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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K ( Mark One ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31 , 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33378 DISCOVER FINANCIAL SERVICES ( Exact name of registrant as specified in its charter ) Delaware ( State or other jurisdiction of incorporation or organization ) 36-2517428 ( 224 ) 405-0900 ( Registrant's telephone number , including area code ) Securities registered pursuant to Section 12 ( b ) of the Act : Trading Symbol ( s ) . Name of each exchange on which registered New York Stock Exchange Title of each class Common Stock , par value $ 0.01 per share DFS No No 区 Securities registered pursuant to Section 12 ( g ) of the Act : None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes > Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Exchange Act . Yes Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes > No ( I.R.S. Employer Identification No. ) 2500 Lake Cook Road , Riverwoods , Illinois 60015 ( Address of principal executive offices , including zip code ) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( §232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes > No Non - accelerated Filer Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , or a smaller reporting company . See the definitions of " large accelerated filer , " " accelerated filer " and " smaller reporting company " in Rule 12b - 2 of the Exchange Act . Large Accelerated Filer X Accelerated Filer Smaller Reporting Company Emerging Growth Company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . Yes Indicate by check mark whether the registrant has filed a report on and attestation of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . No > The aggregate market value of the common equity held by non - affiliates of the registrant on the last business day of the registrant's most recently completed second fiscal quarter was approximately $ 15,308,066,731 . As of February 12 , 2021 , there were 306,691,722 shares of the registrant's Common Stock , par value $ 0.01 per share , outstanding . DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive proxy statement for its annual stockholders ' meeting to be held on May 05 , 2021 are incorporated by reference in Part III of this Form 10 - K .