BREAD FINANCIAL HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BREAD FINANCIAL HOLDINGS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,138	5,475	5,667	5,581	4,521	3,272	3,826	4,289	3,838	3,845
Cost of revenue	4,277	2,470	2,537	2,688	2,077
Gross profit	2,861	3,005	3,129	2,894	2,444
Selling and marketing	277	237	245	229	166
General and administrative	143	159	163	151	106
Operating income	1,266	1,518	1,757	662	301
Interest expense	429	455	542	638	499	383	503	879
Pre-tax income	837	1,063	1,215	662	301	1,044	300	968	381	615
Income tax	319	293	270	156	93	247	76	231	102	94
Income from continuing operations		769	946	506	208	797	224	737	279	521
Net income	516	789	963	278	214	801	223	718	277	518
EBITDA	1,778	2,016	2,245	911	485
EPS, basic	7.37	14.17	17.56	5.38	4.47	16.09	4.47	14.39	5.58	11.07
EPS, diluted	7.34	14.10	17.49	5.46	4.46	16.02	4.46	14.34	5.49	10.89
Shares, basic (weighted)	58.6	55.7	54.9	50	47.8	49.7	49.9	49.8	49.6	46.8
Shares, diluted (weighted)	58.9	55.9	55.1	50.9	47.9	50	50	50	50.4	47.6
Dividend per share	0.52	0.52	0.57	2.52	1.26	0.84	0.84	0.84	0.84	0.86

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,859	4,190	3,817	3,874	2,796	3,046	3,891	3,590	3,679	3,604
Short-term investments					29	80	130	250	272	26
Receivables	797	822	404	451	384
Inventory	271	234	248	218	164
Other current assets	324	349	293	268	535
Total current assets	19,589	24,706	24,712	24,113	19,634
Property, plant and equipment	586	614	288	282	213	215	195	167	142	117
Lease right-of-use assets				264	119	97	88	98	87	63
Goodwill	3,801	993	955	955	634	634	634	634	634	634
Intangible assets	1,003	801	217	153	77	53	165	128	112	82
Other non-current assets	515	657	636	682	558
Total assets	25,514	30,685	30,388	26,495	22,547	21,746	25,407	23,141	22,891	22,663
Accounts payable	568	651	486	301	328
Accrued liabilities	347	443	322	328	445
Deferred revenue	788	847	766	808	899
Short-term debt	815	131	139
Total current liabilities	9,230	10,147	11,484	11,872	10,422
Long-term debt	4,787	5,948	5,587
Lease liabilities				292	276
Other non-current liabilities	326	371	392	338	420
Total liabilities	23,856	28,830	28,056	24,907	21,025	19,660	23,142	20,223	19,840	19,336
Total debt	5,601	6,080	5,738	2,850	2,806	7,439	8,007	5,292	5,557	4,308
Paid-in capital	3,046	3,100	3,172	3,258	3,427	2,174	2,192	2,169	2,073	1,868
Retained earnings	3,495	4,167	5,012	5,163	4,832	-87	93	767	999	1,475
Treasury stock	-4,733	-5,273	-5,716	-6,734	-6,733
Other comprehensive income	-151	-140	-138	-99.9	-5	-2	-21	-19	-22	-16
Shareholders' equity	1,658	1,855	2,332	1,589	1,522	2,086	2,265	2,918	3,051	3,327
Total equity	1,658	1,855	2,332	1,589	1,522	2,086	2,265	2,918	3,051	3,327
Total liabilities and equity	25,514	30,685	30,388	26,495	22,547	21,746	25,407	23,141	22,891	22,663
Shares outstanding									49.1	44.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	518	789	963	278	214	801	223	718	277	518
Depreciation and amortization	512	498	487	249	184	123	113	116	90	80
Stock-based compensation	76.5	75.1	80.8	55	21	29	33	44	54	56
Deferred income tax	-30.8	-114	16.3	-186	-171	-20	-245	-68	-85	90
Change in receivables	-95.6	-10.3	-93	4.1	64.9
Change in payables	-9.6	167	-93.7	-255	62.1
Cash from operations	2,127	2,599	2,755	1,218	1,883	1,543	1,848	1,987	1,859	2,092
Capital expenditures	-207	-225	-200	-142	-54	-84	-68
Acquisitions		-946		-7	-267	-75	0	0
Purchases of investments	-18.4	-101	-89.5	-20	-40	-93
Sales and maturities of investments	39.2	42.5	47.4	60	77	73
Cash from investing	-4,292	-4,268	-1,872	2,861	1,774	-1,691	-5,111	788	-1,169	-1,371
Debt issued	3,824	7,697	4,575
Debt repaid	-3,223	-7,341	-4,893		-494			-500
Stock issued	18.4	18.4	17.6	12	3	4
Share buybacks	-799	-554	-443	-976		0	-12	-35	-55	-313
Dividends paid	-30	-116	-125	-127	-61	-42	-43	-42	-43	-40
Cash from financing	2,637	4,005	-1,218	-4,092	-4,167	608	3,267	-3,086	-592	-807
Exchange rate effect	14	10.3	-12	3	15	0	0
Net change in cash	487	2,346	-347	-10	-495	460	4	-311	98	-86
Free cash flow	1,920	2,374	2,555	1,076	1,829	1,459	1,780
Interest paid	405	551	720	672	488	357	466	861	922	868
Income taxes paid	467	344	234	1,071	268	325	338	292	227	53

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $102.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	17.3%	Pre-tax income / revenue.
Net margin	14.4%	Net income / revenue.
Operating cash flow margin	55.4%	Cash from operations / revenue.
Effective tax rate	16.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	87.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	32.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	98.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	34.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-7.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	85.0%	Total liabilities / total assets.
Tangible book value	$3.37B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	38.0x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$97.22	Revenue / diluted weighted shares.
Operating cash flow per share	$53.88	Cash from operations / diluted weighted shares.
Book value per share	$86.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$86.95	Tangible book value / shares outstanding.
Cash per share	$95.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	6.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.95B	Share price x shares outstanding.
Enterprise value	$270.7M	Market cap + total debt - cash - short-term investments.
P/E	6.96x	Market cap / net income. Only when net income is positive.
P/S	1.00x	Market cap / revenue.
P/B	1.17x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.17x	Market cap / tangible book value, when positive.
P/OCF	1.80x	Market cap / cash from operations, when positive.
EV/Sales	0.07x	Enterprise value / revenue.
Earnings yield	14.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	15.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.20x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BREAD FINANCIAL HOLDINGS, INC.'s revenue in fiscal 2025?

BREAD FINANCIAL HOLDINGS, INC. reported revenue of $3.85B for fiscal 2025, 0.2% higher than the year before.

Was BREAD FINANCIAL HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $518.0M, a net margin of 13.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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