DISCOVER FINANCIAL SERVICES																		Exhibit 99.2
EARNINGS SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended													Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024 vs. Jun 30, 2023			Jun 30, 2024		Jun 30, 2023		2024 vs. 2023
EARNINGS SUMMARY
Interest Income	$4,971		$4,948		$4,868		$4,610		$4,290		$681	16	%	$9,919		$8,367		$1,552	19	%
Interest Expense	1,447		1,461		1,400		1,288		1,113		334	30	%	2,908		2,058		850	41	%
Net Interest Income	3,524		3,487		3,468		3,322		3,177		347	11	%	7,011		6,309		702	11	%
Discount/Interchange Revenue	1,153		1,074		1,158		1,164		1,158		(5)	—	%	2,227		2,204		23	1	%
Rewards Cost	716		703		788		787		788		(72)	(9	%)	1,419		1,504		(85)	(6	%)
Discount and Interchange Revenue, net	437		371		370		377		370		67	18	%	808		700		108	15	%
Protection Products Revenue	42		42		43		42		44		(2)	(5	%)	84		87		(3)	(3	%)
Loan Fee Income	205		200		217		194		186		19	10	%	405		352		53	15	%
Transaction Processing Revenue	91		87		82		82		72		19	26	%	178		139		39	28	%
Gains (Losses) on Equity Investments	—		—		2		6		1		(1)	NM		—		(17)		17	NM
Other Income	239		23		14		21		28		211	NM		262		50		212	NM
Total Non-Interest Income	1,014		723		728		722		701		313	45	%	1,737		1,311		426	32	%
Revenue Net of Interest Expense	4,538		4,210		4,196		4,044		3,878		660	17	%	8,748		7,620		1,128	15	%
Provision for Credit Losses	739		1,497		1,909		1,702		1,305		(566)	(43	%)	2,236		2,407		(171)	(7	%)
Employee Compensation and Benefits	658		671		646		575		588		70	12	%	1,329		1,213		116	10	%
Marketing and Business Development	258		250		372		283		268		(10)	(4	%)	508		509		(1)	—	%
Information Processing & Communications	167		163		170		149		150		17	11	%	330		289		41	14	%
Professional Fees	296		292		312		281		216		80	37	%	588		448		140	31	%
Premises and Equipment	23		20		25		22		20		3	15	%	43		42		1	2	%
Other Expense	327		913		250		144		162		165	102	%	1,240		286		954	NM
Total Operating Expense	1,729		2,309		1,775		1,454		1,404		325	23	%	4,038		2,787		1,251	45	%
Income/ (Loss) Before Income Taxes	2,070		404		512		888		1,169		901	77	%	2,474		2,426		48	2	%
Tax Expense	540		96		124		205		268		272	101	%	636		557		79	14	%
Net Income/ (Loss)	$1,530		$308		$388		$683		$901		$629	70	%	$1,838		$1,869		($31)	(2	%)
Net Income/ (Loss) Allocated to Common Stockholders	$1,521		$274		$386		$647		$895		$626	70	%	$1,795		$1,826		($31)	(2	%)
Effective Tax Rate	26.1	%	23.7	%	24.0	%	23.1	%	23.0	%				25.7	%	23.0	%
Net Interest Margin	11.17	%	11.03	%	10.98	%	10.95	%	11.06	%	11	bps		11.1	%	11.19	%	(9)	bps
Operating Efficiency	38.1	%	54.9	%	42.3	%	36.0	%	36.2	%	190	bps		46.2	%	36.6	%	960	bps
ROE	40	%	8	%	11	%	19	%	26	%				24	%	27	%
ROCE	43	%	8	%	11	%	20	%	28	%				26	%	28	%
Capital Returned to Common Stockholders	$178		$180		$144		$169		$864		($686)	(79	%)	$358		$2,228		($1,870)	(84	%)
Payout Ratio	12	%	66	%	37	%	26	%	97	%				20	%	122	%
