Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q4 2025 Earnings Presentation
36 slides from Bath & Body Works's earnings presentation, Mar 4, 2026
Slide 1: Q4 and Full Year 2025 Earnings & 2026 Guidance
Q4 and Full Year 2025 Earnings & 2026 Guidance March 4, 2026
Slide 2: Q4 Earnings Call Participants
Q4 Earnings Call Participants Daniel Heaf Eva Boratto Luke Long Chief Executive Officer Chief Financial Officer VP Strategy & Investor Relations 2
Slide 3: Forward-looking Statements
Forward-looking Statements Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by our Company or our ma
Slide 4: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Results in the quarter were better than expected, though still below the standard we expect for the brand. Net Sales Adjusted Gross Our aspiration is clear. To bring together luxury scent, real Profit Rate1 benefits and unmatched access building a brand $2.7B 45.7% consu
Slide 5: The Consumer First Formula
The Consumer First Formula Putting the consumer at the center, with focus on the four largest revenue driving opportunities Create Disruptive & Reignite The Brand Win In The Marketplace Operate With Speed & Efficiency Innovative Products Best in class Body Care, Home A brand with cultural currency T
Slide 6: Create Disruptive & Innovative Products
Create Disruptive & Innovative Products 6
Slide 7: Ultimate Hydration
ultimate hydration body cream with shea butter + hyaluronic acid 8OZ/ 226g STRESS REI | eucalyptus + spearmint vlimate hydration body cream wih shea butor + hyoloronis 2 BOZ/ 226g
Slide 8: Princess
PRINCESS Bath&BodyWorks § “tl 23 i | aE
Slide 9: Bath & Body Works
Bath & Body Works
Slide 10: Reignite The Brand
Reignite The Brand 10
Slide 11: Bath & Body Works
=Bath &Body Works
Slide 12: Bath & Body Works
Bath & Body Works" ISNEP ©) _ PRINCESS & Bath & BodyWorks
Slide 13: Win in the Marketplace
Win in the Marketplace 13
Slide 14: Our Feel Good Formula
Our | Good Formula amazon ote Update lacation sen. Aecumeusts- Cordes “WY care SSA Amazontiaul Medical Care- Amazon Bases Rest Sellers Prime- Books Registry GiftCards - SmartHome NewReleases Groceries - Today's Deals Pharmacy Customer Service Music Fashion Body VVorks’ BODY CARE HOME FRAGRANCE HAND
Slide 15: Our Feel Good Formula
16 ‘Shop Offers. Now Gifts Quality, Home / Our Feet Good Formats Our Feel Good Formula Bath & Body Works: Search
Slide 16: Bath & Body Works
Body Works? Bath&
Slide 17: Operate With Speed & Efficiency
Operate With Speed & Efficiency 17
Slide 18: Q4 2025 North American Category Performance
Q4 2025 North American Category Performance Body Care Home Fragrance Soaps & Sanitizers Q4 sales down Q4 sales up Q4 sales up mid-single digits low-single digits low-single digits 18
Slide 19: Q4 2025 Net Sales By Channel
Q4 2025 Net Sales By Channel 76% 21% 3% Stores – U.S. Direct – U.S. International & Canada & Canada $2.1B $579M $91M (2.6%) to LY (2.5%) to LY +8.6% to LY • BOPIS net sales are reported as store • When adjusted for BOPIS, digital • International system-wide retail net sales. outperformed stores sale
Slide 20: Q4 2025 Financial Results
Q4 2025 Financial Results1 in millions, except earnings per share Key Highlights Net sales of $2.7B, a decline of (2%) to LY, above vs. LY GUIDANCE ACTUALS Favorable/(Unfavorable) (November 20, 20252) expectations. • Improvement in performance as the quarter Net Sales $2,724 (2.3%) Down high-single
Slide 21: Store Count And Company-Operated Selling Square Feet
