Bath & Body Works Reports Second Quarter Results Exceeding Guidance and Continued Progress on Transformation
Rhea-AI Summary
Bath & Body Works (NYSE: BBWI) reported second quarter 2026 net sales of $1.514 billion, down 2.3% year over year, with earnings per diluted share of $0.58 and adjusted EPS of $0.62, which the company said exceeded prior guidance. Operating income rose to $216 million from $157 million, and net income increased to $118 million from $64 million. Results included about $80 million of tariff refunds; excluding this, adjusted EPS would have been $0.31. Direct channel net sales grew 3%, and International and Other grew 24.9%, while U.S. and Canada stores declined 5.4%.
The company narrowed full‑year 2026 net sales guidance to a decline of 4% to 2.5% versus 2025 and raised EPS guidance to $3.13–$3.33. Full‑year adjusted EPS is now expected at $2.60–$2.80, below 2025’s $3.21, and free cash flow of about $650 million is projected.
Positive
- Q2 EPS nearly doubled: diluted EPS rose to $0.58 from $0.30; adjusted EPS to $0.62 from $0.37
- Operating income growth: Q2 operating income increased to $216 million from $157 million year over year
- Channel mix improvement: Direct net sales +3.0% and International and Other +24.9% in Q2
- Cash position strengthened: cash and equivalents rose to $794 million from $364 million year over year
- Debt reduction: long‑term debt decreased to $3.366 billion from $3.888 billion
- Raised full‑year EPS guidance: 2026 EPS outlook increased to $3.13–$3.33 from $3.11 in 2025
Negative
- Top‑line decline: Q2 net sales fell 2.3% to $1.514 billion year over year
- Store sales pressure: U.S. and Canada store net sales declined 5.4% in Q2
- Guided revenue contraction: 2026 net sales expected to decline 4% to 2.5% versus 2025
- Lower adjusted EPS vs. prior year: 2026 adjusted EPS guided to $2.60–$2.80 vs. $3.21 in 2025
- Weak Q3 outlook: Q3 2026 EPS guided to $0.05–$0.10 vs. $0.37 in Q3 2025
- One‑time tariff benefit: about $80 million in tariff refunds boosted Q2; adjusted EPS would be $0.31 without it
Market reaction after Q2 2026 earnings report: BBWI -3.75%
Following this news, BBWI has declined 3.75%, reflecting a moderate negative market reaction. Argus tracked a peak move of +7.3% during the session. Our momentum scanner has triggered 18 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $16.92. Trading volume is exceptionally heavy at 397.2x the average, suggesting significant selling pressure.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 27 | Q1 earnings | Positive | +9.7% | Results exceeded guidance; full-year guidance was reaffirmed and CFO transition announced. |
| May 29 | Q1 earnings | Positive | -6.2% | Sales and EPS increased year over year; fiscal guidance was maintained. |
| Nov 25 | Q3 earnings | Positive | +16.5% | Sales and EPS increased; full-year guidance was raised amid cautious consumer conditions. |
| Aug 28 | Q2 earnings | Positive | -7.0% | Adjusted EPS exceeded guidance; full-year guidance and repurchase plans were increased. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were evenly split between alignment and divergence, showing no consistent response pattern.
Key Terms
free cash flow financial
operating lease liabilities financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Delivers Q2 net sales and adjusted earnings per share results above guidance
- Second quarter net sales of
$1.5 billion , down2.3% . Earnings per diluted share of$0.58 ; Adjusted earnings per diluted share of$0.62 - Delivered growth in Direct net sales, supported by ongoing enhancements to the digital experience over the past year
- Raises full-year 2026 earnings per diluted share guidance to
$3.13 t o$3.33 ; adjusted earnings per diluted share guidance to$2.60 t o$2.80 and narrows net sales guidance to a decline between4% to2.5%
COLUMBUS, Ohio, Aug. 26, 2026 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE: BBWI) today reported second quarter 2026 results.
Daniel Heaf, chief executive officer of Bath & Body Works, commented, “Our second-quarter results exceeded our sales and earnings per share guidance. Underlying business trends remain pressured, but we are seeing further evidence that elements of the Consumer First Formula are beginning to work. We delivered sequential improvement in Body Care, stronger AUR on new product innovation, improved brand discoverability, and continued momentum across our marketplace partnerships.”
“Additionally, this quarter marks the first direct net sales growth since 2021. The investments we've made over the past year are strengthening the customer proposition through a more seamless and engaging shopping experience, and these improvements are resonating with consumers.”