Ending Common Shares Outstanding	251		251		250		250		250		1	—	%	251		250		1	—	%
Weighted Average Common Shares Outstanding	251		250		250		250		253		(2)	(1	%)	251		257		(6)	(2	%)
Weighted Average Common Shares Outstanding (fully diluted)	251		250		250		250		253		(2)	(1	%)	251		257		(6)	(2	%)
PER SHARE STATISTICS
Basic EPS	$6.06		$1.10		$1.54		$2.59		$3.54		$2.52	71	%	$7.17		$7.09		$0.08	1	%
Diluted EPS	$6.06		$1.10		$1.54		$2.59		$3.54		$2.52	71	%	$7.16		$7.09		$0.07	1	%
Common Dividends Declared Per Share	$0.70		$0.70		$0.70		$0.70		$0.70		$—	—	%	$1.40		$1.30		$0.10	8	%
Common Stock Price (period end)	$130.81		$131.09		$112.40		$86.63		$116.85		$13.96	12	%	$130.81		$116.85		$13.96	12	%
Book Value per share	$63.99		$58.74		$59.29		$56.93		$55.44		$8.55	15	%	$63.99		$55.44		$8.55	15	%
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
BALANCE SHEET SUMMARY
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Jun 30, 2024 vs. Jun 30, 2023
BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities	$24,405	$27,965	$25,383	$22,569	$22,110	$2,295	10	%
Loans Held-for-Sale	10,145	—	—	—	—	10,145	NM
Loan Portfolio	117,504	126,555	128,409	122,676	117,906	(402)	0	%
Total Loan Receivables	127,649	126,555	128,409	122,676	117,906	9,743	8	%
Allowance for Credit Losses	(8,481)	(9,258)	(9,283)	(8,665)	(8,064)	(417)	(5	%)
Net Loan Receivables	119,168	117,297	119,126	114,011	109,842	9,326	8	%
Premises and Equipment, net	1,087	1,107	1,091	1,084	1,053	34	3	%
Goodwill and Intangible Assets, net	255	255	255	255	255	—	—	%
Other Assets	5,952	6,065	5,667	5,513	4,822	1,130	23	%
Total Assets	$150,867	$152,689	$151,522	$143,432	$138,082	$12,785	9	%
Liabilities & Stockholders' Equity
Certificates of Deposits 1	25,881	25,921	24,151	21,755	21,020	4,861	23	%
Savings, Money Market, and Other Deposits 1, 2	61,414	61,412	59,882	59,501	56,326	5,088	9	%
Total Direct to Consumer Deposits 1, 2	87,295	87,333	84,033	81,256	77,346	9,949	13	%
Brokered Deposits and Other Deposits	21,055	23,097	24,898	22,763	21,641	(586)	(3	%)
Deposits	108,350	110,430	108,931	104,019	98,987	9,363	9	%
Securitized Borrowings 3	9,608	10,933	11,743	10,889	11,216	(1,608)	(14	%)
Other Borrowings 3	9,533	9,542	9,588	8,578	9,060	473	5	%
Borrowings	19,141	20,475	21,331	19,467	20,276	(1,135)	(6	%)
Accrued Expenses and Other Liabilities	7,309	7,064	6,432	5,710	4,963	2,346	47	%
Total Liabilities	134,800	137,969	136,694	129,196	124,226	10,574	9	%
Total Equity	16,067	14,720	14,828	14,236	13,856	2,211	16	%
Total Liabilities and Stockholders' Equity	$150,867	$152,689	$151,522	$143,432	$138,082	$12,785	9	%
LIQUIDITY
Liquidity Portfolio	$22,371	$25,739	$23,254	$21,186	$20,895	$1,476	7	%
Private Asset-backed Securitization Capacity	3,500	3,500	2,750	3,500	3,500	—	—	%
Federal Home Loan Bank Borrowing Capacity	3,383	3,087	2,551	2,202	2,372	1,011	43	%
Federal Reserve Discount Window 4	39,569	41,710	41,199	48,658	45,936	(6,367)	(14	%)
