For Immediate Release Synchrony Financial (NYSE: SYF)
October 20, 2026
STAMFORD, Conn - Synchrony Financial (NYSE: SYF) today announced third quarter 2026 net earnings of $892 million, or $2.68 per diluted share, compared to $1.1 billion, or $2.86 per diluted share in the third quarter 2025.
CEO Commentary"Synchrony delivered another strong performance in the third quarter, highlighted by broad-based purchase volume growth across all five of our sales platforms," said Brian Doubles, Synchrony's President and Chief Executive Officer. "Spend reached a record third quarter level and increased across credit cohorts and generations, with the highest growth once again coming from our Generation Z and Millennial customers. In addition, both discretionary and non-discretionary out-of-partner spend increased by double-digits, led by momentum in electronics, entertainment, gas stations and discount stores."
"Synchrony's products and experiences resonate because of the everyday utility and enduring value we provide, particularly in a dynamic environment. Investments in our multi-product suite, distribution network and digital capabilities are embedding our capabilities across the evolving frontier of commerce - from point of sale and digital wallets to payment processors and emerging agentic purchasing paths. By meeting people wherever they choose to transact, Synchrony is expanding our reach, deepening relationships, and enabling greater choice, trust, and scalability as a leader in a dynamic retail ecosystem."
"Synchrony is delivering outcomes that matter. We are empowering tens of millions of customers with financial flexibility, driving loyalty and sales for hundreds of thousands of merchants, partners and providers across the country, and generating attractive, risk-adjusted growth and significant long-term value for our stakeholders."
2.9%
Return on Assets
12.9%
CET1 Ratio
$1.2B
Capital Returned
$103.3B
Loan Receivables
Purchase volume increased 8% to $49.7 billion
Loan receivables increased 3% to $103.3 billion
Average active accounts were flat at 68.3 million
Net interest margin decreased 12 basis points to 15.50%
Efficiency ratio increased 330 basis points to 35.9%
Return on assets decreased 70 basis points to 2.9%
Return on equity decreased 410 basis points to 21.0%
Return on tangible common equity** decreased 370 basis points to 25.2%
Book value per share increased 8% to $47.64
Tangible book value per share** increased 6% to $42.79
"Synchrony's third quarter financial performance reflected disciplined execution across our strategic priorities," said Brian Wenzel, Synchrony's Executive Vice President and Chief Financial Officer.
"We delivered continued growth in both purchase volume and ending loan receivables, and Net interest income increased due to higher average loan receivables and lower funding costs. Credit performance remained strong during the quarter, with delinquency trends consistent with typical seasonality and net charge-offs declining to a seasonal low. The resulting improvement in program performance was shared through the RSA, reinforcing the economic alignment between Synchrony and our partners."
"Together, these results underscore the strength of our differentiated model, which has enabled us to consistently deliver returns on average assets above our long-term target, return substantial capital to shareholders, and invest in opportunities that drive long-term earnings power and intrinsic value."
Business HighlightsAdded or renewed 10 partners in the quarter, including La-Z-Boy and Fender.
Integrated with Vetspire to embed flexible financing from CareCredit directly into Vetspire's AI-enabled veterinary practice management platform.
Refreshed the Venmo credit card value proposition, featuring an industry-first capability that rewards social spending, offering cardholders more cash back for splitting purchases with friends on Venmo.
Introduced CareCredit Pay Later, expanding consumer payment choice through simplified offer comparison and enhanced digital capabilities.
Announced new integration with Stripe, which will make it easier for both Synchrony's and Stripe's providers and health and wellness retailers to offer CareCredit financing as part of their online checkout experience.
Established partnership with OpenAI, combining strategic agentic commerce collaboration with enterprise AI access.
Joined the Personal Agent Protocol ("Poppy") initiative led by Sierra and Meta as a design partner, reflecting our commitment to helping define the open standards that will underpin the future of agentic commerce.
Financial HighlightsInterest and fees on loans increased $81 million, or 1% to $5.6 billion, primarily driven by growth in average loan receivables.
Net interest income increased $89 million, or 2%, to $4.8 billion, primarily driven by the combination of higher interest and fees and lower interest expense, partially offset by lower investment income.
Retailer share arrangements increased $72 million, or 7%, to $1.1 billion, primarily reflecting program performance.
Provision for credit losses increased $120 million, or 10%, to $1.3 billion, primarily driven by a reserve build of $30 million versus a $152 million release in the prior year, partially offset by lower net charge-offs of $62 million.
Other income decreased $22 million, or 17%, to $105 million, primarily driven by an increase in loyalty costs.
Other expense increased $123 million, or 10%, to $1.4 billion, primarily driven by higher operational losses, technology investments and marketing expenses.
Net earnings decreased $185 million, or 17%, to $892 million.
Credit QualityLoans 30+ days past due as a percentage of total period-end loan receivables were 4.34% compared to 4.39% in the prior year, a decrease of 5 basis points.
Loans 90+ days past due as a percentage of total period-end loan receivables were 2.06% compared to 2.12% in the prior year, a decrease of 6 basis points.
Net charge-offs as a percentage of total average loan receivables were 4.79% compared to 5.16% in the prior year, a decrease of 37 basis points.
The allowance for credit losses as a percentage of total period-end loan receivables was 10.01%, compared to 10.09% in the second quarter of 2026 and 10.35% in the third quarter of 2025.
Sales Platform HighlightsPeriod-end loan receivables were up 8% in Diversified & Value, up 3% in Digital, up 2% in Home & Auto, up 1% in Health & Wellness, and down 1% in Lifestyle. These results reflected stable purchase volume trends in the third quarter as compared to previous quarters, partially offset by the effects of higher payment rates. Growth of interest and fees on loans ranged from flat to up 4%, as growth in average loan receivables was partially offset by lower late fee incidence.
Home & Auto purchase volume increased 9%, primarily reflecting the performance of new programs, select Furniture retailers, and the impact of higher gas prices.
Digital purchase volume increased 5%, primarily reflecting strong customer engagement across partners with broad diversified offerings and refreshed value propositions.
Diversified & Value purchase volume increased 13%, primarily reflecting the impact of partner expansion and the impact of higher gas prices.
Health & Wellness purchase volume increased 3%, primarily reflecting growth in Pet, partially offset by lower spend in Audiology and Cosmetic.
Lifestyle purchase volume increased 6%, primarily reflecting higher spend in Other Apparel and Goods, Luxury and performance of new programs, partially offset by lower spend in Outdoor.
Balance Sheet, Liquidity, & CapitalLoan receivables of $103.3 billion increased 3%; purchase volume increased 8% and average active accounts were flat.
Deposits increased 4% or $3.1 billion to $83.0 billion and comprised 83% of funding.
Total liquid assets were $19.5 billion, or 15.9% of total assets.
The Company returned $1.2 billion in capital to shareholders, including $1.1 billion of share repurchases and
$110 million of common stock dividends. As of September 30, 2026, the Company had a total remaining repurchase authorization of approximately $4.6 billion.
The estimated Common Equity Tier 1 ratio was 12.9% compared to 14.3%***, and the estimated Tier 1 Capital ratio was 14.5% compared to 15.5%*** in the prior year.
