Synchrony narrows FY25 revenue view to $15B-$15.1B from $15B-$15.3B

Consensus $15.05B. Narrows FY25 net charge-offs view to 5.6%-5.7% from 5.6%-5.8%. Raises FY25 efficiency ratio view to 33%-33.5% from 32%-33%. Narrows FY25 RSA as a percent of average loan receivables view to 3.95%-4.05% from 3.95%-4.10%. Backs FY25 period-end loan receivables growth view flat. Says net revenue driven by lower interest and fee income due to higher payment rates. Says no deterioration in macroeconomic environment and no changes to consumer behavior from tariffs. Says purchase volume growth generally offset by higher payment rate. Comments and guidance taken from Q3 earnings conference call.