Heaf, continued, “These proof points strengthen our confidence in the strategy, but we remain in the early stages of the transformation. Our priority remains improving the trajectory of the business while continuing to build the product, brand and marketplace capabilities that we believe will position Bath & Body Works for sustainable, durable growth in 2027.”
Second Quarter 2026 Results
The company reported net sales of
Earnings per diluted share were
Reported second quarter 2026 results included aggregate pre-tax costs of
Reported second quarter 2025 results included pre-tax costs of
Reported and adjusted second quarter 2026 results included approximately
At the conclusion of this press release is a reconciliation of reported‐to‐adjusted results, including a description of the adjusted items.
2026 Guidance
The company is narrowing its full-year 2026 guidance of net sales to decline between
For the third quarter of 2026, the company is forecasting net sales to decline between
At the conclusion of this press release is a reconciliation of our guidance-to-adjusted guidance, including a description of the adjusted items.
For a reconciliation of our reported GAAP to adjusted non-GAAP earnings per diluted share for fiscal 2025 and the third quarter of 2025, refer to our Annual Report on Form 10-K, filed with the SEC on March 12, 2026, and our Quarterly Report on Form 10-Q, filed with the SEC on November 20, 2025, respectively.
Earnings Call and Additional Information
Bath & Body Works, Inc. will conduct its second quarter earnings call at 8:30 a.m. ET on August 26th. To listen, call 877-407-9219 (international dial-in number: 412-652-1274). For an audio replay, call 877-660-6853 (international replay number: 201-612-7415); access code 13761942 or log onto www.BBWInc.com. A slide presentation has been posted on the company’s Investor Relations website that summarizes certain information in the company‘s prepared remarks from the earnings call as well as some additional facts and figures regarding the company’s operating performance and guidance.
ABOUT BATH & BODY WORKS
Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good.
The brand’s beloved and iconic scents are expertly crafted for exceptional performance and a luxury fragrance experience. Formulated with thoughtfully chosen ingredients, Bath & Body Works’ body care products are available in multiple forms including fine fragrance mist, body cream, lotion, eau de parfum, body wash, hand soap, sanitizer and more. The brand’s famous 3-wick candles are made with rich, high-quality fragrance oils layered throughout a premium soy wax base, for up to 45 hours of room-filling fragrance.
Consumers can shop Bath & Body Works anytime and anywhere they choose, from welcoming, in-store experiences at more than 1,900 stores in the U.S. and Canada, 550-plus international locations and select Ulta Beauty stores. Online, consumers can visit bathandbodyworks.com, Amazon and Ulta.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “target,” “goal” and any similar expressions may identify forward-looking statements. There are risks, uncertainties and other factors that in some cases have affected and, in the future, could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by the Company or our management. These factors can be found in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K and our subsequent filings.
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
We announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about the Company, our business and our results of operations may also be announced by posts on our accounts on social media channels, including the following: Facebook, Instagram, X, LinkedIn, Pinterest, TikTok and YouTube. The information that we post through these social media channels and on our website may be deemed material. As a result, we encourage investors, the media and others interested in the Company to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. The list of social media channels we use may be updated from time to time on our investor relations website.
