Cash Flow Statement

Operating Cash Flow

+19%

+70%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	(10)	(6)	(3)	5	24	32	42	56	67	87	101	106	102	107	114	123	139	158	168	181	190	190	189	170	164	157	160	195	206	185	167	148	144	163	180	188	194	233	255	296	315	344	379	405	422	436	449	462	496	503	526	558	516	545	536	502	605	600	610	687	518	505	502	528	789	806	886	950	963	948	869	465	278	159	58	299	214	470	705	795	801	725	464	375	223	468	503	541	718	397	483	313	277	281	285	471
Depreciation & Amortization	74	90	107	123	67	68	70	71	75	81	84	88	91	93	54	63	100	117	110	118	125	152	148	159	167	170	161	153	144	130	127	124	125	130	134	140	143	144	146	151	153	157	160	158	167	181	195	208	216	237	258	280	313	361	408	456	492	499	506	510	512	509	504	502	498	495	491	489	487	485	405	328	249	169	168	163	184	179	169	161	123	110	109	106	113	126	131	125	116	105	93	92	90	88	86	83
Change in Deffered Taxes	14	11	8	13	12	12	16	11	10	16	18	24	31	26	22	13	(14)	(15)	(19)	(30)	(28)	(27)	(11)	2	(28)	(24)	(44)	(20)	21	40	58	54	18	15	9	(7)	19	9	9	(5)	47	47	106	124	102	109	35	31	43	54	55	44	(13)	(40)	(70)	(82)	(121)	(122)	(92)	(116)	(31)	(40)	(78)	(36)	(114)	(118)	(135)	(82)	16	(3)	51	(140)	(186)	(310)	(7)	(157)	(223)	(90)	(332)	(45)	(15)	(37)	(139)	(172)	(245)	(216)	(173)	(143)	(68)	(105)	(83)	(97)	(85)	(6)	(23)	74
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	16	0	0	0	14	21	34	41	43	46	44	52	56	52	50	52	54	66	69	66	54	46	48	44	50	49	47	49	43	47	48	49	51	51	53	56	59	62	63	66	73	84	93	96	91	84	81	78	77	80	80	81	75	77	76	76	81	76	86	71	55	39	15	17	21	23	26	30	29	29	29	28	33	35	39	41	44	50	50	53	54	52	54	54
Other Non-Cash Items	8	10	7	24	24	26	33	25	25	25	16	8	23	28	32	41	27	28	38	49	62	60	59	89	106	118	113	93	82	120	158	174	193	333	339	491	498	384	423	316	403	393	386	400	414	435	451	463	488	492	521	540	640	611	676	739	692	822	892	968	1 336	1 484	1 548	1 504	1 259	1 286	1 311	1 302	1 144	1 054	1 006	700	897	1 283	1 284	1 572	1 374	753	456	425	675	853	1 292	1 455	1 804	1 492	1 426	1 432	1 161	1 614	1 565	1 731	1 670	1 634	1 619	1 459
Cash Taxes Paid	4	1	3	4	15	13	12	10	19	15	20	22	21	40	45	46	58	72	101	120	142	127	101	86	108	129	162	164	114	90	66	66	74	56	49	46	45	79	86	105	124	127	163	127	138	141	135	205	217	196	190	206	256	260	319	334	304	395	431	421	467	371	390	406	344	383	283	251	234	198	253	270	1 071	1 095	981	955	268	243	391	406	357	0	0	0	466	0	0	0	861	0	0	0	922	0	0	0
