Bath & Body Works Inc. (BBWI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.24	$0.62	+158.3%	—	$1.5B	—
Q1 27	$0.29	$0.32	+10.3%	—	$1.4B	—
Q4 26	$1.77	$2.05	+15.8%	—	$2.7B	—
Q3 26	$0.4	$0.35	-12.5%	—	$1.6B	—
Q2 26	$0.38	$0.37	-2.6%	—	$1.5B	—
Q1 26	$0.47	$0.49	+4.3%	—	$1.4B	—
Q4 25	$2.04	$2.09	+2.5%	—	$2.8B	—
Q3 25	$0.47	$0.49	+4.3%	—	$1.6B	—
Q2 25	$0.36	$0.37	+2.8%	—	$1.5B	—
Q1 25	$0.33	$0.38	+15.2%	—	$1.4B	—
Q4 24	$1.87	$2.06	+10.2%	—	$2.9B	—
Q3 24	$0.35	$0.48	+37.1%	—	$1.6B	—
Q2 24	$0.33	$0.4	+21.2%	—	$1.6B	—
Q1 24	$0.28	$0.33	+17.9%	—	$1.4B	—
Q4 23	$1.62	$1.86	+14.8%	—	$2.9B	—
Q3 23	$0.2	$0.4	+100.0%	—	$1.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$3.23	—	—	$7.3B	—
FY25	—	$3.68	—	—	$7.3B	—
FY24	—	$3.89	—	—	$7.4B	—
FY23	—	$3.45	—	—	$7.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$12.6B	$12.6B	$13.2B	$5.4B	$6.4B	$7.9B	$7.6B	$7.4B	$7.3B	$7.3B
YoY change	+3.46%	+0.46%	+4.79%	-59.2%	+19%	+22.5%	-4.09%	-1.73%	-1.64%	-0.22%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	12.6B	12.6B	13.2B	5.4B	6.4B	7.9B	7.6B	7.4B	7.3B	7.3B
Cost of revenue	7.4B	7.7B	8.3B	3B	3.3B	4B	4.3B	4.2B	4.1B	4.1B
Gross profit	5.1B	5B	4.9B	2.4B	3.1B	3.9B	3.3B	3.2B	3.2B	3.2B
Gross margin	40.8%	39.3%	37%	44.2%	48.1%	48.9%	43.1%	43.6%	44.3%	43.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.1B	3.2B	3.6B	1.3B	1.5B	1.8B	1.9B	2B	2B	2.1B
Operating expenses	3.1B	3.2B	3.6B	1.3B	1.5B	1.8B	1.9B	2B	2B	2.1B
Operating income	2B	1.7B	1.3B	1B	1.6B	2B	1.4B	1.3B	1.3B	1.1B
Operating margin	15.9%	13.7%	10.1%	19.2%	24.9%	25.5%	18.2%	17.3%	17.3%	15.4%
Non-operating income, net	87M	-10M	-94M	-62M	-50M	-198M	17M	81M	74M	32M
Pretax income	1.7B	1.3B	857M	608M	1.1B	1.4B	1B	1B	1B	882M
Income tax	538M	329M	213M	148M	257M	348M	251M	143M	230M	233M
Net income	1.2B	983M	644M	-366M	844M	1.3B	800M	878M	798M	649M
Net margin	9.21%	7.78%	4.87%	-6.77%	13.1%	16.9%	10.6%	11.8%	10.9%	8.9%
EBITDA	2.6B	2.3B	1.9B	1.6B	2.1B	2.2B	1.6B	1.6B	1.6B	1.4B
EPS	4.05	3.42	-1.33	-1.33	3	4.88	3.45	3.89	3.68	3.23
Diluted EPS	3.98	3.42	-1.33	-1.33	3	4.88	3.43	3.84	3.61	3.11