For further information, please contact:
Bath & Body Works, Inc.:
Luke Long
InvestorRelations@bbw.com
Media Relations
Emmy Beach
Communications@bbw.com
| BATH & BODY WORKS, INC. Second Quarter 2026 | ||||||||||||||||||||||
| Total Sales (In millions): | ||||||||||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||
| Stores - U.S. and Canada (a) | $ | 1,131 | $ | 1,196 | (5.4 | %) | $ | 2,194 | $ | 2,307 | (4.9 | %) | ||||||||||
| Direct - U.S. and Canada | 275 | 267 | 3.0 | % | 521 | 517 | 0.8 | % | ||||||||||||||
| International and Other (b) | 108 | 86 | 24.9 | % | 177 | 150 | 18.1 | % | ||||||||||||||
| Total Bath & Body Works | $ | 1,514 | $ | 1,549 | (2.3 | %) | $ | 2,892 | $ | 2,974 | (2.7 | %) | ||||||||||
| ________________ (a) Results include fulfilled buy online pick up in store orders. (b) Results include royalties associated with franchised stores, as well as international and domestic wholesale sales. | ||||||||||||||||||||||
| Total Company-operated Stores: | ||||||||||||
| Stores | Stores | |||||||||||
| 1/31/2026 | Opened | Closed | 8/1/2026 | |||||||||
| United States | 1,814 | 36 | (27 | ) | 1,823 | |||||||
| Canada | 113 | 1 | — | 114 | ||||||||
| Total Bath & Body Works | 1,927 | 37 | (27 | ) | 1,937 | |||||||
| Total Partner-operated Stores: | ||||||||||||
| Stores | Stores | |||||||||||
| 1/31/2026 | Opened | Closed | 8/1/2026 | |||||||||
| International | 536 | 25 | (2 | ) | 559 | |||||||
| International - Travel Retail | 37 | — | — | 37 | ||||||||
| Total International (a) | 573 | 25 | (2 | ) | 596 | |||||||
| ________________ (a) Includes store locations only and does not include kiosks, shop-in-shops, gondola or beauty counter locations. | ||||||||||||
| BATH & BODY WORKS, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In millions, except per share amounts) | ||||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Sales | $ | 1,514 | $ | 1,549 | $ | 2,892 | $ | 2,974 | ||||||||
| Costs of Goods Sold, Buying and Occupancy | (822 | ) | (909 | ) | (1,613 | ) | (1,687 | ) | ||||||||
| Gross Profit | 692 | 640 | 1,279 | 1,287 | ||||||||||||
| General, Administrative and Store Operating Expenses | (476 | ) | (483 | ) | (832 | ) | (920 | ) | ||||||||
| Operating Income | 216 | 157 | 447 | 367 | ||||||||||||
| Interest Expense | (63 | ) | (68 | ) | (132 | ) | (139 | ) | ||||||||
| Other Income, Net | 11 | 6 | 15 | 13 | ||||||||||||
| Income Before Income Taxes | 164 | 95 | 330 | 241 | ||||||||||||
| Provision for Income Taxes | (46 | ) | (31 | ) | (29 | ) | (72 | ) | ||||||||
| Net Income | $ | 118 | $ | 64 | $ | 301 | $ | 169 | ||||||||
| Net Income per Diluted Share | $ | 0.58 | $ | 0.30 | $ | 1.49 | $ | 0.79 | ||||||||
| Weighted Average Diluted Shares Outstanding | 202 | 211 | 202 | 213 | ||||||||||||
| BATH & BODY WORKS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions) | ||||||||
| August 1, 2026 | August 2, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and Cash Equivalents | $ | 794 | $ | 364 | ||||
| Accounts Receivable, Net | 154 | 131 | ||||||
| Inventories | 883 | 977 | ||||||
| Easton Assets Held for Sale | 81 | 81 | ||||||
| Other | 138 | 153 | ||||||
| Total Current Assets | 2,050 | 1,706 | ||||||
| Property and Equipment, Net | 1,106 | 1,124 | ||||||
| Operating Lease Assets | 1,012 | 984 | ||||||
| Goodwill | 628 | 628 | ||||||
| Trade Name | 165 | 165 | ||||||
| Deferred Income Taxes | 108 | 133 | ||||||
| Other Assets | 87 | 74 | ||||||
| Total Assets | $ | 5,156 | $ | 4,814 | ||||
| LIABILITIES AND EQUITY (DEFICIT) | ||||||||
| Current Liabilities: | ||||||||
| Accounts Payable | $ | 676 | $ | 567 | ||||
| Accrued Expenses and Other | 556 | 541 | ||||||
| Current Debt | 248 | — | ||||||
| Current Operating Lease Liabilities | 199 | 194 | ||||||
| Income Taxes | 28 | 1 | ||||||
| Total Current Liabilities | 1,707 | 1,303 | ||||||
| Deferred Income Taxes | 115 | 23 | ||||||
| Long-term Debt | 3,366 | 3,888 | ||||||
| Long-term Operating Lease Liabilities | 931 | 912 | ||||||
| Other Long-term Liabilities | 91 | 235 | ||||||
| Total Equity (Deficit) | (1,054 | ) | (1,547 | ) | ||||
| Total Liabilities and Equity (Deficit) | $ | 5,156 | $ | 4,814 | ||||
| BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) | ||||||||
| Year-to-Date | ||||||||
| 2026 | 2025 | |||||||
| Operating Activities: | ||||||||
