DISCOVER FINANCIAL SERVICES																		Exhibit 99.2
EARNINGS SUMMARY 1
(unaudited, in millions, except per share statistics)
	Quarter Ended													Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022			Dec 31, 2023		Dec 31, 2022		2023 vs. 2022
EARNINGS SUMMARY
Interest Income	$4,868		$4,610		$4,290		$4,077		$3,856		$1,012	26	%	$17,845		$12,864		$4,981	39	%
Interest Expense	1,400		1,288		1,113		945		789		611	77	%	4,746		1,865		2,881	154	%
Net Interest Income	3,468		3,322		3,177		3,132		3,067		401	13	%	13,099		10,999		2,100	19	%
Discount/Interchange Revenue	1,158		1,164		1,158		1,046		1,154		4	—	%	4,526		4,366		160	4	%
Rewards Cost	788		787		788		716		797		(9)	(1	%)	3,079		2,986		93	3	%
Discount and Interchange Revenue, net	370		377		370		330		357		13	4	%	1,447		1,380		67	5	%
Protection Products Revenue	43		42		44		43		44		(1)	(2	%)	172		172		—	—	%
Loan Fee Income	217		194		186		166		182		35	19	%	763		632		131	21	%
Transaction Processing Revenue	82		82		72		67		66		16	24	%	303		249		54	22	%
Gains (Losses) on Equity Investments	2		6		1		(18)		(6)		8	133	%	(9)		(214)		205	NM
Other Income	14		21		28		22		11		3	27	%	85		75		10	13	%
Total Non-Interest Income	728		722		701		610		654		74	11	%	2,761		2,294		467	20	%
Revenue Net of Interest Expense	4,196		4,044		3,878		3,742		3,721		475	13	%	15,860		13,293		2,567	19	%
Provision for Credit Losses	1,909		1,702		1,305		1,102		883		1,026	116	%	6,018		2,359		3,659	155	%
Employee Compensation and Benefits	646		575		588		625		573		73	13	%	2,434		2,139		295	14	%
Marketing and Business Development	372		283		268		241		313		59	19	%	1,164		1,035		129	12	%
Information Processing & Communications	170		149		150		139		143		27	19	%	608		513		95	19	%
Professional Fees	312		281		216		232		264		48	18	%	1,041		871		170	20	%
Premises and Equipment	25		22		20		22		48		(23)	(48	%)	89		118		(29)	(25	%)
Other Expense	250		144		162		124		154		96	62	%	680		540		140	26	%
Total Operating Expense	1,775		1,454		1,404		1,383		1,495		280	19	%	6,016		5,216		800	15	%
Income/ (Loss) Before Income Taxes	512		888		1,169		1,257		1,343		(831)	(62	%)	3,826		5,718		(1,892)	(33	%)
Tax Expense	124		205		268		289		318		(194)	(61	%)	886		1,344		(458)	(34	%)
Net Income/ (Loss)	$388		$683		$901		$968		$1,025		($637)	(62	%)	$2,940		$4,374		($1,434)	(33	%)
Net Income/ (Loss) Allocated to Common Stockholders	$386		$647		$895		$931		$1,019		($633)	(62	%)	$2,859		$4,286		($1,427)	(33	%)
Effective Tax Rate	24.0	%	23.1	%	23.0	%	23.0	%	23.7	%				23.1	%	23.5	%
Net Interest Margin	10.98	%	10.95	%	11.06	%	11.34	%	11.27	%	(29)	bps		11.07	%	11.04	%	3	bps
Operating Efficiency	42.3	%	36.0	%	36.2	%	36.9	%	40.2	%	210	bps		37.9	%	39.2	%	(130)	bps
ROE	11	%	19	%	26	%	27	%	28	%				21	%	32	%
ROCE	11	%	20	%	28	%	28	%	30	%				22	%	33	%
Capital Returned to Common Stockholders	$144		$169		$864		$1,365		$743		($599)	(81	%)	$2,541		$2,902		($361)	(12	%)
