Synchrony Financial (SYF) Cash Flow Statement
Where SYF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $9.85B +0.0% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $9.85B 51.5% margin
- Returned to shareholders
- $3.45B 35% of free cash flow
- Change in cash
- $262.0M cash at year-end $15.02B
Cash from operations
$9.85B
Investments (net)
+$765.0M
Acquisitions & other
−$5.62B
Dividends
−$510.0M
Share buybacks (net)
−$2.94B
Net borrowing (repayment)
−$295.0M
Other financing
−$989.0M
Change in cash
$262.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SYF operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SYF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.82B2016 | $9.85B2025 | +4.2%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $6.82B2016 | $9.85B2025 | +4.2%/yr | |
| Free cash flow margin | 55.8%2016 | 51.5%2025 | −4.3 pts | |
| Operating cash flow / net income | 3.032016 | 2.772025 | −0.26 | |
| Stock-based compensation | $3.99B2016 | $5.96B2023 | +5.9%/yr | |
| Dividends paid | $214.0M2016 | $510.0M2025 | +10.1%/yr | |
| Share buybacks (net) | $476.0M2016 | $2.94B2025 | +22.4%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SYF cash flow by activity
OperatingInvestingFinancingChange in cash
SYF net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SYF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.55B | $3.50B | $2.24B | $3.02B | $4.22B | $1.39B | $3.75B | $2.79B | $1.94B | $2.25B |
| Depreciation & amortization | $514.0M | $481.0M | $458.0M | $419.0M | $390.0M | $383.0M | $367.0M | $302.0M | $254.0M | $219.0M |
| Stock-based compensation | — | — | $5.96B | — | $726.0M | $5.31B | $4.18B | $5.54B | $5.30B | $3.99B |
| Change in working capital | −$161.0M | −$205.0M | −$345.0M | −$269.0M | $1.02B | $291.0M | $65.0M | $157.0M | $397.0M | −$547.0M |
| Other non-cash items | $5.95B | $6.07B | $277.0M | $3.53B | $741.0M | $118.0M | $631.0M | $548.0M | $1.03B | $914.0M |
| Cash from operating activities | $9.85B | $9.85B | $8.59B | $6.69B | $7.10B | $7.49B | $8.99B | $9.34B | $8.92B | $6.82B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $765.0M | −$8.90B | −$14.23B | −$9.69B | −$4.26B | −$108.0M | $327.0M | −$18.23B | −$9.07B | −$13.15B |
| Acquisitions & other investing | −$5.62B | $0 | $0 | −$549.0M | −$549.0M | −$390.0M | −$588.0M | −$802.0M | −$342.0M | −$174.0M |
| Cash from investing activities | −$4.85B | −$8.90B | −$14.23B | −$10.23B | −$4.81B | −$498.0M | −$261.0M | −$19.04B | −$9.41B | −$13.32B |
| Financing activities | ||||||||||
| Dividends paid | −$510.0M | −$470.0M | −$448.0M | −$476.0M | −$542.0M | −$562.0M | −$581.0M | −$534.0M | −$446.0M | −$214.0M |
| Share repurchases & issuance (net) | −$2.94B | −$1.01B | −$1.11B | −$3.32B | −$2.88B | −$985.0M | −$3.62B | −$1.87B | −$1.50B | −$476.0M |
| Net borrowing (repayment) | −$295.0M | −$536.0M | $1.78B | −$329.0M | −$1.28B | −$4.11B | −$4.15B | $3.18B | $633.0M | −$4.17B |
| Shares issued | $0 | $488.0M | $0 | $0 | $0 | $0 | $734.0M | $0 | $0 | $0 |
| Other financing | −$989.0M | $915.0M | $9.41B | $9.41B | −$505.0M | −$2.38B | $1.15B | $7.47B | $4.08B | $8.35B |
| Cash from financing activities | −$4.74B | −$611.0M | $9.63B | $5.28B | −$5.20B | −$8.03B | −$6.46B | $8.25B | $2.77B | $3.49B |
| Summary | ||||||||||
| Net change in cash | $262.0M | $334.0M | $3.99B | $1.74B | −$2.92B | −$1.04B | $2.27B | −$1.44B | $2.28B | −$3.00B |
| Cash at end of period | $15.02B | $14.76B | $14.42B | $10.43B | $8.69B | $11.61B | $12.65B | $10.38B | $11.60B | $9.32B |
| Free cash flow | $9.85B | $9.85B | $8.59B | $6.69B | $7.10B | $7.49B | $8.99B | $9.34B | $8.92B | $6.82B |
| Free cash flow margin | 51.5% | 47.4% | 49.6% | 50.7% | 63.2% | 58.4% | 57.6% | 61.6% | 64.8% | 55.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.77 | 2.81 | 3.84 | 2.22 | 1.68 | 5.41 | 2.40 | 3.35 | 4.61 | 3.03 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $885.0M | $805.0M | $751.0M | $1.08B | $967.0M | $757.0M | $774.0M | $789.0M | $643.0M | $1.29B | $440.0M | $628.0M |
