DISCOVER FINANCIAL SERVICES																		Exhibit 99.2
EARNINGS SUMMARY 1
(unaudited, in millions, except per share statistics)
	Quarter Ended													Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022			Sep 30, 2023		Sep 30, 2022		2023 vs. 2022
EARNINGS SUMMARY
Interest Income	$4,610		$4,290		$4,077		$3,856		$3,357		$1,253	37	%	$12,977		$9,008		$3,969	44	%
Interest Expense	1,288		1,113		945		789		514		774	151	%	3,346		1,076		2,270	NM
Net Interest Income	3,322		3,177		3,132		3,067		2,843		479	17	%	9,631		7,932		1,699	21	%
Discount/Interchange Revenue	1,164		1,158		1,046		1,154		1,146		18	2	%	3,368		3,212		156	5	%
Rewards Cost	787		788		716		797		811		(24)	(3	%)	2,291		2,189		102	5	%
Discount and Interchange Revenue, net	377		370		330		357		335		42	13	%	1,077		1,023		54	5	%
Protection Products Revenue	42		44		43		44		42		—	—	%	129		128		1	1	%
Loan Fee Income	194		186		166		182		168		26	15	%	546		450		96	21	%
Transaction Processing Revenue	82		72		67		66		65		17	26	%	221		183		38	21	%
Gains (Losses) on Equity Investments	6		1		(18)		(6)		(4)		10	NM		(11)		(208)		197	NM
Other Income	21		28		22		11		19		2	11	%	71		64		7	11	%
Total Non-Interest Income	722		701		610		654		625		97	16	%	2,033		1,640		393	24	%
Revenue Net of Interest Expense	4,044		3,878		3,742		3,721		3,468		576	17	%	11,664		9,572		2,092	22	%
Provision for Credit Losses	1,702		1,305		1,102		883		773		929	120	%	4,109		1,476		2,633	178	%
Employee Compensation and Benefits	575		588		625		573		551		24	4	%	1,788		1,566		222	14	%
Marketing and Business Development	283		268		241		313		276		7	3	%	792		722		70	10	%
Information Processing & Communications	149		150		139		143		124		25	20	%	438		370		68	18	%
Professional Fees	281		216		232		264		241		40	17	%	729		607		122	20	%
Premises and Equipment	22		20		22		48		22		—	—	%	64		70		(6)	(9	%)
Other Expense	144		162		124		154		154		(10)	(6	%)	430		386		44	11	%
Total Operating Expense	1,454		1,404		1,383		1,495		1,368		86	6	%	4,241		3,721		520	14	%
Income/ (Loss) Before Income Taxes	888		1,169		1,257		1,343		1,327		(439)	(33	%)	3,314		4,375		(1,061)	(24	%)
Tax Expense	205		268		289		318		314		(109)	(35	%)	762		1,026		(264)	(26	%)
Net Income/ (Loss)	$683		$901		$968		$1,025		$1,013		($330)	(33	%)	$2,552		$3,349		($797)	(24	%)
Net Income/ (Loss) Allocated to Common Stockholders	$647		$895		$931		$1,019		$975		($328)	(34	%)	$2,473		$3,267		($794)	(24	%)
Effective Tax Rate	23.1	%	23.0	%	23.0	%	23.7	%	23.6	%				23.0	%	23.4	%
Net Interest Margin	10.95	%	11.06	%	11.34	%	11.27	%	11.05	%	(10)	bps		11.11	%	10.95	%	16	bps
Operating Efficiency	36.0	%	36.2	%	36.9	%	40.2	%	39.5	%	(350)	bps		36.4	%	38.9	%	(250)	bps
ROE	19	%	26	%	27	%	28	%	29	%				24	%	33	%
ROCE	20	%	28	%	28	%	30	%	30	%				.		34	%
Capital Returned to Common Stockholders	$169		$864		$1,365		$743		$350		($181)	(52	%)	$2,397		$2,160		$237	11	%
Payout Ratio	26	%	97	%	147	%	73	%	36	%				97	%	66	%
Ending Common Shares Outstanding	250		250		257		267		273		(23)	(8	%)	250		273		(23)	(8	%)
