What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-10-30 · 476 added, 926 removed, 1675 unchanged (46% of the section changed)

2 unchanged sentences

Ally Financial Inc.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

4 unchanged sentences

Interest and dividends on investment securities and other earning assets

250 262 728 793

Interest on cash and cash equivalents

92 102 285 287

Operating leases

365 316 1,068 1,005

Total financing revenue and other interest income

3,387 3,574 10,105 10,694

Interest expense

Interest on deposits

1,302 1,616 4,034 4,861

Interest on short-term borrowings

Interest on long-term debt 265 271

Interest on other — — 1 1

Total interest expense

1,578 1,885 4,846 5,673

Net depreciation expense on operating lease assets

225 169 681 516

Net financing revenue and other interest income

1,584 1,520 4,578 4,505

Other revenue

Insurance premiums and service revenue earned

361 359 1,084 1,045

(Loss) gain on mortgage and automotive loans, net ( 3 ) 1

Other gain (loss) on investments, net 56 74 ( 382 ) 96

Other loss on investments, net ( 21 ) ( 499 )

Other income, net of losses

170 176 517 491

Total other revenue

584 615 1,213 1,650

Total net revenue

2,168 2,135 5,791 6,155

Provision for credit losses

415 645 990 1,609

Noninterest expense

Compensation and benefits expense

447 435 1,382 1,396

Insurance losses and loss adjustment expenses

141 135 505 428

Goodwill impairment — 305

Other operating expenses

652 655 1,944 1,995

Total noninterest expense

1,240 1,225 4,136 3,819

Income from continuing operations before income tax expense 513 265 665 727

Income tax expense from continuing operations 115 67 140 167

Net income from continuing operations 398 198 525 560

Net income $ 398 $ 198 $ 525 $ 560

Income (loss) from continuing operations before income tax expense (benefit) 400 ( 284 )

Income tax expense (benefit) from continuing operations 81 ( 59 )

Net income (loss) from continuing operations 319 ( 225 )

Net income (loss) $ 319 $ ( 225 )

Other comprehensive income, net of tax 13 662

4 unchanged sentences

Ally Financial Inc.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions, except per share data;

shares in thousands) (a)

2025 2024 2025 2024

Net income from continuing operations attributable to common shareholders $ 371 $ 171 $ 442 $ 477

Net income attributable to common shareholders $ 371 $ 171 $ 442 $ 477

Net income (loss) from continuing operations attributable to common shareholders $ 291 $ ( 253 )

Net income (loss) attributable to common shareholders $ 291 $ ( 253 )

Basic weighted-average common shares outstanding (b) 310,992 309,006

Diluted weighted-average common shares outstanding (b) 313,823 311,044 312,633 309,786

Diluted weighted-average common shares outstanding (b) (c) 313,219 309,006

Basic earnings per common share

Net income from continuing operations $ 1.19 $ 0.55 $ 1.43 $ 1.56

Net income $ 1.19 $ 0.55 $ 1.43 $ 1.56

Net income (loss) from continuing operations $ 0.94 $ ( 0.82 )

Net income (loss) $ 0.94 $ ( 0.82 )

Diluted earnings per common share

Net income from continuing operations $ 1.18 $ 0.55 $ 1.41 $ 1.54

Net income $ 1.18 $ 0.55 $ 1.41 $ 1.54

Net income (loss) from continuing operations $ 0.93 $ ( 0.82 )

Net income (loss) $ 0.93 $ ( 0.82 )

Cash dividends declared per common share $ 0.30 $ 0.30

2 unchanged sentences

(b) Includes shares related to share-based compensation that vested but were not yet issued.

(c) Due to the antidilutive effect of the net loss from continuing operations for the three months ended March 31, 2025, basic weighted-average common shares outstanding was used to calculate basic and diluted earnings per share.

During the three months ended March 31, 2025, there were 2.7 million in share-based awards excluded because their inclusion would have been antidilutive.

Refer to Note 16 for additional earnings per share information.

2 unchanged sentences

Ally Financial Inc.

($ in millions, except share data) September 30, 2025 December 31, 2024

($ in millions, except share data) March 31, 2026 December 31, 2025

Cash and cash equivalents

3 unchanged sentences

Equity securities

Available-for-sale securities (amortized cost of $ 25,660 and $ 26,810 )

Available-for-sale securities (amortized cost basis of $ 25,974 and $ 25,825 )

23,038 22,973

44 unchanged sentences

The assets of consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and the liabilities of these entities for which creditors (or beneficial interest holders) do not have recourse to our general credit were as follows.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Finance receivables and loans, net

11 unchanged sentences

Ally Financial Inc.

Three months ended September 30,

($ in millions) Common stock and paid-in capital Preferred stock Retained earnings Accumulated other comprehensive loss Treasury stock Total

Balance at July 1, 2024 $ 22,077 $ 2,324 $ 208 $ ( 4,009 ) $ ( 6,901 ) $ 13,699

Net income 198 198

Preferred stock dividends — Series B ( 16 ) ( 16 )

Preferred stock dividends — Series C ( 11 ) ( 11 )

Share-based compensation 24 24

Other comprehensive income 616 616

Common stock repurchases

Common stock dividends ($ 0.30 per share)

( 95 ) ( 95 )

Balance at September 30, 2024 $ 22,101 $ 2,324 $ 284 $ ( 3,393 ) $ ( 6,902 ) $ 14,414

Balance at July 1, 2025 $ 22,235 $ 2,324 $ 151 $ ( 3,219 ) $ ( 6,944 ) $ 14,547

Net income 398 398

Preferred stock dividends — Series B ( 16 ) ( 16 )

Preferred stock dividends — Series C ( 11 ) ( 11 )

Share-based compensation 20 20

Other comprehensive income 275 275

Common stock repurchases

Common stock dividends ($ 0.30 per share)

( 95 ) ( 95 )

Balance at September 30, 2025 $ 22,255 $ 2,324 $ 427 $ ( 2,944 ) $ ( 6,945 ) $ 15,117

Condensed Consolidated Statement of Changes in Equity (unaudited)

Ally Financial Inc.

Nine months ended September 30,

($ in millions) Common stock and paid-in capital Preferred stock Retained earnings Accumulated other comprehensive loss Treasury stock Total equity

Balance at December 31, 2023

$ 21,975 $ 2,324 $ 91 $ ( 3,816 ) $ ( 6,871 ) $ 13,703

Cumulative effect of changes in accounting principles, net of tax (a)

Adoption of Accounting Standards Update 2023-02 ( 2 ) ( 2 )

($ in millions) Common stock and paid-in capital Preferred stock Retained earnings (accumulated deficit) Accumulated other comprehensive loss Treasury stock Total

Balance at January 1, 2025 $ 22,142 $ 2,324 $ 270 $ ( 3,924 ) $ ( 6,909 ) $ 13,903

$ 21,975 $ 2,324 $ 89 $ ( 3,816 ) $ ( 6,871 ) $ 13,701

Net income 560 560

Net loss ( 225 ) ( 225 )

Preferred stock dividends — Series B ( 16 ) ( 16 )

6 unchanged sentences

( 95 ) ( 95 )

Balance at September 30, 2024 $ 22,101 $ 2,324 $ 284 $ ( 3,393 ) $ ( 6,902 ) $ 14,414

Balance at March 31, 2025 $ 22,191 $ 2,324 $ ( 78 ) $ ( 3,262 ) $ ( 6,943 ) $ 14,232

Balance at January 1, 2026 $ 22,295 $ 2,324 $ 633 $ ( 2,786 ) $ ( 6,968 ) $ 15,498

5 unchanged sentences

Common stock repurchases

( 147 ) ( 147 )

Common stock dividends ($ 0.30 per share)

( 97 ) ( 97 )

Balance at September 30, 2025 $ 22,255 $ 2,324 $ 427 $ ( 2,944 ) $ ( 6,945 ) $ 15,117

(a) Refer to the section titled Recently Adopted Accounting Standards in Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for additional information.

Balance at March 31, 2026 $ 22,346 $ 2,324 $ 827 $ ( 2,773 ) $ ( 7,115 ) $ 15,609

The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

1 unchanged sentence

Ally Financial Inc.

Nine months ended September 30, ($ in millions)

Three months ended March 31, ($ in millions)

Operating activities

Net income $ 525 $ 560

Reconciliation of net income to net cash provided by operating activities

Net income (loss) $ 319 $ ( 225 )

Reconciliation of net income (loss) to net cash provided by operating activities

Depreciation and amortization

2 unchanged sentences

Loss (gain) on mortgage and automotive loans, net 3 ( 1 )

Other loss (gain) on investments, net 382 ( 96 )

Other loss on investments, net 21 499

Originations and purchases of loans held-for-sale ( 626 ) ( 490 )

2 unchanged sentences

Deferred income taxes

( 366 ) ( 218 )

Interest payable

1 unchanged sentence

Other liabilities

( 80 ) ( 137 )

Net cash provided by operating activities 1,371 940

12 unchanged sentences

Disposals of operating lease assets 474 681

Proceeds from sale of operation or business unit, net 2,412 1,956

Net change in nonmarketable equity investments 26 2

( 126 ) ( 151 )

Net cash (used in) provided by investing activities ( 813 ) 3,785

Net cash used in investing activities ( 3,043 ) ( 1,341 )

Statement continues on the next page.

2 unchanged sentences

Ally Financial Inc.

Nine months ended September 30, ($ in millions)

Three months ended March 31, ($ in millions)

Financing activities

Net change in short-term borrowings ( 569 ) 1,714

Net decrease in deposits ( 3,099 ) ( 2,757 )

Net increase (decrease) in deposits 1,684 ( 64 )

Proceeds from issuance of long-term debt 1,081 24

3 unchanged sentences

Preferred stock dividends paid ( 28 ) ( 28 )

Net cash used in financing activities ( 2,057 ) ( 5,494 )

Net cash provided by financing activities 1,095 438

Effect of exchange-rate changes on cash and cash equivalents and restricted cash

Net increase in cash and cash equivalents and restricted cash 224 1,865

Net (decrease) increase in cash and cash equivalents and restricted cash ( 580 ) 37

Cash and cash equivalents and restricted cash at beginning of year

Cash and cash equivalents and restricted cash at September 30,

11,809 11,380

Cash and cash equivalents and restricted cash at March 31,

$ 11,229 $ 11,417

Supplemental disclosures

3 unchanged sentences

Noncash items

Held-to-maturity securities received in consideration for loans sold — 56

Loans held-for-sale transferred to finance receivables and loans held-for-investment 19 28

Finance receivables and loans held-for-investment transferred to loans held-for-sale 7 2,321

The following table provides a reconciliation of cash and cash equivalents and restricted cash from the Condensed Consolidated Balance Sheet to the Condensed Consolidated Statement of Cash Flows.

September 30, ($ in millions)

March 31, ($ in millions)

Cash and cash equivalents on the Condensed Consolidated Balance Sheet

9 unchanged sentences

Ally Financial Inc.

(together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with the nation’s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities.

The Company serves customers with deposits and securities brokerage and investment advisory services as well as automotive financing and insurance offerings.

10 unchanged sentences

Our most significant estimates pertain to the allowance for loan losses, the valuations of automotive operating lease assets and residuals, the fair value of financial instruments, and the determination of the provision for income taxes.

The Condensed Consolidated Financial Statements at September 30, 2025, and for the three months and nine months ended September 30, 2025, and 2024, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented.

Reclassifications have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation.

Refer to the section titled Change in Accounting Principle within Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for further details on our method of accounting for ITCs, and Note 26 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for further details on our change in allocation of costs to reportable segments and change in reportable segments.

The Condensed Consolidated Financial Statements at March 31, 2026, and for the three months ended March 31, 2026, and 2025, are unaudited but reflect all adjustments that are, in management’s opinion, necessary for the fair presentation of the results for the interim periods presented.

These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements (and the related Notes) included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed on February 25, 2026, with the SEC.

5 unchanged sentences

Recently Issued Accounting Standards

Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures .

The purpose of this guidance is to enhance the rate reconciliation and income taxes paid disclosures.

This ASU requires that an entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.

For the state and local income tax category of the rate reconciliation, entities must disclose a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category.

For the income taxes paid disclosures, entities will be required to disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes.

The amendments are effective on January 1, 2025, for annual reporting and will be included in our 2025 Annual Report on Form 10-K.

The amendments must be applied using either a prospective or retrospective approach.

Management does not expect the impact of these amendments to be material.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Expense Disaggregation Disclosures (ASU 2024-03)

2 unchanged sentences

The purpose of this ASU is to provide additional disclosure that will allow investors to better understand an entity’s performance, better assess an entity’s prospects for future cash flows, and more easily compare an entity’s performance over time and in relation to other similar entities.

This ASU requires that an entity disclose, on an interim and annual basis, a disaggregation in the notes to the financial statements of certain income statement line items if the line item includes any of the five required expense categories, which are defined as (1) purchases of inventory, (2) employee compensation, (3) depreciation (including amortization of a finance ROU asset and leasehold improvements), (4) intangible asset amortization, and (5) depletion expense.

This ASU will require that an entity disclose, on an interim and annual basis, a disaggregation in the notes to the financial statements of certain income statement line items if the line item includes any of the five required expense categories, which are defined as (1) purchases of inventory, (2) employee compensation, (3) depreciation (including amortization of a finance ROU asset and leasehold improvements), (4) intangible asset amortization, and (5) depletion expense.

For the “employee compensation” category, banking entities may continue to present compensation expense on the face of the income statement in accordance with Regulation S-X Rule 210.9-04.

The disclosure should include a qualitative description of other expenses included within the income statement line item that are otherwise not disaggregated.

This ASU also requires entities to disclose their total selling expenses for each reporting period.

This ASU will also require entities to disclose their total selling expenses for each reporting period.

Selling expenses are not defined within the ASU, which will require entities to determine and disclose how they define selling expenses on an annual basis.

1 unchanged sentence

The amendments must be applied using either a prospective or retrospective approach.

Management does not expect the impact of these amendments to be material.

We do not expect the impact of these amendments to be material.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

3 unchanged sentences

This ASU removes all references to sequential software development project stages from U.S.

GAAP, but does not change the types of costs that may be eligible to be capitalized.

GAAP, but does not change the types of costs that are eligible to be capitalized.

Under the updated guidance, entities will be required to begin capitalizing software project costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed, and the software will be used to perform the function intended (called the “probable-to-complete” threshold).

4 unchanged sentences

The amendments can be applied using a prospective approach, a retrospective approach, or a modified approach that bases the adoption of the amendments on the completion status of the software project as of the adoption date.

Management is currently evaluating the impact of these amendments.

Held-for-sale Operations

On January 20, 2025, we formally approved our commitment to divest our credit card operations, Ally Credit Card, and entered a definitive agreement with CardWorks, Inc.

During the nine months ended September 30, 2025, the assets and liabilities of Ally Credit Card were transferred to assets and liabilities of operations held-for-sale and sold.

The sale occurred on April 1, 2025.

Ally Credit Card was a component of our Corporate and Other segment.

The related operating results have been presented within continuing operations in the Condensed Consolidated Statement of Comprehensive Income for all periods presented.

During the fourth quarter of 2024, we began exploring strategic alternatives for Ally Credit Card, which resulted in a triggering event for goodwill impairment purposes, and recognized an $ 118 million goodwill impairment charge.

In connection with the classification of the operations as held-for-sale, the disposal group was measured at the lower-of-cost or fair value.

First, the finance receivables and loans, along with the remaining assets and liabilities, were classified as held-for-sale and measured at the lower-of-cost or fair value.

The fair value was determined based on the sales agreement with the third-party purchaser.

Next, the carrying value of the disposal group was compared to fair value, which resulted in a goodwill impairment charge.

Lastly, we recorded a valuation allowance on other assets related to estimated selling expenses.

As a result, we recognized a net pretax loss of $ 8 million during the nine months ended September 30, 2025, which was comprised of a benefit of $ 306 million to our provision for credit losses, offset by a $ 2 million asset impairment related to Ally Credit Card branded plastics, a goodwill impairment charge of $ 305 million, and a valuation allowance on other assets of $ 7 million.

We do not expect to recognize any significant incremental costs related to this transaction.

We are currently evaluating the impact of these amendments.

Purchased Loans (ASU 2025-08)

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326):

Purchased Loans.

This ASU expands the gross-up approach applied to PCD financial assets to loans that are purchased and considered seasoned, excluding credit card loans, debt securities, and trade receivables accounted for under the revenue recognition guidance.

Under the expanded gross-up approach, the amortized cost basis for a seasoned loan receivable will be the purchase price plus the initial measurement of the allowance for loan losses, on the acquisition date.

Any remaining discount embedded in the purchase price will be amortized into interest income over the term of the loan.

The purchased seasoned loan designation would be evaluated on a loan-by-loan basis.

The resulting accounting will reflect no day-one provision expense on qualifying seasoned loans and a lower yield over time than what is currently presented under the non-PCD model.

Loans acquired in a business combination would be considered seasoned.

For a loan acquired through an asset transfer or by consolidating a VIE, the acquisition must be at least 90 days after loan origination and the acquirer must not have been involved in originating the loan for the loan to be considered seasoned.

The amendments are effective January 1, 2027, with early adoption permitted and must be adopted on a prospective basis.

We are currently evaluating the impact of these amendments.

