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Bread Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved strong Q4 and full-year 2025 results, with responsible growth driven by new and renewed partnerships, expanded verticals, and disciplined credit risk management.
Direct-to-consumer deposits increased 11% YoY to $8.5B, now 48% of average total funding.
Advanced technology transformation and accelerated AI adoption to drive efficiency and operational excellence.
Returned $350M to shareholders in 2025, including $310M in share repurchases and a 10% dividend increase.
Received credit rating upgrades and positive outlooks from Moody's, Fitch, and S&P.
Financial highlights
Full-year 2025 revenue was $3.85B, with net income of $521M and adjusted net income of $578M; Q4 revenue was $975M, net income $53M, and adjusted net income $95M.
Diluted EPS was $10.96 and adjusted diluted EPS was $12.16 for the year; Q4 adjusted EPS was $2.07.
Tangible book value per share grew 23% YoY to $57.57; return on average tangible common equity was 8% for Q4 and 20.4% for the year.
Q4 credit sales rose 2% YoY to $8.1B; full-year credit sales were $27.8B, up 3% YoY.
Total non-interest expenses decreased 3% for the year; adjusted expenses down 1% YoY.
Outlook and guidance
2026 outlook anticipates low single-digit growth in average loans and revenue, with net loss rate guided to 7.2%-7.4%.
Net interest margin expected to be near or slightly above 2025 levels, with positive operating leverage targeted.
Full-year normalized effective tax rate expected at 25%-27%.
Anticipates modest pressure on net interest income from expected Federal Reserve rate decreases.
Continued investment in AI, technology, marketing, and product innovation.
Reconcile CET1 increase with capital returns
What are the key drivers and headwinds for NIM in 2026?
What supports 2026 loan growth despite payment rates?
AI's impact on operational efficiency
Pace of future share repurchases
Prioritizing credit target vs. loan growth?
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Next Bread Financial earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
Bread Financial
Next Bread Financial earnings date
Bank of America Financial Services Conference 202610 Feb, 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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