Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

See which workplaces made this year's list.

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Employees say:"At Discover, we value what makes each employee unique, and with our collaborative team-based culture we succeed together. In addition, work life balance is a leading factor. You don't have to give up your life outside of work. They embrace diversity through various employee resource groups and offer support."

Best Large Workplaces in Financial Services and Insurance

Fortune partners with global people analytics firm Great Place to Work to analyze survey feedback representing employees from companies across the U.S.

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Employees say:"I love the fact that they care so much about volunteering and getting involved in our communities. I'm able to participate in virtual volunteer events when there are no physical volunteer events in my area. I also love the fact that Discover will match any amount that we contribute to charity. I also believe that the training and orientation process is one-of-a-kind in that we all feel welcomed and like we can be ourselves. The trainers make training fun and enjoyable."

100 Best Large Workplaces for Millennials

Industries included in the sector are banks, insurance, and real estate companies.

Fortune Sector Leaders: Financials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

100 Best Companies 2024-Discover Financial Services

Discover Financial Services jumped 25 places from No. 81 on last year’s Best Companies list, just as the digital banking and payment services company announced a merger with Capital One in February. &nbsp;Partnering with an independent third-party consultant to monitor pay equity, Discover has worked to address payment disparities. Since 2018, women and minority employees earn, on average, $0.99 to $1.03 for every $1.00 a man or nonminority at the company earns.In 2022, Discover launched its Neurodivergent Connections program and actively recruited neurodivergent talent to the company.&nbsp; &nbsp;Discover’s Chatham Customer Care Center opened in 2021 and supported a Chicago initiative for businesses to bring jobs to underinvested areas. It employs more than 500 people, most of whom live in a five-mile radius of the center. Chatham has a goal to create 1,000 new jobs on Chicago’s South Side by the end of the year.

Fortune 100 Best Companies to Work For

The 200 companies on this list are transforming industries from the inside out.

Building a culture of trust and transparency is essential to help everyone thrive, especially in rocky economic times.

100 BEST COMPANIES 2023-Discover Financial Services

In its first year on the Best Places to Work For list, the financial services provider stands out because of its investments in employees’ careers and well-being. 
<ul> 
 	<li>Discover provides employees options to explore work beyond their jobs through “stretch” opportunities, or the ability to work and learn in a different department within the company separate from their day-to-day responsibilities.</li> 
 	<li>Employees are encouraged to dedicate time during the workday to participate in wellness-related programming, and the My Mental Health Matters Campaign is a monthlong series on mental health.</li> 
 	<li>The company launched a recruitment program focused on increasing neurodiverse talent in its workplace.</li> 
 	<li>“It doesn't feel like people or teams are competing, or hiding information that might help someone else,” says one employee. “I trust that if I reach out to anyone, they'll do as much as possible to help me with my question.”</li> 
</ul>

The 300 companies on this list are transforming industries from the inside out.

GPTW Financial Services & Insurance Large 2023-Discover Financial Services

Employees say: 
 
"I love working for Discover. I feel that I am valued as a person, and given opportunities to develop myself. There are development programs, trainings, and tuition assistance for schooling. Discover truly makes me feel empowered to better myself, regardless of the direction my career with them is going, even if that means someday seeking outside opportunities. I have managers who show me I'm more than a number, and want me to do my best and have a good work-life balance."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

GPTW Women 2022-Discover Financial Services

Employees say: 
 
“The overall atmosphere here is so different from anywhere else I have ever worked! EVERYONE cares about EVERYONE and EVERYONE helps and encourages EVERYONE to succeed! The culture here is so unique, it's refreshing and invigorating to work for a company that I actually look forward to coming to work every day! I know what I do is valued and making a difference here and that is NOT something you find too often! Discover is the place to be!”

100 Best Large Workplaces for Women

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-233-Discover Financial Service

The financial services company owns and operates Discover Bank, offering credit cards, banking, and payment services.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-231-Discover

The parent of the Discover and Diners Club cards is a direct bank and payment services company that offers consumer banking and lending.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 62nd running of the list.

