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BFH on NYSE

Alliance Data

American financial company

Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data. A significant portion of Bread Financial's revenue is generated through late fees charged to the subprime consumers it primarily serves.3 Its shares trade on NYSE under the symbol BFH.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1996Founded1

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  • TickerBFH on NYSE1
  • Industryfinancial services1
  • HeadquartersColumbus1
  • Websitewww.alliancedata.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address3095 Loyalty Circle, Columbus, Oh 432195
  • Filer categoryLarge accelerated filer5
  • LEI549300G8S4PO686J7H974
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 24841374

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Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

13.5%Net margin9
0.2%Revenue growth, 20259
15.6%Return on equity9
1.29×Debt to equity9

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs84¢$3.2B
  • Income tax2¢$94.0M
  • Profit13¢$518.0M

Out of $3.8B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid2¢$40.0M
  • Share buybacks15¢$313.0M
  • Kept or used elsewhere83¢$1.7B

Out of $2.1B of cash from operations.9

Financial statements

Revenue1011129$3.8B in 2025+358% since 2019
0$2.0B$4.0B$6.0B2019: $840.2M$840.2M20192020: $577.2M$577.2M2020−31%2021: $3.3B$3.3B2021+467%2022: $3.8B$3.8B2022+17%2023: $4.3B$4.3B2023+12%2024: $3.8B$3.8B2024−11%2025: $3.8B$3.8B2025+0%
Operating income13$301.0M in 2020−55% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $662.0M$662.0M20192020: $301.0M$301.0M2020−55%
Net income131411129$518.0M in 2025+86% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $278.0M$278.0M20192020: $214.0M$214.0M2020−23%2021: $801.0M$801.0M2021+274%2022: $223.0M$223.0M2022−72%2023: $718.0M$718.0M2023+222%2024: $277.0M$277.0M2024−61%2025: $518.0M$518.0M2025+87%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Interest and fees on loans$4.7B$4.8B$5.0B
Interest on cash and investment securities$173.0M$204.0M$184.0M
Total interest income$4.9B$5.0B$5.1B
Interest on deposits$554.0M$608.0M$541.0M
Interest on borrowings$300.0M$352.0M$338.0M
Total interest expense$854.0M$960.0M$879.0M
Interest income (expense)$4.1B$4.1B$4.3B
Interchange revenue, net of retailer share arrangements-$416.0M-$381.0M-$335.0M
Gain on portfolio sale$3.0M$11.0M$230.0M
Other$200.0M$144.0M$128.0M
Total non-interest income-$213.0M-$226.0M$23.0M
Total net interest and non-interest income$3.8B$3.8B$4.3B
Provision for credit losses$1.2B$1.4B$1.2B
Total net interest and non-interest income, after provision for credit losses$2.6B$2.4B$3.1B
Employee compensation and benefits$880.0M$897.0M$867.0M
Card and processing expenses$322.0M$326.0M$428.0M
Information processing and communication$308.0M$300.0M$301.0M
Marketing expenses$150.0M$147.0M$161.0M
Depreciation and amortization$80.0M$90.0M$116.0M
Other$248.0M$300.0M$219.0M
Total non-interest expenses$2.0B$2.1B$2.1B
Income from continuing operations before income taxes$615.0M$381.0M$968.0M
Provision for income taxes$94.0M$102.0M$231.0M
Income from continuing operations$521.0M$279.0M$737.0M
Loss from discontinued operations, net of income taxes-$3.0M-$2.0M-$19.0M
Net income available to common stockholders$518.0M$277.0M$718.0M
Income from continuing operations (in dollars per share)$11$6$15
Loss from discontinued operations (in dollars per share)-$0-$0-$0
Net income per share (in dollars per share)$11.07$5.58$14.39
Income from continuing operations (in dollars per share)$11$6$15
Loss from discontinued operations (in dollars per share)-$0-$0-$0
Net income per share (in dollars per share)$10.89$5.49$14.34
Basic (in shares)46.8M shares49.6M shares49.8M shares
Diluted (in shares)47.6M shares50.4M shares50.0M shares

