SEC EDGAR · 10-Q
10-Q – 2025-11-20 – 0000701985-25-000035-xbrl.zip
197319 tecken · 2 HTML-del(ar)
Automatiskt nyckeltalsindex
Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.
Omsättning
- Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 29
- 2025 2024 2025 2024 | Net Sales $ 1,594 $ 1,610 $ 4,567 $ 4,520 | Costs of Goods Sold, Buying and Occupancy ( 936 ) ( 910 ) ( 2,622 ) ( 2,587 )
- Gain on Sale of Non-core Asset ( 8 ) — | Gain on Sales of Easton Investments — ( 39 )
- Proceeds from Sale of Non-core Asset 9 — | Proceeds from Sales of Easton Investments, Net of Fees Paid — 40 | Other Investing Activities ( 2 ) 12
- 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 during the second quarter of 2025. The Company’s Easton investments not presented as held for sale and reported in Other Assets were $ 38 million as of November 1, 2025, $ 26 million as o | 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 $ 71 million as of November 1, 2025, $ 81 million as of February 1, 2025 and $ 94 million as of November 2, 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 $ 71 million as of November 1, 2025, $ 81 million as of February 1, 2025 and $ 94 million as of November 2, 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. | 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 $ 182 million as of November 1, 2025, $ 197 million as of
Rörelseresultat
- General, Administrative and Store Operating Expenses ( 497 ) ( 482 ) ( 1,418 ) ( 1,345 ) | Operating Income 161 218 527 588 | Interest Expense ( 68 ) ( 77 ) ( 208 ) ( 236 )
- 10. Segment Reporting | The Company is managed at the consolidated level and therefore operates and reports as a single segment. During the third 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 performanc | The following table illustrates significant segment expenses that were regularly provided to the CODM for the third quarters of and year-to-date 2025 and 2024:
- Adjusted General and Administrative Expenses ( 127 ) ( 125 ) ( 392 ) ( 385 ) | Adjusted Operating Income 161 218 542 588 | Leadership Transition Costs (a) — — ( 15 ) —
- Leadership Transition Costs (a) — — ( 15 ) — | Reported Operating Income $ 161 $ 218 $ 527 $ 588
- ________________ | (a) For 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 third quarter of 2025, total Net Sales were $1.594 billion, which decreased $16 million, or 1.0%, compared to the third quarter of 2024. Total North American Net Sales decreased $20 million, primarily due to the decrease in average dollar sales, partially offset by a modest increase in transactions, and International Net Sales increased $4 million. Our third quarter Operating Income was $161 million, which decreased $57 million, or 26.1%, compared to the third quarter of 2024, and our Ope | For additional information related to our third 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 third 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 $ 161 $ 218 $ 527 $ 588
Periodens resultat
- Provision for Income Taxes ( 26 ) ( 39 ) ( 98 ) ( 72 ) | Net Income $ 77 $ 106 $ 246 $ 345 | Net Income per Basic Share $ 0.38 $ 0.49 $ 1.17 $ 1.56
- Net Income $ 77 $ 106 $ 246 $ 345 | Net Income per Basic Share $ 0.38 $ 0.49 $ 1.17 $ 1.56 | Net Income per Diluted Share $ 0.37 $ 0.49 $ 1.17 $ 1.55
- Net Income per Basic Share $ 0.38 $ 0.49 $ 1.17 $ 1.56 | Net Income per Diluted Share $ 0.37 $ 0.49 $ 1.17 $ 1.55
- 2025 2024 2025 2024 | Net Income $ 77 $ 106 $ 246 $ 345 | Other Comprehensive Income (Loss), Net of Tax:
- 208 $ 111 $ 806 $ 73 $ ( 1,716 ) $ ( 822 ) $ 1 $ ( 1,547 ) | Net Income — — — — 77 — — 77 | Other Comprehensive Income — — — — — — — —
- 220 $ 117 $ 830 $ 74 $ ( 1,918 ) $ ( 822 ) $ 1 $ ( 1,718 ) | Net Income — — — — 106 — — 106 | Other Comprehensive Loss — — — ( 1 ) — — — ( 1 )
