# EDGAR Filing Document

**Accession Number:** 0001601712
**File Stem:** 0001601712-25-000256
**Filing Date:** 2025-10
**Character Count:** 137076
**Document Hash:** 572af491e7d3a889cf32cd3bc52a837f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001601712-25-000256.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001601712-25-000256

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251015

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Synchrony Financial
- **CENTRAL INDEX KEY:** 0001601712
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 510483352
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36560
- **FILM NUMBER:** 251393315

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902-1250
- **BUSINESS PHONE:** 203 585-2400

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902-1250

?xml version='1.0' encoding='ASCII'? syf-20251015

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**October 15, 2025** 

**Date of Report**

**(Date of earliest event reported)** 

**SYNCHRONY FINANCIAL** 

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36560** | **51-0483352** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

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

---

**(203) 585-2400** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ 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))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

------

---

| | | |
|:---|:---|:---|
| **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** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;◻

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On October 15, 2025, Synchrony Financial (the "Company") issued a press release setting forth the Company's third quarter 2025 earnings. A copy of the Company's press release is being furnished as Exhibit 99.1 and hereby incorporated by reference. The information furnished pursuant to this Item 2.02, including Exhibits, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

*(d) Exhibits*

The following exhibits are being furnished as part of this report:

---

| | |
|:---|:---|
| **<u>Number</u>** | **<u>Description</u>** |
| <u>[99.1](earningsrelease3q25.htm)</u> | <u>[Press release, dated October 15, 2025, issued by Synchrony Financial](earningsrelease3q25.htm)</u> |
| <u>[99.2](financialtables3q25.htm)</u> | <u>[Financial Data Supplement of the Company for the quarter ended September 30, 2025](financialtables3q25.htm)</u> |
| <u>[99.3](a3q25earningspresentatio.htm)</u> | <u>[Financial Results Presentation of the Company for the quarter ended September 30, 2025](a3q25earningspresentatio.htm)</u> |
| <u>[99.4](non-gaapmeasures3q25.htm)</u> | <u>[Explanation of Non-GAAP Measures](non-gaapmeasures3q25.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** |
| Date: October 15, 2025 | By: | /s/ Jonathan Mothner |
|  | Name: | Jonathan Mothner |
|  | Title: | Executive Vice President, Chief Risk and Legal Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![image1a.jpg](image1a.jpg) | Exhibit 99.1<br>For Immediate Release <br>Synchrony Financial (NYSE: SYF)<br>October 15, 2025 |

---

**Third Quarter 2025 Results and Key Metrics**

<br>STAMFORD, Conn - Synchrony Financial (NYSE: SYF) today announced third quarter 2025 net earnings of $1.1 billion, or $2.86 per diluted share, compared to $789 million, or $1.94 per diluted share in the third quarter 2024. In September, the Company's Board approved an incremental share repurchase authorization of $1.0 billion. As of September 30, 2025, the Company had a total remaining repurchase authorization of $2.1 billion through June 30, 2026.

CEO Commentary

*"Synchrony's third quarter performance was highlighted by a return to purchase volume growth, driven by stronger spend trends across all five of our platforms, and continued strength in our credit performance," said Brian Doubles, Synchrony's President and Chief Executive Officer. "Our purchase volume growth was driven by improving trends across credit grades and generations, reflecting the resilience of our customers and the compelling utility and value that Synchrony provides as they navigate the continued uncertainty in the broader environment."*

*"Looking ahead, we are confident in our momentum. Synchrony's underwriting discipline and credit actions have delivered credit performance in 2025 that has exceeded our expectations, and we believe our consistent execution has primed our business for strong risk-adjusted growth as conditions allow. We are excited about the many opportunities we see to drive meaningful long-term value for the many stakeholders we serve."*

---

| | | | |
|:---|:---|:---|:---|
| **3.6%** | **13.7%** | **$971M** | **$100.2B** |
| Return on Assets | CET1 Ratio | Capital Returned | Loan Receivables |

---

Key Operating and Financial Metrics\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Purchase volume increased 2% to $46.0 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan receivables decreased 2% to $100.2 billion, which included the movement of $0.2 billion to loan receivables held for sale in the second quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average active accounts decreased 3% to 68.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin increased 58 basis points to 15.62%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efficiency ratio increased 140 basis points to 32.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on assets increased 100 basis points to 3.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on equity increased 5 percentage points to 25.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on tangible common equity\*\* increased 6 percentage points to 30.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per share increased 16% to $44.00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible book value per share\*\* increased 16% to $37.93

------

![imagea.jpg](imagea.jpg)<br>

CFO Commentary

*"Synchrony's third quarter financial results highlighted the strength of our resilient business model and core business drivers," said Brian Wenzel, Synchrony's Executive Vice President and Chief Financial Officer. "Despite the continued effects of our credit actions, we have seen a sequential improvement in our average active account trend and a rebound in our purchase volume growth. In addition, the combination of continued strong credit performance and higher net interest income contributed to higher retailer share arrangements, maintaining alignment of interests between Synchrony and our partners as program performance further strengthened."*

*"Our Board approved an incremental $1.0 billion in our share repurchase authorization, reflecting Synchrony's disciplined focus on risk-adjusted returns, our strong capital generation capacity and the inherent resilience of our business, which is enabled by our sophisticated underwriting and retailer share arrangements. As we look to the future, Synchrony remains well-positioned to achieve our long-term financial targets and deliver market-leading returns for our shareholders."*

Business Highlights

• Added, renewed or expanded more than 15 partners, including the Lowe's commercial program, Dental Intelligence, and Regency Showrooms.

• Announced the acquisition of the Lowe's commercial co-branded credit card portfolio to expand our suite of financing products for Lowe's customers.

• Announced strategic partnership with Dental Intelligence, a leading patient relationship management and analytics platform used by over 9,000 dental practices.

• Acquired Versatile Credit, a leading multi-source financing platform connecting merchants, lenders, and consumers through point-of-sale solutions.

Financial Highlights

• Interest and fees on loans remained flat at $5.5 billion as expansion in loan receivables yield, primarily reflecting the impact of our product, pricing, and policy changes (PPPCs), was offset by a combination of lower benchmark rates and lower late fee incidence, as well as a decrease in average loan receivables.

• Net interest income increased $111 million, or 2%, to $4.7 billion, primarily driven by lower interest-bearing liabilities cost associated with lower benchmark rates, partially offset by lower interest income on investment securities.

• Retailer share arrangements increased $110 million, or 12%, to $1.0 billion, reflecting program performance which included lower net charge-offs and the impact of our PPPCs.

• Provision for credit losses decreased $451 million to $1.1 billion, driven by lower net charge-offs and a reserve release of $152 million versus a build of $44 million in the prior year. The current year reserve release included the impact of a $45 million reserve build for the pending acquisition of the Lowe's commercial co-branded credit card portfolio, which is expected to close during the first half of 2026.

• Other income increased $8 million to $127 million, which included the impact of PPPC related fees.

• Other expense increased $59 million, or 5%, to $1.2 billion, primarily driven by higher employee costs and costs related to technology investments, partially offset by preparatory expenses related to the proposed Late Fee rule change in the prior year.

• Net earnings increased 37% to $1.1 billion, compared to $789 million.

------

![imagea.jpg](imagea.jpg)<br>

Credit Quality

• Loans 30+ days past due as a percentage of total period-end loan receivables were 4.39% compared to 4.78% in the prior year, a decrease of 39 basis points and 23 basis points below the average of the third quarters in 2017 through 2019.

• Net charge-offs as a percentage of total average loan receivables were 5.16% compared to 6.06% in the prior year, a decrease of 90 basis points, and 7 basis points above the average of the third quarters in 2017 through 2019.

• The allowance for credit losses as a percentage of total period-end loan receivables was 10.35%, compared to 10.59% in the second quarter of 2025.

Sales Platform Highlights

• Period-end loan receivables were up 1% in Digital, flat in Diversified & Value and Health & Wellness, down 3% in Lifestyle and down 6% in Home & Auto. These results reflected the continued impact of our previous credit actions, including the prior period purchase volume declines and higher payment rates as a result of our improved credit mix. Growth of interest and fees on loans ranged from down 2% to up 2%, as expansion in loan receivables yield, primarily reflecting the impact of our PPPCs, was offset by a combination of lower benchmark rates and lower late fee incidence, as well as a decrease in average loan receivables.

• **Home & Auto** purchase volume decreased 1%, reflecting selective spend in Home Specialty and lower average active accounts, partially offset by strong growth in spend per account.

• **Digital** purchase volume increased 5%, driven by higher spend per account and reflecting strong customer response to enhanced product offerings and refreshed value propositions.

• **Diversified & Value** purchase volume increased 3%, reflecting strong retailer performance and growth in out-of-partner spend, partially offset by lower average active accounts.

