DISCOVER FINANCIAL SERVICES																		Exhibit 99.2
EARNINGS SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended													Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023			Sep 30, 2024		Sep 30, 2023		2024 vs. 2023
EARNINGS SUMMARY
Interest Income	$5,112		$4,971		$4,948		$4,868		$4,610		$502	11	%	$15,031		$12,977		$2,054	16	%
Interest Expense	1,457		1,447		1,461		1,400		1,288		169	13	%	4,365		3,346		1,019	30	%
Net Interest Income	3,655		3,524		3,487		3,468		3,322		333	10	%	10,666		9,631		1,035	11	%
Discount/Interchange Revenue	1,142		1,153		1,074		1,158		1,164		(22)	(2	%)	3,369		3,368		1	—	%
Rewards Cost	779		716		703		788		787		(8)	(1	%)	2,198		2,291		(93)	(4	%)
Discount and Interchange Revenue, net	363		437		371		370		377		(14)	(4	%)	1,171		1,077		94	9	%
Protection Products Revenue	42		42		42		43		42		—	—	%	126		129		(3)	(2	%)
Loan Fee Income	214		205		200		217		194		20	10	%	619		546		73	13	%
Transaction Processing Revenue	84		91		87		82		82		2	2	%	262		221		41	19	%
Other Income	95		239		23		16		27		68	NM		357		60		297	NM
Total Non-Interest Income	798		1,014		723		728		722		76	11	%	2,535		2,033		502	25	%
Revenue Net of Interest Expense	4,453		4,538		4,210		4,196		4,044		409	10	%	13,201		11,664		1,537	13	%
Provision for Credit Losses	1,473		739		1,497		1,909		1,702		(229)	(13	%)	3,709		4,109		(400)	(10	%)
Employee Compensation and Benefits	703		658		671		646		575		128	22	%	2,032		1,788		244	14	%
Marketing and Business Development	263		258		250		372		283		(20)	(7	%)	771		792		(21)	(3	%)
Information Processing & Communications	197		167		163		170		149		48	32	%	527		438		89	20	%
Professional Fees	323		296		292		312		281		42	15	%	911		729		182	25	%
Premises and Equipment	25		23		20		25		22		3	14	%	68		64		4	6	%
Other Expense	181		327		913		250		144		37	26	%	1,421		430		991	NM
Total Operating Expense	1,692		1,729		2,309		1,775		1,454		238	16	%	5,730		4,241		1,489	35	%
Income/ (Loss) Before Income Taxes	1,288		2,070		404		512		888		400	45	%	3,762		3,314		448	14	%
Tax Expense	323		540		96		124		205		118	58	%	959		762		197	26	%
Net Income/ (Loss)	$965		$1,530		$308		$388		$683		$282	41	%	$2,803		$2,552		$251	10	%
Net Income/ (Loss) Allocated to Common Stockholders	$928		$1,521		$274		$386		$647		$281	43	%	$2,723		$2,473		$250	10	%
Effective Tax Rate	25.1	%	26.1	%	23.7	%	24.0	%	23.1	%				25.5	%	23.0	%
Net Interest Margin	11.38	%	11.17	%	11.03	%	10.98	%	10.95	%	43	bps		11.19	%	11.11	%	8	bps
Operating Efficiency	38.0	%	38.1	%	54.9	%	42.3	%	36.0	%	200	bps		43.4	%	36.4	%	700	bps
ROE	23	%	40	%	8	%	11	%	19	%				24	%	24	%
ROCE	23	%	43	%	8	%	11	%	20	%				25	%	25	%
Capital Returned to Common Stockholders	$155		$178		$180		$144		$169		($14)	(8	%)	$513		$2,397		($1,884)	(79	%)
Payout Ratio	17	%	12	%	66	%	37	%	26	%				19	%	97	%
Ending Common Shares Outstanding	251		251		251		250		250		1	—	%	251		250		1	—	%
Weighted Average Common Shares Outstanding	251		251		250		250		250		1	—	%	251		255		(4)	(2	%)
Weighted Average Common Shares Outstanding (fully diluted)	251		251		250		250		250		1	—	%	251		255		(4)	(2	%)
PER SHARE STATISTICS
Basic EPS	$3.69		$6.06		$1.10		$1.54		$2.59		$1.10	42	%	$10.86		$9.70		$1.16	12	%
