Form 8-K

8-K — Synchrony Financial

Accession: 0001601712-26-000040

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0001601712

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — syf-20261020.htm (Primary)

EX-99.1 (earningsrelease3q26.htm)

EX-99.2 (financialtables3q26.htm)

EX-99.3 (a3q26earningspresentatio.htm)

EX-99.4 (non-gaapmeasures3q26.htm)

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8-K

8-K (Primary)

Filename: syf-20261020.htm · Sequence: 1

syf-20261020

0001601712false00016017122026-10-202026-10-200001601712us-gaap:CommonStockMember2026-10-202026-10-200001601712us-gaap:SeriesAPreferredStockMember2026-10-202026-10-200001601712us-gaap:SeriesBPreferredStockMember2026-10-202026-10-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

October 20, 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 October 20, 2026, Synchrony Financial (the “Company”) issued a press release setting forth the Company’s third 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 October 20, 2026, issued by Synchrony Financial

99.2

Financial Data Supplement of the Company for the quarter ended September 30, 2026

99.3

Financial Results Presentation of the Company for the quarter ended September 30, 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: October 20, 2026

By:

/s/ Jonathan Mothner

Name:

Jonathan Mothner

Title:

Executive Vice President, Chief Risk and Legal Officer

EX-99.1

EX-99.1

Filename: earningsrelease3q26.htm · Sequence: 2

Document

Exhibit 99.1

For Immediate Release

Synchrony Financial (NYSE: SYF)

October 20, 2026

Third Quarter 2026 Results and Key Metrics

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%

12.9%

$1.2B

$103.3B

Return on Assets CET1 Ratio Capital Returned Loan Receivables

Key Operating and Financial Metrics*

•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

CFO Commentary

“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 Highlights

•Added 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 Highlights

•Interest 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 Quality

•Loans 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 Highlights

•Period-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, & Capital

•Loan 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 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 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 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, 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, 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 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 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: financialtables3q26.htm · Sequence: 3

Document

Exhibit 99.2

SYNCHRONY FINANCIAL

FINANCIAL SUMMARY

(unaudited, in millions, except per share statistics)

Quarter Ended Nine Months Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 3Q'26 vs. 3Q'25 Sep 30,

2026 Sep 30,

2025 YTD'26 vs. YTD'25

EARNINGS

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

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

Provision for credit losses 1,266  1,201  1,335  1,442  1,146  120  10.5  % 3,802  3,783  19  0.5  %

Net interest income, after retailer share arrangements and provision for credit losses 2,447  2,380  2,230  2,225  2,550  (103) (4.0) % 7,057  7,011  46  0.7  %

Other income 105  137  133  126  127  (22) (17.3) % 375  394  (19) (4.8) %

Other expense 1,371  1,331  1,316  1,399  1,248  123  9.9  % 4,018  3,736  282  7.5  %

Earnings before provision for income taxes 1,181  1,186  1,047  952  1,429  (248) (17.4) % 3,414  3,669  (255) (7.0) %

Provision for income taxes 289  301  242  201  352  (63) (17.9) % 832  868  (36) (4.1) %

Net earnings $ 892  $ 885  $ 805  $ 751  $ 1,077  $ (185) (17.2) % $ 2,582  $ 2,801  $ (219) (7.8) %

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

COMMON SHARE STATISTICS

Basic EPS $ 2.71  $ 2.61  $ 2.29  $ 2.07  $ 2.89  $ (0.18) (6.2) % $ 7.59  $ 7.29  $ 0.30  4.1  %

Diluted EPS $ 2.68  $ 2.59  $ 2.27  $ 2.04  $ 2.86  $ (0.18) (6.3) % $ 7.52  $ 7.22  $ 0.30  4.2  %

Dividend declared per share $ 0.34  $ 0.30  $ 0.30  $ 0.30  $ 0.30  $ 0.04  13.3  % $ 0.94  $ 0.85  $ 0.09  10.6  %

Common stock price $ 70.97  $ 76.05  $ 68.02  $ 83.43  $ 71.05  $ (0.08) (0.1) % $ 70.97  $ 71.05  $ (0.08) (0.1) %

Book value per share $ 47.64  $ 46.67  $ 45.29  $ 44.74  $ 44.00  $ 3.64  8.3  % $ 47.64  $ 44.00  $ 3.64  8.3  %

Tangible book value per share(1)(2)

$ 42.79  $ 42.01  $ 40.95  $ 40.52  $ 40.28  $ 2.51  6.2  % $ 42.79  $ 40.28  $ 2.51  6.2  %

Beginning common shares outstanding 325.3  336.8  347.4  360.1  371.9  (46.6) (12.5) % 347.4  388.3  (40.9) (10.5) %

Issuance of common shares —  —  —  —  —  —  NM —  —  —  NM

Stock-based compensation 0.2  0.2  1.9  0.3  0.3  (0.1) (33.3) % 2.3  2.5  (0.2) (8.0) %

Shares repurchased (14.1) (11.7) (12.5) (13.0) (12.1) (2.0) 16.5  % (38.3) (30.7) (7.6) 24.8  %

Ending common shares outstanding 311.4  325.3  336.8  347.4  360.1  (48.7) (13.5) % 311.4  360.1  (48.7) (13.5) %

Weighted average common shares outstanding 319.0  331.3  342.4  352.7  365.9  (46.9) (12.8) % 330.8  375.7  (44.9) (12.0) %

Weighted average common shares outstanding (fully diluted) 322.4  334.1  346.0  357.6  369.9  (47.5) (12.8) % 334.1  379.4  (45.3) (11.9) %

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

(2) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.