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Corporate structure

Alliance Data sits at the top of its group. 18 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Alliance Data

  • Alliance Data Columbus, Ohio, United States
    • LoyaltyOne Toronto, Ontario, Canada
    • Loyalty Ventures Inc. Stake · Plano, Texas, United States
    • Brand Loyalty B.V. Subsidiary · 100% · 's-Hertogenbosch, Netherlands
    • Brand Loyalty Russia B.V. Subsidiary · 100% · 's-Hertogenbosch, Netherlands
    • ADS Card Services Foreign Holdings B.V. Subsidiary · Netherlands
    • Bread Financial Canada Co. Subsidiary · Nova Scotia, Canada
    • Bread Financial Funding, LLC Subsidiary · Delaware, United States
    • BREAD FINANCIAL GLOBAL SOLUTIONS INDIA LLP Subsidiary · Bangalore, India
    • Bread Financial Payments, Inc. Subsidiary · Delaware, United States
    • Bread Reinsurance Ltd. Subsidiary · Bermuda
    • Comenity Bank Subsidiary · Delaware, United States
    • Comenity Canada L.P. Subsidiary · Ontario, Canada
    • Comenity Capital Bank Subsidiary · Utah, United States
    • Comenity Servicing LLC Subsidiary · Texas, United States
    • WFC Card Services Holdings Inc. Subsidiary · Ontario, Canada
    • WFN Credit Company, LLC Subsidiary · Delaware, United States
    • World Financial Capital Credit Company, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Alliance Data reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$117.0M9 Dec 31, 2025$142.0M9 Dec 31, 2024−17.6%
Operating-lease assets (leased space)$63.0M9 Dec 31, 2025$87.0M9 Dec 31, 2024−27.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.6B9 Dec 31, 2025$3.7B9 Dec 31, 2024−2.0%
Marketable securities, current$26.0M9 Dec 31, 2025$272.0M9 Dec 31, 2024−90.4%
Debt securities available for sale$171.0M9 Dec 31, 2025$170.0M9 Dec 31, 2024+0.6%
Deposits held (banks)$13.9B9 Dec 31, 2025$13.1B9 Dec 31, 2024+6.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$634.0M9 Dec 31, 2025$634.0M9 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$82.0M9 Dec 31, 2025$112.0M9 Dec 31, 2024−26.8%
Finite-lived intangibles, gross$174.0M9 Dec 31, 2025$223.0M9 Dec 31, 2024−22.0%
Accumulated amortization$96.0M9 Dec 31, 2025$115.0M9 Dec 31, 2024−16.5%
Finite-lived intangibles, net$78.0M9 Dec 31, 2025$108.0M9 Dec 31, 2024−27.8%

Properties, in its own words

As of December 31, 2025, we leased 12 general office properties, comprised of approximately 1.1 million square feet, of which approximately 0.4 million square feet are subleased or on the sublease market. Our principal facilities used to carry out our operational, sales and administrative functions are as follows (in alphabetical order, by city):

Location · ApproximateSquare Footage · Lease Expiration Date

The rest of Item 2

Bangalore, Karnataka, India · 87,400 · January 31, 2029

Chadds Ford, Pennsylvania · 9,900 · April 30, 2027

Coeur D’Alene, Idaho · 23,500 · (1) · July 31, 2038

Columbus, Ohio · 326,400 · (1) · September 12, 2032

Draper, Utah · 22,900 · (1) · August 31, 2031

New York, New York · 18,500 · February 29, 2028

Plano, Texas · 28,000 · (1) · June 30, 2026

Wilmington, Delaware · 5,200 · July 31, 2027

(1)Excludes square footage of subleased portion.

We believe our current facilities are suitable to our businesses and that we will be able to lease, purchase or newly construct additional facilities as needed.

Item 2 of the 10-K filed Feb 13, 2026.18

The story

Alliance Data was formed from the December 1996 merger of two entities: J.C. Penney's credit card processing unit and The Limited's credit card bank operation, named World Financial Network National Bank.

In August 1998, Alliance Data acquired LoyaltyOne, then-branded The Loyalty Group Canada, for $250 million. The deal gave Alliance Data two business enhancements, Canada's Air Miles Rewards Program and the company behind the Air Miles program, LoyaltyOne.

