# EDGAR Filing Document

**Accession Number:** 0001101215
**File Stem:** 0001101215-26-000007
**Filing Date:** 2026-1
**Character Count:** 91231
**Document Hash:** b94f0d2e53d763fe82e89337cefb21f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001101215-26-000007.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001101215-26-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20260129

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BREAD FINANCIAL HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001101215
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 311429215
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15749
- **FILM NUMBER:** 26574637

**BUSINESS ADDRESS:**
- **STREET 1:** 3095 LOYALTY CIRCLE
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219
- **BUSINESS PHONE:** 6147294000

**MAIL ADDRESS:**
- **STREET 1:** 3095 LOYALTY CIRCLE
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE DATA SYSTEMS CORP
- **DATE OF NAME CHANGE:** 19991217

?xml version='1.0' encoding='ASCII'? bfh-20260129

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported):

**January 29, 2026**

![Image_0.jpg](bfh-20260129_g1.jpg)

**BREAD FINANCIAL HOLDINGS, INC.**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-15749** | **31-1429215** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

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**3095 LOYALTY CIRCLE**

**COLUMBUS, Ohio 43219**

(Address and Zip Code of Principal Executive Offices)

**(614) 729-4000**

(Registrant's Telephone Number, including Area Code)

**NOT APPLICABLE**

(Former name or former address, if changed since last report)☐

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading symbol | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | BFH | NYSE |
| Depository Shares, Each Representing a 1/40th Interest in a Share of 8.625% Non-Cumulative Perpetual Preferred Stock, Series A | BFH PrA | NYSE |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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**Item 2.02 Results of Operations and Financial Condition.**

On January 29, 2026, Bread Financial Holdings, Inc. (the "Company") issued a press release regarding its results of operations for the fourth quarter ended December 31, 2025 (the "Q4 2025 Earnings Release"). Copies of the Q4 2025 Earnings Release and the related financial supplement are furnished as Exhibit 99.1 and Exhibit 99.2 hereto, respectively.

**Item 7.01 Regulation FD Disclosure.**

In connection with the Q4 2025 Earnings Release, on January 29, 2026, the Company made available an investor presentation that may be used by the Company's senior management during meetings and calls with analysts, investors and other market participants, a copy of which is furnished as Exhibit 99.3 hereto and is posted on the Company's website at www.breadfinancial.com on the "Investors" page under "Events & Presentations." Information on the Company's website does not constitute a part of this Current Report on Form 8-K.

**Item 8.01 Other Events.**

On January 29, 2026, the Company issued a press release announcing that the Board of Directors of the Company has declared: (i) a quarterly cash dividend of $26.35 per share of its 8.625% Non-Cumulative Perpetual Preferred Stock, Series A (equivalent to $0.65875 per depositary share, each representing a 1/40th interest in a share of preferred stock), payable on March 16, 2026 to preferred stockholders of record at the close of business on February 27, 2026; and (ii) a quarterly cash dividend of $0.23 per share of common stock, payable on March 16, 2026 to common stockholders of record at the close of business on February 27, 2026. A copy of the press release announcing these dividends is attached as Exhibit 99.4 hereto.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Document Description</u> |
| <u>[99.1](exhibit991epr01-29x26.htm)</u> | Press Release dated January 29, 2026 announcing the Company's results of operations for the fourth quarter ended December 31, 2025. |
| <u>[99.2](exhibit992financialsuppl.htm)</u> | Financial Supplement - Fourth Quarter 2025. |
| <u>[99.3](exhibit993slides01-29x26.htm)</u> | Investor Presentation dated January 29, 2026. |
| <u>[99.](exhibit994cashandpreferred.htm)[4](exhibit994cashandpreferred.htm)</u> | Press Release dated January 29, 2026 announcing the dividends on the Company's preferred and common stock. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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*Note:* Except for the information in Item 8.01 hereof (including Exhibit 99.4 hereto), the information contained in this report (including Exhibits 99.1, 99.2 and 99.3) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
| Date: January 29, 2026 | By: | /s/ Joseph L. Motes III |
|  |  | Joseph L. Motes III<br>Executive Vice President, Chief <br>Administrative Officer, General <br>Counsel and Secretary |

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## Exhibit 99.1

![](exhibit991epr01-29x26001.jpg)

Bread Financial \| January 29, 2026 1 "Our 2025 financial and operational performance underscore our disciplined approach to growing responsibly, building financial resilience, and advancing operational excellence, positioning us well as we enter 2026. We delivered full year net income of $518 million, grew our tangible book value per common share by 23% over the past year, and signed or renewed several key brand partners. In 2025, we returned $350 million in capital to shareholders, including $310 million via common share repurchases, or 12% of our year-end 2024 outstanding shares. We also increased our quarterly common dividend by 10% during the fourth quarter of 2025. At the same time, we meaningfully strengthened and optimized our balance sheet by reducing and refinancing parent debt and issuing subordinated debt and preferred equity. Further, we increased our direct to consumer deposits by 11% year-over-year. As a result of these actions, coupled with our enhanced enterprise risk management framework, we received credit ratings upgrades from Moody's and Fitch, and positive outlooks from Moody's and S&P. "Consumer financial health remained resilient throughout the year, driving a 3.0% year-over-year increase in credit sales with higher transaction sizes and increased transaction frequency. The positive trajectory of our credit sales and credit performance metrics, along with our new business additions and stable partner base, gives us confidence that we are nearing an inflection point for loan growth as we enter 2026. We are closely monitoring changes in consumer behavior, as well as monetary and fiscal policy developments, and potential downstream impacts on consumer spending and employment. "During the year, we signed or renewed several partners in diverse industry verticals including travel and entertainment, technology, and home. With the multi-year extension of our long-term relationship with Caesars Entertainment, all of our top 10 programs are now renewed into at least 2028. Our full product suite, technology advancements, sophisticated underwriting, enhanced loyalty programs, and differentiated partnership model continue to be keys to our success in winning new partnerships, as well as retaining and strengthening our existing brand partner relationships. "We are pleased with the results we delivered in 2025 and remain confident in our ability to generate attractive returns in 2026. Supported by strong capital levels and cash flow generation, we are well positioned to execute on our capital and growth priorities while delivering sustainable, long-term value for our shareholders." - Ralph Andretta, president and chief executive officer Bread Financial reports fourth quarter and full year 2025 results COLUMBUS, Ohio, January 29, 2026 – Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025. (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." $18.0B 4Q25 Average loans $975MM 4Q25 Revenue 13.0% Common equity tier 1 capital ratio $57.57 Tangible book value per common share(1) Fourth quarter 2025 Full year 2025 ($ in millions, except per share amounts) Total company Continuing operations Total company Continuing operations Net income available to common stockholders $53 $53 $518 $521 Adjusted net income(1) $95 $95 $575 $578 Earnings per diluted share $1.16 $1.16 $10.89 $10.96 Adjusted earnings per diluted share(1) $2.07 $2.07 $12.09 $12.16 • Relative to the fourth quarter of 2024: • Income from continuing operations increased $45 million primarily driven by higher net interest income and lower provision for credit losses, partially offset by current year impacts from debt repurchases of $42 million. • Average loans decreased 1% due to an increased payment rate. • Common equity tier 1 (CET1) capital ratio increased 60 basis points to 13.0% and decreased 100 basis points sequentially. • Tangible book value per common share(1) increased $10.60, or 23%, to $57.57. • Return on average tangible common equity(1) was 8.0% in the fourth quarter and 20.4% for the full year. • Fourth quarter delinquency rate was 5.8% and net loss rate was 7.4%. • Repurchased 1.9 million common shares for $120 million during the quarter. • Received credit ratings upgrades from Moody's and Fitch, and a positive outlook from Moody's and S&P. CEO COMMENTARY Exhibit 99.1

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![](exhibit991epr01-29x26002.jpg)

Bread Financial \| January 29, 2026 2 "Our fourth quarter results demonstrate our ability to drive strong, sustainable results with our tangible book value per common share of $57.57 increasing nearly $11, or 23%, from a year ago. Adjusted income from continuing operations, a non-GAAP financial measure, improved $74 million versus a year ago, reflecting the implementation of our pricing actions, which improved our net interest margin, and a lower provision for credit losses as delinquencies and credit losses continued to gradually improve. Adjusted total non-interest expenses, a non-GAAP financial measure, decreased $25 million, or 5% year-over year as a result of our ongoing operational excellence initiatives. "Revenue increased 5% year-over-year with net interest margin improving to 18.9%. Our net interest margin increased over the fourth quarter of last year as a result of the continued gradual build of pricing changes, as well as lower funding costs reflective of our opportunistic debt actions and growth in direct-to-consumer deposits. We expect these benefits to continue into 2026, offset by pressure from an anticipated lower prime rate, the ongoing gradual improvement in our payment and delinquency rate trends, and a continued shift in product and risk mix. "As part of our ongoing actions to transform and strengthen our company, as evidenced by the rating agency upgrades and positive outlooks, we continued to opportunistically optimize our capital structure and lower our funding costs. During the year, we retired our outstanding convertible and 9.75% senior notes, completed 8.375% subordinated and 6.75% senior notes offerings, and issued $75 million in 8.625% preferred shares. Direct-to-consumer deposits increased 11% year-over-year to $8.5 billion at quarter- end with our average direct-to-consumer deposits now representing 48% of total funding, up from 43% a year ago. Additionally, while maintaining strong capital levels, we repurchased $120 million, or 1.9 million shares, of our common stock in the fourth quarter of 2025, with $240 million remaining on our open share repurchase authorization at year-end. "We are pleased with the year-over-year improvement in our credit metrics driven by our disciplined credit risk management and product diversification. We continue to execute well on our credit strategies and expect ongoing gradual improvement in our credit metrics. "Improved credit performance and higher-quality new account acquisitions drove the 70 basis point year-over-year improvement in our reserve rate which ended the year at 11.2%. We continue to apply prudent weightings on the economic scenarios used in our credit reserve modeling given the wide range of potential macroeconomic outcomes, including ongoing uncertainty around inflation and unemployment. "Our 2025 results reflect our prudent capital allocation, a disciplined credit management framework, and our focus on responsible growth. We look forward to building on our momentum in 2026." - Perry Beberman, executive vice president and chief financial officer 2026 full year outlook • "Our 2026 outlook is based on continued consumer resilience, inflation remaining above the Federal Reserve target rate of 2%, and a generally stable labor market. Our outlook also anticipates interest rate decreases by the Federal Reserve, which will modestly pressure total net interest income. • Average loan growth: "Based on visibility into our pipeline and partner growth, we expect average credit card and other loans growth to be up low single digits from full year 2025. • Total revenue: "We anticipate total revenue growth to be up low single digits from full year 2025, largely in line with average loan growth. • Total expenses: "We manage expense growth based on revenue generation and investment opportunities and expect to deliver positive operating leverage in 2026, excluding the pretax impacts from our debt repurchases. • Net loss rate: "We anticipate a 2026 net loss rate in the range of 7.2% to 7.4%. • Effective tax rate: "We expect our full year normalized effective tax rate to be in the range of 25% to 27%, with quarter-over-quarter variability due to the timing of certain discrete items." CFO COMMENTARY

