Document


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Nine Months Ended
	Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		3Q'26 vs. 3Q'25				Sep 30, 2026		Sep 30, 2025		YTD'26 vs. YTD'25
EARNINGS
Net interest income	$	4,809	$	4,608	$	4,635	$	4,761	$	4,720	$	89	1.9	%	$	14,052	$	13,705	$	347	2.5	%
Retailer share arrangements	(1,096)		(1,027)		(1,070)		(1,094)		(1,024)		(72)		7.0	%	(3,193)		(2,911)		(282)		9.7	%
Provision for credit losses	1,266		1,201		1,335		1,442		1,146		120		10.5	%	3,802		3,783		19		0.5	%
Net interest income, after retailer share arrangements and provision for credit losses	2,447		2,380		2,230		2,225		2,550		(103)		(4.0)	%	7,057		7,011		46		0.7	%
Other income	105		137		133		126		127		(22)		(17.3)	%	375		394		(19)		(4.8)	%
Other expense	1,371		1,331		1,316		1,399		1,248		123		9.9	%	4,018		3,736		282		7.5	%
Earnings before provision for income taxes	1,181		1,186		1,047		952		1,429		(248)		(17.4)	%	3,414		3,669		(255)		(7.0)	%
Provision for income taxes	289		301		242		201		352		(63)		(17.9)	%	832		868		(36)		(4.1)	%
Net earnings	$	892	$	885	$	805	$	751	$	1,077	$	(185)	(17.2)	%	$	2,582	$	2,801	$	(219)	(7.8)	%
Net earnings available to common stockholders	$	864	$	864	$	784	$	730	$	1,057	$	(193)	(18.3)	%	$	2,512	$	2,739	$	(227)	(8.3)	%

COMMON SHARE STATISTICS
Basic EPS	$	2.71	$	2.61	$	2.29	$	2.07	$	2.89	$	(0.18)	(6.2)	%	$	7.59	$	7.29	$	0.30	4.1	%
Diluted EPS	$	2.68	$	2.59	$	2.27	$	2.04	$	2.86	$	(0.18)	(6.3)	%	$	7.52	$	7.22	$	0.30	4.2	%

Dividend declared per share	$	0.34	$	0.30	$	0.30	$	0.30	$	0.30	$	0.04	13.3	%	$	0.94	$	0.85	$	0.09	10.6	%
Common stock price	$	70.97	$	76.05	$	68.02	$	83.43	$	71.05	$	(0.08)	(0.1)	%	$	70.97	$	71.05	$	(0.08)	(0.1)	%
Book value per share	$	47.64	$	46.67	$	45.29	$	44.74	$	44.00	$	3.64	8.3	%	$	47.64	$	44.00	$	3.64	8.3	%
Tangible book value per share(1)(2)	$	42.79	$	42.01	$	40.95	$	40.52	$	40.28	$	2.51	6.2	%	$	42.79	$	40.28	$	2.51	6.2	%

Beginning common shares outstanding	325.3		336.8		347.4		360.1		371.9		(46.6)		(12.5)	%	347.4		388.3		(40.9)		(10.5)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.2		0.2		1.9		0.3		0.3		(0.1)		(33.3)	%	2.3		2.5		(0.2)		(8.0)	%
Shares repurchased	(14.1)		(11.7)		(12.5)		(13.0)		(12.1)		(2.0)		16.5	%	(38.3)		(30.7)		(7.6)		24.8	%
Ending common shares outstanding	311.4		325.3		336.8		347.4		360.1		(48.7)		(13.5)	%	311.4		360.1		(48.7)		(13.5)	%

Weighted average common shares outstanding	319.0		331.3		342.4		352.7		365.9		(46.9)		(12.8)	%	330.8		375.7		(44.9)		(12.0)	%
Weighted average common shares outstanding (fully diluted)	322.4		334.1		346.0		357.6		369.9		(47.5)		(12.8)	%	334.1		379.4		(45.3)		(11.9)	%

