Synchrony Financial (SYF): Business Model Canvas [Dec-2025 Updated]

You're looking to see exactly how a major player like Synchrony Financial turns retail partnerships into profit, especially with the market shifting as we head into late 2025. Honestly, breaking down their model-which hinges on managing a $100.2 billion loan receivables portfolio funded by a solid deposit base-is key to understanding their stability. We'll map out how they generate $4.7 billion in Net Interest Income from those card programs and what their 13.7% CET1 ratio means for risk management, so you can see the whole picture below.

Synchrony Financial (SYF) - Canvas Business Model: Key Partnerships

You're mapping out the ecosystem that powers Synchrony Financial (SYF), and the partnerships are where the real scale comes from. It's not just about issuing cards; it's about being embedded right where the customer is making a purchase decision. Here's the breakdown of the key relationships driving their business as of late 2025.

Major National Retailers for Private Label Cards

Synchrony Financial remains the nation's largest issuer of private-label credit cards based on purchase volume and receivables. The U.S. private label credit card industry is projected to hit over $339 billion in purchases and $172 billion in outstandings by 2025, with Synchrony Financial driving a significant portion of that growth.

The relationship with Ashley continues, featuring the Ashley Advantage® Credit Card. For new accounts opened as of July 31, 2025, the Purchase APR stands at 34.99%, with a Penalty APR of 39.99%. On the home improvement side, Synchrony announced in October 2025 the acquisition of the Lowe's commercial co-branded credit card portfolio, extending a relationship that has spanned decades. Also, the multi-year consumer financing partnership with Mitsubishi Electric Trane HVAC US LLC was recently renewed, keeping Synchrony embedded in the residential HVAC upgrade cycle.

Digital Commerce Giants like Amazon for BNPL Products

The digital space is seeing major evolution, particularly with Buy Now, Pay Later (BNPL). Synchrony Financial renewed and expanded its relationship with Amazon, building on over fifteen years of collaboration. This expansion introduced Synchrony Pay Later, a BNPL offering allowing approved Amazon customers to split purchases of $50 or more into installment payments. This is part of a broader strategy to offer a full spectrum of financing alternatives where the consumer wants to shop.

OnePay for the New Co-brand Credit Card Program at Walmart

A significant move for late 2025 is the exclusive partnership with fintech company OnePay to power a new credit card program for Walmart customers. This program, expected to launch in the Fall of 2025, is powered by the Mastercard global payments network. The experience is digitally focused, with the credit card functionality embedded inside the OnePay app.

This Walmart program includes two distinct cards:

• The General-Purpose Card, which is the signature card and usable anywhere Mastercard is accepted.
• The Private Label Card, which is exclusively for Walmart purchases.

Healthcare Providers and Dental Practices via Health & Wellness Platform

The Health & Wellness platform, anchored by CareCredit, continues to expand its reach in the medical credit space. In a key development in October 2025, Synchrony announced a strategic partnership with Dental Intelligence, a platform utilized by over 9,000 dental practices. For context on the segment's recent performance, period-end loan receivables for Health & Wellness were reported as flat in the third quarter of 2025.

Technology Partners for Embedded Financing

Synchrony is actively tracking and implementing embedded finance, integrating financial services directly into the user journey. The internal development initiative, Synchrony Prism, is a collaboration between Synchrony's technology and credit teams focused on innovating credit and fraud decisioning. This platform helps tens of millions of Americans access credit responsibly and, as of a February 2025 update, helped underwrite $180 billion of sales annually for its partners.

Here's a look at the scale of some key partner relationships and internal technology impact:

The company returned $971 million in capital to shareholders in Q3 2025, including $861 million of share repurchases. Finance: draft 13-week cash view by Friday.

Synchrony Financial (SYF) - Canvas Business Model: Key Activities

You're looking at the core engine of Synchrony Financial (SYF) as of late 2025, focusing on the actions that drive the business forward, grounded in the latest reported figures.

Credit underwriting and risk management for a diverse loan portfolio

Synchrony Financial (SYF) actively manages its portfolio through disciplined underwriting. As of the third quarter of 2025, loan receivables stood at $100.2 billion, a 2% decrease year-over-year. The company saw credit quality strengthen; the 30-plus days past due rate was 4.39%, down 39 basis points from the prior year. Net charge-offs fell 90 basis points to 5.16%. The allowance for credit losses as a percentage of loan receivables was 10.35% at quarter end, down from 10.59% in the second quarter of 2025. Purchase volume, however, grew 2% to $46 billion in Q3 2025, even as average active accounts decreased 3% to 68.3 million.

