SYF 8-K

Synchrony Financial (SYF)

8-K 2025-07-22 For: 2025-07-22

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Added on July 04, 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 22, 2025, issued by Synchrony Financial
99.2						Financial Data Supplement of the Company for the quarter ended June 30, 2025
99.3						Financial Results Presentation of the Company for the quarter ended June 30, 2025
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, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		2Q'25 vs. 2Q'24				Jun 30, 2025		Jun 30, 2024		YTD'25 vs. YTD'24
EARNINGS
Net interest income	$	4,521	$	4,464	$	4,592	$	4,609	$	4,405	$	116	2.6	%	$	8,985	$	8,810	$	175	2.0	%
Retailer share arrangements	(992)		(895)		(919)		(914)		(810)		(182)		22.5	%	(1,887)		(1,574)		(313)		19.9	%
Other income	118		149		128		119		117		1		0.9	%	267		1,274		(1,007)		(79.0)	%
Net revenue	3,647		3,718		3,801		3,814		3,712		(65)		(1.8)	%	7,365		8,510		(1,145)		(13.5)	%
Provision for credit losses	1,146		1,491		1,561		1,597		1,691		(545)		(32.2)	%	2,637		3,575		(938)		(26.2)	%
Other expense	1,245		1,243		1,267		1,189		1,177		68		5.8	%	2,488		2,383		105		4.4	%
Earnings before provision for income taxes	1,256		984		973		1,028		844		412		48.8	%	2,240		2,552		(312)		(12.2)	%
Provision for income taxes	289		227		199		239		201		88		43.8	%	516		616		(100)		(16.2)	%
Net earnings	$	967	$	757	$	774	$	789	$	643	$	324	50.4	%	$	1,724	$	1,936	$	(212)	(11.0)	%
Net earnings available to common stockholders	$	946	$	736	$	753	$	768	$	624	$	322	51.6	%	$	1,682	$	1,906	$	(224)	(11.8)	%



COMMON SHARE STATISTICS
Basic EPS	$	2.51	$	1.91	$	1.93	$	1.96	$	1.56	$	0.95	60.9	%	$	4.42	$	4.74	$	(0.32)	(6.8)	%
Diluted EPS	$	2.50	$	1.89	$	1.91	$	1.94	$	1.55	$	0.95	61.3	%	$	4.38	$	4.70	$	(0.32)	(6.8)	%

Dividend declared per share	$	0.30	$	0.25	$	0.25	$	0.25	$	0.25	$	0.05	20.0	%	$	0.55	$	0.50	$	0.05	10.0	%
Common stock price	$	66.74	$	52.94	$	65.00	$	49.88	$	47.19	$	19.55	41.4	%	$	66.74	$	47.19	$	19.55	41.4	%
Book value per share	$	42.30	$	40.37	$	39.55	$	37.92	$	36.24	$	6.06	16.7	%	$	42.30	$	36.24	$	6.06	16.7	%
Tangible book value per share(1)	$	36.55	$	34.79	$	34.07	$	32.68	$	31.05	$	5.50	17.7	%	$	36.55	$	31.05	$	5.50	17.7	%

Beginning common shares outstanding	380.5		388.3		389.2		395.1		401.4		(20.9)		(5.2)	%	388.3		406.9		(18.6)		(4.6)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.2		2.0		0.6		0.7		0.6		(0.4)		(66.7)	%	2.2		2.6		(0.4)		(15.4)	%
Shares repurchased	(8.8)		(9.8)		(1.5)		(6.6)		(6.9)		(1.9)		27.5	%	(18.6)		(14.4)		(4.2)		29.2	%
Ending common shares outstanding	371.9		380.5		388.3		389.2		395.1		(23.2)		(5.9)	%	371.9		395.1		(23.2)		(5.9)	%

Weighted average common shares outstanding	376.2		385.2		389.3		392.3		399.3		(23.1)		(5.8)	%	380.7		402.0		(21.3)		(5.3)	%
Weighted average common shares outstanding (fully diluted)	379.1		389.4		394.8		396.5		402.6		(23.5)		(5.8)	%	384.2		405.4		(21.2)		(5.2)	%

(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.


SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
	Quarter Ended																			Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			2Q'25 vs. 2Q'24				Jun 30, 2025			Jun 30, 2024			YTD'25 vs. YTD'24
PERFORMANCE METRICS
Return on assets(1)	3.2		%	2.5		%	2.6		%	2.6		%	2.2		%			1.0	%	2.9		%	3.3		%			(0.4)	%
Return on equity(2)	23.1		%	18.4		%	18.9		%	19.8		%	16.7		%			6.4	%	20.8		%	25.8		%			(5.0)	%
Return on tangible common equity(3)	28.3		%	22.4		%	23.0		%	24.3		%	20.2		%			8.1	%	25.3		%	31.6		%			(6.3)	%

Net interest margin(4)	14.78		%	14.74		%	15.01		%	15.04		%	14.46		%			0.32	%	14.76		%	14.50		%			0.26	%
Net revenue as a % of average loan receivables, including held for sale	14.74		%	14.93		%	14.76		%	14.87		%	14.71		%			0.03	%	14.83		%	16.91		%			(2.08)	%
Efficiency ratio(5)	34.1		%	33.4		%	33.3		%	31.2		%	31.7		%			2.4	%	33.8		%	28.0		%			5.8	%
Other expense as a % of average loan receivables, including held for sale	5.03		%	4.99		%	4.92		%	4.64		%	4.66		%			0.37	%	5.01		%	4.73		%			0.28	%
Effective income tax rate	23.0		%	23.1		%	20.5		%	23.2		%	23.8		%			(0.8)	%	23.0		%	24.1		%			(1.1)	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.70		%	6.38		%	6.45		%	6.06		%	6.42		%			(0.72)	%	6.04		%	6.37		%			(0.33)	%
30+ days past due as a % of period-end loan receivables(6)	4.18		%	4.52		%	4.70		%	4.78		%	4.47		%			(0.29)	%	4.18		%	4.47		%			(0.29)	%
90+ days past due as a % of period-end loan receivables(6)	2.06		%	2.29		%	2.40		%	2.33		%	2.19		%			(0.13)	%	2.06		%	2.19		%			(0.13)	%
Net charge-offs	$	1,411		$	1,588		$	1,661		$	1,553		$	1,621		$	(210)	(13.0)	%	$	2,999		$	3,206		$	(207)	(6.5)	%
Loan receivables delinquent over 30 days(6)	$	4,173		$	4,505		$	4,925		$	4,883		$	4,574		$	(401)	(8.8)	%	$	4,173		$	4,574		$	(401)	(8.8)	%
Loan receivables delinquent over 90 days(6)	$	2,059		$	2,285		$	2,512		$	2,382		$	2,244		$	(185)	(8.2)	%	$	2,059		$	2,244		$	(185)	(8.2)	%

Allowance for credit losses (period-end)	$	10,564		$	10,828		$	10,929		$	11,029		$	10,982		$	(418)	(3.8)	%	$	10,564		$	10,982		$	(418)	(3.8)	%
Allowance coverage ratio(7)	10.59		%	10.87		%	10.44		%	10.79		%	10.74		%			(0.15)	%	10.59		%	10.74		%			(0.15)	%

