Synchrony Financial（SYF）Q3 EPS 大超预期但主要靠拨备低于预期，全年指引仅微调至上限，盘前微涨0.2%

Synchrony Financial ( SYF ) Q3 earnings topped the Wall Street consensus on Tuesday as strong consumer spending supported broad-based purchase volume growth across its five sales platforms. Loan volume grew, and its net charge-off rate declined, indicating solid credit quality. The company expects FY2026 EPS of ~$9.50, at the high end of its previous range of $9.25-$9.50, compared with the average analyst estimate of $9.45. It reaffirmed its guidance for its full-year net charge-off rate at less than 5.5% and ending loan receivables growth in the mid-single digits. Q3 GAAP EPS of $2.68, beating the average analyst estimate of $2.40, rose from $2.59 in Q2 and fell from $2.86 in last year’s Q3. Q3 net revenue of $3.82B, topping the $3.81B consensus, increased from $3.72B in the prior quarter and was flat vs. a year ago. Purchase volume was $49.7B, vs. the Visible Alpha estimate of $49.5B and down a tick from $49.8B in Q2. "Spend reached a record third-quarter level and increased across credit cohorts and generations, with the highest growth once again coming from our Generation Z and Millennial customers," said President and CEO Brian Doubles. "In addition, both discretionary and non-discretionary out-of-partner spend increased by double-digits, led by momentum in electronics, entertainment, gas stations, and discount stores." Net interest income rose to $4.81B from $4.61B in the previous quarter and $4.72B in the year-ago period. The Q3 2026 number exceeded the Visible Alpha estimate of $4.80B. Provision for credit losses of $1.27B, vs. the Visible Alpha consensus of $1.44B, increased from $1.20B in Q2 and $1.15B in Q3 2025. Net charge-offs as a percentage of total average loan receivables were 4.79%, falling from 5.43% in the prior quarter and 5.16% a year ago. The 30+ days past due delinquency rate was 4.34% in Q3, compared with 4.16% in Q2 and 4.39% in last year’s Q3. Loan receivables of $103.3B grew from $102.2B in the previous quarter. Synchrony Financial ( SYF ) stock rose 0.2% in premarket trading. Conference call at 8:00 AM ET.