The news: Synchrony’s net revenues increased 6% YoY in Q1 2026. This is a turnaround from last year, when net revenues plummeted 23%.

CEO Brian Doubles attributed positive spend to Synchrony’s more disciplined credit strategy, along with “some early benefit from increased tax refunds and lower tax withholdings,” per the earnings call.

Diving into the card results: Synchrony’s consumer health remained mostly stable across metrics.

• Purchase volume increased 5.6% YoY to $43 billion—a sharp reversal from last year’s 4% YoY decrease. 
• Co-branded cards accounted for $22 billion of total volume or 51% of the portfolio.
• Loan receivables were flat at $100.1 billion, compared with a 1% YoY drop the previous year.
• And average active accounts decreased 1% to 68.8 million, the smallest decline since Q4 2024. 

Doubles attributed the record payment volume to Synchrony’s “higher credit quality in the portfolio, particularly into the super-prime versus what we normally have.” These super prime consumers are driving higher spend per account across all five of Synchrony’s platforms—Home & Auto, Digital, Diversified & Value, Health & Wellness, and Lifestyle—an impressive engine given the largely downward trend of active accounts.

• Diversified & Value purchase volume grew 9%, driven by partner expansion.
• And Digital rose 8% due to enhanced product offerings and refreshed value propositions.

Looking forward: Synchrony anticipates even stronger growth and increased active accounts YoY—last seen in Q3 2024—in the back half of the year driven by partnerships with OnePay, Bob’s Discount Furniture, RH, and the new Lowe’s commercial co-brand card. In this Q1, new account originations spiked 15%, buoyed by these new tie-ups. 

Purchase volume growth is also expected; Doubles noted that discretionary spend outpaced nondiscretionary spend for three consecutive quarters, even with rising fuel costs.

Implications for payment providers: Consumers are continuing to spend—but cautiously. While discretionary spending is up QoQ, shoppers are signalling that they’re looking for value. 

Synchrony’s best performing platforms included retailers like TJX Companies and Sam’s Club, demonstrating the power of off-price or wholesale retailers to connect with deal-seeking shoppers. Investing in partnerships or embedded financing with retailers fitting these profiles can drive new originations and payment volume.