Weighted Average Common Shares Outstanding	250		253		262		272		273		(23)	(8	%)	255		279		(24)	(9	%)
Weighted Average Common Shares Outstanding (fully diluted)	250		253		262		273		274		(24)	(9	%)	255		279		(24)	(9	%)
PER SHARE STATISTICS
Basic EPS	$2.59		$3.54		$3.55		$3.74		$3.57		($0.98)	(27	%)	$9.70		$11.70		($2.00)	(17	%)
Diluted EPS	$2.59		$3.54		$3.55		$3.74		$3.56		($0.97)	(27	%)	$9.69		$11.69		($2.00)	(17	%)
Common Dividends Declared Per Share	$0.70		$0.70		$0.60		$0.60		$0.60		$0.10	17	%	$2.00		$1.70		$0.30	18	%
Common Stock Price (period end)	$86.63		$116.85		$98.84		$97.83		$90.92		($4.29)	(5	%)	$86.63		$90.92		($4.29)	(5	%)
Book Value per share	$56.93		$55.44		$54.79		$53.65		$51.42		$5.51	11	%	$56.93		$51.42		$5.51	11	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022 and the nine months ended September 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
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022
BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities	$22,569		$22,110		$22,411		$21,105		$18,767		$3,802		20	%
Total Loan Receivables	122,676		117,906		112,674		112,120		104,908		17,768		17	%
Allowance for Credit Losses	(8,665)		(8,064)		(7,691)		(7,374)		(7,061)		(1,604)		(23	%)
Net Loan Receivables	114,011		109,842		104,983		104,746		97,847		16,164		17	%
Premises and Equipment, net	1,084		1,053		1,031		1,003		1,015		69		7	%
Goodwill and Intangible Assets, net	255		255		255		255		255		—		—	%
Other Assets	5,513		4,822		4,461		4,597		4,077		1,436		35	%
Total Assets	$143,432		$138,082		$133,141		$131,706		$121,961		$21,471		18	%
Liabilities & Stockholders' Equity
Certificates of Deposits 2	21,755		21,020		18,965		16,124		14,505		7,250		50	%
Savings, Money Market, and Other Deposits 2, 3	59,501		56,326		56,389		54,397		51,743		7,758		15	%
Total Direct to Consumer Deposits 2, 3	$	81,256	$	77,346	$	75,354	$	70,521	$	66,248	$	15,008	23	%
Brokered Deposits and Other Deposits	22,763		21,641		20,386		21,115		16,649		6,114		37	%
Deposits	104,019		98,987		95,740		91,636		82,897		21,122		25	%
Securitized Borrowings 4	10,889		11,216		9,095		10,259		11,092		(203)		(2	%)
Other Borrowings 4	8,578		9,060		9,068		9,849		9,085		(507)		(6	%)
Borrowings	19,467		20,276		18,163		20,108		20,177		(710)		(4	%)
Accrued Expenses and Other Liabilities	5,710		4,963		5,178		5,618		4,839		871		18	%
Total Liabilities	129,196		124,226		119,081		117,362		107,913		21,283		20	%
Total Equity	14,236		13,856		14,060		14,344		14,048		188		1	%
Total Liabilities and Stockholders' Equity	$143,432		$138,082		$133,141		$131,706		$121,961		$21,471		18	%
LIQUIDITY
Liquidity Portfolio	$21,186		$20,895		$21,450		$19,798		$16,042		$5,144		32	%
Private Asset-backed Securitizations	3,500		3,500		3,500		3,500		3,500		—		—	%
Federal Home Loan Bank Borrowing Capacity	2,202		2,372		2,056		1,712		2,078		124		6	%
Federal Reserve Discount Window  5	48,658		45,936		43,780		42,268		39,888		8,770		22	%
Undrawn Credit Facilities 5	54,360		51,808		49,336		47,480		45,466		8,894		20	%
