bbwi-20251101

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

_________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 1, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-8344

_________________________________

BATH & BODY WORKS, INC.

(Exact name of registrant as specified in its charter)

_______________________________


Delaware		31-1029810
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
Three Limited Parkway
Columbus,	Ohio	43230
(Address of principal executive offices)		(Zip Code)
(614)	415-7000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Smaller reporting company

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.50 Par Value	BBWI	The New York Stock Exchange

As of November 14, 2025, the number of outstanding shares of the Registrant’s common stock was 204,721,605 shares.

Table of Contents

BATH & BODY WORKS, INC. ®

TABLE OF CONTENTS


			Page No.
Part I. Financial Information

Item 1. Financial Statements *

Consolidated Statements of Income (Unaudited)			3

Consolidated Statements of Comprehensive Income (Unaudited)			3

Consolidated Balance Sheets as of November 1 , 2025 (Unaudited), February 1, 2025 and November 2 , 2024 (Unaudited)			4

Consolidated Statements of Total Equity (Deficit) (Unaudited)			5

Consolidated Statements of Cash Flows (Unaudited)			7

Notes to Consolidated Financial Statements (Unaudited)			8

Report of Independent Registered Public Accounting Firm			15

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995			16

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			16

Item 3. Quantitative and Qualitative Disclosures About Market Risk			27

Item 4. Controls and Procedures			28

Part II. Other Information			29

Item 1. Legal Proceedings			29

Item 1A. Risk Factors			29

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			29

Item 3. Defaults Upon Senior Securities			29

Item 4. Mine Safety Disclosures			29

Item 5. Other Information			29

Item 6. Exhibits			30

Signature			31


*			The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2025” and “third quarter of 2024” refer to the thirteen-week periods ended November 1, 2025 and November 2, 2024, respectively. “Year-to-date 2025” and “year-to-date 2024” refer to the thirty-nine-week periods ended November 1, 2025 and November 2, 2024, respectively.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

BATH & BODY WORKS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

(Unaudited)


	Third Quarter				Year-to-Date
	2025		2024		2025		2024
Net Sales	$	1,594	$	1,610	$	4,567	$	4,520
Costs of Goods Sold, Buying and Occupancy	(936)		(910)		(2,622)		(2,587)
Gross Profit	658		700		1,945		1,933
General, Administrative and Store Operating Expenses	(497)		(482)		(1,418)		(1,345)
Operating Income	161		218		527		588
Interest Expense	(68)		(77)		(208)		(236)
Other Income, Net	10		4		25		65
Income Before Income Taxes	103		145		344		417
Provision for Income Taxes	(26)		(39)		(98)		(72)
Net Income	$	77	$	106	$	246	$	345
Net Income per Basic Share	$	0.38	$	0.49	$	1.17	$	1.56
Net Income per Diluted Share	$	0.37	$	0.49	$	1.17	$	1.55

BATH & BODY WORKS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)


	Third Quarter				Year-to-Date
	2025		2024		2025		2024
Net Income	$	77	$	106	$	246	$	345
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(2)		(1)		4		(4)
Unrealized Gain (Loss) on Cash Flow Hedges	2		—		(1)		2
Reclassification of Cash Flow Hedges to Earnings	—		—		(1)		—
Total Other Comprehensive Income (Loss), Net of Tax	—		(1)		2		(2)
Total Comprehensive Income	$	77	$	105	$	248	$	343

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents

BATH & BODY WORKS, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except par value amounts)


	November 1, 2025		February 1, 2025		November 2, 2024
	(Unaudited)				(Unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	236	$	674	$	191
Accounts Receivable, Net	169		205		200
Inventories	1,251		734		1,178
Easton Assets Held for Sale	81		96		—
Other	144		114		151
Total Current Assets	1,881		1,823		1,720
Property and Equipment, Net	1,142		1,127		1,158
Operating Lease Assets	967		949		1,029
Goodwill	628		628		628
Trade Name	165		165		165
Deferred Income Taxes	132		130		143
Other Assets	74		50		141
Total Assets	$	4,989	$	4,872	$	4,984
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	781	$	338	$	510
Accrued Expenses and Other	558		584		547
Current Debt	—		—		314
Current Operating Lease Liabilities	193		192		188
Income Taxes	21		117		16
Total Current Liabilities	1,553		1,231		1,575
Deferred Income Taxes	23		24		45
Long-term Debt	3,890		3,884		3,883
Long-term Operating Lease Liabilities	897		883		969
Other Long-term Liabilities	218		233		260
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	—		—		—
Common Stock - $0.50 par value; 1,000 shares authorized; 220, 231 and 232 shares issued; 205, 216 and 217 shares outstanding, respectively	109		115		115
Paid-in Capital	801		829		827
Accumulated Other Comprehensive Income	73		71		73
Retained Earnings (Accumulated Deficit)	(1,754)		(1,578)		(1,942)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)		(822)		(822)
Total Shareholders’ Equity (Deficit)	(1,593)		(1,385)		(1,749)
Noncontrolling Interest	1		2		1
Total Equity (Deficit)	(1,592)		(1,383)		(1,748)
Total Liabilities and Equity (Deficit)	$	4,989	$	4,872	$	4,984

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents

BATH & BODY WORKS, INC.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT)

(in millions, except per share amounts)

(Unaudited)

Third Quarter 2025


	Common Stock			Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings (Accumulated Deficit)		Treasury Stock, at Average Cost		Noncontrolling Interest		Total Equity (Deficit)
	Shares Outstanding	Par Value
Balance, August 2, 2025	208	$	111	$	806	$	73	$	(1,716)	$	(822)	$	1	$	(1,547)
Net Income	—	—		—		—		77		—		—		77
Other Comprehensive Income	—	—		—		—		—		—		—		—
Total Comprehensive Income	—	—		—		—		77		—		—		77
Cash Dividends ($0.20 per share)	—	—		—		—		(41)		—		—		(41)
Repurchases of Common Stock	(3)	—		—		—		—		(87)		—		(87)
Treasury Share Retirement	—	(2)		(11)		—		(74)		87		—		—
Share-based Compensation and Other	—	—		6		—		—		—		—		6
Balance, November 1, 2025	205	$	109	$	801	$	73	$	(1,754)	$	(822)	$	1	$	(1,592)

Third Quarter 2024


	Common Stock			Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings (Accumulated Deficit)		Treasury Stock, at Average Cost		Noncontrolling Interest		Total Equity (Deficit)
	Shares Outstanding	Par Value
Balance, August 3, 2024	220	$	117	$	830	$	74	$	(1,918)	$	(822)	$	1	$	(1,718)
Net Income	—	—		—		—		106		—		—		106
Other Comprehensive Loss	—	—		—		(1)		—		—		—		(1)
Total Comprehensive Income	—	—		—		(1)		106		—		—		105
Cash Dividends ($0.20 per share)	—	—		—		—		(44)		—		—		(44)
Repurchases of Common Stock	(3)	—		—		—		—		(99)		—		(99)
Treasury Share Retirement	—	(2)		(11)		—		(86)		99		—		—
Share-based Compensation and Other	—	—		8		—		—		—		—		8
Balance, November 2, 2024	217	$	115	$	827	$	73	$	(1,942)	$	(822)	$	1	$	(1,748)

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents

BATH & BODY WORKS, INC.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT)

(in millions, except per share amounts)

(Unaudited)

Year-to-Date 2025

SEC Form 10-Q filed by Bath & Body Works Inc.