Payout Ratio	37	%	26	%	97	%	147	%	73	%				89	%	68	%
Ending Common Shares Outstanding	250		250		250		257		267		(17)	(6	%)	250		267		(17)	(6	%)
Weighted Average Common Shares Outstanding	250		250		253		262		272		(22)	(8	%)	254		277		(23)	(8	%)
Weighted Average Common Shares Outstanding (fully diluted)	250		250		253		262		273		(23)	(8	%)	254		278		(24)	(9	%)
PER SHARE STATISTICS
Basic EPS	$1.54		$2.59		$3.54		$3.55		$3.74		($2.20)	(59	%)	$11.27		$15.45		($4.18)	(27	%)
Diluted EPS	$1.54		$2.59		$3.54		$3.55		$3.74		($2.20)	(59	%)	$11.26		$15.44		($4.18)	(27	%)
Common Dividends Declared Per Share	$0.70		$0.70		$0.70		$0.60		$0.60		$0.10	17	%	$2.70		$2.30		$0.40	17	%
Common Stock Price (period end)	$112.40		$86.63		$116.85		$98.84		$97.83		$14.57	15	%	$112.40		$97.83		$14.57	15	%
Book Value per share	$59.29		$56.93		$55.44		$54.79		$53.65		$5.64	11	%	$59.29		$53.65		$5.64	11	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022 and the twelve months ended December 31, 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
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022
BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities	$25,383		$22,569		$22,110		$22,411		$21,105		$4,278		20	%
Total Loan Receivables	128,409		122,676		117,906		112,674		112,120		16,289		15	%
Allowance for Credit Losses	(9,283)		(8,665)		(8,064)		(7,691)		(7,374)		(1,909)		(26	%)
Net Loan Receivables	119,126		114,011		109,842		104,983		104,746		14,380		14	%
Premises and Equipment, net	1,091		1,084		1,053		1,031		1,003		88		9	%
Goodwill and Intangible Assets, net	255		255		255		255		255		—		—	%
Other Assets	5,667		5,513		4,822		4,461		4,597		1,070		23	%
Total Assets	$151,522		$143,432		$138,082		$133,141		$131,706		$19,816		15	%
Liabilities & Stockholders' Equity
Certificates of Deposits 2	24,151		21,755		21,020		18,965		16,124		8,027		50	%
Savings, Money Market, and Other Deposits 2, 3	59,882		59,501		56,326		56,389		54,397		5,485		10	%
Total Direct to Consumer Deposits 2, 3	$	84,033	$	81,256	$	77,346	$	75,354	$	70,521	$	13,512	19	%
Brokered Deposits and Other Deposits	24,898		22,763		21,641		20,386		21,115		3,783		18	%
Deposits	108,931		104,019		98,987		95,740		91,636		17,295		19	%
Securitized Borrowings 4	11,743		10,889		11,216		9,095		10,259		1,484		14	%
Other Borrowings 4	9,588		8,578		9,060		9,068		9,849		(261)		(3	%)
Borrowings	21,331		19,467		20,276		18,163		20,108		1,223		6	%
Accrued Expenses and Other Liabilities	6,432		5,710		4,963		5,178		5,618		814		14	%
Total Liabilities	136,694		129,196		124,226		119,081		117,362		19,332		16	%
Total Equity	14,828		14,236		13,856		14,060		14,344		484		3	%
Total Liabilities and Stockholders' Equity	$151,522		$143,432		$138,082		$133,141		$131,706		$19,816		15	%
LIQUIDITY
Liquidity Portfolio	$23,254		$21,186		$20,895		$21,450		$19,798		$3,456		17	%