Store Count And Company-Operated Selling Square Feet Q3 2025 vs. Q4 2025 Total Company-Operated Stores Stores Selling Sq. Ft. (000’s) Opened/ 11/1/2025 Opened Closed 1/31/2026 11/1/2025 Closed 1/31/2026 Remodels Bath & Body Works U.S. 1,821 21 (28) 1,814 5,172 51 (58) 5,166 Bath & Body Works Canada
Slide 22: FY 2025 Financial Results
FY 2025 Financial Results1 in millions, except earnings per share Key Highlights vs. LY GUIDANCE ACTUALS Favorable/(Unfavorable) (November 20, 20252) Net sales of $7.3B, flat to LY, above expectations. Net Sales $7,291 (0.2%) Down low-single digits o Performance reiterates necessity and urgency of C
Slide 23: FY 2026 Guidance
Key Highlights • We expect 2026 to be a year of disciplined investment behind the Consumer First Formula to position the business for sustainable, long-term growth. FY 2026 Guidance1 • We expect net sales to be down (4.5%) to down (2.5%). In millions, except earnings per share • Underlying business
Slide 24: Q1 2026 Guidance
Key Highlights Q1 2026 Guidance1 in millions, except earnings per share • We expect Q1 sales of down (6%) to down (4%). • Underlying business trend down low-single digits Guidance with comparable level of promotions to prior Metric year. (March 4, 2026) • Macro environment similar to 2025 with Net S
Slide 25: Capital Allocation Highlights
Capital Allocation Highlights FY’25 Results FY’26 Guidance Capital Expenditures $237M ~$270M $167M Expect to maintain our annual Dividend Payments $0.80/share dividend dividend of $0.80 Share Repurchases $400M No share repurchases assumed Debt Repayment No debt repayment in 2025 $284M Notional Redem
Slide 26: A Strong Foundation to Execute the Consumer First Formula
Leader In Margins That Support Attractive Space Strategic Investment A market leader in each of our FY26 operating margin A Strong 3 hero categories: Home Fragrance, Soaps & Sanitizers, expectations of ~13%2 reflect disciplined cost management Foundation to and Body Care1 provides a while funding pr
Slide 27: Bath & Body Works
27 Bath & Body Works
Slide 28: Appendix
Appendix Other financial information 28
Slide 29: 2025 Category Highlights
2025 Category Highlights FY’25 2025 Highlights (% of North American Sales) • Home Fragrance was up low single digits to prior year and maintained market leadership. Home ~42% • Single wick candles performed above shop, inclusive of new everyday pricing of 2 for $20. Fragrance • Wallflower heaters gr
Slide 30: Store Count And Company-Operated Selling Square Feet
Store Count And Company-Operated Selling Square Feet FY 2025 vs. FY 2024 Total Company-Operated Stores Stores Selling Sq. Ft. (000’s) Opened/ 2/1/2025 Opened Closed 1/31/2026 2/1/2025 Closed 1/31/2026 Remodels Bath & Body Works U.S. 1,782 94 (62) 1,814 5,066 236 (136) 5,166 Bath & Body Works Canada
Slide 31: Debt Maturities
Debt Maturities as of January 31, 2026 (1) The 2027 Notes mature on 1/15/27, which falls in fiscal year 2026. We issued a notice of redemption for our outstanding 2027 Notes and expect to repay them in the first quarter of FY26. 31
Slide 32: Adjusted Financial Information – Q4 2025 & FY2025
Adjusted Financial Information – Q4 2025 & FY2025 $ in millions, except per share amounts 32
Slide 33: Adjusted Financial Information – Q4 2025 & FY2025, cont.
Adjusted Financial Information – Q4 2025 & FY2025, cont. $ in millions, except per share amounts 33
Slide 34: Forecasted Adjusted Financial Information – 2026
Forecasted Adjusted Financial Information – 2026 $ in millions, except earnings per share amounts 34
Slide 35: Free Cash Flow Information
Free Cash Flow Information $ in millions, except share amounts 35
Slide 36: Slide 36