Diluted EPS	$3.69		$6.06		$1.10		$1.54		$2.59		$1.10	42	%	$10.85		$9.69		$1.16	12	%
Common Dividends Declared Per Share	$0.70		$0.70		$0.70		$0.70		$0.70		$—	—	%	$2.10		$2.00		$0.10	5	%
Common Stock Price (period end)	$140.29		$130.81		$131.09		$112.40		$86.63		$53.66	62	%	$140.29		$86.63		$53.66	62	%
Book Value per share	$68.71		$63.99		$58.74		$59.29		$56.93		$11.78	21	%	$68.71		$56.93		$11.78	21	%
Note: See Glossary of Financial Terms for definitions of financial terms

DISCOVER FINANCIAL SERVICES
BALANCE SHEET SUMMARY
(unaudited, in millions)
	Quarter Ended
	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Sep 30, 2024 vs. Sep 30, 2023
BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities	$26,423	$24,405	$27,965	$25,383	$22,569	$3,854	17	%
Loans Held-for-Sale	8,484	10,145	—	—	—	8,484	NM
Loan Portfolio	118,509	117,504	126,555	128,409	122,676	(4,167)	(3	%)
Total Loan Receivables	126,993	127,649	126,555	128,409	122,676	4,317	4	%
Allowance for Credit Losses	(8,512)	(8,481)	(9,258)	(9,283)	(8,665)	153	2	%
Net Loan Receivables	118,481	119,168	117,297	119,126	114,011	4,470	4	%
Premises and Equipment, net	1,085	1,087	1,107	1,091	1,084	1	0	%
Goodwill and Intangible Assets, net	255	255	255	255	255	—	—	%
Other Assets	5,349	5,952	6,065	5,667	5,513	(164)	(3	%)
Total Assets	$151,593	$150,867	$152,689	$151,522	$143,432	$8,161	6	%
Liabilities & Stockholders' Equity
Certificates of Deposits 1	30,296	25,881	25,921	24,151	21,755	8,541	39	%
Savings, Money Market, and Other Deposits 1, 2	60,013	61,414	61,412	59,882	59,501	512	1	%
Total Direct to Consumer Deposits 1, 2	90,309	87,295	87,333	84,033	81,256	9,053	11	%
Brokered Deposits and Other Deposits	19,543	21,055	23,097	24,898	22,763	(3,220)	(14	%)
Deposits	109,852	108,350	110,430	108,931	104,019	5,833	6	%
Securitized Borrowings 3	9,307	9,608	10,933	11,743	10,889	(1,582)	(15	%)
Other Borrowings 3	8,870	9,533	9,542	9,588	8,578	292	3	%
Borrowings	18,177	19,141	20,475	21,331	19,467	(1,290)	(7	%)
Accrued Expenses and Other Liabilities	6,304	7,309	7,064	6,432	5,710	594	10	%
Total Liabilities	134,333	134,800	137,969	136,694	129,196	5,137	4	%
Total Equity	17,260	16,067	14,720	14,828	14,236	3,024	21	%
Total Liabilities and Stockholders' Equity	$151,593	$150,867	$152,689	$151,522	$143,432	$8,161	6	%
LIQUIDITY
Liquidity Portfolio	$24,804	$22,371	$25,739	$23,254	$21,186	$3,618	17	%
Private Asset-backed Securitization Capacity	2,750	3,500	3,500	2,750	3,500	(750)	(21	%)
Federal Home Loan Bank Borrowing Capacity	3,853	3,383	3,087	2,551	2,202	1,651	75	%
Federal Reserve Discount Window 4	46,118	39,569	41,710	41,199	48,658	(2,540)	(5	%)
Undrawn Credit Facilities 4	52,721	46,452	48,297	46,500	54,360	(1,639)	(3	%)
Total Liquidity	$77,525	$68,823	$74,036	$69,754	$75,546	$1,979	3	%
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
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023
BALANCE SHEET STATISTICS
Total Common Equity	$16,204		$15,011		$13,664		$13,772		$13,180		$3,024	23	%
Total Common Equity/Total Assets	10.7	%	9.9	%	8.9	%	9.1	%	9.2	%
Total Common Equity/Net Loans	13.7	%	12.6	%	11.6	%	11.6	%	11.6	%
Tangible Assets	$151,338		$150,612		$152,434		$151,267		$143,177		$8,161	6	%
