Bath & Body Works, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bath & Body Works, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,574	12,632	13,237	5,405	6,434	7,882	7,560	7,429	7,307	7,291
Cost of revenue	7,449	7,673	8,338	3,018	3,338	4,027	4,305	4,193	4,073	4,102
Gross profit	5,125	4,959	4,899	2,387	3,096	3,855	3,255	3,236	3,234	3,189
Selling, general and administrative	3,122	3,231	3,563	1,347	1,492	1,846	1,879	1,951	1,968	2,063
Operating income	2,003	1,728	1,237	1,040	1,604	2,009	1,376	1,285	1,266	1,126
Interest expense	394	406	385	370	432	388	348	345	312	276
Other non-operating income	87	-10	5	-62	-50	-198	17	81	74	32
Pre-tax income	1,696	1,312	857	608	1,122	1,423	1,045	1,021	1,028	882
Income tax	538	329	213	148	257	348	251	143	230	233
Income from continuing operations				460	865	1,075	794	878	798
Net income	1,158	983	644	-366	844	1,333	800	878	798	649
EBITDA	2,475	2,252	1,784	1,628	2,125	2,372	1,597	1,554	1,548	1,380
EPS, basic	4.04	3.46	2.33	-1.33	3.04	4.96	3.45	3.86	3.62	3.12
EPS, diluted	3.98	3.42	2.31	-1.32	3.00	4.88	3.43	3.84	3.61	3.11
Shares, basic (weighted)	287	284	276	276	278	269	232	228	220	208
Shares, diluted (weighted)	291	287	279	278	281	273	233	229	221	209
Dividend per share	4.40	2.40	2.40	1.20	0.30	0.45	0.80	0.80	0.80	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,934	1,515	1,413	1,499	3,568	1,979	1,232	1,084	674	953
Receivables	294	310	367	306	148	240	226	224	205	180
Inventory	1,096	1,240	1,248	1,287	572	709	709	710	734	699
Other current assets	141	228	232	153	52	81	99	97	114	106
Total current assets	3,465	3,293	3,260	3,245	5,579	3,009	2,266	2,115	1,823	2,019
Property, plant and equipment	2,741	2,893	2,818	2,486	1,017	1,009	1,193	1,220	1,127	1,127
Lease right-of-use assets			0	3,053	968	1,021	1,050	1,056	949	941
Goodwill	1,348	1,348	1,348	628	628	628	628	628	628	628
Intangible assets	411
Other non-current assets	186	190	191	218	175	149	155	135	50	77
Total assets	8,170	8,149	8,090	10,125	11,571	6,026	5,494	5,463	4,872	5,069
Accounts payable	683	717	711	647	345	435	455	380	338	465
Accrued liabilities	997	1,029	1,082	1,052	727	651	673	608	584	579
Deferred revenue				330	115	148	195	198	197	223
Short-term debt	36	87	72	61	0			0	0	280
Total current liabilities	2,014	2,031	1,986	2,372	2,826	1,290	1,379	1,289	1,231	1,591
Long-term debt	5,700	5,707	5,739	5,487	6,366	4,854	4,862	4,388	3,884	3,612
Lease liabilities			0	3,052	942	989	1,014	1,004	883	867
Other non-current liabilities	831	924	1,004	490	290	253	276	261	233	213
Total liabilities	8,897	8,900	8,955	11,620	12,232	7,543	7,699	7,089	6,255	6,348
Total debt	5,700	5,707	5,739	5,487	6,366	4,854	4,862	4,388	3,884	3,892
Paid-in capital	650	678	771	847	891	893	817	838	829	794
Retained earnings	205	-1,434	-1,482	-2,182	-1,421	-1,803	-2,401	-1,838	-1,578	-1,435
Treasury stock	-1,753	-162	-358	-358	-358	-822	-822	-822	-822	-822
Other comprehensive income	12	24	59	52	83	80	78	75	71	74
Shareholders' equity	-729	-753	-869	-1,499	-662	-1,518	-2,206	-1,627	-1,385	-1,281
Minority interests	2	2	4	4	1	1	1	1	2	2
Total equity	-727	-751	-865	-1,495	-661	-1,517	-2,205	-1,626	-1,383	-1,279
Total liabilities and equity	8,170	8,149	8,090	10,125	11,571	6,026	5,494	5,463	4,872	5,069
Shares outstanding	286	280	275	277	278	254	229	225	216	201

