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 Q2 net income up 5% to $146M, raises full-year guidance
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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 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 launches public offering of preferred stock depositary shares
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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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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 Jul 28, 2026 (period ending Jun 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 June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Interest income | ||||
| Interest and fees on loans | 1,195 | 1,148 | 2,419 | 2,333 |
| Interest on cash and investment securities | 39 | 46 | 75 | 91 |
| Total interest income | 1,234 | 1,194 | 2,494 | 2,424 |
| Interest expense | ||||
| Interest on deposits | 139 | 139 | 272 | 277 |
| Interest on borrowings | 56 | 81 | 116 | 167 |
| Total interest expense | 195 | 220 | 388 | 444 |
| Net interest income | 1,039 | 974 | 2,106 | 1,980 |
| Non-interest income | ||||
| Interchange revenue, net of retailer share arrangements | (110) | (95) | (216) | (178) |
| Other | 64 | 50 | 120 | 97 |
| Total non-interest income | (46) | (45) | (96) | (81) |
| Total net interest and non-interest income | 993 | 929 | 2,010 | 1,899 |
| Provision for credit losses | 313 | 274 | 616 | 570 |
| Total net interest and non-interest income, after provision for credit losses | 680 | 655 | 1,394 | 1,329 |
| Non-interest expenses | ||||
| Employee compensation and benefits | 225 | 212 | 445 | 426 |
| Card and processing expenses | 81 | 81 | 161 | 163 |
| Information processing and communication | 80 | 77 | 156 | 158 |
| Marketing expenses | 36 | 34 | 71 | 68 |
| Depreciation and amortization | 19 | 20 | 37 | 42 |
| Other | 42 | 57 | 85 | 101 |
| Total non-interest expenses | 483 | 481 | 955 | 958 |
| Income from continuing operations before income taxes | 197 | 174 | 439 | 371 |
| Provision for income taxes | 51 | 35 | 111 | 91 |
| Income from continuing operations | 146 | 139 | 328 | 280 |
| Loss from discontinued operations, net of income taxes (1) | — | — | — | (4) |
| Net income | 146 | 139 | 328 | 276 |
| Dividends declared to preferred stockholders | (2) | — | (4) | — |
| Net income available to common stockholders | 144 | 139 | 324 | 276 |
| Basic earnings per common share (Note 13) | ||||
| Income from continuing operations | 3.62 | 2.96 | 7.83 | 5.86 |
| Income (loss) from discontinued operations | — | 0.01 | — | (0.08) |
| Net income per share | 3.62 | 2.97 | 7.83 | 5.78 |
| Diluted earnings per common share (Note 13) | ||||
| Income from continuing operations | 3.55 | 2.93 | 7.72 | 5.79 |
| Income (loss) from discontinued operations | — | 0.01 | — | (0.08) |
| Net income per share | 3.55 | 2.94 | 7.72 | 5.71 |
| Weighted average common shares outstanding (Note 13) | ||||
| Basic | 39.9 | 46.7 | 41.3 | 47.8 |
| Diluted | 40.7 | 47.2 | 41.9 | 48.4 |
Consolidated Balance Sheets (Unaudited)
(Millions, except per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | 3,683 | 3,604 |
| Credit card and other loans | ||
| Total credit card and other loans (includes loans available to settle obligations of consolidated variable interest entities: June 30, 2026, $10,034; December 31, 2025, $10,708) | 18,477 | 18,805 |
| Allowance for credit losses | (2,075) | (2,106) |
| Credit card and other loans, net | 16,402 | 16,699 |
| Investments (includes investment securities carried at fair value: June 30, 2026, $218; December 31, 2025, $221) | 288 | 284 |
| Property and equipment, net | 104 | 117 |
| Goodwill and intangible assets, net | 701 | 716 |
| Other assets | 1,274 | 1,243 |
| Total assets | 22,452 | 22,663 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Deposits | 14,732 | 13,916 |
| Debt issued by consolidated variable interest entities | 2,447 | 3,422 |
| Long-term and other debt | 838 | 886 |
| Other liabilities | 1,070 | 1,112 |
| Total liabilities | 19,087 | 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 June 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: 38.7 million shares as of June 30, 2026 and 44.1 million shares as of December 31, 2025. | — | — |
| Additional paid-in capital | 1,603 | 1,868 |
| Retained earnings | 1,779 | 1,475 |
| Accumulated other comprehensive loss | (17) | (16) |
| Total stockholders’ equity | 3,365 | 3,327 |
| Total liabilities and stockholders’ equity | 22,452 | 22,663 |
Consolidated Statements of Cash Flows (Unaudited)
(Millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 328 | 276 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Provision for credit losses | 616 | 570 |
| Depreciation and amortization | 37 | 42 |
| Deferred income taxes | 8 | 17 |
| Non-cash stock-based compensation | 31 | 28 |
| Amortization of deferred financing costs | 8 | 8 |
| Amortization of deferred origination costs | 36 | 38 |
| Originations of loans held-for-sale (1) | (387) | — |
| Proceeds from sales and paydowns of loans held-for-sale (1) | 370 | — |
| Change in other operating assets and liabilities | ||
| Change in other assets | 15 | 53 |
| Change in other liabilities | (46) | (118) |
| Other | 4 | 5 |
| Net cash provided by operating activities | 1,020 | 919 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Change in credit card and other loans | (343) | 487 |
| Purchases of investments | (10) | (15) |
| Maturities of investments | 9 | 10 |
| Other, including capital expenditures | (11) | (12) |
| Net cash (used in) provided by investing activities | (355) | 470 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Unsecured borrowings under debt agreements | — | 400 |
| Repayments/maturities of unsecured borrowings under debt agreements | (51) | (272) |
| Debt issued by consolidated variable interest entities | 150 | — |
| Repayments/maturities of debt issued by consolidated variable interest entities | (1,126) | (1,470) |
| Net increase in deposits | 815 | 258 |
| Payment of deferred financing costs | (1) | (10) |
| Net proceeds from the issuance of preferred stock | 130 | — |
| Repurchases of common stock | (396) | (150) |
| Dividends and dividend equivalent rights paid | (25) | (22) |
| Other | (30) | (19) |
| Net cash used in financing activities | (534) | (1,285) |
| Change in cash, cash equivalents and restricted cash | 131 | 104 |
| Cash, cash equivalents and restricted cash at beginning of period | 3,628 | 3,714 |
| Cash, cash equivalents and restricted cash at end of period | 3,759 | 3,818 |
| SUPPLEMENTAL CASH FLOW INFORMATION | ||
| Cash and cash equivalents reconciliation | ||
| Cash and cash equivalents | 3,683 | 3,799 |
| Restricted cash included within Other assets | 76 | 19 |
| Total cash, cash equivalents and restricted cash | 3,759 | 3,818 |
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 ↗