Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Synchrony Financiall	NYSE:SYF	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	1.96	2.90%	69.50	69.29	65.56	68.71	7,683,019	01:00:00

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

January 28, 2025

Date of Report

(Date of earliest event reported)

SYNCHRONY FINANCIAL

(Exact name of registrant as specified in its charter)

Delaware

001-36560

51-0483352

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)


777 Long Ridge Road
Stamford,	Connecticut	06902
(Address of principal executive offices)		(Zip Code)

(203) 585-2400

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	SYF	New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	SYFPrA	New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B	SYFPrB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On January 28, 2025, Synchrony Financial (the “Company”) issued a press release setting forth the Company’s fourth quarter 2024 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 January 28, 2025, issued by Synchrony Financial
99.2						Financial Data Supplement of the Company for the quarter ended December 31, 2024
99.3						Financial Results Presentation of the Company for the quarter ended December 31, 2024
99.4						Explanation of Non-GAAP Measures
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SYNCHRONY FINANCIAL

Date: January 28, 2025

By:

/s/ Jonathan Mothner

Name:

Jonathan Mothner

Title:

Executive Vice President, Chief Risk and Legal Officer


									Exhibit 99.1 For Immediate Release Synchrony Financial (NYSE: SYF) January 28, 2025

Fourth Quarter 2024 Results and Key Metrics

STAMFORD, Conn - Synchrony Financial (NYSE: SYF) today announced fourth quarter 2024 net earnings of $774 million, or $1.91 per diluted share, compared to $440 million, or $1.03 per diluted share in the fourth quarter 2023.

CEO Commentary

“Synchrony's fourth quarter performance demonstrated the power of our differentiated business model and our ability to execute across our key strategic priorities to deliver strong results for our stakeholders,” said Brian Doubles, Synchrony’s President and Chief Executive Officer.

“We leveraged our scale, our deep lending expertise and advanced data analytics, and our sophisticated digital capabilities to deliver innovative financing solutions through seamless omnichannel experiences for approximately 70 million customers, and hundreds of thousands of partners, providers and small and mid-sized businesses that we serve.

“Synchrony also continued to invest in our competitive strengths and position our business for sustainable growth at strong risk-adjusted returns over the long-term. During the past year, we grew and deepened more than 45 of our existing partner programs and added more than 45 new partners. We diversified our markets and distribution channels to reach more customers and expanded the utility of our products to drive greater lifetime value. And we continued to enhance our customer experience to deliver easier and more personalized interactions anywhere our customers are looking to make a purchase.

“Looking to the year ahead, Synchrony is operating from a position of strength as we continue to drive greater financing and payment experiences. We are excited about the opportunities we see to deepen our role within the heart of American commerce and are confident in our ability to drive significant long-term value for our many stakeholders.”

2.6%

13.3%

$197M

$104.7B

Return on Assets

CET1 Ratio

Capital Returned

Loan Receivables

Key Operating and Financial Metrics*

•Purchase volume decreased 3% to $48.0 billion

•Loan receivables increased 2% to $104.7 billion

•Average active accounts decreased 2% to 70.3 million

•New accounts decreased 19% to 5.0 million

•Net interest margin decreased 9 basis points to 15.01%

•Efficiency ratio decreased 270 basis points to 33.3%

•Return on assets increased 110 basis points to 2.6%

•Return on equity increased 650 basis points to 18.9%

•Return on tangible common equity** increased 830 basis points to 23.0%

•Book value per share increased 22% to $39.55

•Tangible book value per share** increased 23% to $34.07

CFO Commentary

“Synchrony delivered strong fourth quarter financial results, reflecting the inherent resilience that comes from our diversified portfolio of products and spend categories, our balanced approach to underwriting and credit management and our dynamic technology platform. The combination of these strengths enabled our business to swiftly adapt to the evolving landscape,” said Brian Wenzel, Synchrony’s Executive Vice President and Chief Financial Officer.

“While Synchrony’s credit actions between mid-2023 through early 2024 continued to impact our new account and purchase volume growth during the fourth quarter, our customers continued to seek access to our flexible financing solutions — reflecting the strong appeal of our value propositions and utility of our offerings in a persistently inflationary environment. Importantly, Synchrony’s credit actions also enabled further improvement in the trajectory of our delinquency performance and, as a result, we remain confident in our ability to return to our long-term net charge-off target. In addition, our RSA maintained the alignment of the interests between Synchrony and our partners, and Synchrony drove operating efficiency even as we continued to invest in our business.

“Synchrony’s differentiated model and our high level of execution in the fourth quarter and throughout the past year enabled this performance. Looking forward, we will continue to build on our successful track record as we remain focused on leveraging our competitive advantages to deliver sustainable growth at strong risk-adjusted returns while driving progress toward our long-term financial targets.”

Business Highlights

•Added or renewed nearly 30 programs, including Generac and P.C Richard & Son.

•Extended collaboration with Sam’s Club in January, building on our more than 30-year relationship, dedicated to transforming the shopping and credit experiences and creating value for Sam’s Club members.

•Extended our nearly 25 year partnership with JCPenney, which now includes Synchrony Pay Later, further empowering customers with choice and flexibility in financing larger purchases.

Financial Highlights

•Interest and fees on loans increased 3% to $5.5 billion, driven primarily by growth in average loan receivables and the impact of product, pricing and policy changes (“PPPC”), partially offset by higher reversals and lower late fee incidence.

•Net interest income increased $126 million, or 3%, to $4.6 billion, driven by higher interest and fees on loans.

•Retailer share arrangements increased $41 million, or 5%, to $919 million, reflecting program performance, which includes the impact of our PPPC.

•Provision for credit losses decreased $243 million to $1.6 billion, driven by a reserve release of $100 million vs. a reserve build of $402 million in the prior year, partially offset by higher net charge-offs.

•Other income increased $57 million to $128 million, primarily reflecting the impact of PPPC related fees, partially offset by the impact of the Pets Best disposition.

•Other expense decreased $49 million, or 4%, to $1.3 billion, primarily driven by prior year restructuring costs and other notable expenses as well as lower operational losses in the current year, partially offset by costs related to the Ally Lending acquisition and technology investments.

•Net earnings increased 76% to $774 million, compared to $440 million.

Credit Quality

•Loans 30+ days past due as a percentage of total period-end loan receivables were 4.70% compared to 4.74% in the prior year, a decrease of 4 basis points and approximately 8 basis points above the average of the fourth quarters in 2017 through 2019.

•Net charge-offs as a percentage of total average loan receivables were 6.45% compared to 5.58% in the prior year, an increase of 87 basis points, and 96 basis points above the average of the fourth quarters in 2017 through 2019.

•The allowance for credit losses as a percentage of total period-end loan receivables was 10.44%, compared to 10.79% in the third quarter 2024.

Sales Platform Highlights

•Period-end loan receivables growth by platform ranged from flat to up 6%, primarily reflecting payment rate moderation. Growth of interest and fees on loans ranged from flat to up 8%, primarily driven by higher average loan receivables and the impact of our PPPC, partially offset by higher reversals and lower late fee incidence. Average active account growth ranged from down 4% to up 5%, generally reflecting the impact of credit actions as fewer new accounts were added.

•Home & Auto purchase volume decreased 6%, as the impact of the Ally Lending acquisition was more than offset by a combination of lower consumer traffic and the impact of credit actions.

•Digital purchase volume decreased 1%, as stable spend per account was more than offset by fewer active accounts, reflecting the combined impacts of a more selective acquisition strategy and credit actions.

•Diversified & Value purchase volume decreased 2%, as growth in spend per account was more than offset by fewer active accounts and the impact of credit actions.

•Health & Wellness purchase volume decreased 3%, as lower spend in Dental, Cosmetic, and Vision, combined with the impact of credit actions, was partially offset by growth in Pet and Audiology.

•Lifestyle purchase volume decreased 5%, driven by lower average transaction values and lower spend in Specialty, Outdoor and Jewelry as consumers continued to manage discretionary spend, and the impact of credit actions.

Balance Sheet, Liquidity, & Capital

•Loan receivables of $104.7 billion increased 2%; purchase volume decreased 3% and average active accounts decreased 2%.

