Form 8-K

8-K — Synchrony Financial

Accession: 0001601712-26-000030

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0001601712

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — syf-20260721.htm (Primary)

EX-99.1 (earningsrelease2q26.htm)

EX-99.2 (financialtables2q26.htm)

EX-99.3 (a2q26earningspresentatio.htm)

EX-99.4 (non-gaapmeasures2q26.htm)

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8-K

8-K (Primary)

Filename: syf-20260721.htm · Sequence: 1

syf-20260721

0001601712false00016017122026-07-212026-07-210001601712us-gaap:CommonStockMember2026-07-212026-07-210001601712us-gaap:SeriesAPreferredStockMember2026-07-212026-07-210001601712us-gaap:SeriesBPreferredStockMember2026-07-212026-07-21

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

July 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 July 21, 2026, Synchrony Financial (the “Company”) issued a press release setting forth the Company’s second 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 July 21, 2026, issued by Synchrony Financial

99.2

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

99.3

Financial Results Presentation of the Company for the quarter ended June 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: July 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: earningsrelease2q26.htm · Sequence: 2

Document

Exhibit 99.1

For Immediate Release

Synchrony Financial (NYSE: SYF)

July 21, 2026

Second Quarter 2026 Results and Key Metrics

STAMFORD, Conn - Synchrony Financial (NYSE: SYF) today announced second quarter 2026 net earnings of $885 million, or $2.59 per diluted share, compared to $967 million, or $2.50 per diluted share in the second quarter 2025.

CEO Commentary

“Synchrony's second quarter performance reflected clear momentum across our core business drivers,” said Brian Doubles, Synchrony’s President and Chief Executive Officer. “Customer engagement remained strong as new accounts continued to grow, average active accounts inflected back to growth, and higher spend per account across each of our five sales platforms drove all-time high purchase volume for our business.”

“Within our portfolio, spend was particularly strong for our value-oriented partners and for those with broad, diversified offerings. Meanwhile, out-of-partner discretionary spend on our consumer co-branded products grew by double-digits, which was in line with non-discretionary growth despite the impact of elevated fuel prices and driven by categories like entertainment, retail and electronics.”

“These results are a testament to the enduring demand for the products and services we finance and the strength of our differentiated business model. Looking ahead, we will maintain our credit discipline, execute across our strategic initiatives and continue investing in our long-term growth opportunities. This will further enhance Synchrony’s ability to deliver everyday value and utility for millions of consumers, while driving loyalty and sales for hundreds of thousands of small and mid-sized businesses and providers nationwide.”

2.9%

13.2%

$950M

$102.2B

Return on Assets CET1 Ratio Capital Returned Loan Receivables

Key Operating and Financial Metrics*

•Purchase volume increased 8% to $49.8 billion

•Loan receivables increased 2% to $102.2 billion

•Average active accounts were flat at 68.3 million

•Net interest margin increased 30 basis points to 15.08%

•Efficiency ratio increased 170 basis points to 35.8%

•Return on assets decreased 30 basis points to 2.9%

•Return on equity decreased 170 basis points to 21.4%

•Return on tangible common equity** decreased 150 basis points to 25.2%

•Book value per share increased 10% to $46.67

•Tangible book value per share** increased 8% to $42.01

CFO Commentary

“Synchrony delivered strong second quarter results, highlighted by record purchase volume, accelerated growth in ending loan receivables despite elevated payment behavior, and continued strength in credit,” said Brian Wenzel, Synchrony’s Executive Vice President and Chief Financial Officer.

“Our consistent credit discipline drove lower delinquency and Net charge-offs below our target range. While this prudent posture contributed to moderation in interest and fees, our continued reduction of funding costs supported solid Net interest income growth, and the improvement in program performance was shared through the RSA.”

“We are confident in our path forward as we execute on our strategic imperatives. We remain focused on enhancing our resilient foundation and generating strong profitability to drive intrinsic value over both the short- and long-term, while also returning significant capital to shareholders.”

Business Highlights

•Added or renewed more than 15 partners in the quarter, including Suzuki Motor, Amerivet and Roto-Rooter.

•Renewed relationship with Suzuki Motor, building on our 17-year partnership delivering secured installment financing solutions.

•Extended partnership with AmeriVet, positioning CareCredit as their exclusive financing partner supported by a seamless, single-application waterfall solution.

•Renewed our multi-year agreement with Roto-Rooter Plumbing & Water Cleanup.

•Completed the acquisition of, and launched, the MyLowe's Pro Rewards American Express® Card, extending Pro purchasing power and rewards earning potential beyond Lowe's.

•Refreshed the DICK’S Sporting Goods credit card program, featuring a new everyday 10% back in rewards on qualifying DICK'S purchases.

Financial Highlights

•Interest and fees on loans increased $52 million, or 1% to $5.4 billion, primarily driven by growth in average loan receivables.

•Net interest income increased $87 million, or 2%, to $4.6 billion, primarily driven by lower interest-bearing liabilities cost associated with lower benchmark rates, partially offset by lower liquidity portfolio and loan receivables yields.

•Retailer share arrangements increased $35 million, or 4%, to $1.0 billion, reflecting program performance and higher purchase volume.

•Provision for credit losses increased $55 million, or 5%, to $1.2 billion, primarily driven by a reserve release of $163 million versus a $265 million release in the prior year, partially offset by lower net charge-offs of $47 million.

•Other income increased $19 million, or 16%, to $137 million, partially driven by a $30 million Visa B-2 share exchange gain partially offset by higher loyalty costs.

•Other expense increased $86 million, or 7%, to $1.3 billion, primarily driven by higher operational losses and costs related to technology investments.

•Net earnings decreased $82 million, or 8%, to $885 million.

Credit Quality

•Loans 30+ days past due as a percentage of total period-end loan receivables were 4.16% compared to 4.18% in the prior year, a decrease of 2 basis points.

•Loans 90+ days past due as a percentage of total period-end loan receivables were 2.01% compared to 2.06% in the prior year, a decrease of 5 basis points.