• **Health & Wellness** purchase volume increased 3%, as higher spend per account exceeded the impact of lower average active accounts, reflecting growth in Pet and Audiology, partially offset by lower spend in Cosmetic.

• **Lifestyle** purchase volume decreased 3%, primarily reflecting lower average active accounts, as well as lower spend in Outdoor and Specialty as consumers continued to manage discretionary purchases.

------

![imagea.jpg](imagea.jpg)<br>

Balance Sheet, Liquidity, & Capital

• Loan receivables of $100.2 billion, including the movement of $0.2 billion to held for sale in the second quarter of 2025, decreased 2%; purchase volume increased 2% and average active accounts decreased 3%.

• Deposits decreased 3% or $2.4 billion to $79.9 billion and comprised 85% of funding.

• Total liquid assets were $18.2 billion, or 15.6% of total assets.

• The Company returned $971 million in capital to shareholders, including $861 million of share repurchases and $110 million of common stock dividends.

• The Company's Board approved an increase to our share repurchase authorization of $1.0 billion through June 30, 2026. As of September 30, 2025, the Company had a total remaining repurchase authorization of $2.1 billion for the period ending June 30, 2026.

• The estimated Common Equity Tier 1 ratio was 13.7% compared to 13.1%, and the estimated Tier 1 Capital ratio was 14.9% compared to 14.3% in the prior year.

 *\* All comparisons are for the third quarter of 2025 compared to the third quarter of 2024, unless otherwise noted.*

*\*\* Return on tangible common equity represents net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity and tangible book value per share are non-GAAP measures. See non-GAAP reconciliation in the financial supplement.*

Corresponding Financial Tables and Information

Investors should review the foregoing summary and discussion of Synchrony Financial's earnings and financial condition in conjunction with the financial results presentation, financial supplement and information that follow, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed February 7, 2025, and the Company's forthcoming Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025. The detailed financial tables and other information are also available on the Investor Relations page of the Company's website at www.investors.synchrony.com. This information is also furnished in a Current Report on Form 8-K filed with the SEC today.

Conference Call and Webcast

On Wednesday, October 15, 2025, at 8:00 a.m. Eastern Time, Brian Doubles, President and Chief Executive Officer, and Brian Wenzel Sr., Executive Vice President and Chief Financial Officer, will host a conference call to review the financial results and outlook for certain business drivers. The conference call can be accessed via an audio webcast through the Investor Relations page on the Synchrony Financial corporate website, www.investors.synchrony.com, under Events and Presentations. A replay will also be available on the website.

------

![imagea.jpg](imagea.jpg)<br>

About Synchrony Financial

Synchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For® by Fortune magazine and Great Place to Work®.

For more information, visit www.synchrony.com

![synchonylogoa.jpg](synchonylogoa.jpg)

**Investor Relations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Relations**

Kathryn Miller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Allen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) 585-6291&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551) 370-2902

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![imagea.jpg](imagea.jpg)<br>

Cautionary Statement Regarding Forward-Looking Statements

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![imagea.jpg](imagea.jpg)<br>

Cautionary Statement Regarding Forward-Looking Statements (Continued)

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this news release and in our public filings, including under the heading "Risk Factors Relating to our Business" and "Risk Factors Relating to Regulation" in the Company's most recent Annual Report on Form 10-K. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Non-GAAP Measures

The information provided herein includes measures we refer to as "tangible common equity" and "tangible book value per share," which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please see the detailed financial tables and information that follow. For a statement regarding the usefulness of these measures to investors, please see the Company's Current Report on Form 8-K filed with the SEC today.

