SYF · 10-K filed 6 Feb 2026 · year to 31 Dec 2025

Synchrony Financial

34 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Amazon

earns from · 54% of our total interest and fees on loansnamed as a risk

These programs accounted in aggregate for 54% of our total interest and fees on loans for the year ended December 31, 2025, and 52% of loan receivables at December 31, 2025.Risk factors (Item 1A)

Also named by AES, AFRM, ALK, AOS, APP, AXP, BBW, CART and 10 more

Lowe's

earns from · more than 10% of our total interest and fees on loansnamed as a risk

Our programs with Lowe's, PayPal, which includes our Venmo program, and Sam's Club, each accounted for more than 10% of our total interest and fees on loans for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by AOS, DE, HLMN, MAS, SMG, SWK, TREX, WHR

PayPal

earns from · more than 10% of our total interest and fees on loansnamed as a risk

Also named by AFRM, DASH, EBAY, FERG, NYT

Sam's Club

earns from · more than 10% of our total interest and fees on loansnamed as a risk

Also named by BJ, COST

TJX Companies, Inc.

earns from · 54% of our total interest and fees on loansnamed as a risk

Our five largest programs based upon interest and fees on loans for the year ended December 31, 2025 were Amazon, Lowe’s, PayPal, Sam’s Club and TJX Companies, Inc.Risk factors (Item 1A)

Walgreens

earns from

Excluding our program agreement with Walgreens, no single Health & Wellness partner accounted for more than 0.7% of our total interest and fees on loans for the year ended December 31, 2025.Business (Item 1)

Also named by CVS, FDX, O

Suppliers

Fiserv

depends onnamed as a risk

Fiserv, and, in some cases, other third-party vendors, are the sole source or one of a limited number of sources of the services they provide for us.Risk factors (Item 1A)

Also named by CPAY

Partners and platforms

Visa

depends on · $1.1 billion of interchange feesnamed as a risk

Additionally, in November 2025, Visa and Mastercard announced a proposed settlement to resolve a long-standing class action antitrust lawsuit.Risk factors (Item 1A)

Also named by AFRM, AXP, CASH, COF, EEFT, FIS, FISV, GPN and 6 more

Mastercard

depends onnamed as a risk

We currently issue Dual Cards for use on the MasterCard and Visa networks and we have the potential capability to issue Dual Cards for use on the American Express and Discover networks.Business (Item 1)

Also named by AXP, CASH, COF, CPAY, DDS, EEFT, FIS, FISV and 7 more

PayPal

depends onnamed as a risk

Since 2022, we have partnered with PayPal Holdings Inc. to offer demand savings accounts exclusively to PayPal customers.Risk factors (Item 1A)

Also named by AFRM, DASH, EBAY, FERG, NYT

Apple Pay

depends onnamed as a risk

In the future, we expect our products may face increased competitive pressure to the extent that our products are not accepted in, or compatible with, digital wallet technologies such as Apple Pay, Samsung Pay, Google Pay and other similar technologies.Risk factors (Item 1A)

Also named by AFRM

OnePay

earns from

In September 2025, we launched our new partnership with OnePay to become the exclusive issuer of a general purpose and private label credit card program at Walmart.Business (Item 1)

Also named by WMT

Other companies

Fitch Ratings

BBB (stable outlook)named as a risk

Synchrony's senior unsecured debt currently is rated BBB (stable outlook) by Fitch Ratings, Inc. (“Fitch”) and BBB- (stable outlook) by Standard & Poor’s (“S&P”).Risk factors (Item 1A)

Also named by MAIN

Credit card asset-backed securities market

depends on · $8.0 billionnamed as a risk

Our average level of securitized financings from third parties was $8.0 billion and $7.7 billion for the years ended December 31, 2025 and 2024, respectively.Risk factors (Item 1A)

Dental services

concentrated in · 49% of Health & Wellness interest and fees on loans

Customer accounts that have been originated in connection with dental services accounted for 49% of Health & Wellness interest and fees on loans for the year ended December 31, 2025.Business (Item 1)

Competitors

Affirm

competes withnamed as a risk

Further, the increasing utilization of pay-over-time solutions offered by non-bank providers, such as Affirm, Afterpay and Klarna, may increase consumer default rates and reduce our customers' ability to repay us and other lenders.Risk factors (Item 1A)

Places

United States

concentrated innamed as a risk

Our business is heavily concentrated in the U.S. consumer credit industry.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

