Synchrony Financial 8-K, filed Jan 27, 2026

Synchrony Financial (SYF)

8-K 2026-01-27 For: 2026-01-27

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Added on July 04, 2026

About this 8-K

Synchrony Financial filed this 8-K on January 27, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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 January 27, 2026, issued by Synchrony Financial
99.2						Financial Data Supplement of the Company for the quarter ended December 31, 2025
99.3						Financial Results Presentation of the Company for the quarter ended December 31, 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														Twelve Months Ended
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		4Q'25 vs. 4Q'24				Dec 31, 2025		Dec 31, 2024		YTD'25 vs. YTD'24
EARNINGS
Net interest income	$	4,761	$	4,720	$	4,521	$	4,464	$	4,592	$	169	3.7	%	$	18,466	$	18,011	$	455	2.5	%
Retailer share arrangements	(1,094)		(1,024)		(992)		(895)		(919)		(175)		19.0	%	(4,005)		(3,407)		(598)		17.6	%
Other income	126		127		118		149		128		(2)		(1.6)	%	520		1,521		(1,001)		(65.8)	%
Net revenue	3,793		3,823		3,647		3,718		3,801		(8)		(0.2)	%	14,981		16,125		(1,144)		(7.1)	%
Provision for credit losses	1,442		1,146		1,146		1,491		1,561		(119)		(7.6)	%	5,225		6,733		(1,508)		(22.4)	%
Other expense	1,399		1,248		1,245		1,243		1,267		132		10.4	%	5,135		4,839		296		6.1	%
Earnings before provision for income taxes	952		1,429		1,256		984		973		(21)		(2.2)	%	4,621		4,553		68		1.5	%
Provision for income taxes	201		352		289		227		199		2		1.0	%	1,069		1,054		15		1.4	%
Net earnings	$	751	$	1,077	$	967	$	757	$	774	$	(23)	(3.0)	%	$	3,552	$	3,499	$	53	1.5	%
Net earnings available to common stockholders	$	730	$	1,057	$	946	$	736	$	753	$	(23)	(3.1)	%	$	3,469	$	3,427	$	42	1.2	%



COMMON SHARE STATISTICS
Basic EPS	$	2.07	$	2.89	$	2.51	$	1.91	$	1.93	$	0.14	7.3	%	$	9.38	$	8.64	$	0.74	8.6	%
Diluted EPS	$	2.04	$	2.86	$	2.50	$	1.89	$	1.91	$	0.13	6.8	%	$	9.28	$	8.55	$	0.73	8.5	%

Dividend declared per share	$	0.30	$	0.30	$	0.30	$	0.25	$	0.25	$	0.05	20.0	%	$	1.15	$	1.00	$	0.15	15.0	%
Common stock price	$	83.43	$	71.05	$	66.74	$	52.94	$	65.00	$	18.43	28.4	%	$	83.43	$	65.00	$	18.43	28.4	%
Book value per share	$	44.74	$	44.00	$	42.30	$	40.37	$	39.55	$	5.19	13.1	%	$	44.74	$	39.55	$	5.19	13.1	%
Tangible book value per share(1)	$	37.21	$	37.93	$	36.55	$	34.79	$	34.07	$	3.14	9.2	%	$	37.21	$	34.07	$	3.14	9.2	%

Beginning common shares outstanding	360.1		371.9		380.5		388.3		389.2		(29.1)		(7.5)	%	388.3		406.9		(18.6)		(4.6)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.3		0.3		0.2		2.0		0.6		(0.3)		(50.0)	%	2.8		3.9		(1.1)		(28.2)	%
Shares repurchased	(13.0)		(12.1)		(8.8)		(9.8)		(1.5)		(11.5)		NM		(43.7)		(22.5)		(21.2)		94.2	%
Ending common shares outstanding	347.4		360.1		371.9		380.5		388.3		(40.9)		(10.5)	%	347.4		388.3		(40.9)		(10.5)	%

