Bath & Body Works (BBWI) Financials

$19.18 +0.78 (+4.26%)

Closing price 03:59 PM Eastern

Extended Trading

$18.84 -0.34 (-1.78%)

As of 07:59 PM Eastern

Annual Income Statements for Bath & Body Works

This table shows Bath & Body Works' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,253	1,158	983	644	-366	844	1,333	800	878	798	649
Consolidated Net Income / (Loss)	1,253	1,158	983	644	-366	844	1,333	800	878	798	649
Net Income / (Loss) Continuing Operations	1,253	1,158	983	644	460	865	1,075	794	878	798	649
Total Pre-Tax Income	1,934	1,696	1,312	857	608	1,122	1,423	1,045	1,021	1,028	882
Total Operating Income	2,192	2,003	1,728	1,237	1,040	1,604	2,009	1,376	1,285	1,266	1,126
Total Gross Profit	5,204	5,125	4,959	4,899	2,387	3,096	3,855	3,255	3,236	3,234	3,189
Total Revenue	12,154	12,574	12,632	13,237	5,405	6,434	7,882	7,560	7,429	7,307	7,291
Operating Revenue	12,154	12,574	12,632	13,237	5,405	6,434	7,882	7,560	7,429	7,307	7,291
Total Cost of Revenue	6,950	7,449	7,673	8,338	3,018	3,338	4,027	4,305	4,193	4,073	4,102
Operating Cost of Revenue	6,950	7,449	7,673	8,338	3,018	3,338	4,027	4,305	4,193	4,073	4,102
Total Operating Expenses	3,012	3,122	3,231	3,662	1,347	1,492	1,846	1,879	1,951	1,968	2,063
Selling, General & Admin Expense	3,012	3,122	3,231	3,563	1,347	1,492	1,846	1,879	1,951	1,968	2,063
Total Other Income / (Expense), net	-258	-307	-416	-380	-432	-482	-586	-331	-264	-238	-244
Interest Expense	334	394	406	385	370	432	388	348	345	312	276
Other Income / (Expense), net	76	87	-10	5.00	-62	-50	-198	17	81	74	32
Income Tax Expense	681	538	329	213	148	257	348	251	143	230	233
Basic Earnings per Share	$4.30	$4.04	$3.46	$2.33	($1.33)	$3.04	$4.96	$3.45	$3.86	$3.62	$3.12
Weighted Average Basic Shares Outstanding	287.08M	287M	284M	276M	276.53M	557.63M	238.91M	228.77M	224.90M	214.23M	201.13M
Diluted Earnings per Share	$4.22	$3.98	$3.42	$2.31	($1.32)	$3.00	$4.88	$3.43	$3.84	$3.61	$3.11
Weighted Average Diluted Shares Outstanding	287.08M	287M	284M	276M	276.53M	557.63M	238.91M	228.77M	224.90M	214.23M	201.13M
Weighted Average Basic & Diluted Shares Outstanding	287.08M	287M	284M	276M	276.53M	557.63M	238.91M	228.77M	224.90M	214.23M	201.13M
Cash Dividends to Common per Share	$2.00	$2.40	$2.40	$2.40	$1.20	$0.30	$0.45	$0.80	$0.80	$0.80	$0.80

