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Best Buy (NYSE: BBY) grows Q1 sales, holds FY27 outlook as CEO plans exit

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Best Buy reported stronger Q1 FY27 results with revenue of $8.94 billion, up from $8.77 billion, and enterprise comparable sales up 2.0% after a decline last year. Operating income margin improved to 4.1% of revenue, and diluted EPS rose 38% to $1.31, with adjusted diluted EPS of $1.28.

The company reiterated its full-year FY27 guidance, including revenue of $41.2–$42.1 billion and adjusted diluted EPS of $6.30–$6.60, and expects Q2 adjusted operating income rate of about 3.9%. Best Buy highlighted growth from Best Buy Ads and Marketplace and announced that CEO Corie Barry will step down later in 2026, with Jason Bonfig becoming CEO effective November 1, 2026.

Positive

  • Stronger Q1 performance and margin expansion: Revenue rose to $8.94 billion, enterprise comparable sales grew 2.0%, operating margin improved to 4.1%, and diluted EPS increased 38% to $1.31, with adjusted EPS at $1.28.
  • FY27 outlook reiterated with solid targets: Management maintained full-year FY27 guidance, including $41.2–$42.1 billion in revenue and adjusted diluted EPS of $6.30–$6.60, signaling confidence in ongoing operations.

Negative

  • Upcoming CEO change introduces leadership transition risk: Current CEO Corie Barry plans to step down later in 2026, with Jason Bonfig becoming CEO on November 1, 2026, creating an important leadership handover period.

Insights

Q1 beat expectations, margins improved, guidance held steady.

Best Buy delivered Q1 FY27 revenue of $8.94 billion with enterprise comparable sales up 2.0%, reversing last year’s decline. Operating income margin expanded to 4.1%, and diluted EPS increased to $1.31 with adjusted EPS at $1.28.

Management maintained FY27 guidance for revenue of $41.2–$42.1 billion and adjusted EPS of $6.30–$6.60, and guided Q2 adjusted operating margin around 3.9%. This suggests confidence in demand, supported by growth in Best Buy Ads, Marketplace, and stronger categories like gaming and computing.

Cash from operations improved to $375 million in the quarter, and the company returned $202 million via dividends, with a planned quarterly dividend of $0.96 per share payable on July 9, 2026. Planned FY27 capital expenditures of about $750 million indicate ongoing investment in stores, technology, and services.

Orderly CEO transition announced alongside solid financials.

Along with the results, Best Buy announced that CEO Corie Barry will step down later in 2026. Jason Bonfig, currently Chief Customer, Product and Fulfillment Officer, is designated as incoming CEO effective November 1, 2026, providing a defined succession timeline.

Barry framed the handover as timed to current business momentum, while Bonfig outlined four priorities spanning retail, media and advertising, technology, customer experience, and culture. The board’s decision to name an internal successor may support continuity as the company scales newer profit streams like Best Buy Ads and Marketplace.

The filing does not indicate governance disputes; instead it emphasizes strategic focus and execution. Subsequent disclosures in future periods can show how the new leadership team aligns investments, particularly around services and digital initiatives, with the reiterated FY27 financial targets.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 FY27 revenue $8.94B Enterprise revenue for the 13 weeks ended May 2, 2026
Enterprise comparable sales 2.0% Q1 FY27 comparable sales percent change vs prior year
Diluted EPS $1.31 Q1 FY27 diluted earnings per share vs $0.95 in Q1 FY26
Adjusted diluted EPS $1.28 Q1 FY27 non-GAAP adjusted diluted EPS vs $1.15 prior year
FY27 revenue guidance $41.2B–$42.1B Reiterated full-year FY27 enterprise revenue outlook
FY27 adjusted EPS guidance $6.30–$6.60 Reiterated full-year FY27 adjusted diluted EPS range
Operating income margin 4.1% Q1 FY27 operating income as a percent of revenue
Dividends paid $202M Cash returned to shareholders via dividends in Q1 FY27
comparable sales financial
"Enterprise comparable sales % change 1 | 2.0 % | (0.7) %"
"Comparable sales" are the total sales from stores or products that have been open for a certain period, usually the same time last year or last quarter. They help show whether a business is growing by comparing similar locations or products over time, much like checking if your favorite store's sales are going up compared to previous years.
adjusted diluted EPS financial
"Adjusted diluted EPS Increased 11% to $1.28"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
revenue category reclassification financial
"Revenue Category Reclassification addressed in the release and furnished as Exhibit 99.2"
restructuring charges financial
"The company incurred a $9 million reduction to restructuring charges versus $109 million of restructuring charges last year."
Restructuring charges are costs that a company pays when it changes how it operates, like closing factories or laying off employees. These expenses are often one-time and happen to help the company become more efficient in the long run. They matter because they can affect the company's profits and how investors see its future prospects.
omni-channel financial
"strategy to strengthen our position in retail as a leading omni-channel destination for technology"
Omni-channel is a business approach that connects all ways a customer can interact or buy—such as websites, mobile apps, physical stores, social media and call centers—so the experience feels seamless no matter which path they choose. For investors, omni-channel matters because it can increase sales, customer loyalty and operational efficiency by making it easier to buy and by collecting better data on behavior; think of it as a coordinated orchestra where every instrument helps sell more smoothly and predictably.
Best Buy Ads and Marketplace financial
"strong performance in our Best Buy Ads and Marketplace initiatives"
Revenue $8.94B
Enterprise comparable sales 2.0%
Diluted EPS $1.31
Adjusted diluted EPS $1.28
Guidance

Best Buy reiterated FY27 guidance for revenue of $41.2–$42.1 billion and adjusted diluted EPS of $6.30–$6.60, and indicated an expected Q2 adjusted operating income rate of approximately 3.9%.

