DFS Stock Cash Flow Statements

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Quarterly

Annual

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Discover Financial Services Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-06-30	2015-03-31	2014-12-31	2013-03-31	2012-11-30	2012-08-31	2012-05-31	2012-02-29	2011-11-30	2011-08-31	2011-05-31	2011-02-28	2010-11-30	2010-08-31	2010-05-31	2010-02-28	2009-11-30	2009-08-31	2009-05-31	2009-02-28	2008-11-30	2008-08-31	2008-05-31	2008-02-29

cash flows from operating activities
net income	1,104,000,000	1,291,000,000	1,406,000,000	1,530,000,000	308,000,000	388,000,000	683,000,000	893,000,000	976,000,000	1,033,000,000	1,006,000,000	1,111,000,000	1,242,000,000	1,067,000,000	1,091,000,000	1,698,000,000	1,593,000,000	799,000,000	771,000,000	-368,000,000	-61,000,000	708,000,000	770,000,000	753,000,000	726,000,000	687,000,000	720,000,000	669,000,000	666,000,000	387,000,000	602,000,000	546,000,000	564,000,000	563,000,000	639,000,000	616,000,000	575,000,000	599,000,000	586,000,000	455,000,000	673,000,000	550,717,000	626,686,000	536,591,000	631,006,000	512,579,000	648,818,000	600,419,000	464,892,000	349,642,000	260,617,000	258,067,000	-103,538,000	352,537,000	577,454,000	225,800,000	120,394,000	432,335,000	180,053,000	234,148,000	81,214,000
adjustments to reconcile net income to net cash from operating activities:
benefit from credit losses	1,244,000,000	1,202,000,000	1,473,000,000	739,000,000	1,497,000,000	1,909,000,000	1,702,000,000	1,305,000,000	1,102,000,000	883,000,000	773,000,000	549,000,000	154,000,000	263,000,000	185,000,000	135,000,000	-365,000,000	531,000,000	750,000,000	2,046,000,000	1,807,000,000
deferred income taxes	68,000,000	78,000,000	141,000,000	142,000,000	-199,000,000	-156,000,000	-201,000,000	-157,000,000	-112,000,000	-113,000,000	-174,000,000	-130,000,000	-10,000,000	-61,000,000	-51,000,000	207,000,000	232,000,000	-72,000,000	-69,000,000	-291,000,000	-240,000,000																			-165,000,000	121,000,000	-13,001,000	33,347,000	38,658,000	86,996,000	-119,841,000	145,175,000	94,168,000	112,511,000	49,450,000	78,080,000	85,969,000	-100,918,000	62,465,000	118,469,000	-46,166,000	-196,763,000	-175,521,000	-63,966,000	-57,270,000	34,403,000
depreciation and amortization	11,000,000	31,000,000	91,000,000	82,000,000	96,000,000	104,000,000	106,000,000	119,000,000	129,000,000	137,000,000	145,000,000	140,000,000	139,000,000	144,000,000	139,000,000	129,000,000	119,000,000	123,000,000	116,000,000	123,000,000	123,000,000	121,000,000	113,000,000	103,000,000	99,000,000	109,000,000	110,000,000	109,000,000	107,000,000	104,000,000	101,000,000	95,000,000	93,000,000	89,000,000	86,000,000	92,000,000	84,000,000	98,000,000	95,000,000
amortization of deferred revenues	-101,000,000	-101,000,000	-98,000,000	-103,000,000	-123,000,000	-133,000,000	-120,000,000	-110,000,000	-105,000,000	-104,000,000	-99,000,000	-86,000,000	-76,000,000		-73,000,000	-70,000,000	-74,000,000																							-71,000,000	-48,000,000	-49,992,000	-51,968,000	-49,059,000	-52,981,000	-63,364,000	-67,532,000	-63,407,000	-60,351,000	-57,075,000	-45,954,000	-49,473,000	-42,065,000	-128,786,000	-1,277,000	-1,461,000	-1,860,000	-39,644,000	-35,180,000	-3,763,000	-5,587,000
net incomees on investments and other assets	16,000,000	20,000,000	14,000,000	15,000,000	16,000,000		3,000,000	7,000,000	30,000,000
other	27,000,000	22,000,000	31,000,000	0	29,000,000	47,000,000	12,000,000	26,000,000	25,000,000	52,000,000	25,000,000	28,000,000	20,000,000	30,000,000	26,000,000	178,000,000	23,000,000	113,000,000	19,000,000	58,000,000	10,000,000	-15,000,000	-25,000,000	-10,000,000	-1,000,000	15,000,000	-166,000,000	140,000,000	-96,000,000	403,000,000	-75,000,000	22,000,000	11,000,000	-6,000,000	80,000,000	35,000,000	4,000,000	23,000,000	-8,000,000
changes in assets and liabilities:
increase in other assets	-49,000,000			-77,000,000	-246,000,000	-222,000,000	-418,000,000			-496,000,000	-88,000,000	-135,000,000	-127,000,000	-223,000,000	-63,000,000	-60,000,000	-150,000,000					-169,000,000	-10,000,000	6,000,000	-29,000,000					-443,000,000							-33,000,000	-35,000,000	-40,000,000	-126,000,000	-88,000,000	17,661,000	-12,792,000					101,795,000	-43,733,000	29,280,000	29,885,000	-90,219,000	-170,051,000	-13,754,000	-33,618,000	-66,821,000	9,469,000	-42,414,000	-81,521,000	-17,813,000	-30,053,000
decrease in accrued expenses and other liabilities	-188,000,000																											210,000,000	-351,000,000						259,000,000			-327,000,000	216,000,000
