Synchrony Financial

SYF · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Valuation
Market cap	$30,049	$25,307	$15,803	$14,805	$25,387	$18,995	$19,707	$16,861	$30,216	$29,940	$25,357	$22,533	–	–	–
Enterprise value	$27,910	$22,979	$13,727	$13,823	$26,274	$15,777	$21,515	$25,399	$34,940	$35,656	$34,169	$36,567	–	–	–
P/E (TTM) at period end	8.66×	7.38×	7.20×	4.98×	6.07×	14.14×	5.26×	6.04×	15.62×	13.30×	11.45×	10.68×	–	–	–
P/S (TTM) at period end	1.30×	1.05×	0.75×	0.84×	1.61×	1.15×	1.01×	0.92×	1.81×	1.98×	1.86×	1.77×	–	–	–
P/B at period end	1.79×	1.53×	1.14×	1.15×	1.86×	1.50×	1.31×	1.15×	2.12×	2.11×	2.01×	2.15×	–	–	–
EV / EBITDA (TTM)	5.44×	4.56×	4.08×	3.16×	4.46×	2.71×	2.36×	6.44×	9.77×	9.41×	9.22×	10.40×	–	–	–
EV / Sales (TTM)	1.21×	0.95×	0.65×	0.79×	1.67×	0.96×	1.11×	1.39×	2.09×	2.36×	2.51×	2.87×	–	–	–
Returns
Return on equity	20.7%	20.7%	15.8%	23.1%	30.6%	10.6%	24.8%	19.0%	13.6%	15.9%	17.6%	20.1%	33.2%	46.2%	–
Return on invested capital	20.9%	20.2%	14.3%	18.0%	21.3%	24.7%	29.4%	9.5%	8.3%	9.0%	9.0%	8.1%	7.1%	6.8%	60.2%
Dividend yield	1.4%	1.6%	2.6%	2.9%	2.0%	2.7%	2.9%	3.2%	1.5%	0.7%	–	–	–	–	–
Financial health
Current ratio	0.21×	0.22×	0.22×	0.20×	0.20×	0.28×	0.26×	0.23×	0.26×	0.26×	–	–	0.09×	0.07×	–
Debt / equity	0.91×	0.93×	1.15×	1.10×	1.06×	1.24×	1.32×	1.63×	1.46×	1.42×	2.25×	–	4.08×	6.07×	–
Effective tax rate	23.1%	23.1%	22.9%	23.9%	23.3%	22.9%	23.3%	23.4%	41.8%	36.9%	37.3%	37.7%	37.0%	37.2%	37.2%
Share count
Diluted shares outstanding	374	401	424	483	569	591	674	747	800	832	836	758	705	705	831

