BREAD FINANCIAL HOLDINGS, INC. BFH
We are a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel and entertainment, health and beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.
We have continued to diversify our product mix with our brand partners through growth of our co-brand credit card programs, which, relative to our private label credit card programs, have higher credit sales per account and an improved credit risk mix that generally results in higher transactor balances, lower delinquencies and late fees, as well as lower losses. We also offer our proprietary credit cards along with the expansion of our Bread Pay products, which are our installment loans and "split-pay" offerings.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.91B | $5.02B | $5.14B | $4.68B | $3.87B | $3.95B | $4.83B | $960.1M | $5.47B | $5.01B |
| Cost of revenue | — | — | — | — | — | $2.08B | $2.69B | $2.54B | $2.47B | $2.60B |
| Gross profit | — | — | — | — | — | $1.87B | $2.14B | -$1.58B | $3.01B | $2.41B |
| SG&A | — | — | — | — | — | $105.7M | $150.6M | $162.5M | $159.3M | $135.6M |
| Total operating expenses | — | — | — | — | — | $3.63B | $4.27B | $3.91B | $3.96B | $3.86B |
| Operating income | — | — | — | — | — | $301.0M | $662.0M | $1.76B | $1.52B | $1.15B |
| Interest expense | $4.06B | $4.06B | $4.27B | $4.18B | $383.0M | $499.0M | $638.0M | $542.3M | $455.4M | $370.9M |
| Pre-tax income | $615.0M | $381.0M | $968.0M | $300.0M | $1.04B | $301.0M | $662.0M | $1.22B | $1.06B | $779.0M |
| Income tax | $94.0M | $102.0M | $231.0M | $76.0M | $247.0M | $93.0M | $156.0M | $269.5M | $293.3M | $298.8M |
| Net income | $518.0M | $277.0M | $718.0M | $223.0M | $801.0M | $214.0M | $278.0M | $963.1M | $788.7M | $517.6M |
| EPS, basic | 11.07 | 5.58 | 14.39 | 4.47 | 16.09 | 4.47 | 5.38 | 17.56 | 14.17 | 7.37 |
| EPS, diluted | 10.89 | 5.49 | 14.34 | 4.46 | 16.02 | 4.46 | 5.46 | 17.49 | 14.10 | 7.34 |
| Shares, diluted (wtd. avg.) | $47.6M | $50.4M | $50.0M | $50.0M | $50.0M | $47.9M | $50.9M | $55.1M | $55.9M | $58.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.60B | $3.68B | $3.59B | $3.93B | $3.92B | $3.46B | $3.96B | $3.97B | $4.31B | $1.97B |
| Short-term investments | $26.0M | $272.0M | $250.0M | $130.0M | $80.0M | $29.0M | — | — | — | — |
| Receivables | — | — | — | — | — | $383.8M | $451.1M | $404.0M | $822.3M | $797.2M |
| Inventory | — | — | — | — | — | $164.3M | $218.0M | $248.0M | $234.1M | $271.3M |
| Total current assets | — | — | — | — | — | $19.63B | $24.11B | $24.71B | $24.71B | $19.59B |
| Property, plant and equipment | $117.0M | $142.0M | $167.0M | $195.0M | $215.0M | $213.0M | $282.3M | $288.2M | $613.9M | $586.0M |
| Goodwill | $634.0M | $634.0M | $634.0M | $634.0M | $634.0M | $634.0M | $954.9M | $954.8M | $992.8M | $3.80B |
| Other intangibles | $82.0M | $112.0M | $128.0M | $165.0M | $53.0M | $77.0M | $153.3M | $217.4M | $800.6M | $1.00B |
| Total assets | $22.66B | $22.89B | $23.14B | $25.41B | $21.75B | $22.55B | $26.49B | $30.39B | $30.68B | $25.51B |
| Accounts payable | — | — | — | — | — | $328.2M | $300.8M | $486.2M | $651.2M | $568.3M |
| Short-term debt | — | — | — | — | — | — | — | $144.5M | $131.3M | $814.5M |
| Total current liabilities | — | — | — | — | — | $10.42B | $11.87B | $11.48B | $10.15B | $9.23B |
| Long-term debt | $4.31B | $5.56B | $5.29B | $8.01B | $7.44B | $2.81B | $2.85B | $5.74B | $6.08B | $5.60B |
| Total liabilities | $19.34B | $19.84B | $20.22B | $23.14B | $19.66B | $21.02B | $24.91B | $28.06B | $28.83B | $23.86B |
| Retained earnings | $1.48B | $999.0M | $767.0M | $93.0M | -$87.0M | $4.83B | $5.16B | $5.01B | $4.17B | $3.49B |
| Total equity | $3.33B | $3.05B | $2.92B | $2.27B | $2.09B | $1.52B | $1.59B | $2.33B | $1.86B | $1.66B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.09B | $1.86B | $1.99B | $1.85B | $1.54B | $1.88B | $1.22B | $2.75B | $2.60B | $2.13B |
| Depreciation and amortisation | $80.0M | $90.0M | $116.0M | $113.0M | $123.0M | $184.0M | $249.0M | $487.3M | $497.6M | $512.1M |
| Stock-based compensation | $56.0M | $54.0M | $44.0M | $33.0M | $29.0M | $21.0M | $55.0M | $80.8M | $75.1M | $76.5M |
| Capital expenditure | — | — | — | $68.0M | $84.0M | $54.0M | $142.0M | $199.8M | $225.4M | $207.0M |
| Investing cash flow | -$1.37B | -$1.17B | $788.0M | -$5.11B | -$1.69B | $1.77B | $2.86B | -$1.87B | -$4.27B | -$4.29B |
| Financing cash flow | -$807.0M | -$592.0M | -$3.09B | $3.27B | $608.0M | -$4.17B | -$4.09B | -$1.22B | $4.00B | $2.64B |
| Dividends paid | $40.0M | $43.0M | $42.0M | $43.0M | $42.0M | $61.0M | $127.0M | $125.2M | $115.5M | $30.0M |
| Buybacks | $313.0M | $55.0M | $35.0M | $12.0M | $0 | — | $976.0M | $443.2M | $553.7M | $798.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-144512.
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