Understanding 8-K Material Events →
0000764478False00007644782026-05-282026-05-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 28, 2026
BestBuy_Logo_Primary_RGB-1280x1280.jpg
BEST BUY CO., INC.
(Exact name of registrant as specified in its charter)
Minnesota1-959541-0907483
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
7601 Penn Avenue South
Richfield, Minnesota
55423
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (612) 291-1000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange on which registered
Common Stock, $0.10 par value per shareBBYNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02      Results of Operations and Financial Condition.
On May 28, 2026, Best Buy Co., Inc. (“Best Buy” or the “registrant”) issued a news release announcing its results of operations for the first quarter ended May 2, 2026.
The registrant is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) today, May 28, 2026. The earnings conference call is expected to be available live on the registrant’s website at https://investors.bestbuy.com.
Neither the news release issued on May 28, 2026, furnished as Exhibit 99.1 to this Current Report on Form 8-K, nor the Revenue Category Reclassification addressed in the release and furnished as Exhibit 99.2 to this Current Report on Form 8-K, shall be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that Section unless the registrant specifically incorporates it by reference in a document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01      Financial Statements and Exhibits.

(d)Exhibits.

The following are furnished as Exhibits to this Current Report on Form 8-K.
Exhibit No.Description of Exhibit
99.1
News release issued May 28, 2026 (furnished pursuant to Item 2.02). Any internet address provided in this release is for information purposes only and is not intended to be a hyperlink. Accordingly, no information at any internet address is included herein.
99.2
Revenue Category Reclassification (furnished pursuant to Item 2.02).
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BEST BUY CO., INC.
(Registrant)
Date: May 28, 2026
By:/s/ MATHEW R. WATSON
Mathew R. Watson
Senior Vice President, Finance – Controller and Chief Accounting Officer
3

Exhibit 99.1
bestbuy_logoxprimaryxrgb-1a.jpg
Best Buy Reports First Quarter Results
Comparable Sales Increased 2.0%
Diluted EPS Increased 38% to $1.31
Adjusted Diluted EPS Increased 11% to $1.28
Reiterates FY27 Adjusted Diluted EPS Guidance of $6.30 to $6.60

MINNEAPOLIS, May 28, 2026 -- Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended May 2, 2026 (“Q1 FY27”), as compared to the 13-week first quarter ended May 3, 2025 (“Q1 FY26”).
Q1 FY27Q1 FY26
Revenue ($ in millions)
Enterprise$8,936 $8,767 
Domestic segment$8,249 $8,127 
International segment$687 $640 
Enterprise comparable sales % change1
2.0 %(0.7)%
Domestic comparable sales % change1
1.8 %(0.7)%
Domestic comparable online sales % change1
1.4 %2.1 %
International comparable sales % change1
4.7 %(0.7)%
Operating Income
Operating income as a % of revenue4.1%2.5%
Adjusted operating income as a % of revenue4.1%3.8%
Diluted Earnings per Share ("EPS")
Diluted EPS$1.31 $0.95 
Adjusted diluted EPS$1.28 $1.15 
For GAAP to non-GAAP reconciliations of the consolidated adjusted measures used throughout this release, please refer to the attached supporting schedule.

“Today we are pleased to report better-than-expected results for the first quarter,” said Corie Barry, Best Buy CEO. “Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives. We also drove operating income rate expansion and EPS growth.”

Barry continued, “Thanks to our incredibly dedicated employees, we are delivering on our strategy to strengthen our position in retail as a leading omni-channel destination for technology while at the same time scaling new profit streams like Best Buy Ads and Marketplace that we expect to provide considerable benefit over time.”

“With this momentum, I believe it is the right time to transition the leadership of Best Buy, and step down as CEO later this year,” continued Barry. “With his unmatched experience and focus on the customer, I know Jason Bonfig is the right person to take Best Buy into its next phase, which is outlined by his four priorities.”

“I look forward to working closely with our teams to build on the progress we are making, specifically focusing on four areas to grow our business: (1) advancing Best Buy as a Retail, Media and Advertising, and Technology company; (2) expanding and growing our reach; (3) elevating the Best Buy experience; and (4) being a human-



powered, customer-focused company,” said Jason Bonfig, Best Buy Chief Customer, Product and Fulfillment Officer and incoming CEO (effective November 1, 2026).

FY27 Financial Guidance

“We are pleased with our first quarter results and are maintaining our guidance for the year,” said Matt Bilunas, Best Buy CFO. “Comparable sales have started strong in May, with month-to-date growth up high single digits. Our comparable sales outlook for the full quarter is approximately 1.0% growth as we start to lap last year’s very successful gaming launch in June. We expect our Q2 adjusted operating income rate to be approximately 3.9%, which is flat to last year.”

The company is reiterating the following full-year FY27 financial guidance provided on March 3, 2026:

•Revenue of $41.2 billion to $42.1 billion
•Comparable sales % change1 of (1.0%) to 1.0%
•Adjusted operating income rate2 of 4.3% to 4.4%
•Adjusted effective income tax rate2 of approximately 25.5%
•Adjusted diluted EPS2 of $6.30 to $6.60
•Capital expenditures of approximately $750 million

Domestic Segment Q1 FY27 Results

Domestic Revenue
Domestic revenue of $8.25 billion increased 1.5% versus last year, primarily driven by comparable sales growth of 1.8%.

