Bread Financial Holdings, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Growth is speeding up. Revenue over the twelve months to Q3 2026 was $4.0 billion, which rose 5.5% on the year before. That growth rate was up 1.5 percentage points on the rate a quarter earlier.
What the company earns
The company makes money. The trailing net margin was 13.4%. Net income over the twelve months was $537.0 million, which rose 13.8% on the year before.
Cash flow
Cash generation improved. Operating cash flow over the twelve months was $2.2 billion, up 9.3% on the year before. Capital spending, estimated from depreciation because the company no longer reports it in a standard form, was about $74.0 million. Alongside that, free cash flow, operating cash flow less that estimate, was about $2.1 billion.
Share count
The average diluted share count fell 13.2% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 52.8% is higher than 97% of the company’s own past quarterly readings, which have ranged from 18.1% to 54.1%. Today’s twelve-month revenue growth rate of 5.5% is higher than 48% of past readings (−29.8% to 42.3%).
Guidance
The company gave its full year 2026 guidance for average loan growth of 4%, for total revenue growth of 5%, and for full year normalized effective tax rate (adjusted) of 25% to 27%. The company lowered its 2026 guidance for net loss rate to 7%.
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 23.0%, and 5 percentage points higher would raise it by 30.0%. A free-cash-flow margin 1 percentage point lower would lower it by 1.7%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
