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Bread Financial Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$601M in Q3 2026 · $2.2B over twelve months

Operating cash flow$601M
Free cash flow+$601M
Cash / net income3.9×

Analysis

In Q3 2026, Bread Financial Holdings generated $601M of operating cash flow. That is $4.0M less than in Q3 2025 ($605M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.2B; the largest uses were other investing ($2.5B), buybacks ($595M), net borrowing (+) / repaid (−) ($364M); besides operations, cash came from other financing ($1.6B), shares issued ($201M); the cash balance rose by $427M.

Operating cash flow was $601M against net income of $156M — 3.9× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$147M, prepaid and other assets −$78.0M, depreciation & amortization +$18.0M.

Free cash flow

Bread Financial Holdings: free cash flow by quarterBread Financial Holdings: free cash flow by quarter$479MQ4 2024$393MQ1 2025$526MQ2 2025$605MQ3 2025$568MQ4 2025$487MQ1 2026$533MQ2 2026$601MQ3 2026
Operating cash flow less capital spending.
Bread Financial Holdings: operating cash flow against capital spendingBread Financial Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$479M$0Q4 2024$393M$0Q1 2025$526M$0Q2 2025$605M$0Q3 2025$568M$0Q4 2025$487M$0Q1 2026$533M$0Q2 2026$601M$0Q3 2026
Latest (Q3 2026): Operating cash flow $601M, Capital spending $0.

Capital allocation, year by year

Bread Financial Holdings: where the cash came from (up) and went (down), by fiscal yearBread Financial Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.5BFY2021: Net borrowing −$260MFY2021: Shares issued $4.0MFY2021: Capital spending −$84.0MFY2021: Acquisitions −$75.0MFY2021: Dividends −$42.0M$1.5BFY2021FY2022: Operating cash flow $1.8BFY2022: Net borrowing $661MFY2022: Capital spending −$68.0MFY2022: Buybacks −$12.0MFY2022: Dividends −$43.0M$2.5BFY2022FY2023: Operating cash flow $2.0BFY2023: Net borrowing $2.1BFY2023: Buybacks −$35.0MFY2023: Dividends −$42.0M$4.1BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing $663MFY2024: Buybacks −$55.0MFY2024: Dividends −$43.0M$2.5BFY2024FY2025: Operating cash flow $2.1BFY2025: Net borrowing −$1.1BFY2025: Shares issued $71.0MFY2025: Buybacks −$313MFY2025: Dividends −$40.0M$2.2BFY2025
Over these 5 years operating cash flow totalled $9.3B; the largest uses were net borrowing ($1.4B) and buybacks ($415M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.0B
Debt$4.3B
Net debt$321M

Bread Financial Holdings funds itself: free cash flow was $2.2B over the last twelve months, and $4.0B of cash and investments stands against $4.3B of debt.

Where the cash came from and went

Bread Financial Holdings: sources (+) and uses (−) of cash, Q3 2026Bread Financial Holdings: sources (+) and uses (−) of cash, Q3 2026Other financing$733MOther investing−$673MOperating cash flow$601MCash drawn (+) / kept (−)−$447MNet borrowing (+) / repaid (−)−$128MBuybacks−$76.0MDividends−$10.0M
Bread Financial Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Bread Financial Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$2.5BOperating cash flow$2.2BOther financing$1.6BBuybacks−$595MCash drawn (+) / kept (−)−$427MNet borrowing (+) / repaid (−)−$364MShares issued$201MDividends−$39.0M

From profit to cash

Bread Financial Holdings: net income to operating cash flow, Q3 2026Bread Financial Holdings: net income to operating cash flow, Q3 2026Net income$156MDepreciation & amortization$18.0MStock-based pay$15.0MDeferred taxes−$6.0MPrepaid and other assets−$78.0MOther liabilities$147MOperating cash flow$601M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$601M−$76.0M−$10.0M−$128M—−$447M$601M
Q2 2026$533M−$243M−$9.0M−$594M—$198M$533M
Q1 2026$487M−$153M−$10.0M−$382M—−$329M$487M
Q4 2025$568M−$123M−$10.0M$740M$71.0M$151M$568M
Q3 2025$605M−$40.0M−$10.0M−$408M—$39.0M$605M
Q2 2025$526M−$47.0M−$10.0M−$746M—$418M$526M
Q1 2025$393M−$103M−$10.0M−$724M—−$522M$393M
Q4 2024$479M−$44.0M−$11.0M$1.0B—−$243M$479M

Bread Financial Holdings: income statement and cash flow

Bread Financial Holdings, Q3 2026: revenue $1.0B (+5% year over year), operating margin 20.6%. The chart follows the revenue to costs, profit and cash.

Bread Financial Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.