Notes to Condensed Consolidated Financial Statements (unaudited)

8 unchanged sentences

Further, commissions and sales expense incurred to obtain these contracts are amortized over the terms of the related policies and service contracts on the same basis as premiums and service revenue are earned, and all advertising costs are recognized as expense when incurred.

The following tables present a disaggregated view of our revenue from contracts with customers.

The following table presents a disaggregated view of our revenue from contracts with customers.

For further information regarding our revenue recognition policies and details about the nature of our respective revenue streams, refer to Note 1 and Note 3 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Three months ended September 30, ($ in millions)

Three months ended March 31, ($ in millions)

Automotive Finance operations Insurance operations Corporate Finance operations Corporate and Other Consolidated

3 unchanged sentences

Brokerage commissions and other revenue — — — 19 19

Banking fees and interchange income (d) — — — 9 9

Brokered/agent commissions — 1 — — 1

Other 6 — — 1 7

Total revenue from contracts with customers

34 243 — 31 308

All other revenue

62 177 25 12 276

Total other revenue (e) $ 96 $ 420 $ 25 $ 43 $ 584

Revenue from contracts with customers

Noninsurance contracts (a) (b) (c) $ — $ 246 $ — $ — $ 246

Remarketing fee income 28 — — — 28

Brokerage commissions and other revenue — — — 22 22

Banking fees and interchange income (d) — — — 12 12

Brokered/agent commissions — 5 — — 5

Other 5 1 — — 6

Total revenue from contracts with customers

33 252 — 34 319

All other revenue 52 185 37 22 296

Total other revenue (e) $ 85 $ 437 $ 37 $ 56 $ 615

(a) We had opening balances of $ 3.0 billion in unearned revenue associated with outstanding contracts at both July 1, 2025, and 2024, and $ 239 million and $ 243 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended September 30, 2025, and 2024, respectively.

(b) At September 30, 2025, we had unearned revenue of $ 3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $ 230 million during the remainder of 2025, $ 816 million in 2026, $ 677 million in 2027, $ 522 million in 2028, and $ 748 million thereafter.

At September 30, 2024, we had unearned revenue of $ 3.0 billion associated with outstanding contracts.

(c) We had deferred insurance assets of $ 1.8 billion at both July 1, 2025, and September 30, 2025, and recognized $ 141 million of expense during the three months ended September 30, 2025.

We had deferred insurance assets of $ 1.8 billion at both July 1, 2024, and September 30, 2024, and recognized $ 141 million of expense during the three months ended September 30, 2024.

(d) Interchange income is reported net of customer rewards related to Ally Credit Card.

Customer rewards expense was $ 7 million for the three months ended September 30, 2024.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(e) Represents a component of total net revenue.

Refer to Note 23 for further information on our reportable operating segments.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Nine months ended September 30, ($ in millions)

Automotive Finance operations Insurance operations Corporate Finance operations Corporate and Other Consolidated

Revenue from contracts with customers

Noninsurance contracts (a) (b) $ — $ 724 $ — $ — $ 724

Remarketing fee income 90 — — — 90

Brokerage commissions and other revenue — — — 61 61

Banking fees and interchange income (c) — — — 34 34

Banking fees and interchange income — — — 5 5

Brokered/agent commissions — 2 — — 2

1 unchanged sentence

Total revenue from contracts with customers 38 244 — 25 307

106 739 — 98 943

All other revenue 67 98 35 6 206

184 467 73 ( 454 ) 270

Total other revenue (d) $ 105 $ 342 $ 35 $ 31 $ 513

Revenue from contracts with customers

Noninsurance contracts (a) (b) $ — $ 666 $ — $ — $ 666

Noninsurance contracts (a) (b) (c) $ — $ 241 $ — $ — $ 241

Remarketing fee income 31 — — — 31

Brokerage commissions and other revenue — — — 20 20

Banking fees and interchange income (c) — — — 35 35

Banking fees and interchange income (e) — — — 19 19

Brokered/agent commissions — 5 — — 5

1 unchanged sentence

Total revenue from contracts with customers 36 247 — 40 323

102 683 — 102 887

All other revenue 61 117 29 ( 467 ) ( 260 )

Total other revenue (d) $ 97 $ 364 $ 29 $ ( 427 ) $ 63

(a) We had opening balances of $ 3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2025, and 2024, and $ 715 million and $ 732 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the nine months ended September 30, 2025, and 2024, respectively.

(b) We had deferred insurance assets of $ 1.8 billion at both January 1, 2025, and September 30, 2025, and recognized $ 417 million of expense during the nine months ended September 30, 2025.

We had deferred insurance assets of $ 1.8 billion at both January 1, 2024, and September 30, 2024, and recognized $ 432 million of expense during the nine months ended September 30, 2024.

Customer rewards expense was $ 6 million and $ 20 million for the nine months ended September 30, 2025, and 2024, respectively.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(a) We had opening balances of $ 3.0 billion in unearned revenue associated with outstanding contracts at both January 1, 2026, and 2025, and $ 239 million and $ 238 million of these balances were recognized as insurance premiums and service revenue earned in our Condensed Consolidated Statement of Comprehensive Income during the three months ended March 31, 2026, and 2025, respectively.

(b) At March 31, 2026, we had unearned revenue of $ 3.0 billion associated with outstanding contracts, and with respect to this balance we expect to recognize revenue of $ 653 million during the remainder of 2026, $ 751 million in 2027, $ 599 million in 2028, $ 440 million in 2029, and $ 544 million thereafter.

At March 31, 2025, we had unearned revenue of $ 3.0 billion associated with outstanding contracts.

(c) We had deferred insurance assets of $ 1.8 billion at both March 31, 2026, and December 31, 2025, and recognized $ 138 million of expense during the three months ended March 31, 2026.

We had deferred insurance assets of $ 1.8 billion at both March 31, 2025, and December 31, 2024, and recognized $ 141 million of expense during the three months ended March 31, 2025.

(d) Represents a component of total net revenue.

Refer to Note 22 for further information on our reportable operating segments.

In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing gains on the sale of off-lease vehicles of $ 1 million for the three months ended September 30, 2025, and net remarketing losses of $ 18 million for the nine months ended September 30, 2025, respectively, compared to net remarketing gains of $ 24 million and $ 129 million for the three months and nine months ended September 30, 2024.

These gains and losses are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income.

(e) Interchange income is reported net of customer rewards related to Ally Credit Card.

Customer rewards expense was $ 6 million for the three months ended March 31, 2025.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

In addition to the components of other revenue presented above, as part of our Automotive Finance operations, we recognized net remarketing losses on the sale of off-lease vehicles of $ 10 million and $ 19 million for the three months ended March 31, 2026, and 2025, respectively.

These losses are included in depreciation expense on operating lease assets in our Condensed Consolidated Statement of Comprehensive Income.

Refer to Note 8 for additional information.

3 unchanged sentences

Details of other income, net of losses, were as follows.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

6 unchanged sentences

(b) Includes the activity of Ally Credit Card prior to the sale on April 1, 2025.

Refer to Note 2 for additional information.

Reserves for Insurance Losses and Loss Adjustment Expenses

12 unchanged sentences

Total net insurance losses and loss adjustment expenses paid or payable ( 105 ) ( 98 )

Net reserves for insurance losses and loss adjustment expenses at September 30, 164 119

Net reserves for insurance losses and loss adjustment expenses at March 31, 180 192

Reinsurance recoverable (b) 71 76

Total gross reserves for insurance losses and loss adjustment expenses at September 30, (c) $ 231 $ 197

Total gross reserves for insurance losses and loss adjustment expenses at March 31, (c) $ 251 $ 268

(a) There have been no material adverse changes to the reserve for prior years.

5 unchanged sentences

Details of other operating expenses were as follows.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

11 unchanged sentences

(a) Includes the activity of Ally Credit Card prior to the sale on April 1, 2025.

Refer to Note 2 for additional information.

Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

3 unchanged sentences

Our debt securities, which are classified as available-for-sale or held-to-maturity, include government securities, corporate bonds, asset-backed securities, and mortgage-backed securities.

The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.

September 30, 2025 December 31, 2024

Amortized cost Gross unrealized Fair value

The amortized cost basis, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.

March 31, 2026 December 31, 2025

Amortized cost basis Gross unrealized Fair value

($ in millions) gains losses gains losses

17 unchanged sentences

(a) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method.

This includes a $ 53 million asset and a $ 72 million liability for agency mortgage-backed residential securities at September 30, 2025, and December 31, 2024, respectively, and a $ 40 million asset and a $ 34 million liability for agency mortgage-backed commercial securities at September 30, 2025, and December 31, 2024.

These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated.

This includes a $ 31 million liability and a $ 13 million asset for agency mortgage-backed residential securities at March 31, 2026, and December 31, 2025, respectively, and a $ 10 million asset and a $ 33 million asset for agency mortgage-backed commercial securities at March 31, 2026, and December 31, 2025, respectively.

These basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated.

Refer to Note 18 for additional information.

2 unchanged sentences

(c) Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities.

These deposited securities totaled $ 13 million at both September 30, 2025, and December 31, 2024.

(d) Investment securities with a fair value of $ 3.7 billion and $ 3.4 billion were pledged as collateral at September 30, 2025, and December 31, 2024, respectively.

This primarily included $ 2.8 billion and $ 2.9 billion pledged to secure advances from the FHLB at September 30, 2025, and December 31, 2024, respectively.

This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $ 945 million and $ 439 million of the underlying available-for-sale securities at September 30, 2025, and December 31, 2024, respectively.

(e) Totals do not include accrued interest receivable, which was $ 81 million and $ 73 million at September 30, 2025, and December 31, 2024, respectively.

These deposited securities totaled $ 14 million at both March 31, 2026, and December 31, 2025.

(d) Investment securities with a fair value of $ 3.5 billion and $ 3.7 billion were pledged as collateral at March 31, 2026, and December 31, 2025, respectively.

This primarily included $ 2.7 billion pledged to secure advances from the FHLB at both March 31, 2026, and December 31, 2025.

This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $ 866 million and $ 932 million of the underlying available-for-sale securities at March 31, 2026, and December 31, 2025, respectively.

(e) Totals do not include accrued interest receivable, which was $ 86 million and $ 87 million at March 31, 2026, and December 31, 2025, respectively.

Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

(f) There was no allowance for credit losses recorded at both September 30, 2025, or December 31, 2024, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.

(g) Totals do not include accrued interest receivable, which was $ 13 million and $ 12 million at September 30, 2025, and December 31, 2024, respectively.

(f) There was no allowance for credit losses recorded at both March 31, 2026, and December 31, 2025, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.

(g) Totals do not include accrued interest receivable, which was $ 12 million and $ 13 million at March 31, 2026, and December 31, 2025, respectively.

Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

As of December 31, 2024, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we did not believe it was more likely than not that we would be required to sell these securities before recovery of their amortized cost basis.

In the first quarter of 2025, we executed a balance sheet repositioning of a portion of our available-for-sale securities as a result of our capital allocation planning related to the sale of Ally Credit Card.

In connection with the repositioning, we sold lower-yielding securities with an amortized cost of approximately $ 4.6 billion for proceeds of $ 4.1 billion, resulting in a pre-tax loss of $ 495 million during the nine months ended September 30, 2025.

We reinvested the proceeds in shorter duration, highly liquid securities at current market rates.

As of September 30, 2025, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis.

Notes to Condensed Consolidated Financial Statements (unaudited)

4 unchanged sentences

($ in millions) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield

September 30, 2025

March 31, 2026

Fair value of available-for-sale securities (a)

8 unchanged sentences

Total available-for-sale securities $ 23,038 3.0 $ 480 2.8 $ 4,737 3.3 $ 3,616 3.0 $ 14,205 2.9

Amortized cost of available-for-sale securities

$ 25,660 $ 345 $ 3,999 $ 3,596 $ 17,720

Amortized cost of held-to-maturity securities (c)

Amortized cost basis of available-for-sale securities $ 25,974 $ 483 $ 4,871 $ 4,046 $ 16,574

Amortized cost basis of held-to-maturity securities (c)

Agency mortgage-backed residential $ 1,337 3.5 % $ — — % $ — — % $ — — % $ 1,337 3.5 %

15 unchanged sentences

Total available-for-sale securities $ 22,973 3.0 $ 465 2.5 $ 4,228 3.4 $ 3,581 2.9 $ 14,699 2.9

Amortized cost of available-for-sale securities

$ 26,810 $ 330 $ 2,579 $ 3,844 $ 20,057

Amortized cost of held-to-maturity securities (c)

Amortized cost basis of available-for-sale securities $ 25,825 $ 468 $ 4,298 $ 3,968 $ 17,091

Amortized cost basis of held-to-maturity securities (c)

Agency mortgage-backed residential

5 unchanged sentences

$ 4,371 3.0 $ — — $ 40 5.0 $ 16 5.7 $ 4,315 3.0

(a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value by security for the securities within each maturity distribution range.

The effective yield considers the contractual coupon and amortized cost inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses.

(a) Yield is calculated using the effective yield of each security at the end of the period, weighted based on the fair value by security for the securities within each maturity distribution range.

The effective yield considers the contractual coupon and amortized cost basis inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses.

Yield does not consider hedging effects for securities in active hedges.

(b) Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method.

These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated.

These basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated.

Refer to Note 18 for additional information.

(c) Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost by security for the securities within each maturity distribution range.

The effective yield considers the contractual coupon and amortized cost and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.

The balances of cash equivalents were $ 373 million and $ 106 million at September 30, 2025, and December 31, 2024, respectively, and were composed primarily of money-market funds.

(c) Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost basis by security for the securities within each maturity distribution range.

The effective yield considers the contractual coupon and amortized cost basis and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.

The balances of cash equivalents were $ 444 million and $ 107 million at March 31, 2026, and December 31, 2025, respectively, and were composed primarily of money-market funds.

Notes to Condensed Consolidated Financial Statements (unaudited)

1 unchanged sentence

The following table presents interest and dividends on investment securities.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

5 unchanged sentences

The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

4 unchanged sentences

Net realized gain on equity securities 35 8

Net unrealized gain on equity securities 27 58 49 41

Other gain (loss) on investments, net $ 56 $ 74 $ ( 382 ) $ 96

(a) Includes losses reclassified from accumulated other comprehensive loss related to the balance sheet repositioning of our available-for-sale securities portfolio.

The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of September 30, 2025, and December 31, 2024.

Net unrealized loss on equity securities ( 59 ) ( 12 )

Other loss on investments, net $ ( 21 ) $ ( 499 )

(a) Includes losses reclassified from accumulated other comprehensive loss related to the balance sheet repositioning of our available-for-sale securities portfolio during the three months ended March 31, 2025.

The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2026, and December 31, 2025.

The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, Fitch, and DBRS.

The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security.

All our held-to-maturity securities were current in their payment of principal and interest as of both September 30, 2025, and December 31, 2024.

We have not recorded any interest income reversals on our held-to-maturity securities during the nine months ended September 30, 2025, or September 30, 2024 .

All our held-to-maturity securities were current in their payment of principal and interest as of both March 31, 2026, and December 31, 2025.

We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2026, or March 31, 2025 .

($ in millions) AAA AA A BBB Total (a)

September 30, 2025

March 31, 2026

Debt securities

14 unchanged sentences

The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses.

For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.

We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2025, or September 30, 2024.

September 30, 2025 December 31, 2024

For additional information on our methodology, refer to Note 1.

As of March 31, 2026, and December 31, 2025, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis.

We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2026, or March 31, 2025.

March 31, 2026 December 31, 2025

Less than 12 months 12 months or longer Less than 12 months 12 months or longer

15 unchanged sentences

$ 2,058 $ ( 23 ) $ 15,748 $ ( 2,954 ) $ 580 $ ( 3 ) $ 16,382 $ ( 2,925 )

(a) Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at September 30, 2025, and December 31, 2024.

The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated.

(a) Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at March 31, 2026, and December 31, 2025.

The basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated.

Refer to Note 18 for additional information.

During the nine months ended September 30, 2025, and 2024, management determined that there were no expected credit losses for securities in an unrealized loss position.

During the three months ended March 31, 2026, and March 31, 2025, management determined that there were no expected credit losses for securities in an unrealized loss position.

This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur.

As a result of this evaluation, management determined that no credit reserves were required at September 30, 2025, or December 31, 2024.

As a result of this evaluation, management determined that no credit reserves were required at March 31, 2026, or December 31, 2025.

Notes to Condensed Consolidated Financial Statements (unaudited)

2 unchanged sentences

The composition of finance receivables and loans reported at amortized cost basis was as follows.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Consumer automotive (a) $ 86,662 $ 85,568

Consumer mortgage (b) 15,311 15,572

Consumer other (c) — 2,294

Total consumer 101,973 101,140

1 unchanged sentence

Automotive 18,972 18,339

Other (d) 9,169 8,212

Other 11,093 10,309

Commercial real estate 7,852 7,666

Total commercial 37,917 36,314

Total finance receivables and loans (e) (f) $ 134,567 $ 136,030

Total finance receivables and loans (c) (d) $ 139,890 $ 137,454

(a) Certain finance receivables and loans are included in fair value hedging relationships.

Refer to Note 18 for additional information.

(b) Includes loans originated as interest-only mortgage loans of $ 5 million and $ 12 million at September 30, 2025, and December 31, 2024, respectively, of which all have exited the interest-only period.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Billed interest on our credit card loans was included within finance receivables and loans, net as of December 31, 2024.

