Subtext

Discover Financial Services DFS

SectorFinancials
Transcripts67
Date range2008-03-19 – 2025-04-24
Calls charted67

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162008 Q12010 Q22013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22008 Q1 · Overall: -1.52008 Q2 · Overall: -4.62008 Q3 · Overall: -4.02008 Q4 · Overall: -6.22009 Q1 · Overall: -5.42009 Q2 · Overall: -3.52009 Q3 · Overall: +0.32009 Q4 · Overall: +1.32010 Q1 · Overall: -1.42010 Q2 · Overall: +5.52011 Q1 · Overall: +1.52011 Q2 · Overall: +2.82011 Q3 · Overall: +0.12011 Q4 · Overall: +2.32012 Q1 · Overall: +2.62012 Q2 · Overall: -1.02012 Q3 · Overall: +3.12012 Q4 · Overall: +5.72013 Q1 · Overall: +6.22013 Q2 · Overall: +2.72013 Q3 · Overall: +2.42013 Q4 · Overall: +2.82014 Q1 · Overall: +4.32014 Q2 · Overall: +8.52014 Q3 · Overall: +5.42014 Q4 · Overall: -0.52015 Q1 · Overall: +1.52015 Q2 · Overall: +5.62015 Q3 · Overall: +3.72015 Q4 · Overall: +4.42016 Q1 · Overall: +6.82016 Q2 · Overall: +4.72016 Q3 · Overall: +4.12016 Q4 · Overall: +11.42017 Q1 · Overall: +8.22017 Q2 · Overall: -0.52017 Q3 · Overall: +1.22017 Q4 · Overall: +3.62018 Q1 · Overall: +4.52018 Q2 · Overall: +6.02018 Q3 · Overall: +2.62018 Q4 · Overall: +5.72019 Q1 · Overall: +6.42019 Q2 · Overall: +6.12019 Q3 · Overall: +5.32019 Q4 · Overall: +4.92020 Q1 · Overall: -11.92020 Q2 · Overall: -2.02020 Q3 · Overall: +5.52020 Q4 · Overall: +1.12021 Q1 · Overall: +6.32021 Q2 · Overall: +13.62021 Q3 · Overall: +7.32021 Q4 · Overall: +7.92022 Q1 · Overall: +9.72022 Q2 · Overall: +1.32022 Q3 · Overall: +4.22022 Q4 · Overall: -5.52023 Q1 · Overall: -0.42023 Q2 · Overall: +5.22023 Q3 · Overall: -1.02023 Q4 · Overall: +0.82024 Q1 · Overall: -3.22024 Q2 · Overall: -1.72024 Q3 · Overall: +10.72024 Q4 · Overall: +12.42025 Q1 · Overall: +4.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-49-24+0+24+492008 Q12010 Q22013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22008 Q1 · CEO: +5.32008 Q2 · CEO: +1.02008 Q3 · CEO: +1.72008 Q4 · CEO: -1.42009 Q1 · CEO: -8.02009 Q2 · CEO: +0.02009 Q3 · CEO: +4.92009 Q4 · CEO: +12.32010 Q1 · CEO: +2.82010 Q2 · CEO: +10.62011 Q1 · CEO: +11.32011 Q2 · CEO: +11.62011 Q3 · CEO: +8.22011 Q4 · CEO: +12.12012 Q1 · CEO: +10.62012 Q2 · CEO: +11.82012 Q3 · CEO: +12.92012 Q4 · CEO: +16.72013 Q1 · CEO: +18.22013 Q2 · CEO: +10.52013 Q3 · CEO: +18.12013 Q4 · CEO: +9.32014 Q1 · CEO: +11.82014 Q2 · CEO: +14.32014 Q3 · CEO: +11.92014 Q4 · CEO: +8.42015 Q1 · CEO: +10.72015 Q2 · CEO: +10.52015 Q4 · CEO: +13.52016 Q1 · CEO: +8.52016 Q2 · CEO: +10.42016 Q3 · CEO: +19.72016 Q4 · CEO: +19.22017 Q1 · CEO: +21.42017 Q2 · CEO: +18.12017 Q3 · CEO: +4.62017 Q4 · CEO: +11.32018 Q1 · CEO: +17.32018 Q2 · CEO: +18.02018 Q3 · CEO: +13.12018 Q4 · CEO: +15.82019 Q1 · CEO: +19.22019 Q2 · CEO: +29.32019 Q3 · CEO: +19.92019 Q4 · CEO: +21.12020 Q1 · CEO: -8.22020 Q2 · CEO: +2.52020 Q3 · CEO: +17.52020 Q4 · CEO: +13.42021 Q1 · CEO: +14.22021 Q2 · CEO: +27.32021 Q3 · CEO: +17.82021 Q4 · CEO: +16.12022 Q1 · CEO: +17.52022 Q2 · CEO: +7.42022 Q3 · CEO: +1.82022 Q4 · CEO: +11.52023 Q1 · CEO: +7.12023 Q2 · CEO: +16.02023 Q3 · CEO: +20.12023 Q4 · CEO: +29.22024 Q1 · CEO: +19.12024 Q2 · CEO: +19.02024 Q3 · CEO: +30.52024 Q4 · CEO: +42.42025 Q1 · CEO: +25.22008 Q1 · CFO: -1.42008 Q2 · CFO: -3.92008 Q3 · CFO: -3.22008 Q4 · CFO: -7.32009 Q1 · CFO: -2.52009 Q2 · CFO: -0.32009 Q3 · CFO: +3.62009 Q4 · CFO: -5.72010 Q1 · CFO: -2.72010 Q2 · CFO: +7.62011 Q1 · CFO: +0.82011 Q2 · CFO: +4.32011 Q3 · CFO: -0.32011 Q4 · CFO: +0.02012 Q1 · CFO: +2.62012 Q2 · CFO: +0.62012 Q3 · CFO: +0.52012 Q4 · CFO: +2.72013 Q1 · CFO: +1.52013 Q2 · CFO: +0.72013 Q3 · CFO: -2.72013 Q4 · CFO: +5.12014 Q1 · CFO: +5.12014 Q2 · CFO: +5.62014 Q3 · CFO: +4.32014 Q4 · CFO: -2.12015 Q1 · CFO: +2.22016 Q1 · CFO: +8.22016 Q3 · CFO: +1.02016 Q4 · CFO: +10.52017 Q1 · CFO: +4.52017 Q2 · CFO: -3.42017 Q3 · CFO: +3.82017 Q4 · CFO: +3.62018 Q1 · CFO: +2.72018 Q2 · CFO: +6.42018 Q3 · CFO: +1.92018 Q4 · CFO: +4.52019 Q1 · CFO: +7.82019 Q2 · CFO: +4.22019 Q3 · CFO: +8.12019 Q4 · CFO: +4.62020 Q1 · CFO: -8.02020 Q2 · CFO: -0.82020 Q3 · CFO: +3.22020 Q4 · CFO: +2.52021 Q1 · CFO: +10.42021 Q2 · CFO: +15.82021 Q3 · CFO: +9.92022 Q2 · CFO: +7.12022 Q3 · CFO: +13.12022 Q4 · CFO: -3.12023 Q1 · CFO: +4.62023 Q3 · CFO: +4.02023 Q4 · CFO: +1.52024 Q1 · CFO: -10.72024 Q2 · CFO: -8.12024 Q3 · CFO: +3.82024 Q4 · CFO: +4.42025 Q1 · CFO: -2.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-35-18+0+18+352008 Q12010 Q22013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22008 Q1 · Prepared remarks: +3.32008 Q2 · Prepared remarks: +2.52008 Q3 · Prepared remarks: +2.92008 Q4 · Prepared remarks: -7.22009 Q1 · Prepared remarks: -1.12009 Q2 · Prepared remarks: +2.62009 Q3 · Prepared remarks: +9.32009 Q4 · Prepared remarks: +7.52010 Q1 · Prepared remarks: +0.02010 Q2 · Prepared remarks: +11.02011 Q1 · Prepared remarks: +5.82011 Q2 · Prepared remarks: +11.32011 Q3 · Prepared remarks: +7.32011 Q4 · Prepared remarks: +14.62012 Q1 · Prepared remarks: +9.72012 Q2 · Prepared remarks: +0.72012 Q3 · Prepared remarks: +2.22012 Q4 · Prepared remarks: +10.72013 Q1 · Prepared remarks: +5.12013 Q2 · Prepared remarks: +2.12013 Q3 · Prepared remarks: +0.02013 Q4 · Prepared remarks: +10.52014 Q1 · Prepared remarks: +11.62014 Q2 · Prepared remarks: +10.82014 Q3 · Prepared remarks: +12.32014 Q4 · Prepared remarks: +4.02015 Q1 · Prepared remarks: +3.02015 Q2 · Prepared remarks: +7.52015 Q3 · Prepared remarks: +8.42015 Q4 · Prepared remarks: +6.52016 Q1 · Prepared remarks: +9.92016 Q2 · Prepared remarks: +8.42016 Q3 · Prepared remarks: +13.22016 Q4 · Prepared remarks: +21.62017 Q1 · Prepared remarks: +20.42017 Q2 · Prepared remarks: +18.02017 Q3 · Prepared remarks: +12.02017 Q4 · Prepared remarks: +12.72018 Q1 · Prepared remarks: +7.52018 Q2 · Prepared remarks: +11.62018 Q3 · Prepared remarks: +14.72018 Q4 · Prepared remarks: +18.82019 Q1 · Prepared remarks: +16.92019 Q2 · Prepared remarks: +14.42019 Q3 · Prepared remarks: +23.22019 Q4 · Prepared remarks: +14.62020 Q1 · Prepared remarks: -4.82020 Q2 · Prepared remarks: +6.32020 Q3 · Prepared remarks: +7.82020 Q4 · Prepared remarks: +7.52021 Q1 · Prepared remarks: +16.32021 Q2 · Prepared remarks: +30.62021 Q3 · Prepared remarks: +18.22021 Q4 · Prepared remarks: +21.62022 Q1 · Prepared remarks: +10.82022 Q2 · Prepared remarks: +7.22022 Q3 · Prepared remarks: +5.12022 Q4 · Prepared remarks: +7.22023 Q1 · Prepared remarks: +5.02023 Q2 · Prepared remarks: +8.22023 Q3 · Prepared remarks: +8.82023 Q4 · Prepared remarks: +0.02024 Q1 · Prepared remarks: -2.42024 Q2 · Prepared remarks: -1.22024 Q3 · Prepared remarks: +11.52024 Q4 · Prepared remarks: +12.22025 Q1 · Prepared remarks: +4.32008 Q1 · Q&A responses: -0.72008 Q2 · Q&A responses: -5.62008 Q3 · Q&A responses: -4.52008 Q4 · Q&A responses: -1.82009 Q1 · Q&A responses: -6.92009 Q2 · Q&A responses: -1.82009 Q3 · Q&A responses: +1.52009 Q4 · Q&A responses: +1.82010 Q1 · Q&A responses: -0.22010 Q2 · Q&A responses: +6.72011 Q1 · Q&A responses: +1.82011 Q2 · Q&A responses: +5.92011 Q3 · Q&A responses: -0.42011 Q4 · Q&A responses: -0.42012 Q1 · Q&A responses: +2.02012 Q3 · Q&A responses: +7.72012 Q4 · Q&A responses: +8.02013 Q1 · Q&A responses: +9.92013 Q2 · Q&A responses: +5.82013 Q3 · Q&A responses: +6.42013 Q4 · Q&A responses: +3.42014 Q1 · Q&A responses: +7.12014 Q2 · Q&A responses: +12.12014 Q3 · Q&A responses: +5.92014 Q4 · Q&A responses: +1.72015 Q1 · Q&A responses: +6.92015 Q2 · Q&A responses: +6.02015 Q3 · Q&A responses: +6.82015 Q4 · Q&A responses: +7.62016 Q1 · Q&A responses: +7.82016 Q2 · Q&A responses: +5.22016 Q3 · Q&A responses: +1.52016 Q4 · Q&A responses: +11.02017 Q1 · Q&A responses: +5.42017 Q2 · Q&A responses: -3.82017 Q3 · Q&A responses: -0.22017 Q4 · Q&A responses: +2.02018 Q1 · Q&A responses: +8.02018 Q2 · Q&A responses: +8.22018 Q3 · Q&A responses: +2.72018 Q4 · Q&A responses: +0.92019 Q1 · Q&A responses: +9.22019 Q2 · Q&A responses: +7.22019 Q3 · Q&A responses: +2.72019 Q4 · Q&A responses: +7.62020 Q1 · Q&A responses: -11.02020 Q2 · Q&A responses: -5.32020 Q3 · Q&A responses: +10.12020 Q4 · Q&A responses: +6.92021 Q1 · Q&A responses: +10.92021 Q2 · Q&A responses: +17.72021 Q3 · Q&A responses: +9.62021 Q4 · Q&A responses: +10.02022 Q1 · Q&A responses: +16.12022 Q2 · Q&A responses: +5.72022 Q3 · Q&A responses: +11.32022 Q4 · Q&A responses: -4.92023 Q1 · Q&A responses: +2.42023 Q2 · Q&A responses: +9.62023 Q3 · Q&A responses: +3.32023 Q4 · Q&A responses: +5.1
