Bath & Body Works (BBWI) Earnings: Q2 Fiscal 2026 Results and Next Report Date

The quarter ended August 1, 2026 and Bath & Body Works published the results on August 26, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Bath & Body Works reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted earnings per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Bath & Body Works' fiscal 2026 is the 52 weeks ending January 30, 2027; Q2 is the quarter ended August 1, 2026. The company calls it "second quarter 2026".
• Both GAAP and adjusted Q2 results include about $80 million of IEEPA tariff refunds. Bath & Body Works says adjusted EPS would have been $0.31 without them.

Source: Bath & Body Works Q2 2026 results, August 26, 2026. Also in the Form 10-Q for the quarter ended August 1, 2026. Figures as reported; checked against the release on November 10, 2026.

How Bath & Body Works splits revenue in its own release, under its own labels, for Q2 fiscal 2026 against Q2 fiscal 2025. Indented lines are parts of the line above them.

• Bath & Body Works's Stores - U.S. and Canada revenue was $1.1 billion in Q2 fiscal 2026, down 5% from $1.2 billion in Q2 fiscal 2025, 75% of total revenue.
• Bath & Body Works's Direct - U.S. and Canada revenue was $275 million in Q2 fiscal 2026, up 3% from $267 million in Q2 fiscal 2025, 18% of total revenue.
• Bath & Body Works's International and Other revenue was $108 million in Q2 fiscal 2026, up 26% from $86.0 million in Q2 fiscal 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2026 release, Bath & Body Works said:

“The company is narrowing its full-year 2026 guidance of net sales to decline between 4% to 2.5% compared to $7,291 million in fiscal 2025.”

“The company is also raising its full-year 2026 earnings per diluted share guidance to between $3.13 and $3.33 compared to $3.11 in fiscal 2025 and full-year 2026 adjusted earnings per diluted share guidance to between $2.60 and $2.80, compared to adjusted earnings per diluted share of $3.21 in 2025.”

“In fiscal 2026, we now expect to generate free cash flow of approximately $650 million.”

“For the third quarter of 2026, the company is forecasting net sales to decline between 5% to 2.5% compared to $1,594 million in the third quarter of 2025.”

Source: Bath & Body Works Q2 2026 release, Aug 26, 2026.

This is the company's own guidance as of Aug 26, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BBWI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and GAAP earnings per diluted share, each as first reported in that quarter's release. The fourth quarter, which includes the holiday season, typically accounts for about 40% of annual net sales. Q1 fiscal 2026 EPS includes an $88 million pre-tax gain from interchange fee settlements and a $62 million tax benefit.

Bath & Body Works's next report is scheduled for November 19, 2026. This page will show Q2 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2026 (this page), reported Aug 26, 2026

Bath & Body Works had net sales of $1,514 million in Q2 fiscal 2026, down 2.3% from $1,549 million. Company-operated stores in the U.S. and Canada brought in $1,131 million, down 5.4%, Direct (online) sales $275 million, up 3.0%, and International and Other $108 million, up 24.9%. (Bath & Body Works Q2 2026 release, Aug 26, 2026)

Bath & Body Works said store sales fell because of fewer transactions and lower average dollar sales. Direct sales rose on more fulfilled orders, partly offset by smaller average orders and lower shipping and handling revenue; the release calls it the first direct net sales growth since 2021. International and Other grew on expanded domestic wholesale distribution, which includes Ulta and Amazon, and more international product sales. (Bath & Body Works Form 10-Q, Q2 2026, Aug 26, 2026; Bath & Body Works Q2 2026 release, Aug 26, 2026)

The company sells body care, home fragrance such as its 3-wick candles, and soaps and sanitizers. It operated 1,937 company stores at August 1, 2026, 1,823 in the United States and 114 in Canada, and partners operated 596 international stores. The International and Other line includes royalties from franchised stores as well as wholesale sales. (Bath & Body Works Q2 2026 release, Aug 26, 2026)

Sales are seasonal. The fourth quarter, which includes the holiday selling season, typically accounts for about 40% of Bath & Body Works' net sales and is its most profitable quarter. (Bath & Body Works Form 10-K, fiscal 2025, Mar 12, 2026)

Bath & Body Works earned $0.58 per diluted share in Q2 fiscal 2026 under GAAP and $0.62 adjusted, against $0.30 and $0.37 a year earlier. The only Q2 adjustment was $9 million of pre-tax business transformation costs ($7 million after tax) tied to its Consumer First Formula strategy. The year-ago adjustment was $15 million of leadership transition costs. (Bath & Body Works Q2 2026 release, Aug 26, 2026)

Both measures include about $80 million of IEEPA tariff refunds booked against cost of goods sold, and the company said adjusted EPS would have been $0.31 without them. The refunds lifted the gross profit rate to 45.7% from 41.3%. The 10-Q says the refunds received are the significant majority of what the company expects to get. (Bath & Body Works Q2 2026 release, Aug 26, 2026; Bath & Body Works Form 10-Q, Q2 2026, Aug 26, 2026)

Diluted shares fell to 202 million from 211 million, although the company did not repurchase any stock in fiscal 2026 to date. Interest expense fell to $63 million from $68 million after the early repayment of its 2027 Notes, and the effective tax rate was 28.0% against 32.3%. (Bath & Body Works Q2 2026 release, Aug 26, 2026; Bath & Body Works Form 10-Q, Q2 2026, Aug 26, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Bath & Body Works gives quarterly and full-year guidance in its release. On August 26, 2026 it narrowed its fiscal 2026 net sales outlook to a decline of 4% to 2.5% from $7,291 million, raised GAAP EPS guidance to $3.13 to $3.33 and adjusted EPS guidance to $2.60 to $2.80, and said it expects about $650 million of free cash flow. The outlook assumes no share repurchases. (Bath & Body Works Q2 2026 release, Aug 26, 2026)

For Q3 fiscal 2026 it forecast net sales down 5% to 2.5% from $1,594 million, GAAP EPS of $0.05 to $0.10 and adjusted EPS of $0.07 to $0.12, against $0.37 and $0.35 a year earlier. (Bath & Body Works Q2 2026 release, Aug 26, 2026)

A consensus figure is the average of the models published by the analysts who cover Bath & Body Works, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Bath & Body Works's own release and filings put weight on for Q2 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BBWI is on is BBWI a buy or a sell?, what analysts expect next is on the BBWI forecast, and what the company does is on the Bath & Body Works (BBWI) stock page.

Every number on this page can be traced to a document Bath & Body Works published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.