Bath & Body Works, LLC. is an American retail store chain that sells soaps, lotions, fragrances, candles, accessories, and hand sanitizers. It was founded in 1990 in New Albany, Ohio, and has since expanded across six continents. In 1997, it became the largest bath shop chain in the United States.3 It was founded by Les Wexner.1 Its revenue was $2.3 billion in 2006.1 It is part of Bath & Body Works, Inc.1 Its shares trade on NYSE under the symbol BBWI.1Wikipedia text CC BY-SA 4.0
Bath & Body Works, LLC. is an American retail store chain that sells soaps, lotions, fragrances, candles, accessories, and hand sanitizers. It was founded in 1990 in New Albany, Ohio, and has since expanded across six continents. In 1997, it became the largest bath shop chain in the United States.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213145$7.3B in 2026−45% since 2019Gross profit10111213145$3.2B in 2026−35% since 2019Operating income10111213145$1.1B in 2026−9% since 2019Net income10111213145$649.0M in 2026+1% since 2019
Revenue1516$1.5B in Q2 FY2026+10% since Q1 FY2026Gross profit1516$692.0M in Q2 FY2026+18% since Q1 FY2026Operating income1516$216.0M in Q2 FY2026−6% since Q1 FY2026Net income1516$118.0M in Q2 FY2026−36% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2026-01-31
2025-01-31
2024-01-31
Net Sales
$7.3B
$7.3B
$7.4B
Costs of Goods Sold, Buying and Occupancy
-$4.1B
-$4.1B
-$4.2B
Gross Profit
$3.2B
$3.2B
$3.2B
General, Administrative and Store Operating Expenses
-$2.1B
-$2.0B
-$2.0B
Operating Income
$1.1B
$1.3B
$1.3B
Interest Expense
-$276.0M
-$312.0M
-$345.0M
Other Income, Net
$32.0M
$74.0M
$81.0M
Income Before Income Taxes
$882.0M
$1.0B
$1.0B
Provision for Income Taxes
-$233.0M
-$230.0M
-$143.0M
Net Income
$649.0M
$798.0M
$878.0M
Net Income Per Basic Share (in USD per share)
$3.12
$3.62
$3.86
Net Income Per Diluted Share (in USD per share)
$3.11
$3.61
$3.84
No quarter-by-quarter statement was filed.
Total assets10111213145$5.1B in 2026−37% since 2019Shareholders’ equity1710111213145-$1.3B in 2026+47% since 2019Cash1710111213145$953.0M in 2026−33% since 2019Long-term debt1710111213145$3.6B in 2026−37% since 2019
Total assets1516$5.2B in Q2 FY2026+2% since Q1 FY2026Shareholders’ equity1516-$1.1B in Q2 FY2026−18% since Q1 FY2026Cash1516$794.0M in Q2 FY2026−17% since Q1 FY2026Long-term debt1516$3.4B in Q2 FY2026−7% since Q1 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and Cash Equivalents
$953.0M
$674.0M
Accounts Receivable, Net
$180.0M
$205.0M
Inventories
$699.0M
$734.0M
Easton Assets Held for Sale
$81.0M
$96.0M
Other
$106.0M
$114.0M
Total Current Assets
$2.0B
$1.8B
Property and Equipment, Net
$1.1B
$1.1B
Operating Lease Assets
$941.0M
$949.0M
Goodwill
$628.0M
$628.0M
Trade Name
$165.0M
$165.0M
Deferred Income Taxes
$112.0M
$130.0M
Other Assets
$77.0M
$50.0M
Total Assets
$5.1B
$4.9B
Accounts Payable
$465.0M
$338.0M
Accrued Expenses and Other
$579.0M
$584.0M
Current Debt
$280.0M
$0
Current Operating Lease Liabilities
$195.0M
$192.0M
Income Taxes
$72.0M
$117.0M
Total Current Liabilities
$1.6B
$1.2B
Deferred Income Taxes
$65.0M
$24.0M
Long-term Debt
$3.6B
$3.9B
Long-term Operating Lease Liabilities
$867.0M
$883.0M
Other Long-term Liabilities
$213.0M
$233.0M
Preferred Stock$1.00 par value; 10 shares authorized; none issued
$0
$0