* All comparisons are for the third quarter of 2026 compared to the third quarter of 2025, 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. Prior period amounts have been recast. See
*** for additional information.
*** Prior period amounts have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See the financial supplement for additional information.
Corresponding Financial Tables and InformationInvestors 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, 2025, as filed February 6, 2026, and the Company's forthcoming Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026. The detailed financial tables and other information are also available on the Investor Relations page of the Company's website at https://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 WebcastOn Tuesday, October 20, 2026, 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, https://www.investors.synchrony.com, under Events and Presentations. A replay will also be available on the website.
About Synchrony FinancialSynchrony (NYSE: SYF) is a leading consumer financing company that has been at the heart of American commerce and opportunity for nearly a century. Synchrony delivers credit and banking products that empower tens of millions of consumers to improve their financial lives and access what matters most. Leveraging innovative solutions that are shaping the future of retail commerce, Synchrony supports the growth and success of some of the nation's most respected brands, alongside hundreds of thousands of small and midsize businesses, including health and wellness providers. Committed to excellence in service and culture, Synchrony is honored to be ranked the #1 Best Company to Work For® in the U.S. by Fortune magazine and Great Place to Work®.
For more information, visit https://www.synchrony.com
Investor Relations Media RelationsKathryn Miller Ashley Tufts
(203) 585-6291 (203) 216-6277
Cautionary Statement Regarding Forward-Looking StatementsThis news release contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "targets," "outlook," "estimates," "will," "should," "may," "aim," "focus," "goal," "confident," "trajectory," "priorities," "designed," "consider," "opportunity" or words of similar meaning, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include global political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic and geopolitical conditions, including factors impacting consumer confidence and economic growth in the United States, such as inflation, interest rates, tariffs (including retaliatory tariffs), energy prices, global conflicts and an economic downturn or recession, and whether industry trends we have identified develop as anticipated; the impact of changes made or influenced by the U.S. presidential administration and Congress on fiscal, monetary and regulatory policy, including with respect to constraints on the pricing of our credit products; the impact of the rapid development, deployment and use of artificial intelligence and other emerging technologies on our business, our partners and the consumer finance industry; the impact of the federal government shutdowns; retaining existing partners and attracting new partners, concentration of our revenue in a small number of partners, and promotion and support of our products by our partners; cyber-attacks or other security incidents or breaches; disruptions in the operations of our and our outsourced partners' computer systems and data centers; the financial performance of our partners; product, pricing, and policy changes related to the Consumer Financial Protection Bureau's (the "CFPB") final rule on credit card late fees, which was vacated in April 2025; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to the CECL accounting guidance; higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, occurrence of an early amortization of our securitization facilities, and lower payment rates on our securitized loan receivables; changes in benchmark or market interest rates; effectiveness of our risk management processes and procedures, reliance on models which may be inaccurate or misinterpreted, and our ability to manage our credit risk; our ability to offset increases in our costs in retailer share arrangements; competition in the consumer finance industry; our concentration in the U.S. consumer credit market and susceptibility to market fluctuations and legislative and regulatory developments; our ability to successfully develop and commercialize new or enhanced products and services; our ability to realize the value of acquisitions, dispositions and strategic investments; reductions in interchange fees; fraudulent activity; failure of third-parties to provide various services that are important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; litigation, regulatory actions and compliance issues; our ability to attract, retain and motivate key officers and employees; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; regulation, supervision, examination and enforcement of our business by governmental authorities, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislative and regulatory developments and the impact of the CFPB's regulation of our business, including new requirements and constraints the Company and the Bank are or will become subject to as a result of having $100 billion or more in total assets; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Bank's ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws.
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 headings "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 MeasuresThe 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.
FINANCIAL SUMMARY | |||||||||||||||||||
(unaudited, in millions, except per share statistics) | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, Sep 30, | ||||||||||||||
2026 | 2026 | 2026 | 2025 | 2025 | 3Q'26 vs. 3Q'25 | 2026 2025 YTD'26 vs. YTD'25 | |||||||||||||
EARNINGS | |||||||||||||||||||
Net interest income | $ 4,809 | $ 4,608 | $ 4,635 | $ 4,761 | $ 4,720 | $ 89 | 1.9 % | $ 14,052 | $ 13,705 | $ 347 | 2.5 % | ||||||||
Retailer share arrangements | (1,096) | (1,027) | (1,070) | (1,094) | (1,024) | (72) | 7.0 % | (3,193) | (2,911) | (282) | 9.7 % | ||||||||
Provision for credit losses | 1,266 | 1,201 | 1,335 | 1,442 | 1,146 | 120 | 10.5 % | 3,802 | 3,783 | 19 | 0.5 % | ||||||||
Net interest income, after retailer share arrangements and provision for credit losses | 2,447 | 2,380 | 2,230 | 2,225 | 2,550 | (103) | (4.0)% | 7,057 | 7,011 | 46 | 0.7 % | ||||||||
Other income | 105 | 137 | 133 | 126 | 127 | (22) | (17.3)% | 375 | 394 | (19) | (4.8)% | ||||||||
Other expense | 1,371 | 1,331 | 1,316 | 1,399 | 1,248 | 123 | 9.9 % | 4,018 | 3,736 | 282 | 7.5 % | ||||||||
Earnings before provision for income taxes | 1,181 | 1,186 | 1,047 | 952 | 1,429 | (248) | (17.4)% | 3,414 | 3,669 | (255) | (7.0)% | ||||||||
Provision for income taxes | 289 | 301 | 242 | 201 | 352 | (63) | (17.9)% | 832 | 868 | (36) | (4.1)% | ||||||||
Net earnings | $ 892 | $ 885 | $ 805 | $ 751 | $ 1,077 | $ (185) | (17.2)% | $ 2,582 | $ 2,801 | $ (219) | (7.8)% | ||||||||
Net earnings available to common stockholders | $ 864 | $ 864 | $ 784 | $ 730 | $ 1,057 | $ (193) | (18.3)% | $ 2,512 | $ 2,739 | $ (227) | (8.3)% | ||||||||
COMMON SHARE STATISTICS | |||||||||||||||||||
Basic EPS | $ 2.71 | $ 2.61 | $ 2.29 | $ 2.07 | $ 2.89 | $ (0.18) | (6.2)% | $ 7.59 | $ 7.29 | $ 0.30 | 4.1 % | ||||||||
Diluted EPS | $ 2.68 | $ 2.59 | $ 2.27 | $ 2.04 | $ 2.86 | $ (0.18) | (6.3)% | $ 7.52 | $ 7.22 | $ 0.30 | 4.2 % | ||||||||
Dividend declared per share | $ 0.34 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.04 | 13.3 % | $ 0.94 | $ 0.85 | $ 0.09 | 10.6 % | ||||||||
Common stock price | $ 70.97 | $ 76.05 | $ 68.02 | $ 83.43 | $ 71.05 | $ (0.08) | (0.1)% | $ 70.97 | $ 71.05 | $ (0.08) | (0.1)% | ||||||||
Book value per share | $ 47.64 | $ 46.67 | $ 45.29 | $ 44.74 | $ 44.00 | $ 3.64 | 8.3 % | $ 47.64 | $ 44.00 | $ 3.64 | 8.3 % | ||||||||
Tangible book value per share(1)(2) | $ 42.79 | $ 42.01 | $ 40.95 | $ 40.52 | $ 40.28 | $ 2.51 | 6.2 % | $ 42.79 | $ 40.28 | $ 2.51 | 6.2 % | ||||||||
Beginning common shares outstanding | 325.3 | 336.8 | 347.4 | 360.1 | 371.9 | (46.6) | (12.5)% | 347.4 | 388.3 | (40.9) | (10.5)% | ||||||||
Issuance of common shares | - | - | - | - | - | - | NM | - | - | - | NM | ||||||||
Stock-based compensation | 0.2 | 0.2 | 1.9 | 0.3 | 0.3 | (0.1) | (33.3)% | 2.3 | 2.5 | (0.2) | (8.0)% | ||||||||
Shares repurchased | (14.1) | (11.7) | (12.5) | (13.0) | (12.1) | (2.0) | 16.5 % | (38.3) | (30.7) | (7.6) | 24.8 % | ||||||||
Ending common shares outstanding | 311.4 | 325.3 | 336.8 | 347.4 | 360.1 | (48.7) | (13.5)% | 311.4 | 360.1 | (48.7) | (13.5)% | ||||||||
Weighted average common shares outstanding | 319.0 | 331.3 | 342.4 | 352.7 | 365.9 | (46.9) | (12.8)% | 330.8 | 375.7 | (44.9) | (12.0)% | ||||||||
Weighted average common shares outstanding (fully diluted) | 322.4 | 334.1 | 346.0 | 357.6 | 369.9 | (47.5) | (12.8)% | 334.1 | 379.4 | (45.3) | (11.9)% | ||||||||
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.
Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.
SELECTED METRICS
(unaudited, $ in millions)
Quarter Ended Nine Months Ended
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||||||||||||
2026 | 2026 | 2026 | 2025 | 2025 | 3Q'26 vs. 3Q'25 | 2026 | 2025 | YTD'26 vs. YTD'25 | ||||||||||
PERFORMANCE METRICS Return on assets(1) | 2.9 % | 2.9 % | 2.7 % | 2.5 % | 3.6 % | (0.7)% | 2.9 % | 3.1 % | (0.2)% | |||||||||
Return on equity(2) | 21.0 % | 21.4 % | 19.5 % | 17.6 % | 25.1 % | (4.1)% | 20.6 % | 22.2 % | (1.6)% | |||||||||
Return on tangible common equity(3)(4) | 25.2 % | 25.2 % | 22.6 % | 20.3 % | 28.9 % | (3.7)% | 24.3 % | 25.7 % | (1.4)% | |||||||||
Net interest margin(5) | 15.50 % | 15.08 % | 15.50 % | 15.83 % | 15.62 % | (0.12)% | 15.36 % | 15.05 % | 0.31 % | |||||||||
Efficiency ratio(6) | 35.9 % | 35.8 % | 35.6 % | 36.9 % | 32.6 % | 3.3 % | 35.8 % | 33.4 % | 2.4 % | |||||||||
Other expense as a % of average loan receivables, including held for sale | 5.32 % | 5.30 % | 5.30 % | 5.50 % | 4.96 % | 0.36 % | 5.31 % | 4.99 % | 0.32 % | |||||||||
Effective income tax rate | 24.5 % | 25.4 % | 23.1 % | 21.1 % | 24.6 % | (0.1)% | 24.4 % | 23.7 % | 0.7 % | |||||||||
CREDIT QUALITY METRICS Net charge-offs as a % of average loan receivables, including held for sale | 4.79 % | 5.43 % | 5.42 % | 5.37 % | 5.16 % | (0.37)% | 5.21 % | 5.74 % | (0.53)% | |||||||||
30+ days past due as a % of period-end loan receivables(7) | 4.34 % | 4.16 % | 4.54 % | 4.49 % | 4.39 % | (0.05)% | 4.34 % | 4.39 % | (0.05)% | |||||||||
90+ days past due as a % of period-end loan receivables(7) | 2.06 % | 2.01 % | 2.28 % | 2.17 % | 2.12 % | (0.06)% | 2.06 % | 2.12 % | (0.06)% | |||||||||
Net charge-offs | $ 1,236 | $ 1,364 | $ 1,346 | $ 1,367 | $ 1,298 | $ (62) | (4.8)% | $ 3,946 | $ 4,297 | $ (351) | (8.2)% | |||||||
Loan receivables delinquent over 30 days(7) | $ 4,482 | $ 4,249 | $ 4,543 | $ 4,660 | $ 4,400 | $ 82 | 1.9 % | $ 4,482 | $ 4,400 | $ 82 | 1.9 % | |||||||
Loan receivables delinquent over 90 days(7) | $ 2,130 | $ 2,050 | $ 2,284 | $ 2,248 | $ 2,128 | $ 2 | 0.1 % | $ 2,130 | $ 2,128 | $ 2 | 0.1 % | |||||||
Allowance for credit losses (period-end) | $ 10,341 | $ 10,312 | $ 10,428 | $ 10,442 | $ 10,373 | $ (32) | (0.3)% | $ 10,341 | $ 10,373 | $ (32) | (0.3)% | |||||||
Allowance coverage ratio(8) | 10.01 % | 10.09 % | 10.42 % | 10.06 % | 10.35 % | (0.34)% | 10.01 % | 10.35 % | (0.34)% | |||||||||
BUSINESS METRICS | ||||||||||||||||||
$ 49,707 | $ 49,827 | $ 42,984 | $ 49,476 | $ 46,005 | $ 3,702 | 8.0 % | $ 142,518 | $ 132,809 | $ 9,709 | 7.3 % |
$ 103,346 | $ 102,208 | $ 100,085 | $ 103,808 | $ 100,178 | $ 3,168 | 3.2 % | $ 103,346 | $ 100,178 | $ 3,168 | 3.2 % |
$ 95,526 | $ 94,233 | $ 92,764 | $ 96,346 | $ 92,550 | $ 2,976 | 3.2 % | $ 95,526 | $ 92,550 | $ 2,976 | 3.2 % |
Purchase volume(9)
Period-end loan receivables Credit cards
Consumer installment loans | $ 5,109 | $ 5,233 | $ 5,357 | $ 5,548 | $ 5,584 | $ (475) | (8.5)% | $ 5,109 | $ 5,584 | $ (475) | (8.5)% |
Commercial credit products | $ 2,644 | $ 2,681 | $ 1,886 | $ 1,833 | $ 1,961 | $ 683 | 34.8 % | $ 2,644 | $ 1,961 | $ 683 | 34.8 % |
Other | $ 67 | $ 61 | $ 78 | $ 81 | $ 83 | $ (16) | (19.3)% | $ 67 | $ 83 | $ (16) | (19.3)% |
Average loan receivables, including held for sale | $ 102,278 | $ 100,702 | $ 100,693 | $ 100,982 | $ 99,885 | $ 2,393 | 2.4 % | $ 101,230 | $ 100,043 | $ 1,187 | 1.2 % |
Period-end active accounts (in thousands)(10) | 68,011 | 68,410 | 67,828 | 70,693 | 68,585 | (574) | (0.8)% | 68,011 | 68,585 | (574) | (0.8)% |
Average active accounts (in thousands)(10) | 68,279 | 68,341 | 68,815 | 69,304 | 68,318 | (39) | (0.1)% | 68,550 | 68,676 | (126) | (0.2)% |
LIQUIDITY Liquid assets Cash and equivalents | $ 15,901 | $ 16,193 | $ 20,559 | $ 14,973 | $ 16,245 | $ (344) | (2.1)% | $ 15,901 | $ 16,245 | $ (344) | (2.1)% |
Total liquid assets | $ 19,496 | $ 19,786 | $ 22,845 | $ 16,562 | $ 18,234 | $ 1,262 | 6.9 % | $ 19,496 | $ 18,234 | $ 1,262 | 6.9 % |
Undrawn credit facilities Undrawn credit facilities | $ 2,125 | $ 2,125 | $ 2,125 | $ 2,125 | $ 2,125 | $ - | - % | $ 2,125 | $ 2,125 | $ - | - % |
Total liquid assets and undrawn credit facilities(11) | $ 21,621 | $ 21,911 | $ 24,970 | $ 18,687 | $ 20,359 | $ 1,262 | 6.2 % | $ 21,621 | $ 20,359 | $ 1,262 | 6.2 % |
Liquid assets % of total assets | 15.92 % | 16.23 % | 18.80 % | 13.91 % | 15.59 % | 0.33 % | 15.92 % | 15.59 % | 0.33 % | ||
Liquid assets including undrawn credit facilities % of total assets | 17.65 % | 17.97 % | 20.55 % | 15.69 % | 17.40 % | 0.25 % | 17.65 % | 17.40 % | 0.25 % |
Return on assets represents annualized net earnings as a percentage of average total assets.