This table shows Bath & Body Works' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	99	119	579	87	152	106	453	105	64	77	403
Consolidated Net Income / (Loss)	99	119	579	87	152	106	453	105	64	77	403
Net Income / (Loss) Continuing Operations	99	119	579	87	152	106	453	105	64	77	403
Total Pre-Tax Income	127	159	623	118	153	145	612	146	95	103	538
Total Operating Income	188	221	695	187	183	218	678	209	157	161	599
Total Gross Profit	622	682	1,336	606	626	700	1,302	646	640	658	1,245
Total Revenue	1,559	1,562	2,912	1,384	1,526	1,610	2,787	1,424	1,549	1,594	2,724
Operating Revenue	1,559	1,562	2,912	1,384	1,526	1,610	2,787	1,424	1,549	1,594	2,724
Total Cost of Revenue	937	880	1,576	778	900	910	1,485	778	909	936	1,479
Operating Cost of Revenue	937	880	1,576	778	900	910	1,485	778	909	936	1,479
Total Operating Expenses	434	461	641	419	443	482	624	437	483	497	646
Selling, General & Admin Expense	434	461	641	419	443	482	624	437	483	497	646
Total Other Income / (Expense), net	-61	-62	-72	-69	-30	-73	-66	-63	-62	-58	-61
Interest Expense	86	84	86	82	77	77	76	71	68	68	69
Other Income / (Expense), net	25	22	14	13	47	4.00	10	8.00	6.00	10	8.00
Income Tax Expense	28	40	44	31	1.00	39	159	41	31	26	135
Basic Earnings per Share	$0.43	$0.52	$2.55	$0.39	$0.68	$0.49	$2.06	$0.49	$0.31	$0.38	$1.94
Weighted Average Basic Shares Outstanding	227.38M	225.94M	224.90M	223.23M	219.11M	216.58M	214.23M	211.61M	206.19M	204.72M	201.13M
Diluted Earnings per Share	$0.43	$0.52	$2.54	$0.38	$0.68	$0.49	$2.06	$0.49	$0.30	$0.37	$1.95
Weighted Average Diluted Shares Outstanding	227.38M	225.94M	224.90M	223.23M	219.11M	216.58M	214.23M	211.61M	206.19M	204.72M	201.13M
Weighted Average Basic & Diluted Shares Outstanding	227.38M	225.94M	224.90M	223.23M	219.11M	216.58M	214.23M	211.61M	206.19M	204.72M	201.13M

This table details how cash moves in and out of Bath & Body Works' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Net Change in Cash & Equivalents	867	-614	-419	-102	86	2,434	-1,954	-747	-148	-410	279
Net Cash From Operating Activities	2,027	1,990	1,406	1,377	1,236	2,039	1,492	1,144	954	886	1,102
Net Cash From Continuing Operating Activities	2,027	1,990	1,406	1,377	1,236	2,039	1,492	1,144	954	886	1,102
Net Income / (Loss) Continuing Operations	1,253	1,158	983	644	-366	844	1,333	800	878	798	649
Consolidated Net Income / (Loss)	1,253	1,158	983	644	-366	844	1,333	800	878	798	649
Depreciation Expense	457	518	571	590	588	521	363	221	269	282	254
Non-Cash Adjustments To Reconcile Net Income	21	16	127	297	1,147	264	241	38	17	11	23
Changes in Operating Assets and Liabilities, net	338	344	-228	-111	-133	410	-445	85	-210	-205	176
Net Cash From Investing Activities	-443	-833	-698	-609	-480	-219	-259	-328	-286	-162	-227
Net Cash From Continuing Investing Activities	-443	-833	-698	-609	-480	-219	-259	-328	-286	-162	-227
Purchase of Property, Plant & Equipment	-727	-990	-707	-629	-458	-228	-270	-328	-298	-226	-237
Sale of Property, Plant & Equipment	196	53	-	-	-	-	-	-	0.00	0.00	9.00
Sale and/or Maturity of Investments	59	129	-	-	-	-	-	0.00	0.00	40	0.00
Other Investing Activities, net	4.00	8.00	9.00	20	-22	9.00	11	0.00	12	24	1.00
Net Cash From Financing Activities	-716	-1,765	-1,127	-872	-666	610	-3,188	-1,562	-815	-1,132	-599
Net Cash From Continuing Financing Activities	-716	-1,765	-1,127	-872	-666	610	-3,188	-1,562	-815	-1,132	-599
Repayment of Debt	-2.00	-751	-592	-255	-326	-200	-1,716	2.00	-459	-521	-9.00
Repurchase of Common Equity	-483	-435	-446	-198	0.00	0.00	-1,964	-1,312	-148	-401	-401
Payment of Dividends	-1,171	-1,268	-686	-666	-332	-83	-120	-186	-182	-177	-167
Other Financing Activities, net	-55	-38	6.00	-17	-20	-57	612	-66	-26	-33	-22
Effect of Exchange Rate Changes	-1.00	-6.00	0.00	2.00	-4.00	4.00	1.00	-1.00	-1.00	-2.00	3.00

