SYF 8-K

Synchrony Financial (SYF)

8-K 2026-07-21 For: 2026-07-21

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Added on July 21, 2026

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777 Long Ridge Road
Stamford,	Connecticut	06902
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	SYF	New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	SYFPrA	New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B	SYFPrB	New York Stock Exchange



Number						Description

99.1						Press release, dated July 21, 2026, issued by Synchrony Financial
99.2						Financial Data Supplement of the Company for the quarter ended June 30, 2026
99.3						Financial Results Presentation of the Company for the quarter ended June 30, 2026
99.4						Explanation of Non-GAAP Measures
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Six Months Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		2Q'26 vs. 2Q'25				Jun 30, 2026		Jun 30, 2025		YTD'26 vs. YTD'25
EARNINGS
Net interest income	$	4,608	$	4,635	$	4,761	$	4,720	$	4,521	$	87	1.9	%	$	9,243	$	8,985	$	258	2.9	%
Retailer share arrangements	(1,027)		(1,070)		(1,094)		(1,024)		(992)		(35)		3.5	%	(2,097)		(1,887)		(210)		11.1	%
Provision for credit losses	1,201		1,335		1,442		1,146		1,146		55		4.8	%	2,536		2,637		(101)		(3.8)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,380		2,230		2,225		2,550		2,383		(3)		(0.1)	%	4,610		4,461		149		3.3	%
Other income	137		133		126		127		118		19		16.1	%	270		267		3		1.1	%
Other expense	1,331		1,316		1,399		1,248		1,245		86		6.9	%	2,647		2,488		159		6.4	%
Earnings before provision for income taxes	1,186		1,047		952		1,429		1,256		(70)		(5.6)	%	2,233		2,240		(7)		(0.3)	%
Provision for income taxes	301		242		201		352		289		12		4.2	%	543		516		27		5.2	%
Net earnings	$	885	$	805	$	751	$	1,077	$	967	$	(82)	(8.5)	%	$	1,690	$	1,724	$	(34)	(2.0)	%
Net earnings available to common stockholders	$	864	$	784	$	730	$	1,057	$	946	$	(82)	(8.7)	%	$	1,648	$	1,682	$	(34)	(2.0)	%

COMMON SHARE STATISTICS
Basic EPS	$	2.61	$	2.29	$	2.07	$	2.89	$	2.51	$	0.10	4.0	%	$	4.89	$	4.42	$	0.47	10.6	%
Diluted EPS	$	2.59	$	2.27	$	2.04	$	2.86	$	2.50	$	0.09	3.6	%	$	4.85	$	4.38	$	0.47	10.7	%

Dividend declared per share	$	0.30	$	0.30	$	0.30	$	0.30	$	0.30	$	—	—	%	$	0.60	$	0.55	$	0.05	9.1	%
Common stock price	$	76.05	$	68.02	$	83.43	$	71.05	$	66.74	$	9.31	13.9	%	$	76.05	$	66.74	$	9.31	13.9	%
Book value per share	$	46.67	$	45.29	$	44.74	$	44.00	$	42.30	$	4.37	10.3	%	$	46.67	$	42.30	$	4.37	10.3	%
Tangible book value per share(1)(2)	$	42.01	$	40.95	$	40.52	$	40.28	$	38.72	$	3.29	8.5	%	$	42.01	$	38.72	$	3.29	8.5	%

Beginning common shares outstanding	336.8		347.4		360.1		371.9		380.5		(43.7)		(11.5)	%	347.4		388.3		(40.9)		(10.5)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.2		1.9		0.3		0.3		0.2		—		—	%	2.1		2.2		(0.1)		(4.5)	%
Shares repurchased	(11.7)		(12.5)		(13.0)		(12.1)		(8.8)		(2.9)		33.0	%	(24.2)		(18.6)		(5.6)		30.1	%
Ending common shares outstanding	325.3		336.8		347.4		360.1		371.9		(46.6)		(12.5)	%	325.3		371.9		(46.6)		(12.5)	%

Weighted average common shares outstanding	331.3		342.4		352.7		365.9		376.2		(44.9)		(11.9)	%	336.8		380.7		(43.9)		(11.5)	%
Weighted average common shares outstanding (fully diluted)	334.1		346.0		357.6		369.9		379.1		(45.0)		(11.9)	%	340.0		384.2		(44.2)		(11.5)	%

(1) Tangible book value per share is a non-GAAP measure, calculated based on Tangible common equity divided by common shares outstanding. For corresponding reconciliation of this measure to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.


SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
	Quarter Ended																			Six Months Ended
	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			2Q'26 vs. 2Q'25				Jun 30, 2026			Jun 30, 2025			YTD'26 vs. YTD'25
PERFORMANCE METRICS
Return on assets(1)	2.9		%	2.7		%	2.5		%	3.6		%	3.2		%			(0.3)	%	2.8		%	2.9		%			(0.1)	%
Return on equity(2)	21.4		%	19.5		%	17.6		%	25.1		%	23.1		%			(1.7)	%	20.4		%	20.8		%			(0.4)	%
Return on tangible common equity(3)(4)	25.2		%	22.6		%	20.3		%	28.9		%	26.7		%			(1.5)	%	23.9		%	24.0		%			(0.1)	%
Net interest margin(5)	15.08		%	15.50		%	15.83		%	15.62		%	14.78		%			0.30	%	15.29		%	14.76		%			0.53	%
Efficiency ratio(6)	35.8		%	35.6		%	36.9		%	32.6		%	34.1		%			1.7	%	35.7		%	33.8		%			1.9	%
Other expense as a % of average loan receivables, including held for sale	5.30		%	5.30		%	5.50		%	4.96		%	5.03		%			0.27	%	5.30		%	5.01		%			0.29	%
Effective income tax rate	25.4		%	23.1		%	21.1		%	24.6		%	23.0		%			2.4	%	24.3		%	23.0		%			1.3	%

CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.43		%	5.42		%	5.37		%	5.16		%	5.70		%			(0.27)	%	5.43		%	6.04		%			(0.61)	%
30+ days past due as a % of period-end loan receivables(7)	4.16		%	4.54		%	4.49		%	4.39		%	4.18		%			(0.02)	%	4.16		%	4.18		%			(0.02)	%
90+ days past due as a % of period-end loan receivables(7)	2.01		%	2.28		%	2.17		%	2.12		%	2.06		%			(0.05)	%	2.01		%	2.06		%			(0.05)	%
Net charge-offs	$	1,364		$	1,346		$	1,367		$	1,298		$	1,411		$	(47)	(3.3)	%	$	2,710		$	2,999		$	(289)	(9.6)	%
Loan receivables delinquent over 30 days(7)	$	4,249		$	4,543		$	4,660		$	4,400		$	4,173		$	76	1.8	%	$	4,249		$	4,173		$	76	1.8	%
Loan receivables delinquent over 90 days(7)	$	2,050		$	2,284		$	2,248		$	2,128		$	2,059		$	(9)	(0.4)	%	$	2,050		$	2,059		$	(9)	(0.4)	%
Allowance for credit losses (period-end)	$	10,312		$	10,428		$	10,442		$	10,373		$	10,564		$	(252)	(2.4)	%	$	10,312		$	10,564		$	(252)	(2.4)	%
Allowance coverage ratio(8)	10.09		%	10.42		%	10.06		%	10.35		%	10.59		%			(0.50)	%	10.09		%	10.59		%			(0.50)	%