## Exhibit 99.2

**Exhibit 99.2**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | | | | | |
| **FINANCIAL SUMMARY** | | | | | | | | | | | |
| **(unaudited, in millions, except per share statistics)** | | | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | | **Nine Months Ended** | **Nine Months Ended** | | |
| | **Sep 30,<br>2025** | **Jun 30,<br> 2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** | **Sep 30,<br>2024** | **3Q'25 vs. 3Q'24** | **3Q'25 vs. 3Q'24** | **Sep 30,<br>2025** | **Sep 30,<br>2024** | **YTD'25 vs. YTD'24** | **YTD'25 vs. YTD'24** |
| **<u>EARNINGS</u>** | | | | | | | | | | | |
| **Net interest income** | $4720 | $4521 | $4464 | $4592 | $4609 | $111 | 2.4% | $13705 | $13419 | $286 | 2.1% |
| Retailer share arrangements | (1024) | (992) | (895) | (919) | (914) | (110) | 12.0% | (2911) | (2488) | (423) | 17.0% |
| Other income | 127 | 118 | 149 | 128 | 119 | 8 | 6.7% | 394 | 1393 | (999) | (71.7)% |
| **Net revenue** | 3823 | 3647 | 3718 | 3801 | 3814 | 9 | 0.2% | 11188 | 12324 | (1136) | (9.2)% |
| Provision for credit losses | 1146 | 1146 | 1491 | 1561 | 1597 | (451) | (28.2)% | 3783 | 5172 | (1389) | (26.9)% |
| Other expense | 1248 | 1245 | 1243 | 1267 | 1189 | 59 | 5.0% | 3736 | 3572 | 164 | 4.6% |
| **Earnings before provision for income taxes** | 1429 | 1256 | 984 | 973 | 1028 | 401 | 39.0% | 3669 | 3580 | 89 | 2.5% |
| Provision for income taxes | 352 | 289 | 227 | 199 | 239 | 113 | 47.3% | 868 | 855 | 13 | 1.5% |
| **Net earnings** | $1077 | $967 | $757 | $774 | $789 | $288 | 36.5% | $2801 | $2725 | $76 | 2.8% |
| **Net earnings available to common stockholders** | $1057 | $946 | $736 | $753 | $768 | $289 | 37.6% | $2739 | $2674 | $65 | 2.4% |
| **<u>COMMON SHARE STATISTICS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Basic EPS | $2.89 | $2.51 | $1.91 | $1.93 | $1.96 | $0.93 | 47.4% | $7.29 | $6.71 | $0.58 | 8.6% |
| Diluted EPS | $2.86 | $2.50 | $1.89 | $1.91 | $1.94 | $0.92 | 47.4% | $7.22 | $6.65 | $0.57 | 8.6% |
| Dividend declared per share | $0.30 | $0.30 | $0.25 | $0.25 | $0.25 | $0.05 | 20.0% | $0.60 | $0.75 | $(0.15) | (20.0)% |
| Common stock price | $71.05 | $66.74 | $52.94 | $65.00 | $49.88 | $21.17 | 42.4% | $71.05 | $49.88 | $21.17 | 42.4% |
| Book value per share | $44.00 | $42.30 | $40.37 | $39.55 | $37.92 | $6.08 | 16.0% | $44.00 | $37.92 | $6.08 | 16.0% |
| Tangible book value per share<sup>(1)</sup> | $37.93 | $36.55 | $34.79 | $34.07 | $32.68 | $5.25 | 16.1% | $37.93 | $32.68 | $5.25 | 16.1% |
| Beginning common shares outstanding | 371.9 | 380.5 | 388.3 | 389.2 | 395.1 | (23.2) | (5.9)% | 380.5 | 406.9 | (26.4) | (6.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares |  |  |  |  |  |  | NM |  |  |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 0.3 | 0.2 | 2.0 | 0.6 | 0.7 | (0.4) | (57.1)% | 0.5 | 3.3 | (2.8) | (84.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | (12.1) | (8.8) | (9.8) | (1.5) | (6.6) | (5.5) | 83.3% | (20.9) | (21.0) | 0.1 | (0.5)% |
| Ending common shares outstanding | 360.1 | 371.9 | 380.5 | 388.3 | 389.2 | (29.1) | (7.5)% | 360.1 | 389.2 | (29.1) | (7.5)% |
| Weighted average common shares outstanding | 365.9 | 376.2 | 385.2 | 389.3 | 392.3 | (26.4) | (6.7)% | 375.7 | 398.7 | (23.0) | (5.8)% |
| Weighted average common shares outstanding (fully diluted) | 369.9 | 379.1 | 389.4 | 394.8 | 396.5 | (26.6) | (6.7)% | 379.4 | 402.4 | (23.0) | (5.7)% |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | | | | | |
| **SELECTED METRICS** | | | | | | | | | | | |
| **(unaudited, $ in millions)** | | | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | | **Nine Months Ended** | **Nine Months Ended** | | |
| | **Sep 30,<br>2025** | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** | **Sep 30,<br>2024** | **3Q'25 vs. 3Q'24** | **3Q'25 vs. 3Q'24** | **Sep 30,<br>2025** | **Sep 30,<br>2024** | **YTD'25 vs. YTD'24** | **YTD'25 vs. YTD'24** |
| **<u>PERFORMANCE METRICS</u>** | | | | | | | | | | | |
| Return on assets<sup>(1)</sup> | 3.6% | 3.2% | 2.5% | 2.6% | 2.6% |  | 1.0% | 3.1% | 3.0% |  | 0.1% |
| Return on equity<sup>(2)</sup> | 25.1% | 23.1% | 18.4% | 18.9% | 19.8% |  | 5.3% | 22.2% | 23.8% |  | (1.6)% |
| Return on tangible common equity<sup>(3)</sup> | 30.6% | 28.3% | 22.4% | 23.0% | 24.3% |  | 6.3% | 27.1% | 29.1% |  | (2.0)% |
| Net interest margin<sup>(4)</sup> | 15.62% | 14.78% | 14.74% | 15.01% | 15.04% |  | 0.58% | 15.05% | 14.68% |  | 0.37% |
| Net revenue as a % of average loan receivables, including held for sale | 15.18% | 14.74% | 14.93% | 14.76% | 14.87% |  | 0.31% | 14.95% | 16.22% |  | (1.27)% |
| Efficiency ratio<sup>(5)</sup> | 32.6% | 34.1% | 33.4% | 33.3% | 31.2% |  | 1.4% | 33.4% | 29.0% |  | 4.4% |
| Other expense as a % of average loan receivables, including held for sale | 4.96% | 5.03% | 4.99% | 4.92% | 4.64% |  | 0.32% | 4.99% | 4.70% |  | 0.29% |
| Effective income tax rate | 24.6% | 23.0% | 23.1% | 20.5% | 23.2% |  | 1.4% | 23.7% | 23.9% |  | (0.2)% |
| **<u>CREDIT QUALITY METRICS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Net charge-offs as a % of average loan receivables, including held for sale | 5.16% | 5.70% | 6.38% | 6.45% | 6.06% |  | (0.90)% | 5.74% | 6.26% |  | (0.52)% |
| 30+ days past due as a % of period-end loan receivables<sup>(6)</sup> | 4.39% | 4.18% | 4.52% | 4.70% | 4.78% |  | (0.39)% | 4.39% | 4.78% |  | (0.39)% |
| 90+ days past due as a % of period-end loan receivables<sup>(6)</sup> | 2.12% | 2.06% | 2.29% | 2.40% | 2.33% |  | (0.21)% | 2.12% | 2.33% |  | (0.21)% |
| Net charge-offs | $1298 | $1411 | $1588 | $1661 | $1553 | $(255) | (16.4)% | $4297 | $4759 | $(462) | (9.7)% |
| Loan receivables delinquent over 30 days<sup>(6)</sup> | $4400 | $4173 | $4505 | $4925 | $4883 | $(483) | (9.9)% | $4400 | $4883 | $(483) | (9.9)% |
| Loan receivables delinquent over 90 days<sup>(6)</sup> | $2128 | $2059 | $2285 | $2512 | $2382 | $(254) | (10.7)% | $2128 | $2382 | $(254) | (10.7)% |
| Allowance for credit losses (period-end) | $10373 | $10564 | $10828 | $10929 | $11029 | $(656) | (5.9)% | $10373 | $11029 | $(656) | (5.9)% |
| Allowance coverage ratio<sup>(7)</sup> | 10.35% | 10.59% | 10.87% | 10.44% | 10.79% |  | (0.44)% | 10.35% | 10.79% |  | (0.44)% |
| **<u>BUSINESS METRICS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(8)</sup> | $46005 | $46084 | $40720 | $47955 | $44985 | $1020 | 2.3% | $132809 | $134218 | $(1409) | (1.0)% |
| Period-end loan receivables | $100178 | $99776 | $99608 | $104721 | $102193 | $(2015) | (2.0)% | $100178 | $102193 | $(2015) | (2.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit cards | $92550 | $92036 | $91909 | $96818 | $94008 | $(1458) | (1.6)% | $92550 | $94008 | $(1458) | (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer installment loans | $5584 | $5669 | $5736 | $5971 | $6125 | $(541) | (8.8)% | $5584 | $6125 | $(541) | (8.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial credit products | $1961 | $1980 | $1859 | $1826 | $1936 | $25 | 1.3% | $1961 | $1936 | $25 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | $83 | $91 | $104 | $106 | $124 | $(41) | (33.1)% | $83 | $124 | $(41) | (33.1)% |
| Average loan receivables, including held for sale | $99885 | $99236 | $101021 | $102476 | $102009 | $(2124) | (2.1)% | $100043 | $101484 | $(1441) | (1.4)% |
| Period-end active accounts (in thousands)<sup>(9)</sup> | 68585 | 68186 | 67787 | 71532 | 69965 | (1380) | (2.0)% | 68585 | 69965 | (1380) | (2.0)% |
| Average active accounts (in thousands)<sup>(9)</sup> | 68318 | 68050 | 69315 | 70299 | 70424 | (2106) | (3.0)% | 68676 | 71052 | (2376) | (3.3)% |
| **<u>LIQUIDITY</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Liquid assets** |  |  |  |  |  |  |  |  |  |  |  |
| Cash and equivalents | $16245 | $19457 | $21629 | $14711 | $17934 | $(1689) | (9.4)% | $16245 | $17934 | $(1689) | (9.4)% |
| Total liquid assets | $18234 | $21796 | $23817 | $17159 | $19704 | $(1470) | (7.5)% | $18234 | $19704 | $(1470) | (7.5)% |
| **Undrawn credit facilities** |  |  |  |  |  |  |  |  |  |  |  |
| Undrawn credit facilities | $2125 | $2625 | $2625 | $2625 | $2700 | $(575) | (21.3)% | $2125 | $2700 | $(575) | (21.3)% |
| **Total liquid assets and undrawn credit facilities**<sup>(10)</sup> | $20359 | $24421 | $26442 | $19784 | $22404 | $(2045) | (9.1)% | $20359 | $22404 | $(2045) | (9.1)% |
| Liquid assets % of total assets | 15.59% | 18.09% | 19.52% | 14.36% | 16.53% |  | (0.94)% | 15.59% | 16.53% |  | (0.94)% |
| Liquid assets including undrawn credit facilities % of total assets | 17.40% | 20.27% | 21.67% | 16.56% | 18.79% |  | (1.39)% | 17.40% | 18.79% |  | (1.39)% |
| (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (1) Return on assets represents annualized net earnings as a percentage of average total assets. | (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. | (2) Return on equity represents annualized net earnings as a percentage of average total equity. | (2) Return on equity represents annualized net earnings as a percentage of average total equity. | (2) Return on equity represents annualized net earnings as a percentage of average total equity. | (2) Return on equity represents annualized net earnings as a percentage of average total equity. | (2) Return on equity represents annualized net earnings as a percentage of average total equity. | (2) Return on equity represents annualized net earnings as a percentage of average total equity. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (4) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (4) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (4) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (4) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (4) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (4) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (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. | (5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements. | (5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements. | (5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements. | (5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements. | (5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements. | (5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements. | (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. | (6) Based on customer statement-end balances extrapolated to the respective period-end date. | (6) Based on customer statement-end balances extrapolated to the respective period-end date. | (6) Based on customer statement-end balances extrapolated to the respective period-end date. | (6) Based on customer statement-end balances extrapolated to the respective period-end date. | (6) Based on customer statement-end balances extrapolated to the respective period-end date. | (6) Based on customer statement-end balances extrapolated to the respective period-end date. | (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. | (7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables. | (7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables. | (7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables. | (7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables. | (7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables. | (7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets | (10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets |  |  |  |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | | | | | |
| **STATEMENTS OF EARNINGS** | | | | | | | | | | | |
| **(unaudited, $ in millions)** | | | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | | **Nine Months Ended** | **Nine Months Ended** | | |
| | **Sep 30,<br>2025** | **Jun 30,<br> 2025** | **Mar 31,<br> 2025** | **Dec 31,<br> 2024** | **Sep 30,<br> 2024** | **3Q'25 vs. 3Q'24** | **3Q'25 vs. 3Q'24** | **Sep 30,<br>2025** | **Sep 30,<br>2024** | **YTD'25 vs. YTD'24** | **YTD'25 vs. YTD'24** |
| **Interest income:** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $5510 | $5328 | $5312 | $5480 | $5522 | $(12) | (0.2)% | $16150 | $16116 | $34 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on cash and debt securities | 221 | 258 | 238 | 230 | 263 | (42) | (16.0)% | 717 | 819 | (102) | (12.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 5731 | 5586 | 5550 | 5710 | 5785 | (54) | (0.9)% | 16867 | 16935 | (68) | (0.4)% |
| **Interest expense:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits | 812 | 855 | 882 | 917 | 968 | (156) | (16.1)% | 2549 | 2889 | (340) | (11.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on borrowings of consolidated securitization entities | 105 | 104 | 104 | 104 | 108 | (3) | (2.8)% | 313 | 323 | (10) | (3.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on senior unsecured notes | 94 | 106 | 100 | 97 | 100 | (6) | (6.0)% | 300 | 304 | (4) | (1.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 1011 | 1065 | 1086 | 1118 | 1176 | (165) | (14.0)% | 3162 | 3516 | (354) | (10.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 4720 | 4521 | 4464 | 4592 | 4609 | 111 | 2.4% | 13705 | 13419 | 286 | 2.1% |
| Retailer share arrangements | (1024) | (992) | (895) | (919) | (914) | (110) | 12.0% | (2911) | (2488) | (423) | 17.0% |
| Provision for credit losses | 1146 | 1146 | 1491 | 1561 | 1597 | (451) | (28.2)% | 3783 | 5172 | (1389) | (26.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income, after retailer share arrangements and provision for credit losses | 2550 | 2383 | 2078 | 2112 | 2098 | 452 | 21.5% | 7011 | 5759 | 1252 | 21.7% |
| **Other income:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange revenue | 272 | 268 | 238 | 266 | 256 | 16 | 6.3% | 778 | 760 | 18 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protection product revenue | 149 | 144 | 147 | 151 | 145 | 4 | 2.8% | 440 | 411 | 29 | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loyalty programs | (368) | (360) | (311) | (371) | (346) | (22) | 6.4% | (1039) | (1011) | (28) | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 74 | 66 | 75 | 82 | 64 | 10 | 15.6% | 215 | 1233 | (1018) | (82.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 127 | 118 | 149 | 128 | 119 | 8 | 6.7% | 394 | 1393 | (999) | (71.7)% |
| **Other expense:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee costs | 503 | 509 | 506 | 478 | 464 | 39 | 8.4% | 1518 | 1394 | 124 | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 240 | 236 | 217 | 249 | 231 | 9 | 3.9% | 693 | 687 | 6 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and business development | 120 | 127 | 116 | 147 | 123 | (3) | (2.4)% | 363 | 377 | (14) | (3.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information processing | 226 | 215 | 219 | 207 | 203 | 23 | 11.3% | 660 | 596 | 64 | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 159 | 158 | 185 | 186 | 168 | (9) | (5.4)% | 502 | 518 | (16) | (3.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 1248 | 1245 | 1243 | 1267 | 1189 | 59 | 5.0% | 3736 | 3572 | 164 | 4.6% |
| **Earnings before provision for income taxes** | 1429 | 1256 | 984 | 973 | 1028 | 401 | 39.0% | 3669 | 3580 | 89 | 2.5% |
| Provision for income taxes | 352 | 289 | 227 | 199 | 239 | 113 | 47.3% | 868 | 855 | 13 | 1.5% |
| **Net earnings** | $1077 | $967 | $757 | $774 | $789 | $288 | 36.5% | $2801 | $2725 | $76 | 2.8% |
| **Net earnings available to common stockholders** | $1057 | $946 | $736 | $753 | $768 | $289 | 37.6% | $2739 | $2674 | $65 | 2.4% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | |
| **STATEMENTS OF FINANCIAL POSITION** | | | | | | | |
| **(unaudited, $ in millions)** | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | |
| | **Sep 30,<br>2025** | **Jun 30,<br> 2025** | **Mar 31,<br> 2025** | **Dec 31,<br> 2024** | **Sep 30,<br> 2024** | **Sep 30, 2025 vs.<br>Sep 30, 2024** | **Sep 30, 2025 vs.<br>Sep 30, 2024** |
| **Assets** | | | | | | | |
| Cash and equivalents | $16245 | $19457 | $21629 | $14711 | $17934 | $(1689) | (9.4)% |
| Debt securities | 2716 | 2905 | 2724 | 3079 | 2345 | 371 | 15.8% |
| Loan receivables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecuritized loans held for investment | 79207 | 78566 | 79186 | 83382 | 81005 | (1798) | (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted loans of consolidated securitization entities | 20971 | 21210 | 20422 | 21339 | 21188 | (217) | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loan receivables | 100178 | 99776 | 99608 | 104721 | 102193 | (2015) | (2.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit losses | (10373) | (10564) | (10828) | (10929) | (11029) | 656 | (5.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan receivables, net | 89805 | 89212 | 88780 | 93792 | 91164 | (1359) | (1.5)% |
| Loan receivables held for sale | 192 | 191 |  |  |  | 192 | NM |
| Goodwill | 1274 | 1274 | 1274 | 1274 | 1274 |  | —% |
| Intangible assets, net | 909 | 862 | 847 | 854 | 765 | 144 | 18.8% |
| Other assets | 5843 | 6604 | 6772 | 5753 | 5747 | 96 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $116984 | $120505 | $122026 | $119463 | $119229 | $(2245) | (1.9)% |
| **Liabilities and Equity** |  |  |  |  |  |  |  |
| Deposits: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposit accounts | $79513 | $81857 | $83030 | $81664 | $81901 | $(2388) | (2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing deposit accounts | 373 | 405 | 405 | 398 | 383 | (10) | (2.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 79886 | 82262 | 83435 | 82062 | 82284 | (2398) | (2.9)% |
| Borrowings: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of consolidated securitization entities | 7666 | 8340 | 8591 | 7842 | 8015 | (349) | (4.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior and Subordinated unsecured notes | 6765 | 7669 | 8418 | 7620 | 7617 | (852) | (11.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 14431 | 16009 | 17009 | 15462 | 15632 | (1201) | (7.7)% |
| Accrued expenses and other liabilities | 5602 | 5282 | 5001 | 5359 | 5333 | 269 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 99919 | 103553 | 105445 | 102883 | 103249 | (3330) | (3.2)% |
| Equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 1222 | 1222 | 1222 | 1222 | 1222 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1 | 1 | 1 | 1 | 1 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 9866 | 9836 | 9804 | 9853 | 9822 | 44 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 23978 | 23036 | 22209 | 21635 | 20975 | 3003 | 14.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (46) | (45) | (53) | (59) | (50) | 4 | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (17956) | (17098) | (16602) | (16072) | (15990) | (1966) | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 17065 | 16952 | 16581 | 16580 | 15980 | 1085 | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $116984 | $120505 | $122026 | $119463 | $119229 | $(2245) | (1.9)% |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | **SYNCHRONY FINANCIAL** | | | | | | | | |
| **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | | | | | | | | |
| **(unaudited, $ in millions)** | **(unaudited, $ in millions)** | **(unaudited, $ in millions)** | | | | | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | **Sep 30, 2025** | **Sep 30, 2025** | **Sep 30, 2025** | **Jun 30, 2025** | **Jun 30, 2025** | **Jun 30, 2025** | **Mar 31, 2025** | **Mar 31, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Dec 31, 2024** | **Dec 31, 2024** | **Sep 30, 2024** | **Sep 30, 2024** | **Sep 30, 2024** |
| |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate(1)** |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate**<sup>(1)</sup> |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate**<sup>(1)</sup> |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate**<sup>(1)</sup> |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate**<sup>(1)</sup> |
| **Assets** | | | | | | | | | | | | | | | |
| **Interest-earning assets:** | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-earning cash and equivalents | $17131 | $187 | 4.33% | $20699 | $228 | 4.42% | $18539 | $203 | 4.44% | $16131 | $193 | 4.76% | $17316 | $235 | 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 2872 | 34 | 4.70% | 2774 | 30 | 4.34% | 3231 | 35 | 4.39% | 3111 | 37 | 4.73% | 2587 | 28 | 4.31% |
| &nbsp;&nbsp;&nbsp;**Loan receivables, including held for sale:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit cards | 92176 | 5255 | 22.62% | 91460 | 5076 | 22.26% | 93241 | 5055 | 21.99% | 94356 | 5209 | 21.96% | 93785 | 5236 | 22.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer installment loans | 5618 | 208 | 14.69% | 5692 | 207 | 14.59% | 5833 | 211 | 14.67% | 6041 | 224 | 14.75% | 6107 | 238 | 15.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial credit products | 2006 | 46 | 9.10% | 1981 | 43 | 8.71% | 1842 | 45 | 9.91% | 1953 | 45 | 9.17% | 1992 | 46 | 9.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 85 | 1 | 4.67% | 103 | 2 | 7.79% | 105 | 1 | 3.86% | 126 | 2 | 6.31% | 125 | 2 | 6.37% |
