bbwi-20260801

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 August 1, 2026


☐			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)		(I.R.S. 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 August 21, 2026, the number of outstanding shares of the Registrant’s common stock was 201,645,313 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 August 1, 2026 (Unaudited), January 31, 2026 and August 2 , 2025 (Unaudited)			4

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

Consolidated Statements of Cash Flows (Unaudited)			7

Notes to Consolidated Financial Statements (Unaudited)			8

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995			15

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			15

Item 3. Quantitative and Qualitative Disclosures About Market Risk			25

Item 4. Controls and Procedures			26

Part II. Other Information			28

Item 1. Legal Proceedings			28

Item 1A. Risk Factors			28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			28

Item 3. Defaults Upon Senior Securities			28

Item 4. Mine Safety Disclosures			28

Item 5. Other Information			28

Item 6. Exhibits			29

Signature			30


*			The Company’s fiscal year ends on the Saturday nearest to January 31. As a result, “second quarter of 2026” and “second quarter of 2025” refer to the thirteen-week periods ended August 1, 2026 and August 2, 2025, respectively. “Year-to-date 2026” and “year-to-date 2025” refer to the twenty-six-week periods ended August 1, 2026 and August 2, 2025, 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)


	Second Quarter				Year-to-Date
	2026		2025		2026		2025
Net Sales	$	1,514	$	1,549	$	2,892	$	2,974
Costs of Goods Sold, Buying and Occupancy	(822)		(909)		(1,613)		(1,687)
Gross Profit	692		640		1,279		1,287
General, Administrative and Store Operating Expenses	(476)		(483)		(832)		(920)
Operating Income	216		157		447		367
Interest Expense	(63)		(68)		(132)		(139)
Other Income, Net	11		6		15		13
Income Before Income Taxes	164		95		330		241
Provision for Income Taxes	(46)		(31)		(29)		(72)
Net Income	$	118	$	64	$	301	$	169
Net Income per Basic Share	$	0.59	$	0.31	$	1.49	$	0.80
Net Income per Diluted Share	$	0.58	$	0.30	$	1.49	$	0.79

BATH & BODY WORKS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)


	Second Quarter				Year-to-Date
	2026		2025		2026		2025
Net Income	$	118	$	64	$	301	$	169
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(4)		—		(3)		6
Unrealized Gain (Loss) on Cash Flow Hedges	3		—		2		(3)
Reclassification of Cash Flow Hedges to Earnings	—		—		—		(1)
Total Other Comprehensive Income (Loss), Net of Tax	(1)		—		(1)		2
Total Comprehensive Income	$	117	$	64	$	300	$	171

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)


	August 1, 2026		January 31, 2026		August 2, 2025
	(Unaudited)				(Unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	794	$	953	$	364
Accounts Receivable, Net	154		180		131
Inventories	883		699		977
Easton Assets Held for Sale	81		81		81
Other	138		106		153
Total Current Assets	2,050		2,019		1,706
Property and Equipment, Net	1,106		1,127		1,124
Operating Lease Assets	1,012		941		984
Goodwill	628		628		628
Trade Name	165		165		165
Deferred Income Taxes	108		112		133
Other Assets	87		77		74
Total Assets	$	5,156	$	5,069	$	4,814
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	676	$	465	$	567
Accrued Expenses and Other	556		579		541
Current Debt	248		280		—
Current Operating Lease Liabilities	199		195		194
Income Taxes	28		72		1
Total Current Liabilities	1,707		1,591		1,303
Deferred Income Taxes	115		65		23
Long-term Debt	3,366		3,612		3,888
Long-term Operating Lease Liabilities	931		867		912
Other Long-term Liabilities	91		213		235
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	—		—		—
Common Stock - $0.50 par value; 1,000 shares authorized; 217, 216 and 223 shares issued; 202, 201 and 208 shares outstanding, respectively	108		108		111
Paid-in Capital	799		794		806
Accumulated Other Comprehensive Income	73		74		73
Retained Earnings (Accumulated Deficit)	(1,214)		(1,435)		(1,716)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)		(822)		(822)
Total Shareholders’ Equity (Deficit)	(1,056)		(1,281)		(1,548)
Noncontrolling Interest	2		2		1
Total Equity (Deficit)	(1,054)		(1,279)		(1,547)
Total Liabilities and Equity (Deficit)	$	5,156	$	5,069	$	4,814

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)

Second Quarter 2026


	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, May 2, 2026	201	$	108	$	799	$	74	$	(1,292)	$	(822)	$	2	$	(1,131)
Net Income	—	—		—		—		118		—		—		118
Other Comprehensive Loss	—	—		—		(1)		—		—		—		(1)
Total Comprehensive Income	—	—		—		(1)		118				—		117
Cash Dividends ($0.20 per share)	—	—		—		—		(40)		—		—		(40)


Share-based Compensation and Other	1	—		—		—		—		—		—		—
Balance, August 1, 2026	202	$	108	$	799	$	73	$	(1,214)	$	(822)	$	2	$	(1,054)

Second 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, May 3, 2025	212	$	113	$	818	$	73	$	(1,633)	$	(822)	$	1	$	(1,450)
Net Income	—	—		—		—		64		—		—		64
Other Comprehensive Income	—	—		—		—		—		—		—		—
Total Comprehensive Income	—	—		—		—		64		—		—		64
Cash Dividends ($0.20 per share)	—	—		—		—		(42)		—		—		(42)
Repurchases of Common Stock	(4)	—		—		—		—		(121)		—		(121)
Treasury Share Retirement	—	(2)		(14)		—		(105)		121		—		—
Share-based Compensation and Other	—	—		2		—		—		—		—		2
Balance, August 2, 2025	208	$	111	$	806	$	73	$	(1,716)	$	(822)	$	1	$	(1,547)

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 2026


	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, January 31, 2026	201	$	108	$	794	$	74	$	(1,435)	$	(822)	$	2	$	(1,279)
Net Income	—	—		—		—		301		—		—		301
Other Comprehensive Loss	—	—		—		(1)		—		—		—		(1)
Total Comprehensive Income	—	—		—		(1)		301		—		—		300
Cash Dividends ($0.40 per share)	—	—		—		—		(80)		—		—		(80)


Share-based Compensation and Other	1	—		5		—		—		—		—		5
Balance, August 1, 2026	202	$	108	$	799	$	73	$	(1,214)	$	(822)	$	2	$	(1,054)

Year-to-Date 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, February 1, 2025	216	$	115	$	829	$	71	$	(1,578)	$	(822)	$	2	$	(1,383)
Net Income	—	—		—		—		169		—		—		169
Other Comprehensive Income	—	—		—		2		—		—		—		2
Total Comprehensive Income	—	—		—		2		169		—		—		171
Cash Dividends ($0.40 per share)	—	—		—		—		(85)		—		—		(85)
Repurchases of Common Stock	(8)	—		—		—		—		(256)		—		(256)
Treasury Share Retirement	—	(4)		(30)		—		(222)		256		—		—
Share-based Compensation and Other	—	—		7		—		—		—		(1)		6
Balance, August 2, 2025	208	$	111	$	806	$