Return on equity represents annualized net earnings as a percentage of average total equity.
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.
Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
Based on customer statement-end balances extrapolated to the respective period-end date.
Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
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.
Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets.
SYNCHRONY FINANCIAL STATEMENTS OF EARNINGS | |||||||||||
(unaudited, $ in millions) | |||||||||||
Quarter Ended | Nine Months Ended | ||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, Sep 30, | ||||||
2026 | 2026 | 2026 | 2025 | 2025 | 3Q'26 vs. 3Q'25 | 2026 2025 YTD'26 vs. YTD'25 | |||||
Interest income: | |||||||||||
Interest and fees on loans | $ 5,591 | $ 5,380 | $ 5,413 | $ 5,548 | $ 5,510 | $ 81 | 1.5 % | $ 16,384 | $ 16,150 | $ 234 | 1.4 % |
Interest on cash and debt securities | 197 | 203 | 190 | 186 | 221 | (24) | (10.9)% | 590 | 717 | (127) | (17.7)% |
Total interest income | 5,788 | 5,583 | 5,603 | 5,734 | 5,731 | 57 | 1.0 % | 16,974 | 16,867 | 107 | 0.6 % |
Interest expense: | |||||||||||
Interest on deposits | 767 | 767 | 770 | 781 | 812 | (45) | (5.5)% | 2,304 | 2,549 | (245) | (9.6)% |
Interest on borrowings of consolidated securitization entities | 106 | 111 | 106 | 104 | 105 | 1 | 1.0 % | 323 | 313 | 10 | 3.2 % |
Interest on senior unsecured notes | 106 | 97 | 92 | 88 | 94 | 12 | 12.8 % | 295 | 300 | (5) | (1.7)% |
Total interest expense | 979 | 975 | 968 | 973 | 1,011 | (32) | (3.2)% | 2,922 | 3,162 | (240) | (7.6)% |
Net interest income | 4,809 | 4,608 | 4,635 | 4,761 | 4,720 | 89 | 1.9 % | 14,052 | 13,705 | 347 | 2.5 % |
Retailer share arrangements | (1,096) | (1,027) | (1,070) | (1,094) | (1,024) | (72) | 7.0 % | (3,193) | (2,911) | (282) | 9.7 % |
Provision for credit losses | 1,266 | 1,201 | 1,335 | 1,442 | 1,146 | 120 | 10.5 % | 3,802 | 3,783 | 19 | 0.5 % |
Net interest income, after retailer share arrangements and provision for credit losses | 2,447 | 2,380 | 2,230 | 2,225 | 2,550 | (103) | (4.0)% | 7,057 | 7,011 | 46 | 0.7 % |
Other income: | |||||||||||
Interchange revenue | 302 | 300 | 264 | 289 | 272 | 30 | 11.0 % | 866 | 778 | 88 | 11.3 % |
Protection product revenue | 168 | 161 | 161 | 156 | 149 | 19 | 12.8 % | 490 | 440 | 50 | 11.4 % |
Loyalty programs | (439) | (436) | (361) | (399) | (368) | (71) | 19.3 % | (1,236) | (1,039) | (197) | 19.0 % |
Other | 74 | 112 | 69 | 80 | 74 | - | - % | 255 | 215 | 40 | 18.6 % |
Total other income | 105 | 137 | 133 | 126 | 127 | (22) | (17.3)% | 375 | 394 | (19) | (4.8)% |
Other expense: | |||||||||||
Employee costs | 507 | 516 | 515 | 575 | 503 | 4 | 0.8 % | 1,538 | 1,518 | 20 | 1.3 % |
Professional fees | 234 | 220 | 209 | 243 | 240 | (6) | (2.5)% | 663 | 693 | (30) | (4.3)% |
Marketing and business development | 137 | 137 | 114 | 148 | 120 | 17 | 14.2 % | 388 | 363 | 25 | 6.9 % |
Information processing | 260 | 248 | 262 | 239 | 226 | 34 | 15.0 % | 770 | 660 | 110 | 16.7 % |
Other | 233 | 210 | 216 | 194 | 159 | 74 | 46.5 % | 659 | 502 | 157 | 31.3 % |
Total other expense | 1,371 | 1,331 | 1,316 | 1,399 | 1,248 | 123 | 9.9 % | 4,018 | 3,736 | 282 | 7.5 % |
Earnings before provision for income taxes | 1,181 | 1,186 | 1,047 | 952 | 1,429 | (248) | (17.4)% | 3,414 | 3,669 | (255) | (7.0)% |
Provision for income taxes | 289 | 301 | 242 | 201 | 352 | (63) | (17.9)% | 832 | 868 | (36) | (4.1)% |
Net earnings | $ 892 | $ 885 | $ 805 | $ 751 | $ 1,077 | $ (185) | (17.2)% | $ 2,582 | $ 2,801 | $ (219) | (7.8)% |
Net earnings available to common stockholders | $ 864 | $ 864 | $ 784 | $ 730 | $ 1,057 | $ (193) | (18.3)% | $ 2,512 | $ 2,739 | $ (227) | (8.3)% |
SYNCHRONY FINANCIAL STATEMENTS OF FINANCIAL POSITION | |||||||
(unaudited, $ in millions) | |||||||
Quarter Ended | |||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |||
2026 | 2026 | 2026 | 2025 | 2025 | Sep 30, 2026 vs. Sep 30, | 2025 | |
Assets | |||||||
Cash and equivalents | $ 15,901 | $ 16,193 | $ 20,559 | $ 14,973 | $ 16,245 | $ (344) | (2.1)% |
Debt securities | 4,356 | 4,365 | 3,040 | 2,348 | 2,716 | 1,640 | 60.4 % |
Loan receivables: | |||||||
Unsecuritized loans held for investment | 81,448 | 80,367 | 78,423 | 81,408 | 79,207 | 2,241 | 2.8 % |
Restricted loans of consolidated securitization entities | 21,898 | 21,841 | 21,662 | 22,400 | 20,971 | 927 | 4.4 % |
Total loan receivables | 103,346 | 102,208 | 100,085 | 103,808 | 100,178 | 3,168 | 3.2 % |
Less: Allowance for credit losses | (10,341) | (10,312) | (10,428) | (10,442) | (10,373) | 32 | (0.3)% |
Loan receivables, net | 93,005 | 91,896 | 89,657 | 93,366 | 89,805 | 3,200 | 3.6 % |
Loan receivables held for sale | - | - | - | - | 192 | (192) | (100.0)% |
Goodwill | 1,363 | 1,363 | 1,363 | 1,363 | 1,274 | 89 | 7.0 % |
Intangible assets, net(1) | 147 | 152 | 100 | 104 | 64 | 83 | 129.7 % |
Other assets(1) | 7,697 | 7,961 | 6,782 | 6,941 | 6,688 | 1,009 | 15.1 % |
Total assets | $ 122,469 | $ 121,930 | $ 121,501 | $ 119,095 | $ 116,984 | $ 5,485 | 4.7 % |
