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Discover Financial Services

Company

Ticker

DFS

AXP

Headquarter

Riverwoods ,IL

Purchase ,NY

San Francisco ,CA

New York City ,NY

CEO

J. Michael Shepherd

Sachin Mehra

Ryan McInerney

Stephen Joseph Squeri

Industry

Financial - Credit Services

Stock Price

Market Cap

$50.34 B

$462.60 B

$605.56 B

$232.49 B

Employees

Years

2022
2023
2025

2024
2025
2026

2023
2024
2025

2024
2025
2026

Employees

16.70 K
20.20 K
21.00 K

33.40 K
35.30 K
39.80 K

28.80 K
31.60 K
34.10 K

74.60 K
75.10 K
76.80 K

Y/Y

5.11%

20.96%

3.96%

11.71%

5.69%

12.75%

8.68%

9.72%

7.91%

3.49%

0.67%

2.26%

Income Statement

Revenue

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue

$13.34 B
$9.84 B
$20.02 B

$25.10 B
$28.17 B
$32.79 B

$32.65 B
$35.93 B
$40.00 B

$67.36 B
$74.20 B
$80.46 B

Y/Y

10.34%

26.21%

103.41%

12.87%

12.23%

16.42%

11.41%

10.02%

11.34%

21.1%

10.15%

8.44%

Revenue by Products / Services

Years

2024

2025

2025

2025

Revenue by Geography

Years

2025

2025

2025

2025

Research and Development

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Research and Development

Y/Y

Operating Income

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income

$7.61 B
$5.11 B
$17.68 B

$14.01 B
$15.58 B
$19.40 B

$21.00 B
$23.60 B
$26.56 B

$10.51 B
$12.90 B
$16.60 B

Y/Y

7.69%

32.77%

245.64%

14.22%

11.24%

24.51%

11.62%

12.36%

12.55%

9.68%

22.66%

28.76%

Tax Rate (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Tax Rate (%)

23.51%
23.16%
25.34%

17.92%
15.60%
19.43%

17.89%
17.45%
17.10%

20.35%
21.45%
21.47%

Y/Y

2.84%

1.5%

9.41%

16.66%

12.93%

24.54%

2.07%

2.48%

2.03%

5.83%

5.43%

0.1%

Net Income

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income

$4.37 B
$2.94 B
$4.54 B

$11.20 B
$12.87 B
$14.97 B

$17.27 B
$19.74 B
$20.06 B

$8.37 B
$10.13 B
$10.78 B

Y/Y

19.33%

32.78%

54.25%

12.74%

15%

16.27%

15.48%

14.3%

1.6%

11.45%

20.96%

6.38%

Revenue Per Employee

Years

2022
2023
2025

2024
2025
2026

2023
2024
2025

2024
2025
2026

Revenue Per Employee

$798.62 K
$487.23 K
-

$843.32 K
$928.92 K
-

$1.13 M
$1.14 M
$1.17 M

$994.65 K
$1.07 M
-

Y/Y

16.29%

38.99%

100%

0.47%

10.15%

100%

2.51%

0.27%

3.18%

14.14%

7.72%

100%

Net Income Per Employee

Years

2022
2023
2025

2024
2025
2026

2023
2024
2025

2024
2025
2026

Net Income Per Employee

$261.92 K
$145.54 K
-

$385.45 K
$424.02 K
-

$599.76 K
$624.78 K
$588.21 K

$135.78 K
$143.48 K
-

Y/Y

14.98%

44.43%

100%

2.95%

10.01%

100%

6.26%

4.17%

5.85%

25.34%

5.67%

100%

Assets & Liabilities | Cash Flow

Total Assets

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Total Assets

$131.85 B
$151.71 B
$147.64 B

$42.45 B
$48.08 B
$54.16 B

$90.50 B
$94.51 B
$99.63 B

$261.11 B
$271.46 B
$300.05 B

Y/Y

19.6%

15.06%

2.68%

9.62%

13.27%

12.64%

5.85%

4.43%

5.41%

14.34%

3.97%

10.53%

Total Liabilities

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Total Liabilities

$117.96 B
$137.48 B
$129.71 B

$35.45 B
$41.57 B
$46.41 B

$51.77 B
$55.37 B
$61.72 B

$233.05 B
$241.20 B
$266.58 B

Y/Y

21.81%

16.55%

5.65%

9.6%

17.25%

11.66%

3.7%

6.97%

11.46%

14.44%

3.5%

10.52%

Capital Expenditures (Capex)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Capital Expenditures (Capex)

