SEC EDGAR · 10-Q
10-Q – 2025-08-28 – 0000701985-25-000030-xbrl.zip
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Omsättning
- Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 29
- 2025 2024 2025 2024 | Net Sales $ 1,549 $ 1,526 $ 2,974 $ 2,910 | Costs of Goods Sold, Buying and Occupancy ( 909 ) ( 900 ) ( 1,687 ) ( 1,677 )
- Share-based Compensation Expense 18 22 | Gain on Sales of Easton Investments — ( 39 )
- Capital Expenditures ( 93 ) ( 101 ) | Proceeds from Sales of Easton Investments — 50 | Other Investing Activities ( 2 ) 11
- Seasonality of Business | The Company’s operations are seasonal in nature and consist of two principal selling seasons: Spring (the first and second quarters) and Fall (the third and fourth quarters). Typically, the Company’s sales are highest during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. Due to the seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year. | Derivative Financial Instruments
- During the second quarter of 2025, the Company changed its plan of sale for its Easton investments, causing certain of these investments to no longer meet the held for sale criteria. As a result of this change, the Company reclassified $ 17 million of carrying value from Current Assets to long-term Other Assets on the August 2, 2025 Consolidated Balance Sheet. Following this reclassification, the Company’s Easton investments not presented as held for sale were $ 40 million and reported in Other | Previously included in the Company’s Easton investments were equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG were accounted for using the equity method of accounting. In the second quarter of 2024, the Company sold its entire interest in the business associated with EG and its entire interest in ETC. The Company received aggregate cash proceeds | Use of Estimates in the Preparation of Financial Statements
- 2. Revenue Recognition | Accounts receivable, net from revenue-generating activities were $ 75 million as of August 2, 2025, $ 81 million as of February 1, 2025 and $ 87 million as of August 3, 2024. These accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 45 to 75 days.
- 2. Revenue Recognition | Accounts receivable, net from revenue-generating activities were $ 75 million as of August 2, 2025, $ 81 million as of February 1, 2025 and $ 87 million as of August 3, 2024. These accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 45 to 75 days. | 9
Rörelseresultat
- General, Administrative and Store Operating Expenses ( 483 ) ( 443 ) ( 920 ) ( 863 ) | Operating Income 157 183 367 370 | Interest Expense ( 68 ) ( 77 ) ( 139 ) ( 159 )
- 10. Segment Reporting | The Company is managed at the consolidated level and therefore operates and reports as a single segment. During the second quarter of 2025, the Company’s Chief Executive Officer was its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM was total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performan | The following table illustrates significant segment expenses that were regularly provided to the CODM for the second quarters of and year-to-date 2025 and 2024:
- Adjusted General and Administrative Expenses ( 133 ) ( 131 ) ( 264 ) ( 260 ) | Adjusted Operating Income 172 183 382 370 | Leadership Transition Costs (a) ( 15 ) — ( 15 ) —
- Leadership Transition Costs (a) ( 15 ) — ( 15 ) — | Reported Operating Income $ 157 $ 183 $ 367 $ 370
- ________________ | (a) In the second quarter of and year-to-date 2025, the Company recognized pre-tax costs of $ 15 million due to the transition of certain members of the leadership team, primarily related to severance benefits, which were excluded from General and Administrative Expenses in the Adjusted Operating Income details provided to the CODM. | As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets, which is total consolidated assets.
- Executive Overview | In the second quarter of 2025, total Net Sales were $1,549 million, which increased $23 million, or 1.5%, compared to the second quarter of 2024. Total North American Net Sales increased $26 million, primarily due to modest increases in transactions and average dollar sales, partially offset by a $3 million decline in International Net Sales. Our second quarter Operating Income was $157 million, which decreased $26 million, or 13.9%, compared to the second quarter of 2024, and our Operating Inco | For additional information related to our second quarter 2025 financial performance, see “Results of Operations.”
- Adjusted Financial Information | In addition to our results provided in accordance with GAAP above and throughout this Quarterly Report on Form 10-Q, provided below are non-GAAP measures that presents Operating Income, Net Income and Net Income Per Diluted Share for the second quarters of and year-to-date 2025 and 2024 on an adjusted basis to remove certain items. We believe that these items are not indicative of our operations due to their size and nature. | We use adjusted financial information as key performance measures for the purpose of evaluating performance internally. These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Instead, we believe that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. Further, our definitions of adjusted financial information may differ from simi
- 2025 2024 2025 2024 | Reconciliation of Reported Operating Income to Adjusted Operating Income | Reported Operating Income $ 157 $ 183 $ 367 $ 370
Periodens resultat
- Provision for Income Taxes ( 31 ) ( 1 ) ( 72 ) ( 33 ) | Net Income $ 64 $ 152 $ 169 $ 239 | Net Income per Basic Share $ 0.31 $ 0.68 $ 0.80 $ 1.07
- Net Income $ 64 $ 152 $ 169 $ 239 | Net Income per Basic Share $ 0.31 $ 0.68 $ 0.80 $ 1.07 | Net Income per Diluted Share $ 0.30 $ 0.68 $ 0.79 $ 1.06
- Net Income per Basic Share $ 0.31 $ 0.68 $ 0.80 $ 1.07 | Net Income per Diluted Share $ 0.30 $ 0.68 $ 0.79 $ 1.06
- 2025 2024 2025 2024 | Net Income $ 64 $ 152 $ 169 $ 239 | Other Comprehensive Income (Loss), Net of Tax:
- 212 $ 113 $ 818 $ 73 $ ( 1,633 ) $ ( 822 ) $ 1 $ ( 1,450 ) | Net Income — — — — 64 — — 64 | Other Comprehensive Income — — — — — — — —
- 223 $ 119 $ 841 $ 74 $ ( 1,889 ) $ ( 822 ) $ 1 $ ( 1,676 ) | Net Income — — — — 152 — — 152 | Other Comprehensive Income — — — — — — — —
- 216 $ 115 $ 829 $ 71 $ ( 1,578 ) $ ( 822 ) $ 2 $ ( 1,383 ) | Net Income — — — — 169 — — 169 | Other Comprehensive Income — — — 2 — — — 2
- 225 $ 120 $ 838 $ 75 $ ( 1,838 ) $ ( 822 ) $ 1 $ ( 1,626 ) | Net Income — — — — 239 — — 239 | Other Comprehensive Loss — — — ( 1 ) — — — ( 1 )
Resultat per aktie
- 9955522 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) | link:presentationLink
- Net Income per Basic Share (in dollars per share) | Earnings Per Share, Basic
- Earnings Per Share and Shareholders’ Equity (Deficit) | Net Income Per Share and Shareholders’ Equity (Deficit) [Text Block]
- Net Income Per Share and Shareholders’ Equity (Deficit) [Text Block] | Net Income Per Share and Shareholders’ Equity (Deficit). The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Also includes the enti
- Net Income per Dilutive Share (in dollars per share) | Earnings Per Share, Diluted
- Earnings Per Share And Shareholders' Equity [Abstract] | Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]
- Anti-dilutive Stock Options and Awards (in shares) | Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
- Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share | Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
Kassaflöde
- Foreign Currency Translation — ( 1 ) 6 ( 3 ) | Unrealized Gain (Loss) on Cash Flow Hedges — 1 ( 3 ) 2 | Reclassification of Cash Flow Hedges to Earnings — — ( 1 ) —
- Unrealized Gain (Loss) on Cash Flow Hedges — 1 ( 3 ) 2 | Reclassification of Cash Flow Hedges to Earnings — — ( 1 ) — | Total Other Comprehensive Income (Loss), Net of Tax — — 2 ( 1 )
- Derivative Financial Instruments | The Company’s Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company’s merchandise sold in Canada is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure. Amounts are reclassified from Accumulated Other Comprehensive Income upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sol | Supplier Finance Program
- Cash Flows | The following table provides a summary of our cash flow activity during year-to-date 2025 and 2024:
- Operating Activities | Net cash provided by operating activities for year-to-date 2025 was $145 million, including net income of $169 million. Net income included depreciation of $128 million and share-based compensation expense of $18 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most significant items in working capital were the seasonal changes in Inventories, Income Taxes Payable and Accounts Receivable, with Inv | 22
- Net cash provided by operating activities for year-to-date 2024 was $30 million, including net income of $239 million. Net income included depreciation of $142 million, impacts to deferred income taxes of $102 million, an aggregate pre-tax gain on sales of certain Easton investments of $39 million and share-based compensation expense of $22 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most sig | Investing Activities
- Common Stock and Debt Repurchases | Our Board of Directors (our “Board”) will determine share and debt repurchase authorizations, giving consideration to our levels of profit and cash flow, capital requirements, current and forecasted liquidity, the restrictions placed upon us by our borrowing arrangements as well as financial and other conditions existing at the time. We use cash flow generated from operating and financing activities to fund our share and debt repurchase programs. The timing and amount of any repurchases will be | Common Stock Repurchases
- Dividend Policy and Procedures | Our Board will determine future dividends after giving consideration to our levels of profit and cash flow, capital requirements, current and forecasted liquidity, the restrictions placed upon us by our borrowing arrangements as well as financial and other conditions existing at the time. We use cash flow generated from operating and financing activities to fund our dividends. | We paid the following dividends during the first and second quarters of 2025 and 2024:
Likvida medel
- Current Assets: | Cash and Cash Equivalents $ 364 $ 674 $ 514 | Accounts Receivable, Net 131 205 146
- Net Cash Used for Financing Activities ( 362 ) ( 560 ) | Effects of Exchange Rate Changes on Cash and Cash Equivalents 2 — | Net Decrease in Cash and Cash Equivalents ( 310 ) ( 570 )
- Effects of Exchange Rate Changes on Cash and Cash Equivalents 2 — | Net Decrease in Cash and Cash Equivalents ( 310 ) ( 570 ) | Cash and Cash Equivalents, Beginning of Year 674 1,084
- Net Decrease in Cash and Cash Equivalents ( 310 ) ( 570 ) | Cash and Cash Equivalents, Beginning of Year 674 1,084 | Cash and Cash Equivalents, End of Period $ 364 $ 514
- Cash and Cash Equivalents, Beginning of Year 674 1,084 | Cash and Cash Equivalents, End of Period $ 364 $ 514
- Concentration of Credit Risk | The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom it transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. | The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which it grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.
- 8. Fair Value Measurements | Cash and Cash Equivalents include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company’s Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets. | The following table provides a summary of the principal value and estimated fair value of the Company’s outstanding debt as of August 2, 2025, February 1, 2025 and August 3, 2024:
- Liquidity and Capital Resources | Liquidity, or access to cash, is an important factor in determining our financial stability. We are committed to maintaining adequate liquidity. Cash generated from our operating activities provides the primary resources to support current operations, growth initiatives, seasonal funding requirements, future common stock and debt repurchases, and capital expenditures. Our cash provided from operations is impacted by our net income and working capital changes. Our net income is impacted by, among | We repurchased 8.468 million shares of our common stock for $256 million during year-to-date 2025. We may, from time to time, repurchase, or otherwise retire, additional shares of our common stock or debt, as applicable.