Total Liquidity	$75,546		$72,703		$70,786		$67,278		$61,508		$14,038		23	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022 and the nine months ended September 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
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022
BALANCE SHEET STATISTICS
Total Common Equity	$13,180		$12,800		$13,004		$13,288		$12,992		$188	1	%
Total Common Equity/Total Assets	9.2	%	9.3	%	9.8	%	10.1	%	10.7	%
Total Common Equity/Net Loans	11.6	%	11.7	%	12.4	%	12.7	%	13.3	%
Tangible Assets	$143,177		$137,827		$132,886		$131,451		$121,706		$21,471	18	%
Tangible Common Equity 2	$12,925		$12,545		$12,749		$13,033		$12,737		$188	1	%
Tangible Common Equity/Tangible Assets 2	9.0	%	9.1	%	9.6	%	9.9	%	10.5	%
Tangible Common Equity/Net Loans 2	11.3	%	11.4	%	12.1	%	12.4	%	13.0	%
Tangible Common Equity per share  2	$51.69		$50.19		$49.68		$48.74		$46.62		$5.07	11	%
	Basel III
	Quarter Ended
REGULATORY CAPITAL RATIOS 3	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022
Total Risk Based Capital Ratio	14.1	%	14.3	%	14.7	%	15.8	%	16.4	%
Tier 1 Risk Based Capital Ratio	12.5	%	12.5	%	13.0	%	14.0	%	14.7	%
Tier 1 Leverage Ratio	11.0	%	11.1	%	11.4	%	12.5	%	13.2	%
Common Equity Tier 1 Capital Ratio	11.6	%	11.7	%	12.1	%	13.1	%	13.7	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022 and the nine months ended September 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
	Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Sep 30, 2023 vs. Sep 30, 2022
AVERAGE BALANCES
Assets
Cash and Investment Securities	$21,210			$21,251			$19,579			$19,529			$16,057			$5,153		32	%
Restricted Cash	238			75			588			393			853			(615)		(72	%)
Credit Card Loans	95,796			91,825			89,460			86,396			81,445			14,351		18	%
Private Student Loans	10,274			10,343			10,546			10,284			10,132			142		1	%
Personal Loans	9,368			8,744			8,155			7,871			7,408			1,960		26	%
Other Loans	4,942			4,347			3,888			3,485			3,050			1,892		62	%
Total Loans	120,380			115,259			112,049			108,036			102,035			18,345		18	%
Total Interest Earning Assets	141,828			136,585			132,216			127,958			118,945			22,883		19	%
Allowance for Credit Losses	(8,063)			(7,691)			(7,307)			(7,059)			(6,758)			(1,305)		(19	%)
Other Assets	7,116			6,668			6,494			6,235			5,923			1,193		20	%
Total Assets	$140,881			$135,562			$131,403			$127,134			$118,110			$22,771		19	%
Liabilities and Stockholders' Equity
Non-Interest-bearing Direct to Consumer Deposits 1	$961			$985			$1,023			$1,062			$1,122			($161)		(14	%)
Certificates of Deposits 1	21,473			20,159			17,565			15,189			14,029			7,444		53	%
Savings, Money Market, and Other Deposits 1	56,797			54,776			54,386			51,703			49,332			7,465		15	%
Interest-bearing Direct to Consumer Deposits 1	$	78,270		$	74,935		$	71,951		$	66,892		$	63,361		$	14,909	24	%
Brokered Deposits and Other Deposits	21,336			20,457			19,267			19,165			14,722			6,614		45	%
Total Interest-bearing Deposits	99,606			95,392			91,218			86,057			78,083			21,523		28	%
Securitized Borrowings 2	11,161			10,214			9,667			9,954			10,246			915		9	%
