gross profit bridgeinconsistent2020-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
Revenue
$3.84B
Fiscal year ended 2025-12-31Net income
$518.00M
Fiscal year ended 2025-12-31Total assets
$22.66B
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $2.70B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $62.62 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 5.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 0.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
5.2× earnings today, against a median of 8.1× across 9 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $2.70B | 5.2× | |
| 2024-06-30 | $2.20B | 7.9× | |
| 2023-06-30 | $1.60B | 2.2× | |
| 2022-06-30 | $1.80B | 8.1× | |
| 2021-06-30 | $4.10B | 5.1× | |
| 2020-06-30 | $2.10B | 9.8× | |
| 2019-06-30 | $7.00B | 25.2× | |
| 2018-06-30 | $12.50B | 13.0× | |
| 2017-06-30 | $13.90B | 17.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Personal Credit Institutions filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Revenue YoY growth | 0.2% | 0th | |
| Effective tax rate | 15.3% | 10th | |
| SBC / revenue | 1.5% | 33th | |
| Net margin | 13.5% | 57th |
BREAD FINANCIAL HOLDINGS, INC. (BFH) reported revenue of $3.84B and net income of $518.00M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from BREAD FINANCIAL HOLDINGS, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Personal Credit Institutions.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.84B | $3.84B | $4.29B | $3.83B | $3.27B | $3.30B | $4.05B | $5.67B | $5.47B | $7.14B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $2.08B | $2.69B | $2.54B | $2.47B | $4.28B |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $3.13B | $3.01B | $2.86B |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $301.00M | $662.00M | $1.76B | $1.52B | $1.27B |
| Net income | $518.00M | $277.00M | $718.00M | $223.00M | $801.00M | $214.00M | $278.00M | $963.10M | $788.70M | Unavailable |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 47.60M | shares 50.40M | shares 50.00M | shares 50.00M | shares 50.00M | shares 47.90M | shares 50.90M | shares 55.10M | shares 55.90M | shares 58.90M |
| Pretax income | $615.00M | $381.00M | $968.00M | $300.00M | $1.04B | $301.00M | $662.00M | $1.22B | $1.06B | $837.00M |
| Income tax expense | $94.00M | $102.00M | $231.00M | $76.00M | $247.00M | $93.00M | $156.00M | $269.50M | $293.30M | $319.40M |
| Diluted EPS | $10.89 | $5.49 | $14.34 | $4.46 | $16.02 | $4.46 | $5.46 | $17.49 | $14.10 | $7.34 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $105.70M | $150.60M | $162.50M | $159.30M | $143.20M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $3.60B | $3.68B | $3.59B | $3.89B | $3.05B | $2.80B | $3.87B | $3.82B | $4.19B | $1.86B |
| Total assets | $22.66B | $22.89B | $23.14B | $25.41B | $21.75B | $22.55B | $26.49B | $30.39B | $30.68B | $25.51B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $19.63B | $24.11B | $24.71B | $24.71B | $19.59B |
| Total liabilities | $19.34B | $19.84B | $20.22B | $23.14B | $19.66B | $21.02B | $24.91B | $28.06B | $28.83B | $23.86B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $10.42B | $11.87B | $11.48B | $10.15B | $9.23B |
| Total equity incl. NCI | $3.33B | $3.05B | $2.92B | $2.26B | $2.09B | $1.52B | $1.59B | $2.33B | $1.86B | $1.66B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $164.30M | $218.00M | $248.00M | $234.10M | $271.30M |
| Accounts receivable | $148.00M | $145.00M | $144.00M | $164.00M | $151.00M | $114.00M | $451.10M | $404.00M | $822.30M | $797.20M |
| Goodwill | $634.00M | $634.00M | $634.00M | $634.00M | $634.00M | $634.00M | $954.90M | $954.80M | $992.80M | $3.80B |
| Long-term debt | $4.31B | $5.56B | $5.29B | $8.01B | $7.44B | $2.81B | $2.85B | $5.59B | $5.95B | $4.79B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $328.20M | $300.80M | $486.20M | $651.20M | $568.30M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.09B | $1.86B | $1.99B | $1.85B | $1.54B | $1.88B | $1.22B | $2.75B | $2.60B | $2.13B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$1.37B | -$1.17B | $788.00M | -$5.11B | -$1.69B | $1.77B | $2.86B | -$1.87B | -$4.27B | -$4.29B |
| Financing cash flow | -$807.00M | -$592.00M | -$3.09B | $3.27B | $608.00M | -$4.17B | -$4.09B | -$1.22B | $4.00B | $2.64B |
| Net change in cash | -$86.00M | $98.00M | -$311.00M | $4.00M | $460.00M | -$495.00M | -$10.00M | -$347.00M | $2.35B | $487.10M |
| Stock-based compensation | $56.00M | $54.00M | $44.00M | $33.00M | $29.00M | $21.00M | $55.00M | $80.80M | $75.10M | $76.50M |
| Common dividends paid | $40.00M | $43.00M | $42.00M | $43.00M | $42.00M | $61.00M | $127.00M | $125.20M | $115.50M | $30.00M |
| Common share repurchases | $313.00M | $55.00M | $35.00M | $12.00M | $0 | Unavailable | $976.00M | $443.20M | $553.70M | $798.80M |
| Depreciation & amortization | $80.00M | $90.00M | $116.00M | $113.00M | $123.00M | $184.00M | $249.00M | $487.30M | $497.60M | $512.10M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 55.2% | 54.9% | 40.1% |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 16.3% | 31.0% | 27.7% | 17.7% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 1.5% | 1.4% | 1.0% | 0.9% | 0.9% | 0.6% | 1.4% | 1.4% | 1.4% | 1.1% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 1.88x | 2.03x | 2.15x | 2.43x | 2.12x |
| Revenue YoY growth | 0.2% | -10.5% | 12.1% | 16.9% | -0.8% | -18.6% | -28.5% | 3.5% | -23.3% | Unavailable |
| Net margin | 13.5% | 7.2% | 16.7% | 5.8% | 24.5% | 6.5% | 6.9% | 17.0% | 14.4% | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 15.3% | 26.8% | 23.9% | 25.3% | 23.7% | 30.9% | 23.6% | 22.2% | 27.6% | 38.2% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BFH in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-10-27View SEC filing
10-Q · Filed 2026-07-28View SEC filing
10-Q · Filed 2026-04-28View SEC filing
10-K · Filed 2026-02-13View SEC filing
10-Q · Filed 2025-10-28View SEC filing
10-Q · Filed 2025-07-29View SEC filing
Reconciliation checks needing review
2 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
gross profit bridgeinconsistent2019-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.