Weighted average common shares outstanding	352.7		365.9		376.2		385.2		389.3		(36.6)		(9.4)	%	369.9		396.5		(26.6)		(6.7)	%
Weighted average common shares outstanding (fully diluted)	357.6		369.9		379.1		389.4		394.8		(37.2)		(9.4)	%	373.9		400.6		(26.7)		(6.7)	%

(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																			Twelve Months Ended
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			4Q'25 vs. 4Q'24				Dec 31, 2025			Dec 31, 2024			YTD'25 vs. YTD'24
PERFORMANCE METRICS
Return on assets(1)	2.5		%	3.6		%	3.2		%	2.5		%	2.6		%			(0.1)	%	3.0		%	2.9		%			0.1	%
Return on equity(2)	17.6		%	25.1		%	23.1		%	18.4		%	18.9		%			(1.3)	%	21.1		%	22.5		%			(1.4)	%
Return on tangible common equity(3)	21.8		%	30.6		%	28.3		%	22.4		%	23.0		%			(1.2)	%	25.8		%	27.5		%			(1.7)	%

Net interest margin(4)	15.83		%	15.62		%	14.78		%	14.74		%	15.01		%			0.82	%	15.24		%	14.76		%			0.48	%
Net revenue as a % of average loan receivables, including held for sale	14.90		%	15.18		%	14.74		%	14.93		%	14.76		%			0.14	%	14.94		%	15.85		%			(0.91)	%
Efficiency ratio(5)	36.9		%	32.6		%	34.1		%	33.4		%	33.3		%			3.6	%	34.3		%	30.0		%			4.3	%
Other expense as a % of average loan receivables, including held for sale	5.50		%	4.96		%	5.03		%	4.99		%	4.92		%			0.58	%	5.12		%	4.76		%			0.36	%
Effective income tax rate	21.1		%	24.6		%	23.0		%	23.1		%	20.5		%			0.6	%	23.1		%	23.1		%			—	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	5.37		%	5.16		%	5.70		%	6.38		%	6.45		%			(1.08)	%	5.65		%	6.31		%			(0.66)	%
30+ days past due as a % of period-end loan receivables(6)	4.49		%	4.39		%	4.18		%	4.52		%	4.70		%			(0.21)	%	4.49		%	4.70		%			(0.21)	%
90+ days past due as a % of period-end loan receivables(6)	2.17		%	2.12		%	2.06		%	2.29		%	2.40		%			(0.23)	%	2.17		%	2.40		%			(0.23)	%
Net charge-offs	$	1,367		$	1,298		$	1,411		$	1,588		$	1,661		$	(294)	(17.7)	%	$	5,664		$	6,420		$	(756)	(11.8)	%
Loan receivables delinquent over 30 days(6)	$	4,660		$	4,400		$	4,173		$	4,505		$	4,925		$	(265)	(5.4)	%	$	4,660		$	4,925		$	(265)	(5.4)	%
Loan receivables delinquent over 90 days(6)	$	2,248		$	2,128		$	2,059		$	2,285		$	2,512		$	(264)	(10.5)	%	$	2,248		$	2,512		$	(264)	(10.5)	%

Allowance for credit losses (period-end)	$	10,442		$	10,373		$	10,564		$	10,828		$	10,929		$	(487)	(4.5)	%	$	10,442		$	10,929		$	(487)	(4.5)	%
Allowance coverage ratio(7)	10.06		%	10.35		%	10.59		%	10.87		%	10.44		%			(0.38)	%	10.06		%	10.44		%			(0.38)	%

