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Synchrony Financial (SYF) FY2025 results: revenue $15.0 billion, down 7.1% on the year

Synchrony Financial (SYF) reported revenue of $15.0 billion for fiscal 2025, the year ended 31 December 2025, down 7.1% on the year before. Net income was $3.6 billion, up 1.5%, and diluted earnings per share $9.28. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue
$15.0 billion
-7.1% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$3.6 billion
+1.5% on the year
FY2018FY2025
Diluted EPS
$9.28
+8.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Synchrony is a consumer lender that issues credit cards and instalment loans in partnership with retailers, dealers, healthcare providers and digital platforms, rather than selling under its own brand at the point of purchase. The customer applies at the partner's checkout, Synchrony carries the credit risk, and the partner shares in the economics of the programme. It also takes deposits, which fund most of the lending. There were 70,693 thousand active accounts at 31 December 2025, against 71,532 thousand a year earlier, counting accounts with a purchase, payment or outstanding balance in the month.

Synchrony Financial, the 10-K for 2025

Synchrony is a consumer lender that issues credit cards and instalment loans in partnership with retailers, dealers, healthcare providers and digital platforms, rather than selling under its own brand at the point of purchase. The customer applies at the partner's checkout, Synchrony carries the credit risk, and the partner shares in the economics of the programme. It also takes deposits, which fund most of the lending. There were 70,693 thousand active accounts at 31 December 2025, against 71,532 thousand a year earlier, counting accounts with a purchase, payment or outstanding balance in the month.

Five sales platforms

Credit products are offered through five sales platforms: Home & Auto, Digital, Diversified & Value, Health & Wellness and Lifestyle, with a Corp, Other category alongside them. Home & Auto averaged 17,715 thousand active accounts in 2025 with purchase volume of $42,347 million, down 4.9% on the prior year, which the company attributes to consumers managing discretionary spend, fewer active accounts and the effect of earlier credit tightening, partly offset by higher spend per account. Digital carried purchase volume of $56,376 million in 2025 against $54,700 million in 2024. Commercial credit products are offered as well.

How the partner economics work

Most programme agreements with large retail and digital partners contain retailer share arrangements, under which Synchrony pays the partner if the economic performance of the programme passes a contractually defined threshold. Performance is generally measured as agreed programme revenues, including interest income and certain other income, less agreed programme expenses, including interest expense, provision for credit losses, retailer payments and operating expenses, with the excess above a negotiated threshold shared. Because the calculation can rest on agreed measures of expense rather than actual expense, a rise in the company's own costs does not necessarily reduce what it pays a partner. Some partners instead receive royalties on purchase volume or payments for new accounts, which is common on co-branded cards. The company states these arrangements align its interests with its partners and give them a reason to promote its credit products.

Funding

Deposits, both direct and brokered, represented 84% of total funding sources at 31 December 2025. The other sources are cash from operations, securitised financings and senior and subordinated unsecured notes.

Partners added and bought in 2025

More than 75 partners were added or renewed during 2025 and to the filing date. New partnerships included Bob's Discount Furniture and RH in Home & Auto, Dental Intelligence and the Texas A&M University Veterinary Medical Teaching Hospital in Health & Wellness, OnePay in Diversified & Value and Toro in Lifestyle. Extensions included Amazon in Digital, American Eagle and Polaris in Lifestyle, and Ashley HomeStores, Discount Tire, Gardner White, the Home Furnishings Association and Regency Showrooms in Home & Auto. In October 2025 the company acquired Versatile Credit, Inc., a multi-source financing platform connecting merchants, lenders and consumers through point-of-sale tools. It also expanded its Lowe's commercial programme and announced the acquisition of the Lowe's commercial co-branded credit card portfolio, carrying loan receivables of approximately $0.8 billion, expected to close in the first half of 2026, and in October 2025 it sold $0.2 billion of loan receivables tied to a Home & Auto partner programme.

From Synchrony Financial's annual report on Form 10-K for the year ended 31 December 2025, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue14,98116,12513,627-7.1%
Interest expensen/an/a3,711
Pre-tax income4,6214,5532,904+1.5%
Income tax1,0691,054666+1.4%
Effective tax rate23.1%23.1%22.9%
Net income3,5523,4992,238+1.5%
Net margin23.7%21.7%16.4%
Diluted EPS$9.28$8.55$5.19+8.5%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9,8519,8488,593+0.0%
Cash from investing-4,854-8,903-14,234
Cash from financing-4,735-6119,632
Depreciation and amortisation514481458+6.9%
Buybacks2,9411,0081,112+191.8%
Dividends paid427398406+7.3%
Dividend per share$1.15$1.00$0.96+15.0%
Diluted shares, weighted374m401m424m-6.7%
Shares outstanding at period end347m388m407m-10.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity16,76616,58013,903+1.1%
Deposits81,14482,06281,153-1.1%
Debt15,18215,46215,982-1.8%
Other liabilities6,0035,3596,441+12.0%
Total liabilities and equity119,095119,463117,479-0.3%
Fixed assets1,248n/an/a
Goodwill1,3631,2741,018+7.0%
Intangible assets1,255854815+47.0%
Securities held for sale or to maturity2,3483,0793,799-23.7%
Cash and equivalents14,97314,71114,259+1.8%
Other assets97,90899,54597,588-1.6%
Total assets119,095119,463117,479-0.3%

10-K for the year ended 31 December 2025, filed 6 February 2026: the filing.