(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																			Nine Months Ended
	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			3Q'26 vs. 3Q'25				Sep 30, 2026			Sep 30, 2025			YTD'26 vs. YTD'25
PERFORMANCE METRICS
Return on assets(1)	2.9		%	2.9		%	2.7		%	2.5		%	3.6		%			(0.7)	%	2.9		%	3.1		%			(0.2)	%
Return on equity(2)	21.0		%	21.4		%	19.5		%	17.6		%	25.1		%			(4.1)	%	20.6		%	22.2		%			(1.6)	%
Return on tangible common equity(3)(4)	25.2		%	25.2		%	22.6		%	20.3		%	28.9		%			(3.7)	%	24.3		%	25.7		%			(1.4)	%
Net interest margin(5)	15.50		%	15.08		%	15.50		%	15.83		%	15.62		%			(0.12)	%	15.36		%	15.05		%			0.31	%
Efficiency ratio(6)	35.9		%	35.8		%	35.6		%	36.9		%	32.6		%			3.3	%	35.8		%	33.4		%			2.4	%
Other expense as a % of average loan receivables, including held for sale	5.32		%	5.30		%	5.30		%	5.50		%	4.96		%			0.36	%	5.31		%	4.99		%			0.32	%
Effective income tax rate	24.5		%	25.4		%	23.1		%	21.1		%	24.6		%			(0.1)	%	24.4		%	23.7		%			0.7	%

CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	4.79		%	5.43		%	5.42		%	5.37		%	5.16		%			(0.37)	%	5.21		%	5.74		%			(0.53)	%
30+ days past due as a % of period-end loan receivables(7)	4.34		%	4.16		%	4.54		%	4.49		%	4.39		%			(0.05)	%	4.34		%	4.39		%			(0.05)	%
90+ days past due as a % of period-end loan receivables(7)	2.06		%	2.01		%	2.28		%	2.17		%	2.12		%			(0.06)	%	2.06		%	2.12		%			(0.06)	%
Net charge-offs	$	1,236		$	1,364		$	1,346		$	1,367		$	1,298		$	(62)	(4.8)	%	$	3,946		$	4,297		$	(351)	(8.2)	%
Loan receivables delinquent over 30 days(7)	$	4,482		$	4,249		$	4,543		$	4,660		$	4,400		$	82	1.9	%	$	4,482		$	4,400		$	82	1.9	%
Loan receivables delinquent over 90 days(7)	$	2,130		$	2,050		$	2,284		$	2,248		$	2,128		$	2	0.1	%	$	2,130		$	2,128		$	2	0.1	%
Allowance for credit losses (period-end)	$	10,341		$	10,312		$	10,428		$	10,442		$	10,373		$	(32)	(0.3)	%	$	10,341		$	10,373		$	(32)	(0.3)	%
Allowance coverage ratio(8)	10.01		%	10.09		%	10.42		%	10.06		%	10.35		%			(0.34)	%	10.01		%	10.35		%			(0.34)	%

