Bath & Body Works, Inc. (BBW) reported its fourth quarter and full-year 2025 results.

Daniel Heaf, chief executive officer of Bath & Body Works, commented, 

“Our fourth quarter results exceeded the guidance we provided. Since launching the Consumer First Formula in the third quarter, we have moved with urgency to accelerate innovation in our hero categories, refresh and modernize our brand, expand distribution, and simplify our operating model. The earlier-than-planned launch on Amazon and the rollout of our new brand identity are clear examples of our team’s focused execution.”

Q4 Results

BBW reported net sales of $2,724 million for the quarter ended January 31, 2026, a decrease of 2% compared to net sales of $2,788 million for the fourth quarter of 2025.

Fourth quarter operating income was $599 million compared to $678 million last year, and net income was $403 million compared to $453 million last year.

Heaf continued, 

“We are making progress, but transformations of this scale take time. We are undertaking a comprehensive, end-to-end evolution of our business – building a Bath & Body Works that is more innovative, more relevant, and easier to shop. This work lays the foundation for sustained, long-term growth as we reposition the company from a specialty retailer to a premier global brand.”

Full-Year Results

The company reported net sales of $7,291 million for the year ended January 31, 2026, a decrease of 0.2% compared to net sales of $7,307 million in Q4 of last year.

Full-year operating income was $1,126 million compared to $1,266 million last year, and net income was $649 million compared to $798 million last year. 

In fiscal 2025, BBW repurchased 15.1 million shares of common stock for $400 million.

2026 Guidance

For fiscal 2026, the company is forecasting net sales to decline between 4.5% to 2.5% compared to $7,291 million in fiscal 2025. 

Full-year 2026 earnings per diluted share are expected to be between $3.00 and $3.25 compared to $3.11 in fiscal 2025. 

BBW’s full-year outlook includes the interest savings from the redemption of the remaining $284 million outstanding notional of January 2027 bonds. There are no share repurchases assumed in its 2026 outlook.