Tangible Common Equity  1	$15,949		$14,756		$13,409		$13,517		$12,925		$3,024	23	%
Tangible Common Equity/Tangible Assets  1	10.5	%	9.8	%	8.8	%	8.9	%	9.0	%
Tangible Common Equity/Net Loans  1	13.5	%	12.4	%	11.4	%	11.3	%	11.3	%
Tangible Common Equity per share  1	$63.49		$58.76		$53.51		$54.04		$51.69		$11.80	23	%
	Basel III
	Quarter Ended
REGULATORY CAPITAL RATIOS 2	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Total Risk Based Capital Ratio	15.0	%	14.3	%	13.3	%	13.7	%	14.1	%
Tier 1 Risk Based Capital Ratio	13.5	%	12.7	%	11.7	%	12.1	%	12.5	%
Tier 1 Leverage Ratio	11.5	%	11.1	%	10.1	%	10.7	%	11.0	%
Common Equity Tier 1 Capital Ratio	12.7	%	11.9	%	10.9	%	11.3	%	11.6	%
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
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023
AVERAGE BALANCES
Assets
Cash and Investment Securities	$24,023		$24,193		$25,662		$22,448		$21,210		$2,813	13	%
Restricted Cash	641		590		558		104		238		403	169	%
Credit Card Loans	100,290		99,584		100,310		99,610		95,796		4,494	5	%
Private Student Loans 1	9,631		10,304		10,577		10,369		10,274		(643)	(6	%)
Personal Loans	10,428		10,266		10,004		9,754		9,368		1,060	11	%
Other Loans	7,358		6,829		6,235		5,654		4,942		2,416	49	%
Total Loans	127,707		126,983		127,126		125,387		120,380		7,327	6	%
Total Interest Earning Assets	152,371		151,766		153,346		147,939		141,828		10,543	7	%
Allowance for Credit Losses	(8,480)		(9,245)		(9,279)		(8,668)		(8,063)		(417)	(5	%)
Other Assets	7,756		7,953		7,709		7,462		7,116		640	9	%
Total Assets	$151,647		$150,474		$151,776		$146,733		$140,881		$10,766	8	%
Liabilities and Stockholders' Equity
Non-Interest-bearing Direct to Consumer Deposits 2	$1,063		$1,071		$1,037		$987		$961		$102	11	%
Certificates of Deposits 2	27,839		25,906		25,625		22,496		21,473		6,366	30	%
Savings, Money Market, and Other Deposits 2	59,258		59,973		59,212		58,766		56,797		2,461	4	%
Interest-bearing Direct to Consumer Deposits 2	87,097		85,879		84,837		81,262		78,270		8,827	11	%
Brokered Deposits and Other Deposits	20,189		21,631		23,792		23,271		21,336		(1,147)	(5	%)
Total Interest-bearing Deposits	107,286		107,510		108,629		104,533		99,606		7,680	8	%
Securitized Borrowings 3	9,971		10,432		11,340		11,045		11,161		(1,190)	(11	%)
Other Borrowings 3	9,416		9,521		9,572		9,228		8,873		543	6	%
Total Interest-bearing Liabilities	126,673		127,463		129,541		124,806		119,640		7,033	6	%
Other Liabilities & Stockholders' Equity	23,911		21,940		21,198		20,940		20,280		3,631	18	%
Total Liabilities and Stockholders' Equity	$151,647		$150,474		$151,776		$146,733		$140,881		$10,766	8	%
AVERAGE YIELD
Assets
Cash and Investment Securities	4.46	%	4.51	%	4.51	%	4.36	%	4.19	%	27	bps
Restricted Cash	5.73	%	8.33	%	7.03	%	16.71	%	10.65	%	(492)	bps
Credit Card Loans	16.23	%	15.99	%	15.79	%	15.63	%	15.43	%	80	bps
Private Student Loans 1	10.08	%	9.97	%	10.04	%	10.16	%	10.11	%	(3)	bps
Personal Loans	13.72	%	13.60	%	13.40	%	13.20	%	12.94	%	78	bps
Other Loans	7.45	%	7.45	%	7.39	%	7.14	%	6.95	%	50	bps
Total Loans	15.06	%	14.85	%	14.71	%	14.61	%	14.44	%	62	bps
Total Interest Earning Assets	13.35	%	13.18	%	12.98	%	13.05	%	12.90	%	45	bps
AVERAGE RATES
Liabilities and Stockholders' Equity