BUSINESS METRICS
Purchase volume(9)	$	49,707		$	49,827		$	42,984		$	49,476		$	46,005		$	3,702	8.0	%	$	142,518		$	132,809		$	9,709	7.3	%
Period-end loan receivables	$	103,346		$	102,208		$	100,085		$	103,808		$	100,178		$	3,168	3.2	%	$	103,346		$	100,178		$	3,168	3.2	%
Credit cards	$	95,526		$	94,233		$	92,764		$	96,346		$	92,550		$	2,976	3.2	%	$	95,526		$	92,550		$	2,976	3.2	%
Consumer installment loans	$	5,109		$	5,233		$	5,357		$	5,548		$	5,584		$	(475)	(8.5)	%	$	5,109		$	5,584		$	(475)	(8.5)	%
Commercial credit products	$	2,644		$	2,681		$	1,886		$	1,833		$	1,961		$	683	34.8	%	$	2,644		$	1,961		$	683	34.8	%
Other	$	67		$	61		$	78		$	81		$	83		$	(16)	(19.3)	%	$	67		$	83		$	(16)	(19.3)	%
Average loan receivables, including held for sale	$	102,278		$	100,702		$	100,693		$	100,982		$	99,885		$	2,393	2.4	%	$	101,230		$	100,043		$	1,187	1.2	%
Period-end active accounts (in thousands)(10)	68,011			68,410			67,828			70,693			68,585			(574)		(0.8)	%	68,011			68,585			(574)		(0.8)	%
Average active accounts (in thousands)(10)	68,279			68,341			68,815			69,304			68,318			(39)		(0.1)	%	68,550			68,676			(126)		(0.2)	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	15,901		$	16,193		$	20,559		$	14,973		$	16,245		$	(344)	(2.1)	%	$	15,901		$	16,245		$	(344)	(2.1)	%
Total liquid assets	$	19,496		$	19,786		$	22,845		$	16,562		$	18,234		$	1,262	6.9	%	$	19,496		$	18,234		$	1,262	6.9	%
Undrawn credit facilities
Undrawn credit facilities	$	2,125		$	2,125		$	2,125		$	2,125		$	2,125		$	—	—	%	$	2,125		$	2,125		$	—	—	%
Total liquid assets and undrawn credit facilities(11)	$	21,621		$	21,911		$	24,970		$	18,687		$	20,359		$	1,262	6.2	%	$	21,621		$	20,359		$	1,262	6.2	%
Liquid assets % of total assets	15.92		%	16.23		%	18.80		%	13.91		%	15.59		%			0.33	%	15.92		%	15.59		%			0.33	%
Liquid assets including undrawn credit facilities % of total assets	17.65		%	17.97		%	20.55		%	15.69		%	17.40		%			0.25	%	17.65		%	17.40		%			0.25	%


(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.


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Nine Months Ended
	Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		3Q'26 vs. 3Q'25				Sep 30, 2026		Sep 30, 2025		YTD'26 vs. YTD'25
Interest income:
Interest and fees on loans	$	5,591	$	5,380	$	5,413	$	5,548	$	5,510	$	81	1.5	%	$	16,384	$	16,150	$	234	1.4	%
Interest on cash and debt securities	197		203		190		186		221		(24)		(10.9)	%	590		717		(127)		(17.7)	%
Total interest income	5,788		5,583		5,603		5,734		5,731		57		1.0	%	16,974		16,867		107		0.6	%

Interest expense:
Interest on deposits	767		767		770		781		812		(45)		(5.5)	%	2,304		2,549		(245)		(9.6)	%
Interest on borrowings of consolidated securitization entities	106		111		106		104		105		1		1.0	%	323		313		10		3.2	%
Interest on senior unsecured notes	106		97		92		88		94		12		12.8	%	295		300		(5)		(1.7)	%

Total interest expense	979		975		968		973		1,011		(32)		(3.2)	%	2,922		3,162		(240)		(7.6)	%

Net interest income	4,809		4,608		4,635		4,761		4,720		89		1.9	%	14,052		13,705		347		2.5	%

Retailer share arrangements	(1,096)		(1,027)		(1,070)		(1,094)		(1,024)		(72)		7.0	%	(3,193)		(2,911)		(282)		9.7	%


Provision for credit losses	1,266		1,201		1,335		1,442		1,146		120		10.5	%	3,802		3,783		19		0.5	%
Net interest income, after retailer share arrangements and provision for credit losses	2,447		2,380		2,230		2,225		2,550		(103)		(4.0)	%	7,057		7,011		46		0.7	%

Other income:
Interchange revenue	302		300		264		289		272		30		11.0	%	866		778		88		11.3	%
Protection product revenue	168		161		161		156		149		19		12.8	%	490		440		50		11.4	%
Loyalty programs	(439)		(436)		(361)		(399)		(368)		(71)		19.3	%	(1,236)		(1,039)		(197)		19.0	%
Other	74		112		69		80		74		—		—	%	255		215		40		18.6	%
Total other income	105		137		133		126		127		(22)		(17.3)	%	375		394		(19)		(4.8)	%

Other expense:
Employee costs	507		516		515		575		503		4		0.8	%	1,538		1,518		20		1.3	%
Professional fees	234		220		209		243		240		(6)		(2.5)	%	663		693		(30)		(4.3)	%
Marketing and business development	137		137		114		148		120		17		14.2	%	388		363		25		6.9	%
Information processing	260		248		262		239		226		34		15.0	%	770		660		110		16.7	%
Other	233		210		216		194		159		74		46.5	%	659		502		157		31.3	%
Total other expense	1,371		1,331		1,316		1,399		1,248		123		9.9	%	4,018		3,736		282		7.5	%