Private Asset-backed Securitizations	2,750		3,500		3,500		3,500		3,500		(750)		(21	%)
Federal Home Loan Bank Borrowing Capacity	2,551		2,202		2,372		2,056		1,712		839		49	%
Federal Reserve Discount Window  5	41,199		48,658		45,936		43,780		42,268		(1,069)		(3	%)
Undrawn Credit Facilities 5	46,500		54,360		51,808		49,336		47,480		(980)		(2	%)
Total Liquidity	$69,754		$75,546		$72,703		$70,786		$67,278		$2,476		4	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022 and the twelve months ended December 31, 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
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022
BALANCE SHEET STATISTICS
Total Common Equity	$13,772		$13,180		$12,800		$13,004		$13,288		$484	4	%
Total Common Equity/Total Assets	9.1	%	9.2	%	9.3	%	9.8	%	10.1	%
Total Common Equity/Net Loans	11.6	%	11.6	%	11.7	%	12.4	%	12.7	%
Tangible Assets	$151,267		$143,177		$137,827		$132,886		$131,451		$19,816	15	%
Tangible Common Equity 2	$13,517		$12,925		$12,545		$12,749		$13,033		$484	4	%
Tangible Common Equity/Tangible Assets 2	8.9	%	9.0	%	9.1	%	9.6	%	9.9	%
Tangible Common Equity/Net Loans 2	11.3	%	11.3	%	11.4	%	12.1	%	12.4	%
Tangible Common Equity per share  2	$54.04		$51.69		$50.19		$49.68		$48.74		$5.30	11	%
	Basel III
	Quarter Ended
REGULATORY CAPITAL RATIOS 3	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022
Total Risk Based Capital Ratio	13.7	%	14.1	%	14.3	%	14.7	%	15.8	%
Tier 1 Risk Based Capital Ratio	12.1	%	12.5	%	12.5	%	13.0	%	14.0	%
Tier 1 Leverage Ratio	10.7	%	11.0	%	11.1	%	11.4	%	12.5	%
Common Equity Tier 1 Capital Ratio	11.3	%	11.6	%	11.7	%	12.1	%	13.1	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022 and the twelve months ended December 31, 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
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022
AVERAGE BALANCES
Assets
Cash and Investment Securities	$22,448		$21,210		$21,251		$19,579		$19,529		$2,919	15	%
Restricted Cash	104		238		75		588		393		(289)	(74	%)
Credit Card Loans	99,610		95,796		91,825		89,460		86,396		13,214	15	%
Private Student Loans	10,369		10,274		10,343		10,546		10,284		85	1	%
Personal Loans	9,754		9,368		8,744		8,155		7,871		1,883	24	%
Other Loans	5,654		4,942		4,347		3,888		3,485		2,169	62	%
Total Loans	125,387		120,380		115,259		112,049		108,036		17,351	16	%
Total Interest Earning Assets	147,939		141,828		136,585		132,216		127,958		19,981	16	%
Allowance for Credit Losses	(8,668)		(8,063)		(7,691)		(7,307)		(7,059)		(1,609)	(23	%)
Other Assets	7,462		7,116		6,668		6,494		6,235		1,227	20	%
Total Assets	$146,733		$140,881		$135,562		$131,403		$127,134		$19,599	15	%
Liabilities and Stockholders' Equity
Non-Interest-bearing Direct to Consumer Deposits 1	$987		$961		$985		$1,023		$1,062		($75)	(7	%)
Certificates of Deposits 1	22,496		21,473		20,159		17,565		15,189		7,307	48	%
