AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 31/10/2026
Moat44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Completed partner extensions and delivered workflow integration establish useful distribution and embedded functionality. They support plausible switching friction, but neither replacement burdens nor superior costs, underwriting or network effects are demonstrated. The evidence establishes a functioning franchise more clearly than a durable structural barrier.
durability · 1/4 · Program extensions demonstrate continuity, but certain dealer agreements permit termination on short notice and competition can worsen renewal economics. Five programs generated 54% of 2025 interest and fees. These are disclosed vulnerabilities rather than realized major departures; long-term contractual protection remains weakly established.
customer dependency · 2/4 · Extensions and implemented financing integration demonstrate recurring commercial usefulness. Third-quarter purchase volume rose 8% with flat average active accounts, providing indirect engagement evidence. Active accounts include payments or outstanding balances, and volume also reflects program and price effects; neither measure establishes inability to substitute providers.
erosion resilience · 2/4 · Purchase-volume growth and lower charge-offs show continued operating performance. Nevertheless, higher partner sharing, provisions and expenses accompanied a 17% quarterly earnings decline. This supports partial resilience during the observed period, without establishing that Synchrony can protect retained economics through prolonged competitive pressure.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Nine-month total loan yield was 21.64% versus 21.58%, while credit-card yield declined to 22.25% from 22.29%. Yields annualize interest income over average balances. Quarterly yield declined primarily through lower late-fee incidence. These mixed realized outcomes do not isolate discretionary pricing from credit and product-mix effects.
retention · 2/4 · Completed extensions demonstrate repeat partner demand. Purchase-volume growth with flat average active accounts supports consumer engagement indirectly, without establishing a retention rate or retention after repricing. Short-notice dealer termination and competitive renewal pressure limit confidence in durable attachment.
margin resilience · 2/4 · Nine-month net interest margin improved to 15.36% from 15.05%, but quarterly margin fell to 15.50% from 15.62% despite lower funding costs. Higher sharing, provisions and expenses reduced quarterly earnings. Positive profitability demonstrates resilience, while the bridge shows limited insulation of total economics from nonpricing pressures.
contractual freedom · 1/4 · Competition can require less favorable partner renewal terms, constraining commercial bargaining freedom. Increased retailer sharing reflects program performance rather than proven renegotiation concessions. A refreshed rewards proposition demonstrates practical product discretion, but the supplied passages do not establish broad unilateral cardholder repricing rights.
Predictability—
At least three consecutive published annual periods with reported revenue and consolidated net income are required for financial-sector predictability.
Financial strength63
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · The October 22 filing reports September Company CET1 of 12.9% and total capital of 16.5%, alongside applicable minimums. Bank CET1 was 14.3% and total capital 16.4%, above disclosed well-capitalized thresholds. Reported compliance supports strong capitalization; distributions reduced Company capital, and exceptional stress durability is not established.
liquidity funding · 2/4 · September consolidated liquid assets were $19.5 billion; deposits of approximately $83 billion supplied 83% of funding. CD maturities include $8.372 billion in remaining 2026 and $31.538 billion in 2027; estimated uninsured direct CDs were $4.5 billion. Resources are meaningful, but rollover and rate sensitivity remain material; parent availability is not assumed.
asset liability risk · 2/4 · Third-quarter annualized net charge-offs improved to 4.79% of average loan receivables, while 30-plus-day delinquency was 4.34% of period-end loans and allowance coverage was 10.01%. Significant consumer-credit exposure and rate-sensitive funding persist. The evidence supports mixed risk management outcomes without establishing stress immunity or complete asset-liability matching.
earnings resilience · 3/4 · Nine-month net earnings were $2.582 billion versus $2.801 billion, including $892 million in the third quarter. Continued profitability after substantial credit provisions demonstrates earnings resilience. Lower funding costs helped, while partner sharing and operating expenses constrained results; the quarterly 17% decline prevents an exceptional assessment.
