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Synchrony Financial
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NYSE: SYF Financials IT 🔎 Screen
S&P 500
🏹 Trader: 🎯 Near 52W High | BRS 70 Forming View all →
$29.4B
Market Cap
9.0
P/E
0.59
PEG
—
ROCE
21.3%
ROE
0.91
D/E
—
OPM
-8.7%
% from 52W High
58
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for SYF including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
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About

Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States.

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3-Statement Financial Model
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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue (Net Interest Income)
$4.6B
+2% YoY
Net Income
$0.885B
-8% YoY
Diluted EPS
$2.59
+4% YoY
Purchase Volume
$49.8B
+8% YoY
What Went Right
  • Record purchase volume of $49.8B, up 8% YoY, with growth across all five sales platforms.
  • Average active accounts inflected to growth; 5.1M new accounts added in Q2 (~9.5-10M in H1).
  • Credit remained strong: net charge-offs of 5.43%, down 27bps YoY and below the 5.5% full-year target.
What to Watch
  • Sequential NIM fell 42bps to 15.08% driven by lower late fees and seasonal asset mix; late-fee pressure remains into H2.
  • Payment rate climbed to 17%, up 70bps YoY, limiting ending loan receivable growth to +2%.
  • Other expense rose 7% to $1.3B on higher operational losses and technology investments; operational losses were elevated in Q2.
Management Guidance
  • Full-year diluted EPS now expected between $9.25 and $9.50.
  • Ending loan receivables expected to grow mid-single digits by year-end.
  • Full-year net charge-offs expected to be less than 5.5%.
  • H2 other expense dollars expected to be relatively consistent with H1.
  • RSAs expected to remain within 4%-4.5% of average receivables.
Investor Lens
The thesis is marginally stronger after this call: record purchase volume, positive account inflection and a raised full-year EPS guide show the growth engine is working. However, the elevated payment rate and margin pressure from late fees and new-account seasoning mean NII benefits will lag volume gains, and credit costs are already near cyclical lows. The 13% dividend increase and continued buybacks support the return story, but reacceleration in loan receivables is needed to drive NIM expansion in 2027.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Record volume and strong credit, but NIM and net income disappoint.
Revenue
Net interest income grew 2% to $4.6B, with purchase volume up 8% to a record $49.8B across all five platforms. Growth was led by Diversified & Value (+12%) and Digital (+9%).
Profitability
Net earnings fell 8% to $885M, though diluted EPS rose to $2.59 from $2.50 as share count declined. ROA was 2.9% and ROTCE was 25.2%.
Margins
NIM expanded 30bps YoY to 15.08%, but fell 42bps sequentially on lower late fees and seasonal mix. Efficiency ratio rose 170bps to 35.8% on higher operational losses and tech investment.
Balance Sheet
Total liquid assets were $19.8B, or 16.2% of total assets, with deposits at 83% of funding. CET1 ratio was 13.2%, down 100bps YoY after reclassifying internally-developed software to an RWA.
Key Risks
Management flagged elevated payment rates (17%, +70bps YoY) pressuring loan growth, higher operational losses, and potential regulatory scrutiny of late fees as key watch items.
Outlook
FY26 EPS is guided to $9.25-$9.50, with mid-single-digit ending loan receivables growth and NCOs below 5.5%. NIM is expected to build from Q2 as late-fee pressure abates and ALR mix improves in H2.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-21
Strong account and purchase volume growth drove record Q2 results, with net earnings of $885 million and robust returns. Guidance was raised for full-year EPS, and capital returns remain a priority. Consumer spending and credit trends remain resilient despite elevated payment rates.
Q1 2026 Q1 2026 2026-04-21
Record Q1 purchase volume and strong credit performance drove higher net earnings and robust capital returns. Guidance remains positive for loan growth and EPS, with disciplined expense management and continued investment in technology and partnerships.
Q4 2025 Q4 2025 2026-01-27
Strong Q4 and full-year 2025 results featured record purchase volume, robust credit performance, and significant partner expansion. 2026 guidance calls for mid-single-digit receivables growth, stable credit metrics, and EPS of $9.10–$9.50, with continued investment in digital and product innovation.
Q3 2025 Q3 2025 2025-10-15
Q3 2025 saw $1.1B in net earnings, 2% purchase volume growth, and strong credit performance, with digital and co-branded card segments leading gains. Guidance for 2025 remains cautious, with flat receivables and a loss rate at the low end of targets, while capital returns and new partnerships drive future growth.
Q2 2025 Q2 2025 2025-07-22
Q2 2025 saw strong earnings, robust credit performance, and resilient consumer spend, with new partnerships and product launches positioning for future growth. Guidance calls for flat loan receivables, stable loss rates, and continued investment in technology and digital platforms.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Information Sources:
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