net cash from operating activities	2,132,000,000	1,980,000,000	2,024,000,000	2,578,000,000	1,843,000,000	2,876,000,000	2,389,000,000	1,507,000,000	1,791,000,000	2,175,000,000	1,619,000,000	1,612,000,000	1,734,000,000	1,342,000,000	1,621,000,000	1,548,000,000	1,508,000,000	1,633,000,000	1,296,000,000	1,587,000,000	1,680,000,000	1,464,000,000	819,000,000	1,578,000,000	2,335,000,000	761,000,000	1,606,000,000	1,586,000,000	1,238,000,000	1,624,000,000	1,552,000,000	1,019,000,000	1,013,000,000	1,292,000,000	1,317,000,000	658,000,000	1,158,000,000	600,000,000	1,063,000,000	1,291,000,000	1,492,000,000	881,796,000	656,432,000	492,100,000	1,010,672,000	797,600,000	556,073,000	976,859,000	1,279,083,000	1,165,824,000	262,955,000	1,308,705,000	1,135,102,000	1,001,743,000	682,571,000	1,385,199,000	528,379,000	1,631,059,000	1,306,834,000	744,629,000	821,637,000
cash flows from investing activities
maturities of other short-term investments	750,000,000													0	0	0	2,200,000,000																													0	0	375,000,000	0	0	0	175,000,000	1,175,000,000
maturities of available-for-sale investment securities	397,000,000	649,000,000	522,000,000	524,000,000	522,000,000	400,000,000	526,000,000	503,000,000	402,000,000	407,000,000	517,000,000	391,000,000	769,000,000	1,018,000,000	775,000,000	530,000,000	404,000,000	283,000,000	286,000,000	281,000,000	157,000,000	34,000,000	36,000,000	36,000,000	34,000,000	36,000,000	716,000,000	42,000,000	44,000,000		50,000,000																				146,108,000
purchases of available-for-sale investment securities	-375,000,000	-626,000,000	-1,518,000,000	-487,000,000	-475,000,000	-369,000,000	-464,000,000	-1,878,000,000	-285,000,000	-5,681,000,000				0								0	-3,068,000,000	-2,259,000,000	-1,856,000,000	-1,571,000,000														-132,000,000	-90,000,000	-107,065,000	-173,876,000	-980,133,000	-554,926,000	-773,005,000	-517,745,000	-567,445,000	-542,025,000	-4,046,125,000	-310,561,000	-659,760,000	-269,310,000
maturities of held-to-maturity investment securities	5,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	5,000,000	3,000,000	6,000,000	4,000,000	10,000,000	12,000,000	19,000,000	18,000,000	25,000,000	20,000,000	20,000,000	16,000,000	11,000,000	7,000,000	10,000,000	9,000,000	6,000,000	6,000,000	5,000,000	4,000,000	5,000,000	4,000,000	4,000,000	5,000,000	3,000,000	4,000,000	7,000,000	8,000,000	4,000,000	5,000,000	5,000,000	2,000,000	-17,000,000	13,000,000	1,899,000	5,116,000	1,029,000	2,956,000	1,016,000	5,580,000	2,814,000	9,072,000	1,808,000	13,550,000	1,796,000	4,433,000
purchases of held-to-maturity investment securities	-7,000,000	0	-13,000,000	-10,000,000	-12,000,000	0	-16,000,000	-20,000,000	-13,000,000	-10,000,000	-13,000,000	-13,000,000	-14,000,000	0	-3,000,000	-9,000,000	-16,000,000	0	-14,000,000	-16,000,000	-14,000,000	-12,000,000	-20,000,000	-22,000,000	-12,000,000	0	-20,000,000	-29,000,000	-33,000,000	0	-4,000,000	-19,000,000	-17,000,000	0	-10,000,000	-30,000,000	-16,000,000	-15,000,000	-17,000,000	-52,000,000		285,000	-549,000	0	-50,736,000	-1,400,000	0			-550,000	0
net change in principal on loans originated for investment	2,311,000,000	-3,826,000,000	-1,962,000,000	-2,503,000,000	398,000,000	-6,789,000,000	-5,783,000,000	-6,117,000,000	-1,245,000,000	-7,664,000,000	-6,007,000,000	-6,187,000,000	-103,000,000
proceeds from the sale of other investments		23,000,000	1,000,000	0	1,000,000	40,000,000	0	3,000,000	1,000,000	11,000,000	109,000,000	145,000,000	71,000,000
purchases of other investments	-11,000,000	-39,000,000	-22,000,000	-13,000,000	-9,000,000	-40,000,000	-26,000,000	-18,000,000	-16,000,000	-34,000,000	-20,000,000	-92,000,000	-23,000,000	-62,000,000	-67,000,000	-20,000,000	-21,000,000	-18,000,000	-14,000,000	-26,000,000	-14,000,000	-19,000,000	-28,000,000	-15,000,000	-6,000,000	-45,000,000	-15,000,000			-34,000,000	-8,000,000	-9,000,000	-14,000,000	-28,000,000	-11,000,000	-11,000,000	-1,000,000	-18,000,000	-5,000,000	16,000,000	-31,000,000
purchases of premises and equipment	-64,000,000	-63,000,000	-69,000,000	-65,000,000	-71,000,000	-68,000,000	-77,000,000	-82,000,000	-76,000,000	-58,000,000	-79,000,000	-48,000,000	-51,000,000	-48,000,000	-49,000,000	-56,000,000	-41,000,000	-55,000,000	-53,000,000	-94,000,000	-59,000,000	-72,000,000	-61,000,000	-69,000,000	-82,000,000	-77,000,000	-59,000,000	-60,000,000	-58,000,000		-58,000,000	-56,000,000	-47,000,000	-47,000,000	-46,000,000	-40,000,000	-46,000,000	-47,000,000	-41,000,000	32,000,000	-59,000,000	-39,315,000	-48,690,000	-29,624,000	-26,371,000	-41,507,000	-20,185,000	-34,282,000	-15,586,000	-25,138,000	-12,077,000	-9,635,000	-7,826,000	-12,140,000	-11,721,000	-11,806,000	-18,126,000	-15,118,000	-32,980,000	-25,075,000	-20,359,000
net cash from investing activities	3,006,000,000	619,000,000	-2,238,000,000	-2,490,000,000	358,000,000	-6,822,000,000	-5,836,000,000	-7,604,000,000	-1,229,000,000	-13,014,000,000	-7,490,000,000	-5,794,000,000	661,000,000	-3,391,000,000	-1,510,000,000	-1,247,000,000	6,188,000,000	3,696,000,000	-5,575,000,000	996,000,000	2,397,000,000	-3,055,000,000	-6,030,000,000	-4,421,000,000	-1,768,000,000	-5,814,000,000	-3,036,000,000	-2,645,000,000	916,000,000	-3,089,000,000	-4,103,000,000	-1,568,000,000	-17,000,000	-2,291,000,000	-2,007,000,000	-1,578,000,000	982,000,000	-2,294,000,000	3,253,000,000		2,625,000,000	-3,652,452,000	-318,346,000	-2,852,518,000	1,130,316,000	-4,139,953,000	-2,246,120,000	-1,635,963,000	-99,514,000	-4,144,037,000	-1,119,129,000	1,654,729,000	-1,114,515,000					-3,861,660,000	-1,893,889,000	200,591,000	-576,004,000