BUSINESS METRICS
Purchase volume(8)	$	46,084		$	40,720		$	47,955		$	44,985		$	46,846		$	(762)	(1.6)	%	$	86,804		$	89,233		$	(2,429)	(2.7)	%
Period-end loan receivables	$	99,776		$	99,608		$	104,721		$	102,193		$	102,284		$	(2,508)	(2.5)	%	$	99,776		$	102,284		$	(2,508)	(2.5)	%
Credit cards	$	92,036		$	91,909		$	96,818		$	94,008		$	94,091		$	(2,055)	(2.2)	%	$	92,036		$	94,091		$	(2,055)	(2.2)	%
Consumer installment loans	$	5,669		$	5,736		$	5,971		$	6,125		$	6,072		$	(403)	(6.6)	%	$	5,669		$	6,072		$	(403)	(6.6)	%
Commercial credit products	$	1,980		$	1,859		$	1,826		$	1,936		$	2,003		$	(23)	(1.1)	%	$	1,980		$	2,003		$	(23)	(1.1)	%
Other	$	91		$	104		$	106		$	124		$	118		$	(27)	(22.9)	%	$	91		$	118		$	(27)	(22.9)	%
Average loan receivables, including held for sale	$	99,236		$	101,021		$	102,476		$	102,009		$	101,478		$	(2,242)	(2.2)	%	$	100,123		$	101,218		$	(1,095)	(1.1)	%
Period-end active accounts (in thousands)(9)	68,186			67,787			71,532			69,965			70,991			(2,805)		(4.0)	%	68,186			70,991			(2,805)		(4.0)	%
Average active accounts (in thousands)(9)	68,050			69,315			70,299			70,424			70,974			(2,924)		(4.1)	%	68,810			71,402			(2,592)		(3.6)	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	19,457		$	21,629		$	14,711		$	17,934		$	18,632		$	825	4.4	%	$	19,457		$	18,632		$	825	4.4	%
Total liquid assets	$	21,796		$	23,817		$	17,159		$	19,704		$	20,051		$	1,745	8.7	%	$	21,796		$	20,051		$	1,745	8.7	%
Undrawn credit facilities
Undrawn credit facilities	$	2,625		$	2,625		$	2,625		$	2,700		$	2,950		$	(325)	(11.0)	%	$	2,625		$	2,950		$	(325)	(11.0)	%
Total liquid assets and undrawn credit facilities(10)	$	24,421		$	26,442		$	19,784		$	22,404		$	23,001		$	1,420	6.2	%	$	24,421		$	23,001		$	1,420	6.2	%
Liquid assets % of total assets	18.09		%	19.52		%	14.36		%	16.53		%	16.64		%			1.45	%	18.09		%	16.64		%			1.45	%
Liquid assets including undrawn credit facilities % of total assets	20.27		%	21.67		%	16.56		%	18.79		%	19.09		%			1.18	%	20.27		%	19.09		%			1.18	%



(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) Net interest margin represents annualized net interest income divided by average total interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
(8) 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.
(9) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(10) 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 22, 2025


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		2Q'25 vs. 2Q'24				Jun 30, 2025		Jun 30, 2024		YTD'25 vs. YTD'24
Interest income:
Interest and fees on loans	$	5,328	$	5,312	$	5,480	$	5,522	$	5,301	$	27	0.5	%	$	10,640	$	10,594	$	46	0.4	%
Interest on cash and debt securities	258		238		230		263		281		(23)		(8.2)	%	496		556		(60)		(10.8)	%
Total interest income	5,586		5,550		5,710		5,785		5,582		4		0.1	%	11,136		11,150		(14)		(0.1)	%

Interest expense:
Interest on deposits	855		882		917		968		967		(112)		(11.6)	%	1,737		1,921		(184)		(9.6)	%
Interest on borrowings of consolidated securitization entities	104		104		104		108		110		(6)		(5.5)	%	208		215		(7)		(3.3)	%
Interest on senior unsecured notes	106		100		97		100		100		6		6.0	%	206		204		2		1.0	%

Total interest expense	1,065		1,086		1,118		1,176		1,177		(112)		(9.5)	%	2,151		2,340		(189)		(8.1)	%

Net interest income	4,521		4,464		4,592		4,609		4,405		116		2.6	%	8,985		8,810		175		2.0	%

Retailer share arrangements	(992)		(895)		(919)		(914)		(810)		(182)		22.5	%	(1,887)		(1,574)		(313)		19.9	%


Provision for credit losses	1,146		1,491		1,561		1,597		1,691		(545)		(32.2)	%	2,637		3,575		(938)		(26.2)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,383		2,078		2,112		2,098		1,904		479		25.2	%	4,461		3,661		800		21.9	%

Other income:
Interchange revenue	268		238		266		256		263		5		1.9	%	506		504		2		0.4	%
Protection product revenue	144		147		151		145		125		19		15.2	%	291		266		25		9.4	%
Loyalty programs	(360)		(311)		(371)		(346)		(346)		(14)		4.0	%	(671)		(665)		(6)		0.9	%
Other	66		75		82		64		75		(9)		(12.0)	%	141		1,169		(1,028)		(87.9)	%
Total other income	118		149		128		119		117		1		0.9	%	267		1,274		(1,007)		(79.0)	%