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts | $ 82,513 | $ 82,376 | $ 82,478 | $ 80,748 | $ 79,513 | $ 3,000 | 3.8 % |
Non-interest-bearing deposit accounts | 438 | 430 | 416 | 396 | 373 | 65 | 17.4 % |
Total deposits | 82,951 | 82,806 | 82,894 | 81,144 | 79,886 | 3,065 | 3.8 % |
Borrowings: | |||||||
Borrowings of consolidated securitization entities | 8,915 | 8,916 | 8,915 | 8,415 | 7,666 | 1,249 | 16.3 % |
Senior and subordinated unsecured notes | 8,110 | 7,516 | 7,513 | 6,767 | 6,765 | 1,345 | 19.9 % |
Total borrowings | 17,025 | 16,432 | 16,428 | 15,182 | 14,431 | 2,594 | 18.0 % |
Accrued expenses and other liabilities | 5,943 | 5,795 | 5,702 | 6,003 | 5,602 | 341 | 6.1 % |
Total liabilities | 105,919 | 105,033 | 105,024 | 102,329 | 99,919 | 6,000 | 6.0 % |
Equity: | |||||||
Preferred stock | 1,716 | 1,716 | 1,222 | 1,222 | 1,222 | 494 | 40.4 % |
Common stock | 1 | 1 | 1 | 1 | 1 | - | - % |
Additional paid-in capital | 9,912 | 9,876 | 9,844 | 9,902 | 9,866 | 46 | 0.5 % |
Retained earnings | 26,720 | 25,968 | 25,210 | 24,598 | 23,978 | 2,742 | 11.4 % |
Accumulated other comprehensive income (loss) | (98) | (71) | (56) | (48) | (46) | (52) | 113.0 % |
Treasury stock | (21,701) | (20,593) | (19,744) | (18,909) | (17,956) | (3,745) | 20.9 % |
Total equity | 16,550 | 16,897 | 16,477 | 16,766 | 17,065 | (515) | (3.0)% |
Total liabilities and equity | $ 122,469 | $ 121,930 | $ 121,501 | $ 119,095 | $ 116,984 | $ 5,485 | 4.7 % |
(1) Beginning at June 30, 2026, internal-use capitalized software, net of accumulated amortization, is presented as a component of Other assets on our Consolidated Statement of Financial Position. Reclassifications of prior period amounts previously classified as Intangible assets have been made to conform with the current presentation. Prior period amounts subject to reclassification were $1.1 billion, $1.2 billion, and $845 million, net of accumulated amortization, at March 31, 2026, December 31, 2025, and September 30, 2025, respectively.
SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
Quarter Ended | |||||||||||||||||||||||||||
Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||
Interest | Average | Interest | Average | Interest | Average | Interest | Average | Interest | Average | ||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||
Balance | Expense | Rate(1) | Balance | Expense | Rate(1) | Balance | Expense | Rate(1) | Balance | Expense | Rate(1) | Balance | Expense | Rate(1) | |||||||||||||
Assets Interest-earning assets: Interest-earning cash and equivalents | $ 16,423 | $ 154 | 3.72 % | $ 18,067 | $ 167 | 3.71 % | $ 17,992 | $ 163 | 3.67 % | $ 15,679 | $ 158 | 4.00 % | $ 17,131 | $ 187 | 4.33 % | ||||||||||||
Securities available for sale | 4,381 | 43 | 3.89 % | 3,775 | 36 | 3.83 % | 2,595 | 27 | 4.22 % | 2,635 | 28 | 4.22 % | 2,872 | 34 | 4.70 % | ||||||||||||
Loan receivables, including held for sale: Credit cards | 94,337 | 5,305 | 22.31 % | 92,690 | 5,092 | 22.03 % | 93,290 | 5,152 | 22.40 % | 93,389 | 5,297 | 22.50 % | 92,176 | 5,255 | 22.62 % | ||||||||||||
Consumer installment loans | 5,178 | 178 | 13.64 % | 5,288 | 187 | 14.18 % | 5,465 | 188 | 13.95 % | 5,548 | 198 | 14.16 % | 5,618 | 208 | 14.69 % | ||||||||||||
Commercial credit products | 2,697 | 107 | 15.74 % | 2,646 | 100 | 15.16 % | 1,857 | 72 | 15.72 % | 1,962 | 52 | 10.52 % | 2,006 | 46 | 9.10 % | ||||||||||||
Other | 66 | 1 | 6.01 % | 78 | 1 | 5.14 % | 81 | 1 | 5.01 % | 83 | 1 | 4.78 % | 85 | 1 | 4.67 % | ||||||||||||
Total loan receivables, including held for sale | 102,278 | 5,591 | 21.69 % | 100,702 | 5,380 | 21.43 % | 100,693 | 5,413 | 21.80 % | 100,982 | 5,548 | 21.80 % | 99,885 | 5,510 | 21.89 % | ||||||||||||
Total interest-earning assets | 123,082 | 5,788 | 18.66 % | 122,544 | 5,583 | 18.27 % | 121,280 | 5,603 | 18.74 % | 119,296 | 5,734 | 19.07 % | 119,888 | 5,731 | 18.97 % | ||||||||||||
Non-interest-earning assets: Cash and due from banks | 934 | 945 | 976 | 864 | 892 | ||||||||||||||||||||||
Allowance for credit losses | (10,315) | (10,428) | (10,431) | (10,391) | (10,536) | ||||||||||||||||||||||
Other assets | 8,245 | 8,209 | 8,223 | 8,131 | 7,913 | ||||||||||||||||||||||
Total non-interest-earning assets | (1,136) | (1,274) | (1,232) | (1,396) | (1,731) | ||||||||||||||||||||||
Total assets | $ 121,946 | $ 121,270 | $ 120,048 | $ 117,900 | $ 118,157 | ||||||||||||||||||||||
Liabilities Interest-bearing liabilities: Interest-bearing deposit accounts | $ 82,409 | $ 767 | 3.69 % | $ 82,279 | $ 767 | 3.74 % | $ 81,704 | $ 770 | 3.82 % | $ 80,117 | $ 781 | 3.87 % | $ 80,442 | $ 812 | 4.00 % | ||||||||||||
Borrowings of consolidated securitization entities | 8,611 | 106 | 4.88 % | 8,915 | 111 | 4.99 % | 8,482 | 106 | 5.07 % | 8,032 | 104 | 5.14 % | 7,768 | 105 | 5.36 % | ||||||||||||
Senior and subordinated unsecured notes | 7,937 | 106 | 5.30 % | 7,514 | 97 | 5.18 % | 7,056 | 92 | 5.29 % | 6,765 | 88 | 5.16 % | 7,209 | 94 | 5.17 % | ||||||||||||
Total interest-bearing liabilities | 98,957 | 979 | 3.93 % | 98,708 | 975 | 3.96 % | 97,242 | 968 | 4.04 % | 94,914 | 973 | 4.07 % | 95,419 | 1,011 | 4.20 % | ||||||||||||
