Bath & Body Works Inc Financials

BBWI

Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Bath & Body Works Inc (BBWI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Cash-Backed

1.70x

For every $1 of reported earnings, Bath & Body Works Inc generates $1.70 in operating cash flow ($1.1B OCF vs $649.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.1x

Bath & Body Works Inc earns $4.1 in operating income for every $1 of interest expense ($1.1B vs $276.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.3B

YoY-0.2%

5Y CAGR+2.5%

10Y CAGR-5.0%

Bath & Body Works Inc generated $7.3B in revenue in fiscal year 2026. This represents a decrease of 0.2% from the prior year.

EBITDA

$1.4B

YoY-10.9%

5Y CAGR-8.3%

10Y CAGR-6.2%

Bath & Body Works Inc's EBITDA was $1.4B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.9% from the prior year.

Net Income

$649.0M

YoY-18.7%

5Y CAGR-5.1%

10Y CAGR-6.4%

Bath & Body Works Inc reported $649.0M in net income in fiscal year 2026. This represents a decrease of 18.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$865.0M

YoY+31.1%

5Y CAGR-13.7%

10Y CAGR-4.0%

Bath & Body Works Inc generated $865.0M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 31.1% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$0.80

YoY+0.0%

5Y CAGR+21.7%

10Y CAGR-14.9%

Bath & Body Works Inc paid $0.80 per share in dividends in fiscal year 2026. This represents an increase of 0.0% from the prior year.

Shares Outstanding

201M

YoY-6.1%

5Y CAGR-6.3%

10Y CAGR-3.5%

Bath & Body Works Inc had 201M shares outstanding in fiscal year 2026. This represents a decrease of 6.1% from the prior year.

Margins & Returns

Gross Margin

43.7%

YoY-0.5pp

5Y CAGR-4.4pp

10Y CAGR+0.9pp

Bath & Body Works Inc's gross margin was 43.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin

15.4%

YoY-1.9pp

5Y CAGR-9.5pp

10Y CAGR-2.6pp

Bath & Body Works Inc's operating margin was 15.4% in fiscal year 2026, reflecting core business profitability. This is down 1.9 percentage points from the prior year.

Net Margin

8.9%

YoY-2.0pp

5Y CAGR-4.2pp

10Y CAGR-1.4pp

Bath & Body Works Inc's net profit margin was 8.9% in fiscal year 2026, showing the share of revenue converted to profit. This is down 2.0 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$401.0M

YoY+0.0%

10Y CAGR-1.8%

Bath & Body Works Inc spent $401.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.0% from the prior year.

Capital Expenditures

$237.0M

YoY+4.9%

5Y CAGR+0.8%

10Y CAGR-10.6%

Bath & Body Works Inc invested $237.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 4.9% from the prior year.

BBWI Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$7.3B-0.2%	$7.3B-1.6%	$7.4B-1.7%	$7.6B-4.1%	$7.9B+22.5%	$6.4B
Cost of Revenue	$4.1B+0.7%	$4.1B-2.9%	$4.2B-2.6%	$4.3B+6.9%	$4.0B+20.6%	$3.3B
Gross Profit	$3.2B-1.4%	$3.2B-0.1%	$3.2B-0.6%	$3.3B-15.6%	$3.9B+24.5%	$3.1B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.1B+4.8%	$2.0B+0.9%	$2.0B+3.8%	$1.9B+1.8%	$1.8B+23.7%	$1.5B
Operating Income	$1.1B-11.1%	$1.3B-1.5%	$1.3B-6.6%	$1.4B-31.5%	$2.0B+25.2%	$1.6B
Interest Expense	$276.0M-11.5%	$312.0M-9.6%	$345.0M-0.9%	$348.0M-10.3%	$388.0M-10.2%	$432.0M
Income Tax	$233.0M+1.3%	$230.0M+60.8%	$143.0M-43.0%	$251.0M-27.9%	$348.0M+35.4%	$257.0M
Net Income	$649.0M-18.7%	$798.0M-9.1%	$878.0M+9.8%	$800.0M-40.0%	$1.3B+57.9%	$844.0M
EPS (Diluted)	N/A	$3.61-6.0%	$3.84+12.9%	$3.40-13.7%	$3.94+28.3%	$3.07