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.20$9.49$15.782008 Q12010 Q22013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22014 Q1: $5.282014 Q2: $5.412014 Q3: $5.562014 Q4: $5.552015 Q1: $5.442015 Q2: $5.512015 Q3: $5.612015 Q4: $5.712016 Q1: $5.672016 Q2: $5.882016 Q3: $5.992016 Q4: $6.122017 Q1: $6.262017 Q2: $6.332017 Q3: $6.422017 Q4: $6.622018 Q1: $7.942018 Q2: $8.122018 Q3: $8.412018 Q4: $8.652019 Q1: $8.832019 Q2: $9.172019 Q3: $9.432019 Q4: $9.542020 Q1: $8.972020 Q2: $4.072020 Q3: $4.472020 Q4: $7.412021 Q1: $9.492021 Q2: $12.792021 Q3: $13.542021 Q4: $13.412022 Q1: $14.092022 Q2: $14.912022 Q3: $14.572022 Q4: $13.952023 Q1: $13.672023 Q2: $13.642023 Q3: $12.962023 Q4: $12.432024 Q1: $11.752024 Q2: $11.442024 Q3: $13.012024 Q4: $12.79

Forward P/E

2.178.2814.392008 Q12010 Q22013 Q12015 Q22017 Q32019 Q42022 Q12024 Q22014 Q1: 10.932014 Q2: 11.472014 Q3: 11.632014 Q4: 11.252015 Q1: 10.842015 Q2: 10.552015 Q3: 9.532015 Q4: 9.622016 Q1: 8.612016 Q2: 9.032016 Q3: 9.592016 Q4: 11.642017 Q1: 11.272017 Q2: 9.572017 Q3: 9.232017 Q4: 11.152018 Q1: 9.632018 Q2: 9.212018 Q3: 9.362018 Q4: 6.752019 Q1: 8.172019 Q2: 8.402019 Q3: 8.942019 Q4: 9.072020 Q1: 3.012020 Q2: 13.552020 Q3: 13.232020 Q4: 11.652021 Q1: 10.442021 Q2: 9.542021 Q3: 9.112021 Q4: 8.572022 Q1: 8.102022 Q2: 6.352022 Q3: 6.802022 Q4: 7.422023 Q1: 7.042023 Q2: 8.592023 Q3: 6.842023 Q4: 8.512024 Q1: 10.722024 Q2: 11.102024 Q3: 10.462024 Q4: 13.16

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -3.2 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -2.1 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -3.2 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -8.7 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -3.3 fwd EPS ↑ +0.29 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +9.9 fwd EPS ↓ -4.91 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -4.4 fwd EPS ↑ +2.94 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -6.3 fwd EPS ↑ +0.74 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -8.5 fwd EPS ↑ +0.82 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↑ +3.0 fwd EPS ↓ -0.34 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↑ +5.0 fwd EPS ↓ -0.28 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+4.9——View →
2024 Q42025-01-23+12.4$12.7913.2View →
2024 Q32024-10-17+10.7$13.0110.5View →
2024 Q22024-07-18-1.7$11.4411.1View →
2024 Q12024-04-18-3.2$11.7510.7View →
2023 Q42024-01-18+0.8$12.438.5View →
2023 Q32023-10-19-1.0$12.966.8View →
2023 Q22023-07-20+5.2$13.648.6View →