The news: Synchrony’s net revenues fell 2% YoY in Q2 2025, per its earnings release.

Synchrony reported declines across key card metrics:

• Purchase volume slipped 2% YoY.
• Loan receivables decreased 2% YoY. 
• And average active accounts dropped 4% YoY. 

Synchrony’s consumer health indicators metrics, however, indicated some improvements:

• The 30-day delinquency rate was 4.18%, down on the quarter (4.52%) and the year (4.47%).
• The 90-day delinquency rate was 2.06%, also an improvement on the quarter (2.29%) and the year (2.19%).
• And net charge-offs (5.7%) were similarly down on the quarter (6.38%) and year (6.42%). 

What’s happening: Synchrony’s numbers are improving on the quarter and the year thanks to tighter underwriting standards. 

But these numbers are still well above peers like JPMorgan Chase or Bank of America, which boast healthier consumer health metrics driven by their higher-FICO-score cardholder bases and far smaller exposure to private-label cards.  

Why this matters: Co-brand and private label cards tend to attract more credit-thin, first-time cardholders who might not be approved for a general-purpose card. 

Synchrony’s metrics provide a portal into that more embattled population within a turbulent economic climate—they’re recovering but still struggling. 

Our take: Synchrony came off of a rocky Q1 2025 but locked down significant deals over the course of Q2 that will help drive growth through the rest of the year.

• It secured a co-brand deal with Walmart’s OnePay after the retailer split with Capital One.
• It’s powering PayPal’s new physical credit card.
• It’s backing Amazon’s Pay Later program.
• And it’s in the running to pick up the Apple Card from Goldman Sachs.

All these partnerships could help Synchrony reinvigorate its volume growth and prepare for the storm of tariffs heading towards it, which will disproportionately hurt issuers backing retail, especially for lower-income, lower credit score customers. 

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