Key credit and portfolio metrics for Q3 2025:

The company aims to return to its long-term loss target of 5.5% to 6% by 2025. Plans exist to lift credit restrictions over the next 18 months, contingent on economic conditions.

Partner program management, including sharing economics (RSAs)

Managing relationships with national and regional retailers is central. Retailer share arrangements (RSAs) increased 12% to $1.0 billion in Q3 2025. This increase reflected program performance, including lower net charge-offs. The efficiency ratio for Q3 2025 was 32.6%, which reflected the impact of higher RSAs on net revenue. During the three months ended March 31, 2025, Synchrony Financial (SYF) expanded or renewed more than 10 partners. A new partnership was announced with OnePay to exclusively power the new credit card program at Walmart.

The expected range for RSAs going forward was between 3.95% and 4.05% of receivables.

Funding operations, primarily through a $79.9 billion deposit base (Q3 2025)

Funding stability is maintained through a substantial base of customer deposits. At the end of Q3 2025, deposits totaled $79.9 billion, representing 85% of total funding. This was a 3% decrease, or $2.4 billion, from the prior period, as broker deposits declined by $2.4 billion sequentially. Total liquid assets were $18.2 billion, representing 15.6% of total assets. The estimated Common Equity Tier 1 (CET1) ratio ended Q3 2025 at 13.7%.

Digital product development and platform integration

Investment in digital capabilities continues to be a key activity. In Q3 2025, spend across the digital platform increased 5%, driven by higher spend per account. This was supported by the launch of Synchrony Pay Later with Amazon in Q2 2025. Also in Q2 2025, the digital PayPal Credit offering was expanded to include a physical card and feature six-month promotional financing offers. Digital purchase volume increased 2% in Q2 2025.

Capital return to shareholders via buybacks and dividends

Synchrony Financial (SYF) returned $971 million to shareholders in Q3 2025. This return was composed of $861 million in share repurchases and $110 million in common stock dividends. The quarterly common stock dividend was declared at $0.30 per share, which translates to an annualized dividend of $1.20 and a yield of 1.5% as of mid-November 2025. The payout ratio was 13.10%. The Board approved an incremental share repurchase authorization of $1.0 billion in September 2025, resulting in a total remaining authorization of $2.1 billion through June 30, 2026. This followed a prior authorization of $2.5 billion announced in Q1 2025.

Capital deployment for Q3 2025:

• Share Repurchases: $861 million
• Common Stock Dividends: $110 million
• Total Return: $971 million

Finance: draft 13-week cash view by Friday.

Synchrony Financial (SYF) - Canvas Business Model: Key Resources

You're looking at the core assets Synchrony Financial (SYF) relies on to run its business, the things it owns or controls that are essential for delivering value. These aren't just line items; they are the engines of their operation.

The most tangible asset is the massive pool of credit extended to consumers. As of the third quarter of 2025, the loan receivables portfolio stood at approximately $100.2 billion. That's the total amount customers owe Synchrony Financial. This portfolio size, while slightly down 2% from the prior year, is managed with a focus on quality, evidenced by net charge-offs falling to 5.16% of average loan receivables in Q3 2025. That's a key indicator of the health of this resource. It's a big book of business, and they're keeping it clean.

Next up is the intellectual property: the proprietary data and analytics for credit modeling and pricing. This is how Synchrony Financial decides who gets credit and at what rate. The effectiveness of this resource is reflected in the firm's profitability metrics. For instance, the net interest margin (NIM) widened to 15.62% in Q3 2025, showing they are pricing risk effectively even in a higher-rate environment. This data capability is what allows them to manage that $100.2 billion portfolio so tightly.

Funding the loans requires capital, and Synchrony Bank's direct-to-consumer deposit platform is a critical, low-cost source. While the total deposits figure from the end of 2024 was $82.1 billion, the Q3 2025 balance sheet showed strong liquidity, with total liquid assets at $18.2 billion, which was 15.6% of total assets. This suggests a stable, relatively cheap funding base compared to wholesale markets, helping keep the NIM strong.