Savings, Money Market, and Other Deposits 1	58,766		56,797		54,776		54,386		51,703		7,063	14	%
Interest-bearing Direct to Consumer Deposits 1	$81,262		$78,270		$74,935		$71,951		$66,892		$14,370	21	%
Brokered Deposits and Other Deposits	23,271		21,336		20,457		19,267		19,165		4,106	21	%
Total Interest-bearing Deposits	104,533		99,606		95,392		91,218		86,057		18,476	21	%
Securitized Borrowings 2	11,045		11,161		10,214		9,667		9,954		1,091	11	%
Other Borrowings 2	9,228		8,873		9,070		9,372		9,636		(408)	(4	%)
Total Interest-bearing Liabilities	124,806		119,640		114,676		110,257		105,647		19,159	18	%
Other Liabilities & Stockholders' Equity	20,940		20,280		19,901		20,123		20,425		515	3	%
Total Liabilities and Stockholders' Equity	$146,733		$140,881		$135,562		$131,403		$127,134		$19,599	15	%
AVERAGE YIELD
Assets
Cash and Investment Securities	4.36	%	4.19	%	4.08	%	3.89	%	3.45	%	91	bps
Restricted Cash	16.71	%	10.65	%	10.27	%	4.05	%	2.73	%	1,398	bps
Credit Card Loans	15.63	%	15.43	%	15.14	%	15.06	%	14.50	%	113	bps
Private Student Loans	10.16	%	10.11	%	9.87	%	9.68	%	9.02	%	114	bps
Personal Loans	13.20	%	12.94	%	12.72	%	12.35	%	12.04	%	116	bps
Other Loans	7.14	%	6.95	%	6.81	%	6.64	%	6.16	%	98	bps
Total Loans	14.61	%	14.44	%	14.17	%	14.06	%	13.53	%	108	bps
Total Interest Earning Assets	13.05	%	12.90	%	12.60	%	12.51	%	11.96	%	109	bps
AVERAGE RATES
Liabilities and Stockholders' Equity
Certificates of Deposits 1	4.24	%	3.84	%	3.35	%	2.65	%	1.83	%	241	bps
Savings, Money Market, and Other Deposits 1	4.39	%	4.30	%	3.84	%	3.41	%	2.76	%	163	bps
Interest-bearing Direct to Consumer Deposits 1	4.35	%	4.18	%	3.71	%	3.23	%	2.55	%	180	bps
Brokered Deposits and Other Deposits	4.64	%	4.43	%	4.15	%	3.87	%	3.50	%	114	bps
Total Interest-bearing Deposits	4.41	%	4.23	%	3.80	%	3.36	%	2.76	%	165	bps
Securitized Borrowings 2	4.68	%	4.60	%	4.24	%	3.67	%	3.33	%	135	bps
Other Borrowings 2	4.55	%	4.32	%	4.43	%	4.40	%	4.37	%	18	bps
Total Interest-bearing Liabilities	4.45	%	4.27	%	3.89	%	3.48	%	2.96	%	149	bps
Net Interest Margin	10.98	%	10.95	%	11.06	%	11.34	%	11.27	%	(29)	bps
Net Yield on Interest-earning Assets	9.30	%	9.29	%	9.33	%	9.61	%	9.51	%	(21)	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													Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022			Dec 31, 2023		Dec 31, 2022		2023 vs. 2022
TOTAL LOAN RECEIVABLES
Ending Loans 1	$128,409		$122,676		$117,906		$112,674		$112,120		$16,289	15	%	$128,409		$112,120		$16,289	15	%
Average Loans 1	$125,387		$120,380		$115,259		$112,049		$108,036		$17,351	16	%	$118,311		$99,673		$18,638	19	%
Interest Yield	14.61	%	14.44	%	14.17	%	14.06	%	13.53	%	108	bps		14.33	%	12.54	%	179	bps
Gross Principal Charge-off Rate	4.82	%	4.24	%	4.01	%	3.50	%	2.87	%	195	bps		4.17	%	2.71	%	146	bps
Net Principal Charge-off Rate	4.11	%	3.52	%	3.22	%	2.72	%	2.13	%	198	bps		3.42	%	1.82	%	160	bps