In 2001, Alliance Data went public.

In May 2007, The Blackstone Group, a private equity firm, announced plans to acquire Alliance Data. In April 2008, Alliance Data terminated the merger agreement with Blackstone Affiliates.

Ed Heffernan was promoted to president and CEO of Alliance Data in February 2009, after being with the company since 1998. In 2019 he resigned as CEO of Alliance Data and was replaced by Melisa Miller, who previously ran Alliance Data's Card Services division. This change in leadership effectively moved Alliance Data's Headquarters from Plano, Texas, to Columbus, Ohio. Melisa Miller held the role for about 6 months before being replaced by former CITI executive Ralph Andretta.

In 2019, Alliance Data opened its first international office in Bangalore, India.

In November 2021, Alliance Data completed the separation of its LoyaltyOne segment, consisting of the Canadian AIR MILES Reward Program and Netherlands-based BrandLoyalty businesses, into an independent, publicly traded company, Loyalty Ventures Inc. In March 2022, Alliance Data rebranded as Bread Financial.

From Wikipedia’s article on Bread Financial, shared under CC BY-SA 4.0.6

Leadership

Who has led Alliance Data, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. J. Michael Parks2006–2009
  2. Edward J. Heffernan2009–2019
  3. Ralph J. Andretta2020–now

Chair

  1. J. Michael Parks2006–2009

President

  1. J. Michael Parks2006
  2. Bryan A. Pearson2006–2007
  3. Michael L. Iaccarino2006–2007
  4. John W. Scullion2006–2009
  5. Edward J. Heffernan2009–2019
  6. Ralph J. Andretta2020–now

Chief financial officer

  1. Edward J. Heffernan2006–2009
  2. Charles L. Horn2009–2019
  3. Timothy P. King2019–2021
  4. Perry S. Beberman2021–now

Chief operating officer

  1. John W. Scullion2006–2009
200020052010201520202025
Board members and other officers (39)

Products and brands

Listed on Wikidata.1

Former businesses

Alliance Data Card Services

Card Services is a provider of integrated credit and marketing services including private label, co-branded and commercial credit card programs. Alliance Data Card Services manages over 135 card programs for retail brands such as Victoria's Secret, J.Crew, Eddie Bauer, Buckle, HSN, Pottery Barn, Pier 1 Imports, Lexus, Toyota, Williams Sonoma and Wayfair among many others.

Alliance Data Card Services maintains two banks to manage the funding and receivables for its clients' credit programs. In September 2012, the banks rebranded their names from WFNNB (World Financial Network [National] Bank) and WFCB (World Financial Capital Bank) to both operate under the Comenity name, as Comenity Bank and Comenity Capital Bank, respectively.

LoyaltyOne

LoyaltyOne, located in Toronto, Canada, provides loyalty marketing programs for North American brands in the retail, financial services, grocery, petroleum, travel, and hospitality industries.

Five businesses make up the LoyaltyOne: Air Miles national reward program, in which approximately two-thirds of Canadian households participate; Colloquy; LoyaltyOne Consulting; Precima; and Squareknot.

Read the full text

Epsilon (aka Epsilon Data Management)

Epsilon provides a broad range of loyalty marketing services spanning database marketing, direct mail, email marketing, web development, loyalty programs, analytics, data services, strategic consulting, and creative services, among others. It sends billions of permission-based emails every year. Acquired by Epsilon in 2011, Aspen Marketing Services is a marketing services agency headquartered in Chicago, Illinois. In 2012, Epsilon acquired the Hyper Marketing ("HMI") group of companies, the largest privately held digital marketing services agencies in the United States, for about $460 million.

In late February 2013, Facebook announced partnerships with four companies, including Epsilon, to help reshape its targeted advertising strategy.

The company relocated its headquarters to the former Nokia regional headquarters space in Las Colinas, Texas, near Dallas.

In April 2019, Publicis Groupe announced it would be acquiring Epsilon for $4.4 billion. This was the second biggest deal in the history of advertising, behind only Dentsu's $5 billion acquisition of Aegis Group in 2012.