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![](exhibit991epr01-29x26003.jpg)

Bread Financial \| January 29, 2026 3 Continuing ops. $0.15 $0.41 $1.16 $2.07 4Q24 Adj. 4Q24 4Q25 Adj. 4Q25 PPNR adjusted for unique items\* $399MM $475MM 4Q24 4Q25 Continuing operations(2) Fourth quarter Full year ($ in millions, except per share amounts) 2025 2024 % change 2025 2024 % change Total net interest and non-interest income ("Revenue") $975 $926 5 $3,845 $3,838 — Net principal losses 336 367 (8) 1,377 1,489 (8) Reserve build (release) 37 50 (28) (135) (92) 48 Provision for credit losses 373 417 (11) 1,242 1,397 (11) Total non-interest expenses 555 536 4 1,988 2,060 (3) Income (loss) from continuing operations before income taxes 47 (27) (275) 615 381 61 Income from continuing operations $53 $8 595 $521 $279 87 Weighted average shares outstanding – diluted 46.0 50.9 (10) 47.6 50.4 (6) Income from continuing operations per diluted share $1.16 $0.15 669 $10.96 $5.54 98 Adjusted income from continuing operations(1) $95 $21 357 $578 $390 48 Adjusted income from continuing operations per diluted share(1) $2.07 $0.41 406 $12.16 $7.74 57 Pretax pre-provision earnings (PPNR)(1) $420 $390 7 $1,857 $1,778 4 Adjusted PPNR(1) $475 $399 19 $1,928 $1,884 2 Revenue $926MM $975MM 4Q24 4Q25 +5% Key operating and financial metrics Credit metrics (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." (2) Excludes amounts associated with our former LoyaltyOne segment and our former Epsilon segment which previously have been disclosed as discontinued operations and classified accordingly. Diluted EPS Credit sales $7.9B $8.1B 4Q24 4Q25 +2% Net loss rate 8.0% 7.4% 4Q24 4Q25 Delinquency rate 5.9% 5.8% 4Q24 4Q25 Total company $0.14 $1.16 4Q24 4Q25 -10 bps (2) Adjusted pretax pre-provision earnings (excl. any gain on portfolio sale and impacts from debt repurchases)(1) -60 bps (1)(1) +19%

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![](exhibit991epr01-29x26004.jpg)

Bread Financial \| January 29, 2026 4 Fourth quarter 2025 compared with fourth quarter 2024 – continuing operations • Credit sales were $8.1 billion for the fourth quarter of 2025, an increase of $0.2 billion, or 2%, driven by new partner growth and increased general-purpose spending. • Average credit card and other loans of $18.0 billion were down 1%, and end-of-period credit card and other loans of $18.8 billion were nearly flat, both of which were pressured by an increasing payment rate. • Revenue increased $49 million, or 5%, primarily reflecting the implementation of pricing changes, partially offset by lower billed late fees and higher retailer share arrangements. • Total non-interest expenses increased $19 million, or 4%, primarily driven by the current and prior year impacts from debt repurchases of $55 million and $11 million, respectively. Employee compensation and benefits costs decreased $10 million, or 4%, and card and processing expenses decreased $7 million, or 8%. Excluding the impacts from our debt repurchases, adjusted total non-interest expenses, which is a non-GAAP financial measure, decreased $25 million, or 5%, driven by our continued operational excellence initiatives. • Income from continuing operations increased $45 million, primarily driven by higher net interest income and lower provision for credit losses, partially offset by the impacts from our debt repurchases. Excluding the impacts from our debt repurchases, adjusted income from continuing operations, which is a non-GAAP financial measure, increased $74 million. • Adjusted PPNR, a non-GAAP financial measure which excludes any gain on portfolio sale and impacts from debt repurchases, increased $76 million, or 19%. • The delinquency rate of 5.8% decreased from 5.9% in the fourth quarter of 2024. • The net loss rate of 7.4% decreased from 8.0% in the fourth quarter of 2024. • CET1 ratio of 13.0% increased from 12.4% in the fourth quarter of 2024, driven by strong net earnings, partially offset by 180 basis points for share repurchases and common stock dividends, 40 basis points related to debt repurchases, and 60 basis points for the last CECL phase-in in the first quarter of 2025. Contacts Investor Relations: Brian Vereb (brian.vereb@breadfinancial.com) Susan Haugen (susan.haugen@breadfinancial.com) Media Relations: Rachel Stultz (rachel.stultz@breadfinancial.com) (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." Impacts from debt repurchases ($ in millions, except per share amounts) Total non-interest expenses Income from cont. ops. Diluted EPS from cont. ops. 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 GAAP-basis $555 $536 $53 $8 $1.16 $0.15 Impacts from debt repurchases 55 11 42 13 0.91 0.26 Adjusted GAAP-basis(1) $500 $525 $95 $21 $2.07 $0.41

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![](exhibit991epr01-29x26005.jpg)

Bread Financial \| January 29, 2026 5 Forward-looking statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as "believe," "expect," "anticipate," "estimate," "intend," "project," "plan," "likely," "may," "should" or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions. We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and consequently any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and charge-off rates; loss of, or reduction in demand for services and/or products from, significant brand partners or customers in the highly competitive markets in which we operate, including competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of agentic commerce, digital payment platforms and currencies and other alternative payment and deposit solutions; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including our credit risk management models and the amount of our Allowance for credit losses; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, executive action, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions that would place limits on credit card interest rates or late fees, interchange fees or other charges; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any liability or other adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, including the pending litigation against us in connection with the spinoff. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward- looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

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![](exhibit991epr01-29x26006.jpg)

Bread Financial \| January 29, 2026 6 Non-GAAP financial measures We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included herein constitutes Non-GAAP Financial Measures. Our calculations of Non-GAAP Financial Measures may differ from the calculations of similarly titled measures by other companies. In particular: • We have previously repurchased and may, from time to time, in the future continue to repurchase debt, including any outstanding senior unsecured notes, subordinated notes or convertible notes. In such transactions, we may pay a premium to induce these repurchases, or in certain cases repurchase at a discount, which, from a GAAP perspective, would result in an impact to Total non-interest expenses, with a corresponding impact also reflected in Net income and consequently our Earnings per diluted share. For our prior debt repurchases, we show adjustments to these three financial statement line items, for total Company as well as for continuing operations, to exclude the impacts from our debt repurchases. We use Adjusted total non-interest expenses, Adjusted net income, and Adjusted earnings per diluted share to evaluate the ongoing operations of the Company excluding the volatility that can occur from the impacts of our debt repurchases. • Pretax pre-provision earnings (PPNR) represents Income from continuing operations before income taxes and the Provision for credit losses. PPNR excluding any gain on portfolio sale and impacts from debt repurchases then excludes from PPNR the gain on any portfolio sale in the period, as well as the loss or gain on any debt repurchases in the period. We use PPNR and PPNR excluding any gain on portfolio sale and impacts from debt repurchases as metrics to evaluate our results of operations before income taxes, excluding the movements that can occur within Provision for credit losses and the one-time nature of a gain on the sale of a portfolio and/or the impacts from debt repurchases. • Return on average tangible common equity (ROTCE) represents annualized Income from continuing operations less Dividends to preferred stockholders, divided by average Tangible common equity. Tangible common equity (TCE) represents Total stockholders' equity reduced by Preferred stock and Goodwill and intangible assets, net. We use ROTCE as a metric to evaluate the Company's performance. • Tangible book value per common share represents TCE divided by common shares outstanding. We use Tangible book value per common share, a metric used across the industry, to assess capital and performance, in conjunction with ROTCE. We believe the use of these Non-GAAP financial measures provide additional clarity in understanding our results of operations and trends. For a reconciliation of these Non-GAAP financial measures to the most directly comparable GAAP measures, please see the "Reconciliation of GAAP to Non-GAAP Financial Measures."