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	1.6B	2.9B	1.4B	1.5B	1.6B	2.8B	1.4B	1.5B	1.6B	2.7B	1.4B	1.5B
Cost of revenue	880M	1.6B	778M	900M	910M	1.5B	778M	909M	936M	1.5B	791M	822M
Gross profit	682M	1.3B	606M	626M	700M	1.3B	646M	640M	658M	1.2B	587M	692M
Gross margin	43.7%	45.9%	43.8%	41%	43.5%	46.7%	45.4%	41.3%	41.3%	45.7%	42.6%	45.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	461M	641M	419M	443M	482M	623M	437M	483M	497M	645M	356M	476M
Operating expenses	461M	641M	419M	443M	482M	623M	437M	483M	497M	645M	356M	476M
Operating income	221M	696M	187M	183M	218M	678M	209M	157M	161M	599M	231M	216M
Operating margin	14.1%	23.9%	13.5%	12%	13.5%	24.3%	14.7%	10.1%	10.1%	22%	16.8%	14.3%
Non-operating income, net	22M	13M	13M	47M	4M	9M	8M	6M	10M	7M	4M	11M
Pretax income	159M	623M	118M	153M	145M	611M	146M	95M	103M	538M	166M	164M
Income tax	40M	44M	31M	1M	39M	158M	41M	31M	26M	135M	-17M	46M
Net income	119M	579M	87M	152M	106M	453M	105M	64M	77M	403M	183M	118M
Net margin	7.62%	19.9%	6.29%	9.96%	6.58%	16.3%	7.37%	4.13%	4.83%	14.8%	13.3%	7.79%
EBITDA	313M	779M	270M	301M	291M	758M	281M	227M	234M	669M	296M	286M
EPS	0.52	2.56	0.39	0.68	0.48	2.09	0.49	0.3	0.37	2	0.91	0.59
Diluted EPS	0.52	2.55	0.38	0.68	0.48	2.09	0.49	0.3	0.37	1.99	0.9	0.58

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	13.9B	11.6B	6.2B	5.2B	9.3B	15.3B	—	9.6B	8.1B	4.4B	3.3B
Enterprise value	17.7B	15.9B	10.6B	12.7B	13.2B	19.3B	—	14.1B	12.4B	8.4B	7.3B
Shares outstanding	286M	287.1M	276.2M	276M	281.8M	273M	232M	225.9M	216M	201M	201M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	12	11.8	9.65	—	11	11.5	—	11	10.2	6.75	4.32
P/S	1.11	0.92	0.47	0.96	1.44	1.94	—	1.3	1.11	0.6	0.46
P/B	-19.1	-15.5	-7.19	-3.46	-14.1	-10.1	—	-5.93	-5.87	-3.43	-3.1
EV/EBITDA	6.8	6.95	5.5	8.14	6.36	8.9	—	8.64	7.65	5.94	5.52
EV/Sales	1.41	1.26	0.8	2.36	2.05	2.45	—	1.9	1.7	1.15	1.01
Earnings yield	8.32%	8.46%	10.4%	—	9.09%	8.71%	—	9.11%	9.82%	14.8%	23.2%
FCF yield	7.18%	6.01%	12%	15.1%	19.5%	7.98%	—	6.81%	8.12%	19.7%	23.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	40.8%	39.3%	37%	44.2%	48.1%	48.9%	43.1%	43.6%	44.3%	43.7%	45.7%
Operating margin	15.9%	13.7%	10.1%	19.2%	24.9%	25.5%	18.2%	17.3%	17.3%	15.4%	9.58%
Net margin	9.21%	7.78%	4.87%	-6.77%	13.1%	16.9%	10.6%	11.8%	10.9%	8.9%	10.8%
ROE	-159.3%	-130.9%	-74.5%	24.5%	-127.7%	-87.9%	-36.3%	-54%	-57.7%	-50.7%	-50.7%
ROA	14.2%	12.1%	7.96%	-3.61%	7.29%	22.1%	14.6%	16.1%	16.4%	12.8%	13.4%
ROIC	44.5%	36.7%	28.4%	12.9%	38%	60.3%	40%	38.6%	33.9%	30.4%	33.5%
Return on tangible assets	24.9%	21.2%	14.1%	-4.55%	8.45%	30%	20.5%	22.6%	24.3%	18.6%	21.9%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.72	1.62	1.64	1.37	1.97	2.33	1.64	1.64	1.48	1.27	1.2
Quick ratio	1.18	1.01	1.01	0.83	1.77	1.78	1.13	1.09	0.88	0.83	0.68
Debt / equity	-7.89	-7.72	-6.72	-6.07	-11.3	-3.96	-2.75	-3.43	-3.59	-3.87	-0.05
Debt / assets	0.7	0.71	0.72	0.9	0.65	1	1.1	1.02	1.02	0.98	0.92
Net debt / EBITDA	1.46	1.87	2.28	4.84	1.89	1.86	2.99	2.75	2.64	2.83	2.66
Interest coverage	5.3	4.23	3.23	2.64	3.6	4.67	4	3.96	4.29	4.2	4.62
Effective tax rate	31.7%	25.1%	24.9%	24.3%	22.9%	24.5%	24%	14%	22.4%	26.4%	19.6%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	44	44	47.9	19.6	22.8	28.9	32.6	32.9	33.8	36.3	35.6
EPS (basic)	4.05	3.42	-1.33	-1.33	3	4.88	3.45	3.89	3.68	3.23	3.23
EPS (diluted)	3.98	3.42	-1.33	-1.33	3	4.88	3.43	3.84	3.61	3.11	3.81
Book value per share	-2.54	-2.62	-3.13	-5.42	-2.35	-5.56	-9.5	-7.2	-6.4	-6.36	-5.23
FCF per share	3.5	2.44	2.71	2.82	6.43	4.48	3.52	2.9	3.06	4.3	5.1
Cash per share	6.76	5.28	5.12	5.43	12.7	7.25	5.31	4.8	3.12	4.74	3.94
Capex per share	—	—	—	—	—	—	—	—	—	1.18	1.2