Capital allocation56
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · Third-quarter reported ROE was 21.0%, down 410 basis points year over year. Defined as annualized net earnings divided by average total equity, it demonstrates strong accounting capital efficiency alongside substantial regulatory capitalization. It is not a return on eligible regulatory capital, and repurchases affect the equity denominator.
distributions and buffers · 2/4 · Nine-month common distributions exceeded common earnings, and the CET1 bridge shows substantial capital consumption from repurchases and dividends. Company and Bank capital remained above disclosed benchmarks. Bank dividend permissions and conditional preferred-stock restrictions constrain flexibility, supporting a mixed balance between distributions and retained buffers.
dilution and cost · 2/4 · Reported common shares outstanding fell to approximately 311 million at September 30 from 347 million at December 31, demonstrating net dilution control. Nine-month deposit funding rates fell, while unsecured-note rates rose and new preferred capital carries 7.250%. Complete stock-compensation expense is absent, limiting assessment of total economic cost.
investment discipline · 2/4 · Delivered financing integration and completed partner extensions show commercial deployment alongside growing purchase volume. Technology and marketing spending accompanied higher expenses and lower quarterly earnings, with operational losses also contributing. These indirect outcomes support a mixed assessment; incremental investment returns and acquisition-specific economics cannot be isolated.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month repurchases of $2.9 billion and common dividends of $314 million exceeded $2.512 billion of common earnings. Capital remained substantial, but the CET1 bridge identifies distributions as a major drain. The $500 million preferred issuance adds resources at 7.250%; allocation discipline is mixed rather than proven by distributions alone.
incentive alignment · 3/4 · Actual 2025 awards comprised 55% PSUs and 45% RSUs, with RSUs vesting over three years. All named executives exceeded ownership guidelines as of April 1, 2026, and an established clawback includes no-fault restatements. Ownership credit includes RSUs and phantom units; detailed PSU conditions and future vesting remain unestablished.
execution · 2/4 · Completed extensions, delivered financing integration, growing purchase volume and lower charge-offs demonstrate operating delivery. Higher operational losses and expenses, alongside declining quarterly earnings, temper that record. Execution is assessed from disclosed outcomes; announced integrations and collaborations are not treated as completed economic achievements.
governance · 3/4 · Eleven of twelve directors are independent, principal committees are independent and the chair is non-executive. Annual elections, majority voting and single-class shares provide accountability. A subsequent filing confirms completed elections and the advisory compensation vote. These are strong disclosed arrangements without proof of exceptional oversight effectiveness.
Evidence
In addition, programs with manufacturers, buying groups and industry associations generally are made available to certain partners such as individual retail outlets, dealers and merchants under dealer agreements, which typically may be terminated at will by us or our partner on short notice (e.g., 15 days).
2025 Form 10-K, filed 2026-02-06: dealer agreement termination · Filed 06/02/2026
There is significant competition for our existing partners, and our failure to retain our existing larger partner relationships upon the expiration or our earlier loss of a relationship upon the exercise of a partner’s early termination rights, or the expiration or termination of a substantial number of smaller partner relationships, could have a material adverse effect on our results of operations (including growth rates) and financial condition to the extent we do not acquire new partners of similar size and profitability or otherwise grow our business.
2025 Form 10-K, filed 2026-02-06: competition for existing partners · Filed 06/02/2026
In addition, existing relationships may be renewed with less favorable terms to the Company in response to, among other things, increased competition for such relationships.
