Document


SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		1Q'25 vs. 1Q'24
EARNINGS
Net interest income	$	4,464	$	4,592	$	4,609	$	4,405	$	4,405	$	59	1.3	%
Retailer share arrangements	(895)		(919)		(914)		(810)		(764)		(131)		17.1	%
Other income	149		128		119		117		1,157		(1,008)		(87.1)	%
Net revenue	3,718		3,801		3,814		3,712		4,798		(1,080)		(22.5)	%
Provision for credit losses	1,491		1,561		1,597		1,691		1,884		(393)		(20.9)	%
Other expense	1,243		1,267		1,189		1,177		1,206		37		3.1	%
Earnings before provision for income taxes	984		973		1,028		844		1,708		(724)		(42.4)	%
Provision for income taxes	227		199		239		201		415		(188)		(45.3)	%
Net earnings	$	757	$	774	$	789	$	643	$	1,293	$	(536)	(41.5)	%
Net earnings available to common stockholders	$	736	$	753	$	768	$	624	$	1,282	$	(546)	(42.6)	%



COMMON SHARE STATISTICS
Basic EPS	$	1.91	$	1.93	$	1.96	$	1.56	$	3.17	$	(1.26)	(39.7)	%
Diluted EPS	$	1.89	$	1.91	$	1.94	$	1.55	$	3.14	$	(1.25)	(39.8)	%

Dividend declared per share	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25	$	—	—	%
Common stock price	$	52.94	$	65.00	$	49.88	$	47.19	$	43.12	$	9.82	22.8	%
Book value per share	$	40.37	$	39.55	$	37.92	$	36.24	$	35.03	$	5.34	15.2	%
Tangible book value per share(1)	$	34.79	$	34.07	$	32.68	$	31.05	$	30.36	$	4.43	14.6	%

Beginning common shares outstanding	388.3		389.2		395.1		401.4		406.9		(18.6)		(4.6)	%
Issuance of common shares	—		—		—		—		—		—		NM
Stock-based compensation	2.0		0.6		0.7		0.6		2.0		—		—	%
Shares repurchased	(9.8)		(1.5)		(6.6)		(6.9)		(7.5)		(2.3)		30.7	%
Ending common shares outstanding	380.5		388.3		389.2		395.1		401.4		(20.9)		(5.2)	%

Weighted average common shares outstanding	385.2		389.3		392.3		399.3		404.7		(19.5)		(4.8)	%
Weighted average common shares outstanding (fully diluted)	389.4		394.8		396.5		402.6		408.2		(18.8)		(4.6)	%

(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
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			1Q'25 vs. 1Q'24
PERFORMANCE METRICS
Return on assets(1)	2.5		%	2.6		%	2.6		%	2.2		%	4.4		%			(1.9)	%
Return on equity(2)	18.4		%	18.9		%	19.8		%	16.7		%	35.6		%			(17.2)	%
Return on tangible common equity(3)	22.4		%	23.0		%	24.3		%	20.2		%	43.6		%			(21.2)	%

Net interest margin(4)	14.74		%	15.01		%	15.04		%	14.46		%	14.55		%			0.19	%
Net revenue as a % of average loan receivables, including held for sale	14.93		%	14.76		%	14.87		%	14.71		%	19.11		%			(4.18)	%
Efficiency ratio(5)	33.4		%	33.3		%	31.2		%	31.7		%	25.1		%			8.3	%
Other expense as a % of average loan receivables, including held for sale	4.99		%	4.92		%	4.64		%	4.66		%	4.80		%			0.19	%
Effective income tax rate	23.1		%	20.5		%	23.2		%	23.8		%	24.3		%			(1.2)	%


CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale	6.38		%	6.45		%	6.06		%	6.42		%	6.31		%			0.07	%
30+ days past due as a % of period-end loan receivables(6)	4.52		%	4.70		%	4.78		%	4.47		%	4.74		%			(0.22)	%
90+ days past due as a % of period-end loan receivables(6)	2.29		%	2.40		%	2.33		%	2.19		%	2.42		%			(0.13)	%
Net charge-offs	$	1,588		$	1,661		$	1,553		$	1,621		$	1,585		$	3	0.2	%
Loan receivables delinquent over 30 days(6)	$	4,505		$	4,925		$	4,883		$	4,574		$	4,820		$	(315)	(6.5)	%
Loan receivables delinquent over 90 days(6)	$	2,285		$	2,512		$	2,382		$	2,244		$	2,459		$	(174)	(7.1)	%

Allowance for credit losses (period-end)	$	10,828		$	10,929		$	11,029		$	10,982		$	10,905		$	(77)	(0.7)	%
Allowance coverage ratio(7)	10.87		%	10.44		%	10.79		%	10.74		%	10.72		%			0.15	%

BUSINESS METRICS
Purchase volume(8)	$	40,720		$	47,955		$	44,985		$	46,846		$	42,387		$	(1,667)	(3.9)	%
Period-end loan receivables	$	99,608		$	104,721		$	102,193		$	102,284		$	101,733		$	(2,125)	(2.1)	%
Credit cards	$	91,909		$	96,818		$	94,008		$	94,091		$	93,736		$	(1,827)	(1.9)	%
Consumer installment loans	$	5,736		$	5,971		$	6,125		$	6,072		$	5,957		$	(221)	(3.7)	%
Commercial credit products	$	1,859		$	1,826		$	1,936		$	2,003		$	1,912		$	(53)	(2.8)	%
Other	$	104		$	106		$	124		$	118		$	128		$	(24)	(18.8)	%
Average loan receivables, including held for sale	$	101,021		$	102,476		$	102,009		$	101,478		$	100,957		$	64	0.1	%
Period-end active accounts (in thousands)(9)	67,787			71,532			69,965			70,991			70,754			(2,967)		(4.2)	%
Average active accounts (in thousands)(9)	69,315			70,299			70,424			70,974			71,667			(2,352)		(3.3)	%

LIQUIDITY
Liquid assets
Cash and equivalents	$	21,629		$	14,711		$	17,934		$	18,632		$	20,021		$	1,608	8.0	%
Total liquid assets	$	23,817		$	17,159		$	19,704		$	20,051		$	21,929		$	1,888	8.6	%
Undrawn credit facilities
Undrawn credit facilities	$	2,625		$	2,625		$	2,700		$	2,950		$	2,950		$	(325)	(11.0)	%
Total liquid assets and undrawn credit facilities(10)	$	26,442		$	19,784		$	22,404		$	23,001		$	24,879		$	1,563	6.3	%
Liquid assets % of total assets	19.52		%	14.36		%	16.53		%	16.64		%	18.10		%			1.42	%
Liquid assets including undrawn credit facilities % of total assets	21.67		%	16.56		%	18.79		%	19.09		%	20.53		%			1.14	%



(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
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		1Q'25 vs. 1Q'24
Interest income:
Interest and fees on loans	$	5,312	$	5,480	$	5,522	$	5,301	$	5,293	$	19	0.4	%
Interest on cash and debt securities	238		230		263		281		275		(37)		(13.5)	%
Total interest income	5,550		5,710		5,785		5,582		5,568		(18)		(0.3)	%

Interest expense:
Interest on deposits	882		917		968		967		954		(72)		(7.5)	%
Interest on borrowings of consolidated securitization entities	104		104		108		110		105		(1)		(1.0)	%
Interest on senior unsecured notes	100		97		100		100		104		(4)		(3.8)	%