1

SYNCHRONY FINANCIAL

SELECTED METRICS

(unaudited, $ in millions)

Quarter Ended Nine Months Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 3Q'26 vs. 3Q'25 Sep 30,

2026 Sep 30,

2025 YTD'26 vs. YTD'25

PERFORMANCE METRICS

Return on assets(1)

2.9  % 2.9  % 2.7  % 2.5  % 3.6  % (0.7) % 2.9  % 3.1  % (0.2) %

Return on equity(2)

21.0  % 21.4  % 19.5  % 17.6  % 25.1  % (4.1) % 20.6  % 22.2  % (1.6) %

Return on tangible common equity(3)(4)

25.2  % 25.2  % 22.6  % 20.3  % 28.9  % (3.7) % 24.3  % 25.7  % (1.4) %

Net interest margin(5)

15.50  % 15.08  % 15.50  % 15.83  % 15.62  % (0.12) % 15.36  % 15.05  % 0.31  %

Efficiency ratio(6)

35.9  % 35.8  % 35.6  % 36.9  % 32.6  % 3.3  % 35.8  % 33.4  % 2.4  %

Other expense as a % of average loan receivables, including held for sale 5.32  % 5.30  % 5.30  % 5.50  % 4.96  % 0.36  % 5.31  % 4.99  % 0.32  %

Effective income tax rate 24.5  % 25.4  % 23.1  % 21.1  % 24.6  % (0.1) % 24.4  % 23.7  % 0.7  %

CREDIT QUALITY METRICS

Net charge-offs as a % of average loan receivables, including held for sale 4.79  % 5.43  % 5.42  % 5.37  % 5.16  % (0.37) % 5.21  % 5.74  % (0.53) %

30+ days past due as a % of period-end loan receivables(7)

4.34  % 4.16  % 4.54  % 4.49  % 4.39  % (0.05) % 4.34  % 4.39  % (0.05) %

90+ days past due as a % of period-end loan receivables(7)

2.06  % 2.01  % 2.28  % 2.17  % 2.12  % (0.06) % 2.06  % 2.12  % (0.06) %

Net charge-offs $ 1,236  $ 1,364  $ 1,346  $ 1,367  $ 1,298  $ (62) (4.8) % $ 3,946  $ 4,297  $ (351) (8.2) %

Loan receivables delinquent over 30 days(7)

$ 4,482  $ 4,249  $ 4,543  $ 4,660  $ 4,400  $ 82  1.9  % $ 4,482  $ 4,400  $ 82  1.9  %

Loan receivables delinquent over 90 days(7)

$ 2,130  $ 2,050  $ 2,284  $ 2,248  $ 2,128  $ 2  0.1  % $ 2,130  $ 2,128  $ 2  0.1  %

Allowance for credit losses (period-end) $ 10,341  $ 10,312  $ 10,428  $ 10,442  $ 10,373  $ (32) (0.3) % $ 10,341  $ 10,373  $ (32) (0.3) %

Allowance coverage ratio(8)

10.01  % 10.09  % 10.42  % 10.06  % 10.35  % (0.34) % 10.01  % 10.35  % (0.34) %

BUSINESS METRICS

Purchase volume(9)

$ 49,707  $ 49,827  $ 42,984  $ 49,476  $ 46,005  $ 3,702  8.0  % $ 142,518  $ 132,809  $ 9,709  7.3  %

Period-end loan receivables $ 103,346  $ 102,208  $ 100,085  $ 103,808  $ 100,178  $ 3,168  3.2  % $ 103,346  $ 100,178  $ 3,168  3.2  %

Credit cards $ 95,526  $ 94,233  $ 92,764  $ 96,346  $ 92,550  $ 2,976  3.2  % $ 95,526  $ 92,550  $ 2,976  3.2  %

Consumer installment loans $ 5,109  $ 5,233  $ 5,357  $ 5,548  $ 5,584  $ (475) (8.5) % $ 5,109  $ 5,584  $ (475) (8.5) %

Commercial credit products $ 2,644  $ 2,681  $ 1,886  $ 1,833  $ 1,961  $ 683  34.8  % $ 2,644  $ 1,961  $ 683  34.8  %

Other $ 67  $ 61  $ 78  $ 81  $ 83  $ (16) (19.3) % $ 67  $ 83  $ (16) (19.3) %

Average loan receivables, including held for sale $ 102,278  $ 100,702  $ 100,693  $ 100,982  $ 99,885  $ 2,393  2.4  % $ 101,230  $ 100,043  $ 1,187  1.2  %

Period-end active accounts (in thousands)(10)

68,011  68,410  67,828  70,693  68,585  (574) (0.8) % 68,011  68,585  (574) (0.8) %

Average active accounts (in thousands)(10)

68,279  68,341  68,815  69,304  68,318  (39) (0.1) % 68,550  68,676  (126) (0.2) %

LIQUIDITY

Liquid assets

Cash and equivalents $ 15,901  $ 16,193  $ 20,559  $ 14,973  $ 16,245  $ (344) (2.1) % $ 15,901  $ 16,245  $ (344) (2.1) %

Total liquid assets $ 19,496  $ 19,786  $ 22,845  $ 16,562  $ 18,234  $ 1,262  6.9  % $ 19,496  $ 18,234  $ 1,262  6.9  %

Undrawn credit facilities

Undrawn credit facilities $ 2,125  $ 2,125  $ 2,125  $ 2,125  $ 2,125  $ —  —  % $ 2,125  $ 2,125  $ —  —  %

Total liquid assets and undrawn credit facilities(11)

$ 21,621  $ 21,911  $ 24,970  $ 18,687  $ 20,359  $ 1,262  6.2  % $ 21,621  $ 20,359  $ 1,262  6.2  %

Liquid assets % of total assets 15.92  % 16.23  % 18.80  % 13.91  % 15.59  % 0.33  % 15.92  % 15.59  % 0.33  %

Liquid assets including undrawn credit facilities % of total assets 17.65  % 17.97  % 20.55  % 15.69  % 17.40  % 0.25  % 17.65  % 17.40  % 0.25  %

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

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

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

(4) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.