Undrawn Credit Facilities 4	46,452	48,297	46,500	54,360	51,808	(5,356)	(10	%)
Total Liquidity	$68,823	$74,036	$69,754	$75,546	$72,703	($3,880)	(5	%)
1 Includes Affinity relationships
2 Savings, Money Market, and Other Deposits and reflects both interest-bearing and non-interest bearing direct to consumer deposits
3 Includes short-term and long-term borrowings
4 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
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024 vs. Jun 30, 2023
BALANCE SHEET STATISTICS
Total Common Equity	$15,011		$13,664		$13,772		$13,180		$12,800		$2,211	17	%
Total Common Equity/Total Assets	9.9	%	8.9	%	9.1	%	9.2	%	9.3	%
Total Common Equity/Net Loans	12.6	%	11.6	%	11.6	%	11.6	%	11.7	%
Tangible Assets	$150,612		$152,434		$151,267		$143,177		$137,827		$12,785	9	%
Tangible Common Equity  1	$14,756		$13,409		$13,517		$12,925		$12,545		$2,211	18	%
Tangible Common Equity/Tangible Assets  1	9.8	%	8.8	%	8.9	%	9.0	%	9.1	%
Tangible Common Equity/Net Loans  1	12.4	%	11.4	%	11.3	%	11.3	%	11.4	%
Tangible Common Equity per share  1	$58.76		$53.51		$54.04		$51.69		$50.19		$8.57	17	%
	Basel III
	Quarter Ended
REGULATORY CAPITAL RATIOS 2	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Total Risk Based Capital Ratio	14.3	%	13.3	%	13.7	%	14.1	%	14.3	%
Tier 1 Risk Based Capital Ratio	12.7	%	11.7	%	12.1	%	12.5	%	12.5	%
Tier 1 Leverage Ratio	11.1	%	10.1	%	10.7	%	11.0	%	11.1	%
Common Equity Tier 1 Capital Ratio	11.9	%	10.9	%	11.3	%	11.6	%	11.7	%
1 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
2 Based on the final rule published September 30, 2020. Capital ratios reflect the impact of CECL reserves on regulatory capital with transition impacts
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
AVERAGE BALANCE SHEET
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024 vs. Jun 30, 2023
AVERAGE BALANCES
Assets
Cash and Investment Securities	$24,193		$25,662		$22,448		$21,210		$21,251		$2,942	14	%
Restricted Cash	590		558		104		238		75		515	NM
Credit Card Loans	99,584		100,310		99,610		95,796		91,825		7,759	8	%
Private Student Loans 1	10,304		10,577		10,369		10,274		10,343		(39)	—	%
Personal Loans	10,266		10,004		9,754		9,368		8,744		1,522	17	%
Other Loans	6,829		6,235		5,654		4,942		4,347		2,482	57	%
Total Loans	126,983		127,126		125,387		120,380		115,259		11,724	10	%
Total Interest Earning Assets	151,766		153,346		147,939		141,828		136,585		15,181	11	%
Allowance for Credit Losses	(9,245)		(9,279)		(8,668)		(8,063)		(7,691)		(1,554)	(20	%)
Other Assets	7,953		7,709		7,462		7,116		6,668		1,285	19	%
Total Assets	$150,474		$151,776		$146,733		$140,881		$135,562		$14,912	11	%
Liabilities and Stockholders' Equity
Non-Interest-bearing Direct to Consumer Deposits 2	$1,071		$1,037		$987		$961		$985		$86	9	%
Certificates of Deposits 2	25,906		25,625		22,496		21,473		20,159		5,747	29	%
