Synchrony Financial (SYF) FY2023 results: revenue $13.6 billion, up 16.7% on the year

Synchrony Financial (SYF) reported revenue of $13.6 billion for fiscal 2023, the year ended 31 December 2023, up 16.7% on the year before. Net income was $2.2 billion, down 25.8%, and diluted earnings per share $5.19. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue

$13.6 billion

+16.7% on the year

FY2017FY2023

Operating margin

n/a

FY2017FY2023

Net income

$2.2 billion

-25.8% on the year

FY2017FY2023

Diluted EPS

$5.19

-15.6% on the year

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	13,627	11,674	10,192	+16.7%
Interest expense	3,711	1,521	1,032	+144.0%
Pre-tax income	2,904	3,962	5,503	-26.7%
Income tax	666	946	1,282	-29.6%
Effective tax rate	22.9%	23.9%	23.3%
Net income	2,238	3,016	4,221	-25.8%
Net margin	16.4%	25.8%	41.4%
Diluted EPS	$5.19	$6.15	$7.34	-15.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	8,593	6,694	7,099	+28.4%
Cash from investing	-14,234	-10,234	-4,814
Cash from financing	9,632	5,284	-5,204	+82.3%
Depreciation and amortisation	458	419	390	+9.3%
Buybacks	1,112	3,320	2,876	-66.5%
Dividends paid	406	434	500	-6.5%
Dividend per share	$0.96	$0.90	$0.88	+6.7%
Diluted shares, weighted	424m	483m	569m	-12.4%
Shares outstanding at period end	407m	438m	527m	-7.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	13,903	12,873	13,655	+8.0%
Deposits	81,153	71,735	62,270	+13.1%
Debt	15,982	14,191	14,507	+12.6%
Other liabilities	6,441	5,765	5,316	+11.7%
Total liabilities and equity	117,479	104,564	95,748	+12.4%
Goodwill	1,018	1,105	1,105	-7.9%
Intangible assets	815	742	1,168	+9.8%
Securities held for sale or to maturity	3,799	4,879	5,283	-22.1%
Cash and equivalents	14,259	10,294	8,337	+38.5%
Other assets	97,588	87,544	79,855	+11.5%
Total assets	117,479	104,564	95,748	+12.4%

10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.