How did credit performance in November 2025 compare with November 2024?

The 30+ day delinquency rate was 4.5% versus 4.9%, the net charge-off rate was 5.6% versus 6.2%, and the adjusted net charge-off rate was 5.4% versus 6.2%. Period-end loan receivables were $101.7 billion versus $102.9 billion.

What is the difference between the net charge-off rate and the adjusted 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. In November 2025 the recovery adjustment was (0.2)%, which moved the net charge-off rate of 5.6% to an adjusted rate of 5.4%. The company describes the adjusted rate as a non-GAAP measure.

Why can monthly charge-off figures fluctuate?

The filing states that charge-offs are executed on charge-off cycle dates that fall on various days each month, and the number of such dates varies with the calendar and billing cycles. For consumer credit card loans, the number of cycle dates ranged from 25 to 30 across the periods shown, so monthly amounts can change without a corresponding change in portfolio performance.

When will Synchrony provide the next quarter-end statistics?

The company states that 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.

Synchrony Financial 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed December 9, 2025. Cited figures are marked; the original filing is the authoritative source.

Synchrony Financial (SYF) furnished its monthly charge-off and delinquency statistics for the thirteen months ended November 30, 2025, under Item 7.01 (Regulation FD) of a Form 8-K filed December 9, 2025.

The statistics are unaudited and presented in billions of dollars. The company states it will continue to furnish these statistics monthly, and for the last month of each calendar quarter it will furnish them together with its quarterly financial results announcement. At November 30, 2025, period-end loan receivables were $101.7 billion^a, up from $100.4 billion at October 31, 2025, and compared with $102.9 billion at November 30, 2024.

Average loan receivables, including held for sale, were $100.3 billion^b for November 2025, versus $101.8 billion for November 2024. The 30+ day delinquency rate was 4.5% in November 2025, compared with 4.9% a year earlier. The net charge-off rate was 5.6% for November 2025, up from 5.0% in October 2025 and compared with 6.2% in November 2024.

The adjusted net charge-off rate, a non-GAAP measure that includes a recovery adjustment, was 5.4%^c in November 2025, compared with 6.2% in November 2024. The filing notes that monthly charge-off figures can move with the number of charge-off cycle dates in a month, which varied from 25 to 30 across the periods shown.

The recovery adjustment allocates recoveries, including debt sales, evenly across each quarter, and the company notes these estimates may change within a quarter and may differ from actual quarterly results. Investors should therefore read single-month figures alongside the quarterly trend.

02—Key points

Key Highlights

Period-end loan receivables were $101.7 billion at November 30, 2025, compared with $102.9 billion at November 30, 2024.
The 30+ day delinquency rate was 4.5% in November 2025, versus 4.9% in November 2024.
The net charge-off rate was 5.6% in November 2025, versus 6.2% in November 2024 and 5.0% in October 2025.
The adjusted net charge-off rate, a non-GAAP measure including the recovery adjustment, was 5.4% in November 2025, versus 6.2% in November 2024.
Average loan receivables, including held for sale, were $100.3 billion for November 2025, compared with $101.8 billion a year earlier.
The company will continue furnishing these monthly statistics, with quarter-end month figures released alongside quarterly earnings.
The information is furnished under Item 7.01 and is not deemed filed for purposes of Section 18 of the Exchange Act.

03—Questions

Frequently Asked Questions

What does this 8-K report?
It furnishes Synchrony's unaudited monthly charge-off and delinquency statistics for the thirteen months ended November 30, 2025, as Exhibit 99.1 under Item 7.01 (Regulation FD Disclosure).
How did credit performance in November 2025 compare with November 2024?
The 30+ day delinquency rate was 4.5% versus 4.9%, the net charge-off rate was 5.6% versus 6.2%, and the adjusted net charge-off rate was 5.4% versus 6.2%. Period-end loan receivables were $101.7 billion versus $102.9 billion.
What is the difference between the net charge-off rate and the adjusted 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. In November 2025 the recovery adjustment was (0.2)%, which moved the net charge-off rate of 5.6% to an adjusted rate of 5.4%. The company describes the adjusted rate as a non-GAAP measure.
Why can monthly charge-off figures fluctuate?
The filing states that charge-offs are executed on charge-off cycle dates that fall on various days each month, and the number of such dates varies with the calendar and billing cycles. For consumer credit card loans, the number of cycle dates ranged from 25 to 30 across the periods shown, so monthly amounts can change without a corresponding change in portfolio performance.
When will Synchrony provide the next quarter-end statistics?
The company states that 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

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