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![](exhibit991epr01-29x26007.jpg)

Bread Financial \| January 29, 2026 7 Financial supplement This earnings release should be read in conjunction with the Financial Supplement for the fourth quarter of 2025, available at investor.breadfinancial.com and in a Form 8-K furnished today with the Securities and Exchange Commission. Conference call/webcast information Bread Financial will host a conference call on Thursday, January 29, 2026, at 8:30 a.m. (Eastern Time) to discuss the company's fourth quarter results. The conference call will be available via the internet at investor.breadfinancial.com. There will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. The recorded webcast will also be available on the company's website. About Bread Financial® Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers. Bread Financial proudly marks 30 years of success in 2026. To learn more about our global associates, our performance and our sustainability progress, visit breadfinancial.com or follow us on Instagram and LinkedIn.

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![](exhibit991epr01-29x26008.jpg)

Bread Financial \| January 29, 2026 8 BREAD FINANCIAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except percentages) As of or for the three months ended December 31, As of or for the twelve months ended December 31, 2025 2024 % change 2025 2024 % change Adjusted net income Income from continuing operations $53 $8 595 $521 $279 87 Loss from discontinued operations — (1) (133) (3) (2) 40 Net income 53 7 675 518 277 87 Impacts from debt repurchases 42 13 219 57 111 (49) Adjusted net income $95 $20 376 $575 $388 48 Adjusted income from continuing operations $95 $21 357 $578 $390 48 Weighted average shares outstanding – diluted 46.0 50.9 (10) 47.6 50.4 (6) Adjusted income per diluted share Net income from continuing operations per diluted share $1.16 $0.15 669 $10.96 $5.54 98 Net loss from discontinued operations per diluted share — (0.01) (136) (0.07) (0.05) 48 Net income per diluted share $1.16 $0.14 758 $10.89 $5.49 98 Impacts from debt repurchases 0.91 0.26 253 1.20 2.20 (46) Adjusted net income per diluted share $2.07 $0.40 427 $12.09 $7.69 57 Adjusted income from continuing operations per diluted share $2.07 $0.41 406 $12.16 $7.74 57 Adjusted total non-interest expenses Total non-interest expenses $555 $536 4 $1,988 $2,060 (3) Impacts from debt repurchases 55 11 390 74 117 (36) Adjusted total non-interest expenses $500 $525 (5) $1,914 $1,943 (1) Pretax pre-provision earnings Income (loss) from continuing operations before income taxes $47 $(27) (275) $615 $381 61 Provision for credit losses 373 417 (11) 1,242 1,397 (11) Pretax pre-provision earnings (PPNR) 420 390 7 $1,857 $1,778 4 Less: Gain on portfolio sale — (2) (100) (3) (11) (71) Add: Impacts from debt repurchases 55 11 390 74 117 (36) Adjusted PPNR $475 $399 19 $1,928 $1,884 2 nm – Not meaningful, denoting a variance of 1,000 percent or more. Continued on the following page

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![](exhibit991epr01-29x26009.jpg)

Bread Financial \| January 29, 2026 9 BREAD FINANCIAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except percentages) As of or for the three months ended December 31, As of or for the twelve months ended December 31, 2025 2024 % change 2025 2024 % change Average Tangible common equity Average Total stockholders' equity $3,405 $3,217 6 3,293 3,214 2 Less: average Preferred stock (29) — nm (7) — nm Less: average Goodwill and intangible assets, net (721) (752) (4) (733) (753) (3) Average Tangible common equity $2,655 $2,465 8 $2,553 $2,461 4 Tangible common equity (TCE) Total stockholders' equity $3,327 $3,051 9 3,327 3,051 9 Less: Preferred stock (71) — nm (71) — nm Less: Goodwill and intangible assets, net (716) (746) (4) (716) (746) (4) Tangible common equity (TCE) $2,540 $2,305 10 $2,540 $2,305 10 nm – Not meaningful, denoting a variance of 1,000 percent or more.

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## Exhibit 99.2

![](exhibit992financialsuppl001.jpg)

Bread Financial Holdings, Inc Financial Supplement Fourth Quarter 2025 **Table of Contents** Page Number Table 1: Consolidated Statements of Income 2 Table 2: Consolidated Balance Sheets 3 Table 3: Select Financial Metrics 4 Table 4: Capital Ratios 5 Table 5: Average Balances and Net Interest Margin 6 Table 6: Reconciliation of GAAP to Non-GAAP Financial Measures 7 Glossary of Terms 9 Note: The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Please refer to our Annual Report on Form 10- K for the period ended December 31, 2025 once it is filed with the Securities and Exchange Commission. Amounts presented in the following tables may not sum and percentages may not recalculate due to rounding. 1 Exhibit 99.2

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![](exhibit992financialsuppl002.jpg)

4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 2025 2024 2025 vs. 2024 (Millions, except per share amounts and percentages) Interest income Interest and fees on loans $1,208 $1,198 $1,148 $1,185 $1,175 1 % 3 % $4,739 $4,820 (2) % Interest on cash and investment securities 38 44 46 46 44 (14) % (14) % 173 204 (16) % Total interest income 1,246 1,242 1,194 1,231 1,219 — % 2 % 4,912 5,024 (2) % Interest expense Interest on deposits 137 139 139 138 147 (1) % (7) % 554 608 (9) % Interest on borrowings 62 71 81 87 84 (13) % (26) % 300 352 (15) % Total interest expense 199 210 220 225 231 (5) % (14) % 854 960 (11) % Net interest income 1,047 1,032 974 1,006 988 1 % 6 % 4,058 4,064 — % Non-interest income Interchange revenue, net of retailer share arrangements (127) (111) (95) (83) (110) 14 % 16 % (416) (381) 9 % Gain on portfolio sale — — 3 — 2 — % (100) % 3 11 (71) % Other 55 50 47 47 46 9 % 18 % 200 144 38 % Total non-interest income (72) (61) (45) (36) (62) 18 % 16 % (213) (226) (6) % Total net interest and non-interest income 975 971 929 970 926 — % 5 % 3,845 3,838 — % Provision for credit losses 373 299 274 296 417 25 % (11) % 1,242 1,397 (11) % Total net interest and non-interest income, after provision for credit losses 602 672 655 674 509 (10) % 18 % 2,603 2,441 7 % Non-interest expenses Employee compensation and benefits 232 222 212 215 242 5 % (4) % 880 897 (2) % Card and processing expenses 78 81 81 82 85 (4) % (8) % 322 326 (1) % Information processing and communication 78 72 77 81 80 9 % (2) % 308 300 3 % Marketing expenses 44 38 34 35 48 17 % (8) % 150 147 2 % Depreciation and amortization 19 20 20 21 23 (3) % (16) % 80 90 (11) % Other 104 43 57 43 58 138 % 79 % 248 300 (17) % Total non-interest expenses 555 476 481 477 536 17 % 4 % 1,988 2,060 (3) % Income (loss) from continuing operations before income taxes 47 196 174 197 (27) (76) % (275) % 615 381 61 % (Benefit) provision for income taxes (6) 8 35 55 (35) (175) % (82) % 94 102 (9) % Income from continuing operations 53 188 139 142 8 (72) % 595 % 521 279 87 % Loss from discontinued operations, net of income taxes — — — (4) (1) (328) % (133) % (3) (2) 40 % Net income available to common stockholders $53 $188 $139 $138 $7 (72) % 675 % $518 $277 87 % Basic income per share Income from continuing operations $1.19 $4.04 $2.96 $2.89 $0.15 (71) % 668 % $11.15 $5.63 98 % Income (loss) from discontinued operations $— $— $0.01 $(0.08) $(0.01) (336) % (136) % $(0.08) $(0.05) 48 % Net income per share $1.19 $4.04 $2.97 $2.81 $0.14 (70) % 757 % $11.07 $5.58 98 % Diluted income per share Income from continuing operations $1.16 $3.96 $2.93 $2.86 $0.15 (71) % 669 % $10.96 $5.54 98 % Income (loss) from discontinued operations $— $— $0.01 $(0.08) $(0.01) (335) % (136) % $(0.07) $(0.05) 48 % Net income per share $1.16 $3.96 $2.94 $2.78 $0.14 (71) % 758 % $10.89 $5.49 98 % Weighted average common shares outstanding Basic 44.9 46.5 46.7 49.0 49.6 (4) % (10) % 46.8 49.6 (6) % Diluted 46.0 47.5 47.2 49.6 50.9 (3) % (10) % 47.6 50.4 (6) % Bread Financial Holdings, Inc Preliminary Table 1: Consolidated Statements of Income 2

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![](exhibit992financialsuppl003.jpg)

4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 (Millions, except preferred shares in thousands and per shares amounts) ASSETS Cash and cash equivalents $3,604 $3,764 $3,799 $4,212 $3,679 (4) % (2) % Credit card and other loans Total credit card and other loans 18,805 17,655 17,656 17,815 18,896 7 % — % Allowance for credit losses (2,106) (2,070) (2,098) (2,172) (2,241) 2 % (6) % Credit card and other loans, net 16,699 15,585 15,558 15,643 16,655 7 % — % Investments 284 284 277 272 266 — % 6 % Property and equipment, net 117 122 127 133 142 (5) % (18) % Goodwill and intangible assets, net 716 723 731 738 746 (1) % (4) % Other assets 1,243 1,236 1,329 1,384 1,403 1 % (11) % Total assets $22,663 $21,714 $21,821 $22,382 $22,891 4 % (1) % LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Direct-to-consumer (retail) $8,522 $8,188 $8,080 $7,922 $7,687 4 % 10 % Wholesale and other 5,394 5,347 5,260 5,177 5,395 1 % — % Total deposits 13,916 13,535 13,340 13,099 13,082 3 % 6 % Debt issued by consolidated variable interest entities 3,422 2,682 3,089 3,835 4,558 28 % (25) % Long-term and other debt 886 1,105 1,138 1,286 999 (20) % (11) % Other liabilities 1,112 1,075 1,088 1,094 1,201 3 % (7) % Total liabilities 19,336 18,397 18,655 19,314 19,840 5 % (3) % Stockholders' equity Preferred stock — — — — — nm nm Common stock — 1 1 1 1 (4) % (10) % Additional paid-in capital 1,868 1,900 1,929 1,960 2,073 (2) % (10) % Retained earnings 1,475 1,432 1,255 1,126 999 3 % 48 % Accumulated other comprehensive loss (16) (16) (19) (19) (22) (5) % (30) % Total stockholders' equity 3,327 3,317 3,166 3,068 3,051 — % 9 % Total liabilities and stockholders' equity $22,663 $21,714 $21,821 $22,382 $22,891 4 % (1) % Common shares outstanding 44.1 46.0 46.6 47.6 49.1 (4) % (10) % Preferred shares outstanding 75.0 — — — — nm nm nm - Not meaningful, denoting a variance of 1,000 percent or more. Bread Financial Holdings, Inc Preliminary Table 2: Consolidated Balance Sheets 3

