Form 8-K

8-K — Synchrony Financial

Accession: 0001601712-26-000013

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0001601712

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — syf-20260421.htm (Primary)

EX-99.1 (earningsrelease1q26.htm)

EX-99.2 (financialtables1q26.htm)

EX-99.3 (a1q26earningspresentatio.htm)

EX-99.4 (non-gaapmeasures1q26.htm)

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8-K

8-K (Primary)

Filename: syf-20260421.htm · Sequence: 1

syf-20260421

0001601712false00016017122026-04-212026-04-210001601712us-gaap:CommonStockMember2026-04-212026-04-210001601712us-gaap:SeriesAPreferredStockMember2026-04-212026-04-210001601712us-gaap:SeriesBPreferredStockMember2026-04-212026-04-21

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

April 21, 2026

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

of incorporation)   (Commission

File Number)   (I.R.S. Employer

Identification No.)

777 Long Ridge Road

Stamford, Connecticut 06902

(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.    ¨

Item 2.02    Results of Operations and Financial Condition.

On April 21, 2026, Synchrony Financial (the “Company”) issued a press release setting forth the Company’s first quarter 2026 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    Financial Statements and Exhibits.

(d) Exhibits

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

Number    Description

99.1

Press release, dated April 21, 2026, issued by Synchrony Financial

99.2

Financial Data Supplement of the Company for the quarter ended March 31, 2026

99.3

Financial Results Presentation of the Company for the quarter ended March 31, 2026

99.4

Explanation of Non-GAAP Measures

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

Date: April 21, 2026

By:

/s/ Jonathan Mothner

Name:

Jonathan Mothner

Title:

Executive Vice President, Chief Risk and Legal Officer

EX-99.1

EX-99.1

Filename: earningsrelease1q26.htm · Sequence: 2

Document

Exhibit 99.1

For Immediate Release

Synchrony Financial (NYSE: SYF)

April 21, 2026

First Quarter 2026 Results and Key Metrics

STAMFORD, Conn - Synchrony Financial (NYSE: SYF) today announced first quarter 2026 net earnings of $805 million, or $2.27 per diluted share, compared to $757 million, or $1.89 per diluted share in the first quarter 2025.

The Company announced that the Board of Directors approved a new share repurchase program of up to $6.5 billion of the Company’s common stock, which commences in second quarter 2026 and, in a change from our prior share repurchase programs, does not have an expiration date. The new share repurchase program replaces the Company’s prior program, which was scheduled to expire on June 30, 2026.

In addition, the Board approved a planned 13% increase in the quarterly cash dividend to $0.34 per share of common stock beginning in third quarter 2026.

CEO Commentary

“Synchrony’s year is off to a strong start with record first quarter purchase volume,” said Brian Doubles, Synchrony’s President and Chief Executive Officer. “The broad utility and strong value propositions of our product offerings continued to resonate with both new and existing customers, contributing to continued sequential improvement in our average active account trends as well as higher spend per account across all five of our platforms.”

“As we look to the remainder of 2026, Synchrony is focused on driving our momentum forward by executing across our key strategic priorities to deepen our customer relationships, extend our reach and deliver still greater outcomes for the many small and midsized businesses, partners and providers we serve at the center of our local and national economies.”

“I am proud to say that we are doing all of this while also earning the privilege of being ranked as the #1 "Best Company to Work For" in the U.S. by Fortune magazine and Great Place to Work in 2026. Together, all of the incredible people at Synchrony have built a high-trust culture that makes us faster, bolder, and better for the customers and partners we serve every single day.”

2.7%

12.7%

$1.0B

$100.1B

Return on Assets CET1 Ratio Capital Returned Loan Receivables

Key Operating and Financial Metrics*

•Purchase volume increased 6% to $43.0 billion

•Loan receivables were flat at $100.1 billion

•Average active accounts decreased 1% to 68.8 million

•Net interest margin increased 76 basis points to 15.50%

•Efficiency ratio increased 220 basis points to 35.6%

•Return on assets increased 20 basis points to 2.7%

•Return on equity increased 110 basis points to 19.5%

•Return on tangible common equity** increased 210 basis points to 24.5%

•Book value per share increased 12% to $45.29

•Tangible book value per share** increased 8% to $37.62

CFO Commentary

“Synchrony’s first quarter financial results were highlighted by continued, sequential acceleration in purchase volume growth and positive inflection in ending loan receivables growth — all while maintaining our credit discipline amid an uncertain macroeconomic backdrop,” said Brian Wenzel, Synchrony’s Executive Vice President and Chief Financial Officer.

“The combination of higher interest and fees, lower interest expense and lower net charge-offs supported stronger program performance in the first quarter versus the prior year, which was shared through higher RSA. This continued alignment of interests between Synchrony and our partners sets us apart by sharing economic performance with our partners and generating consistent, risk-adjusted returns to our stakeholders.”

“Synchrony has built a long track record of delivering strong financial results and maintaining a resilient balance sheet through evolving market conditions. To that end, our Board of Directors approved a new share repurchase program of up to $6.5 billion of the Company’s common stock and a planned 13% increase in our quarterly cash dividend, reflecting confidence in our execution and the opportunities we see to continue driving long-term shareholder value in the years to come.”

Business Highlights

•Added or renewed more than 15 partners in the quarter, including Miracle Ear, Indian Motorcycle and Harbor Freight Tools.

•Broadened CareCredit utility with the addition of CareCredit acceptance at Walmart.com, as well as expanded eligibility for health and wellness products at all Walmart and Sam's Club locations nationwide.

•Renewed Miracle Ear partnership to offer patients a way to pay for hearing devices and related services over time at their over 400 Miracle-Ear corporate clinics.

•Extended relationship with Harbor Freight, providing private label credit card financing with the option of 5% back or no interest equal payment installment loans.

•Expanded CareCredit partnerships with pet insurance providers, Figo and Embrace, to enable reimbursements back to CareCredit accounts, making the solution available for more than 1.7 million pets.

Financial Highlights

•Interest and fees on loans increased 2% to $5.4 billion as expansion in loan receivables yield, primarily reflecting the impact of our PPPCs, was partially offset by lower benchmark rates.

