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Bath & Body Works, Inc. (BBWI) stock

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NYSE: BBWI NYSE Other Specialty Retail Next results ~November 19, 2026

B Fundamentals grade

Bath & Body Works, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$69

Cash-flow model

Base case. Range ~$48–$96 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 196% above it.

Price used: $23.19, November 2, 2026

Bath & Body Works, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders6 buying, 0 selling6 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds231 adding, 248 cuttingOf 72 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bath & Body Works files

Where Bath & Body Works stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $7.21bn, down 2.2% on a year earlier, slower than -1.4% a quarter earlier. That puts it 877 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 14.3% from 10.6% a year earlier. The diluted share count is down 5.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 4 financial-health checks. Our cash-flow model value is $51.84 a share, against a share price of $20.30.

Source: 10-Q filed August 26, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

Bath & Body Works, Inc.'s trailing-twelve-month revenue fell 2.2% year on year, with a free-cash-flow margin of 14.3%. Where it stands out: operating margin of 16.7% ranks 1 of 33 other specialty retail companies we cover. Where it lags: long-term debt as % of assets of 65.3% ranks 25 of 26 other specialty retail companies we cover.

Our discounted-cash-flow model values the business at ~$69 per share in the base case (~$48–$96 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 31.7% while net income grew 7.3%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $23.19 is 196% below our value per share of $69.
  • Shrinking share count. Diluted shares fell 5.5% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 2.2% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 60% and a beta of 1.3 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 65.3% ranks 25 of 26 other specialty retail companies we cover (median 14.2%).

Latest results: FY2027 Q2

Filed August 26, 2026
Earnings per share
$0.62 against an average estimate of $0.24: beat by 154.9%
Revenue
$1.51bn, down 2.3% on a year earlier
Share reaction
+6.1% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500
Guidance given
net sales growth 2.5% to 4% (full-year 2026); earnings per diluted share $3.13 to $3.33 (full-year 2026)
Next report
November 19, 2026; average EPS estimate $0.11

Bath & Body Works' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+8.5%
  • 1 month+44.4%
  • This year+19.0%
  • 1 year-1.2%
  • 5 years-64.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.2B
Operating margin
16.7%
Net margin
10.8%
EPS (TTM, diluted)
$3.84

Growth

Revenue growth
−2.2%
Change in growth rate
−0.8 pts
Share count change
−5.5%

Cash

Free cash flow (TTM)
$1B
FCF margin
14.3%
Stock pay % of revenue
0.3%

Earnings

Last results
August 26, 2026
Next results (est.)
November 22, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bath & Body Works, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 12.0% a year for five years.That is slower than the -1.8% a year revenue growth Bath & Body Works has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-12.0%
  • Last 12 months-2.2%
  • 3 years a year-1.1%
  • 5 years a year-1.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($22.85, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$69
Price used
$22.85close November 3, 2026
Implied change
▲ +200%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Bath & Body Works, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($1B, FY2027 Q2 TTM), growing 1.1% and 1.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$48–~$96 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Bath & Body Works, Inc.'s free cash flow after stock-based pay ( $1B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Bath & Body Works, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$69 ~$48–$96 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$25–$57 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$36–$69 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bath & Body Works, Inc. with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +33%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $59$85$119$164$223$300
8.5% $42$60$85$118$160$214
10% $31$46$65$90$122$163

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$53.25$34.61$29.28$17.93$16.21$28.89$48.24$40.21$39.99$35.35$21.16$23.19
Market value$15.8bn$10.1bn$8.4bn$5.0bn$4.5bn$8.1bn$13.2bn$9.4bn$9.2bn$7.8bn$4.4bn$4.7bn
+ Net debt (− = net cash)−$2.5bn−$1.9bn−$1.5bn−$1.4bn−$1.5bn−$3.6bn−$2.0bn−$1.2bn−$1.1bn−$674m−$953m$2.8bn
Enterprise value$13.3bn$8.1bn$6.9bn$3.6bn$3.0bn$4.5bn$11.2bn$8.1bn$8.1bn$7.1bn$3.5bn$7.5bn
Multiples
Price / sales 1.3x0.8x0.7x0.4x0.8x1.3x1.7x1.2x1.2x1.1x0.6x0.7x
Price / earnings 12.6x8.7x8.5x7.8x—9.6x9.9x11.7x10.4x9.8x6.8x6.0x
Price / free cash flow 12.2x10.1x12.0x6.7x5.8x4.5x10.8x11.5x14.0x11.8x5.1x4.6x
EV / EBITDA 5.1x3.3x3.1x2.0x1.8x2.1x4.7x5.1x5.2x4.6x2.5x5.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