BUSINESS METRICS
Purchase volume(8)	$	49,476		$	46,005		$	46,084		$	40,720		$	47,955		$	1,521	3.2	%	$	182,285		$	182,173		$	112	0.1	%
Period-end loan receivables	$	103,808		$	100,178		$	99,776		$	99,608		$	104,721		$	(913)	(0.9)	%	$	103,808		$	104,721		$	(913)	(0.9)	%
Credit cards	$	96,346		$	92,550		$	92,036		$	91,909		$	96,818		$	(472)	(0.5)	%	$	96,346		$	96,818		$	(472)	(0.5)	%
Consumer installment loans	$	5,548		$	5,584		$	5,669		$	5,736		$	5,971		$	(423)	(7.1)	%	$	5,548		$	5,971		$	(423)	(7.1)	%
Commercial credit products	$	1,833		$	1,961		$	1,980		$	1,859		$	1,826		$	7	0.4	%	$	1,833		$	1,826		$	7	0.4	%
Other	$	81		$	83		$	91		$	104		$	106		$	(25)	(23.6)	%	$	81		$	106		$	(25)	(23.6)	%
Average loan receivables, including held for sale	$	100,982		$	99,885		$	99,236		$	101,021		$	102,476		$	(1,494)	(1.5)	%	$	100,280		$	101,733		$	(1,453)	(1.4)	%
Period-end active accounts (in thousands)(9)	70,693			68,585			68,186			67,787			71,532			(839)		(1.2)	%	70,693			71,532			(839)		(1.2)	%
Average active accounts (in thousands)(9)	69,304			68,318			68,050			69,315			70,299			(995)		(1.4)	%	68,876			70,904			(2,028)		(2.9)	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	14,973		$	16,245		$	19,457		$	21,629		$	14,711		$	262	1.8	%	$	14,973		$	14,711		$	262	1.8	%
Total liquid assets	$	16,562		$	18,234		$	21,796		$	23,817		$	17,159		$	(597)	(3.5)	%	$	16,562		$	17,159		$	(597)	(3.5)	%
Undrawn credit facilities
Undrawn credit facilities	$	2,125		$	2,125		$	2,625		$	2,625		$	2,625		$	(500)	(19.0)	%	$	2,125		$	2,625		$	(500)	(19.0)	%
Total liquid assets and undrawn credit facilities(10)	$	18,687		$	20,359		$	24,421		$	26,442		$	19,784		$	(1,097)	(5.5)	%	$	18,687		$	19,784		$	(1,097)	(5.5)	%
Liquid assets % of total assets	13.91		%	15.59		%	18.09		%	19.52		%	14.36		%			(0.45)	%	13.91		%	14.36		%			(0.45)	%
Liquid assets including undrawn credit facilities % of total assets	15.69		%	17.40		%	20.27		%	21.67		%	16.56		%			(0.87)	%	15.69		%	16.56		%			(0.87)	%



(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) January 27, 2026


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		4Q'25 vs. 4Q'24				Dec 31, 2025		Dec 31, 2024		YTD'25 vs. YTD'24
Interest income:
Interest and fees on loans	$	5,548	$	5,510	$	5,328	$	5,312	$	5,480	$	68	1.2	%	$	21,698	$	21,596	$	102	0.5	%
Interest on cash and debt securities	186		221		258		238		230		(44)		(19.1)	%	903		1,049		(146)		(13.9)	%
Total interest income	5,734		5,731		5,586		5,550		5,710		24		0.4	%	22,601		22,645		(44)		(0.2)	%

Interest expense:
Interest on deposits	781		812		855		882		917		(136)		(14.8)	%	3,330		3,806		(476)		(12.5)	%
Interest on borrowings of consolidated securitization entities	104		105		104		104		104		—		—	%	417		427		(10)		(2.3)	%
Interest on senior unsecured notes	88		94		106		100		97		(9)		(9.3)	%	388		401		(13)		(3.2)	%

Total interest expense	973		1,011		1,065		1,086		1,118		(145)		(13.0)	%	4,135		4,634		(499)		(10.8)	%

Net interest income	4,761		4,720		4,521		4,464		4,592		169		3.7	%	18,466		18,011		455		2.5	%

Retailer share arrangements	(1,094)		(1,024)		(992)		(895)		(919)		(175)		19.0	%	(4,005)		(3,407)		(598)		17.6	%


Provision for credit losses	1,442		1,146		1,146		1,491		1,561		(119)		(7.6)	%	5,225		6,733		(1,508)		(22.4)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,225		2,550		2,383		2,078		2,112		113		5.4	%	9,236		7,871		1,365		17.3	%

