Bread Financial
Issuer of partner cards, direct cards, Bread Pay loans, and online savings.
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Profile
Issues and services co-brand and private-label credit cards, offers proprietary cards and Bread Pay financing, and gathers deposits through Bread Savings. Interest and fees on loans drive most revenue, tying the one-segment business to consumer credit performance, brand-partner contracts, and regulated funding.
Runs a U.S. consumer-finance platform centered on co-brand and private-label credit cards for retailers and other brand partners. Through Comenity Bank and Comenity Capital Bank, it issues and services partner cards, underwrites and funds receivables, and supports programs with marketing, analytics, rewards, and risk management.
Extends the platform through proprietary Bread Cashback and Bread Rewards general-purpose cards, Bread Pay installment and split-pay financing, and Bread Savings certificates of deposit and high-yield savings accounts. Interest and fees on credit card and other loans supply the main revenue stream, while partner contracts contribute a smaller share.
Operating results depend on consumer credit performance, durable partner relationships, deposit and securitization funding, and banking and consumer-finance regulation. The business is reported as one segment, and its issuing banks are subject to federal and state oversight.
Company facts
Categories
Key statistics
Year to date +40.6% · Average volume (30d) 516.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Wolfe Research | Upgrade | Positive | Outperform | $108 | $130 |
| Aug 3, 2026 | UBS | Reiterate | Buy | $120 | $127 | |
| Jul 27, 2026 | Seaport Global | Reiterate | Buy | $56 | $119 | |
| Jul 24, 2026 | Morgan Stanley | Target | $102 | $107 | ||
| Jul 24, 2026 | Barclays | Reiterate | Equal Weight | $104 | $109 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $2.74 | $3.55 | +29.6% | $959.3M | $993.0M | +3.5% | +0.70% |
| Apr 23, 2026Q1 FY26 | $3.00 | $4.18 | +39.3% | $993.6M | $1.02B | +2.5% | −6.47% |
| Jan 29, 2026Q4 FY25 | $0.40 | $2.07 | +417.5% | $953.3M | $975.0M | +2.3% | −0.67% |
| Oct 23, 2025Q3 FY25 | $2.11 | $4.02 | +90.5% | $968.1M | $971.0M | +0.3% | +0.06% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.20B | $1.15B | $1.18B | $1.17B | $1.21B | $1.19B | |
| Gross profit | $674.0M | $655.0M | $672.0M | $975.0M | $715.0M | $680.0M | |
| Operating income | $197.0M | $174.0M | $196.0M | $47.0M | $243.0M | $197.0M | |
| Net income | $138.0M | $139.0M | $188.0M | $53.0M | $181.0M | $146.0M | |
| Diluted EPS | $2.78 | $2.94 | $3.96 | $1.16 | $4.15 | $3.55 | |
| Gross margin | 56.4% | 57.0% | 56.9% | 83.0% | 59.0% | 57.2% | |
| Operating margin | 16.5% | 15.1% | 16.6% | 4.0% | 20.1% | 16.6% |
Fiscal years (4-quarter sums)FY21 $2.49B · FY22 $4.37B · FY23 $5.18B · FY24 $4.80B · FY25 $4.70B
Balance sheet, Jun 30, 2026Cash & short-term investments $3.68B · Total debt $3.29B · Total assets $22.45B · Shareholders' equity $3.37B
Dividends
Raised for 5 straight years — most recently to $0.23 from $0.21 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jun 15 | $0.23 | |
| Feb 27, 2026 | Feb 27 | Mar 16 | $0.23 | |
| Nov 7, 2025 | Nov 7 | Dec 12 | $0.23 | raised from $0.21 |
| Aug 8, 2025 | Aug 8 | Sep 12 | $0.21 | |
| May 9, 2025 | May 9 | Jun 13 | $0.21 | |
| Feb 14, 2025 | Feb 14 | Mar 21 | $0.21 | |
| Nov 8, 2024 | Nov 8 | Dec 13 | $0.21 | |
| Aug 9, 2024 | Aug 9 | Sep 13 | $0.21 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 40.41M · Float 37.77M · 93.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.89M | 9.62% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 3.09M | 7.65% | 13F | Aug 11, 2026 |
| Vanguard Portfolio Management LLC | 2.62M | 6.49% | 13F | Aug 13, 2026 |
| American Century Companies Inc | 1.79M | 4.43% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 1.76M | 4.35% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 28, 2026 | Praniti Lakhwara | director | −2,802 | $106.12 |
| May 29, 2026 | Ralph J. Andretta | director, officer: President and CEO | −15,000 | $89.10 |
| May 21, 2026 | John J. Fawcett | director | +698 | $86.43 |
| Apr 24, 2026 | Roger H. Ballou | director | −9,687 | $90.32 |
Peers
- Synchrony Financial
Closest specialist peer in partner cards and promotional finance
- Citi
Large issuer in branded, retail-service, and partner cards
- Capital One
Scale card issuer with Discover products and bank funding
- American Express
Premium card and co-brand issuer with payment-plan features
- JPMorgan Chase
Chase card scale pressures partner and proprietary cards
- Affirm
Direct checkout-finance rival for Bread Pay
- PayPal
Checkout wallet and BNPL alternative to Bread Pay
- Block
Afterpay and Cash App compete for pay-later checkout
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bread Financial | $105.74 | −0.13% | $4.27B | 8.2 | 8.6 | 0.9 | +7.2% |
| Synchrony Financial | $80.54 | +3.19% | $25.40B | 8.0 | 8.2 | 1.3 | −21.1% |
| Citi | $132.62 | −0.19% | $227.81B | 14.3 | 11.4 | 1.3 | +14.3% |
| Capital One | $223.60 | +3.64% | $132.31B | 13.3 | 9.9 | 1.7 | +26.0% |
| American Express | $333.50 | +0.10% | $225.01B | 20.2 | 17.9 | 2.7 | +10.0% |
| JPMorgan Chase | $357.66 | +0.05% | $958.25B | 15.4 | 14.8 | 3.2 | +27.8% |
| Affirm | $77.40 | −0.37% | $26.04B | 70.7 | 44.6 | 6.6 | +33.0% |
| PayPal | $53.74 | +0.15% | $45.90B | 10.1 | 9.7 | 1.3 | +4.8% |
| Block | $83.54 | −0.05% | $49.74B | 149.2 | 18.3 | 2.0 | +9.3% |
| Median | 14.9 | 13.1 | 1.8 | +12.1% |