Synchrony Financial: JPM 2Q26 Earnings Scorecard – Review

Research evidence excerpt

Synchrony Financial: JPM 2Q26 Earnings Scorecard – Review

J P M O R G A N North America Equity Research

21 July 2026

Synchrony Financial Neutral

SYF, SYF US

JPM 2Q26 Earnings Scorecard – Review Price (20 Jul 26):$73.41

Consumer Finance

This morning, BMO, SYF reported 2Q26 adjusted diluted EPS of $2.59, above Richard Shane AC

JPM/consensus estimates of $2.12/$2.13, respectively. Additionally, SYF (1-415) 315-6701

tightened its 2026 EPS guidance higher to $9.25-$9.50 (vs. $9.10-$9.50 prior). richard.b.shane@jpmorgan.com

Hong Zhang

We expect shares to trade modestly higher on a provision driven EPS beat vs. (1-212) 622-6416

consensus and revised 2026 EPS guidance. The company will host an earnings hongliang.zhang@jpmorgan.com

J.P. Morgan Securities LLC

call later this morning at 8:00 a.m. ET. We expect the focus will be on loan growth

and credit outlook, as well as further comments on how the company is navigating

the volatile macro environment and the potential reopening of the CFPB's credit

card late fee rule.

• Adj. Diluted EPS of $2.59 above JPMe & consensus estimates of $2.12/

$2.13, respectively. Net interest income (before RSAs) totaled $4.61B, below

JPMe $4.71B and consensus estimates of $4.76B, with a 15.08% NIM.

• Provision expense was $1.20B, compared with JPMe of $1.49B and

consensus estimates of $1.48B. We note that the ~$290M favorable variance

is the primary driver of the EPS beat versus estimates. (Separately, on a Y/Y

basis, the ~12% lower share count is what lifted EPS despite net earnings

available to common falling 8.7% to $864M.)

• OpEx of $1.33B was in line with JPMe $1.33B and modestly above consensus

estimates of $1.30B, primarily driven by technology investments and higher

operational losses.