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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Bread Financial (BFH) investor relations material
Bread Financial Goldman Sachs U.S. Financial Services Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs U.S. Financial Services Conference summary10 Dec, 2025
Strategic focus and operational priorities
Emphasis on responsible growth, disciplined risk management, and prudent underwriting to navigate the macroeconomic environment into 2026.
Capital priorities include investing in the business, maintaining strong balance sheet metrics, and returning value to shareholders.
Operational excellence and ongoing transformation are central to fueling business investment and efficiency.
Continued focus on digital and technology investments, with a strong balance sheet enabling simultaneous pursuit of growth, stability, and shareholder returns.
Positive operating leverage is driven by efficiency, cost management, and technology upgrades.
Consumer trends and credit performance
Consumers have shown resilience, with spending patterns shifting toward travel and entertainment for higher-risk bands and non-discretionary items for lower-risk bands.
Holiday spending is up 1-2% year-over-year, with consumers seeking deals and reverting to pre-pandemic behaviors.
Credit performance is improving, with loss rates expected at the low end of guidance and further improvement of 30-40 basis points anticipated next year.
Reserve rates are expected to decline toward 10% over the next few years, contingent on portfolio quality and macroeconomic conditions.
New, high-quality loan vintages and gradual portfolio healing are expected to drive loss rates closer to historical averages over time.
Loan growth, underwriting, and partner pipeline
Loan growth is expected to inflect from slightly down in 2024 to slightly up in 2025, driven by credit performance, new partners, and portfolio healing.
Underwriting remains data-driven and cautious, with no major loosening expected; line increases and risk detection are balanced.
The partner pipeline is robust, with recent wins in the home vertical and a focus on both acquiring new partners and retaining top partners through 2028 and beyond.
New partners like Raymour & Flanigan and Furniture First have potential to become top contributors.
Renewals increasingly focus on data analytics, technology, and value proposition enhancements rather than just pricing.
When will underwriting be a net growth driver?
Which new partners will drive significant loan growth?
What's the timeline for 70% deposit funding?
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Next Bread Financial earnings date
Q4 202529 Jan, 2026
Next Bread Financial earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Modern Payment Solutions
Bread Financial, formerly known as Alliance Data Systems, is an American financial services company that specializes in consumer finance and payment solutions. Bread Financial offers a range of products and services, including branded credit programs, private-label credit cards, and installment lending. It offers services to private individuals in the form of things such as credit cards and savings accounts, and for businesses, the company offers things such as branded credit cards Buy Now, Pay Later implementation. The company is headquartered in Columbus, Ohio, and its shares are listed on the NYSE
Alliance Data Systems
What would later go on to become Bread Financial was established as Alliance Data Systems in 1996 from a merger between J.C. Penney's credit card processing unit and The Limited's credit card bank operation, World Financial Network National Bank. Alliance Data went public in 2001.
Fast-forwarding to 2021, Alliance Data spun off its LoyaltyOne segment, including the Canadian AIR MILES Reward Program and Netherlands-based BrandLoyalty, into a separate publicly traded company, Loyalty Ventures Inc. In 2022, Alliance Data rebranded to Bread Financial as a part of changing the brand's image in conjunction with its focus on more tech-oriented financial services besides its traditional offerings.
For Private Individuals
Bread Financial offers a suite of financial products tailored for private individuals. Their offerings include private-label credit cards and co-branded credit cards, which are developed in partnership with various retailers and brands and provided with the help of both Mastercard and Visa. These cards often come with rewards and loyalty program benefits, catering to specific consumer needs and spending habits. Additionally, Bread Financial provides direct-to-consumer installment loans, enabling individuals to manage larger purchases through structured payments.
For Businesses
Bread Financial offers for businesses include customizable private label and co-branded credit card programs, which businesses can offer to their customers, integrated with rewards and loyalty schemes to encourage repeat patronage. Additionally, Bread Financial offers Buy Now, Pay Later (BNPL) solutions, enabling businesses to provide flexible payment options to its customers, facilitating immediate purchases with deferred payment plans. The company also provides various data-driven marketing and analytics services.
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