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$1.6B+2.9%	$1.5B+8.8%	$1.4B-48.2%	$2.7B+70.6%	$1.6B+5.5%	$1.5B+10.3%	$1.4B-52.7%	$2.9B
Cost of Revenue	$936.0M+3.0%	$909.0M+16.8%	$778.0M-47.6%	$1.5B+63.2%	$910.0M+1.1%	$900.0M+15.7%	$778.0M-51.3%	$1.6B
Gross Profit	$658.0M+2.8%	$640.0M-0.9%	$646.0M-48.8%	$1.3B+80.3%	$700.0M+11.8%	$626.0M+3.3%	$606.0M-54.3%	$1.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$497.0M+2.9%	$483.0M+10.5%	$437.0M-27.9%	$606.0M+25.7%	$482.0M+8.8%	$443.0M+5.7%	$419.0M-34.2%	$637.0M
Operating Income	$161.0M+2.5%	$157.0M-24.9%	$209.0M-68.1%	$656.0M+200.9%	$218.0M+19.1%	$183.0M-2.1%	$187.0M-72.9%	$689.0M
Interest Expense	$68.0M0.0%	$68.0M-4.2%	$71.0M-18.4%	$87.0M+13.0%	$77.0M0.0%	$77.0M-6.1%	$82.0M-11.8%	$93.0M
Income Tax	$26.0M-16.1%	$31.0M-24.4%	$41.0M-72.5%	$149.0M+282.1%	$39.0M+3800.0%	$1.0M-96.8%	$31.0M-29.5%	$44.0M
Net Income	$77.0M+20.3%	$64.0M-39.0%	$105.0M-75.9%	$435.0M+310.4%	$106.0M-30.3%	$152.0M+74.7%	$87.0M-84.8%	$573.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BBWI Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	N/A	$4.9B-6.5%	$5.2B-2.6%	$5.4B+10.3%	$4.9B-53.9%	$10.5B
Current Assets	N/A	$1.8B-5.1%	$1.9B-7.8%	$2.1B+18.7%	$1.8B-62.0%	$4.6B
Cash & Equivalents	N/A	$636.0M-25.6%	$855.0M-18.3%	$1.0B+60.7%	$651.0M-73.7%	$2.5B
Inventory	N/A	$869.0M+6.8%	$814.0M+5.6%	$771.0M-6.0%	$820.0M+28.9%	$636.0M
Accounts Receivable	N/A	$103.0M-14.9%	$121.0M-16.6%	$145.0M-13.2%	$167.0M+51.8%	$110.0M
Goodwill	N/A	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M
Total Liabilities	N/A	$6.3B-8.2%	$6.9B-8.4%	$7.5B+0.2%	$7.5B-32.1%	$11.1B
Current Liabilities	N/A	$1.3B+6.0%	$1.2B-4.4%	$1.3B+3.0%	$1.2B-53.7%	$2.7B
Long-Term Debt	N/A	$3.9B-9.2%	$4.3B-10.4%	$4.8B-1.5%	$4.9B-9.1%	$5.3B
Total Equity	N/A	-$1.5B+13.5%	-$1.7B+22.8%	-$2.2B+18.4%	-$2.7B-397.9%	-$534.0M
Retained Earnings	N/A	-$1.6B+13.6%	-$1.9B+20.2%	-$2.4B+11.1%	-$2.7B-132.6%	-$1.1B

