Bread Financial Holdings, Inc. (BFH) Balance Sheet

NYSE: BFHAssets, liabilities, debt and equity over 10 years.

BFH balance sheet, 2025

December 31, 2025 · U.S. dollars

$22.66B assets = $19.34B liabilities + $3.33B equity

Both columns are drawn to the same scale: what BFH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

BFH financial health

Current ratio0.27

Tight · current assets cover current liabilities 0.27×

Debt / equity1.32

Moderate leverage · $1.32 of debt for each $1 of equity

Equity / assets14.7%

Thin equity · of assets funded by shareholders

Cash / debt85.9%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles3.2%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

BFH balance sheet trends, 2016–2025

Bread Financial Holdings, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$25.51B2016	$22.66B2025	−1.3%/yr
Total liabilities	$23.86B2016	$19.34B2025	−2.3%/yr
Shareholders’ equity	$1.66B2016	$3.33B2025	+8.0%/yr
Cash & short-term investments	$1.86B2016	$3.77B2025	+8.2%/yr
Total debt	$16.27B2016	$4.39B2025	−13.5%/yr
Net cash (debt)	−$14.41B2016	−$618.0M2025	+$13.8B
Working capital	$8.97B2016	−$10.74B2025	−$19.7B
Book value per share	$28.152016	$72.332025	+11.1%/yr
Current ratio	1.972016	0.272025	−1.70
Debt / equity	9.812016	1.322025	−8.49
Shares outstanding	58.9M2016	46.0M2025	−2.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BFH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

BFH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

BFH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

BFH balance sheet

Bread Financial Holdings, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$3.77B	$3.85B	$3.76B	$3.99B	$3.11B	$3.08B	$3.87B	$3.82B	$4.19B	$1.86B
Cash & equivalents	$3.60B	$3.68B	$3.59B	$3.89B	$3.05B	$3.08B	$3.87B	$3.82B	$4.19B	$1.86B
Short-term investments	$171.0M	$170.0M	$171.0M	$95.0M	$239.0M	$638.1M	$561.5M	$514.7M	$515.2M	$266.3M
Receivables	$148.0M	$145.0M	$144.0M	$164.0M	$151.0M	$14.78B	$18.29B	$17.22B	$17.49B	$15.60B
Inventory	$0	$0	−$974.0M	−$618.0M	$16.44B	$164.3M	$218.0M	$248.0M	$234.1M	$271.3M
Other current assets	$24.0M	$35.0M	$1.00B	$618.0M	$151.0M	$529.2M	$790.8M	$3.43B	$1.38B	$470.4M
Total current assets	$3.95B	$4.03B	$3.93B	$4.15B	$19.86B	$18.55B	$23.18B	$24.71B	$23.30B	$18.20B
Property, plant & equipment (net)	$180.0M	$229.0M	$265.0M	$283.0M	$312.0M	$233.2M	$264.3M	$288.2M	$613.9M	$586.0M
Goodwill & intangible assets	$716.0M	$746.0M	$762.0M	$799.0M	$687.0M	$1.45B	$1.11B	$1.17B	$4.68B	$4.80B
Long-term investments	$284.0M	$266.0M	$253.0M	$227.0M	$224.0M	$225.0M	$0	$0	$0	$0
Other non-current assets	$17.54B	$17.62B	$17.93B	$19.95B	$666.0M	$2.09B	$1.95B	$4.22B	$2.09B	$1.93B
Total assets	$22.66B	$22.89B	$23.14B	$25.41B	$21.75B	$22.55B	$26.49B	$30.39B	$30.68B	$25.51B
Liabilities
Accounts payable	$289.0M	$326.0M	$422.0M	$398.0M	$291.0M	$328.2M	$300.8M	$486.2M	$651.2M	$568.3M
Short-term debt	$13.92B	$3.24B	$284.0M	$6.29B	$3.29B	$1.98B	$3.15B	$2.86B	$1.47B	$2.45B
Deferred revenue	—	—	$138.0M	−$5.89B	−$3.29B	$1.00B	$922.0M	$766.1M	$846.6M	$788.1M
Total current liabilities	$14.68B	$13.95B	$14.60B	$398.0M	$11.77B	$1.00B	$922.0M	$11.48B	$10.15B	$9.23B
Long-term debt	$4.31B	$2.34B	$5.03B	$8.01B	$18.47B	$9.80B	$12.21B	$15.78B	$17.98B	$13.81B
Lease obligations	$85.0M	$128.0M	$148.0M	$126.0M	$140.0M	$300.0M	$314.3M	—	—	—
Other long-term liabilities	$344.0M	$3.54B	$590.0M	$0	$0	$10.22B	$11.74B	$795.0M	$10.85B	$10.04B
Total liabilities	$19.34B	$19.84B	$20.22B	$23.14B	$19.66B	$21.03B	$24.87B	$28.06B	$28.83B	$23.86B
Shareholders' equity
Common stock & paid-in capital	$0	$1.0M	$1.0M	$1.0M	$1.0M	$1.2M	$1.1M	$1.1M	$1.1M	$1.1M
Retained earnings (deficit)	$1.48B	$999.0M	$767.0M	$93.0M	−$87.0M	$4.83B	$5.16B	$5.01B	$4.17B	$3.49B
Treasury stock	—	—	—	—	—	−$6.73B	−$6.73B	−$5.72B	−$5.27B	—
Accumulated other comprehensive income	−$16.0M	−$22.0M	−$19.0M	−$21.0M	−$2.0M	−$5.0M	−$99.9M	−$138.1M	−$140.2M	−$150.7M
Total shareholders' equity	$3.33B	$3.05B	$2.92B	$2.27B	$2.09B	$1.52B	$1.62B	$2.33B	$1.86B	$1.66B
Key figures
Total debt	$4.39B	$5.68B	$5.44B	$14.29B	$21.75B	$11.78B	$15.37B	$18.63B	$19.45B	$16.27B
Net cash (debt)	−$618.0M	−$1.84B	−$1.68B	−$10.31B	−$18.64B	−$8.70B	−$11.49B	−$14.82B	−$15.26B	−$14.41B
Working capital	−$10.74B	−$9.92B	−$10.67B	$3.75B	$8.09B	$17.55B	$22.25B	$13.23B	$13.15B	$8.97B
Tangible book value	$2.61B	$2.31B	$2.16B	$1.47B	$1.40B	$70.3M	$513.0M	$1.16B	−$2.83B	−$3.15B
Book value per share	$72.33	$60.54	$58.36	$45.30	$41.72	$31.77	$32.42	$42.32	$33.19	$28.15
Shares outstanding	46.0M	50.4M	50.0M	50.0M	50.0M	47.9M	50.0M	55.1M	55.9M	58.9M
Current ratio	0.27	0.29	0.27	10.43	1.69	18.48	25.14	2.15	2.30	1.97
Quick ratio	0.27	0.29	0.27	10.43	0.28	17.79	24.04	1.83	2.14	1.89
Debt / equity	1.32	1.86	1.86	6.31	10.43	7.74	9.48	7.99	10.48	9.81
Equity / assets	14.7%	13.3%	12.6%	8.9%	9.6%	6.7%	6.1%	7.7%	6.0%	6.5%