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![](exhibit992financialsuppl004.jpg)

4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 2025 2024 2025 vs. 2024 (Millions, except per share amounts and percentages) Credit sales $8,070 $6,787 $6,814 $6,106 $7,898 19 % 2 % $27,777 $26,962 3 % Average credit card and other loans 17,961 17,596 17,686 18,164 18,156 2 % (1) % 17,850 18,084 (1) % End-of-period credit card and other loans 18,805 17,655 17,656 17,815 18,896 7 % — % 18,805 18,896 — % End-of-period direct-to-consumer (retail) deposits 8,523 8,188 $8,080 7,922 7,687 4 % 11 % 8,523 7,687 11 % Adjusted net income \* $95 $191 149 $140 $20 (50) % 376 % $575 $388 48 % Adjusted net income per diluted share \* $2.07 $4.02 $3.15 $2.82 $0.40 (48) % 427 % $12.09 $7.69 57 % Adjusted income from continuing operations \* $95 $191 149 $144 $21 (50) % 357 % $578 $390 48 % Adjusted income from continuing operations per diluted share \* $2.07 $4.02 $3.14 $2.90 $0.41 (49) % 406 % $12.16 $7.74 57 % Pretax pre-provision earning (PPNR) \*(1) $420 $495 448 $493 $390 (15) % 7 % $1,857 $1,778 4 % PPNR excl. gain on portfolio sale and impacts from debt repurchases \*(1) $475 $498 458 $495 $399 (5) % 19 % $1,928 $1,884 2 % Return on average assets (1) 1.0 % 3.4 % 2.5 % 2.5 % 0.1 % (2.4) % 0.9 % 2.4 % 1.3 % 1.1 % Return on average equity (1) 6.2 % 22.4 % 17.5 % 17.7 % 0.9 % (16.2) % 5.3 % 15.8 % 8.7 % 7.1 % Return on average tangible common equity \*(1) 8.0 % 28.6 % 22.7 % 23.0 % 1.2 % (20.6) % 6.8 % 20.4 % 11.4 % 9.0 % Net interest margin (1) 18.9 % 18.8 % 17.7 % 18.1 % 17.8 % 0.1 % 1.1 % 18.4 % 18.3 % 0.1 % Loan yield (1) 26.7 % 27.0 % 26.0 % 26.5 % 25.7 % (0.3) % 1.0 % 26.6 % 26.7 % (0.1) % Efficiency ratio (1) 57.0 % 49.0 % 51.8 % 49.1 % 57.8 % 8.0 % (0.8) % 51.7 % 53.7 % (2.0) % Adjusted efficiency ratio (1) 51.3 % 48.7 % 50.5 % 48.9 % 56.7 % 2.6 % (5.4) % 49.8 % 50.8 % (1) % Common equity tier 1 capital ratio (1) 13.0 % 14.0 % 13.0 % 12.0 % 12.4 % (1.0) % 0.6 % 13.0 % 12.4 % 0.6 % Tangible book value per common share \*(1) $57.57 $56.36 $52.21 $48.92 $46.97 2 % 23 % $57.57 $46.97 23 % Cash dividend per common share $0.23 $0.21 $0.21 $0.21 $0.21 10 % 10 % $0.86 $0.84 2 % Payment rate (1) 15.0 % 14.9 % 15.0 % 14.8 % 14.7 % 0.1 % 0.3 % 14.9 % 14.5 % 0.4 % Delinquency rate (1) 5.8 % 6.0 % 5.7 % 5.9 % 5.9 % (0.2) % (0.1) % 5.8 % 5.9 % (0.1) % Net loss rate (1) 7.4 % 7.4 % 7.9 % 8.2 % 8.0 % — % (0.6) % 7.7 % 8.2 % (0.5) % Reserve rate (1) 11.2 % 11.7 % 11.9 % 12.2 % 11.9 % (0.5) % (0.7) % 11.2 % 11.9 % (0.7) % \* Represents a Non-GAAP financial measure. See Table 6: Reconciliation of GAAP to Non-GAAP Financial Measures. (1) Please refer to "Glossary of terms." Bread Financial Holdings, Inc Preliminary Table 3: Select Financial Metrics 4

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![](exhibit992financialsuppl005.jpg)

(Millions, except percentages) 4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 Total company Common equity tier 1 capital ratio (1) 13.0 % 14.0 % 13.0 % 12.0 % 12.4 % (1.0) % 0.6 % Total risk-based capital ratio (1) 16.8 % 17.5 % 16.5 % 15.5 % 13.8 % (0.7) % 3.0 % Total risk-weighted assets (1) $19,755 $18,714 $18,730 $18,810 $19,928 5.6 % (0.9) % Tangible common equity / tangible assets ratio \*(1) 11.6 % 12.4 % 11.5 % 10.8 % 10.4 % (0.8) % 1.2 % Tangible common equity + credit reserve rate \*(1) 24.7 % 26.4 % 25.7 % 25.3 % 24.1 % (1.7) % 0.6 % Comenity Bank Common equity tier 1 capital ratio (1) 15.1 % 15.4 % 15.8 % 17.0 % 16.5 % (0.3) % (1.4) % Total risk-based capital ratio (1) 16.5 % 16.8 % 17.2 % 18.4 % 17.9 % (0.3) % (1.4) % Comenity Capital Bank Common equity tier 1 capital ratio (1) 13.5 % 15.4 % 15.9 % 15.3 % 15.4 % (1.9) % (1.9) % Total risk-based capital ratio (1) 17.5 % 19.0 % 19.5 % 18.9 % 16.7 % (1.5) % 0.8 % \* Represents a Non-GAAP financial measure. See Table 6: Reconciliation of GAAP to Non-GAAP Financial Measures. (1) Please refer to "Glossary of terms." Bread Financial Holdings, Inc Preliminary Table 4: Capital Ratios 5

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![](exhibit992financialsuppl006.jpg)

4Q25 3Q25 4Q24 Average Balance Interest Income/ Expense Average Yield / Rate Average Balance Interest Income/ Expense Average Yield / Rate Average Balance Interest Income/ Expense Average Yield / Rate (Millions, except percentages) Cash and investment securities $3,965 $38 3.77 % $4,173 $44 4.18 % $3,927 $44 4.44 % Credit card and other loans 17,961 1,208 26.68 % 17,596 1,198 27.01 % 18,156 1,175 25.74 % Total interest-earning assets 21,926 1,246 22.54 % 21,769 1,242 22.64 % 22,083 1,219 21.95 % Direct-to-consumer (retail) deposits 8,366 86 4.11 % 8,139 86 4.23 % 7,564 90 4.75 % Wholesale deposits 5,321 51 3.78 % 5,296 53 3.94 % 5,336 57 4.26 % Interest-bearing deposits 13,687 137 3.98 % 13,435 139 4.11 % 12,900 147 4.54 % Secured borrowings 2,785 40 5.59 % 2,872 43 5.88 % 3,742 58 6.06 % Unsecured borrowings 986 22 9.01 % 1,129 28 9.92 % 1,036 26 10.07 % Interest-bearing borrowings 3,771 62 6.49 % 4,001 71 7.02 % 4,778 84 6.93 % Total interest-bearing liabilities $17,458 $199 4.52 % $17,436 $210 4.78 % $17,678 $231 5.19 % Net interest income $1,047 $1,032 $988 Net interest margin (1) 18.9 % 18.8 % 17.8 % 2025 2024 Average Balance Interest Income/ Expense Average Yield / Rate Average Balance Interest Income/ Expense Average Yield / Rate (Millions, except percentages) Cash and investment securities $4,232 $173 4.08 % $4,116 $204 4.96 % Credit card and other loans 17,850 4,739 26.55 % 18,084 4,820 26.65 % Total interest-earning assets 22,082 4,912 22.24 % 22,200 5,024 22.63 % Direct-to-consumer (retail) deposits 8,087 349 4.31 % 7,174 349 4.86 % Wholesale deposits 5,252 205 3.91 % 5,919 259 4.38 % Interest-bearing deposits 13,339 554 4.15 % 13,093 608 4.64 % Secured borrowings 3,306 192 5.79 % 3,576 236 6.58 % Unsecured borrowings 1,115 108 9.72 % 1,247 116 9.33 % Interest-bearing borrowings 4,421 300 6.78 % 4,823 352 7.29 % Total interest-bearing liabilities $17,760 $854 4.81 % $17,916 $960 5.36 % Net interest income $4,058 $4,064 Net interest margin (1) 18.4 % 18.3 % (1) Please refer to "Glossary of terms." Bread Financial Holdings, Inc Preliminary Table 5: Average Balances and Net Interest Margin 6