•Deposits increased $909 million, or 1%, to $82.1 billion and comprised 84% of funding.

•Total liquid assets and undrawn credit facilities were $19.8 billion, or 16.6% of total assets.

•The company returned $197 million in capital to shareholders, including $100 million of share repurchases and $97 million of common stock dividends.

•As of December 31, 2024 the Company had a total remaining share repurchase authorization of $600 million.

•The estimated Common Equity Tier 1 ratio was 13.3% compared to 12.2%, and the estimated Tier 1 Capital ratio was 14.5% compared to 12.9% in the prior year.

* All comparisons are for the fourth quarter of 2024 compared to the fourth quarter of 2023, 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 tables.

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 detailed financial tables and information that follow, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed February 8, 2024, and the Company’s forthcoming Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 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, January 28, 2025, at 8:00 a.m. Eastern Time, Brian Doubles, President and Chief Executive Officer, and Brian Wenzel Sr., Executive Vice President and Chief Financial Officer, will host a conference call to review the financial results and outlook for certain business drivers. The conference call can be accessed via an audio webcast through the Investor Relations page on the Synchrony Financial corporate website, www.investors.synchrony.com, under Events and Presentations. A replay will also be available on the website.

About Synchrony Financial

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our “partners.” We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice.

For more information, visit www.synchrony.com

Investor Relations Media Relations

Kathryn Miller Lisa Lanspery

(203) 585-6291 (203) 585-6143

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,” “confident,” “trajectory” 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 conditions, including factors impacting consumer confidence and economic growth in the United States, and whether industry trends we have identified develop as anticipated; the impact of changes in the U.S. presidential administration and Congress on fiscal, monetary and regulatory policy; 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; the Consumer Financial Protection Bureau’s (the “CFPB”) final rule on credit card late fees, including the timing for resolution and outcome of the litigation challenging the final rule, as well as changes to consumer behaviors in response to the final rule, if implemented, the product, pricing and policy changes that have been or will be implemented to mitigate the impacts of the final rule or the final rule not becoming effective; 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, loss of the right to service or subservice our securitized loan receivables, and lower payment rates on our securitized loan receivables; changes in 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; 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 and compliance issues; regulatory actions; 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 that the Company and the Bank are or will become subject to as a result of having $100 billion or more in total assets; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Bank’s ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws.

Cautionary Statement Regarding Forward-Looking Statements (Continued)

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this news release and in our public filings, including under the heading "Risk Factors Relating to our Business" and “Risk Factors Relating to Regulation” in the Company's most recent Annual Report on Form 10-K. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Non-GAAP Measures

The information provided herein includes measures we refer to as "tangible common equity," and “tangible book value per share,” which are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please see the detailed financial tables and information that follow. For a statement regarding the usefulness of these measures to investors, please see the Company's Current Report on Form 8-K filed with the SEC today.

Exhibit 99.2


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		4Q'24 vs. 4Q'23				Dec 31, 2024		Dec 31, 2023		YTD'24 vs. YTD'23
EARNINGS
Net interest income	$	4,592	$	4,609	$	4,405	$	4,405	$	4,466	$	126	2.8	%	$	18,011	$	16,999	$	1,012	6.0	%
Retailer share arrangements	(919)		(914)		(810)		(764)		(878)		(41)		4.7	%	(3,407)		(3,661)		254		(6.9)	%
Other income	128		119		117		1,157		71		57		80.3	%	1,521		289		1,232		NM
Net revenue	3,801		3,814		3,712		4,798		3,659		142		3.9	%	16,125		13,627		2,498		18.3	%
Provision for credit losses	1,561		1,597		1,691		1,884		1,804		(243)		(13.5)	%	6,733		5,965		768		12.9	%
Other expense	1,267		1,189		1,177		1,206		1,316		(49)		(3.7)	%	4,839		4,758		81		1.7	%
Earnings before provision for income taxes	973		1,028		844		1,708		539		434		80.5	%	4,553		2,904		1,649		56.8	%
Provision for income taxes	199		239		201		415		99		100		101.0	%	1,054		666		388		58.3	%
Net earnings	$	774	$	789	$	643	$	1,293	$	440	$	334	75.9	%	$	3,499	$	2,238	$	1,261	56.3	%
Net earnings available to common stockholders	$	753	$	768	$	624	$	1,282	$	429	$	324	75.5	%	$	3,427	$	2,196	$	1,231	56.1	%



COMMON SHARE STATISTICS
Basic EPS	$	1.93	$	1.96	$	1.56	$	3.17	$	1.04	$	0.89	85.6	%	$	8.64	$	5.21	$	3.43	65.8	%
Diluted EPS	$	1.91	$	1.94	$	1.55	$	3.14	$	1.03	$	0.88	85.4	%	$	8.55	$	5.19	$	3.36	64.7	%

Dividend declared per share	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25	$	—	—	%	$	1.00	$	0.96	$	0.04	4.2	%
Common stock price	$	65.00	$	49.88	$	47.19	$	43.12	$	38.19	$	26.81	70.2	%	$	65.00	$	38.19	$	26.81	70.2	%
Book value per share	$	39.55	$	37.92	$	36.24	$	35.03	$	32.36	$	7.19	22.2	%	$	39.55	$	32.36	$	7.19	22.2	%
Tangible book value per share(1)	$	34.07	$	32.68	$	31.05	$	30.36	$	27.59	$	6.48	23.5	%	$	34.07	$	27.59	$	6.48	23.5	%

Beginning common shares outstanding	389.2		395.1		401.4		406.9		413.8		(24.6)		(5.9)	%	406.9		438.2		(31.3)		(7.1)	%
Issuance of common shares	—		—		—		—		—		—		NM		—		—		—		NM
Stock-based compensation	0.6		0.7		0.6		2.0		0.4		0.2		50.0	%	3.9		2.3		1.6		69.6	%
Shares repurchased	(1.5)		(6.6)		(6.9)		(7.5)		(7.3)		5.8		(79.5)	%	(22.5)		(33.6)		11.1		(33.0)	%
Ending common shares outstanding	388.3		389.2		395.1		401.4		406.9		(18.6)		(4.6)	%	388.3		406.9		(18.6)		(4.6)	%

Weighted average common shares outstanding	389.3		392.3		399.3		404.7		411.9		(22.6)		(5.5)	%	396.5		421.2		(24.7)		(5.9)	%
Weighted average common shares outstanding (fully diluted)	394.8		396.5		402.6		408.2		414.6		(19.8)		(4.8)	%	400.6		423.5		(22.9)		(5.4)	%

(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.


SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
	Quarter Ended																			Twelve Months Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			4Q'24 vs. 4Q'23				Dec 31, 2024			Dec 31, 2023			YTD'24 vs. YTD'23
PERFORMANCE METRICS
Return on assets(1)	2.6		%	2.6		%	2.2		%	4.4		%	1.5		%			1.1	%	2.9		%	2.0		%			0.9	%
Return on equity(2)	18.9		%	19.8		%	16.7		%	35.6		%	12.4		%			6.5	%	22.5		%	16.4		%			6.1	%
Return on tangible common equity(3)	23.0		%	24.3		%	20.2		%	43.6		%	14.7		%			8.3	%	27.5		%	19.8		%			7.7	%

