February 2026 credit metrics for Bread Financial (NYSE: BFH)

Rhea-AI Filing Summary

Bread Financial Holdings, Inc. provided a performance update for February 2026, focusing on credit card and other loan trends. For the month ended February 28, 2026, end-of-period credit card and other loans were $18,081 million and average loans were $18,275 million, with a 1% year-over-year change in average loans.

Credit quality metrics improved versus February 2025. Net principal losses were $108 million with a net principal loss rate of 7.7%, compared with $120 million and 8.6% a year earlier. As of February 28, 2026, 30 days plus delinquencies were $939 million and the delinquency rate was 5.8%, versus $1,027 million and 6.2% as of February 28, 2025.

false000110121500011012152026-03-112026-03-110001101215us-gaap:CommonStockMember2026-03-112026-03-110001101215us-gaap:SeriesAPreferredStockMember2026-03-112026-03-11

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):

March 11, 2026

BREAD FINANCIAL HOLDINGS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware			001-15749			31-1429215
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

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:

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

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.    [  ]

Item 7.01 Regulation FD Disclosure.

On March 11, 2026, Bread Financial Holdings, Inc. issued a press release providing a performance update as of and for the period ended February 28, 2026. A copy of this press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.						Document Description
99.1						Press release dated March 11, 2026 providing a performance update as of and for the period ended February 28, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information contained in this report (including Exhibit 99.1) 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.

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.

			Bread Financial Holdings, Inc.
Date: March 11, 2026			By:			/s/ Joseph L. Motes III
						Joseph L. Motes III Executive Vice President, Chief Legal and Administrative Officer, and Secretary

Exhibit 99.1

BREAD FINANCIAL PROVIDES

PERFORMANCE UPDATE FOR FEBRUARY 2026

COLUMBUS, Ohio, March 11, 2026 – Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s Net principal loss rate and Delinquency rate for the periods indicated:

			For the month ended February 28, 2026						For the month ended February 28, 2025
			(dollars in millions)
End-of-period credit card and other loans			$	18,081					$	17,949
Average credit card and other loans			$	18,275					$	18,141
Year-over-year change in average credit card and other loans			1		%				(2		%)
Net principal losses			$	108					$	120
Net principal loss rate			7.7		%				8.6		%

			As of February 28, 2026						As of February 28, 2025
			(dollars in millions)
30 days + delinquencies – principal			$	939					$	1,027
Period ended credit card and other loans – principal			$	16,091					$	16,506
Delinquency rate			5.8		%				6.2		%

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.

Bread Financial Holdings, Inc.

March 11, 2026

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

2

Bread Financial Holdings, Inc.

March 11, 2026

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.

Contact:			Investors/Analysts
			Brian Vereb
			Brian.Vereb@BreadFinancial.com
			Susan Haugen
			Susan.Haugen@BreadFinancial.com
			Media
			Rachel Stultz
			Rachel.Stultz@BreadFinancial.com

3

FAQ

What did Bread Financial (BFH) report in its February 2026 performance update?

Bread Financial reported February 2026 credit performance metrics, including loan balances, net principal losses and delinquency rates. The update compared these figures to February 2025, highlighting changes in average loans, loss levels and delinquency trends for its credit card and other loan portfolio.

How did Bread Financial’s loan balances change in February 2026 versus 2025?

End-of-period credit card and other loans were $18,081 million for February 28, 2026, compared with $17,949 million a year earlier. Average credit card and other loans were $18,275 million versus $18,141 million, reflecting a 1% year-over-year change in average loan balances.

What were Bread Financial’s net principal losses and loss rate for February 2026?

Net principal losses for the month ended February 28, 2026 were $108 million, compared with $120 million for February 2025. The net principal loss rate improved to 7.7% from 8.6%, indicating lower loss levels relative to the average credit card and other loans portfolio.

How did Bread Financial’s delinquency rate in February 2026 compare to 2025?

As of February 28, 2026, 30 days plus delinquencies on principal were $939 million on period ended loans of $16,091 million. This produced a delinquency rate of 5.8%, compared with $1,027 million delinquencies, $16,506 million loans and a 6.2% rate a year earlier.

What risk factors and uncertainties does Bread Financial highlight in this update?

Bread Financial notes that forward-looking statements are subject to risks including macroeconomic conditions, interest rates, consumer behavior, competition, regulatory changes, credit performance, indebtedness, technology and cyber risks, and litigation related to the LoyaltyOne spinoff, among other factors described in its most recent Annual Report on Form 10-K.

How does Bread Financial describe its business in the February 2026 update?

Bread Financial describes itself as a tech-forward financial services company offering simple, personalized payment, lending and saving solutions. It provides general purpose, private label and co-brand credit cards and pay-over-time products to U.S. consumers and supports well-known brands across several retail and service sectors.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 28.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.2 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 15.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 26.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 15.9 KB