Savings, Money Market, and Other Deposits 2	59,973		59,212		58,766		56,797		54,776		5,197	9	%
Interest-bearing Direct to Consumer Deposits 2	85,879		84,837		81,262		78,270		74,935		10,944	15	%
Brokered Deposits and Other Deposits	21,631		23,792		23,271		21,336		20,457		1,174	6	%
Total Interest-bearing Deposits	107,510		108,629		104,533		99,606		95,392		12,118	13	%
Securitized Borrowings 3	10,432		11,340		11,045		11,161		10,214		218	2	%
Other Borrowings 3	9,521		9,572		9,228		8,873		9,070		451	5	%
Total Interest-bearing Liabilities	127,463		129,541		124,806		119,640		114,676		12,787	11	%
Other Liabilities & Stockholders' Equity	21,940		21,198		20,940		20,280		19,901		2,039	10	%
Total Liabilities and Stockholders' Equity	$150,474		$151,776		$146,733		$140,881		$135,562		$14,912	11	%
AVERAGE YIELD
Assets
Cash and Investment Securities	4.51	%	4.51	%	4.36	%	4.19	%	4.08	%	43	bps
Restricted Cash	8.33	%	7.03	%	16.71	%	10.65	%	10.27	%	(194)	bps
Credit Card Loans	15.99	%	15.79	%	15.63	%	15.43	%	15.14	%	85	bps
Private Student Loans 1	9.97	%	10.04	%	10.16	%	10.11	%	9.87	%	10	bps
Personal Loans	13.60	%	13.40	%	13.20	%	12.94	%	12.72	%	88	bps
Other Loans	7.45	%	7.39	%	7.14	%	6.95	%	6.81	%	64	bps
Total Loans	14.85	%	14.71	%	14.61	%	14.44	%	14.17	%	68	bps
Total Interest Earning Assets	13.18	%	12.98	%	13.05	%	12.90	%	12.60	%	58	bps
AVERAGE RATES
Liabilities and Stockholders' Equity
Certificates of Deposits 2	4.62	%	4.53	%	4.24	%	3.84	%	3.35	%	127	bps
Savings, Money Market, and Other Deposits 2	4.29	%	4.35	%	4.39	%	4.30	%	3.84	%	45	bps
Interest-bearing Direct to Consumer Deposits 2	4.39	%	4.41	%	4.35	%	4.18	%	3.71	%	68	bps
Brokered Deposits and Other Deposits	4.85	%	4.75	%	4.64	%	4.43	%	4.15	%	70	bps
Total Interest-bearing Deposits	4.48	%	4.48	%	4.41	%	4.23	%	3.80	%	68	bps
Securitized Borrowings 3	4.89	%	4.71	%	4.68	%	4.60	%	4.24	%	65	bps
Other Borrowings 3	5.12	%	4.94	%	4.55	%	4.32	%	4.43	%	69	bps
Total Interest-bearing Liabilities	4.56	%	4.54	%	4.45	%	4.27	%	3.89	%	67	bps
Net Interest Margin	11.17	%	11.03	%	10.98	%	10.95	%	11.06	%	11	bps
Net Yield on Interest-earning Assets	9.34	%	9.15	%	9.30	%	9.29	%	9.33	%	1	bps
1 Private student loans were classified as held-for-sale effective June 30, 2024
2 Includes Affinity relationships
3Includes 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, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024 vs. Jun 30, 2023			Jun 30, 2024		Jun 30, 2023		2024 vs. 2023
TOTAL LOAN RECEIVABLES
Ending Loans  1, 2	$127,649		$126,555		$128,409		$122,676		$117,906		$9,743	8	%	$127,649		$117,906		$9,743	8	%
Average Loans  1, 2	$126,983		$127,126		$125,387		$120,380		$115,259		$11,724	10	%	$127,054		$113,663		$13,391	12	%
Interest Yield 2	14.85	%	14.71	%	14.61	%	14.44	%	14.17	%	68	bps		14.78	%	14.12	%	66	bps
Gross Principal Charge-off Rate 2	5.77	%	5.74	%	4.82	%	4.24	%	4.01	%	176	bps		5.75	%	3.76	%	199	bps