From a category perspective, the largest drivers of the comparable sales growth on a weighted basis were gaming, computing, mobile phones and services. These drivers were partially offset by a decline in appliances.

Domestic online revenue of $2.62 billion increased 1.4% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was flat to last year at 31.7%.

Domestic Gross Profit Rate
Domestic gross profit rate was 23.7% versus 23.5% last year. The higher gross profit rate included growth in Marketplace and Best Buy Ads, and improved financial performance from the company's traditional services offerings. The previous items were largely offset by lower product margin rates.

Domestic Adjusted Selling, General and Administrative Expenses (“SG&A”)
Domestic adjusted SG&A was $1.60 billion, or 19.3% of revenue, versus $1.58 billion, or 19.4% of revenue, last year. Adjusted SG&A increased primarily due to higher expenses related to the company's Marketplace and Best Buy Ads initiatives and lapping a favorable indirect tax settlement received in Q1 FY26. The previous items were partially offset by lower Best Buy Health expense.

International Segment Q1 FY27 Results

International Revenue
International revenue of $687 million increased 7.3% versus last year. The revenue increase was primarily driven by comparable sales growth of 4.7% and the favorable impact of foreign exchange rates.

International Gross Profit Rate
International gross profit rate was 21.5% versus 22.0% last year. The lower gross profit rate was primarily due to lower product margin rates.

International Adjusted SG&A
International adjusted SG&A was $143 million, or 20.8% of revenue, versus $137 million, or 21.4% of revenue, last year. The higher adjusted SG&A was primarily driven by the negative impact of foreign exchange rates and higher depreciation expense.

2


Restructuring Charges

The company incurred a $9 million reduction to restructuring charges versus $109 million of restructuring charges last year. The prior year charges were primarily associated with a restructuring initiative within the company's Best Buy Health business that commenced in Q1 FY26.

Income Taxes
The Q1 FY27 effective tax rate was 26.9% versus 8.6% last year. The adjusted effective tax rate of 27.0% was flat to last year. The higher effective tax rate was primarily driven by the restructuring charges in Q1 FY26 related to the Best Buy Health business.

Share Repurchases and Dividends

In Q1 FY27, the company returned a total of $202 million to shareholders through dividends. The company still expects to spend approximately $300 million on share repurchases during FY27.

Today, the company announced its board of directors has authorized the payment of a regular quarterly cash dividend of $0.96 per common share. The regular quarterly dividend is payable on July 9, 2026, to shareholders of record as of the close of business on June 18, 2026.

Revenue Category Reclassification

Beginning in Q1 FY27, the company reclassified certain amounts within its revenue categories to better align with management's current view of the business. The reclassification primarily relates to credit card revenue and digital content revenue (including digital gaming, software and subscriptions) that were previously included in various product revenue categories and, following the reclassification, are now included within services revenue. The reclassification impacts only the presentation of revenue by category and does not affect previously reported total revenue, total comparable sales, net earnings or cash flows.

Prior-period revenue mix and comparable sales by revenue category included herein have been recast to conform with this reclassification. Recast revenue category information for FY25 and FY26, as well as for each quarter within such fiscal years, is attached as Exhibit 99.2 in the company's Current Report on Form 8-K filed on May 28, 2026, and is also available on the company's investor relations website at www.investors.bestbuy.com.

Conference Call

Best Buy is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) on May 28, 2026. A webcast of the call is expected to be available at www.investors.bestbuy.com, both live and after the call.

Notes:
(1) The method of calculating comparable sales varies across the retail industry. As a result, our method of calculating comparable sales may not be the same as other retailers’ methods. For additional information on comparable sales, please see our most recent Annual Report on Form 10-K, and our subsequent Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”), and available at www.investors.bestbuy.com.

(2) A reconciliation of the projected adjusted operating income rate, adjusted effective income tax rate, and adjusted diluted EPS, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges; price-fixing settlements; goodwill and acquired intangible asset impairments; certain long-lived asset impairments; gains and losses on disposals of subsidiaries and certain investments; amortization of definite-lived intangible assets associated with acquisitions; certain acquisition-related costs; and the tax effect of all such items. Historically,
3


the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

Forward-Looking and Cautionary Statements:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as “anticipate,” “appear,” “approximate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “project,” “seek,” “should,” “would,” and other words and terms of similar meaning or the negatives thereof. Such statements reflect our current views and estimates with respect to future market conditions, company performance and financial results, operational investments, business prospects, our operating model, new strategies and growth initiatives, the competitive environment, consumer behavior and other events. These statements involve a number of judgments and are subject to certain risks and uncertainties, many of which are outside the control of the Company, that could cause actual results to differ materially from the potential results discussed in such forward-looking statements. Readers should review Item 1A, Risk Factors, of our most recent Annual Report on Form 10-K, and any updated information in subsequent Quarterly Reports on Form 10-Q, for a description of important factors that could cause our actual results to differ materially from those contemplated by the forward-looking statements made in this release. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macroeconomic pressures in the markets in which we operate (including but not limited to real GDP growth, inflation, recession, consumer confidence, employment levels, effects of the government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends); geopolitical pressures (including issues related to trade routes, political instability and divisiveness, the potential implementation of more restrictive trade policies, tariff increases and/or volatility, the realignment of alliances or the renegotiation of existing trade agreements); catastrophic events, health crises and pandemics; susceptibility of the products we sell to technological advancements, product life cycle fluctuations and changes in consumer preferences; competition (including from multi-channel retailers, e-commerce business, technology service providers, traditional store-based retailers, vendors and mobile network carriers, in the provision of delivery speed and options and with the strategic use of artificial intelligence); our ability to attract and retain qualified employees and changes in market compensation rates; our focus on services as a strategic priority; our reliance on key vendors and mobile network carriers (including product availability); our ability to maintain positive brand perception and recognition; our ability to effectively identify, manage and execute enterprise-wide strategies, such as strategic ventures, alliances or acquisitions; our ability to effectively manage our infrastructure, real estate portfolio and market segmentation strategy; interruptions and other factors affecting our supply chain (impacting our stores or other aspects of our operations); our utilization of third-party vendors for certain aspects of our operations; risks associated with the products we sell, including those products sold on our Marketplace platforms and products under our exclusive brand labels; our reliance on our information technology systems, internet and telecommunications access and capabilities; our ability to prevent or effectively respond to a cyber-attack, privacy or security breach; statutory, regulatory and legal developments (including statutes and/or regulations related to tax or privacy); evolving corporate governance and public disclosure regulations and expectations (including, but not limited to, cybersecurity and corporate responsibility and sustainability matters); risks arising from our international activities (including fluctuations in foreign currency exchange rates); failure to meet any financial performance guidance or other forward-looking statements; failure to effectively manage our costs; our dependence on cash flows and net earnings generated during the fourth fiscal quarter; economic or regulatory developments that might affect our ability to provide attractive promotional financing; constraints in the banking and capital markets; and changes in our credit ratings. We caution that the foregoing list of important factors is not complete. Any forward-looking statements speak only as of the date they are made and we assume no obligation to update any forward-looking statement that we may make.

