Earnings summaries and quarterly performance for BREAD FINANCIAL HOLDINGS.
Executive leadership at BREAD FINANCIAL HOLDINGS.
Ralph Andretta
Detailed
President and Chief Executive Officer
CEO
AD
Allegra Driscoll
Detailed
Executive Vice President, Chief Technology Officer
BC
Bryan Campbell
Detailed
Senior Vice President, Chief Accounting Officer
JM
Joseph Motes
Detailed
Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
PB
Perry Beberman
Detailed
Executive Vice President, Chief Financial Officer
TM
Tammy McConnaughey
Detailed
Executive Vice President, Chief Credit Risk and Operations Officer
VG
Valerie Greer
Detailed
Executive Vice President, Chief Commercial Officer
Board of directors at BREAD FINANCIAL HOLDINGS.
Research analysts who have asked questions during BREAD FINANCIAL HOLDINGS earnings calls.
Jeffrey Adelson
Morgan Stanley
6 questions for BFH
Also covers: ALLY, AXP, COF +6 more
MB
Mihir Bhatia
Bank of America
6 questions for BFH
Also covers: ACT, AXP, COF +11 more
SS
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
6 questions for BFH
Also covers: ALLY, AVDX, AXP +17 more
VC
Vincent Caintic
Stephens Inc.
6 questions for BFH
Also covers: AFRM, CRMT, ENVA +9 more
MO
Moshe Orenbuch
TD Cowen
5 questions for BFH
Also covers: AER, AFRM, AL +11 more
Bill Carcache
Wolfe Research, LLC
4 questions for BFH
Also covers: CMA, COF, FITB +10 more
DG
Dominick Gabriele
Compass Point Research & Trading, LLC
3 questions for BFH
Also covers: AVDX, JKHY, NATL +2 more
JP
John Pancari
Evercore ISI
3 questions for BFH
Also covers: ALLY, CFG, CMA +16 more
TM
Terry Ma
Barclays
3 questions for BFH
Also covers: AER, AL, AXP +15 more
RS
Reginald Smith
JPMorgan Chase & Co.
2 questions for BFH
Also covers: AFRM, BETR, CIFR +8 more
Richie Smith
JPMorgan Chase & Co.
2 questions for BFH
DR
David Rochester
Compass Point
1 question for BFH
Also covers: BKU, CFR, EWBC +4 more
Jon Arfstrom
RBC Capital Markets
1 question for BFH
Also covers: ALLY, ASB, BKU +24 more
RS
Reggie Smith
JPMorgan Chase & Co.
1 question for BFH
Also covers: AFRM, CIFR, CLSK +7 more
RS
Ryan Shelley
Bank of America
1 question for BFH
Also covers: CACC, NAVI, PFSI
Recent press releases and 8-K filings for BFH.
Bread Financial Provides Update on Q4 Outlook, Capital Structure, and 2026 Strategy
BFH
Guidance Update
Debt Issuance
Convertible Preferred Issuance
- Bread Financial expects Q4 2025 spend growth of 1-2% year over year and anticipates loan growth to be slightly up in 2026 after being slightly down in 2025. The company expects to come in at the low end of its 7.8-7.9% loss rate guidance for the current year, with continued improvement of 30-40 basis points expected in 2026.
- The company achieved its CET1 ratio target of mid-13% to 14%. It refinanced $719 million of senior notes at 9.75% with $500 million at 6.75%, incurring a $60 million debt extinguishment cost in Q4.
- Bread Financial issued $75 million in preferreds and plans to issue an additional $225 million opportunistically to reach a total of $300 million (1.5% of RWA), which would reduce the binding capital constraint to 12-13%.
- The direct-to-consumer deposit program reached $8.2 billion and 47% of total funding at the end of the last quarter, with a long-term goal of 70%.
Dec 10, 2025, 6:40 PM
Bread Financial Discusses Strategy, Credit, and Capital Outlook
BFH
Guidance Update
Debt Issuance
Share Buyback
Convertible Preferred Issuance
- Bread Financial anticipates low single-digit 1%-2% year-over-year spend growth for the fourth quarter of 2025 and expects slightly positive loan growth in 2026, driven by new partners including Bed Bath & Beyond, Furniture First, and Raymour & Flanigan.
