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Synchrony Financial (NYSE: SYF) Q2 2026 earnings fall to $885M

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Form Type
8-K

Rhea-AI Filing Summary

Synchrony Financial reported second quarter 2026 net earnings of $885 million, down from $967 million a year earlier, while diluted EPS rose to $2.59 from $2.50 as the share count declined 12.5%. Net interest income was $4.61 billion, up 1.9%, and net interest margin improved to 15.08%, 30 basis points higher than 2Q 2025. Provision for credit losses increased to $1.20 billion, other income rose to $137 million helped by a $30 million Visa B‑2 share exchange gain, and other expense grew to $1.33 billion, producing an efficiency ratio of 35.8%, return on assets of 2.9%, and return on equity of 21.4%.

Business activity remained solid, with purchase volume up 8.1% to $49.8 billion and loan receivables up 2.4% to $102.2 billion, while average active accounts were roughly flat at 68.3 million. Credit quality metrics improved: net charge‑offs were 5.43% of average loan receivables versus 5.70%, 30+ day delinquencies were 4.16% of loans, and the allowance coverage ratio was 10.09% versus 10.59% a year earlier. Deposits totaled $82.8 billion, funding 83% of the balance sheet; total liquid assets were $19.8 billion, 16.2% of assets. The estimated Common Equity Tier 1 ratio was 13.2%. Synchrony returned $950 million to shareholders in the quarter, including $850 million of repurchases and $100 million of dividends, and management’s updated 2026 outlook calls for mid‑single‑digit ending loan receivables growth, diluted EPS of $9.25–$9.50, and a net charge‑off rate of less than 5.5%.

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Filing Explained

The filing also reports a $500 million preferred-stock issuance at a 7.25% final dividend; preferred stock increased in reported equity, while the supplement shows no common-share issuance during the quarter.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net earnings $885 million Net earnings for the quarter ended June 30, 2026; down 8.5% from $967 million in 2Q 2025
Diluted EPS $2.59 Diluted earnings per share for second quarter 2026, up from $2.50 in second quarter 2025
Purchase volume $49.8 billion Purchase volume in second quarter 2026, an 8.1% increase versus second quarter 2025
Loan receivables $102.2 billion Period-end loan receivables at June 30, 2026, up 2.4% year over year
Net interest margin 15.08% Net interest margin for second quarter 2026, 30 basis points higher than 14.78% a year earlier
Net charge-offs rate 5.43% Net charge-offs as a percentage of average loan receivables in Q2 2026, down from 5.70% in Q2 2025
Common Equity Tier 1 ratio 13.2% Estimated CET1 capital ratio at June 30, 2026; prior-year ratio was 14.2%
Capital returned to shareholders $950 million Q2 2026 capital return consisting of $850 million of repurchases and $100 million of dividends
net interest margin financial
"Net interest margin increased 30 basis points to 15.08%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
retailer share arrangements financial
"Retailer share arrangements increased $35 million, or 4%, to $1.0 billion"
Common Equity Tier 1 capital ratio regulatory
"The estimated Common Equity Tier 1 ratio was 13.2% compared to 14.2%"
A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.
allowance for credit losses financial
"The allowance for credit losses as a percentage of total period-end loan receivables was 10.09%"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
tangible book value per share financial
"Tangible book value per share** increased 8% to $42.01"
Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.
payment rate financial
"Payment rate of 17.0% up approximately 70bps vs. 2Q'25"
Offering Type IPO/secondary/shelf/ATM

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FAQ

What were Synchrony Financial (SYF)'s net earnings and EPS for Q2 2026?
Synchrony Financial reported Q2 2026 net earnings of $885 million and diluted EPS of $2.59, compared with $967 million and $2.50 in Q2 2025, reflecting higher net interest income but a larger provision for credit losses and higher operating expenses.

How did Synchrony Financial (SYF)'s loan receivables and purchase volume change in Q2 2026?
In Q2 2026, purchase volume rose 8.1% to $49.8 billion and loan receivables increased 2.4% to $102.2 billion versus Q2 2025, driven by growth across Digital and Diversified & Value platforms and continued engagement on co‑branded card programs.

What were Synchrony Financial (SYF)'s key credit quality metrics for Q2 2026?
Credit quality remained stable to slightly better, with net charge‑offs at 5.43% of average loan receivables, 30+ day delinquencies at 4.16%, and an allowance coverage ratio of 10.09%, all modestly improved compared with the prior year quarter.

How much capital did Synchrony Financial (SYF) return to shareholders in Q2 2026?
Synchrony returned $950 million in capital to shareholders in Q2 2026, consisting of $850 million of share repurchases and $100 million of common stock dividends, and had $5.7 billion of remaining repurchase authorization as of June 30, 2026.

