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Financial Highlights

For the years ended, and at, December 31
(in millions unless otherwise stated except for per share data and ratios)

Financial Highlights 2025 2024 2023
Net interest income 2025: $18,466 2024: $18,011 2023: $16,999
Interest and fees on loans 2025: $21,698 2024: $21,596 2023: $19,902
Net earnings 2025: $3,552 2024: $3,499 2023: $2,238
Diluted earnings per share 2025: $9.28 2024: $8.55 2023: $5.19
Shares outstandingSee footnote 1 2025: 373.9 2024: 400.6 2023: 423.5
Period End 2025 2024 2023
Total assets 2025: $119,095 2024: $119,463 2023: $117,479
Loan receivables 2025: $103,808 2024: $104,721 2023: $102,988
Deposits 2025: $81,144 2024: $82,062 2023: $81,153
Common equity Tier 1 capital ratio 2025: 12.6% 2024: 13.3% 2023: 12.2%
Performance Metrics 2025 2024 2023
Purchase volume (in billions)See footnote 2 2025: $182.3 2024: $182.2 2023: $185.2
Period-end active accounts (in thousands)See footnote 3 2025: $70,693 2024: $71,532 2023: $73,484
Average active accounts (in thousands)See footnote 3 2025: $68,876 2024: $70,904 2023: $70,337
Net interest marginSee footnote 4 2025: 15.24% 2024: 14.76% 2023: 15.15%
Net charge-off rateSee footnote 5 2025: 5.65% 2024: 6.31% 2023: 4.87%
30+ delinquency rateSee footnote 6 2025: 4.49% 2024: 4.70% 2023: 4.74%
Efficiency ratioSee footnote 7 2025: 34.3% 2024: 30.0% 2023: 34.9%
Return on assetsSee footnote 8 2025: 3.0% 2024: 2.9% 2023: 2.0%
  1. Diluted weighted average common shares outstanding.
  2. Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period. Purchase volume includes activity related to our portfolios classified as held for sale.
  3. Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month. Includes activity and accounts associated with loan receivables held for sale.
  4. Net interest margin represents net interest income divided by average total interest-earning assets.
  5. Net charge-off rate represents net charge-offs as a percentage of average loan receivables, including those held for sale.
  6. Based on customer statement-end balances extrapolated to the respective period-end date.
  7. Efficiency ratio is calculated as Total Other expense divided by sum of Net interest income plus Other income less Retailer share arrangements (RSA).
  8. Return on assets represents net earnings as a percentage of average total assets.