(d) Includes $ 26 million of PCD loans that were acquired for $ 2 million of cash considerations during the three months ended September 30, 2025, which have experienced a more-than-insignificant deterioration of credit quality since origination.

We recognized an initial allowance for loan losses of $ 24 million on these PCD loans.

(e) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $ 2.4 billion and $ 2.3 billion at September 30, 2025, and December 31, 2024, respectively.

(f) Totals do not include accrued interest receivable, which was $ 761 million and $ 839 million at September 30, 2025, and December 31, 2024, respectively.

(b) Includes loans originated as interest-only mortgage loans of $ 2 million at both March 31, 2026, and December 31, 2025, of which all have exited the interest-only period.

(c) Totals include net unearned income, unamortized premiums and discounts, and deferred fees and costs of $ 2.5 billion and $ 2.4 billion at March 31, 2026, and December 31, 2025, respectively.

(d) Totals do not include accrued interest receivable, which was $ 790 million and $ 800 million at March 31, 2026, and December 31, 2025, respectively.

Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months and nine months ended September 30, 2025, and 2024, respectively.

Three months ended September 30, 2025 ($ in millions)

The following tables present an analysis of the activity in the allowance for loan losses on finance receivables and loans for the three months ended March 31, 2026, and 2025, respectively.

Three months ended March 31, 2026 ($ in millions)

Consumer automotive Consumer mortgage Commercial Total

Allowance at July 1, 2025 $ 3,166 $ 17 $ 233 $ 3,416

Allowance at January 1, 2026 $ 3,208 $ 12 $ 270 $ 3,490

Charge-offs (a) ( 671 ) — ( 1 ) ( 672 )

2 unchanged sentences

Provision for credit losses 467 ( 9 ) 9 467

Other (b) — — 24 24

Allowance at September 30, 2025

Other ( 1 ) — 1 —

Allowance at March 31, 2026

$ 3,250 $ 11 $ 279 $ 3,540

(a) Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.

(b) Commercial includes $ 24 million of allowance for loan losses recognized on PCD loans acquired during the three months ended September 30, 2025.

Nine months ended September 30, 2025 ($ in millions)

Three months ended March 31, 2025 ($ in millions)

Consumer automotive Consumer mortgage Consumer other (a) Commercial Total

4 unchanged sentences

Provision for credit losses 418 — ( 257 ) 30 191

Other (c) — ( 2 ) 1 25 24

Allowance at September 30, 2025

Other 1 ( 2 ) 1 — —

Allowance at March 31, 2025

$ 3,144 $ 18 $ — $ 236 $ 3,398

1 unchanged sentence

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

(b) Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for information regarding our charge-off policies.

(c) Commercial includes $ 24 million of allowance for loan losses recognized on PCD loans acquired during the nine months ended September 30, 2025.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Three months ended September 30, 2024 ($ in millions)

Consumer automotive Consumer mortgage Consumer other (a) Commercial Total

Allowance at July 1, 2024 $ 3,055 $ 19 $ 302 $ 196 $ 3,572

Charge-offs (b) ( 683 ) — ( 61 ) — ( 744 )

Recoveries 216 1 9 1 227

Net charge-offs ( 467 ) 1 ( 52 ) 1 ( 517 )

Provision for credit losses 578 ( 3 ) 58 12 645

Other — 2 ( 1 ) ( 1 ) —

Allowance at September 30, 2024

$ 3,166 $ 19 $ 307 $ 208 $ 3,700

(a) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(b) Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for information regarding our charge-off policies.

Nine months ended September 30, 2024 ($ in millions)

Consumer automotive Consumer mortgage Consumer other (a) Commercial Total

Allowance at January 1, 2024 $ 3,083 $ 21 $ 293 $ 190 $ 3,587

Charge-offs (b) ( 1,976 ) ( 1 ) ( 199 ) ( 2 ) ( 2,178 )

Recoveries 654 3 23 7 687

Net charge-offs ( 1,322 ) 2 ( 176 ) 5 ( 1,491 )

Write-downs from transfers to held-for-sale (c) ( 5 ) — — — ( 5 )

Provision for credit losses 1,410 ( 6 ) 191 14 1,609

Other — 2 ( 1 ) ( 1 ) —

Allowance at September 30, 2024

$ 3,166 $ 19 $ 307 $ 208 $ 3,700

(a) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(b) Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for information regarding our charge-off policies.

(c) Consumer automotive includes a $ 5 million reduction of allowance from the completion of a retail securitization transaction during the nine months ended September 30, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.

The following table presents sales of finance receivables and loans and transfers of finance receivables and loans from held-for-investment to held-for-sale based on net carrying value.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

Consumer automotive $ — $ — $ — $ 1,108

Consumer mortgage 8 208 58 325

Consumer other (a) $ — $ 2,248

3 unchanged sentences

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

The following table presents purchases of finance receivables and loans based on unpaid principal balance at the time of purchase.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

3 unchanged sentences

Total purchases of finance receivables and loans $ 1,624 $ 757

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Nonaccrual Loans

The following tables present the amortized cost of our finance receivables and loans on nonaccrual status.

All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of September 30, 2025, and December 31, 2024.

We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $ 4 million and $ 11 million for the three months and nine months ended September 30, 2025, respectively, and $ 4 million and $ 14 million for the three months and nine months ended September 30, 2024.

The following tables present the amortized cost basis of our finance receivables and loans on nonaccrual status.

All consumer or commercial finance receivables and loans that were 90 days or more past due were on nonaccrual status as of March 31, 2026, and December 31, 2025.

Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our accounting policy for finance receivables and loans on nonaccrual status.

September 30, 2025

March 31, 2026

($ in millions) Nonaccrual status at Jan.

1, 2025 Nonaccrual status at

1, 2026 Nonaccrual status Nonaccrual with no allowance (a)

1 unchanged sentence

Consumer mortgage 62 62 40

Consumer other (b) 90 — — —

Total consumer 1,217 1,190 450

1 unchanged sentence

Automotive 15 3 3

Other (c) 94 98 124 4

Other 124 112 3

Commercial real estate 10 1 1

Total commercial 149 116 7

Total finance receivables and loans $ 1,486 $ 1,359 $ 1,353 $ 500

Total finance receivables and loans (b) $ 1,366 $ 1,306 $ 457

(a) Represents a component of nonaccrual status at end of period.

(b) Consists of credit card finance receivables and loans.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(b) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $ 13 million for the three months ended March 31, 2026.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

December 31, 2025

($ in millions) Nonaccrual status at Jan.

1, 2024 Nonaccrual status at

1, 2025 Nonaccrual status Nonaccrual with no allowance (a)

5 unchanged sentences

Automotive 15 15 15

Other 98 96 94 4

Other (c) 94 124 —

Commercial real estate 2 10 10

Total commercial 111 149 25

Total finance receivables and loans $ 1,394 $ 1,215 $ 1,486 $ 518

Total finance receivables and loans (d) $ 1,486 $ 1,366 $ 485

(a) Represents a component of nonaccrual status at end of period.

1 unchanged sentence

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(d) We recorded interest income from cash payments associated with finance receivables and loans on nonaccrual status of $ 4 million for the three months ended March 31, 2025.

Credit Quality Indicators

1 unchanged sentence

Loan delinquency reporting is generally based upon borrower payment activity, relative to the contractual terms of the loan.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The following tables present the amortized cost basis of our consumer finance receivables and loans by credit quality indicator based on delinquency status and origination year.

Origination year Revolving loans converted to term

September 30, 2025 ($ in millions)

March 31, 2026 ($ in millions)

2026 2025 2024 2023 2022 2021 and prior Revolving loans Total

13 unchanged sentences

(a) Certain consumer automotive loans are included in fair value hedging relationships.

The amortized cost excludes a liability of $ 2 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at September 30, 2025.

These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated.

The amortized cost basis excludes a liability of $ 24 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at March 31, 2026.

These basis adjustments would be allocated to the amortized cost basis of specific loans within the pool if the hedge was dedesignated.

Refer to Note 18 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Origination year Revolving loans converted to term

13 unchanged sentences

Total consumer mortgage — 15 30 1,701 9,150 4,667 — 9 15,572

Consumer other

Current — — — — — — 2,140 — 2,140

30–59 days past due — — — — — — 35 — 35

60–89 days past due — — — — — — 33 — 33

90 or more days past due — — — — — — 86 — 86

Total consumer other (b) — — — — — — 2,294 — 2,294

Total consumer $ 34,282 $ 20,915 $ 13,819 $ 11,571 $ 13,949 $ 6,589 $ — $ 9 $ 101,134

(a) Certain consumer automotive loans are included in fair value hedging relationships.

The amortized cost excludes a liability of $ 41 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2024.

These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was dedesignated.

Refer to Note 19 for additional information.

(b) Consists of credit card finance receivables and loans.

We closed the sale of Ally Credit Card on April 1, 2025.

The amortized cost basis excludes an asset of $ 6 million related to basis adjustments for loans in closed portfolios with active hedges under the portfolio layer method at December 31, 2025.

These basis adjustments would be allocated to the amortized cost basis of specific loans within the pool if the hedge was dedesignated.

Refer to Note 18 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

We evaluate the credit quality of our commercial loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial information, historical payment experience, credit documentation, and current economic trends, among other factors.

8 unchanged sentences

This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The regulatory risk classification utilized is influenced by internal credit risk ratings, which are based on a variety of factors.

2 unchanged sentences

Origination year Revolving loans converted to term

September 30, 2025 ($ in millions)

March 31, 2026 ($ in millions)

2026 2025 2024 2023 2022 2021 and prior Revolving loans Total

25 unchanged sentences

Substandard 1 1 — 1 — — 59 — 62

Doubtful — — — — — — 6 — 6

Total automotive 945 393 272 277 113 91 16,248 — 18,339

7 unchanged sentences

Special mention — 45 44 67 45 61 — — 262

Substandard — — 2 15 — 1 — — 18

Doubtful — — 2 1 — — — — 3

3 unchanged sentences

($ in millions) 30–59 days past due 60–89 days past due 90 days or more past due Total past due Current Total finance receivables and loans

September 30, 2025

March 31, 2026

Commercial and industrial

11 unchanged sentences

Ally Financial Inc.

The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the nine months ended September 30, 2025, and during the year ended December 31, 2024, respectively.

The following tables present gross charge-offs of our finance receivables and loans for each portfolio class by origination year during the three months ended March 31, 2026, and during the year ended December 31, 2025, respectively.

Refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on our charge-off policy.

Origination year Revolving loans converted to term

September 30, 2025 ($ in millions)

March 31, 2026 ($ in millions)

2026 2025 2024 2023 2022 2021 and prior Revolving loans Total

Consumer automotive $ 1 $ 147 $ 162 $ 158 $ 125 $ 78 $ — $ — $ 671

Consumer mortgage — — — 1 1 — — — 2

Consumer other (a) — — — — — — 64 4 68

Total consumer 1 147 162 158 125 78 — — 671

Commercial and industrial

Automotive — — — — 1 — 1 — 2

Other — — — — — 1 — — 1

Total commercial — — — — — 1 — — 1

Total finance receivables and loans $ 1 $ 147 $ 162 $ 158 $ 125 $ 79 $ — $ — $ 672

(a) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Origination year Revolving loans converted to term

1 unchanged sentence

2025 2024 2023 2022 2021 2020 and prior Revolving loans Total

Consumer automotive (a) $ 160 $ 779 $ 943 $ 510 $ 137 $ 152 $ — $ — $ 2,681

Consumer mortgage — — — 1 — 1 — — 2

Consumer automotive $ 168 $ 564 $ 747 $ 660 $ 318 $ 153 $ — $ — $ 2,610

Consumer mortgage (a) — — — 1 1 1 — — 3

Consumer other (b) — — — — — — 64 4 68

4 unchanged sentences

Total finance receivables and loans $ 168 $ 564 $ 747 $ 661 $ 320 $ 154 $ 65 $ 4 $ 2,683

(a) Excludes $ 5 million of write-downs from transfers to held-for-sale from the completion of a retail securitization transaction during the year ended December 31, 2024, resulting in the deconsolidation of the assets and liabilities from our Condensed Consolidated Balance Sheet.

(a) Excludes $ 5 million of write-downs from transfers to held-for-sale during the year ended December 31, 2025.

(b) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Loan Modifications

The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months and nine months ended September 30, 2025, and 2024, respectively, for each portfolio segment, by modification type.

Loan Modifications with Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis of loans that were modified subsequent to origination during the three months ended March 31, 2026, and 2025, respectively, for each portfolio segment, by modification type.

For additional information on loan modification types in scope of this disclosure, refer to Note 1 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

2 unchanged sentences

If the borrower successfully completes the trial loan modification program, the contractual terms of the loan are updated and the modification is considered permanent.

As of September 30, 2025, and December 31, 2024, there were $ 8 million and $ 4 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.

Payment extensions

Three months ended September 30, 2025

($ in millions)

Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total

Consumer automotive $ — $ 237 $ 4 $ — $ 1 $ 242

Consumer mortgage 1 1 — 1 — 3

Total consumer 1 238 4 1 1 245

Commercial and industrial

Other — 19 — — — 19

Commercial real estate 3 — — — — 3

Total commercial 3 19 — — — 22

Total finance receivables and loans $ 4 $ 257 $ 4 $ 1 $ 1 $ 267

As of March 31, 2026, and December 31, 2025, there were $ 9 million and $ 8 million of consumer mortgage finance receivables and loans in a trial modification program, respectively.

Payment extensions

Nine months ended September 30, 2025

Three months ended March 31, 2026

($ in millions)

6 unchanged sentences

Other — 54 — — — 54

Commercial real estate 4 — — 7 — 11

Total commercial 7 54 — — — 61

Total finance receivables and loans $ 7 $ 254 $ 3 $ — $ 2 $ 266

(a) Represents 0.4 % of total finance receivables and loans outstanding as of September 30, 2025.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Payment extensions

Three months ended September 30, 2024

($ in millions)

Payment deferrals Contractual maturity extensions Principal forgiveness Interest rate concessions Combination Total

Consumer automotive $ — $ 130 $ 2 $ — $ — $ 132

Consumer mortgage — 1 — — — 1

Consumer other (a) — — 1 6 — 7

Total consumer — 131 3 6 — 140

Commercial and industrial

Automotive — — — 37 — 37

Other — 25 — — 14 39

Commercial real estate — — — — 1 1

Total commercial — 25 — 37 15 77

Total finance receivables and loans $ — $ 156 $ 3 $ 43 $ 15 $ 217

(a) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(a) Represents 0.2 % of total finance receivables and loans outstanding as of March 31, 2026.

Payment extensions

Nine months ended September 30, 2024

Three months ended March 31, 2025

($ in millions)

2 unchanged sentences

Consumer mortgage — — — — 1 1

Consumer other (b) — — 1 13 — 14

Total consumer — 105 1 — 1 107

2 unchanged sentences

Other 4 22 — — — 26

Commercial real estate — — — — 1 1

Total commercial 6 22 — — — 28

Total finance receivables and loans $ 6 $ 127 $ 1 $ — $ 1 $ 135

(a) Represents 0.4 % of total finance receivables and loans outstanding as of September 30, 2024.

(b) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

The following tables present the financial effect of loan modifications that occurred during the three months and nine months ended September 30, 2025, and 2024, respectively.

Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b)

Three months ended

September 30, 2025

($ in millions)

Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate

Consumer automotive 36 $ 1 — % — % 69 98 11.7 % 7.6 %

Consumer mortgage 213 — 2.9 2.6 — — — —

Commercial and industrial

Other 24 $ — — % — % — — — % — %

Commercial real estate 6 — — — — — — —

Total commercial 21 $ — — — — — — —

(a) Calculated using a weighted-average balance for each portfolio class.

(b) Term is presented in number of months.

(a) Represents 0.1 % of total finance receivables and loans outstanding as of March 31, 2025.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The following tables present the financial effect of loan modifications that occurred during the three months ended March 31, 2026, and 2025, respectively.

Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b) (c)

Nine months ended

September 30, 2025

Three months ended

March 31, 2026

($ in millions)

5 unchanged sentences

Other 20 — — — — — — —

Commercial real estate 6 — 10.9 5.9 — — — —

Total commercial 18 $ — — — — — — —

5 unchanged sentences

Three months ended

September 30, 2024

($ in millions)

Number of months extended/deferred Amount forgiven Initial rate Revised rate Remaining term Revised remaining term Initial rate Revised rate

Consumer automotive 30 $ 1 — % — % — — — % — %

Consumer mortgage 126 — — — — — — —

Consumer other (c) — 1 30.4 10.4 — — — —

Commercial and industrial

Automotive — $ — 11.0 % 7.9 % — — — % — %

Other 15 — — — 4 60 5.5 4.3

Commercial real estate — — — — 84 90 11.0 6.0

Total commercial 15 $ — 11.0 7.9 7 61 5.7 4.3

(a) Calculated using a weighted-average balance for each portfolio class.

(b) Term is presented in number of months.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Payment extensions (a) Principal forgiveness Interest rate concessions (a) Combination (a) (b)

Nine months ended

September 30, 2024

March 31, 2025

($ in millions)

2 unchanged sentences

Consumer mortgage — — — — 291 480 4.5 2.8

Consumer other (c) — 1 30.4 7.9 — — — —

Commercial and industrial

1 unchanged sentence

Other 16 — — — — — — —

Commercial real estate — — — — 84 90 11.0 6.0

Total commercial 15 $ — — — — — — —

1 unchanged sentence

(b) Term is presented in number of months.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

The following tables present the subsequent performance of loans recorded at amortized cost, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to September 30, 2025, and 2024, respectively.