Non-interest-bearing liabilities Non-interest-bearing deposit accounts | 437 | 419 | 414 | 382 | 410 | ||||||||||||||||||||||
Other liabilities | 5,735 | 5,540 | 5,621 | 5,667 | 5,287 | ||||||||||||||||||||||
Total non-interest-bearing liabilities | 6,172 | 5,959 | 6,035 | 6,049 | 5,697 | ||||||||||||||||||||||
Total liabilities | 105,129 | 104,667 | 103,277 | 100,963 | 101,116 | ||||||||||||||||||||||
Equity Total equity | 16,817 | 16,603 | 16,771 | 16,937 | 17,041 | ||||||||||||||||||||||
Total liabilities and equity | $ 121,946 | $ 121,270 | $ 120,048 | $ 117,900 | $ 118,157 | ||||||||||||||||||||||
Net interest income | $ 4,809 | $ 4,608 | $ 4,635 | $ 4,761 | $ 4,720 | ||||||||||||||||||||||
Interest rate spread(2) | 14.73 % | 14.31 % | 14.70 % | 15.00 % | 14.76 % | ||||||||||||||||||||||
Net interest margin(3) | 15.50 % | 15.08 % | 15.50 % | 15.83 % | 15.62 % | ||||||||||||||||||||||
Average yields/rates are based on annualized total interest income/expense divided by average balances.
Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST | MARGIN | ||||||
(unaudited, $ in millions) | |||||||
Nine Months Ended Sep 30, 2026 | Nine Months Ended Sep 30, 2025 | ||||||
Interest | Average | Interest | Average | ||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||
Balance | Expense | Rate(1) | Balance | Expense | Rate(1) | ||
Assets | |||||||
Interest-earning assets: | |||||||
Interest-earning cash and equivalents | $ 17,489 | $ 484 | 3.70 % | $ 18,785 | $ 618 | 4.40 % | |
Securities available for sale | 3,590 | 106 | 3.95 % | 2,958 | 99 | 4.47 % | |
Loan receivables, including held for sale: | |||||||
Credit cards | 93,443 | 15,549 | 22.25 % | 92,287 | 15,386 | 22.29 % | |
Consumer installment loans | 5,309 | 553 | 13.93 % | 5,714 | 626 | 14.65 % | |
Commercial credit products | 2,403 | 279 | 15.52 % | 1,944 | 134 | 9.22 % | |
Other | 75 | 3 | 5.35 % | 98 | 4 | 5.46 % | |
Total loan receivables, including held for sale | 101,230 | 16,384 | 21.64 % | 100,043 | 16,150 | 21.58 % | |
Total interest-earning assets | 122,309 | 16,974 | 18.55 % | 121,786 | 16,867 | 18.52 % | |
Non-interest-earning assets: | |||||||
Cash and due from banks | 951 | 876 | |||||
Allowance for credit losses | (10,391) | (10,755) | |||||
Other assets | 8,226 | 7,782 | |||||
Total non-interest-earning assets | (1,214) | (2,097) | |||||
Total assets | $ 121,095 | $ 119,689 | |||||
Liabilities | |||||||
Interest-bearing liabilities: | |||||||
Interest-bearing deposit accounts | $ 82,133 | $ 2,304 | 3.75 % | $ 81,601 | $ 2,549 | 4.18 % | |
Borrowings of consolidated securitization entities | 8,670 | 323 | 4.98 % | 7,960 | 313 | 5.26 % | |
Senior and subordinated unsecured notes | 7,506 | 295 | 5.25 % | 7,774 | 300 | 5.16 % | |
Total interest-bearing liabilities | 98,309 | 2,922 | 3.97 % | 97,335 | 3,162 | 4.34 % | |
Non-interest-bearing liabilities | |||||||
Non-interest-bearing deposit accounts | 424 | 413 | |||||
Other liabilities | 5,632 | 5,109 | |||||
Total non-interest-bearing liabilities | 6,056 | 5,522 | |||||
Total liabilities | 104,365 | 102,857 | |||||
Equity | |||||||
Total equity | 16,730 | 16,832 | |||||
Total liabilities and equity | $ 121,095 | $ 119,689 | |||||
Net interest income | $ 14,052 | $ 13,705 | |||||
Interest rate spread(2) | 14.58 % | 14.17 % | |||||
Net interest margin(3) | 15.36 % | 15.05 % | |||||
Average yields/rates are based on annualized total interest income/expense divided by average balances.
Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
Net interest margin represents annualized net interest income divided by average total interest-earning assets.
BALANCE SHEET STATISTICS | |||||||
(unaudited, $ in millions, except per share statistics) | |||||||
Quarter Ended | |||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, 2026 vs. | ||
2026 | 2026 | 2026 | 2025 | 2025 | Sep 30, 2025 | ||
BALANCE SHEET STATISTICS | |||||||
Total common equity | $ 14,834 | $ 15,181 | $ 15,255 | $ 15,544 | $ 15,843 | $ (1,009) | (6.4)% |
Total common equity as a % of total assets | 12.11 % | 12.45 % | 12.56 % | 13.05 % | 13.54 % | (1.43)% | |
Tangible assets(1) | $ 120,959 | $ 120,415 | $ 120,038 | $ 117,628 | $ 115,646 | $ 5,313 | 4.6 % |
Tangible common equity(1)(2) | $ 13,324 | $ 13,666 | $ 13,792 | $ 14,077 | $ 14,505 | $ (1,181) | (8.1)% |
Tangible common equity as a % of tangible assets(1)(2) | 11.02 % | 11.35 % | 11.49 % | 11.97 % | 12.54 % | (1.52)% | |
Tangible book value per share(1)(3) | $ 42.79 | $ 42.01 | $ 40.95 | $ 40.52 | $ 40.28 | $ 2.51 | 6.2 % |
REGULATORY CAPITAL RATIOS(1)(4) | |||||||
Basel III | |||||||
Total risk-based capital ratio(5) | 16.5 % | 16.9 % | 16.9 % | 16.7 % | 17.6 % | ||
Tier 1 risk-based capital ratio(6) | 14.5 % | 14.9 % | 14.8 % | 14.6 % | 15.5 % | ||
Tier 1 leverage ratio(7) | 12.7 % | 13.0 % | 12.8 % | 13.3 % | 13.6 % | ||
Common equity Tier 1 capital ratio | 12.9 % | 13.2 % | 13.6 % | 13.5 % | 14.3 % | ||
Amounts and ratios prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.