Common Stock$0.50 par value; 1,000 shares authorized; 216 and 231 shares issued; 201 and 216 shares outstanding, respectively
$108.0M
$115.0M
Paid-in Capital
$794.0M
$829.0M
Accumulated Other Comprehensive Income
$74.0M
$71.0M
Retained Earnings (Accumulated Deficit)
-$1.4B
-$1.6B
Less: Treasury Stock, at Average Cost; 15 and 15 shares, respectively
-$822.0M
-$822.0M
Total Shareholders Equity (Deficit)
-$1.3B
-$1.4B
Noncontrolling Interest
$2.0M
$2.0M
Total Equity (Deficit)
-$1.3B
-$1.4B
-$1.6B
-$2.2B
Total Liabilities and Equity (Deficit)
$5.1B
$4.9B
Preferred stock, par value (in dollars per share)
$1.00
$1.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.50
$0.50
Common stock, shares authorized (in shares)
1.0B shares
1.0B shares
Common stock, shares issued (in shares)
216.0M shares
231.0M shares
Common stock, shares outstanding (in shares)
201.0M shares
216.0M shares
Treasury stock (in shares)
15.0M shares
15.0M shares
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and Cash Equivalents
$953.0M
$674.0M
Accounts Receivable, Net
$180.0M
$205.0M
Inventories
$699.0M
$734.0M
Easton Assets Held for Sale
$81.0M
$96.0M
Other
$106.0M
$114.0M
Total Current Assets
$2.0B
$1.8B
Property and Equipment, Net
$1.1B
$1.1B
Operating Lease Assets
$941.0M
$949.0M
Goodwill
$628.0M
$628.0M
Trade Name
$165.0M
$165.0M
Deferred Income Taxes
$112.0M
$130.0M
Other Assets
$77.0M
$50.0M
Total Assets
$5.1B
$4.9B
Accounts Payable
$465.0M
$338.0M
Accrued Expenses and Other
$579.0M
$584.0M
Current Debt
$280.0M
$0
Current Operating Lease Liabilities
$195.0M
$192.0M
Income Taxes
$72.0M
$117.0M
Total Current Liabilities
$1.6B
$1.2B
Deferred Income Taxes
$65.0M
$24.0M
Long-term Debt
$3.6B
$3.9B
Long-term Operating Lease Liabilities
$867.0M
$883.0M
Other Long-term Liabilities
$213.0M
$233.0M
Preferred Stock$1.00 par value; 10 shares authorized; none issued
$0
$0
Common Stock$0.50 par value; 1,000 shares authorized; 216 and 231 shares issued; 201 and 216 shares outstanding, respectively
$108.0M
$115.0M
Paid-in Capital
$794.0M
$829.0M
Accumulated Other Comprehensive Income
$74.0M
$71.0M
Retained Earnings (Accumulated Deficit)
-$1.4B
-$1.6B
Less: Treasury Stock, at Average Cost; 15 and 15 shares, respectively
-$822.0M
-$822.0M
Total Shareholders Equity (Deficit)
-$1.3B
-$1.4B
Noncontrolling Interest
$2.0M
$2.0M
Total Equity (Deficit)
-$1.3B
-$1.4B
-$1.6B
-$2.2B
Total Liabilities and Equity (Deficit)
$5.1B
$4.9B
Preferred stock, par value (in dollars per share)
$1.00
$1.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.50
$0.50
Common stock, shares authorized (in shares)
1.0B shares
1.0B shares
Common stock, shares issued (in shares)
216.0M shares
231.0M shares
Common stock, shares outstanding (in shares)
201.0M shares
216.0M shares
Treasury stock (in shares)
15.0M shares
15.0M shares
Cash from operations10111213145$1.1B in 2026−20% since 2019Capital spending10111213145$237.0M in 2026−62% since 2019Free cash flow10111213145$865.0M in 2026+16% since 2019Dividends paid10111213145$167.0M in 2026−75% since 2019Share buybacks10111213145$401.0M in 2026+103% since 2019
Dividends paid51516$40.0M in Q2 FY2026−2% since Q4 FY2026
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2026-01-31
2025-01-31
2024-01-31
Net Income
$649.0M
$798.0M
$878.0M
Depreciation of Long-lived Assets
$254.0M
$282.0M
$269.0M
Share-based Compensation Expense
$31.0M
$40.0M
$43.0M
Gain on Sale of Non-core Asset