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

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

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

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

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

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

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

2

SYNCHRONY FINANCIAL

STATEMENTS OF EARNINGS

(unaudited, $ in millions)

Quarter Ended Nine Months Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 3Q'26 vs. 3Q'25 Sep 30,

2026 Sep 30,

2025 YTD'26 vs. YTD'25

Interest income:

Interest and fees on loans $ 5,591  $ 5,380  $ 5,413  $ 5,548  $ 5,510  $ 81  1.5  % $ 16,384  $ 16,150  $ 234  1.4  %

Interest on cash and debt securities 197  203  190  186  221  (24) (10.9) % 590  717  (127) (17.7) %

Total interest income 5,788  5,583  5,603  5,734  5,731  57  1.0  % 16,974  16,867  107  0.6  %

Interest expense:

Interest on deposits 767  767  770  781  812  (45) (5.5) % 2,304  2,549  (245) (9.6) %

Interest on borrowings of consolidated securitization entities 106  111  106  104  105  1  1.0  % 323  313  10  3.2  %

Interest on senior unsecured notes 106  97  92  88  94  12  12.8  % 295  300  (5) (1.7) %

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

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

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

Provision for credit losses 1,266  1,201  1,335  1,442  1,146  120  10.5  % 3,802  3,783  19  0.5  %

Net interest income, after retailer share arrangements and provision for credit losses 2,447  2,380  2,230  2,225  2,550  (103) (4.0) % 7,057  7,011  46  0.7  %

Other income:

Interchange revenue 302  300  264  289  272  30  11.0  % 866  778  88  11.3  %

Protection product revenue 168  161  161  156  149  19  12.8  % 490  440  50  11.4  %

Loyalty programs (439) (436) (361) (399) (368) (71) 19.3  % (1,236) (1,039) (197) 19.0  %

Other 74  112  69  80  74  —  —  % 255  215  40  18.6  %

Total other income 105  137  133  126  127  (22) (17.3) % 375  394  (19) (4.8) %

Other expense:

Employee costs 507  516  515  575  503  4  0.8  % 1,538  1,518  20  1.3  %

Professional fees 234  220  209  243  240  (6) (2.5) % 663  693  (30) (4.3) %

Marketing and business development 137  137  114  148  120  17  14.2  % 388  363  25  6.9  %

Information processing 260  248  262  239  226  34  15.0  % 770  660  110  16.7  %

Other 233  210  216  194  159  74  46.5  % 659  502  157  31.3  %

Total other expense 1,371  1,331  1,316  1,399  1,248  123  9.9  % 4,018  3,736  282  7.5  %

Earnings before provision for income taxes 1,181  1,186  1,047  952  1,429  (248) (17.4) % 3,414  3,669  (255) (7.0) %

Provision for income taxes 289  301  242  201  352  (63) (17.9) % 832  868  (36) (4.1) %

Net earnings $ 892  $ 885  $ 805  $ 751  $ 1,077  $ (185) (17.2) % $ 2,582  $ 2,801  $ (219) (7.8) %

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

3

SYNCHRONY FINANCIAL

STATEMENTS OF FINANCIAL POSITION

(unaudited, $ in millions)

Quarter Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Sep 30, 2026 vs. Sep 30, 2025

Assets

Cash and equivalents $ 15,901  $ 16,193  $ 20,559  $ 14,973  $ 16,245  $ (344) (2.1) %

Debt securities 4,356  4,365  3,040  2,348  2,716  1,640  60.4  %

Loan receivables:

Unsecuritized loans held for investment 81,448  80,367  78,423  81,408  79,207  2,241  2.8  %

Restricted loans of consolidated securitization entities 21,898  21,841  21,662  22,400  20,971  927  4.4  %

Total loan receivables 103,346  102,208  100,085  103,808  100,178  3,168  3.2  %

Less: Allowance for credit losses (10,341) (10,312) (10,428) (10,442) (10,373) 32  (0.3) %

Loan receivables, net 93,005  91,896  89,657  93,366  89,805  3,200  3.6  %

Loan receivables held for sale —  —  —  —  192  (192) (100.0) %

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

Intangible assets, net(1)

147  152  100  104  64  83  129.7  %

Other assets(1)

7,697  7,961  6,782  6,941  6,688  1,009  15.1  %

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

Liabilities and Equity

Deposits:

Interest-bearing deposit accounts $ 82,513  $ 82,376  $ 82,478  $ 80,748  $ 79,513  $ 3,000  3.8  %

Non-interest-bearing deposit accounts 438  430  416  396  373  65  17.4  %

Total deposits 82,951  82,806  82,894  81,144  79,886  3,065  3.8  %

Borrowings:

Borrowings of consolidated securitization entities 8,915  8,916  8,915  8,415  7,666  1,249  16.3  %

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

Total borrowings 17,025  16,432  16,428  15,182  14,431  2,594  18.0  %

Accrued expenses and other liabilities 5,943  5,795  5,702  6,003  5,602  341  6.1  %

Total liabilities 105,919  105,033  105,024  102,329  99,919  6,000  6.0  %

Equity:

Preferred stock 1,716  1,716  1,222  1,222  1,222  494  40.4  %

Common stock 1  1  1  1  1  —  —  %

Additional paid-in capital 9,912  9,876  9,844  9,902  9,866  46  0.5  %

Retained earnings 26,720  25,968  25,210  24,598  23,978  2,742  11.4  %

Accumulated other comprehensive income (loss) (98) (71) (56) (48) (46) (52) 113.0  %