The scale of their distribution network is another core resource. Synchrony Financial doesn't just lend money; they embed financing at the point of sale through partners. They support an extensive network of over 400,000 small and midsize business partners, alongside major national brands. This network drives purchase volume, which was up 2% year-over-year to $46.0 billion in Q3 2025. This reach is hard for competitors to replicate quickly.

Finally, the human and regulatory capital provides the foundation. The experienced management team has steered the company to record net earnings of $1.1 billion in Q3 2025. Furthermore, the regulatory capital position is robust. The estimated Common Equity Tier 1 (CET1) ratio stood at a solid 13.7% as of September 30, 2025. That's well above regulatory minimums and provides a buffer against unexpected economic shifts. This capital strength is definitely a key resource.

Here's a quick look at the capital and portfolio scale as of Q3 2025:

The operational scale is supported by the customer and partner base:

• Active customer accounts: Approximately 68.3 million (Q3 2025).
• Purchase Volume: $46.0 billion (Q3 2025).
• Partner Network Size: Over 400,000 small and midsize businesses.
• Total Capital Return (Share Repurchases + Dividends): $971 million (Q3 2025).

The management team's ability to generate returns on this asset base is clear from the performance metrics. Return on average assets hit 3.6%, and return on tangible common equity reached 30.6% in the third quarter. That's the result of effectively deploying all these key resources together.

Finance: draft 13-week cash view by Friday.

Synchrony Financial (SYF) - Canvas Business Model: Value Propositions

Flexible promotional financing for large purchases is valued through the resulting portfolio yield. Synchrony Financial's loan receivables yield reached 21.89% in the third quarter of 2025, which was up 35 bps, primarily driven by the impact of Promotional Payment Programs (PPPCs).

For retail partners, the value proposition translates into direct performance metrics. Retailer share arrangements increased by 12% in Q3 2025, reflecting strong program performance including lower Net Charge-Offs.

Digital-first payment options are seeing strong adoption, as evidenced by the growth in digital spend. Spend across Synchrony Financial's digital platform increased by 5% year-over-year in Q3 2025, driven by higher spend per account and reflecting strong customer response to refreshed value propositions.

For depositors, the high-yield savings products offer competitive rates. As of November 18, 2025, the Synchrony Bank High Yield Savings account offered an Annual Percentage Yield (APY) of 3.80%, with no minimum deposit requirement.

The customized credit programs across the five platforms drive the overall business volume. Total purchase volume for the quarter ended September 30, 2025, was $46.0 billion, a year-over-year increase of 2%.

Here's a breakdown of the purchase volume and loan receivables by platform segment for Q3 2025:

The consumer engagement shows a willingness to spend more per transaction. Average Transaction Value (ATV) for Synchrony Financial revolving credit products was approximately 40 basis points higher than the prior year.

The deposit base, which funds these activities, stood at $79.9 billion, representing a 3% decrease, and comprised 85% of total funding as of September 30, 2025.

Synchrony Financial's value proposition to its partners is also supported by improved credit quality, which benefits retailer share arrangements:

• Net Charge-Offs (NCO) rate fell to 5.16% (down 90 bps Year-over-Year).
• 30-plus delinquency rate was 4.39% (down 39 bps Year-over-Year).
• Allowance for credit losses as a percentage of total period-end loan receivables was 10.35%.

Synchrony Financial (SYF) - Canvas Business Model: Customer Relationships

You're looking at how Synchrony Financial (SYF) manages its relationships across its vast customer base, which is segmented between retail/partner customers and Synchrony Bank depositors. The scale here is significant; as of the third quarter of 2025, the company served an average of approximately 68.3 million active accounts. This relationship strategy is deeply embedded in the success of its partner network.

The approach to relationship management varies based on the customer type, focusing on high-touch support for strategic partners and digital efficiency for cardholders.

• Dedicated relationship managers for large retail partners
• Automated, self-service digital tools for cardholders
• Co-created value propositions with partners to drive sales
• High-touch service for Synchrony Bank deposit customers
• Targeted marketing based on proprietary customer data

For the retail partners, the relationship is one of deep integration. Synchrony Financial emphasizes securing the long term, which is evident in their partnership stability. As of the nine months ended September 30, 2025, a total of 22 of their 25 largest program agreements now have an expiration date in 2027 or beyond. This represents 98% of the interest and fees on loans attributable to those top 25 programs for the year ended December 31, 2024. The company actively grows this base, having added, renewed, or expanded more than 15 partners during the third quarter of 2025 alone. For example, the nearly 25-year partnership with JCPenney was extended, now including Synchrony Pay Later options. Also, in Q1 2025, the nearly 15-year partnership with Ashley was extended.

