Synchrony Financial: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 17 August 2026: press release. The quarter’s numbers.

Key takeaways

30+ delinquency rate at 4.2% in July: The 30+ day delinquency rate was 4.2% in May, June and July 2026, and 4.3% in April 2026. Source
Net charge-off rate 4.7% in July: The net charge-off rate was 4.7% for July 2026, against 5.3% in June 2026 and 5.1% in July 2025. Source
Adjusted rate 4.9% in July: The adjusted net charge-off rate was 4.9% for July 2026, against 5.2% for June 2026 and 5.1% for July 2025. Source
Recovery adjustment 0.2% in July: The recovery adjustment was 0.2% in July 2026 and (0.1)% in June 2026, and was nil in January, February and March 2026. Source
Loan receivables rose to $102.6 billion: Period-end loan receivables were $102.6 billion at July 31, 2026, up from $102.2 billion at June 30, 2026, and $100.3 billion a year earlier. Source
Cycle-date count varies by month: Consumer credit card charge-off cycle dates ranged from 25 in January 2026 to 30 in March 2026. Source

Monthly 30+ delinquency rate

30+ delinquency rate at 4.2% in July: The 30+ day delinquency rate was 4.2% in May, June and July 2026, and 4.3% in April 2026. Source
Delinquency highest in February 2026: The highest monthly 30+ rate in the thirteen months was 4.7% in February 2026, against 4.6% in January 2026 and 4.5% in December 2025 and March 2026. Source
Year-earlier and late-2025 delinquency rates: The 30+ rate was 4.2% in July 2025 and between 4.3% and 4.5% from August to November 2025. Source

Monthly net charge-off rate

Net charge-off rate 4.7% in July: The net charge-off rate was 4.7% for July 2026, against 5.3% in June 2026 and 5.1% in July 2025. Source
Monthly rates ranged from 4.7% to 5.8%: The highest monthly net charge-off rate was 5.8%, in February and March 2026, and the lowest was 4.7%, in January and July 2026. Source
Most months at or above 5.0%: Eleven of the thirteen monthly net charge-off rates were 5.0% or higher; the exceptions were January 2026 and July 2026. Source

Recovery adjustment and adjusted rate

Adjusted rate 4.9% in July: The adjusted net charge-off rate was 4.9% for July 2026, against 5.2% for June 2026 and 5.1% for July 2025. Source
Recovery adjustment 0.2% in July: The recovery adjustment was 0.2% in July 2026 and (0.1)% in June 2026, and was nil in January, February and March 2026. Source
Estimated recoveries in interim months: For months other than a quarter's last month, the adjustment includes estimated recoveries for the full quarterly reporting period. Source

Period-end and average loan receivables

Loan receivables rose to $102.6 billion: Period-end loan receivables were $102.6 billion at July 31, 2026, up from $102.2 billion at June 30, 2026, and $100.3 billion a year earlier. Source
Balance peaked in December 2025: Period-end loan receivables were highest at $103.8 billion on December 31, 2025, and lowest at $99.9 billion on February 28, 2026, within the thirteen months shown. Source
Average loans $101.9 billion in July: Average loan receivables, including held for sale, were $101.9 billion for July 2026, compared with $101.3 billion for June 2026 and $99.7 billion for July 2025. Source
Held-for-sale loans nil since October 2025: Loans held for sale were $0.2 billion in July through September 2025 and nil from October 2025 through July 2026. Source

Charge-off cycle dates

Cycle-date count varies by month: Consumer credit card charge-off cycle dates ranged from 25 in January 2026 to 30 in March 2026. Source
Monthly charge-offs can shift with timing: Charged-off amounts can vary between monthly periods with no corresponding change in portfolio performance, the company states. Source
Card loans above 90% of receivables: Consumer credit card loans were greater than 90% of total period-end loan receivables at July 31, 2026, the base for the cycle-date table. Source