Other income:
Interchange revenue	289		272		268		238		266		23		8.6	%	1,067		1,026		41		4.0	%
Protection product revenue	156		149		144		147		151		5		3.3	%	596		562		34		6.0	%
Loyalty programs	(399)		(368)		(360)		(311)		(371)		(28)		7.5	%	(1,438)		(1,382)		(56)		4.1	%
Other	80		74		66		75		82		(2)		(2.4)	%	295		1,315		(1,020)		(77.6)	%
Total other income	126		127		118		149		128		(2)		(1.6)	%	520		1,521		(1,001)		(65.8)	%

Other expense:
Employee costs	575		503		509		506		478		97		20.3	%	2,093		1,872		221		11.8	%
Professional fees	243		240		236		217		249		(6)		(2.4)	%	936		936		—		—	%
Marketing and business development	148		120		127		116		147		1		0.7	%	511		524		(13)		(2.5)	%
Information processing	239		226		215		219		207		32		15.5	%	899		803		96		12.0	%
Other	194		159		158		185		186		8		4.3	%	696		704		(8)		(1.1)	%
Total other expense	1,399		1,248		1,245		1,243		1,267		132		10.4	%	5,135		4,839		296		6.1	%

Earnings before provision for income taxes	952		1,429		1,256		984		973		(21)		(2.2)	%	4,621		4,553		68		1.5	%
Provision for income taxes	201		352		289		227		199		2		1.0	%	1,069		1,054		15		1.4	%
Net earnings	$	751	$	1,077	$	967	$	757	$	774	$	(23)	(3.0)	%	$	3,552	$	3,499	$	53	1.5	%

Net earnings available to common stockholders	$	730	$	1,057	$	946	$	736	$	753	$	(23)	(3.1)	%	$	3,469	$	3,427	$	42	1.2	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Dec 31, 2025 vs. Dec 31, 2024
Assets
Cash and equivalents	$	14,973	$	16,245	$	19,457	$	21,629	$	14,711	$	262	1.8	%
Debt securities	2,348		2,716		2,905		2,724		3,079		(731)		(23.7)	%
Loan receivables:
Unsecuritized loans held for investment	81,408		79,207		78,566		79,186		83,382		(1,974)		(2.4)	%
Restricted loans of consolidated securitization entities	22,400		20,971		21,210		20,422		21,339		1,061		5.0	%
Total loan receivables	103,808		100,178		99,776		99,608		104,721		(913)		(0.9)	%
Less: Allowance for credit losses	(10,442)		(10,373)		(10,564)		(10,828)		(10,929)		487		(4.5)	%
Loan receivables, net	93,366		89,805		89,212		88,780		93,792		(426)		(0.5)	%
Loan receivables held for sale	—		192		191		—		—		—		—	%
Goodwill	1,363		1,274		1,274		1,274		1,274		89		7.0	%
Intangible assets, net	1,255		909		862		847		854		401		47.0	%
Other assets	5,790		5,843		6,604		6,772		5,753		37		0.6	%

Total assets	$	119,095	$	116,984	$	120,505	$	122,026	$	119,463	$	(368)	(0.3)	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	80,748	$	79,513	$	81,857	$	83,030	$	81,664	$	(916)	(1.1)	%
Non-interest-bearing deposit accounts	396		373		405		405		398		(2)		(0.5)	%
Total deposits	81,144		79,886		82,262		83,435		82,062		(918)		(1.1)	%
Borrowings:
Borrowings of consolidated securitization entities	8,415		7,666		8,340		8,591		7,842		573		7.3	%

Senior and Subordinated unsecured notes	6,767		6,765		7,669		8,418		7,620		(853)		(11.2)	%

Total borrowings	15,182		14,431		16,009		17,009		15,462		(280)		(1.8)	%
Accrued expenses and other liabilities	6,003		5,602		5,282		5,001		5,359		644		12.0	%