Net Principal Charge-off Rate 2	4.83	%	4.92	%	4.11	%	3.52	%	3.22	%	161	bps		4.88	%	2.97	%	191	bps
Delinquency Rate (30 or more days) 3	3.33	%	3.38	%	3.45	%	3.06	%	2.57	%	76	bps		3.33	%	2.57	%	76	bps
Delinquency Rate (90 or more days) 3	1.62	%	1.64	%	1.59	%	1.34	%	1.16	%	46	bps		1.62	%	1.16	%	46	bps
Gross Principal Charge-off Dollars 2	$1,820		$1,812		$1,521		$1,287		$1,153		$667	58	%	$3,632		$2,119		$1,513	71	%
Net Principal Charge-off Dollars 2	$1,522		$1,556		$1,298		$1,070		$924		$598	65	%	$3,078		$1,674		$1,404	84	%
Net Interest and Fee Charge-off Dollars 2	$344		$348		$279		$223		$202		$142	70	%	$692		$371		$321	87	%
Loans Delinquent 30 or more days 3	$3,917		$4,282		$4,427		$3,756		$3,027		$890	29	%	$3,917		$3,027		$890	29	%
Loans Delinquent 90 or more days 3	$1,903		$2,079		$2,045		$1,637		$1,361		$542	40	%	$1,903		$1,361		$542	40	%
Allowance for Credit Losses (period end)	$8,481		$9,258		$9,283		$8,665		$8,064		$417	5	%	$8,481		$8,064		$417	5	%
Reserve Change Build/ (Release) 4, 5	($777)		($25)		$618		$601		$373		($1,150)			($802)		$758		($1,560)
Reserve Rate 3	7.22	%	7.32	%	7.23	%	7.06	%	6.84	%	38	bps		7.22	%	6.84	%	38	bps
CREDIT CARD LOANS
Ending Loans	$100,066		$99,475		$102,259		$97,389		$93,955		$6,111	7	%	$100,066		$93,955		$6,111	7	%
Average Loans	$99,584		$100,310		$99,610		$95,796		$91,825		$7,759	8	%	$99,947		$90,649		$9,298	10	%
Interest Yield	15.99	%	15.79	%	15.63	%	15.43	%	15.14	%	85	bps		15.89	%	15.10	%	79	bps
Gross Principal Charge-off Rate	6.66	%	6.61	%	5.50	%	4.85	%	4.59	%	207	bps		6.63	%	4.29	%	234	bps
Net Principal Charge-off Rate	5.55	%	5.66	%	4.68	%	4.03	%	3.68	%	187	bps		5.60	%	3.39	%	221	bps
Delinquency Rate (30 or more days)	3.69	%	3.83	%	3.87	%	3.41	%	2.86	%	83	bps		3.69	%	2.86	%	83	bps
Delinquency Rate (90 or more days)	1.83	%	1.95	%	1.87	%	1.57	%	1.35	%	48	bps		1.83	%	1.35	%	48	bps
Gross Principal Charge-off Dollars	$1,648		$1,649		$1,380		$1,171		$1,051		$597	57	%	$3,297		$1,930		$1,367	71	%
Net Principal Charge-off Dollars	$1,373		$1,411		$1,175		$973		$842		$531	63	%	$2,784		$1,526		$1,258	82	%
Loans Delinquent 30 or more days	$3,697		$3,810		$3,955		$3,324		$2,689		$1,008	37	%	$3,697		$2,689		$1,008	37	%
Loans Delinquent 90 or more days	$1,834		$1,941		$1,917		$1,527		$1,269		$565	45	%	$1,834		$1,269		$565	45	%
Allowance for Credit Losses (period end)	$7,591		$7,541		$7,619		$7,070		$6,525		$1,066	16	%	$7,591		$6,525		$1,066	16	%
Reserve Change Build/ (Release) 5	$50		($78)		$549		$545		$390		($340)			($28)		$708		($736)
Reserve Rate	7.59	%	7.58	%	7.45	%	7.26	%	6.94	%	65	bps		7.59	%	6.94	%	65	bps
Total Discover Card Volume	$56,441		$53,239		$60,917		$58,965		$58,774		($2,333)	(4	%)	$109,680		$112,903		($3,223)	(3	%)
Discover Card Sales Volume	$53,482		$50,137		$57,145		$54,952		$55,229		($1,747)	(3	%)	$103,619		$105,817		($2,198)	(2	%)
Rewards Rate	1.32	%	1.39	%	1.37	%	1.42	%	1.42	%	(10)	bps		1.35	%	1.41	%	(6)	bps