Other expense:
Employee costs	509		506		478		464		434		75		17.3	%	1,015		930		85		9.1	%
Professional fees	236		217		249		231		236		—		—	%	453		456		(3)		(0.7)	%
Marketing and business development	127		116		147		123		129		(2)		(1.6)	%	243		254		(11)		(4.3)	%
Information processing	215		219		207		203		207		8		3.9	%	434		393		41		10.4	%
Other	158		185		186		168		171		(13)		(7.6)	%	343		350		(7)		(2.0)	%
Total other expense	1,245		1,243		1,267		1,189		1,177		68		5.8	%	2,488		2,383		105		4.4	%

Earnings before provision for income taxes	1,256		984		973		1,028		844		412		48.8	%	2,240		2,552		(312)		(12.2)	%
Provision for income taxes	289		227		199		239		201		88		43.8	%	516		616		(100)		(16.2)	%
Net earnings	$	967	$	757	$	774	$	789	$	643	$	324	50.4	%	$	1,724	$	1,936	$	(212)	(11.0)	%

Net earnings available to common stockholders	$	946	$	736	$	753	$	768	$	624	$	322	51.6	%	$	1,682	$	1,906	$	(224)	(11.8)	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		June 30, 2025 vs. Jun 30, 2024
Assets
Cash and equivalents	$	19,457	$	21,629	$	14,711	$	17,934	$	18,632	$	825	4.4	%
Debt securities	2,905		2,724		3,079		2,345		2,693		212		7.9	%
Loan receivables:
Unsecuritized loans held for investment	78,566		79,186		83,382		81,005		82,144		(3,578)		(4.4)	%
Restricted loans of consolidated securitization entities	21,210		20,422		21,339		21,188		20,140		1,070		5.3	%
Total loan receivables	99,776		99,608		104,721		102,193		102,284		(2,508)		(2.5)	%
Less: Allowance for credit losses	(10,564)		(10,828)		(10,929)		(11,029)		(10,982)		418		(3.8)	%
Loan receivables, net	89,212		88,780		93,792		91,164		91,302		(2,090)		(2.3)	%
Loan receivables held for sale	191		—		—		—		—		191		NM
Goodwill	1,274		1,274		1,274		1,274		1,274		—		—	%
Intangible assets, net	862		847		854		765		776		86		11.1	%
Other assets	6,604		6,772		5,753		5,747		5,812		792		13.6	%

Total assets	$	120,505	$	122,026	$	119,463	$	119,229	$	120,489	$	16	—	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	81,857	$	83,030	$	81,664	$	81,901	$	82,708	$	(851)	(1.0)	%
Non-interest-bearing deposit accounts	405		405		398		383		392		13		3.3	%
Total deposits	82,262		83,435		82,062		82,284		83,100		(838)		(1.0)	%
Borrowings:
Borrowings of consolidated securitization entities	8,340		8,591		7,842		8,015		7,517		823		10.9	%

Senior and Subordinated unsecured notes	7,669		8,418		7,620		7,617		8,120		(451)		(5.6)	%

Total borrowings	16,009		17,009		15,462		15,632		15,637		372		2.4	%
Accrued expenses and other liabilities	5,282		5,001		5,359		5,333		6,212		(930)		(15.0)	%

Total liabilities	103,553		105,445		102,883		103,249		104,949		(1,396)		(1.3)	%
Equity:
Preferred stock	1,222		1,222		1,222		1,222		1,222		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,836		9,804		9,853		9,822		9,793		43		0.4	%
Retained earnings	23,036		22,209		21,635		20,975		20,310		2,726		13.4	%
Accumulated other comprehensive income (loss)	(45)		(53)		(59)		(50)		(73)		28		(38.4)	%
Treasury stock	(17,098)		(16,602)		(16,072)		(15,990)		(15,713)		(1,385)		8.8	%
Total equity	16,952		16,581		16,580		15,980		15,540		1,412		9.1	%
Total liabilities and equity	$	120,505	$	122,026	$	119,463	$	119,229	$	120,489	$	16	—	%