•Net interest income increased $171 million, or 4%, to $4.6 billion, primarily driven by higher loan receivables yield and lower interest-bearing liabilities cost associated with lower benchmark rates, partially offset by lower liquidity portfolio yield.

•Retailer share arrangements increased $175 million, or 20%, to $1.1 billion, reflecting program performance which included lower net charge-offs and the impact of our PPPCs.

•Provision for credit losses decreased $156 million to $1.3 billion, primarily driven by lower net charge-offs, partially offset by a $97 million reserve release in the prior year.

•Other expense increased $73 million, or 6%, to $1.3 billion, primarily driven by costs related to technology investments and higher operational losses.

•Net earnings increased 6% to $805 million, compared to $757 million.

Credit Quality

•Loans 30+ days past due as a percentage of total period-end loan receivables were 4.54% compared to 4.52% in the prior year, an increase of 2 basis points.

•Loans 90+ days past due as a percentage of total period-end loan receivables were 2.28% compared to 2.29% in the prior year, a decrease of 1 basis point.

•Net charge-offs as a percentage of total average loan receivables were 5.42% compared to 6.38% in the prior year, a decrease of 96 basis points.

•The allowance for credit losses as a percentage of total period-end loan receivables was 10.42%, compared to 10.06% in the fourth quarter of 2025 and 10.87% in the first quarter of 2025.

Sales Platform Highlights

•Period-end loan receivables were up 4% in Diversified & Value, up 3% in Digital, up 1% in Health & Wellness, down 1% in Lifestyle and down 4% in Home & Auto. These results reflected improving purchase volume trends in the first quarter as compared to previous quarters, offset by the effects of higher payment rates. Growth of interest and fees on loans ranged from down 2% to up 6%, as expansion in loan receivables yield, primarily reflecting the impact of our PPPCs, was partially offset by lower benchmark rates.

•Home & Auto purchase volume was flat, reflecting higher spend per account and partner expansion in Furniture and Electronics, offset by selective spend in Home Improvement and lower average active accounts.

•Digital purchase volume increased 8%, driven by higher spend per account and strong customer response to enhanced product offerings and refreshed value propositions.

•Diversified & Value purchase volume increased 9%, primarily reflecting the impact of partner expansion in addition to higher spend per account.

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

•Lifestyle purchase volume increased 7%, primarily driven by Other Apparel and Goods and Luxury, partially offset by lower average active accounts.

Balance Sheet, Liquidity, & Capital

•Loan receivables were flat at $100.1 billion; purchase volume increased 6% and average active accounts decreased 1%.

•Deposits decreased 1% or $0.5 billion to $82.9 billion and comprised 83% of funding.

•Total liquid assets were $22.8 billion, or 18.8% of total assets.

•The Company returned $1.0 billion in capital to shareholders, including $900 million of share repurchases and $104 million of common stock dividends.

•The Board approved a new share repurchase program of up to $6.5 billion of the Company’s common stock, which commences in second quarter 2026 and, in a change from our prior share repurchase programs, does not have an expiration date. The new share repurchase program replaces the Company’s prior program, which was scheduled to expire on June 30, 2026.

•The Board approved a planned 13% increase in the quarterly cash dividend to $0.34 per share of common stock beginning in third quarter 2026.

•The estimated Common Equity Tier 1 ratio was 12.7% compared to 13.2%, and the estimated Tier 1 Capital ratio was 13.9% compared to 14.4% in the prior year.

* All comparisons are for the first quarter of 2026 compared to the first 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.

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, 2025, as filed February 6, 2026, and the Company’s forthcoming Quarterly Report for the Form 10-Q for the fiscal quarter ended March 31, 2026. 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 Tuesday, April 21, 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, www.investors.synchrony.com, under Events and Presentations. A replay will also be available on the website.

About Synchrony Financial

Synchrony (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 www.synchrony.com

Investor Relations                Media Relations

Kathryn Miller                    Ashley Tufts

(203) 585-6291                    (203) 216-6277

Cautionary Statement Regarding Forward-Looking Statements

This 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 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 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.

EX-99.2

EX-99.2

Filename: financialtables1q26.htm · Sequence: 3

Document

Exhibit 99.2

SYNCHRONY FINANCIAL

FINANCIAL SUMMARY

(unaudited, in millions, except per share statistics)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025 1Q'26 vs. 1Q'25

EARNINGS

Net interest income $ 4,635  $ 4,761  $ 4,720  $ 4,521  $ 4,464  $ 171  3.8  %

Retailer share arrangements (1,070) (1,094) (1,024) (992) (895) (175) 19.6  %

Provision for credit losses 1,335  1,442  1,146  1,146  1,491  (156) (10.5) %

Net interest income, after retailer share arrangements and provision for credit losses 2,230  2,225  2,550  2,383  2,078  152  7.3  %

Other income 133  126  127  118  149  (16) (10.7) %

Other expense 1,316  1,399  1,248  1,245  1,243  73  5.9  %

Earnings before provision for income taxes 1,047  952  1,429  1,256  984  63  6.4  %

Provision for income taxes 242  201  352  289  227  15  6.6  %

Net earnings $ 805  $ 751  $ 1,077  $ 967  $ 757  $ 48  6.3  %

Net earnings available to common stockholders $ 784  $ 730  $ 1,057  $ 946  $ 736  $ 48  6.5  %

COMMON SHARE STATISTICS

Basic EPS $ 2.29  $ 2.07  $ 2.89  $ 2.51  $ 1.91  $ 0.38  19.9  %

Diluted EPS $ 2.27  $ 2.04  $ 2.86  $ 2.50  $ 1.89  $ 0.38  20.1  %

Dividend declared per share $ 0.30  $ 0.30  $ 0.30  $ 0.30  $ 0.25  $ 0.05  20.0  %

Common stock price $ 68.02  $ 83.43  $ 71.05  $ 66.74  $ 52.94  $ 15.08  28.5  %

Book value per share $ 45.29  $ 44.74  $ 44.00  $ 42.30  $ 40.37  $ 4.92  12.2  %

Tangible book value per share(1)