BUSINESS METRICS
Purchase volume(9)	$	49,827		$	42,984		$	49,476		$	46,005		$	46,084		$	3,743	8.1	%	$	92,811		$	86,804		$	6,007	6.9	%
Period-end loan receivables	$	102,208		$	100,085		$	103,808		$	100,178		$	99,776		$	2,432	2.4	%	$	102,208		$	99,776		$	2,432	2.4	%
Credit cards	$	94,233		$	92,764		$	96,346		$	92,550		$	92,036		$	2,197	2.4	%	$	94,233		$	92,036		$	2,197	2.4	%
Consumer installment loans	$	5,233		$	5,357		$	5,548		$	5,584		$	5,669		$	(436)	(7.7)	%	$	5,233		$	5,669		$	(436)	(7.7)	%
Commercial credit products	$	2,681		$	1,886		$	1,833		$	1,961		$	1,980		$	701	35.4	%	$	2,681		$	1,980		$	701	35.4	%
Other	$	61		$	78		$	81		$	83		$	91		$	(30)	(33.0)	%	$	61		$	91		$	(30)	(33.0)	%
Average loan receivables, including held for sale	$	100,702		$	100,693		$	100,982		$	99,885		$	99,236		$	1,466	1.5	%	$	100,698		$	100,123		$	575	0.6	%
Period-end active accounts (in thousands)(10)	68,410			67,828			70,693			68,585			68,186			224		0.3	%	68,410			68,186			224		0.3	%
Average active accounts (in thousands)(10)	68,341			68,815			69,304			68,318			68,050			291		0.4	%	68,685			68,810			(125)		(0.2)	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	16,193		$	20,559		$	14,973		$	16,245		$	19,457		$	(3,264)	(16.8)	%	$	16,193		$	19,457		$	(3,264)	(16.8)	%
Total liquid assets	$	19,786		$	22,845		$	16,562		$	18,234		$	21,796		$	(2,010)	(9.2)	%	$	19,786		$	21,796		$	(2,010)	(9.2)	%
Undrawn credit facilities
Undrawn credit facilities	$	2,125		$	2,125		$	2,125		$	2,125		$	2,625		$	(500)	(19.0)	%	$	2,125		$	2,625		$	(500)	(19.0)	%
Total liquid assets and undrawn credit facilities(11)	$	21,911		$	24,970		$	18,687		$	20,359		$	24,421		$	(2,510)	(10.3)	%	$	21,911		$	24,421		$	(2,510)	(10.3)	%
Liquid assets % of total assets	16.23		%	18.80		%	13.91		%	15.59		%	18.09		%			(1.86)	%	16.23		%	18.09		%			(1.86)	%
Liquid assets including undrawn credit facilities % of total assets	17.97		%	20.55		%	15.69		%	17.40		%	20.27		%			(2.30)	%	17.97		%	20.27		%			(2.30)	%


(1) Return on assets represents annualized net earnings as a percentage of average total assets.
(2) Return on equity represents annualized net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents annualized net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.
(5) Net interest margin represents annualized net interest income divided by average total interest-earning assets.
(6) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
(7) Based on customer statement-end balances extrapolated to the respective period-end date.
(8) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
(9) 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.
(10) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(11) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets.


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


									Exhibit 99.1 For Immediate Release Synchrony Financial (NYSE: SYF) July 21, 2026


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Six Months Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		2Q'26 vs. 2Q'25				Jun 30, 2026		Jun 30, 2025		YTD'26 vs. YTD'25
Interest income:
Interest and fees on loans	$	5,380	$	5,413	$	5,548	$	5,510	$	5,328	$	52	1.0	%	$	10,793	$	10,640	$	153	1.4	%
Interest on cash and debt securities	203		190		186		221		258		(55)		(21.3)	%	393		496		(103)		(20.8)	%
Total interest income	5,583		5,603		5,734		5,731		5,586		(3)		(0.1)	%	11,186		11,136		50		0.4	%

Interest expense:
Interest on deposits	767		770		781		812		855		(88)		(10.3)	%	1,537		1,737		(200)		(11.5)	%
Interest on borrowings of consolidated securitization entities	111		106		104		105		104		7		6.7	%	217		208		9		4.3	%
Interest on senior unsecured notes	97		92		88		94		106		(9)		(8.5)	%	189		206		(17)		(8.3)	%

Total interest expense	975		968		973		1,011		1,065		(90)		(8.5)	%	1,943		2,151		(208)		(9.7)	%

Net interest income	4,608		4,635		4,761		4,720		4,521		87		1.9	%	9,243		8,985		258		2.9	%

Retailer share arrangements	(1,027)		(1,070)		(1,094)		(1,024)		(992)		(35)		3.5	%	(2,097)		(1,887)		(210)		11.1	%


Provision for credit losses	1,201		1,335		1,442		1,146		1,146		55		4.8	%	2,536		2,637		(101)		(3.8)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,380		2,230		2,225		2,550		2,383		(3)		(0.1)	%	4,610		4,461		149		3.3	%