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.25%	3.36%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	21.5%	19%
Payout ratio	109.5%	69.8%	103.4%	-90.7%	9.83%	9%	23.3%	20.7%	22.2%	25.7%	21%
Dividend yield	9.11%	5.9%	10.7%	6.42%	0.89%	0.78%	—	1.89%	2.18%	3.81%	4.94%

Yield

4.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Aug 21, 2026

Payout ratio

21%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$0.20
Jun 5, 2026	$0.20
Feb 20, 2026	$0.20

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$1.6B	$2.9B	$1.4B	$1.5B	$1.6B	$2.8B	$1.4B	$1.5B	$1.6B	$2.7B	$1.4B	$1.5B
YoY change	-2.62%	+0.83%	-0.86%	-2.12%	+3.07%	-4.29%	+2.89%	+1.51%	-0.99%	-2.26%	-3.23%	-2.26%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	1.9B	1.5B	1.4B	1.5B	3.6B	2B	1.2B	1.1B	674M	953M
Receivables	294M	310M	367M	306M	148M	240M	226M	224M	205M	180M
Inventory	1.1B	1.2B	1.2B	1.3B	572M	709M	709M	710M	734M	699M
Total current assets	3.5B	3.3B	3.3B	3.2B	5.6B	3B	2.3B	2.1B	1.8B	2B
Property, plant & equipment	2.3B	2.4B	2.3B	5B	1.7B	1.7B	1.9B	2B	1.8B	1.7B
Goodwill & intangibles	3.5B	3.5B	3.5B	2.1B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Total assets	8.2B	8.1B	8.1B	10.1B	11.6B	6B	5.5B	5.5B	4.9B	5.1B
Accounts payable	683M	717M	711M	647M	345M	435M	455M	380M	338M	465M
Short-term debt	36M	87M	72M	539M	173M	170M	177M	181M	192M	475M
Total current liabilities	2B	2B	2B	2.4B	2.8B	1.3B	1.4B	1.3B	1.2B	1.6B
Long-term debt	5.7B	5.7B	5.7B	8.5B	7.3B	5.8B	5.9B	5.4B	4.8B	4.5B
Total liabilities	8.9B	8.9B	9B	11.6B	12.2B	7.5B	7.7B	7.1B	6.3B	6.3B
Shareholders' equity	-727M	-751M	-865M	-1.5B	-661M	-1.5B	-2.2B	-1.6B	-1.4B	-1.3B
Total debt	5.7B	5.8B	5.8B	9.1B	7.5B	6B	6.1B	5.6B	5B	5B
Net debt	3.8B	4.3B	4.4B	7.6B	3.9B	4B	4.8B	4.5B	4.3B	4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	412M	1.1B	855M	514M	191M	674M	636M	364M	236M	953M	820M	794M
Receivables	197M	224M	121M	146M	200M	205M	103M	131M	169M	180M	98M	154M
Inventory	1.2B	710M	814M	863M	1.2B	734M	869M	977M	1.3B	699M	782M	883M
Total current assets	2B	2.1B	1.9B	1.7B	1.7B	1.8B	1.8B	1.7B	1.9B	2B	1.9B	2B
Property, plant & equipment	2.3B	2B	2.2B	2.2B	2.2B	1.8B	2.1B	2.1B	2.1B	1.7B	2.1B	2.1B
Goodwill & intangibles	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Total assets	5.2B	5.5B	5.2B	4.9B	5B	4.9B	4.9B	4.8B	5B	5.1B	5B	5.2B
Accounts payable	627M	380M	403M	411M	510M	338M	452M	567M	781M	465M	557M	676M
Short-term debt	192M	181M	186M	499M	502M	192M	201M	194M	193M	475M	206M	447M