India

operates innamed as a risk

We have international operations, primarily in India and the Philippines, and some of our third-party service providers provide services to us from other countries, all of which subject us to a number of international risks, including, among other things, sovereign volatility and socio-political instability.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Philippines

operates innamed as a risk

For example, the Philippines has in the past experienced severe political and social instability.Risk factors (Item 1A)

Also named by ACN, ADI, AEHR, COF, FDS, HRL, INTU, LITE and 5 more

Commodities and inputs

Interchange fees

exposed to its price · $1.1 billion of interchange feesnamed as a risk

We received $1.1 billion of interchange fees for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by HRB, TOST

Prime rate

exposed to its price · 47% at a floating interest ratenamed as a risk

The interest rate benchmark for our floating rate assets is generally the prime rate, and the interest rate benchmark for our floating rate liabilities is generally either the Secured Overnight Financing Rate ("SOFR"), U.S. Treasury bills, or the federal funds rate.Market risk (Item 7A)

Also named by HTGC, TRIN

Regulators

Federal Deposit Insurance Corporation (FDIC)

subject to · $81.1 billion in depositsnamed as a risk

At December 31, 2025, we had $81.1 billion in deposits, which represented 84% of our total funding sources.Business (Item 1)

Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

The CFPB has broad authority over our business.Cybersecurity (Item 1C)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Office of the Comptroller of the Currency (OCC)

subject tonamed as a risk

As such, the Bank is subject to regulation, supervision and examination by the Office of the Comptroller of the Currency of the U.S. Treasury (the “OCC”), which is its primary regulator, and by the CFPB.Business (Item 1)

Also named by ADP, AMP, AXP, BAC, BLK, C, CASH, CFG and 22 more

Federal Reserve Board

subject tonamed as a risk

We are limited in our ability to pay dividends or repurchase our stock by the Federal Reserve Board, including on the basis that doing so would be an unsafe or unsound banking practice.Cybersecurity (Item 1C)

Also named by ALLY, AMP, BPOP, C, CFG, CFR, CME, COMP and 9 more

Laws and programs

Military Lending Act

subject to · 36%named as a risk

If we were to extend credit to a covered borrower without complying with certain MLA provisions, the credit card agreement could be void from its inception.Cybersecurity (Item 1C)

Also named by EZPW, FCFS, OMF

Federal Deposit Insurance Act (FDIA) brokered deposit restrictions

subject to · $5.9 billion of brokered depositsnamed as a risk

Limitations on the Bank’s ability to accept brokered deposits for any reason (including regulatory limitations on the amount of brokered deposits in total or as a percentage of total assets) in the future could materially adversely impact our funding costs and liquidity.Risk factors (Item 1A)

Federal Reserve supervisory stress test

subject to · stress capital buffer of 2.5%named as a risk

Because Synchrony is only subject to supervisory stress tests on a biennial basis, we remain subject to our initial stress capital buffer of 2.5% and will receive a new stress capital buffer in 2028.Cybersecurity (Item 1C)

Illinois Interchange Fee Prohibition Act

subject tonamed as a risk

For example, in June 2024, the State of Illinois adopted the Interchange Fee Prohibition Act, which restricts credit card and debit card interchange fees, as defined in the legislation, that may be charged on portions of electronic payment transactions attributable to taxes and gratuities.Risk factors (Item 1A)

Also named by TFC, V

CFPB credit card late fee rule

subject tonamed as a risk

In anticipation that the final rule would become effective, we implemented a number of product, pricing and policy changes to adjust for the potential for a significant reduction in our late fee income.Risk factors (Item 1A)

Also named by USB

Credit CARD Act of 2009

subject tonamed as a risk

Other CARD Act restrictions, such as limitations on late fees, have resulted and will continue to result in reduced interest income and loan fee income.Cybersecurity (Item 1C)

Also named by M

Credit card interest rate caps

subject tonamed as a risk

For example, the policy discussions in January 2026 regarding caps on credit card interest rates could result in certain constraints on the pricing of our credit products.Cybersecurity (Item 1C)

Also named by USB

Basel Endgame proposal

subject tonamed as a risk

To the extent the proposed changes are finalized and apply to us, they would likely increase our regulatory capital requirements, which may decrease our return on equity and could result in limitations on our ability to pay dividends or repurchase our stock.Cybersecurity (Item 1C)

State sales tax bad debt recovery

subject tonamed as a risk

Audit risk is concentrated in several states, and these states are conducting ongoing audits.Risk factors (Item 1A)