Total liabilities	102,329		99,919		103,553		105,445		102,883		(554)		(0.5)	%
Equity:
Preferred stock	1,222		1,222		1,222		1,222		1,222		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,902		9,866		9,836		9,804		9,853		49		0.5	%
Retained earnings	24,598		23,978		23,036		22,209		21,635		2,963		13.7	%
Accumulated other comprehensive income (loss)	(48)		(46)		(45)		(53)		(59)		11		(18.6)	%
Treasury stock	(18,909)		(17,956)		(17,098)		(16,602)		(16,072)		(2,837)		17.7	%
Total equity	16,766		17,065		16,952		16,581		16,580		186		1.1	%
Total liabilities and equity	$	119,095	$	116,984	$	120,505	$	122,026	$	119,463	$	(368)	(0.3)	%


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

	Quarter Ended
	Dec 31, 2025						Sep 30, 2025						Jun 30, 2025						Mar 31, 2025						Dec 31, 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	$	15,679	$	158	4.00	%	$	17,131	$	187	4.33	%	$	20,699	$	228	4.42	%	$	18,539	$	203	4.44	%	$	16,131	$	193	4.76	%
Securities available for sale	2,635		28		4.22	%	2,872		34		4.70	%	2,774		30		4.34	%	3,231		35		4.39	%	3,111		37		4.73	%

Loan receivables, including held for sale:
Credit cards	93,389		5,297		22.50	%	92,176		5,255		22.62	%	91,460		5,076		22.26	%	93,241		5,055		21.99	%	94,356		5,209		21.96	%
Consumer installment loans	5,548		198		14.16	%	5,618		208		14.69	%	5,692		207		14.59	%	5,833		211		14.67	%	6,041		224		14.75	%
Commercial credit products	1,962		52		10.52	%	2,006		46		9.10	%	1,981		43		8.71	%	1,842		45		9.91	%	1,953		45		9.17	%
Other	83		1		4.78	%	85		1		4.67	%	103		2		7.79	%	105		1		3.86	%	126		2		6.31	%
Total loan receivables, including held for sale	100,982		5,548		21.80	%	99,885		5,510		21.89	%	99,236		5,328		21.54	%	101,021		5,312		21.33	%	102,476		5,480		21.27	%
Total interest-earning assets	119,296		5,734		19.07	%	119,888		5,731		18.97	%	122,709		5,586		18.26	%	122,791		5,550		18.33	%	121,718		5,710		18.66	%

Non-interest-earning assets:
Cash and due from banks	864						892						868						868						872
Allowance for credit losses	(10,391)						(10,536)						(10,797)						(10,936)						(11,014)
Other assets	8,131						7,913						7,661						7,770						7,678
Total non-interest-earning assets	(1,396)						(1,731)						(2,268)						(2,298)						(2,464)

Total assets	$	117,900					$	118,157					$	120,441					$	120,493					$	119,254

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	80,117	$	781	3.87	%	$	80,442	$	812	4.00	%	$	82,014	$	855	4.18	%	$	82,370	$	882	4.34	%	$	81,635	$	917	4.47	%
Borrowings of consolidated securitization entities	8,032		104		5.14	%	7,768		105		5.36	%	7,926		104		5.26	%	8,191		104		5.15	%	7,868		104		5.26	%

Senior and Subordinated unsecured notes	6,765		88		5.16	%	7,209		94		5.17	%	8,269		106		5.14	%	7,850		100		5.17	%	7,618		97		5.07	%

Total interest-bearing liabilities	94,914		973		4.07	%	95,419		1,011		4.20	%	98,209		1,065		4.35	%	98,411		1,086		4.48	%	97,121		1,118		4.58	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	382						410						412						418						379
Other liabilities	5,667						5,287						5,065						4,969						5,444
Total non-interest-bearing liabilities	6,049						5,697						5,477						5,387						5,823

Total liabilities	100,963						101,116						103,686						103,798						102,944

Equity
Total equity	16,937						17,041						16,755						16,695						16,310

Total liabilities and equity	$	117,900					$	118,157					$	120,441					$	120,493					$	119,254
Net interest income			$	4,761					$	4,720					$	4,521					$	4,464					$	4,592

Interest rate spread(2)					15.00	%					14.76	%					13.91	%					13.86	%					14.08	%
Net interest margin(3)					15.83	%					15.62	%					14.78	%					14.74	%					15.01	%



