SYF
Updated: 23/09/2026, 20:26:26
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.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$3.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$2.9B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Consumer financial services company with digitally-enabled product suite across retail, health & wellness, digital, home, auto, telecom, outdoor, pet
“Our offerings include private label, dual, co-brand and general purpose credit cards, as well as short- and long-term installment loans and consumer banking products.”
Lifestyle segment KPIs 2025 vs 2024
Purchase volume $5,493M (-3.0%); interest and fees on loans flat at $1,051M; other income $41M
“Purchase volume decreased 3.0% for the year ended December 31, 2025, primarily reflecting lower average active accounts, as well as lower spend in Outdoor and Specialty as consumers continued to manage discretionary spend”
Health & Wellness segment KPIs 2025 vs 2024
Purchase volume $15,654M (-0.2%); period-end loan receivables $15,545M; avg active accounts 7,750K (flat); interest and fees on loans $3,783M (+3.1%); other income $293M
“Health & Wellness interest and fees on loans increased by $112 million, or 3.1%. for the year ended December 31, 2025”
Diversified & Value segment driver
Diversified & Value interest and fees on loans decreased 1.4%; purchase volume +1.5%; average active accounts -2.7% in FY2025
“Diversified & Value interest and fees on loans decreased by $65 million, or 1.4%, for the year ended December 31, 2025, primarily driven by lower average loan receivables yield, reflecting lower benchmark rates and lower late fee incidence”
Sales platforms / partner economics
Five sales platforms; merchant discounts compensate promotional financing; ~80% of deferred-interest transactions paid before interest assessed
“For our deferred interest products, approximately 80% of customer transactions are typically paid off before interest is assessed.”
Interest-bearing deposit composition 2025
Certificates of deposit (incl. IRA) 49.9% at 4.3%; savings/money market/demand 40.4% at 3.8%; brokered 9.7% at 4.4%
“Certificates of deposit (including IRA certificates of deposit)$40,502 49.9 %4.3 %”
Commercial (small/mid-sized) customers
Small to mid-sized commercial customers offered private label cards, Dual Cards and commercial pay-in-full accounts receivable product
“we actively market our commercial pay-in-full accounts receivable product to support a wide range of business customers.”
CareCredit repeat usage
Approximately 62% of CareCredit network purchase volume in 2025 came from repeat use
“approximately 62% of purchase volume across our CareCredit network resulted from repeat use at one or more providers.”
Digital channel adoption
~60% of consumer credit card applications via online/mobile in 2025; products provisioned in Apple Pay, Google Wallet, Amazon Pay and Clover POS
“approximately 60% of our consumer credit card applications were made via online or mobile channels”
Loan receivables composition by product type at Dec 31, 2025
Credit cards $96,346M (92.8%), consumer installment $5,548M (5.3%), commercial credit products $1,833M (1.8%), other $81M; total $103,808M at Dec 31, 2025 vs $104,721M at Dec 31, 2024
“Credit cards$96,346 92.8 %$96,818 92.5 %”
Dual Card and co-brand penetration
Consumer Dual Cards and co-branded cards = 34% of total loan receivables at Dec 31, 2025; offered through over 15 large partners
“Consumer Dual Cards and Co-branded cards totaled 34% of our total loan receivables portfolio at December 31, 2025.”
Credit product mix
Product mix of loan receivables at Dec 31, 2025: credit cards 92.8%, commercial credit products 1.8%, consumer installment loans 5.3%, other 0.1%
“Credit cards62.8 %17.6 %12.4 %92.8 % Commercial credit products1.8 — — 1.8 Consumer installment loans— 0.1 5.2 5.3”
Synchrony Pay Later (BNPL)
Synchrony Pay Later offered at Amazon, Lowe's, JCPenney and CareCredit providers; pay monthly and interest-free Pay in 4
“The Synchrony Pay Later solution comes in the form of a pay monthly product, as well as in a Pay in 4 product that charges no interest and fees”
Payment Security debt cancellation program
Payment Security debt cancellation product offered alongside credit products
“We also offer our Payment Security program, which is a debt cancellation product.”
Corp, Other segment 2025 vs 2024
2024 other income included $1.1 billion gain on sale from Pets Best disposition; 2025 other income $(10)M
“Other income for the year ended December 31, 2024 in Corp, Other primarily included the gain on sale related to the Pets Best disposition of $1.1 billion.”