•Net charge-offs as a percentage of total average loan receivables were 5.43% compared to 5.70% in the prior year, a decrease of 27 basis points.

•The allowance for credit losses as a percentage of total period-end loan receivables was 10.09%, compared to 10.42% in the first quarter of 2026 and 10.59% in the second quarter of 2025.

Sales Platform Highlights

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

•Home & Auto purchase volume increased 6%, reflecting the performance of new programs.

•Digital purchase volume increased 9%, primarily reflecting strong performance across partners with broad diversified offerings and highly engaged customer bases.

•Diversified & Value purchase volume increased 12%, primarily reflecting the impact of partner expansion and higher gas sales.

•Health & Wellness purchase volume increased 2%, primarily reflecting growth in Pet, partially offset by lower spend in Cosmetic.

•Lifestyle purchase volume increased 6%, primarily reflecting the performance of new programs and higher spend in Other Apparel and Goods and Luxury, partially offset by lower spend in Outdoors.

Balance Sheet, Liquidity, & Capital

•Loan receivables of $102.2 billion increased 2% ; purchase volume increased 8% and average active accounts were flat.

•Deposits increased 1% or $0.5 billion to $82.8 billion and comprised 83% of funding.

•Total liquid assets were $19.8 billion, or 16.2% of total assets.

•The Company issued $500 million of preferred stock with a final dividend of 7.25%, reflecting a 100 basis point improvement from our previous resettable preferred deal that was priced in February 2024.

•The Company returned $950 million in capital to shareholders, including $850 million of share repurchases and $100 million of common stock dividends. As of June 30, 2026, the Company had a total remaining repurchase authorization of $5.7 billion.

•The estimated Common Equity Tier 1 ratio was 13.2% compared to 14.2%***, and the estimated Tier 1 Capital ratio was 14.9% compared to 15.4%*** in the prior year.

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

*** 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.

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 June 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, July 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 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: financialtables2q26.htm · Sequence: 3

Document

Exhibit 99.2

SYNCHRONY FINANCIAL

FINANCIAL SUMMARY

(unaudited, in millions, except per share statistics)

Quarter Ended Six Months Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 2Q'26 vs. 2Q'25 Jun 30,

2026 Jun 30,

2025 YTD'26 vs. YTD'25

EARNINGS

Net interest income $ 4,608  $ 4,635  $ 4,761  $ 4,720  $ 4,521  $ 87  1.9  % $ 9,243    $ 8,985  $ 258  2.9  %

Retailer share arrangements (1,027) (1,070) (1,094) (1,024) (992) (35) 3.5  % (2,097) (1,887) (210) 11.1  %

Provision for credit losses 1,201  1,335  1,442  1,146  1,146  55  4.8  % 2,536  2,637  (101) (3.8) %

Net interest income, after retailer share arrangements and provision for credit losses 2,380  2,230  2,225  2,550  2,383  (3) (0.1) % 4,610  4,461  149  3.3  %

Other income 137  133  126  127  118  19  16.1  % 270  267  3  1.1  %

Other expense 1,331  1,316  1,399  1,248  1,245  86  6.9  % 2,647  2,488  159  6.4  %

Earnings before provision for income taxes 1,186  1,047  952  1,429  1,256  (70) (5.6) % 2,233  2,240  (7) (0.3) %

Provision for income taxes 301  242  201  352  289  12  4.2  % 543  516  27  5.2  %

Net earnings $ 885  $ 805  $ 751  $ 1,077  $ 967  $ (82) (8.5) % $ 1,690  $ 1,724  $ (34) (2.0) %

Net earnings available to common stockholders $ 864  $ 784  $ 730  $ 1,057  $ 946  $ (82) (8.7) % $ 1,648  $ 1,682  $ (34) (2.0) %

COMMON SHARE STATISTICS

Basic EPS $ 2.61  $ 2.29  $ 2.07  $ 2.89  $ 2.51  $ 0.10  4.0  % $ 4.89  $ 4.42  $ 0.47  10.6  %

Diluted EPS $ 2.59  $ 2.27  $ 2.04  $ 2.86  $ 2.50  $ 0.09  3.6  % $ 4.85  $ 4.38  $ 0.47  10.7  %

Dividend declared per share $ 0.30  $ 0.30  $ 0.30  $ 0.30  $ 0.30  $ —  —  % $ 0.60  $ 0.55  $ 0.05  9.1  %

Common stock price $ 76.05  $ 68.02  $ 83.43  $ 71.05  $ 66.74  $ 9.31  13.9  % $ 76.05  $ 66.74  $ 9.31  13.9  %

Book value per share $ 46.67  $ 45.29  $ 44.74  $ 44.00  $ 42.30  $ 4.37  10.3  % $ 46.67  $ 42.30  $ 4.37  10.3  %

Tangible book value per share(1)(2)

$ 42.01  $ 40.95  $ 40.52  $ 40.28  $ 38.72  $ 3.29  8.5  % $ 42.01  $ 38.72  $ 3.29  8.5  %

Beginning common shares outstanding 336.8  347.4  360.1  371.9  380.5  (43.7) (11.5) % 347.4  388.3  (40.9) (10.5) %

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

Stock-based compensation 0.2  1.9  0.3  0.3  0.2  —  —  % 2.1  2.2  (0.1) (4.5) %

Shares repurchased (11.7) (12.5) (13.0) (12.1) (8.8) (2.9) 33.0  % (24.2) (18.6) (5.6) 30.1  %

Ending common shares outstanding 325.3  336.8  347.4  360.1  371.9  (46.6) (12.5) % 325.3  371.9  (46.6) (12.5) %

Weighted average common shares outstanding 331.3  342.4  352.7  365.9  376.2  (44.9) (11.9) % 336.8  380.7  (43.9) (11.5) %

Weighted average common shares outstanding (fully diluted) 334.1  346.0  357.6  369.9  379.1  (45.0) (11.9) % 340.0  384.2  (44.2) (11.5) %

(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 Six Months Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 2Q'26 vs. 2Q'25 Jun 30,

2026 Jun 30,

2025 YTD'26 vs. YTD'25

PERFORMANCE METRICS

Return on assets(1)