Total interest expense	1,086		1,118		1,176		1,177		1,163		(77)		(6.6)	%

Net interest income	4,464		4,592		4,609		4,405		4,405		59		1.3	%

Retailer share arrangements	(895)		(919)		(914)		(810)		(764)		(131)		17.1	%


Provision for credit losses	1,491		1,561		1,597		1,691		1,884		(393)		(20.9)	%
Net interest income, after retailer share arrangements and provision for credit losses	2,078		2,112		2,098		1,904		1,757		321		18.3	%

Other income:
Interchange revenue	238		266		256		263		241		(3)		(1.2)	%
Protection product revenue	147		151		145		125		141		6		4.3	%
Loyalty programs	(311)		(371)		(346)		(346)		(319)		8		(2.5)	%
Other	75		82		64		75		1,094		(1,019)		(93.1)	%
Total other income	149		128		119		117		1,157		(1,008)		(87.1)	%

Other expense:
Employee costs	506		478		464		434		496		10		2.0	%
Professional fees	217		249		231		236		220		(3)		(1.4)	%
Marketing and business development	116		147		123		129		125		(9)		(7.2)	%
Information processing	219		207		203		207		186		33		17.7	%
Other	185		186		168		171		179		6		3.4	%
Total other expense	1,243		1,267		1,189		1,177		1,206		37		3.1	%

Earnings before provision for income taxes	984		973		1,028		844		1,708		(724)		(42.4)	%
Provision for income taxes	227		199		239		201		415		(188)		(45.3)	%
Net earnings	$	757	$	774	$	789	$	643	$	1,293	$	(536)	(41.5)	%

Net earnings available to common stockholders	$	736	$	753	$	768	$	624	$	1,282	$	(546)	(42.6)	%


SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
	Quarter Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Mar 31, 2025 vs. Mar 31, 2024
Assets
Cash and equivalents	$	21,629	$	14,711	$	17,934	$	18,632	$	20,021	$	1,608	8.0	%
Debt securities	2,724		3,079		2,345		2,693		3,005		(281)		(9.4)	%
Loan receivables:
Unsecuritized loans held for investment	79,186		83,382		81,005		82,144		81,642		(2,456)		(3.0)	%
Restricted loans of consolidated securitization entities	20,422		21,339		21,188		20,140		20,091		331		1.6	%
Total loan receivables	99,608		104,721		102,193		102,284		101,733		(2,125)		(2.1)	%
Less: Allowance for credit losses	(10,828)		(10,929)		(11,029)		(10,982)		(10,905)		77		(0.7)	%
Loan receivables, net	88,780		93,792		91,164		91,302		90,828		(2,048)		(2.3)	%

Goodwill	1,274		1,274		1,274		1,274		1,073		201		18.7	%
Intangible assets, net	847		854		765		776		800		47		5.9	%
Other assets	6,772		5,753		5,747		5,812		5,446		1,326		24.3	%

Total assets	$	122,026	$	119,463	$	119,229	$	120,489	$	121,173	$	853	0.7	%

Liabilities and Equity
Deposits:
Interest-bearing deposit accounts	$	83,030	$	81,664	$	81,901	$	82,708	$	83,160	$	(130)	(0.2)	%
Non-interest-bearing deposit accounts	405		398		383		392		394		11		2.8	%
Total deposits	83,435		82,062		82,284		83,100		83,554		(119)		(0.1)	%
Borrowings:
Borrowings of consolidated securitization entities	8,591		7,842		8,015		7,517		8,016		575		7.2	%

Senior and Subordinated unsecured notes	8,418		7,620		7,617		8,120		8,117		301		3.7	%

Total borrowings	17,009		15,462		15,632		15,637		16,133		876		5.4	%
Accrued expenses and other liabilities	5,001		5,359		5,333		6,212		6,204		(1,203)		(19.4)	%