Certificates of Deposits 2	4.67	%	4.62	%	4.53	%	4.24	%	3.84	%	83	bps
Savings, Money Market, and Other Deposits 2	4.27	%	4.29	%	4.35	%	4.39	%	4.30	%	(3)	bps
Interest-bearing Direct to Consumer Deposits 2	4.40	%	4.39	%	4.41	%	4.35	%	4.18	%	22	bps
Brokered Deposits and Other Deposits	4.95	%	4.85	%	4.75	%	4.64	%	4.43	%	52	bps
Total Interest-bearing Deposits	4.50	%	4.48	%	4.48	%	4.41	%	4.23	%	27	bps
Securitized Borrowings 3	4.81	%	4.89	%	4.71	%	4.68	%	4.60	%	21	bps
Other Borrowings 3	5.23	%	5.12	%	4.94	%	4.55	%	4.32	%	91	bps
Total Interest-bearing Liabilities	4.58	%	4.56	%	4.54	%	4.45	%	4.27	%	31	bps
Net Interest Margin	11.38	%	11.17	%	11.03	%	10.98	%	10.95	%	43	bps
Net Yield on Interest-earning Assets	9.54	%	9.34	%	9.15	%	9.30	%	9.29	%	25	bps
1 Private student loans were classified as held-for-sale effective June 30, 2024
2 Includes Affinity relationships
3 Includes 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, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023			Sep 30, 2024		Sep 30, 2023		2024 vs. 2023
TOTAL LOAN RECEIVABLES
Ending Loans  1	$126,993		$127,649		$126,555		$128,409		$122,676		$4,317	4	%	$126,993		$122,676		$4,317	4	%
Average Loans  1	$127,707		$126,983		$127,126		$125,387		$120,380		$7,327	6	%	$127,273		$115,926		$11,347	10	%
Interest Yield 1	15.06	%	14.85	%	14.71	%	14.61	%	14.44	%	62	bps		14.87	%	14.23	%	64	bps
Gross Principal Charge-off Rate 2	5.91	%	5.77	%	5.74	%	4.82	%	4.24	%	167	bps		5.80	%	3.93	%	187	bps
Net Principal Charge-off Rate 2	4.86	%	4.83	%	4.92	%	4.11	%	3.52	%	134	bps		4.87	%	3.16	%	171	bps
Delinquency Rate (30 or more days) 2	3.46	%	3.33	%	3.38	%	3.45	%	3.06	%	40	bps		3.46	%	3.06	%	40	bps
Delinquency Rate (90 or more days) 2	1.65	%	1.62	%	1.64	%	1.59	%	1.34	%	31	bps		1.65	%	1.34	%	31	bps
Gross Principal Charge-off Dollars 2	$1,756		$1,820		$1,812		$1,521		$1,287		$469	36	%	$5,388		$3,406		$1,982	58	%
Net Principal Charge-off Dollars 2	$1,442		$1,522		$1,556		$1,298		$1,070		$372	35	%	$4,520		$2,744		$1,776	65	%
Net Interest and Fee Charge-off Dollars 2	$335		$344		$348		$279		$223		$112	50	%	$1,027		$594		$433	73	%
Loans Delinquent 30 or more days 2	$4,105		$3,917		$4,282		$4,427		$3,756		$349	9	%	$4,105		$3,756		$349	9	%
Loans Delinquent 90 or more days 2	$1,960		$1,903		$2,079		$2,045		$1,637		$323	20	%	$1,960		$1,637		$323	20	%
Allowance for Credit Losses (period end)	$8,512		$8,481		$9,258		$9,283		$8,665		($153)	(2	%)	$8,512		$8,665		($153)	(2	%)
Reserve Change Build/ (Release) 3, 4	$31		($777)		($25)		$618		$601		($570)			($771)		$1,359		($2,130)
Reserve Rate 2	7.18	%	7.22	%	7.32	%	7.23	%	7.06	%	12	bps		7.18	%	7.06	%	12	bps
CREDIT CARD LOANS
Ending Loans	$100,489		$100,066		$99,475		$102,259		$97,389		$3,100	3	%	$100,489		$97,389		$3,100	3	%
Average Loans	$100,290		$99,584		$100,310		$99,610		$95,796		$4,494	5	%	$100,062		$92,383		$7,679	8	%
Interest Yield	16.23	%	15.99	%	15.79	%	15.63	%	15.43	%	80	bps		16.01	%	15.21	%	80	bps
Gross Principal Charge-off Rate	6.46	%	6.66	%	6.61	%	5.50	%	4.85	%	161	bps		6.58	%	4.49	%	209	bps
Net Principal Charge-off Rate	5.28	%	5.55	%	5.66	%	4.68	%	4.03	%	125	bps		5.50	%	3.62	%	188	bps
Delinquency Rate (30 or more days)	3.84	%	3.69	%	3.83	%	3.87	%	3.41	%	43	bps		3.84	%	3.41	%	43	bps