Other income:
Interchange revenue	300		264		289		272		268		32		11.9	%	564		506		58		11.5	%
Protection product revenue	161		161		156		149		144		17		11.8	%	322		291		31		10.7	%
Loyalty programs	(436)		(361)		(399)		(368)		(360)		(76)		21.1	%	(797)		(671)		(126)		18.8	%
Other	112		69		80		74		66		46		69.7	%	181		141		40		28.4	%
Total other income	137		133		126		127		118		19		16.1	%	270		267		3		1.1	%

Other expense:
Employee costs	516		515		575		503		509		7		1.4	%	1,031		1,015		16		1.6	%
Professional fees	220		209		243		240		236		(16)		(6.8)	%	429		453		(24)		(5.3)	%
Marketing and business development	137		114		148		120		127		10		7.9	%	251		243		8		3.3	%
Information processing	248		262		239		226		215		33		15.3	%	510		434		76		17.5	%
Other	210		216		194		159		158		52		32.9	%	426		343		83		24.2	%
Total other expense	1,331		1,316		1,399		1,248		1,245		86		6.9	%	2,647		2,488		159		6.4	%

Earnings before provision for income taxes	1,186		1,047		952		1,429		1,256		(70)		(5.6)	%	2,233		2,240		(7)		(0.3)	%
Provision for income taxes	301		242		201		352		289		12		4.2	%	543		516		27		5.2	%
Net earnings	$	885	$	805	$	751	$	1,077	$	967	$	(82)	(8.5)	%	$	1,690	$	1,724	$	(34)	(2.0)	%

Net earnings available to common stockholders	$	864	$	784	$	730	$	1,057	$	946	$	(82)	(8.7)	%	$	1,648	$	1,682	$	(34)	(2.0)	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Jun 30, 2026 vs. Jun 30, 2025
Assets
Cash and equivalents	$	16,193	$	20,559	$	14,973	$	16,245	$	19,457	$	(3,264)	(16.8)	%
Debt securities	4,365		3,040		2,348		2,716		2,905		1,460		50.3	%
Loan receivables:
Unsecuritized loans held for investment	80,367		78,423		81,408		79,207		78,566		1,801		2.3	%
Restricted loans of consolidated securitization entities	21,841		21,662		22,400		20,971		21,210		631		3.0	%
Total loan receivables	102,208		100,085		103,808		100,178		99,776		2,432		2.4	%
Less: Allowance for credit losses	(10,312)		(10,428)		(10,442)		(10,373)		(10,564)		252		(2.4)	%
Loan receivables, net	91,896		89,657		93,366		89,805		89,212		2,684		3.0	%
Loan receivables held for sale	—		—		—		192		191		(191)		(100.0)	%
Goodwill	1,363		1,363		1,363		1,274		1,274		89		7.0	%
Intangible assets, net(1)	152		100		104		64		57		95		166.7	%
Other assets(1)	7,961		6,782		6,941		6,688		7,409		552		7.5	%

Total assets	$	121,930	$	121,501	$	119,095	$	116,984	$	120,505	$	1,425	1.2	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	82,376	$	82,478	$	80,748	$	79,513	$	81,857	$	519	0.6	%
Non-interest-bearing deposit accounts	430		416		396		373		405		25		6.2	%
Total deposits	82,806		82,894		81,144		79,886		82,262		544		0.7	%
Borrowings:
Borrowings of consolidated securitization entities	8,916		8,915		8,415		7,666		8,340		576		6.9	%

Senior and Subordinated unsecured notes	7,516		7,513		6,767		6,765		7,669		(153)		(2.0)	%

Total borrowings	16,432		16,428		15,182		14,431		16,009		423		2.6	%
Accrued expenses and other liabilities	5,795		5,702		6,003		5,602		5,282		513		9.7	%