69 /100

Moderate moat

How hard Bath & Body Works's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.7% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 43.1%, moving by 4.4 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 16.6%; its worst year was 2.4%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 28.2% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, before the open. Analysts expect revenue of $1.5bn and EPS of $0.11 (range $0.09 to $0.15) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.70 −16% $7.1bn −3%
Next $2.78 +3% $7.2bn +2%

Next year's EPS estimate has moved −2.9% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.9% on 90 days ago. In the last 30 days, 12 analysts raised Bath & Body Works, Inc.'s forecast and 4 cut it.

Consensus EPS forecast Bath & Body Works, Inc., last 90 days
$2.60 $2.70 $2.80 $2.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.65 Current fiscal year, 60 days ago: $2.68 Current fiscal year, 30 days ago: $2.71 Current fiscal year, 7 days ago: $2.71 Current fiscal year, Now: $2.70 $2.70 Next fiscal year, 90 days ago: $2.86 Next fiscal year, 60 days ago: $2.81 Next fiscal year, 30 days ago: $2.79 Next fiscal year, 7 days ago: $2.79 Next fiscal year, Now: $2.78 $2.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.65$2.86
60 days ago $2.68$2.81
30 days ago $2.71$2.79
7 days ago $2.71$2.79
Now $2.70$2.78

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.24 $0.62 +154.9%
Apr 2026 $0.29 $0.32 +10.0%
Jan 2026 $1.77 $2.05 +15.8%
Oct 2025 $0.40 $0.35 −11.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 26, 2026
  • net sales full-year 2026 2.5% growth to 4% growth Narrowed
    “The company is narrowing its full-year 2026 guidance of net sales to decline between 4% to 2.5% compared to $7,291 million in fiscal 2025.” source
  • net sales third quarter of 2026 2.5% growth to 5% growth
    “For the third quarter of 2026, the company is forecasting net sales to decline between 5% to 2.5% compared to $1,594 million in the third quarter of 2025.” source
  • earnings per diluted share full-year 2026 $3.13 to $3.33 GAAP Raised
    “The company is also raising its full-year 2026 earnings per diluted share guidance to between $3.13 and $3.33 compared to $3.11 in fiscal 2025 and full-year 2026 adjusted earnings per diluted share guidance to between $2.60 and $2.80, compared to adjusted earnings per diluted share of $3.21 in 2025.” source
  • adjusted earnings per diluted share full-year 2026 $2.60 to $2.80 Non-GAAP Raised
    “The company is also raising its full-year 2026 earnings per diluted share guidance to between $3.13 and $3.33 compared to $3.11 in fiscal 2025 and full-year 2026 adjusted earnings per diluted share guidance to between $2.60 and $2.80, compared to adjusted earnings per diluted share of $3.21 in 2025.” source
  • earnings per diluted share third quarter 2026 $0.05 to $0.10 GAAP
    “Third quarter 2026 earnings per diluted share is expected to be between $0.05 and $0.10, compared to earnings per diluted share of $0.37 in the third quarter of 2025 and third quarter 2026 adjusted earnings per diluted share is expected to be between $0.07 and $0.12 compared to adjusted earnings per diluted share of $0.35 in the third quarter of 2025.” source
  • adjusted earnings per diluted share third quarter 2026 $0.07 to $0.12 Non-GAAP
    “Third quarter 2026 earnings per diluted share is expected to be between $0.05 and $0.10, compared to earnings per diluted share of $0.37 in the third quarter of 2025 and third quarter 2026 adjusted earnings per diluted share is expected to be between $0.07 and $0.12 compared to adjusted earnings per diluted share of $0.35 in the third quarter of 2025.” source
Show 2 more items
  • free cash flow fiscal 2026 about $650m Non-GAAP
    “In fiscal 2026, we now expect to generate free cash flow of approximately $650 million.” source
  • Forecasted Net Cash Provided by Operating Activities Full-Year 2026 about $890m
    “Forecasted Net Cash Provided by Operating Activities $ 890” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Bath & Body Works, Inc.'s revenue by +1.1% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.7%, weight 56%) , management guidance (+5.3%, weight 19%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy422%
Hold1372%
Sell16%

