Bath & Body Works, Inc. BBWI
Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good.
For over 35 years, the brand's beloved and iconic scents have been 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, and home to our famous 3-wick candles. Consumers can shop Bath & Body Works anytime and anywhere they choose, from welcoming, in-store experiences at 1,927 company-operated stores in the United States of America ("U.S") and Canada, our e-commerce sites in the U.S. and Canada, 573 international stores and 34 e-commerce sites in more than 45 other countries, as well as Amazon.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.29B | $7.31B | $7.43B | $7.56B | $7.88B | $6.43B | $5.41B | $13.24B | $12.63B | $12.57B |
| Cost of revenue | $4.10B | $4.07B | $4.19B | $4.30B | $4.03B | $3.34B | $3.02B | $8.34B | $7.67B | $7.45B |
| Gross profit | $3.19B | $3.23B | $3.24B | $3.25B | $3.85B | $3.10B | $2.39B | $4.90B | $4.96B | $5.12B |
| SG&A | $2.06B | $1.97B | $1.95B | $1.88B | $1.85B | $1.49B | $1.35B | $3.56B | $3.23B | $3.12B |
| Operating income | $1.13B | $1.27B | $1.28B | $1.38B | $2.01B | $1.60B | $1.04B | $1.24B | $1.73B | $2.00B |
| Interest expense | $276.0M | $312.0M | $345.0M | $348.0M | $388.0M | $432.0M | $370.0M | $385.0M | $406.0M | $394.0M |
| Pre-tax income | $882.0M | $1.03B | $1.02B | $1.04B | $1.42B | $1.12B | $608.0M | $857.0M | $1.31B | $1.70B |
| Income tax | $233.0M | $230.0M | $143.0M | $251.0M | $348.0M | $257.0M | $148.0M | $213.0M | $329.0M | $538.0M |
| Net income | $649.0M | $798.0M | $878.0M | $800.0M | $1.33B | $844.0M | -$366.0M | $644.0M | $983.0M | $1.16B |
| EPS, basic | 3.12 | 3.62 | 3.86 | 3.45 | 4.96 | 3.04 | -1.33 | 2.33 | 3.46 | 4.04 |
| EPS, diluted | 3.11 | 3.61 | 3.84 | 3.43 | 4.88 | 3.00 | -1.32 | 2.31 | 3.42 | 3.98 |
| Shares, diluted (wtd. avg.) | $209.0M | $221.0M | $229.0M | $233.0M | $273.0M | $281.0M | $278.0M | $279.0M | $287.0M | $291.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $953.0M | $674.0M | $1.08B | $1.23B | $1.98B | $3.93B | $1.50B | $1.41B | $1.51B | $1.93B |
| Receivables | $180.0M | $205.0M | $224.0M | $226.0M | $240.0M | $148.0M | $306.0M | $367.0M | $310.0M | $294.0M |
| Inventory | $699.0M | $734.0M | $710.0M | $709.0M | $709.0M | $572.0M | $1.29B | $1.25B | $1.24B | $1.10B |
| Total current assets | $2.02B | $1.82B | $2.12B | $2.27B | $3.01B | $5.58B | $3.25B | $3.26B | $3.29B | $3.46B |
| Property, plant and equipment | $1.13B | $1.13B | $1.22B | $1.19B | $1.01B | $1.02B | $2.49B | $2.82B | $2.89B | $2.74B |
| Goodwill | $628.0M | $628.0M | $628.0M | $628.0M | $628.0M | $628.0M | $628.0M | $1.35B | $1.35B | $1.35B |
| Other intangibles | — | — | — | — | — | — | — | — | — | $411.0M |
| Total assets | $5.07B | $4.87B | $5.46B | $5.49B | $6.03B | $11.57B | $10.12B | $8.09B | $8.15B | $8.17B |
| Accounts payable | $465.0M | $338.0M | $380.0M | $455.0M | $435.0M | $345.0M | $647.0M | $711.0M | $717.0M | $683.0M |
| Short-term debt | $280.0M | $0 | — | — | — | $0 | $61.0M | $72.0M | $87.0M | $36.0M |
| Total current liabilities | $1.59B | $1.23B | $1.29B | $1.38B | $1.29B | $2.83B | $2.37B | $1.99B | $2.03B | $2.01B |
| Long-term debt | $3.61B | $3.88B | $4.39B | $4.86B | $4.85B | $6.37B | $5.49B | $5.74B | $5.71B | $5.70B |
| Retained earnings | -$1.44B | -$1.58B | -$1.84B | -$2.40B | -$1.80B | -$1.42B | -$2.18B | -$1.48B | -$1.43B | $205.0M |
| Total equity | -$1.28B | -$1.39B | -$1.63B | -$2.21B | -$1.52B | -$661.0M | -$1.50B | -$865.0M | -$751.0M | -$727.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.10B | $886.0M | $954.0M | $1.14B | $1.49B | $2.04B | $1.24B | $1.38B | $1.41B | $1.99B |
| Depreciation and amortisation | $254.0M | $282.0M | $269.0M | $221.0M | $363.0M | $521.0M | $588.0M | $547.0M | $524.0M | $472.0M |
| Stock-based compensation | $31.0M | $40.0M | $43.0M | $38.0M | $46.0M | $50.0M | $87.0M | $97.0M | $102.0M | $96.0M |
| Capital expenditure | $237.0M | $226.0M | $298.0M | $328.0M | $270.0M | $228.0M | $458.0M | $629.0M | $707.0M | $990.0M |
| Investing cash flow | -$227.0M | -$162.0M | -$286.0M | -$328.0M | -$259.0M | -$219.0M | -$480.0M | -$609.0M | -$698.0M | -$833.0M |
| Financing cash flow | -$599.0M | -$1.13B | -$815.0M | -$1.56B | -$3.19B | $610.0M | -$666.0M | -$872.0M | -$1.13B | -$1.76B |
| Dividends paid | $167.0M | $177.0M | $182.0M | $186.0M | $120.0M | $83.0M | $332.0M | $666.0M | $686.0M | $1.27B |
| Buybacks | $401.0M | $401.0M | $148.0M | $1.31B | $1.96B | $0 | $0 | $198.0M | $446.0M | $435.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017465.
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