This table details how cash moves in and out of Bath & Body Works' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026
Net Change in Cash & Equivalents	-256	-378	672	-229	-341	-323	483	-38	-272	-128	717
Net Cash From Operating Activities	33	-49	926	76	-46	-99	955	188	-43	80	877
Net Cash From Continuing Operating Activities	33	-49	918	76	-46	-99	955	188	-43	80	877
Net Income / (Loss) Continuing Operations	99	119	579	87	152	106	453	105	64	77	403
Consolidated Net Income / (Loss)	99	119	579	87	152	106	453	105	64	77	403
Depreciation Expense	66	70	70	71	71	69	71	64	64	63	63
Non-Cash Adjustments To Reconcile Net Income	2.00	-1.00	8.00	12	-27	9.00	16	10	8.00	-1.00	6.00
Changes in Operating Assets and Liabilities, net	-134	-237	261	-94	-242	-283	415	9.00	-179	-59	405
Net Cash From Investing Activities	-82	-63	-47	-46	6.00	-74	-48	-39	-56	-72	-60
Net Cash From Continuing Investing Activities	-82	-63	-47	-46	6.00	-74	-48	-39	-56	-72	-60
Purchase of Property, Plant & Equipment	-85	-72	-48	-46	-55	-65	-60	-37	-56	-81	-63
Other Investing Activities, net	3.00	9.00	1.00	0.00	11	1.00	12	-2.00	-	-	3.00
Net Cash From Financing Activities	-208	-266	-206	-259	-301	-150	-422	-188	-174	-135	-102
Net Cash From Continuing Financing Activities	-208	-266	-206	-259	-301	-150	-422	-188	-174	-135	-102
Repayment of Debt	-113	-169	-93	-111	-96	-4.00	-308	-5.00	-10	7.00	-1.00
Repurchase of Common Equity	-48	-51	-49	-96	-152	-101	-52	-136	-118	-90	-57
Payment of Dividends	-46	-45	-45	-45	-45	-44	-43	-43	-42	-41	-41
Other Financing Activities, net	-1.00	-1.00	-19	-7.00	-8.00	-1.00	-19	-4.00	-4.00	-11	-3.00
Effect of Exchange Rate Changes	-	-	-	0.00	-	-	-	1.00	1.00	-1.00	2.00