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

	Quarter Ended
	Jun 30, 2025						Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024
			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	$	20,699	$	228	4.42	%	$	18,539	$	203	4.44	%	$	16,131	$	193	4.76	%	$	17,316	$	235	5.40	%	$	18,337	$	249	5.46	%
Securities available for sale	2,774		30		4.34	%	3,231		35		4.39	%	3,111		37		4.73	%	2,587		28		4.31	%	2,731		32		4.71	%

Loan receivables, including held for sale:
Credit cards	91,460		5,076		22.26	%	93,241		5,055		21.99	%	94,356		5,209		21.96	%	93,785		5,236		22.21	%	93,267		5,013		21.62	%
Consumer installment loans	5,692		207		14.59	%	5,833		211		14.67	%	6,041		224		14.75	%	6,107		238		15.50	%	6,085		243		16.06	%
Commercial credit products	1,981		43		8.71	%	1,842		45		9.91	%	1,953		45		9.17	%	1,992		46		9.19	%	2,001		43		8.64	%
Other	103		2		7.79	%	105		1		3.86	%	126		2		6.31	%	125		2		6.37	%	125		2		6.44	%
Total loan receivables, including held for sale	99,236		5,328		21.54	%	101,021		5,312		21.33	%	102,476		5,480		21.27	%	102,009		5,522		21.54	%	101,478		5,301		21.01	%
Total interest-earning assets	122,709		5,586		18.26	%	122,791		5,550		18.33	%	121,718		5,710		18.66	%	121,912		5,785		18.88	%	122,546		5,582		18.32	%

Non-interest-earning assets:
Cash and due from banks	868						868						872						847						887
Allowance for credit losses	(10,797)						(10,936)						(11,014)						(10,994)						(10,878)
Other assets	7,661						7,770						7,678						7,624						7,309
Total non-interest-earning assets	(2,268)						(2,298)						(2,464)						(2,523)						(2,682)

Total assets	$	120,441					$	120,493					$	119,254					$	119,389					$	119,864

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,014	$	855	4.18	%	$	82,370	$	882	4.34	%	$	81,635	$	917	4.47	%	$	82,100	$	968	4.69	%	$	82,749	$	967	4.70	%
Borrowings of consolidated securitization entities	7,926		104		5.26	%	8,191		104		5.15	%	7,868		104		5.26	%	7,817		108		5.50	%	7,858		110		5.63	%

Senior and Subordinated unsecured notes	8,269		106		5.14	%	7,850		100		5.17	%	7,618		97		5.07	%	7,968		100		4.99	%	8,118		100		4.95	%

Total interest-bearing liabilities	98,209		1,065		4.35	%	98,411		1,086		4.48	%	97,121		1,118		4.58	%	97,885		1,176		4.78	%	98,725		1,177		4.80	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	412						418						379						387						396
Other liabilities	5,065						4,969						5,444						5,302						5,221
Total non-interest-bearing liabilities	5,477						5,387						5,823						5,689						5,617

Total liabilities	103,686						103,798						102,944						103,574						104,342

Equity
Total equity	16,755						16,695						16,310						15,815						15,522

Total liabilities and equity	$	120,441					$	120,493					$	119,254					$	119,389					$	119,864
Net interest income			$	4,521					$	4,464					$	4,592					$	4,609					$	4,405

Interest rate spread(2)					13.91	%					13.86	%					14.08	%					14.10	%					13.53	%
Net interest margin(3)					14.78	%					14.74	%					15.01	%					15.04	%					14.46	%



(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, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025 vs. Jun 30, 2024
BALANCE SHEET STATISTICS
Total common equity	$	15,730		$	15,359		$	15,358		$	14,758		$	14,318		$	1,412	9.9	%
Total common equity as a % of total assets	13.05		%	12.59		%	12.86		%	12.38		%	11.88		%			1.17	%