Bread Financial Holdings, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$3.68B	$3.64B	$3.77B	$3.94B	$3.98B	$4.38B	$3.85B	$3.63B	$4.23B	$3.96B	$3.76B	$3.62B
Cash & equivalents	$3.68B	$3.64B	$3.60B	$3.76B	$3.80B	$4.21B	$3.68B	$3.45B	$4.05B	$3.79B	$3.59B	$3.38B
Short-term investments	$168.0M	$172.0M	$171.0M	$174.0M	$176.0M	$172.0M	$170.0M	$182.0M	$178.0M	$175.0M	$171.0M	$27.0M
Receivables	$0	$0	$148.0M	$15.59B	$15.56B	$15.64B	$145.0M	$15.74B	$0	$0	$144.0M	$15.71B
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	−$974.0M	$0
Other current assets	$0	$0	$24.0M	$0	$0	$0	$35.0M	$0	$0	$0	$974.0M	$0
Total current assets	$3.68B	$3.64B	$3.95B	$3.94B	$3.98B	$4.38B	$4.03B	$3.63B	$4.23B	$3.96B	$3.90B	$3.62B
Property, plant & equipment (net)	$104.0M	$112.0M	$180.0M	$122.0M	$127.0M	$133.0M	$229.0M	$148.0M	$157.0M	$166.0M	$265.0M	$160.0M
Goodwill & intangible assets	$701.0M	$708.0M	$716.0M	$1.45B	$1.46B	$1.48B	$746.0M	$1.51B	$744.0M	$753.0M	$762.0M	$771.0M
Long-term investments	$288.0M	$286.0M	$284.0M	$284.0M	$277.0M	$272.0M	$266.0M	$277.0M	$264.0M	$258.0M	$253.0M	$240.0M
Other non-current assets	$17.68B	$17.57B	$17.54B	$15.92B	$15.98B	$16.12B	$17.62B	$16.17B	$16.75B	$17.16B	$17.96B	$16.82B
Total assets	$22.45B	$22.31B	$22.66B	$21.71B	$21.82B	$22.38B	$22.89B	$21.74B	$22.14B	$22.30B	$23.14B	$21.61B
Liabilities
Accounts payable	—	—	$289.0M	—	—	—	$326.0M	—	—	—	$422.0M	$13.27B
Short-term debt	—	—	$13.92B	$1.33B	$13.34B	$13.10B	$3.24B	$12.85B	—	—	$284.0M	$298.0M
Deferred revenue	—	—	—	—	—	—	—	—	—	—	$138.0M	—
Total current liabilities	—	$14.07B	$14.68B	$13.54B	$13.34B	$13.10B	$13.95B	$12.85B	$12.99B	$13.33B	$14.31B	$803.0M
Long-term debt	$3.30B	$3.94B	$4.31B	$3.79B	$4.23B	$5.12B	$5.56B	$4.58B	$4.75B	$4.65B	$5.29B	$4.22B
Lease obligations	—	—	$85.0M	—	—	—	$128.0M	—	—	—	$148.0M	—
Other long-term liabilities	$15.79B	$969.0M	$344.0M	$1.07B	$1.09B	$1.09B	$330.0M	$1.19B	$1.23B	$1.29B	$616.0M	$0
Total liabilities	$19.09B	$18.98B	$19.34B	$18.40B	$18.66B	$19.31B	$19.84B	$18.62B	$18.97B	$19.27B	$20.22B	$1.38B
Shareholders' equity
Common stock & paid-in capital	—	—	$0	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	$1.78B	$1.64B	$1.48B	$1.43B	$1.25B	$1.13B	$999.0M	$1.00B	$1.01B	$890.0M	$767.0M	$735.0M
Accumulated other comprehensive income	−$17.0M	−$17.0M	−$16.0M	−$16.0M	−$19.0M	−$19.0M	−$22.0M	−$16.0M	−$22.0M	−$22.0M	−$19.0M	−$27.0M
Total shareholders' equity	$3.37B	$3.33B	$3.33B	$3.32B	$3.17B	$3.07B	$3.05B	$3.11B	$3.17B	$3.03B	$2.92B	$2.86B
Key figures
Total debt	$3.29B	$3.94B	$4.39B	$3.79B	$4.23B	$5.12B	$5.68B	$4.58B	$4.75B	$4.65B	$5.44B	$4.52B
Net cash (debt)	$398.0M	−$304.0M	−$618.0M	$151.0M	−$252.0M	−$737.0M	−$1.84B	−$951.0M	−$523.0M	−$688.0M	−$1.68B	−$901.0M
Working capital	—	−$10.44B	−$10.74B	−$9.60B	−$9.37B	−$8.71B	−$9.92B	−$9.21B	−$8.76B	−$9.36B	−$10.41B	$2.82B
Tangible book value	$2.66B	$2.62B	$2.61B	$1.87B	$1.70B	$1.59B	$2.31B	$1.60B	$2.43B	$2.28B	$2.16B	$2.09B
Book value per share	$82.68	$76.97	$72.33	$69.83	$67.08	$61.85	$60.54	$61.02	$63.15	$61.01	$58.83	$57.17
Shares outstanding	40.7M	43.2M	46.0M	47.5M	47.2M	49.6M	50.4M	51.0M	50.2M	49.7M	49.6M	50.1M
Current ratio	—	0.26	0.27	0.29	0.30	0.33	0.29	0.28	0.33	0.30	0.27	4.51
Quick ratio	—	0.26	0.27	1.44	1.46	1.53	0.29	1.51	0.33	0.30	0.27	24.08
Debt / equity	0.98	1.19	1.32	1.14	1.34	1.67	1.86	1.47	1.50	1.53	1.86	1.58
Equity / assets	15.0%	14.9%	14.7%	15.3%	14.5%	13.7%	13.3%	14.3%	14.3%	13.6%	12.6%	13.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.

