At a glance
Synchrony Financial is worth $23.92B, about 8 times its fiscal 2025 earnings. Revenue fell 2.8% to $18.99B in fiscal 2025, with 18.7% kept as profit; over 5 years it has grown 5.1% a year. It pays a 1.61% dividend yield, raised every year for at least 4 years, and returned $13.42B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +5.0% over the past year with dividends reinvested and +12.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.0% in the 2020 crash (S&P 500: 33.7%) and 43.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 24 months after the lows.
The business in plain English
Synchrony Financial is a consumer lender that works mainly through retailers and other partners. It offers private label cards (store-branded and usually used only at that store), dual and co-brand cards that also work elsewhere, its own general purpose card, installment loans and savings products. In 2025 it financed $182.3 billion of purchases and ended the year with $103.8 billion of loans and 70.7 million active accounts.
Net interest income (interest earned on loans minus interest paid on deposits and debt) was $18.5 billion of $19.0 billion in 2025 revenue. On promotional deals such as deferred interest, where interest is charged only if the shopper doesn't pay in full in time, partners usually pay a "merchant discount" to offset lost interest. Its bank subsidiary also takes deposits insured by the Federal Deposit Insurance Corporation, including savings accounts and IRAs. Deposits supplied 84% of funding at December 31, 2025.
Synchrony reports one segment, nearly all in the US, organized into five sales platforms. Each platform's share of 2025 interest and fees on loans: Digital (Amazon, PayPal, Verizon) 30%; Home & Auto (Lowe's, Discount Tire) 26%; Diversified & Value (Sam's Club, TJX and, since September 2025, a Walmart card program with OnePay) 22%; Health & Wellness, including CareCredit for dental and veterinary care, 17%; and Lifestyle (Dick's Sporting Goods, Polaris) 5%.
Price history
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SYF +5.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.91B, up 1.4% from a year earlier, and net income was $892.0M (-17.2%).
- For fiscal 2025, revenue was $18.99B (-2.8% year over year; +5.1% a year from FY2020 to FY2025) with a 18.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.1% good |
|---|---|
| Return on equity | 21.2% good |
| Net income / revenue | 18.7% watch |
| Deposits | $82.95B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.81B | $1.39B | — |
| FY2021 | $14.72B | $4.22B | — |
| FY2022 | $16.00B | $3.02B | — |
| FY2023 | $17.29B | $2.24B | — |
| FY2024 | $19.53B | $3.50B | — |
| FY2025 | $18.99B | $3.55B | — |
Valuation snapshot
| Market value | $23.92B |
|---|---|
| P/E ratio | 8.3 |
| Dividend yield | 1.61% |
Rank among 1514 US companies
Market value at each year end
Synchrony Financial’s market value went from $29.94B at the end of 2016 to $23.92B on Nov 2, 2026, down 20%; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $23.92B | -20.4% |
| 2025 | $30.05B | +18.7% |
| 2024 | $25.31B | +60.1% |
| 2023 | $15.80B | +6.7% |
| 2022 | $14.80B | -41.7% |
| 2021 | $25.39B | +25.3% |
| 2020 | $20.26B | -12.9% |
| 2019 | $23.27B | +38.0% |
| 2018 | $16.86B | -44.2% |
| 2017 | $30.22B | +0.9% |
| 2016 | $29.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SYF price data to Nov 2, 2026 | -6.8% | +5.0% | +40.7% | +12.5% | +13.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.8% |
| 2025 | +30.6% |
| 2024 | +74.0% |
| 2023 | +19.8% |
| 2022 | -27.4% |
| 2021 | +36.4% |
| 2020 | +0.0% |
| 2019 | +57.5% |
| 2018 | -37.8% |
| 2017 | +8.3% |
| 2016 | +20.4% |
| 2015 | +2.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.6% over that stretch · deepest drop along the way 62%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.2% over that stretch · deepest drop along the way 43.5%, back to its old high 23.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Dec 31, 2024 |
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Capital World Investors | 5.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.36% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Sep 30, 2025 |
ETFs with the most weight in SYF
| BPAY iShares FinTech Active ETF | 4.29% |
| MDPL Monarch Dividend Plus ETF | 3.79% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 2.44% |
| FCFY First Trust S&P 500 Diversified Free Cash Flow ETF | 2.06% |
| SEIV SEI Enhanced U.S. Large Cap Value Factor ETF | 1.69% |
| BMVP Invesco Bloomberg MVP Multi-factor ETF | 1.38% |
| SYLD Cambria Shareholder Yield ETF | 1.26% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 1.23% |
What could go wrong
- Losing a major retail partner. Its cards depend on partners such as Lowe's, Sam's Club, Amazon and PayPal. Some existing agreements will not be renewed past their expiration dates. Losing a large partner would shrink loans, accounts and interest income.