Total liabilities	105,445		102,883		103,249		104,949		105,891		(446)		(0.4)	%
Equity:
Preferred stock	1,222		1,222		1,222		1,222		1,222		—		—	%
Common stock	1		1		1		1		1		—		—	%
Additional paid-in capital	9,804		9,853		9,822		9,793		9,768		36		0.4	%
Retained earnings	22,209		21,635		20,975		20,310		19,790		2,419		12.2	%
Accumulated other comprehensive income (loss)	(53)		(59)		(50)		(73)		(69)		16		(23.2)	%
Treasury stock	(16,602)		(16,072)		(15,990)		(15,713)		(15,430)		(1,172)		7.6	%
Total equity	16,581		16,580		15,980		15,540		15,282		1,299		8.5	%
Total liabilities and equity	$	122,026	$	119,463	$	119,229	$	120,489	$	121,173	$	853	0.7	%


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

	Quarter Ended
	Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
			Interest		Average				Interest		Average				Interest		Average				Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)		Balance		Expense		Rate(1)
Assets
Interest-earning assets:
Interest-earning cash and equivalents	$	18,539	$	203	4.44	%	$	16,131	$	193	4.76	%	$	17,316	$	235	5.40	%	$	18,337	$	249	5.46	%	$	17,405	$	236	5.45	%
Securities available for sale	3,231		35		4.39	%	3,111		37		4.73	%	2,587		28		4.31	%	2,731		32		4.71	%	3,432		39		4.57	%

Loan receivables, including held for sale:
Credit cards	93,241		5,055		21.99	%	94,356		5,209		21.96	%	93,785		5,236		22.21	%	93,267		5,013		21.62	%	94,216		5,096		21.75	%
Consumer installment loans	5,833		211		14.67	%	6,041		224		14.75	%	6,107		238		15.50	%	6,085		243		16.06	%	4,734		149		12.66	%
Commercial credit products	1,842		45		9.91	%	1,953		45		9.17	%	1,992		46		9.19	%	2,001		43		8.64	%	1,878		45		9.64	%
Other	105		1		3.86	%	126		2		6.31	%	125		2		6.37	%	125		2		6.44	%	129		3		9.35	%
Total loan receivables, including held for sale	101,021		5,312		21.33	%	102,476		5,480		21.27	%	102,009		5,522		21.54	%	101,478		5,301		21.01	%	100,957		5,293		21.09	%
Total interest-earning assets	122,791		5,550		18.33	%	121,718		5,710		18.66	%	121,912		5,785		18.88	%	122,546		5,582		18.32	%	121,794		5,568		18.39	%

Non-interest-earning assets:
Cash and due from banks	868						872						847						887						944
Allowance for credit losses	(10,936)						(11,014)						(10,994)						(10,878)						(10,677)
Other assets	7,770						7,678						7,624						7,309						6,973
Total non-interest-earning assets	(2,298)						(2,464)						(2,523)						(2,682)						(2,760)

Total assets	$	120,493					$	119,254					$	119,389					$	119,864					$	119,034

Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts	$	82,370	$	882	4.34	%	$	81,635	$	917	4.47	%	$	82,100	$	968	4.69	%	$	82,749	$	967	4.70	%	$	82,598	$	954	4.65	%
Borrowings of consolidated securitization entities	8,191		104		5.15	%	7,868		104		5.26	%	7,817		108		5.50	%	7,858		110		5.63	%	7,383		105		5.72	%

Senior and Subordinated unsecured notes	7,850		100		5.17	%	7,618		97		5.07	%	7,968		100		4.99	%	8,118		100		4.95	%	8,630		104		4.85	%

Total interest-bearing liabilities	98,411		1,086		4.48	%	97,121		1,118		4.58	%	97,885		1,176		4.78	%	98,725		1,177		4.80	%	98,611		1,163		4.74	%

Non-interest-bearing liabilities
Non-interest-bearing deposit accounts	418						379						387						396						390
Other liabilities	4,969						5,444						5,302						5,221						5,419
Total non-interest-bearing liabilities	5,387						5,823						5,689						5,617						5,809