What is Synchrony Financial (SYF)'s 2026 earnings and credit outlook?
Management’s 2026 outlook calls for diluted EPS of $9.25–$9.50, mid‑single‑digit growth in ending loan receivables, and a net charge‑off rate below 5.5%, assuming a stable macro environment and no material new product, pricing, or policy changes.

What were Synchrony Financial (SYF)'s capital and liquidity ratios at June 30, 2026?
At June 30, 2026, Synchrony reported an estimated Common Equity Tier 1 capital ratio of 13.2%, total liquid assets of $19.8 billion equal to 16.2% of total assets, and deposits of $82.8 billion representing 83% of total funding.
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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,Connecticut06902
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareSYFNew 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 ASYFPrANew 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 BSYFPrBNew 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
104The 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



image.jpg
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 AssetsCET1 RatioCapital ReturnedLoan 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





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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.






image1.jpg

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.










image1.jpg

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.






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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


synchonylogo.jpg


Investor Relations                Media Relations
Kathryn Miller                    Ashley Tufts
(203) 585-6291                    (203) 216-6277





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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.





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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.


Exhibit 99.2
SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
Quarter EndedSix Months Ended
Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
 2025		2Q'26 vs. 2Q'25Jun 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 losses1,201 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 losses2,380 2,230 2,225 2,550 2,383 (3)(0.1)%4,610 4,461 149 3.3 %
Other income137 133 126 127 118 19 16.1 %270 267 3 1.1 %
Other expense1,331 1,316 1,399 1,248 1,245 86 6.9 %2,647 2,488 159 6.4 %
Earnings before provision for income taxes1,186 1,047 952 1,429 1,256 (70)(5.6)%2,233 2,240 (7)(0.3)%
Provision for income taxes301 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 outstanding336.8 347.4 360.1 371.9 380.5 (43.7)(11.5)%347.4 388.3 (40.9)(10.5)%
Issuance of common shares— — — — — — NM— — — NM
Stock-based compensation0.2 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 outstanding325.3 336.8 347.4 360.1 371.9 (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 EndedSix Months Ended
Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
2025		2Q'26 vs. 2Q'25Jun 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 sale5.30 %5.30 %5.50 %4.96 %5.03 %0.27 %5.30 %5.01 %0.29 %
Effective income tax rate25.4 %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 sale5.43 %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 assets16.23 %18.80 %13.91 %15.59 %18.09 %(1.86)%16.23 %18.09 %(1.86)%
Liquid assets including undrawn credit facilities % of total assets17.97 %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 EndedSix Months Ended
Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
 2025		2Q'26 vs. 2Q'25Jun 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 securities203 190 186 221 258 (55)(21.3)%393 496 (103)(20.8)%
Total interest income5,583 5,603 5,734 5,731 5,586 (3)(0.1)%11,186 11,136 50 0.4 %
Interest expense:
Interest on deposits767 770 781 812 855 (88)(10.3)%1,537 1,737 (200)(11.5)%
Interest on borrowings of consolidated securitization entities111 106 104 105 104 7 6.7 %217 208 9 4.3 %
Interest on senior unsecured notes97 92 88 94 106 (9)(8.5)%189 206 (17)(8.3)%
Total interest expense975 968 973 1,011 1,065 (90)(8.5)%1,943 2,151 (208)(9.7)%
Net interest income4,608 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 losses1,201 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 losses2,380 2,230 2,225 2,550 2,383 (3)(0.1)%4,610 4,461 149 3.3 %
Other income:
Interchange revenue300 264 289 272 268 32 11.9 %564 506 58 11.5 %
Protection product revenue161 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 %
Other112 69 80 74 66 46 69.7 %181 141 40 28.4 %
Total other income137 133 126 127 118 19 16.1 %270 267 3 1.1 %
Other expense:
Employee costs516 515 575 503 509 7 1.4 %1,031 1,015 16 1.6 %
Professional fees220 209 243 240 236 (16)(6.8)%429 453 (24)(5.3)%
Marketing and business development137 114 148 120 127 10 7.9 %251 243 8 3.3 %
Information processing248 262 239 226 215 33 15.3 %510 434 76 17.5 %
Other210 216 194 159 158 52 32.9 %426 343 83 24.2 %
Total other expense1,331 1,316 1,399 1,248 1,245 86 6.9 %2,647 2,488 159 6.4 %