September 30, 2025 ($ in millions)

The following tables present the subsequent performance of loans recorded at amortized cost basis, by portfolio segment and credit quality indicator, that were modified within the 12 months prior to March 31, 2026, and 2025, respectively.

March 31, 2026 ($ in millions)

Current 30–59 days past due 60–89 days past due 90 or more days past due Total

13 unchanged sentences

Ally Financial Inc.

September 30, 2025 ($ in millions)

March 31, 2026 ($ in millions)

Pass Special mention Substandard Doubtful Total

Commercial and industrial

Payment deferrals $ — $ — $ 7 $ — $ 7

Interest rate concessions — — 13 — 13

8 unchanged sentences

Total commercial $ 109 $ 74 $ 46 $ — $ 229

September 30, 2024 ($ in millions)

March 31, 2025 ($ in millions)

Current 30–59 days past due 60–89 days past due 90 or more days past due Total

8 unchanged sentences

Total consumer mortgage 2 — — 1 3

Consumer other (a)

Interest rate concessions 10 2 1 3 16

Total consumer other 10 2 1 3 16

Total consumer $ 332 $ 62 $ 23 $ 13 $ 430

(a) Consists of Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

September 30, 2024 ($ in millions)

March 31, 2025 ($ in millions)

Pass Special mention Substandard Doubtful Total

1 unchanged sentence

Payment deferrals $ — $ — $ 4 $ — $ 4

Interest rate concessions — — 37 — 37

Combination — — — 3 3

Total automotive — — 4 3 7

Payment deferrals — — 4 — 4

Contractual maturity extensions 25 — 22 — 47

2 unchanged sentences

Commercial real estate

Combination — — — 1 1

Payment deferrals — — — 1 1

Total commercial real estate — — — 1 1

Total commercial $ 25 $ — $ 44 $ 4 $ 73

As of September 30, 2025, 2,075 consumer automotive loans with a total amortized cost of $ 51 million redefaulted within 12 months of modification, whereas 1,205 consumer automotive loans with a total amortized cost of $ 29 million redefaulted within 12 months of modification as of September 30, 2024.

As of March 31, 2026, 2,580 consumer automotive loans with a total amortized cost basis of $ 60 million and 1 consumer mortgage loan with a total amortized cost basis of $ 1 million redefaulted within 12 months of modification, whereas 1,858 consumer automotive loans with a total amortized cost basis of $ 46 million redefaulted within 12 months of modification as of March 31, 2025.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Ally as the Lessee

We have operating leases for certain of our corporate facilities, which have remaining lease terms of 7 months to 11 years.

We have operating leases for certain of our corporate facilities, which have remaining lease terms of 1 month to 10 years.

Most of the property leases have fixed payment terms with annual fixed-escalation clauses and include options to extend or terminate the lease.

2 unchanged sentences

Thereafter, the leases are month-to-month, up to a maximum of 48 months from inception.

During the three months and nine months ended September 30, 2025, we paid $ 9 million and $ 27 million, respectively, in cash for amounts included in the measurement of lease liabilities at September 30, 2025, compared to $ 9 million and $ 26 million for the three months and nine months ended September 30, 2024.

These amounts are included in net cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows.

During the nine months ended September 30, 2025, and September 30, 2024, we obtained $ 25 million and $ 19 million, respectively, of ROU assets in exchange for new lease liabilities.

As of September 30, 2025, the weighted-average remaining lease term of our operating lease portfolio was 4 years, and the weighted-average discount rate was 3.56 %, compared to 3 years and 3.32 % as of December 31, 2024.

The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of September 30, 2025, and that have noncancelable lease terms expiring after September 30, 2025.

During both the three months ended March 31, 2026, and March 31, 2025, we paid $ 9 million in cash for amounts included in the measurement of lease liabilities.

These amounts are included in net cash provided by operating activities in our Condensed Consolidated Statement of Cash Flows.

During the three months ended March 31, 2026, and March 31, 2025, we obtained $ 7 million and $ 5 million, respectively, of ROU assets in exchange for new lease liabilities.

As of March 31, 2026, the weighted-average remaining lease term of our operating lease portfolio was 5 years, and the weighted-average discount rate was 3.68 %, compared to 5 years and 3.66 % as of December 31, 2025.

The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2026, and that have noncancelable lease terms expiring after March 31, 2026.

($ in millions)

3 unchanged sentences

Total lease liability $ 121

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The following table details the components of total net operating lease expense.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

6 unchanged sentences

We purchase consumer operating lease contracts and the associated vehicles from automotive dealerships or manufacturers after those contracts are executed.

The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, tax credits, and available automotive manufacturer incentives.

The amount we pay for an operating lease contract is based on the negotiated price for the vehicle less vehicle trade-in, down payment from the consumer, and available automotive manufacturer incentives.

Under the operating lease, the consumer is obligated to make payments in amounts equal to the amount by which the negotiated purchase price of the vehicle (less any trade-in value, down payment, tax credits, or available manufacturer incentives) exceeds the contract residual value (including residual support) of the vehicle at lease termination, plus operating lease rental charges.

The customer can terminate the lease at any point after commencement, subject to additional charges and fees.

The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally range from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases.

The consumer, dealership, or automotive manufacturer may have the option to purchase the vehicle at the end of the lease term, which generally ranges from 24 to 60 months, at the residual value of the vehicle, however it is not reasonably certain this option will be exercised and accordingly our consumer leases are classified as operating leases.

In addition to the charges described above, the consumer is generally responsible for certain charges related to excess mileage or excessive wear and tear on the vehicle.

2 unchanged sentences

We require that property damage, bodily injury, collision, and comprehensive insurance be obtained by the lessee on all consumer operating leases.

When vehicles are not purchased by customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing.

When vehicles are not purchased by

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

customers, the receiving dealer, or automotive manufacturer at scheduled lease termination, the vehicle is returned to us for remarketing.

We generally bear the risk of loss to the extent the value of a leased vehicle upon remarketing is below the expected residual value after adjusting for any OEM residual value guarantees.

1 unchanged sentence

Excessive mileage or excessive wear and tear on the vehicle during the lease may impact the sales proceeds received upon remarketing.

As of September 30, 2025, and December 31, 2024, consumer operating leases with a carrying value, net of accumulated depreciation, of $ 3.5 billion and $ 1.9 billion, respectively, were covered by OEM residual value guarantees.

Substantially all were covered under an OEM residual value guarantee of approximately 50 % of the vehicles’ contract residual value at both September 30, 2025, and December 31, 2024.

As of both March 31, 2026, and December 31, 2025, consumer operating leases with a carrying value, net of accumulated depreciation, of $ 3.4 billion were covered by OEM residual value guarantees of approximately 50 % of the vehicles’ contract residual value.

The following table details our investment in operating leases.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Vehicles $ 10,131 $ 10,163

1 unchanged sentence

Investment in operating leases, net $ 8,699 $ 8,772

The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after September 30, 2025.

The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2026.

($ in millions)

2030 and thereafter 1

Total lease payments from operating leases $ 2,697

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

We recognized operating lease revenue of $ 365 million and $ 1.1 billion for the three months and nine months ended September 30, 2025, respectively, and $ 316 million and $ 1.0 billion for the three months and nine months ended September 30, 2024.

Depreciation expense on operating lease assets includes net remarketing gains and losses recognized on the sale of operating lease assets.

We recognized operating lease revenue of $ 392 million and $ 351 million, for the three months ended March 31, 2026, and 2025, respectively.

Depreciation expense on operating lease assets includes net remarketing losses recognized on the sale of operating lease assets.

The following table summarizes the components of depreciation expense on operating lease assets.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

Depreciation expense on operating lease assets (excluding remarketing (gains) losses) (a) $ 226 $ 193 $ 663 $ 645

Remarketing (gains) losses, net ( 1 ) ( 24 ) 18 ( 129 )

Depreciation expense on operating lease assets (excluding remarketing losses) (a) $ 258 $ 221

Remarketing losses, net 10 19

Net depreciation expense on operating lease assets $ 268 $ 240

(a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $ 5 million and $ 17 million for the three months and nine months ended September 30, 2025, respectively, and $ 6 million and $ 16 million for the three months and nine months ended September 30, 2024.

(a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $ 5 million and $ 6 million during the three months ended March 31, 2026, and 2025, respectively.

Finance Leases

In our Automotive Finance operations, we also hold automotive leases that require finance lease treatment as prescribed by ASC Topic 842, Leases .

Our total gross investment in finance leases, which consists of lease payment receivables, and is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet, was $ 491 million and $ 496 million as of September 30, 2025, and December 31, 2024, respectively.

Interest income on finance lease receivables was $ 10 million and $ 31 million for the three months and nine months ended September 30, 2025, respectively, and $ 11 million and $ 34 million for the three months and nine months ended September 30, 2024, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after September 30, 2025.

Our total gross investment in finance leases, which consists of lease payment receivables, and is included in finance receivables and loans, net, on our Condensed Consolidated Balance Sheet, was $ 375 million, and $ 376 million as of March 31, 2026, and December 31, 2025, respectively.

Interest income on finance lease receivables was $ 8 million and $ 11 million for the three months ended March 31, 2026, and 2025, respectively, and is included in interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2026.

($ in millions)

9 unchanged sentences

SPEs are often VIEs and may or may not be included on our Condensed Consolidated Balance Sheet.

Additionally, we sell consumer automotive whole-loans to SPEs where we have a continuing involvement.

Additionally, we opportunistically sell consumer automotive whole-loans to SPEs where we have a continuing involvement.

VIEs are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack the ability to control the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity.

The VIEs included on the Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant.

The VIEs included on our Condensed Consolidated Balance Sheet represent SPEs where we are deemed to be the primary beneficiary, primarily due to our servicing activities and our beneficial interests in the VIE that could be potentially significant.

The nature, purpose, and activities of nonconsolidated SPEs are similar to those of our consolidated SPEs with the primary difference being the nature and extent of our continuing involvement.

3 unchanged sentences

Upon the sale of the loans, we recognize a gain or loss on sale for the difference between the assets recognized, the assets derecognized, and the liabilities recognized as part of the transaction.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability.

We had pretax losses on sales of financial assets into nonconsolidated VIEs of $ 3 million and $ 5 million during the three months and nine months ended September 30, 2025, respectively, as compared to pretax gains of $ 1 million and $ 2 million during the three months and nine months ended September 30, 2024.

With respect to our ongoing right to service the assets we sell, the servicing fee we receive represents adequate compensation, and consequently, we do not recognize a servicing asset or liability.

The pretax loss on sales of financial assets into nonconsolidated VIEs was $ 3 million during the three months ended March 31, 2026.

We had no pretax gains or losses during the three months ended March 31, 2025.

We provide long-term guarantee contracts to investors in certain nonconsolidated affordable housing entities and have extended a line of credit to provide liquidity.

7 unchanged sentences

We have excluded certain transactions with nonconsolidated entities from the balances presented in the table below, where our only continuing involvement relates to financial interests obtained through the ordinary course of business, primarily from lending and investing arrangements.

For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to the Condensed Consolidated Balance Sheet.

For additional detail related to the assets and liabilities of consolidated variable interest entities, refer to our Condensed Consolidated Balance Sheet.

($ in millions) Carrying value of total assets Carrying value of total liabilities Assets sold to nonconsolidated VIEs (a) Maximum exposure to loss in nonconsolidated VIEs

September 30, 2025

March 31, 2026

On‑balance sheet variable interest entities

9 unchanged sentences

Consumer automotive (d) 53 (e) — 3,192 3,245 (f)

Consumer other (j) — — 86 86

Commercial other 2,822 (g) 820 (h) — 3,690 (i)

Total $ 15,024 $ 2,439 $ 3,192 $ 6,935

(a) Represents the current unpaid principal balance of outstanding consumer automotive and credit card finance receivables and loans within the VIEs.

(b) Includes $ 8.7 billion and $ 8.2 billion of assets that were not encumbered by VIE beneficial interests held by third parties at September 30, 2025, and December 31, 2024, respectively.

(a) Represents the current unpaid principal balance of outstanding consumer automotive finance receivables and loans within the VIEs.

(b) Includes $ 8.9 billion of assets that were not encumbered by VIE beneficial interests held by third parties at both March 31, 2026, and December 31, 2025.

Ally or consolidated affiliates hold the interests in these assets.

(c) Includes $ 140 million and $ 118 million of liabilities that were not obligations to third-party beneficial interest holders at September 30, 2025, and December 31, 2024, respectively.

(c) Includes $ 131 million and $ 137 million of liabilities that were not obligations to third-party beneficial interest holders at March 31, 2026, and December 31, 2025, respectively.

(d) Includes activity where we sell loans through a pass-through program to a third party.

(e) Represents retained notes and certificated residual interests, of which $ 58 million and $ 88 million were classified as held-to-maturity securities at September 30, 2025, and December 31, 2024, respectively, and $ 3 million and $ 4 million were classified as other assets at September 30, 2025, and December 31, 2024, respectively.

(e) Represents retained notes and certificated residual interests, of which $ 43 million and $ 50 million were classified as held-to-maturity securities at March 31, 2026, and December 31, 2025, respectively, and $ 3 million were classified as other assets at both March 31, 2026, and December 31, 2025.

These assets represent our compliance with the risk retention rules under the Dodd-Frank Act, requiring us to retain at least five percent of the credit risk of the assets underlying asset-backed securitizations.

2 unchanged sentences

This required disclosure is not an indication of our expected loss.

(g) Amounts are classified as other assets except for $ 54 million and $ 50 million classified as equity securities at September 30, 2025, and December 31, 2024, respectively.

(g) Amounts are classified as other assets except for $ 57 million and $ 56 million classified as equity securities at March 31, 2026, and December 31, 2025, respectively.

(h) Amounts are classified as accrued expenses and other liabilities.

4 unchanged sentences

This required disclosure is not an indication of our expected loss.

(j) Includes balances from Ally Credit Card.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

1 unchanged sentence

Cash Flows with Nonconsolidated Special-Purpose Entities

The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the nine months ended September 30, 2025, and September 30, 2024.

The following table summarizes cash flows received and paid related to SPEs and asset-backed financings where the transfer is accounted for as a sale and we have a continuing involvement with the transferred consumer automotive and credit card assets (for example, servicing) that were outstanding during the three months ended March 31, 2026, and March 31, 2025.

Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated SPEs that existed during each period.

Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

4 unchanged sentences

Other cash flows received 2 1

Cash disbursements for repurchases during the period 1 1

Consumer other (a)

3 unchanged sentences

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Delinquencies and Net Credit Losses

1 unchanged sentence

Total amount Amount 60 days or more past due

($ in millions) September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Off-balance-sheet securitization entities

2 unchanged sentences

Consumer automotive 2,521 2,190 143 143

Consumer other (b) — 86 — 10

Total $ 3,379 $ 3,192 $ 159 $ 161

(a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive and credit card pools of loans sold to third-party investors.

(b) Includes balances related to Ally Credit Card at December 31, 2024.

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

(a) Whole-loan sales are not part of a securitization transaction, but represent consumer automotive pools of loans sold to third-party investors.

Net credit losses

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

8 unchanged sentences

We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

1 unchanged sentence

The components of other assets were as follows.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Property and equipment at cost $ 2,275 $ 2,280

11 unchanged sentences

Operating lease right-of-use assets 107 109

Net intangible assets — 54

Other assets 995 986

Total other assets $ 10,695 $ 10,660

Total other assets (g) $ 11,310 $ 11,623

(a) Proportional amortization investments includes qualifying LIHTC, NMTC, and HTC investments.

7 unchanged sentences

(f) Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.

(g) Includes gross intangible assets of $ 80 million at both March 31, 2026, and December 31, 2025, and accumulated amortization of $ 80 million at both March 31, 2026, and December 31, 2025.

The following table summarizes information about our proportional amortization investments.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

3 unchanged sentences

(a) Amounts are included within income tax expense from continuing operations on our Condensed Consolidated Statement of Comprehensive Income and as a component of operating activities within deferred income taxes, other assets, and other liabilities on our Condensed Consolidated Statement of Cash Flows.

(b) There were no impairment losses recognized during both the three months and nine months ended September 30, 2025, and September 30, 2024, resulting from the forfeiture or ineligibility of tax credits or other circumstances.

Our proportional amortization investments were $ 2.1 billion at both September 30, 2025, and December 31, 2024, and are included within other assets on our Condensed Consolidated Balance Sheet.

Unfunded commitments to provide additional capital to proportional amortization investments were $ 856 million and $ 1.0 billion at September 30, 2025, and December 31, 2024, respectively, and are included within accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

Substantially all of the unfunded commitments at September 30, 2025, are expected to be paid out within the next five years .

(b) There were no impairment losses recognized during the three months ended March 31, 2026, and March 31, 2025, resulting from the forfeiture or ineligibility of tax credits or other circumstances.

Our proportional amortization investments were $ 2.0 billion and $ 2.1 billion at March 31, 2026, and December 31, 2025, respectively, and are included within other assets on our Condensed Consolidated Balance Sheet.

Unfunded commitments to provide additional capital to proportional amortization investments were $ 735 million and $ 819 million at March 31, 2026, and December 31, 2025, respectively, and are included within accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

Substantially all of the unfunded commitments at March 31, 2026, are expected to be paid out within the next five years .

