Bath & Body Works, Inc.

bbwinc.com

What Do They Do?

Sells body care, home fragrance and soap products to consumers through its stores, websites and retail partners.

How Do They Make Money?

Customers buy merchandise in stores and online, and sales are tied to when they receive the goods. Franchise, license and wholesale partners typically have payment terms of 45 to 75 days.

FY2025 revenue

Who Are Their Customers?

Consumers shop in company-operated stores and on the company’s U.S. and Canadian websites; internationally, products are sold through partner-run stores and e-commerce sites. The brand also sells on Amazon.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.

Operating income, FY2025

15% of revenue

▼ −11% vs FY2024 ($1.3B, 17%)

Net income, FY2025

9% of revenue

▼ −19% vs FY2024 ($798M, 11%)

Free cash flow, FY2025

12% of revenue

▲ +31% vs FY2024 ($660M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▼ −2%; vs $1.5B in Q2 FY2025
Net income: ▲ +84%; vs $64M in Q2 FY2025

Aug 26, 2026 Raised full-year earnings guidance and narrowed the sales outlook The company raised its full-year earnings-per-share guidance and narrowed its forecast for a sales decline.
May 27, 2026 Chief financial officer stepped down; interim CFO was appointed Eva Boratto left the CFO role, and Tom Javitch became interim CFO.

Flat. Revenue was $7.3B in FY2025, about the same as the $7.9B of FY2021.

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