Bread Financial Holdings, Inc. (BFH) Cash Flow Statement
Where BFH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.09B +12.5% vs 2024
- Capital expenditures
- $24.0M 0.5% of revenue
- Free cash flow
- $2.09B 44.5% margin
- Returned to shareholders
- $355.0M 17% of free cash flow
- Change in cash
- −$86.0M cash at year-end $3.63B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BFH operating cash flow, capex and free cash flow
BFH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.09B2016 | $2.09B2025 | +0.0%/yr | |
| Capital expenditures | $207.0M2016 | $24.0M2025 | −21.3%/yr | |
| Free cash flow | $1.88B2016 | $2.09B2025 | +1.2%/yr | |
| Free cash flow margin | 26.4%2016 | 44.5%2025 | +18.2 pts | |
| Operating cash flow / net income | 4.032016 | 4.042025 | 0.00 | |
| Stock-based compensation | $76.5M2016 | $56.0M2025 | −3.4%/yr | |
| Dividends paid | $30.0M2016 | $42.0M2025 | +3.8%/yr | |
| Share buybacks (net) | $798.8M2016 | $313.0M2025 | −9.9%/yr | |
| Capex / revenue | 2.9%2016 | 0.5%2025 | −2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BFH cash flow by activity
BFH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BFH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $518.0M | $277.0M | $718.0M | $223.0M | $801.0M | $213.7M | $310.9M | $963.1M | $788.7M | $517.6M |
| Depreciation & amortization | $80.0M | $90.0M | $116.0M | $113.0M | $123.0M | $183.8M | $249.3M | $487.3M | $497.6M | $512.1M |
| Stock-based compensation | $56.0M | $54.0M | $44.0M | $33.0M | $29.0M | $21.3M | $54.8M | $80.8M | $75.1M | $76.5M |
| Change in working capital | −$39.0M | −$67.0M | $28.0M | −$47.0M | −$41.0M | $282.9M | −$302.0M | −$184.2M | $94.8M | −$343.6M |
| Other non-cash items | $1.48B | $1.50B | $1.08B | $1.53B | $631.0M | $1.18B | $904.7M | $1.41B | $1.15B | $1.33B |
| Cash from operating activities | $2.09B | $1.86B | $1.99B | $1.85B | $1.54B | $1.88B | $1.22B | $2.75B | $2.61B | $2.09B |
| Investing activities | ||||||||||
| Capital expenditures | −$24.0M | −$36.0M | −$48.0M | −$68.0M | −$84.0M | −$54.0M | −$142.3M | −$199.8M | −$225.4M | −$207.0M |
| Investments (net) | −$2.0M | −$1.17B | −$1.04B | −$5.11B | −$20.0M | $37.0M | $40.0M | −$42.1M | — | $20.8M |
| Acquisitions & other investing | −$1.34B | $36.0M | $1.88B | $68.0M | −$1.59B | $1.79B | $2.96B | −$1.63B | −$4.06B | −$3.88B |
| Cash from investing activities | −$1.37B | −$1.17B | $788.0M | −$5.11B | −$1.69B | $1.77B | $2.86B | −$1.87B | −$4.29B | −$4.06B |
| Financing activities | ||||||||||
| Dividends paid | −$42.0M | −$43.0M | −$42.0M | −$43.0M | −$42.0M | −$60.6M | −$127.4M | −$125.2M | −$115.5M | −$30.0M |
| Share repurchases & issuance (net) | −$313.0M | −$55.0M | −$35.0M | −$12.0M | $6.20B | $3.57B | −$976.1M | −$443.2M | −$553.7M | −$798.8M |
| Net borrowing (repayment) | −$1.32B | $69.0M | −$2.70B | $560.0M | −$1.09B | −$1.72B | −$3.24B | −$1.47B | $2.21B | $1.08B |
| Shares issued | $71.0M | $0 | $0 | $0 | $4.0M | $2.8M | $12.4M | $17.6M | $0 | $0 |
| Other financing | $794.0M | −$563.0M | −$313.0M | $2.76B | −$4.46B | −$5.95B | $237.4M | $807.0M | $2.47B | $2.42B |
| Cash from financing activities | −$807.0M | −$592.0M | −$3.09B | $3.27B | $608.0M | −$4.17B | −$4.09B | −$1.22B | $4.00B | $2.66B |
| Summary | ||||||||||
| Net change in cash | −$86.0M | $98.0M | −$311.0M | $4.0M | $460.0M | −$494.9M | −$9.6M | −$347.0M | $2.33B | $691.2M |
| Cash at end of period | $3.63B | $3.71B | $3.62B | $3.93B | $3.92B | $3.46B | $3.96B | $3.97B | $4.19B | $1.86B |
| Free cash flow | $2.09B | $1.86B | $1.99B | $1.78B | $1.46B | $1.83B | $1.08B | $2.56B | $2.38B | $1.88B |
| Free cash flow margin | 44.5% | 48.4% | 46.3% | 46.5% | 44.6% | 55.4% | 32.1% | 45.1% | 43.5% | 26.4% |
| Capex / revenue | 0.5% | 0.9% | 1.1% | 1.8% | 2.6% | 1.6% | 4.3% | 3.5% | 4.1% | 2.9% |
| Operating cash flow / net income | 4.04 | 6.71 | 2.77 | 8.29 | 1.93 | 8.81 | 3.92 | 2.86 | 3.31 | 4.03 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $147.0M | $181.0M | $54.0M | $188.0M | $138.0M | $138.0M | $7.0M | $2.0M | $134.0M | $134.0M | $43.0M | $172.0M |
| Depreciation & amortization | $18.0M | $19.0M | $19.0M | $19.0M | $21.0M | $21.0M | $22.0M | $22.0M | $23.0M | $23.0M | $24.0M | $23.0M |