Treasury stock (21,701) (20,593) (19,744) (18,909) (17,956) (3,745) 20.9  %

Total equity 16,550  16,897  16,477  16,766  17,065  (515) (3.0) %

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

(1) Beginning at June 30, 2026, internal-use capitalized software, net of accumulated amortization, is presented as a component of Other assets on our Consolidated Statement of Financial Position. Reclassifications of prior period amounts previously classified as Intangible assets have been made to conform with the current presentation. Prior period amounts subject to reclassification were $1.1 billion, $1.2 billion, and $845 million, net of accumulated amortization, at March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

4

SYNCHRONY FINANCIAL

AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN

(unaudited, $ in millions)

Quarter Ended

Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025

Interest Average Interest Average Interest Average Interest Average Interest Average

Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/

Balance Expense

Rate(1)

Balance Expense

Rate(1)

Balance Expense

Rate(1)

Balance Expense

Rate(1)

Balance Expense

Rate(1)

Assets

Interest-earning assets:

Interest-earning cash and equivalents $ 16,423  $ 154  3.72  % $ 18,067  $ 167  3.71  % $ 17,992  $ 163  3.67  % $ 15,679  $ 158  4.00  % $ 17,131  $ 187  4.33  %

Securities available for sale 4,381  43  3.89  % 3,775  36  3.83  % 2,595  27  4.22  % 2,635  28  4.22  % 2,872  34  4.70  %

Loan receivables, including held for sale:

Credit cards 94,337  5,305  22.31  % 92,690  5,092  22.03  % 93,290  5,152  22.40  % 93,389  5,297  22.50  % 92,176  5,255  22.62  %

Consumer installment loans 5,178  178  13.64  % 5,288  187  14.18  % 5,465  188  13.95  % 5,548  198  14.16  % 5,618  208  14.69  %

Commercial credit products 2,697  107  15.74  % 2,646  100  15.16  % 1,857  72  15.72  % 1,962  52  10.52  % 2,006  46  9.10  %

Other 66  1  6.01  % 78  1  5.14  % 81  1  5.01  % 83  1  4.78  % 85  1  4.67  %

Total loan receivables, including held for sale 102,278  5,591  21.69  % 100,702  5,380  21.43  % 100,693  5,413  21.80  % 100,982  5,548  21.80  % 99,885  5,510  21.89  %

Total interest-earning assets 123,082  5,788  18.66  % 122,544  5,583  18.27  % 121,280  5,603  18.74  % 119,296  5,734  19.07  % 119,888  5,731  18.97  %

Non-interest-earning assets:

Cash and due from banks 934  945  976  864  892

Allowance for credit losses (10,315) (10,428) (10,431) (10,391) (10,536)

Other assets 8,245  8,209  8,223  8,131  7,913

Total non-interest-earning assets (1,136) (1,274) (1,232) (1,396) (1,731)

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

Liabilities

Interest-bearing liabilities:

Interest-bearing deposit accounts $ 82,409  $ 767  3.69  % $ 82,279  $ 767  3.74  % $ 81,704  $ 770  3.82  % $ 80,117  $ 781  3.87  % $ 80,442  $ 812  4.00  %

Borrowings of consolidated securitization entities 8,611  106  4.88  % 8,915  111  4.99  % 8,482  106  5.07  % 8,032  104  5.14  % 7,768  105  5.36  %

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

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

Non-interest-bearing liabilities

Non-interest-bearing deposit accounts 437  419  414  382  410

Other liabilities 5,735  5,540  5,621  5,667  5,287

Total non-interest-bearing liabilities 6,172  5,959  6,035  6,049  5,697

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

Equity

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

Total liabilities and equity $ 121,946  $ 121,270  $ 120,048  $ 117,900  $ 118,157

Net interest income $ 4,809  $ 4,608  $ 4,635  $ 4,761  $ 4,720

Interest rate spread(2)

14.73  % 14.31  % 14.70  % 15.00  % 14.76  %

Net interest margin(3)

15.50  % 15.08  % 15.50  % 15.83  % 15.62  %

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

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

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

5

SYNCHRONY FINANCIAL

AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN

(unaudited, $ in millions)

Nine Months Ended

Sep 30, 2026 Nine Months Ended

Sep 30, 2025

Interest Average Interest Average

Average Income/ Yield/ Average Income/ Yield/

Balance Expense

Rate(1)

Balance Expense

Rate(1)

Assets

Interest-earning assets:

Interest-earning cash and equivalents $ 17,489  $ 484  3.70  % $ 18,785  $ 618  4.40  %

Securities available for sale 3,590  106  3.95  % 2,958  99  4.47  %

Loan receivables, including held for sale:

Credit cards 93,443  15,549  22.25  % 92,287  15,386  22.29  %

Consumer installment loans 5,309  553  13.93  % 5,714  626  14.65  %

Commercial credit products 2,403  279  15.52  % 1,944  134  9.22  %

Other 75  3  5.35  % 98  4  5.46  %

Total loan receivables, including held for sale 101,230  16,384  21.64  % 100,043  16,150  21.58  %

Total interest-earning assets 122,309  16,974  18.55  % 121,786  16,867  18.52  %

Non-interest-earning assets:

Cash and due from banks 951  876

Allowance for credit losses (10,391) (10,755)

Other assets 8,226  7,782

Total non-interest-earning assets (1,214) (2,097)

Total assets $ 121,095  $ 119,689

Liabilities

Interest-bearing liabilities:

Interest-bearing deposit accounts $ 82,133  $ 2,304  3.75  % $ 81,601  $ 2,549  4.18  %

Borrowings of consolidated securitization entities 8,670  323  4.98  % 7,960  313  5.26  %

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

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

Non-interest-bearing liabilities

Non-interest-bearing deposit accounts 424  413

Other liabilities 5,632  5,109

Total non-interest-bearing liabilities 6,056  5,522

Total liabilities 104,365  102,857

Equity

Total equity 16,730  16,832

Total liabilities and equity $ 121,095  $ 119,689

Net interest income $ 14,052  $ 13,705

Interest rate spread(2)

14.58  % 14.17  %

Net interest margin(3)

15.36  % 15.05  %

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

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

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

6

SYNCHRONY FINANCIAL

BALANCE SHEET STATISTICS

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

Quarter Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Sep 30, 2026 vs.