2.9  % 2.7  % 2.5  % 3.6  % 3.2  % (0.3) % 2.8  % 2.9  % (0.1) %

Return on equity(2)

21.4  % 19.5  % 17.6  % 25.1  % 23.1  % (1.7) % 20.4  % 20.8  % (0.4) %

Return on tangible common equity(3)(4)

25.2  % 22.6  % 20.3  % 28.9  % 26.7  % (1.5) % 23.9  % 24.0  % (0.1) %

Net interest margin(5)

15.08  % 15.50  % 15.83  % 15.62  % 14.78  % 0.30  % 15.29  % 14.76  % 0.53  %

Efficiency ratio(6)

35.8  % 35.6  % 36.9  % 32.6  % 34.1  % 1.7  % 35.7  % 33.8  % 1.9  %

Other expense as a % of average loan receivables, including held for sale 5.30  % 5.30  % 5.50  % 4.96  % 5.03  % 0.27  % 5.30  % 5.01  % 0.29  %

Effective income tax rate 25.4  % 23.1  % 21.1  % 24.6  % 23.0  % 2.4  % 24.3  % 23.0  % 1.3  %

CREDIT QUALITY METRICS

Net charge-offs as a % of average loan receivables, including held for sale 5.43  % 5.42  % 5.37  % 5.16  % 5.70  % (0.27) % 5.43  % 6.04  % (0.61) %

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

4.16  % 4.54  % 4.49  % 4.39  % 4.18  % (0.02) % 4.16  % 4.18  % (0.02) %

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

2.01  % 2.28  % 2.17  % 2.12  % 2.06  % (0.05) % 2.01  % 2.06  % (0.05) %

Net charge-offs $ 1,364  $ 1,346  $ 1,367  $ 1,298  $ 1,411  $ (47) (3.3) % $ 2,710  $ 2,999  $ (289) (9.6) %

Loan receivables delinquent over 30 days(7)

$ 4,249  $ 4,543  $ 4,660  $ 4,400  $ 4,173  $ 76  1.8  % $ 4,249  $ 4,173  $ 76  1.8  %

Loan receivables delinquent over 90 days(7)

$ 2,050  $ 2,284  $ 2,248  $ 2,128  $ 2,059  $ (9) (0.4) % $ 2,050  $ 2,059  $ (9) (0.4) %

Allowance for credit losses (period-end) $ 10,312  $ 10,428  $ 10,442  $ 10,373  $ 10,564  $ (252) (2.4) % $ 10,312  $ 10,564  $ (252) (2.4) %

Allowance coverage ratio(8)

10.09  % 10.42  % 10.06  % 10.35  % 10.59  % (0.50) % 10.09  % 10.59  % (0.50) %

BUSINESS METRICS

Purchase volume(9)

$ 49,827  $ 42,984  $ 49,476  $ 46,005  $ 46,084  $ 3,743  8.1  % $ 92,811  $ 86,804  $ 6,007  6.9  %

Period-end loan receivables $ 102,208  $ 100,085  $ 103,808  $ 100,178  $ 99,776  $ 2,432  2.4  % $ 102,208  $ 99,776  $ 2,432  2.4  %

Credit cards $ 94,233  $ 92,764  $ 96,346  $ 92,550  $ 92,036  $ 2,197  2.4  % $ 94,233  $ 92,036  $ 2,197  2.4  %

Consumer installment loans $ 5,233  $ 5,357  $ 5,548  $ 5,584  $ 5,669  $ (436) (7.7) % $ 5,233  $ 5,669  $ (436) (7.7) %

Commercial credit products $ 2,681  $ 1,886  $ 1,833  $ 1,961  $ 1,980  $ 701  35.4  % $ 2,681  $ 1,980  $ 701  35.4  %

Other $ 61  $ 78  $ 81  $ 83  $ 91  $ (30) (33.0) % $ 61  $ 91  $ (30) (33.0) %

Average loan receivables, including held for sale $ 100,702  $ 100,693  $ 100,982  $ 99,885  $ 99,236  $ 1,466  1.5  % $ 100,698  $ 100,123  $ 575  0.6  %

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

68,410  67,828  70,693  68,585  68,186  224  0.3  % 68,410  68,186  224  0.3  %

Average active accounts (in thousands)(10)

68,341  68,815  69,304  68,318  68,050  291  0.4  % 68,685  68,810  (125) (0.2) %

LIQUIDITY

Liquid assets

Cash and equivalents $ 16,193  $ 20,559  $ 14,973  $ 16,245  $ 19,457  $ (3,264) (16.8) % $ 16,193  $ 19,457  $ (3,264) (16.8) %

Total liquid assets $ 19,786  $ 22,845  $ 16,562  $ 18,234  $ 21,796  $ (2,010) (9.2) % $ 19,786  $ 21,796  $ (2,010) (9.2) %

Undrawn credit facilities

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

Total liquid assets and undrawn credit facilities(11)

$ 21,911  $ 24,970  $ 18,687  $ 20,359  $ 24,421  $ (2,510) (10.3) % $ 21,911  $ 24,421  $ (2,510) (10.3) %

Liquid assets % of total assets 16.23  % 18.80  % 13.91  % 15.59  % 18.09  % (1.86) % 16.23  % 18.09  % (1.86) %

Liquid assets including undrawn credit facilities % of total assets 17.97  % 20.55  % 15.69  % 17.40  % 20.27  % (2.30) % 17.97  % 20.27  % (2.30) %

(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 Six Months Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 2Q'26 vs. 2Q'25 Jun 30,

2026 Jun 30,

2025 YTD'26 vs. YTD'25

Interest income:

Interest and fees on loans $ 5,380  $ 5,413  $ 5,548  $ 5,510  $ 5,328  $ 52  1.0  % $ 10,793  $ 10,640  $ 153  1.4  %

Interest on cash and debt securities 203  190  186  221  258  (55) (21.3) % 393  496  (103) (20.8) %

Total interest income 5,583  5,603  5,734  5,731  5,586  (3) (0.1) % 11,186  11,136  50  0.4  %