| &nbsp;&nbsp;&nbsp;**Total loan receivables, including held for sale** | 99885 | 5510 | 21.89% | 99236 | 5328 | 21.54% | 101021 | 5312 | 21.33% | 102476 | 5480 | 21.27% | 102009 | 5522 | 21.54% |
| **Total interest-earning assets** | 119888 | 5731 | 18.97% | 122709 | 5586 | 18.26% | 122791 | 5550 | 18.33% | 121718 | 5710 | 18.66% | 121912 | 5785 | 18.88% |
| **Non-interest-earning assets:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | 892 |  |  | 868 |  |  | 868 |  |  | 872 |  |  | 847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (10536) |  |  | (10797) |  |  | (10936) |  |  | (11014) |  |  | (10994) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7913 |  |  | 7661 |  |  | 7770 |  |  | 7678 |  |  | 7624 |  |  |
| **Total non-interest-earning assets** | (1731) |  |  | (2268) |  |  | (2298) |  |  | (2464) |  |  | (2523) |  |  |
| **Total assets** | $118157 |  |  | $120441 |  |  | $120493 |  |  | $119254 |  |  | $119389 |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposit accounts | $80442 | $812 | 4.00% | $82014 | $855 | 4.18% | $82370 | $882 | 4.34% | $81635 | $917 | 4.47% | $82100 | $968 | 4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of consolidated securitization entities | 7768 | 105 | 5.36% | 7926 | 104 | 5.26% | 8191 | 104 | 5.15% | 7868 | 104 | 5.26% | 7817 | 108 | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior and Subordinated unsecured notes | 7209 | 94 | 5.17% | 8269 | 106 | 5.14% | 7850 | 100 | 5.17% | 7618 | 97 | 5.07% | 7968 | 100 | 4.99% |
| **Total interest-bearing liabilities** | 95419 | 1011 | 4.20% | 98209 | 1065 | 4.35% | 98411 | 1086 | 4.48% | 97121 | 1118 | 4.58% | 97885 | 1176 | 4.78% |
| **Non-interest-bearing liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing deposit accounts | 410 |  |  | 412 |  |  | 418 |  |  | 379 |  |  | 387 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 5287 |  |  | 5065 |  |  | 4969 |  |  | 5444 |  |  | 5302 |  |  |
| **Total non-interest-bearing liabilities** | 5697 |  |  | 5477 |  |  | 5387 |  |  | 5823 |  |  | 5689 |  |  |
| **Total liabilities** | 101116 |  |  | 103686 |  |  | 103798 |  |  | 102944 |  |  | 103574 |  |  |
| **Equity** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total equity** | 17041 |  |  | 16755 |  |  | 16695 |  |  | 16310 |  |  | 15815 |  |  |
| **Total liabilities and equity** | $118157 |  |  | $120441 |  |  | $120493 |  |  | $119254 |  |  | $119389 |  |  |
| **Net interest income** |  | $4720 |  |  | $4521 |  |  | $4464 |  |  | $4592 |  |  | $4609 |  |
| **Interest rate spread**<sup>(2)</sup> |  |  | 14.76% |  |  | 13.91% |  |  | 13.86% |  |  | 14.08% |  |  | 14.10% |
| **Net interest margin**<sup>(3)</sup> |  |  | 15.62% |  |  | 14.78% |  |  | 14.74% |  |  | 15.01% |  |  | 15.04% |
| (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (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. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (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. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | |
| **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | **AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN** | | | |
| **(unaudited, $ in millions)** | | | | | | |
| | **Nine Months Ended <br>Sep 30, 2025** | **Nine Months Ended <br>Sep 30, 2025** | **Nine Months Ended <br>Sep 30, 2025** | **Nine Months Ended <br>Sep 30, 2024** | **Nine Months Ended <br>Sep 30, 2024** | **Nine Months Ended <br>Sep 30, 2024** |
| |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate(1)** |<br>**Average**<br>**Balance** | **Interest**<br>**Income/**<br>**Expense** | **Average**<br>**Yield/**<br>**Rate**<sup>(1)</sup> |
| **Assets** | | | | | | |
| **Interest-earning assets:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-earning cash and equivalents | $18785 | $618 | 4.40% | $17685 | $720 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 2958 | 99 | 4.47% | 2915 | 99 | 4.54% |
| &nbsp;&nbsp;&nbsp;**Loan receivables, including held for sale:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit cards | 92287 | 15386 | 22.29% | 93757 | 15345 | 21.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer installment loans | 5714 | 626 | 14.65% | 5644 | 630 | 14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial credit products | 1944 | 134 | 9.22% | 1957 | 134 | 9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 98 | 4 | 5.46% | 126 | 7 | 7.42% |
| &nbsp;&nbsp;&nbsp;**Total loan receivables, including held for sale** | 100043 | 16150 | 21.58% | 101484 | 16116 | 21.21% |
| **Total interest-earning assets** | 121786 | 16867 | 18.52% | 122084 | 16935 | 18.53% |
| **Non-interest-earning assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | 876 |  |  | 892 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (10755) |  |  | (10850) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7782 |  |  | 7303 |  |  |
| **Total non-interest-earning assets** | (2097) |  |  | (2655) |  |  |
| **Total assets** | $119689 |  |  | $119429 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposit accounts | $81601 | $2549 | 4.18% | $82481 | $2889 | 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of consolidated securitization entities | 7960 | 313 | 5.26% | 7686 | 323 | 5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior and subordinated unsecured notes | 7774 | 300 | 5.16% | 8238 | 304 | 4.93% |
| **Total interest-bearing liabilities** | 97335 | 3162 | 4.34% | 98405 | 3516 | 4.77% |
| **Non-interest-bearing liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing deposit accounts | 413 |  |  | 391 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 5109 |  |  | 5315 |  |  |
| **Total non-interest-bearing liabilities** | 5522 |  |  | 5706 |  |  |
| **Total liabilities** | 102857 |  |  | 104111 |  |  |
| **Equity** |  |  |  |  |  |  |
| **Total equity** | 16832 |  |  | 15318 |  |  |
| **Total liabilities and equity** | $119689 |  |  | $119429 |  |  |
| **Net interest income** |  | $13705 |  |  | $13419 |  |
| **Interest rate spread(2)** |  |  | 14.17% |  |  | 13.76% |
| **Net interest margin(3)** |  |  | 15.05% |  |  | 14.68% |
| (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (1) Average yields/rates are based on annualized total interest income/expense divided by average balances. | (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. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities. | (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. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. | (3) Net interest margin represents annualized net interest income divided by average total interest-earning assets. |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | | | | | | | |
| **BALANCE SHEET STATISTICS** | | | | | | | | | | | | | |
| **(unaudited, $ in millions, except per share statistics)** | | | | | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | | |
| | **Sep 30,<br>2025** | **Sep 30,<br>2025** | **Jun 30,<br> 2025** | **Jun 30,<br> 2025** | **Mar 31,<br> 2025** | **Mar 31,<br> 2025** | **Dec 31,<br> 2024** | **Dec 31,<br> 2024** | **Sep 30,<br> 2024** | **Sep 30,<br> 2024** | **Sep 30, 2025 vs.<br>Sep 30, 2024** | **Sep 30, 2025 vs.<br>Sep 30, 2024** | **Sep 30, 2025 vs.<br>Sep 30, 2024** |
| **<u>BALANCE SHEET STATISTICS</u>** | | | | | | | | | | | | | |
| Total common equity | $| 15843 | $| 15730 | $| 15359 | $| 15358 | $| 14758 | $| 1085 | 7.4% |
| Total common equity as a % of total assets | 13.54 | 13.54% | 13.05 | 13.05% | 12.59 | 12.59% | 12.86 | 12.86% | 12.38 | 12.38% |  |  | 1.16% |
| Tangible assets | $| 114801 | $| 118369 | $| 119905 | $| 117335 | $| 117190 | $| (2389) | (2.0)% |
| Tangible common equity(1) | $| 13660 | $| 13594 | $| 13238 | $| 13230 | $| 12719 | $| 941 | 7.4% |
| Tangible common equity as a % of tangible assets(1) | 11.90 | 11.90% | 11.48 | 11.48% | 11.04 | 11.04% | 11.28 | 11.28% | 10.85 | 10.85% |  |  | 1.05% |
| Tangible book value per share(2) | $| 37.93 | $| 36.55 | $| 34.79 | $| 34.07 | $| 32.68 | $| 5.25 | 16.1% |
| **<u>REGULATORY CAPITAL RATIOS(3)(4)</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** | **Basel III - CECL Transition** |  |  |  |
| Total risk-based capital ratio(5) | 17.0 | 17.0% | 16.9 | 16.9% | 16.5 | 16.5% | 16.5 | 16.5% | 16.4 | 16.4% |  |  |  |
| Tier 1 risk-based capital ratio(6) | 14.9 | 14.9% | 14.8 | 14.8% | 14.4 | 14.4% | 14.5 | 14.5% | 14.3 | 14.3% |  |  |  |
| Tier 1 leverage ratio(7) | 13.0 | 13.0% | 12.7 | 12.7% | 12.4 | 12.4% | 12.9 | 12.9% | 12.5 | 12.5% |  |  |  |
| Common equity Tier 1 capital ratio | 13.7 | 13.7% | 13.6 | 13.6% | 13.2 | 13.2% | 13.3 | 13.3% | 13.1 | 13.1% |  |  |  |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 2025 are preliminary and therefore subject to change. | (3) Regulatory capital ratios at September 30, 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (5) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets. | (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. | (6) Tier 1 risk-based capital ratio is the ratio of Tier 1 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. | (6) Tier 1 risk-based capital ratio is the ratio of Tier 1 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. | (6) Tier 1 risk-based capital ratio is the ratio of Tier 1 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. | (6) Tier 1 risk-based capital ratio is the ratio of Tier 1 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. | (6) Tier 1 risk-based capital ratio is the ratio of Tier 1 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. | (6) Tier 1 risk-based capital ratio is the ratio of Tier 1 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. | (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. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. | (7) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | | | | | |
| **PLATFORM RESULTS** | **PLATFORM RESULTS** | **PLATFORM RESULTS** | **PLATFORM RESULTS** | **PLATFORM RESULTS** | | | | | | | |
| **(unaudited, unrounded, $ in millions)** | | | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | | | **Nine Months Ended** | **Nine Months Ended** | | |
| | **Sep 30,<br>2025** | **Jun 30,<br> 2025** | **Mar 31,<br> 2025** | **Dec 31,<br> 2024** | **Sep 30,<br> 2024** | **3Q'25 vs. 3Q'24** | **3Q'25 vs. 3Q'24** | **Sep 30 ,<br>2025** | **Sep 30,<br>2024** | **YTD '25 vs. YTD '24** | **YTD '25 vs. YTD '24** |