This table presents Bath & Body Works' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Total Assets	8,493	8,170	8,149	8,090	10,125	11,571	6,026	5,494	5,463	4,872	5,069
Total Current Assets	4,156	3,465	3,293	3,260	3,245	5,579	3,009	2,266	2,115	1,823	2,019
Cash & Equivalents	2,548	1,934	1,515	1,413	1,499	3,568	1,979	1,232	1,084	674	953
Accounts Receivable	261	294	310	367	306	148	240	226	224	205	180
Inventories, net	1,122	1,096	1,240	1,248	1,287	572	709	709	710	734	699
Other Current Assets	225	141	228	232	153	52	81	99	97	114	106
Other Current Nonoperating Assets	-	-	-	-	-	1,239	-	-	0.00	96	81
Plant, Property, & Equipment, net	2,330	2,741	2,893	2,818	2,486	1,017	1,009	1,193	1,220	1,127	1,127
Total Noncurrent Assets	2,007	1,964	1,963	2,012	4,394	4,975	2,008	2,035	2,128	1,922	1,923
Goodwill	1,318	1,348	1,348	1,348	628	628	628	628	628	628	628
Intangible Assets	411	411	411	411	411	165	165	165	165	165	165
Noncurrent Deferred & Refundable Income Taxes	30	19	14	62	84	58	45	37	144	130	112
Other Noncurrent Operating Assets	248	186	190	191	3,271	1,143	1,170	1,205	1,191	999	1,018
Total Liabilities & Shareholders' Equity	8,493	8,170	8,149	8,090	10,125	11,571	6,026	5,494	5,463	4,872	5,069
Total Liabilities	8,751	8,897	8,900	8,955	11,620	12,232	7,543	7,699	7,089	6,255	6,348
Total Current Liabilities	1,875	2,014	2,031	1,986	2,372	2,826	1,290	1,379	1,289	1,231	1,591
Short-Term Debt	6.00	36	87	72	61	-	-	-	-	0.00	280
Accounts Payable	668	683	717	711	647	345	435	455	380	338	465
Accrued Expenses	977	997	1,029	1,082	1,052	727	651	673	608	584	579
Current Deferred & Payable Income Tax Liabilities	224	298	198	121	134	83	34	74	120	117	72
Other Current Liabilities	-	-	-	-	478	173	170	177	181	192	195
Total Noncurrent Liabilities	6,876	6,883	6,869	6,969	9,248	9,406	6,253	6,320	5,800	5,024	4,757
Long-Term Debt	5,715	5,700	5,707	5,739	5,487	6,366	4,854	4,862	4,388	3,884	3,612
Noncurrent Deferred & Payable Income Tax Liabilities	257	352	238	226	219	141	157	168	147	24	65
Other Noncurrent Operating Liabilities	904	831	924	1,004	3,542	1,232	1,242	1,290	1,265	1,116	1,080
Total Equity & Noncontrolling Interests	-258	-727	-751	-865	-1,495	-661	-1,517	-2,205	-1,626	-1,383	-1,279
Total Preferred & Common Equity	-259	-729	-753	-869	-1,499	-662	-1,518	-2,206	-1,627	-1,385	-1,281
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-259	-729	-753	-869	-1,499	-662	-1,518	-2,206	-1,627	-1,385	-1,281
Common Stock	701	807	819	912	989	1,034	1,027	939	958	944	902
Retained Earnings	315	205	-1,434	-1,482	-2,182	-1,421	-1,803	-2,401	-1,838	-1,578	-1,435
Treasury Stock	-1,315	-1,753	-162	-358	-358	-358	-822	-822	-822	-822	-822
Accumulated Other Comprehensive Income / (Loss)	40	12	24	59	52	83	80	78	75	71	74
Noncontrolling Interest	1.00	2.00	2.00	4.00	4.00	1.00	1.00	1.00	1.00	2.00	2.00