(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
	Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Dec 31, 2025 vs. Dec 31, 2024
BALANCE SHEET STATISTICS
Total common equity	$	15,544		$	15,843		$	15,730		$	15,359		$	15,358		$	186	1.2	%
Total common equity as a % of total assets	13.05		%	13.54		%	13.05		%	12.59		%	12.86		%			0.19	%

Tangible assets	$	116,477		$	114,801		$	118,369		$	119,905		$	117,335		$	(858)	(0.7)	%
Tangible common equity(1)	$	12,926		$	13,660		$	13,594		$	13,238		$	13,230		$	(304)	(2.3)	%
Tangible common equity as a % of tangible assets(1)	11.10		%	11.90		%	11.48		%	11.04		%	11.28		%			(0.18)	%
Tangible book value per share(2)	$	37.21		$	37.93		$	36.55		$	34.79		$	34.07		$	3.14	9.2	%

REGULATORY CAPITAL RATIOS(3)(4)
	Basel III - CECL Transition
Total risk-based capital ratio(5)	15.8		%	16.9		%	16.9		%	16.5		%	16.5		%
Tier 1 risk-based capital ratio(6)	13.8		%	14.9		%	14.8		%	14.4		%	14.5		%

Tier 1 leverage ratio(7)	12.5		%	13.0		%	12.7		%	12.4		%	12.9		%
Common equity Tier 1 capital ratio	12.6		%	13.7		%	13.6		%	13.2		%	13.3		%




(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 December 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, unrounded, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		4Q'25 vs. 4Q'24				Dec 31 , 2025		Dec 31, 2024		YTD '25 vs. YTD '24
HOME & AUTO(1)
Purchase volume(2)	$	10,381	$	11,061	$	11,459	$	9,446	$	10,553	$	(172)	(1.6)	%	$	42,347	$	44,509	$	(2,162)	(4.9)	%
Period-end loan receivables	$	30,106	$	30,295	$	30,374	$	30,254	$	31,816	$	(1,710)	(5.4)	%	$	30,106	$	31,816	$	(1,710)	(5.4)	%
Average loan receivables, including held for sale	$	30,055	$	30,260	$	30,137	$	30,810	$	31,903	$	(1,848)	(5.8)	%	$	30,313	$	32,089	$	(1,776)	(5.5)	%
Average active accounts (in thousands)(3)	17,370		17,749		17,831		17,894		18,537		(1,167)		(6.3)	%	17,715		18,879		(1,164)		(6.2)	%

Interest and fees on loans	$	1,444	$	1,443	$	1,395	$	1,402	$	1,476	$	(32)	(2.2)	%	$	5,684	$	5,736	$	(52)	(0.9)	%
Other income	$	52	$	54	$	52	$	56	$	62	$	(10)	(16.1)	%	$	214	$	186	$	28	15.1	%




DIGITAL
Purchase volume(2)	$	16,206	$	14,044	$	13,647	$	12,479	$	15,317	$	889	5.8	%	$	56,376	$	54,700	$	1,676	3.1	%
Period-end loan receivables	$	30,057	$	28,179	$	27,786	$	27,765	$	29,347	$	710	2.4	%	$	30,057	$	29,347	$	710	2.4	%
Average loan receivables, including held for sale	$	28,676	$	27,880	$	27,571	$	28,216	$	28,158	$	518	1.8	%	$	28,086	$	27,872	$	214	0.8	%
Average active accounts (in thousands)(3)	21,352		20,680		20,368		20,711		20,810		542		2.6	%	20,804		20,986		(182)		(0.9)	%

Interest and fees on loans	$	1,663	$	1,631	$	1,576	$	1,544	$	1,582	$	81	5.1	%	$	6,414	$	6,286	$	128	2.0	%
Other income	$	(6)	$	(2)	$	—	$	9	$	(6)	$	—	—	%	$	1	$	4	$	(3)	(75.0)	%