Interest expense:

Interest on deposits 767  770  781  812  855  (88) (10.3) % 1,537  1,737  (200) (11.5) %

Interest on borrowings of consolidated securitization entities 111  106  104  105  104  7  6.7  % 217  208  9  4.3  %

Interest on senior unsecured notes 97  92  88  94  106  (9) (8.5) % 189  206  (17) (8.3) %

Total interest expense 975  968  973  1,011  1,065  (90) (8.5) % 1,943  2,151  (208) (9.7) %

Net interest income 4,608  4,635  4,761  4,720  4,521  87  1.9  % 9,243  8,985  258  2.9  %

Retailer share arrangements (1,027) (1,070) (1,094) (1,024) (992) (35) 3.5  % (2,097) (1,887) (210) 11.1  %

Provision for credit losses 1,201  1,335  1,442  1,146  1,146  55  4.8  % 2,536  2,637  (101) (3.8) %

Net interest income, after retailer share arrangements and provision for credit losses 2,380  2,230  2,225  2,550  2,383  (3) (0.1) % 4,610  4,461  149  3.3  %

Other income:

Interchange revenue 300  264  289  272  268  32  11.9  % 564  506  58  11.5  %

Protection product revenue 161  161  156  149  144  17  11.8  % 322  291  31  10.7  %

Loyalty programs (436) (361) (399) (368) (360) (76) 21.1  % (797) (671) (126) 18.8  %

Other 112  69  80  74  66  46  69.7  % 181  141  40  28.4  %

Total other income 137  133  126  127  118  19  16.1  % 270  267  3  1.1  %

Other expense:

Employee costs 516  515  575  503  509  7  1.4  % 1,031  1,015  16  1.6  %

Professional fees 220  209  243  240  236  (16) (6.8) % 429  453  (24) (5.3) %

Marketing and business development 137  114  148  120  127  10  7.9  % 251  243  8  3.3  %

Information processing 248  262  239  226  215  33  15.3  % 510  434  76  17.5  %

Other 210  216  194  159  158  52  32.9  % 426  343  83  24.2  %

Total other expense 1,331  1,316  1,399  1,248  1,245  86  6.9  % 2,647  2,488  159  6.4  %

Earnings before provision for income taxes 1,186  1,047  952  1,429  1,256  (70) (5.6) % 2,233  2,240  (7) (0.3) %

Provision for income taxes 301  242  201  352  289  12  4.2  % 543  516  27  5.2  %

Net earnings $ 885  $ 805  $ 751  $ 1,077  $ 967  $ (82) (8.5) % $ 1,690  $ 1,724  $ (34) (2.0) %

Net earnings available to common stockholders $ 864  $ 784  $ 730  $ 1,057  $ 946  $ (82) (8.7) % $ 1,648  $ 1,682  $ (34) (2.0) %

3

SYNCHRONY FINANCIAL

STATEMENTS OF FINANCIAL POSITION

(unaudited, $ in millions)

Quarter Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Jun 30, 2026 vs. Jun 30, 2025

Assets

Cash and equivalents $ 16,193  $ 20,559  $ 14,973  $ 16,245  $ 19,457  $ (3,264) (16.8) %

Debt securities 4,365  3,040  2,348  2,716  2,905  1,460  50.3  %

Loan receivables:

Unsecuritized loans held for investment 80,367  78,423  81,408  79,207  78,566  1,801  2.3  %

Restricted loans of consolidated securitization entities 21,841  21,662  22,400  20,971  21,210  631  3.0  %

Total loan receivables 102,208  100,085  103,808  100,178  99,776  2,432  2.4  %

Less: Allowance for credit losses (10,312) (10,428) (10,442) (10,373) (10,564) 252  (2.4) %

Loan receivables, net 91,896  89,657  93,366  89,805  89,212  2,684  3.0  %

Loan receivables held for sale —  —  —  192  191  (191) (100.0) %

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

Intangible assets, net(1)

152  100  104  64  57  95  166.7  %

Other assets(1)

7,961  6,782  6,941  6,688  7,409  552  7.5  %

Total assets $ 121,930  $ 121,501  $ 119,095  $ 116,984  $ 120,505  $ 1,425  1.2  %

Liabilities and Equity

Deposits:

Interest-bearing deposit accounts $ 82,376  $ 82,478  $ 80,748  $ 79,513  $ 81,857  $ 519  0.6  %

Non-interest-bearing deposit accounts 430  416  396  373  405  25  6.2  %

Total deposits 82,806  82,894  81,144  79,886  82,262  544  0.7  %

Borrowings:

Borrowings of consolidated securitization entities 8,916  8,915  8,415  7,666  8,340  576  6.9  %

Senior and Subordinated unsecured notes 7,516  7,513  6,767  6,765  7,669  (153) (2.0) %

Total borrowings 16,432  16,428  15,182  14,431  16,009  423  2.6  %

Accrued expenses and other liabilities 5,795  5,702  6,003  5,602  5,282  513  9.7  %

Total liabilities 105,033  105,024  102,329  99,919  103,553  1,480  1.4  %

Equity:

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

Common stock 1  1  1  1  1  —  —  %

Additional paid-in capital 9,876  9,844  9,902  9,866  9,836  40  0.4  %

Retained earnings 25,968  25,210  24,598  23,978  23,036  2,932  12.7  %

Accumulated other comprehensive income (loss) (71) (56) (48) (46) (45) (26) 57.8  %

Treasury stock (20,593) (19,744) (18,909) (17,956) (17,098) (3,495) 20.4  %

Total equity 16,897  16,477  16,766  17,065  16,952  (55) (0.3) %

Total liabilities and equity $ 121,930  $ 121,501  $ 119,095  $ 116,984  $ 120,505  $ 1,425  1.2  %

(1) At June 30, 2026, internal-use capitalized software of $1.1 billion, net of accumulated amortization, is now 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, $845 million, and $805 million, net of accumulated amortization, at March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

4

SYNCHRONY FINANCIAL

AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN

(unaudited, $ in millions)

