Synchrony Financial (SYF) July Monthly Stats Credit and loans outperform

Equity Research 17 August 2026 | 7:12AM EDT

Synchrony Financial (SYF): July Monthly Stats: Credit and loans outperform

SYF reported solid July metrics with outperformance across the board in NCOs, DQs, Ryan M. Nash, CFA | and loans. Delinquencies were flat MoM at 4.20% (flat YoY; in-line with June), below Goldman Sachs & Co. LLC

expectations of +6bps (flat MoM in June), while NCOs were down-30bps to 4.90%, Lucas Haimes | outperforming expectations of -20bps. On a cycle-adjusted basis, losses were 18bps Goldman Sachs & Co. LLC per cycle day, down ~1bp MoM vs. June. Loan growth came in ahead of expectations, with EOP loans +0.4% MoM to $102.6bn, ahead of expectations of -0.2% MoM (+2.3% YoY, vs. +2.4% YoY in June), while average loans were up +0.6% MoM and up +2.2% YoY (outperforming expectations of 0.1%; 1.8% YoY in June). Overall, we think the update was positive given DQs remain flat on a YoY basis along with continued loss outperformance. Additionally, the performance of loans should be well-received as SYF progresses towards its MSD loan growth guide.

NCOs and DQs outperform: DQs came in flat MoM at 4.20% a touch lower than expectations of +6bps MoM and were flat YoY (vs. +2bps YoY in June). Reported NCOs of 4.90% decreased -30bps MoM and were down -20bps YoY (-50bps in June), outperforming expectations of -20bps MoM (2015-2019 trends of -18bps).

EOP loans and avg loans outperform: EOP loans increased +0.4% MoM to $102.6.bn coming in ahead of expectations of -0.2% MoM and were up +2.3% YoY (vs. +2.4% YoY in June). Avg loan balances were up +0.6% MoM, outperforming expectations of +0.1%, and up +2.2% YoY (vs. +1.8% YoY in June).

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Goldman Sachs Synchrony Financial (SYF)

Exhibit 1: SYF July credit metrics 12 months 2015-2019 Trailing 3yr Delta vs. LT 12 months 2015-2019 Trailing 3yr Delta vs. LT 30+ del Current YoY LT avg MOM NCO ratio Current YoY LT avg MOM before avg avg avg 17.5 before avg avg avg

Jan-26 4.60% 4.70% -10 bp 29 bp 12 bp 10 bp 10 bp -2 bp Jan Jan-26 4.70% 6.20% -150 bp 23 bp -5 bp 27 bp -70 bp -65 bp Feb-26 4.70% 4.70% 0 bp 2 bp 2 bp 7 bp 10 bp 8 bp Feb Feb-26 5.80% 6.80% -100 bp 64 bp 53 bp 50 bp 110 bp 57 bp Mar-26 4.50% 4.50% 0 bp -30 bp -26 bp -20 bp -20 bp 6 bp Mar Mar-26 5.80% 6.20% -40 bp -28 bp -29 bp -30 bp 0 bp 29 bp Apr-26 4.30% 4.30% 0 bp -24 bp -22 bp -13 bp -20 bp 2 bp Apr Apr-26 5.60% 6.30% -70 bp 18 bp 20 bp 20 bp -20 bp -40 bp May-26 4.20% 4.20% 0 bp -4 bp -8 bp -3 bp -10 bp -2 bp May May-26 5.40% 5.20% 20 bp -20 bp -23 bp -40 bp -20 bp 3 bp Jun-26 4.20% 4.18% 2 bp 4 bp 0 bp -1 bp 0 bp 0 bp Jun Jun-26 5.20% 5.70% -50 bp -38 bp -27 bp 0 bp -20 bp 7 bp Jul-26 4.20% 4.20% 0 bp 4 bp 6 bp 11 bp 0 bp -6 bp Jul Jul-26 4.90% 5.10% -20 bp -18 bp -20 bp -13 bp -30 bp -10 bp Aug-25 4.30% 4.60% -30 bp 12 bp 11 bp 10 bp 10 bp -1 bp Aug Aug-25 5.30% 5.70% -40 bp -12 bp -1 bp -17 bp 20 bp 21 bp Sep-25 4.40% 4.80% -40 bp 24 bp 21 bp 23 bp 10 bp -11 bp Sep Sep-25 5.10% 6.20% -110 bp 0 bp -10 bp 3 bp -20 bp -10 bp Oct-25 4.50% 4.90% -40 bp 10 bp 9 bp 13 bp 10 bp 1 bp Oct Oct-25 5.30% 6.40% -110 bp 22 bp 25 bp 60 bp 20 bp -5 bp Nov-25 4.50% 4.90% -40 bp 4 bp 5 bp 10 bp 0 bp -5 bp Nov Nov-25 5.40% 6.20% -80 bp 24 bp 21 bp 3 bp 10 bp -11 bp Dec-25 4.50% 4.70% -20 bp -12 bp -9 bp -3 bp 0 bp 9 bp Dec Dec-25 5.40% 6.70% -130 bp -2 bp -5 bp 7 bp 0 bp 5 bp

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 2: SYF July loan stats EOP. Loan 12 months YoY 2015-2019 Trailing 3yr Delta vs. LT Avg. Loan 12 months YoY 2015-2019 Trailing 3yr Delta vs. LT Current LT avg MOM Current LT avg MOM Growth before (Loans) avg avg avg Growth before (Loans) avg avg avg

Jan-26 101,700 102,200 -0.5%…