Sep 30, 2025

BALANCE SHEET STATISTICS

Total common equity $ 14,834  $ 15,181  $ 15,255  $ 15,544  $ 15,843  $ (1,009) (6.4) %

Total common equity as a % of total assets 12.11  % 12.45  % 12.56  % 13.05  % 13.54  % (1.43) %

Tangible assets(1)

$ 120,959  $ 120,415  $ 120,038  $ 117,628  $ 115,646  $ 5,313  4.6  %

Tangible common equity(1)(2)

$ 13,324  $ 13,666  $ 13,792  $ 14,077  $ 14,505  $ (1,181) (8.1) %

Tangible common equity as a % of tangible assets(1)(2)

11.02  % 11.35  % 11.49  % 11.97  % 12.54  % (1.52) %

Tangible book value per share(1)(3)

$ 42.79  $ 42.01  $ 40.95  $ 40.52  $ 40.28  $ 2.51  6.2  %

REGULATORY CAPITAL RATIOS(1)(4)

Basel III

Total risk-based capital ratio(5)

16.5  % 16.9  % 16.9  % 16.7  % 17.6  %

Tier 1 risk-based capital ratio(6)

14.5  % 14.9  % 14.8  % 14.6  % 15.5  %

Tier 1 leverage ratio(7)

12.7  % 13.0  % 12.8  % 13.3  % 13.6  %

Common equity Tier 1 capital ratio 12.9  % 13.2  % 13.6  % 13.5  % 14.3  %

(1) Amounts and ratios prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.

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

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

(4) Regulatory capital ratios at September 30, 2026 are preliminary and therefore subject to change.

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

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

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

7

SYNCHRONY FINANCIAL

PLATFORM RESULTS

(unaudited, unrounded, $ in millions)

Quarter Ended Nine Months Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 3Q'26 vs. 3Q'25 Sep 30,

2026 Sep 30,

2025 YTD'26 vs. YTD'25

HOME & AUTO

Purchase volume(1)

$ 12,065  $ 12,120  $ 9,443  $ 10,381  $ 11,061  $ 1,004  9.1  % $ 33,628  $ 31,966  $ 1,662  5.2  %

Period-end loan receivables $ 30,889  $ 30,351  $ 29,136  $ 30,106  $ 30,295  $ 594  2.0  % $ 30,889  $ 30,295  $ 594  2.0  %

Average loan receivables, including held for sale $ 30,507  $ 29,868  $ 29,367  $ 30,055  $ 30,260  $ 247  0.8  % $ 29,918  $ 30,400  $ (482) (1.6) %

Average active accounts (in thousands)(2)

17,345  17,383  16,847  17,370  17,749  (404) (2.3) % 17,201  17,831  (630) (3.5) %

Interest and fees on loans $ 1,454  $ 1,394  $ 1,379  $ 1,444  $ 1,443  $ 11  0.8  % $ 4,227  $ 4,240  $ (13) (0.3) %

Other income $ 67  $ 63  $ 55  $ 52  $ 54  $ 13  24.1  % $ 185  $ 162  $ 23  14.2  %

DIGITAL

Purchase volume(1)

$ 14,716  $ 14,897  $ 13,499  $ 16,206  $ 14,044  $ 672  4.8  % $ 43,112  $ 40,170  $ 2,942  7.3  %

Period-end loan receivables $ 29,062  $ 29,011  $ 28,733  $ 30,057  $ 28,179  $ 883  3.1  % $ 29,062  $ 28,179  $ 883  3.1  %

Average loan receivables, including held for sale $ 28,827  $ 28,538  $ 29,024  $ 28,676  $ 27,880  $ 947  3.4  % $ 28,796  $ 27,888  $ 908  3.3  %

Average active accounts (in thousands)(2)

20,354  20,662  21,268  21,352  20,680  (326) (1.6) % 20,774  20,627  147  0.7  %

Interest and fees on loans $ 1,654  $ 1,604  $ 1,632  $ 1,663  $ 1,631  $ 23  1.4  % $ 4,890  $ 4,751  $ 139  2.9  %

Other income $ (3) $ (5) $ 9  $ (6) $ (2) $ (1) 50.0  % $ 1  $ 7  $ (6) (85.7) %

DIVERSIFIED & VALUE

Purchase volume(1)

$ 17,394  $ 17,200  $ 14,926  $ 17,462  $ 15,417  $ 1,977  12.8  % $ 49,520  $ 44,542  $ 4,978  11.2  %

Period-end loan receivables $ 21,150  $ 20,770  $ 20,269  $ 21,236  $ 19,500  $ 1,650  8.5  % $ 21,150  $ 19,500  $ 1,650  8.5  %

Average loan receivables, including held for sale $ 20,831  $ 20,348  $ 20,229  $ 19,978  $ 19,440  $ 1,391  7.2  % $ 20,472  $ 19,482  $ 990  5.1  %

Average active accounts (in thousands)(2)

