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BBWI

Bath & Body Works, Inc.

BBWI

Bath & Body Works, Inc. • NYSE
$17.41 ▲ 0.23% (+0.04)
Market Cap $3.67 B
52w High $41.87
52w Low $14.28
Dividend Yield 0.80%
P/E 5.39
Volume 3.06M
Outstanding Shares 211.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.594B ▲ $497M ▲ $77M ▲ 4.831% ▲ $0.36 ▲ $224M ▼
Q2-2025 $1.549B ▲ $483M ▲ $64M ▼ 4.132% ▼ $0.3 ▼ $227M ▼
Q1-2025 $1.424B ▼ $437M ▼ $105M ▼ 7.374% ▼ $0.49 ▼ $281M ▼
Q4-2024 $2.787B ▲ $623M ▲ $453M ▲ 16.254% ▲ $2.1 ▲ $759M ▲
Q3-2024 $1.61B $482M $106M 6.584% $0.49 $291M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $236M ▼ $4.989B ▲ $6.581B ▲ $-1.592B ▼
Q2-2025 $364M ▼ $4.814B ▼ $6.361B ▲ $-1.548B ▼
Q1-2025 $636M ▼ $4.881B ▲ $6.331B ▲ $-1.451B ▼
Q4-2024 $674M ▲ $4.872B ▼ $6.255B ▼ $-1.385B ▲
Q3-2024 $191M $4.984B $6.732B $-1.749B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $64M ▼ $-43M ▼ $-56M ▼ $-174M ▲ $-272M ▼ $-99M ▼
Q1-2025 $105M ▼ $188M ▼ $-39M ▲ $-188M ▲ $-38M ▼ $151M ▼
Q4-2024 $453M ▲ $955M ▲ $-48M ▲ $-422M ▼ $483M ▲ $895M ▲
Q3-2024 $106M ▼ $-99M ▼ $-74M ▼ $-150M ▲ $-323M ▲ $-164M ▼
Q2-2024 $152M $-46M $6M $-301M $-341M $-101M

Revenue by Products

Product Q3-2020Q4-2020Q1-2021Q2-2021
Bath Body Works
Bath Body Works
 $1.70Bn ▲$2.82Bn ▲$1.47Bn ▼$1.70Bn ▲
Victorias Secret
Victorias Secret
 $1.35Bn ▲$2.12Bn ▲$1.55Bn ▼$1.61Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Bath & Body Works remains clearly profitable, but it is past its peak earnings phase from a few years ago. Sales have been essentially flat to slightly down since 2021, suggesting the business is stable but not currently growing. Profit margins are still healthy for a retailer, showing that the company continues to price and manage costs reasonably well. However, net income and earnings per share have slipped from earlier highs, pointing to some pressure on growth and profitability. Overall, the income statement shows a mature, cash‑generating business that is managing headwinds rather than rapidly expanding.

Balance Sheet

Balance Sheet The balance sheet is the most cautious area. The company carries a meaningful amount of debt and reports negative shareholders’ equity, which typically reflects years of aggressive share repurchases and leverage. Cash on hand has trended down from pandemic highs, while total assets have also shrunk, suggesting a leaner but more leveraged balance sheet. This structure can boost returns in good times but leaves less room for error if sales weaken or credit markets tighten. In short, financial flexibility exists but is not abundant, and the company depends on continued solid cash generation to comfortably service its obligations.

Cash Flow

Cash Flow Cash flow is a relative strength. Bath & Body Works consistently generates solid cash from its operations, and after modest capital spending, it has repeatedly produced positive free cash flow. While cash generation has eased from the unusually strong levels seen during the pandemic period, it remains healthy enough to support debt service, ongoing investment, and shareholder returns. The company appears disciplined on capital expenditures, keeping investments targeted rather than overly aggressive. The main watch point is whether operational cash flow can hold up if sales growth remains sluggish or if promotional pressure increases.

Competitive Edge

Competitive Edge Bath & Body Works holds a strong niche in fragrance‑driven personal care and home products. Its brand is widely recognized, and it benefits from a very loyal customer base reinforced by a popular rewards program that offers tangible, full‑size product benefits. The large store footprint creates a distinctive in‑person, sensory shopping experience that pure online competitors struggle to match, while its vertically integrated, mostly domestic supply chain helps it respond quickly to changing scent trends. On the other hand, the company operates in a highly competitive, fashion‑like category where consumer tastes shift quickly and where discounting is common, so maintaining brand excitement and pricing power is an ongoing challenge.

Innovation and R&D

Innovation and R&D Innovation at Bath & Body Works is less about traditional laboratory R&D spending and more about rapid product refresh, supply chain agility, and digital capabilities. The company’s integrated “Beauty Park” setup near its headquarters allows it to quickly test and launch new fragrances and product formats. Recently, management has leaned into technology, partnering with Accenture and introducing AI‑driven tools such as a conversational fragrance finder to personalize recommendations. The new “Consumer First Formula” plan refocuses on core categories, simplifies the assortment, modernizes the fragrance lineup, and aims to improve inventory and cost efficiency. Expansion into channels like Amazon and further international growth could extend the brand’s reach, but execution risk is significant: the company must balance novelty with its core identity and avoid confusing customers again with overly complex offerings.

Summary

Bath & Body Works looks like a mature, profitable retailer working through a strategic reset. Earnings and cash flows remain solid, but top‑line growth has stalled and profits have softened from prior highs. The balance sheet is more leveraged than many investors might prefer, with negative equity and notable debt, making consistent cash generation particularly important. Offsetting these financial risks are strong brand equity, deep customer loyalty, and a distinctive store‑and‑scent experience, all supported by an agile supply chain. The company’s turnaround and innovation agenda—centered on core categories, AI‑enabled personalization, operational efficiency, and new channels—offers potential upside if executed well. Overall, the picture is of a resilient franchise with meaningful strengths but also clear dependence on successful strategy execution and careful balance sheet management.

NEWS

November 20, 2025 · 6:55 AM UTC

Bath & Body Works Outlines Strategic Transformation for Sustainable Growth and Reports 2025 Third Quarter Results

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November 7, 2025 · 8:30 AM UTC

Bath & Body Works Declares Cash Dividend

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November 6, 2025 · 8:30 AM UTC

Bath & Body Works to Report Third Quarter Results on November 20, 2025

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November 4, 2025 · 9:00 AM UTC

Bath & Body Works Announces Key Leadership Appointments

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September 8, 2025 · 9:00 AM UTC

Bath & Body Works to Hire More Than 30,000 Seasonal Associates Ahead of Holiday Season

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