Cardholders are increasingly managed through digital channels, which is a key area of investment. Digital platform spend showed an increase of 5% year-over-year in Q3 2025. Looking back at the full 2024 fiscal year, digital channels were responsible for $6.3 billion in interest and fees on loans, making up 29% of the total interest and fees on loans for Synchrony Financial. The company continually invests in its servicing and digital platforms to expand self-service features and improve the user experience.

The value proposition is co-created to directly fuel partner sales. The CEO noted a strong customer response to refreshed value propositions in Q3 2025. This is supported by the financial performance, where purchase volume growth was broad-based across all five sales platforms. The launch of the Walmart program, a major new relationship, showed very encouraging initial results.

For the Synchrony Bank deposit customers, the relationship is anchored in stability and low-cost funding. Deposits comprised 85% of total funding sources as of September 30, 2025, totaling $79.9 billion. The bank focuses on its online direct banking operations, which is highly scalable without needing a traditional branch network. In 2024, retail customers, who make up the substantial majority of direct deposits, numbered approximately 695,000 across about 1.5 million accounts. The retention for certificates of deposit balances up for renewal was 84% for the year ended December 31, 2024.

The use of proprietary data underpins the targeting efforts. Synchrony leverages its scale, lending expertise, and advanced data analytics to deliver financing solutions through seamless omnichannel experiences. This data-driven approach supports prudent financial flexibility for its approximately 70 million customers.

Here's a quick look at some key relationship and scale metrics as of late 2025:

The company's underwriting discipline and credit actions have delivered credit performance in 2025 that has exceeded expectations, which management believes primes the business for strong risk-adjusted growth as conditions allow. Finance: draft next quarter's partner engagement KPI review by end of month.

Synchrony Financial (SYF) - Canvas Business Model: Channels

You're looking at how Synchrony Financial (SYF) gets its products-primarily credit and financing-into the hands of consumers and businesses. This is all about distribution, and for SYF, it's heavily weighted toward their partners.

The scale of their operation is significant, based on the latest reported figures. For the third quarter of fiscal 2025, Synchrony Financial financed a total purchase volume of $46.0 billion across its programs. This volume was supported by an average of 68.3 million active accounts as of that quarter.

Here's a quick look at the core metrics driving these channels as of late 2025:

Partner-branded credit card applications at the point-of-sale (POS)

This remains the bread and butter of Synchrony Financial's distribution. Applications are initiated directly at the retailer, healthcare provider, or service location, often through integrated terminals or digital sign-up flows managed by the partner. The company supports a diverse group of national and regional retailers, manufacturers, and healthcare service providers, which they call partners. Synchrony Financial renewed or expanded partnerships with over 15 companies in Q3 2025 alone, including the Toro Company and the Lowe's commercial program. The acquisition of Versatile Credit is specifically aimed at enhancing flexible financing options connecting merchants, lenders, and consumers through point-of-sale solutions. This channel is where the private label credit cards are primarily issued.

Direct-to-consumer online banking platform (Synchrony Bank)

The wholly-owned subsidiary, Synchrony Bank, serves as the direct channel for deposit-taking activities, which fund the credit business. As of December 31, 2024, the Bank held $83.9 billion in total deposits. Of that total, $72.3 billion came from direct deposits, which represented 90% of total funding sources on that date. This platform offers FDIC-insured products like certificates of deposit, IRAs, money market accounts, and savings accounts directly to retail customers.

Embedded financing options within partner e-commerce sites (e.g., Adobe Commerce)

This is deeply intertwined with the POS channel but specifically targets digital transactions. The Digital sales platform provides integrated digital experiences, enabling partners to embed payments and financing solutions directly within their online checkout flows. The Q3 2025 results showed that Digital purchase volume increased by 5% year-over-year, indicating strong adoption of these embedded digital financing options. Furthermore, the integration of Pay Later products across major partners like Amazon and Walmart is a key strategy to strengthen market position and customer engagement.

The channel mix is evolving; for instance, Dual Cards and Co-Branded cards made up 28% of the total loan receivables portfolio as of March 31, 2025.

