Bed Bath & Beyond, Inc. · NYSE:BBBY
Bed Bath & Beyond — Q4 2025 Earnings Presentation
18 slides from Bed Bath & Beyond's earnings presentation, Feb 23, 2026
Slide 1: 4Q 2025 Earnings Call
4Q 2025 Earnings Call February 23, 2026 1
Slide 2: Forward-Looking Statements
4Q 25 Earnings Call | February 2026 Forward-Looking Statements Forward-Looking Statements The information presented herein and any accompanying presentation may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include all statement
Slide 3: Financial Update 4Q 2025
Financial Update 4Q 2025 BED BATH & BEYOND
Slide 4: 4Q 2025 Financial Results
4Q 25 Earnings Call | February 2026 Financial Update 4Q 2025 Financial Results Revenue Gross Margin G&A and Tech Expense $273.4 Million 24.6% $32.9 Million -9.8% vs. 4Q 24 +160 bps vs. 4Q 24 -$14.9M / -31.2% vs. 4Q 24 Excl. Canada: -6.4% vs. 4Q 24 Diluted EPS Adjusted EBITDA1 -$0.30 Ending Cash & In
Slide 5: Revenue
4Q 25 Earnings Call | February 2026 Financial Update Revenue Revenue 4Q 25 Dynamics ($M) $500 • Revenue of $273M • -$30M / -10% vs. 4Q 24 • -$19M / -6% vs. 4Q 24 $400 excl. Canada • YoY influenced by: $303 • Rationalized channel $300 $282 $273 management and customer $257 $232 acquisition investment
Slide 6: Gross Margin
4Q 25 Earnings Call | February 2026 Financial Update Gross Margin Gross Margin Gross Margin 4Q 25 Dynamics ($M) (%) 30% $150 • Gross margin of 24.6% • +160 bps vs. 4Q 24 25.1% 25.3% 24.6% 23.7% 25% 23.0% • Gross margin influenced by: • Optimized freight economics $100 20% • Improved reverse logistic
Slide 7: Sales & Marketing Expense
4Q 25 Earnings Call | February 2026 Financial Update Sales & Marketing Expense Sales & Marketing Expense Sales & Marketing Expense 4Q 25 Dynamics ($M) (% of Revenue) 20% $150 • Sales & Marketing Expense of $38M or 13.8% • -$15M / -350 bps vs. 4Q 24 17.3% 14.0% 13.8% 15% 13.5% • Sales & Marketing Exp
Slide 8: G&A and Tech Expense
4Q 25 Earnings Call | February 2026 Financial Update G&A and Tech Expense G&A and Tech Expense 4Q 25 Dynamics ($M) $75 • G&A and Tech Expense of $33M • -$15M / -31% vs. 4Q 24 • Exceeded company $50 $48 commitment of $150M annual G&A and Tech Expense run rate $41 $37 $33 $33 $25 $0 4Q 24 1Q 25 2Q 25
Slide 9: Adjusted EBITDA
4Q 25 Earnings Call | February 2026 Financial Update Adjusted EBITDA Adjusted EBITDA 4Q 25 Dynamics ($M) $20 • Adj. EBITDA of -$4M • +$23M vs. 4Q 24 • 8th consecutive quarter of narrowing adjusted EBITDA $0 loss ($5) ($4) ($8) ($13) ($20) ($28) ($40) 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Note: Adjusted EBIT
Slide 10: LTM Orders and Average Order Value
4Q 25 Earnings Call | February 2026 Financial Update LTM Orders and Average Order Value Orders Delivered (LTM) Average Order Value 4Q 25 Dynamics (M) ($) 15 $250 • Average order value of $193 $219 • +7% vs. 4Q 24 $205 $194 $193 $200 $181 • Orders delivered (LTM) of 5.2M 10 • -30% / -2M vs. 4Q 24 $15
Slide 11: Active Customers and Order Frequency
4Q 25 Earnings Call | February 2026 Financial Update Active Customers and Order Frequency Active Customers (LTM) Order per Active Customer 4Q 25 Dynamics (M) (LTM) 8 1.5 • Order frequency of 1.30 1.37 1.34 • -5% vs. 4Q 24 1.32 1.30 1.30 • Active customers (LTM) of 6 4.0M 5.4 • -27% / -1M vs. 4Q 24 1
Slide 12: Financial Update FY 2025
Financial Update FY 2025 BED BATH & BEYOND
Slide 13: FY 2025 Financial Results
4Q 25 Earnings Call | February 2026 Financial Update FY 2025 Financial Results Revenue Gross Margin G&A and Tech Expense $1,044.6 Million 24.7% $143.8 Million -25.1% vs. FY 24 +390 bps vs. FY 24 -$45.1M / -23.9% vs. FY 24 Excl. Canada: -21.6% vs. FY 24 Diluted EPS Adjusted EBITDA1 -$1.41 Ending Cash
Slide 14: Operations Update
Operations Update BED BATH & BEYOND
Slide 15: Building the Base
4Q 25 Earnings Call | February 2026 Operations Update Building the Base BBBY Consolidated Sales & Marketing as % of Revenue Investor Event Focus Areas: 18% 17% 17% 17% 14% 14% 14% 14% 1. Marketing Efficiency Increase ROAS Committed Target: 12% Focused ad spend using enriched customer data 1Q 24 2Q 2
Slide 16: Appendix
Appendix BED BATH & BEYOND
Slide 17: Adjusted EBITDA Reconciliation
4Q 25 Earnings Call | February 2026 Reconciliation Adjusted EBITDA Reconciliation Three months ended in thousands, except per share data 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Net loss $ (81,259) $ (39,912) $ (19,313) $ (4,521) $ (20,875) Depreciation and amortization 6,323 4,844 4,080
Slide 18: Adjusted Diluted EPS Reconciliation
4Q 25 Earnings Call | February 2026 Reconciliation Adjusted Diluted EPS Reconciliation Three months ended December 31, 2025 Less: gain (loss) on debt securities Less: equity method Adjusted Diluted 1 in thousands, except per share data Diluted EPS carried at fair value gain (loss)1 EPS Numerator: Ne