| Net Income | $ | 301 | $ | 169 | ||||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
| Depreciation of Long-lived Assets | 120 | 128 | ||||||
| Share-based Compensation Expense | 10 | 18 | ||||||
| Loss on Extinguishment of Debt | 8 | — | ||||||
| Tax Benefit from Resolution of Certain Tax Matters | (62 | ) | — | |||||
| Changes in Assets and Liabilities: | ||||||||
| Accounts Receivable | 26 | 75 | ||||||
| Inventories | (185 | ) | (241 | ) | ||||
| Accounts Payable, Accrued Expenses and Other | 191 | 157 | ||||||
| Income Taxes Payable | (56 | ) | (139 | ) | ||||
| Other Assets and Liabilities | (37 | ) | (22 | ) | ||||
| Net Cash Provided by Operating Activities | 316 | 145 | ||||||
| Investing Activities: | ||||||||
| Capital Expenditures | (98 | ) | (93 | ) | ||||
| Proceeds from Sale of Non-core Asset | 8 | — | ||||||
| Other Investing Activities | 1 | (2 | ) | |||||
| Net Cash Used for Investing Activities | (89 | ) | (95 | ) | ||||
| Financing Activities: | ||||||||
| Payments for Long-term Debt | (289 | ) | — | |||||
| Repurchases of Common Stock | — | (254 | ) | |||||
| Dividends Paid | (80 | ) | (85 | ) | ||||
| Other Financing Activities | (15 | ) | (23 | ) | ||||
| Net Cash Used for Financing Activities | (384 | ) | (362 | ) | ||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2 | ) | 2 | |||||
| Net Decrease in Cash and Cash Equivalents | (159 | ) | (310 | ) | ||||
| Cash and Cash Equivalents, Beginning of Year | 953 | 674 | ||||||
| Cash and Cash Equivalents, End of Period | $ | 794 | $ | 364 | ||||
| BATH & BODY WORKS, INC. | ||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (Dollars in millions, except per share amounts) | ||||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Reconciliation of Reported Operating Income to Adjusted Operating Income | ||||||||||||||||
| Reported Operating Income | $ | 216 | $ | 157 | $ | 447 | $ | 367 | ||||||||
| Interchange Fee Settlements | — | — | (88 | ) | — | |||||||||||
| Business Transformation Activities | 9 | — | 17 | — | ||||||||||||
| Leadership Transition Costs | — | 15 | — | 15 | ||||||||||||
| Adjusted Operating Income | $ | 225 | $ | 172 | $ | 376 | $ | 382 | ||||||||
| Reconciliation of Reported Net Income to Adjusted Net Income | ||||||||||||||||
| Reported Net Income | $ | 118 | $ | 64 | $ | 301 | $ | 169 | ||||||||
| Interchange Fee Settlements | — | — | (88 | ) | — | |||||||||||
| Business Transformation Activities | 9 | — | 17 | — | ||||||||||||
| Leadership Transition Costs | — | 15 | — | 15 | ||||||||||||
| Loss on Extinguishment of Debt | — | — | 8 | — | ||||||||||||
| Gain on Sale of Non-core Asset | — | — | (3 | ) | — | |||||||||||
| Tax Effect of Adjustments | (2 | ) | (1 | ) | 17 | (1 | ) | |||||||||
| Tax Benefit from Resolution of Certain Tax Matters | — | — | (62 | ) | — | |||||||||||
| Adjusted Net Income | $ | 125 | $ | 78 | $ | 190 | $ | 183 | ||||||||
| Reconciliation of Reported Net Income per Diluted Share to Adjusted Net Income per Diluted Share | ||||||||||||||||
| Reported Net Income per Diluted Share | $ | 0.58 | $ | 0.30 | $ | 1.49 | $ | 0.79 | ||||||||
| Interchange Fee Settlements | — | — | (0.43 | ) | — | |||||||||||
| Business Transformation Activities | 0.05 | — | 0.09 | — | ||||||||||||
| Leadership Transition Costs | — | 0.07 | — | 0.07 | ||||||||||||
| Loss on Extinguishment of Debt | — | — | 0.04 | — | ||||||||||||
| Gain on Sale of Non-core Asset | — | — | (0.02 | ) | — | |||||||||||
| Tax Effect of Adjustments | (0.01 | ) | (0.01 | ) | 0.08 | (0.01 | ) | |||||||||
| Tax Benefit from Resolution of Certain Tax Matters | — | — | (0.31 | ) | — | |||||||||||
| Adjusted Net Income per Diluted Share | $ | 0.62 | $ | 0.37 | $ | 0.94 | $ | 0.86 | ||||||||
See Notes to Adjusted Financial Information. | ||||||||||||||||
| BATH & BODY WORKS, INC. | ||||||||||||||||
| FORECASTED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In millions, except per share amounts) | ||||||||||||||||
| Third Quarter | Full-Year | |||||||||||||||
| 2026 | 2026 | |||||||||||||||
| Reconciliation of Forecasted Net Income Per Diluted Share to Forecasted Adjusted Net Income per Diluted Share | ||||||||||||||||
| Low | High | Low | High | |||||||||||||
| Forecasted Net Income per Diluted Share | $ | 0.05 | $ | 0.10 | $ | 3.13 | $ | 3.33 | ||||||||
| Interchange Fee Settlements | — | — | (0.43 | ) | (0.43 | ) | ||||||||||