Quarter Ended

Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 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 $ 18,067  $ 167  3.71  % $ 17,992  $ 163  3.67  % $ 15,679  $ 158  4.00  % $ 17,131  $ 187  4.33  % $ 20,699  $ 228  4.42  %

Securities available for sale 3,775  36  3.83  % 2,595  27  4.22  % 2,635  28  4.22  % 2,872  34  4.70  % 2,774  30  4.34  %

Loan receivables, including held for sale:

Credit cards 92,690  5,092  22.03  % 93,290  5,152  22.40  % 93,389  5,297  22.50  % 92,176  5,255  22.62  % 91,460  5,076  22.26  %

Consumer installment loans 5,288  187  14.18  % 5,465  188  13.95  % 5,548  198  14.16  % 5,618  208  14.69  % 5,692  207  14.59  %

Commercial credit products 2,646  100  15.16  % 1,857  72  15.72  % 1,962  52  10.52  % 2,006  46  9.10  % 1,981  43  8.71  %

Other 78  1  5.14  % 81  1  5.01  % 83  1  4.78  % 85  1  4.67  % 103  2  7.79  %

Total loan receivables, including held for sale 100,702  5,380  21.43  % 100,693  5,413  21.80  % 100,982  5,548  21.80  % 99,885  5,510  21.89  % 99,236  5,328  21.54  %

Total interest-earning assets 122,544  5,583  18.27  % 121,280  5,603  18.74  % 119,296  5,734  19.07  % 119,888  5,731  18.97  % 122,709  5,586  18.26  %

Non-interest-earning assets:

Cash and due from banks 945  976  864  892  868

Allowance for credit losses (10,428) (10,431) (10,391) (10,536) (10,797)

Other assets 8,209  8,223  8,131  7,913  7,661

Total non-interest-earning assets (1,274) (1,232) (1,396) (1,731) (2,268)

Total assets $ 121,270  $ 120,048  $ 117,900  $ 118,157  $ 120,441

Liabilities

Interest-bearing liabilities:

Interest-bearing deposit accounts $ 82,279  $ 767  3.74  % $ 81,704  $ 770  3.82  % $ 80,117  $ 781  3.87  % $ 80,442  $ 812  4.00  % $ 82,014  $ 855  4.18  %

Borrowings of consolidated securitization entities 8,915  111  4.99  % 8,482  106  5.07  % 8,032  104  5.14  % 7,768  105  5.36  % 7,926  104  5.26  %

Senior and Subordinated unsecured notes 7,514  97  5.18  % 7,056  92  5.29  % 6,765  88  5.16  % 7,209  94  5.17  % 8,269  106  5.14  %

Total interest-bearing liabilities 98,708  975  3.96  % 97,242  968  4.04  % 94,914  973  4.07  % 95,419  1,011  4.20  % 98,209  1,065  4.35  %

Non-interest-bearing liabilities

Non-interest-bearing deposit accounts 419  414  382  410  412

Other liabilities 5,540  5,621  5,667  5,287  5,065

Total non-interest-bearing liabilities 5,959  6,035  6,049  5,697  5,477

Total liabilities 104,667  103,277  100,963  101,116  103,686

Equity

Total equity 16,603  16,771  16,937  17,041  16,755

Total liabilities and equity $ 121,270  $ 120,048  $ 117,900  $ 118,157  $ 120,441

Net interest income $ 4,608  $ 4,635  $ 4,761  $ 4,720  $ 4,521

Interest rate spread(2)

14.31  % 14.70  % 15.00  % 14.76  % 13.91  %

Net interest margin(3)

15.08  % 15.50  % 15.83  % 15.62  % 14.78  %

(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)

Six Months Ended

Jun 30, 2026 Six Months Ended

Jun 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 $ 18,030  $ 330  3.69  % $ 19,625  $ 431  4.43  %

Securities available for sale 3,188  63  3.99  % 3,001  65  4.37  %

Loan receivables, including held for sale:

Credit cards 92,989  10,244  22.22  % 92,345  10,131  22.12  %

Consumer installment loans 5,376  375  14.07  % 5,762  418  14.63  %

Commercial credit products 2,254  172  15.39  % 1,912  88  9.28  %

Other 79  2  5.11  % 104  3  5.82  %

Total loan receivables, including held for sale 100,698  10,793  21.61  % 100,123  10,640  21.43  %

Total interest-earning assets 121,916  11,186  18.50  % 122,749  11,136  18.29  %

Non-interest-earning assets:

Cash and due from banks 960  868

Allowance for credit losses (10,429) (10,866)

Other assets 8,216  7,716

Total non-interest-earning assets (1,253) (2,282)

Total assets $ 120,663  $ 120,467

Liabilities

Interest-bearing liabilities:

Interest-bearing deposit accounts $ 81,993  $ 1,537  3.78  % $ 82,191  $ 1,737  4.26  %

Borrowings of consolidated securitization entities 8,700  217  5.03  % 8,058  208  5.21  %

Senior and subordinated unsecured notes 7,286  189  5.23  % 8,061  206  5.15  %

Total interest-bearing liabilities 97,979  1,943  4.00  % 98,310  2,151  4.41  %

Non-interest-bearing liabilities

Non-interest-bearing deposit accounts 417  415

Other liabilities 5,580  5,016

Total non-interest-bearing liabilities 5,997  5,431

Total liabilities 103,976  103,741

Equity

Total equity 16,687  16,726

Total liabilities and equity $ 120,663  $ 120,467

Net interest income $ 9,243  $ 8,985

Interest rate spread(2)

14.50  % 13.88  %

Net interest margin(3)

15.29  % 14.76  %

(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

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Jun 30, 2026 vs.

