NYSE : BBWI
Bath & Body Works, Inc. — Financial statements
Consumer Discretionary · Specialty Retail · United States
Last price 22.77 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.59B
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Financial statements
Bath & Body Works, Inc. (BBWI) reported revenue of 7.21B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 7.21B | 7.29B | 7.31B | 7.43B | 7.56B | 7.88B |
| Cost of Revenue | 4.11B | 4.10B | 4.07B | 4.19B | 4.30B | 4.03B |
| Gross Profit | 3.10B | 3.19B | 3.23B | 3.24B | 3.25B | 3.85B |
| Selling, General & Admin | 2.03B | 2.03B | 1.97B | 1.95B | 1.88B | 1.85B |
| Operating Expenses | 2.03B | 2.03B | 1.97B | 1.95B | 1.88B | 1.85B |
| Operating Income | 1.07B | 1.16B | 1.27B | 1.28B | 1.38B | 2.01B |
| Interest Expense | -269.00M | -276.00M | -312.00M | -345.00M | -348.00M | -388.00M |
| Interest & Investment Income | 24.00M | 24.00M | ||||
| Other Non Operating Income (Expenses) | 7.00M | 45.00M | 81.00M | 17.00M | -3.00M | |
| EBT Excluding Unusual Items | 832.00M | 904.00M | 999.00M | 1.02B | 1.04B | 1.62B |
| Merger & Restructuring Charges | -32.00M | -15.00M | ||||
| Gain (Loss) on Sale of Investments | 39.00M | |||||
| Gain (Loss) on Sale of Assets | 11.00M | 8.00M | ||||
| Other Unusual Items | 72.00M | -15.00M | -10.00M | -195.00M | ||
| Pretax Income | 971.00M | 882.00M | 1.03B | 1.02B | 1.04B | 1.42B |
| Income Tax Expense | 190.00M | 233.00M | 230.00M | 143.00M | 251.00M | 348.00M |
| Earnings From Continuing Operations | 781.00M | 649.00M | 798.00M | 878.00M | 794.00M | 1.07B |
| Earnings From Discontinued Operations | 6.00M | 258.00M | ||||
| Net Income | 781.00M | 649.00M | 798.00M | 878.00M | 800.00M | 1.33B |
| Net Income to Common | 781.00M | 649.00M | 798.00M | 878.00M | 800.00M | 1.33B |
| Shares Outstanding (Basic) | 202.50M | 208.00M | 220.00M | 228.00M | 232.00M | 269.00M |
| Shares Outstanding (Diluted) | 203.50M | 209.00M | 221.00M | 229.00M | 233.00M | 273.00M |
| EPS (Basic) | 3.86 | 3.12 | 3.63 | 3.85 | 3.45 | 4.96 |
| EPS (Diluted) | 3.85 | 3.11 | 3.61 | 3.84 | 3.43 | 4.89 |
| Free Cash Flow | 1.03B | 865.00M | 660.00M | 656.00M | 816.00M | 1.22B |
| Free Cash Flow Per Share | 5.07 | 4.14 | 2.99 | 2.87 | 3.50 | 4.48 |
| Dividend Per Share | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.45 |
| Gross Margin | 43.04% | 43.75% | 44.26% | 43.56% | 43.06% | 48.91% |
| Operating Margin | 14.84% | 15.86% | 17.33% | 17.30% | 18.20% | 25.49% |
| Profit Margin | 10.83% | 8.90% | 10.92% | 11.82% | 10.58% | 16.91% |
| Free Cash Flow Margin | 14.30% | 11.86% | 9.03% | 8.83% | 10.79% | 15.50% |
| EBITDA | 1.32B | 1.41B | 1.55B | 1.55B | 1.60B | 2.21B |
| EBITDA Margin | 18.25% | 19.34% | 21.19% | 20.92% | 21.12% | 28.09% |
| D&A For EBITDA | 246.00M | 254.00M | 282.00M | 269.00M | 221.00M | 205.00M |
| EBIT | 1.07B | 1.16B | 1.27B | 1.28B | 1.38B | 2.01B |
| EBIT Margin | 14.84% | 15.86% | 17.33% | 17.30% | 18.20% | 25.49% |
