Synchrony Financial

SYF · NYSE · Financials · Financials, fiscal 2016 to 2025

SYF · Last close · October 26, 2026

$74.83

Synchrony Financial's revenue fell 2.8% to $19.0 billion in fiscal 2025. Net income was $3.6 billion, up 1.5%. Its return on equity was 21.3%, down from 23.0% a year earlier. Its efficiency ratio was 27.1%, up from 24.8% a year earlier. It paid out $3.4 billion in dividends and buybacks. The diluted share count fell 6.7%.

SYNCHRONY FINANCIAL Latest fiscal year ended December 31, 2025 10-K filed February 6, 2026 · 0001601712-26-000006 Updated October 22, 2026

Revenue

$19.0B

2.8%

Net income

$3.6B

1.5%

Return on equity

21.3%

1.7 pts

Return on tangible equity

24.6%

1.6 pts

Efficiency ratio

27.1%

2.3 pts

Market cap

$24.1B

Oct 26 close

P/E

7.8x

On $9.60 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Loans are Synchrony's loan receivables net of the allowance for losses, as its balance sheet shows them.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 14.7% a year and net income 5.2% a year, as buybacks cut the share count by 55%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Synchrony Financial yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Synchrony Financial's earnings per share of $9.60 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Synchrony Financial's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ally Financial, Capital One, American Express, SoFi Technologies.

Earnings growth in the years ahead (% a year) Starts at Synchrony Financial's revenue growth over the last 3 years, 5.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $74.83
Value at this multiple, against the last close: —
Synchrony Financial's P/E at the last close: 7.8×

Company	Last close	Earnings per share	P/E today
SoFi TechnologiesSOFI	$14.46	$0.49	29.5×
American ExpressAXP	$315.05	$17.76	17.7×
Capital OneCOF	$202.35	$16.70	12.1×
Ally FinancialALLY	$38.81	$4.25	9.1×
Synchrony FinancialSYF	$74.83	$9.60	7.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	72,052	82,943	92,417	93,792	93,366
Deposits	62,270	71,735	81,153	82,062	81,144
Loans to deposits	115.7%	115.6%	113.9%	114.3%	115.1%
Provision for credit losses	726	3,375	5,965	6,733	5,225
Provision to average loans	1.0%	4.3%	6.8%	7.2%	5.6%
Total assets	95,748	104,564	117,479	119,463	119,095
Shareholders' equity	13,655	12,873	13,903	16,580	16,766

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Synchrony Financial shares on the open market, and 10 insiders sold $47.7 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Alberto CasellasSee remarks	Sold plan	5,456	$80.00	$436,480	Form 4
Aug 3, 2026	Arthur W Coviello JrDirector	Sold plan	4,000	$77.17	$308,680	Form 4
Aug 3, 2026	Courtney GentlemanSee remarks	Sold plan	721	$76.73	$55,322	Form 4
Aug 3, 2026	Darrell OwensSee remarks	Sold plan	610	$76.73	$46,805	Form 4
May 15, 2026	Jonathan S MothnerSee remarks	Sold plan	51,258	$71.23	$3.7 million	Form 4
May 1, 2026	Curtis HowseSee remarks	Sold plan	8,436	$76.55	$645,776	Form 4
May 1, 2026	Alberto CasellasSee remarks	Sold plan	5,794	$76.55	$443,531	Form 4
May 1, 2026	Arthur W Coviello JrDirector	Sold plan	4,000	$76.55	$306,200	Form 4
Mar 3, 2026	Brian J. Wenzel Sr.See remarks	Sold plan	47,112	$67.16	$3.2 million	Form 4
Mar 2, 2026	Brian D DoublesSee remarks, Director	Sold plan	217,554	$68.68	$14.9 million	Form 4
Mar 2, 2026	Brian J. Wenzel Sr.See remarks	Sold plan	19,580	$67.71	$1.3 million	Form 4
Mar 2, 2026	Carol JuelSee remarks	Sold plan	16,859	$67.71	$1.1 million	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Synchrony Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Synchrony Financial	FY25	−2.8%	18.7%	21.3%	24.6%	27.1%
Ally Financial	FY25	−3.3%	10.8%	5.8%	6.2%	68.1%	Compare
Capital One	FY25	36.6%	4.6%	2.8%	3.8%	57.1%	Compare
American Express	FY25	9.5%	15.0%	34.0%	39.4%	73.6%	Compare
SoFi Technologies	FY25	35.1%	13.3%	5.7%	7.0%	84.6%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13,874	15,304	16,383	17,170	14,807	14,720	16,005	17,288	19,532	18,986
Revenue growth	11.1%	10.3%	7.0%	4.8%	−13.8%	−0.6%	8.7%	8.0%	13.0%	−2.8%
Net interest income	13,530	15,016	16,118	16,799	14,402	14,239	15,625	16,999	18,011	18,466
Noninterest income	344	288	265	371	405	481	380	289	1,521	520
Noninterest expense	3,416	3,747	4,095	4,245	4,055	3,963	4,337	4,758	4,839	5,135
Provision for credit losses	3,986	5,296	5,545	4,180	5,310	726	3,375	5,965	6,733	5,225
Net income	2,251	1,935	2,790	3,747	1,385	4,221	3,016	2,238	3,499	3,552
Diluted EPS (US$)	2.71	2.42	3.74	5.56	2.27	7.34	6.15	5.19	8.55	9.28
Diluted shares (millions)	832	800	747	674	591	569	483	424	401	374
Payouts
Dividends paid	214	446	534	581	520	500	434	406	398	427
Share buybacks	476	1,497	1,868	3,618	985	2,876	3,320	1,112	1,008	2,941
Balance sheet at fiscal year end
Loans, net	71,993	76,373	86,712	81,613	71,602	72,052	82,943	92,417	93,792	93,366
Deposits	52,055	56,488	64,019	65,154	62,782	62,270	71,735	81,153	82,062	81,144
Total assets	90,207	95,808	106,792	104,826	95,948	95,748	104,564	117,479	119,463	119,095
Shareholders' equity	14,196	14,234	14,678	15,088	12,701	13,655	12,873	13,903	16,580	16,766
Ratios
Return on equity	16.8%	13.6%	19.3%	25.2%	10.0%	32.0%	22.7%	16.7%	23.0%	21.3%
Return on tangible common equity	18.1%	14.6%	20.8%	27.8%	11.1%	36.8%	26.0%	18.9%	26.1%	24.6%
Return on assets	2.6%	2.1%	2.8%	3.5%	1.4%	4.4%	3.0%	2.0%	3.0%	3.0%
Efficiency ratio	24.6%	24.5%	25.0%	24.7%	27.4%	26.9%	27.1%	27.5%	24.8%	27.1%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Synchrony Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Synchrony Financial.