cash flows from financing activities
net change in short-term borrowings				0	-750,000,000					0	-1,800,000,000	1,800,000,000	-1,750,000,000
net change in deposits	1,173,000,000	-2,883,000,000	1,490,000,000	-2,090,000,000	1,488,000,000	4,902,000,000	5,021,000,000	3,239,000,000	4,088,000,000	8,726,000,000	6,475,000,000	3,925,000,000	82,000,000
maturities and repayment of securitized debt	-1,250,000,000		-1,153,000,000	-1,329,000,000	-4,000,000	-5,000,000	-304,000,000	-5,000,000	-1,180,000,000	-1,829,000,000	-5,000,000	-5,000,000	-2,556,000,000	-6,000,000	-1,806,000,000	-1,632,000,000	-7,000,000	-557,000,000	-1,308,000,000	-1,157,000,000	-509,000,000	-9,000,000	-2,208,000,000	-1,210,000,000	-2,860,000,000	-559,000,000	-1,551,000,000	-543,000,000	-1,794,000,000	-1,244,000,000	-1,064,000,000	-1,726,000,000	-925,000,000	-1,376,000,000	-77,000,000	-986,000,000	-980,000,000	-888,000,000	-1,083,000,000	-1,141,000,000	-899,000,000	-103,960,000	-2,904,264,000	-633,908,000	-109,868,000
maturities and repayments of other long-term borrowings	-506,000,000	-1,026,000,000	-750,000,000	0	-1,000,000	-532,000,000	-1,005,000,000	-3,000,000	-800,000,000
proceeds from issuance of common stock	4,000,000	3,000,000	3,000,000	4,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	2,000,000	3,000,000	2,000,000	2,000,000	2,000,000	3,000,000	2,000,000	3,000,000	2,000,000	3,000,000	2,000,000	1,000,000	2,000,000	2,000,000	2,000,000	1,000,000	2,000,000	1,000,000	2,000,000	1,000,000	2,000,000	1,000,000	1,000,000	2,000,000	0	4,000,000	1,000,000	2,000,000	1,000,000	-7,000,000	5,000,000	9,769,000	1,629,000	12,171,000	2,431,000	4,718,000	10,775,000	6,222,000	931,000
purchases of treasury stock	-29,000,000	-21,000,000	-8,000,000	-26,000,000	-28,000,000	-1,000,000	-4,000,000	-701,000,000	-1,232,000,000	-602,000,000	-212,000,000	-601,000,000	-944,000,000	-773,000,000	-815,000,000	-553,000,000	-119,000,000	-5,000,000	0	0	-343,000,000	-401,000,000	-419,000,000	-461,000,000	-487,000,000	-465,000,000	-460,000,000	-556,000,000	-584,000,000	-555,000,000	-556,000,000	-450,000,000	-520,000,000	-478,000,000	-581,000,000	-426,000,000	-423,000,000	-425,000,000	-420,000,000	-614,000,000	-261,000,000	-402,104,000	-352,429,000	-447,171,000	-14,296,000	-227,236,000	-202,462,000	-94,000	-5,004,000				-5,383,000	-1,037,000	-3,751,000	-436,000	-6,161,000	-1,090,000	-2,762,000	-1,993,000	-993,000
dividends paid on common and preferred stock	-194,000,000	-192,000,000	-192,000,000	-193,000,000	-194,000,000	-192,000,000	-193,000,000	-192,000,000	-175,000,000	-179,000,000	-181,000,000	-183,000,000	-160,000,000	-162,000,000	-164,000,000	-151,000,000	-159,000,000	-152,000,000	-135,000,000	-151,000,000	-138,000,000	-153,000,000	-141,000,000	-145,000,000	-134,000,000	-151,000,000	-137,000,000	-122,000,000	-142,000,000	-137,000,000	-139,000,000	-124,000,000	-127,000,000	-128,000,000	-132,000,000	-125,000,000	-129,000,000	-135,000,000	-119,000,000	-173,000,000	-79,000,000					-39,861,000	-29,211,000	-29,475,000	-11,026,000	-10,976,000	-10,958,000	-22,206,000	-26,291,000	-26,297,000	-25,070,000
net cash from financing activities	-802,000,000	-4,923,000,000	140,000,000	-3,634,000,000	514,000,000	6,441,000,000	4,036,000,000	4,578,000,000	704,000,000	7,866,000,000	6,270,000,000	6,010,000,000	-4,084,000,000	633,000,000	-3,731,000,000	-4,607,000,000	-611,000,000	-1,829,000,000	-799,000,000	1,373,000,000	170,000,000	2,443,000,000	-30,000,000	-1,017,000,000	-499,000,000	3,589,000,000	2,120,000,000	-120,000,000	1,557,000,000	1,522,000,000	2,850,000,000	-1,664,000,000	2,253,000,000	837,000,000	2,149,000,000	-598,000,000	423,000,000	475,000,000	214,000,000	695,000,000	1,366,000,000	458,889,000	787,455,000	1,157,335,000	1,324,321,000	2,234,671,000	1,874,612,000	-739,361,000	-1,106,877,000	160,855,000	-1,563,464,000	-5,356,026,000	-312,985,000	3,132,129,000	793,714,000	142,117,000	1,344,504,000	1,919,025,000	2,121,009,000	-829,538,000	-175,053,000
net increase in cash, cash equivalents and restricted cash	4,336,000,000	-2,324,000,000			2,715,000,000	2,495,000,000	589,000,000	-1,519,000,000	1,266,000,000	-2,973,000,000	399,000,000	1,828,000,000	-1,689,000,000	-1,416,000,000	-3,620,000,000	-4,306,000,000	7,085,000,000	3,500,000,000	-5,078,000,000	3,956,000,000	4,247,000,000	852,000,000	-5,241,000,000	-3,860,000,000	68,000,000	-1,464,000,000	690,000,000	-1,179,000,000	3,711,000,000
cash, cash equivalents and restricted cash, at the beginning of the period	8,499,000,000	0	0	0	11,728,000,000	0	0	0	8,897,000,000	0	0	0	11,332,000,000		0