Investor Contact:Media Contact:
Mollie O'BrienCarly Charlson
mollie.obrien@bestbuy.comcarly.charlson@bestbuy.com
4


BEST BUY CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(Unaudited and subject to reclassification)
Three Months Ended
May 2, 2026May 3, 2025
Revenue$8,936 $8,767 
Cost of sales6,834 6,718 
Gross profit2,102 2,049 
Gross profit %23.5 %23.4 %
Selling, general and administrative expenses1,741 1,721 
SG&A %19.5 %19.6 %
Restructuring charges(9)109 
Operating income370 219 
Operating income %4.1 %2.5 %
Other income (expense):
Investment income and other19 15 
Interest expense(11)(12)
Earnings before income tax expense and equity in loss of affiliates378 222 
Income tax expense102 19 
Effective tax rate26.9 %8.6 %
Equity in loss of affiliates— (1)
Net earnings$276 $202 
Basic earnings per share$1.31 $0.95 
Diluted earnings per share$1.31 $0.95 
Weighted-average common shares outstanding:
Basic210.4 212.0 
Diluted211.3 213.0 
5


BEST BUY CO., INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions)
(Unaudited and subject to reclassification)
May 2, 2026May 3, 2025
Assets
Current assets
Cash and cash equivalents$1,749 $1,147 
Receivables, net906 744 
Merchandise inventories5,598 5,194 
Other current assets487 500 
Total current assets8,740 7,585 
Property and equipment, net1,987 2,089 
Operating lease assets2,870 2,821 
Goodwill790 908 
Other assets503 725 
Total assets$14,890 $14,128 
Liabilities and equity
Current liabilities
Accounts payable$5,118 $4,670 
Unredeemed gift card liabilities229 246 
Deferred revenue843 891 
Accrued compensation and related expenses317 367 
Accrued liabilities665 617 
Current portion of operating lease liabilities614 611 
Current portion of long-term debt11 10 
Total current liabilities7,797 7,412 
Long-term operating lease liabilities2,343 2,277 
Long-term debt1,158 1,153 
Long-term liabilities509 523 
Equity3,083 2,763 
Total liabilities and equity$14,890 $14,128 
6


BEST BUY CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
(Unaudited and subject to reclassification)
Three Months Ended
May 2, 2026May 3, 2025
Operating activities
Net earnings$276 $202 
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization194 211 
Restructuring charges(9)109 
Stock-based compensation40 40 
Deferred income taxes10 (51)
Other, net1 (2)
Changes in operating assets and liabilities:
Receivables138 298 
Merchandise inventories(367)(95)
Other assets12 7 
Accounts payable349 (330)
Income taxes42 7 
Other liabilities(311)(362)
Total cash provided by operating activities375 34 
Investing activities
Additions to property and equipment(160)(166)
Total cash used in investing activities(160)(166)
Financing activities
Repurchase of common stock— (100)
Dividends paid(202)(202)
Other, net— (3)
Total cash used in financing activities(202)(305)
Effect of exchange rate changes on cash— 4 
Increase (decrease) in cash, cash equivalents and restricted cash13 (433)
Cash, cash equivalents and restricted cash at beginning of period2,023 1,868 
Cash, cash equivalents and restricted cash at end of period$2,036 $1,435 
7


BEST BUY CO., INC.
SEGMENT AND REVENUE CATEGORY INFORMATION
($ in millions)
(Unaudited and subject to reclassification)
Three Months Ended
May 2, 2026May 3, 2025
Domestic Segment
Revenue$8,249 $8,127 
Comparable sales % change1.8 %(0.7)%
Comparable online sales % change1.4 %2.1 %
Gross profit$1,954 $1,908 
Gross profit as a % of revenue23.7 %23.5 %
Adjusted SG&A1
$1,596 $1,579 
Adjusted SG&A as a % of revenue2
19.3 %19.4 %
Adjusted operating income1
$358 $329 
Adjusted operating income as a % of revenue3
4.3 %4.0 %
International Segment
Revenue$687 $640 
Comparable sales % change4.7 %(0.7)%
Gross profit$148 $141 
Gross profit as a % of revenue21.5 %22.0 %
Adjusted SG&A1
$143 $137 
Adjusted SG&A as a % of revenue2
20.8 %21.4 %
Adjusted operating income1
$5 $4 
Adjusted operating income as a % of revenue3
0.7 %0.6 %
(1)Represents segment Adjusted SG&A and segment Adjusted operating income as reported in accordance with Accounting Standards Codification 280, Segment Reporting.
(2)Segment Adjusted SG&A as a % of revenue is calculated as segment Adjusted SG&A divided by segment Revenue.
(3)Segment Adjusted operating income as a % of revenue is calculated as segment Adjusted operating income divided by segment Revenue.