-$8.0M
$0
$0
Gain on Sales of Easton Investments
$0
-$39.0M
$0
Loss on extinguishment of debt
$0
$10.0M
-$34.0M
Deferred Income Taxes
$63.0M
-$112.0M
-$128.0M
Impairment of Equity Method Investment
$0
$0
$8.0M
Accounts Receivable
$25.0M
$18.0M
$2.0M
Inventories
$37.0M
-$26.0M
-$2.0M
Accounts Payable, Accrued Expenses and Other
$111.0M
-$50.0M
-$109.0M
Income Taxes Payable
-$57.0M
-$23.0M
$34.0M
Other Assets and Liabilities
-$3.0M
-$12.0M
-$7.0M
Net Cash Provided by Operating Activities
$1.1B
$886.0M
$954.0M
Capital Expenditures
-$237.0M
-$226.0M
-$298.0M
Proceeds from Sale of Non-core Asset
$9.0M
$0
$0
Proceeds from Sales of Easton Investments, Net of Fees Paid
$0
$40.0M
$0
Other Investing Activities
$1.0M
$24.0M
$12.0M
Net Cash Used for Investing Activities
-$227.0M
-$162.0M
-$286.0M
Payments for Long-term Debt
$0
-$522.0M
-$447.0M
Repurchases of Common Stock
-$401.0M
-$401.0M
-$148.0M
Dividends Paid
-$167.0M
-$177.0M
-$182.0M
Payments of Finance Lease Obligations
-$14.0M
-$17.0M
-$15.0M
Tax Payments related to Share-based Awards
-$8.0M
-$16.0M
-$11.0M
Other Financing Activities
-$9.0M
$1.0M
-$12.0M
Net Cash Used for Financing Activities
-$599.0M
-$1.1B
-$815.0M
Effects of Exchange Rate Changes on Cash and Cash Equivalents
$3.0M
-$2.0M
-$1.0M
Net Increase (Decrease) in Cash and Cash Equivalents
Bath & Body Works is part of a group headed by Bath & Body Works, Inc.. 33 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Bath & Body Works
AQR CAPITAL MANAGEMENT LLCFiled SCHEDULE 13G/A on Bath & Body Works, latest Aug 12, 2026 (2 filings since Feb 13, 2026)
IB International Holdings, Inc. Subsidiary · Delaware, United States
IB US Retail Holdings, Inc. Subsidiary · Delaware, United States
Intimate Apparel Brand Management, LP Subsidiary · Delaware, United States
LBIB HK Limited Subsidiary · Hong Kong
Mast Industries (Far East) Limited Subsidiary · Hong Kong
MII Brand Import, LLC Subsidiary · Delaware, United States
Pink Subsidiary · United States
Victoria's Secret Direct Brand Management, LLC Subsidiary · Delaware, United States
Victoria's Secret Stores Brand Management, LLC Subsidiary · Delaware, United States
Victoria's Secret Stores, LLC Subsidiary · Delaware, United States
VS Direct Fulfillment, LLC Subsidiary · Delaware, United States
VS Service Company, LLC Subsidiary · Delaware, United States
VS US Holding, LLC Subsidiary · Delaware, United States
L BRANDS FASHION RETAIL IRELAND LIMITED Subsidiary · Columbus, Ohio, United States
Limited (Overseas) Finance LP Subsidiary · Columbus, Ohio, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Bath & Body Works reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The following table provides the location, use and size of our Company-operated distribution, fulfillment, office and product development facilities as of January 31, 2026:
The rest of Item 2
Location · Use · ApproximateSquareFootage(in thousands)
Columbus, Ohio area · Office, distribution and fulfillment centers and shipping facilities · 5,000
Other North America · Office and product development/design · 80
We own five office, distribution center and shipping facilities located in the Columbus, Ohio area comprising approximately 4 million square feet. In addition, we operate an approximately 1 million square foot leased direct channel fulfillment center located near Columbus, Ohio.