- 216 $ 115 $ 829 $ 71 $ ( 1,578 ) $ ( 822 ) $ 2 $ ( 1,383 ) | Net Income — — — — 246 — — 246 | Other Comprehensive Income — — — 2 — — — 2
- 225 $ 120 $ 838 $ 75 $ ( 1,838 ) $ ( 822 ) $ 1 $ ( 1,626 ) | Net Income — — — — 345 — — 345 | Other Comprehensive Loss — — — ( 2 ) — — — ( 2 )
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 ( 2 ) ( 1 ) 4 ( 4 ) | Unrealized Gain (Loss) on Cash Flow Hedges 2 — ( 1 ) 2 | Reclassification of Cash Flow Hedges to Earnings — — ( 1 ) —
- Unrealized Gain (Loss) on Cash Flow Hedges 2 — ( 1 ) 2 | Reclassification of Cash Flow Hedges to Earnings — — ( 1 ) — | Total Other Comprehensive Income (Loss), Net of Tax — ( 1 ) 2 ( 2 )
- 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 $225 million, including net income of $246 million. Net income included depreciation of $191 million and share-based compensation expense of $25 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 (and related increases in Accounts Payable) as we build | Net cash used for operating activities for year-to-date 2024 was $69 million, including net income of $345 million. Net income included depreciation of $211 million, impacts to deferred income taxes of $103 million, an aggregate pre-tax gain on sales of certain Easton investments of $39 million, and share-based compensation expense of $31 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 signi
- Net cash provided by operating activities for year-to-date 2025 was $225 million, including net income of $246 million. Net income included depreciation of $191 million and share-based compensation expense of $25 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 (and related increases in Accounts Payable) as we build | Net cash used for operating activities for year-to-date 2024 was $69 million, including net income of $345 million. Net income included depreciation of $211 million, impacts to deferred income taxes of $103 million, an aggregate pre-tax gain on sales of certain Easton investments of $39 million, and share-based compensation expense of $31 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 signi | 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, second and third quarters of 2025 and 2024:
Likvida medel
- Current Assets: | Cash and Cash Equivalents $ 236 $ 674 $ 191 | Accounts Receivable, Net 169 205 200
- Net Cash Used for Financing Activities ( 497 ) ( 710 ) | Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 — | Net Decrease in Cash and Cash Equivalents ( 438 ) ( 893 )
- Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 — | Net Decrease in Cash and Cash Equivalents ( 438 ) ( 893 ) | Cash and Cash Equivalents, Beginning of Year 674 1,084
- Net Decrease in Cash and Cash Equivalents ( 438 ) ( 893 ) | Cash and Cash Equivalents, Beginning of Year 674 1,084 | Cash and Cash Equivalents, End of Period $ 236 $ 191
- Cash and Cash Equivalents, Beginning of Year 674 1,084 | Cash and Cash Equivalents, End of Period $ 236 $ 191
- 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 November 1, 2025, February 1, 2025 and November 2, 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 11.450 million shares of our common stock for $343 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 $ 246 $ 345 | Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: | Depreciation of Long-lived Assets 191 211
- Other Assets and Liabilities ( 14 ) ( 9 ) | Net Cash Provided by (Used for) Operating Activities 225 ( 69 ) | Investing Activities:
- Other Investing Activities ( 2 ) 12 | Net Cash Used for Investing Activities ( 167 ) ( 114 ) | Financing Activities:
- Other Financing Activities ( 8 ) 4 | Net Cash Used for Financing Activities ( 497 ) ( 710 ) | Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 —
- Cash and Cash Equivalents, Beginning of Year $ 674 $ 1,084 | Net Cash Flows Provided by (Used for) Operating Activities 225 (69) | Net Cash Flows Used for Investing Activities (167) (114)
