January 2026 card losses ease at Bread Financial (NYSE: BFH)

Rhea-AI Filing Summary

Bread Financial Holdings, Inc. provided a performance update for January 2026, focusing on credit card and other loan metrics. Average credit card and other loans were $18.531 billion for the month, essentially flat versus $18.530 billion in January 2025.

The net principal loss rate improved to 7.1% from 7.8% a year earlier, with net principal losses declining from $123 million to $111 million. The delinquency rate also edged down to 5.9% as of January 31, 2026, compared to 6.1% as of January 31, 2025, indicating slightly better credit performance.

false000110121500011012152025-12-102025-12-100001101215us-gaap:CommonStockMember2025-12-102025-12-100001101215us-gaap:SeriesAPreferredStockMember2025-12-102025-12-10

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):

February 10, 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 February 10, 2026, Bread Financial Holdings, Inc. issued a press release providing a performance update as of and for the period ended January 31, 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 February 10, 2026 providing a performance update as of and for the period ended January 31, 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: February 10, 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 JANUARY 2026

COLUMBUS, Ohio, February 10, 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 January 31, 2026						For the month ended January 31, 2025
			(dollars in millions)
End-of-period credit card and other loans			$	18,386					$	18,366
Average credit card and other loans			$	18,531					$	18,530
Year-over-year change in average credit card and other loans			—		%				(2		%)
Net principal losses			$	111					$	123
Net principal loss rate			7.1		%				7.8		%

			As of January 31, 2026						As of January 31, 2025
			(dollars in millions)
30 days + delinquencies – principal			$	960					$	1,032
Period ended credit card and other loans – principal			$	16,401					$	16,874
Delinquency rate			5.9		%				6.1		%

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.

February 10, 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.

February 10, 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

How did Bread Financial (BFH) credit card loans perform in January 2026?

Bread Financial’s average credit card and other loans were $18.531 billion in January 2026. This was essentially unchanged from $18.530 billion in January 2025, indicating a stable overall loan portfolio size year over year for the month.

What was Bread Financial’s January 2026 net principal loss rate?

The net principal loss rate was 7.1% for January 2026. Net principal losses totaled $111 million, improving from $123 million and a 7.8% loss rate in January 2025, showing somewhat lower credit losses compared with the prior-year month.

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

The delinquency rate was 5.9% as of January 31, 2026. This compares with 6.1% as of January 31, 2025, reflecting a modest decline in past-due principal balances and slightly better repayment performance among cardholders.

What were Bread Financial’s end-of-period credit card and other loans for January 2026?

End-of-period credit card and other loans were $18.386 billion for January 31, 2026. This was very close to $18.366 billion at January 31, 2025, indicating loan balances remained broadly steady versus the prior-year period.

What were Bread Financial’s 30+ day delinquencies in January 2026?

30 days-plus delinquent principal totaled $960 million as of January 31, 2026. This compares with $1.032 billion a year earlier, showing a reduction in the dollar amount of loans that were at least 30 days past due.

Did Bread Financial show year-over-year growth in average loans for January 2026?

No, average credit card and other loans were essentially flat year over year. Average loans were $18.531 billion in January 2026 versus $18.530 billion in January 2025, representing a negligible year-over-year change in average balances.

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