Earnings before provision for income taxes	1,181		1,186		1,047		952		1,429		(248)		(17.4)	%	3,414		3,669		(255)		(7.0)	%
Provision for income taxes	289		301		242		201		352		(63)		(17.9)	%	832		868		(36)		(4.1)	%
Net earnings	$	892	$	885	$	805	$	751	$	1,077	$	(185)	(17.2)	%	$	2,582	$	2,801	$	(219)	(7.8)	%

Net earnings available to common stockholders	$	864	$	864	$	784	$	730	$	1,057	$	(193)	(18.3)	%	$	2,512	$	2,739	$	(227)	(8.3)	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Sep 30, 2026 vs. Sep 30, 2025
Assets
Cash and equivalents	$	15,901	$	16,193	$	20,559	$	14,973	$	16,245	$	(344)	(2.1)	%
Debt securities	4,356		4,365		3,040		2,348		2,716		1,640		60.4	%
Loan receivables:
Unsecuritized loans held for investment	81,448		80,367		78,423		81,408		79,207		2,241		2.8	%
Restricted loans of consolidated securitization entities	21,898		21,841		21,662		22,400		20,971		927		4.4	%
Total loan receivables	103,346		102,208		100,085		103,808		100,178		3,168		3.2	%
Less: Allowance for credit losses	(10,341)		(10,312)		(10,428)		(10,442)		(10,373)		32		(0.3)	%
Loan receivables, net	93,005		91,896		89,657		93,366		89,805		3,200		3.6	%
Loan receivables held for sale	—		—		—		—		192		(192)		(100.0)	%
Goodwill	1,363		1,363		1,363		1,363		1,274		89		7.0	%
Intangible assets, net(1)	147		152		100		104		64		83		129.7	%
Other assets(1)	7,697		7,961		6,782		6,941		6,688		1,009		15.1	%

Total assets	$	122,469	$	121,930	$	121,501	$	119,095	$	116,984	$	5,485	4.7	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	82,513	$	82,376	$	82,478	$	80,748	$	79,513	$	3,000	3.8	%
Non-interest-bearing deposit accounts	438		430		416		396		373		65		17.4	%
Total deposits	82,951		82,806		82,894		81,144		79,886		3,065		3.8	%
Borrowings:
Borrowings of consolidated securitization entities	8,915		8,916		8,915		8,415		7,666		1,249		16.3	%

Senior and subordinated unsecured notes	8,110		7,516		7,513		6,767		6,765		1,345		19.9	%

Total borrowings	17,025		16,432		16,428		15,182		14,431		2,594		18.0	%
Accrued expenses and other liabilities	5,943		5,795		5,702		6,003		5,602		341		6.1	%

Total liabilities	105,919		105,033		105,024		102,329		99,919		6,000		6.0	%
Equity:
Preferred stock	1,716		1,716		1,222		1,222		1,222		494		40.4	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,912		9,876		9,844		9,902		9,866		46		0.5	%
Retained earnings	26,720		25,968		25,210		24,598		23,978		2,742		11.4	%
Accumulated other comprehensive income (loss)	(98)		(71)		(56)		(48)		(46)		(52)		113.0	%
Treasury stock	(21,701)		(20,593)		(19,744)		(18,909)		(17,956)		(3,745)		20.9	%
Total equity	16,550		16,897		16,477		16,766		17,065		(515)		(3.0)	%
Total liabilities and equity	$	122,469	$	121,930	$	121,501	$	119,095	$	116,984	$	5,485	4.7	%



(1) Beginning at June 30, 2026, internal-use capitalized software, net of accumulated amortization, is 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, and $845 million, net of accumulated amortization, at March 31, 2026, December 31, 2025, and September 30, 2025, respectively.


