Synchrony Financial

Listed Company

SYFCIK 0001601712NYSELarge AcceleratedFinance ServicesNew YorkFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$3.55B

Total Assets

$119.09B

Equity

$16.77B

Shares Out

336.95M

Op. Cash Flow

$9.85B

Business

Synchrony Financial is a consumer financial services company that provides digitally-enabled lending and payments solutions connecting retail, digital and healthcare partners with consumers. It offers a suite of credit products and banking services, including private label, Dual and co-branded and general purpose credit cards, short- and long-term installment loans, payment security products and FDIC-insured deposit offerings through its bank. The business operates as a single reporting segment organized across five sales platforms: Home & Auto, Digital, Diversified & Value, Health & Wellness and Lifestyle. Substantially all revenue-generating activities occur in the United States and products are distributed via omnichannel platforms such as mobile apps, websites, online marketplaces, point-of-sale integrations and partner channels.

Summary from filing dated 2025-02-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans (Note 5)	21,698	21,596	19,902	16,881	15,228
Interest on cash and debt securities	903	1,049	808	265	43
Total interest income	22,601	22,645	20,710	17,146	15,271
Interest on deposits	3,330	3,806	2,952	1,008	566
Interest on senior and subordinated unsecured notes	388	401	419	317	—
Total interest expense	4,135	4,634	3,711	1,521	—
Net interest income	18,466	18,011	16,999	15,625	14,239
Retailer share arrangements	−4,005	−3,407	−3,661	−4,331	−4,528
Provision for credit losses (Note 5)	5,225	6,733	5,965	3,375	726
Net interest income, after retailer share arrangements and provision for credit losses	9,236	7,871	7,373	7,919	8,985
Interchange revenue	1,067	1,026	1,031	982	880
Protection product revenue	596	562	510	387	284
Loyalty programs	−1,438	−1,382	−1,370	−1,257	−992
Other	295	1,315	118	268	309
Total other income	520	1,521	289	380	481
Employee costs	2,093	1,872	1,884	1,681	1,501
Professional fees	936	936	842	832	782
Marketing and business development	511	524	527	487	486
Information processing	899	803	712	623	550
Other	696	704	793	714	644
Total other expense	5,135	4,839	4,758	4,337	3,963
Earnings before provision for income taxes	4,621	4,553	2,904	3,962	5,503
Provision for income taxes (Note 15)	1,069	1,054	666	946	1,282
Net earnings	3,552	3,499	2,238	3,016	4,221
Net earnings available to common stockholders	3,469	3,427	2,196	2,974	4,179
Basic (in usd per share)	9.38	8.64	5.21	6.19	7.4
Diluted (in usd per share)	9.28	8.55	5.19	6.15	7.34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	14,973	14,711	14,259	10,294	8,337
Debt securities	2,348	3,079	3,799	4,879	5,283
Total loan receivables	103,808	104,721	102,988	92,470	80,740
Less: Allowance for credit losses	−10,400	−10,900	−10,571	−9,527	−8,688
Loan receivables, net	93,366	93,792	92,417	82,943	72,052
Goodwill	1,363	1,274	1,018	1,105	1,105
Intangible assets, net (Note 7)	1,255	854	815	742	1,168
Other assets	5,790	5,753	4,915	4,601	3,442
Total assets	119,095	119,463	117,479	104,564	95,748
Interest-bearing deposit accounts	80,748	81,664	80,789	71,336	61,911
Non-interest-bearing deposit accounts	396	398	364	399	359
Total deposits	81,144	82,062	81,153	71,735	62,270
Senior and subordinated unsecured notes	6,767	7,620	8,715	7,964	7,219
Total borrowings	15,182	15,462	15,982	14,191	14,507
Accrued expenses and other liabilities	6,003	5,359	6,334	5,765	5,316
Total liabilities	102,329	102,883	103,576	91,691	82,093
Preferred stock, par value $0.001 per share; 300 million shares authorized, 1.25 million shares issued and outstanding at December 31, 2025 and December 31, 2024	1,222	1,222	734	734	734
Common stock, par value $0.001 per share; 4.0 billion shares authorized; 834 million shares issued at both December 31, 2025 and 2024; 347 million and 388 million shares outstanding at December 31, 2025 and 2024, respectively	1	1	1	1	1
Additional paid-in capital	9,902	9,853	9,775	9,718	9,669
Retained earnings	24,598	21,635	18,662	16,716	14,245
Debt securities	−6	−23	−33	−93	4
Currency translation adjustments	−50	−44	−38	−38	−26
Employee benefit plans and other	8	8	3	6	−47
Treasury stock, at cost; 487 million and 446 million shares at December 31, 2025 and 2024, respectively	−18,909	−16,072	−15,201	−14,171	−10,925
Total equity	16,766	16,580	13,903	12,873	13,655
Total liabilities and equity	119,095	119,463	117,479	104,564	95,748

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	184	−98	−458	−421	219
Depreciation and amortization	514	481	458	419	390
(Increase) decrease in interest and fees receivable	−598	33	−645	−197	424
(Increase) decrease in other assets	123	−117	7	21	37
Increase (decrease) in accrued expenses and other liabilities	314	−121	293	−93	560
Gain on sale of business	0	−1,069	0	0	—
All other operating activities	537	507	735	574	522
Cash provided from (used for) operating activities	9,851	9,848	8,593	6,694	7,099
Maturity and sales of debt securities	1,952	3,616	5,011	3,984	5,080
Purchases of debt securities	−1,187	−2,811	−3,623	−3,866	−2,990
Acquisitions, net of cash acquired	−161	−1,935	0	0	—
Proceeds from sale of business, net of cash and restricted cash sold	0	491	0	0	—
Net (increase) decrease in loan receivables, including held for sale	−4,606	−7,576	−14,900	−13,733	−6,378
All other investing activities	−852	−688	−722	−549	−549
Cash provided from (used for) investing activities	−4,854	−8,903	−14,234	−10,234	−4,814
Proceeds from issuance of securitized debt	2,242	1,694	2,294	2,720	2,361
Maturities and repayment of securitized debt	−1,675	−1,125	−1,257	−3,784	−2,886
Proceeds from issuance of senior and subordinated unsecured notes	1,788	745	740	2,235	744
Maturities and repayment of senior and subordinated unsecured notes	−2,650	−1,850	0	−1,500	−1,500
Proceeds from issuance of preferred stock	0	488	0	0	0
Dividends paid on preferred stock	−83	−72	−42	−42	−42
Net increase (decrease) in deposits	−926	879	9,437	9,453	−534
Purchases of treasury stock	−2,941	−1,008	−1,112	−3,320	−2,876
Dividends paid on common stock	−427	−398	−406	−434	−500
All other financing activities	−63	36	−22	−44	29
Cash provided from (used for) financing activities	−4,735	−611	9,632	5,284	−5,204
Increase (decrease) in cash and equivalents, including restricted and held for sale amounts	262	334	3,991	1,744	−2,919
Cash paid during the year for interest	−4,162	−4,662	−3,551	−1,356	−1,034

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