| **<u>HOME & AUTO</u>**<sup>(1)</sup> | | | | | | | | | | | |
| Purchase volume<sup>(2)</sup> | $11061 | $11459 | $9446 | $10553 | $11215 | $(154) | (1.4)% | $31966 | $33956 | $(1990) | (5.9)% |
| Period-end loan receivables | $30295 | $30374 | $30254 | $31816 | $32321 | $(2026) | (6.3)% | $30295 | $32321 | $(2026) | (6.3)% |
| Average loan receivables, including held for sale | $30260 | $30137 | $30810 | $31903 | $32403 | $(2143) | (6.6)% | $30400 | $32151 | $(1751) | (5.4)% |
| Average active accounts (in thousands)<sup>(3)</sup> | 17749 | 17831 | 17894 | 18537 | 19030 | (1281) | (6.7)% | 17831 | 19002 | (1171) | (6.2)% |
| Interest and fees on loans | $1443 | $1395 | $1402 | $1476 | $1479 | $(36) | (2.4)% | $4240 | $4260 | $(20) | (0.5)% |
| Other income | $54 | $52 | $56 | $62 | $55 | $(1) | (1.8)% | $162 | $124 | $38 | 30.6% |
| **<u>DIGITAL</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(2)</sup> | $14044 | $13647 | $12479 | $15317 | $13352 | $692 | 5.2% | $40170 | $39383 | $787 | 2.0% |
| Period-end loan receivables | $28179 | $27786 | $27765 | $29347 | $27771 | $408 | 1.5% | $28179 | $27771 | $408 | 1.5% |
| Average loan receivables, including held for sale | $27880 | $27571 | $28216 | $28158 | $27704 | $176 | 0.6% | $27888 | $27776 | $112 | 0.4% |
| Average active accounts (in thousands)<sup>(3)</sup> | 20680 | 20368 | 20711 | 20810 | 20787 | (107) | (0.5)% | 20627 | 21033 | (406) | (1.9)% |
| Interest and fees on loans | $1631 | $1576 | $1544 | $1582 | $1593 | $38 | 2.4% | $4751 | $4704 | $47 | 1.0% |
| Other income | $(2) | $— | $9 | $(6) | $4 | $(6) | (150.0)% | $7 | $10 | $(3) | (30.0)% |
| **<u>DIVERSIFIED & VALUE</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(2)</sup> | $15417 | $15393 | $13732 | $16711 | $14992 | $425 | 2.8% | $44542 | $44348 | $194 | 0.4% |
| Period-end loan receivables | $19500 | $19510 | $19436 | $20867 | $19466 | $34 | 0.2% | $19500 | $19466 | $34 | 0.2% |
| Average loan receivables, including held for sale | $19440 | $19338 | $19670 | $19793 | $19413 | $27 | 0.1% | $19482 | $19455 | $27 | 0.1% |
| Average active accounts (in thousands)<sup>(3)</sup> | 19470 | 19471 | 20114 | 20253 | 19960 | (490) | (2.5)% | 19735 | 20448 | (713) | (3.5)% |
| Interest and fees on loans | $1192 | $1159 | $1178 | $1206 | $1209 | $(17) | (1.4)% | $3529 | $3588 | $(59) | (1.6)% |
| Other income | $(3) | $(3) | $— | $(9) | $(11) | $8 | (72.7)% | $(6) | $(50) | $44 | (88.0)% |
| **<u>HEALTH & WELLNESS</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(2)</sup> | $3976 | $4007 | $3774 | $3742 | $3867 | $109 | 2.8% | $11757 | $11936 | $(179) | (1.5)% |
| Period-end loan receivables | $15447 | $15309 | $15193 | $15436 | $15439 | $8 | 0.1% | $15447 | $15439 | $8 | 0.1% |
| Average loan receivables, including held for sale | $15347 | $15215 | $15280 | $15448 | $15311 | $36 | 0.2% | $15281 | $15041 | $240 | 1.6% |
| Average active accounts (in thousands)<sup>(3)</sup> | 7730 | 7697 | 7776 | 7836 | 7801 | (71) | (0.9)% | 7743 | 7713 | 30 | 0.4% |
| Interest and fees on loans | $967 | $923 | $914 | $935 | $956 | $11 | 1.2% | $2804 | $2736 | $68 | 2.5% |
| Other income | $73 | $66 | $75 | $72 | $68 | $5 | 7.4% | $214 | $182 | $32 | 17.6% |
| **<u>LIFESTYLE</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(2)</sup> | $1371 | $1432 | $1168 | $1480 | $1411 | $(40) | (2.8)% | $3971 | $4180 | $(209) | (5.0)% |
| Period-end loan receivables | $6644 | $6673 | $6636 | $6914 | $6831 | $(187) | (2.7)% | $6644 | $6831 | $(187) | (2.7)% |
| Average loan receivables, including held for sale | $6652 | $6646 | $6716 | $6818 | $6823 | $(171) | (2.5)% | $6671 | $6726 | $(55) | (0.8)% |
| Average active accounts (in thousands)<sup>(3)</sup> | 2543 | 2531 | 2651 | 2688 | 2677 | (134) | (5.0)% | 2583 | 2668 | (85) | (3.2)% |
| Interest and fees on loans | $264 | $261 | $261 | $268 | $270 | $(6) | (2.2)% | $786 | $783 | $3 | 0.4% |
| Other income | $11 | $9 | $10 | $7 | $9 | $2 | 22.2% | $30 | $23 | $7 | 30.4% |
| **<u>CORP, OTHER</u>**<sup>(1)(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(2)</sup> | $136 | $146 | $121 | $152 | $148 | $(12) | (8.1)% | $403 | $415 | $(12) | (2.9)% |
| Period-end loan receivables<sup>(4)</sup> | $113 | $124 | $324 | $341 | $365 | $(252) | (69.0)% | $113 | $365 | $(252) | (69.0)% |
| Average loan receivables, including held for sale | $306 | $329 | $329 | $356 | $355 | $(49) | (13.8)% | $321 | $335 | $(14) | (4.2)% |
| Average active accounts (in thousands)<sup>(3)</sup> | 146 | 152 | 169 | 175 | 169 | (23) | (13.6)% | 157 | 188 | (31) | (16.5)% |
| Interest and fees on loans | $13 | $14 | $13 | $13 | $15 | $(2) | (13.3)% | $40 | $45 | $(5) | (11.1)% |
| Other income | $(6) | $(6) | $(1) | $2 | $(6) | $— | —% | $(13) | $1104 | $(1117) | (101.2)% |
| **<u>TOTAL SYF</u>**<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| Purchase volume<sup>(2)</sup> | $46005 | $46084 | $40720 | $47955 | $44985 | $1020 | 2.3% | $132809 | $134218 | $(1409) | (1.0)% |
| Period-end loan receivables | $100178 | $99776 | $99608 | $104721 | $102193 | $(2015) | (2.0)% | $100178 | $102193 | $(2015) | (2.0)% |
| Average loan receivables, including held for sale | $99885 | $99236 | $101021 | $102476 | $102009 | $(2124) | (2.1)% | $100043 | $101484 | $(1441) | (1.4)% |
| Average active accounts (in thousands)<sup>(3)</sup> | 68318 | 68050 | 69315 | 70299 | 70424 | (2106) | (3.0)% | 68676 | 71052 | (2376) | (3.3)% |
| Interest and fees on loans | $5510 | $5328 | $5312 | $5480 | $5522 | $(12) | (0.2)% | $16150 | $16116 | $34 | 0.2% |
| Other income | $127 | $118 | $149 | $128 | $119 | $8 | 6.7% | $394 | $1393 | $(999) | (71.7)% |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. | (4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025. |
| (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. | (5) Includes activity and balances associated with loan receivable held for sale, except for Period-end receivables. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SYNCHRONY FINANCIAL** | | | | | | | |
| **RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES**<sup>(1)</sup> | **RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES**<sup>(1)</sup> | **RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES**<sup>(1)</sup> | **RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES**<sup>(1)</sup> | | | | |
| **(unaudited, $ in millions, except per share statistics)** | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| | **Sep 30,<br>2025** | **Jun 30,<br> 2025** | **Mar 31,<br> 2025** | **Dec 31,<br> 2024** | **Dec 31,<br> 2024** | **Sep 30,<br> 2024** | **Sep 30,<br> 2024** |
| **<u>COMMON EQUITY AND REGULATORY CAPITAL MEASURES</u>**<sup>(2)</sup> | | | | | | | |
| GAAP Total equity | 17065 | 16952 | 16581 | $| 16580 | $| 15980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | (1222) | (1222) | (1222) | (1222) | (1222) | (1222) | (1222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (1274) | (1274) | (1274) | (1274) | (1274) | (1274) | (1274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible assets, net | (909) | (862) | (847) | (854) | (854) | (765) | (765) |
| **Tangible common equity** | 13660 | 13594 | 13238 | $| 13230 | $| 12719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: CECL transition amount |  |  |  | 573 | 573 | 573 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss) | 250 | 209 | 208 | 214 | 214 | 209 | 209 |
| **Common equity Tier 1** | 13910 | 13803 | 13446 | $| 14017 | $| 13501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 1222 | 1222 | 1222 | 1222 | 1222 | 1222 | 1222 |
| **Tier 1 capital** | 15132 | 15025 | 14668 | $| 15239 | $| 14723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Subordinated debt | 742 | 742 | 742 | 741 | 741 | 741 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Allowance for credit losses includible in risk-based capital | 1384 | 1386 | 1388 | 1427 | 1427 | 1400 | 1400 |
| **Total Risk-based capital** | 17258 | 17153 | 16798 | $| 17407 | $| 16864 |
| **ASSET MEASURES**<sup>(2)</sup> |  |  |  |  |  |  |  |
| Total average assets | 118157 | 120441 | 120493 | $| 119254 | $| 119389 |
| Adjustments for: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: CECL transition amount |  |  |  | 573 | 573 | 573 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Disallowed goodwill and other disallowed intangible assets <br>(net of related deferred tax liabilities) and other | (1917) | (1913) | (1895) | (1904) | (1904) | (1808) | (1808) |
| **Total assets for leverage purposes** | 116240 | 118528 | 118598 | $| 117923 | $| 118154 |
| **Risk-weighted assets** | 101724 | 101716 | 101625 | $| 105417 | $| 103103 |
| **<u>CECL FULLY PHASED-IN CAPITAL MEASURES</u>** |  |  |  |  |  |  |  |
| **Tier 1 capital** | 15132 | 15025 | 14668 | $| 15239 | $| 14723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: CECL transition adjustment |  |  |  | (573) | (573) | (573) | (573) |
| **Tier 1 capital (CECL fully phased-in)** | 15132 | 15025 | 14668 | $| 14666 | $| 14150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Allowance for credit losses | 10373 | 10564 | 10828 | 10929 | 10929 | 11029 | 11029 |
| **Tier 1 capital (CECL fully phased-in) + Reserves for credit losses** | 25505 | 25589 | 25496 | $| 25595 | $| 25179 |
| **Risk-weighted assets** | 101724 | 101716 | 101625 | $| 105417 | $| 103103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: CECL transition adjustment |  |  |  | (290) | (290) | (290) | (290) |
| **Risk-weighted assets (CECL fully phased-in)** | 101724 | 101716 | 101625 | $| 105127 | $| 102813 |
| **<u>TANGIBLE BOOK VALUE PER SHARE</u>** |  |  |  |  |  |  |  |
| Book value per share | 44.00 | 42.30 | 40.37 | $| 39.55 | $| 37.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill | (3.55) | (3.43) | (3.35) | (3.28) | (3.28) | (3.27) | (3.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible assets, net | (2.52) | (2.32) | (2.23) | (2.20) | (2.20) | (1.97) | (1.97) |
| Tangible book value per share | 37.93 | 36.55 | 34.79 | $| 34.07 | $| 32.68 |
| (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 2025 are preliminary and therefore subject to change. | (1) Regulatory measures at September 30, 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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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## Exhibit 99.3