| Stock-based compensation | $16.0M | $15.0M | $15.0M | $13.0M | $15.0M | $13.0M | $13.0M | $13.0M | $13.0M | $15.0M | $12.0M | $10.0M |
| Change in working capital | $42.0M | −$73.0M | $39.0M | −$13.0M | $56.0M | −$121.0M | $14.0M | −$45.0M | −$10.0M | −$26.0M | $46.0M | $77.0M |
| Other non-cash items | $310.0M | $345.0M | $441.0M | $398.0M | $296.0M | $342.0M | $423.0M | $464.0M | $317.0M | $301.0M | $492.0M | $347.0M |
| Cash from operating activities | $533.0M | $487.0M | $568.0M | $605.0M | $526.0M | $393.0M | $479.0M | $456.0M | $477.0M | $447.0M | $617.0M | $629.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.0M | −$7.0M | −$8.0M | −$8.0M | −$12.0M | −$5.0M | −$7.0M | −$26.0M | −$9.0M | −$17.0M | −$21.0M | −$10.0M |
| Investments (net) | $3.0M | −$4.0M | $2.0M | −$338.0M | −$221.0M | $691.0M | −$1.35B | −$569.0M | $31.0M | $720.0M | −$1.79B | −$281.0M |
| Acquisitions & other investing | −$671.0M | $328.0M | −$1.50B | $8.0M | $12.0M | $5.0M | $7.0M | $26.0M | $9.0M | $17.0M | $21.0M | $2.87B |
| Cash from investing activities | −$672.0M | $317.0M | −$1.50B | −$338.0M | −$221.0M | $691.0M | −$1.35B | −$569.0M | $31.0M | $720.0M | −$1.79B | $2.58B |
| Financing activities | ||||||||||||
| Dividends paid | −$11.0M | −$14.0M | −$11.0M | −$9.0M | −$10.0M | −$12.0M | −$11.0M | −$10.0M | −$11.0M | −$11.0M | −$10.0M | −$11.0M |
| Share repurchases & issuance (net) | −$243.0M | −$153.0M | −$123.0M | −$40.0M | −$47.0M | −$103.0M | −$44.0M | −$11.0M | $0 | −$11.0M | −$35.0M | −$35.0M |
| Net borrowing (repayment) | −$594.0M | −$433.0M | $473.0M | −$448.0M | −$907.0M | −$435.0M | $942.0M | −$327.0M | — | — | — | −$477.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $789.0M | $125.0M | $445.0M | $191.0M | $241.0M | −$12.0M | $228.0M | −$140.0M | −$233.0M | −$953.0M | $1.44B | $219.0M |
| Cash from financing activities | −$59.0M | −$475.0M | $784.0M | −$306.0M | −$723.0M | −$562.0M | $1.11B | −$488.0M | −$244.0M | −$975.0M | $1.40B | −$304.0M |
| Summary | ||||||||||||
| Net change in cash | −$198.0M | $329.0M | −$151.0M | −$39.0M | −$418.0M | $522.0M | $243.0M | −$601.0M | $264.0M | $192.0M | $221.0M | $44.0M |
| Cash at end of period | $3.76B | $3.96B | $3.63B | $3.78B | $3.82B | $4.24B | $3.71B | $3.47B | $4.07B | $3.81B | $3.62B | $3.40B |
| Free cash flow | $533.0M | $487.0M | $568.0M | $597.0M | $526.0M | $393.0M | $479.0M | $482.0M | $468.0M | $430.0M | $596.0M | $619.0M |
| Free cash flow margin | 44.9% | 40.2% | 48.4% | 50.6% | 45.8% | 32.9% | 41.4% | 39.4% | 39.7% | 34.7% | 47.5% | 49.5% |
| Capex / revenue | 0.3% | 0.6% | 0.7% | 0.7% | 1.0% | 0.4% | 0.6% | 2.1% | 0.8% | 1.4% | 1.7% | 0.8% |
| Operating cash flow / net income | 3.63 | 2.69 | 10.52 | 3.22 | 3.81 | 2.85 | 68.43 | 228.00 | 3.56 | 3.34 | 14.35 | 3.66 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BFH cash generation
In fiscal 2025 (ended December 31, 2025), Bread Financial generated $2.1 billion of cash from operations (up 12.5%) and spent $24.0 million on capital expenditures, leaving free cash flow of $2.1 billion, 44.5% of revenue. It returned $355.0 million to shareholders through dividends ($42.0 million) and net share buybacks ($313.0 million). Cash and equivalents fell by $86.0 million over the year.
Related: BFH income statement, BFH balance sheet, BFH dividend history. See the BFH stock overview for the latest quote and news.
BFH cash flow FAQ
What is Bread Financial's free cash flow?
Bread Financial's free cash flow was $2.1 billion in fiscal 2025: $2.1 billion of operating cash flow minus $24.0 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does Bread Financial generate from operations?
Bread Financial generated $2.1 billion of cash from operating activities in fiscal 2025, 4.04 times its net income of $518.0 million.
How much does Bread Financial spend on capital expenditures?
Bread Financial spent $24.0 million on capital expenditures in fiscal 2025, 0.5% of revenue, compared with $36.0 million the year before.
How much stock does Bread Financial buy back?
Bread Financial spent $313.0 million on net share repurchases in fiscal 2025.
How much does Bread Financial pay in dividends?
Bread Financial paid $42.0 million in dividends in fiscal 2025, 2.0% of free cash flow.