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$5.0B+3.6%	$4.8B-1.4%	$4.9B+0.2%	$4.9B-2.2%	$5.0B+0.7%	$4.9B-5.2%	$5.2B-4.4%	$5.5B
Current Assets	$1.9B+10.3%	$1.7B-6.3%	$1.8B-0.2%	$1.8B+6.0%	$1.7B+3.2%	$1.7B-13.1%	$1.9B-9.4%	$2.1B
Cash & Equivalents	$236.0M-35.2%	$364.0M-42.8%	$636.0M-5.6%	$674.0M+252.9%	$191.0M-62.8%	$514.0M-39.9%	$855.0M-21.1%	$1.1B
Inventory	$1.3B+28.0%	$977.0M+12.4%	$869.0M+18.4%	$734.0M-37.7%	$1.2B+36.5%	$863.0M+6.0%	$814.0M+14.6%	$710.0M
Accounts Receivable	$169.0M+29.0%	$131.0M+27.2%	$103.0M-49.8%	$205.0M+2.5%	$200.0M+37.0%	$146.0M+20.7%	$121.0M-46.0%	$224.0M
Goodwill	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M0.0%	$628.0M
Total Liabilities	$6.6B+3.5%	$6.4B+0.5%	$6.3B+1.2%	$6.3B-7.1%	$6.7B+1.0%	$6.7B-3.3%	$6.9B-2.7%	$7.1B
Current Liabilities	$1.6B+19.2%	$1.3B+0.7%	$1.3B+5.1%	$1.2B-21.8%	$1.6B+5.2%	$1.5B+22.6%	$1.2B-5.3%	$1.3B
Long-Term Debt	$3.9B+0.1%	$3.9B+0.1%	$3.9B+0.1%	$3.9B0.0%	$3.9B+0.1%	$3.9B-9.4%	$4.3B-2.4%	$4.4B
Total Equity	-$1.6B-2.9%	-$1.5B-6.7%	-$1.5B-4.8%	-$1.4B+20.8%	-$1.7B-1.7%	-$1.7B-2.5%	-$1.7B-3.1%	-$1.6B
Retained Earnings	-$1.8B-2.2%	-$1.7B-5.1%	-$1.6B-3.5%	-$1.6B+18.7%	-$1.9B-1.3%	-$1.9B-1.5%	-$1.9B-2.8%	-$1.8B

BBWI Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$1.1B+24.4%	$886.0M-7.1%	$954.0M-16.6%	$1.1B-23.3%	$1.5B-26.8%	$2.0B
Capital Expenditures	$237.0M+4.9%	$226.0M-24.2%	$298.0M-9.1%	$328.0M+21.5%	$270.0M+18.4%	$228.0M
Free Cash Flow	$865.0M+31.1%	$660.0M+0.6%	$656.0M-19.6%	$816.0M-33.2%	$1.2B-32.5%	$1.8B
Investing Cash Flow	-$227.0M-40.1%	-$162.0M+43.4%	-$286.0M+12.8%	-$328.0M-26.6%	-$259.0M-18.3%	-$219.0M
Financing Cash Flow	-$599.0M+47.1%	-$1.1B-38.9%	-$815.0M+47.8%	-$1.6B+51.0%	-$3.2B-622.6%	$610.0M
Dividends Paid	$167.0M-5.6%	$177.0M-2.7%	$182.0M-2.2%	$186.0M+55.0%	$120.0M+44.6%	$83.0M
Share Buybacks	$401.0M0.0%	$401.0M+170.9%	$148.0M-88.7%	$1.3B-33.2%	$2.0B	$0

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$80.0M+286.0%	-$43.0M-122.9%	$188.0M-80.3%	$955.0M+1064.6%	-$99.0M-115.2%	-$46.0M-160.5%	$76.0M-91.8%	$926.0M
Capital Expenditures	$81.0M+44.6%	$56.0M+51.4%	$37.0M-38.3%	$60.0M-7.7%	$65.0M+18.2%	$55.0M+19.6%	$46.0M-4.2%	$48.0M
Free Cash Flow	-$1.0M+99.0%	-$99.0M-165.6%	$151.0M-83.1%	$895.0M+645.7%	-$164.0M-62.4%	-$101.0M-436.7%	$30.0M-96.6%	$878.0M
Investing Cash Flow	-$72.0M-28.6%	-$56.0M-43.6%	-$39.0M+18.8%	-$48.0M+35.1%	-$74.0M-1333.3%	$6.0M+113.0%	-$46.0M+2.1%	-$47.0M
Financing Cash Flow	-$135.0M+22.4%	-$174.0M+7.4%	-$188.0M+55.5%	-$422.0M-181.3%	-$150.0M+50.2%	-$301.0M-16.2%	-$259.0M-25.7%	-$206.0M
Dividends Paid	$41.0M-2.4%	$42.0M-2.3%	$43.0M0.0%	$43.0M-2.3%	$44.0M-2.2%	$45.0M0.0%	$45.0M0.0%	$45.0M
Share Buybacks	$90.0M-23.7%	$118.0M-13.2%	$136.0M+161.5%	$52.0M-48.5%	$101.0M-33.6%	$152.0M+58.3%	$96.0M+95.9%	$49.0M

