Short answer
BREAD FINANCIAL HOLDINGS, INC. (BFH) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $3.8B (+0.2% year over year) and net income of $518M.
- Top risk flagged: No geopolitical or macroeconomic threat with concrete exposure detailed in risk_factors section
FY2025 key financial metrics · XBRL
- Revenue
- $3.8B
- +0.2% YoY
- Net income
- $518M
- +87.0% YoY
- EPS (diluted)
- $10.89
- +98.4% YoY
- ROE
- 15.6%
- +6.5 pp YoY
- Operating cash flow
- $2.1B
- +12.5% YoY
Source: XBRL data from the BREAD FINANCIAL HOLDINGS, INC. (BFH) FY2025 10-K on SEC EDGAR. USD.
BREAD FINANCIAL HOLDINGS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Credit card issuance and servicing with associated financial services
- Strategic outsourcing of credit card processing services initiated June 2022, with FDIC consent order issued Nov 2023 on IT and compliance shortcomings
- Capital ratios: Common equity tier 1 at 13.0% (2025) vs 12.4% (2024), total capital $3.31B with subordinated notes increased by $400M in 2025
- Allowance for credit losses sensitive to assumptions; 100 bps increase could change reserve by ~$184M
- No goodwill impairment indicated in 2025 annual qualitative assessment despite valuation uncertainties
Management Discussion & Analysis
- Revenue $3,845M in 2025, flat YoY (+$7M vs $3,838M in 2024), down 11% from 2023 ($4,289M)
- Operating margin approx. 16.0% in 2025 (Income from continuing ops $521M / Revenue $3,845M) vs 7.3% in 2024 ($279M/$3,838M)
- Best performing segment: Direct-to-consumer deposits growth 11% to $8,523M; worst, Credit card and other loans down 1% to $17,850M average balance
- Cash flow/use: Declared dividend $0.86/share (up 2%), total non-interest expenses down 3% to $1,988M; repurchased debt cost impact $74M (2025) reducing expenses
- Forward outlook: Management cautious on macro risks, maintaining prudent credit loss reserves (11.2% reserve rate), emphasizing liquidity and capital adequacy amidst inflation and unemployment uncertainties
Risk Factors
- No geopolitical or macroeconomic threat with concrete exposure detailed in risk_factors section
- Cybersecurity risk oversight by Board Risk & Technology Committee, Audit Committee reviews major financial risk exposures
- No competitive or market disruption risk with named competitor or technology detailed in risk_factors section
- Management team with CISO, CRO, CORO responsible for cybersecurity risk management, CISO reports to EVP and CTO with 25 years experience
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