Synchrony Financial · NYSE:SYF
Synchrony Financial — Q4 2025 Earnings Presentation
17 slides from Synchrony Financial's earnings presentation, Jan 27, 2026
Slide 1: Fourth Quarter 2025 Financial Results
FOURTH QUARTER 2025 FINANCIAL RESULTS January 27, 2026
Slide 2: Disclaimers
Disclaimers Cautionary Statement Regarding Forward-Looking Statements The following slides are part of a presentation by Synchrony Financial in connection with reporting quarterly financial results and should be read in conjunction with the earnings release and financial supplement included as exhib
Slide 3: 2025 Year in Review
2025 Year in Review Grow & win Diversify programs, Deliver best-in-class Generate strong new partners products & markets customer experiences financial results 30+ New partner deals 17% Increase in purchase $3.5BN Net earnings volume via Synchrony Marketplace, app, and website 3.0% ROA +120% 25.8% A
Slide 4: Delivering consistent returns over time
Delivering consistent returns over time Rising Interest Credit COVID-19 Rate & Credit Loss Normalization Pandemic Environment CARD Act Took Effect RAR(4) GFC NCOs/ALR(2) RSA/ALR(2) (3) Prime & Super Prime/EOP(1)(2) 63% 72% 72% 74% 74% 72% 78% 73% 74% 74% RSA/Purchase Volume(2) 1.09% 1.83% 2.53% 2.41
Slide 5: Fourth quarter in review
Fourth quarter in review Growth Results Capital & Shareholder Value Common Equity Tier 1 (CET1) capital ratio4 Purchase volume +3% Dual Card / Co-Brand1: $24.7bn, +16% Net interest margin 15.83% PY: 15.01% Net charge-offs 5.37% Capital returned PY: 6.45% Loan receivables2 (1)% Dual Card / Co-Brand1:
Slide 6: Financial results
Financial results Results ($mm, except per share statistics) By Platform ($bn) 4Q'25 4Q'24 B / (W) 4Q'25 4Q'24 B / (W)1 Interest income $5,734 $5,710 —% Home & Auto2 Loan receivables $30.1 $31.8 (5)% Interest expense 973 1,118 13% Purchase volume $10.4 $10.6 (2)% Net interest income 4,761 4,592 4% I
Slide 7: Net revenue
Net revenue Results ($mm) Highlights 4Q'24 4Q'25 B / (W) • Net revenue flat to prior year Net revenue $3,801 $3,793 —% – Net interest income increased 4%, or $169 million ▪ Loan receivables yield of 21.80%, up 53 bps primarily driven by (2)% the impact of our PPPCs1, partially offset by lower benchm
Slide 8: Other expense
Other expense Results ($mm) Highlights 4Q'24 4Q'25 B / (W) • Other expense increased 10%, or $132 million Other expense $1,267 $1,399 (10)% – Increase primarily driven by Employee costs and technology investments – Employee costs increase primarily attributable to $67 million of (4)% restructuring c
Slide 9: Credit
Credit Highlights • Provision for credit losses decreased 8%, or $119 million, driven by lower Net charge-offs of $294 million partially offset by a reserve build of $76 million versus a $100 million reserve release in the prior year Credit trends1 30+ days past due Net charge-offs $mm, % of period-
Slide 10: Funding, capital and liquidity
Funding, capital and liquidity Funding and liquidity ($bn) Capital ratios1 4Q'24 4Q'25 % total CET1 capital ratio Tier 1 capital ratio Total funding $97.5 $96.3 100% Unsecured 7% Secured 9% Tier 1 capital + credit loss Total capital ratio reserve ratio2 Deposits 84% Common Equity Tier 1 (CET1) ratio
Slide 11: 2026 Outlook
2026 Outlook Mid-single digit ~5.5 – 6.0% $9.10 to $9.50 Ending loan receivables growth Net charge-off rate Earnings per diluted share Baseline assumptions (excluding impacts of qualitative overlays) • No regulatory or legislative changes U/E Rate GDP Growth Fed Funds Deposit Betas • Stable macroeco
Slide 12: Synchrony
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Slide 13: Transaction related activity and other notable items - 4Q
Transaction related activity and other notable items - 4Q The following table sets forth transaction related activity and other notable items incurred during 4Q'25 and 4Q'24. $ in millions Quarter Ended December 31 2025 2024 Transaction related activity Provision for credit losses - transaction rela
Slide 14: Transaction related activity and other notable items - 2025
Transaction related activity and other notable items - 2025 The following table sets forth transaction related activity and other notable items incurred during the periods indicated below. $ in millions 1Q 2Q 3Q 4Q 2025 2024 Transaction related activity Provision for credit losses - transaction rela
Slide 15: Non-GAAP reconciliation
Non-GAAP reconciliation The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. $ in millions, except per share data 4Q'25 3Q'25 2Q'25 1Q'25 4Q'24 Tangible common equity: GAAP Total equity $16,766 $17,065 $16,952 $16,581 $16,580 Less: Preferred stock (1,22
Slide 16: Non-GAAP reconciliation (continued)
Non-GAAP reconciliation (continued) The following table sets forth the components of our Tier 1 Capital + Reserves ratio for the periods indicated below. $ in millions At December 31 1 2025 2024 Tier 1 Capital $14,464 $15,239 Less: CECL transition adjustment — (573) Tier 1 capital (CECL fully phased
Slide 17: Non-GAAP reconciliation (continued)
Non-GAAP reconciliation (continued) The following table sets forth a reconciliation between GAAP results and non-GAAP managed-basis results for 2009. $ in millions, except per share data Year Ended December 31, 2009 Net charge-offs as a % of average loan receivables, including held for sale: GAAP 11