Cash Interest Paid	32	31	27	24	24	21	24	21	20	17	11	9	9	9	11	12	16	22	25	24	41	44	64	76	79	78	76	83	69	75	75	71	84	116	162	202	241	248	241	242	231	226	211	203	216	214	228	234	239	231	243	225	221	252	259	291	311	326	352	375	405	426	463	500	551	606	648	697	720	767	696	711	672	604	625	532	488	453	415	401	325	0	0	0	338	0	0	0	292	0	0	0	227	0	0	0
Change in Working Capital	81	31	9	16	(4)	110	72	(34)	(60)	(152)	(4)	72	101	130	29	(16)	(142)	(175)	(78)	(45)	49	(5)	(90)	(9)	162	95	475	363	(2)	73	(287)	(322)	(121)	(65)	(70)	15	48	55	31	132	93	100	(10)	25	29	13	118	(93)	(239)	(228)	(298)	(249)	(112)	(291)	(231)	(207)	37	14	(19)	(46)	(208)	(151)	(83)	47	167	308	333	206	144	232	192	907	(21)	(122)	(308)	(701)	334	516	550	266	(41)	(128)	(173)	(77)	(47)	(121)	(41)	(88)	60	25	112	(42)	(93)	(192)	(113)	(84)
Cash from Operating Activities	166 N/A	136 -18%	128 -7%	181 +42%	123 -32%	247 +101%	233 -6%	128 -45%	117 -9%	57 -51%	216 +280%	299 +38%	349 +17%	384 +10%	292 -24%	259 -11%	109 -58%	99 -9%	219 +121%	273 +25%	398 +46%	356 -11%	295 -17%	411 +39%	572 +39%	516 -10%	864 +67%	784 -9%	451 -42%	549 +22%	224 -59%	179 -20%	358 +101%	575 +61%	592 +3%	827 +40%	903 +9%	825 -9%	864 +5%	890 +3%	1 011 +14%	1 041 +3%	1 021 -2%	1 111 +9%	1 134 +2%	1 174 +3%	1 247 +6%	1 071 -14%	1 004 -6%	1 058 +5%	1 061 +0%	1 173 +11%	1 344 +15%	1 186 -12%	1 320 +11%	1 407 +7%	1 706 +21%	1 811 +6%	1 897 +5%	2 004 +6%	2 127 +6%	2 306 +8%	2 394 +4%	2 544 +6%	2 599 +2%	2 777 +7%	2 887 +4%	2 866 -1%	2 755 -4%	2 716 -1%	2 523 -7%	2 260 -10%	1 218 -46%	1 179 -3%	1 196 +1%	1 176 -2%	1 883 +60%	1 827 -3%	1 548 -15%	1 602 +3%	1 543 -4%	1 523 -1%	1 553 +2%	1 686 +9%	1 848 +10%	1 749 -5%	1 846 +6%	1 867 +1%	1 987 +6%	2 036 +2%	2 170 +7%	1 997 -8%	1 859 -7%	1 805 -3%	1 854 +3%	2 003 +8%
Investing Cash Flow
Capital Expenditures	(37)	(37)	(41)	(43)	(42)	(43)	(42)	(41)	(47)	(49)	(49)	(52)	(48)	(49)	(55)	(59)	(66)	(74)	(86)	(93)	(100)	(102)	(99)	(107)	(117)	(109)	(98)	(75)	(50)	(47)	(45)	(52)	(53)	(58)	(60)	(62)	(69)	(72)	(71)	(69)	(74)	(86)	(95)	(102)	(117)	(113)	(120)	(131)	(135)	(151)	(154)	(158)	(159)	(158)	(170)	(184)	(192)	(204)	(211)	(210)	(207)	(199)	(216)	(225)	(225)	(224)	(207)	(198)	(200)	(194)	(194)	(170)	(142)	(119)	(76)	(61)	(54)	(51)	(63)	(75)	(84)	(92)	(92)	(78)	(68)	(59)	(42)	(42)	(48)	(54)	(57)	(50)	(36)	(24)	(22)	(27)