$ 37.62  $ 37.21  $ 37.93  $ 36.55  $ 34.79  $ 2.83  8.1  %

Beginning common shares outstanding 347.4  360.1  371.9  380.5  388.3  (40.9) (10.5) %

Issuance of common shares —  —  —  —  —  —  NM

Stock-based compensation 1.9  0.3  0.3  0.2  2.0  (0.1) (5.0) %

Shares repurchased (12.5) (13.0) (12.1) (8.8) (9.8) (2.7) 27.6  %

Ending common shares outstanding 336.8  347.4  360.1  371.9  380.5  (43.7) (11.5) %

Weighted average common shares outstanding 342.4  352.7  365.9  376.2  385.2  (42.8) (11.1) %

Weighted average common shares outstanding (fully diluted) 346.0  357.6  369.9  379.1  389.4  (43.4) (11.1) %

(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

SYNCHRONY FINANCIAL

SELECTED METRICS

(unaudited, $ in millions)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025 1Q'26 vs. 1Q'25

PERFORMANCE METRICS

Return on assets(1)

2.7  % 2.5  % 3.6  % 3.2  % 2.5  % 0.2  %

Return on equity(2)

19.5  % 17.6  % 25.1  % 23.1  % 18.4  % 1.1  %

Return on tangible common equity(3)

24.5  % 21.8  % 30.6  % 28.3  % 22.4  % 2.1  %

Net interest margin(4)

15.50  % 15.83  % 15.62  % 14.78  % 14.74  % 0.76  %

Efficiency ratio(5)

35.6  % 36.9  % 32.6  % 34.1  % 33.4  % 2.2  %

Other expense as a % of average loan receivables, including held for sale 5.30  % 5.50  % 4.96  % 5.03  % 4.99  % 0.31  %

Effective income tax rate 23.1  % 21.1  % 24.6  % 23.0  % 23.1  % —  %

CREDIT QUALITY METRICS

Net charge-offs as a % of average loan receivables, including held for sale 5.42  % 5.37  % 5.16  % 5.70  % 6.38  % (0.96) %

30+ days past due as a % of period-end loan receivables(6)

4.54  % 4.49  % 4.39  % 4.18  % 4.52  % 0.02  %

90+ days past due as a % of period-end loan receivables(6)

2.28  % 2.17  % 2.12  % 2.06  % 2.29  % (0.01) %

Net charge-offs $ 1,346  $ 1,367  $ 1,298  $ 1,411  $ 1,588  $ (242) (15.2) %

Loan receivables delinquent over 30 days(6)

$ 4,543  $ 4,660  $ 4,400  $ 4,173  $ 4,505  $ 38  0.8  %

Loan receivables delinquent over 90 days(6)

$ 2,284  $ 2,248  $ 2,128  $ 2,059  $ 2,285  $ (1) —  %

Allowance for credit losses (period-end) $ 10,428  $ 10,442  $ 10,373  $ 10,564  $ 10,828  $ (400) (3.7) %

Allowance coverage ratio(7)

10.42  % 10.06  % 10.35  % 10.59  % 10.87  % (0.45) %

BUSINESS METRICS

Purchase volume(8)

$ 42,984  $ 49,476  $ 46,005  $ 46,084  $ 40,720  $ 2,264  5.6  %

Period-end loan receivables $ 100,085  $ 103,808  $ 100,178  $ 99,776  $ 99,608  $ 477  0.5  %

Credit cards $ 92,764  $ 96,346  $ 92,550  $ 92,036  $ 91,909  $ 855  0.9  %

Consumer installment loans $ 5,357  $ 5,548  $ 5,584  $ 5,669  $ 5,736  $ (379) (6.6) %

Commercial credit products $ 1,886  $ 1,833  $ 1,961  $ 1,980  $ 1,859  $ 27  1.5  %

Other $ 78  $ 81  $ 83  $ 91  $ 104  $ (26) (25.0) %

Average loan receivables, including held for sale $ 100,693  $ 100,982  $ 99,885  $ 99,236  $ 101,021  $ (328) (0.3) %

Period-end active accounts (in thousands)(9)

67,828  70,693  68,585  68,186  67,787  41  0.1  %

Average active accounts (in thousands)(9)

68,815  69,304  68,318  68,050  69,315  (500) (0.7) %

LIQUIDITY

Liquid assets

Cash and equivalents $ 20,559  $ 14,973  $ 16,245  $ 19,457  $ 21,629  $ (1,070) (4.9) %

Total liquid assets $ 22,845  $ 16,562  $ 18,234  $ 21,796  $ 23,817  $ (972) (4.1) %

Undrawn credit facilities

Undrawn credit facilities $ 2,125  $ 2,125  $ 2,125  $ 2,625  $ 2,625  $ (500) (19.0) %

Total liquid assets and undrawn credit facilities(10)

$ 24,970  $ 18,687  $ 20,359  $ 24,421  $ 26,442  $ (1,472) (5.6) %

Liquid assets % of total assets 18.80  % 13.91  % 15.59  % 18.09  % 19.52  % (0.72) %

Liquid assets including undrawn credit facilities % of total assets 20.55  % 15.69  % 17.40  % 20.27  % 21.67  % (1.12) %

(1) Return on assets represents annualized net earnings as a percentage of average total assets.

(2) Return on equity represents annualized net earnings as a percentage of average total equity.

(3) Return on tangible common equity represents annualized net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

(4) Net interest margin represents annualized net interest income divided by average total interest-earning assets.

(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.

(6) Based on customer statement-end balances extrapolated to the respective period-end date.

(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.

(8) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.