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![](exhibit992financialsuppl007.jpg)

NON-GAAP FINANCIAL MEASURES We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included herein constitutes Non-GAAP Financial Measures. Our calculations of Non-GAAP Financial Measures may differ from the calculations of similarly titled measures by other companies. In particular: • We have previously repurchased and may, from time to time, in the future continue to repurchase debt, including any outstanding senior unsecured notes, subordinated notes or convertible notes. In such transactions, we may pay a premium to induce these repurchases, or in certain cases repurchase at a discount, which, from a GAAP perspective, would result in an impact to Total non-interest expenses, with a corresponding impact also reflected in Net income and consequently our Earnings per diluted share. For our prior debt repurchases, we show adjustments to these three financial statement line items, for total Company as well as for continuing operations, to exclude the impacts from our debt repurchases. We use Adjusted total non-interest expenses, Adjusted net income, and Adjusted earnings per diluted share to evaluate the ongoing operations of the Company excluding the volatility that can occur from the impacts of our debt repurchases. • Pretax pre-provision earnings (PPNR) represents Income from continuing operations before income taxes and the Provision for credit losses. PPNR excluding any gain on portfolio sale and impacts from debt repurchases then excludes from PPNR the gain on any portfolio sale in the period, as well as the loss or gain on any debt repurchases in the period. We use PPNR and PPNR excluding any gain on portfolio sale and impacts from debt repurchases as metrics to evaluate our results of operations before income taxes, excluding the movements that can occur within Provision for credit losses and the one-time nature of a gain on the sale of a portfolio and/or the impacts from debt repurchases. • Return on average tangible common equity (ROTCE) represents annualized Income from continuing operations less Dividends to preferred stockholders, divided by average Tangible common equity. Tangible common equity (TCE) represents Total stockholders' equity reduced by Preferred stock and Goodwill and intangible assets, net. We use ROTCE as a metric to evaluate the Company's performance. • Tangible book value per common share represents TCE divided by common shares outstanding. We use Tangible book value per common share, a metric used across the industry, to assess capital and performance, in conjunction with ROTCE. • Tangible common equity over Tangible assets (TCE/TA) represents TCE divided by Tangible assets (TA), which is Total assets reduced by Goodwill and intangible assets, net. We use TCE/TA as a metric to evaluate the Company's capital adequacy and estimate its ability to absorb losses. We believe the use of these Non-GAAP financial measures provide additional clarity in understanding our results of operations and trends. Please see the table below for a reconciliation of these Non-GAAP financial measures to the most directly comparable GAAP measures. (Millions, except per share amounts and percentages) Adjusted net income Net income $53 $188 $139 $138 $7 (72) % 675 % $518 $277 87 % Impacts from debt repurchases 42 3 10 2 13 nm 219 % 57 111 (49) % Adjusted net income $95 $191 $149 $140 $20 (50) % 376 % $575 $388 48 % Adjusted net income per diluted share Net income per diluted share $1.16 $3.96 $2.94 $2.78 $0.14 (71) % 758 % $10.89 $5.49 98 % Impacts from debt repurchases $0.91 $0.06 $0.21 $0.04 $0.26 nm 253 % $1.20 $2.20 (46) % Adjusted net income per diluted share $2.07 $4.02 $3.15 $2.82 $0.40 (48) % 427 % $12.09 $7.69 57 % Adjusted income from continuing operations Income from continuing operations $53 $188 $139 $142 $8 (72) % 595 % $521 $279 87 % Impacts from debt repurchases 42 3 10 2 13 nm 219 % 57 111 (49) % Adjusted income from continuing operations $95 $191 $149 $144 $21 (50) % 357 % $578 $390 48 % Adjusted income from continuing operations per diluted share Income from continuing operations per diluted share $1.16 $3.96 $2.93 $2.86 $0.15 (71) % 669 % $10.96 $5.54 98 % Impacts from debt repurchases $0.91 $0.06 $0.21 $0.04 $0.26 nm 253 % $1.20 $2.20 (46) % Adjusted income from continuing operations per diluted share $2.07 $4.02 $3.14 $2.90 $0.41 (49) % 406 % $12.16 $7.74 57 % Adjusted total non-interest expenses Total non-interest expenses $555 $476 $481 $477 $536 17 % 4 % $1,988 $2,060 (3) % Impacts from debt repurchases 55 3 13 2 11 nm 390 % 74 117 (36) % Adjusted total non-interest expenses $500 $473 $468 $475 $525 6 % (5) % $1,914 $1,943 (1) % 4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 2025 2024 2025 vs. 2024 Bread Financial Holdings, Inc Preliminary Table 6: Reconciliation of GAAP to Non-GAAP Financial Measures 7

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![](exhibit992financialsuppl008.jpg)

Pretax pre-provision earnings (PPNR) Income (loss) from continuing operations before income taxes $47 $196 $174 $197 $(27) (76) % (275) % $615 $381 61 % Provision for credit losses 373 299 274 296 417 25 % (11) % 1,242 1,397 (11) % Pretax pre-provision earnings (PPNR) 420 495 448 493 390 (15) % 7 % 1,857 1,778 4 % Less: Gain on portfolio sale — — (3) — (2) — % (100) % (3) (11) (71) % Add: Impacts from debt repurchases 55 3 13 2 11 nm 390 % 74 117 (36) % PPNR excluding gain on portfolio sale and impacts from debt repurchases 475 498 458 495 399 (5) % 19 % 1,928 1,884 2 % Average tangible common equity Average Total stockholders' equity 3,405 3,335 3,183 3,246 3,217 2 % 6 % 3,293 3,214 2 % Less: average Preferred Stock (29) — — — — nm nm (7) — nm Less: average Goodwill and intangible assets, net (721) (728) (735) (744) (752) (1) % (4) % (733) (753) (3) % Average Tangible common equity 2,655 2,607 2,448 2,502 2,465 2 % 8 % 2,553 2,461 4 % Tangible common equity (TCE) Total stockholders' equity 3,327 3,317 3,166 3,068 3,051 — % 9 % 3,327 3,051 9 % Less: Preferred stock (71) — — — — nm nm (71) — nm Less: Goodwill and intangible assets, net (716) (723) (731) (738) (746) (1) % (4) % (716) (746) (4) % Tangible common equity (TCE) 2,540 2,594 2,435 2,330 2,305 (2) % 10 % 2,540 2,305 10 % Tangible assets (TA) Total assets 22,663 21,714 21,821 22,382 22,891 4 % (1) % 22,663 22,891 (1) % Less: Goodwill and intangible assets, net (716) (723) (731) (738) (746) (1) % (4) % (716) (746) (4) % Tangible assets (TA) $21,947 $20,991 $21,090 $21,644 $22,145 5 % (1) % $21,947 $22,145 (1) % 4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs. 3Q25 4Q25 vs. 4Q24 2025 2024 2025 vs. 2024 ________________________________________________________________________________ (nm) Not meaningful, denoting a variance of 1,000 percent or more. Bread Financial Holdings, Inc Preliminary Table 6: Reconciliation of GAAP to Non-GAAP Financial Measures 8

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![](exhibit992financialsuppl009.jpg)

Common equity tier 1 capital ratio Common equity tier 1 capital ratio represents tier 1 capital reduced for Preferred stock divided by total risk-weighted assets. In the calculation of tier 1 capital, we follow the Basel III Standardized Approach and therefore Total stockholders' equity has been reduced by Goodwill and intangible assets, net. Delinquency rate Delinquency rate represents outstanding balances that are contractually delinquent (i.e., principal balances greater than 30 days past due) as of the end of the period, divided by the outstanding principal amount of Credit card and other loans as of the same period-end. Efficiency ratio and Adjusted efficiency ratio Efficiency ratio represents Total non-interest expenses divided by Total net interest and non-interest income. Adjusted efficiency ratio excludes any gain on portfolio sale and impacts from debt repurchases. Loan yield Loan yield represents annualized Interest and fees on loans divided by Average credit card and other loans. Net interest margin Net interest margin represents annualized Net interest income divided by average Total interest-earning assets. Net loss rate Net loss rate, an annualized rate, represents net principal losses for the period divided by Average credit card and other loans for the same period, using an average daily balance calculation methodology. Payment rate Payment rate represents consumer payments during the period, divided by the aggregate of the opening monthly Credit card and other loans balances during the period, including held for sale in applicable periods. PPNR and PPNR excluding gain on portfolio sale and impacts from debt repurchases \* PPNR represents Income from continuing operations before income taxes and the Provision for credit losses. PPNR excluding gain on portfolio sale and impacts from debt repurchases excludes from PPNR any gain on portfolio sale in the period, as well as the impacts from our debt repurchases in the period. Reserve rate Reserve rate represents the Allowance for credit losses divided by End-of-period credit card and other loans. Return on average assets Return on average assets represents annualized Income from continuing operations divided by average Total assets. Return on average equity Return on average equity represents annualized Income from continuing operations divided by average Total stockholders' equity. Return on average tangible common equity \* Return on average tangible common equity (ROTCE) represents annualized Income from continuing operations, less Dividends to preferred stockholders, divided by average Tangible common equity. Tangible common equity (TCE) represents Total stockholders' equity reduced by Preferred stock and Goodwill and intangible assets, net. Tangible book value per common share \* Tangible book value per common share represents TCE divided by common shares outstanding. Tangible common equity + credit reserve rate \* Tangible common equity + credit reserve rate represents the sum of TCE and Allowance for credit losses, divided by End-of-period credit card and other loans. Tangible common equity / tangible assets ratio \* Tangible common equity over tangible assets (TCE/TA) represents TCE divided by Tangible assets (TA), which is Total assets reduced by Goodwill and intangible assets, net. Total risk-based capital ratio Total risk-based capital ratio represents total capital divided by total risk-weighted assets. In the calculation of total capital, we follow the Basel III Standardized Approach and therefore tier 1 capital has been increased by tier 2 capital, which for us is comprised of subordinated notes, as well as the allowable portion of the Allowance for credit losses. Total risk-weighted assets Total risk-weighted assets are generally measured by allocating assets, and specified off-balance sheet exposures, to various risk categories as defined by the Basel III Standardized Approach. \* Represents a Non-GAAP financial measure. See Table 6: Reconciliation of GAAP to Non-GAAP Financial Measures. Bread Financial Holdings, Inc Glossary of Terms 9

