Income Statement Snapshot

DISCOVER FINANCIAL SERVICES’s top-line, gross profit, pretax income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2024

29.1% CAGR

$2.8B

CAGR -29.1% (FY2020 to FY2024)

Gross Profit

FY2024

Latest filing

-$4.1B

CAGR N/A (FY2020 to FY2024)

Pretax Income

FY2024

43.4% CAGR

$6.1B

CAGR 43.4% (FY2020 to FY2024)

Net Income

FY2024

41.7% CAGR

$4.5B

CAGR 41.7% (FY2020 to FY2024)

Metric	2024	2023	2022	2021	2020
Revenue	$2,797	$1,941	$1,799	$10,651	$11,095
Gross Profit	-$4,128	-$4,198	-$3,417	$5,846	$6,576
Pretax Income	$6,074	$3,637	$5,641	$6,984	$1,435
Net Income	$4,535	$2,796	$4,316	$5,388	$1,125
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for DISCOVER FINANCIAL SERVICES.
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2024	2023	2022	2021	2020
Total Revenue	$2,797	$1,941	$1,799	$10,651	$11,095
Gross Profit	-$4,128	-$4,198	-$3,417	$5,846	$6,576
Operating Expenses	$6,925	$6,139	$5,216	$4,805	$4,519
Pretax Income	$6,074	$3,637	$5,641	$6,984	$1,435
Interest Income	$20,020	$17,845	$12,864	$10,651	$11,095
Interest Expense	N/A	$4,746	$1,865	$1,134	$1,865
Income Tax Expense (Benefit)	$1,539	$841	$1,325	$1,596	$294
Net Income	$4,535	$2,796	$4,316	$5,388	$1,125
Basic EPS	$17.72	$10.71	$15.25	$17.64	$3.60
Diluted EPS	$17.72	$10.70	$15.23	$17.63	$3.60
Basic Average Shares	251.0M	254.0M	277.0M	300.0M	307.0M
Diluted Average Shares	251.0M	254.0M	278.0M	300.0M	307.0M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for DISCOVER FINANCIAL SERVICES

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,pretax income, and net income across the annual reporting window.

Gross Margin

FY2024

vs FY2020

-147.6%

Change vs FY2020: -20686 bps

Pretax Margin

FY2024

vs FY2020

217.2%

Change vs FY2020: +20423 bps

Net Margin

FY2024

vs FY2020

162.1%

Change vs FY2020: +15200 bps

Observation Window

FY2020 to FY2024

5 years

5 Years

Profitability profile tracked across FY2020 through FY2024.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2024 vs FY2023

YoY change

+44.1%

FY2024 versus FY2023

Gross Profit YoY

FY2024 vs FY2023

YoY change

-1.7%

FY2024 versus FY2023

Pretax Income YoY

FY2024 vs FY2023

YoY change

+67.0%

FY2024 versus FY2023

Net Income YoY

FY2024 vs FY2023

YoY change

+62.2%

FY2024 versus FY2023

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2024	2023	2022	2021	2020
Revenue Growth %	+44.1%	+7.9%	-83.1%	-4.0%	N/A
Gross Profit Growth %	-1.7%	+22.9%	-158.5%	-11.1%	N/A
Pretax Income Growth %	+67.0%	-35.5%	-19.2%	+386.7%	N/A
Net Income Growth %	+62.2%	-35.2%	-19.9%	+378.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2020 to FY2024, useful for filtering out one-year noise.

Revenue CAGR

FY2020 to FY2024

4-yr CAGR

-29.1%

Compounded annual growth across FY2020 to FY2024.

Gross Profit CAGR

FY2020 to FY2024

4-yr CAGR

N/A

Compounded annual growth across FY2020 to FY2024.

Pretax Income CAGR

FY2020 to FY2024

4-yr CAGR

43.4%

Compounded annual growth across FY2020 to FY2024.

Net Income CAGR

FY2020 to FY2024

4-yr CAGR

41.7%

Compounded annual growth across FY2020 to FY2024.

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Income Statement Snapshot

DISCOVER FINANCIAL SERVICES’s top-line, gross profit, pretax income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2024

29.1% CAGR

$2.8B

CAGR -29.1% (FY2020 to FY2024)

Gross Profit

FY2024

Latest filing

-$4.1B

CAGR N/A (FY2020 to FY2024)

Pretax Income

FY2024

43.4% CAGR

$6.1B

CAGR 43.4% (FY2020 to FY2024)

Net Income

FY2024

41.7% CAGR

$4.5B

CAGR 41.7% (FY2020 to FY2024)

Metric	2024	2023	2022	2021	2020
Revenue	$2,797	$1,941	$1,799	$10,651	$11,095
Gross Profit	-$4,128	-$4,198	-$3,417	$5,846	$6,576
Pretax Income	$6,074	$3,637	$5,641	$6,984	$1,435
Net Income	$4,535	$2,796	$4,316	$5,388	$1,125
Filing	10-K	10-K	10-K	10-K	10-K

