What is Bread Financial Holdings's net debt?

Bread Financial Holdings (BFH) reported net debt of -$3.54B in Q4 2025.

How has Bread Financial Holdings's net debt changed year-over-year?

Bread Financial Holdings's net debt decreased by 279.8% year-over-year, from $1.97B to -$3.54B.

What is the long-term trend for Bread Financial Holdings's net debt?

Over 5 years (2020 to 2025), Bread Financial Holdings's net debt has grown at a 6.2% compound annual growth rate (CAGR), from -$2.62B to -$3.54B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Bread Financial Holdings BFH Net debt

Discontinued — last reported Q4 '25

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Other financials

Income statement

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Revenue$1.0B+4.9%

Gross profit$361.8M—

Operating income$382.8M—

Net income$181.0M+31.2%

EPS (diluted)$4.15+49.3%

Balance sheet

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Cash & equivalents$4.0B-6.6%

Total debt$85.0M-98.5%

Total equity$3.3B+8.4%

Total assets$22.3B-0.3%

Cash flow

See full

Operating cash flow$487.0M+23.9%

CapEx$15.0M-40.0%

Free cash flow$482.0M+55.5%

Valuation

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Market cap$4.19B+31.3%

Profitability

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Gross margin52%—

Operating margin45.9%—

Net margin14.4%+7.1pp

FCF margin46.5%+1.9pp

Returns & leverage

See full

Return on equity17.6%+8.4pp

Debt / equity0×-1.8×

Current ratio1.5×—

Where this comes from

Calculated from Bread Financial Holdings’s reported figures.

$85.0Mtotal debt−$3.6Bcash and equivalents=-$3.54B

The official record: Bread Financial Holdings’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Bread Financial Holdings's net debt?: Bread Financial Holdings (BFH) reported net debt of -$3.54B in Q4 2025.
How has Bread Financial Holdings's net debt changed year-over-year?: Bread Financial Holdings's net debt decreased by 279.8% year-over-year, from $1.97B to -$3.54B.
What is the long-term trend for Bread Financial Holdings's net debt?: Over 5 years (2020 to 2025), Bread Financial Holdings's net debt has grown at a 6.2% compound annual growth rate (CAGR), from -$2.62B to -$3.54B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.