Nettoskuld
- Net Income $ 169 $ 239 | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | Depreciation of Long-lived Assets 128 142
- Other Assets and Liabilities ( 21 ) ( 10 ) | Net Cash Provided by Operating Activities 145 30 | Investing Activities:
- Other Investing Activities ( 2 ) 11 | Net Cash Used for Investing Activities ( 95 ) ( 40 ) | Financing Activities:
- Other Financing Activities ( 15 ) ( 5 ) | Net Cash Used for Financing Activities ( 362 ) ( 560 ) | Effects of Exchange Rate Changes on Cash and Cash Equivalents 2 —
- Cash and Cash Equivalents, Beginning of Year $ 674 $ 1,084 | Net Cash Flows Provided by Operating Activities 145 30 | Net Cash Flows Used for Investing Activities (95) (40)
- Net Cash Flows Provided by Operating Activities 145 30 | Net Cash Flows Used for Investing Activities (95) (40) | Net Cash Flows Used for Financing Activities (362) (560)
- Net Cash Flows Used for Investing Activities (95) (40) | Net Cash Flows Used for Financing Activities (362) (560) | Effects of Exchange Rate Changes on Cash and Cash Equivalents 2 —
- Operating Activities | Net cash provided by operating activities for year-to-date 2025 was $145 million, including net income of $169 million. Net income included depreciation of $128 million and share-based compensation expense of $18 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most significant items in working capital were the seasonal changes in Inventories, Income Taxes Payable and Accounts Receivable, with Inv | 22
Eget kapital
- Other Long-term Liabilities 235 233 259 | Shareholders’ Equity (Deficit): | Preferred Stock - $ 1.00 par value; 10 shares authorized; none issued
- ( 822 ) ( 822 ) ( 822 ) | Total Shareholders’ Equity (Deficit) ( 1,548 ) ( 1,385 ) ( 1,719 ) | Noncontrolling Interest 1 2 1
- 3. Net Income Per Share and Shareholders’ Equity (Deficit) | Net Income Per Share
- (b) The average price paid per share includes any broker commissions. | (c) For additional share repurchase program information, see Note 3, “Net Income Per Share and Shareholders’ Equity (Deficit)” included in Part I, Item 1. Financial Statements.
- 9952160 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) | link:presentationLink
- 9955513 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) (Tables) | link:presentationLink
- 9955522 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) | link:presentationLink
- 9955523 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) | link:presentationLink
Antal aktier
- — — — | Common Stock - $ 0.50 par value; 1,000 shares authorized; 223 , 231 and 235 shares issued; 208 , 216 and 220 shares outstanding, respectively | 111 115 117
- Net Income Per Share | Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share units, performance share units and stock options (collectively, “Dilutive Awards”) on the weighted-average common shares outstanding. | The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for the second quarters of and year-to-date 2025 and 2024:
- Paid per | Share (b) Total Number of Shares Purchased as Part of Publicly Announced Programs (c) Maximum Number of Shares (or Approximate Dollar Value) that May Yet be Purchased Under the Programs (c) | (in thousands) (in thousands)
- _______________ | (a) The total number of shares repurchased includes shares repurchased as part of publicly announced programs, with the remainder relating to shares in connection with tax payments due upon vesting of associate restricted share and performance share unit awards and the use of our stock to pay the exercise price on associate stock options. | (b) The average price paid per share includes any broker commissions.
- Treasury Shares (in shares) | Weighted Average Number of Shares, Treasury Stock
- Entity Common Stock, Shares Outstanding | Entity Common Stock, Shares Outstanding
- Common Stock, shares outstanding (in shares) | Beginning Balance (in shares)
- Common Stock - $0.50 par value; 1,000 shares authorized; 223, 231 and 235 shares issued; 208, 216 and 220 shares outstanding, respectively | Common Stock, Value, Issued
Antal anställda
- (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Fulltext
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bbwi:ReportableSegmentMember 2025-02-02 2025-08-02 0000701985 bbwi:ReportableSegmentMember 2024-02-04 2024-08-03 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 2, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8344 _________________________________ BATH & BODY WORKS, INC. (Exact name of registrant as specified in its charter) _______________________________ Delaware 31-1029810 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Three Limited Parkway Columbus, Ohio 43230 (Address of principal executive offices) (Zip Code) (614) 415-7000 (Registrant’s telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Smaller reporting company ☐ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.50 Par Value BBWI The New York Stock Exchange As of August 22, 2025, the number of outstanding shares of the Registrant’s common stock was 206,187,576 shares. Table of Contents BATH & BODY WORKS, INC. ® TABLE OF CONTENTS Page No. Part I. Financial Information Item 1. Financial Statements * Consolidated Statements of Income (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 3 Consolidated Balance Sheets as of August 2 , 2025 (Unaudited), February 1, 2025 and August 3 , 2024 (Unaudited) 4 Consolidated Statements of Total Equity (Deficit) (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Consolidated Financial Statements (Unaudited) 8 Report of Independent Registered Public Accounting Firm 16 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 17 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3. Quantitative and Qualitative Disclosures About Market Risk 27 Item 4. Controls and Procedures 28 Part II. Other Information 29 Item 1. Legal Proceedings 29 Item 1A. Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30 Signature 31 * The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2025” and “second quarter of 2024” refer to the thirteen-week periods ended August 2, 2025 and August 3, 2024, respectively. “Year-to-date 2025” and “year-to-date 2024” refer to the twenty-six-week periods ended August 2, 2025 and August 3, 2024, respectively. 2 Table of Contents PART I—FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) (Unaudited) Second Quarter Year-to-Date 2025 2024 2025 2024 Net Sales $ 1,549 $ 1,526 $ 2,974 $ 2,910 Costs of Goods Sold, Buying and Occupancy ( 909 ) ( 900 ) ( 1,687 ) ( 1,677 ) Gross Profit 640 626 1,287 1,233 General, Administrative and Store Operating Expenses ( 483 ) ( 443 ) ( 920 ) ( 863 ) Operating Income 157 183 367 370 Interest Expense ( 68 ) ( 77 ) ( 139 ) ( 159 ) Other Income, Net 6 47 13 61 Income Before Income Taxes 95 153 241 272 Provision for Income Taxes ( 31 ) ( 1 ) ( 72 ) ( 33 ) Net Income $ 64 $ 152 $ 169 $ 239 Net Income per Basic Share $ 0.31 $ 0.68 $ 0.80 $ 1.07 Net Income per Diluted Share $ 0.30 $ 0.68 $ 0.79 $ 1.06 BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (Unaudited) Second Quarter Year-to-Date 2025 2024 2025 2024 Net Income $ 64 $ 152 $ 169 $ 239 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — ( 1 ) 6 ( 3 ) Unrealized Gain (Loss) on Cash Flow Hedges — 1 ( 3 ) 2 Reclassification of Cash Flow Hedges to Earnings — — ( 1 ) — Total Other Comprehensive Income (Loss), Net of Tax — — 2 ( 1 ) Total Comprehensive Income $ 64 $ 152 $ 171 $ 238 The accompanying Notes are an integral part of these Consolidated Financial Statements. 3 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED BALANCE SHEETS (in millions, except par value amounts) August 2, 2025 February 1, 2025 August 3, 2024 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 364 $ 674 $ 514 Accounts Receivable, Net 131 205 146 Inventories 977 734 863 Easton Assets Held for Sale 81 96 — Other 153 114 143 Total Current Assets 1,706 1,823 1,666 Property and Equipment, Net 1,124 1,127 1,166 Operating Lease Assets 984 949 1,043 Goodwill 628 628 628 Trade Name 165 165 165 Deferred Income Taxes 133 130 143 Other Assets 74 50 137 Total Assets $ 4,814 $ 4,872 $ 4,948 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 567 $ 338 $ 411 Accrued Expenses and Other 541 584 526 Current Debt — — 313 Current Operating Lease Liabilities 194 192 186 Income Taxes 1 117 61 Total Current Liabilities 1,303 1,231 1,497 Deferred Income Taxes 23 24 45 Long-term Debt 3,888 3,884 3,881 Long-term Operating Lease Liabilities 912 883 984 Other Long-term Liabilities 235 233 259 Shareholders’ Equity (Deficit): Preferred Stock - $ 1.00 par value; 10 shares authorized; none issued — — — Common Stock - $ 0.50 par value; 1,000 shares authorized; 223 , 231 and 235 shares issued; 208 , 216 and 220 shares outstanding, respectively 111 115 117 Paid-in Capital 806 829 830 Accumulated Other Comprehensive Income 73 71 74 Retained Earnings (Accumulated Deficit) ( 1,716 ) ( 1,578 ) ( 1,918 ) Less: Treasury Stock, at Average Cost; 15 , 15 and 15 shares, respectively ( 822 ) ( 822 ) ( 822 ) Total Shareholders’ Equity (Deficit) ( 1,548 ) ( 1,385 ) ( 1,719 ) Noncontrolling Interest 1 2 1 Total Equity (Deficit) ( 1,547 ) ( 1,383 ) ( 1,718 ) Total Liabilities and Equity (Deficit) $ 4,814 $ 4,872 $ 4,948 The accompanying Notes are an integral part of these Consolidated Financial Statements. 4 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (in millions, except per share amounts) (Unaudited) Second Quarter 2025 Common Stock Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings (Accumulated Deficit) Treasury Stock, at Average Cost Noncontrolling Interest Total Equity (Deficit) Shares Outstanding Par Value Balance, May 3, 2025 212 $ 113 $ 818 $ 73 $ ( 1,633 ) $ ( 822 ) $ 1 $ ( 1,450 ) Net Income — — — — 64 — — 64 Other Comprehensive Income — — — — — — — — Total Comprehensive Income — — — — 64 — — 64 Cash Dividends ($ 0.20 per share) — — — — ( 42 ) — — ( 42 ) Repurchases of Common Stock ( 4 ) — — — — ( 121 ) — ( 121 ) Treasury Share Retirement — ( 2 ) ( 14 ) — ( 105 ) 121 — — Share-based Compensation and Other — — 2 — — — — 2 Balance, August 2, 2025 208 $ 111 $ 806 $ 73 $ ( 1,716 ) $ ( 822 ) $ 1 $ ( 1,547 ) Second Quarter 2024 Common Stock Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings (Accumulated Deficit) Treasury Stock, at Average Cost Noncontrolling Interest Total Equity (Deficit) Shares Outstanding Par Value Balance, May 4, 2024 223 $ 119 $ 841 $ 74 $ ( 1,889 ) $ ( 822 ) $ 1 $ ( 1,676 ) Net Income — — — — 152 — — 152 Other Comprehensive Income — — — — — — — — Total Comprehensive Income — — — — 152 — — 152 Cash Dividends ($ 0.20 per share) — — — — ( 45 ) — — ( 45 ) Repurchases of Common Stock ( 4 ) — — — — ( 150 ) — ( 150 ) Treasury Share Retirement — ( 2 ) ( 12 ) — ( 136 ) 150 — — Share-based Compensation and Other 1 — 1 — — — — 1 Balance, August 3, 2024 220 $ 117 $ 830 $ 74 $ ( 1,918 ) $ ( 822 ) $ 1 $ ( 1,718 ) The accompanying Notes are an integral part of these Consolidated Financial Statements. 5 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (in millions, except per share amounts) (Unaudited) Year-to-Date 2025 Common Stock Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings (Accumulated Deficit) Treasury Stock, at Average Cost Noncontrolling Interest Total Equity (Deficit) Shares Outstanding Par Value Balance, February 1, 2025 216 $ 115 $ 829 $ 71 $ ( 1,578 ) $ ( 822 ) $ 2 $ ( 1,383 ) Net Income — — — — 169 — — 169 Other Comprehensive Income — — — 2 — — — 2 Total Comprehensive Income — — — 2 169 — — 171 Cash Dividends ($ 0.40 per share) — — — — ( 85 ) — — ( 85 ) Repurchases of Common Stock ( 8 ) — — — — ( 256 ) — ( 256 ) Treasury Share Retirement — ( 4 ) ( 30 ) — ( 222 ) 256 — — Share-based Compensation and Other — — 7 — — — ( 1 ) 6 Balance, August 2, 2025 208 $ 111 $ 806 $ 73 $ ( 1,716 ) $ ( 822 ) $ 1 $ ( 1,547 ) Year-to-Date 2024 Common Stock Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings (Accumulated Deficit) Treasury Stock, at Average Cost Noncontrolling Interest Total Equity (Deficit) Shares Outstanding Par Value Balance, February 3, 2024 225 $ 120 $ 838 $ 75 $ ( 1,838 ) $ ( 822 ) $ 1 $ ( 1,626 ) Net Income — — — — 239 — — 239 Other Comprehensive Loss — — — ( 1 ) — — — ( 1 ) Total Comprehensive Income — — — ( 1 ) 239 — — 238 Cash Dividends ($ 0.40 per share) — — — — ( 90 ) — — ( 90 ) Repurchases of Common Stock ( 6 ) — — — — ( 249 ) — ( 249 ) Treasury Share Retirement — ( 3 ) ( 17 ) — ( 229 ) 249 — — Share-based Compensation and Other 1 — 9 — — — — 9 Balance, August 3, 2024 220 $ 117 $ 830 $ 74 $ ( 1,918 ) $ ( 822 ) $ 1 $ ( 1,718 ) The accompanying Notes are an integral part of these Consolidated Financial Statements. 6 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Year-to-Date 2025 2024 Operating Activities: Net Income $ 169 $ 239 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation of Long-lived Assets 128 142 Share-based Compensation Expense 18 22 Gain on Sales of Easton Investments — ( 39 ) Deferred Income Taxes ( 1 ) ( 102 ) Changes in Assets and Liabilities: Accounts Receivable 75 78 Inventories ( 241 ) ( 154 ) Accounts Payable, Accrued Expenses and Other 157 ( 67 ) Income Taxes Payable ( 139 ) ( 79 ) Other Assets and Liabilities ( 21 ) ( 10 ) Net Cash Provided by Operating Activities 145 30 Investing Activities: Capital Expenditures ( 93 ) ( 101 ) Proceeds from Sales of Easton Investments — 50 Other Investing Activities ( 2 ) 11 Net Cash Used for Investing Activities ( 95 ) ( 40 ) Financing Activities: Payments for Long-term Debt — ( 202 ) Repurchases of Common Stock ( 254 ) ( 248 ) Dividends Paid ( 85 ) ( 90 ) Tax Payments Related to Share-based Awards ( 8 ) ( 15 ) Other Financing Activities ( 15 ) ( 5 ) Net Cash Used for Financing Activities ( 362 ) ( 560 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents 2 — Net Decrease in Cash and Cash Equivalents ( 310 ) ( 570 ) Cash and Cash Equivalents, Beginning of Year 674 1,084 Cash and Cash Equivalents, End of Period $ 364 $ 514 The accompanying Notes are an integral part of these Consolidated Financial Statements. 