01—Abstract
Summary
Summary of the 8-K filed November 12, 2025. Cited figures are marked; the original filing is the authoritative source.
Synchrony Financial furnished its monthly charge-off and delinquency statistics for the thirteen months ended October 31, 2025 under Item 7.01 (Regulation FD) of this Form 8-K, with the data in Exhibit 99.1.
The statistics are unaudited and presented in billions of dollars. For October 2025, the 30+ delinquency rate was 4.5%a, down from 4.9% in October 2024. The net charge-off rate was 5.0%, compared with 6.2% a year earlier, and the adjusted net charge-off rate was 5.3%, compared with 6.4% in October 2024.
Period-end loan receivables were $100.4 billionb at October 31, 2025, versus $102.3 billion at October 31, 2024. Average loan receivables, including held for sale, were $99.8 billion for October 2025. Loan receivables held for sale were zero at the end of October 2025, after $0.2 billion at September 30, 2025.
The filing notes that the October 2025 adjusted net charge-off rate includes a recovery adjustment of 0.3%c, which allocates recoveries, including debt sales, evenly across each quarter's three months. The company's management describes the adjusted rate as a monthly measure more indicative of quarterly and annual net charge-off rates. The company states that it intends to furnish these statistics monthly.
For the last month of each calendar quarter, the statistics will be furnished together with its quarterly financial results announcement. The information is furnished, not filed, and is not incorporated by reference into other filings under the Securities Act or the Exchange Act unless specifically referenced.
02—Key points
Key Highlights
- 30+ delinquency rate of 4.5% at October 31, 2025, versus 4.9% at October 31, 2024
- Net charge-off rate of 5.0% for October 2025, versus 6.2% for October 2024
- Adjusted net charge-off rate of 5.3% for October 2025, versus 6.4% for October 2024
- Period-end loan receivables of $100.4 billion at October 31, 2025, versus $102.3 billion a year earlier
- Average loan receivables, including held for sale, of $99.8 billion for October 2025
- Loan receivables held for sale fell to zero at October 31, 2025, from $0.2 billion at September 30, 2025
- Monthly statistics will continue, with quarter-end months furnished alongside quarterly earnings results
03—Questions
Frequently Asked Questions
Why does the adjusted net charge-off rate differ from the reported net charge-off rate?
The adjusted rate includes a recovery adjustment that allocates recoveries, including debt sales, evenly across the three months of each quarter. For October 2025, the recovery adjustment was 0.3%, which moved the net charge-off rate from 5.0% to an adjusted 5.3%. The company says the adjusted rate is a non-GAAP measure that it considers more indicative of its quarterly and annual net charge-off rates.
Why can monthly charge-off figures fluctuate even when portfolio performance is stable?
Charge-offs are executed on charge-off cycle dates, and the number of cycle dates in a month varies with the calendar and billing cycle timing. The filing says charged-off balances can therefore vary between months without a corresponding change in portfolio performance. For October 2025, consumer credit card loans had 28 charge-off cycle dates, compared with 28 in October 2024.
How did delinquencies and charge-offs trend over the thirteen-month period?
The 30+ delinquency rate rose from 4.2% in June 2025 to 4.5% in October 2025, after falling from 4.9% in October 2024 through mid-2025. The adjusted net charge-off rate ranged from 5.1% to 6.8% over the period, with 5.3% in October 2025, below the 6.4% recorded in October 2024.
Will Synchrony continue to report these statistics, and when will investors see them?
Yes. The company intends to continue furnishing these statistics monthly. For the last month of each calendar quarter, the statistics will be furnished at the same time it announces its financial results for that quarter.
04—Continue