Net interest margin(4)	15.01		%	15.04		%	14.46		%	14.55		%	15.10		%			(0.09)	%	14.76		%	15.15		%			(0.39)	%
Net revenue as a % of average loan receivables, including held for sale	14.76		%	14.87		%	14.71		%	19.11		%	14.56		%			0.20	%	15.85		%	14.37		%			1.48	%
Efficiency ratio(5)	33.3		%	31.2		%	31.7		%	25.1		%	36.0		%			(2.7)	%	30.0		%	34.9		%			(4.9)	%
Other expense as a % of average loan receivables, including held for sale	4.92		%	4.64		%	4.66		%	4.80		%	5.24		%			(0.32)	%	4.76		%	5.02		%			(0.26)	%
Effective income tax rate	20.5		%	23.2		%	23.8		%	24.3		%	18.4		%			2.1	%	23.1		%	22.9		%			0.2	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	6.45		%	6.06		%	6.42		%	6.31		%	5.58		%			0.87	%	6.31		%	4.87		%			1.44	%
30+ days past due as a % of period-end loan receivables(6)	4.70		%	4.78		%	4.47		%	4.74		%	4.74		%			(0.04)	%	4.70		%	4.74		%			(0.04)	%
90+ days past due as a % of period-end loan receivables(6)	2.40		%	2.33		%	2.19		%	2.42		%	2.28		%			0.12	%	2.40		%	2.28		%			0.12	%
Net charge-offs	$	1,661		$	1,553		$	1,621		$	1,585		$	1,402		$	259	18.5	%	$	6,420		$	4,620		$	1,800	39.0	%
Loan receivables delinquent over 30 days(6)	$	4,925		$	4,883		$	4,574		$	4,820		$	4,885		$	40	0.8	%	$	4,925		$	4,885		$	40	0.8	%
Loan receivables delinquent over 90 days(6)	$	2,512		$	2,382		$	2,244		$	2,459		$	2,353		$	159	6.8	%	$	2,512		$	2,353		$	159	6.8	%

Allowance for credit losses (period-end)	$	10,929		$	11,029		$	10,982		$	10,905		$	10,571		$	358	3.4	%	$	10,929		$	10,571		$	358	3.4	%
Allowance coverage ratio(7)	10.44		%	10.79		%	10.74		%	10.72		%	10.26		%			0.18	%	10.44		%	10.26		%			0.18	%

BUSINESS METRICS
Purchase volume(8)	$	47,955		$	44,985		$	46,846		$	42,387		$	49,339		$	(1,384)	(2.8)	%	$	182,173		$	185,178		$	(3,005)	(1.6)	%
Period-end loan receivables	$	104,721		$	102,193		$	102,284		$	101,733		$	102,988		$	1,733	1.7	%	$	104,721		$	102,988		$	1,733	1.7	%
Credit cards	$	96,818		$	94,008		$	94,091		$	93,736		$	97,043		$	(225)	(0.2)	%	$	96,818		$	97,043		$	(225)	(0.2)	%
Consumer installment loans	$	5,971		$	6,125		$	6,072		$	5,957		$	3,977		$	1,994	50.1	%	$	5,971		$	3,977		$	1,994	50.1	%
Commercial credit products	$	1,826		$	1,936		$	2,003		$	1,912		$	1,839		$	(13)	(0.7)	%	$	1,826		$	1,839		$	(13)	(0.7)	%
Other	$	106		$	124		$	118		$	128		$	129		$	(23)	(17.8)	%	$	106		$	129		$	(23)	(17.8)	%
Average loan receivables, including held for sale	$	102,476		$	102,009		$	101,478		$	100,957		$	99,683		$	2,793	2.8	%	$	101,733		$	94,832		$	6,901	7.3	%
Period-end active accounts (in thousands)(9)	71,532			69,965			70,991			70,754			73,484			(1,952)		(2.7)	%	71,532			73,484			(1,952)		(2.7)	%
Average active accounts (in thousands)(9)	70,299			70,424			70,974			71,667			71,526			(1,227)		(1.7)	%	70,904			70,337			567		0.8	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	14,711		$	17,934		$	18,632		$	20,021		$	14,259		$	452	3.2	%	$	14,711		$	14,259		$	452	3.2	%
Total liquid assets	$	17,159		$	19,704		$	20,051		$	21,929		$	16,808		$	351	2.1	%	$	17,159		$	16,808		$	351	2.1	%
Undrawn credit facilities
Undrawn credit facilities	$	2,625		$	2,700		$	2,950		$	2,950		$	2,950		$	(325)	(11.0)	%	$	2,625		$	2,950		$	(325)	(11.0)	%
Total liquid assets and undrawn credit facilities(10)	$	19,784		$	22,404		$	23,001		$	24,879		$	19,758		$	26	0.1	%	$	19,784		$	19,758		$	26	0.1	%
Liquid assets % of total assets	14.36		%	16.53		%	16.64		%	18.10		%	14.31		%			0.05	%	14.36		%	14.31		%			0.05	%
Liquid assets including undrawn credit facilities % of total assets	16.56		%	18.79		%	19.09		%	20.53		%	16.82		%			(0.26)	%	16.56		%	16.82		%			(0.26)	%



(1) Return on assets represents annualized net earnings as a percentage of average total assets.
(2) Return on equity represents annualized net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents annualized net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents annualized net interest income divided by average total interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
(8) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(9) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(10) Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets.


SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		4Q'24 vs. 4Q'23				Dec 31, 2024		Dec 31, 2023		YTD'24 vs. YTD'23
Interest income:
Interest and fees on loans	$	5,480	$	5,522	$	5,301	$	5,293	$	5,323	$	157	2.9	%	$	21,596	$	19,902	$	1,694	8.5	%
Interest on cash and debt securities	230		263		281		275		226		4		1.8	%	1,049		808		241		29.8	%
Total interest income	5,710		5,785		5,582		5,568		5,549		161		2.9	%	22,645		20,710		1,935		9.3	%

Interest expense:
Interest on deposits	917		968		967		954		878		39		4.4	%	3,806		2,952		854		28.9	%
Interest on borrowings of consolidated securitization entities	104		108		110		105		99		5		5.1	%	427		340		87		25.6	%
Interest on senior unsecured notes	97		100		100		104		106		(9)		(8.5)	%	401		419		(18)		(4.3)	%

Total interest expense	1,118		1,176		1,177		1,163		1,083		35		3.2	%	4,634		3,711		923		24.9	%

Net interest income	4,592		4,609		4,405		4,405		4,466		126		2.8	%	18,011		16,999		1,012		6.0	%

Retailer share arrangements	(919)		(914)		(810)		(764)		(878)		(41)		4.7	%	(3,407)		(3,661)		254		(6.9)	%


Provision for credit losses	1,561		1,597		1,691		1,884		1,804		(243)		(13.5)	%	6,733		5,965		768		12.9	%
Net interest income, after retailer share arrangements and provision for credit losses	2,112		2,098		1,904		1,757		1,784		328		18.4	%	7,871		7,373		498		6.8	%

Other income:
Interchange revenue	266		256		263		241		270		(4)		(1.5)	%	1,026		1,031		(5)		(0.5)	%
Protection product revenue	151		145		125		141		139		12		8.6	%	562		510		52		10.2	%
Loyalty programs	(371)		(346)		(346)		(319)		(369)		(2)		0.5	%	(1,382)		(1,370)		(12)		0.9	%
Other	82		64		75		1,094		31		51		164.5	%	1,315		118		1,197		NM
Total other income	128		119		117		1,157		71		57		80.3	%	1,521		289		1,232		NM

Other expense:
Employee costs	478		464		434		496		538		(60)		(11.2)	%	1,872		1,884		(12)		(0.6)	%
Professional fees	249		231		236		220		228		21		9.2	%	936		842		94		11.2	%
Marketing and business development	147		123		129		125		138		9		6.5	%	524		527		(3)		(0.6)	%
Information processing	207		203		207		186		190		17		8.9	%	803		712		91		12.8	%
Other	186		168		171		179		222		(36)		(16.2)	%	704		793		(89)		(11.2)	%
Total other expense	1,267		1,189		1,177		1,206		1,316		(49)		(3.7)	%	4,839		4,758		81		1.7	%

Earnings before provision for income taxes	973		1,028		844		1,708		539		434		80.5	%	4,553		2,904		1,649		56.8	%
Provision for income taxes	199		239		201		415		99		100		101.0	%	1,054		666		388		58.3	%
Net earnings	$	774	$	789	$	643	$	1,293	$	440	$	334	75.9	%	$	3,499	$	2,238	$	1,261	56.3	%

