v3.26.3
Borrowings
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
September 30, 2026December 31, 2025
($ in millions)Maturity dateInterest RateWeighted average interest rate
Outstanding Amount(a)(b)
Outstanding Amount(a)(b)
Borrowings of consolidated securitization entities:
Fixed securitized borrowings(c)
2026 - 2029
4.06% - 5.74%
4.76 %$5,990 $5,490 
Floating securitized borrowings2027 - 2028
4.51% - 4.87%
4.65 %2,925 2,925 
Total borrowings of consolidated securitization entities4.72 %8,915 8,415 
Senior unsecured notes:
Synchrony Financial senior unsecured notes:
Fixed senior unsecured notes2027 - 2031
2.88% - 5.15%
3.94 %2,393 2,892 
Fixed-to-floating senior unsecured notes2029 - 2037
4.95% - 6.28%
5.55 %4,375 2,534 
Synchrony Bank senior unsecured notes:
Fixed senior unsecured notes2027
5.63%
5.63 %599 599 
Total senior unsecured notes5.04 %7,367 6,025 
Subordinated unsecured notes:
Synchrony Financial subordinated unsecured notes:
Fixed subordinated unsecured notes2033
7.25%
7.25 %743 742 
Total senior and subordinated unsecured notes5.24 %8,110 6,767 
Total borrowings$17,025 $15,182 
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(a)Includes unamortized debt premiums, discounts and issuance costs.
(b)The Company may redeem certain borrowings prior to their original contractual maturity dates in accordance with the optional redemption provision specified in the respective instruments.
(c)Includes $750 million of fixed securitized borrowings which matured and were repaid in October 2026.
Senior Unsecured Notes
The following table summarizes the issuances of Synchrony Financial fixed-to-floating rate senior unsecured notes during the nine months ended September 30, 2026:
($ in millions):
Issuance DatePrincipal Amount
Fixed Interest Rate
Interest Rate Reset Date
Floating Rate Spread(a)
Maturity
February 2026$750 4.947%February 25, 2031153 bpsFebruary 2032
July 2026$600 5.450%October 15, 2029134.6 bpsOctober 2030
July 2026$500 6.276%July 31, 2036202.9 bpsJuly 2037
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(a)Floating rate applicable at interest rate reset date through maturity, based on compounded Secured Overnight Financing Rate plus floating rate spread noted above.
Additional Sources of Liquidity
We have undrawn committed and uncommitted capacity under our credit facilities from private lenders under our securitization programs, subject to customary borrowing conditions, and also have access to the Federal Reserve discount window. At both September 30, 2026 and December 31, 2025, we had:
•an aggregate of $2.6 billion of undrawn capacity under our securitization financings, of which $2.1 billion was committed and $450 million was uncommitted, and
•available borrowing capacity through the Federal Reserve discount window of $13.0 billion at September 30, 2026 and $10.0 billion at December 31, 2025, based on the amount and type of assets pledged.