Other Borrowings 2	8,873			9,070			9,372			9,636			9,185			(312)		(3	%)
Total Interest-bearing Liabilities	119,640			114,676			110,257			105,647			97,514			22,126		23	%
Other Liabilities & Stockholders' Equity	20,280			19,901			20,123			20,425			19,474			806		4	%
Total Liabilities and Stockholders' Equity	$140,881			$135,562			$131,403			$127,134			$118,110			$22,771		19	%
AVERAGE YIELD
Assets
Cash and Investment Securities	4.19		%	4.08		%	3.89		%	3.45		%	2.31		%	188		bps
Restricted Cash	10.65		%	10.27		%	4.05		%	2.73		%	2.25		%	840		bps
Credit Card Loans	15.43		%	15.14		%	15.06		%	14.50		%	13.56		%	187		bps
Private Student Loans	10.11		%	9.87		%	9.68		%	9.02		%	8.26		%	185		bps
Personal Loans	12.94		%	12.72		%	12.35		%	12.04		%	11.83		%	111		bps
Other Loans	6.95		%	6.81		%	6.64		%	6.16		%	5.70		%	125		bps
Total Loans	14.44		%	14.17		%	14.06		%	13.53		%	12.67		%	177		bps
Total Interest Earning Assets	12.90		%	12.60		%	12.51		%	11.96		%	11.20		%	170		bps
AVERAGE RATES
Liabilities and Stockholders' Equity
Certificates of Deposits 1	3.84		%	3.35		%	2.65		%	1.83		%	1.31		%	253		bps
Savings, Money Market, and Other Deposits 1	4.30		%	3.84		%	3.41		%	2.76		%	1.60		%	270		bps
Interest-bearing Direct to Consumer Deposits 1	4.18		%	3.71		%	3.23		%	2.55		%	1.53		%	265		bps
Brokered Deposits and Other Deposits	4.43		%	4.15		%	3.87		%	3.50		%	2.71		%	172		bps
Total Interest-bearing Deposits	4.23		%	3.80		%	3.36		%	2.76		%	1.76		%	247		bps
Securitized Borrowings 2	4.60		%	4.24		%	3.67		%	3.33		%	2.79		%	181		bps
Other Borrowings 2	4.32		%	4.43		%	4.40		%	4.37		%	4.17		%	15		bps
Total Interest-bearing Liabilities	4.27		%	3.89		%	3.48		%	2.96		%	2.09		%	218		bps
Net Interest Margin	10.95		%	11.06		%	11.34		%	11.27		%	11.05		%	(10)		bps
Net Yield on Interest-earning Assets	9.29		%	9.33		%	9.61		%	9.51		%	9.48		%	(19)		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													Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022			Sep 30, 2023		Sep 30, 2022		2023 vs. 2022
TOTAL LOAN RECEIVABLES
Ending Loans 1	$122,676		$117,906		$112,674		$112,120		$104,908		$17,768	17	%	$122,676		$104,908		$17,768	17	%
Average Loans 1	$120,380		$115,259		$112,049		$108,036		$102,035		$18,345	18	%	$115,926		$96,855		$19,071	20	%
Interest Yield	14.44	%	14.17	%	14.06	%	13.53	%	12.67	%	177	bps		14.23	%	12.17	%	206	bps
Gross Principal Charge-off Rate	4.24	%	4.01	%	3.50	%	2.87	%	2.56	%	168	bps		3.93	%	2.65	%	128	bps
Net Principal Charge-off Rate	3.52	%	3.22	%	2.72	%	2.13	%	1.71	%	181	bps		3.16	%	1.71	%	145	bps
Delinquency Rate (30 or more days)	3.06	%	2.57	%	2.48	%	2.30	%	1.94	%	112	bps		3.06	%	1.94	%	112	bps
Delinquency Rate (90 or more days)	1.34	%	1.16	%	1.14	%	0.98	%	0.80	%	54	bps		1.34	%	0.80	%	54	bps
Gross Principal Charge-off Dollars	$1,287		$1,153		$966		$781		$659		$628	95	%	$3,406		$1,921		$1,485	77	%
Net Principal Charge-off Dollars	$1,070		$924		$750		$581		$439		$631	144	%	$2,744		$1,236		$1,508	122	%
Net Interest and Fee Charge-off Dollars	$223		$202		$169		$126		$98		$125	128	%	$594		$277		$317	114	%