cash, cash equivalents and restricted cash, at the end of the period	12,835,000,000	-2,324,000,000	-74,000,000	-3,546,000,000	14,443,000,000	2,495,000,000	589,000,000	-1,519,000,000	10,163,000,000	-2,973,000,000	399,000,000	1,828,000,000	9,643,000,000		-3,620,000,000
reconciliation of cash, cash equivalents and restricted cash
cash and cash equivalents	11,865,000,000	-2,313,000,000	-78,000,000	-3,139,000,000	14,004,000,000	2,491,000,000	589,000,000	-1,525,000,000	10,130,000,000	-1,148,000,000	-1,435,000,000	1,814,000,000	9,625,000,000	-3,966,000,000	-2,729,000,000	-4,903,000,000	20,348,000,000	4,051,000,000	-5,625,000,000	5,110,000,000	10,028,000,000	849,000,000	-4,238,000,000	-4,856,000,000	15,169,000,000	-2,720,000,000	730,000,000	-1,722,000,000	17,011,000,000
restricted cash	970,000,000	-11,000,000	4,000,000	-407,000,000	439,000,000	4,000,000	0	6,000,000	33,000,000	-1,825,000,000	1,834,000,000	14,000,000	18,000,000	2,550,000,000	-891,000,000	597,000,000	326,000,000	-551,000,000	547,000,000	-1,154,000,000	1,183,000,000	3,000,000	-1,003,000,000	996,000,000	44,000,000	1,256,000,000	-40,000,000	543,000,000	87,000,000
gains related to loans sold
decrease (increase) in other assets		-35,000,000							133,000,000									-94,000,000	-176,000,000	-41,000,000	429,000,000												181,000,000		15,000,000										5,450,000
increase in accrued expenses and other liabilities				250,000,000	465,000,000	929,000,000	622,000,000	-425,000,000	-387,000,000	768,000,000	11,000,000	82,000,000	219,000,000	51,000,000	190,000,000	49,000,000	120,000,000	294,000,000	-46,000,000	167,000,000	-279,000,000	86,000,000	-727,000,000	28,000,000	822,000,000	-711,000,000				581,000,000			-338,000,000				189,000,000			359,000,000	617,000,000	101,374,000	205,147,000	-145,409,000	187,888,000	242,694,000	-320,729,000	57,968,000	369,669,000	212,177,000	-783,960,000	429,368,000	110,896,000	-90,173,000	-217,471,000	515,444,000	-753,360,000	269,754,000	805,542,000	57,317,000	40,155,000
purchases of other short-term investments		-4,636,000,000																0	-5,498,000,000			0	0	0	-1,000,000,000										0								0							0	0
proceeds from the sale of loans originated for investment		9,125,000,000
proceeds from the sale of available for sale securities
proceeds from sale of premises and equipment		0	0																																							485,000	0	0	515,000	3,000,000
proceeds from issuance of securitized debt						-2,000,000	-5,000,000			994,000,000	1,991,000,000	1,393,000,000	1,242,000,000	-4,000,000								1,492,000,000	793,000,000	-7,000,000	1,241,000,000	1,690,000,000	892,000,000	518,000,000	1,666,000,000	817,000,000	1,290,000,000	1,662,000,000	1,290,000,000	44,000,000	1,193,000,000	842,000,000	991,000,000	800,000,000	950,000,000	1,799,000,000	1,700,000,000	750,383,000	3,099,844,000	1,000,000,000	999,773,000	1,200,000,000	1,000,000,000	1,000,000,000	500,000,000	800,000,000	0
maturities, repayments and transfers of securitized debt
proceeds from issuance of other long-term borrowings						1,518,000,000												0	-1,000,000	-1,000,000	496,000,000	-1,000,000	746,000,000	-1,000,000	596,000,000	-2,000,000	1,391,000,000	22,000,000	822,000,000	29,000,000	48,000,000	45,000,000	1,005,000,000	22,000,000	1,027,000,000	35,000,000	38,000,000	1,250,000,000	499,000,000	398,000,000	750,000,000										0
supplemental disclosures of cash flow information:
cash paid during the period for:
interest expense																																								188,000,000	231,000,000	304,874,000	260,207,000	347,356,000	290,563,000	297,059,000	310,307,000	351,306,000	383,757,000	326,870,000	359,895,000	395,362,000	369,924,000	336,885,000	285,875,000	316,322,000	327,345,000	307,295,000	279,289,000	329,769,000	389,201,000
income taxes, net of income tax refunds																																								267,000,000	113,000,000	333,226,000	315,775,000	606,006,000	45,993,000	270,752,000	258,284,000	338,867,000	38,209,000	57,018,000	55,038,000	42,848,000	14,141,000	382,162,000	232,949,000	299,085,000	-208,000	437,701,000	104,042,000	130,922,000	-1,902,000
gain related to loans sold
supplemental disclosures of non-cash information:
net transfers from loans held-for-investment to loans held-for-sale			-1,661,000,000
proceeds from the sale of other real estate owned
net decrease in cash, cash equivalents and restricted cash
net incomees (gains) on investments and other assets																	10,000,000
proceeds from issuance of preferred stock																		0	0
cash paid during the period for
net unrealized and realized losses (gains) on investments and other assets											20,000,000
proceeds from the sale of available-for-sale securities
cash flows used for by financing activities
maturities and repayment of other long-term borrowings											0				-759,000,000	0	-163,000,000	-1,000,000	-1,000,000	-1,752,000,000	-1,000,000	-200,000,000	-79,000,000	-4,000,000	-3,000,000	-1,000,000,000	-3,000,000	-2,000,000	-751,000,000	-1,000,000	-2,000,000