7 Table of Contents BATH & BODY WORKS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Description of Business and Basis of Presentation Description of Business Bath & Body Works, Inc. (the “Company”) is a global omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States of America (“U.S.”) and Canada, and through its websites and other channels, under the Bath & Body Works®, White Barn® and other brand names. The Company’s international business is conducted through franchise, license and wholesale partners. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2025” and “second quarter of 2024” refer to the thirteen-week periods ended August 2, 2025 and August 3, 2024, respectively. “Year-to-date 2025” and “year-to-date 2024” refer to the twenty-six-week periods ended August 2, 2025 and August 3, 2024, respectively. References to “quarter” and “year” each refer to the fiscal calendar period. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee’s net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of all unconsolidated entities is included in Other Income, Net in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended August 2, 2025 and August 3, 2024 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2024 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business The Company’s operations are seasonal in nature and consist of two principal selling seasons: Spring (the first and second quarters) and Fall (the third and fourth quarters). Typically, the Company’s sales are highest during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. Due to the seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year. Derivative Financial Instruments The Company’s Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company’s merchandise sold in Canada is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure. Amounts are reclassified from Accumulated Other Comprehensive Income upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes. Supplier Finance Program In the fourth quarter of 2024, the Company implemented a supply chain finance (“SCF”) program agreement with a third-party financial institution, whereby the Company’s merchandise suppliers have the opportunity to settle outstanding payment obligations early, at a discount, facilitated by the financial institution. The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by suppliers’ participation in the arrangement and the Company provides no guarantees to any third parties under the SCF program. Amounts due under the SCF program are included in Accounts Payable in the Consolidated Balance Sheets and within Operating Activities in the Consolidated Statements of Cash 8 Table of Contents Flows. Amounts due under the SCF program were $ 90 million and $ 7 million as of August 2, 2025 and February 1, 2025, respectively. Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom it transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which it grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Easton Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. Beginning in the fourth quarter of 2024, certain of these investments met all of the required criteria for held for sale presentation, which requires assets to be reported at the lower of their carrying value or fair value less costs to sell. The investments classified as held for sale, consisting primarily of undeveloped land, are reported at their carrying value, which was $ 81 million and $ 96 million as of August 2, 2025 and February 1, 2025, respectively, within Current Assets on the Consolidated Balance Sheets. During the second quarter of 2025, the Company changed its plan of sale for its Easton investments, causing certain of these investments to no longer meet the held for sale criteria. As a result of this change, the Company reclassified $ 17 million of carrying value from Current Assets to long-term Other Assets on the August 2, 2025 Consolidated Balance Sheet. Following this reclassification, the Company’s Easton investments not presented as held for sale were $ 40 million and reported in Other Assets as of August 2, 2025. The Company’s Easton investments not presented as held for sale and reported in Other Assets were $ 26 million as of February 1, 2025 and $ 121 million as of August 3, 2024. Previously included in the Company’s Easton investments were equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG were accounted for using the equity method of accounting. In the second quarter of 2024, the Company sold its entire interest in the business associated with EG and its entire interest in ETC. The Company received aggregate cash proceeds of $ 50 million at the closing of these sales, and recognized a pre-tax gain of $ 39 million, which is included in Other Income, Net, in the 2024 Consolidated Statements of Income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , that requires enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , that requires disclosures of disaggregated information about certain prescribed expense categories within relevant income statement expense captions. This standard is effective for annual reporting of fiscal years beginning after December 15, 2026, and for interim periods in the following year, with early adoption permitted. This standard should be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures. 2. Revenue Recognition Accounts receivable, net from revenue-generating activities were $ 75 million as of August 2, 2025, $ 81 million as of February 1, 2025 and $ 87 million as of August 3, 2024. These accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 45 to 75 days. 9 Table of Contents The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty points and rewards, and direct channel shipments not received by the customer, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue, which is recorded within Accrued Expenses and Other on the Consolidated Balance Sheets, was $ 172 million as of August 2, 2025, $ 197 million as of February 1, 2025 and $ 166 million as of August 3, 2024. The Company recognized $ 87 million as revenue year-to-date 2025 from amounts recorded as deferred revenue at the beginning of the Company’s fiscal year. The following table provides a disaggregation of Net Sales for the second quarters of and year-to-date 2025 and 2024: Second Quarter Year-to-Date 2025 2024 2025 2024 (in millions) Stores - U.S. and Canada (a) $ 1,196 $ 1,140 $ 2,307 $ 2,205 Direct - U.S. and Canada 267 297 517 558 International (b) 86 89 150 147 Total Net Sales $ 1,549 $ 1,526 $ 2,974 $ 2,910 _______________ (a) Results include fulfilled buy online pick up in store orders. (b) Results include royalties associated with franchised stores and wholesale sales. The Company’s Net Sales outside of the U.S. include sales from Company-operated stores and its e-commerce site in Canada, royalties associated with franchised stores and wholesale sales. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s Net Sales outside of the U.S. totaled $ 167 million and $ 164 million for the second quarters of 2025 and 2024, respectively, and $ 299 million and $ 289 million for year-to-date 2025 and 2024, respectively . 3. Net Income Per Share and Shareholders’ Equity (Deficit) Net Income Per Share Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share units, performance share units and stock options (collectively, “Dilutive Awards”) on the weighted-average common shares outstanding. The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for the second quarters of and year-to-date 2025 and 2024: Second Quarter Year-to-Date 2025 2024 2025 2024 (in millions) Common Shares 225 237 227 239 Treasury Shares ( 15 ) ( 15 ) ( 15 ) ( 15 ) Basic Shares 210 222 212 224 Effect of Dilutive Awards 1 1 1 1 Diluted Shares 211 223 213 225 Anti-dilutive Awards (a) — — — 1 _______________ (a) These awards were excluded from the calculation of Net Income per Diluted Share because their inclusion would have been anti-dilutive. 10 Table of Contents Common Stock Repurchases and Retirements Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during year-to-date 2025 and 2024: Repurchase Program Amount Authorized Shares Repurchased Amount Repurchased Average Stock Price 2025 2024 2025 2024 2025 2024 (in millions) (in thousands) (in millions) February 2022 $ 1,500 NA 842 NA $ 39 NA $ 46.08 January 2024 500 460 4,921 $ 17 210 $ 37.67 42.72 January 2025 500 8,008 NA 239 NA 29.78 NA Total 8,468 5,763 $ 256 $ 249 The January 2024 Program had $ 139 million of remaining authority as of February 1, 2025. There were share repurchases of $ 1 million as of February 1, 2025 and $ 2 million as of August 3, 2024 reflected in Accounts Payable on the Consolidated Balance Sheets. On February 27, 2025, the Company cancelled the remaining $ 121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. There were share repurchases of $ 3 million as of August 2, 2025 reflected in Accounts Payable on the Consolidated Balance Sheet. The January 2025 Program had $ 262 million of remaining authority as of August 2, 2025. Shares repurchased under these programs are retired and cancelled upon repurchase. As a result, the Company retired the 8.468 million and 5.763 million shares repurchased during year-to-date 2025 and 2024, respectively. Dividends The Company paid the following dividends during the first and second quarters of 2025 and 2024: Ordinary Dividends Total Paid (per share) (in millions) 2025 First Quarter $ 0.20 $ 43 Second Quarter 0.20 42 Total $ 0.40 $ 85 2024 First Quarter $ 0.20 $ 45 Second Quarter 0.20 45 Total $ 0.40 $ 90 In August 2025, the Company declared its third quarter 2025 ordinary dividend of $ 0.20 per share payable on September 5, 2025 to shareholders of record at the close of business on August 22, 2025. 4. Inventories The following table provides details of Inventories as of August 2, 2025, February 1, 2025 and August 3, 2024: August 2, 2025 February 1, 2025 August 3, 2024 (in millions) Finished Goods Merchandise $ 724 $ 589 $ 669 Raw Materials and Merchandise Components 253 145 194 Total Inventories $ 977 $ 734 $ 863 Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis. 11 Table of Contents 5. Long-lived Assets The following table provides details of Property and Equipment, Net as of August 2, 2025, February 1, 2025 and August 3, 2024: August 2, 2025 February 1, 2025 August 3, 2024 (in millions) Property and Equipment, at Cost $ 3,310 $ 3,217 $ 3,171 Accumulated Depreciation and Amortization ( 2,186 ) ( 2,090 ) ( 2,005 ) Property and Equipment, Net $ 1,124 $ 1,127 $ 1,166 Depreciation expense was $ 64 million and $ 71 million for the second quarters of 2025 and 2024, respectively. Depreciation expense was $ 128 million and $ 142 million for year-to-date 2025 and 2024, respectively. Capital Expenditures of $ 51 million and $ 24 million remained unpaid as of August 2, 2025 and February 1, 2025, respectively. 6. Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the second quarter of 2025, the Company’s effective tax rate was 32.3 % compared to 0.9 % in the second quarter of 2024. The 2025 second quarter rate was higher than the Company’s combined estimated federal and state statutory rates largely due to the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 second quarter rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the sales of Easton investments during the quarter, which resulted in the release of a valuation allowance on a deferred tax asset. For year-to-date 2025, the Company’s effective tax rate was 29.9 % compared to 12.1 % for year-to-date 2024. The 2025 year-to-date rate was higher than the Company’s combined estimated federal and state statutory rates largely due to accrued interest expense related to unrecognized tax benefits and the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 year-to-date rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the sales of Easton investments during the period, which resulted in the release of a valuation allowance on a deferred tax asset. Income taxes paid were $ 207 million and $ 203 million for year-to-date 2025 and 2024, respectively. On July 4, 2025, H.R.1 was enacted in the U.S., which includes various tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions, and provisions allowing accelerated tax deductions for qualified property and research expenditures. This legislation did not have a material impact to the Company’s results of operations, financial condition or cash flows as of and for the twenty-six week period ended August 2, 2025. 12 Table of Contents 7. Long-term Debt and Borrowing Facility The following table provides the Company’s outstanding Long-term Debt balances, net of unamortized debt issuance costs and discounts, as of August 2, 2025, February 1, 2025 and August 3, 2024: August 2, 2025 February 1, 2025 August 3, 2024 (in millions) Senior Debt with Subsidiary Guarantee $ 500 million, 9.375 % Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ — $ — $ 313 $ 284 million, 6.694 % Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 278 277 275 $ 444 million, 5.250 % Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 443 443 443 $ 482 million, 7.500 % Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 476 475 $ 844 million, 6.625 % Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 839 838 838 $ 802 million, 6.875 % Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 797 796 796 $ 575 million, 6.750 % Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 571 571 571 Total Senior Debt with Subsidiary Guarantee 3,405 3,401 3,711 Senior Debt $ 284 million, 6.950 % Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) 283 283 283 $ 201 million, 7.600 % Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 200 200 200 Total Senior Debt 483 483 483 Total Debt 3,888 3,884 4,194 Current Debt — — ( 313 ) Total Long-term Debt, Net of Current Portion $ 3,888 $ 3,884 $ 3,881 Cash paid for interest was $ 143 million and $ 152 million for year-to-date 2025 and 2024, respectively. Repurchases of Notes The Company did not repurchase any outstanding senior notes during the second quarter of and year-to-date 2025. During the second quarter of and year-to-date 2024, the Company repurchased in the open market and extinguished $ 91 million and $ 200 million principal amounts of its outstanding senior notes, respectively. The aggregate repurchase price for these notes was $ 92 million and $ 202 million for the second quarter of and year-to-date 2024, respectively, resulting in pre-tax losses of $ 2 million and $ 3 million, including the write-off of unamortized issuance costs, during the second quarter of and year-to-date 2024, respectively. These losses are included in Other Income, Net, in the 2024 Consolidated Statements of Income. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during the second quarter, year-to-date and full year of 2024: Second Quarter Year-to-Date Full Year (in millions) 2025 Notes $ — $ — $ 314 2027 Notes 14 14 14 2028 Notes 7 17 17 2029 Notes 10 17 17 2030 Notes 56 94 94 2033 Notes — 10 10 2035 Notes 4 10 10 2036 Notes — 38 38 Total $ 91 $ 200 $ 514 Asset-backed Revolving Credit Facility The Company and certain of the Company’s 100 % owned subsidiaries guarantee and pledge collateral to secure an asset-backed revolving credit facility (“ABL Facility”). The ABL Facility, which allows borrowings and letters of credit in U.S. and Canadian dollars, has aggregate commitments of $ 750 million. 13 Table of Contents In May 2025, the Company entered into an amendment and restatement (“Amendment”) of the ABL Facility. The Amendment removed the interest rate credit spread adjustment of 0.10 %, extended the expiration date from August 2026 to May 2030 and included certain other technical amendments. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company’s eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company is required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of August 2, 2025, the Company’s borrowing base was $ 683 million, and it had no borrowings outstanding under the ABL Facility. The ABL Facility supports the Company’s letter of credit program. The Company had $ 9 million of outstanding letters of credit as of August 2, 2025 that reduced its availability under the ABL Facility. As of August 2, 2025, the Company’s availability under the ABL Facility was $ 674 million. As of August 2, 2025, the ABL Facility fees related to committed and unutilized amounts were 0.30 % per annum, and the fees related to outstanding letters of credit were 1.25 % per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the Term Secured Overnight Financing Rate plus 1.25 % per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average plus 1.25 % per annum. The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $ 70 million or (ii) 10 % of the maximum borrowing amount. As of August 2, 2025, the Company was not required to maintain this ratio. 8. Fair Value Measurements Cash and Cash Equivalents include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company’s Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets. The following table provides a summary of the principal value and estimated fair value of the Company’s outstanding debt as of August 2, 2025, February 1, 2025 and August 3, 2024: August 2, 2025 February 1, 2025 August 3, 2024 (in millions) Principal Value $ 3,916 $ 3,916 $ 4,230 Fair Value, Estimated (a) 3,992 3,986 4,241 _______________ (a) The estimated fair value of the Company’s debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with Accounting Standards Codification 820, Fair Value Measurement . The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Management believes that the carrying values of the Company’s Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values because of their short maturities. 9. Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters 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. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Lease Guarantees In connection with the spin-off of Victoria’s Secret & Co., the Company had remaining contingent obligations of $ 224 million as of August 2, 2025 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. These obligations include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the spin-off. The Company’s reserves related to these obligations were not significant for any period presented. 14 Table of Contents 10. Segment Reporting The Company is managed at the consolidated level and therefore operates and reports as a single segment. During the second quarter of 2025, the Company’s Chief Executive Officer was its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM was total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performance in comparison to forecasts and historical results to make decisions on the reinvestment of profits into the business and capital allocation strategies. The following table illustrates significant segment expenses that were regularly provided to the CODM for the second quarters of and year-to-date 2025 and 2024: Second Quarter Year-to-Date 2025 2024 2025 2024 (in millions) Net Sales $ 1,549 $ 1,526 $ 2,974 $ 2,910 Cost of Goods Sold ( 631 ) ( 623 ) ( 1,140 ) ( 1,131 ) Buying and Occupancy ( 278 ) ( 277 ) ( 547 ) ( 546 ) Gross Profit 640 626 1,287 1,233 Selling Expenses ( 282 ) ( 261 ) ( 538 ) ( 508 ) Marketing Expenses ( 53 ) ( 51 ) ( 103 ) ( 95 ) Adjusted General and Administrative Expenses ( 133 ) ( 131 ) ( 264 ) ( 260 ) Adjusted Operating Income 172 183 382 370 Leadership Transition Costs (a) ( 15 ) — ( 15 ) — Reported Operating Income $ 157 $ 183 $ 367 $ 370 ________________ (a) In the second quarter of and year-to-date 2025, the Company recognized pre-tax costs of $ 15 million due to the transition of certain members of the leadership team, primarily related to severance benefits, which were excluded from General and Administrative Expenses in the Adjusted Operating Income details provided to the CODM. As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets, which is total consolidated assets. 15 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of Bath & Body Works, Inc. Results of Review of Interim Financial Statements We have reviewed the accompanying consolidated balance sheets of Bath & Body Works, Inc. (the Company) as of August 2, 2025 and August 3, 2024, the related consolidated statements of income, comprehensive income, and total equity (deficit) for the thirteen and twenty-six week periods ended August 2, 2025 and August 3, 2024, the consolidated statements of cash flows for the twenty-six week periods ended August 2, 2025 and August 3, 2024, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of February 1, 2025, and the related consolidated statements of income, comprehensive income, total equity (deficit), and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated March 14, 2025, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of February 1, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for Review Results These financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. /s/ Ernst & Young LLP Grandview Heights, Ohio August 28, 2025 16 Table of Contents SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION 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 report or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential,” “target,” “goal” and any similar expressions may identify forward-looking statements. There are risks, uncertainties and other factors that in some cases have affected and, in the future, could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by the Company or our management. These factors can be found in Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K, and our subsequent filings. We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this report to reflect circumstances existing after the date of this report or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. We announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about the Company, our business and our results of operations may also be announced by posts on our accounts on social media channels, including the following: Facebook, Instagram, X, LinkedIn, Pinterest, TikTok and YouTube. The information contained on, or that can be accessed through, our social media channels and our website is deemed not to be incorporated in this Quarterly Report on Form 10-Q or to be a part of this Quarterly Report on Form 10-Q. The information that we post through these social media channels and on our website may be deemed material. As a result, we encourage investors, the media and others interested in the Company to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. The list of social media channels we use may be updated from time to time on our investor relations website. Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as codified in the Accounting Standards Codification. The following information should be read in conjunction with our financial statements and the related notes included in Part I, Item 1. Financial Statements in this Quarterly Report on Form 10-Q. Executive Overview In the second quarter of 2025, total Net Sales were $1,549 million, which increased $23 million, or 1.5%, compared to the second quarter of 2024. Total North American Net Sales increased $26 million, primarily due to modest increases in transactions and average dollar sales, partially offset by a $3 million decline in International Net Sales. Our second quarter Operating Income was $157 million, which decreased $26 million, or 13.9%, compared to the second quarter of 2024, and our Operating Income rate (expressed as a percentage of Net Sales) decreased to 10.2% from 12.0%. The Operating Income rate decrease was primarily due to higher General, Administrative and Store Operating Expenses driven by leadership transition costs, partially offset by an increase in the Gross Profit rate. For additional information related to our second quarter 2025 financial performance, see “Results of Operations.” Outlook We expect consumers to remain cautious and value-seeking, with intentional purchasing behavior that prioritizes personal well-being and convenience, while spending selectively. We believe that our brand, stores, loyalty members, passionate store associates and a predominantly U.S. based vertically integrated supply chain form a strong foundation, and our investments in recent years have strengthened this foundation. In order to deliver durable and profitable growth and drive long-term shareholder value, we are taking swift action in the short-term while we actively shape our long-term strategy by making strategic moves that resonate with both current and future customers. We are focused on elevating our owned digital platform to meet the expectations of today’s consumers by enhancing functionality and storytelling, which we believe will boost brand equity and direct channel sales. We are also amplifying our efficacy message by more clearly communicating claims and modernizing packaging to better reflect key product attributes, such as efficacy, safety, and emotional benefits, especially to younger and ingredient-conscious consumers, reinforcing the value of our products. Finally, we are focused on putting our product in the path of the consumer by strategically and thoughtfully exploring new forms of distribution beyond the owned channels we currently sell through to reach and engage new and younger consumers and drive brand discovery. 17 Table of Contents We expect consumer sentiment to remain volatile as the broad-based tariffs imposed by the U.S. government, and threatened or imposed retaliatory measures by other countries, have increased macroeconomic uncertainty in global markets and we are actively monitoring the changes in shifting trade policies and related market disruptions. We believe our vertically integrated, predominantly U.S. based supply chain positions us well to compete in the current environment and to absorb the impacts of tariffs at the existing levels in the current year. We also believe we have the ability to further mitigate these costs over time through strategic sourcing, operational efficiencies, and other targeted initiatives. Continued changes in trade policies and disruptions could have substantial impacts on the global economy and may magnify the impact of the risks to our business described in our Annual Report on Form 10-K. Adjusted Financial Information In addition to our results provided in accordance with GAAP above and throughout this Quarterly Report on Form 10-Q, provided below are non-GAAP measures that presents Operating Income, Net Income and Net Income Per Diluted Share for the second quarters of and year-to-date 2025 and 2024 on an adjusted basis to remove certain items. We believe that these items are not indicative of our operations due to their size and nature. We use adjusted financial information as key performance measures for the purpose of evaluating performance internally. These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Instead, we believe that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. Further, our definitions of adjusted financial information may differ from similarly titled measures used by other companies. The table below reconciles our GAAP financial measures to our non-GAAP financial measures: (in millions, except per share amounts) Second Quarter Year-to-Date 2025 2024 2025 2024 Reconciliation of Reported Operating Income to Adjusted Operating Income Reported Operating Income $ 157 $ 183 $ 367 $ 370 Leadership Transition Costs (a) 15 — 15 — Adjusted Operating Income $ 172 $ 183 $ 382 $ 370 Reconciliation of Reported Net Income to Adjusted Net Income Reported Net Income $ 64 $ 152 $ 169 $ 239 Leadership Transition Costs (a) 15 — 15 — Gain on Sales of Easton Investments (b) — (39) — (39) Tax Effect of Adjustments (1) 14 (1) 14 Tax Benefit from Valuation Allowance Release (c) — (44) — (44) Adjusted Net Income $ 78 $ 83 $ 183 $ 170 Reconciliation of Reported Net Income Per Diluted Share to Adjusted Net Income Per Diluted Share Reported Net Income Per Diluted Share $ 0.30 $ 0.68 $ 0.79 $ 1.06 Leadership Transition Costs (a) 0.07 — 0.07 — Gain on Sales of Easton Investments (b) — (0.18) — (0.18) Tax Effect of Adjustments (0.01) 0.06 (0.01) 0.06 Tax Benefit from Valuation Allowance Release (c) — (0.20) — (0.19) Adjusted Net Income Per Diluted Share $ 0.37 $ 0.37 $ 0.86 $ 0.76 ________________ (a) In the second quarter of 2025, we recognized pre-tax costs of $15 million (after-tax costs of $14 million) due to the transition of certain members of the leadership team, primarily related to severance benefits. (b) In the second quarter of 2024, we sold our investments in Easton Town Center and Easton Gateway, resulting in an aggregate pre-tax gain of $39 million (after-tax gain of $25 million). For additional information, see Note 1, “Description of Business and Basis of Presentation” included in Part I, Item 1. Financial Statements. (c) In the second quarter of 2024, we recognized a $44 million tax benefit related to the release of a valuation allowance on a deferred tax asset. 