(9) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

(10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets

2

SYNCHRONY FINANCIAL

STATEMENTS OF EARNINGS

(unaudited, $ in millions)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025 1Q'26 vs. 1Q'25

Interest income:

Interest and fees on loans $ 5,413  $ 5,548  $ 5,510  $ 5,328  $ 5,312  $ 101  1.9  %

Interest on cash and debt securities 190  186  221  258  238  (48) (20.2) %

Total interest income 5,603  5,734  5,731  5,586  5,550  53  1.0  %

Interest expense:

Interest on deposits 770  781  812  855  882  (112) (12.7) %

Interest on borrowings of consolidated securitization entities 106  104  105  104  104  2  1.9  %

Interest on senior unsecured notes 92  88  94  106  100  (8) (8.0) %

Total interest expense 968  973  1,011  1,065  1,086  (118) (10.9) %

Net interest income 4,635  4,761  4,720  4,521  4,464  171  3.8  %

Retailer share arrangements (1,070) (1,094) (1,024) (992) (895) (175) 19.6  %

Provision for credit losses 1,335  1,442  1,146  1,146  1,491  (156) (10.5) %

Net interest income, after retailer share arrangements and provision for credit losses 2,230  2,225  2,550  2,383  2,078  152  7.3  %

Other income:

Interchange revenue 264  289  272  268  238  26  10.9  %

Protection product revenue 161  156  149  144  147  14  9.5  %

Loyalty programs (361) (399) (368) (360) (311) (50) 16.1  %

Other 69  80  74  66  75  (6) (8.0) %

Total other income 133  126  127  118  149  (16) (10.7) %

Other expense:

Employee costs 515  575  503  509  506  9  1.8  %

Professional fees 209  243  240  236  217  (8) (3.7) %

Marketing and business development 114  148  120  127  116  (2) (1.7) %

Information processing 262  239  226  215  219  43  19.6  %

Other 216  194  159  158  185  31  16.8  %

Total other expense 1,316  1,399  1,248  1,245  1,243  73  5.9  %

Earnings before provision for income taxes 1,047  952  1,429  1,256  984  63  6.4  %

Provision for income taxes 242  201  352  289  227  15  6.6  %

Net earnings $ 805  $ 751  $ 1,077  $ 967  $ 757  $ 48  6.3  %

Net earnings available to common stockholders $ 784  $ 730  $ 1,057  $ 946  $ 736  $ 48  6.5  %

3

SYNCHRONY FINANCIAL

STATEMENTS OF FINANCIAL POSITION

(unaudited, $ in millions)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025 Mar 31, 2026 vs. Mar 31, 2025

Assets

Cash and equivalents $ 20,559  $ 14,973  $ 16,245  $ 19,457  $ 21,629  $ (1,070) (4.9) %

Debt securities 3,040  2,348  2,716  2,905  2,724  316  11.6  %

Loan receivables:

Unsecuritized loans held for investment 78,423  81,408  79,207  78,566  79,186  (763) (1.0) %

Restricted loans of consolidated securitization entities 21,662  22,400  20,971  21,210  20,422  1,240  6.1  %

Total loan receivables 100,085  103,808  100,178  99,776  99,608  477  0.5  %

Less: Allowance for credit losses (10,428) (10,442) (10,373) (10,564) (10,828) 400  (3.7) %

Loan receivables, net 89,657  93,366  89,805  89,212  88,780  877  1.0  %

Loan receivables held for sale —  —  192  191  —  —  —  %

Goodwill 1,363  1,363  1,274  1,274  1,274  89  7.0  %

Intangible assets, net 1,223  1,255  909  862  847  376  44.4  %

Other assets 5,659  5,790  5,843  6,604  6,772  (1,113) (16.4) %

Total assets $ 121,501  $ 119,095  $ 116,984  $ 120,505  $ 122,026  $ (525) (0.4) %

Liabilities and Equity

Deposits:

Interest-bearing deposit accounts $ 82,478  $ 80,748  $ 79,513  $ 81,857  $ 83,030  $ (552) (0.7) %

Non-interest-bearing deposit accounts 416  396  373  405  405  11  2.7  %

Total deposits 82,894  81,144  79,886  82,262  83,435  (541) (0.6) %

Borrowings:

Borrowings of consolidated securitization entities 8,915  8,415  7,666  8,340  8,591  324  3.8  %

Senior and Subordinated unsecured notes 7,513  6,767  6,765  7,669  8,418  (905) (10.8) %

Total borrowings 16,428  15,182  14,431  16,009  17,009  (581) (3.4) %

Accrued expenses and other liabilities 5,702  6,003  5,602  5,282  5,001  701  14.0  %

Total liabilities 105,024  102,329  99,919  103,553  105,445  (421) (0.4) %

Equity:

Preferred stock 1,222  1,222  1,222  1,222  1,222  —  —  %

Common stock 1  1  1  1  1  —  —  %

Additional paid-in capital 9,844  9,902  9,866  9,836  9,804  40  0.4  %

Retained earnings 25,210  24,598  23,978  23,036  22,209  3,001  13.5  %

Accumulated other comprehensive income (loss) (56) (48) (46) (45) (53) (3) 5.7  %

Treasury stock (19,744) (18,909) (17,956) (17,098) (16,602) (3,142) 18.9  %

Total equity 16,477  16,766  17,065  16,952  16,581  (104) (0.6) %

Total liabilities and equity $ 121,501  $ 119,095  $ 116,984  $ 120,505  $ 122,026  $ (525) (0.4) %

4

SYNCHRONY FINANCIAL

AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN

(unaudited, $ in millions)

Quarter Ended

Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 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 $ 17,992  $ 163  3.67  % $ 15,679  $ 158  4.00  % $ 17,131  $ 187  4.33  % $ 20,699  $ 228  4.42  % $ 18,539  $ 203  4.44  %

Securities available for sale 2,595  27  4.22  % 2,635  28  4.22  % 2,872  34  4.70  % 2,774  30  4.34  % 3,231  35  4.39  %

Loan receivables, including held for sale:

Credit cards 93,290  5,152  22.40  % 93,389  5,297  22.50  % 92,176  5,255  22.62  % 91,460  5,076  22.26  % 93,241  5,055  21.99  %

Consumer installment loans 5,465  188  13.95  % 5,548  198  14.16  % 5,618  208  14.69  % 5,692  207  14.59  % 5,833  211  14.67  %

Commercial credit products 1,857  72  15.72  % 1,962  52  10.52  % 2,006  46  9.10  % 1,981  43  8.71  % 1,842  45  9.91  %

Other 81  1  5.01  % 83  1  4.78  % 85  1  4.67  % 103  2  7.79  % 105  1  3.86  %