Total current liabilities	1.4B	1.3B	1.2B	1.5B	1.6B	1.2B	1.3B	1.3B	1.6B	1.6B	1.4B	1.7B
Long-term debt	5.5B	5.4B	5.3B	4.9B	4.9B	4.8B	4.8B	4.8B	4.8B	4.5B	4.5B	4.3B
Total liabilities	7.4B	7.1B	6.9B	6.7B	6.7B	6.3B	6.3B	6.4B	6.6B	6.3B	6.1B	6.2B
Shareholders' equity	-2.1B	-1.6B	-1.7B	-1.7B	-1.7B	-1.4B	-1.4B	-1.5B	-1.6B	-1.3B	-1.1B	-1.1B
Total debt	5.7B	5.6B	5.5B	5.4B	5.4B	5B	5B	5B	5B	5B	4.7B	4.7B
Net debt	5.3B	4.5B	4.6B	4.8B	5.2B	4.3B	4.3B	4.6B	4.7B	4B	3.9B	4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	1.2B	983M	644M	-366M	844M	1.3B	800M	878M	798M	649M
Depreciation & amortization	518M	571M	590M	588M	521M	363M	221M	269M	282M	254M
Stock-based compensation	96M	102M	97M	87M	50M	46M	38M	43M	40M	31M
Change in working capital	117M	-80M	54M	-122M	420M	-418M	29M	-116M	-70M	170M
Operating cash flow	2B	1.4B	1.3B	195M	1.8B	1.4B	1.1B	946M	938M	1.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-237M
Investing cash flow	38M	-1M	20M	-22M	9M	11M	—	12M	64M	-227M
Dividends paid	-1.3B	-686M	-666M	-332M	-83M	-120M	-186M	-182M	-177M	-167M
Share repurchases	-435M	-446M	-198M	0	0	-2B	-1.3B	-148M	-401M	-401M
Financing cash flow	-1.8B	-1.1B	-964M	-679M	-348M	-3.3B	-1.6B	-819M	-1.1B	-599M
Net change in cash	235M	307M	346M	-506M	1.5B	-1.9B	-463M	139M	-130M	276M
Free cash flow	1B	699M	748M	778M	1.8B	1.2B	816M	656M	660M	865M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	119M	579M	87M	152M	106M	453M	105M	64M	77M	403M	183M	118M
Depreciation & amortization	70M	70M	71M	71M	69M	71M	64M	64M	63M	63M	61M	59M
Stock-based compensation	11M	14M	12M	10M	9M	9M	10M	8M	7M	6M	8M	2M
Change in working capital	-230M	241M	-120M	-37M	-240M	323M	-25M	-5M	-73M	274M	20M	-25M
Operating cash flow	-30M	904M	50M	196M	-57M	847M	154M	-43M	80M	877M	244M	72M
Capital expenditure	—	—	—	—	—	—	—	-56M	-81M	-63M	-49M	-49M
Investing cash flow	9M	1M	—	—	1M	52M	-2M	-56M	-72M	-60M	-42M	-47M
Dividends paid	-45M	-45M	-45M	-45M	-44M	-43M	-43M	-42M	-41M	-41M	-40M	-40M
Share repurchases	-51M	-49M	-96M	-152M	-101M	-52M	-136M	-118M	-90M	-57M	0	0
Financing cash flow	-266M	-210M	-259M	-301M	-150M	-422M	-188M	-174M	-135M	-102M	-335M	-49M
Net change in cash	-287M	695M	-209M	-105M	-206M	477M	-36M	-273M	-127M	715M	-133M	-24M
Free cash flow	-121M	878M	30M	-101M	-164M	895M	151M	-99M	-1M	814M	195M	23M

Date	Ratio
Aug 3, 2021	1237:1000
May 31, 2000	2:1
Jun 2, 1998	10000:9827
Jun 20, 1990	2:1
Jun 24, 1986	3:2

Bath & Body Works Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history