BBWI Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	43.7%-0.5pp	44.3%+0.7pp	43.6%+0.5pp	43.1%-5.8pp	48.9%+0.8pp	48.1%
Operating Margin	15.4%-1.9pp	17.3%+0.0pp	17.3%-0.9pp	18.2%-7.3pp	25.5%+0.6pp	24.9%
Net Margin	8.9%-2.0pp	10.9%-0.9pp	11.8%+1.2pp	10.6%-6.3pp	16.9%+3.8pp	13.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	16.4%-0.5pp	16.8%+1.9pp	14.9%-12.5pp	27.4%+19.4pp	8.0%
Current Ratio	N/A	1.41-0.2	1.57-0.1	1.63+0.2	1.41-0.3	1.72
Debt-to-Equity	N/A	-2.68-0.1	-2.55-0.4	-2.20-0.4	-1.83+8.2	-10.01
FCF Margin	11.9%+2.8pp	9.0%+0.2pp	8.8%-2.0pp	10.8%-4.7pp	15.5%-12.6pp	28.1%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	41.3%-0.0pp	41.3%-4.0pp	45.4%-0.6pp	45.9%+2.5pp	43.5%+2.5pp	41.0%-2.8pp	43.8%-1.6pp	45.4%
Operating Margin	10.1%-0.0pp	10.1%-4.5pp	14.7%-9.2pp	23.9%+10.3pp	13.5%+1.5pp	12.0%-1.5pp	13.5%-10.1pp	23.6%
Net Margin	4.8%+0.7pp	4.1%-3.2pp	7.4%-8.5pp	15.8%+9.3pp	6.6%-3.4pp	10.0%+3.7pp	6.3%-13.3pp	19.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.5%+0.2pp	1.3%-0.8pp	2.1%-6.8pp	8.9%+6.8pp	2.1%-0.9pp	3.1%+1.4pp	1.7%-8.8pp	10.5%
Current Ratio	1.21-0.1	1.31-0.1	1.41-0.1	1.48+0.4	1.09-0.0	1.11-0.5	1.57-0.1	1.64
Debt-to-Equity	-2.44+0.1	-2.51+0.2	-2.68+0.1	-2.80-0.6	-2.22+0.0	-2.26+0.3	-2.55+0.1	-2.70
FCF Margin	-0.1%+6.3pp	-6.4%-17.0pp	10.6%-22.0pp	32.6%+42.8pp	-10.2%-3.6pp	-6.6%-8.8pp	2.2%-27.9pp	30.0%

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Frequently Asked Questions

What is Bath & Body Works Inc's annual revenue?

Bath & Body Works Inc (BBWI) reported $7.3B in total revenue for fiscal year 2026. This represents a -0.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bath & Body Works Inc's revenue growing?

Bath & Body Works Inc (BBWI) revenue declined by 0.2% year-over-year, from $7.3B to $7.3B in fiscal year 2026.

Is Bath & Body Works Inc profitable?

Yes, Bath & Body Works Inc (BBWI) reported a net income of $649.0M in fiscal year 2026, with a net profit margin of 8.9%.

What is Bath & Body Works Inc's EBITDA?

Bath & Body Works Inc (BBWI) had EBITDA of $1.4B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Bath & Body Works Inc's gross margin?

Bath & Body Works Inc (BBWI) had a gross margin of 43.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bath & Body Works Inc's operating margin?

Bath & Body Works Inc (BBWI) had an operating margin of 15.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Bath & Body Works Inc's net profit margin?

Bath & Body Works Inc (BBWI) had a net profit margin of 8.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Does Bath & Body Works Inc pay dividends?

Yes, Bath & Body Works Inc (BBWI) paid $0.80 per share in dividends during fiscal year 2026.

What is Bath & Body Works Inc's free cash flow?

Bath & Body Works Inc (BBWI) generated $865.0M in free cash flow during fiscal year 2026. This represents a 31.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Bath & Body Works Inc's operating cash flow?

Bath & Body Works Inc (BBWI) generated $1.1B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Bath & Body Works Inc's capital expenditures?

Bath & Body Works Inc (BBWI) invested $237.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Bath & Body Works Inc buy back shares?

Yes, Bath & Body Works Inc (BBWI) spent $401.0M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Bath & Body Works Inc have outstanding?

Bath & Body Works Inc (BBWI) had 201M shares outstanding as of fiscal year 2026.

Are Bath & Body Works Inc's earnings high quality?

Bath & Body Works Inc (BBWI) has an earnings quality ratio of 1.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bath & Body Works Inc cover its interest payments?

Bath & Body Works Inc (BBWI) has an interest coverage ratio of 4.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.