Jun 30, 2025

BALANCE SHEET STATISTICS

Total common equity $ 15,181  $ 15,255  $ 15,544  $ 15,843  $ 15,730  $ (549) (3.5) %

Total common equity as a % of total assets 12.45  % 12.56  % 13.05  % 13.54  % 13.05  % (0.60) %

Tangible assets(1)

$ 120,415  $ 120,038  $ 117,628  $ 115,646  $ 119,174  $ 1,241  1.0  %

Tangible common equity(1)(2)

$ 13,666  $ 13,792  $ 14,077  $ 14,505  $ 14,399  $ (733) (5.1) %

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

11.35  % 11.49  % 11.97  % 12.54  % 12.08  % (0.73) %

Tangible book value per share(1)(3)

$ 42.01  $ 40.95  $ 40.52  $ 40.28  $ 38.72  $ 3.29  8.5  %

REGULATORY CAPITAL RATIOS(1)(4)

Basel III

Total risk-based capital ratio(5)

16.9  % 16.9  % 16.7  % 17.6  % 17.5  %

Tier 1 risk-based capital ratio(6)

14.9  % 14.8  % 14.6  % 15.5  % 15.4  %

Tier 1 leverage ratio(7)

13.0  % 12.8  % 13.3  % 13.6  % 13.3  %

Common equity Tier 1 capital ratio 13.2  % 13.6  % 13.5  % 14.3  % 14.2  %

(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 June 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 Six Months Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 2Q'26 vs. 2Q'25 Jun 30,

2026 Jun 30,

2025 YTD '26 vs. YTD '25

HOME & AUTO

Purchase volume(1)

$ 12,120  $ 9,443  $ 10,381  $ 11,061  $ 11,459  $ 661  5.8  % $ 21,563  $ 20,905  $ 658  3.1  %

Period-end loan receivables $ 30,351  $ 29,136  $ 30,106  $ 30,295  $ 30,374  $ (23) (0.1) % $ 30,351  $ 30,374  $ (23) (0.1) %

Average loan receivables, including held for sale $ 29,868  $ 29,367  $ 30,055  $ 30,260  $ 30,137  $ (269) (0.9) % $ 29,619  $ 30,472  $ (853) (2.8) %

Average active accounts (in thousands)(2)

17,383  16,847  17,370  17,749  17,831  (448) (2.5) % 17,176  17,899  (723) (4.0) %

Interest and fees on loans $ 1,394  $ 1,379  $ 1,444  $ 1,443  $ 1,395  $ (1) (0.1) % $ 2,773  $ 2,797  $ (24) (0.9) %

Other income $ 63  $ 55  $ 52  $ 54  $ 52  $ 11  21.2  % $ 118  $ 108  $ 10  9.3  %

DIGITAL

Purchase volume(1)

$ 14,897  $ 13,499  $ 16,206  $ 14,044  $ 13,647  $ 1,250  9.2  % $ 28,396  $ 26,126  $ 2,270  8.7  %

Period-end loan receivables $ 29,011  $ 28,733  $ 30,057  $ 28,179  $ 27,786  $ 1,225  4.4  % $ 29,011  $ 27,786  $ 1,225  4.4  %

Average loan receivables, including held for sale $ 28,538  $ 29,024  $ 28,676  $ 27,880  $ 27,571  $ 967  3.5  % $ 28,780  $ 27,892  $ 888  3.2  %

Average active accounts (in thousands)(2)

20,662  21,268  21,352  20,680  20,368  294  1.4  % 20,962  20,554  408  2.0  %

Interest and fees on loans $ 1,604  $ 1,632  $ 1,663  $ 1,631  $ 1,576  $ 28  1.8  % $ 3,236  $ 3,120  $ 116  3.7  %

Other income $ (5) $ 9  $ (6) $ (2) $ —  $ (5) NM $ 4  $ 9  $ (5) (55.6) %

DIVERSIFIED & VALUE

Purchase volume(1)

$ 17,200  $ 14,926  $ 17,462  $ 15,417  $ 15,393  $ 1,807  11.7  % $ 32,126  $ 29,125  $ 3,001  10.3  %

Period-end loan receivables $ 20,770  $ 20,269  $ 21,236  $ 19,500  $ 19,510  $ 1,260  6.5  % $ 20,770  $ 19,510  $ 1,260  6.5  %

Average loan receivables, including held for sale $ 20,348  $ 20,229  $ 19,978  $ 19,440  $ 19,338  $ 1,010  5.2  % $ 20,289  $ 19,504  $ 785  4.0  %

Average active accounts (in thousands)(2)

20,160  20,416  20,170  19,470  19,471  689  3.5  % 20,329  19,858  471  2.4  %

Interest and fees on loans $ 1,177  $ 1,195  $ 1,200  $ 1,192  $ 1,159  $ 18  1.6  % $ 2,372  $ 2,337  $ 35  1.5  %

Other income $ (51) $ (18) $ (13) $ (3) $ (3) $ (48) NM $ (69) $ (3) $ (66) NM

HEALTH & WELLNESS

Purchase volume(1)

$ 4,092  $ 3,871  $ 3,897  $ 3,976  $ 4,007  $ 85  2.1  % $ 7,963  $ 7,781  $ 182  2.3  %

Period-end loan receivables $ 15,390  $ 15,309  $ 15,545  $ 15,447  $ 15,309  $ 81  0.5  % $ 15,390  $ 15,309  $ 81  0.5  %

Average loan receivables, including held for sale $ 15,296  $ 15,373  $ 15,499  $ 15,347  $ 15,215  $ 81  0.5  % $ 15,335  $ 15,247  $ 88  0.6  %

Average active accounts (in thousands)(2)

7,580  7,680  7,770  7,730  7,697  (117) (1.5) % 7,631  7,740  (109) (1.4) %

Interest and fees on loans $ 948  $ 948  $ 979  $ 967  $ 923  $ 25  2.7  % $ 1,896  $ 1,837  $ 59  3.2  %

Other income $ 82  $ 80  $ 79  $ 73  $ 66  $ 16  24.2  % $ 162  $ 141  $ 21  14.9  %

LIFESTYLE

Purchase volume(1)

$ 1,518  $ 1,245  $ 1,522  $ 1,371  $ 1,432  $ 86  6.0  % $ 2,763  $ 2,600  $ 163  6.3  %

Period-end loan receivables $ 6,613  $ 6,548  $ 6,771  $ 6,644  $ 6,673  $ (60) (0.9) % $ 6,613  $ 6,673  $ (60) (0.9) %