Revenue MixComparable Sales
Three Months EndedThree Months Ended
May 2, 2026
May 3, 20251
May 2, 2026
May 3, 20251
Domestic Segment
Computing and Mobile Phones47 %46 %4.2 %6.1 %
Consumer Electronics26 %27 %(2.7)%(5.2)%
Appliances10 %12 %(13.6)%(8.0)%
Services10 %9 %5.5 %0.6 %
Entertainment7 %5 %38.1 %(15.2)%
Other— %1 %(20.1)%(2.7)%
Total100 %100 %1.8 %(0.7)%
International Segment
Computing and Mobile Phones50 %50 %6.4 %1.7 %
Consumer Electronics26 %27 %2.0 %(1.7)%
Appliances8 %9 %(8.3)%(2.5)%
Services7 %7 %2.5 %9.0 %
Entertainment7 %6 %19.2 %(17.9)%
Other2 %1 %26.0 %(13.2)%
Total100 %100 %4.7 %(0.7)%
(1)Beginning in Q1 FY27, the company reclassified certain amounts within its revenue categories to better align with management's current view of the business. The reclassification primarily relates to credit card revenue and digital content revenue (including digital gaming, software and subscriptions) that were previously included in various product revenue categories and, following the reclassification, are now included within services revenue. To ensure its financial results are comparable, the company has recast revenue, revenue mix and comparable sales by revenue category for FY25 and FY26, as well as for each quarter within such fiscal years, to conform with this reclassification. Refer to Exhibit 99.2 in the company's Current Report on Form 8-K filed on May 28, 2026, for additional information.
8


BEST BUY CO., INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ in millions, except per share amounts)
(Unaudited and subject to reclassification)
The following information provides reconciliations of the most comparable consolidated financial measures presented in accordance with accounting principles generally accepted in the U.S. (GAAP financial measures) to presented consolidated adjusted financial measures (non-GAAP financial measures). The company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating current period performance and in assessing future performance. For these reasons, internal management reporting also includes non-GAAP financial measures. Generally, presented non-GAAP financial measures include adjustments for items such as restructuring charges, goodwill and acquired intangible asset impairments, certain long-lived asset impairments, price-fixing settlements, gains and losses on disposals of subsidiaries and certain investments, amortization of definite-lived intangible assets associated with acquisitions, certain acquisition-related costs and the tax effect of all such items. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, the GAAP financial measures presented in this earnings release and the company’s financial statements and other publicly filed reports. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.
Three Months Ended
May 2, 2026May 3, 2025
SG&A$1,741 $1,721 
% of revenue19.5 %19.6 %
Intangible asset amortization1
(2)(5)
Adjusted SG&A$1,739 $1,716 
% of revenue19.5 %19.6 %
Operating income$370 $219 
% of revenue4.1 %2.5 %
Intangible asset amortization1
2 5 
Restructuring charges2
(9)109 
Adjusted operating income$363 $333 
% of revenue4.1 %3.8 %
Effective tax rate26.9 %8.6 %
Intangible asset amortization1
- %0.3 %
Restructuring charges2
0.1 %18.1 %
Adjusted effective tax rate27.0 %27.0 %
Three Months EndedThree Months Ended
May 2, 2026May 3, 2025
Pretax Earnings
Net of Tax3
Per SharePretax Earnings
Net of Tax3
Per Share
Diluted EPS$1.31 $0.95 
Intangible asset amortization1
$2 $2 0.01 $5 $4 0.02 
Restructuring charges2
(9)(7)(0.04)109 39 0.18 
Adjusted diluted EPS$1.28 $1.15 
(1)Represents the non-cash amortization of definite-lived intangible assets associated with acquisitions, including customer relationships and tradenames.
(2)Amounts for the three months ended May 2, 2026, primarily relate to subsequent adjustments to a labor and store optimization restructuring initiative that commenced in Q2 FY26. Charges for the three months ended May 3, 2025, primarily relate to a restructuring initiative within the company’s Best Buy Health business that commenced in Q1 FY26.
(3)The non-GAAP adjustments primarily relate to the U.S. As such, the income tax charge on the U.S. non-GAAP adjustments is calculated using the statutory tax rate of 24.5%, adjusted for tax benefits discrete to the period.
9
Exhibit 99.2

BEST BUY CO., INC.
REVENUE CATEGORY RECLASSIFICATION

Beginning in Q1 FY27, the Company reclassified certain amounts within its revenue categories to better align with management's current view of the business. The reclassification primarily relates to credit card revenue and digital content revenue (including digital gaming, software and subscriptions) that were previously included in various product revenue categories and, following the reclassification, are now included within services revenue. The reclassification impacts only the presentation of revenue by category and does not affect previously reported total revenue, total comparable sales, net earnings or cash flows. Revenue, revenue mix and comparable sales by revenue category have been recast to conform with this reclassification for FY25 and FY26, as well as for each quarter within such fiscal years.