1 Total Loans includes Home Equity and other loans
2 Includes private student loans classified as held-for-sale effective June 30, 2024. The charge-offs related to private student loans are through June 30, 2024, the date the loans were transferred to the held-for-sale classification
3 Excludes loans classified as held-for-sale
4 Includes an adjustment to reverse the allowance for credit losses upon classifying the private student loan portfolio as held-for-sale
5 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, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024 vs. Jun 30, 2023			Jun 30, 2024		Jun 30, 2023		2024 vs. 2023
PRIVATE STUDENT LOANS1
Organic Student Loans	$9,740		$10,050		$9,894		$9,963		$9,723		$17	—	%	$9,740		$9,723		$17	—	%
Purchased Student Loans	405		430		458		485		518		(113)	(22	%)	405		518		(113)	(22	%)
Total Private Student Loans	$10,145		$10,480		$10,352		$10,448		$10,241		($96)	(1	%)	$10,145		$10,241		($96)	(1	%)
Interest Yield	9.97	%	10.04	%	10.16	%	10.11	%	9.87	%	10	bps		10.01	%	9.77	%	24	bps
Net Principal Charge-off Rate 2	1.85	%	1.58	%	1.52	%	1.32	%	1.25	%	60	bps		1.71	%	1.15	%	56	bps
Delinquency Rate (30 or more days) 3	N/A		2.59	%	2.62	%	2.62	%	2.13	%				N/A		2.13	%
Reserve Rate 4	N/A		8.29	%	8.29	%	8.29	%	8.29	%				N/A		8.29	%
PERSONAL LOANS
Ending Loans	$10,321		$10,107		$9,852		$9,559		$9,106		$1,215	13	%	$10,321		$9,106		$1,215	13	%
Interest Yield	13.60	%	13.40	%	13.20	%	12.94	%	12.72	%	88	bps		13.50	%	12.54	%	96	bps
Net Principal Charge-off Rate	3.98	%	4.02	%	3.39	%	2.63	%	2.28	%	170	bps		4.00	%	2.12	%	188	bps
Delinquency Rate (30 or more days)	1.54	%	1.46	%	1.45	%	1.24	%	1.00	%	54	bps		1.54	%	1.00	%	54	bps
Reserve Rate	7.68	%	7.48	%	7.33	%	6.83	%	6.83	%	85	bps		7.68	%	6.83	%	85	bps
1 Private student loans were classified as held-for-sale effective June 30, 2024
2 The charge-offs related to private student loans are through June 30, 2024, the date the loans were transferred to the held-for-sale classification
3 Excludes loans classified as held-for-sale
4 The allowance for credit losses was reversed upon classifying the private student loan portfolio as held-for-sale
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
SEGMENT RESULTS AND VOLUME STATISTICS
(unaudited, in millions)
	Quarter Ended													Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024 vs. Jun 30, 2023			Jun 30, 2024		Jun 30, 2023		2024 vs. 2023
DIGITAL BANKING
Interest Income	$4,971		$4,948		$4,868		$4,610		$4,290		$681	16	%	$9,919		$8,367		$1,552	19	%
Interest Expense	1,447		1,461		1,400		1,288		1,113		334	30	%	2,908		2,058		850	41	%
Net Interest Income	3,524		3,487		3,468		3,322		3,177		347	11	%	7,011		6,309		702	11	%
Non-Interest Income	691		591		611		592		586		105	18	%	1,282		1,108		174	16	%
Revenue Net of Interest Expense	4,215		4,078		4,079		3,914		3,763		452	12	%	8,293		7,417		876	12	%
