Every material Form 8-K Bread Financial Holdings filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Bread Financial Holdings closed a $500 million offering of 6.750% Senior Notes due 2031 on November 6, 2025, under an indenture with U.S. Bank Trust Company as trustee. The company is adding $500 million of senior unsecured debt, with interest payable semiannually starting May 15, 2026, which increases its fixed borrowing costs for shareholders to consider.
Notes: $500 million principal, 6.750% coupon, maturing May 15, 2031
Interest payable May 15 and November 15 each year, starting May 15, 2026
Company may redeem at any time on or after May 15, 2028 at specified prices; make-whole premium applies before then
Holders may require repurchase at 101% of principal upon a Change of Control Triggering Event
Bread Financial agreed to sell $500 million of 6.750% senior notes due 2031 at 100% of principal, with about $493 million in expected net proceeds before closing on November 6, 2025. The company plans to use the proceeds, plus about $275 million of cash on hand, to fully redeem its $719 million of 9.750% senior notes due 2029, which refinances higher-rate debt with lower-rate debt.
$500 million of 6.750% senior notes due May 15, 2031 priced at 100% of principal
Expected net proceeds of about $493 million, with closing expected November 6, 2025
Proceeds plus about $275 million of cash on hand to redeem $719 million of 9.750% notes due 2029
Conditional redemption notice for 2029 notes set for November 7, 2025
Bread Financial reported third-quarter 2025 net income of $188 million, up from $2 million a year earlier, with diluted earnings of $3.96 per share versus $0.05. Revenue fell 1% to $971 million, while the board declared a $0.23 quarterly dividend and approved a $200 million increase to the share repurchase authorization, leaving $340 million remaining after the October repurchases, per the company.
Q3 2025 net income of $188 million versus $2 million in Q3 2024; diluted EPS of $3.96 versus $0.05 (total company)
Adjusted diluted EPS of $4.02 versus $1.84 a year earlier, a non-GAAP measure
Revenue of $971 million, down 1% from $983 million; 2025 revenue expected to be relatively flat versus 2024, excluding any portfolio sale gain
Quarterly dividend of $0.23 per share, payable December 12, 2025 to holders of record on November 7, 2025; buyback authorization increased by $200 million
Bread Financial reported second-quarter 2025 net income of $139 million, or $2.94 per diluted share, up from $2.66 a year earlier, while revenue fell 1% to $929 million. The company improved its full-year 2025 net loss rate guidance to 7.8% to 7.9%, but said lower billed late fees will modestly pressure its full-year revenue expectation.
Q2 2025 net income $139 million and diluted EPS $2.94, versus $133 million and $2.66 in Q2 2024
Revenue $929 million, down 1% from $939 million; average credit card and other loans $17.7 billion, down 1%
2025 net loss rate guidance of 7.8% to 7.9%; full-year revenue expectation modestly pressured by lower billed late fees
Quarterly cash dividend of $0.21 per share, payable September 12, 2025 to holders of record August 8, 2025
Bread Financial reported first-quarter 2025 net income of $138 million, or $2.78 per diluted share, up from $134 million and $2.70 a year earlier. Revenue fell 2% to $970 million, while income from continuing operations rose 5% to $142 million, and the company lowered its 2025 loan outlook to flat to slightly down. The company also declared a $0.21 quarterly dividend.
Q1 2025 net income $138 million and diluted EPS $2.78, versus $134 million and $2.70 in Q1 2024.
Revenue fell to $970 million from $991 million; provision for credit losses fell to $296 million from $321 million.
2025 average credit card and other loans now expected flat to slightly down versus full-year 2024, reflecting slower expected retail sales growth.
Quarterly dividend of $0.21 per share payable June 13, 2025, to holders of record on May 9, 2025.
Bread Financial Holdings closed a $400 million offering of 8.375% fixed-rate reset subordinated notes due 2035 on March 10, 2025. The notes are unsecured, rank junior to the company's senior debt, and carry a fixed rate until June 15, 2030, after which the rate resets to the five-year U.S. Treasury rate plus 430 basis points.
Principal amount: $400 million; maturity June 15, 2035
Fixed 8.375% interest until the Reset Date of June 15, 2030, then five-year U.S. Treasury Rate plus 430 basis points
Interest paid semiannually on June 15 and December 15, starting June 15, 2025
Company may redeem in whole on June 17, 2030, or within 90 days after a regulatory capital treatment event, subject to regulatory approval
Bread Financial agreed to sell $400 million of 8.375% fixed-rate reset subordinated notes due June 15, 2035, priced at 100% of principal, with closing expected March 10, 2025. The company expects about $395 million in net proceeds and intends to lend at least $250 million of that to its subsidiary bank, Comenity Capital Bank, with the rest for general corporate purposes, which may include share repurchases.
Notes: $400 million aggregate principal, 8.375% fixed-rate reset, mature June 15, 2035
Expected net proceeds of approximately $395 million, before estimated offering expenses
At least $250 million to be lent to subsidiary bank Comenity Capital Bank as subordinated debt
Closing expected March 10, 2025; notes sold in a private offering and not registered under the Securities Act
Bread Financial reported fourth quarter 2024 net income of $7 million, or $0.14 per diluted share, down from $43 million, or $0.87, a year earlier, as revenue fell 9% to $926 million. The company also gave 2025 guidance, including a net loss rate of 8.0% to 8.2%, and declared a $0.21 quarterly dividend, which matters to shareholders because the earnings decline is steep even though the outlook assumes no late fee reduction under the CFPB rule.
Q4 2024 net income $7 million and $0.14 diluted EPS, versus $43 million and $0.87 in Q4 2023 (total company)
Q4 2024 revenue $926 million, down 9% from $1,017 million; full year 2024 net income $277 million versus $718 million
2025 outlook: net loss rate of 8.0% to 8.2%, with the outlook assuming no late fee reduction related to the CFPB late fee rule
Quarterly dividend of $0.21 per share, payable March 21, 2025, to holders of record on February 14, 2025
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Bread Financial Holdings filing is on SEC EDGAR ↗. 8-K briefs of other companies →