DIVERSIFIED & VALUE
Purchase volume(2)	$	17,462	$	15,417	$	15,393	$	13,732	$	16,711	$	751	4.5	%	$	62,004	$	61,059	$	945	1.5	%
Period-end loan receivables	$	21,236	$	19,500	$	19,510	$	19,436	$	20,867	$	369	1.8	%	$	21,236	$	20,867	$	369	1.8	%
Average loan receivables, including held for sale	$	19,978	$	19,440	$	19,338	$	19,670	$	19,793	$	185	0.9	%	$	19,607	$	19,540	$	67	0.3	%
Average active accounts (in thousands)(3)	20,170		19,470		19,471		20,114		20,253		(83)		(0.4)	%	19,894		20,437		(543)		(2.7)	%

Interest and fees on loans	$	1,200	$	1,192	$	1,159	$	1,178	$	1,206	$	(6)	(0.5)	%	$	4,729	$	4,794	$	(65)	(1.4)	%
Other income	$	(13)	$	(3)	$	(3)	$	—	$	(9)	$	(4)	44.4	%	$	(19)	$	(59)	$	40	(67.8)	%




HEALTH & WELLNESS
Purchase volume(2)	$	3,897	$	3,976	$	4,007	$	3,774	$	3,742	$	155	4.1	%	$	15,654	$	15,678	$	(24)	(0.2)	%
Period-end loan receivables	$	15,545	$	15,447	$	15,309	$	15,193	$	15,436	$	109	0.7	%	$	15,545	$	15,436	$	109	0.7	%
Average loan receivables, including held for sale	$	15,499	$	15,347	$	15,215	$	15,280	$	15,448	$	51	0.3	%	$	15,336	$	15,143	$	193	1.3	%
Average active accounts (in thousands)(3)	7,770		7,730		7,697		7,776		7,836		(66)		(0.8)	%	7,750		7,743		7		0.1	%

Interest and fees on loans	$	979	$	967	$	923	$	914	$	935	$	44	4.7	%	$	3,783	$	3,671	$	112	3.1	%
Other income	$	79	$	73	$	66	$	75	$	72	$	7	9.7	%	$	293	$	254	$	39	15.4	%


LIFESTYLE
Purchase volume(2)	$	1,522	$	1,371	$	1,432	$	1,168	$	1,480	$	42	2.8	%	$	5,493	$	5,660	$	(167)	(3.0)	%
Period-end loan receivables	$	6,771	$	6,644	$	6,673	$	6,636	$	6,914	$	(143)	(2.1)	%	$	6,771	$	6,914	$	(143)	(2.1)	%
Average loan receivables, including held for sale	$	6,657	$	6,652	$	6,646	$	6,716	$	6,818	$	(161)	(2.4)	%	$	6,668	$	6,749	$	(81)	(1.2)	%
Average active accounts (in thousands)(3)	2,589		2,543		2,531		2,651		2,688		(99)		(3.7)	%	2,588		2,674		(86)		(3.2)	%

Interest and fees on loans	$	265	$	264	$	261	$	261	$	268	$	(3)	(1.1)	%	$	1,051	$	1,051	$	—	—	%
Other income	$	11	$	11	$	9	$	10	$	7	$	4	57.1	%	$	41	$	30	$	11	36.7	%


CORP, OTHER(1)(5)
Purchase volume(2)	$	8	$	136	$	146	$	121	$	152	$	(144)	(94.7)	%	$	411	$	567	$	(156)	(27.5)	%
Period-end loan receivables(4)	$	93	$	113	$	124	$	324	$	341	$	(248)	(72.7)	%	$	93	$	341	$	(248)	(72.7)	%
Average loan receivables, including held for sale	$	117	$	306	$	329	$	329	$	356	$	(239)	(67.1)	%	$	270	$	340	$	(70)	(20.6)	%
Average active accounts (in thousands)(3)	53		146		152		169		175		(122)		(69.7)	%	125		185		(60)		(32.4)	%

Interest and fees on loans	$	(3)	$	13	$	14	$	13	$	13	$	(16)	(123.1)	%	$	37	$	58	$	(21)	(36.2)	%
Other income	$	3	$	(6)	$	(6)	$	(1)	$	2	$	1	50.0	%	$	(10)	$	1,106	$	(1,116)	(100.9)	%