Delinquency Rate (90 or more days)	1.87	%	1.83	%	1.95	%	1.87	%	1.57	%	30	bps		1.87	%	1.57	%	30	bps
Gross Principal Charge-off Dollars	$1,629		$1,648		$1,649		$1,380		$1,171		$458	39	%	$4,926		$3,101		$1,825	59	%
Net Principal Charge-off Dollars	$1,332		$1,373		$1,411		$1,175		$973		$359	37	%	$4,116		$2,499		$1,617	65	%
Loans Delinquent 30 or more days	$3,857		$3,697		$3,810		$3,955		$3,324		$533	16	%	$3,857		$3,324		$533	16	%
Loans Delinquent 90 or more days	$1,883		$1,834		$1,941		$1,917		$1,527		$356	23	%	$1,883		$1,527		$356	23	%
Allowance for Credit Losses (period end)	$7,586		$7,591		$7,541		$7,619		$7,070		$516	7	%	$7,586		$7,070		$516	7	%
Reserve Change Build/ (Release) 4	($5)		$50		($78)		$549		$545		($550)			($33)		$1,253		($1,286)
Reserve Rate	7.55	%	7.59	%	7.58	%	7.45	%	7.26	%	29	bps		7.55	%	7.26	%	29	bps
Total Discover Card Volume	$56,593		$56,441		$53,239		$60,917		$58,965		($2,372)	(4	%)	$166,273		$171,868		($5,595)	(3	%)
Discover Card Sales Volume	$53,380		$53,482		$50,137		$57,145		$54,952		($1,572)	(3	%)	$156,999		$160,769		($3,770)	(2	%)
Rewards Rate	1.44	%	1.32	%	1.39	%	1.37	%	1.42	%	2	bps		1.38	%	1.42	%	(4)	bps
1 Total Loans includes private student loans, home equity and other loans
2 Excludes loans classified as held-for-sale as of June 30, 2024
3 Includes the adjustment to eliminate the allowance for credit losses upon classifying the private student loan portfolio as held-for-sale as of June 30, 2024
4 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, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023			Sep 30, 2024		Sep 30, 2023		2024 vs. 2023
PRIVATE STUDENT LOANS1
Organic Student Loans	$8,101		$9,740		$10,050		$9,894		$9,963		($1,862)	(19	%)	$8,101		$9,963		($1,862)	(19	%)
Purchased Student Loans	383		405		430		458		485		(102)	(21	%)	383		485		(102)	(21	%)
Total Private Student Loans	$8,484		$10,145		$10,480		$10,352		$10,448		($1,964)	(19	%)	$8,484		$10,448		($1,964)	(19	%)
Interest Yield	10.08	%	9.97	%	10.04	%	10.16	%	10.11	%	(3)	bps		10.03	%	9.88	%	15	bps
Net Principal Charge-off Rate 2	N/A		1.85	%	1.58	%	1.52	%	1.32	%				1.72	%	1.21	%	51	bps
Delinquency Rate (30 or more days) 2	N/A		N/A		2.59	%	2.62	%	2.62	%				N/A		2.62	%
Reserve Rate 3	N/A		N/A		8.29	%	8.29	%	8.29	%				N/A		8.29	%
PERSONAL LOANS
Ending Loans	$10,438		$10,321		$10,107		$9,852		$9,559		$879	9	%	$10,438		$9,559		$879	9	%
Interest Yield	13.72	%	13.60	%	13.40	%	13.20	%	12.94	%	78	bps		13.58	%	12.69	%	89	bps
Net Principal Charge-off Rate	4.01	%	3.98	%	4.02	%	3.39	%	2.63	%	138	bps		4.00	%	2.30	%	170	bps
Delinquency Rate (30 or more days)	1.66	%	1.54	%	1.46	%	1.45	%	1.24	%	42	bps		1.66	%	1.24	%	42	bps
Reserve Rate	7.65	%	7.68	%	7.48	%	7.33	%	6.83	%	82	bps		7.65	%	6.83	%	82	bps
1 Private student loans were classified as held-for-sale effective June 30, 2024
2 Excludes loans classified as held-for-sale as of June 30, 2024
3 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													Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024 vs. Sep 30, 2023			Sep 30, 2024		Sep 30, 2023		2024 vs. 2023
DIGITAL BANKING
Interest Income	$5,112		$4,971		$4,948		$4,868		$4,610		$502	11	%	$15,031		$12,977		$2,054	16	%