Net earnings available to common stockholders	$	753	$	768	$	624	$	1,282	$	429	$	324	75.5	%	$	3,427	$	2,196	$	1,231	56.1	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Dec 31, 2024 vs. Dec 31, 2023
Assets
Cash and equivalents	$	14,711	$	17,934	$	18,632	$	20,021	$	14,259	$	452	3.2	%
Debt securities	3,079		2,345		2,693		3,005		3,799		(720)		(19.0)	%
Loan receivables:
Unsecuritized loans held for investment	83,382		81,005		82,144		81,642		81,554		1,828		2.2	%
Restricted loans of consolidated securitization entities	21,339		21,188		20,140		20,091		21,434		(95)		(0.4)	%
Total loan receivables	104,721		102,193		102,284		101,733		102,988		1,733		1.7	%
Less: Allowance for credit losses	(10,929)		(11,029)		(10,982)		(10,905)		(10,571)		(358)		3.4	%
Loan receivables, net	93,792		91,164		91,302		90,828		92,417		1,375		1.5	%

Goodwill	1,274		1,274		1,274		1,073		1,018		256		25.1	%
Intangible assets, net	854		765		776		800		815		39		4.8	%
Other assets	5,753		5,747		5,812		5,446		4,915		838		17.0	%
Assets held for sale	—		—		—		—		256		(256)		(100.0)	%
Total assets	$	119,463	$	119,229	$	120,489	$	121,173	$	117,479	$	1,984	1.7	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	81,664	$	81,901	$	82,708	$	83,160	$	80,789	$	875	1.1	%
Non-interest-bearing deposit accounts	398		383		392		394		364		34		9.3	%
Total deposits	82,062		82,284		83,100		83,554		81,153		909		1.1	%
Borrowings:
Borrowings of consolidated securitization entities	7,842		8,015		7,517		8,016		7,267		575		7.9	%

Senior and Subordinated unsecured notes	7,620		7,617		8,120		8,117		8,715		(1,095)		(12.6)	%

Total borrowings	15,462		15,632		15,637		16,133		15,982		(520)		(3.3)	%
Accrued expenses and other liabilities	5,359		5,333		6,212		6,204		6,334		(975)		(15.4)	%
Liabilities held for sale	—		—		—		—		107		(107)		(100.0)	%
Total liabilities	102,883		103,249		104,949		105,891		103,576		(693)		(0.7)	%
Equity:
Preferred stock	1,222		1,222		1,222		1,222		734		488		66.5	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,853		9,822		9,793		9,768		9,775		78		0.8	%
Retained earnings	21,635		20,975		20,310		19,790		18,662		2,973		15.9	%
Accumulated other comprehensive income (loss)	(59)		(50)		(73)		(69)		(68)		9		(13.2)	%
Treasury stock	(16,072)		(15,990)		(15,713)		(15,430)		(15,201)		(871)		5.7	%
Total equity	16,580		15,980		15,540		15,282		13,903		2,677		19.3	%
Total liabilities and equity	$	119,463	$	119,229	$	120,489	$	121,173	$	117,479	$	1,984	1.7	%


SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)

	Quarter Ended
	Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023
			Interest		Average				Interest		Average				Interest		Average				Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	16,131	$	193	4.76	%	$	17,316	$	235	5.40	%	$	18,337	$	249	5.46	%	$	17,405	$	236	5.45	%	$	13,762	$	188	5.42	%
Securities available for sale	3,111		37		4.73	%	2,587		28		4.31	%	2,731		32		4.71	%	3,432		39		4.57	%	3,895		38		3.87	%

Loan receivables, including held for sale:
Credit cards	94,356		5,209		21.96	%	93,785		5,236		22.21	%	93,267		5,013		21.62	%	94,216		5,096		21.75	%	93,744		5,162		21.85	%
Consumer installment loans	6,041		224		14.75	%	6,107		238		15.50	%	6,085		243		16.06	%	4,734		149		12.66	%	3,875		116		11.88	%
Commercial credit products	1,953		45		9.17	%	1,992		46		9.19	%	2,001		43		8.64	%	1,878		45		9.64	%	1,934		42		8.62	%
Other	126		2		6.31	%	125		2		6.37	%	125		2		6.44	%	129		3		9.35	%	130		3		9.16	%
Total loan receivables, including held for sale	102,476		5,480		21.27	%	102,009		5,522		21.54	%	101,478		5,301		21.01	%	100,957		5,293		21.09	%	99,683		5,323		21.19	%
Total interest-earning assets	121,718		5,710		18.66	%	121,912		5,785		18.88	%	122,546		5,582		18.32	%	121,794		5,568		18.39	%	117,340		5,549		18.76	%

Non-interest-earning assets:
Cash and due from banks	872						847						887						944						886
Allowance for credit losses	(11,014)						(10,994)						(10,878)						(10,677)						(10,243)
Other assets	7,678						7,624						7,309						6,973						6,616
Total non-interest-earning assets	(2,464)						(2,523)						(2,682)						(2,760)						(2,741)

Total assets	$	119,254					$	119,389					$	119,864					$	119,034					$	114,599

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	81,635	$	917	4.47	%	$	82,100	$	968	4.69	%	$	82,749	$	967	4.70	%	$	82,598	$	954	4.65	%	$	78,892	$	878	4.42	%
Borrowings of consolidated securitization entities	7,868		104		5.26	%	7,817		108		5.50	%	7,858		110		5.63	%	7,383		105		5.72	%	6,903		99		5.69	%

Senior and Subordinated unsecured notes	7,618		97		5.07	%	7,968		100		4.99	%	8,118		100		4.95	%	8,630		104		4.85	%	8,712		106		4.83	%

Total interest-bearing liabilities	97,121		1,118		4.58	%	97,885		1,176		4.78	%	98,725		1,177		4.80	%	98,611		1,163		4.74	%	94,507		1,083		4.55	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	379						387						396						390						379
Other liabilities	5,444						5,302						5,221						5,419						5,652
Total non-interest-bearing liabilities	5,823						5,689						5,617						5,809						6,031

Total liabilities	102,944						103,574						104,342						104,420						100,538

Equity
Total equity	16,310						15,815						15,522						14,614						14,061

Total liabilities and equity	$	119,254					$	119,389					$	119,864					$	119,034					$	114,599
Net interest income			$	4,592					$	4,609					$	4,405					$	4,405					$	4,466

Interest rate spread(2)					14.08	%					14.10	%					13.53	%					13.64	%					14.22	%
Net interest margin(3)					15.01	%					15.04	%					14.46	%					14.55	%					15.10	%



(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.



SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)

	Twelve Months Ended Dec 31, 2024						Twelve Months Ended Dec 31, 2023
			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	$	17,294	$	913	5.28	%	$	13,272	$	678	5.11	%
Securities available for sale	2,965		136		4.59	%	4,077		130		3.19	%

Loan receivables, including held for sale:
Credit cards	93,907		20,554		21.89	%	89,383		19,341		21.64	%
Consumer installment loans	5,744		854		14.87	%	3,501		401		11.45	%
Commercial credit products	1,956		179		9.15	%	1,826		150		8.21	%
Other	126		9		7.14	%	122		10		8.20	%
Total loan receivables, including held for sale	101,733		21,596		21.23	%	94,832		19,902		20.99	%
Total interest-earning assets	121,992		22,645		18.56	%	112,181		20,710		18.46	%

Non-interest-earning assets:
Cash and due from banks	887						962
Allowance for credit losses	(10,891)						(9,726)
Other assets	7,398						6,402
Total non-interest-earning assets	(2,606)						(2,362)

Total assets	$	119,386					$	109,819

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,268	$	3,806	4.63	%	$	75,487	$	2,952	3.91	%
Borrowings of consolidated securitization entities	7,732		427		5.52	%	6,274		340		5.42	%

Senior and subordinated unsecured notes	8,082		401		4.96	%	8,644		419		4.85	%

Total interest-bearing liabilities	98,082		4,634		4.72	%	90,405		3,711		4.10	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	388						402
Other liabilities	5,348						5,343
Total non-interest-bearing liabilities	5,736						5,745

Total liabilities	103,818						96,150

Equity
Total equity	15,568						13,669

Total liabilities and equity	$	119,386					$	109,819
Net interest income			$	18,011					$	16,999

Interest rate spread(2)					13.84	%					14.36	%
Net interest margin(3)					14.76	%					15.15	%

(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.


SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)

	Quarter Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2024 vs. Sep 30, 2023
BALANCE SHEET STATISTICS
Total common equity	$	15,358		$	14,758		$	14,318		$	14,060		$	13,169		$	2,189	16.6	%
Total common equity as a % of total assets	12.86		%	12.38		%	11.88		%	11.60		%	11.21		%			1.65	%

Tangible assets	$	117,335		$	117,190		$	118,439		$	119,300		$	115,535		$	1,800	1.6	%
Tangible common equity(1)	$	13,230		$	12,719		$	12,268		$	12,187		$	11,225		$	2,005	17.9	%
Tangible common equity as a % of tangible assets(1)	11.28		%	10.85		%	10.36		%	10.22		%	9.72		%			1.56	%
Tangible book value per share(2)	$	34.07		$	32.68		$	31.05		$	30.36		$	27.59		$	6.48	23.5	%

REGULATORY CAPITAL RATIOS(3)(4)
	Basel III - CECL Transition
Total risk-based capital ratio(5)	16.5		%	16.4		%	15.8		%	15.8		%	14.9		%
Tier 1 risk-based capital ratio(6)	14.5		%	14.3		%	13.8		%	13.8		%	12.9		%

Tier 1 leverage ratio(7)	12.9		%	12.5		%	12.0		%	12.0		%	11.7		%
Common equity Tier 1 capital ratio	13.3		%	13.1		%	12.6		%	12.6		%	12.2		%



(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Tangible book value per share is a non-GAAP measure, calculated based on Tangible common equity divided by common shares outstanding. For corresponding reconciliation of this measure to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(3) Regulatory capital ratios at December 31, 2024 are preliminary and therefore subject to change.
(4) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2024 and 2023 reflect 75% and 50%, respectively, of the phase-in of CECL effects.
(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.


SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
	Quarter Ended														Twelve Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		4Q'24 vs. 4Q'23				Dec 31 , 2024		Dec 31, 2023		YTD'24 vs. YTD'23
HOME & AUTO
Purchase volume(1)	$	10,705	$	11,361	$	12,496	$	10,512	$	11,421	$	(716)	(6.3)	%	$	45,074	$	47,410	$	(2,336)	(4.9)	%
Period-end loan receivables	$	32,034	$	32,542	$	32,822	$	32,615	$	31,969	$	65	0.2	%	$	32,034	$	31,969	$	65	0.2	%
Average loan receivables, including held for sale	$	32,120	$	32,613	$	32,592	$	31,865	$	31,720	$	400	1.3	%	$	32,298	$	30,722	$	1,576	5.1	%
Average active accounts (in thousands)(2)	18,674		19,157		19,335		18,969		19,177		(503)		(2.6)	%	19,014		18,967		47		0.2	%

Interest and fees on loans	$	1,487	$	1,489	$	1,419	$	1,382	$	1,403	$	84	6.0	%	$	5,777	$	5,270	$	507	9.6	%
Other income	$	63	$	56	$	38	$	33	$	26	$	37	142.3	%	$	190	$	106	$	84	79.2	%




DIGITAL
Purchase volume(1)	$	15,317	$	13,352	$	13,403	$	12,628	$	15,510	$	(193)	(1.2)	%	$	54,700	$	55,051	$	(351)	(0.6)	%
Period-end loan receivables	$	29,347	$	27,771	$	27,704	$	27,734	$	28,925	$	422	1.5	%	$	29,347	$	28,925	$	422	1.5	%
Average loan receivables, including held for sale	$	28,158	$	27,704	$	27,542	$	28,081	$	27,553	$	605	2.2	%	$	27,872	$	26,005	$	1,867	7.2	%
Average active accounts (in thousands)(2)	20,810		20,787		20,920		21,349		21,177		(367)		(1.7)	%	20,986		20,793		193		0.9	%

Interest and fees on loans	$	1,582	$	1,593	$	1,544	$	1,567	$	1,579	$	3	0.2	%	$	6,286	$	5,894	$	392	6.7	%
Other income	$	(6)	$	4	$	—	$	6	$	(7)	$	1	(14.3)	%	$	4	$	(14)	$	18	(128.6)	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	16,711	$	14,992	$	15,333	$	14,023	$	16,987	$	(276)	(1.6)	%	$	61,059	$	61,227	$	(168)	(0.3)	%
Period-end loan receivables	$	20,867	$	19,466	$	19,516	$	19,559	$	20,666	$	201	1.0	%	$	20,867	$	20,666	$	201	1.0	%
Average loan receivables, including held for sale	$	19,793	$	19,413	$	19,360	$	19,593	$	19,422	$	371	1.9	%	$	19,540	$	18,414	$	1,126	6.1	%
Average active accounts (in thousands)(2)	20,253		19,960		20,253		21,032		21,038		(785)		(3.7)	%	20,437		20,738		(301)		(1.5)	%

Interest and fees on loans	$	1,206	$	1,209	$	1,165	$	1,214	$	1,204	$	2	0.2	%	$	4,794	$	4,533	$	261	5.8	%
Other income	$	(9)	$	(11)	$	(22)	$	(17)	$	(30)	$	21	(70.0)	%	$	(59)	$	(93)	$	34	(36.6)	%




HEALTH & WELLNESS
Purchase volume(1)	$	3,742	$	3,867	$	4,089	$	3,980	$	3,870	$	(128)	(3.3)	%	$	15,678	$	15,565	$	113	0.7	%
Period-end loan receivables	$	15,436	$	15,439	$	15,280	$	15,065	$	14,521	$	915	6.3	%	$	15,436	$	14,521	$	915	6.3	%
Average loan receivables, including held for sale	$	15,448	$	15,311	$	15,111	$	14,697	$	14,251	$	1,197	8.4	%	$	15,143	$	13,261	$	1,882	14.2	%
Average active accounts (in thousands)(2)	7,836		7,801		7,752		7,611		7,447		389		5.2	%	7,743		7,169		574		8.0	%

Interest and fees on loans	$	935	$	956	$	911	$	869	$	866	$	69	8.0	%	$	3,671	$	3,231	$	440	13.6	%
Other income	$	72	$	68	$	48	$	66	$	82	$	(10)	(12.2)	%	$	254	$	271	$	(17)	(6.3)	%


LIFESTYLE
Purchase volume(1)	$	1,480	$	1,411	$	1,525	$	1,244	$	1,550	$	(70)	(4.5)	%	$	5,660	$	5,922	$	(262)	(4.4)	%
Period-end loan receivables	$	6,914	$	6,831	$	6,822	$	6,604	$	6,744	$	170	2.5	%	$	6,914	$	6,744	$	170	2.5	%
Average loan receivables, including held for sale	$	6,818	$	6,823	$	6,723	$	6,631	$	6,568	$	250	3.8	%	$	6,749	$	6,246	$	503	8.1	%
Average active accounts (in thousands)(2)	2,688		2,677		2,662		2,642		2,620		68		2.6	%	2,674		2,587		87		3.4	%

Interest and fees on loans	$	268	$	270	$	258	$	255	$	255	$	13	5.1	%	$	1,051	$	959	$	92	9.6	%
Other income	$	7	$	9	$	6	$	8	$	7	$	—	—	%	$	30	$	29	$	1	3.4	%


CORP, OTHER
Purchase volume(1)	$	—	$	2	$	—	$	—	$	1	$	(1)	(100.0)	%	$	2	$	3	$	(1)	(33.3)	%
Period-end loan receivables	$	123	$	144	$	140	$	156	$	163	$	(40)	(24.5)	%	$	123	$	163	$	(40)	(24.5)	%
Average loan receivables, including held for sale	$	139	$	145	$	150	$	90	$	169	$	(30)	(17.8)	%	$	131	$	184	$	(53)	(28.8)	%
Average active accounts (in thousands)(2)	38		42		52		64		67		(29)		(43.3)	%	50		83		(33)		(39.8)	%

Interest and fees on loans	$	2	$	5	$	4	$	6	$	16	$	(14)	(87.5)	%	$	17	$	15	$	2	13.3	%
Other income	$	1	$	(7)	$	47	$	1,061	$	(7)	$	8	(114.3)	%	$	1,102	$	(10)	$	1,112	NM


