SYFSynchrony Financial
- Employees
- 20,000
- Headquarters
- Stamford, CT
- Next results
- around Jan 26, 2027
5 paragraphs in Risk Factors of the 10-K filed Feb 6, 2026 with nothing like them in the 10-K filed Feb 7, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•Competition for partners, customers and the utilization of our products is intense.
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Competition for partner relationships in the consumer finance industry is intense.
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Competitive dynamics in the consumer credit and payments industry may adversely impact our ability to attract and retain customers, and the utilization of our products.
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We maintain an allowance for credit losses in accordance with U.S. GAAP, known as CECL, to provide for expected credit losses for the life of our loan portfolio, including acquired loan portfolios. Upon origination of a loan portfolio, the estimate of expected credit losses, and any subsequent changes to such estimate, are recorded through Provision for credit losses in our Consolidated Statements of Earnings.
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Additionally, in November 2025, Visa and Mastercard announced a proposed settlement to resolve a long-standing class action antitrust lawsuit. The proposed settlement, which is subject to approval by the U.S. District Court for the Eastern District of New York and applicable to U.S. Visa and Mastercard credit cards, will among other items, categorize the credit cards into three distinct categories: commercial, premium consumer and standard consumer; reduce the U.S. combined average effective credit card interchange rate by 10 basis points for five years; cap posted U.S. credit card interchange rates at the March 2025 levels for five years; institute a 125 basis points cap on interchange rates for standard consumer credit cards through the term of the settlement agreement; and permit merchants to (i) choose whether or not to accept premium consumer, standard consumer, and/or commercial credit cards, as well as choose which digital wallets to accept, and (ii) impose a surcharge of up to three percent at the brand (e.g., Visa or Mastercard) or product (e.g., Visa Signature) level.
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New in the latest 10-Q
12 paragraphs in the 10-Q filed Oct 22, 2026 with nothing like them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
• we integrated with Vetspire to embed flexible financing from CareCredit directly into Vetspire’s AI-enabled veterinary practice management platform.
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• we announced a new integration with Stripe, making it easier for both Synchrony and Stripe's providers and health and wellness retailers to offer CareCredit financing as part of their online checkout experience.
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• During the third quarter, we also continued to expand the Company's AI strategy as we:
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• established a partnership with OpenAI, combining strategic agentic commerce collaboration with enterprise AI access.
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• joined the Personal Agent Protocol ("Poppy") initiative led by Sierra and Meta as a design partner, reflecting our commitment to helping define the open standards that will underpin the future of agentic commerce.
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During the nine months ended September 30, 2026, we made repayments totaling $500 million of senior unsecured notes issued by Synchrony Financial.
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At September 30, 2026, we were not in default under any of our credit facilities.
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On July 31, 2026, the OCC and FDIC issued a proposal that would revise how they evaluate an insured depository institution’s record of satisfying the credit needs of its entire communities, including low- and moderate-income individuals and neighborhoods, under the Community Reinvestment Act (“CRA”). The Bank is currently designated as a Limited Purpose bank under the CRA and therefore is generally evaluated on the basis of its community development activity in the geography in which its main office is located. The proposal seeks comment on, among other things, changing the eligibility criteria for, or eliminating altogether, the Limited Purpose designation. We are evaluating the potential impact of the proposal on the Bank.
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On September 30, 2026, the Federal Reserve Board released final rules modifying supervisory stress testing requirements and the stress capital buffer framework. Among other changes, the final rules move the “as of” date for a firm’s new stress capital buffer from October 1st of the year in which the firm participates in the Federal Reserve Board’s supervisory stress test to January 1st of the following year. As a result, because 2028 is the next supervisory stress test in which we are required to participate, we will receive final notice of any changes to our stress test capital buffer of 2.5% by September 30, 2028, and any changes would not take effect until January 1, 2029.
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Financial statements and notes
The following table summarizes the issuances of Synchrony Financial fixed-to-floating rate senior unsecured notes during the nine months ended September 30, 2026:
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($ in millions): Issuance Date Principal Amount Fixed Interest Rate Interest Rate Reset Date Floating Rate Spread(a) Maturity February 2026 $750 4.947% February 25, 2031 153 bps February 2032 July 2026 $600 5.450% October 15, 2029 134.6 bps October 2030 July 2026 $500 6.276% July 31, 2036 202.9 bps July 2037
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The following table summarizes the Company's preferred stock issued and outstanding at September 30, 2026 and December 31, 2025:
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 22, 2026 against Item 1A of the 10-K filed Feb 6, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
There have been no material changes to the risk factors included in our 2025 Form 10-K under the heading “Risk Factors Relating to Our Business” and “Risk Factors Relating to Regulation”.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on SYF in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SYF/export.csv") into a cell.