Total liabilities	105,033		105,024		102,329		99,919		103,553		1,480		1.4	%
Equity:
Preferred stock	1,716		1,222		1,222		1,222		1,222		494		40.4	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,876		9,844		9,902		9,866		9,836		40		0.4	%
Retained earnings	25,968		25,210		24,598		23,978		23,036		2,932		12.7	%
Accumulated other comprehensive income (loss)	(71)		(56)		(48)		(46)		(45)		(26)		57.8	%
Treasury stock	(20,593)		(19,744)		(18,909)		(17,956)		(17,098)		(3,495)		20.4	%
Total equity	16,897		16,477		16,766		17,065		16,952		(55)		(0.3)	%
Total liabilities and equity	$	121,930	$	121,501	$	119,095	$	116,984	$	120,505	$	1,425	1.2	%



(1) At June 30, 2026, internal-use capitalized software of $1.1 billion, net of accumulated amortization, is now presented as a component of Other assets on our Consolidated Statement of Financial Position. Reclassifications of prior period amounts previously classified as Intangible assets have been made to conform with the current presentation. Prior period amounts subject to reclassification were $1.1 billion, $1.2 billion, $845 million, and $805 million, net of accumulated amortization, at March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.


SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)

	Quarter Ended
	Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025						Jun 30, 2025
			Interest		Average				Interest		Average				Interest		Average				Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	18,067	$	167	3.71	%	$	17,992	$	163	3.67	%	$	15,679	$	158	4.00	%	$	17,131	$	187	4.33	%	$	20,699	$	228	4.42	%
Securities available for sale	3,775		36		3.83	%	2,595		27		4.22	%	2,635		28		4.22	%	2,872		34		4.70	%	2,774		30		4.34	%

Loan receivables, including held for sale:
Credit cards	92,690		5,092		22.03	%	93,290		5,152		22.40	%	93,389		5,297		22.50	%	92,176		5,255		22.62	%	91,460		5,076		22.26	%
Consumer installment loans	5,288		187		14.18	%	5,465		188		13.95	%	5,548		198		14.16	%	5,618		208		14.69	%	5,692		207		14.59	%
Commercial credit products	2,646		100		15.16	%	1,857		72		15.72	%	1,962		52		10.52	%	2,006		46		9.10	%	1,981		43		8.71	%
Other	78		1		5.14	%	81		1		5.01	%	83		1		4.78	%	85		1		4.67	%	103		2		7.79	%
Total loan receivables, including held for sale	100,702		5,380		21.43	%	100,693		5,413		21.80	%	100,982		5,548		21.80	%	99,885		5,510		21.89	%	99,236		5,328		21.54	%
Total interest-earning assets	122,544		5,583		18.27	%	121,280		5,603		18.74	%	119,296		5,734		19.07	%	119,888		5,731		18.97	%	122,709		5,586		18.26	%

Non-interest-earning assets:
Cash and due from banks	945						976						864						892						868
Allowance for credit losses	(10,428)						(10,431)						(10,391)						(10,536)						(10,797)
Other assets	8,209						8,223						8,131						7,913						7,661
Total non-interest-earning assets	(1,274)						(1,232)						(1,396)						(1,731)						(2,268)

Total assets	$	121,270					$	120,048					$	117,900					$	118,157					$	120,441

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,279	$	767	3.74	%	$	81,704	$	770	3.82	%	$	80,117	$	781	3.87	%	$	80,442	$	812	4.00	%	$	82,014	$	855	4.18	%
Borrowings of consolidated securitization entities	8,915		111		4.99	%	8,482		106		5.07	%	8,032		104		5.14	%	7,768		105		5.36	%	7,926		104		5.26	%

Senior and Subordinated unsecured notes	7,514		97		5.18	%	7,056		92		5.29	%	6,765		88		5.16	%	7,209		94		5.17	%	8,269		106		5.14	%

Total interest-bearing liabilities	98,708		975		3.96	%	97,242		968		4.04	%	94,914		973		4.07	%	95,419		1,011		4.20	%	98,209		1,065		4.35	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	419						414						382						410						412
Other liabilities	5,540						5,621						5,667						5,287						5,065
Total non-interest-bearing liabilities	5,959						6,035						6,049						5,697						5,477

Total liabilities	104,667						103,277						100,963						101,116						103,686

Equity
Total equity	16,603						16,771						16,937						17,041						16,755

Total liabilities and equity	$	121,270					$	120,048					$	117,900					$	118,157					$	120,441
Net interest income			$	4,608					$	4,635					$	4,761					$	4,720					$	4,521

Interest rate spread(2)					14.31	%					14.70	%					15.00	%					14.76	%					13.91	%
Net interest margin(3)					15.08	%					15.50	%					15.83	%					15.62	%					14.78	%



(1) Average yields/rates are based on annualized total interest income/expense divided by average balances.
(2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income divided by average total interest-earning assets.


SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)

	Quarter Ended
	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Jun 30, 2026 vs. Jun 30, 2025
BALANCE SHEET STATISTICS
Total common equity	$	15,181		$	15,255		$	15,544		$	15,843		$	15,730		$	(549)	(3.5)	%
Total common equity as a % of total assets	12.45		%	12.56		%	13.05		%	13.54		%	13.05		%			(0.60)	%

Tangible assets(1)	$	120,415		$	120,038		$	117,628		$	115,646		$	119,174		$	1,241	1.0	%
Tangible common equity(1)(2)	$	13,666		$	13,792		$	14,077		$	14,505		$	14,399		$	(733)	(5.1)	%
Tangible common equity as a % of tangible assets(1)(2)	11.35		%	11.49		%	11.97		%	12.54		%	12.08		%			(0.73)	%
Tangible book value per share(1)(3)	$	42.01		$	40.95		$	40.52		$	40.28		$	38.72		$	3.29	8.5	%

REGULATORY CAPITAL RATIOS(1)(4)
	Basel III
Total risk-based capital ratio(5)	16.9		%	16.9		%	16.7		%	17.6		%	17.5		%
Tier 1 risk-based capital ratio(6)	14.9		%	14.8		%	14.6		%	15.5		%	15.4		%

Tier 1 leverage ratio(7)	13.0		%	12.8		%	13.3		%	13.6		%	13.3		%
Common equity Tier 1 capital ratio	13.2		%	13.6		%	13.5		%	14.3		%	14.2		%




(1) Amounts and ratios prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.
(2) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(3) Tangible book value per share is a non-GAAP measure, calculated based on Tangible common equity divided by common shares outstanding. For corresponding reconciliation of this measure to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Regulatory capital ratios at June 30, 2026 are preliminary and therefore subject to change.
(5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(6) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments.


SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, unrounded, $ in millions)
	Quarter Ended														Six Months Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		2Q'26 vs. 2Q'25				Jun 30, 2026		Jun 30, 2025		YTD '26 vs. YTD '25
HOME & AUTO
Purchase volume(1)	$	12,120	$	9,443	$	10,381	$	11,061	$	11,459	$	661	5.8	%	$	21,563	$	20,905	$	658	3.1	%
Period-end loan receivables	$	30,351	$	29,136	$	30,106	$	30,295	$	30,374	$	(23)	(0.1)	%	$	30,351	$	30,374	$	(23)	(0.1)	%
Average loan receivables, including held for sale	$	29,868	$	29,367	$	30,055	$	30,260	$	30,137	$	(269)	(0.9)	%	$	29,619	$	30,472	$	(853)	(2.8)	%
Average active accounts (in thousands)(2)	17,383		16,847		17,370		17,749		17,831		(448)		(2.5)	%	17,176		17,899		(723)		(4.0)	%

Interest and fees on loans	$	1,394	$	1,379	$	1,444	$	1,443	$	1,395	$	(1)	(0.1)	%	$	2,773	$	2,797	$	(24)	(0.9)	%
Other income	$	63	$	55	$	52	$	54	$	52	$	11	21.2	%	$	118	$	108	$	10	9.3	%




DIGITAL
Purchase volume(1)	$	14,897	$	13,499	$	16,206	$	14,044	$	13,647	$	1,250	9.2	%	$	28,396	$	26,126	$	2,270	8.7	%
Period-end loan receivables	$	29,011	$	28,733	$	30,057	$	28,179	$	27,786	$	1,225	4.4	%	$	29,011	$	27,786	$	1,225	4.4	%
Average loan receivables, including held for sale	$	28,538	$	29,024	$	28,676	$	27,880	$	27,571	$	967	3.5	%	$	28,780	$	27,892	$	888	3.2	%
Average active accounts (in thousands)(2)	20,662		21,268		21,352		20,680		20,368		294		1.4	%	20,962		20,554		408		2.0	%