| Effective Tax Rate | 19.57% | 26.42% | 22.37% | 14.01% | 24.02% | 24.45% |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 794.00M | 953.00M | 674.00M | 1.08B | 1.23B | 1.98B |
| Cash & Short-Term Investments | 794.00M | 953.00M | 674.00M | 1.08B | 1.23B | 1.98B |
| Receivables | 154.00M | 180.00M | 205.00M | 224.00M | 226.00M | 240.00M |
| Inventory | 883.00M | 699.00M | 734.00M | 710.00M | 709.00M | 709.00M |
| Prepaid Expenses | 81.00M | 79.00M | 81.00M | |||
| Other Current Assets | 219.00M | 106.00M | 131.00M | 16.00M | 99.00M | 81.00M |
| Total Current Assets | 2.05B | 2.02B | 1.82B | 2.12B | 2.27B | 3.01B |
| Property, Plant & Equipment | 2.12B | 2.07B | 2.08B | 2.28B | 2.24B | 2.03B |
| Long-Term Investments | 34.00M | 38.00M | 26.00M | 120.00M | 124.00M | 126.00M |
| Goodwill | 628.00M | 628.00M | 628.00M | 628.00M | 628.00M | 628.00M |
| Other Intangible Assets | 165.00M | 165.00M | 165.00M | 165.00M | 165.00M | 165.00M |
| Long-Term Deferred Tax Assets | 108.00M | 112.00M | 130.00M | 144.00M | 37.00M | 45.00M |
| Other Long-Term Assets | 53.00M | 39.00M | 24.00M | 15.00M | 31.00M | 23.00M |
| Total Assets | 5.16B | 5.07B | 4.87B | 5.46B | 5.49B | 6.03B |
| Accounts Payable | 676.00M | 465.00M | 338.00M | 380.00M | 455.00M | 435.00M |
| Accrued Expenses | 361.00M | 215.00M | 260.00M | 283.00M | 313.00M | 341.00M |
| Current Portion of Long-Term Debt | 248.00M | 280.00M | ||||
| Current Portion of Leases | 199.00M | 195.00M | 192.00M | 181.00M | 177.00M | 170.00M |
| Current Income Taxes Payable | 28.00M | 72.00M | 117.00M | 120.00M | 74.00M | 34.00M |
| Current Unearned Revenue | 195.00M | 223.00M | 197.00M | 198.00M | 195.00M | 148.00M |
| Other Current Liabilities | 141.00M | 127.00M | 127.00M | 165.00M | 162.00M | |
| Total Current Liabilities | 1.71B | 1.59B | 1.23B | 1.29B | 1.38B | 1.29B |
| Long-Term Debt | 3.37B | 3.61B | 3.88B | 4.39B | 4.86B | 4.85B |
| Long-Term Leases | 931.00M | 867.00M | 883.00M | 1.00B | 1.01B | 989.00M |
| Long-Term Deferred Tax Liabilities | 115.00M | 65.00M | 24.00M | 147.00M | 168.00M | 157.00M |
| Other Long-Term Liabilities | 91.00M | 213.00M | 233.00M | 261.00M | 276.00M | 253.00M |
| Total Liabilities | 6.21B | 6.35B | 6.25B | 7.09B | 7.70B | 7.54B |
| Common Stock | 108.00M | 108.00M | 115.00M | 120.00M | 122.00M | 134.00M |
| Additional Paid-In Capital | 799.00M | 794.00M | 829.00M | 838.00M | 817.00M | 893.00M |
| Retained Earnings | -1.21B | -1.44B | -1.58B | -1.84B | -2.40B | -1.80B |
| Treasury Stock | -822.00M | -822.00M | -822.00M | -822.00M | -822.00M | -822.00M |
| Comprehensive Income & Other | 73.00M | 74.00M | 71.00M | 75.00M | 78.00M | 80.00M |
| Total Common Equity | -1.06B | -1.28B | -1.39B | -1.63B | -2.21B | -1.52B |
| Minority Interest | 2.00M | 2.00M | 2.00M | 1.00M | 1.00M | 1.00M |
| Shareholders' Equity | -1.05B | -1.28B | -1.38B | -1.63B | -2.21B | -1.52B |
| Total Liabilities & Equity | 5.16B | 5.07B | 4.87B | 5.46B | 5.49B | 6.03B |
| Total Debt | 4.74B | 4.95B | 4.96B | 5.57B | 6.05B | 6.01B |
| Net Cash (Debt) | -3.95B | -4.00B | -4.29B | -4.49B | -4.82B | -4.03B |