Total liabilities	103,798						102,944						103,574						104,342						104,420

Equity
Total equity	16,695						16,310						15,815						15,522						14,614

Total liabilities and equity	$	120,493					$	119,254					$	119,389					$	119,864					$	119,034
Net interest income			$	4,464					$	4,592					$	4,609					$	4,405					$	4,405

Interest rate spread(2)					13.86	%					14.08	%					14.10	%					13.53	%					13.64	%
Net interest margin(3)					14.74	%					15.01	%					15.04	%					14.46	%					14.55	%



(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
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Mar 31, 2025 vs. Mar 31, 2024
BALANCE SHEET STATISTICS
Total common equity	$	15,359		$	15,358		$	14,758		$	14,318		$	14,060		$	1,299	9.2	%
Total common equity as a % of total assets	12.59		%	12.86		%	12.38		%	11.88		%	11.60		%			0.99	%

Tangible assets	$	119,905		$	117,335		$	117,190		$	118,439		$	119,300		$	605	0.5	%
Tangible common equity(1)	$	13,238		$	13,230		$	12,719		$	12,268		$	12,187		$	1,051	8.6	%
Tangible common equity as a % of tangible assets(1)	11.04		%	11.28		%	10.85		%	10.36		%	10.22		%			0.82	%
Tangible book value per share(2)	$	34.79		$	34.07		$	32.68		$	31.05		$	30.36		$	4.43	14.6	%

REGULATORY CAPITAL RATIOS(3)(4)
	Basel III - CECL Transition
Total risk-based capital ratio(5)	16.5		%	16.5		%	16.4		%	15.8		%	15.8		%
Tier 1 risk-based capital ratio(6)	14.4		%	14.5		%	14.3		%	13.8		%	13.8		%

Tier 1 leverage ratio(7)	12.4		%	12.9		%	12.5		%	12.0		%	12.0		%
Common equity Tier 1 capital ratio	13.2		%	13.3		%	13.1		%	12.6		%	12.6		%



(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 March 31, 2025 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 2025 and 2024 reflect 100% and 75%, 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
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		1Q'25 vs. 1Q'24
HOME & AUTO
Purchase volume(1)	$	9,567	$	10,705	$	11,361	$	12,496	$	10,512	$	(945)	(9.0)	%
Period-end loan receivables	$	30,460	$	32,034	$	32,542	$	32,822	$	32,615	$	(2,155)	(6.6)	%
Average loan receivables, including held for sale	$	31,018	$	32,120	$	32,613	$	32,592	$	31,865	$	(847)	(2.7)	%
Average active accounts (in thousands)(2)	18,030		18,674		19,157		19,335		18,969		(939)		(5.0)	%

Interest and fees on loans	$	1,413	$	1,487	$	1,489	$	1,419	$	1,382	$	31	2.2	%
Other income	$	57	$	63	$	56	$	38	$	33	$	24	72.7	%




DIGITAL
Purchase volume(1)	$	12,479	$	15,317	$	13,352	$	13,403	$	12,628	$	(149)	(1.2)	%
Period-end loan receivables	$	27,765	$	29,347	$	27,771	$	27,704	$	27,734	$	31	0.1	%
Average loan receivables, including held for sale	$	28,216	$	28,158	$	27,704	$	27,542	$	28,081	$	135	0.5	%
Average active accounts (in thousands)(2)	20,711		20,810		20,787		20,920		21,349		(638)		(3.0)	%

Interest and fees on loans	$	1,544	$	1,582	$	1,593	$	1,544	$	1,567	$	(23)	(1.5)	%
Other income	$	9	$	(6)	$	4	$	—	$	6	$	3	50.0	%