Cash flow statement

	FY2016	FY2017	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,158	983	644	-366	844	1,333	800	878	798	649
Depreciation and amortization	472	524	547	588	521	363	221	269	282	254
Stock-based compensation	96	102	97	87	50	46	38	43	40	31
Deferred income tax	110	-108	-52	11	17	42	15	-127	-113	63
Change in receivables	-44	-13	-63	31	38	-64	11	2	18	25
Change in inventory	30	-137	-40	-40	3	-177	0	-2	-26	37
Change in payables	31	50	29	-93	166	-86	44	-109	-50	111
Cash from operations	1,990	1,406	1,377	1,236	2,039	1,492	1,144	954	886	1,102
Capital expenditures	-990	-707	-629	-458	-228	-270	-328	-298	-226	-237
Acquisitions	-33	0	0
Purchases of investments	0	-10	0
Sales and maturities of investments	10	0	0	10
Cash from investing	-833	-698	-609	-480	-219	-259	-328	-286	-162	-227
Debt repaid	-742	-540	-52	-799	-1,307	-1,716	0	-447	-522	0
Stock issued	20	38	1	1	8	83	6	4
Share buybacks	-435	-446	-198	0	0	-1,964	-1,312	-148	-401	-401
Dividends paid	-1,268	-686	-666	-332	-83	-120	-186	-182	-177	-167
Cash from financing	-1,765	-1,127	-872	-666	610	-3,188	-1,562	-815	-1,132	-599
Exchange rate effect	-6	0	2	-4	4	1
Net change in cash	-614	-419	-102	86	2,434	-1,954	-747	-148	-410	279
Free cash flow	1,000	699	748	778	1,811	1,222	816	656	660	865
Interest paid	387	391	380	357	415	354	339	346	289	263
Income taxes paid	469	494	324	228	200	487	188	231	351	223

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $16.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.1%	Gross profit / revenue.
Operating margin	16.7%	Operating income / revenue.
EBITDA margin	20.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	10.8%	Net income / revenue.
FCF margin	14.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.7%	Cash from operations / revenue.
Effective tax rate	19.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	15.1%	Net income / average total assets.
Return on invested capital (ROIC)	55.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	27.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-11.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-6.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-18.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	31.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	21.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-15.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.20x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / assets	70.1%	Total debt / total assets.
Liabilities / assets	120.4%	Total liabilities / total assets.
Net debt	$2.82B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.94x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.50x	Operating income / interest expense.
Working capital	$343.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.40x	Revenue / average total assets.
Fixed asset turnover	6.52x	Revenue / average property, plant and equipment.
Inventory turnover	4.56x	Cost of revenue / average inventory.
Days inventory	80 days	365 x average inventory / cost of revenue.
Receivables turnover	46.8x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	27 days	Days inventory + days sales outstanding - days payables.
FCF conversion	132.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.69	Revenue / diluted weighted shares.
FCF per share	$5.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.30	Cash from operations / diluted weighted shares.
Book value per share	-$5.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.34	Tangible book value / shares outstanding.
Cash per share	$3.93	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	15.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	14.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.32B	Share price x shares outstanding.
Enterprise value	$6.14B	Market cap + total debt - cash - short-term investments.
P/E	4.25x	Market cap / net income. Only when net income is positive.
P/S	0.46x	Market cap / revenue.
P/FCF	3.22x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.60x	Market cap / cash from operations, when positive.
EV/Sales	0.85x	Enterprise value / revenue.
EV/EBIT	5.08x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.22x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.95x	Enterprise value / free cash flow, when both are positive.
FCF yield	31.1%	Free cash flow / market cap.
Earnings yield	23.6%	Net income / market cap (the inverse of P/E).
Dividend yield	4.9%	Dividends paid over the period / market cap.
Shareholder yield	9.3%	(Dividends paid + share buybacks) / market cap.

What was Bath & Body Works, Inc.'s revenue in fiscal 2025?

Bath & Body Works, Inc. reported revenue of $7.29B for fiscal 2025, 0.2% lower than the year before.

Was Bath & Body Works, Inc. profitable in fiscal 2025?

Yes. Net income was $649.0M, a net margin of 8.9%.

How much free cash flow did Bath & Body Works, Inc. generate in fiscal 2025?

Cash from operations of $1.10B minus capital expenditures of $237.0M left free cash flow of $865.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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