- The company projects ending 2025 at the lower end of its 7.8-7.9% loss rate guidance and expects a 30-40 basis point improvement in 2026, with a long-term goal of reaching a 6% loss rate over the next few years.
- Bread Financial has achieved its CET1 ratio targets and plans to issue an additional $225 million in preferreds over the coming year to reach a total of $300 million, which would reduce capital targets to 12-13%.
- The company refinanced debt, paying off $719 million of 9.75% senior notes and issuing $500 million of 6.75% senior notes, which will result in a $60 million debt extinguishment cost in Q4 2025.
- Bread Financial also has almost $350 million in share buyback authorizations that it expects to deploy over time.
Dec 10, 2025, 6:40 PM
Bread Financial Provides Q4 2025 Outlook and Strategic Updates
BFH
Guidance Update
Debt Issuance
Share Buyback
- Bread Financial anticipates low single-digit (1%-2%) year-over-year spend growth for Q4 2025 and expects loan growth to inflect from slightly down in 2025 to slightly up in 2026. The company projects to be at the low end of its 7.8%-7.9% loss rate guidance for the year and forecasts a 30-40 basis point improvement in the loss rate for 2026.
- The company has strengthened its capital position, achieving a CET1 ratio in the mid-13% to 14% range. It refinanced $719 million of senior notes at 9.75% interest with $500 million at 6.75%, incurring a $60 million debt extinguishment cost in Q4.
- Bread Financial issued a $75 million first tranche of preferreds and plans to issue an additional $225 million to reach a total of $300 million, which will lower its capital target constraint to 12%-13%. The company also has almost $350 million in share buyback authorizations to deploy over time.
- The direct-to-consumer deposit program reached $8.2 billion at the end of the last quarter, making up 47% of total funding, with a long-term goal of 70%. The company's new partner pipeline is robust, with recent additions including Bed Bath & Beyond, Furniture First, and Raymour & Flanigan.
Dec 10, 2025, 6:40 PM
Bread Financial Holdings, Inc. Provides November 2025 Performance Update
BFH
Guidance Update
Demand Weakening
- Bread Financial Holdings, Inc. reported a net loss rate of 7.4% for November 2025, an improvement from 8.0% in November 2024.
- The company's delinquency rate as of November 30, 2025, was 6.0%, down from 6.2% as of November 30, 2024.
- End-of-period credit card and other loans were $18,094 million as of November 30, 2025, with average credit card and other loans showing a year-over-year decrease of (1%).
Dec 10, 2025, 12:32 PM
Bread Financial Provides November 2025 Performance Update
BFH
Guidance Update
Demand Weakening
- Bread Financial reported a net loss rate of 7.4% for the month ended November 30, 2025, an improvement from 8.0% for the same period in 2024.
- The company's delinquency rate as of November 30, 2025, was 6.0%, a decrease from 6.2% as of November 30, 2024.
- End-of-period credit card and other loans stood at $18,094 million as of November 30, 2025, slightly down from $18,143 million a year prior, with average credit card and other loans decreasing 1% year-over-year.
- Net principal losses for the month ended November 30, 2025, were $109 million, compared to $118 million in the prior year. The company noted that Q4 2024 net principal losses and net loss rate were modestly lower due to freezing delinquency progression for cardholders in Federal Emergency Management Agency identified impact zones following hurricanes Helene and Milton.
Dec 10, 2025, 12:30 PM
Bread Financial Holdings, Inc. Establishes and Issues Series A Preferred Stock
BFH
Dividends
- Bread Financial Holdings, Inc. established and issued 8.625% Non-Cumulative Perpetual Preferred Stock, Series A, effective November 25, 2025.
- The company issued 3,000,000 depositary shares on November 25, 2025, with each share representing 1/40th of a share of the Series A Preferred Stock.
- The Series A Preferred Stock has a liquidation preference of $1,000 per share and will pay non-cumulative cash dividends quarterly in arrears at a fixed rate of 8.625% per annum, commencing on March 15, 2026.