DIVERSIFIED & VALUE
Purchase volume(1)	$	13,732	$	16,711	$	14,992	$	15,333	$	14,023	$	(291)	(2.1)	%
Period-end loan receivables	$	19,436	$	20,867	$	19,466	$	19,516	$	19,559	$	(123)	(0.6)	%
Average loan receivables, including held for sale	$	19,670	$	19,793	$	19,413	$	19,360	$	19,593	$	77	0.4	%
Average active accounts (in thousands)(2)	20,114		20,253		19,960		20,253		21,032		(918)		(4.4)	%

Interest and fees on loans	$	1,178	$	1,206	$	1,209	$	1,165	$	1,214	$	(36)	(3.0)	%
Other income	$	—	$	(9)	$	(11)	$	(22)	$	(17)	$	17	(100.0)	%




HEALTH & WELLNESS
Purchase volume(1)	$	3,774	$	3,742	$	3,867	$	4,089	$	3,980	$	(206)	(5.2)	%
Period-end loan receivables	$	15,193	$	15,436	$	15,439	$	15,280	$	15,065	$	128	0.8	%
Average loan receivables, including held for sale	$	15,280	$	15,448	$	15,311	$	15,111	$	14,697	$	583	4.0	%
Average active accounts (in thousands)(2)	7,776		7,836		7,801		7,752		7,611		165		2.2	%

Interest and fees on loans	$	914	$	935	$	956	$	911	$	869	$	45	5.2	%
Other income	$	75	$	72	$	68	$	48	$	66	$	9	13.6	%


LIFESTYLE
Purchase volume(1)	$	1,168	$	1,480	$	1,411	$	1,525	$	1,244	$	(76)	(6.1)	%
Period-end loan receivables	$	6,636	$	6,914	$	6,831	$	6,822	$	6,604	$	32	0.5	%
Average loan receivables, including held for sale	$	6,716	$	6,818	$	6,823	$	6,723	$	6,631	$	85	1.3	%
Average active accounts (in thousands)(2)	2,651		2,688		2,677		2,662		2,642		9		0.3	%

Interest and fees on loans	$	261	$	268	$	270	$	258	$	255	$	6	2.4	%
Other income	$	10	$	7	$	9	$	6	$	8	$	2	25.0	%


CORP, OTHER
Purchase volume(1)	$	—	$	—	$	2	$	—	$	—	$	—	NM
Period-end loan receivables	$	118	$	123	$	144	$	140	$	156	$	(38)	(24.4)	%
Average loan receivables, including held for sale	$	121	$	139	$	145	$	150	$	90	$	31	34.4	%
Average active accounts (in thousands)(2)	33		38		42		52		64		(31)		(48.4)	%

Interest and fees on loans	$	2	$	2	$	5	$	4	$	6	$	(4)	(66.7)	%
Other income	$	(2)	$	1	$	(7)	$	47	$	1,061	$	(1,063)	(100.2)	%


TOTAL SYF
Purchase volume(1)	$	40,720	$	47,955	$	44,985	$	46,846	$	42,387	$	(1,667)	(3.9)	%
Period-end loan receivables	$	99,608	$	104,721	$	102,193	$	102,284	$	101,733	$	(2,125)	(2.1)	%
Average loan receivables, including held for sale	$	101,021	$	102,476	$	102,009	$	101,478	$	100,957	$	64	0.1	%
Average active accounts (in thousands)(2)	69,315		70,299		70,424		70,974		71,667		(2,352)		(3.3)	%

Interest and fees on loans	$	5,312	$	5,480	$	5,522	$	5,301	$	5,293	$	19	0.4	%
Other income	$	149	$	128	$	119	$	117	$	1,157	$	(1,008)	(87.1)	%



(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.


