Synchronous hybrid delivery (simultaneously teaching on-campus and online students using web conferencing) is becoming more common; however, little is known about how students experience emotions in this learning environment. Based on Pekrun's (2006) control-value theory of emotions, the dual purpose of this study was first to compare synchronous hybrid students who attend online versus on-campus in terms of control, value, emotions and perceived success and second to compare students' degree of emotional activation in the domains of programme achievement and technology use. Survey data from 101 graduate business students revealed that online students reported significantly higher levels of technology-related anger, anxiety and helplessness. Furthermore, in comparison to their on-campus counterparts, online students more clearly separated their emotions in terms of programme achievement and technology use. Emotions related significantly to students' perceived success for both programme achievement and technology use, and mediated the effects of control and value appraisals on perceived success.