Delinquency Rate (30 or more days)	3.45	%	3.06	%	2.57	%	2.48	%	2.30	%	115	bps		3.45	%	2.30	%	115	bps
Delinquency Rate (90 or more days)	1.59	%	1.34	%	1.16	%	1.14	%	0.98	%	61	bps		1.59	%	0.98	%	61	bps
Gross Principal Charge-off Dollars	$1,521		$1,287		$1,153		$966		$781		$740	95	%	$4,927		$2,702		$2,225	82	%
Net Principal Charge-off Dollars	$1,298		$1,070		$924		$750		$581		$717	123	%	$4,042		$1,817		$2,225	122	%
Net Interest and Fee Charge-off Dollars	$279		$223		$202		$169		$126		$153	121	%	$873		$403		$470	117	%
Loans Delinquent 30 or more days	$4,427		$3,756		$3,027		$2,791		$2,578		$1,849	72	%	$4,427		$2,578		$1,849	72	%
Loans Delinquent 90 or more days	$2,045		$1,637		$1,361		$1,290		$1,101		$944	86	%	$2,045		$1,101		$944	86	%
Allowance for Credit Losses (period end)	$9,283		$8,665		$8,064		$7,691		$7,374		$1,909	26	%	$9,283		$7,374		$1,909	26	%
Reserve Change Build/ (Release) 2	$618		$601		$373		$385		$313		$305			$1,977		$552		$1,425
Reserve Rate	7.23	%	7.06	%	6.84	%	6.83	%	6.58	%	65	bps		7.23	%	6.58	%	65	bps
CREDIT CARD LOANS
Ending Loans	$102,259		$97,389		$93,955		$89,755		$90,113		$12,146	13	%	$102,259		$90,113		$12,146	13	%
Average Loans	$99,610		$95,796		$91,825		$89,460		$86,396		$13,214	15	%	$94,205		$79,243		$14,962	19	%
Interest Yield	15.63	%	15.43	%	15.14	%	15.06	%	14.50	%	113	bps		15.33	%	13.42	%	191	bps
Gross Principal Charge-off Rate	5.50	%	4.85	%	4.59	%	3.99	%	3.20	%	230	bps		4.76	%	3.05	%	171	bps
Net Principal Charge-off Rate	4.68	%	4.03	%	3.68	%	3.10	%	2.37	%	231	bps		3.90	%	2.05	%	185	bps
Delinquency Rate (30 or more days)	3.87	%	3.41	%	2.86	%	2.76	%	2.53	%	134	bps		3.87	%	2.53	%	134	bps
Delinquency Rate (90 or more days)	1.87	%	1.57	%	1.35	%	1.34	%	1.14	%	73	bps		1.87	%	1.14	%	73	bps
Gross Principal Charge-off Dollars	$1,380		$1,171		$1,051		$879		$697		$683	98	%	$4,481		$2,417		$2,064	85	%
Net Principal Charge-off Dollars	$1,175		$973		$842		$684		$516		$659	128	%	$3,674		$1,623		$2,051	126	%
Loans Delinquent 30 or more days	$3,955		$3,324		$2,689		$2,477		$2,278		$1,677	74	%	$3,955		$2,278		$1,677	74	%
Loans Delinquent 90 or more days	$1,917		$1,527		$1,269		$1,204		$1,028		$889	86	%	$1,917		$1,028		$889	86	%
Allowance for Credit Losses (period end)	$7,619		$7,070		$6,525		$6,135		$5,883		$1,736	30	%	$7,619		$5,883		$1,736	30	%
Reserve Change Build/ (Release) 2	$549		$545		$390		$318		$322		$227			$1,802		$610		$1,192
Reserve Rate	7.45	%	7.26	%	6.94	%	6.84	%	6.53	%	92	bps		7.45	%	6.53	%	92	bps
Total Discover Card Volume	$60,917		$58,965		$58,774		$54,129		$59,153		$1,764	3	%	$232,785		$224,477		$8,308	4	%
Discover Card Sales Volume	$57,145		$54,952		$55,229		$50,588		$55,663		$1,482	3	%	$217,914		$210,645		$7,269	3	%
Rewards Rate	1.37	%	1.42	%	1.42	%	1.41	%	1.42	%	(5)	bps		1.40	%	1.41	%	(1)	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													Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022			Dec 31, 2023		Dec 31, 2022		2023 vs. 2022