Other Items	(154)	(110)	(143)	(141)	(150)	(177)	(151)	(154)	(201)	(119)	(120)	(41)	(352)	(328)	(371)	(526)	(265)	(294)	(403)	(304)	(372)	(739)	(640)	(684)	(578)	(190)	(400)	(275)	(463)	(658)	(519)	(664)	(835)	(268)	(394)	(283)	(272)	(453)	(732)	(1 178)	(967)	(1 078)	(1 281)	(1 385)	(2 555)	(2 951)	(2 270)	(1 726)	(1 484)	(1 211)	(1 786)	(2 950)	(4 578)	(4 242)	(4 255)	(3 793)	(3 171)	(4 243)	(3 981)	(4 201)	(4 085)	(2 775)	(3 699)	(3 297)	(4 043)	(3 993)	(3 276)	(3 320)	(1 672)	(1 354)	(1 957)	2 809	3 003	4 009	6 791	2 636	1 828	1 088	(968)	(1 135)	(1 607)	(2 298)	(3 031)	(3 482)	(5 043)	(2 221)	(1 312)	(1 002)	836	(1 579)	(1 264)	(1 559)	(1 133)	(1 174)	(1 428)	(1 192)
Cash from Investing Activities	(191) N/A	(147) +23%	(185) -26%	(185) +0%	(193) -4%	(220) -14%	(192) +13%	(195) -2%	(248) -27%	(167) +32%	(169) -1%	(93) +45%	(400) -328%	(376) +6%	(425) -13%	(584) -37%	(331) +43%	(368) -11%	(489) -33%	(397) +19%	(472) -19%	(841) -78%	(739) +12%	(791) -7%	(695) +12%	(299) +57%	(498) -67%	(350) +30%	(513) -47%	(705) -38%	(564) +20%	(716) -27%	(888) -24%	(326) +63%	(454) -39%	(345) +24%	(341) +1%	(525) -54%	(803) -53%	(1 247) -55%	(1 041) +17%	(1 165) -12%	(1 376) -18%	(1 488) -8%	(2 671) -80%	(3 064) -15%	(2 390) +22%	(1 857) +22%	(1 619) +13%	(1 362) +16%	(1 940) -42%	(3 108) -60%	(4 737) -52%	(4 399) +7%	(4 424) -1%	(3 977) +10%	(3 363) +15%	(4 448) -32%	(4 192) +6%	(4 411) -5%	(4 292) +3%	(2 974) +31%	(3 915) -32%	(3 523) +10%	(4 268) -21%	(4 217) +1%	(3 483) +17%	(3 518) -1%	(1 872) +47%	(1 547) +17%	(2 150) -39%	2 639 N/A	2 861 +8%	3 890 +36%	6 715 +73%	2 575 -62%	1 774 -31%	1 037 -42%	(1 031) N/A	(1 210) -17%	(1 691) -40%	(2 390) -41%	(3 123) -31%	(3 560) -14%	(5 111) -44%	(2 280) +55%	(1 354) +41%	(1 044) +23%	788 N/A	(1 633) N/A	(1 321) +19%	(1 609) -22%	(1 169) +27%	(1 198) -2%	(1 450) -21%	(1 219) +16%
Financing Cash Flow
Net Issuance of Common Stock	156	159	1	3	10	6	74	79	81	85	26	30	35	38	21	(24)	(116)	(135)	(150)	(163)	(97)	(182)	(154)	(105)	(88)	11	(433)	(736)	(876)	(1 037)	(721)	(503)	(387)	(237)	(93)	(68)	(115)	(156)	(226)	(233)	(212)	(158)	(163)	(98)	(105)	(159)	(260)	(277)	(217)	(207)	(208)	(202)	(270)	(771)	(744)	(911)	(934)	(801)	(788)	(778)	(780)	(18)	11	128	(535)	(120)	(130)	(179)	(426)	(648)	(554)	(1 205)	(964)	(741)	0	0	3	0	0	0	4	(8)	(8)	(8)	0	0	0	(35)	(35)	(46)	(46)	(11)	(55)	(147)	(194)	(234)