| Net Cash Per Share | -19.41 | -19.14 | -19.39 | -19.60 | -20.69 | -14.78 |
| Filing Date Shares Outstanding | 201.65M | 201.13M | 214.23M | 224.90M | 228.77M | 238.91M |
| Total Common Shares Outstanding | 202.00M | 201.00M | 216.00M | 225.00M | 229.00M | 254.00M |
| Working Capital | 343.00M | 428.00M | 592.00M | 826.00M | 887.00M | 1.72B |
| Book Value Per Share | -5.23 | -6.37 | -6.41 | -7.23 | -9.63 | -5.98 |
| Tangible Book Value | -1.85B | -2.07B | -2.18B | -2.42B | -3.00B | -2.31B |
| Tangible Book Value Per Share | -9.15 | -10.32 | -10.08 | -10.76 | -13.10 | -9.10 |
| Land | 92.00M | 87.00M | 90.00M | 90.00M | 89.00M | |
| Buildings | 327.00M | 323.00M | 319.00M | 306.00M | 301.00M | |
| Machinery | 1.97B | 1.88B | 1.82B | 1.64B | 1.41B | |
| Construction In Progress | 36.00M | 37.00M | 43.00M | 73.00M | 63.00M | |
| Leasehold Improvements | 934.00M | 891.00M | 850.00M | 809.00M | 722.00M |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 781.00M | 649.00M | 798.00M | 878.00M | 800.00M | 1.33B |
| Depreciation & Amortization | 246.00M | 254.00M | 282.00M | 269.00M | 221.00M | 205.00M |
| Loss (Gain) From Sale of Assets | -8.00M | -8.00M | ||||
| Loss (Gain) From Sale of Investments | -39.00M | 8.00M | ||||
| Stock-Based Compensation | 23.00M | 31.00M | 40.00M | 43.00M | 38.00M | 46.00M |
| Other Operating Activities | 9.00M | 63.00M | -102.00M | -162.00M | 17.00M | 240.00M |
| Change in Accounts Receivable | -24.00M | 25.00M | 18.00M | 2.00M | 11.00M | -64.00M |
| Change in Inventory | 93.00M | 37.00M | -26.00M | -2.00M | -177.00M | |
| Change in Accounts Payable | 145.00M | 111.00M | -50.00M | -109.00M | 44.00M | -86.00M |
| Change in Income Taxes | 26.00M | -57.00M | -23.00M | 34.00M | 39.00M | -72.00M |
| Change in Other Net Operating Assets | -18.00M | -3.00M | -12.00M | -7.00M | -26.00M | -91.00M |
| Operating Cash Flow | 1.27B | 1.10B | 886.00M | 954.00M | 1.14B | 1.49B |
| Capital Expenditures | -242.00M | -237.00M | -226.00M | -298.00M | -328.00M | -270.00M |
| Sale of Property, Plant & Equipment | 17.00M | 9.00M | ||||
| Investment in Securities | 40.00M | |||||
| Other Investing Activities | 4.00M | 1.00M | 24.00M | 12.00M | 11.00M | |
| Investing Cash Flow | -221.00M | -227.00M | -162.00M | -286.00M | -328.00M | -259.00M |
| Long-Term Debt Repaid | -14.00M | -539.00M | -462.00M | -9.00M | -1.73B | |
| Total Debt Repaid | -303.00M | -14.00M | -539.00M | -462.00M | -9.00M | -1.73B |
| Net Debt Issued (Repaid) | -303.00M | -14.00M | -539.00M | -462.00M | -9.00M | -1.73B |
| Issuance of Common Stock | 83.00M | |||||
| Repurchase of Common Stock | -155.00M | -409.00M | -417.00M | -159.00M | -1.34B | -2.02B |
| Common Dividends Paid | -162.00M | -167.00M | -177.00M | -182.00M | -186.00M | -120.00M |
| Other Financing Activities | -1.00M | -9.00M | 1.00M | -12.00M | -23.00M | 600.00M |
| Financing Cash Flow | -621.00M | -599.00M | -1.13B | -815.00M | -1.56B | -3.19B |
| Foreign Exchange Rate Adjustments | -1.00M | 3.00M | -2.00M | -1.00M | -1.00M | 1.00M |
