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Bread Financial (BFH) investor relations material
Bread Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net income for Q3 2025 was $188 million, with adjusted net income at $191 million and EPS of $4.02, driven by lower provision for credit losses and favorable tax items, excluding $3 million post-tax debt repurchase expenses.
Tangible book value per share grew 19% year-over-year to $56.36; return on average tangible common equity was 28.6%.
Direct-to-consumer deposits increased 9% year-over-year to $8.2 billion, now 47% of average total funding.
Major share repurchase program authorized and expanded to $400 million, with $60 million repurchased through October.
Quarterly dividend increased by 10% to $0.23 per share.
Financial highlights
Credit sales reached $6.8 billion, up 5% year-over-year, while average loans were $17.6 billion, down 1% year-over-year.
Revenue was $971 million, down 1% year-over-year, mainly due to lower billed late fees and higher retailer share arrangements.
Total non-interest expenses fell 17% year-over-year to $476 million, with adjusted expenses down 1%.
Provision for credit losses decreased 19% to $299 million, driven by reserve releases and lower net principal losses.
Net interest margin was 18.8%, flat year-over-year; loan yield was 27.0%.
Outlook and guidance
2025 average loans expected to be flat to slightly down versus 2024; total revenue anticipated to be relatively flat year-over-year, excluding portfolio sale gains.
Net loss rate for 2025 projected at 7.8%-7.9%, with continued positive operating leverage expected, excluding one-time items.
Adjusted full-year effective tax rate guidance lowered to 19%-20% due to favorable discrete tax item.
How will the $340M repurchase authorization be deployed?
What drives the prudent reserve rate weighting?
How will Fed rate cuts impact net interest income?
Conditions for preferred share issuance?
Underwriting strategy: growth vs. risk?
Strategic rationale for home vertical focus?
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Next Bread Financial earnings date
KBW Fintech Payments Conference 202513 Nov, 2025
Next Bread Financial earnings date
KBW Fintech Payments Conference 202513 Nov, 2025
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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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