Bath & Body Works, Inc. filings document the public-company record for a Delaware specialty retailer whose common stock trades on the New York Stock Exchange under BBWI. Recent 8-K reports furnish quarterly and full-year operating results, earnings guidance, Regulation FD disclosures, debt redemption notices and executive officer changes.
Proxy materials describe board oversight, director elections, executive compensation, shareholder voting matters and governance practices tied to the company’s Consumer First Formula, brand, product, supply chain and store assets. The filings also identify registered common stock, senior notes disclosures and capital-structure matters for a personal care and home fragrance retail business.
Bath & Body Works, Inc. is asking shareholders to approve ten director nominees, ratify its auditor and support an advisory vote on executive pay at a virtual annual meeting on June 11, 2026. The proxy describes a major strategic shift under new CEO Daniel Heaf, centered on the multi‑year Consumer First Formula to create disruptive products, reignite the brand, win in the marketplace and operate with greater speed and efficiency.
The company highlights a loyalty base of 40 million members, about 2,500 stores worldwide and its Fuel for Growth program, targeting $250 million of cost savings over two years, including $175 million in 2026. In fiscal 2025, net sales were $7.3 billion, essentially flat year over year, with GAAP operating margin of 15.4%, GAAP diluted EPS of $3.11, adjusted EPS of $3.21 and free cash flow of $865 million.
The Board reports returning cash through $167 million in dividends and the repurchase of approximately 15 million shares for $400 million in 2025. Governance features include an independent chair, separation of Chair and CEO roles, 90% independent directors, annual elections, proxy access and the ability for 25% holders to call special meetings. Executive pay is positioned as strongly performance‑based; 2025 short‑term incentives paid out only on first‑half results at 32.2% of target, with no year‑end payout after full‑year performance fell below threshold, while say‑on‑pay support reached 98.8%.
FMR LLC reports beneficial ownership of 20,867,399.55 shares of Bath & Body Works Inc. The filing (Schedule 13G/A, amendment) shows FMR LLC (and Abigail P. Johnson in related capacity) holds 20,867,399.55 shares, representing 10.4% of common stock as disclosed with a 03/31/2026 reference and signatures dated 04/06/2026.
The filing states voting and dispositive power figures on the cover: sole voting power and sole dispositive power consistent with the reported amount. An Exhibit reference describes a 13d-1(k)(1) agreement; further subsidiary detail is attached as Exhibit 99.
The Vanguard Group amended its Schedule 13G filing for Bath & Body Works Inc, reporting beneficial ownership of 0 shares (0%). The amendment notes an internal realignment effective January 12, 2026 and states certain Vanguard subsidiaries will report holdings separately in reliance on SEC Release No. 34-39538.
The filing is labeled Amendment No. 14 and is signed on 03/26/2026. It lists sole and shared voting and dispositive powers as 0 for the class of common stock.
Heaf Daniel reported acquisition or exercise transactions in this Form 4 filing.
Bath & Body Works, Inc. reported that CEO Daniel Heaf received an equity award of 212,993 shares of common stock at no purchase price as part of his compensation. These shares are in the form of restricted stock units that vest over three years: 30% on the first anniversary of the March 12, 2026 grant date, 30% on the second anniversary, and 40% on the third anniversary. Following this grant, Heaf directly holds 295,583 shares of Bath & Body Works common stock.
Bath & Body Works, Inc. Chief Supply Chain Officer Thomas E. Mazurek reported routine equity compensation activity. On March 12, 2026, he received a grant of 40,921 restricted stock units that vest 30% on the first and second anniversaries of the grant date and 40% on the third anniversary. On March 13, 2026, 6,327 shares of common stock at $19.50 per share were withheld to cover tax obligations related to RSU vesting, not sold on the open market. Following these transactions, he directly holds 112,681.404 shares of common stock, including shares acquired through the company’s dividend reinvestment plan.
Bath & Body Works, Inc. Chief Financial Officer Eva C. Boratto reported routine equity compensation changes. She received a grant of 115,815 shares of common stock as restricted stock units that vest over three years starting on March 12, 2026. In a related step, 10,782 shares were withheld to cover tax obligations upon vesting of restricted stock units. After these transactions, she directly owns 223,459 shares of common stock.
Bath & Body Works, Inc. details its business model as a global seller of personal care and home fragrance, with 1,927 company-operated stores in the U.S. and Canada and 573 partner-operated international stores as of January 31, 2026. The company is executing a multi-year Consumer First Formula transformation focused on product innovation, brand marketing, marketplace expansion and operating efficiency, supported by a 40 million-member loyalty program and a largely off-mall footprint.
Bath & Body Works highlights a multi-year IT Transformation Project to modernize digital and analytics capabilities and strengthen cybersecurity. The report emphasizes heavy fourth-quarter seasonality, supply-chain and vendor concentration, labor availability and wage pressure, international and tariff exposure, data privacy and cybersecurity regulation, debt covenants and shareholder activism as key risks that could materially affect sales, margins, cash flow and growth.
Bath & Body Works reported softer results for the fourth quarter and full-year 2025 while outlining a reset year for 2026. Fourth quarter 2025 net sales were $2.724 billion, down 2% from $2.788 billion, with earnings per diluted share of $1.99 and adjusted earnings of $2.05 versus $2.09 last year.
For full-year 2025, net sales were essentially flat at $7.291 billion, while earnings per diluted share fell to $3.11 from $3.61 and adjusted earnings slipped to $3.21 from $3.29. The company generated $1.102 billion of operating cash flow, repurchased 15.1 million shares for $400 million, and ended the year with $953 million of cash.
Looking to 2026, management forecasts net sales to decline 4.5% to 2.5% versus 2025 and full-year earnings per diluted share of $3.00–$3.25. Excluding expected gains and tax items, adjusted earnings are projected between $2.40 and $2.65, down from $3.21 in 2025, with forecast free cash flow of about $600 million.
Bath & Body Works, Inc. announced that it has issued a notice of redemption for any and all outstanding 6.694% Senior Notes due 2027. The redemption date will be April 10, 2026.
The redemption price will be the greater of 100% of the principal amount of the Notes being redeemed or the sum of the present values of the remaining scheduled principal and interest payments on those Notes, discounted to the redemption date on a semiannual basis at the applicable treasury rate plus 50 basis points, plus accrued interest to the redemption date.