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

	Quarter Ended
	Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 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	$	16,423	$	154	3.72	%	$	18,067	$	167	3.71	%	$	17,992	$	163	3.67	%	$	15,679	$	158	4.00	%	$	17,131	$	187	4.33	%
Securities available for sale	4,381		43		3.89	%	3,775		36		3.83	%	2,595		27		4.22	%	2,635		28		4.22	%	2,872		34		4.70	%

Loan receivables, including held for sale:
Credit cards	94,337		5,305		22.31	%	92,690		5,092		22.03	%	93,290		5,152		22.40	%	93,389		5,297		22.50	%	92,176		5,255		22.62	%
Consumer installment loans	5,178		178		13.64	%	5,288		187		14.18	%	5,465		188		13.95	%	5,548		198		14.16	%	5,618		208		14.69	%
Commercial credit products	2,697		107		15.74	%	2,646		100		15.16	%	1,857		72		15.72	%	1,962		52		10.52	%	2,006		46		9.10	%
Other	66		1		6.01	%	78		1		5.14	%	81		1		5.01	%	83		1		4.78	%	85		1		4.67	%
Total loan receivables, including held for sale	102,278		5,591		21.69	%	100,702		5,380		21.43	%	100,693		5,413		21.80	%	100,982		5,548		21.80	%	99,885		5,510		21.89	%
Total interest-earning assets	123,082		5,788		18.66	%	122,544		5,583		18.27	%	121,280		5,603		18.74	%	119,296		5,734		19.07	%	119,888		5,731		18.97	%

Non-interest-earning assets:
Cash and due from banks	934						945						976						864						892
Allowance for credit losses	(10,315)						(10,428)						(10,431)						(10,391)						(10,536)
Other assets	8,245						8,209						8,223						8,131						7,913
Total non-interest-earning assets	(1,136)						(1,274)						(1,232)						(1,396)						(1,731)

Total assets	$	121,946					$	121,270					$	120,048					$	117,900					$	118,157

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,409	$	767	3.69	%	$	82,279	$	767	3.74	%	$	81,704	$	770	3.82	%	$	80,117	$	781	3.87	%	$	80,442	$	812	4.00	%
Borrowings of consolidated securitization entities	8,611		106		4.88	%	8,915		111		4.99	%	8,482		106		5.07	%	8,032		104		5.14	%	7,768		105		5.36	%

Senior and subordinated unsecured notes	7,937		106		5.30	%	7,514		97		5.18	%	7,056		92		5.29	%	6,765		88		5.16	%	7,209		94		5.17	%

Total interest-bearing liabilities	98,957		979		3.93	%	98,708		975		3.96	%	97,242		968		4.04	%	94,914		973		4.07	%	95,419		1,011		4.20	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	437						419						414						382						410
Other liabilities	5,735						5,540						5,621						5,667						5,287
Total non-interest-bearing liabilities	6,172						5,959						6,035						6,049						5,697

Total liabilities	105,129						104,667						103,277						100,963						101,116

Equity
Total equity	16,817						16,603						16,771						16,937						17,041

Total liabilities and equity	$	121,946					$	121,270					$	120,048					$	117,900					$	118,157
Net interest income			$	4,809					$	4,608					$	4,635					$	4,761					$	4,720

Interest rate spread(2)					14.73	%					14.31	%					14.70	%					15.00	%					14.76	%
Net interest margin(3)					15.50	%					15.08	%					15.50	%					15.83	%					15.62	%



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

	Nine Months Ended Sep 30, 2026						Nine Months Ended Sep 30, 2025
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate(1)		Balance		Expense		Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	17,489	$	484	3.70	%	$	18,785	$	618	4.40	%
Securities available for sale	3,590		106		3.95	%	2,958		99		4.47	%

Loan receivables, including held for sale:
Credit cards	93,443		15,549		22.25	%	92,287		15,386		22.29	%
Consumer installment loans	5,309		553		13.93	%	5,714		626		14.65	%
Commercial credit products	2,403		279		15.52	%	1,944		134		9.22	%
Other	75		3		5.35	%	98		4		5.46	%
Total loan receivables, including held for sale	101,230		16,384		21.64	%	100,043		16,150		21.58	%
Total interest-earning assets	122,309		16,974		18.55	%	121,786		16,867		18.52	%

