NYSE: BFH
BREAD FINANCIAL HOLDINGS, INC.CIK 0001101215 · SIC 6141 · Personal Credit Institutions
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BFH Q2 2026: net income $146.0M. Earnings rise on 5.0% credit sales growth, 78bp margin expansion, preferred issued
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Bread Financial reports 6.88% net loss rate, 5.25% delinquency in June credit update
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Bread Financial reports Q2 net income up 5% to $146M, raises full-year guidance
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Bread Financial CCO Valerie Greer to retire after 6 years; Dennis McCarthy promoted to CRO
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Bread Financial issues May 2026 performance update under Regulation FD
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Bread Financial shareholders approve new employee stock plan, elect 9 directors at annual meeting
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Bread Financial issues mid-quarter performance update for period ending April 30, 2026
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Bread Financial raises capital with preferred stock offering, restricts common dividends
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Bread Financial prices $120M perpetual preferred offering at $25/depositary share, 8.875% initial rate
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Bread Financial prices $120M preferred stock offering at 8.875% dividend rate
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Bread Financial offers depositary shares representing Series B Preferred Stock with fixed-to-floating dividend rate; size and pricing terms not yet disclosed
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Bread Financial launches public offering of preferred stock depositary shares
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net income $181.0M. Bread Financial reports stronger credit metrics, faces + in LVI spinoff litigation
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Latest financial statements
From 10-Q filed Oct 27, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(Millions, except per share amounts)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Interest income | ||||
| Interest and fees on loans | 1,254 | 1,198 | 3,673 | 3,531 |
| Interest on cash and investment securities | 40 | 44 | 114 | 135 |
| Total interest income | 1,294 | 1,242 | 3,787 | 3,666 |
| Interest expense | ||||
| Interest on deposits | 148 | 139 | 420 | 417 |
| Interest on borrowings | 51 | 71 | 166 | 238 |
| Total interest expense | 199 | 210 | 586 | 655 |
| Net interest income | 1,095 | 1,032 | 3,201 | 3,011 |
| Non-interest income | ||||
| Interchange revenue, net of retailer share arrangements | (144) | (111) | (361) | (289) |
| Other | 66 | 50 | 187 | 148 |
| Total non-interest income | (78) | (61) | (174) | (141) |
| Total net interest and non-interest income | 1,017 | 971 | 3,027 | 2,870 |
| Provision for credit losses | 321 | 299 | 937 | 869 |
| Total net interest and non-interest income, after provision for credit losses | 696 | 672 | 2,090 | 2,001 |
| Non-interest expenses | ||||
| Employee compensation and benefits | 228 | 222 | 673 | 648 |
| Card and processing expenses | 79 | 81 | 240 | 244 |
| Information processing and communication | 85 | 72 | 242 | 230 |
| Marketing expenses | 35 | 38 | 106 | 106 |
| Depreciation and amortization | 17 | 20 | 55 | 61 |
| Other | 43 | 43 | 126 | 144 |
| Total non-interest expenses | 487 | 476 | 1,442 | 1,433 |
| Income from continuing operations before income taxes | 209 | 196 | 648 | 568 |
| Provision for income taxes | 53 | 8 | 165 | 100 |
| Income from continuing operations | 156 | 188 | 483 | 468 |
| Loss from discontinued operations, net of income taxes (1) | — | — | — | (4) |
| Net income | 156 | 188 | 483 | 464 |
| Dividends declared to preferred stockholders | (6) | — | (10) | — |
| Net income available to common stockholders | 150 | 188 | 473 | 464 |
| Basic earnings per common share (Note 13) | ||||
| Income from continuing operations | 3.91 | 4.04 | 11.75 | 9.88 |
| Loss from discontinued operations | — | — | — | (0.09) |
| Net income per share | 3.91 | 4.04 | 11.75 | 9.79 |
| Diluted earnings per common share (Note 13) | ||||
| Income from continuing operations | 3.82 | 3.96 | 11.54 | 9.74 |
| Loss from discontinued operations | — | — | — | (0.09) |
| Net income per share | 3.82 | 3.96 | 11.54 | 9.65 |