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Revenue and gross profit
Revenue	$22,113	$23,121	$24,166	$20,999	$17,526	$15,752	$16,472	$19,461	$18,253	$16,695	$15,122	$13,620	$12,727	$9,440	$8,809	$8,210
Cost of revenue	($5,161)	($4,135)	($4,634)	($3,711)	($1,521)	($1,032)	($1,665)	($2,291)	($1,870)	($1,391)	($1,248)	($1,135)	($922)	($3,814)	($3,310)	($3,190)
Gross profit	$16,952	$18,986	$19,532	$17,288	$16,005	$14,720	$14,807	$17,170	$16,383	$15,304	$13,874	$12,485	$11,805	$5,626	$5,499	$5,020
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,464)	($2,346)	($2,263)	($2,081)	($1,455)	($1,818)	($1,699)	($1,901)	($1,760)	($1,500)	($1,399)	($1,375)	($1,235)	($967)	($828)	($817)
Total operating expenses	($12,586)	($14,365)	($14,979)	($14,384)	($12,043)	($9,217)	($9,365)	($8,425)	($12,739)	($11,980)	($10,304)	($8,954)	($8,419)	($2,484)	($2,123)	($2,010)
Total costs and expenses	($17,747)	($18,500)	($19,613)	($18,095)	($13,564)	($10,249)	($11,030)	($10,716)	($14,609)	($13,371)	($11,552)	($10,089)	($9,341)	($6,298)	($5,433)	($5,200)
Operating income	$4,366	$4,621	$4,553	$2,904	$3,962	$5,503	$5,442	$8,745	$3,644	$3,324	$3,570	$3,531	$3,386	$3,142	$3,376	$3,010
Earnings
EBITDA	–	$5,135	$5,034	$3,362	$4,381	$5,893	$5,825	$9,112	$3,946	$3,578	$3,789	$3,705	$3,517	$3,246	$3,459	$3,106
Interest income	$22,708	$22,601	$22,645	$20,710	$17,146	$15,271	$16,067	$19,090	$17,988	$16,407	$14,778	$13,228	$12,242	$11,313	$10,309	$9,141
Interest expense	($3,895)	($4,135)	($4,634)	($3,711)	($1,521)	($1,032)	($1,665)	($2,291)	($1,870)	($1,391)	($1,248)	($1,135)	($922)	($742)	($745)	($932)
Pre-tax income	$4,366	$4,621	$4,553	$2,904	$3,962	$5,503	$1,797	$4,887	$3,644	$3,324	$3,570	$3,531	$3,386	$3,142	$3,376	$3,010
Income tax expense	($1,033)	($1,069)	($1,054)	($666)	($946)	($1,282)	($412)	($1,140)	($854)	($1,389)	($1,319)	($1,317)	($1,277)	($1,163)	($1,257)	($1,120)
Net income	$3,333	$3,552	$3,499	$2,238	$3,016	$4,221	$1,385	$3,747	$2,790	$1,935	$2,251	$2,214	$2,109	$1,979	$2,119	$1,890
Per share
Diluted EPS (GAAP)	$9.58	$9.28	$8.55	$5.19	$6.15	$7.34	$2.27	$5.56	$3.74	$2.42	$2.71	$2.65	$2.78	$2.81	$3.00	$2.28
Basic EPS (GAAP)	$9.68	$9.38	$8.64	$5.21	$6.19	$7.40	$2.28	$5.59	$3.76	$2.43	$2.71	$2.66	$2.78	$2.81	$3.00	$2.28
Basic shares outstanding	338	370	396	421	480	565	589	670	742	796	829	834	757	705	705	830
Margins
Gross margin	76.7%	82.1%	80.8%	82.3%	91.3%	93.4%	89.9%	88.2%	89.8%	91.7%	91.7%	91.7%	92.8%	59.6%	62.4%	61.1%
Operating margin	19.7%	20.0%	18.8%	13.8%	22.6%	34.9%	33.0%	44.9%	20.0%	19.9%	23.6%	25.9%	26.6%	33.3%	38.3%	36.7%
Net margin	15.1%	15.4%	14.5%	10.7%	17.2%	26.8%	8.4%	19.3%	15.3%	11.6%	14.9%	16.3%	16.6%	21.0%	24.1%	23.0%

Analyst consensus

Buy41 analysts

Bearish · 1 · Hold · 16 · Bullish · 24

Earnings history

	EPS	Estimate
Q4 2024	$1.91	$1.93	Miss
Q1 2025	$1.89	$1.67	Beat
Q2 2025	$2.50	$1.82	Beat
Q3 2025	$2.86	$2.26	Beat
Q4 2025	$2.07	$2.05	Beat
Q1 2026	$2.27	$2.20	Beat
Q2 2026	$2.59	$2.14	Beat
Q3 2026	$2.68	$2.42	Beat

Peers

Company overview

IPO dateJul 31, 2014

CEOBrian D. Doubles

Employees20,000

SectorFinancial Services

IndustryFinancial - Credit Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.synchrony.com

Synchrony Financial, along with its various subsidiaries, functions as a leading provider of consumer financial services across the United States. The company offers a comprehensive range of credit products, encompassing diverse credit card options such as private label, co-branded, and general-purpose cards, alongside commercial credit solutions and consumer installment loans for both short and long durations. Additionally, Synchrony provides consumer banking services, including a variety of deposit products like certificates of deposit, individual retirement accounts, money market accounts, and savings accounts. These are made available to both individual consumers and commercial entities, with deposits also accepted via external securities brokerage firms. Beyond core credit and banking, Synchrony extends debt cancellation programs to its credit card clientele through online, mobile, and direct mail channels. It is also a significant player in specialized financing, offering healthcare payment and funding solutions under its CareCredit, Pets Best, and Walgreens brands. The firm further provides payment and financing options to industries like apparel, specialty retail, outdoor, music, and luxury, as well as point-of-sale consumer financing for audiology products and dental services. Synchrony delivers its credit offerings through collaborative programs established with a broad network of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers. Its deposit products reach customers through various avenues, including digital and print media. The company's services cater to a wide array of sectors, including digital, health and wellness, retail, home, auto, powersports, jewelry, and pet industries, among others. Established in 1932, Synchrony Financial's corporate headquarters are located in Stamford, Connecticut.

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