net unrealized and realized losses on investments and other assets													173,000,000
amortization of deferred revenues and accretion of accretable yield on acquired loans																		-75,000,000	-80,000,000	-79,000,000	-86,000,000	-110,000,000	-110,000,000	-100,000,000	-101,000,000	-101,000,000	-104,000,000	-97,000,000	-101,000,000	-100,000,000	-104,000,000	-97,000,000	-98,000,000	-97,000,000	-100,000,000	-100,000,000	-98,000,000	-108,000,000	-113,000,000
net unrealized and realized (gains) losses on investments and other assets
net principal (disbursed) repaid on loans originated for investment														-4,319,000,000
net increase in short-term borrowings																																						-22,000,000	53,000,000	219,000,000	-37,000,000	33,861,000	250,139,000	0	-50,000,000	-50,000,000	0	0	100,000,000								1,875,000,000				-208,973,000
net increase in deposits														-174,000,000	-1,920,000,000	-2,274,000,000	-165,000,000	-1,117,000,000	644,000,000	3,938,000,000	663,000,000	1,714,000,000	1,276,000,000	809,000,000	1,146,000,000	4,075,000,000	1,986,000,000	562,000,000	2,338,000,000	2,624,000,000	3,271,000,000	-671,000,000	1,529,000,000	2,751,000,000	719,000,000	58,000,000	925,000,000	-107,000,000	333,000,000	205,000,000	187,000,000	-162,115,000	744,430,000	1,394,210,000	562,475,000	1,994,154,000	2,345,128,000	360,189,000	442,435,000	166,577,000	-775,170,000	-1,006,336,000	2,958,602,000	2,526,200,000	420,274,000	818,662,000	-192,616,000	1,567,911,000	2,188,426,000	-161,987,000	221,807,000
cash, cash equivalents and restricted cash, at beginning of period																	13,589,000,000	0	0	0	6,964,000,000	0	0	0	15,145,000,000	0	0	0	13,387,000,000
cash, cash equivalents and restricted cash, at end of period																	20,674,000,000	3,500,000,000	-5,078,000,000	3,956,000,000	11,211,000,000	852,000,000	-5,241,000,000	-3,860,000,000	15,213,000,000	-1,464,000,000	690,000,000	-1,179,000,000	17,098,000,000
net unrealized and realized gains on investments and other assets															177,000,000
net principal repaid on loans originated for investment																-1,717,000,000	3,642,000,000				2,268,000,000				1,148,000,000								1,010,000,000				1,793,000,000		2,129,000,000
proceeds from sale of other investments																			0	42,000,000	52,000,000
net (gains) losses on investments and other assets
net principal repaid (disbursed) on loans originated for investment																		-2,271,000,000	-298,000,000
proceeds from returns of investment																														0	3,000,000
supplemental disclosures of cash flow information
net (gain) loss on investments and other assets																			11,000,000	-28,000,000	-23,000,000
cash flows used for investing activities
adjustments to reconcile net income to net cash from operating activities
changes in assets and liabilities
benefit from loan losses																						836,000,000	799,000,000	787,000,000	809,000,000	800,000,000	742,000,000	742,000,000	751,000,000	679,000,000	674,000,000	640,000,000	586,000,000	578,000,000	445,000,000	412,000,000	424,000,000	306,000,000	390,000,000	711,000,000	159,000,000	337,599,000	126,288,000	232,584,000	151,529,000	320,587,000	99,514,000	175,540,000	417,709,000	382,670,000	712,565,000	724,264,000	1,387,206,000	399,732,000	380,999,000	643,861,000	937,813,000	714,175,000	364,838,000	212,135,000	324,477,000
net income on investments and other assets																						7,000,000	9,000,000	11,000,000	10,000,000	12,000,000	11,000,000	11,000,000	11,000,000
net principal disbursed on loans originated for investment																						-3,996,000,000	-2,898,000,000			-4,162,000,000	-2,679,000,000	-2,598,000,000	959,000,000	-4,246,000,000	-2,905,000,000			-3,988,000,000						-4,343,000,000	2,102,000,000	-1,552,313,000	-1,909,550,000	-928,728,000	305,591,000
payments on redemption of preferred stock
decrease in other assets																												-61,000,000	251,000,000
reconciliation of cash, cash equivalents and restricted cash:
net gain on investments and other assets
proceeds from sale of mortgage loans originated for sale																																						1,149,000,000	1,083,000,000	-742,000,000	1,249,000,000	1,247,185,000
net principal disbursed on mortgage loans originated for sale																																						-1,092,000,000	-1,110,000,000	501,000,000	-1,156,000,000	-1,238,323,000
maturities and sales of available-for-sale investment securities																																	52,000,000	63,000,000	608,000,000	513,000,000	158,000,000	69,000,000	1,188,000,000	96,000,000	1,015,000,000	224,551,000	468,559,000	598,664,000	491,226,000	540,955,000	164,956,000	288,553,000	332,954,000				68,214,000
decrease in restricted cash																																													924,513,000