18 Table of Contents Company-operated Stores The following table compares Company-operated U.S. store data for the second quarters of and year-to-date 2025 and 2024: Second Quarter Year-to-Date 2025 2024 % Change 2025 2024 % Change Sales per Average Selling Square Foot (a) $ 220 $ 216 2 % $ 427 $ 420 2 % Sales per Average Store (in thousands) (a) $ 627 $ 613 2 % $ 1,216 $ 1,188 2 % Average Store Size (selling square feet) 2,844 2,833 — % Total Selling Square Feet (in thousands) 5,094 4,989 2 % ________________ (a) Sales per average selling square foot and sales per average store, which are indicators of store productivity, are calculated based on store sales for the period divided by the average, including the beginning and end of period, of total selling square footage and store count, respectively. The following table represents Company-operated store activity for year-to-date 2025: Stores Stores February 1, 2025 Opened Closed August 2, 2025 United States 1,782 33 (24) 1,791 Canada 113 — — 113 Total 1,895 33 (24) 1,904 Partner-operated Stores The following table represents Partner-operated store activity for year-to-date 2025: Stores Stores February 1, 2025 Opened Closed August 2, 2025 International 494 25 (18) 501 International - Travel Retail 35 3 (2) 36 Total International (a) 529 28 (20) 537 ________________ (a) Includes store locations only and does not include kiosks, shop-in-shops, gondola or beauty counter locations. Results of Operations Second Quarter of 2025 Compared to the Second Quarter of 2024 Net Sales The following table provides Net Sales for the second quarter of 2025 in comparison to the second quarter of 2024: 2025 2024 % Change (in millions) Stores - U.S. and Canada (a) $ 1,196 $ 1,140 4.9 % Direct - U.S. and Canada 267 297 (10.1 %) International (b) 86 89 (2.9 %) Total Net Sales $ 1,549 $ 1,526 1.5 % _______________ (a) Results include fulfilled buy online pick up in store (“BOPIS”) orders. (b) Results include royalties associated with franchised stores and wholesale sales. For the second quarter of 2025, total Net Sales were $1,549 million and increased $23 million, or 1.5%, compared to the second quarter of 2024. Stores Net Sales increased $56 million, or 4.9%, primarily driven by an increase in transactions due to an increase in BOPIS fulfilled orders (which are recognized as store Net Sales) and new store growth, and an increase in average dollar sales. Direct Net Sales decreased $30 million, or 10.1%, driven by a decline in fulfilled orders, which was primarily due to our customers continuing to select our BOPIS option, partially offset by an increase in average order size. International Net Sales decreased $3 million, or 2.9%. 19 Table of Contents Gross Profit For the second quarter of 2025, our Gross Profit increased $14 million compared to the second quarter of 2024, to $640 million, and our Gross Profit rate (expressed as a percentage of Net Sales) increased to 41.3%, from 41.0% in the second quarter of 2024. Gross Profit dollars increased due to higher Net Sales, and the Gross Profit rate increased due to leverage on Occupancy Expenses largely driven by the exit of a third-party fulfillment center. The second quarter of 2025 merchandise margin rate was flat to the second quarter of 2024, as strategic pricing and strong cost management mitigated the impact from tariffs. General, Administrative and Store Operating Expenses The following table provides detail for our General, Administrative and Store Operating Expenses for the second quarter of 2025 compared to the second quarter of 2024: 2025 2024 Change (in millions) % of Net Sales (in millions) % of Net Sales (in millions) % of Net Sales Selling Expenses $ 282 18.2 % $ 261 17.1 % $ 21 1.1 % Marketing Expenses 53 3.4 % 51 3.3 % 3 0.1 % General and Administrative Expenses 148 9.5 % 131 8.6 % 16 0.9 % Total $ 483 31.1 % $ 443 29.1 % $ 40 2.0 % For the second quarter of 2025, our total General, Administrative and Store Operating Expenses increased $40 million compared to the second quarter of 2024, to $483 million, and the rate (expressed as a percentage of Net Sales) increased to 31.1% from 29.1% in the second quarter of 2024. Selling Expenses increased primarily due to higher payroll related costs, mainly driven by investments in wages and new stores, and higher healthcare costs. General and Administrative Expenses increased primarily due to $15 million of costs related to the transition of certain members of the leadership team, primarily related to severance benefits. The General, Administrative and Store Operating Expense rate increased primarily due to the leadership transition costs, increase in payroll related costs, and higher healthcare costs. Other Income and Expenses Interest Expense The following table provides the average daily borrowings and average borrowing rates for the second quarters of 2025 and 2024: 2025 2024 Average daily borrowings (in millions) $ 3,916 $ 4,258 Average borrowing rate 7.1 % 7.3 % For the second quarter of 2025, our Interest Expense was $68 million, compared to $77 million in the second quarter of 2024. The decrease was due to lower average daily borrowings and borrowing rate, which were driven by the early extinguishment of outstanding notes in fiscal year 2024. Other Income, Net For the second quarter of 2025, our Other Income, Net was $6 million, compared to $47 million in the second quarter of 2024. In the second quarter of 2024, Other Income, Net included an aggregate $39 million pre-tax gain on sales of certain Easton investments as well as a $2 million pre-tax loss on extinguishment of debt. The remaining decrease is primarily due to lower interest income on invested cash in the second quarter of 2025. Provision for Income Taxes For the second quarter of 2025, our effective tax rate was 32.3% compared to 0.9% in the second quarter of 2024. The 2025 second quarter rate was higher than our combined estimated federal and state statutory rates largely due to the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 second quarter rate was lower than our combined estimated federal and state statutory rates primarily due to the sales of Easton investments during the quarter, which resulted in the release of a valuation allowance on a deferred tax asset. Results of Operations Year-to-Date 2025 Compared to Year-to-Date 2024 For year-to-date 2025, Operating Income decreased $3 million to $367 million, from $370 million year-to-date 2024, and the Operating Income rate (expressed as a percentage of Net Sales) decreased to 12.3% from 12.7%. The drivers of the year-to-date Operating Income results are discussed in the following sections. 20 Table of Contents Net Sales The following table provides Net Sales for year-to-date 2025 in comparison to year-to-date 2024: 2025 2024 % Change (in millions) Stores - U.S. and Canada (a) $ 2,307 $ 2,205 4.6 % Direct - U.S. and Canada 517 558 (7.4 %) International (b) 150 147 2.3 % Total Net Sales $ 2,974 $ 2,910 2.2 % _______________ (a) Results include fulfilled BOPIS orders. (b) Results include royalties associated with franchised stores and wholesale sales. For year-to-date 2025, Net Sales were $2,974 million and increased $64 million, or 2.2%, compared to year-to-date 2024. Stores Net Sales increased $102 million, or 4.6%, primarily driven by an increase in transactions due to an increase in BOPIS fulfilled orders (which are recognized as store Net Sales) and new store growth, and an increase in average dollar sales. Direct Net Sales decreased $41 million, or 7.4%, driven by a decline in fulfilled orders, which was primarily due to our customers continuing to select our BOPIS option, partially offset by an increase in average order size. International Net Sales increased $3 million, or 2.3%. Gross Profit For year-to-date 2025, our Gross Profit increased $54 million compared to year-to-date 2024, to $1,287 million, and our Gross Profit rate (expressed as a percentage of Net Sales) increased to 43.3% from 42.4% year-to-date 2024. Gross Profit dollars increased due to higher Net Sales as well as merchandise margin rate improvement, driven by strategic pricing and strong cost management partially offset by the impact from tariffs. Gross Profit rate increased due to the merchandise margin rate improvement as well as leverage on Occupancy Expenses largely due to exit of a third-party fulfillment center and Net Sales growth. General, Administrative and Store Operating Expenses The following table provides detail for our General, Administrative and Store Operating Expenses for year-to-date 2025 compared to year-to-date 2024: 2025 2024 Change (in millions) % of Net Sales (in millions) % of Net Sales (in millions) % of Net Sales Selling Expenses $ 538 18.1 % $ 508 17.5 % $ 30 0.6 % Marketing Expenses 103 3.5 % 95 3.3 % 8 0.2 % General and Administrative Expenses 279 9.4 % 260 8.9 % 19 0.5 % Total $ 920 30.9 % $ 863 29.6 % $ 57 1.3 % For year-to-date 2025, our General, Administrative and Store Operating Expenses increased $57 million compared to year-to-date 2024, to $920 million, and the rate (expressed as a percentage of Net Sales) increased to 30.9% from 29.6% year-to-date 2024. Selling Expenses increased primarily due to higher payroll related costs, mainly driven by investments in wages and new stores, and higher healthcare costs. General and Administrative Expenses increased primarily due to $15 million of costs related to the transition of certain members of the leadership team, primarily related to severance benefits, as well as associate wages. The General, Administrative and Store Operating Expense rate increased primarily due to the increase in payroll related costs, leadership transition costs and higher healthcare costs as well as incremental investments in marketing. Other Income and Expenses Interest Expense The following table provides the average daily borrowings and average borrowing rates for year-to-date 2025 and 2024: 2025 2024 Average daily borrowings (in millions) $ 3,916 $ 4,322 Average borrowing rate 7.1 % 7.3 % 21 Table of Contents For year-to-date 2025, our Interest Expense was $139 million, compared to $159 million for year-to-date 2024. The decrease was due to lower average daily borrowings and borrowing rate, which were driven by the early extinguishment of outstanding notes in fiscal year 2024. Other Income, Net For year-to-date 2025, our Other Income, Net was $13 million, compared to $61 million for year-to-date 2024. In year-to-date 2024, Other Income, Net included an aggregate $39 million pre-tax gain on sales of certain Easton investments as well as a $3 million pre-tax loss on extinguishment of debt. The remaining decrease is primarily due to lower interest income on invested cash in year-to-date 2025. Provision for Income Taxes For year-to-date 2025, our effective tax rate was 29.9% compared to 12.1% for year-to-date 2024. The 2025 year-to-date rate was higher than our combined estimated federal and state statutory rates largely due to accrued interest expense related to unrecognized tax benefits and the transition of certain members of the leadership team, primarily related to severance benefits. The 2024 year-to-date rate was lower than our combined estimated federal and state statutory rates primarily due to the sales of Easton investments, which resulted in the release of a valuation allowance on a deferred tax asset. FINANCIAL CONDITION Liquidity and Capital Resources Liquidity, or access to cash, is an important factor in determining our financial stability. We are committed to maintaining adequate liquidity. Cash generated from our operating activities provides the primary resources to support current operations, growth initiatives, seasonal funding requirements, future common stock and debt repurchases, and capital expenditures. Our cash provided from operations is impacted by our net income and working capital changes. Our net income is impacted by, among other things, sales volume, seasonal sales patterns, success of new product introductions and product and market expansions, profit margins, income taxes and inflationary pressures. Typically, our sales are highest during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. Generally, our need for working capital peaks during the summer and fall months as inventory builds in anticipation of the holiday period. Our cash and cash equivalents held by foreign subsidiaries were $123 million as of August 2, 2025. We repurchased 8.468 million shares of our common stock for $256 million during year-to-date 2025. We may, from time to time, repurchase, or otherwise retire, additional shares of our common stock or debt, as applicable. We believe that our current cash position, our cash flows generated from operations and our borrowing capacity under our asset-backed revolving credit facility (“ABL Facility”) will be sufficient to meet our liquidity needs, including capital expenditure requirements, for at least the next twelve months. Cash Flows The following table provides a summary of our cash flow activity during year-to-date 2025 and 2024: 2025 2024 (in millions) Cash and Cash Equivalents, Beginning of Year $ 674 $ 1,084 Net Cash Flows Provided by Operating Activities 145 30 Net Cash Flows Used for Investing Activities (95) (40) Net Cash Flows Used for Financing Activities (362) (560) Effects of Exchange Rate Changes on Cash and Cash Equivalents 2 — Net Decrease in Cash and Cash Equivalents (310) (570) Cash and Cash Equivalents, End of Period $ 364 $ 514 Operating Activities Net cash provided by operating activities for year-to-date 2025 was $145 million, including net income of $169 million. Net income included depreciation of $128 million and share-based compensation expense of $18 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most significant items in working capital were the seasonal changes in Inventories, Income Taxes Payable and Accounts Receivable, with Inventories also impacted by the higher tariff levels in the current year. Accounts Payable, Accrued Expenses and Other provided a cash flow benefit primarily due to our efforts to improve working capital. 