Loan receivables geographic concentration by US state at Dec 31, 2025
Texas $11,436M (11.0%), California $10,579M (10.2%), Florida $9,763M (9.4%), New York $4,887M (4.7%), North Carolina $4,363M (4.2%)
“Texas$11,436 11.0 %”
Customer service hub footprint
Customer service delivered through eight domestic and three international geographic hubs
“We provide service for all of our customers through our eight domestic and three international geographic hubs.”
Outsourced production services to Fiserv
Card/statement production services outsourced to Fiserv; separate third-party provider for paper payment processing
“We utilize our third-party provider, Fiserv Solutions LLC (“Fiserv”), for these production services”
Loan receivables drivers
Loan receivables decreased 0.9% to $103.8B due to higher payment rates, flat purchase volume, and lower average active accounts
“reflecting the effects of higher payment rates as a result of our improved credit mix as well as flat purchase volume and lower average active accounts”
Pets Best disposition gain (prior year) and 2025 Home & Auto receivables sale
$1.1B gain on Pets Best disposition in 2024; sale of $0.2B loan receivables of a Home & Auto partner program in October 2025
“the sale of $0.2 billion of loan receivables associated with a Home & Auto partner program agreement in October 2025”
Product, pricing and policy changes driving revenue mix
Product, pricing and policy changes drove higher yields, fees and interchange revenue across Health & Wellness, Lifestyle and Diversified & Value in 2025
“primarily driven by an increase in loan receivables yield, reflecting the impact of product, pricing and policy changes”
Multi-product strategy and interchange-free partner model
Strategic focus on scaling multi-product offerings, growing Dual Card/co-brand receivables, digital investment, and a dedicated innovation team
“A key part of our strategic focus is on continuing to scale our multi-product offerings to our customers and partners.”
Deposit funding strategy via direct deposits
Liquidity plan is to continue funding growth through direct deposits; deposit gathering highly competitive
“our liquidity plan and funding strategy is to continue to fund our growth through direct deposits”
Funding sources 2023-2025
FY2025: deposits 84.0% of funding at 4.1% avg rate; securitized financings 8.2% at 5.2%; senior/subordinated unsecured notes 7.8% at 5.2%; total $96,725M at 4.3%
“Deposits(1) $81,228 84.0 %4.1 %”
Direct vs brokered deposits and uninsured deposits at Dec 31, 2025
$75.2B direct deposits, $5.9B brokered deposits; estimated uninsured portion $6.8B; weighted average maturity of interest-bearing time deposits ~1 year
“At December 31, 2025, we had $75.2 billion in direct deposits and $5.9 billion in brokered deposits”
Credit ratings
SYF senior unsecured: BBB (Fitch, stable) / BBB- (S&P, stable); Bank: BBB by both; Moody's not requested
“Synchrony's senior unsecured debt currently is rated BBB (stable outlook) by Fitch Ratings, Inc. ("Fitch") and BBB- (stable outlook) by Standard & Poor's ("S&P").”
Securitized financings usage
Average securitized financings from third parties $8.0B (2025) and $7.7B (2024); securitization is a significant funding source
“Our average level of securitized financings from third parties was $8.0 billion and $7.7 billion for the years ended December 31, 2025 and 2024, respectively.”
Bank well-capitalized at December 31, 2025
At December 31, 2025, the Bank met or exceeded all applicable requirements to be deemed well-capitalized under OCC regulations.
“At December 31, 2025, the Bank met or exceeded all applicable requirements to be deemed well-capitalized under OCC regulations.”
Bank supervised by OCC, FDIC, and CFPB
The Bank files periodic reports with and is examined by the OCC, FDIC, and CFPB, which have broad enforcement authority over the Bank.
“The Bank is required to file periodic reports with the OCC and is subject to regulation, supervision, and examination by the OCC, the FDIC, and the CFPB.”
Savings and loan holding company status with $100B+ assets
Synchrony is a savings and loan holding company with $100 billion or more in assets and may become subject to long-term debt requirements intended to facilitate orderly resolution.