Total loan receivables, including held for sale 100,693  5,413  21.80  % 100,982  5,548  21.80  % 99,885  5,510  21.89  % 99,236  5,328  21.54  % 101,021  5,312  21.33  %

Total interest-earning assets 121,280  5,603  18.74  % 119,296  5,734  19.07  % 119,888  5,731  18.97  % 122,709  5,586  18.26  % 122,791  5,550  18.33  %

Non-interest-earning assets:

Cash and due from banks 976  864  892  868  868

Allowance for credit losses (10,431) (10,391) (10,536) (10,797) (10,936)

Other assets 8,223  8,131  7,913  7,661  7,770

Total non-interest-earning assets (1,232) (1,396) (1,731) (2,268) (2,298)

Total assets $ 120,048  $ 117,900  $ 118,157  $ 120,441  $ 120,493

Liabilities

Interest-bearing liabilities:

Interest-bearing deposit accounts $ 81,704  $ 770  3.82  % $ 80,117  $ 781  3.87  % $ 80,442  $ 812  4.00  % $ 82,014  $ 855  4.18  % $ 82,370  $ 882  4.34  %

Borrowings of consolidated securitization entities 8,482  106  5.07  % 8,032  104  5.14  % 7,768  105  5.36  % 7,926  104  5.26  % 8,191  104  5.15  %

Senior and Subordinated unsecured notes 7,056  92  5.29  % 6,765  88  5.16  % 7,209  94  5.17  % 8,269  106  5.14  % 7,850  100  5.17  %

Total interest-bearing liabilities 97,242  968  4.04  % 94,914  973  4.07  % 95,419  1,011  4.20  % 98,209  1,065  4.35  % 98,411  1,086  4.48  %

Non-interest-bearing liabilities

Non-interest-bearing deposit accounts 414  382  410  412  418

Other liabilities 5,621  5,667  5,287  5,065  4,969

Total non-interest-bearing liabilities 6,035  6,049  5,697  5,477  5,387

Total liabilities 103,277  100,963  101,116  103,686  103,798

Equity

Total equity 16,771  16,937  17,041  16,755  16,695

Total liabilities and equity $ 120,048  $ 117,900  $ 118,157  $ 120,441  $ 120,493

Net interest income $ 4,635  $ 4,761  $ 4,720  $ 4,521  $ 4,464

Interest rate spread(2)

14.70  % 15.00  % 14.76  % 13.91  % 13.86  %

Net interest margin(3)

15.50  % 15.83  % 15.62  % 14.78  % 14.74  %

(1) Average yields/rates are based on annualized total interest income/expense divided by average balances.

(2) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income divided by average total interest-earning assets.

5

SYNCHRONY FINANCIAL

BALANCE SHEET STATISTICS

(unaudited, $ in millions, except per share statistics)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025 Mar 31, 2026 vs.

Mar 31, 2025

BALANCE SHEET STATISTICS

Total common equity $ 15,255  $ 15,544  $ 15,843  $ 15,730  $ 15,359  $ (104) (0.7) %

Total common equity as a % of total assets 12.56  % 13.05  % 13.54  % 13.05  % 12.59  % (0.03) %

Tangible assets $ 118,915  $ 116,477  $ 114,801  $ 118,369  $ 119,905  $ (990) (0.8) %

Tangible common equity(1)

$ 12,669  $ 12,926  $ 13,660  $ 13,594  $ 13,238  $ (569) (4.3) %

Tangible common equity as a % of tangible assets(1)

10.65  % 11.10  % 11.90  % 11.48  % 11.04  % (0.39) %

Tangible book value per share(2)

$ 37.62  $ 37.21  $ 37.93  $ 36.55  $ 34.79  $ 2.83  8.1  %

REGULATORY CAPITAL RATIOS(3)

Basel III

Total risk-based capital ratio(4)

16.0  % 15.8  % 16.9  % 16.9  % 16.5  %

Tier 1 risk-based capital ratio(5)

13.9  % 13.8  % 14.9  % 14.8  % 14.4  %

Tier 1 leverage ratio(6)

12.1  % 12.5  % 13.0  % 12.7  % 12.4  %

Common equity Tier 1 capital ratio 12.7  % 12.6  % 13.7  % 13.6  % 13.2  %

(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

(2) Tangible book value per share is a non-GAAP measure, calculated based on Tangible common equity divided by common shares outstanding. For corresponding reconciliation of this measure to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

(3) Regulatory capital ratios at March 31, 2026 are preliminary and therefore subject to change.

(4) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.

(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.

(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments.

6

SYNCHRONY FINANCIAL

PLATFORM RESULTS

(unaudited, unrounded, $ in millions)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025 1Q'26 vs. 1Q'25

HOME & AUTO(1)

Purchase volume(2)

$ 9,443  $ 10,381  $ 11,061  $ 11,459  $ 9,446  $ (3) —  %

Period-end loan receivables $ 29,136  $ 30,106  $ 30,295  $ 30,374  $ 30,254  $ (1,118) (3.7) %

Average loan receivables, including held for sale $ 29,367  $ 30,055  $ 30,260  $ 30,137  $ 30,810  $ (1,443) (4.7) %

Average active accounts (in thousands)(3)

16,847  17,370  17,749  17,831  17,894  (1,047) (5.9) %

Interest and fees on loans $ 1,379  $ 1,444  $ 1,443  $ 1,395  $ 1,402  $ (23) (1.6) %

Other income $ 55  $ 52  $ 54  $ 52  $ 56  $ (1) (1.8) %

DIGITAL

Purchase volume(2)

$ 13,499  $ 16,206  $ 14,044  $ 13,647  $ 12,479  $ 1,020  8.2  %

Period-end loan receivables $ 28,733  $ 30,057  $ 28,179  $ 27,786  $ 27,765  $ 968  3.5  %

Average loan receivables, including held for sale $ 29,024  $ 28,676  $ 27,880  $ 27,571  $ 28,216  $ 808  2.9  %

Average active accounts (in thousands)(3)

21,268  21,352  20,680  20,368  20,711  557  2.7  %

Interest and fees on loans $ 1,632  $ 1,663  $ 1,631  $ 1,576  $ 1,544  $ 88  5.7  %

Other income $ 9  $ (6) $ (2) $ —  $ 9  $ —  —  %

DIVERSIFIED & VALUE

Purchase volume(2)

$ 14,926  $ 17,462  $ 15,417  $ 15,393  $ 13,732  $ 1,194  8.7  %

Period-end loan receivables $ 20,269  $ 21,236  $ 19,500  $ 19,510  $ 19,436  $ 833  4.3  %

Average loan receivables, including held for sale $ 20,229  $ 19,978  $ 19,440  $ 19,338  $ 19,670  $ 559  2.8  %

Average active accounts (in thousands)(3)

20,416  20,170  19,470  19,471  20,114  302  1.5  %

Interest and fees on loans $ 1,195  $ 1,200  $ 1,192  $ 1,159  $ 1,178  $ 17  1.4  %

Other income $ (18) $ (13) $ (3) $ (3) $ —  $ (18) NM

HEALTH & WELLNESS

Purchase volume(2)

$ 3,871  $ 3,897  $ 3,976  $ 4,007  $ 3,774  $ 97  2.6  %

Period-end loan receivables $ 15,309  $ 15,545  $ 15,447  $ 15,309  $ 15,193  $ 116  0.8  %

Average loan receivables, including held for sale $ 15,373  $ 15,499  $ 15,347  $ 15,215  $ 15,280  $ 93  0.6  %

Average active accounts (in thousands)(3)

7,680  7,770  7,730  7,697  7,776  (96) (1.2) %

Interest and fees on loans $ 948  $ 979  $ 967  $ 923  $ 914  $ 34  3.7  %

Other income $ 80  $ 79  $ 73  $ 66  $ 75  $ 5  6.7  %

LIFESTYLE

Purchase volume(2)

$ 1,245  $ 1,522  $ 1,371  $ 1,432  $ 1,168  $ 77  6.6  %

Period-end loan receivables $ 6,548  $ 6,771  $ 6,644  $ 6,673  $ 6,636  $ (88) (1.3) %

Average loan receivables, including held for sale $ 6,607  $ 6,657  $ 6,652  $ 6,646  $ 6,716  $ (109) (1.6) %

Average active accounts (in thousands)(3)

2,584  2,589  2,543  2,531  2,651  (67) (2.5) %

Interest and fees on loans $ 258  $ 265  $ 264  $ 261  $ 261  $ (3) (1.1) %

Other income $ 11  $ 11  $ 11  $ 9  $ 10  $ 1  10.0  %

CORP, OTHER(1)(5)

Purchase volume(2)

$ —  $ 8  $ 136  $ 146  $ 121  $ (121) (100.0) %

Period-end loan receivables(4)

$ 90  $ 93  $ 113  $ 124  $ 324  $ (234) (72.2) %

Average loan receivables, including held for sale $ 93  $ 117  $ 306  $ 329  $ 329  $ (236) (71.7) %

Average active accounts (in thousands)(3)

20  53  146  152  169  (149) (88.2) %

Interest and fees on loans $ 1  $ (3) $ 13  $ 14  $ 13  $ (12) (92.3) %

Other income $ (4) $ 3  $ (6) $ (6) $ (1) $ (3) NM

TOTAL SYF(5)

Purchase volume(2)

$ 42,984  $ 49,476  $ 46,005  $ 46,084  $ 40,720  $ 2,264  5.6  %

Period-end loan receivables $ 100,085  $ 103,808  $ 100,178  $ 99,776  $ 99,608  $ 477  0.5  %

Average loan receivables, including held for sale $ 100,693  $ 100,982  $ 99,885  $ 99,236  $ 101,021  $ (328) (0.3) %

Average active accounts (in thousands)(3)

68,815  69,304  68,318  68,050  69,315  (500) (0.7) %

Interest and fees on loans $ 5,413  $ 5,548  $ 5,510  $ 5,328  $ 5,312  $ 101  1.9  %

Other income $ 133  $ 126  $ 127  $ 118  $ 149  $ (16) (10.7) %

(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.

(2) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.

(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

(4) Reflects the reclassification of $0.2 billion to loan receivables held for sale in 2Q 2025.

(5) Includes activity and balances (except for Period-end loan receivables) associated with a Home & Auto portfolio which was sold in 4Q 2025.

7

SYNCHRONY FINANCIAL

RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)

(unaudited, $ in millions, except per share statistics)

Quarter Ended

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

COMMON EQUITY AND REGULATORY CAPITAL MEASURES

GAAP Total equity $ 16,477  $ 16,766  $ 17,065  $ 16,952  $ 16,581

Less: Preferred stock (1,222) (1,222) (1,222) (1,222) (1,222)

Less: Goodwill (1,363) (1,363) (1,274) (1,274) (1,274)

Less: Intangible assets, net (1,223) (1,255) (909) (862) (847)

Tangible common equity $ 12,669  $ 12,926  $ 13,660  $ 13,594  $ 13,238

Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss) 316  316  250  209  208

Common equity Tier 1 $ 12,985  $ 13,242  $ 13,910  $ 13,803  $ 13,446

Preferred stock 1,222  1,222  1,222  1,222  1,222

Tier 1 capital $ 14,207  $ 14,464  $ 15,132  $ 15,025  $ 14,668

Add: Subordinated debt 742  742  742  742  742

Add: Allowance for credit losses includible in risk-based capital 1,390  1,426  1,386  1,386  1,388

Total Risk-based capital $ 16,339  $ 16,632  $ 17,260  $ 17,153  $ 16,798

ASSET MEASURES

Total average assets $ 120,048  $ 117,900  $ 118,157  $ 120,441  $ 120,493

Adjustments for:

Less: Disallowed goodwill and other disallowed intangible assets

(net of related deferred tax liabilities) and other (2,267) (2,291) (1,917) (1,913) (1,895)

Total assets for leverage purposes $ 117,781  $ 115,609  $ 116,240  $ 118,528  $ 118,598

Risk-weighted assets $ 102,095  $ 105,029  $ 101,884  $ 101,716  $ 101,625

TIER 1 CAPITAL + RESERVES RATIO

Tier 1 capital $ 14,207  $ 14,464  $ 15,132  $ 15,025  $ 14,668

Add: Allowance for credit losses 10,428  10,442  10,373  10,564  10,828

Tier 1 capital + Reserves for credit losses $ 24,635  $ 24,906  $ 25,505  $ 25,589  $ 25,496

TANGIBLE BOOK VALUE PER SHARE

Book value per share $ 45.29  $ 44.74  $ 44.00  $ 42.30  $ 40.37

Less: Goodwill (4.04) (3.92) (3.55) (3.43) (3.35)

Less: Intangible assets, net (3.63) (3.61) (2.52) (2.32) (2.23)

Tangible book value per share $ 37.62  $ 37.21  $ 37.93  $ 36.55  $ 34.79

(1) Regulatory measures at March 31, 2026 are preliminary and therefore subject to change.