Tangible assets	$	118,369		$	119,905		$	117,335		$	117,190		$	118,439		$	(70)	(0.1)	%
Tangible common equity(1)	$	13,594		$	13,238		$	13,230		$	12,719		$	12,268		$	1,326	10.8	%
Tangible common equity as a % of tangible assets(1)	11.48		%	11.04		%	11.28		%	10.85		%	10.36		%			1.12	%
Tangible book value per share(2)	$	36.55		$	34.79		$	34.07		$	32.68		$	31.05		$	5.50	17.7	%

REGULATORY CAPITAL RATIOS(3)(4)
	Basel III - CECL Transition
Total risk-based capital ratio(5)	16.9		%	16.5		%	16.5		%	16.4		%	15.8		%
Tier 1 risk-based capital ratio(6)	14.8		%	14.4		%	14.5		%	14.3		%	13.8		%

Tier 1 leverage ratio(7)	12.7		%	12.4		%	12.9		%	12.5		%	12.0		%
Common equity Tier 1 capital ratio	13.6		%	13.2		%	13.3		%	13.1		%	12.6		%



(1) 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.
(2) 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.
(3) Regulatory capital ratios at March 31, 2025 are preliminary and therefore subject to change.
(4) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2025 and 2024 reflect 100% and 75%, respectively, of the phase-in of CECL effects.
(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, $ in millions)
	Quarter Ended														Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		2Q'25 vs. 2Q'24				Jun 30 , 2025		Jun 30, 2024		YTD'25 vs. YTD'24
HOME & AUTO(1)
Purchase volume(2)	$	11,459	$	9,446	$	10,553	$	11,215	$	12,350	$	(891)	(7.2)	%	$	20,905	$	22,741	$	(1,836)	(8.1)	%
Period-end loan receivables	$	30,374	$	30,254	$	31,816	$	32,321	$	32,611	$	(2,237)	(6.9)	%	$	30,374	$	32,611	$	(2,237)	(6.9)	%
Average loan receivables, including held for sale	$	30,137	$	30,810	$	31,903	$	32,403	$	32,385	$	(2,248)	(6.9)	%	$	30,472	$	32,023	$	(1,551)	(4.8)	%
Average active accounts (in thousands)(3)	17,831		17,894		18,537		19,030		19,205		(1,374)		(7.2)	%	17,899		19,039		(1,140)		(6.0)	%

Interest and fees on loans	$	1,395	$	1,402	$	1,476	$	1,479	$	1,409	$	(14)	(1.0)	%	$	2,797	$	2,781	$	16	0.6	%
Other income	$	52	$	56	$	62	$	55	$	37	$	15	40.5	%	$	108	$	69	$	39	56.5	%




DIGITAL
Purchase volume(2)	$	13,647	$	12,479	$	15,317	$	13,352	$	13,403	$	244	1.8	%	$	26,126	$	26,031	$	95	0.4	%
Period-end loan receivables	$	27,786	$	27,765	$	29,347	$	27,771	$	27,704	$	82	0.3	%	$	27,786	$	27,704	$	82	0.3	%
Average loan receivables, including held for sale	$	27,571	$	28,216	$	28,158	$	27,704	$	27,542	$	29	0.1	%	$	27,892	$	27,812	$	80	0.3	%
Average active accounts (in thousands)(3)	20,368		20,711		20,810		20,787		20,920		(552)		(2.6)	%	20,554		21,142		(588)		(2.8)	%

Interest and fees on loans	$	1,576	$	1,544	$	1,582	$	1,593	$	1,544	$	32	2.1	%	$	3,120	$	3,111	$	9	0.3	%
Other income	$	—	$	9	$	(6)	$	4	$	—	$	—	NM		$	9	$	6	$	3	50.0	%




DIVERSIFIED & VALUE
Purchase volume(2)	$	15,393	$	13,732	$	16,711	$	14,992	$	15,333	$	60	0.4	%	$	29,125	$	29,356	$	(231)	(0.8)	%
Period-end loan receivables	$	19,510	$	19,436	$	20,867	$	19,466	$	19,516	$	(6)	—	%	$	19,510	$	19,516	$	(6)	—	%
Average loan receivables, including held for sale	$	19,338	$	19,670	$	19,793	$	19,413	$	19,360	$	(22)	(0.1)	%	$	19,504	$	19,477	$	27	0.1	%
Average active accounts (in thousands)(3)	19,471		20,114		20,253		19,960		20,253		(782)		(3.9)	%	19,858		20,691		(833)		(4.0)	%