PRIVATE STUDENT LOANS
Organic Student Loans	$9,894		$9,963		$9,723		$9,927		$9,718		$176	2	%	$9,894		$9,718		$176	2	%
Purchased Student Loans	458		485		518		553		590		(132)	(22	%)	458		590		(132)	(22	%)
Total Private Student Loans	$10,352		$10,448		$10,241		$10,480		$10,308		$44	—	%	$10,352		$10,308		$44	—	%
Interest Yield	10.16	%	10.11	%	9.87	%	9.68	%	9.02	%	114	bps		9.95	%	8.11	%	184	bps
Net Principal Charge-off Rate	1.52	%	1.32	%	1.25	%	1.04	%	1.33	%	19	bps		1.29	%	1.00	%	29	bps
Delinquency Rate (30 or more days)	2.62	%	2.62	%	2.13	%	2.02	%	2.05	%	57	bps		2.62	%	2.05	%	57	bps
Reserve Rate	8.29	%	8.29	%	8.29	%	8.32	%	8.14	%	15	bps		8.29	%	8.14	%	15	bps
PERSONAL LOANS
Ending Loans	$9,852		$9,559		$9,106		$8,374		$7,998		$1,854	23	%	$9,852		$7,998		$1,854	23	%
Interest Yield	13.20	%	12.94	%	12.72	%	12.35	%	12.04	%	116	bps		12.83	%	11.95	%	88	bps
Net Principal Charge-off Rate	3.39	%	2.63	%	2.28	%	1.94	%	1.49	%	190	bps		2.60	%	1.25	%	135	bps
Delinquency Rate (30 or more days)	1.45	%	1.24	%	1.00	%	0.91	%	0.80	%	65	bps		1.45	%	0.80	%	65	bps
Reserve Rate	7.33	%	6.83	%	6.83	%	7.43	%	7.44	%	(11)	bps		7.33	%	7.44	%	(11)	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													Twelve Months Ended
	Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023 vs. Dec 31, 2022			Dec 31, 2023		Dec 31, 2022		2023 vs. 2022
DIGITAL BANKING
Interest Income	$4,868		$4,610		$4,290		$4,077		$3,856		$1,012	26	%	$17,845		$12,864		$4,981	39	%
Interest Expense	1,400		1,288		1,113		945		789		611	77	%	4,746		1,865		2,881	154	%
Net Interest Income	3,468		3,322		3,177		3,132		3,067		401	13	%	13,099		10,999		2,100	19	%
Non-Interest Income	611		592		586		522		567		44	8	%	2,311		2,118		193	9	%
Revenue Net of Interest Expense	4,079		3,914		3,763		3,654		3,634		445	12	%	15,410		13,117		2,293	17	%
Provision for Credit Losses	1,909		1,702		1,305		1,102		883		1,026	116	%	6,018		2,359		3,659	155	%
Total Operating Expense	1,712		1,409		1,359		1,342		1,445		267	18	%	5,822		5,049		773	15	%
Income/ (Loss) Before Income Taxes	$458		$803		$1,099		$1,210		$1,306		($848)	(65	%)	$3,570		$5,709		($2,139)	(37	%)
Net Interest Margin	10.98	%	10.95	%	11.06	%	11.34	%	11.27	%	(29)	bps		11.07	%	11.04	%	3	bps
Pretax Return on Loan Receivables	1.45	%	2.65	%	3.82	%	4.38	%	4.80	%	(335)	bps		3.02	%	5.73	%	(271)	bps
Allowance for Credit Losses (period end)	$9,283		$8,665		$8,064		$7,691		$7,374		$1,909	26	%	$9,283		$7,374		$1,909	26	%
Reserve Change Build/ (Release)	$618		$601		$373		$385		$313		$305			$1,977		$552		$1,425
PAYMENT SERVICES
Interest Income	$—		$—		$—		$—		$—		$—	NM		$—		$—		$—	NM
Interest Expense	—		—		—		—		—		—	NM		—		—		—	NM
Net Interest Income	—		—		—		—		—		—	NM		—		—		—	NM
Non-Interest Income (Loss)	117		130		115		88		87		30	34	%	450		176		274	156	%