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
	Quarter Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity	$	16,581	$	16,580	$	15,980	$	15,540	$	15,282
Less: Preferred stock	(1,222)		(1,222)		(1,222)		(1,222)		(1,222)
Less: Goodwill	(1,274)		(1,274)		(1,274)		(1,274)		(1,073)
Less: Intangible assets, net	(847)		(854)		(765)		(776)		(800)
Tangible common equity	$	13,238	$	13,230	$	12,719	$	12,268	$	12,187
Add: CECL transition amount	—		573		573		573		573



Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)	208		214		209		227		225
Common equity Tier 1	$	13,446	$	14,017	$	13,501	$	13,068	$	12,985
Preferred stock	1,222		1,222		1,222		1,222		1,222
Tier 1 capital	$	14,668	$	15,239	$	14,723	$	14,290	$	14,207

Add: Subordinated debt	742		741		741		741		741
Add: Allowance for credit losses includible in risk-based capital	1,388		1,427		1,400		1,407		1,399
Total Risk-based capital	$	16,798	$	17,407	$	16,864	$	16,438	$	16,347

ASSET MEASURES(2)
Total average assets	$	120,493	$	119,254	$	119,389	$	119,864	$	119,034
Adjustments for:
Add: CECL transition amount	—		573		573		573		573
Less: Disallowed goodwill and other disallowed intangible assets (net of related deferred tax liabilities) and other	(1,895)		(1,904)		(1,808)		(1,805)		(1,631)

Total assets for leverage purposes	$	118,598	$	117,923	$	118,154	$	118,632	$	117,976


Risk-weighted assets	$	101,625	$	105,417	$	103,103	$	103,718	$	103,242

CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital	$	14,668	$	15,239	$	14,723	$	14,290	$	14,207
Less: CECL transition adjustment	—		(573)		(573)		(573)		(573)
Tier 1 capital (CECL fully phased-in)	$	14,668	$	14,666	$	14,150	$	13,717	$	13,634
Add: Allowance for credit losses	10,828		10,929		11,029		10,982		10,905
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses	$	25,496	$	25,595	$	25,179	$	24,699	$	24,539

Risk-weighted assets	$	101,625	$	105,417	$	103,103	$	103,718	$	103,242
Less: CECL transition adjustment	—		(290)		(290)		(290)		(290)
Risk-weighted assets (CECL fully phased-in)	$	101,625	$	105,127	$	102,813	$	103,428	$	102,952

TANGIBLE BOOK VALUE PER SHARE
Book value per share	$	40.37	$	39.55	$	37.92	$	36.24	$	35.03
Less: Goodwill	(3.35)		(3.28)		(3.27)		(3.23)		(2.68)
Less: Intangible assets, net	(2.23)		(2.20)		(1.97)		(1.96)		(1.99)
Tangible book value per share	$	34.79	$	34.07	$	32.68	$	31.05	$	30.36

(1) Regulatory measures at March 31, 2025 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 2025 and 2024 reflect 100% and 75%, respectively, of the phase-in of CECL effects.



SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES (Continued)
(unaudited, $ in millions, except per share statistics)

ADJUSTED FINANCIAL MEASURES	Quarter Ended
	March 31, 2024





Net earnings:
Net earnings	$	1,293
Less: Pets Best gain on sale after-tax	(802)
Adjusted Net earnings	$	491
Preferred dividends	(11)
Adjusted Net earnings available to common stockholders	$	480

Diluted earnings per share:
Diluted earnings per share	$	3.14
Less: Pets Best gain on sale impact	(1.96)
Adjusted Diluted earnings per share	$	1.18

Return on assets:
Return on assets(1)	4.4		%
Less: Pets Best gain on sale impact	(2.7)		%
Adjusted Return on assets	1.7		%

Return on equity:
Return on equity(2)	35.6		%
Less: Pets Best gain on sale impact	(21.8)		%
Adjusted Return on equity	13.8		%

Return on tangible common equity:
Return on tangible common equity(3)	43.6		%
Less: Pets Best gain on sale impact	(26.8)		%
Adjusted Return on tangible common equity	16.8		%

Efficiency ratio:
Efficiency Ratio(4)	25.1		%
Less: Pets Best gain on sale impact	7.2		%
Adjusted Efficiency ratio	32.3		%


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