On January 27, 2021, the U.S. Department of Justice entered a Deferred Prosecution Agreement with Epsilon Data Management, which set up a $127.5 million fund to compensate victims.

Products and Technology

In October 2020, Alliance Data launched Enhanced Digital Suite.

In October 2020, Alliance Data selected Fiserv for Credit Processing Services.

In 2021, Alliance Data invested $100M in digital technologies.

In April 2022, Bread Financial partnered with American Express and launched the Bread Cashback American Express Credit Card.

From Wikipedia’s article on Bread Financial, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (GLEIF)

Subsidiaries (Exhibit 21)

  • ADS Card Services Foreign Holdings B.V. Netherlands7
  • Bread Financial Canada Co. Nova Scotia, Canada7
  • Bread Financial Funding, LLC Delaware7
  • Bread Financial Global Solutions India LLP India7
  • Bread Financial Payments, Inc. Delaware7
  • Bread Reinsurance Ltd. Bermuda7
  • Comenity Bank Delaware7
  • Comenity Canada L.P. Ontario, Canada7
  • Comenity Capital Bank Utah7
  • Comenity Servicing LLC Texas7
  • WFC Card Services Holdings Inc. Ontario, Canada7
  • WFN Credit Company, LLC Delaware7
  • World Financial Capital Credit Company, LLC Delaware7

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

1998: LoyaltyOne was acquired by Alliance Data.

2002: Colloquy/Frequency Marketing was acquired by Alliance Data.

2004: Epsilon was acquired by Alliance Data.

2005: Bigfoot Interactive was acquired by Alliance Data.

Read the full text

2006: Abacus was acquired by Alliance Data's Epsilon from DoubleClick.

2008: Heartland Payment Systems acquired Alliance Data's Network Services business.

2008: Vertex acquired Alliance Data's Utility Services business.

2011: Aspen Marketing Services was acquired by Alliance Data (to be a part of Epsilon).

2012: Alliance Data acquired the $475 million private label credit card portfolio of The Bon-Ton Stores, Inc.

2012: Epsilon acquires Hyper Marketing and agencies Ryan Partnership & Catapult.

2014: AD acquired Conversant Formerly known as ValueClick; Conversant specialized in the affiliate marketing business, which revolved around video and mobile channels.

2014: Alliance Data acquires BrandLoyalty.

2014: Epsilon acquires Conversant, formerly ValueClick.

2019: Alliance Data sells off Epsilon to Publicis for $4.4B.

2019: Alliance Data acquired Lon Operations Inc., a digital payments company operating under the trademark Bread.

2020: Alliance Data closes Bread deal in December.

From Wikipedia’s article on Bread Financial, shared under CC BY-SA 4.0.6

Former names

  • ALLIANCE DATA SYSTEMS CORPJun 9, 2000 to Mar 23, 20225

Timeline

  1. Sep 15, 20268-K Regulation FD disclosure67
  2. Sep 8, 20268-K Entered a material agreement68
  3. Aug 17, 20268-K Regulation FD disclosure69
  4. Jul 23, 20268-K Results of operations; Regulation FD disclosure; Other events70
  5. Jul 23, 20268-K Regulation FD disclosure71
  6. Jul 14, 20268-K Executive or director change; Regulation FD disclosure72
  7. Jun 10, 20268-K Regulation FD disclosure73
  8. May 22, 20268-K Shareholder vote74
  9. May 15, 20268-K Regulation FD disclosure75
  10. May 12, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events76
  11. May 6, 20268-K Other events77
  12. May 5, 20268-K Other events78
  13. Feb 7, 2020New chief executive Ralph J. Andretta becomes CEO19
  14. Sep 18, 2009New chief executive Edward J. Heffernan becomes CEO20
  15. Feb 15, 2006New chief executive J. Michael Parks becomes CEO21
  16. Jun 8, 2001Went public Listed on NYSE1
  17. 1996Founded Founded1