- Net Cash Flows Provided by (Used for) Operating Activities 225 (69) | Net Cash Flows Used for Investing Activities (167) (114) | Net Cash Flows Used for Financing Activities (497) (710)
- Net Cash Flows Used for Investing Activities (167) (114) | Net Cash Flows Used for Financing Activities (497) (710) | Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 —
- Operating Activities | Net cash provided by operating activities for year-to-date 2025 was $225 million, including net income of $246 million. Net income included depreciation of $191 million and share-based compensation expense of $25 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 (and related increases in Accounts Payable) as we build | Net cash used for operating activities for year-to-date 2024 was $69 million, including net income of $345 million. Net income included depreciation of $211 million, impacts to deferred income taxes of $103 million, an aggregate pre-tax gain on sales of certain Easton investments of $39 million, and share-based compensation expense of $31 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 signi
Eget kapital
- Other Long-term Liabilities 218 233 260 | Shareholders’ Equity (Deficit): | Preferred Stock - $ 1.00 par value; 10 shares authorized; none issued
- ( 822 ) ( 822 ) ( 822 ) | Total Shareholders’ Equity (Deficit) ( 1,593 ) ( 1,385 ) ( 1,749 ) | 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; 220 , 231 and 232 shares issued; 205 , 216 and 217 shares outstanding, respectively | 109 115 115
- 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 third 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; 220, 231 and 232 shares issued; 205, 216 and 217 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
Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2
bbwi-20251101 FALSE 2025 Q3 0000701985 --01-31 one one xbrli:shares iso4217:USD iso4217:USD xbrli:shares bbwi:season xbrli:pure bbwi:segment 0000701985 2025-02-02 2025-11-01 0000701985 2025-11-14 0000701985 2025-08-03 2025-11-01 0000701985 2024-08-04 2024-11-02 0000701985 2024-02-04 2024-11-02 0000701985 2025-11-01 0000701985 2025-02-01 0000701985 2024-11-02 0000701985 us-gaap:CommonStockMember 2025-08-02 0000701985 us-gaap:AdditionalPaidInCapitalMember 2025-08-02 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-02 0000701985 us-gaap:RetainedEarningsMember 2025-08-02 0000701985 us-gaap:TreasuryStockCommonMember 2025-08-02 0000701985 us-gaap:NoncontrollingInterestMember 2025-08-02 0000701985 2025-08-02 0000701985 us-gaap:RetainedEarningsMember 2025-08-03 2025-11-01 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-03 2025-11-01 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:CommonStockMember 2025-08-03 2025-11-01 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:TreasuryStockCommonMember 2025-08-03 2025-11-01 0000701985 bbwi:OtherShareRepurchaseProgramMember 2025-08-03 2025-11-01 0000701985 us-gaap:CommonStockMember 2025-08-03 2025-11-01 0000701985 us-gaap:AdditionalPaidInCapitalMember 2025-08-03 2025-11-01 0000701985 us-gaap:TreasuryStockCommonMember 2025-08-03 2025-11-01 0000701985 us-gaap:NoncontrollingInterestMember 2025-08-03 2025-11-01 0000701985 us-gaap:CommonStockMember 2025-11-01 0000701985 us-gaap:AdditionalPaidInCapitalMember 2025-11-01 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-11-01 0000701985 us-gaap:RetainedEarningsMember 2025-11-01 0000701985 us-gaap:TreasuryStockCommonMember 2025-11-01 0000701985 us-gaap:NoncontrollingInterestMember 2025-11-01 0000701985 us-gaap:CommonStockMember 2024-08-03 0000701985 us-gaap:AdditionalPaidInCapitalMember 2024-08-03 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-03 0000701985 us-gaap:RetainedEarningsMember 2024-08-03 0000701985 us-gaap:TreasuryStockCommonMember 2024-08-03 