8

EX-99.3

EX-99.3

Filename: a1q26earningspresentatio.htm · Sequence: 4

a1q26earningspresentatio

April 21, 2026 FIRST QUARTER 2026 FINANCIAL RESULTS

2 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 exhibits to our Current Report on Form 8-K filed today and available on our website (www.investors.synchrony.com) and the SEC's website (www.sec.gov). All references to net earnings and net income are intended to have the same meaning. All comparisons are for the first quarter of 2026 compared to the first quarter of 2025, unless otherwise noted. This presentation 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 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. 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 presentation 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, including the 2026 outlook on slide 10 of this presentation, 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.

3 (1) Customer engagement metrics at or for the quarter ended March 31, 2026. (2) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (3) Replaces prior program, which was scheduled to expire on June 30, 2026 Delivering consistent execution through environments Customer engagement1 New & renewed partnerships 69mm average active accounts $43bn purchase volume $100bn loan receivables2 Returning capital to shareholders Culture drives results Repurchases $0.7bn $9.3bn $17.8bn $25.2bn 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q'26 Dividends Cumulative capital returned since IPO BEST COMPANIES TO WORK FOR IN THE U.S. © 2026 Fortune Media IP Limited. All Rights Reserved. Used under license. Board of Directors approved: • a new $6.5bn share repurchase program of common stock without set expiration date, commencing 2Q263, and • a planned 13% increase in the quarterly cash dividend to $0.34 per share of common stock, commencing 3Q26

4 Net interest margin 15.50% PY: 14.74% Net charge-offs 5.42% PY: 6.38% Efficiency ratio 35.6% PY: 33.4% Diluted earnings per share $2.27 PY: $1.89 Return on assets 2.7% PY: 2.5% 13.2% 12.7% 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 First quarter in review (1) Represents in- and out-of-partner activity for Dual Card and general purpose co-branded consumer card programs. (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) Amounts at March 31, 2026 are preliminary and therefore subject to change. (5) This is a non-GAAP measure. See Non-GAAP reconciliation in appendix. Growth Results Capital & Shareholder Value Loan receivables2 —% Co-Branded Cards1: $33.9bn, +22% Book value per share Tangible book value per share5 $40.37 $45.29 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 $34.79 $37.62 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Average active accounts3 (1)% Common Equity Tier 1 (CET1) capital ratio4 Capital returned $99.6bn $100.1bn 1Q'25 1Q'26 69.3mm 68.8mm 1Q'25 1Q'26 $40.7bn $43.0bn 1Q'25 1Q'26 $0.7bn $1.0bn 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Purchase volume +6% Co-Branded Cards1: $22.0bn, +20%

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) 1Q'26 1Q'25 B / (W) Interest income $5,603 $5,550 1% Interest expense 968 1,086 11% Net interest income 4,635 4,464 4% Retailer share arrangements (RSA) (1,070) (895) (20)% Provision for credit losses 1,335 1,491 10% Other income 133 149 (11)% Other expense 1,316 1,243 (6)% Pre-tax earnings 1,047 984 6% Provision for income taxes 242 227 (7)% Net earnings 805 757 6% Preferred dividends 21 21 —% Net earnings available to common stockholders $784 $736 7% Diluted earnings per share $2.27 $1.89 20% 1Q'26 1Q'25 B / (W)1 Home & Auto2 Loan receivables $29.1 $30.3 (4)% Purchase volume $9.4 $9.4 —% Interest and fees on loans $1.4 $1.4 (2)% Digital Loan receivables $28.7 $27.8 3% Purchase volume $13.5 $12.5 8% Interest and fees on loans $1.6 $1.5 6% Diversified & Value Loan receivables $20.3 $19.4 4% Purchase volume $14.9 $13.7 9% Interest and fees on loans $1.2 $1.2 1% Health & Wellness Loan receivables $15.3 $15.2 1% Purchase volume $3.9 $3.8 3% Interest and fees on loans $0.9 $0.9 4% Lifestyle Loan receivables $6.5 $6.6 (1)% Purchase volume $1.2 $1.2 7% Interest and fees on loans $0.3 $0.3 (1)%

6 1Q'25 1Q'26 B / (W) Net int. income $4,464 $4,635 4% Key financial trends Net interest income ($mm) Highlights (20)% +2% +11% 1Q'25 Net interest margin 14.74% Loan receivables yield +0.39 % Interest-bearing liabilities cost +0.35 % Mix of Interest-earning assets +0.14 % Liquidity portfolio yield (0.12) % 1Q'26 Net interest margin 15.50% Net interest margin • Net interest income increased 4%, or $171 million • Interest and fees increased 2%, or $101 million primarily driven by the impact of our PPPCs1, partially offset by lower benchmark rates • Lower benchmark rates primarily drove reductions in interest expense by 11% or $118 million and a reduction in investment income by 20% or $48 million • Net interest margin of 15.50% increased 76bps • Reflects higher Loan receivables yield and lower liabilities cost, partially offset by lower liquidity portfolio yield • Loan receivables mix as a percent of Interest-earning assets of 83.03% increased 76bps • Retailer share arrangements increased $175 million and were 4.3% of average loan receivables reflecting program performance which included lower Net charge-offs and the impact of our PPPCs • Payment rate2 of 16.3% up approximately 50bps vs. 1Q'25 and up approximately 110bps vs. pre-pandemic 5-year historical average ('15-'19)3 • Primarily reflects shifts in portfolio/product mix, new portfolio seasoning, the impact of our previous credit actions and higher average tax refunds (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. Investment income Interest & fees Interest expense $5,312 $5,413 $(1,086) $(968) $238 $190