Interest and fees on loans	$	1,159	$	1,178	$	1,206	$	1,209	$	1,165	$	(6)	(0.5)	%	$	2,337	$	2,379	$	(42)	(1.8)	%
Other income	$	(3)	$	—	$	(9)	$	(11)	$	(22)	$	19	(86.4)	%	$	(3)	$	(39)	$	36	(92.3)	%




HEALTH & WELLNESS
Purchase volume(2)	$	4,007	$	3,774	$	3,742	$	3,867	$	4,089	$	(82)	(2.0)	%	$	7,781	$	8,069	$	(288)	(3.6)	%
Period-end loan receivables	$	15,309	$	15,193	$	15,436	$	15,439	$	15,280	$	29	0.2	%	$	15,309	$	15,280	$	29	0.2	%
Average loan receivables, including held for sale	$	15,215	$	15,280	$	15,448	$	15,311	$	15,111	$	104	0.7	%	$	15,247	$	14,904	$	343	2.3	%
Average active accounts (in thousands)(3)	7,697		7,776		7,836		7,801		7,752		(55)		(0.7)	%	7,740		7,670		70		0.9	%

Interest and fees on loans	$	923	$	914	$	935	$	956	$	911	$	12	1.3	%	$	1,837	$	1,780	$	57	3.2	%
Other income	$	66	$	75	$	72	$	68	$	48	$	18	37.5	%	$	141	$	114	$	27	23.7	%


LIFESTYLE
Purchase volume(2)	$	1,432	$	1,168	$	1,480	$	1,411	$	1,525	$	(93)	(6.1)	%	$	2,600	$	2,769	$	(169)	(6.1)	%
Period-end loan receivables	$	6,673	$	6,636	$	6,914	$	6,831	$	6,822	$	(149)	(2.2)	%	$	6,673	$	6,822	$	(149)	(2.2)	%
Average loan receivables, including held for sale	$	6,646	$	6,716	$	6,818	$	6,823	$	6,723	$	(77)	(1.1)	%	$	6,681	$	6,677	$	4	0.1	%
Average active accounts (in thousands)(3)	2,531		2,651		2,688		2,677		2,662		(131)		(4.9)	%	2,598		2,665		(67)		(2.5)	%

Interest and fees on loans	$	261	$	261	$	268	$	270	$	258	$	3	1.2	%	$	522	$	513	$	9	1.8	%
Other income	$	9	$	10	$	7	$	9	$	6	$	3	50.0	%	$	19	$	14	$	5	35.7	%


CORP, OTHER(1) (5)
Purchase volume(2)	$	146	$	121	$	152	$	148	$	146	$	—	—	%	$	267	$	267	$	—	—	%
Period-end loan receivables (4)	$	124	$	324	$	341	$	365	$	351	$	(227)	(64.7)	%	$	124	$	351	$	(227)	(64.7)	%
Average loan receivables, including held for sale	$	329	$	329	$	356	$	355	$	357	$	(28)	(7.8)	%	$	327	$	325	$	2	0.6	%
Average active accounts (in thousands)(3)	152		169		175		169		182		(30)		(16.5)	%	161		195		(34)		(17.4)	%

Interest and fees on loans	$	14	$	13	$	13	$	15	$	14	$	—	—	%	$	27	$	30	$	(3)	(10.0)	%
Other income	$	(6)	$	(1)	$	2	$	(6)	$	48	$	(54)	(112.5)	%	$	(7)	$	1,110	$	(1,117)	(100.6)	%


TOTAL SYF(5)
Purchase volume(2)	$	46,084	$	40,720	$	47,955	$	44,985	$	46,846	$	(762)	(1.6)	%	$	86,804	$	89,233	$	(2,429)	(2.7)	%
Period-end loan receivables	$	99,776	$	99,608	$	104,721	$	102,193	$	102,284	$	(2,508)	(2.5)	%	$	99,776	$	102,284	$	(2,508)	(2.5)	%
Average loan receivables, including held for sale	$	99,236	$	101,021	$	102,476	$	102,009	$	101,478	$	(2,242)	(2.2)	%	$	100,123	$	101,218	$	(1,095)	(1.1)	%
Average active accounts (in thousands)(3)	68,050		69,315		70,299		70,424		70,974		(2,924)		(4.1)	%	68,810		71,402		(2,592)		(3.6)	%

