Discover Financial Services

discover.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2025 10-Q, filed Apr 30, 2025. Its latest SEC filing is a SCHEDULE 13G/A from Aug 13, 2025.

The sections below describe the company as of the FY2024 annual report.

How Did They Make Money?

revenue

Segment	Share	Revenue
Digital Banking	75% FY2021: 100%
Payment Services	25% FY2021: 0.0%

Did Revenues Turn Into Profits?

Yes. Its net income in FY2024 was larger than its revenue and turned 292 cents into free cash flow.

Net income, FY2024

162% of revenue

▲ +62% vs FY2023 ($2.8B, 144%)

Free cash flow, FY2024

292% of revenue

▼ −1% vs FY2023 ($8.3B, 426%)

How Were They Changing?

Since the FY2024 annual report

Latest quarter: Q1 FY2025, the three months to Mar 31, 2025

Revenue: ▲ +3%; vs $473M in Q1 FY2024
Net income: ▲ +30%; vs $851M in Q1 FY2024

Digital Banking share of revenue vs 72.1% in Q1 FY2024

Shrank. Revenue fell 75% in 4 years, from $11.1B in FY2020 to $2.8B in FY2024, about 29% a year.

Revenue over time

Digital Banking Payment Services

$20B$10B$0

FY2020 FY2021 FY2022 FY2023 FY2024

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