Loans Delinquent 30 or more days	$3,756		$3,027		$2,791		$2,578		$2,034		$1,722	85	%	$3,756		$2,034		$1,722	85	%
Loans Delinquent 90 or more days	$1,637		$1,361		$1,290		$1,101		$837		$800	96	%	$1,637		$837		$800	96	%
Allowance for Credit Losses (period end)	$8,665		$8,064		$7,691		$7,374		$7,061		$1,604	23	%	$8,665		$7,061		$1,604	23	%
Reserve Change Build/ (Release) 2	$601		$373		$385		$313		$304		$297			$1,359		$239		$1,120
Reserve Rate	7.06	%	6.84	%	6.83	%	6.58	%	6.73	%	33	bps		7.06	%	6.73	%	33	bps
CREDIT CARD LOANS
Ending Loans	$97,389		$93,955		$89,755		$90,113		$83,630		$13,759	16	%	$97,389		$83,630		$13,759	16	%
Average Loans	$95,796		$91,825		$89,460		$86,396		$81,445		$14,351	18	%	$92,383		$76,832		$15,551	20	%
Interest Yield	15.43	%	15.14	%	15.06	%	14.50	%	13.56	%	187	bps		15.21	%	13.01	%	220	bps
Gross Principal Charge-off Rate	4.85	%	4.59	%	3.99	%	3.20	%	2.88	%	197	bps		4.49	%	2.99	%	150	bps
Net Principal Charge-off Rate	4.03	%	3.68	%	3.10	%	2.37	%	1.92	%	211	bps		3.62	%	1.93	%	169	bps
Delinquency Rate (30 or more days)	3.41	%	2.86	%	2.76	%	2.53	%	2.11	%	130	bps		3.41	%	2.11	%	130	bps
Delinquency Rate (90 or more days)	1.57	%	1.35	%	1.34	%	1.14	%	0.92	%	65	bps		1.57	%	0.92	%	65	bps
Gross Principal Charge-off Dollars	$1,171		$1,051		$879		$697		$592		$579	98	%	$3,101		$1,720		$1,381	80	%
Net Principal Charge-off Dollars	$973		$842		$684		$516		$395		$578	146	%	$2,499		$1,107		$1,392	126	%
Loans Delinquent 30 or more days	$3,324		$2,689		$2,477		$2,278		$1,761		$1,563	89	%	$3,324		$1,761		$1,563	89	%
Loans Delinquent 90 or more days	$1,527		$1,269		$1,204		$1,028		$770		$757	98	%	$1,527		$770		$757	98	%
Allowance for Credit Losses (period end)	$7,070		$6,525		$6,135		$5,883		$5,561		$1,509	27	%	$7,070		$5,561		$1,509	27	%
Reserve Change Build/ (Release) 2	$545		$390		$318		$322		$254		$291			$1,253		$288		$965
Reserve Rate	7.26	%	6.94	%	6.84	%	6.53	%	6.65	%	61	bps		7.26	%	6.65	%	61	bps
Total Discover Card Volume	$58,965		$58,774		$54,129		$59,153		$58,561		$404	1	%	$171,868		$165,324		$6,544	4	%
Discover Card Sales Volume	$54,952		$55,229		$50,588		$55,663		$54,793		$159	—	%	$160,769		$154,982		$5,787	4	%
Rewards Rate	1.42	%	1.42	%	1.41	%	1.42	%	1.47	%	(5)	bps		1.42	%	1.40	%	2	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													Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022			Sep 30, 2023		Sep 30, 2022		2023 vs. 2022
PRIVATE STUDENT LOANS
Organic Student Loans	$9,963		$9,723		$9,927		$9,718		$9,722		$241	2	%	$9,963		$9,722		$241	2	%
Purchased Student Loans	485		518		553		590		627		(142)	(23	%)	485		627		(142)	(23	%)
Total Private Student Loans	$10,448		$10,241		$10,480		$10,308		$10,349		$99	1	%	$10,448		$10,349		$99	1	%
Interest Yield	10.11	%	9.87	%	9.68	%	9.02	%	8.26	%	185	bps		9.88	%	7.81	%	207	bps
Net Principal Charge-off Rate	1.32	%	1.25	%	1.04	%	1.33	%	0.91	%	41	bps		1.21	%	0.89	%	32	bps
Delinquency Rate (30 or more days)	2.62	%	2.13	%	2.02	%	2.05	%	1.94	%	68	bps		2.62	%	1.94	%	68	bps
Reserve Rate	8.29	%	8.29	%	8.32	%	8.14	%	8.01	%	28	bps		8.29	%	8.01	%	28	bps