0000701985 us-gaap:NoncontrollingInterestMember 2024-08-03 0000701985 2024-08-03 0000701985 us-gaap:RetainedEarningsMember 2024-08-04 2024-11-02 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-04 2024-11-02 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:CommonStockMember 2024-08-04 2024-11-02 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:TreasuryStockCommonMember 2024-08-04 2024-11-02 0000701985 bbwi:OtherShareRepurchaseProgramMember 2024-08-04 2024-11-02 0000701985 us-gaap:CommonStockMember 2024-08-04 2024-11-02 0000701985 us-gaap:AdditionalPaidInCapitalMember 2024-08-04 2024-11-02 0000701985 us-gaap:TreasuryStockCommonMember 2024-08-04 2024-11-02 0000701985 us-gaap:CommonStockMember 2024-11-02 0000701985 us-gaap:AdditionalPaidInCapitalMember 2024-11-02 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-11-02 0000701985 us-gaap:RetainedEarningsMember 2024-11-02 0000701985 us-gaap:TreasuryStockCommonMember 2024-11-02 0000701985 us-gaap:NoncontrollingInterestMember 2024-11-02 0000701985 us-gaap:CommonStockMember 2025-02-01 0000701985 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 0000701985 us-gaap:RetainedEarningsMember 2025-02-01 0000701985 us-gaap:TreasuryStockCommonMember 2025-02-01 0000701985 us-gaap:NoncontrollingInterestMember 2025-02-01 0000701985 us-gaap:RetainedEarningsMember 2025-02-02 2025-11-01 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-02 2025-11-01 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:CommonStockMember 2025-02-02 2025-11-01 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:TreasuryStockCommonMember 2025-02-02 2025-11-01 0000701985 bbwi:OtherShareRepurchaseProgramMember 2025-02-02 2025-11-01 0000701985 us-gaap:CommonStockMember 2025-02-02 2025-11-01 0000701985 us-gaap:AdditionalPaidInCapitalMember 2025-02-02 2025-11-01 0000701985 us-gaap:TreasuryStockCommonMember 2025-02-02 2025-11-01 0000701985 us-gaap:NoncontrollingInterestMember 2025-02-02 2025-11-01 0000701985 us-gaap:CommonStockMember 2024-02-03 0000701985 us-gaap:AdditionalPaidInCapitalMember 2024-02-03 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-03 0000701985 us-gaap:RetainedEarningsMember 2024-02-03 0000701985 us-gaap:TreasuryStockCommonMember 2024-02-03 0000701985 us-gaap:NoncontrollingInterestMember 2024-02-03 0000701985 2024-02-03 0000701985 us-gaap:RetainedEarningsMember 2024-02-04 2024-11-02 0000701985 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-04 2024-11-02 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:CommonStockMember 2024-02-04 2024-11-02 0000701985 bbwi:OtherShareRepurchaseProgramMember us-gaap:TreasuryStockCommonMember 2024-02-04 2024-11-02 0000701985 bbwi:OtherShareRepurchaseProgramMember 2024-02-04 2024-11-02 0000701985 us-gaap:CommonStockMember 2024-02-04 2024-11-02 0000701985 us-gaap:AdditionalPaidInCapitalMember 2024-02-04 2024-11-02 0000701985 us-gaap:TreasuryStockCommonMember 2024-02-04 2024-11-02 0000701985 us-gaap:ScenarioAdjustmentMember 2025-08-02 0000701985 2024-02-04 2024-08-03 0000701985 2024-05-05 2024-08-03 0000701985 srt:MinimumMember 2025-02-02 2025-11-01 0000701985 srt:MaximumMember 2025-02-02 2025-11-01 0000701985 bbwi:BathBodyWorksStoresMember 2025-08-03 2025-11-01 0000701985 bbwi:BathBodyWorksStoresMember 2024-08-04 2024-11-02 0000701985 bbwi:BathBodyWorksStoresMember 2025-02-02 2025-11-01 0000701985 bbwi:BathBodyWorksStoresMember 2024-02-04 2024-11-02 0000701985 bbwi:BathBodyWorksDirectMember 2025-08-03 2025-11-01 0000701985 bbwi:BathBodyWorksDirectMember 2024-08-04 2024-11-02 0000701985 bbwi:BathBodyWorksDirectMember 2025-02-02 2025-11-01 0000701985 bbwi:BathBodyWorksDirectMember 2024-02-04 2024-11-02 0000701985 bbwi:BathBodyWorksInternationalMember 2025-08-03 2025-11-01 0000701985 bbwi:BathBodyWorksInternationalMember 2024-08-04 2024-11-02 0000701985 bbwi:BathBodyWorksInternationalMember 