This table presents Bath & Body Works' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/29/2023	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025
Total Assets	5,363	5,195	5,243	5,463	5,221	4,948	4,984	4,872	4,881	4,814	4,989
Total Current Assets	2,080	1,893	1,959	2,115	1,917	1,666	1,720	1,823	1,820	1,706	1,881
Cash & Equivalents	1,046	790	412	1,084	855	514	191	674	636	364	236
Accounts Receivable	145	153	197	224	121	146	200	205	103	131	169
Inventories, net	771	818	1,205	710	814	863	1,178	734	869	977	1,251
Other Current Assets	118	132	145	97	127	143	151	114	115	153	144
Other Current Nonoperating Assets	-	-	-	0.00	0.00	0.00	0.00	96	97	81	81
Plant, Property, & Equipment, net	1,223	1,236	1,244	1,220	1,183	1,166	1,158	1,127	1,111	1,124	1,142
Total Noncurrent Assets	2,060	2,066	2,040	2,128	2,121	2,116	2,106	1,922	1,950	1,984	1,966
Goodwill	628	628	628	628	628	628	628	628	628	628	628
Intangible Assets	165	165	165	165	165	165	165	165	165	165	165
Noncurrent Deferred & Refundable Income Taxes	37	38	35	144	143	143	143	130	133	133	132
Other Noncurrent Operating Assets	1,230	1,235	1,212	1,191	1,185	1,180	1,170	999	1,024	1,058	1,041
Total Liabilities & Shareholders' Equity	5,363	5,195	5,243	5,463	5,221	4,948	4,984	4,872	4,881	4,814	4,989
Total Liabilities	7,533	7,349	7,367	7,089	6,897	6,666	6,732	6,255	6,331	6,361	6,581
Total Current Liabilities	1,277	1,213	1,409	1,289	1,221	1,497	1,575	1,231	1,294	1,303	1,553
Short-Term Debt	-	0.00	0.00	-	-	313	314	-	-	0.00	0.00
Accounts Payable	426	508	627	380	403	411	510	338	452	567	781
Accrued Expenses	585	518	590	608	489	526	547	584	495	541	558
Current Deferred & Payable Income Tax Liabilities	101	0.00	0.00	120	143	61	16	117	146	1.00	21
Other Current Liabilities	165	187	192	181	186	186	188	192	201	194	193
Total Noncurrent Liabilities	6,256	6,136	5,958	5,800	5,676	5,169	5,157	5,024	5,037	5,058	5,028
Long-Term Debt	4,781	4,668	4,497	4,388	4,282	3,881	3,883	3,884	3,886	3,888	3,890
Noncurrent Deferred & Payable Income Tax Liabilities	168	168	167	147	147	45	45	24	23	23	23
Other Noncurrent Operating Liabilities	1,307	1,300	1,294	1,265	1,247	1,243	1,229	1,116	1,128	1,147	1,115
Total Equity & Noncontrolling Interests	-2,170	-2,154	-2,124	-1,626	-1,676	-1,718	-1,748	-1,383	-1,450	-1,547	-1,592
Total Preferred & Common Equity	-2,171	-2,155	-2,125	-1,627	-1,677	-1,719	-1,749	-1,385	-1,451	-1,548	-1,593
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-2,171	-2,155	-2,125	-1,627	-1,677	-1,719	-1,749	-1,385	-1,451	-1,548	-1,593
Common Stock	940	948	951	958	960	947	942	944	931	917	910
Retained Earnings	-2,366	-2,358	-2,329	-1,838	-1,889	-1,918	-1,942	-1,578	-1,633	-1,716	-1,754
Treasury Stock	-822	-822	-822	-822	-822	-822	-822	-822	-822	-822	-822
Accumulated Other Comprehensive Income / (Loss)	77	77	75	75	74	74	73	71	73	73	73
Noncontrolling Interest	1.00	1.00	1.00	1.00	1.00	1.00	1.00	2.00	1.00	1.00	1.00