Earnings before provision for income taxes1,186 1,047 952 1,429 1,256 (70)(5.6)%2,233 2,240 (7)(0.3)%
Provision for income taxes301 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 securities4,365 3,040 2,348 2,716 2,905 1,460 50.3 %
Loan receivables:
Unsecuritized loans held for investment80,367 78,423 81,408 79,207 78,566 1,801 2.3 %
Restricted loans of consolidated securitization entities21,841 21,662 22,400 20,971 21,210 631 3.0 %
Total loan receivables102,208 100,085 103,808 100,178 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, net91,896 89,657 93,366 89,805 89,212 2,684 3.0 %
Loan receivables held for sale— — — 192 191 (191)(100.0)%
Goodwill1,363 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 accounts430 416 396 373 405 25 6.2 %
Total deposits82,806 82,894 81,144 79,886 82,262 544 0.7 %
Borrowings:
Borrowings of consolidated securitization entities8,916 8,915 8,415 7,666 8,340 576 6.9 %
Senior and Subordinated unsecured notes7,516 7,513 6,767 6,765 7,669 (153)(2.0)%
Total borrowings16,432 16,428 15,182 14,431 16,009 423 2.6 %
Accrued expenses and other liabilities5,795 5,702 6,003 5,602 5,282 513 9.7 %
Total liabilities105,033 105,024 102,329 99,919 103,553 1,480 1.4 %
Equity:
Preferred stock1,716 1,222 1,222 1,222 1,222 494 40.4 %
Common stock1 1 1 1 1 — — %
Additional paid-in capital9,876 9,844 9,902 9,866 9,836 40 0.4 %
Retained earnings25,968 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 equity16,897 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, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025Jun 30, 2025
InterestAverageInterestAverageInterestAverageInterestAverageInterestAverage
AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/
BalanceExpense
Rate(1)
BalanceExpense
Rate(1)
BalanceExpense
Rate(1)
BalanceExpense
Rate(1)
BalanceExpense
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 sale3,775 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 cards92,690 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 loans5,288 187 14.18 %5,465 188 13.95 %5,548 198 14.16 %5,618 208 14.69 %5,692 207 14.59 %
Commercial credit products2,646 100 15.16 %1,857 72 15.72 %1,962 52 10.52 %2,006 46 9.10 %1,981 43 8.71 %
Other78 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 sale100,702 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 assets122,544 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 banks945 976 864 892 868 
Allowance for credit losses(10,428)(10,431)(10,391)(10,536)(10,797)
Other assets8,209 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 entities8,915 111 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 notes7,514 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 liabilities98,708 975 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 accounts419 414 382 410 412 
Other liabilities5,540 5,621 5,667 5,287 5,065 
Total non-interest-bearing liabilities5,959 6,035 6,049 5,697 5,477 
Total liabilities104,667 103,277 100,963 101,116 103,686 
Equity
Total equity16,603 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
InterestAverageInterestAverage
AverageIncome/Yield/AverageIncome/Yield/
BalanceExpense
Rate(1)
BalanceExpense
Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents$18,030 $330 3.69 %$19,625 $431 4.43 %
Securities available for sale3,188 63 3.99 %3,001 65 4.37 %
Loan receivables, including held for sale:
Credit cards92,989 10,244 22.22 %92,345 10,131 22.12 %
Consumer installment loans5,376 375 14.07 %5,762 418 14.63 %
Commercial credit products2,254 172 15.39 %1,912 88 9.28 %
Other79 2 5.11 %104 3 5.82 %
Total loan receivables, including held for sale100,698 10,793 21.61 %100,123 10,640 21.43 %
Total interest-earning assets121,916 11,186 18.50 %122,749 11,136 18.29 %
Non-interest-earning assets:
Cash and due from banks960 868 
Allowance for credit losses(10,429)(10,866)
Other assets8,216 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 entities8,700 217 5.03 %8,058 208 5.21 %
Senior and subordinated unsecured notes7,286 189 5.23 %8,061 206 5.15 %
Total interest-bearing liabilities97,979 1,943 4.00 %98,310 2,151 4.41 %
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts417 415 
Other liabilities5,580 5,016 
Total non-interest-bearing liabilities5,997 5,431 
Total liabilities103,976 103,741 
Equity
Total equity16,687 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 assets12.45 %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 ratio13.2 %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 EndedSix Months Ended
Jun 30,
2026		Mar 31,
2026		Dec 31,
2025		Sep 30,
2025		Jun 30,
 2025		2Q'26 vs. 2Q'25Jun 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 stock1,716 1,222 1,222 1,222 1,222 
Tier 1 capital$15,616 $15,237 $15,512 $15,934 $15,830 
Add: Subordinated debt743 742 742 742 742 
Add: Allowance for credit losses includible in risk-based capital1,423 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 losses10,312 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
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.

 

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.

Source: View Original Filing on SEC EDGAR

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