net purchases of premises and equipment
proceeds from sale of subsidiaries
net decrease in short-term borrowings
net increase in cash and cash equivalents																														57,000,000	299,000,000	-2,213,000,000	3,249,000,000	-162,000,000	1,459,000,000	-1,518,000,000	2,563,000,000	-1,219,000,000	4,530,000,000	-2,309,000,000	5,483,000,000	-2,311,767,000							72,692,000	-2,817,358,000				2,192,477,000	1,133,417,000	970,617,000	-1,446,935,000	-311,576,000	1,533,954,000	114,590,000	47,080,000
cash and cash equivalents, at beginning of period																														0	0	0	11,914,000,000	0	0	0	9,572,000,000	0	7,284,000,000	3,970,000,000	2,584,000,000	157,000	0	0	2,849,843,000	0	0	0	5,098,733,000		0	0	13,020,719,000		0	0	10,171,143,000		0	0	8,787,095,000
cash and cash equivalents, at end of period																														57,000,000	299,000,000	-2,213,000,000	15,163,000,000	-162,000,000	1,459,000,000	-1,518,000,000	12,135,000,000	-1,219,000,000	11,814,000,000	1,661,000,000	8,067,000,000	-2,311,610,000	1,125,541,000	-1,203,083,000	6,315,152,000	-1,107,682,000	184,565,000	-1,398,465,000	5,171,425,000		-2,419,638,000	-2,392,592,000	12,728,321,000		1,133,417,000	970,617,000	8,724,208,000		1,533,954,000	114,590,000	8,834,175,000
increase in restricted cash																															-1,186,000,000	1,007,000,000	-1,005,000,000				-911,000,000	-645,000,000	-3,000,000		-192,000,000
net income investments and other assets																																13,000,000	14,000,000
net gain on origination and sale of loans, investments, and other assets
net gain on origination and sale of loans, investments and other assets																																			14,000,000	13,000,000	13,000,000	-13,000,000	-36,000,000
decrease (increase) in restricted cash
depreciation and amortization on premises and equipment																																								43,000,000	25,000,000	24,069,000	24,362,000	23,594,000	22,975,000	23,116,000	22,281,000	21,951,000	22,042,000	21,036,000	21,858,000	22,583,000	23,689,000	24,539,000	24,257,000	24,189,000	24,945,000	26,151,000	25,379,000	25,866,000	29,755,000
other depreciation and amortization																																								79,000,000	43,000,000	274,927,000	-28,792,000	-35,650,000	-38,485,000	-33,971,000	18,156,000	-32,466,000	-21,036,000	24,892,000	20,468,000	18,742,000	18,737,000	116,526,000	-5,635,000	-6,462,000	1,133,000	32,127,000	31,319,000	29,975,000	30,826,000
accretion of accretable yield on acquired loans																																								-55,000,000	-70,000,000
gain on investments																																								-1,000,000	-3,000,000					0
loss on equity method and other investments																																								16,000,000	4,000,000	2,939,000	3,207,000	2,431,000	2,423,000
loss on premises and equipment																																														0
gain on origination and sale of loans																																								46,000,000
stock-based compensation expense																																								15,000,000	17,000,000	10,892,000	11,864,000	10,712,000	13,532,000	10,087,000	11,050,000	10,765,000	11,875,000	7,527,000	8,631,000	9,630,000	11,293,000	9,372,000	9,649,000	14,145,000	11,083,000	13,602,000	16,253,000	23,153,000	39,550,000
elimination of credit card rewards program forfeitures
impairment of goodwill
loss on diners club italy business held for sale
proceeds from sale of student loans held for sale																																										-1,020,000
purchases of loan receivables																																									-133,000,000
purchase of net assets of a business																																										-114,000
repayment of long-term borrowings and bank notes																																										-319,000	0	0	-12,681,000									-64,913,000
payment of contingent consideration for purchase of net assets of a business, at fair value
premium paid on debt exchange																																										-176,507,000	0
non-cash investing and financing transactions:
initial fair value of contingent consideration paid for purchase of net assets of a business
assumption of debt by buyer related to loans sold																																										7,000	0	60,000	424,933,000
gain on premises and equipment
net cash provided (used) by investing activities
initial fair value of contingent consideration to be paid for purchase of net assets of a business																																										-541,000
(gain) loss on origination and sale of loans																																									-51,000,000
(gain) loss on investments																																										-25,972,000	0
gain on purchase of business																																														9,082,000	0	0	-15,917,000
purchase of business, net of cash acquired																																														0	0	-35,109,000	-366,049,000