| Net Cash Flow | 430.00M | 279.00M | -410.00M | -148.00M | -747.00M | -1.95B |
| Free Cash Flow | 1.03B | 865.00M | 660.00M | 656.00M | 816.00M | 1.22B |
| Free Cash Flow Margin | 14.30% | 11.86% | 9.03% | 8.83% | 10.79% | 15.50% |
| Free Cash Flow Per Share | 5.07 | 4.14 | 2.99 | 2.87 | 3.50 | 4.48 |
| Levered Free Cash Flow | 764.62M | 758.00M | 505.25M | 510.50M | 651.50M | 427.12M |
| Unlevered Free Cash Flow | 932.75M | 930.50M | 700.25M | 726.12M | 869.00M | 669.62M |
| Cash Interest Paid | 247.00M | 263.00M | 289.00M | 346.00M | 339.00M | 354.00M |
| Cash Income Tax Paid | 223.00M | 223.00M | 351.00M | 231.00M | 188.00M | 487.00M |
| Change in Working Capital | 222.00M | 113.00M | -93.00M | -82.00M | 68.00M | -490.00M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.64B | 4.46B | 8.15B | 9.82B | 10.20B | 14.08B |
| Enterprise Value | 8.59B | 9.21B | 13.31B | 15.12B | 15.98B | 18.63B |
| Last Close Price | 22.77 | 21.16 | 35.35 | 39.99 | 40.21 | 48.24 |
| PE Ratio | 5.99 | 6.88 | 10.21 | 11.18 | 12.75 | 10.57 |
| Forward PE | 8.96 | 8.58 | 10.79 | 13.69 | 14.02 | 12.27 |
| PS Ratio | 0.65 | 0.61 | 1.11 | 1.32 | 1.35 | 1.79 |
| PB Ratio | -3.49 | -5.89 | -6.04 | -4.62 | -9.28 | |
| P/FCF Ratio | 4.55 | 5.16 | 12.34 | 14.96 | 12.50 | 11.53 |
| P/OCF Ratio | 3.68 | 4.05 | 9.19 | 10.29 | 8.91 | 9.44 |
| PEG Ratio | 1.87 | 1.34 | 0.90 | 1.72 | 2.16 | 0.71 |
| EV/Sales Ratio | 1.20 | 1.26 | 1.82 | 2.04 | 2.11 | 2.36 |
| EV/EBITDA Ratio | 6.56 | 6.53 | 8.60 | 9.73 | 10.01 | 8.42 |
| EV/EBIT Ratio | 8.07 | 7.96 | 10.51 | 11.76 | 11.61 | 9.28 |
| EV/FCF Ratio | 8.38 | 10.64 | 20.17 | 23.04 | 19.58 | 15.25 |
| Debt / Equity Ratio | -4.50 | -3.87 | -3.59 | -3.43 | -2.75 | -3.96 |
| Debt / EBITDA Ratio | 2.69 | 2.68 | 2.52 | 2.85 | 3.06 | 2.34 |
| Debt / FCF Ratio | 4.60 | 5.73 | 7.51 | 8.49 | 7.42 | 4.92 |
| Net Debt / Equity Ratio | -3.75 | -3.13 | -3.10 | -2.76 | -2.19 | -2.66 |
| Net Debt / EBITDA Ratio | 3.00 | 2.84 | 2.77 | 2.89 | 3.02 | 1.82 |
| Net Debt / FCF Ratio | 3.83 | 4.62 | 6.49 | 6.84 | 5.91 | 3.30 |
| Asset Turnover | 1.45 | 1.47 | 1.41 | 1.36 | 1.31 | 0.90 |
| Inventory Turnover | 4.42 | 5.72 | 5.64 | 5.91 | 6.07 | 6.29 |
| Quick Ratio | 0.56 | 0.71 | 0.71 | 1.01 | 1.06 | 1.72 |
| Current Ratio | 1.20 | 1.27 | 1.48 | 1.64 | 1.64 | 2.33 |
| Return on Assets (ROA) | 13.41% | 14.54% | 15.31% | 14.66% | 14.93% | 14.27% |
| Return on Invested Capital (ROIC) | 24.47% | 23.90% | 25.15% | 26.66% | 23.62% | 22.52% |
| Return on Capital Employed (ROCE) | 31.00% | 33.20% | 34.80% | 30.80% | 33.40% | 42.40% |
| Earnings Yield | 16.71% | 14.54% | 9.80% | 8.94% | 7.84% | 9.46% |
| FCF Yield | 21.99% | 19.38% | 8.10% | 6.68% | 8.00% | 8.68% |
| Dividend Yield | 3.47% | 3.60% | 2.12% | 1.83% | 1.80% | 0.81% |
| Payout Ratio | 20.80% | 25.73% | 22.18% | 20.73% | 23.25% | 9.00% |
| Buyback Yield / Dilution | 5.35% | 5.43% | 3.49% | 1.72% | 14.65% | 2.85% |
| Total Shareholder Return | 8.79% | 9.03% | 5.61% | 3.55% | 16.45% | 3.66% |