The news: Synchrony’s net revenues decreased 23% YoY in Q1 2025, per its earnings presentation. This is in sharp contrast from Synchrony’s 50% YoY net revenue jump in Q1 2024.
Synchrony said the steep decline resulted from selling Pets Best Insurance Services in Q1 2024. Excluding the sale, net revenues were essentially flat, CFO Brian Wenzel said during the earnings call.