Monthly trend

  1. Oct 202641318
  2. Sep 202651319
  3. Aug 202651218
  4. Jul 202641318

Counts of recommendations published by analysts covering Bath & Body Works, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.7%
of tradable shares
Days to cover
2.38
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
9,071
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −1.2%

$23.46 on October 31, 2025 to $23.19

ThenNowEffect
Revenue (last 12 months) $7.4bn $7.2bn −2.2%
Net margin 9.9% 10.8% +9.7%
P/E multiple 6.9x 6.0x −12.9%
Share count 215m 204m +5.8%

Biggest factor: p/e multiple.

Last 3 years −22.2%

$29.81 on November 3, 2023 to $23.19

ThenNowEffect
Revenue (last 12 months) $7.4bn $7.2bn −3.2%
Net margin 4.6% 10.8% +138.0%
P/E multiple 20.2x 6.0x −70.0%
Share count 229m 204m +12.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BBWI+134%−38%+5%−8%−47%+19%
Industry peers (median)+42%−27%+2%−23%−10%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BBWI83%42%50%50%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BBWI−21%−63%−41%−48%−63%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 88% from November 4, 2015 to March 23, 2020. Getting back needed a 749% gain, reached on July 23, 2021, 487 days after the low.

Price behaviour

52-week range
$14.41 – $23.95
From 52-week high
−3.2%
vs 50-day average
+24.4%
vs 200-day average
+18.8%
Volatility (1 year)
60%
Beta vs S&P 500
1.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±9.8%
After a week
3 up, 9 down
typical move ±11.5%
After a month
3 up, 9 down
typical move ±15.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 +6.1% +0.7% +5.4% −6.4%
May 27, 2026 +14.8% +0.5% +1.6% +30.4%
March 4, 2026 −0.6% +0.1% −10.6% −17.2%
November 20, 2025 −28.5% −0.5% −16.2% −7.2%
August 28, 2025 −7.4% −0.2% −6.8% −17.4%
May 29, 2025 −7.7% +0.3% −12.8% −1.0%
May 19, 2025 −0.9% −0.2% −9.5% −17.4%
February 27, 2025 −11.8% −0.1% −16.7% −24.7%
November 25, 2024 +14.7% +0.9% +20.1% +24.4%
August 28, 2024 −10.7% −0.6% −15.3% −6.7%
June 4, 2024 −8.9% +1.3% −13.3% −28.3%
February 29, 2024 −5.5% +1.3% −9.4% +3.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Bath & Body Works, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.08× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Bath & Body Works, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bath & Body Works, Inc.
$7.2B $7.3B $7.4B $7.5B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $7.4B Revenue (TTM), FY24 Q4: $7.4B Revenue (TTM), FY25 Q1: $7.4B Revenue (TTM), FY25 Q2: $7.4B Revenue (TTM), FY25 Q3: $7.4B Revenue (TTM), FY25 Q4: $7.3B Revenue (TTM), FY26 Q1: $7.3B Revenue (TTM), FY26 Q2: $7.4B Revenue (TTM), FY26 Q3: $7.4B Revenue (TTM), FY26 Q4: $7.3B Revenue (TTM), FY27 Q1: $7.2B Revenue (TTM), FY27 Q2: $7.2B $7.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $7.4B
FY24 Q4 $7.4B
FY25 Q1 $7.4B
FY25 Q2 $7.4B
FY25 Q3 $7.4B
FY25 Q4 $7.3B
FY26 Q1 $7.3B
FY26 Q2 $7.4B
FY26 Q3 $7.4B
FY26 Q4 $7.3B
FY27 Q1 $7.2B
FY27 Q2 $7.2B
Revenue growth, TTM YoY Bath & Body Works, Inc.
-4% -2% 0% 2% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -3.8% Revenue growth, TTM YoY, FY24 Q4: -1.7% Revenue growth, TTM YoY, FY25 Q1: -1.2% Revenue growth, TTM YoY, FY25 Q2: -0.9% Revenue growth, TTM YoY, FY25 Q3: 0.4% Revenue growth, TTM YoY, FY25 Q4: -1.6% Revenue growth, TTM YoY, FY26 Q1: -0.9% Revenue growth, TTM YoY, FY26 Q2: -0.2% Revenue growth, TTM YoY, FY26 Q3: -1.0% Revenue growth, TTM YoY, FY26 Q4: -0.2% Revenue growth, TTM YoY, FY27 Q1: -1.4% Revenue growth, TTM YoY, FY27 Q2: -2.2% -2.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -3.8%
FY24 Q4 -1.7%
FY25 Q1 -1.2%
FY25 Q2 -0.9%
FY25 Q3 0.4%
FY25 Q4 -1.6%
FY26 Q1 -0.9%
FY26 Q2 -0.2%
FY26 Q3 -1.0%
FY26 Q4 -0.2%
FY27 Q1 -1.4%
FY27 Q2 -2.2%
Operating margin (TTM) Bath & Body Works, Inc.
15% 16% 17% 18% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 16.8% Operating margin (TTM), FY24 Q4: 17.3% Operating margin (TTM), FY25 Q1: 17.4% Operating margin (TTM), FY25 Q2: 17.4% Operating margin (TTM), FY25 Q3: 17.3% Operating margin (TTM), FY25 Q4: 17.3% Operating margin (TTM), FY26 Q1: 17.5% Operating margin (TTM), FY26 Q2: 17.1% Operating margin (TTM), FY26 Q3: 16.4% Operating margin (TTM), FY26 Q4: 15.4% Operating margin (TTM), FY27 Q1: 15.8% Operating margin (TTM), FY27 Q2: 16.7% 16.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 16.8%
FY24 Q4 17.3%
FY25 Q1 17.4%
FY25 Q2 17.4%
FY25 Q3 17.3%
FY25 Q4 17.3%
FY26 Q1 17.5%
FY26 Q2 17.1%
FY26 Q3 16.4%
FY26 Q4 15.4%
FY27 Q1 15.8%
FY27 Q2 16.7%
FCF margin (TTM) Bath & Body Works, Inc.
8% 10% 12% 14% 16% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 10.5% FCF margin (TTM), FY24 Q4: 8.8% FCF margin (TTM), FY25 Q1: 9.9% FCF margin (TTM), FY25 Q2: 9.3% FCF margin (TTM), FY25 Q3: 8.7% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 10.6% FCF margin (TTM), FY26 Q2: 10.6% FCF margin (TTM), FY26 Q3: 12.9% FCF margin (TTM), FY26 Q4: 11.9% FCF margin (TTM), FY27 Q1: 12.5% FCF margin (TTM), FY27 Q2: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 10.5%
FY24 Q4 8.8%
FY25 Q1 9.9%
FY25 Q2 9.3%
FY25 Q3 8.7%
FY25 Q4 9.0%
FY26 Q1 10.6%
FY26 Q2 10.6%
FY26 Q3 12.9%
FY26 Q4 11.9%
FY27 Q1 12.5%
FY27 Q2 14.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Bath & Body Works took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.3B
  2. Cost of revenue $4.1B · 56.3%
  3. Gross profit $3.2B · 43.7%
  4. Selling, general and admin $2.1B · 28.3%
  5. Operating income $1.1B · 15.4%
  6. Income tax $233M · 3.2%
  7. Interest and other $244M · 3.3%
  8. Net income $649M · 8.9%

Shares of revenue. Source: Bath & Body Works's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 8.6 9.6 10.4 10.5 10.8 11.5 12.2 12.6 12.6 13.2 5.4 6.4 7.9 7.6 7.4 7.3 7.3 7.2
Gross profit 3.0 3.6 4.1 4.4 4.4 4.8 5.2 5.1 5.0 4.9 2.4 3.1 3.9 3.3 3.2 3.2 3.2 3.2
EBITDA 1.2 1.6 1.6 1.9 2.1 2.4 2.6 2.5 2.3 1.8 1.6 2.1 2.4 1.6 1.6 1.5 1.4 1.5
Operating income 0.9 1.3 1.2 1.6 1.7 2.0 2.2 2.0 1.7 1.2 1.0 1.6 2.0 1.4 1.3 1.3 1.1 1.2
Net income 0.4 0.8 0.9 0.8 0.9 1.0 1.3 1.2 1.0 0.6 −0.4 0.8 1.3 0.8 0.9 0.8 0.6 0.8
Diluted EPS $1.37 $2.42 $2.70 $2.54 $3.05 $3.50 $4.22 $3.98 $3.42 $2.31 −$1.32 $3.00 $4.88 $3.43 $3.84 $3.61 $3.11 $3.84
Growth (year on year)
Revenue −4.5% +11.4% +7.8% +0.9% +3.0% +6.3% +6.1% +3.5% +0.5% +4.8% −59.2% +19.0% +22.5% −4.1% −1.7% −1.6% −0.2% −2.2%
EBITDA +26.8% +34.1% −3.0% +20.9% +9.5% +11.4% +10.9% −5.1% −9.0% −20.8% −8.7% +30.5% +11.6% −32.7% −2.7% −0.4% −10.9% −5.0%
Operating income +47.4% +47.9% −3.6% +27.1% +10.8% +12.0% +12.2% −8.6% −13.7% −28.4% −15.9% +54.2% +25.2% −31.5% −6.6% −1.5% −11.1% −4.4%
Net income +103.6% +79.7% +5.6% −11.4% +19.9% +15.4% +20.2% −7.6% −15.1% −34.5% −156.8% — +57.9% −40.0% +9.8% −9.1% −18.7% +7.3%
Diluted EPS +110.8% +76.6% +11.6% −5.9% +20.1% +14.8% +20.6% −5.7% −14.1% −32.5% −157.1% — +62.7% −29.7% +12.0% −6.0% −13.9% +13.5%
Margins
Gross margin 35.1% 37.8% 39.1% 41.9% 41.1% 42.0% 42.8% 40.8% 39.3% 37.0% 44.2% 48.1% 48.9% 43.1% 43.6% 44.3% 43.7% 44.1%
EBITDA margin 14.2% 17.1% 15.4% 18.4% 19.6% 20.5% 21.4% 19.7% 17.8% 13.5% 30.1% 33.0% 30.1% 21.1% 20.9% 21.2% 18.9% 20.2%
Operating margin 10.1% 13.4% 11.9% 15.0% 16.2% 17.1% 18.0% 15.9% 13.7% 9.3% 19.2% 24.9% 25.5% 18.2% 17.3% 17.3% 15.4% 16.7%
Net margin 5.2% 8.4% 8.2% 7.2% 8.4% 9.1% 10.3% 9.2% 7.8% 4.9% −6.8% 13.1% 16.9% 10.6% 11.8% 10.9% 8.9% 10.8%
Free-cash-flow margin 11.3% 10.5% 8.1% 7.3% 5.2% 9.4% 10.7% 8.0% 5.5% 5.7% 14.4% 28.1% 15.5% 10.8% 8.8% 9.0% 11.9% 14.3%
Cash flow
Cash from operations 1.2 1.3 1.3 1.4 1.2 1.8 2.0 2.0 1.4 1.4 1.2 2.0 1.5 1.1 1.0 0.9 1.1 1.3
Capital spending 0.2 0.3 0.4 0.6 0.7 0.7 0.7 1.0 0.7 0.6 0.5 0.2 0.3 0.3 0.3 0.2 0.2 0.2
Free cash flow 1.0 1.0 0.8 0.8 0.6 1.1 1.3 1.0 0.7 0.7 0.8 1.8 1.2 0.8 0.7 0.7 0.9 1.0
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.9 0.9 0.8 0.7 0.5 1.0 1.2 0.9 0.6 0.7 0.7 1.8 1.2 0.8 0.6 0.6 0.8 1.0
Balance sheet
Cash 1.8 1.1 0.9 0.8 1.7 1.7 2.5 1.9 1.5 1.4 1.5 3.6 2.0 1.2 1.1 0.7 1.0 0.8
Total debt — — — — — — — — — — — — — — — — — 3.6
Net debt (negative = net cash) −1.8 −1.1 −0.9 −0.8 −1.7 −1.7 −2.5 −1.9 −1.5 −1.4 −1.5 −3.6 −2.0 −1.2 −1.1 −0.7 −1.0 2.8
Diluted shares 327m 333m 314m 297m 296m 298m 297m 291m 287m 279m 278m 281m 273m 233m 229m 221m 209m 204m
Returned to shareholders
Dividends 0.2 1.5 1.1 1.4 0.3 0.7 1.2 1.3 0.7 0.7 0.3 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Buybacks 0.0 0.2 1.2 0.6 0.1 0.1 0.5 0.4 0.4 0.2 0.0 0.0 2.0 1.3 0.1 0.4 0.4 0.1
Total returned 0.2 1.7 2.3 2.1 0.4 0.8 1.7 1.7 1.1 0.9 0.3 0.1 2.1 1.5 0.3 0.6 0.6 0.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · August 1, 2026
What it owns · $5.2bn
Short-term assets $2.0bnLonger-term assets $3.1bn
What it owes, and who funded it · $1.7bn
Short-term liabilities $1.7bnShareholders' equity $-1.1bn
  • Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $1.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $794m of cash against $3.6bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $3.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $268m of interest.

From Bath & Body Works, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$147M
Dividends (TTM)
$162M
Returned to shareholders
30%
of free cash flow
Buybacks, last 3 fiscal years
$950M
Diluted share count
−5.5%
year over year
Total shareholder yield
6.6%
dividends 3.5% + buybacks 3.1% of market value
Dividend payout ratio
21%
of net income paid out
Sales & admin spending
27.4%
of revenue
Days sales outstanding
8 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated BBWI ASO WOOF FIVE ULTA CHWY Median
Revenue, last 12 months $7.2bn $6.2bn $6.0bn $5.3bn $13.0bn $13.1bn $1.2bn
Revenue growth, last 12 months −2.2% 3.7% −1.3% 25.6% 11.2% 5.9% 4.0%
Revenue growth, 3-year average −1.1% −0.1% −1.1% 17.8% 6.5% 6.4% 2.6%
Revenue growth, latest quarter −2.3% 3.0% 0.0% 22.9% 8.9% 7.3% 2.3%
Gross margin 44.1% 35.8% 38.8% 40.3% 39.3% 29.9% 36.5%
Operating margin 16.7% 9.6% 2.2% 14.7% 12.5% 2.5% 2.2%
Operating margin, 3-year average 17.1% 9.4% −5.5% 10.9% 13.3% 1.5% 1.5%
Net margin 10.8% 6.4% 0.5% 11.7% 9.3% 2.1% 0.8%
Cash from operations / revenue 17.7% 8.8% 6.3% 15.1% 12.1% 5.5% 5.5%
Free-cash-flow margin 14.3% 5.3% 4.0% 11.3% 8.9% 4.3% 3.0%
Free-cash-flow margin, 3-year average 11.4% 5.4% 1.5% 6.6% 8.6% 3.5% 2.7%
Stock pay / revenue 0.3% 0.4% 0.5% 0.6% 0.4% 2.3% 0.6%
Change in share count −5.5% −4.5% 3.7% 0.6% −4.2% −1.4% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth -2.2% 4.0% 28 of 35
Change in growth rate Growth -0.8pp -0.2pp 24 of 35
Gross margin Profitability 44.1% 36.5% 11 of 31
Operating margin Profitability 16.7% 2.2% 1 of 33
Net margin Profitability 10.8% 0.8% 3 of 35
Free-cash-flow margin Cash generation 14.3% 3.1% 1 of 34
Stock pay as % of revenue Cash generation 0.3% 0.7% 6 of 30
Long-term debt as % of assets Balance sheet 65.3% 14.2% 25 of 26
Change in share count Balance sheet -5.5% 0.6% 3 of 33
Days sales outstanding Balance sheet 8 days 13 days 7 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$4.8B
Institutions reporting
466
Shares held vs prior quarter
▲ 0.7%
Positions opened / closed
65 / 71

Top buyers and sellers, Q2 2026: 231 institutions bought and 248 sold ; the biggest buyer was Citadel Advisors LLC (+3.0M shares) and the biggest seller AQR Capital Management LLC (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $487M 21.0M 10.2% ▲ 0.7%
Blackrock, Inc. $449M 19.4M 9.4% ▲ 0.5%
Vanguard Portfolio Management LLC $394M 17.0M 8.3% ▲ 13.3%
Vanguard Capital Management LLC $210M 9.1M 4.4% ▼ 1.0%
D. E. Shaw & Co., Inc. $179M 7.7M 3.8% ▼ 18.7%
AQR Capital Management LLC $173M 7.6M 3.6% ▼ 30.8%
State Street Corp $165M 7.1M 3.5% ▲ 2.9%
Citadel Advisors LLC $118M 5.1M 2.5% ▲ 146.4%
Alliancebernstein L.P. $105M 5.6M 2.2% ▼ 2.4%
American Century Companies Inc $94.7M 4.1M 2.0% ▼ 8.5%
Renaissance Technologies LLC $92.5M 4.0M 1.9% ▲ 46.4%
Geode Capital Management, LLC $86.5M 3.7M 1.8% ▼ 5.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bath & Body Works, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 6 trades by 6 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1M net buying
Insider Date Trade Shares Price Value
Nash Sarah E Director November 24, 2025 Buy 10,000 $15.58 $155,800
Symancyk James Kevin Director November 24, 2025 Buy 22,500 $15.58 $350,550
Brady Lucy Director November 21, 2025 Buy 3,470 $14.40 $49,962
Hondal Francis Director November 21, 2025 Buy 3,343 $15.00 $50,145
Steinour Stephen D Director November 21, 2025 Buy 6,700 $14.86 $99,562
Voskuil Steven E Director November 21, 2025 Buy 20,000 $15.04 $300,800

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Bath & Body Works, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded November 30, 2022, filed December 29, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 22, 2026 estimated from the company's past filing pattern, not announced

  • August 26, 2026
  • May 27, 2026
  • March 4, 2026
  • November 20, 2025
  • August 28, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on Bath & Body Works, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bath & Body Works, Inc. in brief

What does Bath & Body Works, Inc. do?
Bath & Body Works, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in January.
What is Bath & Body Works, Inc.'s stock ticker?
Bath & Body Works, Inc. trades under the ticker BBWI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bath & Body Works, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bath & Body Works, Inc. reported revenue of $7.2B, 2.2% lower than a year earlier, according to its SEC filings.
What is Bath & Body Works, Inc.'s free cash flow?
Bath & Body Works, Inc.'s free-cash-flow margin is 14.3% of revenue over the trailing twelve months, ranking 1 of the 34 other specialty retail companies we cover.
What is Bath & Body Works, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Bath & Body Works, Inc.'s free cash flow after stock-based pay gives ~$69 per share in the base case, and ~$48–$96 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Bath & Body Works, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Bath & Body Works, Inc. buying back stock, and does it pay a dividend?
Bath & Body Works, Inc. spent $147M on share repurchases over the trailing twelve months, and its diluted share count fell 5.5% over the year.
What is Bath & Body Works, Inc.'s market cap?
On November 2, 2026, Bath & Body Works, Inc.'s market capitalisation was about $4.7B, with a price-to-earnings ratio of 6.0 and net debt of $2.8B. Market figures come from third-party market data and may be delayed.
Does Bath & Body Works, Inc. pay a dividend?
Yes: Bath & Body Works, Inc. paid $162M in dividends over the trailing twelve months, a dividend yield of 3.46% and a payout ratio of 20.7%.
Who are Bath & Body Works, Inc.'s competitors?
In our Other Specialty Retail peer group, the companies closest to Bath & Body Works, Inc. are Academy Sports & Outdoors, Inc., Petco Health & Wellness Company, Inc., Five Below, Inc, Ulta Beauty and Chewy, Inc. The side-by-side comparison below sets their revenue, margins and growth against Bath & Body Works, Inc.'s.
Are insiders buying or selling Bath & Body Works, Inc. stock?
Over the last 12 months, Bath & Body Works, Inc.'s directors and officers reported 6 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Bath & Body Works, Inc.'s next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bath & Body Works, Inc. announces its own schedule.