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The total carrying value of the nonmarketable equity investments held at September 30, 2025, and December 31, 2024, including cumulative unrealized gains and losses, was as follows.

($ in millions) September 30, 2025 December 31, 2024

The total carrying value of the nonmarketable equity investments held at March 31, 2026, and December 31, 2025, including cumulative unrealized gains and losses, was as follows.

($ in millions) March 31, 2026 December 31, 2025

FRB stock $ 454 $ 452

6 unchanged sentences

Nonmarketable equity investments $ 901 $ 922

During the three months and nine months ended September 30, 2025, and September 30, 2024, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of September 30, 2025, and September 30, 2024, were as follows.

Three months ended September 30, Nine months ended September 30,

During the three months ended March 31, 2026, and March 31, 2025, unrealized gains and losses included in the carrying value of the nonmarketable equity investments still held as of March 31, 2026, and March 31, 2025, were as follows.

Three months ended March 31,

($ in millions) 2026 2025

1 unchanged sentence

Downward adjustments (including impairment) (a) $ ( 1 ) $ —

(a) No impairment on FHLB and FRB stock was recognized during both the three months and nine months ended September 30, 2025, and September 30, 2024.

(a) No impairment on FHLB and FRB stock was recognized during the three months ended March 31, 2026, and March 31, 2025.

The carrying balance of goodwill by reportable operating segment was as follows.

3 unchanged sentences

Goodwill impairment — — ( 305 ) ( 305 )

Transfer to assets of operations held-for-sale (b) — — ( 56 ) ( 56 )

Goodwill at December 31, 2025

1 unchanged sentence

Goodwill impairment — — — —

Transfer to assets of operations held-for-sale (b) — — ( 56 ) ( 56 )

Goodwill at September 30, 2025

Goodwill at March 31, 2026

$ 20 $ 27 $ 143 $ 190

(a) Includes $ 143 million of goodwill associated with Ally Invest at both September 30, 2025, and December 31, 2024, and $ 361 million of goodwill associated with Ally Credit Card at December 31, 2024.

(a) Includes $ 143 million of goodwill associated with Ally Invest at both March 31, 2026, and December 31, 2025.

(b) We closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

During the year ended December 31, 2024, we recognized a $ 118 million goodwill impairment charge when we began exploring strategic alternatives for Ally Credit Card, which resulted in a triggering event for goodwill impairment.

As a result, we performed a quantitative impairment test using a combination of valuation methodologies, including an income approach and a market approach, to determine the fair market value of Ally Credit Card as of the valuation date, November 30, 2024, which resulted in the impairment charge in the fourth quarter of 2024.

During the nine months ended September 30, 2025, we recognized a $ 305 million goodwill impairment charge at Corporate and Other related to the transfer of Ally Credit Card to held-for-sale on the Condensed Consolidated Balance Sheet.

Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further information on Ally Credit Card.

During the year ended December 31, 2025, we recognized a $ 305 million goodwill impairment charge at Corporate and Other related to the transfer of Ally Credit Card to held-for-sale on the Condensed Consolidated Balance Sheet.

Subsequent to the impairment charge, the goodwill balance of $ 56 million was transferred to assets of operations held-for-sale on the Condensed Consolidated Balance Sheet.

We closed the sale of Ally Credit Card on April 1, 2025.

For additional information, refer to Note 2.

For additional information, refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The net carrying value of intangible assets by class was as follows.

September 30, 2025 December 31, 2024

($ in millions) Gross intangible assets Accumulated amortization Net carrying value Gross intangible assets Accumulated amortization Net carrying value

Technology $ 39 $ ( 39 ) $ — $ 117 $ ( 77 ) $ 40

Customer lists 41 ( 41 ) — 41 ( 41 ) —

Purchased credit card relationships — — — 25 ( 11 ) 14

Trademarks — — — 2 ( 2 ) —

Total intangible assets $ 80 $ ( 80 ) $ — $ 185 $ ( 131 ) $ 54

Deposit Liabilities

Deposit liabilities consisted of the following.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Noninterest-bearing deposits $ 137 $ 125

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Total deposit liabilities $ 153,152 $ 151,649

At September 30, 2025, and December 31, 2024, certificates of deposit included $ 6.1 billion and $ 6.8 billion, respectively, of those in denominations in excess of $250 thousand.

At March 31, 2026, and December 31, 2025, certificates of deposit included $ 5.9 billion and $ 6.2 billion, respectively, of those in denominations in excess of $250 thousand.

Short-Term Borrowings

The following table presents the composition of our short-term borrowings portfolio.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

($ in millions) Unsecured

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We periodically enter into term repurchase agreements—short-term borrowing agreements in which we sell securities to one or more investors while simultaneously committing to repurchase them at a specified future date, at the stated price plus accrued interest.

As of September 30, 2025, the securities sold under agreements to repurchase consisted of $ 529 million in U.S.

Treasury securities, of which $ 429 million are set to mature within 30 days, and $ 100 million are set to mature within 31 to 60 days.

As of March 31, 2026, the securities sold under agreements to repurchase consisted of $ 526 million in U.S.

Treasury securities, of which $ 427 million in repurchase agreements were set to mature within 30 days, and the remaining $ 99 million of repurchase agreements are set to mature within 31 to 60 days.

The primary risk associated with these repurchase agreements is that the counterparty will be unable to perform under the terms of the contract.

As the borrower, we are exposed to the excess market value of the securities pledged over the amount borrowed.

As the borrower, we are exposed to the excess fair value of the securities pledged over the amount borrowed.

Daily mark-to-market collateral management is designed to limit this risk to the initial margin.

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In some instances, we may place or receive cash collateral with counterparties under collateral arrangements associated with our repurchase agreements.

As of September 30, 2025, we did not place or receive cash collateral related to repurchase agreements.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

As of March 31, 2026, we placed cash collateral of $ 10 million related to repurchase agreements.

As of December 31, 2025, we placed cash collateral of $ 1 million related to repurchase agreements.

Long-Term Debt

The following table presents the composition of our long-term debt portfolio.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

($ in millions) Unsecured Secured Total Unsecured Secured Total

Long-term debt (a)

Long-term debt (a) (b)

Due within one year $ ( 20 ) $ 2,459 $ 2,439 $ — $ 2,659 $ 2,659

Due after one year 9,939 4,971 14,910 10,012 4,399 14,411

Total long-term debt (b) $ 11,082 $ 5,667 $ 16,749 $ 11,062 $ 6,433 $ 17,495

Total long-term debt (c) $ 9,919 $ 7,430 $ 17,349 $ 10,012 $ 7,058 $ 17,070

(a) Includes basis adjustments related to the application of hedge accounting.

Refer to Note 18 for additional information.

(b) Includes advances from the FHLB of Pittsburgh of $ 7.1 billion and $ 4.2 billion at September 30, 2025, and December 31, 2024, respectively.

The following table presents the scheduled remaining maturity of long-term debt at September 30, 2025, assuming no early redemptions will occur.

(b) Includes scheduled amortization of original issue discount.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The following table presents the scheduled remaining maturity of long-term debt at March 31, 2026, assuming no early redemptions will occur.

The amounts below include adjustments to the carrying value resulting from the application of hedge accounting.

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The following table summarizes assets restricted as collateral for the payment of the related debt obligation.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Consumer automotive finance receivables $ 37,151 $ 36,807

1 unchanged sentence

Commercial finance receivables 7,899 7,686

Investment securities (amortized cost of $ 3,136 and $ 2,822 ) (a)

Investment securities (amortized cost basis of $ 3,012 and $ 3,114 ) (a)

Other assets (b) 1,224 1,381

1 unchanged sentence

Secured debt (e) $ 11,556 $ 11,753

(a) A portion of the restricted investment securities at September 30, 2025, was restricted under repurchase agreements.

(a) A portion of the restricted investment securities at both March 31, 2026, and December 31, 2025, was restricted under repurchase agreements.

Refer to the section above titled Short-Term Borrowings for information on the repurchase agreements.

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(d) Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $ 26.1 billion and $ 26.5 billion at September 30, 2025, and December 31, 2024, respectively.

(d) Ally Bank has an advance agreement with the FHLB, and had assets pledged to secure borrowings that were restricted as collateral to the FHLB totaling $ 25.9 billion and $ 26.0 billion at March 31, 2026, and December 31, 2025, respectively.

These assets were primarily composed of consumer mortgage finance receivables and loans as well as mortgage-backed securities.

Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $ 33.7 billion and $ 33.8 billion at September 30, 2025, and December 31, 2024, respectively.

Ally Bank has access to the FRB Discount Window and had assets pledged and restricted as collateral to the FRB totaling $ 33.6 billion and $ 33.7 billion at March 31, 2026, and December 31, 2025, respectively.

These assets were composed of consumer automotive finance receivables and loans.

Availability under these programs is only for the operations of Ally Bank and cannot be used to fund the operations or liabilities of Ally or its other subsidiaries.

(e) Includes $ 3.9 billion and $ 1.6 billion of short-term borrowings at September 30, 2025 , and December 31, 2024, respectively.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

(e) Includes $ 4.1 billion and $ 4.7 billion of short-term borrowings at March 31, 2026, and December 31, 2025, respectively.

Accrued Expenses and Other Liabilities

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($ in millions)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Unfunded commitments for proportional amortization investments (a) $ 735 $ 819

Accounts payable 544 420

Employee compensation and benefits 377 424

Reserves for insurance losses and loss adjustment expenses (b) 251 233

Employee compensation and benefits 242 417

Deferred revenue 135 141

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Other liabilities 488 551

Total accrued expenses and other liabilities (c) $ 2,811 $ 2,814

Total accrued expenses and other liabilities $ 2,516 $ 2,705

(a) Primarily relates to unfunded commitments for investments in qualified affordable housing projects.

(b) Refer to Note 4 for further information.

Refer to Note 2 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Preferred Stock

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For additional information regarding our preferred stock, refer to Note 17 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K.

September 30, 2025 December 31, 2024

Series B preferred stock (a)

March 31, 2026 December 31, 2025

Series B preferred stock (a) (b)

Issuance date April 22, 2021 April 22, 2021

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(a) We may, at our option, redeem the Series B and Series C shares on any dividend payment date on or after May 15, 2026, or May 15, 2028, respectively, or at any time within 90 days following a regulatory event that precludes the instruments from being included in additional Tier 1 capital.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Accumulated Other Comprehensive Loss

The following tables present changes, net of tax, in each component of accumulated other comprehensive loss.

Three months ended September 30,

Investment securities

($ in millions)

for-sale securities (a) Held-to-maturity securities Translation adjustments and net investment hedges (b) Cash flow hedges (b) Accumulated other comprehensive loss

Balance at July 1, 2024 $ ( 3,353 ) $ ( 650 ) $ 20 $ ( 26 ) $ ( 4,009 )

Net change 588 18 1 9 616

Balance at September 30, 2024 $ ( 2,765 ) $ ( 632 ) $ 21 $ ( 17 ) $ ( 3,393 )

Balance at July 1, 2025 $ ( 2,647 ) $ ( 584 ) $ 22 $ ( 10 ) $ ( 3,219 )

Net change 253 17 — 5 275

Balance at September 30, 2025 $ ( 2,394 ) $ ( 567 ) $ 22 $ ( 5 ) $ ( 2,944 )

(a) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.

(b) On May 4, 2026, we announced our intent to redeem all of our issued and outstanding 4.700 % Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B on May 15, 2026.

Refer to Note 24 for additional information.

(b) For additional information on derivative instruments and hedging activities, refer to Note 19.

Nine months ended September 30,

Accumulated Other Comprehensive Loss

The following table presents changes, net of tax, in each component of accumulated other comprehensive loss.

Investment securities

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Net change 642 15 — 5 662

Balance at September 30, 2024 $ ( 2,765 ) $ ( 632 ) $ 21 $ ( 17 ) $ ( 3,393 )

Balance at March 31, 2025 $ ( 2,665 ) $ ( 601 ) $ 20 $ ( 16 ) $ ( 3,262 )

Balance at January 1, 2026 $ ( 2,260 ) $ ( 551 ) $ 23 $ 2 $ ( 2,786 )

Net change ( 5 ) 14 — 4 13

Balance at September 30, 2025 $ ( 2,394 ) $ ( 567 ) $ 22 $ ( 5 ) $ ( 2,944 )

(a) Represents the after-tax difference between the fair value and amortized cost of our available-for-sale securities portfolio.

Balance at March 31, 2026 $ ( 2,265 ) $ ( 537 ) $ 23 $ 6 $ ( 2,773 )

(a) Represents the after-tax difference between the fair value and amortized cost basis of our available-for-sale securities portfolio.

Refer to Note 6 for additional information.

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The following tables present the before- and after-tax changes in each component of accumulated other comprehensive loss.

Three months ended September 30, 2025 ($ in millions)

Three months ended March 31, 2026 ($ in millions)

Before tax Tax effect After tax

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Available-for-sale securities

Net unrealized gains arising during the period $ 334 $ ( 80 ) $ 254

Net unrealized losses arising during the period $ ( 4 ) $ 1 $ ( 3 )

Net realized gains reclassified to income from continuing operations 3 (a) ( 1 ) (b) 2

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Cash flow hedges (d)

Net unrealized losses arising during the period ( 1 ) — ( 1 )

Net realized losses reclassified to income from continuing operations ( 5 ) (e) 1 (b) ( 4 )

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Other comprehensive income $ 17 $ ( 4 ) $ 13

(a) Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income.

(b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(a) Includes gains reclassified to other loss on investments, net, in our Condensed Consolidated Statement of Comprehensive Income.

(b) Includes amounts reclassified to income tax expense (benefit) from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(c) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income.

1 unchanged sentence

(e) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

Three months ended September 30, 2024 ($ in millions)

Before tax Tax effect After tax

Investment securities

Available-for-sale securities

Net unrealized gains arising during the period $ 772 $ ( 183 ) $ 589

Net realized gains reclassified to income from continuing operations 1 (a) — (b) 1

Net change 771 ( 183 ) 588

Held-to-maturity securities

Amortization of amounts previously recorded upon transfer from available-for-sale (c) ( 23 ) (d) 5 (b) ( 18 )

Translation adjustments

Net unrealized gains arising during the period 2 — 2

Net investment hedges (e)

Net unrealized losses arising during the period ( 1 ) — ( 1 )

Cash flow hedges (e)

Net unrealized gains arising during the period 8 ( 2 ) 6

Net realized losses reclassified to income from continuing operations ( 4 ) (f) 1 (b) ( 3 )

Net change 12 ( 3 ) 9

Other comprehensive income $ 807 $ ( 191 ) $ 616

(a) Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income.

(b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(c) For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.

(d) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income.

(e) For additional information on derivative instruments and hedging activities, refer to Note 19.

(f) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Nine months ended September 30, 2025 ($ in millions)

Three months ended March 31, 2025 ($ in millions)

Before tax Tax effect After tax

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Amortization of amounts previously recorded upon transfer from available-for-sale ( 20 ) (c) 5 (b) ( 15 )

Translation adjustments

Net unrealized gains arising during the period 7 ( 2 ) 5

Net investment hedges (d)

Net unrealized losses arising during the period ( 4 ) 1 ( 3 )

Cash flow hedges (d)

Net unrealized losses arising during the period ( 2 ) — ( 2 )

Net realized losses reclassified to income from continuing operations ( 7 ) (e) 2 (b) ( 5 )

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Other comprehensive income $ 868 $ ( 206 ) $ 662

(a) Includes losses reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income related to the balance sheet repositioning of our available-for-sale securities portfolio.

Refer to Note 7 for additional information.

(b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(a) Includes losses reclassified to other loss on investments, net, in our Condensed Consolidated Statement of Comprehensive Income related to the balance sheet repositioning of our available-for-sale securities portfolio.

Refer to Note 8 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information.

(b) Includes amounts reclassified to income tax expense (benefit) from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(c) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income.

1 unchanged sentence

(e) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

Nine months ended September 30, 2024 ($ in millions)

Before tax Tax effect After tax

Investment securities

Available-for-sale securities

Net unrealized gains arising during the period $ 502 $ ( 119 ) $ 383

Net realized gains reclassified to income from continuing operations 2 (a) — (b) 2

Net change 500 ( 119 ) 381

Held-to-maturity securities

Amortization of amounts previously recorded upon transfer from available-for-sale (c) ( 65 ) (d) 15 (b) ( 50 )

Translation adjustments

Net unrealized losses arising during the period ( 5 ) 1 ( 4 )

Net investment hedges (e)

Net unrealized gains arising during the period 5 ( 1 ) 4

Cash flow hedges (e)

Net unrealized losses arising during the period ( 17 ) 4 ( 13 )

Net realized losses reclassified to income from continuing operations ( 7 ) (f) 2 (b) ( 5 )

Net change ( 10 ) 2 ( 8 )

Other comprehensive income $ 555 $ ( 132 ) $ 423

(a) Includes gains reclassified to other gain (loss) on investments, net in our Condensed Consolidated Statement of Comprehensive Income.

(b) Includes amounts reclassified to income tax expense from continuing operations in our Condensed Consolidated Statement of Comprehensive Income.

(c) For additional information on the securities transferred from available-for-sale to held-to-maturity, refer to Note 7.

(d) Includes amounts reclassified to interest and dividends on investment securities and other earning assets in our Condensed Consolidated Statement of Comprehensive Income.