| Depreciation & amortization | $145.0M | $143.0M | $139.0M | $128.0M | $122.0M | $125.0M | $120.0M | $121.0M | $121.0M | $119.0M | $118.0M | $116.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $1.80B | $1.49B |
| Change in working capital | $11.0M | −$334.0M | −$70.0M | $68.0M | $196.0M | −$355.0M | −$238.0M | $183.0M | $11.0M | −$161.0M | −$52.0M | $193.0M |
| Other non-cash items | $1.38B | $1.57B | $1.63B | $1.36B | $1.27B | $1.67B | $1.70B | $1.67B | $1.71B | $997.0M | $7.0M | $57.0M |
| Cash from operating activities | $2.42B | $2.18B | $2.45B | $2.64B | $2.56B | $2.20B | $2.35B | $2.76B | $2.48B | $2.25B | $2.32B | $2.48B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$1.34B | −$690.0M | $371.0M | −$1.57B | −$2.24B | $3.60B | −$4.96B | −$2.23B | −$2.51B | $798.0M | −$7.17B | −$2.57B |
| Acquisitions & other investing | −$3.85B | $2.21B | −$5.01B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$4.50B |
| Cash from investing activities | −$5.19B | $1.52B | −$4.64B | −$1.57B | −$2.24B | $3.60B | −$4.96B | −$2.23B | −$2.51B | $798.0M | −$7.17B | −$7.07B |
| Financing activities | ||||||||||||
| Dividends paid | −$121.0M | −$125.0M | −$127.0M | −$130.0M | −$135.0M | −$118.0M | −$118.0M | −$120.0M | −$119.0M | −$113.0M | −$114.0M | −$114.0M |
| Share repurchases & issuance (net) | −$878.0M | −$900.0M | −$962.0M | −$870.0M | −$504.0M | −$605.0M | −$101.0M | −$302.0M | −$305.0M | −$300.0M | −$253.0M | −$152.0M |
| Net borrowing (repayment) | $0 | $1.24B | $747.0M | −$1.58B | −$1.00B | $1.54B | −$175.0M | −$8.0M | — | — | — | $997.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $488.0M | $0 | $0 |
| Other financing | $403.0M | $1.66B | $1.26B | −$2.37B | −$1.17B | $1.30B | −$223.0M | −$801.0M | −$943.0M | $2.53B | $3.84B | $2.30B |
| Cash from financing activities | −$596.0M | $1.88B | $918.0M | −$4.96B | −$2.82B | $2.12B | −$617.0M | −$1.23B | −$1.37B | $2.60B | $3.47B | $3.03B |
| Summary | ||||||||||||
| Net change in cash | −$4.37B | $5.59B | −$1.27B | −$3.89B | −$2.50B | $7.92B | −$3.23B | −$699.0M | −$1.39B | $5.65B | −$1.38B | $2.94B |
| Cash at end of period | $16.19B | $20.60B | $15.02B | $16.29B | $20.18B | $22.68B | $14.76B | $17.98B | $18.68B | $20.07B | $14.42B | $15.80B |
| Free cash flow | $2.42B | $2.18B | $2.45B | $2.64B | $2.56B | $2.20B | $2.35B | $2.76B | $2.48B | $2.25B | $2.32B | $2.48B |
| Free cash flow margin | 51.6% | 46.8% | 51.5% | 54.6% | 54.3% | 45.8% | 47.8% | 55.4% | 50.8% | 46.0% | 48.9% | 55.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.73 | 2.71 | 3.27 | 2.45 | 2.65 | 2.91 | 3.04 | 3.50 | 3.86 | 1.74 | 5.27 | 3.95 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SYF cash generation
In fiscal 2025 (ended December 31, 2025), Synchrony generated $9.9 billion of cash from operations (up 0.0%) and spent $0 on capital expenditures, leaving free cash flow of $9.9 billion, 51.5% of revenue. It returned $3.5 billion to shareholders through dividends ($510.0 million) and net share buybacks ($2.9 billion). Cash and equivalents rose by $262.0 million over the year.
Related: SYF income statement, SYF balance sheet, SYF dividend history. See the SYF stock overview for the latest quote and news.
SYF cash flow FAQ
What is Synchrony's free cash flow?
Synchrony's free cash flow was $9.9 billion in fiscal 2025: $9.9 billion of operating cash flow minus $0 of capital expenditures It was $9.8 billion a year earlier..
How much cash does Synchrony generate from operations?
Synchrony generated $9.9 billion of cash from operating activities in fiscal 2025, 2.77 times its net income of $3.6 billion.
How much stock does Synchrony buy back?
Synchrony spent $2.9 billion on net share repurchases in fiscal 2025.
How much does Synchrony pay in dividends?
Synchrony paid $510.0 million in dividends in fiscal 2025, 5.2% of free cash flow.