The key components of each revenue category are now as follows:

•Computing and Mobile Phones - computing (including desktops, notebooks and peripherals), mobile phones (including related mobile network carrier commissions), networking, tablets (including e-readers) and wearables (including smartwatches);
•Consumer Electronics - digital imaging, health and fitness products, home theater (including home theater accessories, soundbars and televisions), portable audio (including headphones and portable speakers) and smart home;
•Appliances - large appliances (including dishwashers, laundry, ovens and refrigerators) and small appliances (including blenders, coffee makers, vacuums and personal care);
•Entertainment - drones, gaming (including hardware, peripherals and certain software, as well as augmented reality glasses), toys and virtual reality;
•Services - advertising, credit card revenue, digital content (including digital gaming, software and subscriptions), fulfillment, health-related services, installation, marketplace commissions, memberships, repair, technical support and warranty-related services; and
•Other - other product offerings, including baby, food and beverage and outdoor living.




1
BEST BUY CO., INC.
REVENUE CATEGORY RECLASSIFICATION
($ in millions)
(Unaudited and subject to reclassification)

Revenue
Q1 FY25Q2 FY25Q3 FY25Q4 FY25FY25
As ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassified
Domestic:
Computing and Mobile Phones$3,588 $(60)$3,528 $3,792 $(62)$3,730 $4,065 $(69)$3,996 $5,658 $(62)$5,596 $17,103 $(253)$16,850 
Consumer Electronics2,364 (24)2,340 2,478 (22)2,456 2,425 (27)2,398 3,881 (23)3,858 11,148 (96)11,052 
Appliances1,090 (25)1,065 1,177 (23)1,154 1,057 (23)1,034 1,265 (21)1,244 4,589 (92)4,497 
Entertainment520 (50)470 498 (49)449 479 (50)429 1,144 (65)1,079 2,641 (214)2,427 
Services578 171 749 590 166 756 601 185 786 687 191 878 2,456 713 3,169 
Other63 (12)51 88 (10)78 70 (16)54 80 (20)60 301 (58)243 
Total Domestic revenue$8,203 $— $8,203 $8,623 $— $8,623 $8,697 $— $8,697 $12,715 $— $12,715 $38,238 $— $38,238 
International:
Computing and Mobile Phones$318 $(6)$312 $308 $(6)$302 $386 $(6)$380 $566 $(12)$554 $1,578 $(30)$1,548 
Consumer Electronics173 (2)171 186 (1)185 194 (2)192 364 (2)362 917 (7)910 
Appliances60 — 60 86 (1)85 67 — 67 108 (1)107 321 (2)319 
Entertainment46 — 46 39 — 39 47 — 47 135 1 136 267 1 268 
Services39 6 45 38 7 45 47 6 53 51 10 61 175 29 204 
Other8 2 10 8 1 9 7 2 9 9 4 13 32 9 41 
Total International revenue$644 $— $644 $665 $— $665 $748 $— $748 $1,233 $— $1,233 $3,290 $— $3,290 
Q1 FY26Q2 FY26Q3 FY26Q4 FY26FY26
As ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassified
Domestic:
Computing and Mobile Phones$3,792 $(55)$3,737 $3,930 $(64)$3,866 $4,368 $(74)$4,294 $5,948 $(61)$5,887 $18,038 $(254)$17,784 
Consumer Electronics2,237 (22)2,215 2,351 (27)2,324 2,351 (29)2,322 3,588 (26)3,562 10,527 (104)10,423 
Appliances1,001 (22)979 1,074 (29)1,045 965 (27)938 1,126 (21)1,105 4,166 (99)4,067 
Entertainment449 (51)398 681 (57)624 543 (54)489 1,138 (66)1,072 2,811 (228)2,583 
Services579 170 749 581 194 775 591 198 789 715 185 900 2,466 747 3,213 
Other69 (20)49 81 (17)64 60 (14)46 60 (11)49 270 (62)208 
Total Domestic revenue$8,127 $— $8,127 $8,698 $— $8,698 $8,878 $— $8,878 $12,575 $— $12,575 $38,278 $— $38,278 
International:
Computing and Mobile Phones$324 $(7)$317 $346 $(7)$339 $420 $(8)$412 $586 $(7)$579 $1,676 $(29)$1,647 
Consumer Electronics173 (2)171 198 (1)197 202 (3)199 360 1 361 933 (5)928 
Appliances57 (1)56 80 (1)79 64 (1)63 102 — 102 303 (3)300 
Entertainment42 (1)41 68 — 68 54 — 54 117 — 117 281 (1)280 
Services37 10 47 39 9 48 47 11 58 67 2 69 190 32 222 
Other7 1 8 9 — 9 7 1 8 7 4 11 30 6 36 
Total International revenue$640 $— $640 $740 $— $740 $794 $— $794 $1,239 $— $1,239 $3,413 $— $3,413 