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## Exhibit 99.3

![](exhibit993slides01-29x26001.jpg)

Fourth quarter and full year 2025 results© 2 0 2 2 B r e a d F i n a n c i a l \| C o n f i d e n t i a l & P r o p r i e t a r y 1 January 29, 2026 Exhibit 99.3

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![](exhibit993slides01-29x26002.jpg)

2©2026 Bread Financial Delivered responsible growth • Added new relationships in diversified verticals including Cricket Wireless, Crypto.com, and Vivint, and expanded our home vertical, including Bed Bath & Beyond, Furniture First, and Raymour & Flanigan. • Renewed our top 10 programs into at least 2028 with the extension of Caesars Entertainment. • Grew direct-to-consumer deposits to $8.5 billion, an 11% increase year-over-year, representing 48% of our fourth quarter average total funding. Adapted to the macroeconomic and regulatory environment • Disciplined credit risk management and product diversification drove improved credit metrics. • Maintained prudent weightings on the economic scenarios in our credit reserve modeling given the wide range of potential macroeconomic outcomes. • Continued execution on our credit strategies; anticipating ongoing gradual improvement in our credit metrics. Disciplined capital allocation and risk management • Credit ratings upgrades from Moody's and Fitch and a positive outlook from Moody's and S&P. • Further optimized capital structure with issuance of subordinated notes and preferred shares. • Refinanced senior notes, reducing size by $400 million and rate by 300 basis points. • Repurchased 5.7 million common shares or $310 million. Increased quarterly cash dividend by 10%. Drove operational excellence and technology advancement • Delivered positive operating leverage as a result of our continuous improvement initiatives. • Advanced technology, including accelerating AI adoption, to increase automation and efficiency. 2025 achievements Achieved full year 2025 financial outlook Full year 2025 outlook Full year 2025 actuals Average loans Flat to slightly down (1.3)% Revenue (excl. gain on sale)(2) Flat 0.4% Adjusted total non-interest expenses(1) Positive operating leverage 1.8% operating leverage Net loss rate 7.8% to 7.9% 7.7% (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." (2) In the calculation of Full year 2025 actuals, Revenue (excl. gain on sale) excludes from Total revenue $3 million and $11 million in gains on a portfolio sale for the years ended Dec. 31, 2025 and 2024, respectively. Adjusted total non-interest expenses is a Non-GAAP Financial Measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures."

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![](exhibit993slides01-29x26003.jpg)

3©2026 Bread Financial Key highlights Fourth quarter 2025 (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." Demonstrated financial resilience and strategic capital allocation • Enhanced financial resilience through ongoing operational excellence initiatives, responsible growth, proactive credit risk management, and prudent capital allocation. • Net income available to common stockholders of $53 million and earnings per diluted share of $1.16, including a $42 million post-tax impact from our debt repurchases. • Tangible book value per common share(1) of $57.57 increased $10.60 or 23% year-over-year. • Return on average tangible common equity(1) was 8.0% in the fourth quarter and 20.4% for the full year. • Direct-to-consumer deposits of $8.5 billion increased 11% year-over-year, and now represent 48% of our average total funding, up from 43% in the prior year period. • Repurchased 1.9 million common shares for $120 million during the quarter with $240 million remaining on current share repurchase authorization at year-end. • Completed $75 million Series A 8.625% non-cumulative perpetual preferred stock offering, further optimizing our capital structure. Proactive risk management given macroeconomic uncertainty • Actively monitoring potential effects that trade and other government policies have on our consumers and our business. • Our customers' financial health remains resilient as evidenced by positive sales and payments growth, and lower delinquencies and losses, despite ongoing inflationary concerns, a generally stable job market, and continuing weak consumer sentiment. • Our emphasis on product diversification toward co-brand, our proprietary card, and installment products will continue to have positive impacts on risk and income diversification.

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![](exhibit993slides01-29x26004.jpg)

4©2026 Bread Financial $3.8 billion (1) Continuing operations excludes amounts associated with our former LoyaltyOne segment and our former Epsilon segment which previously have been disclosed as discontinued operations and classified accordingly. (2) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." Continuing operations(1) Revenue Year-over-year comparisons • Credit sales were $27.8 billion, an increase of $0.8 billion, or 3%, driven by new partner growth and increased general- purpose spending. • Average credit card and other loans of $17.9 billion were down 1%, and end-of-period credit card and other loans of $18.8 billion were nearly flat, both of which were pressured by an increasing payment rate. • Revenue increased $7 million, primarily due to the implementation of pricing changes and paper statement fees, partially offset by lower billed late fees resulting from lower delinquencies. • Total non-interest expenses decreased $72 million, or 3%, reflective of the current and prior year impacts from our debt repurchases of $74 million and $117 million, respectively. Excluding the impacts from our debt repurchases, adjusted total non-interest expenses(2) decreased $29 million, or 1%, driven by our continued operational excellence initiatives. • Income from continuing operations increased $242 million, or 87%, reflecting the current year impacts from a lower provision for credit losses, and current and prior year impacts from our debt repurchases. Excluding the impacts from our debt repurchases, adjusted income from continuing operations(2) increased $188 million, or 48%. • Adjusted PPNR,(2) which excludes any gain on portfolio sale and impacts from debt repurchases, increased $44 million, or 2%. • The delinquency rate of 5.8% decreased from 5.9% in 2024. • The net loss rate of 7.7% decreased from 8.2% in 2024. Diluted EPS Adj. diluted EPS(2) Net income Adj. net income(2) $521 million $578 million $12.16$10.96 Full year 2025 financial highlights Impacts from debt repurchases ($ in millions, except per share amounts) Total non-interest expenses Income from cont. ops. Diluted EPS from cont. ops. 2025 2024 2025 2024 2025 2024 GAAP-basis $1,988 $2,060 $521 $279 $10.96 $5.54 Impacts from debt repurchases 74 117 57 111 1.20 2.20 Adjusted GAAP-basis(2) $1,914 $1,943 $578 $390 $12.16 $7.74

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![](exhibit993slides01-29x26005.jpg)

5©2026 Bread Financial $1.0 billion (1) Continuing operations excludes amounts associated with our former LoyaltyOne segment and our former Epsilon segment which previously have been disclosed as discontinued operations and classified accordingly. (2) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." Continuing operations(1) Revenue Year-over-year comparisons • Credit sales were $8.1 billion, an increase of $0.2 billion, or 2%, driven by new partner growth and increased general- purpose spending. • Average credit card and other loans of $18.0 billion were down 1%, and end-of-period credit card and other loans of $18.8 billion were nearly flat, both of which were pressured by an increasing payment rate. • Revenue increased $49 million, or 5%, primarily reflecting the implementation of pricing changes, partially offset by lower billed late fees and higher retailer share arrangements. • Total non-interest expenses increased $19 million, or 4%, primarily driven by the current and prior year impacts from debt repurchases of $55 million and $11 million, respectively. Excluding the impacts from our debt repurchases, adjusted total non-interest expenses(2), decreased $25 million, or 5%, driven by our continued operational excellence initiatives. • Income from continuing operations increased $45 million, primarily driven by higher net interest income and lower provision for credit losses, partially offset by the impacts from our debt repurchases. Excluding the impacts from our debt repurchases, adjusted income from continuing operations(2) increased $74 million. • Adjusted PPNR(2) increased $76 million, or 19%. • The delinquency rate of 5.8% decreased from 5.9% in the fourth quarter of 2024. • The net loss rate of 7.4% decreased from 8.0% in the fourth quarter of 2024. Diluted EPS Adj. diluted EPS(2) Net income Adj. net income(2) $53 million $95 million $2.07$1.16 Fourth quarter 2025 financial highlights Impacts from debt repurchases ($ in millions, except per share amounts) Total non-interest expenses Income from cont. ops. Diluted EPS from cont. ops. 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 GAAP-basis $555 $536 $53 $8 $1.16 $0.15 Impacts from debt repurchases 55 11 42 13 0.91 0.26 Adjusted GAAP-basis(2) $500 $525 $95 $21 $2.07 $0.41

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![](exhibit993slides01-29x26006.jpg)

6©2026 Bread Financial ($ in millions, except per share amounts) 4Q25 4Q24 $ change % change 2025 2024 $ change % change Total interest income $1,246 $1,219 $27 2 $4,912 $5,024 $(112) (2) Total interest expense 199 231 (32) (14) 854 960 (106) (11) Net interest income 1,047 988 59 6 4,058 4,064 (6) — Total non-interest income (72) (62) (10) 16 (213) (226) 13 (6) Revenue 975 926 49 5 3,845 3,838 7 — Net principal losses 336 367 (31) (8) 1,377 1,489 (112) (8) Reserve build (release) 37 50 (13) (28) (135) (92) (43) 48 Provision for credit losses 373 417 (44) (11) 1,242 1,397 (155) (11) Total non-interest expenses 555 536 19 4 1,988 2,060 (72) (3) Income (loss) before income taxes 47 (27) 74 (275) 615 381 234 61 Provision for income taxes (6) (35) 29 (82) 94 102 (8) (9) Net income $53 $8 $45 595 $521 $279 $242 87 Earnings per diluted share $1.16 $0.15 $1.01 669 $10.96 $5.54 $5.42 98 Adjusted net income(1) $95 $21 $74 357 $578 $390 $188 48 Adjusted earnings per diluted share(1) $2.07 $0.41 $1.66 406 $12.16 $7.74 $4.42 57 Pretax pre-provision earnings(1) $420 $390 $30 7 $1,857 $1,778 $79 4 Adjusted PPNR(1) $475 $399 $76 19 $1,928 $1,884 $44 2 Adjusted PPNR⁽¹⁾ $399 $475 $1,884 $1,928 4Q24 4Q25 2024 2025 ($ in millions) Summary P&L results Continuing operations (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." +2% (excl. any gain on portfolio sale and impacts from debt repurchases) +19%