22 Table of Contents Net cash provided by operating activities for year-to-date 2024 was $30 million, including net income of $239 million. Net income included depreciation of $142 million, impacts to deferred income taxes of $102 million, an aggregate pre-tax gain on sales of certain Easton investments of $39 million and share-based compensation expense of $22 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most significant items in working capital were the seasonal changes in Inventories, Income Taxes Payable, and Accounts Receivable, and the change in Accounts Payable, Accrued Expenses and Other. Investing Activities Net cash used for investing activities for year-to-date 2025 was $95 million, primarily related to capital expenditures. The capital expenditures included approximately $60 million related to new off-mall stores and remodels of existing stores and approximately $20 million for various technology projects primarily to support the growth and profitability of our business. Net cash used for investing activities for year-to-date 2024 was $40 million primarily related to capital expenditures of $101 million, partially offset by aggregate cash proceeds of $50 million related to the sales of certain Easton investments. The capital expenditures included approximately $75 million related to new, primarily off-mall, stores and remodels of existing stores, approximately $15 million for various technology projects primarily to support the growth and profitability of our business and approximately $10 million related to distribution and logistics capabilities. In 2025, our top priority remains driving sustainable, long-term, profitable growth through strategic investments in the business. To support this, we continue to plan capital expenditures of approximately $250 million to $270 million during the year, with a focus on real estate and technology. Financing Activities Net cash used for financing activities during year-to-date 2025 was $362 million, primarily consisting of $254 million for share repurchases and dividend payments of $0.40 per share, or $85 million. Net cash used for financing activities for year-to-date 2024 was $560 million, primarily consisting of $248 million for share repurchases, $202 million for open market debt repurchases, dividend payments of $0.40 per share, or $90 million and $15 million of tax payments related to share-based awards. Common Stock and Debt Repurchases Our Board of Directors (our “Board”) will determine share and debt repurchase authorizations, giving consideration to our levels of profit and cash flow, capital requirements, current and forecasted liquidity, the restrictions placed upon us by our borrowing arrangements as well as financial and other conditions existing at the time. We use cash flow generated from operating and financing activities to fund our share and debt repurchase programs. The timing and amount of any repurchases will be made at our discretion, taking into account a number of factors, including market conditions. Common Stock Repurchases Under the authority of our Board of Directors, we repurchased shares of our common stock under the following repurchase programs during year-to-date 2025 and 2024: Repurchase Program Amount Authorized Shares Repurchased Amount Repurchased Average Stock Price 2025 2024 2025 2024 2025 2024 (in millions) (in thousands) (in millions) February 2022 $ 1,500 NA 842 NA $ 39 NA $ 46.08 January 2024 500 460 4,921 $ 17 210 $ 37.67 42.72 January 2025 500 8,008 NA 239 NA 29.78 NA Total 8,468 5,763 $ 256 $ 249 23 Table of Contents The January 2024 Program had $139 million of remaining authority as of February 1, 2025. There were share repurchases of $1 million as of February 1, 2025 and $2 million as of August 3, 2024 reflected in Accounts Payable on the Consolidated Balance Sheets. On February 27, 2025, we cancelled the remaining $121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. There were share repurchases of $3 million as of August 2, 2025 reflected in Accounts Payable on the Consolidated Balance Sheet. The January 2025 Program had $262 million of remaining authority as of August 2, 2025. Dividend Policy and Procedures Our Board will determine future dividends after giving consideration to our levels of profit and cash flow, capital requirements, current and forecasted liquidity, the restrictions placed upon us by our borrowing arrangements as well as financial and other conditions existing at the time. We use cash flow generated from operating and financing activities to fund our dividends. We paid the following dividends during the first and second quarters of 2025 and 2024: Ordinary Dividends Total Paid (per share) (in millions) 2025 First Quarter $ 0.20 $ 43 Second Quarter 0.20 42 Total $ 0.40 $ 85 2024 First Quarter $ 0.20 $ 45 Second Quarter 0.20 45 Total $ 0.40 $ 90 In August 2025, we declared our third quarter 2025 ordinary dividend of $0.20 per share payable on September 5, 2025 to shareholders of record at the close of business on August 22, 2025. Long-term Debt and Borrowing Facility The following table provides our outstanding Long-term Debt balances, net of unamortized debt issuance costs and discounts, as of August 2, 2025, February 1, 2025 and August 3, 2024: August 2, 2025 February 1, 2025 August 3, 2024 (in millions) Senior Debt with Subsidiary Guarantee $500 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ — $ — $ 313 $284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 278 277 275 $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 443 443 443 $482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 476 475 $844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 839 838 838 $802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 797 796 796 $575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 571 571 571 Total Senior Debt with Subsidiary Guarantee 3,405 3,401 3,711 Senior Debt $284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) 283 283 283 $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 200 200 200 Total Senior Debt 483 483 483 Total Debt 3,888 3,884 4,194 Current Debt — — (313) Total Long-term Debt, Net of Current Portion $ 3,888 $ 3,884 $ 3,881 24 Table of Contents Cash paid for interest was $143 million and $152 million for year-to-date 2025 and 2024, respectively. Repurchases of Notes We did not repurchase any outstanding senior notes during the second quarter of and year-to-date 2025. During the second quarter of and year-to-date 2024, we repurchased in the open market and extinguished $91 million and $200 million principal amounts of our outstanding senior notes, respectively. The aggregate repurchase price for these notes was $92 million and $202 million for the second quarter of and year-to-date 2024, respectively, resulting in pre-tax losses of $2 million and $3 million, including the write-off of unamortized issuance costs, during the second quarter of and year-to-date 2024, respectively. These losses are included in Other Income, Net in the 2024 Consolidated Statements of Income. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during the second quarter, year-to-date and full year of 2024: Second Quarter Year-to-Date Full Year (in millions) 2025 Notes $ — $ — $ 314 2027 Notes 14 14 14 2028 Notes 7 17 17 2029 Notes 10 17 17 2030 Notes 56 94 94 2033 Notes — 10 10 2035 Notes 4 10 10 2036 Notes — 38 38 Total $ 91 $ 200 $ 514 Asset-backed Revolving Credit Facility We and certain of our 100% owned subsidiaries guarantee and pledge collateral to secure the ABL Facility. The ABL Facility, which allows borrowings and letters of credit in U.S. and Canadian dollars, has aggregate commitments of $750 million. In May 2025, we entered into an amendment and restatement (“Amendment”) of the ABL Facility. The Amendment removed the interest rate credit spread adjustment of 0.10%, extended the expiration date from August 2026 to May 2030 and included certain other technical amendments. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on our eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, we are required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of August 2, 2025, our borrowing base was $683 million, and we had no borrowings outstanding under the ABL Facility. The ABL Facility supports our letter of credit program. We had $9 million of outstanding letters of credit as of August 2, 2025 that reduced our availability under the ABL Facility. As of August 2, 2025, our availability under the ABL Facility was $674 million. As of August 2, 2025, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the Term Secured Overnight Financing Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average plus 1.25% per annum. The ABL Facility requires us to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $70 million or (ii) 10% of the maximum borrowing amount. As of August 2, 2025, we were not required to maintain this ratio. Credit Ratings The following table provides our credit ratings as of August 2, 2025: Moody’s S&P Corporate Ba2 BB+ Senior Unsecured Debt with Subsidiary Guarantee Ba2 BB+ Senior Unsecured Debt B1 BB- Outlook Stable Stable 25 Table of Contents Guarantor Summarized Financial Information Certain of our subsidiaries, which are listed on Exhibit 22 to this Quarterly Report on Form 10-Q, have guaranteed our obligations under the 2027 Notes, 2028 Notes, 2029 Notes, 2030 Notes, 2035 Notes and 2036 Notes (collectively, the “Notes”). The Notes have been issued by Bath & Body Works, Inc. (the “Parent Company”). The Notes are its senior unsecured obligations and rank equally in right of payment with all of our existing and future senior unsecured obligations, are senior to any of our future subordinated indebtedness, are effectively subordinated to all of our existing and future indebtedness that is secured by a lien and are structurally subordinated to all existing and future obligations of each of our subsidiaries that do not guarantee the Notes. The Notes are fully and unconditionally guaranteed on a joint and several basis by certain of our wholly-owned subsidiaries, including certain subsidiaries that also guarantee our obligations under our ABL Facility (such guarantees, the “Guarantees”; and, such guaranteeing subsidiaries, the “Subsidiary Guarantors”). The Guarantees of the Subsidiary Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. Each Guarantee is limited, by its terms, to an amount not to exceed the maximum amount that can be guaranteed by the applicable Subsidiary Guarantor subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. The following tables set forth summarized financial information for the Parent Company and the Subsidiary Guarantors on a combined basis after elimination of (i) intercompany transactions and balances among the Parent Company and the Subsidiary Guarantors and (ii) investments in and equity in the earnings of non-Guarantor subsidiaries. SUMMARIZED BALANCE SHEETS August 2, 2025 February 1, 2025 (in millions) ASSETS Current Assets (a) $ 2,031 $ 2,075 Noncurrent Assets 2,441 2,411 LIABILITIES Current Liabilities (b) $ 2,527 $ 2,394 Noncurrent Liabilities (c) 4,941 4,898 _______________ (a) Includes amounts due from non-Guarantor subsidiaries of $588 million and $572 million as of August 2, 2025 and February 1, 2025, respectively. (b) Includes amounts due to non-Guarantor subsidiaries of $1.467 billion and $1.421 billion as of August 2, 2025 and February 1, 2025, respectively. (c) Includes amounts due to non-Guarantor subsidiaries of $25 million as of August 2, 2025. YEAR-TO-DATE 2025 SUMMARIZED STATEMENT OF INCOME (in millions) Net Sales (a) $ 2,821 Gross Profit 1,200 Operating Income 338 Income Before Income Taxes 210 Net Income 145 _______________ (a) Includes Net Sales of $72 million to non-Guarantor subsidiaries. 26 Table of Contents Contingent Liabilities and Contractual Obligations Lease Guarantees In connection with the spin-off of Victoria’s Secret & Co., we had remaining contingent obligations of $224 million as of August 2, 2025 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. These obligations include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the spin-off. Our reserves related to these obligations were not significant for any period presented. Contractual Obligations Our contractual obligations primarily consist of long-term debt and the related interest payments, operating leases, purchase orders for merchandise inventory and other long-term obligations. These contractual obligations impact our short-term and long-term liquidity and capital resource needs. There have been no material changes in our contractual obligations subsequent to February 1, 2025, as discussed in “Contingent Liabilities and Contractual Obligations” in our 2024 Annual Report on Form 10-K. Certain of our contractual obligations may fluctuate during the normal course of business (primarily changes in our merchandise inventory-related purchase obligations which fluctuate throughout the year as a result of the seasonal nature of our business). RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , that requires enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. We are currently evaluating the impact of adopting this standard on our disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , that requires disclosures of disaggregated information about certain prescribed expense categories within relevant income statement expense captions. This standard is effective for annual reporting of fiscal years beginning after December 15, 2026, and for interim periods in the following year, with early adoption permitted. This standard should be applied prospectively, with retrospective application permitted. We are currently evaluating the impact of adopting this standard on our disclosures. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies related to estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, management evaluates its accounting policies, estimates and judgments, including those related to inventories, valuation of long-lived store assets, claims and contingencies, income taxes and revenue recognition, including revenue associated with our loyalty program. Management bases our estimates and judgments on historical experience and various other factors that we believe are reasonable under the circumstances. Actual results may differ from these estimates. There have been no material changes to the critical accounting policies and estimates disclosed in our 2024 Annual Report on Form 10-K. Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Market Risk The market risk inherent in our financial instruments represents the potential loss in fair value, earnings or cash flows arising from adverse changes in foreign currency exchange rates or interest rates. We may use derivative financial instruments like foreign currency forward contracts, cross-currency swaps and interest rate swap arrangements to manage exposure to market risks. We do not use derivative financial instruments for trading purposes. Foreign Exchange Rate Risk Our Canadian dollar denominated earnings are subject to exchange rate risk as substantially all our merchandise sold in Canada is sourced through U.S. dollar transactions. Although we utilize foreign currency forward contracts to partially offset risks associated with our operations in Canada, these measures may not succeed in offsetting all the short-term impact of foreign currency rate movements and generally may not be effective in offsetting the long-term impact of sustained shifts in foreign currency rates. 27 Table of Contents Further, although our royalty arrangements with our international partners are denominated in U.S. dollars, the royalties we receive in U.S. dollars are calculated based on sales in the local currency. As a result, our royalties in these arrangements are exposed to foreign currency exchange rate fluctuations. Interest Rate Risk Our investment portfolio primarily consists of interest-bearing instruments that are classified as cash and cash equivalents based on their original maturities. Our investment portfolio is maintained in accordance with our investment policy, which specifies permitted types of investments, specifies credit quality standards and maturity profiles and limits credit exposure to any single issuer. The primary objectives of our investment activities are the preservation of principal, the maintenance of liquidity and the maximization of interest income while minimizing risk. Our investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. Given the short-term nature and quality of investments in our portfolio, we do not believe there is any material risk to principal associated with increases or decreases in interest rates. All of our outstanding Long-term Debt as of August 2, 2025 has fixed interest rates. We will from time to time adjust our exposure to interest rate risk by entering into interest rate swap arrangements. Our exposure to interest rate changes is limited to the fair value of the debt issued, which would not have a material impact on our earnings or cash flows. Concentration of Credit Risk We maintain cash and cash equivalents and derivative contracts with various major financial institutions. We monitor the relative credit standing of financial institutions with whom we transact and limit the amount of credit exposure with any one entity. Our investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. We also periodically review the relative credit standing of franchise, license and wholesale partners and other entities to which we grant credit terms in the normal course of business. Fair Value Measurements The following table provides a summary of the principal value and estimated fair value of our outstanding debt as of August 2, 2025, February 1, 2025 and August 3, 2024: August 2, 2025 February 1, 2025 August 3, 2024 (in millions) Principal Value $ 3,916 $ 3,916 $ 4,230 Fair Value, Estimated (a) 3,992 3,986 4,241 _______________ (a) The estimated fair values are based on reported transaction prices and are not necessarily indicative of the amounts that we could realize in a current market exchange. As of August 2, 2025, we believe that the carrying values of our Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values because of their short maturities. Item 4. CONTROLS AND PROCEDURES Evaluation of disclosure controls and procedures. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective and designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission (“SEC”) rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Changes in internal control over financial reporting. There were no changes in our internal control over financial reporting that occurred in the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 28 Table of Contents PART II—OTHER INFORMATION Item 1. 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. Item 1A. RISK FACTORS The risk factors that affect our business and financial results are discussed in Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K. We wish to caution the reader that the risk factors discussed in Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K and those described elsewhere in this report or other SEC filings could cause actual results to differ materially from those stated in any forward-looking statements. Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The following table provides the repurchases of our common stock during the second quarter of 2025: Fiscal Period Total Number of Shares Purchased (a) Average Price Paid per Share (b) Total Number of Shares Purchased as Part of Publicly Announced Programs (c) Maximum Number of Shares (or Approximate Dollar Value) that May Yet be Purchased Under the Programs (c) (in thousands) (in thousands) May 2025 608 $ 29.32 517 $ 367,301 June 2025 2,258 27.76 2,252 304,798 July 2025 1,382 31.50 1,373 261,510 Total 4,248 4,142 _______________ (a) The total number of shares repurchased includes shares repurchased as part of publicly announced programs, with the remainder relating to shares in connection with tax payments due upon vesting of associate restricted share and performance share unit awards and the use of our stock to pay the exercise price on associate stock options. (b) The average price paid per share includes any broker commissions. (c) For additional share repurchase program information, see Note 3, “Net Income Per Share and Shareholders’ Equity (Deficit)” included in Part I, Item 1. Financial Statements. Item 3. DEFAULTS UPON SENIOR SECURITIES Not applicable. Item 4. MINE SAFETY DISCLOSURES Not applicable. Item 5. OTHER INFORMATION Securities Trading Plans of Directors and Executive Officers None of our directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408(c) of Regulation S-K) during the second quarter of 2025. 29 Table of Contents Item 6. EXHIBITS Exhibits 10.1 Letter Agreement between the Company and Eva Boratto, dated July 21, 2025. 15 Letter regarding Unaudited Interim Financial Information regarding Incorporation of Report of Independent Registered Public Accounting Firm. 22 List of Guarantor Subsidiaries. 31.1 Section 302 Certification of CEO. 31.2 Section 302 Certification of CFO. 32 Section 906 Certification (by CEO and CFO). 101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document. 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF Inline XBRL Taxonomy Definition Linkbase Document. 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). 30 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BATH & BODY WORKS, INC. (Registrant) By: /s/ EVA C. BORATTO Eva C. Boratto Chief Financial Officer * Date: August 28, 2025 * Ms. Boratto is the principal financial officer and the principal accounting officer and has been duly authorized to sign on behalf of the Registrant. 31 0000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink 9952151 - Statement - CONSOLIDATED STATEMENTS OF INCOME link:presentationLink link:calculationLink link:definitionLink 9952152 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 9952153 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 9952154 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 9952155 - Statement - CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) link:presentationLink link:calculationLink link:definitionLink 9952156 - Statement - CONSOLIDATED STATEMENTS OF TOTAL EQUITY 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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Also includes the entire disclosure for earnings per share. 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Operating Activity, Including Discontinued Operation Treasury Share Retirement Treasury Stock, Retired, Cost Method, Amount Preferred stock, par value (in USD per share) Preferred Stock, Par or Stated Value Per Share Subsequent Event Subsequent Event [Member] Goodwill Goodwill Equity Valuation Assumption Difference, Footnote Equity Valuation Assumption Difference, Footnote [Text Block] PEO Total Compensation Amount PEO Total Compensation Amount Long-term Debt, Type [Axis] Long-Term Debt, Type [Axis] Depreciation of Long-lived Assets Depreciation Depreciation Equity Components [Axis] Equity Components [Axis] Non-Rule 10b5-1 Arrangement Adopted Non-Rule 10b5-1 Arrangement Adopted [Flag] Impaired Long-Lived Assets Held and Used [Line Items] Impaired Long-Lived Assets Held and Used [Line Items] Number of reportable segments Number of Reportable Segments Scenario, Adjustment Scenario, Adjustment [Member] Other Performance Measure, Amount Other Performance Measure, Amount Current Debt Current Debt Debt, Current Entity Address, State or Province Entity Address, State or Province Total Current Liabilities Liabilities, Current Individual: Individual [Axis] Other Other Assets, Current Paid-in Capital Additional Paid in Capital, Common Stock Net Cash Used for Investing Activities Cash Provided by (Used in) Investing Activity, Including Discontinued Operation Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table [Member] Cash paid for interest Interest Paid, Excluding Capitalized Interest, Operating Activity $284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) Fixed Rate 6.694% Notes Due January 2027 [Member] Fixed Rate 6.694% Notes Due January 2027 Document Fiscal Year Focus Document Fiscal Year Focus Description of Business Basis of Accounting, Policy [Policy Text 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Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member] Outstanding Aggregate Erroneous Compensation Amount Outstanding Aggregate Erroneous Compensation Amount Schedule of Repurchase of Common Stock Schedule of Stockholders Equity [Table Text Block] Revolving Credit Facility Revolving Credit Facility [Member] Arrangement Duration Trading Arrangement Duration Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information, by Segment [Axis] Segments [Axis] Exercise Price Award Exercise Price Entity Filer Category Entity Filer Category Local Phone Number Local Phone Number Additional 402(v) Disclosure Additional 402(v) Disclosure [Text Block] Other Investing Activities Payment for (Proceeds from) Other Investing Activity Subsequent Event Type [Axis] Subsequent Event Type [Axis] Treasury share retirement (in shares) Stock 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Estimation Method [Text Block] Schedule of Long-term Debt Instruments Schedule of Long-Term Debt Instruments [Table Text Block] $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) Fixed Rate 5.25% Notes Due February 2028 [Member] Fixed Rate 5.25% Notes Due February 2028 Document Quarterly Report Document Quarterly Report Changed Peer Group, Footnote Changed Peer Group, Footnote [Text Block] Supplier Finance Program Supplier Finance Programs [Policy Text Block] Supplier Finance Programs Number of Operating Segments Number of Operating Segments Adjustment To PEO Compensation, Footnote Adjustment To PEO Compensation, Footnote [Text Block] International Bath & Body Works International [Member] Bath & Body Works International Title Trading Arrangement, Individual Title Peer Group Total Shareholder Return Amount Peer Group Total Shareholder Return Amount Restatement Determination Date: Restatement Determination Date [Axis] Share-based Compensation and Other Shares 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method investments Equity Method Investment, Realized Gain (Loss) on Disposal Common Shares (in shares) Weighted Average Number of Shares Issued, Basic Fair Value Measurement Inputs and Valuation Techniques [Line Items] Fair Value Measurement Inputs and Valuation Techniques [Line Items] Aggregate Erroneous Compensation Amount Aggregate Erroneous Compensation Amount Outside of the U.S. International [Member] International (all geographic areas excluding the United States and it's territories). Tax Payments Related to Share-based Awards Payment, Tax Withholding, Share-Based Payment Arrangement Peer Group Issuers, Footnote Peer Group Issuers, Footnote [Text Block] Erroneous Compensation Analysis Erroneous Compensation Analysis [Text Block] Share Repurchase Program [Domain] Share Repurchase Program [Domain] Current Liabilities: Liabilities, Current [Abstract] Geographical [Axis] Geographical [Axis] Guarantor Obligations, Nature [Domain] Guarantor Obligations, Nature [Domain] Other Assets and Liabilities Increase (Decrease) in Other Operating Assets and Liabilities, Net Rule 10b5-1 Arrangement Terminated Rule 10b5-1 Arrangement Terminated [Flag] Line of