This table displays calculated financial ratios and metrics derived from Bath & Body Works' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	204,721,605.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	204,721,605.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	1,420	1,368	1,295	930	787	1,237	1,518	1,045	1,105	983	829
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	39.35%	40.01%	39.29%	31.71%
Earnings before Interest and Taxes (EBIT)	2,268	2,090	1,718	1,242	978	1,554	1,811	1,393	1,366	1,340	1,158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,683	2,562	2,242	1,789	1,566	2,075	2,174	1,614	1,635	1,622	1,412
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,565	1,208	842	925	1,766	2,709	1,242	978	852	930	981
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,915	3,075	3,528	3,533	2,554	1,082	1,358	1,425	1,678	1,731	1,579
Increase / (Decrease) in Invested Capital	-145	160	453	5.00	-979	-1,472	276	67	253	53	-152
Book Value per Share	($0.89)	($2.55)	($2.67)	($3.16)	($5.42)	($2.38)	($5.89)	($9.66)	($7.20)	($6.39)	($6.26)
Tangible Book Value per Share	($6.87)	($8.70)	($8.90)	($9.55)	($9.18)	($5.23)	($8.97)	($13.13)	($10.71)	($10.06)	($10.13)
Total Capital	5,463	5,009	5,043	4,946	4,053	5,705	3,337	2,657	2,762	2,501	2,613
Total Debt	5,721	5,736	5,794	5,811	5,548	6,366	4,854	4,862	4,388	3,884	3,892
Total Long-Term Debt	5,715	5,700	5,707	5,739	5,487	6,366	4,854	4,862	4,388	3,884	3,612
Net Debt	3,173	3,802	4,279	4,398	4,049	2,798	2,875	3,630	3,304	3,210	2,939
Capital Expenditures (CapEx)	531	937	707	629	458	228	270	328	298	226	228
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-261	-447	-166	-67	-565	-815	-260	-345	-258	-82	-245
Debt-free Net Working Capital (DFNWC)	2,287	1,487	1,349	1,346	934	2,753	1,719	887	826	592	708
Net Working Capital (NWC)	2,281	1,451	1,262	1,274	873	2,753	1,719	887	826	592	428
Net Nonoperating Expense (NNE)	167	210	312	286	1,153	393	185	245	227	185	180
Net Nonoperating Obligations (NNO)	3,173	3,802	4,279	4,398	4,049	1,743	2,875	3,630	3,304	3,114	2,858
Total Depreciation and Amortization (D&A)	415	472	524	547	588	521	363	221	269	282	254
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.86	($1.06)	$2.43	$4.96	$0.00	$3.86	$3.62	$3.12
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	344.08M	345.75M	697.21M	238.91M	0.00	224.90M	214.23M	201.13M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.85	($1.06)	$2.40	$4.88	$0.00	$3.84	$3.61	$3.11
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	344.08M	345.75M	697.21M	238.91M	0.00	224.90M	214.23M	201.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	344.08M	345.75M	697.21M	238.91M	0.00	224.90M	214.23M	201.13M
Normalized Net Operating Profit after Tax (NOPAT)	1,420	1,368	1,295	1,004	787	1,237	1,518	1,045	1,105	983	829
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Bath & Body Works' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	204,721,605.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	204,721,605.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.97
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	147	165	646	138	182	159	502	150	106	120	449
Return On Investment Capital (ROIC_SIMPLE)	-	-	23.39%	-	-	-	20.07%	6.17%	4.52%	5.24%	17.17%
Earnings before Interest and Taxes (EBIT)	213	243	709	200	230	222	688	217	163	171	607
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	279	313	779	271	301	291	759	281	227	234	670
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	167	161	393	-48	-56	-138	449	198	172	397	601
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,724	1,961	1,678	1,751	1,962	2,258	1,731	1,703	1,896	1,981	1,579
Increase / (Decrease) in Invested Capital	-20	4.00	253	186	238	297	53	-48	-66	-277	-152
Book Value per Share	($9.41)	($9.35)	($7.20)	($7.46)	($7.70)	($7.98)	($6.39)	($6.77)	($7.32)	($7.73)	($6.26)
Tangible Book Value per Share	($12.88)	($12.83)	($10.71)	($10.98)	($11.25)	($11.60)	($10.06)	($10.47)	($11.06)	($11.57)	($10.13)
Total Capital	2,514	2,373	2,762	2,606	2,476	2,449	2,501	2,436	2,341	2,298	2,613
Total Debt	4,668	4,497	4,388	4,282	4,194	4,197	3,884	3,886	3,888	3,890	3,892
Total Long-Term Debt	4,668	4,497	4,388	4,282	3,881	3,883	3,884	3,886	3,888	3,890	3,612
Net Debt	3,878	4,085	3,304	3,427	3,680	4,006	3,210	3,250	3,524	3,654	2,939
Capital Expenditures (CapEx)	85	72	48	46	55	65	60	37	56	81	63
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-110	138	-258	-159	-32	268	-82	-110	39	92	-245
Debt-free Net Working Capital (DFNWC)	680	550	826	696	482	459	592	526	403	328	708
Net Working Capital (NWC)	680	550	826	696	169	145	592	526	403	328	428
Net Nonoperating Expense (NNE)	48	46	67	51	30	53	49	45	42	43	46
Net Nonoperating Obligations (NNO)	3,878	4,085	3,304	3,427	3,680	4,006	3,114	3,153	3,443	3,573	2,858
Total Depreciation and Amortization (D&A)	66	70	70	71	71	69	71	64	64	63	63
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.43	$0.52	$2.55	$0.39	$0.68	$0.49	$2.06	$0.49	$0.31	$0.38	$1.94
Adjusted Weighted Average Basic Shares Outstanding	227.38M	225.94M	224.90M	223.23M	219.11M	216.58M	214.23M	211.61M	206.19M	204.72M	201.13M
Adjusted Diluted Earnings per Share	$0.43	$0.52	$2.54	$0.38	$0.68	$0.49	$2.06	$0.49	$0.30	$0.37	$1.95
Adjusted Weighted Average Diluted Shares Outstanding	227.38M	225.94M	224.90M	223.23M	219.11M	216.58M	214.23M	211.61M	206.19M	204.72M	201.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	227.38M	225.94M	224.90M	223.23M	219.11M	216.58M	214.23M	211.61M	206.19M	204.72M	201.13M
Normalized Net Operating Profit after Tax (NOPAT)	147	165	646	138	182	159	502	150	106	120	449
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