![](a3q25earningspresentatio001.jpg)

October 15, 2025 THIRD QUARTER 2025 FINANCIAL RESULTS Exhibit 99.3

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![](a3q25earningspresentatio003.jpg)

3 (1) Customer engagement metrics at or for the quarter ended September 30, 2025. (2) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (3) ATV/ATF metrics are exclusive to SYF revolving credit products. Delivering consistent execution through environments Customer engagement1 Business highlights 68mm average active accounts $46bn purchase volume $100bn loan receivables2 Average Transaction Frequency & Value3 Year-over-Year growth Sustained growth in Average Transaction Frequency, indicating strong consumer engagement and consistent demand for our products Fourth consecutive quarter of improvement in Average Transaction Value, indicating a consumer who is more willing and able to spend Customer spend patterns ATF ATV Acquisition of a leading multi-source financing platform that connects a full credit spectrum of consumers across the furniture, home improvement, automotive, jewelry and elective medical industries Board approved incremental share repurchases of $1.0 billion. Total remaining repurchase authorization of $2.1 billion through 2Q'26.

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4 Net interest margin 15.62% PY: 15.04% Net charge-offs 5.16% PY: 6.06% Efficiency ratio 32.6% PY: 31.2% Diluted earnings per share $2.86 PY: $1.94 Return on assets 3.6% PY: 2.6% Third quarter in review (1) Consumer only, including in- and out-of-partner activity. (2) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (3) Credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month. (4) 2024 CET1 ratios are presented on a CECL transitional basis. (5) This is a non-GAAP measure. See Non-GAAP reconciliation in appendix. Growth Results Capital & Shareholder Value Loan receivables2 (2)% Dual Card / Co-Brand1: $30.6bn, +13% Book value per share Tangible book value per share5 Average active accounts3 (3)% Common Equity Tier 1 (CET1) capital ratio4 Capital returned Purchase volume +2% Dual Card / Co-Brand1: $21.1bn, +8%

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5 (1) Percentages calculated from amounts presented in millions in the financial supplement. (2) All Home & Auto metrics have been recast to remove amounts associated with a Home & Auto program agreement sold in October 2025.. See footnotes in financial supplement for additional information. Financial results Results ($mm, except per share statistics) By Platform ($bn) 3Q'25 3Q'24 B / (W) Interest income $5,731 $5,785 (1)% Interest expense 1,011 1,176 14% Net interest income 4,720 4,609 2% Retailer share arrangements (RSA) (1,024) (914) (12)% Other income 127 119 7% Net revenue 3,823 3,814 —% Provision for credit losses 1,146 1,597 28% Other expense 1,248 1,189 (5)% Pre-tax earnings 1,429 1,028 39% Provision for income taxes 352 239 (47)% Net earnings 1,077 789 37% Preferred dividends 20 21 5% Net earnings available to common stockholders $1,057 $768 38% Diluted earnings per share $2.86 $1.94 47% 3Q'25 3Q'24 B / (W)1 Home & Auto2 Loan receivables $30.3 $32.3 (6)% Purchase volume $11.1 $11.2 (1)% Interest and fees on loans $1.4 $1.5 (2)% Digital Loan receivables $28.2 $27.8 1% Purchase volume $14.0 $13.4 5% Interest and fees on loans $1.6 $1.6 2% Diversified & Value Loan receivables $19.5 $19.5 —% Purchase volume $15.4 $15.0 3% Interest and fees on loans $1.2 $1.2 (1)% Health & Wellness Loan receivables $15.4 $15.4 —% Purchase volume $4.0 $3.9 3% Interest and fees on loans $1.0 $1.0 1% Lifestyle Loan receivables $6.6 $6.8 (3)% Purchase volume $1.4 $1.4 (3)% Interest and fees on loans $0.3 $0.3 (2)%

