Bed Bath & Beyond
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Bed Bath & Beyond (BBBY) investor relations material

Bed Bath & Beyond Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved eight consecutive quarters of EBITDA improvement and margin expansion, with disciplined cost management and a material reduction in break-even level.

  • Q4 2025 revenue was $273.4M, down 9.8% year-over-year; excluding Canada, down 6.4%.

  • Full year 2025 net revenue was $1.0446B, a 25.1% decrease year-over-year; excluding Canada, revenue declined 21.6%.

  • Margin integrity prioritized over headline revenue, resulting in significant gross margin improvement despite tariff and sourcing headwinds.

  • Integration of acquisitions and ecosystem synergies are central to the growth strategy.

Financial highlights

  • Q4 gross margin reached 24.6%, up 160 bps year-over-year; full-year gross margin improved 390 bps to 24.7%.

  • Q4 adjusted EBITDA loss was $4.4M, an improvement of $23.4M year-over-year; full-year adjusted EBITDA loss was $30.7M, a $113.3M improvement.

  • Q4 adjusted diluted EPS was -$0.16, up $0.75 year-over-year; full-year adjusted diluted EPS was -$0.96, up $2.88 year-over-year.

  • G&A and tech expense for Q4 2025 was $33M, down $15M year-over-year; $143.8M for FY 2025, down 23.9%.

  • Ended Q4 with $207M in cash, equivalents, restricted cash, and inventory; cash used in operations improved by $118M year-over-year.

Outlook and guidance

  • 2026 targets low to mid-single-digit year-over-year revenue growth, with Q1 expected to deliver at least 30% EBITDA improvement and 3%-5% revenue growth.

  • Margin target for 2026 is 25%, the midpoint of the 24%-26% framework.

  • Q2 is an integration quarter post-Kirkland's acquisition, with full synergy benefits expected in Q3 and Q4.

  • Stretch goal for breakeven in Q3 and profitability in Q4 2026, assuming integration milestones are met.

  • Guidance excludes impact from pending large acquisitions.

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Frequently asked questions

Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products they love. Since its founding in 1999, Beyond has focused on developing technical expertise in asset-light online retailing and providing a simple and easy experience for consumers and supplier partners. Today, the Company operates a ecommerce platform offering furniture and home furnishings products in the United States and Canada. In 2023, Beyond (formerly Overstock) acquired the Bed Bath & Beyond brand and associated intellectual property. Following the acquisition, the Company rebranded its ecommerce platform to Bed Bath & Beyond.

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