-$236.00 M
-$303.00 M
-$268.00 M

-$371.00 M
-$474.00 M
-$489.00 M

-$1.06 B
-$1.26 B
-$1.48 B

-$1.56 B
-$1.91 B
-

Y/Y

21.65%

28.39%

11.55%

66.18%

27.76%

3.16%

9.18%

18.7%

17.9%

15.74%

22.26%

100%

Profitability

Operating Income Margin (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income Margin (%)

57.04%
51.96%
88.29%

55.81%
55.32%
59.17%

64.31%
65.68%
59.99%

15.61%
17.38%
20.64%

Y/Y

2.41%

8.9%

69.92%

1.2%

0.88%

6.95%

0.2%

2.12%

8.67%

9.43%

11.36%

18.74%

Net Income Margin (%)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Margin (%)

32.80%
29.87%
22.65%

44.61%
45.71%
45.65%

52.90%
54.95%
50.15%

12.43%
13.65%
13.39%

Y/Y

26.89%

8.92%

24.17%

0.11%

2.47%

0.13%

3.66%

3.89%

8.75%

7.98%

9.81%

1.9%

EBITDA

2021	7595000000.00
2022	6279000000.00
2023	0.00
2024	0.00

2022	12953000000.00
2023	15013000000.00
2024	16797000000.00
2025	20443000000.00

2022	19535000000.00
2023	22624000000.00
2024	25591000000.00
2025	26003000000.00

2022	11211000000.00
2023	12164000000.00
2024	14571000000.00
2025	16604000000.00

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

EBITDA

$6.28 B
$0.00
$0.00

$15.01 B
$16.80 B
$20.44 B

$22.62 B
$25.59 B
$26.00 B

$12.16 B
$14.57 B
$16.60 B

Y/Y

17.33%

100%

15.9%

11.88%

21.71%

15.81%

13.11%

1.61%

8.5%

19.79%

13.95%

Free Cash Flow (FCF)

2021	5825000000.00
2022	6904000000.00
2023	8260000000.00
2024	8157000000.00

2022	10098000000.00
2023	11609000000.00
2024	14306000000.00
2025	17159000000.00

2022	17879000000.00
2023	19696000000.00
2024	18693000000.00
2025	21577000000.00

2022	19224000000.00
2023	16996000000.00
2024	12139000000.00
2025	18428000000.00

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Free Cash Flow (FCF)

$6.90 B
$8.26 B
$8.16 B

$11.61 B
$14.31 B
$17.16 B

$19.70 B
$18.69 B
$21.58 B

$17.00 B
$12.14 B
$18.43 B

Y/Y

18.52%

19.64%

1.25%

14.96%

23.23%

19.94%

10.16%

5.09%

15.43%

11.59%

28.58%

51.81%

Ratios

Return on Equity (ROE)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Equity (ROE)

31.48%
20.65%
25.30%

161.57%
198.52%
0.00%

44.60%
50.45%
52.91%

29.85%
33.47%
32.19%

Y/Y

22.16%

34.39%

22.49%

2.47%

22.87%

100%

6.09%

13.12%

4.89%

1.85%

12.14%

3.82%

Return on Assets (ROA)

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Assets (ROA)

3.32%
1.94%
3.07%

26.37%
26.78%
0.00%

19.09%
20.89%
20.13%

3.21%
3.73%
3.59%

Y/Y

32.55%

41.58%

58.51%

2.85%

1.53%

100%

9.11%

9.45%

3.62%

2.53%

16.34%

3.76%

Debt to Equity

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Debt to Equity

144.71%
149.85%
90.67%

226.31%
281.05%
245.57%

52.83%
53.24%
66.40%

175.21%
168.81%
172.55%

Y/Y

4.07%

3.55%

39.49%

1.64%

24.19%

12.62%

16.27%

0.77%

24.72%

1.42%

3.65%

2.21%

Valuation

Enterprise Value

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value

$38.35 B
$38.20 B
$51.26 B

$409.72 B
$496.86 B
$0.00

$484.27 B
$566.73 B
$666.24 B

$140.32 B
$222.15 B
$267.08 B

Y/Y

16.89%

0.4%

34.2%

19.24%

21.27%

100%

25.39%

17.03%

17.56%

15.64%

58.31%

20.23%

Enterprise value to Revenue

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to Revenue

2.88
3.88
2.56

16.32
17.64
0.00

14.83
15.78
16.66

2.08
2.99
3.32

Y/Y

24.68%

34.96%

34.02%

5.64%

8.06%

100%

12.55%

6.37%

5.58%

4.51%

43.72%

10.87%

Enterprise value to EBITDA

Years

2022
2023
2024

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to EBITDA

6.11
0.00
0.00

27.29
29.58
0.00

21.40
22.15
25.62

11.54
15.25
16.09

Y/Y

0.53%

100%

2.88%

8.39%

100%

8.27%

3.46%

15.69%

6.58%

32.16%

5.51%

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