decrease in restricted cash - special dividend escrow
increase in restricted cash - other
proceeds from acquisition of deposits																																																		0	0
redemption of preferred stock																																																		0	0
repurchase of warrant																																																		0
dividend paid to morgan stanley																																																	0	0	0
assumption of slc debt																																														0	0	0	2,921,372,000
special dividend - morgan stanley
(gain) loss on premises and equipment																																											0	0	-494,000
loss on sale of other assets																																											0	-1,000	315,000
(gain) on origination and sale of loans
(gain) on purchase of business
purchase of loan receivables																																											-107,826,000	-58,580,000	-223,669,000	-2,568,923,000	-131,266,000	-69,239,000	-395,658,000
purchase of other investments																																											-5,043,000	-13,322,000	-8,803,000
dividends paid on common stock																																											-51,894,000	-53,474,000	-53,513,000
non-cash transactions:
gain on loans sold and held for sale
proceeds from sale of loans held for sale																																												0	270,020,000
net decrease in cash and cash equivalents																																												-1,203,083,000	3,465,309,000		184,565,000					-2,392,592,000	-292,398,000
loss on loans sold and held for sale																																													518,000
post-closing adjustment payable - slc acquisition
(gain) loss on loans sold and held for sale
net principal disbursed on loans originated for sale																																																		4,874,000	-48,393,000
proceeds from sales of loans originated for sale
decrease in amounts due from asset securitization
proceeds from sale of loans originated for investment
proceeds from securitization
decrease (increase) in restricted cash—special dividend escrow																																																			0
decrease (increase) in restricted cash—other
proceeds from issuance of preferred stock and warrant
maturities of securitized debt																																														-630,539,000	-1,238,692,000	-2,057,109,000	-1,819,185,000	-750,000,000	-200,000,000	-5,217,545,000	-3,142,983,000
net decrease (increase) in cash and cash equivalents
acquisition of certificated beneficial interests in dcent and dcmt, net of maturities																																																						1,913,356,000
special dividend—morgan stanley																																																	0		0	0	33,757,000		-140,250,000
gain on loans sold
net change in loans originated for sale																																															18,301,000	9,978,000	21,440,000
proceeds from sale of loans held for investment
net principal disbursed on loans held for investment																																															-1,810,210,000	-1,257,410,000	-7,185,000	-1,054,011,000	-949,567,000	-794,358,000	-291,098,000	-1,751,620,000	-1,755,312,000	-667,054,000	-3,229,840,000	-3,761,626,000	-2,862,480,000	-1,693,211,000	-3,109,438,000
purchase of other investment
decrease in restricted cash—special dividend escrow																																																	0				643,311,000
decrease in restricted cash—for securitization investors																																															77,139,000				-6,584,000
maturities of other long-term borrowings																																															-10,926,000	-19,094,000	-315,028,000		-402,476,000	-116,270,000	-71,930,000
excess tax benefits related to stock-based compensation																																																			-184,000
gain on investment securities
gain on equipment																																																0	123,000				33,000		440,000	-49,000	-14,000
proceeds from sale of equipment																																																0	13,000	99,000	2,000			2,000	-266,000	374,000	1,139,000
cash paid during the year for:
(gain) loss on investment securities																																																	-141,000	0	-18,951,000	0	-180,000
decrease (increase) in restricted cash—for securitization investors																																																	884,950,000
post-closing adjustment payable—slc acquisition																																																	35,108,000
loss related to loans sold and held for sale
loss on sale of goldfish business																																																										12,621,000	1,013,000
(gain) loss on equipment
pension curtailment
increase in amounts due from asset securitization																																																						244,732,000	-169,238,000	79,647,000	386,408,000	414,259,000	57,779,000	230,010,000	103,244,000
decrease (increase) in restricted cash – special dividend escrow