Interest and fees on loans	$	1,604	$	1,632	$	1,663	$	1,631	$	1,576	$	28	1.8	%	$	3,236	$	3,120	$	116	3.7	%
Other income	$	(5)	$	9	$	(6)	$	(2)	$	—	$	(5)	NM		$	4	$	9	$	(5)	(55.6)	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	17,200	$	14,926	$	17,462	$	15,417	$	15,393	$	1,807	11.7	%	$	32,126	$	29,125	$	3,001	10.3	%
Period-end loan receivables	$	20,770	$	20,269	$	21,236	$	19,500	$	19,510	$	1,260	6.5	%	$	20,770	$	19,510	$	1,260	6.5	%
Average loan receivables, including held for sale	$	20,348	$	20,229	$	19,978	$	19,440	$	19,338	$	1,010	5.2	%	$	20,289	$	19,504	$	785	4.0	%
Average active accounts (in thousands)(2)	20,160		20,416		20,170		19,470		19,471		689		3.5	%	20,329		19,858		471		2.4	%

Interest and fees on loans	$	1,177	$	1,195	$	1,200	$	1,192	$	1,159	$	18	1.6	%	$	2,372	$	2,337	$	35	1.5	%
Other income	$	(51)	$	(18)	$	(13)	$	(3)	$	(3)	$	(48)	NM		$	(69)	$	(3)	$	(66)	NM




HEALTH & WELLNESS
Purchase volume(1)	$	4,092	$	3,871	$	3,897	$	3,976	$	4,007	$	85	2.1	%	$	7,963	$	7,781	$	182	2.3	%
Period-end loan receivables	$	15,390	$	15,309	$	15,545	$	15,447	$	15,309	$	81	0.5	%	$	15,390	$	15,309	$	81	0.5	%
Average loan receivables, including held for sale	$	15,296	$	15,373	$	15,499	$	15,347	$	15,215	$	81	0.5	%	$	15,335	$	15,247	$	88	0.6	%
Average active accounts (in thousands)(2)	7,580		7,680		7,770		7,730		7,697		(117)		(1.5)	%	7,631		7,740		(109)		(1.4)	%

Interest and fees on loans	$	948	$	948	$	979	$	967	$	923	$	25	2.7	%	$	1,896	$	1,837	$	59	3.2	%
Other income	$	82	$	80	$	79	$	73	$	66	$	16	24.2	%	$	162	$	141	$	21	14.9	%



LIFESTYLE
Purchase volume(1)	$	1,518	$	1,245	$	1,522	$	1,371	$	1,432	$	86	6.0	%	$	2,763	$	2,600	$	163	6.3	%
Period-end loan receivables	$	6,613	$	6,548	$	6,771	$	6,644	$	6,673	$	(60)	(0.9)	%	$	6,613	$	6,673	$	(60)	(0.9)	%
Average loan receivables, including held for sale	$	6,561	$	6,607	$	6,657	$	6,652	$	6,646	$	(85)	(1.3)	%	$	6,584	$	6,681	$	(97)	(1.5)	%
Average active accounts (in thousands)(2)	2,539		2,584		2,589		2,543		2,531		8		0.3	%	2,569		2,598		(29)		(1.1)	%

Interest and fees on loans	$	256	$	258	$	265	$	264	$	261	$	(5)	(1.9)	%	$	514	$	522	$	(8)	(1.5)	%
Other income	$	12	$	11	$	11	$	11	$	9	$	3	33.3	%	$	23	$	19	$	4	21.1	%



CORP, OTHER(3)
Purchase volume(1)	$	—	$	—	$	8	$	136	$	146	$	(146)	(100.0)	%	$	—	$	267	$	(267)	(100.0)	%
Period-end loan receivables	$	73	$	90	$	93	$	113	$	124	$	(51)	(41.1)	%	$	73	$	124	$	(51)	(41.1)	%
Average loan receivables, including held for sale	$	91	$	93	$	117	$	306	$	329	$	(238)	(72.3)	%	$	91	$	327	$	(236)	(72.2)	%
Average active accounts (in thousands)(2)	17		20		53		146		152		(135)		(88.8)	%	18		161		(143)		(88.8)	%