The second annual ranking of the best employers for workers 35 and under.

best workplaces for millennials 2016- Discover Financial Services

"Since the minute I walked into the doors of Discover, I felt a presence of appreciation and people here didn't even know me. I felt like these people wanted me to work for them, I felt wanted, to this day I still feel this way. I feel comfortable here and I've enjoyed the comfortable environment. What I've witnessed here is that people get the recognition they deserve. It makes you feel like you want to keep achieving more and more. They celebrate more than just your birthday so it feels like more than work. We still focus on our work and what needs to be done but we also get the chance to hang around and celebrate with our co-workers," says a millennial worker. 
 
&nbsp; 
 
According to another millennial employee, "When I started working here I was very scared. I thought i was going to make mistakes left and right but i was wrong. Our training program helped me get to where I am today. Our leaders push our boundaries to the limits to achieve what we don't think we can't achieve. The people Discover finds/hires bring out greater qualities in each and every single one of us. If one of us struggles we try and help each other out because Discover is my family outside of my family. I love this job because of our coworkers and thats reflected in out customer service. I am truly honored to be a Discover employee and for the chance to provide for my family because of Discover. THANK YOU DISCOVER!" 
 
&nbsp; 
 
Read the .

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Company Info

Industry

Industry Rank

Previous Industry Rank

Overall Score

Location

Website

Fortune 500 Rank

Fortune 500 Profile

Key Attributes Of Reputation

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Best Companies

Rank last year

Years on list

U.S. employees

U.S. job openings

Year founded

Benefits

100% health coverage

Subsidized childcare

Compressed work weeks

Option to work remotely

Minimum requirement in-office attendance (days per week)

Percentage of health care premiums covered

Mental health coverage

Free mental health sessions (per year)

Free backup childcare time off (days)

Maximum $ amount covered for fertility services

Fully paid maternal leave (days)

Fully paid paternal leave (days)

Fully paid adoptive leave (days)

Maternal leave in addition to regular time off (days)

Paid days off for volunteering

Best Workplaces In Financial Services And Insurance

Founded

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Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

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Total Return

Total Return to Investors (last year)

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Total Return to Investors (10 year, annualized)

Discover Financial Services, a digital banking and payment services company, was acquired by Capital One Financial in May 2025. The company is best known for its Discover card and suite of direct-to-consumer digital banking services. Discover was incorporated in 1960.

Q1 2025

Q4 2024

Discover Company Profile, Stock Price, News, Rankings

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Discover

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Please stand by. Your program is about to begin. If you need audio assistance during today's program, Good morning. My name is Margo, and I will be your operator today. At this time, I would like to welcome everyone to the First Quarter twenty twenty five Discover Financial Services Earnings Conference Call.

All lines have been placed on mute to prevent any background noise.

you, operator. I'll begin by referencing Slide two of our earnings presentation, which you can find in the Financials section of our Investor Relations website, investorrelations.discover.com. Our discussion today contains certain forward looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward looking statements that appear in our first quarter twenty twenty five earnings press release and presentation as well as the risk factors detailed in our annual report and other filings with the SEC. Our call today will include remarks from our Interim CEO and President, Michael Shepherd and John Green, our Chief Financial Officer.

There will be no question and answer session following today's remarks. It is now my pleasure to turn the call over to Michael.

Thank you, Erin. Good morning, and welcome to today's call. I'd like to begin by providing a few brief comments about the merger with Capital One. Of course, we're very pleased to report that the Federal Reserve Board and the Office of the Comptroller of the Currency approved our merger with Capital One. These decisions follow the approval of the transaction by the Delaware State Bank Commissioner in December of last year and by our shareholders in February of this year with over 99% of the ballots cast voting in favor of the merger.

The transaction is expected to close on 05/18/2025 subject to the satisfaction of the customary closing conditions. We look forward to completing the merger and believe the combination of our two great companies will increase competition in payment networks, offer a wider range of products to our customers, increase the resources devoted to innovation and security, as well as bring meaningful benefits to our communities and shareholders. Shifting focus to our recently reported quarterly results, Discover's financial performance remained strong in the first quarter. Earnings per share increased by 31% compared to last year, driven by a healthy net interest margin and good credit performance. Discover customer behavior was stable, evidenced by spend, payment and credit trends.