Net Issuance of Debt	(126)	(130)	23	10	(25)	(22)	(65)	(55)	84	37	(44)	(119)	32	3	56	344	395	497	456	261	196	555	582	543	253	(140)	70	(169)	1 056	1 461	1 390	2 100	1 128	35	(16)	(485)	(611)	(159)	161	376	339	415	949	1 012	2 334	2 420	1 517	1 102	929	461	965	1 990	3 808	4 389	4 393	4 171	3 009	3 803	3 987	4 094	3 865	2 961	3 093	2 099	4 751	4 145	2 746	2 709	(610)	(1 107)	626	(1 947)	(2 882)	(2 379)	(4 734)	(2 938)	(1 721)	(2 910)	(949)	69	(434)	389	719	(749)	560	(1 498)	(2 720)	(1 688)	(2 696)	(218)	44	194	69	281	(727)	(848)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(30)	(828)	(857)	(886)	(116)	(118)	(121)	(123)	(125)	(127)	(129)	(128)	(127)	(124)	(101)	(81)	(61)	(41)	(41)	(42)	(42)	(41)	(43)	(42)	(43)	(44)	(42)	(43)	(42)	(42)	(43)	(42)	(43)	(44)	(43)	(42)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	10	10	14	11	9	8	32	41	57	638	(200)	(213)	(404)	(981)	(171)	(166)	12	9	10	15	(14)	(15)	(18)	(33)	(17)	(18)	(20)	(7)	(4)	(14)	(8)	5	9	10	(22)	(322)	(323)	(317)	(303)	(154)	(406)	(385)	(417)	(505)	(94)	1 869	(95)	(352)	(433)	(1 631)	(57)	396	312	(528)	(119)	(869)	(1 031)	(2 054)	(2 388)	(1 456)	(1 632)	(289)	1 080	914	1 233	2 387	2 750	2 059	1 912	718	(313)	79	(83)	(453)	(563)	(269)	306	648
Cash from Financing Activities	31 N/A	29 -5%	24 -18%	12 -49%	(16) N/A	(16) -2%	9 N/A	23 +162%	165 +608%	122 -26%	(18) N/A	(89) -398%	66 N/A	40 -39%	77 +91%	320 +315%	279 -13%	367 +32%	316 -14%	108 -66%	112 +4%	384 +242%	437 +14%	446 +2%	197 -56%	(89) N/A	(306) -245%	(267) +13%	(20) +92%	211 N/A	266 +26%	616 +132%	570 -7%	(368) N/A	(96) +74%	(544) -467%	(716) -32%	(300) +58%	(79) +74%	128 N/A	109 -15%	224 +105%	769 +243%	895 +16%	2 209 +147%	2 255 +2%	1 253 -44%	810 -35%	704 -13%	259 -63%	766 +195%	1 798 +135%	3 516 +96%	3 297 -6%	3 326 +1%	2 944 -11%	1 773 -40%	2 848 +61%	2 792 -2%	2 931 +5%	2 637 -10%	1 611 -39%	2 154 +34%	3 210 +49%	4 005 +25%	3 554 -11%	2 063 -42%	776 -62%	(1 218) N/A	(1 487) -22%	255 N/A	(3 808) N/A	(4 092) -7%	(4 112) 0%	(6 607) -61%	(5 060) +23%	(4 167) +18%	(4 404) -6%	(2 620) +41%	(259) +90%	608 N/A	1 253 +106%	1 901 +52%	1 587 -16%	3 267 +106%	529 -84%	(838) N/A	(1 036) -24%	(3 086) -198%	(227) +93%	(128) +44%	(312) -144%	(592) -90%	(179) +70%	(658) -268%	(476) +28%
Change in Cash