PERSONAL LOANS
Ending Loans	$9,559		$9,106		$8,374		$7,998		$7,674		$1,885	25	%	$9,559		$7,674		$1,885	25	%
Interest Yield	12.94	%	12.72	%	12.35	%	12.04	%	11.83	%	111	bps		12.69	%	11.92	%	77	bps
Net Principal Charge-off Rate	2.63	%	2.28	%	1.94	%	1.49	%	1.14	%	149	bps		2.30	%	1.16	%	114	bps
Delinquency Rate (30 or more days)	1.24	%	1.00	%	0.91	%	0.80	%	0.69	%	55	bps		1.24	%	0.69	%	55	bps
Reserve Rate	6.83	%	6.83	%	7.43	%	7.44	%	8.08	%	(125)	bps		6.83	%	8.08	%	(125)	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													Nine Months Ended
	Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023 vs. Sep 30, 2022			Sep 30, 2023		Sep 30, 2022		2023 vs. 2022
DIGITAL BANKING
Interest Income	$4,610		$4,290		$4,077		$3,856		$3,357		$1,253	37	%	$12,977		$9,008		$3,969	44	%
Interest Expense	1,288		1,113		945		789		514		774	151	%	3,346		1,076		2,270	NM
Net Interest Income	3,322		3,177		3,132		3,067		2,843		479	17	%	9,631		7,932		1,699	21	%
Non-Interest Income	592		586		522		567		530		62	12	%	1,700		1,551		149	10	%
Revenue Net of Interest Expense	3,914		3,763		3,654		3,634		3,373		541	16	%	11,331		9,483		1,848	19	%
Provision for Credit Losses	1,702		1,305		1,102		883		773		929	120	%	4,109		1,476		2,633	178	%
Total Operating Expense	1,409		1,359		1,342		1,445		1,326		83	6	%	4,110		3,604		506	14	%
Income/ (Loss) Before Income Taxes	$803		$1,099		$1,210		$1,306		$1,274		($471)	(37	%)	$3,112		$4,403		($1,291)	(29	%)
Net Interest Margin	10.95	%	11.06	%	11.34	%	11.27	%	11.05	%	(10)	bps		11.11	%	10.95	%	16	bps
Pretax Return on Loan Receivables	2.65	%	3.82	%	4.38	%	4.80	%	4.94	%	(229)	bps		3.59	%	6.08	%	(249)	bps
Allowance for Credit Losses (period end)	$8,665		$8,064		$7,691		$7,374		$7,061		$1,604	23	%	$8,665		$7,061		$1,604	23	%
Reserve Change Build/ (Release)	$601		$373		$385		$313		$304		$297			$1,359		$239		$1,120
PAYMENT SERVICES
Interest Income	$—		$—		$—		$—		$—		$—	NM		$—		$—		$—	NM
Interest Expense	—		—		—		—		—		—	NM		—		—		—	NM
Net Interest Income	—		—		—		—		—		—	NM		—		—		—	NM
Non-Interest Income (Loss)	130		115		88		87		95		35	37	%	333		89		244	NM
Revenue Net of Interest Expense	130		115		88		87		95		35	37	%	333		89		244	NM
Provision for Credit Losses	—		—		—		—		—		—	NM		—		—		—	NM
Total Operating Expense	45		45		41		50		42		3	7	%	131		117		14	12	%
Income/ (Loss) Before Income Taxes	$85		$70		$47		$37		$53		$32	NM		$202		($28)		$230	NM
TRANSACTIONS PROCESSED ON NETWORKS
Discover Network	964		940		850		946		924		40	4	%	2,754		2,671		83	3	%
PULSE Network	2,011		1,761		1,625		1,666		1,611		400	25	%	5,397		4,534		863	19	%
Total	2,975		2,701		2,475		2,612		2,535		440	17	%	8,151		7,205		946	13	%
NETWORK VOLUME
PULSE Network	$72,146		$69,008		$65,268		$66,807		$63,437		$8,709	14	%	$206,422		$186,265		$20,157	11	%
Network Partners	9,899		10,408		10,628		10,433		11,894		(1,995)	(17	%)	30,935		34,109		(3,174)	(9	%)
Diners Club International 2	9,723		9,897		9,211		9,155		8,793		930	11	%	28,831		24,350		4,481	18	%
Total Payment Services	91,768		89,313		85,107		86,395		84,124		7,644	9	%	266,188		244,724		21,464	9	%