(e) For additional information on derivative instruments and hedging activities, refer to Note 19.

(f) Includes losses reclassified to interest and fees on finance receivables and loans in our Condensed Consolidated Statement of Comprehensive Income.

Notes to Condensed Consolidated Financial Statements (unaudited)

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The following table presents the calculation of basic and diluted earnings per common share.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions, except per share data;

shares in thousands) (a)

2025 2024 2025 2024

Net income from continuing operations $ 398 $ 198 $ 525 $ 560

Net income (loss) from continuing operations $ 319 $ ( 225 )

Preferred stock dividends — Series B ( 16 ) ( 16 )

Preferred stock dividends — Series C ( 12 ) ( 12 )

Net income from continuing operations attributable to common shareholders $ 371 $ 171 $ 442 $ 477

Net income attributable to common shareholders $ 371 $ 171 $ 442 $ 477

Net income (loss) from continuing operations attributable to common shareholders $ 291 $ ( 253 )

Net income (loss) attributable to common shareholders $ 291 $ ( 253 )

Basic weighted-average common shares outstanding (b) 310,992 309,006

Diluted weighted-average common shares outstanding (b) 313,823 311,044 312,633 309,786

Diluted weighted-average common shares outstanding (b) (c) 313,219 309,006

Basic earnings per common share

Net income from continuing operations $ 1.19 $ 0.55 $ 1.43 $ 1.56

Net income $ 1.19 $ 0.55 $ 1.43 $ 1.56

Net income (loss) from continuing operations $ 0.94 $ ( 0.82 )

Net income (loss) $ 0.94 $ ( 0.82 )

Diluted earnings per common share

Net income from continuing operations $ 1.18 $ 0.55 $ 1.41 $ 1.54

Net income $ 1.18 $ 0.55 $ 1.41 $ 1.54

Net income (loss) from continuing operations $ 0.93 $ ( 0.82 )

Net income (loss) $ 0.93 $ ( 0.82 )

(a) Figures in the table may not recalculate exactly due to rounding.

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(b) Includes shares related to share-based compensation that vested but were not yet issued.

During the three months ended March 31, 2025, there were 2.7 million in share-based awards excluded because their inclusion would have been antidilutive.

Regulatory Capital and Other Regulatory Matters

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banking agencies in 2023 that would significantly alter the Tailoring Rules.

Currently, as a Category IV firm, Ally is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio (provided that our average wSTWF continues to remain under $50 billion), and (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits.

Currently, as a Category IV firm, Ally is (1) subject to supervisory stress testing on a two-year cycle, (2) required to submit an annual capital plan to the FRB, (3) exempted from company-run capital stress testing requirements, (4) required to maintain a buffer of unencumbered highly liquid assets to meet projected net stressed cash outflows over a 30-day planning horizon, (5) exempted from the requirements of the LCR and the net stable funding ratio (provided that our average wSTWF continues to remain under $50 billion), (6) exempted from the requirements of the supplementary leverage ratio, the countercyclical capital buffer, and single-counterparty credit limits, and (7) eligible to exclude most elements of accumulated other comprehensive income from regulatory capital.

Even so, we are subject to rules enabling the FRB to conduct supervisory stress testing on a more or less frequent basis based on our financial condition, size, complexity, risk profile, scope of operations, or activities or based on risks to the U.S.

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The leverage ratio, in contrast, is based on an institution’s average unweighted on-balance-sheet exposures.

Basel III, Ally and Ally Bank must maintain a minimum Common Equity Tier 1 risk-based capital ratio of 4.5 %, a minimum Tier 1 risk-based capital ratio of 6 %, and a minimum total risk-based capital ratio of 8 %.

On top of the minimum risk-based capital ratios, Ally and Ally Bank are subject to a capital conservation buffer requirement, which must be satisfied entirely with capital that qualifies as Common Equity Tier 1 capital.

Failure to maintain more than the full amount of the capital conservation buffer requirement would result in

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and stock repurchases and redemptions, and to pay discretionary bonuses to executive officers.

Failure to maintain more than the full amount of the capital conservation buffer requirement would result in automatic restrictions on the ability of Ally and Ally Bank to make capital distributions, including dividend payments and share repurchases and redemptions, and to pay discretionary bonuses to executive officers.

Basel III also subjects Ally and Ally Bank to a minimum Tier 1 leverage ratio of 4 %.

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(1) the difference between Ally’s starting and minimum projected Common Equity Tier 1 capital ratios under the severely adverse scenario in the supervisory stress test, plus (2) the sum of the dollar amount of Ally’s planned common stock dividends for each of the fourth through seventh quarters of its nine-quarter capital planning horizon, as a percentage of RWAs.

As of September 30, 2025, the stress capital buffer requirement for Ally was 2.6 %.

As of March 31, 2026, the stress capital buffer requirement for Ally was 2.6 %.

Refer to the discussion below regarding a rule proposed by the FRB that would make certain changes to the methodology for determining the stress capital buffer requirement.

5 unchanged sentences

Since Ally and Ally Bank are currently not subject to the advanced approaches risk-based capital rules, we elected to apply a one-time option to exclude most components of accumulated other comprehensive income and loss from regulatory capital.

As of September 30, 2025, and December 31, 2024, Ally had $ 3.0 billion and $ 3.9 billion, respectively, of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital.

At both March 31, 2026, and December 31, 2025, Ally had $ 2.8 billion of accumulated other comprehensive loss, net of applicable income taxes, that was excluded from Common Equity Tier 1 capital.

Refer to the discussion below about rules proposed by the U.S.

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Although BHCs are not subject to the PCA framework, the FRB is empowered to compel a BHC to take measures—such as the execution of financial or performance guarantees—when PCA is required in connection with one of its depository-institution subsidiaries.

At both September 30, 2025, and December 31, 2024, Ally Bank met the capital ratios required to be well capitalized under the PCA framework.

Under FDICIA and the PCA framework, insured depository institutions such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits.

Our brokered deposits totaled $ 5.0 billion at September 30, 2025, which represented 3.4 % of total deposit liabilities.

At both March 31, 2026, and December 31, 2025, Ally Bank met the capital ratios required to be well capitalized under the PCA framework.

Under FDICIA and the PCA framework, IDIs such as Ally Bank must be well capitalized or, with a waiver from the FDIC, adequately capitalized in order to accept brokered deposits, and even adequately capitalized institutions are subject to some restrictions on the rates they may offer for brokered deposits.

Our brokered deposits totaled $ 5.6 billion at March 31, 2026, which represented 3.7 % of total deposit liabilities.

Notes to Condensed Consolidated Financial Statements (unaudited)

1 unchanged sentence

The following table summarizes our capital ratios under U.S.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Required minimum (a) Well-capitalized minimum

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Ally Bank 17,914 9.72 17,853 9.82 4.00 5.00 %

(a) In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was required to maintain a minimum capital conservation buffer of 2.6 % at both September 30, 2025, and December 31, 2024, and Ally Bank was required to maintain a minimum capital conservation buffer of 2.5 % at both September 30, 2025, and December 31, 2024.

(a) In addition to the minimum risk-based capital requirements for the Common Equity Tier 1 capital, Tier 1 capital, and total capital ratios, Ally was subject to a minimum capital conservation buffer of 2.6 % at both March 31, 2026, and December 31, 2025, and Ally Bank was subject to a minimum capital conservation buffer of 2.5 % at both March 31, 2026, and December 31, 2025.

(b) Currently, there is no ratio component for determining whether a BHC is “well-capitalized.”

(c) Federal regulatory reporting guidelines require the calculation of adjusted quarterly average assets using a daily average methodology.

On January 1, 2020, we adopted CECL.

Refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for additional information about our allowance for loan losses accounting policy.

Under a rule finalized by the FRB and other U.S.

banking agencies in 2020, we delayed recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021.

Beginning on January 1, 2022, we were required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025.

The estimated impact of CECL on regulatory capital that we deferred and began phasing in on January 1, 2022, was generally calculated as the entire day-one impact at adoption plus 25% of the subsequent change in allowance during the two-year deferral period.

As of January 1, 2025, the estimated impact of CECL on regulatory capital was fully phased in.

In July 2023, the U.S.

banking agencies issued a proposed rule to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017.

The proposal would replace the current “advanced approaches” with a new expanded risk-based approach based on new standardized approaches for credit risk, operational risk and credit valuation adjustment risk, and would significantly revise risk-based capital requirements for all banking institutions with assets of $100 billion or more, including Ally and Ally Bank.

Significantly, the proposed rule requires the recognition in regulatory capital of most elements of accumulated other comprehensive income and loss and the application of deductions, limitations, and criteria for specified capital investments, minority interests, and TLAC holdings.

Under the proposed rule, a three-year transition period would apply to the recognition of accumulated other comprehensive income and loss in regulatory capital and the use of the expanded risk-based approach.

The phase-in of accumulated other comprehensive income and loss is expected to significantly affect our levels of regulatory capital.

While we believe that this would be manageable, we also anticipate that our levels of regulatory capital would need to be gradually increased in advance of and during the proposed transition period.

A final rule related to the July 2023 proposed rule has not been issued, and the FRB has indicated that it expects to work with the other U.S.

banking agencies on a revised proposal.

Basel III, Category I and II firms calculate their risk-weighted assets under two different methodologies—the standardized approach, and the advanced approaches that rely on internal models.

These firms are generally bound to the more stringent of the two calculations.

Category III and IV firms, and other banking organizations subject to risk-based capital standards apply only the standardized approach under U.S.

In March 2026, the U.S.

banking agencies issued two proposed rules to customize and implement revisions to the global Basel III capital framework that were approved by the Basel Committee in December 2017.

The first proposed rule would replace this dual-stack framework for Category I and II firms with a single, new risk-weighted assets calculation referred to as the expanded risk-based approach.

The advanced approaches would be removed from the regulatory capital framework.

The standardized approach, as modified by the second proposed rule, would continue to apply to all other firms that are subject to risk-based capital standards.

Banking organizations of any size, however, would have the option to elect to use the expanded risk-based approach instead of the revised standardized approach.

Relative to the current dual-stack framework, the expanded risk-based approach is a standardized framework intended to promote simplicity, risk sensitivity, transparency, and consistency across the firms to which it would apply.

Risk-weighted assets would be assigned to address credit risk, equity risk, operational risk, market risk, and CVA risk.

Notably, operational risk capital requirements would be based on a new standardized calculation that would replace the current models-based approach.

The proposal would also introduce a new framework for market risk and adjust the thresholds used to determine which firms—in addition to those in Category I and II—are subject to the market risk and CVA risk capital requirements.

The second proposed rule would make targeted revisions within the standardized approach currently used by Category III and IV firms, and other banking organizations subject to risk-based capital standards.

These revisions are intended to improve the calibration and risk sensitivity for certain exposure categories.

The proposal would require Category III and IV firms to recognize in regulatory capital most elements of accumulated other comprehensive income and loss.

This change would be phased in over a period of five years.

For firms subject to the standardized approach that do not elect to use the expanded risk-based approach, the proposal would also reduce the risk weight applicable to all assets not specifically assigned a different risk weight under the capital rule (such as consumer automotive loans and leases) from 100 percent to 90 percent, as well as reduce the risk weight applicable to corporate exposures from 100 percent to 95 percent.

Residential mortgage exposures would generally be risk weighted using an LTV-based methodology under the proposal.

While these risk weights are generally more punitive than those assigned to similar exposure categories under the proposed expanded risk-based approach, the standardized approach would not separately assign risk-weighted assets to address operational risk.

The supervisory formula used to assign risk weights for securitization exposures would be adjusted to align with that of the proposed expanded risk-based approach with an output floor that is reduced from 20 percent to 15 percent.

Both proposals would modify the definition of regulatory capital by removing the threshold-based deduction of mortgage servicing assets, and all firms that use the expanded risk-based approach would be required to apply the more stringent threshold test to determine any capital deduction for certain DTAs and investments in the capital instruments of unconsolidated financial institutions.

These proposals were issued without effective dates but generally assume transition periods that begin January 1, 2027, and have comment periods that expire June 18, 2026.

As proposed, the phase-in of accumulated other comprehensive income and loss would be expected to significantly affect our

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

In August 2023, the U.S.

banking agencies issued a proposed rule to improve the resolvability of Category IV firms, like Ally.

The proposed rule would require Category II, III, and IV firms, their large consolidated banks, and other institutions to issue and maintain minimum amounts of eligible long-term debt in an amount that is the greater of (i) 6 percent of total RWAs, (ii) 3.5 percent of average total consolidated assets, and (iii) 2.5 percent of total leverage exposure.

CIDIs, like Ally Bank, that are consolidated subsidiaries of covered entities, like Ally, would be required to issue eligible long-term debt internally to a company that consolidates the CIDI, which would in turn be required to purchase that long-term debt.

Only long-term debt instruments that are most readily able to absorb losses in a resolution proceeding would qualify, and the operations of covered entities would be subject to clean-holding-company requirements such as prohibitions and limitations on their liabilities to unaffiliated entities.

Under the proposed rule, a transition period would apply with 25, 50, and 100 percent of the long-term-debt requirements coming into effect by the end of the first, second, and third years, respectively, after finalization of the rule.

We are still assessing the impact of this proposed rule but, due to the current structure and amount of debt instruments issued by Ally and Ally Bank, we expect it to significantly affect us.

levels of regulatory capital.

The impact of lower capital levels would be partially offset by the recalibration of risk weights proposed in the expanded risk-based approach or revised standardized approach.

Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any final rules after public comments are considered, remain unclear.

In April 2025, the FRB issued a proposed rule that would modify certain aspects of its supervisory stress tests.

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Additionally, to provide firms additional time to adjust to their new regulatory capital requirements, the proposal would delay the annual effective date of a firm’s updated stress capital buffer requirement from October 1 to January 1 of the following year.

The proposed rule would be effective beginning with the stress capital buffer requirement from the 2025 supervisory stress test, which would average the stress capital decline components from the 2024 and 2025 supervisory stress tests for applicable firms.

The FRB also indicated its intent to propose additional changes later in 2025 to improve the transparency of its supervisory stress tests, including disclosure for public comment on its underlying models and hypothetical scenarios for 2026 supervisory stress tests.

Whether and when final rules related to these proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any such final rules, remain unclear.

In October 2025, the FRB issued proposals to enhance the transparency and public accountability of its annual stress test, which is used to set the stress capital buffers for large BHCs, including Ally.

The proposals request comment on several elements of the stress test, including the models and scenarios used;

an enhanced disclosure process for the scenarios and material model changes in future stress test cycles;

modifications to reporting forms;

and an adjusted timeline for the annual process to accommodate a comment period for scenarios and material model changes.

In February 2026, the FRB issued final stress test scenarios for the 2026 supervisory stress test, and announced it intends to maintain stress capital buffer requirements at their current level until 2027 when new requirements can be calculated based on models that take public feedback into consideration.

Whether and when final rules related to these stress-testing proposals may be adopted and take effect, as well as what changes to the proposed rules may be reflected in any such final rules, remain unclear.

Capital Planning and Stress Tests

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Ally did not elect to participate in the 2023 or 2025 supervisory stress tests, but was subject to the 2024 supervisory stress test.

We received an updated preliminary stress capital buffer requirement based on our 2023 capital plan submission from the FRB in June 2023 that remained unchanged at 2.5 %.

The 2.5 % stress capital buffer requirement was finalized in July 2023 and became effective in October 2023.

We submitted our 2024 capital plan to the FRB in April 2024, and received an updated preliminary stress capital buffer requirement from the FRB in June 2024 of 2.6 %.

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The 2.6 % stress capital buffer requirement was finalized in August 2025, and became effective in October 2025.

In February 2023 and December 2024, we accessed the unsecured debt capital markets each time issuing $ 500 million of additional subordinated notes, which qualify as Tier 2 capital for Ally under U.S.

In June 2024, November 2024, and August 2025, we accessed the debt capital markets and issued $ 330 million, $ 440 million, and $ 550 million, respectively, of credit-linked notes based on reference portfolios of $ 3.0 billion, $ 4.0 billion, and $ 5.0 billion of consumer automotive loans.

We submitted our 2026 capital plan to the FRB in April 2026.

In December 2024, we accessed the unsecured debt capital markets and issued $ 500 million of subordinated notes, which qualify as Tier 2 capital for Ally under U.S.

During the years ended December 31, 2025, and 2024, we accessed the debt capital markets and issued an aggregate of $ 1.1 billion and $ 770 million, respectively, of credit-linked notes based on combined reference portfolios of $ 10.0 billion and $ 7.0 billion of consumer automotive loans.

The proceeds from these credit-linked notes issuances constitute prefunded credit protection for mezzanine tranches of the respective reference portfolio and are recognized as restricted cash and cash equivalents in other assets on our Condensed Consolidated Balance Sheet.

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Basel III when determining RWA for our retained exposure, which recognizes the credit risk mitigation benefits and generally provides lower risk weights relative to those assigned to consumer automotive loans that are not securitized.

As of March 31, 2026, and December 31, 2025, $ 10.7 billion and $ 12.1 billion, respectively, of our consumer automotive loans and related exposures were included as reference assets in these credit-linked notes transactions.

In December 2025, our Board authorized a share repurchase program, permitting us to repurchase up to $ 2.0 billion of our common stock under a multi-year program without a set expiration date.

Our ability to make capital distributions, including our ability to pay dividends or repurchase shares of our common stock, will continue to be subject to the FRB’s review and our internal governance requirements,

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

including approval by our Board.

The amount and size of any future dividends and share repurchases also will be subject to various factors, including Ally’s capital and liquidity positions, accounting and regulatory considerations (including any restrictions that may be imposed by the FRB and any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S.

banking agencies), the taxation of share repurchases, financial and operational performance, alternative uses of capital, common-stock price, and general market conditions, and may be extended, modified, or discontinued at any time.

banking agencies), Ally’s financial and operational performance, alternative uses of capital, the trading price of Ally’s common stock, and general market conditions.

The share repurchase program does not obligate Ally to acquire a specific dollar amount or number of shares, and may be extended, modified, or discontinued at any time.

The following table presents information related to our common stock and distributions to our common shareholders.

Common stock repurchased during period (a) (b) Number of common shares outstanding Cash dividends declared per common share (c)

Common stock repurchased during period (a) Number of common shares outstanding Cash dividends declared per common share (b)

($ in millions, except per share data;

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First quarter $ 147 3,624 308,493 307,408 $ 0.30

Second quarter 1 27 307,152 307,787 0.30

Third quarter 1 25 307,787 307,828 0.30

(a) Includes shares of common stock withheld to cover income taxes owed by participants in our share-based incentive plans.

(b) Since the commencement of our initial stock-repurchase program in the third quarter of 2016, we have reduced the number of outstanding shares of our common stock by 36 %, from 484 million as of June 30, 2016, to 308 million as of September 30, 2025.

Except for repurchases made of shares withheld to cover income taxes owed by participants in our share-based incentive plans, we did not make any common-stock repurchases in 2024 or the first nine months of 2025, and at this time, the Board has not authorized a stock-repurchase program for 2025.

(c) On October 7, 2025, our Board declared a quarterly cash dividend of $ 0.30 per share on all common stock payable on November 14, 2025, to shareholders of record at the close of business on October 31, 2025.

(b) On April 14, 2026, our Board declared a quarterly cash dividend of $ 0.30 per share on all common stock payable on May 15, 2026, to shareholders of record at the close of business on May 1, 2026.

Derivative Instruments and Hedging Activities

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Other derivatives qualifying for hedge accounting consist of interest rate floor contracts designated as cash flow hedges of the expected future cash flows in the form of interest receipts on a portion of our dealer floorplan commercial loans.

We have the ability to execute economic hedges, which could consist of interest rate swaps, interest rate caps, forwards, and options to mitigate interest rate risk.

Our economic hedges include interest rate swaps that we offer as an accommodation to our customers within our Corporate Finance business.

We offset the majority of the market risk of these customer swaps by entering into offsetting derivatives transactions with other counterparties.

We also entered into interest rate lock commitments and forward commitments that were executed as part of our mortgage business that met the accounting definition of a derivative.

We may execute other economic hedges, which could consist of interest rate swaps, forwards, and options to mitigate interest rate risk.

Foreign Exchange Risk

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We enter into equity options to mitigate the risk associated with our exposure to the equity markets.

We enter into various retail automotive-loan purchase agreements with certain counterparties.

As part of those agreements, we may be required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date is better than what was estimated at the time of acquisition.

Based upon these terms, these contracts meet the accounting definition of a derivative.

We entered into various retail automotive-loan purchase agreements with certain counterparties.

As part of those agreements, we may have been required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date was better than what was estimated at the time of acquisition.

Based upon these terms, these contracts met the accounting definition of a derivative.

We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans.

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Additionally, derivatives and repurchase agreements are entered into with approved counterparties using industry standard agreements.

We execute certain OTC derivatives, such as interest rate caps and floors, using bilateral agreements with financial counterparties.

We execute certain OTC derivatives, such as interest rate options, using bilateral agreements with financial counterparties.

Bilateral agreements generally require both parties to post collateral in the event the fair values of the derivative financial instruments meet posting thresholds established under the agreements.

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Certain derivative instruments contain provisions that require us to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified credit-risk-related event.

No such specified credit-risk-related events occurred during the nine months ended September 30, 2025, or September 30, 2024.

We placed noncash collateral with counterparties totaling $ 377 million, supporting our derivative positions at September 30, 2025, compared to $ 414 million at December 31, 2024.

No such specified credit-risk-related events occurred during the three months ended March 31, 2026, or 2025.

We placed cash and noncash collateral with counterparties totaling $ 13 million and $ 290 million, respectively, supporting our derivative positions at March 31, 2026, compared to $ 4 million and $ 328 million, of cash and noncash collateral, respectively, at December 31, 2025.

These amounts include noncash collateral placed at clearinghouses and exclude cash and noncash collateral pledged under repurchase agreements.

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We granted our counterparties the right to sell or pledge the noncash collateral.

We received cash collateral from counterparties totaling $ 4 million and $ 11 million at September 30, 2025, and December 31, 2024, respectively.

We received cash collateral from counterparties totaling $ 3 million at March 31, 2026.

These amounts exclude cash and noncash collateral pledged under repurchase agreements.

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In our view, derivative notional is not an accurate measure of our derivative exposure when viewed in isolation from other factors, such as market rate fluctuations and counterparty credit risk.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Derivative contracts in a

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Interest rate contracts

Forwards — — — — — 109

Written options

Swaps 1 1 216 — — —

Total interest rate risk

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Credit-linked note derivatives — 1 1,224 — — 1,381

Other credit derivatives (a) — — n/a — 4 n/a

Total credit risk — 1 1,224 — — 1,381

Equity contracts

Written options

Total equity risk

Total derivatives not designated as accounting hedges

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$ 3 $ 3 $ 26,419 $ — $ 4 $ 28,358

n/a = not applicable

(a) The maximum potential amount of undiscounted future payments that could be required under these credit derivatives was $ 10 million as of December 31, 2024.

Notes to Condensed Consolidated Financial Statements (unaudited)

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($ in millions)

September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Available-for-sale securities (b) $ 14,968 $ 15,240 $ ( 68 ) $ 7 $ ( 51 ) $ ( 54 )

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(b) These amounts include the amortized cost basis and unallocated basis adjustments of closed portfolios of available-for-sale securities used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period.

At both September 30, 2025, and December 31, 2024, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $ 13.9 billion, of which $ 13.6 billion, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship.

At September 30, 2025, and December 31, 2024, the total cumulative basis adjustments associated with these hedging relationships was a $ 2 million asset and a $ 209 million liability, respectively, of which the portion related to discontinued hedging relationships was a $ 91 million liability and a $ 103 million liability, respectively.

At September 30, 2025, and December 31, 2024, the notional amounts of the designated hedged items were $ 11.5 billion and $ 12.0 billion, respectively, with cumulative basis adjustments of a $ 93 million asset and a $ 106 million liability, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship.

At March 31, 2026, and December 31, 2025, the amortized cost basis and unallocated basis adjustments of the closed portfolios used in these hedging relationships was $ 13.5 billion and $ 13.7 billion, respectively, of which $ 13.2 billion and $ 13.4 billion, respectively, represents the amortized cost basis and unallocated basis adjustments of closed portfolios designated in an active hedge relationship.

At March 31, 2026, and December 31, 2025, the total cumulative basis adjustments associated with these hedging relationships was a $ 72 million liability and a $ 8 million liability, respectively, of which the portion related to discontinued hedging relationships was a $ 51 million liability and a $ 54 million liability, respectively.

At both March 31, 2026, and December 31, 2025, the notional amounts of the designated hedged items were $ 11.0 billion, with cumulative basis adjustments of a $ 21 million liability and a $ 46 million asset, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship.

Refer to Note 6 for a reconciliation of the amortized cost basis and fair value of available-for-sale securities.

(c) These amounts include the carrying value of closed portfolios of loan receivables used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period.

At September 30, 2025, and December 31, 2024, the carrying value of the closed portfolios used in these hedging relationships was $ 32.0 billion and $ 34.5 billion, respectively, of which $ 24.8 billion and $ 33.4 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship.

At December 31, 2024, the total cumulative basis adjustments associated with these hedging relationships was a $ 51 million liability.

At September 30, 2025, and December 31, 2024, the cumulative basis adjustments associated with discontinued hedging relationships was a $ 2 million asset and a $ 10 million liability, respectively.

At September 30, 2025, and December 31, 2024, the notional amounts of the designated hedged items were $ 14.3 billion and $ 20.1 billion, respectively, with cumulative basis adjustments of a $ 2 million liability and a $ 41 million liability, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship.

At March 31, 2026, and December 31, 2025, the carrying value of the closed portfolios used in these hedging relationships was $ 23.9 billion and $ 27.8 billion, respectively, of which $ 19.1 billion and $ 21.8 billion, respectively, represents the carrying value of closed portfolios designated in an active hedge relationship.

At March 31, 2026, and December 31, 2025, the total cumulative basis adjustments associated with these hedging relationships was a $ 23 million liability and $ 7 million asset, respectively, of which the portion related to discontinued hedging relationships was a $ 1 million asset at both March 31, 2026, and December 31, 2025.

At March 31, 2026, and December 31, 2025, the notional amounts of the designated hedged items were $ 10.0 billion and $ 10.8 billion, respectively, with cumulative basis adjustments of a $ 24 million liability and a $ 6 million asset, respectively, which would be allocated across the entire remaining closed pool upon dedesignation of the hedge relationship.

Statement of Income Presentation

The following table summarizes the location and amounts of gains and losses on derivative instruments not designated as accounting hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

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Total foreign exchange contracts

1 ( 1 ) ( 1 ) 1

Credit contracts

1 unchanged sentence

Total credit contracts ( 1 ) —

Equity contracts

Other income, net of losses

Total equity contracts — 1 — 3

Total gain recognized in earnings $ — $ 1

1 unchanged sentence

Ally Financial Inc.

The following tables summarize the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt

Three months ended September 30, ($ in millions)

2025 2024 2025 2024 2025 2024

Gain (loss) on fair value hedging relationships

Interest rate contracts

Hedged available-for-sale securities $ — $ — $ 10 $ 327 $ — $ —

Derivatives designated as hedging instruments on available-for-sale securities — — ( 10 ) ( 327 ) — —

Hedged fixed-rate consumer automotive loans 7 190 — — — —

Derivatives designated as hedging instruments on fixed-rate consumer automotive loans ( 7 ) ( 190 ) — — — —

Total gain on fair value hedging relationships — — — — — —

Loss on cash flow hedging relationships

Interest rate contracts

Hedged variable-rate commercial loans

Reclassified from accumulated other comprehensive loss into income ( 8 ) ( 4 ) — — — —

Total loss on cash flow hedging relationships $ ( 8 ) $ ( 4 ) $ — $ — $ — $ —

Total amounts presented in the Condensed Consolidated Statement of Comprehensive Income $ 2,674 $ 2,889 $ 250 $ 262 $ 265 $ 256

The following table summarizes the location and amounts of gains and losses on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt

Nine months ended September 30, ($ in millions)

Three months ended March 31, ($ in millions)

2026 2025 2026 2025 2026 2025

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During the next 12 months, we estimate $ 3 million of losses will be reclassified into pretax earnings from derivatives designated as cash flow hedges.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

The following tables summarize the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt

Three months ended September 30, ($ in millions)

2025 2024 2025 2024 2025 2024

Gain on fair value hedging relationships

Interest rate contracts

Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 2 $ 2

Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — 1

Amortization of deferred basis adjustments of available-for-sale securities — — 4 6 — —

Interest for qualifying accounting hedges of available-for-sale securities — — 17 50 — —

Amortization of deferred loan basis adjustments ( 1 ) 3 — — — —

Interest for qualifying accounting hedges of consumer automotive loans held for investment 17 59 — — — —

Total gain on fair value hedging relationships $ 16 $ 62 $ 21 $ 56 $ 2 $ 3

The following table summarizes the location and amounts of gains and losses related to interest and amortization on derivative instruments designated as qualifying fair value and cash flow hedges reported in our Condensed Consolidated Statement of Comprehensive Income.

Interest and fees on finance receivables and loans Interest and dividends on investment securities and other earning assets Interest on long-term debt

Nine months ended September 30, ($ in millions)

Three months ended March 31, ($ in millions)

2026 2025 2026 2025 2026 2025

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Amortization of deferred unsecured debt basis adjustments $ — $ — $ — $ — $ 2 $ 2

Amortization of deferred secured debt basis adjustments (FHLB advances) — — — — — 2

Amortization of deferred basis adjustments of available-for-sale securities — — 3 5 — —

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The following table summarizes the effect of cash flow hedges on accumulated other comprehensive loss.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

Interest rate contracts

Gain (loss) recognized in other comprehensive income $ 7 $ 12 $ 21 $ ( 10 )

Gain recognized in other comprehensive income $ 5 $ 7

Notes to Condensed Consolidated Financial Statements (unaudited)

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The following table summarizes the effect of net investment hedges on accumulated other comprehensive loss.

Three months ended September 30, Nine months ended September 30,

Three months ended March 31,

($ in millions) 2026 2025

Foreign exchange contracts (a) (b)

Gain (loss) recognized in other comprehensive income $ 5 $ ( 1 ) $ ( 4 ) $ 5

(a) There were no amounts excluded from effectiveness testing for the three months and nine months ended September 30, 2025, or 2024.

(b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

There were no amounts reclassified for the three months and nine months ended September 30, 2025, or 2024.

We recognized total income tax expense from continuing operations of $ 115 million and $ 140 million for the three months and nine months ended September 30, 2025, respectively, compared to $ 67 million and $ 167 million for the same periods in 2024.

The increase in income tax expense for the three months ended September 30, 2025, compared to the same period in 2024, was primarily due to the tax effects of an increase in pretax earnings during the three months ended September 30, 2025.

The decrease in income tax expense for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily due to the tax effects of a decrease in pre-tax earnings during the nine months ended September 30, 2025.

Gain recognized in other comprehensive income $ 3 $ —

(a) There were no amounts excluded from effectiveness testing for the three months ended March 31, 2026, or 2025.

(b) Gains and losses reclassified from accumulated other comprehensive loss are reported as other income, net of losses, in our Condensed Consolidated Statement of Comprehensive Income.

There were no amounts reclassified for the three months ended March 31, 2026, or 2025.

We recognized total income tax expense from continuing operations of $ 81 million for the three months ended March 31, 2026, compared to an income tax benefit of $ 59 million for the same period in 2025.

The increase in income tax expense for the three months ended March 31, 2026, was primarily attributable to the tax effects of a loss on investments recognized as a result of our balance sheet repositioning of a portion of our available-for-sale securities during the three months ended March 31, 2025.

As of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization of deferred tax assets.

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• Available-for-sale securities — We carry our available-for-sale securities at fair value based on external pricing sources.

We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

active markets.

We classify our securities as Level 1 when fair value is determined using quoted prices available for the same instruments trading in active markets.

We classify our securities as Level 2 when fair value is determined using prices for similar instruments trading in active markets.

We perform pricing validation procedures for our available-for-sale securities.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

• Derivative instruments — We enter into a variety of derivative financial instruments as part of our risk-management strategies.

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therefore, we classified these contracts as Level 1.

We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, caps, floors, and agency to-be-announced securities.

We also execute OTC and centrally cleared derivative contracts, such as interest rate swaps, foreign-currency denominated forward contracts, interest rate options, and agency to-be-announced securities.

We utilize third-party-developed valuation models that are widely accepted in the market to value these derivative contracts.

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Certain forward commitments are Level 2 and others are Level 3 depending on the valuation model inputs.

We purchase automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, execute opportunistic ad-hoc bulk purchases.

Because these contracts meet the accounting definition of a derivative, we recognize a liability at fair value for these deferred purchase price payments.

The fair value of these liabilities is determined using a discounted cash flow method.

To estimate cash flows, we utilize various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses).

These liabilities are valued using internal loss models with unobservable inputs, and are classified as Level 3.

We purchased automotive finance receivables and loans from third parties as part of forward flow arrangements and, from time-to-time, executed opportunistic ad-hoc bulk purchases.

As part of those agreements, we were required to pay the counterparty at agreed upon measurement dates and determinable amounts if actual credit performance of the acquired loans on the measurement date was better than what was estimated at the time of acquisition.

Because these contracts met the accounting definition of a derivative, we recognized a liability at fair value for these deferred purchase price payments.

The fair value of these liabilities was determined using a discounted cash flow method.

To estimate cash flows, we utilized various significant assumptions, including market observable inputs (for example, forward interest rates) and internally developed inputs (for example, prepayment speeds, delinquency levels, and expected credit losses).

These liabilities were valued using internal loss models with unobservable inputs, and were classified as Level 3.

We enter into arrangements with certain counterparties through which we issue credit-linked notes covering a specified pool of loans.

These notes contain an embedded derivative, which provides us credit protection against the risk of loss when a specified credit event occurs on the reference pool.

The embedded derivatives are valued using both market observable inputs and unobservable inputs, as such they are classified as Level 3.

We are required to consider all aspects of nonperformance risk, including our own credit standing, when measuring fair value of derivative assets and liabilities.