20,387  20,160  20,416  20,170  19,470  917  4.7  % 20,358  19,735  623  3.2  %

Interest and fees on loans $ 1,238  $ 1,177  $ 1,195  $ 1,200  $ 1,192  $ 46  3.9  % $ 3,610  $ 3,529  $ 81  2.3  %

Other income $ (58) $ (51) $ (18) $ (13) $ (3) $ (55) NM $ (127) $ (6) $ (121) NM

HEALTH & WELLNESS

Purchase volume(1)

$ 4,082  $ 4,092  $ 3,871  $ 3,897  $ 3,976  $ 106  2.7  % $ 12,045  $ 11,757  $ 288  2.4  %

Period-end loan receivables $ 15,563  $ 15,390  $ 15,309  $ 15,545  $ 15,447  $ 116  0.8  % $ 15,563  $ 15,447  $ 116  0.8  %

Average loan receivables, including held for sale $ 15,439  $ 15,296  $ 15,373  $ 15,499  $ 15,347  $ 92  0.6  % $ 15,370  $ 15,281  $ 89  0.6  %

Average active accounts (in thousands)(2)

7,593  7,580  7,680  7,770  7,730  (137) (1.8) % 7,624  7,743  (119) (1.5) %

Interest and fees on loans $ 982  $ 948  $ 948  $ 979  $ 967  $ 15  1.6  % $ 2,878  $ 2,804  $ 74  2.6  %

Other income $ 85  $ 82  $ 80  $ 79  $ 73  $ 12  16.4  % $ 247  $ 214  $ 33  15.4  %

LIFESTYLE

Purchase volume(1)

$ 1,450  $ 1,518  $ 1,245  $ 1,522  $ 1,371  $ 79  5.8  % $ 4,213  $ 3,971  $ 242  6.1  %

Period-end loan receivables $ 6,601  $ 6,613  $ 6,548  $ 6,771  $ 6,644  $ (43) (0.6) % $ 6,601  $ 6,644  $ (43) (0.6) %

Average loan receivables, including held for sale $ 6,595  $ 6,561  $ 6,607  $ 6,657  $ 6,652  $ (57) (0.9) % $ 6,588  $ 6,671  $ (83) (1.2) %

Average active accounts (in thousands)(2)

2,585  2,539  2,584  2,589  2,543  42  1.7  % 2,576  2,583  (7) (0.3) %

Interest and fees on loans $ 264  $ 256  $ 258  $ 265  $ 264  $ —  —  % $ 778  $ 786  $ (8) (1.0) %

Other income $ 13  $ 12  $ 11  $ 11  $ 11  $ 2  18.2  % $ 36  $ 30  $ 6  20.0  %

CORP, OTHER(3)

Purchase volume(1)

$ —  $ —  $ —  $ 8  $ 136  $ (136) (100.0) % $ —  $ 403  $ (403) (100.0) %

Period-end loan receivables $ 81  $ 73  $ 90  $ 93  $ 113  $ (32) (28.3) % $ 81  $ 113  $ (32) (28.3) %

Average loan receivables, including held for sale $ 79  $ 91  $ 93  $ 117  $ 306  $ (227) (74.2) % $ 86  $ 321  $ (235) (73.2) %

Average active accounts (in thousands)(2)

15  17  20  53  146  (131) (89.7) % 17  157  (140) (89.2) %

Interest and fees on loans $ (1) $ 1  $ 1  $ (3) $ 13  $ (14) (107.7) % $ 1  $ 40  $ (39) (97.5) %

Other income $ 1  $ 36  $ (4) $ 3  $ (6) $ 7  (116.7) % $ 33  $ (13) $ 46  NM

TOTAL SYF(3)

Purchase volume(1)

$ 49,707  $ 49,827  $ 42,984  $ 49,476  $ 46,005  $ 3,702  8.0  % $ 142,518  $ 132,809  $ 9,709  7.3  %

Period-end loan receivables $ 103,346  $ 102,208  $ 100,085  $ 103,808  $ 100,178  $ 3,168  3.2  % $ 103,346  $ 100,178  $ 3,168  3.2  %

Average loan receivables, including held for sale $ 102,278  $ 100,702  $ 100,693  $ 100,982  $ 99,885  $ 2,393  2.4  % $ 101,230  $ 100,043  $ 1,187  1.2  %

Average active accounts (in thousands)(2)

68,279  68,341  68,815  69,304  68,318  (39) (0.1) % 68,550  68,676  (126) (0.2) %

Interest and fees on loans $ 5,591  $ 5,380  $ 5,413  $ 5,548  $ 5,510  $ 81  1.5  % $ 16,384  $ 16,150  $ 234  1.4  %

Other income $ 105  $ 137  $ 133  $ 126  $ 127  $ (22) (17.3) % $ 375  $ 394  $ (19) (4.8) %

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

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

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

8

SYNCHRONY FINANCIAL

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

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

Quarter Ended

Sep 30,

2026 Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025

COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)

GAAP Total equity $ 16,550  $ 16,897  $ 16,477  $ 16,766  $ 17,065

Less: Preferred stock (1,716) (1,716) (1,222) (1,222) (1,222)

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

Less: Intangible assets, net (147) (152) (100) (104) (64)

Tangible common equity $ 13,324  $ 13,666  $ 13,792  $ 14,077  $ 14,505

Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss) 260  234  223  213  207

Common equity Tier 1 $ 13,584  $ 13,900  $ 14,015  $ 14,290  $ 14,712

Preferred stock 1,716  1,716  1,222  1,222  1,222

Tier 1 capital $ 15,300  $ 15,616  $ 15,237  $ 15,512  $ 15,934

Add: Subordinated debt 743  743  742  742  742

Add: Allowance for credit losses includible in risk-based capital 1,433  1,423  1,401  1,437  1,396