2025 Form 10-K, filed 2026-02-06: renewal economics · Filed 06/02/2026
2026 Partner Agreements
During the six months ended June 30 2026, and to date, we continued to expand and diversify our portfolio with the addition or renewal of more than 30 partners, which included the following:
New partnerships:
• Indian Motorcycle
Lifestyle
Program extensions:
• Adorama
Digital
• Amerivet Partners
Health & Wellness
• Harbor Freight
June 2026 Form 10-Q, filed 2026-07-23: additions and program extensions · Filed 23/07/2026
•Purchase volume increased 8% to $49.7 billion
Third-quarter earnings release, filed 2026-10-20: purchase volume · Filed 20/10/2026
•Average active accounts were flat at 68.3 million
Third-quarter earnings release, filed 2026-10-20: average active accounts · Filed 20/10/2026
•Return on equity decreased 410 basis points to 21.0%
Third-quarter earnings release, filed 2026-10-20: return on equity · Filed 20/10/2026
•Integrated with Vetspire to embed flexible financing from CareCredit directly into Vetspire’s AI-enabled veterinary practice management platform.
Third-quarter earnings release, filed 2026-10-20: completed Vetspire integration · Filed 20/10/2026
•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.
Third-quarter earnings release, filed 2026-10-20: refreshed rewards proposition · Filed 20/10/2026
•Retailer share arrangements increased $72 million, or 7%, to $1.1 billion, primarily reflecting program performance.
Third-quarter earnings release, filed 2026-10-20: retailer share arrangements · Filed 20/10/2026
•Other expense increased $123 million, or 10%, to $1.4 billion, primarily driven by higher operational losses, technology investments and marketing expenses.
Third-quarter earnings release, filed 2026-10-20: expenses and operational losses · Filed 20/10/2026
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.
Third-quarter earnings release, filed 2026-10-20: delinquency and denominator · Filed 20/10/2026
•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.
Third-quarter earnings release, filed 2026-10-20: charge-off comparison · Filed 20/10/2026
•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.
Third-quarter earnings release, filed 2026-10-20: allowance coverage · Filed 20/10/2026
•Deposits increased 4% or $3.1 billion to $83.0 billion and comprised 83% of funding.
Third-quarter earnings release, filed 2026-10-20: deposits and funding share · Filed 20/10/2026
•Total liquid assets were $19.5 billion, or 15.9% of total assets.
Third-quarter earnings release, filed 2026-10-20: consolidated liquid assets · Filed 20/10/2026
* All comparisons are for the third quarter of 2026 compared to the third quarter of 2025, unless otherwise noted.
Third-quarter earnings release, filed 2026-10-20: comparison-period convention · Filed 20/10/2026
(2) Return on equity represents annualized net earnings as a percentage of average total equity.
Financial supplement, filed 2026-10-20: ROE definition · Filed 20/10/2026
11 out of 12 directors are independent
Proxy statement, filed 2026-04-29: director independence · Filed 29/04/2026
Each of the Audit Committee, MDCC, Nominating and Corporate Governance Committee, Risk Committee and Technology Committee is comprised exclusively of independent directors
Non-executive Chair of the Board
Annual election of all directors
Majority voting standard for directors in uncontested elections
Proxy statement, filed 2026-04-29: committees, chair and elections · Filed 29/04/2026
Single-class voting structure (one share, one vote)
No stockholder rights plan
Stock ownership requirements for our executive officers and directors
Proxy statement, filed 2026-04-29: voting structure and ownership requirements · Filed 29/04/2026
In 2025, the target LTI awards for NEOs were delivered 45% in RSUs and 55% in PSUs, each issued under the Synchrony Financial 2024 Long-Term Incentive Plan.
Proxy statement, filed 2026-04-29: actual 2025 equity award mix · Filed 29/04/2026
In 2025, the MDCC maintained the vesting period for RSUs at 1/3 per year over three years.
Proxy statement, filed 2026-04-29: RSU vesting · Filed 29/04/2026
For the purposes of our stock ownership guidelines, all shares of common stock, RSUs and phantom stock units held by our executives are credited toward ownership levels.
Proxy statement, filed 2026-04-29: ownership guideline inclusions · Filed 29/04/2026
As of April 1, 2026, all of our NEOs’ stock ownership exceeds the ownership guidelines.
Proxy statement, filed 2026-04-29: ownership compliance as of April 1, 2026 · Filed 29/04/2026
Clawback Policies
Since 2018, the Company’s clawback policy has included “no fault” financial restatements for all of our named executive officers.