Non-interest-earning assets:
Cash and due from banks	951						876
Allowance for credit losses	(10,391)						(10,755)
Other assets	8,226						7,782
Total non-interest-earning assets	(1,214)						(2,097)

Total assets	$	121,095					$	119,689

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,133	$	2,304	3.75	%	$	81,601	$	2,549	4.18	%
Borrowings of consolidated securitization entities	8,670		323		4.98	%	7,960		313		5.26	%

Senior and subordinated unsecured notes	7,506		295		5.25	%	7,774		300		5.16	%

Total interest-bearing liabilities	98,309		2,922		3.97	%	97,335		3,162		4.34	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	424						413
Other liabilities	5,632						5,109
Total non-interest-bearing liabilities	6,056						5,522

Total liabilities	104,365						102,857

Equity
Total equity	16,730						16,832

Total liabilities and equity	$	121,095					$	119,689
Net interest income			$	14,052					$	13,705

Interest rate spread(2)					14.58	%					14.17	%
Net interest margin(3)					15.36	%					15.05	%

(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
	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Sep 30, 2026 vs. Sep 30, 2025
BALANCE SHEET STATISTICS
Total common equity	$	14,834		$	15,181		$	15,255		$	15,544		$	15,843		$	(1,009)	(6.4)	%
Total common equity as a % of total assets	12.11		%	12.45		%	12.56		%	13.05		%	13.54		%			(1.43)	%

Tangible assets(1)	$	120,959		$	120,415		$	120,038		$	117,628		$	115,646		$	5,313	4.6	%
Tangible common equity(1)(2)	$	13,324		$	13,666		$	13,792		$	14,077		$	14,505		$	(1,181)	(8.1)	%
Tangible common equity as a % of tangible assets(1)(2)	11.02		%	11.35		%	11.49		%	11.97		%	12.54		%			(1.52)	%
Tangible book value per share(1)(3)	$	42.79		$	42.01		$	40.95		$	40.52		$	40.28		$	2.51	6.2	%

REGULATORY CAPITAL RATIOS(1)(4)
	Basel III
Total risk-based capital ratio(5)	16.5		%	16.9		%	16.9		%	16.7		%	17.6		%
Tier 1 risk-based capital ratio(6)	14.5		%	14.9		%	14.8		%	14.6		%	15.5		%

Tier 1 leverage ratio(7)	12.7		%	13.0		%	12.8		%	13.3		%	13.6		%
Common equity Tier 1 capital ratio	12.9		%	13.2		%	13.6		%	13.5		%	14.3		%




(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 September 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														Nine Months Ended
	Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		3Q'26 vs. 3Q'25				Sep 30, 2026		Sep 30, 2025		YTD'26 vs. YTD'25
HOME & AUTO
Purchase volume(1)	$	12,065	$	12,120	$	9,443	$	10,381	$	11,061	$	1,004	9.1	%	$	33,628	$	31,966	$	1,662	5.2	%
Period-end loan receivables	$	30,889	$	30,351	$	29,136	$	30,106	$	30,295	$	594	2.0	%	$	30,889	$	30,295	$	594	2.0	%
Average loan receivables, including held for sale	$	30,507	$	29,868	$	29,367	$	30,055	$	30,260	$	247	0.8	%	$	29,918	$	30,400	$	(482)	(1.6)	%
Average active accounts (in thousands)(2)	17,345		17,383		16,847		17,370		17,749		(404)		(2.3)	%	17,201		17,831		(630)		(3.5)	%

Interest and fees on loans	$	1,454	$	1,394	$	1,379	$	1,444	$	1,443	$	11	0.8	%	$	4,227	$	4,240	$	(13)	(0.3)	%
Other income	$	67	$	63	$	55	$	52	$	54	$	13	24.1	%	$	185	$	162	$	23	14.2	%




DIGITAL
Purchase volume(1)	$	14,716	$	14,897	$	13,499	$	16,206	$	14,044	$	672	4.8	%	$	43,112	$	40,170	$	2,942	7.3	%
Period-end loan receivables	$	29,062	$	29,011	$	28,733	$	30,057	$	28,179	$	883	3.1	%	$	29,062	$	28,179	$	883	3.1	%
Average loan receivables, including held for sale	$	28,827	$	28,538	$	29,024	$	28,676	$	27,880	$	947	3.4	%	$	28,796	$	27,888	$	908	3.3	%
Average active accounts (in thousands)(2)	20,354		20,662		21,268		21,352		20,680		(326)		(1.6)	%	20,774		20,627		147		0.7	%