- Loan losses when borrowers stop paying. Card loans have no collateral behind them. Synchrony set aside $5.2 billion for expected loan losses in 2025, more than its $3.6 billion of net income. A recession could push losses much higher.
- Heavy reliance on deposit funding. Deposits supplied 84% of funding at December 31, 2025. If savers move money elsewhere or rivals pay higher rates, Synchrony may have to pay more, squeezing the gap between what it earns and pays.
- Rules that limit fees or rates. As a bank owner and card lender, Synchrony is closely regulated. Interest and fees, including late fees, drive its income, so new limits on fees, rates or deferred-interest offers could cut profits.
- Tied to US consumer spending. Substantially all revenue comes from lending to US consumers. With little overseas business to cushion it, a US recession could cut purchase volume and raise defaults at the same time.
- Deep share price drops. The stock fell 62% in the 2020 COVID crash and 43.5% in the 2022 bear market. Its worst fall from a peak was 66.3%, as of October 28, 2026.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
Synchrony pays a small but rising dividend. It has gone up four years running, from $0.88 per share in 2021 to $1.15 in 2025, about 5.5% a year since 2020. Dividends used about 12% of 2025 earnings, and the yield was 1.65% as of October 28, 2026. Buybacks, where the company purchases its own shares, return far more cash: $11.3 billion from 2021 through 2025, against $2.2 billion in dividends. The share count fell about 40% from February 2022 to October 2026.
In downturns the stock has fallen hard. It dropped 62% in the 2020 COVID crash, then regained its peak by December 4, 2020. In the 2022 bear market it fell 43.5% and took about two years, until June 28, 2024, to recover. Its price history does not cover the 2008 financial crisis. That matters for retirees who may need to raise cash in a slump. As a single stock, Synchrony carries more risk than a diversified fund.
Questions investors ask
How does Synchrony Financial make money?
Mainly by lending to shoppers. Synchrony issues store cards, co-brand cards, its own general purpose card and installment loans through partners such as Lowe's, Amazon, PayPal and Sam's Club, then earns interest and fees on the balances. Net interest income, meaning loan interest minus what it pays on deposits and debt, was $18.5 billion of its $19.0 billion in 2025 revenue. On promotional deals, partners often pay a fee called a merchant discount to make up for interest Synchrony gives up.
Does Synchrony raise its dividend every year?
Not every year, but it has raised it four years in a row. The dividend was $0.88 per share in both 2020 and 2021, then rose each year to $1.15 in 2025, an average of about 5.5% a year. It is a small payout: dividends took about 12% of 2025 earnings, and the yield was 1.65% as of October 28, 2026. Synchrony returns much more cash through share buybacks.
Who are Synchrony's main partners?
Its partners include big names such as Lowe's, Sam's Club, Amazon and PayPal. As of December 31, 2025, it had worked with Lowe's for 46 years, Sam's Club for 32 and PayPal for 21. Others include TJX, Verizon, Dick's Sporting Goods and Walgreens. In September 2025 it began a partnership with OnePay as the exclusive issuer of a general purpose and private label card program at Walmart. Losing any large partner would cut loans and income.
What is Synchrony's P/E ratio?
About 8.1 as of October 28, 2026, based on 2025 diluted earnings of $9.28 per share. The price-to-earnings ratio compares the share price with a year of profit, so a low number means investors pay relatively little for each dollar of earnings. A low ratio can also reflect worries about future profits, such as loan losses in a downturn. In the quarter ended September 30, 2026, net income fell 17.2% from a year earlier, to $892 million.
How has Synchrony stock performed over the long term?
About 12.6% a year over the 10 years to October 28, 2026, based on share price, or 228% in total. Over five years it returned 12.4% a year. The ride was bumpy: it lost 37.8% in 2018 and 27.4% in 2022, and fell 62% in the 2020 COVID crash. It gained 74% in 2024 and 30.6% in 2025, but was down 8.6% for the year to October 28, 2026. Past returns don't predict future ones.