Average loan receivables, including held for sale $ 6,561  $ 6,607  $ 6,657  $ 6,652  $ 6,646  $ (85) (1.3) % $ 6,584  $ 6,681  $ (97) (1.5) %

Average active accounts (in thousands)(2)

2,539  2,584  2,589  2,543  2,531  8  0.3  % 2,569  2,598  (29) (1.1) %

Interest and fees on loans $ 256  $ 258  $ 265  $ 264  $ 261  $ (5) (1.9) % $ 514  $ 522  $ (8) (1.5) %

Other income $ 12  $ 11  $ 11  $ 11  $ 9  $ 3  33.3  % $ 23  $ 19  $ 4  21.1  %

CORP, OTHER(3)

Purchase volume(1)

$ —  $ —  $ 8  $ 136  $ 146  $ (146) (100.0) % $ —  $ 267  $ (267) (100.0) %

Period-end loan receivables $ 73  $ 90  $ 93  $ 113  $ 124  $ (51) (41.1) % $ 73  $ 124  $ (51) (41.1) %

Average loan receivables, including held for sale $ 91  $ 93  $ 117  $ 306  $ 329  $ (238) (72.3) % $ 91  $ 327  $ (236) (72.2) %

Average active accounts (in thousands)(2)

17  20  53  146  152  (135) (88.8) % 18  161  (143) (88.8) %

Interest and fees on loans $ 1  $ 1  $ (3) $ 13  $ 14  $ (13) (92.9) % $ 2  $ 27  $ (25) (92.6) %

Other income $ 36  $ (4) $ 3  $ (6) $ (6) $ 42  NM $ 32  $ (7) $ 39  NM

TOTAL SYF(3)

Purchase volume(1)

$ 49,827  $ 42,984  $ 49,476  $ 46,005  $ 46,084  $ 3,743  8.1  % $ 92,811  $ 86,804  $ 6,007  6.9  %

Period-end loan receivables $ 102,208  $ 100,085  $ 103,808  $ 100,178  $ 99,776  $ 2,432  2.4  % $ 102,208  $ 99,776  $ 2,432  2.4  %

Average loan receivables, including held for sale $ 100,702  $ 100,693  $ 100,982  $ 99,885  $ 99,236  $ 1,466  1.5  % $ 100,698  $ 100,123  $ 575  0.6  %

Average active accounts (in thousands)(2)

68,341  68,815  69,304  68,318  68,050  291  0.4  % 68,685  68,810  (125) (0.2) %

Interest and fees on loans $ 5,380  $ 5,413  $ 5,548  $ 5,510  $ 5,328  $ 52  1.0  % $ 10,793  $ 10,640  $ 153  1.4  %

Other income $ 137  $ 133  $ 126  $ 127  $ 118  $ 19  16.1  % $ 270  $ 267  $ 3  1.1  %

(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

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)

GAAP Total equity $ 16,897  $ 16,477  $ 16,766  $ 17,065  $ 16,952

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

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

Less: Intangible assets, net (152) (100) (104) (64) (57)

Tangible common equity $ 13,666  $ 13,792  $ 14,077  $ 14,505  $ 14,399

Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss) 234  223  213  207  209

Common equity Tier 1 $ 13,900  $ 14,015  $ 14,290  $ 14,712  $ 14,608

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

Tier 1 capital $ 15,616  $ 15,237  $ 15,512  $ 15,934  $ 15,830

Add: Subordinated debt 743  742  742  742  742

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

Total Risk-based capital $ 17,782  $ 17,380  $ 17,691  $ 18,072  $ 17,968

ASSET MEASURES(2)

Total average assets $ 121,270  $ 120,048  $ 117,900  $ 118,157  $ 120,441

Adjustments for:

Less: Disallowed goodwill and other disallowed intangible assets

(net of related deferred tax liabilities) and other (1,275) (1,238) (1,242) (1,115) (1,108)

Total assets for leverage purposes $ 119,995  $ 118,810  $ 116,658  $ 117,042  $ 119,333

Risk-weighted assets $ 104,969  $ 102,995  $ 105,934  $ 102,630  $ 102,531

TIER 1 CAPITAL + RESERVES RATIO(2)

Tier 1 capital $ 15,616  $ 15,237  $ 15,512  $ 15,934  $ 15,830

Add: Allowance for credit losses 10,312  10,428  10,442  10,373  10,564

Tier 1 capital + Reserves for credit losses $ 25,928  $ 25,665  $ 25,954  $ 26,307  $ 26,394

TANGIBLE BOOK VALUE PER SHARE(2)

Book value per share $ 46.67  $ 45.29  $ 44.74  $ 44.00  $ 42.30

Less: Goodwill (4.19) (4.04) (3.92) (3.55) (3.43)

Less: Intangible assets, net (0.47) (0.30) (0.30) (0.17) (0.15)

Tangible book value per share $ 42.01  $ 40.95  $ 40.52  $ 40.28  $ 38.72

(1) Regulatory measures at June 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: a2q26earningspresentatio.htm · Sequence: 4

a2q26earningspresentatio

July 21, 2026 SECOND 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 second quarter of 2026 compared to the second 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 June 30, 2026. (2) Unless otherwise indicated, references to Loan receivables do not include Loan receivables held for sale. (3) Yellow shading highlights periods of elevated oil prices coinciding with the ongoing geopolitical crisis. (4) Consumer co-branded cards includes Dual Card and general purpose co-branded card programs; out-of-partner spend is purchases made outside the originating partner. Delivering consistent execution through environments Customer engagement1 New & renewed partnerships 68mm average active accounts $50bn purchase volume $102bn loan receivables2 Spend trends remained consistent Super Prime Prime Non-Prime Discretionary Non- Discretionary Consumer Co-Branded cards4 Purchase volume trends % of total out-of-partner spend3YoY % growth reflects both in and out-of-partner spend Consumer Co-Branded4 out-of-partner spend only Total SYF