Interest and fees on loans	$	1,654	$	1,604	$	1,632	$	1,663	$	1,631	$	23	1.4	%	$	4,890	$	4,751	$	139	2.9	%
Other income	$	(3)	$	(5)	$	9	$	(6)	$	(2)	$	(1)	50.0	%	$	1	$	7	$	(6)	(85.7)	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	17,394	$	17,200	$	14,926	$	17,462	$	15,417	$	1,977	12.8	%	$	49,520	$	44,542	$	4,978	11.2	%
Period-end loan receivables	$	21,150	$	20,770	$	20,269	$	21,236	$	19,500	$	1,650	8.5	%	$	21,150	$	19,500	$	1,650	8.5	%
Average loan receivables, including held for sale	$	20,831	$	20,348	$	20,229	$	19,978	$	19,440	$	1,391	7.2	%	$	20,472	$	19,482	$	990	5.1	%
Average active accounts (in thousands)(2)	20,387		20,160		20,416		20,170		19,470		917		4.7	%	20,358		19,735		623		3.2	%

Interest and fees on loans	$	1,238	$	1,177	$	1,195	$	1,200	$	1,192	$	46	3.9	%	$	3,610	$	3,529	$	81	2.3	%
Other income	$	(58)	$	(51)	$	(18)	$	(13)	$	(3)	$	(55)	NM		$	(127)	$	(6)	$	(121)	NM




HEALTH & WELLNESS
Purchase volume(1)	$	4,082	$	4,092	$	3,871	$	3,897	$	3,976	$	106	2.7	%	$	12,045	$	11,757	$	288	2.4	%
Period-end loan receivables	$	15,563	$	15,390	$	15,309	$	15,545	$	15,447	$	116	0.8	%	$	15,563	$	15,447	$	116	0.8	%
Average loan receivables, including held for sale	$	15,439	$	15,296	$	15,373	$	15,499	$	15,347	$	92	0.6	%	$	15,370	$	15,281	$	89	0.6	%
Average active accounts (in thousands)(2)	7,593		7,580		7,680		7,770		7,730		(137)		(1.8)	%	7,624		7,743		(119)		(1.5)	%

Interest and fees on loans	$	982	$	948	$	948	$	979	$	967	$	15	1.6	%	$	2,878	$	2,804	$	74	2.6	%
Other income	$	85	$	82	$	80	$	79	$	73	$	12	16.4	%	$	247	$	214	$	33	15.4	%



LIFESTYLE
Purchase volume(1)	$	1,450	$	1,518	$	1,245	$	1,522	$	1,371	$	79	5.8	%	$	4,213	$	3,971	$	242	6.1	%
Period-end loan receivables	$	6,601	$	6,613	$	6,548	$	6,771	$	6,644	$	(43)	(0.6)	%	$	6,601	$	6,644	$	(43)	(0.6)	%
Average loan receivables, including held for sale	$	6,595	$	6,561	$	6,607	$	6,657	$	6,652	$	(57)	(0.9)	%	$	6,588	$	6,671	$	(83)	(1.2)	%
Average active accounts (in thousands)(2)	2,585		2,539		2,584		2,589		2,543		42		1.7	%	2,576		2,583		(7)		(0.3)	%

Interest and fees on loans	$	264	$	256	$	258	$	265	$	264	$	—	—	%	$	778	$	786	$	(8)	(1.0)	%
Other income	$	13	$	12	$	11	$	11	$	11	$	2	18.2	%	$	36	$	30	$	6	20.0	%



