Synchrony Financial 2024年度报告

FORM 10-K (Mark One) ☐ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period fromto 001-36560(Commission File Number) SYNCHRONY FINANCIAL (I.R.S. EmployerIdentification No.) (Registrant’s telephone number, including area code) (203) 585-2400 Securities Registered Pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act.Yes☐No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 orSection 15(d) of the Act.Yes☐No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive DataFile required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) duringthe preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to itsmanagement's assessment of the effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required arecovery analysis of incentive-based compensation received by any of the registrant’s executive officersduring the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theAct).Yes☐No☐ The aggregate market value of the outstanding common equity of the registrant held by non-affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter was$18,645,501,294. The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding asof January 31, 2025 was 388,749,489. DOCUMENTS INCORPORATED BY REFERENCE The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held June17, 2025, is incorporated by reference into Part III to the extent described therein. Synchrony FinancialTable of Contents OUR ANNUAL REPORT ON FORM 10-K To improve the readability of this document and better present both our financial results and how wemanage our business, we present the content of our Annual Report on Form 10-K in the order listed inthe table of contents below. See"Form 10-K Cross-Reference Index"on page 4 for a cross-referenceindex to the traditional U.S. Securities and Exchange Commission (SEC) Form 10-K format. PageOUR BUSINESS7Our Company7Our Sales Platforms8Our Partner Agreements11Our Customers15Our Credit Products17Consumer Banking19Credit Risk Management20Human Capital22Regulation23Competition24Intellectual Property24MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS25Results of Operations25Loan Receivables44Funding, Liquidity and Capital Resources46Liquidity51Quantitative and Qualitative Disclosures About Market Risk53Capital55Off-Balance Sheet Arrangements and Unfunded Lending Commitments57Critical Accounting Estimates57RISKS60 Risk Factors SummaryRisk Factors Relating To Our BusinessRisk Management Cybersecurity88REGULATION90Regulation Relating to Our Business90Risk Factors Relating to Regulation101CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA107Report of Independent Registered Public Accounting Firm107Consolidated Financial Statements112Notes to Consolidated Financial Statements117Controls and Procedures154OTHER KEY INFORMATION