2
BEST BUY CO., INC.
REVENUE CATEGORY RECLASSIFICATION
(Unaudited and subject to reclassification)


Revenue Mix
Q1 FY25Q2 FY25Q3 FY25Q4 FY25FY25
As ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassified
Domestic:
Computing and Mobile Phones44 %(1)%43 %44 %(1)%43 %47 %(1)%46 %44 %— %44 %45 %(1)%44 %
Consumer Electronics29 %(1)%28 %29 %— %29 %28 %(1)%27 %31 %(1)%30 %29 %— %29 %
Appliances13 %— %13 %13 %— %13 %12 %— %12 %10 %— %10 %12 %— %12 %
Entertainment6 %— %6 %6 %(1)%5 %5 %— %5 %9 %(1)%8 %7 %(1)%6 %
Services7 %2 %9 %7 %2 %9 %7 %2 %9 %5 %2 %7 %6 %2 %8 %
Other1 %— %1 %1 %— %1 %1 %— %1 %1 %— %1 %1 %— %1 %
Total 100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %
International:
Computing and Mobile Phones50 %(2)%48 %46 %(1)%45 %52 %(1)%51 %46 %(1)%45 %48 %(1)%47 %
Consumer Electronics27 %— %27 %28 %— %28 %26 %— %26 %29 %— %29 %28 %— %28 %
Appliances9 %— %9 %13 %— %13 %9 %— %9 %9 %— %9 %10 %— %10 %
Entertainment7 %— %7 %6 %— %6 %6 %— %6 %11 %— %11 %8 %— %8 %
Services6 %1 %7 %6 %1 %7 %6 %1 %7 %4 %1 %5 %5 %1 %6 %
Other1 %1 %2 %1 %— %1 %1 %— %1 %1 %— %1 %1 %— %1 %
Total100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %
Q1 FY26Q2 FY26Q3 FY26Q4 FY26FY26
As ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassified
Domestic:
Computing and Mobile Phones47 %(1)%46 %45 %(1)%44 %49 %(1)%48 %47 %— %47 %47 %(1)%46 %
Consumer Electronics28 %(1)%27 %27 %— %27 %26 %— %26 %29 %(1)%28 %28 %(1)%27 %
Appliances12 %— %12 %12 %— %12 %11 %— %11 %9 %— %9 %11 %— %11 %
Entertainment5 %— %5 %8 %(1)%7 %6 %(1)%5 %9 %— %9 %7 %— %7 %
Services7 %2 %9 %7 %2 %9 %7 %2 %9 %6 %1 %7 %6 %2 %8 %
Other1 %— %1 %1 %— %1 %1 %— %1 %— %— %— %1 %— %1 %
Total100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %
International:
Computing and Mobile Phones51 %(1)%50 %47 %(1)%46 %53 %(1)%52 %47 %— %47 %49 %(1)%48 %
Consumer Electronics27 %— %27 %27 %(1)%26 %25 %— %25 %29 %— %29 %27 %— %27 %
Appliances9 %— %9 %11 %— %11 %8 %— %8 %8 %— %8 %9 %— %9 %
Entertainment6 %— %6 %9 %— %9 %7 %— %7 %10 %(1)%9 %8 %— %8 %
Services6 %1 %7 %5 %2 %7 %6 %1 %7 %5 %1 %6 %6 %1 %7 %
Other1 %— %1 %1 %— %1 %1 %— %1 %1 %— %1 %1 %— %1 %
Total100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %100 %— %100 %