Proxy statement, filed 2026-04-29: established clawback policy · Filed 29/04/2026
At the Annual Meeting, the Company’s stockholders elected all of the directors named in the Proxy Statement for the coming year; ratified the selection of KPMG LLP as the Company’s independent registered public accounting firm for 2026; and approved the compensation of the Company’s named executive officers in an advisory vote.
Annual meeting Form 8-K, filed 2026-06-25: completed elections and advisory vote · Filed 25/06/2026
Under the terms of the Series C Preferred Stock, the ability of the Company to pay dividends on, make distributions with respect to, or to repurchase, redeem or otherwise acquire its common stock or any preferred stock ranking on parity with or junior to the Series C Preferred Stock, is subject to certain restrictions in the event that the Company does not declare and either pay or set aside a sum sufficient for payment of dividends on the Series C Preferred Stock for the immediately preceding dividend period.
Preferred stock Form 8-K, filed 2026-06-05: conditional distribution restrictions · Filed 05/06/2026
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 $0.3 —%
Third-quarter presentation, filed 2026-10-20: earnings bridge and platform results · Filed 20/10/2026
9 3Q'25 CET1% 14.3% Net earnings +3.3% Share repurchases (3.8)% Common and preferred dividends (0.5)% Risk-weighted asset changes (0.4)% Other activity, net 0.0% 3Q'26 CET1% 12.9% Funding, capital and liquidity Funding and liquidity ($bn) Common Equity Tier 1 (CET1) ratio2 (1) Amounts at September 30, 2026 are preliminary and therefore subject to change.
Third-quarter presentation, filed 2026-10-20: preliminary year-over-year CET1 bridge · Filed 20/10/2026
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 $72 million and were 4.3% of average loan receivables primarily reflecting program performance • Payment rate1 of 16.9% up approximately 60bps vs.
Third-quarter presentation, filed 2026-10-20: yield, funding cost, mix and retailer sharing bridge · Filed 20/10/2026
Our five largest programs based upon interest and fees on loans for the year ended December 31, 2025 were Amazon, Lowe’s, PayPal, Sam’s Club and TJX Companies, Inc.
2025 Form 10-K, filed 2026-02-06: identities and scope of five largest programs · Filed 06/02/2026
These programs accounted in aggregate for 54% of our total interest and fees on loans for the year ended December 31, 2025, and 52% of loan receivables at December 31, 2025.
2025 Form 10-K, filed 2026-02-06: program concentration · Filed 06/02/2026
At September 30, 2026 ($ in millions)
Actual
Minimum for capital
adequacy purposes
Amount
Ratio(a)
Ratio(b)
Total risk-based capital
$
17,476
16.5
%
8.0
%
Tier 1 risk-based capital
$
15,300
14.5
%
6.0
%
Tier 1 leverage
$
15,300
12.7
%
4.0
%
Common equity Tier 1 Capital
$
13,584
12.9
%
4.5
%
September 2026 Form 10-Q, filed 2026-10-22: Company regulatory capital and minimum ratios · Filed 22/10/2026
At September 30, 2026 ($ in millions)
Actual
Minimum for capital
adequacy purposes
Minimum to be well-capitalized under prompt corrective action provisions
Amount
Ratio(a)
Ratio(b)
Ratio
Total risk-based capital
$
16,499
16.4
%
8.0
%
10.0
%
Tier 1 risk-based capital
$
14,380
14.3
%
6.0
%
8.0
%
Tier 1 leverage
$
14,380
12.5
%
4.0
%
5.0
%
Common equity Tier 1 capital
$
14,380
14.3
%
4.5
%
6.5
%
September 2026 Form 10-Q, filed 2026-10-22: Bank regulatory capital and prompt corrective action thresholds · Filed 22/10/2026
($ in millions)
At September 30, 2026
At December 31, 2025
Assets
Cash and equivalents
$
15,901
$
14,973
Debt securities (Note 3)
4,356
2,348
Loan receivables: (Notes 4 and 5)
Unsecuritized loans held for investment
81,448
81,408
Restricted loans of consolidated securitization entities
