Bread Financial Holdings, Inc.
breadfinancial.comWhat Do They Do?
Provides credit cards and pay-over-time financing to consumers through retailers and brand partners, and offers general-purpose cards and savings products directly to U.S. consumers.
10-K for FY2025, filed Feb 13, 2026Our core business is working with many of the country’s best-known brands and retailers (who we call our partners or brand partners) to…View ↗
Our DTC, proprietary general purpose credit cards consist of our Bread Cashback American Express Credit Card and our Bread Rewards American…View ↗
Bread Pay is our payment technology solution for our pay-over-time products, which includes both our installment loan and “split-pay”…View ↗
Bread Savings refers to our DTC, or retail, deposit products, primarily in the form of certificates of deposit and high-yield savings…View ↗
How Do They Make Money?
Bread earns interest and fees on card and other loan balances over time, and merchants pay transaction fees when card purchases are processed; partner contracts also generate revenue.
10-K for FY2025, filed Feb 13, 2026We recognize revenue when obligations under the terms of a contract with a customer are satisfied. Payments made pursuant to contractual…View ↗
Interest and fees on loans: Represents revenue earned on customer accounts owned by us, and is recognized in the period earned in…View ↗
Interchange revenue, net of retailer share arrangements: Represents revenue earned from merchants, including our brand partners, and…View ↗
$2.6B
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10-K for FY2025, filed Feb 13, 2026
$2.6B ↗
Who Are Their Customers?
Retailers and brand partners offer co-brand and private-label cards to their customers; consumers can also obtain Bread's general-purpose cards and savings products directly, while Bread Pay financing is offered through merchants.
10-K for FY2025, filed Feb 13, 2026Our core business is working with many of the country’s best-known brands and retailers (who we call our partners or brand partners) to…View ↗
Our DTC, proprietary general purpose credit cards consist of our Bread Cashback American Express Credit Card and our Bread Rewards American…View ↗
Bread Pay is our payment technology solution for our pay-over-time products, which includes both our installment loan and “split-pay”…View ↗
Bread Savings refers to our DTC, or retail, deposit products, primarily in the form of certificates of deposit and high-yield savings…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 20 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 13, 2026
$518MView ↗
How Are They Changing?
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Sep 3, 2026
Bread plans to merge Comenity Bank into Comenity Capital Bank
Regulatory approvals were received on July 31, 2026; the company expected to complete the merger around October 1, 2026, subject to remaining conditions.
Sources
8-K, filed Sep 8, 2026
As previously disclosed, on December 17, 2025, Bread Financial Holdings, Inc. (the “Company”) filed applications with the Federal Deposit…View ↗
Flat. Revenue was $2.6B in FY2025, about the same as the $2.7B of FY2021.
Expanded direct card range
The direct-to-consumer card range has expanded from the Bread Cashback card to include a Bread Rewards card with points on selected purchases.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 13, 2026In April 2022, we launched our branded Bread CashbackTM American Express® Credit Card, which is a direct-to-consumer, general purpose…View ↗
Our DTC, proprietary general purpose credit cards consist of our Bread Cashback American Express Credit Card and our Bread Rewards American…View ↗
Longer installment repayment periods
Bread Pay installment loans extend over longer repayment periods than the older report described.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 13, 2026Our Bread PayTM installment loans are closed-end credit accounts where the customer pays down the outstanding balance in monthly…View ↗
Our Bread Pay installment loans are fixed extensions of credit where the customer pays down the outstanding balance in monthly…View ↗
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