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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Bread Financial
Bread Financial (BFH) investor relations material
Bread Financial Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 credit sales rose 9% to $7.424B, period-end loans grew 7% to $18.9B, and consumer deposits increased 21% to $9.9B.
Revenue rose 5% to $1,017M; net income was $156M, down 17% YoY as prior-year results included a $38M favorable discrete tax item.
Pretax income increased 6% to $209M and PPNR rose 7% to $530M; delinquency and net loss rates improved YoY.
FY2026 guidance calls for ~4% average loan growth, ~5% revenue growth, positive operating leverage and a 6.9%-7.0% net loss rate.
Financial highlights
Revenue growth reflected loan growth, lower interest expense and higher merchant and interchange fees; higher retailer share arrangements and lower billed late fees partly offset gains.
Net interest income rose 6% YoY to $1,095M; provision for credit losses was $321M versus $299M a year earlier.
Non-interest expenses increased 2% to $487M; adjusted expenses excluding debt-repurchase impacts were $486M versus $473M.
Reported diluted EPS was $3.82 versus $3.96; adjusted diluted EPS excluding debt-repurchase impacts was $3.84 versus $4.02.
Outlook and guidance
FY2026 average loan growth is expected at ~4% and revenue growth at ~5%; full-year NIM is expected slightly above 2025.
FY2026 net loss-rate guidance improved to 6.9%-7.0%, versus 7.7% in 2025; normalized effective tax rate guidance is 25%-27%.
Positive FY2026 operating leverage is expected, excluding pretax debt-repurchase impacts; investments include AI, technology modernization, marketing and product innovation.
Q4 NIM is expected to compress modestly sequentially; expenses are expected to rise sequentially, and net interchange revenue as a share of credit sales should be similar to Q3.
For 2027, NIM is expected flat to slightly down and credit losses are expected to decline, potentially less than in 2026; positive operating leverage remains a commitment.
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Latest events from Bread Financial
- FY23 earnings grew, but rising credit losses and CFPB fee risk cloud the 2024 outlook.BFH
Q4 2023 - Strong loan growth, disciplined risk management, and AI-driven productivity fuel positive outlook.BFHBarclays 24th Annual Global Financial Services Conference
- Strong Q2 growth in credit sales, loans, and deposits drove higher revenue and earnings.BFHQ2 2026
- Soft sales, elevated losses, and regulatory shifts drive cautious growth and capital strategy.BFHBarclays 22nd Annual Global Financial Services Conference
- Loan growth, improved credit, and disciplined capital management drive strong, sustainable performance.BFHMorgan Stanley US Financials Conference 2026
- Net income up 30%, credit sales up 7%, revenue up 5%, and CET1 ratio at 13.3%.BFHQ1 2026
- Strong 2025 results, board refreshment, and enhanced ESG drive value and governance.BFHProxy filing
- Operational discipline, partner growth, and capital strength position for improved returns.BFHGoldman Sachs U.S. Financial Services Conference
- Strong capital, digital innovation, and partner diversification drive growth and resilience.BFHGoldman Sachs 2024 U.S. Financial Services Conference
Next Bread Financial earnings date
KBW Fintech Ecosystem Conference 202611 Nov, 2026
Bread Financial
Next Bread Financial earnings date
KBW Fintech Ecosystem Conference 202611 Nov, 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.