Total Risk-based capital $ 17,476  $ 17,782  $ 17,380  $ 17,691  $ 18,072

ASSET MEASURES(2)

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

Adjustments for:

Less: Disallowed goodwill and other disallowed intangible assets

(net of related deferred tax liabilities) and other (1,256) (1,275) (1,238) (1,242) (1,115)

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

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

TIER 1 CAPITAL + RESERVES RATIO(2)

Tier 1 capital $ 15,300  $ 15,616  $ 15,237  $ 15,512  $ 15,934

Add: Allowance for credit losses 10,341  10,312  10,428  10,442  10,373

Tier 1 capital + Reserves for credit losses $ 25,641  $ 25,928  $ 25,665  $ 25,954  $ 26,307

TANGIBLE BOOK VALUE PER SHARE(2)

Book value per share $ 47.64  $ 46.67  $ 45.29  $ 44.74  $ 44.00

Less: Goodwill (4.38) (4.19) (4.04) (3.92) (3.55)

Less: Intangible assets, net (0.47) (0.47) (0.30) (0.30) (0.17)

Tangible book value per share $ 42.79  $ 42.01  $ 40.95  $ 40.52  $ 40.28

(1) Regulatory measures at September 30, 2026 are preliminary and therefore subject to change.

(2) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See Statements of Financial Position for additional information.

9

EX-99.3

EX-99.3

Filename: a3q26earningspresentatio.htm · Sequence: 4

a3q26earningspresentatio

October 20, 2026 THIRD QUARTER 2026 FINANCIAL RESULTS Exhibit 99.3

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 third quarter of 2026 compared to the third 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 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. 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) See Venmo Credit Card Rewards Program Terms. Use of cash back is subject to the terms of the Venmo User Agreement. Split transaction must be completed within 30 days of the purchase. (2) Customer engagement metrics at or for the quarter ended September 30, 2026. (3) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (4) Metrics are exclusive to SYF revolving credit products. (5) Excludes accounts where generational data is not available. Delivering consistent execution through environments Customer engagement2 68mm average active accounts $50bn purchase volume $103bn loan receivables3 Broad based spend and utility4 Gen Z Millennials Gen X Baby Boomers+ 4Q'25 1Q'26 2Q'26 Super Prime Prime Non Prime YoY total Purchase volume % growth Generations5 Credit Cohorts 3Q'26 4Q'25 1Q'26 2Q'26 3Q'26 Business highlights Introduced CareCredit Pay Later, expanding consumer payment choice through simplified offer comparison and enhanced digital capabilities Refreshed the Venmo Credit Card value proposition, with an industry first rewards proposition that offers increased cash back1 on social spending 6% 8% 8% 3%

4 Net interest margin 15.50% PY: 15.62% Net charge-offs 4.79% PY: 5.16% Efficiency ratio 35.9% PY: 32.6% Diluted earnings per share $2.68 PY: $2.86 Return on assets 2.9% PY: 3.6% Third quarter in review Growth (1) Represents in-and out-of-partner activity for co-branded cards which includes consumer and commercial Dual Card and consumer general purpose co-branded 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 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 the financial supplement for additional information. (5) Amounts at September 30, 2026 are preliminary and therefore subject to change. (6) This is a non-GAAP measure. See Non-GAAP reconciliation in appendix. Results Capital & Shareholder Value Loan receivables2 +3% Co-Branded cards1: $37.5bn, +22% Book value per share Tangible book value per share4,6 Average active accounts3 —% Common Equity Tier 1 (CET1) capital ratio4,5 Capital returned Purchase volume +8% Co-Branded cards1: $26.4bn, +23%

5 (1) Percentages calculated from amounts presented in millions in the financial supplement. Financial results Results ($mm, except per share statistics) By Platform ($bn) 3Q'26 3Q'25 B / (W) Interest income $5,788 $5,731 1% Interest expense 979 1,011 3% Net interest income 4,809 4,720 2% Retailer share arrangements (RSA) (1,096) (1,024) (7)% Provision for credit losses 1,266 1,146 (10)% Other income 105 127 (17)% Other expense 1,371 1,248 (10)% Pre-tax earnings 1,181 1,429 (17)% Provision for income taxes 289 352 18% Net earnings 892 1,077 (17)% Preferred dividends 28 20 (40)% Net earnings available to common stockholders $864 $1,057 (18)% Diluted earnings per share $2.68 $2.86 (6)% 3Q'26 3Q'25 B / (W)1 Home & Auto Loan receivables $30.9 $30.3 2% Purchase volume $12.1 $11.1 9% Interest and fees on loans $1.5 $1.4 1% Digital Loan receivables $29.1 $28.2 3% Purchase volume $14.7 $14.0 5% Interest and fees on loans $1.7 $1.6 1% Diversified & Value Loan receivables $21.2 $19.5 8% Purchase volume $17.4 $15.4 13% Interest and fees on loans $1.2 $1.2 4% Health & Wellness Loan receivables $15.6 $15.4 1% Purchase volume $4.1 $4.0 3% Interest and fees on loans $1.0 $1.0 2% Lifestyle Loan receivables $6.6 $6.6 (1)% Purchase volume $1.5 $1.4 6% Interest and fees on loans $0.3 $0.3 —%