Bath & Body Works (NYSE: BBWI) released quarterly results across 2022–2025 in a way that highlights a mix of improving cash flow, margin stability, and ongoing leverage concerns. Below are the 10 most important takeaways, focusing on the latest Q4 2025 results and the four-year trend.

Q4 2025 net cash from continuing operating activities was around $877 million, signaling strong quarterly operating cash flow that supports liquidity as the company navigates investment needs.
Gross margin in Q4 2025 was about 45.7% (gross profit of roughly $1.245B on $2.724B revenue), a stable level in the mid-40s and modestly higher than Q4 2024’s margin around 45.1%.
Q4 2025 net income attributable to common shareholders was about $403 million, showing continued quarterly profitability despite a year-over-year revenue decline.
The company posted a substantial positive net change in cash of about $717 million in Q4 2025, contributing to a stronger near-term liquidity position.
Weighted average basic shares outstanding declined modestly in Q4 2025 (around 201.1 million), which can help per-share metrics and EPS in a given quarter.
Dividends per share remained at $0.20, indicating a steady shareholder payout policy even as leverage and working capital dynamics evolve.
Capital expenditure remained modest in Q4 2025 (PPE purchases near $63 million) with investing cash flow around -$60 million, implying ongoing but controlled capital spending.
Revenue declined year-over-year in Q4 2025 to about $2.724 billion from $2.888 billion in Q4 2024, illustrating continued top-line pressure despite margin stability.
Net income declined year-over-year in Q4 2025 (403M vs 453M in Q4 2024), signaling softer earnings despite a profitable quarter.
The balance sheet shows persistent high leverage: long-term debt near $3.88 billion and negative equity around -$1.59 billion, with total liabilities around $6.58 billion in Q3 2025, highlighting structural leverage risks.

05/06/26 07:50 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Bath & Body Works' Financials

When does Bath & Body Works' fiscal year end?

According to the most recent income statement we have on file, Bath & Body Works' financial year ends in January. Their financial year 2026 ended on January 31, 2026.

How has Bath & Body Works' net income changed over the last 10 years?

Bath & Body Works' net income appears to be on a downward trend, with a most recent value of $649 million in 2025, falling from $1.25 billion in 2015. The previous period was $798 million in 2024. View Bath & Body Works' forecast to see where analysts expect Bath & Body Works to go next.

What is Bath & Body Works' operating income?

Bath & Body Works' total operating income in 2025 was $1.13 billion, based on the following breakdown:

Total Gross Profit: $3.19 billion
Total Operating Expenses: $2.06 billion

How has Bath & Body Works' revenue changed over the last 10 years?

Over the last 10 years, Bath & Body Works' total revenue changed from $12.15 billion in 2015 to $7.29 billion in 2025, a change of -40.0%.

How much debt does Bath & Body Works have?

Bath & Body Works' total liabilities were at $6.35 billion at the end of 2025, a 1.5% increase from 2024, and a 27.5% decrease since 2015.

How much cash does Bath & Body Works have?

In the past 10 years, Bath & Body Works' cash and equivalents has ranged from $674 million in 2024 to $3.57 billion in 2020, and is currently $953 million as of their latest financial filing in 2025.

How has Bath & Body Works' book value per share changed over the last 10 years?

Over the last 10 years, Bath & Body Works' book value per share changed from -0.89 in 2015 to -6.26 in 2025, a change of 599.3%.

Related Companies

Financial statements for NYSE:BBWI last updated on 3/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bath & Body Works (BBWI) Financials

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Bath & Body Works (BBWI) Financials

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