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Specialty retail · Consumer Cyclical · Fiscal year ends Jan 30
Bath & Body Works reported revenue of $7.3B in the fiscal year ended Jan 2026, down 0.2% from the year before. Operating income was $1.1B, an operating margin of 15.4%, and net income was $649M. Operating cash flow of $1.1B less capital expenditure of $237M left free cash flow of $865M. Net debt was $2.9B.
Ranks among the 14 specialty retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 7,882 | 7,560 | 7,429 | 7,307 | 7,291 |
| Cost of revenue | 4,027 | 4,305 | 4,193 | 4,073 | 4,102 |
| Gross profit | 3,855 | 3,255 | 3,236 | 3,234 | 3,189 |
| Selling, general & admin | 1,846 | 1,879 | 1,951 | 1,968 | 2,063 |
| Operating income | 2,009 | 1,376 | 1,285 | 1,266 | 1,126 |
| Interest expense | 388 | 348 | 345 | 312 | 276 |
| Pre-tax income | 1,423 | 1,045 | 1,021 | 1,028 | 882 |
| Income tax | 348 | 251 | 143 | 230 | 233 |
| Net income | 1,333 | 800 | 878 | 798 | 649 |
| Diluted EPS | 4.88 | 3.43 | 3.84 | 3.61 | 3.11 |
| Diluted shares | 273 | 233 | 229 | 221 | 209 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,979 | 1,232 | 1,084 | 674 | 953 |
| Receivables | 240 | 226 | 224 | 205 | 180 |
| Inventory | 709 | 709 | 710 | 734 | 699 |
| Current assets | 3,009 | 2,266 | 2,115 | 1,823 | 2,019 |
| Net PP&E | 1,009 | 1,193 | 1,220 | 1,127 | 1,127 |
| Goodwill | 628 | 628 | 628 | 628 | 628 |
| Total assets | 6,026 | 5,494 | 5,463 | 4,872 | 5,069 |
| Payables | 435 | 455 | 380 | 338 | 465 |
| Deferred revenue | 148 | 195 | 198 | 197 | 223 |
| Current liabilities | 1,290 | 1,379 | 1,289 | 1,231 | 1,591 |
| Short-term debt | – | – | 0.0 | 0.0 | 280 |
| Long-term debt | 4,854 | 4,862 | 4,388 | 3,884 | 3,612 |
| Total liabilities | 7,543 | 7,699 | 7,089 | 6,255 | 6,348 |
| Shareholders' equity | −1,518 | −2,206 | −1,627 | −1,385 | −1,281 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 1,492 | 1,144 | 954 | 886 | 1,102 |
| Capital expenditure | 270 | 328 | 298 | 226 | 237 |
| Free cash flow | 1,222 | 816 | 656 | 660 | 865 |
| Depreciation & amortisation | 363 | 221 | 269 | 282 | 254 |
| Stock-based compensation | 46.0 | 38.0 | 43.0 | 40.0 | 31.0 |
| Share buybacks | 1,964 | 1,312 | 148 | 401 | 401 |
| Dividends paid | 120 | 186 | 182 | 177 | 167 |
| Dividend per share | 0.45 | 0.80 | 0.80 | 0.80 | 0.80 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.1% | −1.7% | −1.6% | −0.2% |
| Operating income growth (YoY) | – | −31.5% | −6.6% | −1.5% | −11.1% |
| EPS growth (YoY) | – | −29.7% | 12.0% | −6.0% | −13.9% |
| Gross margin | 48.9% | 43.1% | 43.6% | 44.3% | 43.7% |
| Operating margin | 25.5% | 18.2% | 17.3% | 17.3% | 15.4% |
| Net margin | 16.9% | 10.6% | 11.8% | 10.9% | 8.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 42.4% | 33.4% | 30.8% | 34.8% | 32.4% |
| Free cash flow margin | 15.5% | 10.8% | 8.8% | 9.0% | 11.9% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.43x | 1.09x | 1.11x | 1.70x |
| Receivable days | 11 | 11 | 11 | 10 | 9 |
| Inventory days | 64 | 60 | 62 | 66 | 62 |
| Payable days | 39 | 39 | 33 | 30 | 41 |
| Interest cover | 5.18x | 3.95x | 3.72x | 4.06x | 4.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,875 | 3,630 | 3,304 | 3,210 | 2,939 |
| Current ratio | 2.33x | 1.64x | 1.64x | 1.48x | 1.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.