CORP, OTHER(3)
Purchase volume(1)	$	—	$	—	$	—	$	8	$	136	$	(136)	(100.0)	%	$	—	$	403	$	(403)	(100.0)	%
Period-end loan receivables	$	81	$	73	$	90	$	93	$	113	$	(32)	(28.3)	%	$	81	$	113	$	(32)	(28.3)	%
Average loan receivables, including held for sale	$	79	$	91	$	93	$	117	$	306	$	(227)	(74.2)	%	$	86	$	321	$	(235)	(73.2)	%
Average active accounts (in thousands)(2)	15		17		20		53		146		(131)		(89.7)	%	17		157		(140)		(89.2)	%

Interest and fees on loans	$	(1)	$	1	$	1	$	(3)	$	13	$	(14)	(107.7)	%	$	1	$	40	$	(39)	(97.5)	%
Other income	$	1	$	36	$	(4)	$	3	$	(6)	$	7	(116.7)	%	$	33	$	(13)	$	46	NM



TOTAL SYF(3)
Purchase volume(1)	$	49,707	$	49,827	$	42,984	$	49,476	$	46,005	$	3,702	8.0	%	$	142,518	$	132,809	$	9,709	7.3	%
Period-end loan receivables	$	103,346	$	102,208	$	100,085	$	103,808	$	100,178	$	3,168	3.2	%	$	103,346	$	100,178	$	3,168	3.2	%
Average loan receivables, including held for sale	$	102,278	$	100,702	$	100,693	$	100,982	$	99,885	$	2,393	2.4	%	$	101,230	$	100,043	$	1,187	1.2	%
Average active accounts (in thousands)(2)	68,279		68,341		68,815		69,304		68,318		(39)		(0.1)	%	68,550		68,676		(126)		(0.2)	%

Interest and fees on loans	$	5,591	$	5,380	$	5,413	$	5,548	$	5,510	$	81	1.5	%	$	16,384	$	16,150	$	234	1.4	%
Other income	$	105	$	137	$	133	$	126	$	127	$	(22)	(17.3)	%	$	375	$	394	$	(19)	(4.8)	%



(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
	Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	16,550	$	16,897	$	16,477	$	16,766	$	17,065
Less: Preferred stock	(1,716)		(1,716)		(1,222)		(1,222)		(1,222)
Less: Goodwill	(1,363)		(1,363)		(1,363)		(1,363)		(1,274)
Less: Intangible assets, net	(147)		(152)		(100)		(104)		(64)
Tangible common equity	$	13,324	$	13,666	$	13,792	$	14,077	$	14,505
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	260		234		223		213		207
Common equity Tier 1	$	13,584	$	13,900	$	14,015	$	14,290	$	14,712
Preferred stock	1,716		1,716		1,222		1,222		1,222
Tier 1 capital	$	15,300	$	15,616	$	15,237	$	15,512	$	15,934
Add: Subordinated debt	743		743		742		742		742
Add: Allowance for credit losses includible in risk-based capital	1,433		1,423		1,401		1,437		1,396
Total Risk-based capital	$	17,476	$	17,782	$	17,380	$	17,691	$	18,072

ASSET MEASURES(2)
Total average assets	$	121,946	$	121,270	$	120,048	$	117,900	$	118,157
Adjustments for:
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,256)		(1,275)		(1,238)		(1,242)		(1,115)

Total assets for leverage purposes	$	120,690	$	119,995	$	118,810	$	116,658	$	117,042


Risk-weighted assets	$	105,704	$	104,969	$	102,995	$	105,934	$	102,630

TIER 1 CAPITAL + RESERVES RATIO(2)
Tier 1 capital	$	15,300	$	15,616	$	15,237	$	15,512	$	15,934
Add: Allowance for credit losses	10,341		10,312		10,428		10,442		10,373
Tier 1 capital + Reserves for credit losses	$	25,641	$	25,928	$	25,665	$	25,954	$	26,307

TANGIBLE BOOK VALUE PER SHARE(2)
Book value per share	$	47.64	$	46.67	$	45.29	$	44.74	$	44.00
Less: Goodwill	(4.38)		(4.19)		(4.04)		(3.92)		(3.55)
Less: Intangible assets, net	(0.47)		(0.47)		(0.30)		(0.30)		(0.17)
Tangible book value per share	$	42.79	$	42.01	$	40.95	$	40.52	$	40.28


(1) Regulatory measures at September 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.