Every 10-Q that Bath & Body Works Inc (BBWI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BBWI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BBWI filings page.
Bath & Body Works, Inc. (BBWI) reported lower sales but sharply higher profitability for the quarter ended August 1, 2026. Net Sales were $1,514 million, down 2.3% year over year, as U.S. and Canada store sales fell 5.4% while Direct grew 3.0% and International and Other grew 24.9%.
Operating Income rose to $216 million from $157 million, and Net Income increased to $118 million from $64 million, helped by higher merchandise margins driven by about $80 million of IEEPA tariff refunds. Year-to-date, Net Income was $301 million versus $169 million, though adjusted Net Income was $190 million versus $183 million, reflecting sizeable one-time items including $88 million of interchange-fee settlements and a $62 million tax benefit.
Gross margin improved to 45.7% from 41.3%. Cash and cash equivalents were $794 million and total debt was $3,614 million, down from $3,892 million after a make-whole call of the 2027 notes. The company maintained its quarterly dividend of $0.20 per share and had $623 million of unused availability under its $750 million ABL facility.
Bath & Body Works reported lower Q1 2026 sales but higher GAAP profit driven by one-time items. Net sales were $1,378 million, down 3.2% from $1,424 million a year earlier, with softer U.S. and Canada store and direct sales partly offset by 9.0% growth in International and Other.
Gross profit fell to $587 million from $646 million, and the gross margin declined to 42.6% from 45.4%, reflecting tariffs, inflation, crude oil impacts and mix. GAAP net income rose to $183 million (diluted EPS $0.90) from $105 million ($0.49) largely due to an $88 million interchange fee settlement gain and a $62 million tax benefit.
On an adjusted basis, which excludes these items and other non-recurring gains and charges, net income declined to $65 million and adjusted diluted EPS to $0.32, versus $105 million and $0.49 in Q1 2025. Adjusted operating income fell to $151 million from $209 million. The company generated $244 million in operating cash flow, repaid $284 million of 2027 notes via a make-whole call, ending the quarter with $820 million in cash and $3,613 million in total debt and $544 million of undrawn ABL availability.
Bath & Body Works (BBWI) reported a weaker third quarter of 2025 and outlined a major turnaround plan. Net sales slipped to $1.594 billion from $1.610 billion as stronger store and international sales could not offset a 7% decline in direct channel revenue. Gross margin compressed to 41.3% from 43.5% due to tariffs and heavier promotions, while operating income fell to $161 million from $218 million. Net income dropped to $77 million, or $0.37 per diluted share, versus $106 million, or $0.49, a year earlier.
Year-to-date, sales edged up 1.1% to $4.567 billion, but operating income and net income declined to $527 million and $246 million, respectively. The company generated $225 million of operating cash flow, spent $174 million on capex, repurchased $343 million of stock, and paid $126 million in dividends, ending the period with $236 million in cash and $3.890 billion of long-term debt. Management launched “The Consumer First Formula,” targeting $250 million of cost savings over the next two years to fund growth initiatives in product, brand, and marketplace expansion.
Bath & Body Works, Inc. (BBWI) reported second quarter 2025 Net Sales of $1,549 million, up $23 million or 1.5% versus Q2 2024, driven by modest increases in transactions and average dollar sales in North America. Operating Income was $157 million, down $26 million or 13.9%, and the operating margin fell to 10.2% from 12.0% a year earlier primarily due to higher general, administrative and store operating expenses related to leadership transition costs, partially offset by a higher gross profit rate. The Company recorded a much higher effective tax rate in Q2 2025 of 32.3% versus 0.9% in Q2 2024, reflecting severance-related items and other tax items; year-to-date rates were 29.9% versus 12.1% in the prior year. The Company had no borrowings under its $750 million ABL Facility as of August 2, 2025, with a borrowing base of $683 million and available capacity of $674 million after $9 million of letters of credit. The Company cancelled the remaining $121 million authorization under its January 2024 repurchase program on February 27, 2025 and began repurchases under a January 2025 program, with $3 million repurchased as of August 2, 2025 and $262 million remaining authority. Easton real estate investments were reclassified during Q2 2025, with held-for-sale carrying value movements and prior 2024 sales that generated $50 million of proceeds and a $39 million pre-tax gain.