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for DISCOVER FINANCIAL SERVICES.
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2024	2023	2022	2021	2020
Total Revenue	$2,797	$1,941	$1,799	$10,651	$11,095
Gross Profit	-$4,128	-$4,198	-$3,417	$5,846	$6,576
Operating Expenses	$6,925	$6,139	$5,216	$4,805	$4,519
Pretax Income	$6,074	$3,637	$5,641	$6,984	$1,435
Interest Income	$20,020	$17,845	$12,864	$10,651	$11,095
Interest Expense	N/A	$4,746	$1,865	$1,134	$1,865
Income Tax Expense (Benefit)	$1,539	$841	$1,325	$1,596	$294
Net Income	$4,535	$2,796	$4,316	$5,388	$1,125
Basic EPS	$17.72	$10.71	$15.25	$17.64	$3.60
Diluted EPS	$17.72	$10.70	$15.23	$17.63	$3.60
Basic Average Shares	251.0M	254.0M	277.0M	300.0M	307.0M
Diluted Average Shares	251.0M	254.0M	278.0M	300.0M	307.0M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for DISCOVER FINANCIAL SERVICES

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,pretax income, and net income across the annual reporting window.

Gross Margin

FY2024

vs FY2020

-147.6%

Change vs FY2020: -20686 bps

Pretax Margin

FY2024

vs FY2020

217.2%

Change vs FY2020: +20423 bps

Net Margin

FY2024

vs FY2020

162.1%

Change vs FY2020: +15200 bps

Observation Window

FY2020 to FY2024

5 years

5 Years

Profitability profile tracked across FY2020 through FY2024.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2024 vs FY2023

YoY change

+44.1%

FY2024 versus FY2023

Gross Profit YoY

FY2024 vs FY2023

YoY change

-1.7%

FY2024 versus FY2023

Pretax Income YoY

FY2024 vs FY2023

YoY change

+67.0%

FY2024 versus FY2023

Net Income YoY

FY2024 vs FY2023

YoY change

+62.2%

FY2024 versus FY2023

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2024	2023	2022	2021	2020
Revenue Growth %	+44.1%	+7.9%	-83.1%	-4.0%	N/A
Gross Profit Growth %	-1.7%	+22.9%	-158.5%	-11.1%	N/A
Pretax Income Growth %	+67.0%	-35.5%	-19.2%	+386.7%	N/A
Net Income Growth %	+62.2%	-35.2%	-19.9%	+378.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2020 to FY2024, useful for filtering out one-year noise.

Revenue CAGR

FY2020 to FY2024

4-yr CAGR

-29.1%

Compounded annual growth across FY2020 to FY2024.

Gross Profit CAGR

FY2020 to FY2024

4-yr CAGR

N/A

Compounded annual growth across FY2020 to FY2024.

Pretax Income CAGR

FY2020 to FY2024

4-yr CAGR

43.4%

Compounded annual growth across FY2020 to FY2024.

Net Income CAGR

FY2020 to FY2024

4-yr CAGR

41.7%

Compounded annual growth across FY2020 to FY2024.

Commentary on DISCOVER FINANCIAL SERVICES Performance

Over the five-year period, DISCOVER FINANCIAL SERVICES’ income statement shows notable volatility across key metrics. In 2020 and 2021, revenues were robust—exceeding $10.6 billion—with healthy gross profit figures ($6576 million in 2020 and $5846 million in 2021) and steadily increasing operating income and net income. However, a dramatic structural shift appears in 2022: revenue plunges to $1799 million (an approximate 83% decline compared to 2021) even as operating income remains relatively high at $5641 million and net income drops to $4316 million. Such a stark revenue contraction may indicate a divestiture, a strategic refocusing, or an accounting reclassification within the company’s operations. Additionally, the reversal of gross profit—from positive values in 2020 and 2021 to negative figures (around –$3417 million to –$4198 million) from 2022 onward—signals significant changes in cost structure or product mix that are impacting core profitability measures. In the subsequent years, revenue demonstrates a promising recovery, growing from $1941 million in 2023 to $2797 million in 2024, representing a 44% increase, while operating income and net income also rebound strongly (operating income rising approximately 67% and net income around 62% between 2023 and 2024). Despite these encouraging operational improvements, the persistent negative gross profit in the latter years raises concerns about cost controls or pricing pressures. Overall, while the recent trends in operating and net income suggest an ability to manage underlying expenses and leverage recovery opportunities, the dramatic revenue swings and gross profit deterioration warrant close monitoring to ensure long-term financial sustainability within an evolving financial services landscape.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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Discover Financial Services

DFS Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on DISCOVER FINANCIAL SERVICES Performance

Commentary on DISCOVER FINANCIAL SERVICES Performance