Bread Financial 2025年度报告

FORM 11-K (Mark One) [X]ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR [ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ___________ Commission file number 001-15749 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Bread Financial 401(k) Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Bread Financial Holdings, Inc.3095 Loyalty CircleColumbus, Ohio 43219 Bread Financial 401(k) Plan Financial Statements and Supplemental InformationYears Ended December31, 2025 and 2024 Table of Contents PageReport of Independent Registered Public Accounting Firm1Financial StatementsStatements of Net Assets Available for Benefits2Statements of Changes in Net Assets Available for Benefits3Notes to Financial Statements4Supplemental Schedules*Schedule H, Line 4a: Schedule of Delinquent Participant Contributions10Schedule H, Line 4i: Schedule of Assets (Held at End of Year)11 * All other financial schedules required by Section 2520.103-10 of the U.S. Department of Labor’s Annual Reporting and DisclosureRequirements under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Investment Committee andPlan Participants of the Bread Financial 401(k) Plan Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the Bread Financial 401(k) Plan (the “Plan”) as ofDecember31, 2025 and 2024, and the related statements of changes in net assets available for benefits for the years then ended, andthe related notes and schedules (collectively referred to as the “financial statements”). In our opinion, the financial statements presentfairly, in all material respects, the net assets available for benefits of the Plan as of December31, 2025 and 2024, and the changes in itsnet assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the UnitedStates of America. Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’sfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting OversightBoard (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federalsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part ofour audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressingan opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due toerror or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles usedand significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believethat our audits provide a reasonable basis for our opinion. Supplemental Information The supplemental information contained in (1) Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the yearended December 31, 2025 and, (2) Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December31, 2025 have beensubjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental informationis the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental informationreconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to testthe completeness and accuracy of the information presented in the supplemental information. In forming our opinion on thesupplemental information, we evaluated whether such information, including its form and content, is presented in conformity with th