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![](a3q25earningspresentatio006.jpg)

6 (1) Product, Pricing, and Policy Changes (or "PPPCs"). (2) Customer payments received during the period divided by beginning of period loan receivables, including Loan receivables held for sale. (3) Excludes portfolios sold in 2019 and 2022. • Net revenue flat to prior year – Net interest income increased 2%, or $111 million ▪ Loan receivables yield of 21.89%, up 35 bps primarily driven by the impact of our PPPCs1, partially offset by lower benchmark rates and lower late fee incidence ▪ Lower benchmark rates primarily drove reductions in Interest- bearing liabilities cost of 58 bps to 4.20% and liquidity portfolio yield of 88 bps to 4.38% – Retailer share arrangements increased 12%, reflecting program performance which included lower Net charge-offs and the impact of our PPPCs – Other income increased 7%, which included the impact of PPPC related fees • Net interest margin of 15.62% increased 58bps – Reflects lower liabilities cost and higher Loan receivables yield, partially offset by liquidity portfolio yield and mix of Interest-earning assets • Payment rate2 of 16.3% up approximately 60bps vs. 3Q'24 and up approximately 120bps vs. pre-pandemic 5-year historical average ('15-'19)3 Net revenue Highlights Other income Net interest income RSA +7% +2% (12)% 3Q'24 Net interest margin 15.04% Interest-bearing liabilities cost +0.49 % Loan receivables yield +0.29 % Mix of Interest-earning assets (0.06)% Liquidity portfolio yield (0.14)% 3Q'25 Net interest margin 15.62% Net interest margin Results ($mm) 3Q'24 3Q'25 B / (W) Net revenue $3,184 $3,823 —%

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7 (1) Other expense divided by sum of Net interest income, plus Other income, less Retailer share arrangements. 3Q'24 3Q'25 B / (W) Other expense $1,189 $1,248 (5)% Other expense Marketing and business dev Professional fees Results ($mm) Highlights Employee costs +2% (4)% (8)% Information processing (11)% Other +5% Efficiency ratio1 • Other expense increased 5%, or $59 million – Increase primarily driven by Employee costs and Information processing costs, partially offset by preparatory expenses related to the proposed Late Fee rule change in the prior year – Employee costs increase primarily driven by headcount mix and higher variable compensation – Information processing increase driven by costs related to technology investments

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![](a3q25earningspresentatio008.jpg)

8 • Provision for credit losses decreased 28%, or $451 million, driven by lower Net charge-offs of $255 million and a reserve release of $152 million versus a $44 million reserve build in the prior year. Current year reserve release included a $45 million reserve build for a pending loan portfolio acquisition. (1) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (2) Excludes reserves for credit exposures related to purchase commitments for loan portfolio acquisitions Highlights Credit 30+ days past due $mm, % of period-end loan receivables 90+ days past due $mm, % of period-end loan receivables Net charge-offs $mm, annualized as % of average loan receivables, including held for sale Allowance for credit losses2 $mm, % of period-end loan receivables Credit trends1

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![](a3q25earningspresentatio009.jpg)

9 3Q'24 CET1% 13.1 % Net earnings +3.5 % Share repurchases (2.0)% Common and preferred dividends (0.5)% Risk-weighted asset changes +0.1 % CECL transition provisions (0.5)% Other activity, net — % 3Q'25 CET1% 13.7 % Funding, capital and liquidity Common Equity Tier 1 (CET1) ratio1 (1) 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, with effects fully phased in beginning in 1Q'25. 2024 CET1, Tier 1 and Total Capital ratios are presented on a transition basis and reflect 75% of the phase-in of CECL effects. (2) Sum of "Tier 1 Capital" and "Allowance for Credit Losses," divided by "Total Risk-Weighted Assets," adjusted to also reflect fully-phased in impact of CECL for all periods. This ratio is a non-GAAP measure. See Non-GAAP reconciliation in appendix. Unsecured Secured Deposits 7% 8% 85% Capital ratios1 CET1 capital ratio Tier 1 capital ratio Total capital ratio Tier 1 capital + credit loss reserve ratio2 Liquid assets $19.7 $18.2 % of total assets 16.5% 15.6% Funding and liquidity ($bn) 3Q'24 3Q'25 % total Total funding $97.9 $94.3 100%

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10 Key drivers FY 2025 (2Q'25 Update) FY 2025 Revised Commentary Period-end loan receivables growth1 Flat Flat • Purchase volume growth generally offset by higher payment rate • Payment rate remaining elevated, consistent with improved credit performance and shift in portfolio credit mix Net revenue $15.0 – $15.3bn $15.0 – $15.1bn • Net revenue driven by lower interest & fee income due to higher payment rates • 2H'25 Net interest margin to average ~15.70%, reflecting: – Lower funding cost due to lower benchmark rates, partially offset by lower yielding investment portfolio – Improved asset mix RSA as % of average loan receivables 3.95 – 4.10% 3.95 – 4.05% Net charge-offs 5.6 – 5.8% 5.6 – 5.7% • Improved range reflecting impact of credit actions, with general seasonal trends Efficiency ratio 32.0 – 33.0% 33.0 – 33.5% • Higher Efficiency ratio reflects lower Net revenue outlook • Other expense dollars expected to be approximately +3% YoY • Walmart/OnePay launched during September 2025 • Versatile Credit acquisition impacts Baseline outlook • No deterioration in macroeconomic environment, and no changes to consumer behavior from tariffs • Includes minor modifications to PPPCs (1) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. • Lower RSA driven by program performance including lower net revenue, partially offset by improved NCO outlook Baseline economic assumptions:

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![](a3q25earningspresentatio011.jpg)

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![](a3q25earningspresentatio012.jpg)

12 The following table sets forth transaction related activity and other notable items incurred during the periods indicated below. Transaction related activity and other notable items $ in millions Quarter Ended September 30 2025 2024 Transaction related activity Provision for credit losses - transaction related: Loan portfolio acquisition $45 $— Total $45 $— Notable items Notable Other expense items: Preparatory expenses related to Late Fee rule change $— $11 Total $— $11

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![](a3q25earningspresentatio013.jpg)

13 The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. Non-GAAP reconciliation 3Q'25 2Q'25 1Q'25 4Q'24 3Q'24 Tangible common equity: GAAP Total equity $17,065 $16,952 $16,581 $16,580 $15,980 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 (909) (862) (847) (854) (765) Tangible common equity $13,660 $13,594 $13,238 $13,230 $12,719 Tangible book value per share: Book value per share $44.00 $42.30 $40.37 $39.55 $37.92 Less: Goodwill (3.55) (3.43) (3.35) (3.28) (3.27) Less: Intangible assets, net (2.52) (2.32) (2.23) (2.20) (1.97) Tangible book value per share $37.93 $36.55 $34.79 $34.07 $32.68 $ in millions, except per share data

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![](a3q25earningspresentatio014.jpg)

14 $ in millions Non-GAAP reconciliation (continued) At September 30 2025 2024 Tier 1 Capital $15,132 $14,723 Less: CECL transition adjustment — (573) Tier 1 capital (CECL fully phased-in) $15,132 $14,150 Add: Allowance for credit losses 10,373 11,029 Tier 1 capital (CECL fully phased-in) plus Reserves for credit losses $25,505 $25,179 Risk-weighted assets $101,724 $103,103 Less: CECL transition adjustment — (290) Risk-weighted assets (CECL fully phased-in) $101,724 $102,813 The following table sets forth the components of our Tier 1 Capital + Reserves ratio for the periods indicated below. (1) Amounts at September 30, 2025 are preliminary and therefore subject to change. 1

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## Exhibit 99.4

**Exhibit 99.4**

**Explanation of Non-GAAP Measures**

The information provided in this Form 8-K and exhibits includes measures which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

We present certain capital measures in this Form 8-K and exhibits. Our "fully-phased Tier 1 Capital and Credit Loss Reserve Ratio" is not required by regulators to be disclosed, and therefore is considered a non-GAAP measure. We believe this ratio is a useful measure to investors as it provides a meaningful measure of what the Company's total loss absorption capacity would be if the transitional rules currently in effect, which permit the temporary deferral of the regulatory capital effects of CECL, were no longer available for us to apply.

We also present measures we refer to as "return on tangible common equity" and "tangible book value per share" in this Form 8-K and exhibits. Tangible book value per share is calculated based on tangible common equity divided by common shares outstanding. Tangible common equity itself is not a measure presented in accordance with GAAP. We believe tangible common equity, and tangible book value per share, are more meaningful measures to investors of the net asset value of the Company.

The reconciliations of these capital and equity related non-GAAP measures to the applicable comparable GAAP financial measures are included in the detailed financial tables included in Exhibit 99.2.

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