Definitions and reporting basis

Net charge-off rate defined: The net charge-off rate is annualized net charge-offs divided by average loan receivables including held for sale; net charge-offs are uncollectible principal net of recoveries. Source
Adjusted rate is a non-GAAP measure: The adjusted net charge-off rate is a non-GAAP measure that includes the recovery adjustment, which the company describes as a monthly measure more indicative of quarterly and annual rates. Source
Interest and fees write-offs handled separately: Uncollectible interest and fees are not part of net charge-offs; they are written off as a reduction of interest and fees on loans. Source

Figures management reported

Figure	Reported
Period-end loan receivables Source	$102.6 billion at July 31, 2026

Risks management discussed

Financial: Recovery estimates for interim months may change within the quarter and may differ from actual quarterly results. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

	Jul 31, 2026		Jun 30, 2026		May 31, 2026	Apr 30, 2026	Mar 31, 2026	Feb 28, 2026	Jan 31, 2026	Dec 31, 2025	Nov 30, 2025	Oct 31, 2025	Sep 30, 2025	Aug 31, 2025	Jul 31, 2025
SYNCHRONY FINANCIAL
MONTHLY CHARGE-OFF AND DELINQUENCY STATISTICS
AS OF AND FOR EACH OF THE THIRTEEN MONTHS ENDED
(unaudited, $ in billions)
The following table provides monthly charge-off and delinquency statistics as of and for each of the thirteen months ended July 31, 2026.
Period-end loan receivables	$102.6		$102.2		$101.7	$100.9	$100.1	$99.9	$101.7	$103.8	$101.7	$100.4	$100.2	$100.2	$100.3
Loan receivables held for sale	$ -		$ -		$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$0.2	$0.2	$0.2
Average loan receivables, including held for sale	$101.9		$101.3		$100.6	$100.2	$99.3	$100.7	$102.1	$102.8	$100.3	$99.8	$100.1	$99.9	$99.7
30+ delinquency rate	4.2%		4.2%		4.2%	4.3%	4.5%	4.7%	4.6%	4.5%	4.5%	4.5%	4.4%	4.3%	4.2%
Net charge-off rate(1)(2)	4.7%		5.3%		5.5%	5.5%	5.8%	5.8%	4.7%	5.5%	5.6%	5.0%	5.3%	5.1%	5.1%
Recovery adjustment	0.2%		(0.1)%		(0.1)%	0.1%	- %	- %	- %	(0.1)%	(0.2)%	0.3%	(0.2)%	0.2%	- %
Adjusted net charge-off rate	4.9%		5.2%		5.4%	5.6%	5.8%	5.8%	4.7%	5.4%	5.4%	5.3%	5.1%	5.3%	5.1%
(1) References to “30+ delinquency rate” are to over-30 day loan delinquencies as a percentage of period-end loan receivables. References to “net charge-off rate” are to net charge-offs (annualized) as a percentage of average loan receivables, including held for sale. Net charge-offs consist of uncollectible principal balances, net of recovered amounts. Uncollectible interest and fees receivables are written off as a reduction of interest and fees on loans.
(2) Charge-offs are executed on charge-off cycle dates which occur on various days during each calendar month. The number of different charge-off cycle dates in each month varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off loan receivables can vary between monthly periods with no corresponding change in the performance of the portfolio. The following table sets forth the number of different charge-off cycle dates for our consumer credit card loan receivables, which represent greater than 90% of total period end loan receivables at July 31, 2026, for the calendar months indicated.
		2025		2026
January		28		25
February		28		28
March		28		30
April		29		28
May		25		28
June		30		28
July		28		28
August		28		28
September		28		29
October		28		25
November		28		30
December		29		28
(3) Represents adjustment to allocate recoveries, including debt sales, evenly across the three calendar months of each respective quarterly reporting period. The adjustments for periods other than for the last month of each calendar quarter incorporate estimated recoveries for the applicable full quarterly reporting period. Such estimates are subject to change within each applicable quarter and may differ from actual quarterly results.
(4) Adjusted net charge-off rate represents adjusted net charge-offs as a percentage of average loan receivables, including held for sale. Adjusted net charge-offs are a non-GAAP financial measure that include the 'recovery adjustment' defined above. We believe the presentation of the adjusted net charge-off rate is useful to investors as it represents a monthly measure which is more indicative of both our quarterly and annual net charge-off rates.