3
BEST BUY CO., INC.
REVENUE CATEGORY RECLASSIFICATION
(Unaudited and subject to reclassification)


Comparable Sales(1)
Q1 FY25Q2 FY25Q3 FY25Q4 FY25FY25
As ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassified
Domestic:
Computing and Mobile Phones(2.2)%0.4 %(1.8)%3.9 %0.4 %4.3 %3.8 %0.3 %4.1 %6.5 %0.2 %6.7 %3.4 %0.3 %3.7 %
Consumer Electronics(8.3)%0.3 %(8.0)%(6.2)%0.3 %(5.9)%(5.8)%0.2 %(5.6)%(2.2)%0.2 %(2.0)%(5.2)%0.3 %(4.9)%
Appliances(18.5)%0.3 %(18.2)%(14.9)%0.8 %(14.1)%(14.7)%0.5 %(14.2)%(11.4)%— %(11.4)%(14.8)%0.4 %(14.4)%
Entertainment(11.3)%(0.7)%(12.0)%(7.4)%(0.9)%(8.3)%(18.8)%(1.2)%(20.0)%(10.9)%(0.5)%(11.4)%(11.9)%(0.7)%(12.6)%
Services9.0 %(6.9)%2.1 %8.5 %(7.0)%1.5 %6.0 %(5.2)%0.8 %9.9 %(4.5)%5.4 %8.4 %(5.9)%2.5 %
Other18.2 %(3.8)%14.4 %14.4 %(1.3)%13.1 %12.9 %(9.5)%3.4 %18.7 %(0.7)%18.0 %15.9 %(3.8)%12.1 %
Total (6.3)%— %(6.3)%(2.3)%— %(2.3)%(2.8)%— %(2.8)%0.2 %— %0.2 %(2.5)%— %(2.5)%
International:
Computing and Mobile Phones0.7 %— %0.7 %1.7 %(0.1)%1.6 %(0.1)%(0.1)%(0.2)%8.5 %0.2 %8.7 %3.4 %— %3.4 %
Consumer Electronics(6.6)%— %(6.6)%(2.1)%— %(2.1)%(6.1)%(0.2)%(6.3)%(0.7)%— %(0.7)%(3.3)%(0.1)%(3.4)%
Appliances2.0 %0.3 %2.3 %(3.9)%0.1 %(3.8)%(8.1)%— %(8.1)%4.9 %0.2 %5.1 %(0.9)%0.1 %(0.8)%
Entertainment(22.9)%(0.1)%(23.0)%(20.8)%(0.2)%(21.0)%(18.7)%(0.2)%(18.9)%(3.9)%— %(3.9)%(13.3)%(0.1)%(13.4)%
Services5.0 %(2.1)%2.9 %5.9 %— %5.9 %4.0 %1.6 %5.6 %6.2 %0.9 %7.1 %5.3 %0.2 %5.5 %
Other(13.4)%4.0 %(9.4)%(20.1)%3.7 %(16.4)%(12.7)%0.8 %(11.9)%2.4 %(8.1)%(5.7)%(11.0)%0.5 %(10.5)%
Total(3.3)%— %(3.3)%(1.8)%— %(1.8)%(3.7)%— %(3.7)%3.8 %— %3.8 %(0.5)%— %(0.5)%
Q1 FY26Q2 FY26Q3 FY26Q4 FY26FY26
As ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassifiedAs ReportedChangeReclassified
Domestic:
Computing and Mobile Phones5.8 %0.3 %6.1 %3.8 %— %3.8 %7.6 %— %7.6 %5.4 %— %5.4 %5.7 %— %5.7 %
Consumer Electronics(5.2)%— %(5.2)%(4.9)%(0.3)%(5.2)%(2.9)%(0.1)%(3.0)%(7.3)%(0.2)%(7.5)%(5.4)%(0.1)%(5.5)%
Appliances(8.1)%0.1 %(8.0)%(8.5)%(0.7)%(9.2)%(8.4)%(0.4)%(8.8)%(10.5)%(0.3)%(10.8)%(8.9)%(0.4)%(9.3)%
Entertainment(13.3)%(1.9)%(15.2)%37.5 %1.8 %39.3 %14.0 %0.4 %14.4 %(0.3)%(0.3)%(0.6)%6.8 %(0.2)%6.6 %
Services0.9 %(0.3)%0.6 %(1.0)%4.7 %3.7 %(1.0)%2.6 %1.6 %4.6 %(0.6)%4.0 %1.0 %1.5 %2.5 %
Other9.5 %(12.2)%(2.7)%(6.3)%(12.1)%(18.4)%(6.5)%(8.1)%(14.6)%(19.5)%5.0 %(14.5)%(6.3)%(7.0)%(13.3)%
Total(0.7)%— %(0.7)%1.1 %— %1.1 %2.4 %— %2.4 %(0.8)%— %(0.8)%0.4 %— %0.4 %
International:
Computing and Mobile Phones2.3 %(0.6)%1.7 %9.5 %(0.4)%9.1 %9.2 %(0.3)%8.9 %2.6 %0.1 %2.7 %5.5 %(0.3)%5.2 %
Consumer Electronics(1.5)%(0.2)%(1.7)%1.3 %(0.4)%0.9 %3.6 %(0.2)%3.4 %(2.1)%— %(2.1)%(0.1)%(0.2)%(0.3)%
Appliances(2.1)%(0.4)%(2.5)%(5.7)%(0.4)%(6.1)%(4.1)%(0.6)%(4.7)%(6.8)%— %(6.8)%(5.1)%(0.3)%(5.4)%
Entertainment(17.7)%(0.2)%(17.9)%57.3 %0.2 %57.5 %11.3 %— %11.3 %(14.8)%— %(14.8)%(0.6)%— %(0.6)%
Services2.2 %6.8 %9.0 %2.2 %8.5 %10.7 %3.9 %6.3 %10.2 %9.8 %0.2 %10.0 %5.2 %4.8 %10.0 %
Other(7.9)%(5.3)%(13.2)%6.5 %(13.6)%(7.1)%3.3 %(7.4)%(4.1)%(24.2)%6.1 %(18.1)%(6.3)%(5.1)%(11.4)%
Total(0.7)%— %(0.7)%7.6 %— %7.6 %6.3 %— %6.3 %(1.3)%— %(1.3)%2.3 %— %2.3 %
(1) The method of calculating comparable sales varies across the retail industry. As a result, the Company's method of calculating comparable sales may not be the same as other retailers’ methods. For additional information on comparable sales, please see the Company's most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission, and available at www.investors.bestbuy.com.



4

Source: View Original Filing on SEC EDGAR

FAQ

How did Best Buy (BBY) perform financially in Q1 FY27?

Best Buy reported Q1 FY27 revenue of $8.94 billion, up from $8.77 billion a year earlier. Enterprise comparable sales increased 2.0%, and diluted EPS rose to $1.31 from $0.95, with adjusted diluted EPS of $1.28 versus $1.15.

What guidance did Best Buy (BBY) give for full-year FY27?

Best Buy reiterated FY27 guidance for revenue of $41.2–$42.1 billion and adjusted diluted EPS of $6.30–$6.60. It also expects an adjusted operating income rate of 4.3%–4.4% and capital expenditures of approximately $750 million.

How did Best Buy’s margins and earnings change in Q1 FY27?

Operating income margin improved to 4.1% of revenue from 2.5%, supported by higher gross margin and lower restructuring charges. Net earnings increased to $276 million from $202 million, and diluted EPS rose to $1.31 from $0.95 year over year.

Is Best Buy changing its revenue reporting categories?

Yes. Beginning Q1 FY27, Best Buy reclassified certain amounts, mainly credit card and digital content revenue, into the services category. This affects revenue mix by category but does not change previously reported total revenue, total comparable sales, net earnings, or cash flows.

What leadership changes did Best Buy (BBY) announce with these results?

Best Buy announced that CEO Corie Barry will step down later in 2026. Jason Bonfig, currently Chief Customer, Product and Fulfillment Officer, is slated to become CEO effective November 1, 2026, outlining a planned succession.

How much cash did Best Buy return to shareholders in Q1 FY27?

In Q1 FY27, Best Buy returned $202 million to shareholders through dividends. The board also authorized a regular quarterly cash dividend of $0.96 per share, payable on July 9, 2026, to shareholders of record on June 18, 2026.

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