The card thirty plus day delinquency rate decreased by 18 basis points compared to last quarter and the card net charge off rate improved year over year. Consequently, our acquisition and underwriting strategies did not change materially during In light of increasing macroeconomic uncertainty, we are closely monitoring economic developments and consumer health. With that, I'll now ask John Green to review our first quarter financial results.

Thank you, Michael. I'll start with our summary financial results on Slide four. In the first quarter, we reported net income of $1,100,000,000 which was up 30% from the prior year. Provision expense declined by $253,000,000 reflecting a reduction in our credit reserve balance and lower net charge offs. Net interest income increased by $71,000,000 from continued net interest margin expansion.

Let's review the details beginning with revenue on Slide five. Our net interest margin ended the quarter at 12.18%, up 115 basis points from the prior year and up 22 basis points sequentially. Over the past year, margin expansion has been driven by the student loan sale, a lower card promotional balance mix and a reduction in consumer deposit pricing. Quarter over quarter, the main driver was lower deposit cost. Card receivables were relatively stable, down 05% year over year from modestly lower sales.

The payment rate increased 10 basis points from last year and was sequentially flat. Discover card sales were down 2% compared to the prior year. The decline in card sales was from past credit tightening actions. Personal loan balances were flat. Although demand remains robust, our conservative underwriting posture and increased competition has slowed the pace of new originations.

Total loans after adjusting for the student loan sale increased 1% from last year. Average consumer deposits were up 6% year over year and 1% sequentially. We grew direct to consumer deposit balances by $2,000,000,000 in the quarter while reducing average deposit rates by 22 basis points. Direct to consumer deposits now account for 74% of total funding. Looking at other revenue on Slide six.

Non interest income increased $20,000,000 or 3% driven by an increase in net discount and interchange revenue. The rewards rate was 140 basis points in the period, an increase of one basis point driven by higher spend in the 5% category, which was largely offset by lower cash back match. Sequentially, the rewards rate was up five basis points from changes in the promotional category. Moving to expenses on Slide seven. Total operating expenses were up $19,000,000 or 1% year over year.

Looking at our major expense categories, compensation costs increased $64,000,000 or 10% primarily due to higher wages and benefits and proactive employee retention actions. Information processing increased $17,000,000 or 10% as a result of technology investments related to software and increased systems usage. And other expenses decreased $59,000,000 from a $45,000,000 reduction in anticipated civil penalties and a $20,000,000 decline in legal fees. Moving to credit performance on Slide eight. Total net charge offs were 4.99%, seven basis points higher than the prior year and up 35 basis points from the prior quarter.

Excluding the impact of the student loan sale, the net charge off rate would have been down 24 basis points year over year. In card, net charge offs increased 44 basis points from the prior quarter, primarily driven by normal seasonal trends. The thirty plus day delinquency rate continued to improve, declining in the quarter after plateauing in the second half of twenty twenty four. Personal loan net charge offs and delinquencies were stable compared to last quarter. Delinquency formation, vintage performance and portfolio trends remained positive.

Turning to the allowance for credit losses on Slide nine. Our credit reserve balance decreased $215,000,000 from the prior quarter. The reserve rate was relatively unchanged at 6.91%, up four basis points. Looking at Slide 10. Our common equity Tier one ratio for the period was 14.7%, up 60 basis points compared to the prior quarter, driven by core earnings generation, partially offset by the impact of the final CECL phase in, which reduced capital by approximately 43 basis points.

We declared a quarterly cash dividend of $0.70 per share of common stock because the planned closing of the merger with Capital One is May 18, we expect that holders of the Discover's common stock will not receive any Discover dividend, but will instead receive any dividend declared on shares of Capital One common stock if they are holders of record of Capital One stock as of the applicable record date. As it relates to 2025 trends, we have elected not to provide an update due to our upcoming merger. In summary, our fundamental performance in the first quarter was strong, underscored by our robust net interest margin, strong credit performance and healthy capital and liquidity levels. Given the recent merger approval and anticipated closing date, this is likely Discover Financial Services' final earnings call. I want to take this opportunity to thank the covering analysts and our shareholders for your support over the years and for your support of our merger with Capital One.

We wish you all the best. With that, I'll turn the call back over to the operator.

Today's call has ended. Thank you for joining. You may now disconnect.

Discover Q1 2025 Earnings Call Transcript

Company Participants