Calendar

Coming up

  1. Oct 22, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $4.02 a share, on Oct 23, 2025.79

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results70
  2. Apr 23, 2026Reported quarterly or annual results80
  3. Jan 29, 2026Reported quarterly or annual results81
  4. Oct 23, 2025Reported quarterly or annual results82
  5. Jul 24, 2025Reported quarterly or annual results83
  6. Apr 24, 2025Reported quarterly or annual results84
  7. Jan 30, 2025Reported quarterly or annual results85
  8. Oct 24, 2024Reported quarterly or annual results86

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

427 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 150 major events, 190 insider forms, 26 large holders, 41 other. The latest 20:

  1. Sep 16, 20264 EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 10, 20263 EDGAR
  4. Sep 8, 20268-K EDGAR
  5. Aug 17, 20268-K EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Jul 29, 20264 EDGAR
  8. Jul 28, 2026144 EDGAR
  9. Jul 28, 202610-Q EDGAR
  10. Jul 23, 20268-K EDGAR
  11. Jul 23, 20268-K EDGAR
  12. Jul 17, 20264 EDGAR
  13. Jul 14, 20268-K EDGAR
  14. Jun 17, 20264 EDGAR
  15. Jun 17, 20264 EDGAR
  16. Jun 17, 20264 EDGAR
  17. Jun 17, 20264 EDGAR
  18. Jun 17, 20264 EDGAR
  19. Jun 17, 20264 EDGAR
  20. Jun 17, 20264 EDGAR

The 427 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

63 open-market trades by officers, directors and large owners since October 2021: 26 buys and 37 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 14, 2026McCarthy Dennis JamesEVP, Chief Revenue OfficerBuy16$108.14$1.7KForm 4
Jul 28, 2026Lakhwara PranitiDirectorSale2,802$106.12$297.3KForm 4
May 29, 2026Andretta Ralph JPresident and CEOSale15,000$89.10$1.3MForm 4
May 21, 2026Fawcett John J.DirectorBuy698$86.43$60.3KForm 4
Apr 24, 2026BALLOU ROGER HDirectorSale9,687$90.32$874.9KForm 4
Jul 30, 2025Fawcett John J.DirectorBuy1,027$61.79$63.5KForm 4
Oct 28, 2024Fawcett John J.DirectorBuy1,000$51.02$51.0KForm 4
Aug 12, 2024Fawcett John J.DirectorBuy2,000$49.82$99.6KForm 4
Jan 29, 2024Turtle Creek Asset Management Inc.10% ownerSale45,000$35.67$1.6MForm 4
Jan 26, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$35.53$1.1MForm 4
Jan 25, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$32.24$967.1KForm 4
Jan 24, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$30.82$924.5KForm 4
Jan 23, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$31.12$933.6KForm 4
Jan 22, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$30.88$926.4KForm 4
Jan 19, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$29.86$895.8KForm 4
Jan 18, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$29.38$881.4KForm 4
Jan 17, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$30.20$906.0KForm 4
Jan 16, 2024Turtle Creek Asset Management Inc.10% ownerSale30,000$30.94$928.2KForm 4
Jan 12, 2024Turtle Creek Asset Management Inc.10% ownerSale25,000$31.76$794.1KForm 4
Jan 11, 2024Turtle Creek Asset Management Inc.10% ownerSale25,000$32.44$811.0KForm 4

All 63 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Alliance Data has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Ralph J. Andretta$1.2M$11.9M97
2025Perry S. Beberman$697.3K$4.3M97
2025Valerie E. Greer$697.3K$4.3M97
2025Allegra S. Driscoll$642.1K$3.9M97
2025Joseph L. Motes III$678.5K$3.7M97
2024President and Chief Executive Officer$1.2M$10.6M97
2024EVP - Chief Technology Officer$598.6K$4.0M97
2024EVP and Chief Commercial Officer$663.8K$3.9M97
2024EVP and Chief Financial Officer$663.8K$3.9M97
2024EVPChief Legal and Administrative$650.4K$3.5M97
2023President and Chief Executive Officer$1.2M$7.7M97
2023EVP and Chief Commercial Officer$649.2K$3.0M97
2023EVP and Chief Financial Officer$648.5K$3.0M97
2023Officerand Secretary$643.8K$2.7M97

