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Bath & Body Works (BBWI) investor relations material
Bath & Body Works Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary20 Nov, 2025
Executive summary
Q3 2025 net sales were $1.594 billion, down 1% year-over-year, with adjusted EPS at $0.35, both below expectations and prompting a comprehensive strategic reset focused on core categories and consumer-centricity.
Operating income for Q3 was $161 million, down 26% from last year, with the operating margin dropping to 10.1%.
Leadership outlined a four-pillar growth plan—product innovation, brand reignition, marketplace expansion, and operational efficiency—with significant investments planned for 2026.
New leadership appointments and organizational changes are underway to drive transformation and accountability, with $15 million in transition costs recognized.
The company is acting with urgency to strengthen fundamentals and position for long-term growth, with 2026 set as a year of intentional investment.
Financial highlights
Q3 2025 net sales: $1.594 billion, down 1% year-over-year; gross profit: $658 million (41.3% margin), down 6%; operating income: $161 million, down 26%; adjusted net income: $71 million; adjusted EPS: $0.35.
Gross profit rate declined 220 basis points to 41.3%, impacted by tariffs and increased promotions.
Operating margin for Q3 2025 was 10.1%, down from 13.5% in Q3 2024.
Free cash flow for the year expected at approximately $650 million.
Returned $126 million to shareholders via dividends and repurchased 11.5 million shares for $343 million year-to-date.
Outlook and guidance
Q4 2025 net sales expected to decline high single digits year-over-year; gross profit rate forecast at 44.5%.
Q4 2025 EPS guidance set at a floor of at least $1.70.
Full-year 2025 net sales guidance revised from growth to a low single-digit decline; adjusted EPS guidance lowered to at least $2.87.
No growth expected for full-year 2026; improvements anticipated in the second half as new initiatives take effect.
FY 2025 gross profit rate expected at ~43.3%, with tariffs negatively impacting by ~100 bps.
2026 growth expectations given new strategy
How will core product innovation attract new consumers
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Next Bath & Body Works earnings date
Morgan Stanley Global Consumer & Retail Conference 20253 Dec, 2025
Next Bath & Body Works earnings date
Morgan Stanley Global Consumer & Retail Conference 20253 Dec, 2025
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Frequently asked questions
Bath & Body Works, Inc. operates a specialty retailer of home fragrance, body care, and soaps and sanitizer products. It offers body care products, including shower gels, lotions, creams and moisturizers, fragrances, anti-bac and soaps; sanitizers and moisturizers for hand rinse; and hand soap products, such as gel soaps, liquid soaps, foaming hand soap, and antibacterial foaming hand soap.
The company also provides personal care items comprising self-tanners and sunless sprays; aromatherapy products; travel-size items; lip products; face products consisting of facial masks, scrubs, toners, cleansers and wipes; men's grooming kits; shaving creams; and ear candles. Bath & Body Works, Inc. was founded in 1963 and is headquartered in Columbus, Ohio.
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