Revenue Net of Interest Expense	117		130		115		88		87		30	34	%	450		176		274	156	%
Provision for Credit Losses	—		—		—		—		—		—	NM		—		—		—	NM
Total Operating Expense	63		45		45		41		50		13	26	%	194		167		27	16	%
Income/ (Loss) Before Income Taxes	$54		$85		$70		$47		$37		$17	NM		$256		$9		$247	NM
TRANSACTIONS PROCESSED ON NETWORKS
Discover Network	974		964		940		850		946		28	3	%	3,728		3,617		111	3	%
PULSE Network	2,308		2,011		1,761		1,625		1,666		642	39	%	7,705		6,200		1,505	24	%
Total	3,282		2,975		2,701		2,475		2,612		670	26	%	11,433		9,817		1,616	16	%
NETWORK VOLUME
PULSE Network	$79,194		$72,146		$69,008		$65,268		$66,807		$12,387	19	%	$285,616		$253,072		$32,544	13	%
Network Partners	8,736		9,899		10,408		10,628		10,433		(1,697)	(16	%)	39,671		44,542		(4,871)	(11	%)
Diners Club International 2	10,468		9,723		9,897		9,211		9,155		1,313	14	%	39,299		33,505		5,794	17	%
Total Payment Services	98,398		91,768		89,313		85,107		86,395		12,003	14	%	364,586		331,119		33,467	10	%
Discover Network - Proprietary	58,419		57,228		57,099		51,826		58,138		281	—	%	224,572		218,738		5,834	3	%
Total	$156,817		$148,996		$146,412		$136,933		$144,533		$12,284	8	%	$589,158		$549,857		$39,301	7	%
1 The comparative prior quarters ended March 31, 2023, December 31, 2022 and the twelve months ended December 31, 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
	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022
GAAP Total Common Equity	$13,772	$13,180	$12,800	$13,004	$13,288
Less: Goodwill	(255)	(255)	(255)	(255)	(255)
Less: Intangibles	—	—	—	—	—
Tangible Common Equity 2	$13,517	$12,925	$12,545	$12,749	$13,033
GAAP Book Value Per Share	$59.29	$56.93	$55.44	$54.79	$53.65
Less: Goodwill	(1.03)	(1.02)	(1.03)	(1.00)	(0.96)
Less: Intangibles	—	—	—	—	—
Less: Preferred Stock	(4.22)	(4.22)	(4.22)	(4.11)	(3.95)
Tangible Common Equity Per Share	$54.04	$51.69	$50.19	$49.68	$48.74
1 The comparative prior quarters ended March 31, 2023, December 31, 2022 and the twelve months ended December 31, 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				Twelve Months Ended		Quarter Ended				Twelve Months Ended		Quarter Ended				Twelve Months Ended
	Mar 31, 2023		Dec 31, 2022		Dec 31, 2022		Mar 31, 2023		Dec 31, 2022		Dec 31, 2022		Mar 31, 2023		Dec 31, 2022		Dec 31, 2022
EARNINGS SUMMARY
Discount/Interchange Revenue	$1,057		$1,165		$4,410		($11)		($11)		($44)		$1,046		$1,154		$4,366
Discount and Interchange Revenue, net	341		368		1,424		(11)		(11)		(44)		330		357		1,380
Total Non-Interest Income	621		665		2,338		(11)		(11)		(44)		610		654		2,294
Revenue Net of Interest Expense	$3,753		$3,732		$13,337		($11)		($11)		($44)		$3,742		$3,721		$13,293
Other Expense	$124		$154		$560		$—		$—		($20)		$124		$154		$540
Total Operating Expense	$1,383		$1,495		$5,236		$—		$—		($20)		$1,383		$1,495		$5,216
