Bread Financial Holdings, Inc. provides tech-forward payment and lending solutions to customers and consumer-based industries in North America. It offers credit card and other loans financing services, including risk management solutions, underwriting, and funding services for private label and co-brand credit card programs, as well as through Bread Pay partnerships. The company also manages and services the loans it originates for private label, co-brand, and general-purpose credit card programs, and installment loans and split-pay products; and provides marketing, and data and analytics services. In addition, it offers an enhanced digital suite that includes a unified software development kit, which provides access to its suite of products, as well as promotes credit payment options earlier in the shopping experience. Further, the company through Bread Pay, a digital payments platform and robust suite of application programming interfaces allows merchants and partners to integrate online point-of-sale financing and other digital payment products. Additionally, it offers retail and deposit products, primarily in the form of certificates of deposit and high-yield savings accounts, including traditional and Roth Individual Retirement Accounts. The company offers its products under the Bread, Bread Financial, Bread Cashback, Bread Rewards, Bread Pay, and Bread Savings brands. The company was formerly known as Alliance Data Systems Corporation and changed its name to Bread Financial Holdings, Inc. in March 2022. Bread Financial Holdings, Inc. was incorporated in 1995 and is headquartered in Columbus, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.8B | - | $518M | $2.1B | 15.6% | 0.2% | 87.0% |
| 2024 | $3.8B | - | $277M | $1.9B | 9.1% | -10.6% | -61.4% |
| 2023 | $4.3B | - | $718M | $2.0B | 24.6% | 11.0% | 222.0% |
| 2022 | $3.9B | - | $223M | $1.8B | 9.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,870 | 4,295 | 3,838 | 3,845 |
| Operating Revenue | - | 3,870 | 4,295 | 3,838 | 3,845 |
| Cost Of Revenue | 1,593 | - | - | - | - |
| Gross Profit | 2,062 | - | - | - | - |
| Operating Expense | 1,018 | - | - | - | - |
| Selling General And Administration | - | 959 | 1,028 | 1,044 | 1,030 |
| Total Expenses | 2,611 | - | - | - | - |
| Operating Income | 1,044 | - | - | - | - |
| EBITDA | 1,167 | - | - | - | - |
| Normalized EBITDA | 1,167 | - | - | - | - |
| EBIT | 1,044 | - | - | - | - |
| Interest Income | - | 4,684 | 5,145 | 5,024 | 4,912 |
| Interest Expense | - | 503 | 879 | 960 | 854 |
| Net Interest Income | - | 4,181 | 4,266 | 4,064 | 4,058 |
| Pretax Income | - | 300 | 968 | 381 | 615 |
| Tax Provision | - | 76 | 231 | 102 | 94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.24 | -31.24 | -11.25 |
| Net Income Continuous Operations | - | 224 | 737 | 279 | 521 |
| Net Income From Continuing And Discontinued Operation | - | 223 | 718 | 277 | 518 |
| Net Income From Continuing Operation Net Minority Interest | - | 224 | 737 | 279 | 521 |
| Net Income | - | 223 | 718 | 277 | 518 |
| Net Income Common Stockholders | - | 223 | 718 | 277 | 518 |
| Net Income Including Noncontrolling Interests | - | 223 | 718 | 277 | 518 |
| Normalized Income | - | 224 | 737.76 | 364.76 | 583.75 |
| Diluted NI Availto Com Stockholders | - | 223 | 718 | 277 | 518 |
| Basic Average Shares | - | 49.90 | 49.80 | 49.60 | 46.80 |
| Diluted Average Shares | - | 50 | 50 | 50.40 | 47.60 |
| Reconciled Depreciation | - | 113 | 116 | 90 | 80 |
| Reconciled Cost Of Revenue | 1,562 | - | - | - | - |
| Total Unusual Items | - | 0 | -1 | -117 | -74 |
| Total Unusual Items Excluding Goodwill | - | 0 | -1 | -117 | -74 |
| Net Income Discontinuous Operations | - | -1 | -19 | -2 | -3 |
| Special Income Charges | - | 0 | -1 | -117 | -74 |
| Gain On Sale Of Business | 0 | - | - | - | - |
| Write Off | 0 | 0 | - | - | - |
| Gain On Sale Of Security | 0 | - | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 113 | 116 | 90 | 80 |
| Depreciation And Amortization In Income Statement | - | 113 | 116 | 90 | 80 |
| General And Administrative Expense | - | 779 | 867 | 897 | 880 |
| Other Gand A | 136 | - | - | - | - |
| Salaries And Wages | - | 779 | 867 | 897 | 880 |
| Other Operating Expenses | 86 | - | - | - | - |
| Provision For Doubtful Accounts | 544 | - | - | - | - |
| Selling And Marketing Expense | - | 180 | 161 | 147 | 150 |
| Occupancy And Equipment | - | 23 | 22 | 22 | 23 |
| Professional Expense And Contract Services Expense | - | 142 | 128 | 112 | 112 |
| Other Non Interest Expense | - | 695 | 797 | 675 | 669 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bread Financial Holdings, Inc.this co. | BFH | $3.7B | 7.11β discount | 1.11 | 15.6% | 4.25 |
| Independent Bank Corp. | INDB | $3.8B | 18.52 | 1.07 | 5.8% | - |
| Cohen & Steers, Inc. | CNS | $3.8B | 24.67 | 6.73 | 27.3% | 17.84 |
| First BanCorp. | FBP | $3.8B | 10.90 | 1.91 | 17.5% | - |
| Renasant Corporation | RNST |
| $1.2B |
| - |
| - |
| - |
| - |
| - |
| $3.7B |
| 20.64 |
| 0.96 |
| 4.7% |
| - |
| WSFS Financial Corporation | WSFS | $3.7B | 12.89 | 1.35 | 10.5% | - |
| BancFirst Corporation | BANF | $3.7B | 15.37 | 1.99 | 13.0% | - |
| CVB Financial Corp. | CVBF | $3.6B | 17.23 | 1.57 | 9.1% | - |
| First Interstate BancSystem, Inc. | FIBK | $3.5B | 11.49 | 1.01 | 8.8% | - |
| Peer Median | - | 16.30 | 1.46 | 9.8% | 17.84 | |