6 3Q'25 3Q'26 B / (W) Net int. income $4,720 $4,809 2% Key financial trends Net interest income ($mm) Highlights (11)% +1% +3% 3Q'25 Net interest margin 15.62% Interest-bearing liabilities cost +0.19% Loan receivables yield (0.16)% Liquidity portfolio yield (0.10)% Mix of Interest-earning assets (0.05)% 3Q'26 Net interest margin 15.50% Net interest margin • Net interest income increased 2%, or $89 million • Interest and fees increased 1%, or $81 million primarily driven by growth in average loan receivables • Lower benchmark rates primarily drove reductions in interest expense by 3% or $32 million and a reduction in investment income by 11% or $24 million • Net interest margin of 15.50% decreased 12bps • Reflects lower interest-bearing liabilities cost, offset by lower loan receivables yield and lower liquidity portfolio yield • Loan receivables yield decreased primarily reflecting lower late fee incidence due to improved credit performance • Retailer share arrangements increased $72 million and were 4.3% of average loan receivables primarily reflecting program performance • Payment rate1 of 16.9% up approximately 60bps vs. 3Q'25 and up approximately 180bps vs. pre-pandemic 5-year historical average ('15-'19)2 • Primarily reflects impacts of new portfolios seasoning, shifts in portfolio/product mix, and the impact of our previous credit actions (1) Customer payments received during the period divided by beginning of period loan receivables, including Loan receivables held for sale. (2) Excludes portfolios sold in 2019 and 2022. Investment income Interest & fees Interest expense

7 (1) Other expense divided by sum of Net interest income, plus Other income, less Retailer share arrangements. 3Q'25 3Q'26 B / (W) Other expense $1,248 $1,371 (10)% Other expense Marketing and business dev Professional fees Results ($mm) Highlights Employee costs +3% (14)% (1)% (15)% Other Efficiency ratio1 (47)% • Other expense increased 10%, or $123 million – Increase primarily driven by higher operational losses, technology investments and marketing expenses • Other increase primarily attributable to higher operational losses • Information processing increase driven by costs related to technology investments • Marketing and business development increase driven primarily by higher marketing expenses • Efficiency ratio 35.9% vs. 32.6% prior year Information processing

8 • Provision for credit losses increased 10%, or $120 million, 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 (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

9 3Q'25 CET1% 14.3% Net earnings +3.3% Share repurchases (3.8)% Common and preferred dividends (0.5)% Risk-weighted asset changes (0.4)% Other activity, net 0.0% 3Q'26 CET1% 12.9% Funding, capital and liquidity Funding and liquidity ($bn) Common Equity Tier 1 (CET1) ratio2 (1) Amounts at September 30, 2026 are preliminary and therefore subject to change. (2) Amounts prior to June 30, 2026 have been recast to reflect the change in presentation of internal-use capitalized software on our Statements of Financial Position. See the financial supplement for additional information. (3) 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 ratios1,2 CET1 capital ratio Tier 1 capital ratio Total capital ratio Tier 1 capital + credit loss reserve ratio3 Liquid assets $18.2 $19.5 % of total assets 15.6% 15.9% 3Q'25 3Q'26 % total Total funding $94.3 $100.0 100%

10 Updated Full Year 2026 Outlook (comments and trends in comparison to 2025, except where noted) Full Year 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 PPPCs1 Mid-single digit Ending loan receivables growth ~$9.50 FY’26 EPS • Strong purchase volume growth expected to continue • Payment rate expected to remain elevated • 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 should follow normal seasonality patterns • RSA / Average loan receivables increasing, reflecting program performance; expected to stay within target 4.0% - 4.5% range • Other expense dollars in 4Q'26 expected to generally be in line with 3Q'26 Mid-single digit Ending loan receivables growth ~$9.50 Earnings per diluted share <5.5% Net charge-off rate (1) Product, Pricing, and Policy Changes (or "PPPCs").

12 The following table sets forth transaction related activity and other notable items incurred during 3Q'26 and 3Q'25. Transaction related activity and other notable items - 3Q $ in millions Quarter Ended September 30 2026 2025 Transaction related activity Provision for credit losses: Loan portfolio acquisition $— $45 Total $— $45 Site strategy-related actions Other income: Gain (loss) on sale of assets $(2) $— Total $(2) $— Other expense: Restructuring costs $3 $— Total $3 $—

13 The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. Non-GAAP reconciliation1 3Q'26 2Q'26 1Q'26 4Q'25 3Q'25 Tangible common equity: 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 Tangible book value per share: 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 $ in millions, except per share data (1) 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 the financial supplement for additional information.

14 $ in millions Non-GAAP reconciliation (continued)1 At September 30 2026 2025 Tier 1 Capital $15,300 $15,934 Add: Allowance for credit losses 10,341 10,373 Tier 1 capital plus Reserves for credit losses $25,641 $26,307 Risk-weighted assets $105,704 $102,630 The following table sets forth the components of our Tier 1 Capital + Reserves ratio for the periods indicated below. 2 (1) 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 the financial supplement for additional information. (2) Amounts at September 30, 2026 are preliminary and therefore subject to change.

EX-99.4

EX-99.4

Filename: non-gaapmeasures3q26.htm · Sequence: 5

Document

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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v3.26.3

8-K Cover Page

Oct. 20, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Oct. 20, 2026

Entity Registrant Name

SYNCHRONY FINANCIAL

Entity Incorporation, State or Country Code

DE

Entity File Number

001-36560

Entity Tax Identification Number

51-0483352

Entity Address, Address Line One

777 Long Ridge Road

Entity Address, City or Town

Stamford,

Entity Address, State or Province

CT

Entity Address, Postal Zip Code

06902

City Area Code

203

Local Phone Number

585-2400

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Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common stock, par value $0.001 per share

Trading Symbol

SYF

Security Exchange Name

NYSE

Series A Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

Trading Symbol

SYFPrA

Security Exchange Name

NYSE

Series B Preferred Stock

Entity Information [Line Items]

Title of 12(b) Security

Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B

Trading Symbol

SYFPrB

Security Exchange Name

NYSE

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