We also lease various other office and product development/design locations in North America, primarily in New York.
As of January 31, 2026, we operated 1,814 and 113 retail stores located in leased facilities throughout the U.S. and Canada, respectively. A substantial portion of our U.S. store leases generally have an initial term of ten years, while our Canadian store leases generally have initial terms of five to ten years. A majority of our store leases expire at various dates between fiscal 2026 and fiscal 2036.
Third-party Operated Fulfillment and Distribution Centers
As of January 31, 2026, we leased and utilized four third-party operated direct channel fulfillment centers in North America, comprising approximately 2 million square feet.
We also utilize six third-party operated regional distribution centers in North America, comprising approximately 1 million square feet, that enable us to position inventory geographically closer to our customers.
International Partner-operated Stores
As of January 31, 2026, our partners operated 573 retail stores in more than 45 international countries.
Bath & Body Works was founded in 1990 in New Albany, Ohio, as the beauty line for Express, Inc. The company's first store opened in a Cambridge, Massachusetts, mall in September 1990. In 1991, the Body Shop sued Bath & Body Works, resulting in Bath & Body Works rebranding. The brand created a mascot named Kate who serves as a founding figure, with the store layout being modeled as her country house. In 1997, a secondary brand known as Bath & Body Works at Home was launched. Two years later, the company launched the White Barn Candle Company, a division specializing in the sale of scented candles.
Bath & Body Works launched both a seasonal catalog and a website in 2006. In November 2006, the company launched its first television commercial advertisement. Net sales as of January 28, 2006 were $2.3 billion, significantly higher than all other L Brands companies other than Victoria's Secret.
In July 2008, the company announced that it was opening six locations in Canada. With the company acquiring Canadian-based La Senza, they felt it was the opportunity to move into a growing Canadian market, with the Body Shop being its main competition.
Bath & Body Works operates more than 1,900 stores. In October 2010, it opened its first stores outside of North America in Kuwait, by the franchise giant M. H. Alshaya Co. The company often recycles scents; discontinuing a scent and renaming it with a fresh new look.
Its fragrances have included Cucumber Melon, introduced in 1998, which was inducted into the Fragrance Foundation's Hall of Fame in 2018.
Nov 20, 2025Reported quarterly or annual results88
Aug 28, 2025Reported quarterly or annual results89
May 29, 2025Reported quarterly or annual results91
May 19, 2025Reported quarterly or annual results93
Feb 27, 2025Reported quarterly or annual results94
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
344 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 56 major events, 188 insider forms, 37 large holders, 43 other. The latest 20:
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Bath & Body Works names in Item 1A of its 10-K filed Mar 12, 2026: 37 risks under these headings, as written.18
Our net sales, results of operations and cash flows are sensitive to, have been affected by and may in the future be further impacted by, general economic conditions, inflation, tariffs, consumer confidence, consumer spending patterns, significant health hazards or pandemics, severe weather or other market disruptions.
Our net sales, operating income, cash and inventory levels fluctuate on a seasonal basis.