“As a savings and loan holding company with $100 billion or more in assets, Synchrony may become subject to long-term debt requirements that are intended to facilitate an orderly resolution of large banking organizations”
August 2023 proposed long-term debt rulemaking
An August 2023 interagency NPR would require $100B+ holding companies to issue minimum long-term debt and maintain clean holding companies; finalization may change Synchrony's funding strategy and/or increase cost of funding.
“An August 2023 interagency notice of proposed rulemaking would require depository institution holding companies with $100 billion or more in assets to issue minimum amounts of long-term debt and to maintain "clean" holding companies”
Change in Bank Control Act / HOLA approval for stock acquisitions
Investors cannot acquire control of Synchrony without, in most cases, prior written Federal Reserve Board approval under the Change in Bank Control Act and the HOLA.
“which prohibit any person or company from acquiring control of us without, in most cases, the prior written approval of the Federal Reserve Board.”
Concentration in U.S. consumer credit
Business heavily concentrated in U.S. consumer credit
“Our business is heavily concentrated in U.S. consumer credit, and therefore our results are more susceptible to market fluctuations and legislative and regulatory developments in that market than a more diversified company.”
PayPal deposit partnership dependency
Since 2022, PayPal partnership for exclusive demand savings accounts is an important funding/liquidity source; dissolution could require replacement funding at higher costs
“Since 2022, we have partnered with PayPal Holdings Inc. to offer demand savings accounts exclusively to PayPal customers.”
Partner concentration risk
Significant percentage of interest and fees on loans comes from a small number of large retail partners; loss of any could adversely affect results
“a significant percentage of our interest and fees on loans comes from relationships with a small number of large retail partners, and the loss of any of these partners could adversely affect our business and results of operations”
Non-well-capitalized restriction on brokered deposits
Institutions that are not well-capitalized are subject to restrictions on brokered deposits and interest rates on deposits.
“Institutions that are not well-capitalized are subject to certain restrictions on brokered deposits and interest rates on deposits.”
Early amortization risk on securitization facilities
Early amortization of securitization facilities would materially adversely affect liquidity and cost of funds
“The occurrence of an early amortization of our securitization facilities would have a material adverse effect on our liquidity and cost of funds.”
Brokered deposit / rate restrictions under FDIA
FDIA restricts brokered deposits/rates unless well-capitalized; Bank was well-capitalized at 12/31/2025 but may not remain so
“at December 31, 2025, the Bank met or exceeded all applicable requirements to be deemed "well capitalized" for purposes of the FDIA”
Model reliance risk
Extensive reliance on models across credit, fraud, reserve, liquidity, capital and compliance functions; inaccuracies could materially harm results
“We rely extensively on models in managing many aspects of our business, and if they are not accurate or are misinterpreted, it could have a material adverse effect on our business and results of operations.”
Regulatory/macroeconomic risk factors
Key risks include macro conditions, partner concentration, CFPB regulation, CECL estimates, funding/liquidity, securitization early amortization, and new requirements from $100B+ total assets
“the impact of the CFPB's regulation of our business, including new requirements and constraints that Synchrony and the Bank are or will become subject to as a result of having $100 billion or more in total assets”
CRA compliance and community needs factors in approvals
Regulators consider CRA compliance record, anti-money-laundering effectiveness, and risks to the U.S. banking or financial system in evaluating acquisitions.
“the convenience and needs of the communities to be served, including our record of compliance under the CRA”
Credit cards represent 92.8% of loan receivables, the primary source of revenue.
“Loan receivables are our largest category of assets and represent our primary source of revenue.”
Substantially all credit card business is in the United States; company discloses concentration in U.S. consumer credit market.
“Substantially all of our credit card business is in the United States.”
Consumer discretionary spend management and active account levels drive purchase volume and loan receivables across segments.
“lower spend in Outdoor and Specialty as consumers continued to manage discretionary spend and the impacts from our previous credit actions”
Significant percentage of interest and fees on loans comes from a small number of large retail partners.
“a significant percentage of our interest and fees on loans comes from relationships with a small number of large retail partners”
Lowe's is a named leading retail partner and example private label program.
“such as Lowe’s and Sam's Club”
Amazon is a named leading digital partner across credit products and Pay Later solutions; partner financial performance is a disclosed risk.
“leading digital partners, such as Amazon and PayPal”
Credit rating downgrades would increase funding costs and restrict capital markets access; securitization access is critical funding.
