Bread Financial

BFH · NYSE · Financials · Financials, fiscal 2016 to 2025

BFH · Last close · November 6, 2026

$101.83

Bread Financial's revenue rose 0.2% to $3.8 billion in fiscal 2025. Net income was $518 million, up 87.0%. Its return on equity was 16.2%, up from 9.3% a year earlier. Its efficiency ratio was 51.7%, down from 53.7% a year earlier. It paid out $353 million in dividends and buybacks. The diluted share count fell 5.6%.

BREAD FINANCIAL HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001101215-26-000016 Updated November 2, 2026

Revenue

$3.8B

0.2%

Net income

$518M

87.0%

Return on equity

16.2%

7.0 pts

Return on tangible equity

21.1%

8.7 pts

Efficiency ratio

51.7%

2.0 pts

Market cap

$4.0B

Nov 6 close

P/E

8.0x

On $12.76 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Bread Financial does

Bread Financial is a consumer lender. It issues credit cards and offers pay-over-time loans to people in the United States, and it also takes savings deposits. Most of its cards carry the name of a retailer or other brand partner, either as a private label card (usable only at that brand) or as a co-brand card (usable anywhere). It also sells its own Bread-branded general purpose cards and Bread Pay installment and split-pay loans.

Its partners include travel, entertainment, jewelry, specialty apparel, sporting goods, health and beauty, and electronics and furniture companies, as well as small and medium-sized businesses. Bread Financial reports one segment. Its main source of revenue is interest and fees on the loans it makes, and to a lesser extent payments under its contracts with brand partners.

At the end of 2025 the company had $18.8 billion in credit card and other loans, spread across about 34 million open accounts.

Its biggest risks, as it describes them

Customers who default on unsecured loans it cannot collect.
Depending on a limited number of brand partners for a large share of revenue.
A business concentrated in U.S. consumer credit.
An allowance for credit losses that may prove too small.
Fraud, and risk models that may not be accurate.

From Bread Financial's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 4.5% a year and net income 0.0% a year, as buybacks cut the share count by 19%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	15,567	—	—	—	—
Deposits	11,027	13,826	13,620	13,082	13,916
Loans to deposits	141.2%	—	—	—	—
Provision for credit losses	544	1,594	1,229	1,397	1,242
Provision to average loans	3.6%	—	—	—	—
Total assets	21,746	25,407	23,141	22,891	22,663
Shareholders' equity	2,086	2,265	2,918	3,051	3,327

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Bread Financial's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open Bread Financial's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $62,046 of Bread Financial shares on the open market, and 3 insiders sold $2.5 million, $1.3 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Dennis James McCarthyEVP, Chief Revenue Officer	Bought	16	$108.14	$1,718	Form 4
Jul 28, 2026	Praniti LakhwaraDirector	Sold	2,802	$106.12	$297,348	Form 4
May 29, 2026	Ralph J AndrettaPresident and CEO, Director	Sold plan	15,000	$89.10	$1.3 million	Form 4
May 21, 2026	John J. FawcettDirector	Bought	698	$86.43	$60,328	Form 4
Apr 24, 2026	Roger H BallouDirector	Sold	9,687	$90.32	$874,930	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Bread Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Bread Financial	FY25	0.2%	13.5%	16.2%	21.1%	51.7%
SoFi Technologies	FY25	35.1%	13.3%	5.7%	7.0%	84.6%	Compare
SLM	FY25	7.3%	37.5%	32.3%	32.4%	33.2%	Compare
Ally Financial	FY25	−3.3%	10.8%	5.8%	6.2%	68.1%	Compare
Synchrony Financial	FY25	−2.8%	18.7%	21.3%	24.6%	27.1%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,138	5,475	5,667	5,581	4,521	3,272	3,826	4,289	3,838	3,845
Revenue growth	10.8%	−23.3%	3.5%	−1.5%	−19.0%	−27.6%	16.9%	12.1%	−10.5%	0.2%
Net interest income	—	—	—	4,189	3,453	3,485	4,181	4,266	4,064	4,058
Noninterest income	—	—	—	−139	−155	−213	−355	—	—	—
Noninterest expense	—	—	—	2,200	1,731	1,684	1,932	2,092	2,060	1,988
Provision for credit losses	940	1,140	1,016	1,188	1,266	544	1,594	1,229	1,397	1,242
Net income	518	789	963	278	214	801	223	718	277	518
Diluted EPS (US$)	7.34	14.10	17.49	5.46	4.46	16.02	4.46	14.34	5.49	10.89
Diluted shares (millions)	59	56	55	51	48	50	50	50	50	48
Payouts
Dividends paid	30	116	125	127	61	42	43	42	43	40
Share buybacks	799	554	443	976	0	0	12	35	55	313
Balance sheet at fiscal year end
Loans, net	15,596	17,494	16,817	18,292	14,776	15,567	—	—	—	—
Deposits	—	—	—	—	9,793	11,027	13,826	13,620	13,082	13,916
Total assets	25,514	30,685	30,388	26,495	22,547	21,746	25,407	23,141	22,891	22,663
Shareholders' equity	1,658	1,855	2,332	1,589	1,522	2,086	2,265	2,918	3,051	3,327
Ratios
Return on equity	28.2%	44.9%	46.0%	14.2%	13.8%	44.4%	10.2%	27.7%	9.3%	16.2%
Return on tangible common equity	−16.8%	−51.1%	157.7%	32.8%	33.1%	72.5%	15.6%	39.6%	12.4%	21.1%
Return on assets	2.2%	2.8%	3.1%	1.0%	0.9%	3.6%	0.9%	3.0%	1.2%	2.3%
Efficiency ratio	—	—	—	39.4%	38.3%	51.5%	50.5%	48.8%	53.7%	51.7%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bread Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bread Financial.