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![](exhibit993slides01-29x26007.jpg)

7©2026 Bread Financial $18.1 $18.5 $17.9 $17.6 $17.7 $18.3 $17.9 $17.4 $17.5 Direct-to-consumer deposits Wholesale deposits Secured borrowings Unsecured borrowings 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $21.9 $22.7 $22.1 $22.0 $22.1 $22.6 $22.1 $21.8 $21.9 Credit card and other loans Cash and investment securities 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Av er ag e in te re st -b ea rin g lia bi lit ie s ($ in b ill io ns) Av er ag e in te re st -e ar ni ng a ss et s ($ in b ill io ns) Interest-earning asset yields and mix 27.7% 27.0% 26.4% 27.4% 25.7% 26.5% 26.0% 27.0% 26.7% 23.9% 23.1% 22.4% 23.1% 22.0% 22.1% 21.7% 22.6% 22.5% 19.6% 18.7% 18.0% 18.8% 17.8% 18.1% 17.7% 18.8% 18.9% Loan yield Avg. earning asset yield Net interest margin Interest-bearing liability costs and funding mix 5.2% 5.4% 5.4% 5.4% 5.2% 5.0% 4.9% 4.8% 4.5% 4.6% 4.6% 4.7% 4.7% 4.5% 4.3% 4.2% 4.1% 4.0% Cost of total interest-bearing liabilities Cost of deposits Net interest margin 83% 82% 81% 81% 82% 80% 80% 81% 82% 17% 18% 19% 19% 18% 20% 20% 19% 18% 18% 20% 19% 20% 21% 23% 19% 16% 16% 8% 7% 7% 7% 6% 5% 7% 7% 6% 35% 36% 40% 41% 43% 43% 45% 47% 48% 39% 37% 34% 32% 30% 29% 29% 30% 30% Note: Beginning in 2024, we revised the calculation of average balances to more closely align with industry practice by incorporating an average daily balance. Prior to 2024, average balances represent the average balance at the beginning and end of each month, averaged over the periods indicated.

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![](exhibit993slides01-29x26008.jpg)

8©2026 Bread Financial Funding, capital, and liquidity $17.7 $17.5 $12.9 $13.7 $3.7 $2.8 $1.0 $1.0 Deposits Secured borrowings Unsecured borrowings 4Q24 4Q25 CET1 4Q24 12.4 % Net earnings 3.0 % Risk-weighted asset changes 0.1 % Common stock dividends (0.2) % Common stock repurchases (1.6) % CECL transition provisions (0.6) % Debt repurchases (0.4) % Other activity, net 0.3 % 4Q25 13.0 % CET1 capital ratio 12.4% 13.0% 4Q24 4Q25 Tier 1 capital ratio 12.4% 13.4% 4Q24 4Q25 TCE + credit reserve rate⁽¹⁾ 24.1% 24.7% 4Q24 4Q25 Total risk-based capital ratio 13.8% 16.8% 4Q24 4Q25 CET1 capital ratio walk Capital ratios Average funding sources 4Q25 4Q24 Liquid assets 3.6 3.7 Undrawn credit facilities 2.4 2.9 Total 6.0 6.6 % of liquid resources to total assets 26.4% 29.0% (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." ($ in billions) (78% of total funding) (73% of total funding) End-of-period liquid resources ($ in billions)

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![](exhibit993slides01-29x26009.jpg)

9©2026 Bread Financial $2,328 $2,255 $2,164 $2,190 $2,241 $2,172 $2,098 $2,070 $2,106 12.0% 12.4% 12.2% 12.2% 11.9% 12.2% 11.9% 11.7% 11.2% 23.2% 24.9% 25.9% 25.4% 24.1% 25.3% 25.7% 26.4% 24.7% ACL balance Reserve rate⁽¹⁾ TCE + credit reserve rate⁽¹⁾ 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net loss rates 8.0% 8.5% 8.6% 7.8% 8.0% 8.2% 7.9% 7.4% 7.4% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Delinquency rates 6.5% 6.2% 6.0% 6.4% 5.9% 5.9% 5.7% 6.0% 5.8% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 5-year peak rate: 8.6% 5-year low rate: 3.9% (in 3Q21) 5-year avg rate: ~6.7% 5-year peak rate: 6.5% 5-year avg rate: ~5.3% 5-year low rate: 3.3% (2Q21) 57% 56% 58% 57% 58% 57% 58% 58% 59% 27% 27% 27% 27% 27% 27% 27% 27% 27% 16% 17% 15% 16% 15% 16% 15% 15% 14% Greater than 660 601-660 600 or below 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Reserve rates and loss absorption capacity ($ in millions) Revolving loan credit risk distribution (VantageScore) Credit quality and allowance Notes: See the Additional footnotes and definition of terms slides in the Appendix for an explanation of our change to the average daily balance methodology, as well as impacts, in 4Q24 and 2Q25, from Hurricanes Helene and Milton. (1) See Additional footnotes and definitions of terms in the Appendix.

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![](exhibit993slides01-29x26010.jpg)

10©2026 Bread Financial 2026 financial outlook Full year 2025 actuals Full year 2026 outlook Commentary Average loans 2025: $17,850 million Up low single digits Based on our current economic outlook and visibility into our pipeline and partner growth, we expect 2026 average credit card and other loans growth to be up low single digits from full year 2025. Revenue 2025: $3,845 million Up low single digits Revenue growth is expected to be up low single digits from 2025, largely in line with average loan growth. Adjusted total non-interest expenses(1) 2025: $1,914 million Positive operating leverage We manage expense growth based on revenue generation and investment opportunities and expect to deliver positive operating leverage in 2026, excluding the pretax impacts from our debt repurchases. We continue to invest in AI capabilities, technology modernization, marketing, and product innovation to drive growth and efficiencies. Net loss rate 2025: 7.7% 7.2% to 7.4% 2026 net loss rate is expected to improve from 2025 given a resilient consumer, our disciplined credit management, and continued risk and product mix shifts. (1) Represents a Non-GAAP Financial Measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." We are unable to provide a quantitative reconciliation of the forward-looking 2026 financial outlook for this Non-GAAP Financial Measure to its most directly comparable forward-looking GAAP measure as we cannot reliably predict all of the necessary components of such a forward-looking GAAP measure without unreasonable effort. As of 1/29/2026

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![](exhibit993slides01-29x26011.jpg)

11©2026 Bread Financial Building on our position of strength Disciplined capital allocation Effectively manage capital ensuring appropriate returns on investments to achieve our long-term financial targets while maintaining a strong balance sheet Operational excellence Accelerate initiatives to deliver AI capabilities, technology advancements, improved customer satisfaction, reduced risk exposure, and enterprise-wide efficiency Responsible growth Accelerate sustainable growth through our diversified product suite and expand revenue generation opportunities, delivering value to our brand partners and customers 2026 focus areas Proactive, strategic risk management Execute strategies to improve credit performance and maintain strong risk and control effectiveness while reinforcing regulatory vigilance

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![](exhibit993slides01-29x26012.jpg)

12©2026 Bread Financial Appendix© 2 0 2 2 B r e a d F i n a n c i a l \| C o n f i d e n t i a l & P r o p r i e t a r y 1 2

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![](exhibit993slides01-29x26013.jpg)

13©2026 Bread Financial Continuing operations Adjusted efficiency ratio 57% 51% 51% 50% 4Q24 4Q25 2024 2025 Adjusted total non-interest expenses $525 $500 $1,943 $1,914 4Q24 4Q25 2024 2025 Total non-interest expenses $(10) $(7) $(2) $(4) $(4) $46 Employee comp. and benefits: Card and processing: Info. processing and comm.: Marketing: Depreciation and amortization: Other: -4% -8% -2% -8% -16% 79% 4Q25 vs. 4Q24 change in non-interest expenses (1) Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures." (2) See Additional footnotes and definitions of terms in the Appendix. ($ in millions) -540 bps ($ in millions) -93 bps excl. impacts from debt repurchases(1) excl. gain on portfolio sale and impacts from debt repurchases(2) -5% Total non-interest expenses increased 4% versus 4Q24 • Employee compensation and benefits costs decreased primarily due to prior year strategic staffing adjustments. • Card and processing expenses decreased due primarily to lower operating volumes. • Other expenses increased primarily due to a $44 million higher year-over-year net impact from debt repurchases. -1%

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![](exhibit993slides01-29x26014.jpg)

14©2026 Bread Financial Diversified product and partner mix Product diversification 53% 43% 41% 52% 4% 3% 2% 2% Private label Co-brand Proprietary Bread Pay 4Q25 4Q25 Credit salesEnd-of-period loans Partner diversification 24% 26% 23% 18% 18% 30% 14% 9% 5% 2%5% 4% 4% 3% 4% 4% 3% 4% Specialty apparel Health and beauty Travel and entertainment Jewelry Home Technology and electronics Proprietary card Sporting goods Other 4Q25 4Q25 Credit salesEnd-of-period loans