Provision for Credit Losses	739		1,497		1,909		1,702		1,305		(566)	(43	%)	2,236		2,407		(171)	(7	%)
Total Operating Expense	1,683		2,259		1,712		1,409		1,359		324	24	%	3,942		2,701		1,241	46	%
Income/ (Loss) Before Income Taxes	$1,793		$322		$458		$803		$1,099		$694	63	%	$2,115		$2,309		($194)	(8	%)
Net Interest Margin	11.17	%	11.03	%	10.98	%	10.95	%	11.06	%	11	bps		11.1	%	11.19	%	(9)	bps
Pretax Return on Loan Receivables	5.68	%	1.02	%	1.45	%	2.65	%	3.82	%	186	bps		3.35	%	4.1	%	(75)	bps
Allowance for Credit Losses (period end)	$8,481		$9,258		$9,283		$8,665		$8,064		$417	5	%	$8,481		$8,064		$417	5	%
Reserve Change Build/ (Release)	($777)		($25)		$618		$601		$373		($1,150)			($802)		$758		($1,560)
PAYMENT SERVICES
Interest Income	$—		$—		$—		$—		$—		$—	NM		$—		$—		$—	NM
Interest Expense	—		—		—		—		—		—	NM		—		—		—	NM
Net Interest Income	—		—		—		—		—		—	NM		—		—		—	NM
Non-Interest Income (Loss)	323		132		117		130		115		208	181	%	455		203		252	124	%
Revenue Net of Interest Expense	323		132		117		130		115		208	181	%	455		203		252	124	%
Provision for Credit Losses	—		—		—		—		—		—	NM		—		—		—	NM
Total Operating Expense	46		50		63		45		45		1	2	%	96		86		10	12	%
Income/ (Loss) Before Income Taxes	$277		$82		$54		$85		$70		$207	NM		$359		$117		$242	NM
TRANSACTIONS PROCESSED ON NETWORKS
Discover Network	936		883		974		964		940		(4)	—	%	1,819		1,790		29	2	%
PULSE Network	2,413		2,312		2,308		2,011		1,761		652	37	%	4,725		3,386		1,339	40	%
Total	3,349		3,195		3,282		2,975		2,701		648	24	%	6,544		5,176		1,368	26	%
NETWORK VOLUME
PULSE Network	$81,749		$79,073		$79,194		$72,146		$69,008		$12,741	18	%	$160,822		$134,276		$26,546	20	%
Network Partners	8,111		11,070		8,736		9,899		10,408		(2,297)	(22	%)	19,181		21,036		(1,855)	(9	%)
Diners Club International 1	9,421		10,181		10,468		9,723		9,897		(476)	(5)	%	19,602		19,108		494	3	%
Total Payment Services	99,281		100,324		98,398		91,768		89,313		9,968	11	%	199,605		174,420		25,185	14	%
Discover Network - Proprietary	55,351		51,764		58,419		57,228		57,099		(1,748)	(3)	%	107,115		108,925		(1,810)	(2)	%
Total	$154,632		$152,088		$156,817		$148,996		$146,412		$8,220	6	%	$306,720		$283,345		$23,375	8	%
1 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
(unaudited, in millions)
	Quarter Ended
	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023
GAAP Total Common Equity	$15,011	$13,664	$13,772	$13,180	$12,800
Less: Goodwill	(255)	(255)	(255)	(255)	(255)
Less: Intangibles	—	—	—	—	—
Tangible Common Equity 1	$14,756	$13,409	$13,517	$12,925	$12,545
GAAP Book Value Per Share	$63.99	$58.74	$59.29	$56.93	$55.44
Less: Goodwill	(1.02)	(1.02)	(1.03)	(1.02)	(1.03)
Less: Intangibles	—	—	—	—	—
Less: Preferred Stock	(4.21)	(4.21)	(4.22)	(4.22)	(4.22)
Tangible Common Equity Per Share	$58.76	$53.51	$54.04	$51.69	$50.19
1 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