credit, outstanding amount Long-Term Line of Credit Net Income per Dilutive Share (in dollars per share) Earnings Per Share, Diluted Erroneously Awarded Compensation Recovery Erroneously Awarded Compensation Recovery [Table] Accounts Receivable, Net Accounts Receivable, after Allowance for Credit Loss, Current Title of 12(b) Security Title of 12(b) Security $284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) Fixed Rate 6.95% Debentures Due March 2033 [Member] Fixed Rate 6.95 Percent Debentures Due March 2033 Treasury stock (in shares) Treasury Stock, Common, Shares Total Senior Debt with Subsidiary Guarantee Senior Debt Obligations [Member] Ownership percentage Subsidiary, Ownership Percentage, Parent Gross Profit Gross Profit January 2025 Program January 2025 Program [Member] January 2025 Program Repurchases of Common Stock (in shares) Shares Repurchased (in shares) Treasury Stock, Shares, Acquired $844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) Fixed Rate 6.625% Notes Due October 2030 [Member] Fixed Rate 6.625% Notes Due October 2030 Award Timing Disclosures [Line Items] Lease Agreements Lease Agreements [Member] Summary of Inventories Schedule of Inventory, Current [Table Text Block] Easton Assets Held for Sale Disposal Group, Including Discontinued Operation, Assets, Current Earnings Per Share And Shareholders' Equity [Abstract] Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract] Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract] Long-Lived Assets Property, Plant and Equipment Disclosure [Text Block] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] Fiscal Year Fiscal Period, Policy [Policy Text Block] Net Income Net Income Net Income (Loss) Attributable to Parent Expiration Date Trading Arrangement Expiration Date Proceeds from Sales of Easton Investments Proceeds From Sale Of Equity Method Investment, Net Of Fees Paid Proceeds From Sale Of Equity Method Investment, Net Of Fees Paid Shareholders’ Equity (Deficit): Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Line of credit financial covenant, maximum borrowing amount Line of Credit Financial Covenant, Maximum Borrowing Amount Line of Credit Financial Covenant, Maximum Borrowing Amount Property and Equipment, Net Property and Equipment, Net Property, Plant and Equipment, Net Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Repurchases of Common Stock Payments for Repurchase of Common Stock Adoption Date Trading Arrangement Adoption Date Compensation Actually Paid vs. Net Income Compensation Actually Paid vs. Net Income [Text Block] Accounts Receivable Increase (Decrease) in Accounts Receivable Inventory Inventory, Policy [Policy Text Block] Entity Current Reporting Status Entity Current Reporting Status Awards Close in Time to MNPI Disclosures Awards Close in Time to MNPI Disclosures [Table] Operating Income Operating Income (Loss) Retained Earnings (Accumulated Deficit) Retained Earnings (Accumulated Deficit) Financial Instrument [Axis] Financial Instrument [Axis] Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member] Executive Category: Executive Category [Axis] Interest Expense Interest Expense, Operating and Nonoperating Current Fiscal Year End Date Current Fiscal Year End Date Subsequent Event Type [Domain] Subsequent Event Type [Domain] Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member] Number of selling seasons Number Of Selling Seasons Number Of Selling Seasons Adjusted General and Administrative Expenses Adjusted General and Administrative Expenses Adjusted General and Administrative Expenses Statement [Table] Statement [Table] Other Income, Net Other Nonoperating Income (Expense) Deferred Income Taxes Deferred Income Tax Expense (Benefit) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract] Financing Activities: Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract] Equity Awards Adjustments, Excluding Value Reported in Compensation Table Equity Awards Adjustments, Excluding Value Reported in the Compensation Table [Member] Variable Rate [Domain] Variable Rate [Domain] Deferred revenue Contract with Customer, Liability Description of Business and Basis of Presentation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Anti-dilutive Stock Options and Awards (in shares) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount All Adjustments to Compensation All Adjustments to Compensation [Member] Amendment Flag Amendment Flag Schedule of Long-Term Debt Repurchases [Line Items] Schedule of Long-Term Debt Repurchases [Line Items] Schedule of Long-Term Debt Repurchases [Line Items] Termination Date Trading Arrangement Termination Date Net Cash Used for Financing Activities Cash Provided by (Used in) Financing Activity, Including Discontinued Operation Insider Trading Policies and Procedures Adopted Insider Trading Policies and Procedures Adopted [Flag] Measure: Measure [Axis] Credit Spread Adjustment Credit Spread Adjustment [Member] Credit Spread Adjustment Selling Expenses Selling Expense Basic Shares (in shares) Weighted Average Number of Shares Outstanding, Basic Remaining authorized repurchase amount Share Repurchase Program, Remaining Authorized, Amount Costs of Goods Sold, Buying and Occupancy Cost of Product and Service Sold Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Segment Reporting [Abstract] Segment Reporting [Abstract] Pay vs Performance Disclosure, Table Pay vs Performance [Table Text Block] Supplier finance program, obligation Supplier Finance Program, Obligation Forgone Recovery due to Violation of Home Country Law, Amount Forgone Recovery due to Violation of Home Country Law, Amount Entity Tax Identification Number Entity Tax Identification Number Proceeds from the sales of equity method investments Proceeds from Sale of Equity Method Investments Scenario [Domain] Scenario [Domain] Raw Materials and Merchandise Components Inventory, Raw Materials and Purchased Parts, Net of Reserves Inventory, Net [Abstract] Inventory, Net [Abstract] Forgone Recovery due to Expense of Enforcement, Amount Forgone Recovery due to Expense of Enforcement, Amount Common stock, par value (in USD per share) Common Stock, Par or Stated Value Per Share $802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) Fixed Rate 6.875% Notes Due November 2035 [Member] Fixed Rate 6.875% Notes Due November 2035 [Member] Common stock, shares issued (in shares) Common Stock, Shares, Issued Use of Estimates in the Preparation of Financial Statements Use of Estimates, Policy [Policy Text Block] Guarantor Obligations, Nature [Axis] Guarantor Obligations, Nature [Axis] Dividends Paid Total Paid Payments of Dividends Trading Arrangement: Trading Arrangement [Axis] Income Taxes Payable Increase (Decrease) in Income Taxes Payable Total Shareholder Return Amount Total Shareholder Return Amount Other Share Repurchase Program Other Share Repurchase Program [Member] Other Share Repurchase Program Foreign Currency Translation Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Insider Trading Arrangements [Line Items] Security Exchange Name Security Exchange Name January 2024 Program January 2024 Program [Member] January 2024 Program Revolving facility current credit fees percentage rate, letters of credit Line of Credit Facility, Commitment Fee Percentage Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average [Member] Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average Capital Expenditures Incurred but Not yet Paid Capital Expenditures Incurred but Not yet Paid Long-term Debt, by Current and Noncurrent [Abstract] Long-Term Debt, by Current and Noncurrent [Abstract] Credit agreement, borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Pension Adjustments Prior Service Cost Pension Adjustments Prior Service Cost [Member] Material Terms of Trading Arrangement Material Terms of Trading Arrangement [Text Block] Statement [Line Items] Statement [Line Items] Variable Rate [Axis] Variable Rate [Axis] Debt instrument, redeemed amount Extinguishment of Debt, Amount Rule 10b5-1 Arrangement Adopted Rule 10b5-1 Arrangement Adopted [Flag] Cash and Cash Equivalents Cash and Cash Equivalent Fair Value Measurement Inputs and Valuation Techniques [Table] Fair Value Measurement Inputs and Valuation Techniques [Table] Common Stock Common Stock [Member] Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Non-NEOs Non-NEOs [Member] Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Net Decrease in Cash and Cash Equivalents Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation Effect of Dilutive Restricted Stock and Stock Options (in shares) Weighted Average Number of Shares Outstanding, Diluted, Adjustment Document Exhibit 10.1 July 21, 2025 Eva Boratto Address on file Dear Eva: Due to the leadership changes that occurred in 2025, this letter agreement amends the Work Model Designation and Relocation sections of the offer letter entered into between you and Bath & Body Works, Inc. (the “ Company ”), dated July 18, 2023. Position Chief Financial Officer Reporting to Daniel Heaf, Chief Executive Officer Work Model Designation Your position as Chief Financial Officer at Bath and Body Works Inc. is based in Columbus,Ohio. You are expected to travel to Columbus, Ohio on a weekly basis, with an average in-office presence of three days per week, consistent with your established practice over the past two years. At your request, you will not be required to fully relocate to Columbus, Ohio and will maintain your residence in Philadelphia, PA. You acknowledge and agree that all personal expenses related to your travel to Columbus—including, without limitation, ground and air transportation, lodging, meals and incidental cost—will be your sole financial responsibility. You are also responsible for any personal tax implications that may arise from this arrangement. This excludes any expenses associated with relocation assistance in accordance with the Company’s relocation policy as outlined below. The original stipend to assist with expenses was discontinued on June 30, 2025. Relocation Benefits We are extending the option for you to partially relocate to Columbus, Ohio no later than December 31, 2025. You will be eligible to receive partial relocation assistance in accordance with the provisions of the Company’s relocation policy, including 6 months temporary housing. To receive relocation assistance and benefits, you must agree to the Company’s Relocation Policy, which provides that if you voluntarily resign or you are terminated for Cause prior to the first anniversary of your relocation date, you will reimburse the Company for all costs related to your relocation. This letter does not constitute an employment contract with you. As set forth in our associate handbook, your employment will be at-will. All compensation, benefits, bonuses, equity awards, and other such programs are governed by and subject to the official plan documents, award agreements, and decisions of the Board of Directors of the Company and may be amended, modified, or withdrawn at any time. Upon acceptance of this amended and restated offer, please sign this letter and return them via DocuSign. We want your review of this offer to be hassle-free, so we are here to answer any questions you may have. Please contact Michaela Oliver at moliver@bbw.com, and she can help clarify any part of your offer amendment. Sincerely, I accept this offer by signing on, /s/ DANIEL HEAF /s/ EVA BORATTO Daniel Heaf Eva Boratto Chief Executive Officer Bath & Body Works Inc. Document Exhibit 15 August 28, 2025 To the Shareholders and Board of Directors of Bath & Body Works, Inc. We are aware of the incorporation by reference in the following Registration Statements of Bath & Body Works, Inc.: (1) Registration Statement (Form S-3 ASR No. 333-285833) of Bath & Body Works, Inc., (2) Registration Statement (Form S-8 No. 333-265379) pertaining to the Bath & Body Works, Inc. Associate Stock Purchase Plan, (3) Registration Statement (Form S-8 No. 333-251226) pertaining to the L Brands, Inc. 2020 Stock Option and Performance Incentive Plan, and (4) Registration Statement (Form S-8 No. 333-206787) pertaining to the L Brands, Inc. 2015 Stock Option and Performance Incentive Plan; of our report dated August 28, 2025 relating to the unaudited consolidated interim financial statements of Bath & Body Works, Inc. that are included in its Form 10-Q for the quarter ended August 2, 2025. /s/ Ernst & Young LLP Grandview Heights, Ohio Document Exhibit 22 List of Guarantor Subsidiaries The 2027 Notes, 2028 Notes, 2029 Notes, 2030 Notes, 2035 Notes and 2036 Notes are jointly and severally guaranteed on a full and unconditional basis by Bath & Body Works, Inc. (incorporated in Delaware) and the following 100% owned subsidiaries of Bath & Body Works, Inc. as of August 2, 2025: Entity Jurisdiction of Incorporation or Organization Bath & Body Works, LLC Delaware Bath & Body Works Brand Management, Inc. Delaware Bath & Body Works Direct, Inc. Delaware beautyAvenues, LLC Delaware Beauty Specialty Holding, LLC Delaware L Brands Service Company, LLC Delaware Document Exhibit 31.1 Section 302 Certification I, Daniel Heaf, certify that: 1. I have reviewed this report on Form 10-Q of Bath & Body Works, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. /s/ DANIEL HEAF Daniel Heaf Chief Executive Officer Date: August 28, 2025 Document Exhibit 31.2 Section 302 Certification I, Eva C. Boratto, certify that: 1. I have reviewed this report on Form 10-Q of Bath & Body Works, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. /s/ EVA C. BORATTO Eva C. Boratto Chief Financial Officer Date: August 28, 2025 Document Exhibit 32 Section 906 Certification Daniel Heaf, the Chief Executive Officer, and Eva C. Boratto, the Chief Financial Officer, of Bath & Body Works, Inc. (the “Company”), each certifies that, to the best of our knowledge: (i) the Quarterly Report of the Company on Form 10-Q dated August 28, 2025 for the period ending August 2, 2025 (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ DANIEL HEAF Daniel Heaf Chief Executive Officer /s/ EVA C. BORATTO Eva C. Boratto Chief Financial Officer Date: August 28, 2025