Discover Network - Proprietary	57,228		57,099		51,826		58,138		56,633		595	1	%	166,153		160,600		5,553	3	%
Total	$148,996		$146,412		$136,933		$144,533		$140,757		$8,239	6	%	$432,341		$405,324		$27,017	7	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022 and the nine months ended September 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
	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022
GAAP Total Common Equity	$13,180	$12,800	$13,004	$13,288	$12,992
Less: Goodwill	(255)	(255)	(255)	(255)	(255)
Less: Intangibles	—	—	—	—	—
Tangible Common Equity 2	$12,925	$12,545	$12,749	$13,033	$12,737
GAAP Book Value Per Share	$56.93	$55.44	$54.79	$53.65	$51.42
Less: Goodwill	(1.02)	(1.03)	(1.00)	(0.96)	(0.94)
Less: Intangibles	—	—	—	—	—
Less: Preferred Stock	(4.22)	(4.22)	(4.11)	(3.95)	(3.86)
Tangible Common Equity Per Share	$51.69	$50.19	$49.68	$48.74	$46.62
1 The comparative prior quarters ended March 31, 2023, December 31, 2022, September 30, 2022 and the nine months ended September 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									Nine Months Ended			Quarter Ended									Nine Months Ended			Quarter Ended									Nine Months Ended
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Sep 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Sep 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Sep 30, 2022
EARNINGS SUMMARY
Discount/Interchange Revenue	$	1,057		$	1,165		$	1,157		$	3,245		$	(11)		$	(11)		$	(11)		$	(33)		$	1,046		$	1,154		$	1,146		$	3,212
Discount and Interchange Revenue, net	341			368			346			1,056			(11)			(11)			(11)			(33)			330			357			335			1,023
Total Non-Interest Income	621			665			636			1,673			(11)			(11)			(11)			(33)			610			654			625			1,640
Revenue Net of Interest Expense	$	3,753		$	3,732		$	3,479		$	9,605		$	(11)		$	(11)		$	(11)		$	(33)		$	3,742		$	3,721		$	3,468		$	9,572
Other Expense	$	124		$	154		$	174		$	406		$	—		$	—		$	(20)		$	(20)		$	124		$	154		$	154		$	386
Total Operating Expense	$	1,383		$	1,495		$	1,388		$	3,741		$	—		$	—		$	(20)		$	(20)		$	1,383		$	1,495		$	1,368		$	3,721
Income/ (Loss) Before Income Taxes	$	1,268		$	1,354		$	1,318		$	4,388		$	(11)		$	(11)		$	9		$	(13)		$	1,257		$	1,343		$	1,327		$	4,375
Tax Expense	292			321			312			1,029			(3)			(3)			2			(3)			289			318			314			1,026
Net Income/ (Loss)	$	976		$	1,033		$	1,006		$	3,359		$	(8)		$	(8)		$	7		$	(10)		$	968		$	1,025		$	1,013		$	3,349
Net Income/ (Loss) Allocated to Common Stockholders	$	939		$	1,027		$	967		$	3,277		$	(8)		$	(8)		$	8		$	(10)		$	931		$	1,019		$	975		$	3,267
Operating Efficiency	36.8		%	40.0		%	39.9		%	39.0		%	10		bps	20		bps	(40)		bps	(10)		bps	36.9		%	40.2		%	39.5		%	38.9		%
ROE	27		%	28		%	29		%	33		%	—		bps	—		bps	—		bps	—		bps	27		%	28		%	29		%	33		%
Payout Ratio	145		%	72		%	36		%	66		%	200		bps	100		bps	—		bps	—		bps	147		%	73		%	36		%	66		%
PER SHARE STATISTICS
Basic EPS	$	3.58		$	3.77		$	3.54		$	11.74		$	(0.03)		$	(0.03)		$	0.03		$	(0.04)		$	3.55		$	3.74		$	3.57		$	11.70