2025-02-02 2025-11-01 0000701985 bbwi:BathBodyWorksInternationalMember 2024-02-04 2024-11-02 0000701985 bbwi:InternationalMember 2025-08-03 2025-11-01 0000701985 bbwi:InternationalMember 2024-08-04 2024-11-02 0000701985 bbwi:InternationalMember 2025-02-02 2025-11-01 0000701985 bbwi:InternationalMember 2024-02-04 2024-11-02 0000701985 bbwi:February2022RepurchaseProgramMember 2022-02-02 0000701985 bbwi:February2022RepurchaseProgramMember 2024-02-04 2024-11-02 0000701985 bbwi:January2024ProgramMember 2024-01-31 0000701985 bbwi:January2024ProgramMember 2025-02-02 2025-11-01 0000701985 bbwi:January2024ProgramMember 2024-02-04 2024-11-02 0000701985 bbwi:January2025ProgramMember 2025-01-31 0000701985 bbwi:January2025ProgramMember 2025-02-02 2025-11-01 0000701985 bbwi:January2024ProgramMember 2025-02-01 0000701985 bbwi:January2024ProgramMember 2024-11-02 0000701985 bbwi:January2024ProgramMember us-gaap:AccountsPayableMember 2025-02-01 0000701985 bbwi:January2024ProgramMember us-gaap:AccountsPayableMember 2024-11-02 0000701985 bbwi:January2024ProgramMember 2025-02-27 0000701985 bbwi:January2025ProgramMember 2025-11-01 0000701985 2025-02-02 2025-05-03 0000701985 2025-05-04 2025-08-02 0000701985 2024-02-04 2024-05-04 0000701985 us-gaap:SubsequentEventMember 2025-11-02 2025-11-21 0000701985 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate9375NotesDueJuly2025Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate9375NotesDueJuly2025Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate9375NotesDueJuly2025Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate6.694NotesDueJanuary2027Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate6.694NotesDueJanuary2027Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate6.694NotesDueJanuary2027Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate5.25NotesDueFebruary2028Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate5.25NotesDueFebruary2028Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate5.25NotesDueFebruary2028Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate7.5NotesDueJune2029Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate7.5NotesDueJune2029Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate7.5NotesDueJune2029Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate6625NotesDueOctober2030Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate6625NotesDueOctober2030Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate6625NotesDueOctober2030Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate6.875NotesDueNovember2035Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate6.875NotesDueNovember2035Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate6.875NotesDueNovember2035Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate6.75NotesDueJuly2036Member bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate6.75NotesDueJuly2036Member bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate6.75NotesDueJuly2036Member bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 us-gaap:SeniorDebtObligationsMember bbwi:WithSubsidiaryGuaranteeMember 2025-11-01 0000701985 us-gaap:SeniorDebtObligationsMember bbwi:WithSubsidiaryGuaranteeMember 2025-02-01 0000701985 us-gaap:SeniorDebtObligationsMember bbwi:WithSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate695DebenturesDueMarch2033Member bbwi:WithoutSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate695DebenturesDueMarch2033Member bbwi:WithoutSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate695DebenturesDueMarch2033Member bbwi:WithoutSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate760NotesDueJuly2037Member bbwi:WithoutSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:FixedRate760NotesDueJuly2037Member bbwi:WithoutSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:FixedRate760NotesDueJuly2037Member