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![](exhibit993slides01-29x26015.jpg)

15©2026 Bread Financial 4.8% 5.6% 5.0% 6.3% 7.0% 8.0% 6.9% 8.0% 8.5% 8.6% 7.8% 8.0% 8.2% 7.9% 7.4% 7.4% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4.1% 4.4% 5.7% 5.5% 5.7% 5.5% 6.3% 6.5% 6.2% 6.0% 6.4% 5.9% 5.9% 5.7% 6.0% 5.8% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 15-year low rate: 3.8% (in 4Q14) 15-year avg rate: ~5.9% 15-year avg rate: ~4.9% 15-year low rate: 3.3% (in 2Q21) Credit quality trends (1) Delinquency rates Net loss rates 15-year peak rate: 8.9% (in 4Q10) 15-year peak rate: 6.5% The explanation associated with footnote (1) is defined on the Additional footnotes and definition of terms slide in the Appendix. Notes: Starting with 3Q22 through 2Q23, the Net loss rate was impacted by the transition of our credit card processing services in June 2022. (1) (1)

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![](exhibit993slides01-29x26016.jpg)

16©2026 Bread Financial Additional footnotes and definitions of terms • Average daily balance: Beginning in 2024, we revised the calculation of average balances to more closely align with industry practice by incorporating an average daily balance. Prior to 2024, average balances represent the average balance at the beginning and end of each month, averaged over the periods indicated. • Hurricanes Helene and Milton: As a result of Hurricanes Helene and Milton, we froze delinquency progression in the fourth quarter of 2024 for customers in Federal Emergency Management Agency identified impact zones for one billing cycle. We estimate the net loss rate benefited by more than 20 basis points in the fourth quarter of 2024 and was negatively impacted by approximately 30 basis points in the second quarter of 2025. • 2022 Net loss rate: The 2Q22 Net loss rate includes a 30 basis point increase from the effects of the purchase of previously written-off accounts that were sold to a third-party debt collection agency. • Adjusted efficiency ratio: Efficiency ratio represents Total non-interest expenses divided by Total net interest and non-interest income. Adjusted efficiency ratio excludes any gain on portfolio sale and impacts from debt repurchases. • Reserve rate: Reserve rate represents the percentage of the Allowance for credit losses to end-of-period Credit card and other loans. • TCE + credit reserve rate: Tangible common equity (TCE) + credit reserve rate represents the sum of TCE and Allowance for credit losses divided by end-of-period Credit card and other loans. TCE is a Non-GAAP financial measure.

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![](exhibit993slides01-29x26017.jpg)

17©2026 Bread Financial Forward-looking statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward- looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as "believe," "expect," "anticipate," "estimate," "intend," "project," "plan," "likely," "may," "should" or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions. We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and consequently any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and charge-off rates; loss of, or reduction in demand for services and/or products from, significant brand partners or customers in the highly competitive markets in which we operate, including competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of agentic commerce, digital payment platforms and currencies and other alternative payment and deposit solutions; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including our credit risk management models and the amount of our Allowance for credit losses; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, executive action, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions that would place limits on credit card interest rates or late fees, interchange fees or other charges; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any liability or other adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, including the pending litigation against us in connection with the spinoff. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

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![](exhibit993slides01-29x26018.jpg)

18©2026 Bread Financial We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included herein constitutes Non-GAAP Financial Measures. Our calculations of Non-GAAP Financial Measures may differ from the calculations of similarly titled measures by other companies. In particular: • We have previously repurchased and may, from time to time, in the future continue to repurchase debt, including any outstanding senior unsecured notes, subordinated notes or convertible notes. In such transactions, we may pay a premium to induce these repurchases, or in certain cases repurchase at a discount, which, from a GAAP perspective, would result in an impact to Total non-interest expenses, with a corresponding impact also reflected in Net income and consequently our Earnings per diluted share. For our prior debt repurchases, we show adjustments to these three financial statement line items, for total Company as well as for continuing operations, to exclude the impacts from our debt repurchases. We use Adjusted total non-interest expenses, Adjusted net income, and Adjusted earnings per diluted share to evaluate the ongoing operations of the Company excluding the volatility that can occur from the impacts of our debt repurchases. • Pretax pre-provision earnings (PPNR) represents Income from continuing operations before income taxes and the Provision for credit losses. PPNR excluding any gain on portfolio sale and impacts from debt repurchases then excludes from PPNR the gain on any portfolio sale in the period, as well as the loss or gain on any debt repurchases in the period. We use PPNR and PPNR excluding any gain on portfolio sale and impacts from debt repurchases as metrics to evaluate our results of operations before income taxes, excluding the movements that can occur within Provision for credit losses and the one-time nature of a gain on the sale of a portfolio and/or the impacts from debt repurchases. • Return on average tangible common equity (ROTCE) represents annualized Income from continuing operations less Dividends to preferred stockholders, divided by average Tangible common equity. Tangible common equity (TCE) represents Total stockholders' equity reduced by Preferred stock and Goodwill and intangible assets, net. We use ROTCE as a metric to evaluate the Company's performance. • Tangible book value per common share represents TCE divided by common shares outstanding. We use Tangible book value per common share, a metric used across the industry, to assess capital and performance, in conjunction with ROTCE. We believe the use of these Non-GAAP financial measures provide additional clarity in understanding our results of operations and trends. For a reconciliation of these Non-GAAP financial measures to the most directly comparable GAAP measures, please see the "Reconciliation of GAAP to Non-GAAP Financial Measures." Non-GAAP financial measures

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![](exhibit993slides01-29x26019.jpg)

19©2026 Bread Financial Reconciliation of GAAP to Non-GAAP financial measures ($ in millions, except per share amounts) 4Q25 4Q24 2025 2024 Adjusted total non-interest expenses Total non-interest expenses $555 $536 $1,988 $2,060 Impacts from debt repurchases 55 11 74 117 Adjusted total non-interest expenses $500 $525 $1,914 $1,943 Income from continuing operations, net of taxes $53 $8 $521 $279 Loss from discontinued operations, net of taxes — (1) (3) (2) Net income $53 $7 $518 $277 Impacts from debt repurchases 42 13 57 111 Adjusted net income $95 $20 $575 $388 Adjusted income from continuing operations, net of taxes $95 $21 $578 $390 Weighted average shares outstanding – diluted 46.0 50.9 47.6 50.4 Income from continuing operations per diluted share $1.16 $0.15 $10.96 $5.54 (Loss) income from discontinued operations per diluted share — (0.01) (0.07) (0.05) Net income per diluted share $1.16 $0.14 $10.89 $5.49 Impacts from debt repurchases 0.91 0.26 1.20 2.20 Adjusted net income per diluted share $2.07 $0.40 $12.09 $7.69 Adjusted income from continuing operations per diluted share $2.07 $0.41 $12.16 $7.74 Continued on the following page

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![](exhibit993slides01-29x26020.jpg)

20©2026 Bread Financial ($ in millions) 4Q25 4Q24 2025 2024 Pretax pre-provision earnings (PPNR) Income (loss) before income taxes $47 $(27) $615 $381 Provision for credit losses 373 417 1,242 1,397 Pretax pre-provision earnings (PPNR) $420 $390 $1,857 $1,778 Less: Gain on portfolio sale — (2) (3) (11) Add: Impacts from debt repurchases 55 11 74 117 Adjusted PPNR $475 $399 $1,928 $1,884 Average Tangible common equity Average Total stockholders' equity $3,405 $3,217 $3,293 $3,214 Less: average Preferred stock (29) — (7) — Less: average Goodwill and intangible assets, net (721) (752) (733) (753) Average Tangible common equity $2,655 $2,465 $2,553 $2,461 Tangible common equity (TCE) Total stockholders' equity $3,327 $3,051 $3,327 $3,051 Less: Preferred stock (71) — (71) — Less: Goodwill and intangible assets, net (716) (746) (716) (746) Tangible common equity (TCE) $2,540 $2,305 $2,540 $2,305 Reconciliation of GAAP to Non-GAAP financial measures

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## Exhibit 99.4

**Exhibit 99.4**

![image_0.jpg](image_0.jpg)

**Bread Financial Declares Dividends on Preferred and Common Stock**

**COLUMBUS, Ohio – January 29, 2026** – Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced that its Board of Directors declared quarterly dividends on its preferred and common stock for the first quarter of 2026.

On the Company's 8.625% Non-Cumulative Perpetual Preferred Stock, Series A (NYSE: BFH-PrA), the Board of Directors declared a quarterly cash dividend of $26.35 per share (equivalent to $0.65875 per depositary share, each representing a 1/40th interest in a share of preferred stock). The dividend is payable on March 16, 2026 to preferred stockholders of record at the close of business on February 27, 2026.

On the Company's common stock, its Board of Directors declared a quarterly cash dividend of $0.23 per share, payable on March 16, 2026 to common stockholders of record at the close of business on February 27, 2026.

**About Bread Financial**<sup>®</sup>

Bread Financial<sup>®</sup> (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

Bread Financial proudly marks 30 years of success in 2026. To learn more about our global associates, our performance and our sustainability progress, visit **<u>breadfinancial.com</u>** or follow us on **<u>Instagram</u>** and **<u>LinkedIn</u>**.

**Contacts**

Brian Vereb – Investor Relations

Brian.Vereb@BreadFinancial.com

Susan Haugen – Investor Relations

Susan.Haugen@BreadFinancial.com

Rachel Stultz – Media

Rachel.Stultz@BreadFinancial.com

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