Interest and fees on loans	$	1	$	1	$	(3)	$	13	$	14	$	(13)	(92.9)	%	$	2	$	27	$	(25)	(92.6)	%
Other income	$	36	$	(4)	$	3	$	(6)	$	(6)	$	42	NM		$	32	$	(7)	$	39	NM



TOTAL SYF(3)
Purchase volume(1)	$	49,827	$	42,984	$	49,476	$	46,005	$	46,084	$	3,743	8.1	%	$	92,811	$	86,804	$	6,007	6.9	%
Period-end loan receivables	$	102,208	$	100,085	$	103,808	$	100,178	$	99,776	$	2,432	2.4	%	$	102,208	$	99,776	$	2,432	2.4	%
Average loan receivables, including held for sale	$	100,702	$	100,693	$	100,982	$	99,885	$	99,236	$	1,466	1.5	%	$	100,698	$	100,123	$	575	0.6	%
Average active accounts (in thousands)(2)	68,341		68,815		69,304		68,318		68,050		291		0.4	%	68,685		68,810		(125)		(0.2)	%

Interest and fees on loans	$	5,380	$	5,413	$	5,548	$	5,510	$	5,328	$	52	1.0	%	$	10,793	$	10,640	$	153	1.4	%
Other income	$	137	$	133	$	126	$	127	$	118	$	19	16.1	%	$	270	$	267	$	3	1.1	%



(1) 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.
(2) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(3) Includes activity and balances (except for Period-end loan receivables) associated with a loan portfolio which was sold in 4Q 2025.


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	16,897	$	16,477	$	16,766	$	17,065	$	16,952
Less: Preferred stock	(1,716)		(1,222)		(1,222)		(1,222)		(1,222)
Less: Goodwill	(1,363)		(1,363)		(1,363)		(1,274)		(1,274)
Less: Intangible assets, net	(152)		(100)		(104)		(64)		(57)
Tangible common equity	$	13,666	$	13,792	$	14,077	$	14,505	$	14,399
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	234		223		213		207		209
Common equity Tier 1	$	13,900	$	14,015	$	14,290	$	14,712	$	14,608
Preferred stock	1,716		1,222		1,222		1,222		1,222
Tier 1 capital	$	15,616	$	15,237	$	15,512	$	15,934	$	15,830
Add: Subordinated debt	743		742		742		742		742
Add: Allowance for credit losses includible in risk-based capital	1,423		1,401		1,437		1,396		1,396
Total Risk-based capital	$	17,782	$	17,380	$	17,691	$	18,072	$	17,968

ASSET MEASURES(2)
Total average assets	$	121,270	$	120,048	$	117,900	$	118,157	$	120,441
Adjustments for:
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,275)		(1,238)		(1,242)		(1,115)		(1,108)

Total assets for leverage purposes	$	119,995	$	118,810	$	116,658	$	117,042	$	119,333


Risk-weighted assets	$	104,969	$	102,995	$	105,934	$	102,630	$	102,531

TIER 1 CAPITAL + RESERVES RATIO(2)
Tier 1 capital	$	15,616	$	15,237	$	15,512	$	15,934	$	15,830
Add: Allowance for credit losses	10,312		10,428		10,442		10,373		10,564
Tier 1 capital + Reserves for credit losses	$	25,928	$	25,665	$	25,954	$	26,307	$	26,394

TANGIBLE BOOK VALUE PER SHARE(2)
Book value per share	$	46.67	$	45.29	$	44.74	$	44.00	$	42.30
Less: Goodwill	(4.19)		(4.04)		(3.92)		(3.55)		(3.43)
Less: Intangible assets, net	(0.47)		(0.30)		(0.30)		(0.17)		(0.15)
Tangible book value per share	$	42.01	$	40.95	$	40.52	$	40.28	$	38.72


(1) Regulatory measures at June 30, 2026 are preliminary and therefore subject to change.
(2) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.


						Emerging growth company			☐