decrease (increase) in restricted cash – for securitization investors
proceeds from the sale of goldfish business																																																										0	0
payments for business and other acquisitions, net of cash acquired																																																										-198,000
proceeds from issuance of long-term borrowings and bank notes
effect of exchange rate changes on cash and cash equivalents																																																										0	0	-1,092,000	-23,500,000
cash and cash equivalents, at beginning of year
cash and cash equivalents, at end of year
special dividend – morgan stanley
proceeds from sale of loans originated for sale
(gain) loss on sale of student loans
loss on disposal of equipment
income tax deficiency on stock-based compensation expense																																																			-2,042,000				-8,880,000	2,060,000	-11,674,000
proceeds from issuance of warrant
net (decrease) in short-term borrowings																																																											0
purchase of treasury stock																																																			-2,676,000
gain on disposal of equipment
(increase) in restricted cash—for securitization investors																																																					-2,437,239,000
proceeds from securitized debt																																																					750,000,000
dividends paid to morgan stanley																																																					-775,000,000
gains on sales of mortgages and installment loans
impairment of goldfish business
loss on investment securities																																																						0
loss on equipment
proceeds from securitization and sale of loans held for investment																																																						1,296,750,000	1,496,100,000			0	1,167,393,000	1,846,152,000	2,548,650,000
(increase) in restricted cash – special dividend escrow
proceeds from the issuance of preferred stock and warrant																																																						0	0
proceeds from the issuance of common stock																																																						-18,000
capital contributions from morgan stanley
capital contributions to morgan stanley
maturities of investment securities																																																							129,601,000	79,069,000	906,000	2,474,000	6,020,000	5,601,000	23,105,000
purchases of investment securities																																																							-126,335,000	-279,925,000	-73,897,000	-87,192,000	-11,762,000	-2,405,000	-17,962,000
(increase) in restricted cash—special dividend escrow
net cash (used for) investing activities																																																							-342,868,000	-556,699,000	-3,319,818,000
proceeds from the issuance of long-term borrowings
loss on investments securities																																																								1,012,000	805,000
increase in restricted cash—special dividend escrow
repayment of long-term debt and bank notes																																																								-5,263,000	-302,456,000	-118,597,000	-35,367,000	-85,965,000	-157,677,000
acquisition of certificated beneficial interests in dcent
impairment of disposal group																																																													172,469,000
dividends paid																																																									-29,263,000	-29,197,000	-29,288,000	-29,254,000	-29,217,000
cash paid (received) during the period for:
proceeds from sales of loans originated for sales
proceeds from issuance of long-term debt and bank notes
exchange of retained seller’s interest for certificated beneficial interests in dcent																																																										0	165,000,000	200,000,000	385,000,000
capital contributions (to) from morgan stanley
gains on sale of mortgages and installment loans
loss on investments																																																											5,325,000	31,280,000	1,184,000
payments for business and other acquisitions
impairment of goodwill and intangible assets
net proceeds from
business and other acquisitions

We provide you with 20 years of cash flow statements for Discover Financial Services stock, allowing you to gain comprehensive visibility into the fundamentals of the company. Our detailed breakdowns include key financial metrics such as operating cash flows, cash levels, capital expenditures, profits, stock-based compensations and profit margins. This in-depth information is essential for making informed investment decisions and understanding the financial health and performance of Discover Financial Services stock. Explore the full financial landscape of Discover Financial Services stock with our expertly curated income statements.

The information provided in this report about Discover Financial Services stock is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.