21,898
22,400
Total loan receivables
103,346
103,808
Less: Allowance for credit losses
(10,341)
(10,442)
Loan receivables, net
93,005
93,366
Goodwill
1,363
1,363
Intangible assets, net
147
104
Other assets (Note 6)
7,697
6,941
Total assets
$
122,469
$
119,095
Liabilities and Equity
Deposits: (Note 7)
Interest-bearing deposit accounts
$
82,513
$
80,748
Non-interest-bearing deposit accounts
438
396
Total deposits
82,951
81,144
Borrowings: (Notes 5 and 8)
Borrowings of consolidated securitization entities
8,915
8,415
Senior and subordinated unsecured notes
8,110
6,767
Total borrowings
17,025
15,182
Accrued expenses and other liabilities
5,943
6,003
Total liabilities
$
105,919
$
102,329
Equity:
Preferred stock, par value $0.001 per share; 300 million shares authorized, 1.26 million and 1.25 million shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively (Note 12)
$
1,716
$
1,222
Common stock, par value $0.001 per share; 4.0 billion shares authorized; 834 million shares issued at both September 30, 2026 and December 31, 2025; 311 million and 347 million shares outstanding at September 30, 2026 and December 31, 2025, respectively
1
1
Additional paid-in capital
9,912
9,902
Retained earnings
26,720
24,598
Accumulated other comprehensive income (loss):
Debt securities
(44)
(6)
Currency translation adjustments
(60)
(50)
Employee benefit plans and other
6
8
Treasury stock, at cost; 523 million and 487 million shares at September 30, 2026 and December 31, 2025, respectively
(21,701)
(18,909)
Total equity
16,550
16,766
Total liabilities and equity
$
122,469
$
119,095
September 2026 Form 10-Q, filed 2026-10-22: consolidated financial position and common shares · Filed 22/10/2026
•In June 2026, we issued depositary shares representing $500 million of 7.250% fixed rate reset non-cumulative perpetual preferred stock, Series C, with quarterly dividend payments that commenced in August 2026.
September 2026 Form 10-Q, filed 2026-10-22: actual preferred financing and commenced payments · Filed 22/10/2026
•During the nine months ended September 30, 2026, we repurchased $2.9 billion of our outstanding common stock, and declared and paid cash dividends of $0.94 per share, or $314 million in the aggregate.
September 2026 Form 10-Q, filed 2026-10-22: nine-month repurchases and paid common dividends · Filed 22/10/2026
23
Table of Contents
Our ability to attract deposits is sensitive to, among other things, the interest rates we pay, and therefore, we bear funding risk if we fail to pay higher rates, or interest rate risk if we are required to pay higher rates, to retain existing deposits or attract new deposits.
September 2026 Form 10-Q, filed 2026-10-22: deposit pricing and funding sensitivity · Filed 22/10/2026
At September 30, 2026, Synchrony Financial met all minimum capital ratio requirements and the requirements to be deemed well-capitalized.
September 2026 Form 10-Q, filed 2026-10-22: reported capital compliance · Filed 22/10/2026
The following table sets forth the composition of our capital ratios for the Company calculated under the Basel III Standardized Approach rules at September 30, 2026 and December 31, 2025, respectively:
At September 30, 2026
At December 31, 2025(1)
($ in millions)
Amount
Ratio(2)
Amount
Ratio(2)
Total risk-based capital
$
17,476
16.5
%
$
17,691
16.7
%
Tier 1 risk-based capital
$
15,300
14.5
%
$
15,512
14.6
%
Tier 1 leverage
$
15,300
12.7
%
$
15,512
13.3
%
Common equity Tier 1 capital
$
13,584
12.9
%
$
14,290
13.5
%
Risk-weighted assets
$
105,704
$
105,934
______________________
(1)Amounts and ratios at December 31, 2025 have been recast to reflect the change in presentation of internal-use capitalized software on our Condensed Consolidated Statements of Financial Position.