bbwi:WithoutSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:WithoutSubsidiaryGuaranteeMember 2025-11-01 0000701985 bbwi:WithoutSubsidiaryGuaranteeMember 2025-02-01 0000701985 bbwi:WithoutSubsidiaryGuaranteeMember 2024-11-02 0000701985 bbwi:FixedRate9375NotesDueJuly2025Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate9375NotesDueJuly2025Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate6.694NotesDueJanuary2027Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate6.694NotesDueJanuary2027Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate5.25NotesDueFebruary2028Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate5.25NotesDueFebruary2028Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate7.5NotesDueJune2029Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate7.5NotesDueJune2029Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate6625NotesDueOctober2030Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate6625NotesDueOctober2030Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate695DebenturesDueMarch2033Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate695DebenturesDueMarch2033Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate6.875NotesDueNovember2035Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate6.875NotesDueNovember2035Member 2024-02-04 2025-02-01 0000701985 bbwi:FixedRate6.75NotesDueJuly2036Member 2024-02-04 2024-11-02 0000701985 bbwi:FixedRate6.75NotesDueJuly2036Member 2024-02-04 2025-02-01 0000701985 bbwi:CertainCompanyOwnedSubsidiariesMember 2025-11-01 0000701985 us-gaap:RevolvingCreditFacilityMember bbwi:RevolvingCreditFacilityExpiringMay2030Member 2025-11-01 0000701985 us-gaap:RevolvingCreditFacilityMember bbwi:RevolvingCreditFacilityExpiringAugust2026Member 2025-05-01 2025-05-31 0000701985 us-gaap:LetterOfCreditMember 2025-11-01 0000701985 us-gaap:RevolvingCreditFacilityMember bbwi:RevolvingCreditFacilityExpiringMay2030Member 2025-02-02 2025-11-01 0000701985 us-gaap:RevolvingCreditFacilityMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember bbwi:RevolvingCreditFacilityExpiringMay2030Member 2025-02-02 2025-11-01 0000701985 us-gaap:RevolvingCreditFacilityMember bbwi:CanadianDollarDenominatedBorrowingsWasTheCanadianOvernightRepoRateAverageMember bbwi:RevolvingCreditFacilityExpiringMay2030Member 2025-02-02 2025-11-01 0000701985 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-11-01 0000701985 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-02-01 0000701985 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-11-02 0000701985 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-11-01 0000701985 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-02-01 0000701985 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-11-02 0000701985 us-gaap:LeaseAgreementsMember 2025-11-01 0000701985 bbwi:ReportableSegmentMember 2025-08-03 2025-11-01 0000701985 bbwi:ReportableSegmentMember 2024-08-04 2024-11-02 0000701985 bbwi:ReportableSegmentMember 2025-02-02 2025-11-01 0000701985 bbwi:ReportableSegmentMember 2024-02-04 2024-11-02 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 November 1, 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 November 14, 2025, the number of outstanding shares of the Registrant’s common stock was 204,721,605 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 November 1 , 2025 (Unaudited), February 1, 2025 and November 2 , 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 15 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 16 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16 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, “third quarter of 2025” and “third quarter of 2024” refer to the thirteen-week periods ended November 1, 2025 and November 2, 2024, respectively. “Year-to-date 2025” and “year-to-date 2024” refer to