7 $506 $515 $217 $209 $116 $114 $219 $262 $185 $216 (1) Other expense divided by sum of Net interest income, plus Other income, less Retailer share arrangements. 1Q'25 1Q'26 B / (W) Other expense $1,243 $1,316 (6)% Other expense Marketing and business dev Professional fees Results ($mm) Highlights Employee costs +4% +2% (2)% Information processing (20)% Other (17)% Efficiency ratio1 33.4% 34.1% 32.6% 36.9% 35.6% 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 • Other expense increased 6%, or $73 million – Increase primarily driven by technology investments and higher operational losses • Information processing increase driven by costs related to technology investments • Other increase primarily attributable to higher operational losses • Efficiency ratio 35.6% vs. 33.4% prior year

8 • Provision for credit losses decreased 10%, or $156 million, primarily driven by lower Net charge-offs of $242 million, partially offset by a $97 million reserve release in the prior year (1) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (2) Excludes reserves for credit exposures primarily 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 4.74% 4.70% 4.52% 4.49% 4.54% $4,820 $4,925 $4,505 $4,660 $4,543 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2.42% 2.40% 2.29% 2.17% 2.28% $2,459 $2,512 $2,285 $2,248 $2,284 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 6.31% 6.45% 6.38% 5.37% 5.42% $1,585 $1,661 $1,588 $1,367 $1,346 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 10.72% 10.44% 10.87% 10.06% 10.42% $10,905 $10,929 $10,828 $10,442 $10,428 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

9 1Q'25 CET1% 13.2 % Net earnings +3.5 % Share repurchases (3.2) % Common and preferred dividends (0.5) % Risk-weighted asset changes — % Other activity, net (0.3) % 1Q'26 CET1% 12.7 % Funding, capital and liquidity Funding and liquidity ($bn) Common Equity Tier 1 (CET1) ratio (1) Amounts at March 31, 2026 are preliminary and therefore subject to change. (2) Sum of “Tier 1 Capital” and “Allowance for Credit Losses,” divided by “Total Risk-Weighted Assets." This ratio is a non-GAAP measure. See Non-GAAP reconciliation in appendix. Unsecured Secured Deposits 9% 8% 83% Capital ratios1 CET1 capital ratio Tier 1 capital ratio Total capital ratio Tier 1 capital + credit loss reserve ratio2 Liquid assets $23.8 $22.8 % of total assets 19.5% 18.8% $83.4 $82.9 $8.6 $8.9 $8.4 $7.5 13.2% 12.7% 1Q'25 1Q'26 14.4% 13.9% 1Q'25 1Q'26 16.5% 16.0% 1Q'25 1Q'26 25.1% 24.1% 1Q'25 1Q'26 1Q'25 1Q'26 % total Total funding $100.4 $99.3 100%

10 2026 Outlook (comments and trends in comparison to 2025, except where noted) Commentary Baseline assumptions (excluding impacts of qualitative overlays) • No additional broad-based credit refinements • No regulatory or legislative changes • Stable macroeconomic environment • No significant change in inflation rates • No additional modifications to PPPCs Mid-single digit Ending loan receivables growth $9.10 - $9.50 FY’26 EPS • Strong purchase volume growth expected to continue throughout 2026 • Payment rate expected to remain elevated • Receivables growth expected to accelerate through second half of 2026 • Net interest income growth, reflecting building impact of PPPCs on I&F and lower funding liabilities costs, partially offset by lower late fee incidence and new account acceleration • Continued strength in delinquency and net charge-off performance; continue to expect relative stability and will follow normal seasonality patterns with losses peaking in 2Q’26 • RSA / Average loan receivables increasing, reflecting program performance; expected to stay within target 4.0% - 4.5% range • Other expense growth in line with receivables, ex-$98mm notable items in FY25 Mid-single digit Ending loan receivables growth $9.10 to $9.50 Earnings per diluted share <5.5% Net charge-off rate

12 The following table sets forth transaction related activity and other notable items incurred during 1Q'26 and 1Q'25. Transaction related activity and other notable items - 1Q $ in millions Quarter Ended March 31 2026 2025 Transaction related activity Provision for credit losses: Loan portfolio acquisition $1 $5 Total $1 $5 Notable items Notable Other expense items: Charitable Contribution $— $15 Ally Lending restructuring charge — 12 Preparatory expenses related to Late fee rule change — 1 Total $— $28

13 The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. Non-GAAP reconciliation 1Q'26 4Q'25 3Q'25 2Q'25 1Q'25 Tangible common equity: GAAP Total equity $16,477 $16,766 $17,065 $16,952 $16,581 Less: Preferred stock (1,222) (1,222) (1,222) (1,222) (1,222) Less: Goodwill (1,363) (1,363) (1,274) (1,274) (1,274) Less: Intangible assets, net (1,223) (1,255) (909) (862) (847) Tangible common equity $12,669 $12,926 $13,660 $13,594 $13,238 Tangible book value per share: Book value per share $45.29 $44.74 $44.00 $42.30 $40.37 Less: Goodwill (4.04) (3.92) (3.55) (3.43) (3.35) Less: Intangible assets, net (3.63) (3.61) (2.52) (2.32) (2.23) Tangible book value per share $37.62 $37.21 $37.93 $36.55 $34.79 $ in millions, except per share data

14 $ in millions Non-GAAP reconciliation (continued) At March 31 2026 2025 Tier 1 Capital $14,207 $14,668 Add: Allowance for credit losses 10,428 10,828 Tier 1 capital plus Reserves for credit losses $24,635 $25,496 Risk-weighted assets $102,095 $101,625 The following table sets forth the components of our Tier 1 Capital + Reserves ratio for the periods indicated below. (1) Amounts at March 31, 2026 are preliminary and therefore subject to change. 1

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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 “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.

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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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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