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,888,457$421.3M0.0%−336,243
Dimensional Fund Advisors LP3,092,208$335.0M0.1%+6,148
Vanguard Portfolio Management LLC2,621,816$284.1M0.0%−134,520
American Century Companies Inc1,791,190$194.1M0.1%+159,569
Vanguard Capital Management LLC1,757,637$190.4M0.0%−111,748
State Street Corp1,681,704$182.2M0.0%−83,079
Allianz Asset Management GmbH1,391,954$145.0M0.1%+45,352
Turtle Creek Asset Management Inc.1,310,339$142.0M5.5%−1,120,763
Geode Capital Management, LLC1,132,140$122.7M0.0%−53,070
Arrowstreet Capital, Limited Partnership1,045,197$113.2M0.1%−58,387
Hsbc Holdings PLC907,458$98.8M0.0%−102,432
Franklin Resources Inc823,185$89.2M0.0%−326,271
Jacobs Levy Equity Management, Inc769,826$83.4M0.3%−176,441
Goldman Sachs Group Inc762,074$82.6M0.0%+9,060
Charles Schwab Investment Management Inc612,515$66.4M0.0%−41,634
Bank Of America Corp /de/607,351$65.8M0.0%−22,874
Nomura Asset Management International Inc.583,288$63.2M0.1%−125,178
Morgan Stanley564,739$61.2M0.0%−50,889
Northern Trust Corp521,167$56.5M0.0%−14,935
Wellington Management Group Llp498,428$54.0M0.0%−329,842
Neuberger Berman Group LLC469,497$50.9M0.0%+25,104
Empowered Funds, LLC461,938$50.1M0.3%+268,815
Principal Financial Group Inc395,722$42.9M0.0%−969
Bank of New York Mellon Corp364,261$39.5M0.0%−21,646
Pzena Investment Management LLC327,448$35.5M0.1%−286,225

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Alliance Data is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBREAD FINANCIAL HOLDINGS, INC.2
  • CIK0001101215
  • Employer ID (EIN)31-142921518
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 312
  • Industry code (SIC)6141 Personal Credit Institutions2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address3095 Loyalty Circle, Columbus, OH 432192
  • Phone61472940002
  • Shares outstanding38,419,268 as of Jul 22, 202616
  • Public float$2.7B as of Jun 30, 202518
  • AuditorDeloitte & Touche LLP, Columbus, Ohio PCAOB ID 34; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceJan 13, 20002
  • Filings2,780 in all: 4 (1,124), 8-K (1,055), SC 13G/A (93), 10-Q (76), 5 (44), 3 (36), SC 13G (35), DEFA14A (29)2
    All 56 form types

    CORRESP (26), 11-K (25), DEF 14A (25), 10-K (24), UPLOAD (23), 425 (20), SC 13D/A (18), ARS (15), 4/A (12), S-8 (12), S-1/A (8), SC 13D (8), SD (8), SCHEDULE 13G/A (5), 144 (4), 424B5 (4), SC TO-I/A (4), 8-A12B (3), 8-K/A (3), SC TO-C (3), 424B1 (2), CERT (2), FWP (2), PRE 14A (2), S-3 (2), S-3/A (2), S-3ASR (2), S-4/A (2), SCHEDULE 13G (2), SEC STAFF LETTER (2), 10-K/A (1), 10-K405 (1), 10-Q/A (1), 424B3 (1), 424B4 (1), 5/A (1), 8-A12B/A (1), D (1), DEFM14A (1), EFFECT (1), NO ACT (1), NT 11-K (1), PREM14A (1), PX14A6G (1), S-1 (1), S-4 (1), S-8 POS (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 13, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 7, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01 per shareBFHNYSE
Depository Shares, Each Representing a 1/40th Interest in a Share of 8.625% Non-Cumulative Perpetual Preferred Stock, Series ABFH PrANYSE

From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Alliance Data names in Item 1A of its 10-K filed Feb 13, 2026: 49 risks under these headings, as written.18