BFH financial position

At the end of fiscal 2025 (December 31, 2025), Bread Financial had total assets of $22.7 billion (down 1.0% from a year earlier), total liabilities of $19.3 billion and shareholders' equity of $3.3 billion. It held $3.8 billion in cash and short-term investments against $4.4 billion of debt, net debt of $618.0 million. Its current ratio was 0.27. In the latest quarter (ended June 30, 2026) total assets were $22.5 billion and equity $3.4 billion.

Related: BFH income statement, BFH cash flow statement, BFH key metrics. See the BFH stock overview for the latest quote and news.

BFH balance sheet FAQ

What are Bread Financial's total assets?

Bread Financial reported total assets of $22.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $22.9 billion a year earlier.

How much debt does Bread Financial have?

Bread Financial had $4.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.32.

How much cash does Bread Financial have?

Bread Financial held $3.8 billion in cash and short-term investments at the end of fiscal 2025; with $4.4 billion of debt that is net debt of $618.0 million.

What is Bread Financial's book value?

Bread Financial's shareholders' equity (book value) was $3.3 billion at the end of fiscal 2025, or $72.33 per share.

What is Bread Financial's current ratio?

Bread Financial had current assets of $3.9 billion and current liabilities of $14.7 billion, a current ratio of 0.27 (current liabilities exceed current assets).

How much goodwill does Bread Financial have?

Bread Financial carried $716.0 million of goodwill and intangible assets, 3.2% of total assets, at the end of fiscal 2025.