Interest Expense	1,457		1,447		1,461		1,400		1,288		169	13	%	4,365		3,346		1,019	30	%
Net Interest Income	3,655		3,524		3,487		3,468		3,322		333	10	%	10,666		9,631		1,035	11	%
Non-Interest Income	669		691		591		611		592		77	13	%	1,951		1,700		251	15	%
Revenue Net of Interest Expense	4,324		4,215		4,078		4,079		3,914		410	10	%	12,617		11,331		1,286	11	%
Provision for Credit Losses	1,473		739		1,497		1,909		1,702		(229)	(13	%)	3,709		4,109		(400)	(10	%)
Total Operating Expense	1,647		1,683		2,259		1,712		1,409		238	17	%	5,589		4,110		1,479	36	%
Income/ (Loss) Before Income Taxes	$1,204		$1,793		$322		$458		$803		$401	50	%	$3,319		$3,112		$207	7	%
Net Interest Margin	11.38	%	11.17	%	11.03	%	10.98	%	10.95	%	43	bps		11.19	%	11.11	%	8	bps
Pretax Return on Loan Receivables	3.75	%	5.68	%	1.02	%	1.45	%	2.65	%	110	bps		3.48	%	3.59	%	(11)	bps
Allowance for Credit Losses (period end)	$8,512		$8,481		$9,258		$9,283		$8,665		($153)	(2	%)	$8,512		$8,665		($153)	(2	%)
Reserve Change Build/ (Release)	$31		($777)		($25)		$618		$601		($570)			($771)		$1,359		($2,130)
PAYMENT SERVICES
Interest Income	$—		$—		$—		$—		$—		$—	NM		$—		$—		$—	NM
Interest Expense	—		—		—		—		—		—	NM		—		—		—	NM
Net Interest Income	—		—		—		—		—		—	NM		—		—		—	NM
Non-Interest Income (Loss)	129		323		132		117		130		(1)	(1	%)	584		333		251	75	%
Revenue Net of Interest Expense	129		323		132		117		130		(1)	(1	%)	584		333		251	75	%
Provision for Credit Losses	—		—		—		—		—		—	NM		—		—		—	NM
Total Operating Expense	45		46		50		63		45		—	—	%	141		131		10	8	%
Income/ (Loss) Before Income Taxes	$84		$277		$82		$54		$85		($1)	NM		$443		$202		$241	119	%
TRANSACTIONS PROCESSED ON NETWORKS
Discover Network	954		936		883		974		964		(10)	(1)	%	2,773		2,754		19	1	%
PULSE Network	2,421		2,413		2,312		2,308		2,011		410	20	%	7,146		5,397		1,749	32	%
Total	3,375		3,349		3,195		3,282		2,975		400	13	%	9,919		8,151		1,768	22	%
NETWORK VOLUME
PULSE Network	$82,573		$81,749		$79,073		$79,194		$72,146		$10,427	14	%	$243,395		$206,422		$36,973	18	%
Network Partners	7,512		8,111		11,070		8,736		9,899		(2,387)	(24	%)	26,693		30,935		(4,242)	(14	%)
Diners Club International 1	10,388		9,421		10,181		10,468		9,723		665	7	%	29,990		28,831		1,159	4	%
Total Payment Services	100,473		99,281		100,324		98,398		91,768		8,705	9	%	300,078		266,188		33,890	13	%
Discover Network - Proprietary	55,184		55,351		51,764		58,419		57,228		(2,044)	(4)	%	162,299		166,153		(3,854)	(2)	%
Total	$155,657		$154,632		$152,088		$156,817		$148,996		$6,661	4	%	$462,377		$432,341		$30,036	7	%
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
	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023
GAAP Total Common Equity	$16,204	$15,011	$13,664	$13,772	$13,180
Less: Goodwill	(255)	(255)	(255)	(255)	(255)
Less: Intangibles	—	—	—	—	—
Tangible Common Equity 1	$15,949	$14,756	$13,409	$13,517	$12,925
GAAP Book Value Per Share	$68.71	$63.99	$58.74	$59.29	$56.93
Less: Goodwill	(1.02)	(1.02)	(1.02)	(1.03)	(1.02)
Less: Intangibles	—	—	—	—	—
Less: Preferred Stock	(4.20)	(4.21)	(4.21)	(4.22)	(4.22)
Tangible Common Equity Per Share	$63.49	$58.76	$53.51	$54.04	$51.69
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