TOTAL SYF
Purchase volume(1)	$	47,955	$	44,985	$	46,846	$	42,387	$	49,339	$	(1,384)	(2.8)	%	$	182,173	$	185,178	$	(3,005)	(1.6)	%
Period-end loan receivables	$	104,721	$	102,193	$	102,284	$	101,733	$	102,988	$	1,733	1.7	%	$	104,721	$	102,988	$	1,733	1.7	%
Average loan receivables, including held for sale	$	102,476	$	102,009	$	101,478	$	100,957	$	99,683	$	2,793	2.8	%	$	101,733	$	94,832	$	6,901	7.3	%
Average active accounts (in thousands)(2)	70,299		70,424		70,974		71,667		71,526		(1,227)		(1.7)	%	70,904		70,337		567		0.8	%

Interest and fees on loans	$	5,480	$	5,522	$	5,301	$	5,293	$	5,323	$	157	2.9	%	$	21,596	$	19,902	$	1,694	8.5	%
Other income	$	128	$	119	$	117	$	1,157	$	71	$	57	80.3	%	$	1,521	$	289	$	1,232	NM



(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.


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	16,580	$	15,980	$	15,540	$	15,282	$	13,903
Less: Preferred stock	(1,222)		(1,222)		(1,222)		(1,222)		(734)
Less: Goodwill	(1,274)		(1,274)		(1,274)		(1,073)		(1,105)
Less: Intangible assets, net	(854)		(765)		(776)		(800)		(839)
Tangible common equity	$	13,230	$	12,719	$	12,268	$	12,187	$	11,225
Add: CECL transition amount	573		573		573		573		1,146



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	214		209		227		225		229
Common equity Tier 1	$	14,017	$	13,501	$	13,068	$	12,985	$	12,600
Preferred stock	1,222		1,222		1,222		1,222		734
Tier 1 capital	$	15,239	$	14,723	$	14,290	$	14,207	$	13,334

Add: Subordinated debt	741		741		741		741		741
Add: Allowance for credit losses includible in risk-based capital	1,427		1,400		1,407		1,399		1,389
Total Risk-based capital	$	17,407	$	16,864	$	16,438	$	16,347	$	15,464

ASSET MEASURES(2)
Total average assets	$	119,254	$	119,389	$	119,864	$	119,034	$	114,599
Adjustments for:
Add: CECL transition amount	573		573		573		573		1,146
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,904)		(1,808)		(1,805)		(1,631)		(1,671)

Total assets for leverage purposes	$	117,923	$	118,154	$	118,632	$	117,976	$	114,074


Risk-weighted assets	$	105,417	$	103,103	$	103,718	$	103,242	$	103,460

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	15,239	$	14,723	$	14,290	$	14,207	$	13,334
Less: CECL transition adjustment	(573)		(573)		(573)		(573)		(1,146)
Tier 1 capital (CECL fully phased-in)	$	14,666	$	14,150	$	13,717	$	13,634	$	12,188
Add: Allowance for credit losses	10,929		11,029		10,982		10,905		10,571
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	25,595	$	25,179	$	24,699	$	24,539	$	22,759

Risk-weighted assets	$	105,417	$	103,103	$	103,718	$	103,242	$	103,460
Less: CECL transition adjustment	(290)		(290)		(290)		(290)		(580)
Risk-weighted assets (CECL fully phased-in)	$	105,127	$	102,813	$	103,428	$	102,952	$	102,880

TANGIBLE BOOK VALUE PER SHARE
Book value per share	$	39.55	$	37.92	$	36.24	$	35.03	$	32.36
Less: Goodwill	(3.28)		(3.27)		(3.23)		(2.68)		(2.72)
Less: Intangible assets, net	(2.20)		(1.97)		(1.96)		(1.99)		(2.05)
Tangible book value per share	$	34.07	$	32.68	$	31.05	$	30.36	$	27.59

(1) Regulatory measures at December 31, 2024 are preliminary and therefore subject to change.
(2) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2024 and 2023 reflect 75% and 50%, respectively, of the phase-in of CECL effects.

4Q'24 FINANCIAL RESULTS January 28, 2025 Exhibit 99.3

2 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 fourth quarter of 2024 compared to the fourth quarter of 2023, 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,” “confident,” “trajectory” 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 conditions, including factors impacting consumer confidence and economic growth in the United States, and whether industry trends we have identified develop as anticipated; the impact of changes in the U.S. presidential administration and Congress on fiscal, monetary and regulatory policy; 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; the Consumer Financial Protection Bureau’s (the “CFPB”) final rule on credit card late fees, including the timing for resolution and outcome of the litigation challenging the final rule, as well as changes to consumer behaviors in response to the final rule, if implemented, the product, pricing, and policy changes that have been or will be implemented to mitigate the impacts of the final rule or the final rule not becoming effective; 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, loss of the right to service or subservice our securitized loan receivables, and lower payment rates on our securitized loan receivables; changes in 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; 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 Long-Term Targets on slide 4 and Outlook on slide 14 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. Disclaimers

3 *Return on tangible common equity (“ROTCE”) represents net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") and tangible book value (“TBV”) per share are non-GAAP measures. For corresponding reconciliation of these measures to a GAAP financial measure, see Non-GAAP Reconciliation in appendix. 2024 Year in Review GROW & WIN NEW PARTNERS NEW PARTNER DEALS 45+ PARTNER RENEWALS 45+ DIVERSIFY PROGRAMS, PRODUCTS & MARKETS PARTNER LOCATIONS 85% GROWTH IN ACCOUNTS PROVISIONED FOR DIGITAL WALLET 480+ ~20million NEW ACCOUNT ORIGINATIONS DELIVER BEST-IN-CLASS CUSTOMER EXPERIENCES $182 PURCHASE VOLUME >20% GENERATE STRONG FINANCIAL RESULTS $3.5 NET EARNINGS 2.9% 27.5% BOOK VALUE & TBV PER SHARE* $1.4 CAPITAL RETURNED ROA ROTCE* DRIVING VALUE FOR OUR SHAREHOLDERS thousand billion billion growth billion ~228MM VISITS TO SYNCHRONY MARKETPLACE Synchrony Pay Later

4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0% 2% 4% 6% 8% 10% 12% Delivering Consistent Returns Over Time NCOs/ALR(b) Prime & Super Prime/EOP(a)(b) 63% 72% 72% 74% 74% 72% 78% 73% 74% RSA/Purchase Volume(b) 1.09% 1.83% 2.53% 2.41% 2.23% 2.58% 2.73% 1.98% 1.87% RAR* RSA/ALR(b) LONG-TERM TARGETS: ~2.5+% ROA ~28+% ROTCE * Risk-adjusted return (“RAR”) represents Total interest income (Interest and fees on loans plus Interest on cash and debt securities) less interest expense, RSA and NCOs, stated as a percentage of average loan receivables. GFC CARD Act Took Effect Credit Normalization COVID-19 Pandemic Rising Interest Rate & Credit Loss Environment

5 15.01% NET INTEREST MARGIN compared to 15.10% 13.3% CET1 liquid assets of $17.2 billion, 14.4% of total assets SUMMARY FINANCIAL METRICS CAPITAL $1.91 DILUTED EPS compared to $1.03 33.3% EFFICIENCY RATIO compared to 36.0% 4Q'24 Financial Highlights $104.7 billion LOAN RECEIVABLES compared to $103.0 billion $82.1 billion DEPOSITS 84% of current funding 6.45% NET CHARGE-OFFS compared to 5.58% 70.3 million AVERAGE ACTIVE ACCOUNTS compared to 71.5 million $197 million CAPITAL RETURNED $100 million share repurchases