Mobile apps and digital wallets for card management and transactions

While specific mobile app download or active user statistics aren't explicitly detailed for late 2025, the growth in Digital purchase volume suggests consumers are actively using digital interfaces for their Synchrony-backed accounts. The focus on delivering end-to-end payment and financing solutions paired with integrated digital experiences is a core function of the Digital platform. This includes card management features within the mobile environment, which supports the overall digital engagement strategy.

Partner call centers and in-store personnel

These personnel act as the front line for initiating applications and servicing accounts at the physical point of sale. The success of the private label and Dual Card programs depends on the partner's staff being trained and motivated to offer Synchrony Financial's credit products. For example, the expansion of CareCredit acceptance across veterinary spaces, including all 29 public veterinary university hospitals, relies on the provider staff to facilitate financing options at the time of service.

• The company supports over 400,000 small and midsize businesses and health and wellness providers.
• The Home & Auto platform provides financing solutions with integrated in-store and digital experiences.
• The company offers advertising center tools to partners to help them create ads promoting the Synchrony financing program.

Finance: draft 13-week cash view by Friday.

Synchrony Financial (SYF) - Canvas Business Model: Customer Segments

You're looking at the core groups Synchrony Financial (SYF) serves to generate its revenue, which is a mix of lending income and fees from partners. Here's the quick math on who is using their credit and banking products as of late 2025, based on the third quarter results.

Large national and regional retailers seeking private label credit programs

Synchrony Financial (SYF) is the largest provider of private label credit cards in the United States, measured by purchase volume and receivables. They support the growth and operations of some of the country's most respected brands. The scale of this segment is substantial, though loan receivables are managed across the entire portfolio.

Consumers across the credit spectrum utilizing promotional financing

This segment represents the core cardholder base, which is showing resilience in meeting obligations despite a higher rate environment. The company has been tightening standards, resulting in a higher-quality customer base.

• Average Active Accounts (as of September 30, 2025): 68.3 million.
• Q3 2025 Purchase Volume Year-over-Year Growth: +2%.
• 30+ Day Delinquency Rate (Q3 2025): 4.39%.
• Net Charge-Off Rate (Q3 2025): 5.16%.
• Credit Cards under Promotional Offer (as of March 31, 2025): 31.3% of total credit card receivables (Deferred Interest + Other Promotional).

Small and midsize businesses (SMBs) and health providers needing patient financing

Synchrony Financial (SYF) provides financing solutions through its network, notably through the CareCredit brand in health and wellness. The company supports over 400,000 small and midsize businesses and health providers.

• Health & Wellness Purchase Volume (Q3 2025) Growth: +3%.
• Commercial Credit Products as % of Total Loan Receivables (March 31, 2025): 1.9%.

Direct-to-consumer depositors seeking competitive savings rates

These depositors provide stable, low-cost funding for the credit activities. The total deposit base is a significant component of the company's funding structure.

Products offered directly to consumers include Certificates of Deposit, Individual Retirement Accounts, money market accounts, and savings accounts.

Digital-native shoppers using BNPL and co-brand cards

The digital channel is a key driver of spend per account, even as the overall active account base saw a slight sequential decline. The Dual Card products are central to this strategy.

• Digital Purchase Volume (Q3 2025) Growth: +5%.
• Dual and Co-branded Cards Contribution to Total Purchase Volume (Q1 2025): 45%.

The company offers patented Dual Cards, which are proprietary digital versions of their credit cards, enabling in-store account lookup and mobile payments.

Synchrony Financial (SYF) - Canvas Business Model: Cost Structure

You're looking at the major drains on Synchrony Financial's top line, the costs that determine how much of that interest and fee income actually translates into profit. For a finance company like Synchrony Financial, the cost structure is dominated by credit risk and funding costs, so those numbers are what you need to watch most closely.

The single biggest variable cost, which is a direct reflection of credit quality, is the Provision for credit losses. For the full year 2025, Synchrony Financial is guiding its Net Charge-Off (NCO) rate to be between 5.6%-5.7% of average loan receivables, which is toward the lower end of their long-term underwriting target range of 5.5% to 6%. To give you a concrete sense of the current impact, the provision for credit losses for the third quarter of 2025 was $1.1 billion, which included a reserve release of $152 million due to improved credit performance.