  • Risks related to the spinoff of our former LoyaltyOne segment include potential tax and other liabilities, existing or future litigation or other disputes, or other adverse impacts.
  • Macroeconomic, Global, Strategic, Business and Competitive Risks
  • Weakness and instability in the macroeconomic environment, as well as global political, public health and social events or conditions, could have a material adverse effect on our business, results of operations and financial condition.
  • The loans we make are unsecured, and we may not be able to ultimately collect from customers that default on their loans.
  • A significant percentage of our Total net interest and non-interest income, or revenue, is generated through our relationships with a limited number of partners, and a decrease in business from, or the loss of, any of these partners could cause a significant drop in our revenue.
  • Our business is heavily concentrated in U.S. consumer credit, and therefore our results are more susceptible to fluctuations in that market than a more diversified company.
  • We expect growth to result, in part, from new and acquired credit card and other loan programs whose performance could result in increased portfolio losses and negatively impact our profitability.
  • Our risk management policies and procedures may not be effective, and the models we rely on may not be accurate or may be misinterpreted.
  • Fraudulent activity associated with our products and services could negatively impact our operating results, brand and reputation and cause the use of our products and services to decrease and our fraud losses to increase.
  • The amount of our Allowance for credit losses could adversely affect our business and may prove to be insufficient to cover actual losses on our loans.
  • We may not be successful in realizing the benefits associated with our acquisitions, dispositions and strategic investments, and our business and reputation could be materially adversely affected.
  • Competition in our industry is intense, and the markets for the services that we offer may contract or fail to expand, each of which could negatively impact our growth and profitability.
The other 38 risks
  • Our results of operations and growth depend on our ability to retain existing partners and attract new partners.
  • Our results depend, to a significant extent, on the active and effective promotion and support of our products by our brand partners.
  • Our results are impacted, to a significant extent, by the financial performance of our partners.
  • We may not be successful in our efforts to promote usage of our DTC credit cards, or to effectively control the costs associated with such promotion, both of which may materially impact our profitability.
  • Reductions in interchange fees, or changes in the laws and regulations governing such fees, could have various adverse impacts on our business and results of operations.
  • We may not be able to retain and/or attract and hire a highly qualified workforce or maintain our corporate culture, and having a large segment of our workforce periodically working from home may exacerbate these risks and cause new risks.
  • Our operations and financial performance could be adversely affected by severe weather and natural disasters, as well as by climate change and ESG-related regulations and actions.
  • Damage to our reputation could damage our business.
  • Liquidity, Market and Credit Risks
  • Adverse financial market conditions or our inability to effectively manage our funding and liquidity risk could have a material adverse effect on our business, liquidity and ability to meet our debt service requirements and other obligations.
  • If we are unable to securitize our credit card loans due to changes in the market or other circumstances or events, we may not be able to fund new credit card loans, which would have a material adverse effect on our operations and profitability.
  • The occurrence of events that result in the early amortization of our existing credit card securitization transactions or an inability to delay the accumulation of principal collections for our existing credit card securitization transactions would materially adversely affect our liquidity.
  • Lower payment rates on our securitized credit card loans could materially adversely affect our liquidity and financial condition.
  • Inability to grow or maintain our deposit levels in the future could have a material adverse effect on our liquidity, ability to grow our business and profitability.
  • Our level of indebtedness could materially adversely affect our ability to generate sufficient cash to repay our outstanding debt, and our ability to react to changes in our business and our incurrence of additional indebtedness to fund future needs could exacerbate these risks.
  • Restrictions imposed by the indenture governing our senior notes, our credit agreement and our other outstanding or future indebtedness may limit our ability to operate our business and to finance our future operations or capital needs or to engage in other business activities.
  • Any reduction in our credit ratings could increase the cost of our funding from, and restrict our access to, the capital markets and have a material adverse effect on our results of operations and financial condition.
  • Changes in market interest rates could negatively affect our profitability.
  • Future sales of our common stock, or the perception that future sales could occur, may adversely affect our common stock price.
  • The market price and trading volume of our common stock may be volatile and our stock price could decline.