6 2% 5% $49.3 $48.0 4Q'23 4Q'24 Dual Card / Co-Brand BUSINESS EXPANSION CONSUMER PERFORMANCE (19)% (1)% New accounts Average balance per account (c) 6.2 5.0 4Q'23 4Q'24 (e) $690 $682 4Q'23 4Q'24 $1,394 $1,458 4Q'23 4Q'24 GROWTH METRICS (3)% (2)% Purchase volume Average active accounts $103.0 $104.7 4Q'23 4Q'24 71.5 70.3 4Q'23 4Q'24 Loan receivables $27.3 Dual Card / Co-Brand in millions $21.0 1%$21.3 $ billions $29.0 $ billions 4Q'24 Business Highlights 6% Purchase volume per account (a) (a) (d) (b)

7 $774 million Net earnings, $1.91 Diluted EPS • Net interest income up 3% – Interest and fees on loans up 3% driven primarily by growth in average loan receivables, the impact of our PPPC**, partially offset by higher reversals and lower late fee incidence – Interest expense increase attributed to higher interest-bearing liabilities • Retailer share arrangements increased 5% – Increase reflects program performance which includes the impact of our PPPC • • Provision for credit losses down (13)% – Lower provision driven by reserve release of $100 million vs. a reserve build of $402 million in the prior year, partially offset by higher net charge-offs • Total Other income up 80% – Primarily driven by the impact of PPPC related fees partially offset by Pets Best disposition • Total Other expense down 4% – Decrease primarily driven by prior year restructuring costs and other notable expenses (see appendix for details) and lower operational losses, partially offset by costs related to the Ally Lending acquisition and technology investments B/(W) $ in millions, except per share statistics 4Q'24 4Q'23 $ % Total interest income $5,710 $5,549 $161 3% Total interest expense 1,118 1,083 (35) (3)% Net interest income (NII) 4,592 4,466 126 3% Retailer share arrangements (RSA) (919) (878) (41) (5)% Provision for credit losses 1,561 1,804 243 13% Other income 128 71 57 80% Other expense 1,267 1,316 49 4% Pre-tax earnings 973 539 434 81% Provision for income taxes 199 99 (100) (101)% Net earnings 774 440 334 76% Preferred dividends 21 11 (10) (91)% Net earnings available to common stockholders $753 $429 $324 76% Diluted earnings per share $1.91 $1.03 $0.88 85% Book value per share $39.55 $32.36 $7.19 22% Tangible book value per share* $34.07 $27.59 $6.48 23% Summary earnings statement Financial Results 4Q'24 Highlights *Tangible book value per share is a non-GAAP measure. See Non-GAAP Reconciliation in appendix. ** Product, Pricing, and Policy Changes (or “PPPC”)

8 Diversified & Value $32.0 $32.0 $28.9 $29.3 $20.7 $20.9 $14.5 $15.4 $6.7 $6.9 Health & Wellness 3% 6% 1% 1% —% 4Q'24 Platform Results Home & Auto Digital Lifestyle 4Q'23 4Q'24 V% $11.4 $10.7 (6)% 19.2 18.7 (3)% $1,403 $1,487 6% 4Q'23 4Q'24 V% $15.5 $15.3 (1)% 21.2 20.8 (2)% $1,579 $1,582 —% 4Q'23 4Q'24 V% $17.0 $16.7 (2)% 21.0 20.3 (4)% $1,204 $1,206 —% 4Q'23 4Q'24 V% $3.9 $3.7 (3)% 7.4 7.8 5% $866 $935 8% (a) Loan receivables Purchase volume Accounts Interest & fees on loans 4Q'23 4Q'24 V% $1.6 $1.5 (5)% 2.6 2.7 3% $255 $268 5%

9 $4,466 $4,592 $(878) $(919) $71 $128 Net interest income RSA Total other income 4Q'23 4Q'24 Net revenue $ in millions Net Revenue 14.7% 16.9% 15.9% 15.8% 4Q ‘15-’19 4Q'22 4Q'23 4Q'24 4Q'23 Net revenue $3,659 Interest and fees on loans 157 Interest on cash and debt securities 4 Total interest expense (35) Net interest income change $126 Retailer share arrangements (41) Total other income 57 4Q'24 Net revenue $3,801 4Q'24 Highlights (a) (b) Payment Rate Trends Net revenue $ in millions 4% $3,801 $3,659 • Net revenue increased $142 million, or 4% – Net interest income increased $126 million, or 3%, driven primarily by higher interest & fees on loans – Loan receivables yield of 21.27%, up 8 bps primarily driven by repricing, including the impact of our PPPC, as well as lower payment rate, partially offset by higher reversals and lower late fee incidence – Total interest-bearing liabilities cost of 4.58%, up 3 bps – Retailer share arrangements increased $41 million reflecting program performance which includes the impact of our PPPC – Total Other income increase primarily driven by the impact of PPPC related fees partially offset by Pets Best disposition

10 B/(W) 4Q'23 4Q'24 V$ V% Employee costs $538 $478 $60 11% Professional fees 228 249 (21) (9)% Marketing/BD 138 147 (9) (7)% Information processing 190 207 (17) (9)% Other 222 186 36 16% Other expense $1,316 $1,267 $49 4% Efficiency(a) 36.0% 33.3% 2.7 pts. Other Expense Other Expense $ in millions 4Q'24 Highlights $1,316 $1,267 4Q'23 4Q'24 (4)% • Total Other expense down 4% – Decrease primarily driven by prior year restructuring costs and other notable expenses (see appendix for details) and lower operational losses, partially offset by costs related to the Ally Lending acquisition and technology investments – Employee cost decrease primarily attributable to $43 million of restructuring costs related to voluntary early retirement program in the prior year – Other decrease primarily attributable to lower operational losses • Efficiency ratio 33.3% vs. 36.0% prior year – Decrease in ratio driven by lower expenses and higher revenue

11 Asset Quality Metrics Allowance for credit losses $ in millions, % of period-end loan receivables Net charge-offs $ in millions, annualized as a % of average loan receivables including held for sale 30+ days past due $ in millions, % of period-end loan receivables 90+ days past due $ in millions, % of period-end loan receivables 3.48% 4.49% 4.75% 4.60% 5.58% 6.31% 6.42% 6.06% 6.45% $776 $1,006 $1,096 $1,116 $1,402 $1,585 $1,621 $1,553 $1,661 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1.69% 1.87% 1.77% 2.06% 2.28% 2.42% 2.19% 2.33% 2.40% $1,562 $1,705 $1,677 $2,020 $2,353 $2,459 $2,244 $2,382 $2,512 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 10.30% 10.44% 10.34% 10.40% 10.26% 10.72% 10.74% 10.79% 10.44% $9,527 $9,517 $9,804 $10,176 $10,571 $10,905 $10,982 $11,029 $10,929 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 3.65% 3.81% 3.84% 4.40% 4.74% 4.74% 4.47% 4.78% 4.70% $3,377 $3,474 $3,641 $4,304 $4,885 $4,820 $4,574 $4,883 $4,925 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 (a)(b)

12 Delinquency Trends 4.74% 4.74% 4.47% 4.78% 4.70% 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 0.0% 2.5% 5.0% 2.28% 2.42% 2.19% 2.33% 2.40% DQ % Rate Y/Y Change 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 0.0% 1.3% 2.5% 0 bps 0 bps Basis point change versus prior year Basis point change versus prior year -4 bps +12 bps 30+ days past due % of period-end loan receivables (left axis); rate change versus prior year in basis points (right axis) 90+ days past due % of period-end loan receivables (left axis); rate change versus prior year in basis points (right axis) +38 +63 +93+109 +27 +42 +55+59