Diluted EPS	$	3.58		$	3.77		$	3.54		$	11.73		$	(0.03)		$	(0.03)		$	0.02		$	(0.04)		$	3.55		$	3.74		$	3.56		$	11.69
Book Value per share	$	55.79		$	54.57		$	52.29		$	52.29		$	(1.00)		$	(0.92)		$	(0.87)		$	(0.87)		$	54.79		$	53.65		$	51.42		$	51.42
SEGMENT RESULTS
Digital Banking
Non-Interest Income	$	533		$	578		$	541		$	1,584		$	(11)		$	(11)		$	(11)		$	(33)		$	522		$	567		$	530		$	1,551
Revenue Net of Interest Expense	$	3,665		$	3,645		$	3,384		$	9,516		$	(11)		$	(11)		$	(11)		$	(33)		$	3,654		$	3,634		$	3,373		$	9,483
Total Operating Expense	$	1,342		$	1,445		$	1,346		$	3,624		$	—		$	—		$	(20)		$	(20)		$	1,342		$	1,445		$	1,326		$	3,604
Income/ (Loss) Before Income Taxes	$	1,221		$	1,317		$	1,265		$	4,416		$	(11)		$	(11)		$	9		$	(13)		$	1,210		$	1,306		$	1,274		$	4,403
Pretax Return on Loan Receivables	4.42		%	4.84		%	4.91		%	6.09		%	(4)		bps	(4)		bps	3		bps	(1)		bps	4.38		%	4.80		%	4.94		%	6.08		%

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			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022
BALANCE SHEET SUMMARY
Assets
Other Assets	$	4,381		$	4,519		$	4,002		$	80		$	78		$	75		$	4,461		$	4,597		$	4,077
Total Assets	$	133,061		$	131,628		$	121,886		$	80		$	78		$	75		$	133,141		$	131,706		$	121,961
Liabilities & Stockholders' Equity
Accrued Expenses and Other Liabilities	$	4,843		$	5,294		$	4,526		$	335		$	324		$	313		$	5,178		$	5,618		$	4,839
Total Liabilities	118,746			117,038			107,600			335			324			313			119,081			117,362			107,913
Total Equity	14,315			14,590			14,286			(255)			(246)			(238)			14,060			14,344			14,048
Total Liabilities and Stockholders' Equity	$	133,061		$	131,628		$	121,886		$	80		$	78		$	75		$	133,141		$	131,706		$	121,961
BALANCE SHEET STATISTICS
Total Common Equity	$	13,259		$	13,534		$	13,230		$	(255)		$	(246)		$	(238)		$	13,004		$	13,288		$	12,992
Total Common Equity/Total Assets	10.0		%	10.3		%	10.9		%	(20)		bps	(20)		bps	(20)		bps	9.8		%	10.1		%	10.7		%
Total Common Equity/Net Loans	12.6		%	12.9		%	13.5		%	(20)		bps	(20)		bps	(20)		bps	12.4		%	12.7		%	13.3		%
Tangible Assets	$	132,806		$	131,373		$	121,631		$	80		$	78		$	75		$	132,886		$	131,451		$	121,706
Tangible Common Equity	$	13,004		$	13,279		$	12,975		$	(255)		$	(246)		$	(238)		$	12,749		$	13,033		$	12,737
Tangible Common Equity/Tangible Assets	9.8		%	10.1		%	10.7		%	(20)		bps	(20)		bps	(20)		bps	9.6		%	9.9		%	10.5		%
Tangible Common Equity/Net Loans	12.4		%	12.7		%	13.3		%	(30)		bps	(30)		bps	(30)		bps	12.1		%	12.4		%	13.0		%
Tangible Common Equity per share	$	50.68		$	49.66		$	47.49		$	(1.00)		$	(0.92)		$	(0.87)		$	49.68		$	48.74		$	46.62
REGULATORY CAPITAL RATIOS
Total Risk Based Capital Ratio	14.9		%	16.0		%	16.7		%	(20)		bps	(20)		bps	(30)		bps	14.7		%	15.8		%	16.4		%
Tier 1 Risk Based Capital Ratio	13.2		%	14.3		%	14.9		%	(20)		bps	(30)		bps	(20)		bps	13.0		%	14.0		%	14.7		%
Tier 1 Leverage Ratio	11.6		%	12.7		%	13.4		%	(20)		bps	(20)		bps	(20)		bps	11.4		%	12.5		%	13.2		%
Common Equity Tier 1 Capital Ratio	12.3		%	13.3		%	13.9		%	(20)		bps	(20)		bps	(20)		bps	12.1		%	13.1		%	13.7		%