Income/ (Loss) Before Income Taxes	$1,268		$1,354		$5,742		($11)		($11)		($24)		$1,257		$1,343		$5,718
Tax Expense	292		321		1,350		(3)		(3)		(6)		289		318		1,344
Net Income/ (Loss)	$976		$1,033		$4,392		($8)		($8)		($18)		$968		$1,025		$4,374
Net Income/ (Loss) Allocated to Common Stockholders	$939		$1,027		$4,304		($8)		($8)		($18)		$931		$1,019		$4,286
Operating Efficiency	36.8	%	40.0	%	39.3	%	10	bps	20	bps	(10)	bps	36.9	%	40.2	%	39.2	%
ROE	27	%	28	%	31	%	—	bps	—	bps	100	bps	27	%	28	%	32	%
Payout Ratio	145	%	72	%	67	%	200	bps	100	bps	100	bps	147	%	73	%	68	%
PER SHARE STATISTICS
Basic EPS	$3.58		$3.77		$15.52		($0.03)		($0.03)		($0.07)		$3.55		$3.74		$15.45
Diluted EPS	$3.58		$3.77		$15.50		($0.03)		($0.03)		($0.06)		$3.55		$3.74		$15.44
Book Value per share	$55.79		$54.57		$54.57		($1.00)		($0.92)		($0.92)		$54.79		$53.65		$53.65
SEGMENT RESULTS
Digital Banking
Non-Interest Income	$533		$578		$2,162		($11)		($11)		($44)		$522		$567		$2,118
Revenue Net of Interest Expense	$3,665		$3,645		$13,161		($11)		($11)		($44)		$3,654		$3,634		$13,117
Total Operating Expense	$1,342		$1,445		$5,069		$—		$—		($20)		$1,342		$1,445		$5,049
Income/ (Loss) Before Income Taxes	$1,221		$1,317		$5,733		($11)		($11)		($24)		$1,210		$1,306		$5,709
Pretax Return on Loan Receivables	4.42	%	4.84	%	5.75	%	(4)	bps	(4)	bps	(2)	bps	4.38	%	4.80	%	5.73	%

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		Mar 31, 2023		Dec 31, 2022		Mar 31, 2023		Dec 31, 2022
BALANCE SHEET SUMMARY
Assets
Other Assets	$4,381		$4,519		$80		$78		$4,461		$4,597
Total Assets	$133,061		$131,628		$80		$78		$133,141		$131,706
Liabilities & Stockholders' Equity
Accrued Expenses and Other Liabilities	$4,843		$5,294		$335		$324		$5,178		$5,618
Total Liabilities	118,746		117,038		335		324		119,081		117,362
Total Equity	14,315		14,590		(255)		(246)		14,060		14,344
Total Liabilities and Stockholders' Equity	$133,061		$131,628		$80		$78		$133,141		$131,706
BALANCE SHEET STATISTICS
Total Common Equity	$13,259		$13,534		($255)		($246)		$13,004		$13,288
Total Common Equity/Total Assets	10.0	%	10.3	%	(20)	bps	(20)	bps	9.8	%	10.1	%
Total Common Equity/Net Loans	12.6	%	12.9	%	(20)	bps	(20)	bps	12.4	%	12.7	%
Tangible Assets	$132,806		$131,373		$80		$78		$132,886		$131,451
Tangible Common Equity	$13,004		$13,279		($255)		($246)		$12,749		$13,033
Tangible Common Equity/Tangible Assets	9.8	%	10.1	%	(20)	bps	(20)	bps	9.6	%	9.9	%
Tangible Common Equity/Net Loans	12.4	%	12.7	%	(30)	bps	(30)	bps	12.1	%	12.4	%
Tangible Common Equity per share	$50.68		$49.66		($1)		($0.92)		$49.68		$48.74
REGULATORY CAPITAL RATIOS
Total Risk Based Capital Ratio	14.9	%	16.0	%	(20)	bps	(20)	bps	14.7	%	15.8	%
Tier 1 Risk Based Capital Ratio	13.2	%	14.3	%	(20)	bps	(30)	bps	13.0	%	14.0	%
Tier 1 Leverage Ratio	11.6	%	12.7	%	(20)	bps	(20)	bps	11.4	%	12.5	%
Common Equity Tier 1 Capital Ratio	12.3	%	13.3	%	(20)	bps	(20)	bps	12.1	%	13.1	%