13 CET1% Walk Tier 1 Capital + Credit Loss Reserve Ratio* 12.2% 13.3% 4Q'23 4Q'24 Capital ratios Funding, Capital and Liquidity Funding sources $ in billions % 8% 8% CET1 Capital Ratio Tier 1 Capital Ratio Total Capital Ratio * The “Tier 1 Capital + Credit Loss Reserve Ratio” is the sum of our “Tier 1 Capital” and “Allowance for Credit Losses,” divided by our “Total Risk-Weighted Assets”. Tier 1 Capital and Risk-Weighted Assets are adjusted to reflect the fully phased-in impact of CECL. These adjusted metrics are non-GAAP measures, see Non-GAAP Reconciliation in appendix. $97.1 $97.5 $81.2 $82.1 $7.3 $7.8 $8.6 $7.6 4Q'23 4Q'24 Unsecured Securitization Deposits Liquid assets $16.8 $17.2 Undrawn credit facilities 3.0 2.6 Total $19.8 $19.8 % of Total assets 16.8% 16.6% 12.9% 14.5% 4Q'23 4Q'24 14.9% 16.5% 4Q'23 4Q'24 (a) 22.1% 24.3% 4Q'23 4Q'24 (b) 84% 4Q'23 CET1% 12.2% Net Earnings 2.8% Risk Weighted Asset changes (0.1)% Common & Preferred dividends (0.5)% Share repurchases (1.0)% CECL transition provisions (0.5)% Pets Best disposition & Ally Lending acquisition 0.3% Other activity, net 0.1% 4Q'24 CET1% 13.3%

14 2025 Outlook Baseline Macroeconomic Assumptions (excludes effects of qualitative overlays) Additional Assumptions U/E Rate (YE’25) GDP Growth (FY’25) Fed Funds (YE’25) Deposit Betas (FY’25) • Stable macroeconomic environment • No impact of late fee rule included, given the uncertainty regarding the effective date* • Impact of PPPC included4.1% 2.2% 4.25% ~60% Key Driver FY 2025 Full Year Framework Period-end loan receivables growth Low single digit growth • Purchase volume growth reflects the impact of credit actions and selective consumer spend behavior • Payment rate generally in-line with 2024 Net revenue RSA / Average loan receivables $15.2 - $15.7B 3.60 - 3.85% • Follow normal seasonal trends, adjusted for the following: – growth in I&F and Other income** as the impact of our PPPC builds partially offset by lower average Prime Rate and lower late fees – lower funding cost due to lower benchmark rates as CD maturities reprice partially offset by lower yielding investment portfolio • RSA increasing as program performance improves, driven by declining net charge-offs and the increasing impact of our PPPC Net charge-offs 5.8 - 6.1% • Generally follow seasonal trends with peak in 1H Efficiency ratio 31.5 - 32.5% • Remain focused on driving operating leverage (comments and trends in comparison to 2024, except where noted) *If the late fee rule were to go into effect, this outlook would no longer be applicable. ** Other income excludes the Pets Best gain on sale impact in 1Q’24

15 Footnotes All amounts and metrics included in this presentation are as of, or for the three months ended, December 31, 2024, unless otherwise stated. Delivering Consistent Returns Over Time a. Classification of Prime & Super Prime refers to VantageScore credit scores of 651 or higher for 2019-2024 and FICO scores of 661 or higher for periods prior to 2019. b. RSA/ALR refers to Retailer share arrangements as a percentage of Average loan receivables; NCO/ALR refers to Net charge-offs as a percentage of Average loan receivables; Prime & Super Prime/EOP refers to Prime & Super Prime Loan receivables as a percentage of total period-end Loan receivables; RSA/Purchase volume refers to Retailer share arrangements as a percentage of Purchase volume. 4Q'24 Business Highlights a. Dual Card / Co-Brand metrics are consumer only and include in-partner and out-of-partner activity. b. Average active accounts are credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month. c. New accounts represent accounts that were approved in the respective period, in millions. d. Purchase volume per account is calculated as total Purchase volume divided by Average active accounts, in $. e. Average balance per account is calculated as the Average loan receivables divided by Average active accounts, in $. Platform Results a. Accounts represent Average active accounts in millions. Loan receivables $ in billions, Purchase volume $ in billions and Interest and fees on loans $ in millions. Net Revenue a. Payment rate is calculated as customer payments divided by beginning of period loan receivables. b. Historical payment rate excludes portfolios sold in 2019 and 2022. Other Expense a. Efficiency ratio is calculated as Total Other expense divided by sum of Net interest income plus Other income less Retailer share arrangements. Asset Quality Metrics a. Allowance for credit losses reflects the adoption of ASU 2022-22, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” on January 1, 2023, which included a $294 million reduction to the allowance for credit losses upon adoption. b. Allowance for credit losses includes impact of Ally Lending acquisition beginning in 1Q’24. Funding, Capital and Liquidity a. Excludes uncommitted credit facilities and available borrowing capacity related to unencumbered assets. b. Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022, with effects fully phased-in beginning in the first quarter of 2025. CET1, Tier 1, and Total Capital Ratio are presented on a Transition basis and capital ratios for 2024 and 2023 reflect 75% and 50%, respectively, of the phase-in of CECL effects.

17 Notable Other Expense Items - 4Q The following table sets forth notable items incurred during 4Q'24 and 4Q'23 included in Total Other expense. Quarter Ended December 31 2023 2024 Preparatory expenses related to Late Fee rule change $7 $8 Restructuring costs: Voluntary employee early retirement program 43 — Site Strategy 9 — FDIC Special Assessment 9 — Pets Best sale-related expenses 5 — Total $73 $8 $ in millions

18 Transaction related activity and other notable items - 2024 The following table sets forth transaction related activity and other notable items incurred during 2024. $ in millions 1Q 2Q 3Q 4Q 2024 Transaction related activity Disposition of Pets Best: Total Other income - Pets Best gain on sale $1,069 $— $— $— $1,069 Total Other expense - indirect sale-related expenses 3 — — — 3 Total $1,066 $— $— $— $1,066 Ally Lending Acquisition: Provision for credit losses - reserve build $190 $(10) $— $— $180 Total $190 $(10) $— $— $180 Notable Other income items Total Other income: Gain related to Visa B-1 share exchange $— $51 $— $— $51 Total $— $51 $— $— $51 Notable Other expense items Total Other expenses: Preparatory expenses related to Late Fee rule change $7 $23 $11 $8 $49 Total $7 $23 $11 $8 $49

19 Non-GAAP Reconciliation* The following table sets forth the components of our Tier 1 Capital + Reserves ratio for the periods indicated below. $ in millions At December 31 2023 2024 Tier 1 Capital $ 13,334 $ 15,239 Less: CECL transition adjustment (1,146) (573) Tier 1 capital (CECL fully phased-in) $ 12,188 $ 14,666 Add: Allowance for credit losses 10,571 10,929 Tier 1 capital (CECL fully phased-in) plus Reserves for credit losses $ 22,759 $ 25,595 Risk-weighted assets $ 103,460 $ 105,417 Less: CECL transition adjustment (580) (290) Risk-weighted assets (CECL fully phased-in) $ 102,880 $ 105,127 * Amounts at December 31, 2024 are preliminary and therefore subject to change.

20 Non-GAAP Reconciliation (Continued) The following table sets forth a reconciliation between GAAP results and non-GAAP adjusted results. At December 31 2023 2024 Tangible common equity ($ in millions): GAAP Total equity $13,903 $16,580 Less: Preferred stock (734) (1,222) Less: Goodwill (1,105) (1,274) Less: Intangible assets, net (839) (854) Tangible common equity $11,225 $13,230 Tangible book value per share: Book value per share $32.36 $39.55 Less: Goodwill (2.72) (3.28) Less: Intangible assets, net (2.05) (2.20) Tangible book value per share $27.59 $34.07

21 Non-GAAP Reconciliation (Continued) The following table sets forth a reconciliation between GAAP results and non-GAAP managed-basis results for 2009. $ in millions

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 “fully-phased 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 if the transitional rules currently in effect, which permit the temporary deferral of the regulatory capital effects of CECL, were no longer available for us to apply.

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.

Within Exhibit 99.3 we present certain historical financial information for 2009 on a "managed" basis. These metrics presented on a managed basis are non-GAAP measures. A reconciliation of the corresponding GAAP financial metrics to the financial information presented on a managed basis is included in the appendix of Exhibit 99.3.

8-K Cover Page	Jan. 28, 2025
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 28, 2025
Entity Registrant Name	SYNCHRONY FINANCIAL
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36560
Entity Tax Identification Number	51-0483352
Entity Address, Address Line One	777 Long Ridge Road
Entity Address, City or Town	Stamford,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	585-2400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001601712
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	SYF
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	SYFPrA
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B
Trading Symbol	SYFPrB
Security Exchange Name	NYSE

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