| Weighted average common shares outstanding (Note 13) | ||||
| Basic | 38.3 | 46.5 | 40.3 | 47.4 |
| Diluted | 39.3 | 47.5 | 41.0 | 48.1 |
Consolidated Balance Sheets (Unaudited)
(Millions, except per share amounts)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | 3,961 | 3,604 |
| Credit card and other loans | ||
| Total credit card and other loans (includes loans available to settle obligations of consolidated variable interest entities: September 30, 2026, $11,489; December 31, 2025, $10,708) | 18,850 | 18,805 |
| Allowance for credit losses | (2,096) | (2,106) |
| Credit card and other loans, net | 16,754 | 16,699 |
| Investments (includes investment securities carried at fair value: September 30, 2026, $201; December 31, 2025, $221) | 279 | 284 |
| Property and equipment, net | 97 | 117 |
| Goodwill and intangible assets, net | 694 | 716 |
| Other assets | 1,506 | 1,243 |
| Total assets | 23,291 | 22,663 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Deposits | 15,502 | 13,916 |
| Debt issued by consolidated variable interest entities | 2,320 | 3,422 |
| Long-term and other debt | 814 | 886 |
| Other liabilities | 1,218 | 1,112 |
| Total liabilities | 19,854 | 19,336 |
| Commitments and contingencies (Note 15) | ||
| Stockholders’ equity | ||
| Preferred stock, $0.01 par value; authorized, 210.0 thousand shares; issued and outstanding: 210.0 thousand shares as of September 30, 2026 and 75.0 thousand shares as of December 31, 2025 | — | — |
| Common stock, $0.01 par value; authorized, 200.0 million shares; issued and outstanding: 38.0 million shares as of September 30, 2026 and 44.1 million shares as of December 31, 2025. | — | — |
| Additional paid-in capital | 1,543 | 1,868 |
| Retained earnings | 1,919 | 1,475 |
| Accumulated other comprehensive loss | (25) | (16) |
| Total stockholders’ equity | 3,437 | 3,327 |
| Total liabilities and stockholders’ equity | 23,291 | 22,663 |
Consolidated Statements of Cash Flows (Unaudited)
(Millions)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 483 | 464 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Provision for credit losses | 937 | 869 |
| Depreciation and amortization | 55 | 61 |
| Deferred income taxes | 2 | 95 |
| Non-cash stock-based compensation | 46 | 41 |
| Amortization of deferred financing costs | 12 | 12 |
| Amortization of deferred origination costs | 54 | 57 |
| Loss on debt extinguishment | 3 | 19 |
| Originations of loans held-for-sale (1) | (776) | — |
| Proceeds from sales and paydowns of loans held-for-sale (1) | 767 | — |
| Change in other operating assets and liabilities | ||
| Change in other assets | (63) | 53 |
| Change in other liabilities | 101 | (131) |
| Other | — | (16) |
| Net cash provided by operating activities | 1,621 | 1,524 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Change in credit card and other loans | (1,014) | 156 |
| Purchases of investments | (15) | (20) |
| Maturities of investments | 15 | 16 |
| Other, including capital expenditures | (14) | (20) |
| Net cash (used in) provided by investing activities | (1,028) | 132 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Unsecured borrowings under debt agreements | — | 400 |
| Repayments/maturities of unsecured borrowings under debt agreements | (76) | (312) |
| Debt issued by consolidated variable interest entities | 415 | 25 |
| Repayments/maturities of debt issued by consolidated variable interest entities | (1,519) | (1,903) |
| Net increase in deposits | 1,585 | 454 |
| Payment of deferred financing costs | (8) | (13) |
| Net proceeds from the issuance of preferred stock | 130 | — |
| Repurchases of common stock | (472) | (190) |
| Dividends and dividend equivalent rights paid | (39) | (31) |
| Other | (31) | (21) |
| Net cash used in financing activities | (15) | (1,591) |
| Change in cash, cash equivalents and restricted cash | 578 | 65 |
| Cash, cash equivalents and restricted cash at beginning of period | 3,628 | 3,714 |
| Cash, cash equivalents and restricted cash at end of period | 4,206 | 3,779 |
| SUPPLEMENTAL CASH FLOW INFORMATION | ||
| Cash and cash equivalents reconciliation | ||
| Cash and cash equivalents | 3,961 | 3,764 |
| Restricted cash included within Other assets | 245 | 15 |
| Total cash, cash equivalents and restricted cash | 4,206 | 3,779 |
Amounts as printed on the EDGAR/iXBRL face — (Millions, except per share amounts); (Millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