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.
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.
Regulatory capital ratios at September 30, 2026 are preliminary and therefore subject to change.
Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments.
SYNCHRONY FINANCIAL PLATFORM RESULTS | |||||||||||||||||||
(unaudited, unrounded, $ in millions) | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, Sep 30, | ||||||||||||||
2026 | 2026 | 2026 | 2025 | 2025 | 3Q'26 vs. 3Q'25 | 2026 2025 YTD'26 vs. YTD'25 | |||||||||||||
HOME & AUTO | |||||||||||||||||||
Purchase volume(1) | $ 12,065 | $ 12,120 | $ 9,443 | $ 10,381 | $ 11,061 | $ 1,004 | 9.1 % | $ 33,628 | $ 31,966 | $ 1,662 | 5.2 % | ||||||||
Period-end loan receivables | $ 30,889 | $ 30,351 | $ 29,136 | $ 30,106 | $ 30,295 | $ 594 | 2.0 % | $ 30,889 | $ 30,295 | $ 594 | 2.0 % | ||||||||
Average loan receivables, including held for sale | $ 30,507 | $ 29,868 | $ 29,367 | $ 30,055 | $ 30,260 | $ 247 | 0.8 % | $ 29,918 | $ 30,400 | $ (482) | (1.6)% | ||||||||
Average active accounts (in thousands)(2) | 17,345 | 17,383 | 16,847 | 17,370 | 17,749 | (404) | (2.3)% | 17,201 | 17,831 | (630) | (3.5)% | ||||||||
Interest and fees on loans | $ 1,454 | $ 1,394 | $ 1,379 | $ 1,444 | $ 1,443 | $ 11 | 0.8 % | $ 4,227 | $ 4,240 | $ (13) | (0.3)% | ||||||||
Other income | $ 67 | $ 63 | $ 55 | $ 52 | $ 54 | $ 13 | 24.1 % | $ 185 | $ 162 | $ 23 | 14.2 % | ||||||||
DIGITAL | |||||||||||||||||||
Purchase volume(1) | $ 14,716 | $ 14,897 | $ 13,499 | $ 16,206 | $ 14,044 | $ 672 | 4.8 % | $ 43,112 | $ 40,170 | $ 2,942 | 7.3 % | ||||||||
Period-end loan receivables | $ 29,062 | $ 29,011 | $ 28,733 | $ 30,057 | $ 28,179 | $ 883 | 3.1 % | $ 29,062 | $ 28,179 | $ 883 | 3.1 % | ||||||||
Average loan receivables, including held for sale | $ 28,827 | $ 28,538 | $ 29,024 | $ 28,676 | $ 27,880 | $ 947 | 3.4 % | $ 28,796 | $ 27,888 | $ 908 | 3.3 % | ||||||||
Average active accounts (in thousands)(2) | 20,354 | 20,662 | 21,268 | 21,352 | 20,680 | (326) | (1.6)% | 20,774 | 20,627 | 147 | 0.7 % | ||||||||
Interest and fees on loans | $ 1,654 | $ 1,604 | $ 1,632 | $ 1,663 | $ 1,631 | $ 23 | 1.4 % | $ 4,890 | $ 4,751 | $ 139 | 2.9 % | ||||||||
Other income | $ (3) | $ (5) | $ 9 | $ (6) | $ (2) | $ (1) | 50.0 % | $ 1 | $ 7 | $ (6) | (85.7)% | ||||||||
DIVERSIFIED & VALUE | |||||||||||||||||||
Purchase volume(1) | $ 17,394 | $ 17,200 | $ 14,926 | $ 17,462 | $ 15,417 | $ 1,977 | 12.8 % | $ 49,520 | $ 44,542 | $ 4,978 | 11.2 % | ||||||||
Period-end loan receivables | $ 21,150 | $ 20,770 | $ 20,269 | $ 21,236 | $ 19,500 | $ 1,650 | 8.5 % | $ 21,150 | $ 19,500 | $ 1,650 | 8.5 % | ||||||||
Average loan receivables, including held for sale | $ 20,831 | $ 20,348 | $ 20,229 | $ 19,978 | $ 19,440 | $ 1,391 | 7.2 % | $ 20,472 | $ 19,482 | $ 990 | 5.1 % | ||||||||
Average active accounts (in thousands)(2) | 20,387 | 20,160 | 20,416 | 20,170 | 19,470 | 917 | 4.7 % | 20,358 | 19,735 | 623 | 3.2 % | ||||||||
Interest and fees on loans | $ 1,238 | $ 1,177 | $ 1,195 | $ 1,200 | $ 1,192 | $ 46 | 3.9 % | $ 3,610 | $ 3,529 | $ 81 | 2.3 % | ||||||||
Other income | $ (58) | $ (51) | $ (18) | $ (13) | $ (3) | $ (55) | NM | $ (127) | $ (6) | $ (121) | NM | ||||||||
HEALTH & WELLNESS | |||||||||||||||||||
Purchase volume(1) | $ 4,082 | $ 4,092 | $ 3,871 | $ 3,897 | $ 3,976 | $ 106 | 2.7 % | $ 12,045 | $ 11,757 | $ 288 | 2.4 % | ||||||||
Period-end loan receivables | $ 15,563 | $ 15,390 | $ 15,309 | $ 15,545 | $ 15,447 | $ 116 | 0.8 % | $ 15,563 | $ 15,447 | $ 116 | 0.8 % | ||||||||
Average loan receivables, including held for sale | $ 15,439 | $ 15,296 | $ 15,373 | $ 15,499 | $ 15,347 | $ 92 | 0.6 % | $ 15,370 | $ 15,281 | $ 89 | 0.6 % | ||||||||
Average active accounts (in thousands)(2) | 7,593 | 7,580 | 7,680 | 7,770 | 7,730 | (137) | (1.8)% | 7,624 | 7,743 | (119) | (1.5)% | ||||||||
Interest and fees on loans | $ 982 | $ 948 | $ 948 | $ 979 | $ 967 | $ 15 | 1.6 % | $ 2,878 | $ 2,804 | $ 74 | 2.6 % | ||||||||
Other income | $ 85 | $ 82 | $ 80 | $ 79 | $ 73 | $ 12 | 16.4 % | $ 247 | $ 214 | $ 33 | 15.4 % | ||||||||
LIFESTYLE | |||||||||||||||||||
Purchase volume(1) | $ 1,450 | $ 1,518 | $ 1,245 | $ 1,522 | $ 1,371 | $ 79 | 5.8 % | $ 4,213 | $ 3,971 | $ 242 | 6.1 % | ||||||||
Period-end loan receivables | $ 6,601 | $ 6,613 | $ 6,548 | $ 6,771 | $ 6,644 | $ (43) | (0.6)% | $ 6,601 | $ 6,644 | $ (43) | (0.6)% | ||||||||
Average loan receivables, including held for sale | $ 6,595 | $ 6,561 | $ 6,607 | $ 6,657 | $ 6,652 | $ (57) | (0.9)% | $ 6,588 | $ 6,671 | $ (83) | (1.2)% | ||||||||
Average active accounts (in thousands)(2) | 2,585 | 2,539 | 2,584 | 2,589 | 2,543 | 42 | 1.7 % | 2,576 | 2,583 | (7) | (0.3)% | ||||||||