We cannot guarantee the successful implementation of our strategic transformation.
We may be impacted by our ability to attract, develop and retain qualified associates and manage labor-related costs.
Turnover in Company leadership or other key positions, and our ability to attract and retain new talent, may have an adverse impact on Company performance.
Our net sales depend on a volume of traffic to our stores and the availability of suitable lease space.
Our continued growth and success depend in part on new store openings and existing store remodels and expansions.
Our international operations and our plans for international expansion include risks that could impact our results and reputation.
Our results could be impacted by our relationships with our licensees, franchisees, wholesalers and other distribution-related partners, including by such partners taking actions that could harm our business or brand images.
Our direct channel business includes risks that could have a material adverse effect on our results.
Our ability to protect our reputation could have a material adverse effect on our brand image.
If our marketing, advertising, promotional programs or loyalty program are unsuccessful, or if our competitors are more effective with their programs than we are, our results of operations, financial condition and cash flows may be adversely affected.
The other 25 risks
Our ability to adequately maintain, enforce and protect our trade names, trademarks and patents could have an impact on our brand image and ability to penetrate new markets.
Our ability to compete favorably in our highly competitive segments of the consumer goods and retail industry could impact our results of operations, financial condition and cash flows.
Our ability to manage the life cycles of our brand and to remain current with trends and launch our strategic transformation successfully could impact the image and relevance of our brand.
We rely on innovation and high-quality products to compete in the market for our products.
We may be impacted by the ability to adequately source, distribute and sell merchandise and other materials on a global basis.
Our ability, or perceived inability, to complete sustainability, community impact and human capital initiatives may have a material adverse effect on our reputation.
We rely on a number of manufacturing and distribution facilities located in the same vicinity, making our business susceptible to local and regional disruptions or adverse conditions.
A change in the relationship with our key vendors could have a material effect on our business.
We may be impacted by our vendors’ ability to manufacture and deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations.
Fluctuations in foreign currency exchange rates could impact our results of operations, financial condition and cash flows.
Our results may be affected by fluctuations in product input costs.
Our results may be affected by fluctuations in energy costs.
Our results may be impacted by our ability to adequately protect our assets from loss and theft.
We self-insure certain risks and may be impacted by unfavorable claims experience.
We have undertaken a multi-year initiative to upgrade our digital and information technology systems and capabilities. We significantly rely on our, and our third-party service providers’, ability to successfully implement, upgrade and sustain information technology systems and to protect associated data and system availability.
Any significant compromise or breach of our data security, including the security of customer, associate, third-party or Company information, could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.
Our stock price may be volatile.
If we are unable to pay quarterly dividends or repurchase our shares at intended levels, our reputation and stock price may be impacted.
Shareholder activism could cause us to incur significant expense, impact the execution of our business strategy and have an adverse effect on our business.
Our ability to maintain our credit ratings could affect our ability to access capital and could increase our interest expense.
We may be unable to service or refinance our debt or maintain compliance with restrictive covenants in our debt instruments, including our asset-backed revolving credit facility.
Changes in laws, regulations, standards, technology platform rules or other requirements relating to privacy, cybersecurity and AI, or any actual or perceived failure by us to comply with such laws, regulations, rules or contractual or other obligations relating to data privacy, cybersecurity and AI, could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.
We may be impacted by our ability to comply with legal and regulatory requirements.
We may be adversely impacted by certain compliance or legal matters.
We may be impacted by changes in taxation, trade and other regulatory requirements.
Legal proceedings
We are a defendant in a variety of lawsuits arising in the ordinary course of business. Actions filed against the Company from time to time may include commercial, tort, intellectual property, tax, customer, employment, wage and hour, data privacy, securities, anti-corruption and other claims, including purported class action lawsuits. Although it is not possible to predict with certainty the eventual outcome of any litigation, in the opinion of management, our current legal proceedings are not expected to have a material adverse effect on our results of operations, financial condition or cash flows.