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Recurring fair value measurements

September 30, 2025 ($ in millions)

March 31, 2026 ($ in millions)

Level 1 Level 2 Level 3 Total

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Derivative contracts in a receivable position

Foreign currency — 4 — 4

Interest rate — 1 — 1

Foreign exchange — 2 — 2

Total derivative contracts in a receivable position — 3 — 3

Total assets $ 3,233 $ 20,578 $ 34 $ 23,845

Accrued expenses and other liabilities

Derivative contracts in a payable position

Interest rate $ — $ 1 $ — $ 1

Credit — — 1 1

Equity 1 — — 1

Total derivative contracts in a payable position

Total liabilities $ 1 $ 1 $ 1 $ 3

(a) Our direct investment in any one industry did not exceed 15 %.

The concentration calculation excludes our investment in mutual funds and ETFs.

When performing the concentration calculation, mutual funds and ETFs are not allocated to any one industry.

(b) Excludes $ 59 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

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Total available-for-sale securities 2,310 20,629 34 22,973

Loans held-for-sale (c) — 11 5 16

Derivative contracts in a receivable position

Interest rate — 2 1 3

Foreign currency — 9 — 9

Total derivative contracts in a receivable position — 11 1 12

Total assets $ 3,129 $ 20,629 $ 34 $ 23,792

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Derivative contracts in a payable position

Credit $ — $ — $ 4 $ 4

Foreign exchange $ — $ 4 $ — $ 4

Total derivative contracts in a payable position

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(a) Our direct investment in any one industry did not exceed 11 %.

The concentration calculation excludes our investment in mutual funds and ETFs.

When performing the concentration calculation, mutual funds and ETFs are not allocated to any one industry.

(b) Excludes $ 57 million of equity securities that are measured at fair value using the net asset value practical expedient and therefore are not classified in the fair value hierarchy.

Notes to Condensed Consolidated Financial Statements (unaudited)

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Thus, the following tables do not fully reflect the impact of our risk-management activities.

Equity securities Available-for-sale securities Loans

held-for-sale (a)

($ in millions) 2025 2024 2025 2024 2025 2024

Fair value at July 1, $ — $ — $ 35 $ 11 $ — $ 2

Net realized/unrealized gains

Included in earnings — — — — — —

Included in OCI — — — — — —

Purchases and originations (b) — — — 27 — 16

Sales — — — — — ( 11 )

Issuances — — — — — —

Settlements — — — — — —

Transfers into Level 3 — — — — — —

Transfers out of Level 3 — — — — — —

Fair value at September 30,

$ — $ — $ 35 $ 38 $ — $ 7

Net unrealized gains still held at September 30,

Included in earnings $ — $ — $ — $ — $ — $ —

Included in OCI — — — — — —

(a) Consumer mortgage loans carried at fair value due to fair value option elections.

(b) Includes a $ 27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the three months ended September 30, 2024.

Derivative liabilities, net of derivative assets (a)

($ in millions) 2025 2024

Fair value at July 1, $ 4 $ 3

Net realized/unrealized gains

Included in earnings — ( 5 )

Included in OCI — —

Purchases and originations — —

Issuances — —

Settlements ( 4 ) —

Transfers into Level 3 — —

Transfers out of Level 3 (b) — 5

Fair value at September 30,

Net unrealized gains still held at September 30,

Included in earnings $ — $ ( 2 )

Included in OCI — —

(a) Net realized/unrealized gains are reported as (loss) gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during the three months ended September 30, 2024.

These transfers are deemed to have occurred at the end of the reporting period.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Equity securities Available-for-sale securities Loans

Available-for-sale securities Loans

held-for-sale (a)

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Included in OCI — — — —

Purchases and originations (b) — — — 29 9 18

Purchases and originations — — — 8

Sales — — — ( 10 )

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Transfers out of Level 3 — — — —

Fair value at September 30,

Fair value at March 31,

$ 34 $ 35 $ — $ 3

Net unrealized gains still held at September 30,

Net unrealized gains still held at March 31,

Included in earnings $ — $ — $ — $ —

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(a) Consumer mortgage loans carried at fair value due to fair value option elections.

(b) Includes a $ 27 million reclassification of a commercial and industrial exposure to an available-for-sale debt security during the nine months ended September 30, 2024.

Derivative liabilities, net of derivative assets (a)

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Fair value at January 1, $ — $ 3

Net realized/unrealized gains

Net realized/unrealized losses (gains)

Included in earnings 1 ( 1 )

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Transfers out of Level 3 (b) — 2

Fair value at September 30,

Net unrealized gains still held at September 30,

Fair value at March 31,

Net unrealized losses still held at March 31,

Included in earnings $ 1 $ —

Included in OCI — —

(a) Net realized/unrealized gains are reported as (loss) gain on mortgage and automotive loans, net, and other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(b) Represents the settlement value of interest rate derivative assets that are transferred to loans held-for-sale within Level 2 of the fair value hierarchy during both the nine months ended September 30, 2025, and September 30, 2024.

(a) Net realized/unrealized losses (gains) are reported as (loss) gain on mortgage and automotive loans, net, and other income, net of losses, in our Condensed Consolidated Statement of Comprehensive Income.

These transfers are deemed to have occurred at the end of the reporting period.

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These items would constitute nonrecurring fair value measures.

The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at September 30, 2025, and December 31, 2024, respectively.

The following tables display assets and liabilities measured at fair value on a nonrecurring basis and still held at March 31, 2026, and December 31, 2025, respectively.

The amounts are generally as of the end of each period presented, which approximate the fair value measurements that occurred during each period.

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Lower-of-cost-or-fair-value reserve, valuation reserve, or cumulative adjustments Total gain (loss) included in earnings

September 30, 2025 ($ in millions)

March 31, 2026 ($ in millions)

Loans held-for-sale, net $ — $ — $ 336 $ 336 $ ( 15 ) n/m (a)

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— — 12 12 ( 96 ) n/m (a)

— — 25 25 ( 95 ) n/m (a)

Total commercial finance receivables and loans, net

— — 12 12 ( 96 ) n/m (a)

Nonmarketable equity investments — — 2 2 ( 1 ) n/m (a)

Repossessed and foreclosed assets (c) — — 8 8 ( 1 ) n/m (a)

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n/m = not meaningful

(a) We consider the applicable valuation allowance, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement.

(a) We consider the applicable valuation reserve, allowance for loan losses, or cumulative adjustments to be the most relevant indicator of the impact on earnings caused by the fair value measurement.

Accordingly, the table above excludes total gains and losses included in earnings for these items.

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Commercial finance receivables and loans, net (b)

Automotive — — 13 13 ( 2 ) n/m (a)

Other — — 27 27 ( 97 ) n/m (a)

Total commercial finance receivables and loans, net — — 27 27 ( 97 ) n/m (a)

Goodwill (c) — — 362 362 ( 118 ) n/m (a)

Repossessed and foreclosed assets (d) — — 8 8 ( 1 ) n/m (a)

Nonmarketable equity investments — 9 1 10 4 n/m (a)

Repossessed and foreclosed assets (c) — — 7 7 ( 1 ) n/m (a)

Total assets $ — $ 9 $ 580 $ 589 $ ( 126 ) n/m

n/m = not meaningful

Accordingly, the table above excludes total gains and losses included in earnings for these items.

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The related allowance for loan losses represents the cumulative fair value adjustments for those specific receivables.

Refer to Note 11 for further discussion.

(d) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

(c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

Notes to Condensed Consolidated Financial Statements (unaudited)

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As such, the actual amount received to sell an asset or the amount paid to settle a liability could differ from our estimates.

Fair value information presented herein was based on information available at September 30, 2025, and December 31, 2024.

Fair value information presented herein was based on information available at March 31, 2026, and December 31, 2025.

Estimated fair value

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Carrying value

September 30, 2025

March 31, 2026

Financial assets

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In addition to the financial instruments presented in the above table, we have various financial instruments for which the carrying value approximates the fair value due to their short-term nature and limited credit risk.

These instruments include cash and cash equivalents, restricted cash, cash collateral, accrued interest receivable, accrued interest payable, trade receivables and payables, and other short-term receivables and payables.

Included in cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal.

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Similarly, for our repurchase/reverse repurchase transactions, we have the option to report recognized assets and liabilities subject to a master netting agreement on a net basis if certain qualifying criteria are met.

At September 30, 2025, these instruments are reported as gross assets and gross liabilities on the Condensed Consolidated Balance Sheet.

At March 31, 2026, these instruments are reported as gross assets and gross liabilities on our Condensed Consolidated Balance Sheet.

For additional information on derivative instruments and hedging activities, refer to Note 18.

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Collateral (a) (b) (c)

September 30, 2025

March 31, 2026

Derivative assets $ 3 $ — $ 3 $ ( 1 ) $ ( 2 ) $ —

$ 3 $ — $ 3 $ ( 1 ) $ ( 2 ) $ —

Securities sold under agreements to repurchase (d) $ 529 $ — $ 529 $ — $ ( 528 ) $ 1

Derivative liabilities (d) $ 3 $ — $ 3 $ ( 1 ) $ ( 1 ) $ 1

Securities sold under agreements to repurchase (e) 526 — 526 — ( 526 ) —

Total liabilities $ 529 $ — $ 529 $ ( 1 ) $ ( 527 ) $ 1

December 31, 2025

Derivative assets (e) $ 12 $ — $ 12 $ — $ ( 10 ) $ 2

Derivative assets $ — $ — $ — $ — $ — $ —

$ — $ — $ — $ — $ — $ —

Derivative liabilities (f) $ 4 $ — $ 4 $ — $ — $ 4

Derivative liabilities $ 4 $ — $ 4 $ — $ ( 4 ) $ —

Securities sold under agreements to repurchase (e) 545 — 545 — ( 545 ) —

Total liabilities $ 549 $ — $ 549 $ — $ ( 549 ) $ —

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We have not sold or pledged any of the noncash collateral received under these agreements.

(d) For additional information on securities sold under agreements to repurchase, refer to Note 13.

(e) Includes derivative assets with no offsetting arrangements of $ 1 million as of December 31, 2024.

(f) Includes derivative liabilities with no offsetting arrangements of $ 4 million as of December 31, 2024.

(d) Includes derivative liabilities with no offsetting arrangements of $ 1 million as of March 31, 2026.

(e) For additional information on securities sold under agreements to repurchase, refer to Note 12.

Segment Information

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Additionally, the budgeting and forecasting process monitors budget versus actual results with emphasis on pretax income, which are also used in assessing the performance of a segment.

We report our results of operations on a business-line basis through three operating segments:

Automotive Finance operations, Insurance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other.

The operating segments are

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by our CODM and management.

We report our results of operations on a business-line basis through three operating segments:

Automotive Finance operations, Insurance operations, and Corporate Finance operations, with the remaining activity reported in Corporate and Other.

The operating segments are determined based on the products and services offered, and reflect the manner in which financial information is currently evaluated by our CODM and management.

The following is a description of each of our reportable operating segments.

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Corporate Finance operations

Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors.

Our Corporate Finance operations provide senior secured asset-based and leveraged cash flow loans to primarily U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors.

These loans are typically used for leveraged buyouts, refinancing and recapitalizations, mergers and acquisitions, growth, turnarounds, and debtor-in-possession financings.

We also provide, through our Private Credit Finance business, asset managers and other financing sources with partial funding for their direct-lending activities, which is principally leveraged loans.

We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, memory care facilities, and medical office buildings.

Additionally, we have an energy vertical that finances large-scale energy and infrastructure projects.

We have a commercial real estate product primarily focused on lending to skilled nursing facilities, senior housing, and medical office buildings.

Additionally, we have an energy and infrastructure vertical that finances large-scale energy and infrastructure projects.

Corporate and Other

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Corporate and Other also includes certain equity investments, which primarily consist of FHLB and FRB stock—as well as other equity investments through Ally Ventures, our strategic investment business, and reclassifications and eliminations between the reportable operating segments.

Financial results related to Ally Invest, our digital brokerage and advisory offering, Ally Lending, Ally Credit Card, the management of our consumer mortgage portfolio, and CRA loans and investments are also included within Corporate and Other.

We closed the sale of Ally Lending on March 1, 2024.

Financial results related to Ally Invest, our digital brokerage and advisory offering, Ally Credit Card, the management of our consumer mortgage portfolio, and CRA loans and investments are also included within Corporate and Other.

Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio.

Additionally, we closed the sale of Ally Credit Card on April 1, 2025.

Refer to Note 2 for additional information.

We utilize an FTP methodology for the majority of our business operations.

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Financial information for our reportable operating segments is summarized as follows.

Three months ended September 30, ($ in millions)

Automotive Finance operations Insurance operations Corporate Finance operations Corporate and Other Consolidated (a)

Net financing revenue and other interest income

Total financing revenue and other interest income $ 2,666 $ 49 $ 238 $ 434 $ 3,387

Total interest expense 1,128 16 127 307 1,578

Net depreciation expense on operating lease assets 225 — — — 225

Net financing revenue and other interest income 1,313 33 111 127 1,584

Other revenue 96 420 25 43 584

Total net revenue 1,409 453 136 170 2,168

Provision for credit losses 410 — 8 ( 3 ) 415

Noninterest expense

Compensation and benefits expense 172 29 19 227 447

Insurance losses and loss adjustment expenses — 141 — — 141

Other operating expenses

Technology and communications expenses 31 5 2 70 108

Other (b) 375 199 12 ( 42 ) 544

Total other operating expenses 406 204 14 28 652

Total noninterest expense 578 374 33 255 1,240

Income (loss) from continuing operations before income tax expense (benefit) $ 421 $ 79 $ 95 $ ( 82 ) $ 513

Total assets $ 113,726 $ 9,848 $ 11,343 $ 56,794 $ 191,711

Net financing revenue and other interest income

Total financing revenue and other interest income $ 2,637 $ 43 $ 248 $ 646 $ 3,574

Total interest expense 1,101 13 139 632 1,885

Net depreciation expense on operating lease assets 169 — — — 169

Net financing revenue and other interest income 1,367 30 109 14 1,520

Other revenue 85 437 37 56 615

Total net revenue 1,452 467 146 70 2,135

Provision for credit losses 579 — 11 55 645

Noninterest expense

Compensation and benefits expense 165 27 17 226 435

Insurance losses and loss adjustment expenses — 135 — — 135

Other operating expenses

Technology and communications expenses 32 5 1 72 110

Other (b) 321 198 12 14 545

Total other operating expenses 353 203 13 86 655

Total noninterest expense 518 365 30 312 1,225

Income (loss) from continuing operations before income tax expense (benefit) $ 355 $ 102 $ 105 $ ( 297 ) $ 265

Total assets $ 113,583 $ 9,455 $ 10,398 $ 59,234 $ 192,670

(a) Net financing revenue and other interest income after the provision for credit losses totaled $ 1.2 billion and $ 875 million for the three months ended September 30, 2025, and 2024, respectively.

(b) Primarily consists of insurance commissions, advertising and marketing, and property and equipment depreciation expenses.

Refer to Note 6 for additional information.

Notes to Condensed Consolidated Financial Statements (unaudited)

Ally Financial Inc.

Nine months ended September 30, ($ in millions)

Three months ended March 31, ($ in millions)

Automotive Finance operations Insurance operations Corporate Finance operations Corporate and Other Consolidated (a)

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Insurance losses and loss adjustment expenses — 121 — — 121

Goodwill impairment — — — 305 305

Other operating expenses

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Insurance losses and loss adjustment expenses — 161 — — 161

Goodwill impairment (c) — — — 305 305

Other operating expenses

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Total assets $ 111,672 $ 9,489 $ 11,002 $ 61,168 $ 193,331

(a) Net financing revenue and other interest income after the provision for credit losses totaled $ 3.6 billion and $ 2.9 billion for the nine months ended September 30, 2025, and 2024, respectively.

(a) Net financing revenue and other interest income after the provision for credit losses totaled $ 1.1 billion and $ 1.3 billion for the three months ended March 31, 2026, and 2025, respectively.

(b) Primarily consists of insurance commissions, advertising and marketing, and property and equipment depreciation expenses.

Refer to Note 5 for additional information.

Refer to Note 2 to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information on Ally Credit Card.

Notes to Condensed Consolidated Financial Statements (unaudited)

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Declaration of Common Dividend

On October 7, 2025, our Board declared a quarterly cash dividend of $ 0.30 per share on all common stock.

The dividend is payable on November 14, 2025, to shareholders of record at the close of business on October 31, 2025.

On April 14, 2026, our Board declared a quarterly cash dividend of $ 0.30 per share on all common stock.

The dividend is payable on May 15, 2026, to shareholders of record at the close of business on May 1, 2026.

Series D Preferred Stock Offering and Redemption of Series B Preferred Stock

On May 1, 2026, we issued 1,000,000 shares of 7.100 % Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D with $ 0.01 par value and liquidation preference of $ 1,000 per share.

Dividends, if declared by our Board, will be paid on a non-cumulative basis quarterly, in arrears, at a rate equal to (i) 7.100 % from the original issue date to, but excluding, August 15, 2031, and (ii) from the August 15, 2031 dividend date and during each subsequent reset period at a rate per annum equal to the five-year treasury rate plus 3.148 %.

We intend to treat the Series D Preferred Stock as “Additional Tier 1” capital (or its equivalent) for purposes of the capital adequacy rules of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) applicable to us.

On May 4, 2026, we announced that we will redeem all 1,350,000 outstanding shares of our 4.700 % Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B on May 15, 2026, at a redemption price equal to $ 1,000 per share plus any declared and unpaid dividends up to, but excluding, the redemption date.

This represents 100 % of the issued and outstanding Series B Preferred Stock and an aggregate liquidation preference of $ 1.35 billion.

Management’s Discussion and Analysis

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements