Bath & Body Works (BBWI) financial statements

Consumer Cyclical · Specialty Retail · Market cap $3.2B

Bath & Body Works reported revenue of $7.3B in fiscal 2026, down 5.9% a year over 9 years.

Net income was $649M and the operating margin 15.4%, against 15.9% in 2017.

Free cash flow was $865M, and the company returned $167M in dividends and $401M in net buybacks.

The diluted share count fell 28% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

0510152017201820192020202120222023202420252026RevenueFree cash flow
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Income statement

Fiscal years, from Bath & Body Works's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Revenue$12.6B$12.6B$13.2B$5.4B$6.4B$7.9B$7.6B$7.4B$7.3B$7.3B
Cost of revenue$7.4B$7.7B$8.3B$3.0B$3.3B$4.0B$4.3B$4.2B$4.1B$4.1B
Gross profit$5.1B$5.0B$4.9B$2.4B$3.1B$3.9B$3.3B$3.2B$3.2B$3.2B
Selling, general and admin$3.1B$3.2B$3.6B$1.3B$1.5B$1.8B$1.9B$2.0B$2.0B$2.1B
Operating income$2.0B$1.7B$1.2B$1.0B$1.6B$2.0B$1.4B$1.3B$1.3B$1.1B
Interest expense$394M$406M$385M$370M$432M$388M$348M$345M$312M$276M
Pre-tax income$1.7B$1.3B$857M$608M$1.1B$1.4B$1.0B$1.0B$1.0B$882M
Income tax$538M$329M$213M$148M$257M$348M$251M$143M$230M$233M
Net income$1.2B$983M$644M-$366M$844M$1.3B$800M$878M$798M$649M
EPS (diluted)$3.98$3.42$2.31-$1.32$3.00$4.88$3.43$3.84$3.61$3.11
Diluted shares291M287M279M278M281M273M233M229M221M209M
Gross margin40.8%39.3%37.0%44.2%48.1%48.9%43.1%43.6%44.3%43.7%
Operating margin15.9%13.7%9.3%19.2%24.9%25.5%18.2%17.3%17.3%15.4%
Net margin9.2%7.8%4.9%-6.8%13.1%16.9%10.6%11.8%10.9%8.9%

Balance sheet

Fiscal years, from Bath & Body Works's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Cash and short-term investments$1.9B$1.5B$1.4B$1.5B$3.6B$2.0B$1.2B$1.1B$674M$953M
Receivables$294M$310M$367M$306M$148M$240M$226M$224M$205M$180M
Inventory$1.1B$1.2B$1.2B$1.3B$572M$709M$709M$710M$734M$699M
Total current assets$3.5B$3.3B$3.3B$3.2B$5.6B$3.0B$2.3B$2.1B$1.8B$2.0B
Property, plant and equipment$2.7B$2.9B$2.8B$2.5B$1.0B$1.0B$1.2B$1.2B$1.1B$1.1B
Goodwill$1.3B$1.3B$1.3B$628M$628M$628M$628M$628M$628M$628M
Total assets$8.2B$8.1B$8.1B$10.1B$11.6B$6.0B$5.5B$5.5B$4.9B$5.1B
Total current liabilities$2.0B$2.0B$2.0B$2.4B$2.8B$1.3B$1.4B$1.3B$1.2B$1.6B
Long-term debt$5.7B$5.7B$5.7B$5.5B$6.4B$4.9B$4.9B$4.4B$3.9B$3.6B
Total liabilities$8.9B$8.9B$9.0B$11.6B$12.2B$7.5B$7.7B$7.1B$6.3B$6.3B
Shareholders' equity-$729M-$753M-$869M-$1.5B-$662M-$1.5B-$2.2B-$1.6B-$1.4B-$1.3B
Net debt$3.8B$4.3B$4.4B$4.0B$2.8B$2.9B$3.6B$3.3B$3.2B$2.9B

Cash flow

Fiscal years, from Bath & Body Works's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Operating cash flow$2.0B$1.4B$1.4B$1.2B$2.0B$1.5B$1.1B$954M$886M$1.1B
Capital spending$990M$707M$629M$458M$228M$270M$328M$298M$226M$237M
Free cash flow$1.0B$699M$748M$778M$1.8B$1.2B$816M$656M$660M$865M
Stock-based compensation$96M$102M$97M$87M$50M$46M$38M$43M$40M$31M
Dividends paid$1.3B$686M$666M$332M$83M$120M$186M$182M$177M$167M
Share buybacks (net)-$435M-$446M-$198M$0$0-$2.0B-$1.3B-$148M-$401M-$401M
Net borrowing-$742M-$540M-$52M-$799M-$1.3B-$1.7B$0-$447M-$522M$0
Free cash flow margin8.0%5.5%5.7%14.4%28.1%15.5%10.8%8.8%9.0%11.9%
Dividends per share$4.36$2.39$2.39$1.19$0.30$0.44$0.80$0.79$0.80$0.80
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Questions

What was Bath & Body Works's revenue in 2026?

$7.3B in fiscal 2026, from its 10-K filing.

How much free cash flow does Bath & Body Works generate?

$865M in fiscal 2026 (operating cash flow minus capital spending).

From Bath & Body Works's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.