Effect of Foreign Exchange Rates	(6)	0	6	(7)	(1)	11	5	9	3	(4)	(10)	(2)	2	2	2	4	2	2	4	3	(1)	(2)	(1)	5	12	7	7	(5)	(27)	(23)	(18)	(8)	16	17	8	3	(2)	(1)	1	(5)	(3)	(1)	(4)	9	5	1	(3)	(7)	(12)	(12)	(5)	(12)	(16)	(29)	(31)	(32)	(25)	(2)	(3)	0	14	(1)	(3)	6	10	6	6	(1)	(12)	(7)	0	(10)	4	(7)	(8)	8	15	21	18	7	0	2	(1)	4	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	1 N/A	19 +2 983%	(27) N/A	2 N/A	(87) N/A	22 N/A	54 +141%	(35) N/A	37 N/A	8 -80%	20 +159%	114 +478%	17 -85%	50 +198%	(54) N/A	(1) +98%	59 N/A	100 +70%	51 -49%	(13) N/A	37 N/A	(103) N/A	(8) +92%	71 N/A	86 +21%	136 +58%	67 -50%	163 +142%	(109) N/A	32 N/A	(92) N/A	71 N/A	57 -21%	(101) N/A	50 N/A	(58) N/A	(156) -168%	(2) +99%	(18) -929%	(233) -1 234%	77 N/A	99 +28%	409 +315%	527 +29%	677 +29%	365 -46%	108 -71%	18 -84%	77 +332%	(58) N/A	(119) -106%	(149) -26%	107 N/A	54 -50%	191 +255%	342 +79%	91 -73%	210 +131%	494 +136%	523 +6%	487 -7%	942 +93%	629 -33%	2 238 +256%	2 346 +5%	2 121 -10%	1 472 -31%	123 -92%	(347) N/A	(326) +6%	628 N/A	1 081 +72%	(10) N/A	950 N/A	1 296 +36%	(1 301) N/A	(495) +62%	(1 519) -207%	(2 084) -37%	140 N/A	460 +229%	387 -16%	330 -15%	(282) N/A	4 N/A	(2) N/A	(346) -17 200%	(213) +38%	(311) -46%	176 N/A	721 +310%	76 -89%	98 +29%	428 +337%	(254) N/A	308 N/A
Free Cash Flow
Free Cash Flow	130 N/A	99 -23%	86 -13%	138 +60%	80 -42%	204 +155%	191 -7%	87 -54%	70 -20%	8 -88%	167 +1 908%	246 +48%	300 +22%	335 +12%	237 -29%	200 -16%	43 -78%	25 -43%	133 +437%	181 +36%	298 +64%	254 -15%	196 -23%	304 +55%	455 +50%	408 -10%	767 +88%	709 -8%	401 -43%	502 +25%	179 -64%	127 -29%	305 +141%	518 +70%	532 +3%	766 +44%	834 +9%	753 -10%	793 +5%	821 +4%	938 +14%	954 +2%	926 -3%	1 009 +9%	1 018 +1%	1 060 +4%	1 127 +6%	940 -17%	868 -8%	907 +4%	907 +0%	1 015 +12%	1 186 +17%	1 028 -13%	1 151 +12%	1 223 +6%	1 514 +24%	1 607 +6%	1 686 +5%	1 794 +6%	1 920 +7%	2 108 +10%	2 178 +3%	2 319 +6%	2 374 +2%	2 553 +8%	2 679 +5%	2 668 0%	2 555 -4%	2 522 -1%	2 329 -8%	2 090 -10%	1 075 -49%	1 060 -1%	1 119 +6%	1 115 0%	1 829 +64%	1 777 -3%	1 486 -16%	1 527 +3%	1 459 -4%	1 431 -2%	1 461 +2%	1 608 +10%	1 780 +11%	1 690 -5%	1 804 +7%	1 825 +1%	1 939 +6%	1 982 +2%	2 113 +7%	1 947 -8%	1 823 -6%	1 781 -2%	1 832 +3%	1 976 +8%

Income Statement Balance Sheet Cash Flow Statement

Bread Financial Holdings Inc
NYSE:BFH

Cash Flow Statement

Cash Flow Statement
Bread Financial Holdings Inc

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Bread Financial Holdings Inc NYSE:BFH

Cash Flow Statement

Cash Flow Statement Bread Financial Holdings Inc

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Bread Financial Holdings Inc
NYSE:BFH

Cash Flow Statement
Bread Financial Holdings Inc