Synchrony Financial 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the fiscal year ended December31, 2025 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period fromto001-36560(Commission File Number) SYNCHRONY FINANCIAL (Exact name of registrant as specified in its charter) 777 Long Ridge RoadStamford, Connecticut(Address of principal executive offices) 06902(Zip Code) (Registrant’s telephone number, including area code) (203)585-2400 Securities Registered Pursuant to Section 12(b) of the Act: Trading Symbol(s)SYFSYFPrA Title of each classCommon stock, par value $0.001 per shareDepositary Shares Each Representing a 1/40thInterest in a Share of 5.625% Fixed RateNon-CumulativePerpetual Preferred Stock, SeriesADepositary Shares Each Representing a 1/40thInterest in a Share of 8.250% Fixed RateReset Non-CumulativePerpetual Preferred Stock, SeriesB Name of each exchange on which registeredNew York Stock ExchangeNew York Stock Exchange Securities Registered Pursuant to Section 12(g) of the Act:Title of classNone Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of theAct.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Smallerreportingcompany Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuantto §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the outstanding common equity of the registrant held by non-affiliates as of the last businessday of the registrant’s most recently completed second fiscal quarter was $24,823,465,409. The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of January30, 2026was 347,596,279. DOCUMENTS INCORPORATED BY REFERENCE The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held June 24, 2026, isincorporated 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 we manage our business, wepresent the content of our Annual Report on Form 10-K in the order listed in the table of contents below. See"Form 10-K Cross-Reference Index"on page 4 for a cross-reference index to the traditional U.S. Securities and Exchange Commission (SEC) Form10-K format. OUR BUSINESSOur CompanyOur Sales PlatformsOur Partner AgreementsOur CustomersOur Credit ProductsConsumer BankingCredit Risk ManagementHuman CapitalRegulationCompetitionIntellectual PropertyMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSResults of OperationsLoan ReceivablesFunding, Li