Synchrony Financial
NYSE: SYF · FINANCIAL SERVICES · CREDIT SERVICES
Updated 2026-06-12
Synchrony Financial (SYF) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.21B | $8.81B | $9.44B | $10.15B | $10.88B | $12.22B | $13.76B | $15.15B | $15.60B | $12.83B | $11.22B | $13.20B | $17.34B | $20.76B | $19.12B |
| Revenue growth (YoY) | — | +7.3% | +7.2% | +7.5% | +7.2% | +12.3% | +12.6% | +10.1% | +3.0% | -17.8% | -12.5% | +17.6% | +31.4% | +19.7% | -7.9% |
| Cost of revenue | $3.19B | $3.31B | $3.81B | $3.84B | $4.09B | $5.23B | $6.69B | $7.42B | $6.47B | $6.97B | $1.76B | $4.90B | $9.68B | $11.37B | $9.36B |
| Gross profit | $5.02B | $5.50B | $5.63B | $6.31B | $6.79B | $6.99B | $7.07B | $7.74B | $9.13B | $5.85B | $9.47B | $8.30B | $7.66B | $9.39B | $9.76B |
| Gross margin | 61.1% | 62.4% | 59.6% | 62.2% | 62.4% | 57.2% | 51.4% | 51.1% | 58.5% | 45.6% | 84.3% | 62.9% | 44.2% | 45.2% | 51.0% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $596.00M | $620.00M | $698.00M | $866.00M | $1.04B | $1.20B | $1.30B | $1.43B | $1.46B | $1.38B | $1.50B | $1.68B | $1.88B | $1.83B | $2.09B |
| Operating income | $3.01B | $3.38B | $3.14B | $3.39B | $3.53B | $3.57B | $3.32B | $3.64B | $4.89B | $1.80B | $5.50B | $3.96B | $2.90B | $4.55B | $4.62B |
| Operating margin | 36.7% | 38.3% | 33.3% | 33.4% | 32.4% | 29.2% | 24.2% | 24.0% | 31.3% | 14.0% | 49.0% | 30.0% | 16.7% | 21.9% | 24.2% |
| EBITDA | $3.11B | $3.46B | $3.25B | $3.52B | $3.71B | $3.79B | $3.58B | $3.95B | $5.25B | $2.18B | $5.89B | $4.38B | $3.36B | $5.03B | $5.13B |
| EBITDA margin | 37.8% | 39.3% | 34.4% | 34.6% | 34.0% | 31.0% | 26.0% | 26.0% | 33.7% | 17.0% | 52.5% | 33.2% | 19.4% | 24.2% | 26.9% |
| EBIT | $3.01B | $3.38B | $3.14B | $3.39B | $3.53B | $3.57B | $3.32B | $3.64B | $4.89B | $1.80B | $5.50B | $3.96B | $2.90B | $4.55B | $4.62B |
| Interest expense | $932.00M | $745.00M | $742.00M | $922.00M | $1.14B | $1.25B | $1.39B | $1.87B | $2.29B | $1.67B | $1.03B | $1.52B | $3.71B | $4.63B | $4.13B |
| Income tax | $1.12B | $1.26B | $1.16B | $1.28B | $1.32B | $1.32B | $1.39B | $854.00M | $1.14B | $412.00M | $1.28B | $946.00M | $666.00M | $1.05B | $1.07B |
| Effective tax rate | 37.2% | 37.2% | 37.0% | 37.7% | 37.3% | 36.9% | 41.8% | 23.4% | 23.3% | 22.9% | 23.3% | 23.9% | 22.9% | 23.1% | 23.1% |
| Net income | $1.89B | $2.12B | $1.98B | $2.11B | $2.21B | $2.25B | $1.94B | $2.79B | $3.75B | $1.39B | $4.22B | $3.02B | $2.24B | $3.50B | $3.55B |
| Net income growth (YoY) | — | +12.1% | -6.6% | +6.6% | +5.0% | +1.7% | -14.0% | +44.2% | +34.3% | -63.0% | +204.8% | -28.5% | -25.8% | +56.3% | +1.5% |
| Profit margin | 23.0% | 24.1% | 21.0% | 20.8% | 20.3% | 18.4% | 14.1% | 18.4% | 24.0% | 10.8% | 37.6% | 22.9% | 12.9% | 16.9% | 18.6% |
Frequently asked questions
What is Synchrony Financial's revenue?
Synchrony Financial's trailing twelve-month revenue is $9.89B, and consensus projects about $22.85B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is SYF?
In its most recent fiscal year, SYF ran a gross margin of 51.04%, an operating margin of 24.17%, and a net margin of 18.58%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does SYF generate?
SYF produced $9.85B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is SYF's balance sheet healthy?
SYF holds $14.97B in cash and equivalents against $15.18B in long-term debt, on $16.77B of shareholder equity. That debt is best read against the cash flow the business throws off each year.