- The depositary shares are intended to be listed on the New York Stock Exchange (NYSE) under the symbol "BFH PrA".
Nov 25, 2025, 2:30 PM
Bread Financial Holdings, Inc. Announces Pricing of Depositary Shares Offering
BFH
Debt Issuance
Share Buyback
- Bread Financial Holdings, Inc. (BFH) announced the pricing of an underwritten public offering of depositary shares on November 20, 2025.
- Each depositary share represents a 1/40th interest in its 8.625% Non-Cumulative Perpetual Preferred Stock, Series A, with a liquidation preference of $25 per Depositary Share.
- The company expects to receive approximately $72,637,500 in net proceeds from the offering.
- The net proceeds are intended for general corporate purposes, which may include contributing to its subsidiary bank, Comenity Capital Bank, and share repurchases.
- The closing of the offering is expected to occur on November 25, 2025.
Nov 21, 2025, 1:35 AM
Bread Financial CFO Discusses Consumer Health, Loan Growth, and Capital Management
BFH
Guidance Update
Debt Issuance
Share Buyback
- Bread Financial's CFO, Perry Beberman, observed continued improvement in consumer payment patterns and expects delinquency and loss trends to improve, targeting a 6% through-the-cycle loss rate. The reserve rate, currently around 11.7%, is anticipated to glide down.
- The company projects loan growth to inflect in 2026, reaching low to mid-single digit growth rates, driven by improving payment rates, new partnerships, and natural growth from existing customers.
- Bread Financial has significantly improved its capital levels, with a CET1 ratio at 14%, the top of its target range. They recently refinanced senior notes, achieving a 300 basis point improvement in coupon and reducing total company debt to $900 million.
- Strategic initiatives include diversifying into a new home vertical with partners like Bed Bath & Beyond, Raymour & Flanigan, and Furniture First, and a gradual shift towards co-brand offerings.
Nov 13, 2025, 3:10 PM
Bread Financial Discusses Consumer Health, Credit Trends, and Growth Outlook at KBW Conference
BFH
Guidance Update
Debt Issuance
Share Buyback
- Bread Financial's CFO, Perry Beberman, highlighted the resilience of the consumer, particularly in Middle America, noting real wage growth has outpaced inflation and payment patterns continue to improve.
- The company expects a slow, gradual path to a 6% through-the-cycle delinquency target, with the current reserve rate of 11.7% anticipated to glide down towards a 10% target.
- Loan growth, which has been slightly down, is projected to reach an inflection point in 2026, moving to a low to mid-single digit growth rate, supported by new partnerships in the home vertical and improving credit quality.
- Bread Financial has significantly strengthened its capital position, achieving a CET1 ratio of 14% and reducing total company debt to $900 million after refinancing senior notes, with a target capital range of 12-13%.
- Strategic initiatives include expanding the co-brand mix, diversifying into new verticals like home, and leveraging installment lending and direct-to-consumer personal loans for growth, while maintaining a disciplined approach to M&A.
Nov 13, 2025, 3:10 PM
Bread Financial Discusses Consumer Health, Credit Trends, and Capital Management at KBW Fintech Payments Conference
BFH
Guidance Update
Share Buyback
Debt Issuance
- Bread Financial's CFO, Perry Beberman, highlighted the resiliency of Middle American consumers, noting that real wage growth has outpaced inflation for eight out of nine quarters, and the company is not seeing significant cracks in its customer base.
- The company anticipates a slow, gradual path to a 6% through-the-cycle target for delinquency, with next year's loss rates expected to improve. The reserve rate, currently around 11.7%, is projected to glide down towards the 10% mark.
- Loan growth, which has been slightly down, is expected to reach an inflection point in 2026 and achieve a low to mid-single digit growth rate, supported by a strong pipeline of new partnerships, particularly in the home vertical.
- Bread Financial's CET1 ratio is at 14%, at the top of its target range, and it recently refinanced senior notes at a 300 basis point improvement, reducing total company debt to $900 million. The company also added $200 million to its share buyback authorization.
Nov 13, 2025, 3:10 PM
Quarterly earnings call transcripts for BREAD FINANCIAL HOLDINGS.
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