the thirty-nine-week periods ended November 1, 2025 and November 2, 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) Third Quarter Year-to-Date 2025 2024 2025 2024 Net Sales $ 1,594 $ 1,610 $ 4,567 $ 4,520 Costs of Goods Sold, Buying and Occupancy ( 936 ) ( 910 ) ( 2,622 ) ( 2,587 ) Gross Profit 658 700 1,945 1,933 General, Administrative and Store Operating Expenses ( 497 ) ( 482 ) ( 1,418 ) ( 1,345 ) Operating Income 161 218 527 588 Interest Expense ( 68 ) ( 77 ) ( 208 ) ( 236 ) Other Income, Net 10 4 25 65 Income Before Income Taxes 103 145 344 417 Provision for Income Taxes ( 26 ) ( 39 ) ( 98 ) ( 72 ) Net Income $ 77 $ 106 $ 246 $ 345 Net Income per Basic Share $ 0.38 $ 0.49 $ 1.17 $ 1.56 Net Income per Diluted Share $ 0.37 $ 0.49 $ 1.17 $ 1.55 BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (Unaudited) Third Quarter Year-to-Date 2025 2024 2025 2024 Net Income $ 77 $ 106 $ 246 $ 345 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation ( 2 ) ( 1 ) 4 ( 4 ) Unrealized Gain (Loss) on Cash Flow Hedges 2 — ( 1 ) 2 Reclassification of Cash Flow Hedges to Earnings — — ( 1 ) — Total Other Comprehensive Income (Loss), Net of Tax — ( 1 ) 2 ( 2 ) Total Comprehensive Income $ 77 $ 105 $ 248 $ 343 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) November 1, 2025 February 1, 2025 November 2, 2024 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 236 $ 674 $ 191 Accounts Receivable, Net 169 205 200 Inventories 1,251 734 1,178 Easton Assets Held for Sale 81 96 — Other 144 114 151 Total Current Assets 1,881 1,823 1,720 Property and Equipment, Net 1,142 1,127 1,158 Operating Lease Assets 967 949 1,029 Goodwill 628 628 628 Trade Name 165 165 165 Deferred Income Taxes 132 130 143 Other Assets 74 50 141 Total Assets $ 4,989 $ 4,872 $ 4,984 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 781 $ 338 $ 510 Accrued Expenses and Other 558 584 547 Current Debt — — 314 Current Operating Lease Liabilities 193 192 188 Income Taxes 21 117 16 Total Current Liabilities 1,553 1,231 1,575 Deferred Income Taxes 23 24 45 Long-term Debt 3,890 3,884 3,883 Long-term Operating Lease Liabilities 897 883 969 Other Long-term Liabilities 218 233 260 Shareholders’ Equity (Deficit): Preferred Stock - $ 1.00 par value; 10 shares authorized; none issued — — — Common Stock - $ 0.50 par value; 1,000 shares authorized; 220 , 231 and 232 shares issued; 205 , 216 and 217 shares outstanding, respectively 109 115 115 Paid-in Capital 801 829 827 Accumulated Other Comprehensive Income 73 71 73 Retained Earnings (Accumulated Deficit) ( 1,754 ) ( 1,578 ) ( 1,942 ) Less: Treasury Stock, at Average Cost; 15 , 15 and 15 shares, respectively ( 822 ) ( 822 ) ( 822 ) Total Shareholders’ Equity (Deficit) ( 1,593 ) ( 1,385 ) ( 1,749 ) Noncontrolling Interest 1 2 1 Total Equity (Deficit) ( 1,592 ) ( 1,383 ) ( 1,748 ) Total Liabilities and Equity (Deficit) $ 4,989 $ 4,872 $ 4,984 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) Third 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, August 2, 2025 208 $ 111 $ 806 $ 73 $ ( 1,716 ) $ ( 822 ) $ 1 $ ( 1,547 ) Net Income — — — — 77 — — 77 Other Comprehensive Income — — — — — — — — Total Comprehensive Income — — — — 77 — — 77 Cash Dividends ($ 0.20 per share) — — — — ( 41 ) — — ( 41 ) Repurchases of Common Stock ( 3 ) — — — — ( 87 ) — ( 87 ) Treasury Share Retirement — ( 2 ) ( 11 ) — ( 74 ) 87 — — Share-based Compensation and Other — — 6 — — — — 6 Balance, November 1, 2025 205 $ 109 $ 801 $ 73 $ ( 1,754 ) $ ( 822 ) $ 1 $ ( 1,592 ) Third 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, August 3, 2024 220 $ 117 $ 830 $ 74 $ ( 1,918 ) $ ( 822 ) $ 1 $ ( 1,718 ) Net Income — — — — 106 — — 106 Other Comprehensive Loss — — — ( 1 ) — — — ( 1 ) Total Comprehensive Income — — — ( 1 ) 106 — — 105 Cash Dividends ($ 0.20 per share) — — — — ( 44 ) — — ( 44 ) