BREAD FINANCIAL HOLDINGS, INC.

Listed Company

BFHCIK 0001101215NYSELarge AcceleratedPersonal Credit InstitutionsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$518.00M

Total Assets

$22.66B

Equity

$3.33B

Shares Out

40.41M

Op. Cash Flow

$2.09B

Business

BREAD FINANCIAL HOLDINGS, INC. is a tech-forward financial services company that provides payment, lending, and saving solutions to U.S. consumers and brand partners. Its main products include Bread Financial general-purpose, private label and co-brand credit cards, direct-to-consumer American Express cards, Bread Pay installment and split-pay pay-over-time offerings, and Bread Savings deposit products. The company operates through a single reportable segment that combines card issuance, loan servicing and related services—including risk management, fraud prevention, marketing, data analytics and digital capabilities. It distributes products to millions of U.S. consumers via branded retail partners, SMB merchants, direct-to-consumer channels, omnichannel integrations and digital APIs.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	4,739	4,820	4,961	4,615	3,861
Interest on cash and investment securities	173	204	184	69	7
Total interest income	4,912	5,024	5,145	4,684	3,868
Interest on deposits	554	608	541	243	167
Interest on borrowings	300	352	338	260	216
Total interest expense	854	960	879	503	—
Interest income (expense)	4,058	4,064	4,266	4,181	3,485
Interchange revenue, net of retailer share arrangements	−416	−381	−335	−469	−369
Gain on portfolio sale	3	11	230	0	10
Other	200	144	128	114	146
Total non-interest income	−213	−226	23	−355	−213
Total net interest and non-interest income	3,845	3,838	4,289	3,826	3,272
Provision for credit losses	1,242	1,397	1,229	1,594	544
Total net interest and non-interest income, after provision for credit losses	2,603	2,441	3,060	2,232	2,728
Employee compensation and benefits	880	897	867	779	671
Card and processing expenses	322	326	428	359	323
Information processing and communication	308	300	301	274	216
Marketing expenses	150	147	161	180	160
Depreciation and amortization	80	90	116	113	92
Other	248	300	219	227	222
Total non-interest expenses	1,988	2,060	2,092	1,932	1,684
Income from continuing operations before income taxes	615	381	968	300	1,044
Provision for income taxes	94	102	231	76	247
Income from continuing operations	521	279	737	224	797
Loss from discontinued operations, net of income taxes	−3	−2	−19	−1	4
Net income available to common stockholders	518	277	718	223	801
Income from continuing operations (in dollars per share)	11.15	5.63	14.79	4.48	16.02
Loss from discontinued operations (in dollars per share)	−0.08	−0.05	−0.4	−0.01	0.07
Net income per share (in dollars per share)	11.07	5.58	14.39	4.47	16.09
Income from continuing operations (in dollars per share)	10.96	5.54	14.74	4.47	15.95
Loss from discontinued operations (in dollars per share)	−0.07	−0.05	−0.4	−0.01	0.07
Net income per share (in dollars per share)	10.89	5.49	14.34	4.46	16.02
Basic (in shares)	47	50	50	50	50
Diluted (in shares)	48	50	50	50	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3,604	3,679	3,590	3,891	3,046
Total credit card and other loans (includes loans available to settle obligations of consolidated variable interest entities: 2025, $10,708; 2024, $12,408)	18,805	18,896	19,333	—	—
Allowance for credit losses	−2,106	−2,241	−2,328	−2,464	−1,832
Credit card and other loans, net	16,699	16,655	17,005	18,901	15,567
Investments (includes investment securities carried at fair value: 2025, $221; 2024, $217)	284	266	253	221	239
Property and equipment, net	117	142	167	195	215
Goodwill and intangible assets, net	716	746	762	799	687
Other assets	1,243	1,403	1,364	1,400	1,992
Total assets	22,663	22,891	23,141	25,407	21,746
Deposits	13,916	13,082	13,620	13,826	11,027
Debt issued by consolidated variable interest entities	3,422	4,558	3,898	6,115	5,453
Long-term and other debt	886	999	1,394	1,892	1,986
Other liabilities	1,112	1,201	1,311	1,309	1,194
Total liabilities	19,336	19,840	20,223	23,142	19,660
Commitments and contingencies (Note 20)	—	—	—	—	—
Preferred stock, $0.01 par value; authorized, 75.0 thousand shares; issued and outstanding: 2025, 75.0 thousand shares; 2024, no shares	0	0	—	—	—
Common stock, $0.01 par value; authorized, 200.0 million shares; issued and outstanding: 2025, 44.1 million shares; 2024, 49.1 million shares	0	1	1	1	1
Additional paid-in capital	1,868	2,073	2,169	—	2,174
Retained earnings	1,475	999	767	93	−87
Accumulated other comprehensive loss	−16	−22	−19	−21	−2
Total stockholders equity	3,327	3,051	2,918	2,265	2,086
Total liabilities and stockholders equity	22,663	22,891	23,141	25,407	21,746

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	80	90	116	113	123
Deferred income taxes	90	−85	−68	−245	−15
Non-cash stock-based compensation	56	54	44	33	29
Amortization of deferred financing costs	16	21	26	24	31
Amortization of deferred origination costs	75	92	92	86	−4
Loss on debt extinguishment	74	117	7	—	—
Change in other assets	57	42	28	−134	−30
Change in other liabilities	−96	−109	0	87	−11
Other	−17	−26	25	67	6
Net cash provided by operating activities	2,092	1,859	1,987	1,848	1,543
Change in credit card and other loans	−1,345	−840	−1,154	−3,222	−1,805
Proceeds from sale of credit card loan portfolios	0	101	2,499	0	512
Purchases of credit card loan portfolios	0	−377	−473	−1,804	−110
Purchases of investments	−22	−31	−50	−43	−93
Maturities of investments	20	14	14	30	73
Other, including capital expenditures	−24	−36	−48	−72	−80
Net cash provided by investing activities	−1,371	−1,169	788	−5,111	−1,691
Unsecured borrowings under debt agreements	900	300	1,401	218	38
Repayments/maturities of unsecured borrowings under debt agreements	−1,079	−894	−1,882	−319	−864
Debt issued by consolidated variable interest entities	925	2,390	2,592	4,248	4,278
Repayments/maturities of debt issued by consolidated variable interest entities	−2,063	−1,727	−4,807	−3,587	−4,538
Net increase (decrease) in deposits	835	−541	−209	2,778	1,228
Payment of deferred financing costs	−24	−15	−63	−13	−13
Net proceeds from the issuance of preferred stock	71	0	0	—	—
Repurchases of common stock	−313	−55	−35	−12	0
Dividends and dividend equivalent rights paid	−42	−43	−42	—	—
Payment of Capped Call transactions	0	0	−39	0	0
Other	−17	−7	−2	−3	−4
Net cash used in financing activities	−807	−592	−3,086	3,267	608
Change in cash, cash equivalents and restricted cash	−86	98	−311	4	460
Cash paid during the year for interest	868	922	861	466	357
Total income taxes paid during the year, net of refunds (1)	53	227	292	338	325

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