Interest and fees on loans | $ 264 | $ 256 | $ 258 | $ 265 | $ 264 | $ - | - % | $ 778 | $ 786 | $ (8) | (1.0)% | ||||||||
Other income | $ 13 | $ 12 | $ 11 | $ 11 | $ 11 | $ 2 | 18.2 % | $ 36 | $ 30 | $ 6 | 20.0 % | ||||||||
CORP, OTHER(3) | |||||||||||||||||||
Purchase volume(1) | $ - | $ - | $ - | $ 8 | $ 136 | $ (136) | (100.0)% | $ - | $ 403 | $ (403) | (100.0)% | ||||||||
Period-end loan receivables | $ 81 | $ 73 | $ 90 | $ 93 | $ 113 | $ (32) | (28.3)% | $ 81 | $ 113 | $ (32) | (28.3)% | ||||||||
Average loan receivables, including held for sale | $ 79 | $ 91 | $ 93 | $ 117 | $ 306 | $ (227) | (74.2)% | $ 86 | $ 321 | $ (235) | (73.2)% | ||||||||
Average active accounts (in thousands)(2) | 15 | 17 | 20 | 53 | 146 | (131) | (89.7)% | 17 | 157 | (140) | (89.2)% | ||||||||
Interest and fees on loans | $ (1) | $ 1 | $ 1 | $ (3) | $ 13 | $ (14) | (107.7)% | $ 1 | $ 40 | $ (39) | (97.5)% | ||||||||
Other income | $ 1 | $ 36 | $ (4) | $ 3 | $ (6) | $ 7 | (116.7)% | $ 33 | $ (13) | $ 46 | NM | ||||||||
TOTAL SYF(3) | |||||||||||||||||||
Purchase volume(1) | $ 49,707 | $ 49,827 | $ 42,984 | $ 49,476 | $ 46,005 | $ 3,702 | 8.0 % | $ 142,518 | $ 132,809 | $ 9,709 | 7.3 % | ||||||||
Period-end loan receivables | $ 103,346 | $ 102,208 | $ 100,085 | $ 103,808 | $ 100,178 | $ 3,168 | 3.2 % | $ 103,346 | $ 100,178 | $ 3,168 | 3.2 % | ||||||||
Average loan receivables, including held for sale | $ 102,278 | $ 100,702 | $ 100,693 | $ 100,982 | $ 99,885 | $ 2,393 | 2.4 % | $ 101,230 | $ 100,043 | $ 1,187 | 1.2 % | ||||||||
Average active accounts (in thousands)(2) | 68,279 | 68,341 | 68,815 | 69,304 | 68,318 | (39) | (0.1)% | 68,550 | 68,676 | (126) | (0.2)% | ||||||||
Interest and fees on loans | $ 5,591 | $ 5,380 | $ 5,413 | $ 5,548 | $ 5,510 | $ 81 | 1.5 % | $ 16,384 | $ 16,150 | $ 234 | 1.4 % | ||||||||
Other income | $ 105 | $ 137 | $ 133 | $ 126 | $ 127 | $ (22) | (17.3)% | $ 375 | $ 394 | $ (19) | (4.8)% | ||||||||
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.
Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
Includes activity and balances (except for Period-end loan receivables) associated with a loan portfolio which was sold in 4Q 2025.
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SYNCHRONY FINANCIAL RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1) | |||||
(unaudited, $ in millions, except per share statistics) | |||||
Quarter Ended | |||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
2026 | 2026 | 2026 | 2025 | 2025 | |
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2) | |||||
GAAP Total equity | $ 16,550 | $ 16,897 | $ 16,477 | $ 16,766 | $ 17,065 |
Less: Preferred stock | (1,716) | (1,716) | (1,222) | (1,222) | (1,222) |
Less: Goodwill | (1,363) | (1,363) | (1,363) | (1,363) | (1,274) |
Less: Intangible assets, net | (147) | (152) | (100) | (104) | (64) |
Tangible common equity | $ 13,324 | $ 13,666 | $ 13,792 | $ 14,077 | $ 14,505 |
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss) | 260 | 234 | 223 | 213 | 207 |
Common equity Tier 1 | $ 13,584 | $ 13,900 | $ 14,015 | $ 14,290 | $ 14,712 |
Preferred stock | 1,716 | 1,716 | 1,222 | 1,222 | 1,222 |
Tier 1 capital | $ 15,300 | $ 15,616 | $ 15,237 | $ 15,512 | $ 15,934 |
Add: Subordinated debt | 743 | 743 | 742 | 742 | 742 |
Add: Allowance for credit losses includible in risk-based capital | 1,433 | 1,423 | 1,401 | 1,437 | 1,396 |
Total Risk-based capital | $ 17,476 | $ 17,782 | $ 17,380 | $ 17,691 | $ 18,072 |
ASSET MEASURES(2) | |||||
Total average assets | $ 121,946 | $ 121,270 | $ 120,048 | $ 117,900 | $ 118,157 |
Adjustments for: | |||||
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other | (1,256) | (1,275) | (1,238) | (1,242) | (1,115) |
Total assets for leverage purposes | $ 120,690 | $ 119,995 | $ 118,810 | $ 116,658 | $ 117,042 |
Risk-weighted assets | $ 105,704 | $ 104,969 | $ 102,995 | $ 105,934 | $ 102,630 |
TIER 1 CAPITAL + RESERVES RATIO(2) | |||||
Tier 1 capital | $ 15,300 | $ 15,616 | $ 15,237 | $ 15,512 | $ 15,934 |
Add: Allowance for credit losses | 10,341 | 10,312 | 10,428 | 10,442 | 10,373 |
Tier 1 capital + Reserves for credit losses | $ 25,641 | $ 25,928 | $ 25,665 | $ 25,954 | $ 26,307 |
TANGIBLE BOOK VALUE PER SHARE(2) | |||||
Book value per share | $ 47.64 | $ 46.67 | $ 45.29 | $ 44.74 | $ 44.00 |
Less: Goodwill | (4.38) | (4.19) | (4.04) | (3.92) | (3.55) |
Less: Intangible assets, net | (0.47) | (0.47) | (0.30) | (0.30) | (0.17) |
Tangible book value per share | $ 42.79 | $ 42.01 | $ 40.95 | $ 40.52 | $ 40.28 |
Regulatory measures at September 30, 2026 are preliminary and therefore subject to change.
Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.
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