| Business Transformation Activities | — | — | 0.09 | 0.09 | ||||||||||||
| Loss on Extinguishment of Debt | 0.03 | 0.03 | 0.07 | 0.07 | ||||||||||||
| Gain on Sale of Non-core Asset | — | — | (0.02 | ) | (0.02 | ) | ||||||||||
| Tax Effect of Adjustments | (0.01 | ) | (0.01 | ) | 0.07 | 0.07 | ||||||||||
| Tax Benefit from Resolution of Certain Tax Matters | — | — | (0.31 | ) | (0.31 | ) | ||||||||||
| Forecasted Adjusted Net Income Per Diluted Share | $ | 0.07 | $ | 0.12 | $ | 2.60 | $ | 2.80 | ||||||||
| Full-Year | ||||||||||||||||
| Reconciliation of Forecasted Net Cash Provided by Operating Activities to Forecasted Free Cash Flow | 2026 | |||||||||||||||
| Forecasted Net Cash Provided by Operating Activities | $ | 890 | ||||||||||||||
| Forecasted Capital Expenditures | (240 | ) | ||||||||||||||
| Forecasted Free Cash Flow | $ | 650 | ||||||||||||||
See Notes to Adjusted Financial Information. | ||||||||||||||||
| BATH & BODY WORKS, INC. NOTES TO ADJUSTED FINANCIAL INFORMATION (Unaudited) |
The adjusted financial information should not be construed as an alternative to the results determined in accordance with generally accepted accounting principles. Further, the company’s definitions of adjusted income information may differ from similarly titled measures used by other companies. Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. While it is not possible to predict future results, management believes the adjusted financial information is useful for the assessment of the operations of the company because the adjusted items are not indicative of the company’s ongoing operations due to their size and nature. Additionally, management uses adjusted financial information as key performance measures for the purpose of evaluating performance internally. The adjusted financial information should be read in conjunction with the company’s historical financial statements and notes thereto contained in the company’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.
The “Adjusted Financial Information” provided in the attached reflects the following non-GAAP financial measures:
Fiscal 2026
In the second quarter of 2026, adjusted results exclude the following:
- Aggregate pre-tax costs of
$9 million ($7 million after tax), included in General, Administrative and Store Operating Expenses, resulting from business transformation activities in connection with the Consumer First Formula;
In the first quarter of 2026, adjusted results exclude the following:
- An
$88 million pre-tax gain ($66 million after tax), included as a reduction to General, Administrative and Store Operating Expenses, related to cash proceeds received, net of legal fees, for favorable settlements of payment card interchange fee litigation; - Aggregate pre-tax costs of
$8 million ($6 million after tax), primarily included in General, Administrative and Store Operating Expenses, resulting from business transformation activities in connection with the Consumer First Formula; - An
$8 million pre-tax loss ($6 million after tax), included in Other Income, Net, related to the repurchase and early extinguishment of outstanding debt; - A
$3 million pre-tax gain ($3 million after tax), included in Other Income, Net, related to the sale of a non-core asset; and - A
$62 million tax benefit associated with the resolution of certain tax matters.
The “Forecasted Adjusted Financial Information” provided in the attached reflects the adjusted items referenced above, as well as a
Fiscal 2025
In the second quarter of 2025, adjusted results exclude the following:
- Aggregate pre-tax costs of
$15 million ($14 million net of tax of$1 million ), included in general, administrative and store operating expenses, due to the transition of certain members of the leadership team, primarily related to severance benefits.
There were no adjustments to results in the first quarter of 2025.
Forecasted Free Cash Flow
Our Forecasted Free Cash Flow is defined as Forecasted Net Cash Provided by Operating Activities less our Forecasted Capital Expenditures. Our Forecasted Free Cash Flow is a non-GAAP financial measure which we believe is useful to analyze our anticipated ability to generate cash. Our Forecasted Free Cash Flow calculation may not be comparable to similarly-titled measures reported by other companies. Our Forecasted Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other GAAP financial measures.