TOTAL SYF(5)
Purchase volume(2)	$	49,476	$	46,005	$	46,084	$	40,720	$	47,955	$	1,521	3.2	%	$	182,285	$	182,173	$	112	0.1	%
Period-end loan receivables	$	103,808	$	100,178	$	99,776	$	99,608	$	104,721	$	(913)	(0.9)	%	$	103,808	$	104,721	$	(913)	(0.9)	%
Average loan receivables, including held for sale	$	100,982	$	99,885	$	99,236	$	101,021	$	102,476	$	(1,494)	(1.5)	%	$	100,280	$	101,733	$	(1,453)	(1.4)	%
Average active accounts (in thousands)(3)	69,304		68,318		68,050		69,315		70,299		(995)		(1.4)	%	68,876		70,904		(2,028)		(2.9)	%

Interest and fees on loans	$	5,548	$	5,510	$	5,328	$	5,312	$	5,480	$	68	1.2	%	$	21,698	$	21,596	$	102	0.5	%
Other income	$	126	$	127	$	118	$	149	$	128	$	(2)	(1.6)	%	$	520	$	1,521	$	(1,001)	(65.8)	%



(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 were no longer managed within our Home & Auto sales platform, and the portfolio was sold in October 2025. 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 (except for Period-end loan receivables) associated with a Home & Auto 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
	Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	16,766	$	17,065	$	16,952	$	16,581	$	16,580
Less: Preferred stock	(1,222)		(1,222)		(1,222)		(1,222)		(1,222)
Less: Goodwill	(1,363)		(1,274)		(1,274)		(1,274)		(1,274)
Less: Intangible assets, net	(1,255)		(909)		(862)		(847)		(854)
Tangible common equity	$	12,926	$	13,660	$	13,594	$	13,238	$	13,230
Add: CECL transition amount	—		—		—		—		573



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	316		250		209		208		214
Common equity Tier 1	$	13,242	$	13,910	$	13,803	$	13,446	$	14,017
Preferred stock	1,222		1,222		1,222		1,222		1,222
Tier 1 capital	$	14,464	$	15,132	$	15,025	$	14,668	$	15,239

Add: Subordinated debt	742		742		742		742		741
Add: Allowance for credit losses includible in risk-based capital	1,426		1,386		1,386		1,388		1,427
Total Risk-based capital	$	16,632	$	17,260	$	17,153	$	16,798	$	17,407

ASSET MEASURES(2)
Total average assets	$	117,900	$	118,157	$	120,441	$	120,493	$	119,254
Adjustments for:
Add: CECL transition amount	—		—		—		—		573
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(2,291)		(1,917)		(1,913)		(1,895)		(1,904)

Total assets for leverage purposes	$	115,609	$	116,240	$	118,528	$	118,598	$	117,923


Risk-weighted assets	$	105,029	$	101,884	$	101,716	$	101,625	$	105,417

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	14,464	$	15,132	$	15,025	$	14,668	$	15,239
Less: CECL transition adjustment	—		—		—		—		(573)
Tier 1 capital (CECL fully phased-in)	$	14,464	$	15,132	$	15,025	$	14,668	$	14,666
Add: Allowance for credit losses	10,442		10,373		10,564		10,828		10,929
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	24,906	$	25,505	$	25,589	$	25,496	$	25,595

Risk-weighted assets	$	105,029	$	101,884	$	101,716	$	101,625	$	105,417
Less: CECL transition adjustment	—		—		—		—		(290)
Risk-weighted assets (CECL fully phased-in)	$	105,029	$	101,884	$	101,716	$	101,625	$	105,127

TANGIBLE BOOK VALUE PER SHARE
Book value per share	$	44.74	$	44.00	$	42.30	$	40.37	$	39.55
Less: Goodwill	(3.92)		(3.55)		(3.43)		(3.35)		(3.28)
Less: Intangible assets, net	(3.61)		(2.52)		(2.32)		(2.23)		(2.20)
Tangible book value per share	$	37.21	$	37.93	$	36.55	$	34.79	$	34.07


(1) Regulatory measures at December 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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