September 2026 Form 10-Q, filed 2026-10-22: Company capital scope and recast comparison · Filed 22/10/2026
Money market and other demand deposits
$
2,974
$
2,837
Savings
29,146
29,777
Certificates of deposit:
Direct
43,638
42,229
Brokered
4,207
3,316
Brokered sweep accounts
2,548
2,589
Total interest-bearing deposits
82,513
80,748
Total non-interest-bearing deposits
438
396
Total deposits
$
82,951
$
81,144
Certificates of Deposit
At September 30, 2026, our certificates of deposit maturing for the remainder of 2026 and over the next four years and thereafter were as follows:
($ in millions)
2026
2027
2028
2029
2030
Thereafter
Certificates of deposit
$
8,372
$
31,538
$
3,816
$
1,461
$
2,108
$
550
At September 30, 2026 and December 31, 2025, direct certificates of deposit of $12.9 billion and $12.3 billion, respectively, were of denominations at or exceeding applicable FDIC insurance limits, which are generally $250,000 per depositor for each account ownership category.
September 2026 Form 10-Q, filed 2026-10-22: deposit composition and CD maturity schedule · Filed 22/10/2026
At September 30, 2026 and December 31, 2025, the portion of these direct certificates of deposit estimated to be uninsured was $4.5 billion and $4.2 billion, respectively.
September 2026 Form 10-Q, filed 2026-10-22: estimated uninsured direct certificates of deposit · Filed 22/10/2026
The Bank may pay dividends on its stock, with consent or non-objection from the OCC and the Federal Reserve Board, among other things, if its regulatory capital would not thereby be reduced below the applicable regulatory capital requirements.
September 2026 Form 10-Q, filed 2026-10-22: Bank dividend constraints · Filed 22/10/2026
The following table presents the calculation of basic and diluted earnings per common share:
Three months ended September 30,
Nine months ended September 30,
($ and shares in millions, except per share data)
2026
2025
2026
2025
Net earnings
$
892
$
1,077
$
2,582
$
2,801
Preferred stock dividends
(28)
(20)
(70)
(62)
Net earnings available to common stockholders
$
864
$
1,057
$
2,512
$
2,739
Weighted average common shares outstanding, basic
319.0
365.9
330.8
375.7
Effect of dilutive securities
3.4
4.0
3.3
3.7
Weighted average common shares outstanding, dilutive
September 2026 Form 10-Q, filed 2026-10-22: quarterly and nine-month earnings and share denominators · Filed 22/10/2026
•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.
Third-quarter earnings release, filed 2026-10-20: announced Stripe integration and prospective benefit · Filed 20/10/2026
•Established partnership with OpenAI, combining strategic agentic commerce collaboration with enterprise AI access.
Third-quarter earnings release, filed 2026-10-20: established OpenAI collaboration without reported outcomes · Filed 20/10/2026
•Home & Auto purchase volume increased 9%, primarily reflecting the performance of new programs, select Furniture retailers, and the impact of higher gas prices.
Third-quarter earnings release, filed 2026-10-20: Home & Auto volume drivers · Filed 20/10/2026
•Diversified & Value purchase volume increased 13%, primarily reflecting the impact of partner expansion and the impact of higher gas prices.
Third-quarter earnings release, filed 2026-10-20: Diversified & Value volume drivers · Filed 20/10/2026
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.
Financial supplement, filed 2026-10-20: nine-month balances, yields, funding rates and annualized yield definition · Filed 20/10/2026
(3) Net interest margin represents annualized net interest income divided by average total interest-earning assets.
Financial supplement, filed 2026-10-20: net interest margin denominator · Filed 20/10/2026
(3) Credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
Third-quarter presentation, filed 2026-10-20: active-account definition · Filed 20/10/2026