  • There is no guarantee that we will pay future dividends or repurchase shares of our stock at a level anticipated by stockholders, which could reduce returns to our stockholders. Decisions to declare future dividends on or repurchase our stock will be at the discretion of our Board of Directors based upon a review of relevant considerations and restrictions imposed by the terms of our outstanding preferred stock.
  • In preparing our financial statements we make certain assumptions, judgments and estimates that affect amounts reported in our audited Consolidated Financial Statements, which, if not accurate, may significantly impact our financial results.
  • Legal, Regulatory and Compliance Risks
  • Litigation and other actions and disputes could subject us to significant fines, penalties, judgments and/or requirements resulting in significantly increased expenses, damage to our reputation and/or a material adverse effect on our business.
  • Our Banks are subject to extensive federal and state regulation that may restrict their ability to make cash available to us and may require us to make capital contributions to them.
  • If legislative attempts to amend the BHC Act to eliminate the exclusion of credit card banks or industrial loan companies from the definition of “bank” are successful, or if we voluntarily take such action that results in the Parent Company becoming a federally-regulated BHC, we would become subject to additional regulation applicable to BHCs, which could increase our compliance and regulatory costs and have other effects that could be materially adverse to our business.
  • We may not realize the expected benefits of the pending merger of our subsidiary Banks.
  • Increases in FDIC insurance premiums may have a material adverse effect on our results of operations.
  • Noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations could cause us material financial loss.
  • Regulation in the areas of privacy, data protection, data governance, and cyber security could increase our costs and affect or limit our business opportunities and how we collect and/or use Personal Information, and any actual or perceived failure to comply with any of these new or existing laws could adversely affect our business, results of operations, or financial condition.
  • Our failure to protect our intellectual property rights and use of open source software may harm our competitive position, and litigation to protect our intellectual property rights or defend against third-party allegations of infringement may be costly, any of which could negatively impact our business, results of operations and profitability.
  • We have international operations that subject us to various international risks as well as increased compliance and regulatory risks and costs.
  • Tax legislation initiatives or challenges to our tax positions could adversely affect our results of operations and financial condition.
  • Anti-takeover provisions in our organizational documents and Delaware law may discourage or prevent a change of control, even if an acquisition would be beneficial to our stockholders, which could affect our stock price adversely and prevent or delay change of control transactions or attempts by our stockholders to replace or remove our current management.
  • Cybersecurity, Technology and Vendor Risks
  • We rely on third-party vendors to provide various products and services that are important to our operations, and our business could be adversely impacted if our vendors fail to fulfill their obligations.
  • If we, our third-party providers, or brand partners fail to safeguard our confidential information and/or experience a data security incident, there may be damage to our brand and reputation, material financial penalties and legal claims, which could materially adversely affect our business, results of operations, and financial condition.
  • Business interruptions, including loss of data center capacity, interruption due to cyber-attacks, loss of network connectivity or inability to utilize proprietary software of third-party vendors, could affect our ability to timely meet the needs of our partners and customers and harm our business.
  • If we are not able to invest successfully in, and compete at the leading edge of, technological developments in our industry, our revenue and profitability could be materially adversely affected. Moreover, technology transformation projects are complex undertakings, which may result in unanticipated consequences that may adversely impact our business, results of operations, reputation and brand.
  • The development and use of AI present risks and challenges that may adversely impact our business or customers.
  • Risks Related to the LoyaltyOne Spinoff
  • We may be adversely affected by LVI’s ongoing bankruptcy proceedings or pending or future litigation or other disputes involving or relating to LVI.
  • RISK MANAGEMENT
  • Governance and Accountability
  • Board and Board Committees
  • Risk Management Roles and Responsibilities
  • Management Committees
  • Risk Categories
  • Capital Risk
  • Liquidity Risk
  • Operational Risk
  • Compliance Risk
  • Strategic Risk
  • Reputational Risk

Legal proceedings

Refer to Part I, Item 1A, “Risk Factors—Legal, Regulatory and Compliance Risks,” “Risk Factors—Risks Related to the LoyaltyOne Spinoff” and Note 20, “Commitments and Contingencies” to our audited Consolidated Financial Statements, which are incorporated herein by reference.

The opening of Item 3, Legal Proceedings.18

Sources

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