Next up, you have the cost of money: Interest expense on deposits and borrowings. This is definitely a big cost, as Synchrony Financial relies on deposits and borrowings to fund its loan receivables. For the three months ended September 30, 2025, the Total interest expense was reported at $1,011 million, marking a 14.0% decrease compared to the same period last year, largely due to lower interest-bearing liabilities costs associated with lower benchmark rates. Deposits represented 85% of total funding sources as of September 30, 2025.

Then we get to Operating expenses, which cover the day-to-day running of the business, including technology, marketing, and personnel. For the third quarter of 2025, Other expense-which captures these items-increased by 5% year-over-year to $1.2 billion. This increase was primarily driven by higher employee costs and costs related to technology investments. For the full year 2025 outlook, management expects other expenses to increase approximately 3% on a dollar basis, which includes costs for the Walmart program launch.

The cost structure also includes payments back to partners via Retailer Share Arrangements (RSAs). These are performance-based payments to partners. For the full year 2025, RSAs are projected to be between 3.95% and 4.05% of average receivables. In the third quarter of 2025, the actual RSA amount was $1.0 billion, an increase of 12.0% year-over-year, reflecting strong program performance.

Finally, the measure of how efficiently Synchrony Financial manages these costs is the Efficiency ratio. The updated guidance for the full year 2025 efficiency ratio is targeted between 33.0% and 33.5%. This is a slight upward revision from earlier expectations. For context, the actual efficiency ratio for the third quarter of 2025 was 32.6%.

Here's a quick look at the key cost components and targets for 2025:

The structure shows that managing credit risk and funding costs are paramount. If NCOs creep above the 5.7% guide, the provision will spike, directly hitting earnings. Also, note that the efficiency ratio target of 33.0%-33.5% reflects the updated net revenue outlook, meaning they are managing expenses against a slightly lower revenue expectation than previously modeled.

• Provision for credit losses is a direct measure of portfolio health.
• Interest expense on deposits is a major fixed-like cost tied to benchmark rates.
• Other expense growth of 5% in Q3 2025 was driven by personnel and tech spend.
• RSAs align partner incentives with Synchrony Financial's credit performance.

Synchrony Financial (SYF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Synchrony Financial brings in the money, and honestly, it's still heavily weighted toward the interest they earn on the cards they manage. It's a classic finance model, but with a modern partnership twist.

The biggest piece of the pie comes from the loans themselves. For the third quarter of 2025, the Net Interest Income (NII) from loan balances was $4.7 billion. That's the difference between what they earn on the receivables and what they pay out for funding. To give you a sense of the full-year picture, Synchrony Financial projects its total net revenue for 2025 to land between $15.0 billion and $15.1 billion. That projection was actually trimmed slightly from earlier estimates, mainly because of higher payment rates and lower late fee incidence, which is something to watch.

Here's a quick look at some of those key revenue drivers and related figures from the recent Q3 2025 results:

Interchange fees from co-brand and general-purpose credit cards form another crucial layer. These are the fees merchants pay every time a card is swiped or tapped within a program Synchrony manages. In Q3 2025, the reported interchange revenue was $266, which is a significant component of the total interest and fees on loans figure.

You also have to account for the fees charged directly to cardholders, though this stream is becoming more dynamic. Late fees and other non-interest income are part of that. We saw reports of lower late fee incidence in Q3 2025, which actually muted the growth in total interest and fees on loans, despite higher loan yields from product, pricing, and policy changes (PPPCs). It defintely shows how regulatory and consumer behavior shifts directly impact this revenue bucket.

Partner-specific fees for program management and services are key to the co-brand model. These are often captured in the Retailer Share Arrangements (RSA). For instance, in Q3 2025, these arrangements saw a 12% increase, reflecting strong program performance, including lower net charge-offs. For context, in Q1 2025, the RSA figure was reported as ($895 million), showing the scale of these partner economics.

The revenue streams can be broken down like this:

• Net Interest Income from loan balances: $4.7 billion in Q3 2025.
• Interchange revenue: $266 in Q3 2025.
• Other income (including partner fees): $127 million in Q3 2025.
• Retailer Share Arrangements: Increased 12% year-over-year in Q3 2025.
• Total projected net revenue for 2025: $15.0 billion-$15.1 billion.

Finance: draft the Q4 2025 revenue forecast based on the current payment rate trend by next Tuesday.