“A downgrade in our unsecured debt or asset-backed securities credit ratings (or investor concerns that a downgrade may occur) could materially increase the cost of our funding from, and restrict our access to, the capital markets.”
Changes in market interest rates affect net interest income, deposit costs, and customers' ability to pay; 53%/47% fixed/floating mix creates repricing risk.
“Changes in market interest rates could have a material adverse effect on our net earnings, funding and liquidity.”
Partner expansion and retailer performance drive purchase volume in the Diversified & Value platform.
“Purchase volume increased by 1.5%, for the year ended December 31, 2025 reflecting the impact of partner expansion and retailer performance”
Inflation, interest rates, tariffs and recession risk are cited as factors that could cause results to differ, affecting consumer demand and borrowing costs.
“the impact of macroeconomic conditions, including factors impacting consumer confidence and economic growth in the United States, such as inflation, interest rates, tariffs (including retaliatory tariffs) and an economic downturn or recession”
The Bank must meet OCC Basel III minimum capital and leverage ratios; failure would restrict brokered deposits and could trigger prompt corrective action.
“The Bank is required by OCC regulations to maintain specified levels of regulatory capital.”
PayPal exclusive demand savings partnership is an important funding/liquidity source; dissolution would require replacement funding at potentially higher costs.
“Since 2022, we have partnered with PayPal Holdings Inc. to offer demand savings accounts exclusively to PayPal customers. This is, and other future affiliate banking products could become, an important source of funding and liquidity to the Bank.”
Deposit costs averaged 4.1% in 2025 (down from 4.6%), and deposit retention is rate-sensitive, driving funding cost.
“Our ability to attract deposits is sensitive to, among other things, the interest rates we pay, and therefore, we bear funding risk if we fail to pay higher rates”
PayPal named as leading digital partner.
“leading digital partners, such as Amazon and PayPal”
If finalized, the long-term debt rule may require changes to Synchrony's funding strategy and/or increase its cost of funding.
“If the proposed changes are finalized, they may require changes to our funding strategy and/or increase our cost of funding.”
Lower late fee incidence reduced interest and fees, partially offset by product, pricing and policy changes.
“reflecting lower benchmark rates and lower late fee incidence, partially offset by the impacts of our product, pricing and policy changes”
As an insured depository institution, the Bank is subject to prompt corrective action if it fails to meet minimum capital requirements under the FDIA.
“the FDIA, which requires, among other things, the federal banking agencies to take "prompt corrective action" in respect of depository institutions that do not meet minimum capital requirements”
CFPB late fee rule was vacated in April 2025; product, pricing and policy changes related to it are a disclosed factor.
“product, pricing and policy changes related to the Consumer Financial Protection Bureau's (the "CFPB") final rule on credit card late fees, which was vacated in April 2025”
Card and statement production services are outsourced to Fiserv; failure of third parties to provide services is a disclosed risk.
“We utilize our third-party provider, Fiserv Solutions LLC (“Fiserv”), for these production services”
Interest rate (prime rate) dynamics on USD-denominated fixed/floating loan receivables drive net interest income, funding costs, and customer payment capacity.
“Our floating rate credit products bear interest at rates that fluctuate with the prime rate.”
FDIA restrictions on brokered deposits and rates could limit funding flexibility and raise funding costs if the Bank loses well-capitalized status.
“The FDIA prohibits an insured bank from accepting brokered deposits or offering interest rates on any deposits significantly higher than the prevailing rate in the bank's normal market area or nationally”
Benchmark rates (USD interest rates) affect loan receivables yield and net interest income.
“primarily driven by lower average loan receivables yield, reflecting lower benchmark rates”
Pay with Synchrony application is embedded within Fiserv's Clover POS platform.
“Our Pay with Synchrony mobile application available within the Clover point-of-sale platform”
Acquisitions of control of Synchrony stock require prior written Federal Reserve Board approval, constraining ownership changes.
“Investors are responsible for ensuring that they do not, directly or indirectly, acquire shares of our stock in excess of the amount that can be acquired without regulatory approval under the Change in Bank Control Act”
Higher protection product revenue drove other income growth in Health & Wellness and Lifestyle.
“primarily due to higher protection product revenue and the impact of product, pricing and policy change related fees”
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