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Bread Financial Holdings, Inc.

BFH NYSE Personal Credit Institutions Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$3.8B
0.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$518M
87.0%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $12.87 EPS (TTM)

What Bread Financial Holdings, Inc. does

No business description yet.

Legal name
BREAD FINANCIAL HOLDINGS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 13, 2026
Accession · CIK
0001101215-26-000016
0001101215

Revenue and margins

Bread Financial Holdings, Inc. had $3.8B of revenue in fiscal 2025, up 0.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 4.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Bread Financial Holdings, Inc. returned $353M to shareholders in fiscal 2025. The diluted share count fell 5.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Bread Financial Holdings, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.1B$4.0B$3.8B$4.0B$3.6B
Debt incl. finance leases $7.4B$8.0B$5.3B$5.6B$4.3B
Debt / equity 3.6x3.5x1.8x1.8x1.3x
Total assets $21.7B$25.4B$23.1B$22.9B$22.7B
Total liabilities $19.7B$23.1B$20.2B$19.8B$19.3B
Shareholders' equity $2.1B$2.3B$2.9B$3.1B$3.3B
Net debt (− = net cash) $4.3B$4.0B$1.5B$1.6B$678M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✓ ✓ ✕ ✕ ✓ ✕ ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✓ ✓ ✓ ✕ ✕ ✓ ✓ ✕ ✓
Current ratio rose — ✓ ✕ ✕ ✕ — — — — —
Share count didn't rise — ✓ ✓ ✓ ✓ ✕ ✓ ✓ ✕ ✓
Gross margin rose — ✓ ✓ ✕ ✓ — — — — —
Revenue rose relative to assets — ✕ ✓ ✓ ✕ ✕ ✓ ✓ ✕ ✓
F-score — / 38 / 98 / 96 / 95 / 94 / 76 / 77 / 73 / 77 / 7
Accruals ratio −6.3%−6.4%−5.9%−3.3%−6.8%−3.4%−6.9%−5.2%−6.9%−6.9%
Altman Z'' 3.523.963.873.903.54—————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.1B $5.5B $5.7B $5.6B $4.5B $3.3B $3.8B $4.3B $3.8B $3.8B
Net interest income — — — $4.2B $3.5B $3.5B $4.2B $4.3B $4.1B $4.1B
Noninterest income — — — −$139M −$155M −$213M −$355M — — —
Noninterest expense — — — $2.2B $1.7B $1.7B $1.9B $2.1B $2.1B $2.0B
Provision for credit losses — — — $1.2B $1.3B $544M $1.6B $1.2B $1.4B $1.2B
Gross profit $2.9B $3.0B $3.1B $2.9B $2.4B — — — — —
Operating income $1.3B $1.5B $1.8B $662M $301M — — — — —
Interest expense $429M $455M $542M $638M $499M $383M $503M $879M — —
Pretax income $837M $1.1B $1.2B $662M $301M $1.0B $300M $968M $381M $615M
Income tax $319M $293M $270M $156M $93.0M $247M $76.0M $231M $102M $94.0M
Net income $518M $789M $963M $278M $214M $801M $223M $718M $277M $518M
Net income to common $516M $789M $963M $269M $214M $801M — — — —
Diluted EPS $7.34 $14.10 $17.49 $5.46 $4.46 $16.02 $4.46 $14.34 $5.49 $10.89
Diluted shares 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $2.1B $2.6B $2.8B $1.2B $1.9B $1.5B $1.8B $2.0B $1.9B $2.1B
Capital expenditure $207M $225M $200M $142M $54.0M $84.0M $68.0M — — —
Free cash flow $1.9B $2.4B $2.6B $1.1B $1.8B $1.5B $1.8B — — —
Depreciation and amortization $512M $498M $487M $249M $184M $123M $113M $116M $90.0M $80.0M
Stock-based compensation $76.5M $75.1M $80.8M $55.0M $21.0M $29.0M $33.0M $44.0M $54.0M $56.0M
Acquisitions — $946M — $7.0M $267M $75.0M $0.0M $0.0M — —
Share buybacks $799M $554M $443M $976M — $0.0M $12.0M $35.0M $55.0M $313M
Dividends paid $30.0M $116M $125M $127M $61.0M $42.0M $43.0M $42.0M $43.0M $40.0M
Dividends and buybacks $829M $669M $568M $1.1B $61.0M $42.0M $55.0M $77.0M $98.0M $353M
Balance sheet
Cash and short-term investments $1.9B $4.2B $3.8B $3.9B $2.8B $3.1B $4.0B $3.8B $4.0B $3.6B
Total debt $6.4B $6.2B $5.9B $2.8B $2.8B $7.4B $8.0B $5.3B $5.6B $4.3B
Loans, net $15.6B $17.5B $16.8B $18.3B $14.8B $15.6B — — — —
Deposits — — — — $9.8B $11.0B $13.8B $13.6B $13.1B $13.9B
Current assets $19.6B $24.7B $24.7B $24.1B $19.6B — — — — —
Current liabilities $9.2B $10.1B $11.5B $11.9B $10.4B — — — — —
Inventory $271M $234M $248M $218M $164M — — — — —
Property and equipment, net $586M $614M $288M $282M $213M $215M $195M $167M $142M $117M
Goodwill $3.8B $993M $955M $955M $634M $634M $634M $634M $634M $634M
Intangible assets $1.0B $801M $217M $153M $77.0M $53.0M $165M $128M $112M $82.0M
Total assets $25.5B $30.7B $30.4B $26.5B $22.5B $21.7B $25.4B $23.1B $22.9B $22.7B
Total liabilities $23.9B $28.8B $28.1B $24.9B $21.0B $19.7B $23.1B $20.2B $19.8B $19.3B
Preferred stock — — — — — — — — $0.0M $0.0M
Shareholders' equity $1.7B $1.9B $2.3B $1.6B $1.5B $2.1B $2.3B $2.9B $3.1B $3.3B
Margins
Gross margin 40.1% 54.9% 55.2% 51.8% 54.1% — — — — —
Operating margin 17.7% 27.7% 31.0% 11.9% 6.7% — — — — —
EBITDA margin 24.9% 36.8% 39.6% 16.3% 10.7% — — — — —
Net margin 7.3% 14.4% 17.0% 5.0% 4.7% 24.5% 5.8% 16.7% 7.2% 13.5%
FCF margin 26.9% 43.4% 45.1% 19.3% 40.5% 44.6% 46.5% — — —
Net interest share of revenue — — — 75.1% 76.4% 106.5% 109.3% 99.5% 105.9% 105.5%
Efficiency ratio — — — 39.4% 38.3% 51.5% 50.5% 48.8% 53.7% 51.7%
Returns
Return on capital 13.2% 28.3% 31.1% 89.6% 13.8% — — — — —
Return on capital employed 7.8% 7.4% 9.3% 4.5% 2.5% — — — — —
Return on equity 31.2% 44.9% 46.0% 14.2% 13.8% 44.4% 10.3% 27.7% 9.3% 16.2%
Return on assets 2.0% 2.8% 3.2% 1.0% 0.9% 3.6% 0.9% 3.0% 1.2% 2.3%
Return on tangible equity — 1,274.2% 83.0% 55.9% 26.4% 57.3% 15.2% 33.3% 12.0% 19.8%
Growth
Revenue growth — −23.3% 3.5% −1.5% −19.0% −27.6% 16.9% 12.1% −10.5% 0.2%
Net income growth — 52.4% 22.1% −71.1% −23.0% 274.3% −72.2% 222.0% −61.4% 87.0%
EPS growth — 92.1% 24.0% −68.8% −18.3% 259.2% −72.2% 221.5% −61.7% 98.4%
FCF growth — 23.6% 7.6% −57.9% 70.0% −20.2% 22.0% — — —
Share count change — −5.1% −1.4% −7.6% −5.9% 4.4% 0.0% 0.0% 0.8% −5.6%
Financial health
Net debt / EBITDA 2.6x 1.0x 0.9x −1.1x −0.0x — — — — —
Debt / equity 3.9x 3.3x 2.5x 1.8x 1.8x 3.6x 3.5x 1.8x 1.8x 1.3x
Interest coverage 3.0x 3.3x 3.2x 1.0x 0.6x — — — — —
Current ratio 2.1x 2.4x 2.2x 2.0x 1.9x — — — — —
Quick ratio 2.1x 2.4x 2.1x 2.0x 1.9x — — — — —
Loans / deposits — — — — 150.9% 141.2% — — — —
Provision / loans — — — 6.5% 8.6% 3.5% — — — —
Capital allocation
Capex / revenue 2.9% 4.1% 3.5% 2.5% 1.2% 2.6% 1.8% — — —
Stock comp / revenue 1.1% 1.4% 1.4% 1.0% 0.5% 0.9% 0.9% 1.0% 1.4% 1.5%
Payouts / FCF 43.2% 28.2% 22.2% 102.5% 3.3% 2.9% 3.1% — — —
Quality scores
Piotroski F-score — 8.0 8.0 6.0 5.0 4.0 6.0 7.0 3.0 7.0
Altman Z'' 3.5 4.0 3.9 3.9 3.5 — — — — —
Accruals ratio −6.3% −6.4% −5.9% −3.3% −6.8% −3.4% −6.9% −5.2% −6.9% −6.9%

Source: SEC EDGAR XBRL filings (CIK 0001101215). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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