR PERIOD RESTATED FINANCIAL RESULTS
(unaudited, in millions, except per share statistics)
	As Previously Reported															Restatement Impacts															As Restated
	Quarter Ended												Six Months Ended			Quarter Ended												Six Months Ended			Quarter Ended												Six Months Ended
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Jun 30, 2022
EARNINGS SUMMARY
Discount/Interchange Revenue	$	1,057		$	1,165		$	1,157		$	1,133		$	2,088		$	(11)		$	(11)		$	(11)		$	(11)		$	(22)		$	1,046		$	1,154		$	1,146		$	1,122		$	2,066
Discount and Interchange Revenue, net	341			368			346			390			710			(11)			(11)			(11)			(11)			(22)			330			357			335			379			688
Total Non-Interest Income	621			665			636			614			1,037			(11)			(11)			(11)			(11)			(22)			610			654			625			603			1,015
Revenue Net of Interest Expense	$	3,753		$	3,732		$	3,479		$	3,224		$	6,126		$	(11)		$	(11)		$	(11)		$	(11)		$	(22)		$	3,742		$	3,721		$	3,468		$	3,213		$	6,104
Other Expense	$	124		$	154		$	174		$	120		$	232		$	—		$	—		$	(20)		$	—		$	—		$	124		$	154		$	154		$	120		$	232
Total Operating Expense	$	1,383		$	1,495		$	1,388		$	1,223		$	2,353		$	—		$	—		$	(20)		$	—		$	—		$	1,383		$	1,495		$	1,368		$	1,223		$	2,353
Income/ (Loss) Before Income Taxes	$	1,268		$	1,354		$	1,318		$	1,452		$	3,070		$	(11)		$	(11)		$	9		$	(11)		$	(22)		$	1,257		$	1,343		$	1,327		$	1,441		$	3,048
Tax Expense	292			321			312			341			717			(3)			(3)			3			(3)			(5)			289			318			315			338			712
Net Income/ (Loss)	$	976		$	1,033		$	1,006		$	1,111		$	2,353		$	(8)		$	(8)		$	6		$	(8)		$	(17)		$	968		$	1,025		$	1,012		$	1,103		$	2,336
Net Income/ (Loss) Allocated to Common Stockholders	$	939		$	1,027		$	967		$	1,105		$	2,309		$	(8)		$	(9)		$	7		$	(8)		$	(16)		$	931		$	1,018		$	974		$	1,097		$	2,293
Operating Efficiency	36.8		%	40.0		%	39.9		%	37.9		%	38.4		%	10		bps	20		bps	(40)		bps	20		bps	10		bps	36.9		%	40.2		%	39.5		%	38.1		%	38.5		%
ROE	27		%	28		%	29		%	32		%	35		%	—		bps	—		bps	—		bps	100		bps	—		bps	27		%	28		%	29		%	33		%	35		%
Payout Ratio	145		%	72		%	36		%	67		%	78		%	200		bps	100		bps	—		bps	100		bps	100		bps	147		%	73		%	36		%	68		%	79		%
PER SHARE STATISTICS
Basic EPS	$	3.58		$	3.77		$	3.54		$	3.96		$	8.19		$	(0.03)		$	(0.03)		$	0.03		$	(0.03)		$	(0.06)		$	3.55		$	3.74		$	3.57		$	3.93		$	8.13
Diluted EPS	$	3.58		$	3.77		$	3.54		$	3.96		$	8.18		$	(0.03)		$	(0.03)		$	0.02		$	(0.03)		$	(0.06)		$	3.55		$	3.74		$	3.56		$	3.93		$	8.12
Book Value per share	$	55.79		$	54.57		$	52.29		$	50.00		$	50.00		$	(1.00)		$	(0.92)		$	(0.87)		$	(0.89)		$	(0.89)		$	54.79		$	53.65		$	51.42		$	49.11		$	49.11
SEGMENT RESULTS
Digital Banking
Non-Interest Income	$	533		$	578		$	541		$	557		$	1,043		$	(11)		$	(11)		$	(11)		$	(11)		$	(22)		$	522		$	567		$	530		$	546		$	1,021
Revenue Net of Interest Expense	$	3,665		$	3,645		$	3,384		$	3,167		$	6,132		$	(11)		$	(11)		$	(11)		$	(11)		$	(22)		$	3,654		$	3,634		$	3,373		$	3,156		$	6,110
Total Operating Expense	$	1,342		$	1,445		$	1,346		$	1,186		$	2,278		$	—		$	—		$	(20)		$	—		$	—		$	1,342		$	1,445		$	1,326		$	1,186		$	2,278
Income/ (Loss) Before Income Taxes	$	1,221		$	1,317		$	1,265		$	1,432		$	3,151		$	(11)		$	(11)		$	9		$	(11)		$	(22)		$	1,210		$	1,306		$	1,274		$	1,421		$	3,129
Pretax Return on Loan Receivables	4.42		%	4.84		%	4.91		%	5.99		%	6.74		%	(4)		bps	(4)		bps	3		bps	(5)		bps	(4)		bps	4.38		%	4.80		%	4.94		%	5.94		%	6.70		%

DISCOVER FINANCIAL SERVICES
RECONCILIATION OF PRIOR PERIOD RESTATED FINANCIAL RESULTS
(unaudited, in millions, except per share statistics)
	As Previously Reported												Restatement Impacts												As Restated
	Quarter Ended												Quarter Ended												Quarter Ended
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022
BALANCE SHEET SUMMARY
Assets
Other Assets	$	4,381		$	4,519		$	4,002		$	3,810		$	80		$	78		$	75		$	78		$	4,461		$	4,597		$	4,077		$	3,888
Total Assets	$	133,061		$	131,628		$	121,886		$	114,600		$	80		$	78		$	75		$	78		$	133,141		$	131,706		$	121,961		$	114,678
Liabilities & Stockholders' Equity
Accrued Expenses and Other Liabilities	$	4,843		$	5,294		$	4,526		$	4,439		$	335		$	324		$	313		$	323		$	5,178		$	5,618		$	4,839		$	4,762
Total Liabilities	118,746			117,038			107,600			100,836			335			324			313			323			119,081			117,362			107,913			101,159
Total Equity	14,315			14,590			14,286			13,764			(255)			(246)			(238)			(245)			14,060			14,344			14,048			13,519
Total Liabilities and Stockholders' Equity	$	133,061		$	131,628		$	121,886		$	114,600		$	80		$	78		$	75		$	78		$	133,141		$	131,706		$	121,961		$	114,678
BALANCE SHEET STATISTICS
Total Common Equity	$	13,259		$	13,534		$	13,230		$	12,708		$	(255)		$	(246)		$	(238)		$	(245)		$	13,004		$	13,288		$	12,992		$	12,463
Total Common Equity/Total Assets	10.0		%	10.3		%	10.9		%	11.1		%	(20)		bps	(20)		bps	(20)		bps	(20)		bps	9.8		%	10.1		%	10.7		%	10.9		%
Total Common Equity/Net Loans	12.6		%	12.9		%	13.5		%	13.7		%	(20)		bps	(20)		bps	(20)		bps	(20)		bps	12.4		%	12.7		%	13.3		%	13.5		%
Tangible Assets	$	132,806		$	131,373		$	121,631		$	114,345		$	80		$	78		$	75		$	78		$	132,886		$	131,451		$	121,706		$	114,423
Tangible Common Equity	$	13,004		$	13,279		$	12,975		$	12,453		$	(255)		$	(246)		$	(238)		$	(245)		$	12,749		$	13,033		$	12,737		$	12,208
Tangible Common Equity/Tangible Assets	9.8		%	10.1		%	10.7		%	10.9		%	(20)		bps	(20)		bps	(20)		bps	(20)		bps	9.6		%	9.9		%	10.5		%	10.7		%
Tangible Common Equity/Net Loans	12.4		%	12.7		%	13.3		%	13.5		%	(30)		bps	(30)		bps	(30)		bps	(30)		bps	12.1		%	12.4		%	13.0		%	13.2		%
Tangible Common Equity per share	$	50.68		$	49.66		$	47.49		$	45.24		$	(1)		$	(0.92)		$	(0.87)		$	(0.89)		$	49.68		$	48.74		$	46.62		$	44.35
REGULATORY CAPITAL RATIOS
Total Risk Based Capital Ratio	14.9		%	16.0		%	16.7		%	17.0		%	(20)		bps	(20)		bps	(30)		bps	(30)		bps	14.7		%	15.8		%	16.4		%	16.7		%
Tier 1 Risk Based Capital Ratio	13.2		%	14.3		%	14.9		%	15.2		%	(20)		bps	(30)		bps	(20)		bps	(30)		bps	13.0		%	14.0		%	14.7		%	14.9		%
Tier 1 Leverage Ratio	11.6		%	12.7		%	13.4		%	13.9		%	(20)		bps	(20)		bps	(20)		bps	(20)		bps	11.4		%	12.5		%	13.2		%	13.7		%
Common Equity Tier 1 Capital Ratio	12.3		%	13.3		%	13.9		%	14.2		%	(20)		bps	(20)		bps	(20)		bps	(30)		bps	12.1		%	13.1		%	13.7		%	13.9		%