4 Net interest margin 15.08% PY: 14.78% Net charge-offs 5.43% PY: 5.70% Efficiency ratio 35.8% PY: 34.1% Diluted earnings per share $2.59 PY: $2.50 Return on assets 2.9% PY: 3.2% Second 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 June 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 +2% Co-Branded cards1: $35.7bn, +25% 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: $25.8bn, +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) 2Q'26 2Q'25 B / (W) Interest income $5,583 $5,586 —% Interest expense 975 1,065 8% Net interest income 4,608 4,521 2% Retailer share arrangements (RSA) (1,027) (992) (4)% Provision for credit losses 1,201 1,146 (5)% Other income 137 118 16% Other expense 1,331 1,245 (7)% Pre-tax earnings 1,186 1,256 (6)% Provision for income taxes 301 289 (4)% Net earnings 885 967 (8)% Preferred dividends 21 21 —% Net earnings available to common stockholders $864 $946 (9)% Diluted earnings per share $2.59 $2.50 4% 2Q'26 2Q'25 B / (W)1 Home & Auto Loan receivables $30.4 $30.4 —% Purchase volume $12.1 $11.5 6% Interest and fees on loans $1.4 $1.4 —% Digital Loan receivables $29.0 $27.8 4% Purchase volume $14.9 $13.6 9% Interest and fees on loans $1.6 $1.6 2% Diversified & Value Loan receivables $20.8 $19.5 6% Purchase volume $17.2 $15.4 12% Interest and fees on loans $1.2 $1.2 2% Health & Wellness Loan receivables $15.4 $15.3 1% Purchase volume $4.1 $4.0 2% Interest and fees on loans $0.9 $0.9 3% Lifestyle Loan receivables $6.6 $6.7 (1)% Purchase volume $1.5 $1.4 6% Interest and fees on loans $0.3 $0.3 (2)%

6 2Q'25 2Q'26 B / (W) Net int. income $4,521 $4,608 2% Key financial trends Net interest income ($mm) Highlights (21)% +1% +8% 2Q'25 Net interest margin 14.78% Interest-bearing liabilities cost +0.29 % Mix of Interest-earning assets +0.23 % Loan receivables yield (0.09)% Liquidity portfolio yield (0.13)% 2Q'26 Net interest margin 15.08% Net interest margin • Net interest income increased 2%, or $87 million • Interest and fees increased 1%, or $52 million primarily driven by growth in average loan receivables • Lower benchmark rates primarily drove reductions in interest expense by 8% or $90 million and a reduction in investment income by 21% or $55 million • Net interest margin of 15.08% increased 30bps • Retailer share arrangements increased $35 million and were 4.1% of average loan receivables reflecting program performance and higher purchase volume • Other Income increased 16%, or $19 million driven by a $30 million Visa B- 2 Share exchange gain partially offset by higher loyalty costs • Payment rate1 of 17.0% up approximately 70bps vs. 2Q'25 and up approximately 170bps 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. 2Q'25 2Q'26 B / (W) Other expense $1,245 $1,331 (7)% Other expense Marketing and business dev Professional fees Results ($mm) Highlights Employee costs +7% (8)% (1)% (15)% Other Efficiency ratio1 (33)% • Other expense increased 7%, or $86 million – Increase primarily driven by higher operational losses and technology investments • Other increase primarily attributable to higher operational losses • Information processing increase driven by costs related to technology investments • Efficiency ratio 35.8% vs. 34.1% prior year Information processing

8 • Provision for credit losses increased 5%, or $55 million, primarily driven by a reserve release of $163 million versus a $265 million release in the prior year, partially offset by lower Net charge-offs of $47 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 2Q'25 CET1% 14.2 % Net earnings +3.5 % Share repurchases (3.6)% Common and preferred dividends (0.5)% Risk-weighted asset changes (0.3)% Other activity, net (0.1)% 2Q'26 CET1% 13.2 % Funding, capital and liquidity Funding and liquidity ($bn) Common Equity Tier 1 (CET1) ratio2 (1) Amounts at June 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 $21.8 $19.8 % of total assets 18.1% 16.2% 2Q'25 2Q'26 % total Total funding $98.3 $99.2 100%

10 Updated 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 PPPCs1 Mid-single digit Ending loan receivables growth $9.25 - $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 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 second half of 2026 expected to remain relatively consistent to first half Mid-single digit Ending loan receivables growth $9.25 to $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 2Q'26 and 2Q'25. Transaction related activity and other notable items - 2Q $ in millions Quarter Ended June 30 2026 2025 Transaction related activity Provision for credit losses: Loan portfolio disposition $— $(12) Total $— $(12) Notable items Notable Other income items: Gain related to Visa B-2 share exchange $30 $— Total $30 $— Notable Other expense items: Ally Lending restructuring charge $— $(2) Total $— $(2)

13 The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. Non-GAAP reconciliation1 2Q'26 1Q'26 4Q'25 3Q'25 2Q'25 Tangible common equity: GAAP Total equity $16,897 $16,477 $16,766 $17,065 $16,952 Less: Preferred stock (1,716) (1,222) (1,222) (1,222) (1,222) Less: Goodwill (1,363) (1,363) (1,363) (1,274) (1,274) Less: Intangible assets, net (152) (100) (104) (64) (57) Tangible common equity $13,666 $13,792 $14,077 $14,505 $14,399 Tangible book value per share: Book value per share $46.67 $45.29 $44.74 $44.00 $42.30 Less: Goodwill (4.19) (4.04) (3.92) (3.55) (3.43) Less: Intangible assets, net (0.47) (0.30) (0.30) (0.17) (0.15) Tangible book value per share $42.01 $40.95 $40.52 $40.28 $38.72 $ 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 June 30 2026 2025 Tier 1 Capital $15,616 $15,830 Add: Allowance for credit losses 10,312 10,564 Tier 1 capital plus Reserves for credit losses $25,928 $26,394 Risk-weighted assets $104,969 $102,531 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 June 30, 2026 are preliminary and therefore subject to change.

EX-99.4

EX-99.4

Filename: non-gaapmeasures2q26.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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v3.26.1

8-K Cover Page

Jul. 21, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Jul. 21, 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

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Entity Central Index Key

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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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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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