Interest and fees on loans	$	5,328	$	5,312	$	5,480	$	5,522	$	5,301	$	27	0.5	%	$	10,640	$	10,594	$	46	0.4	%
Other income	$	118	$	149	$	128	$	119	$	117	$	1	0.9	%	$	267	$	1,274	$	(1,007)	(79.0)	%



(1) In June 2025, we entered into an agreement to sell $0.2 billion of loan receivables associated with a Home & Auto program agreement. In connection with this agreement, revenue activities for the portfolio are no longer managed within our Home & Auto sales platform. All metrics for the portfolio previously reported within our Home & Auto sales platform are now reported within Corp, Other. We have recast all prior-period reported metrics for our Home & Auto sales platform and Corp, Other to conform to the current-period presentation.
(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.
(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.
(4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025.
(5) Includes activity and balances associated with loans receivable held for sale, except for Period-end receivables.


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	16,952	$	16,581	$	16,580	$	15,980	$	15,540
Less: Preferred stock	(1,222)		(1,222)		(1,222)		(1,222)		(1,222)
Less: Goodwill	(1,274)		(1,274)		(1,274)		(1,274)		(1,274)
Less: Intangible assets, net	(862)		(847)		(854)		(765)		(776)
Tangible common equity	$	13,594	$	13,238	$	13,230	$	12,719	$	12,268
Add: CECL transition amount	—		—		573		573		573



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	209		208		214		209		227
Common equity Tier 1	$	13,803	$	13,446	$	14,017	$	13,501	$	13,068
Preferred stock	1,222		1,222		1,222		1,222		1,222
Tier 1 capital	$	15,025	$	14,668	$	15,239	$	14,723	$	14,290

Add: Subordinated debt	742		742		741		741		741
Add: Allowance for credit losses includible in risk-based capital	1,386		1,388		1,427		1,400		1,407
Total Risk-based capital	$	17,153	$	16,798	$	17,407	$	16,864	$	16,438

ASSET MEASURES(2)
Total average assets	$	120,441	$	120,493	$	119,254	$	119,389	$	119,864
Adjustments for:
Add: CECL transition amount	—		—		573		573		573
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,913)		(1,895)		(1,904)		(1,808)		(1,805)

Total assets for leverage purposes	$	118,528	$	118,598	$	117,923	$	118,154	$	118,632


Risk-weighted assets	$	101,716	$	101,625	$	105,417	$	103,103	$	103,718

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	15,025	$	14,668	$	15,239	$	14,723	$	14,290
Less: CECL transition adjustment	—		—		(573)		(573)		(573)
Tier 1 capital (CECL fully phased-in)	$	15,025	$	14,668	$	14,666	$	14,150	$	13,717
Add: Allowance for credit losses	10,564		10,828		10,929		11,029		10,982
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	25,589	$	25,496	$	25,595	$	25,179	$	24,699

Risk-weighted assets	$	101,716	$	101,625	$	105,417	$	103,103	$	103,718
Less: CECL transition adjustment	—		—		(290)		(290)		(290)
Risk-weighted assets (CECL fully phased-in)	$	101,716	$	101,625	$	105,127	$	102,813	$	103,428

TANGIBLE BOOK VALUE PER SHARE
Book value per share	$	42.30	$	40.37	$	39.55	$	37.92	$	36.24
Less: Goodwill	(3.43)		(3.35)		(3.28)		(3.27)		(3.23)
Less: Intangible assets, net	(2.32)		(2.23)		(2.20)		(1.97)		(1.96)
Tangible book value per share	$	36.55	$	34.79	$	34.07	$	32.68	$	31.05

(1) Regulatory measures at March 31, 2025 are preliminary and therefore subject to change.
(2) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2025 and 2024 reflect 100% and 75%, respectively, of the phase-in of CECL effects.


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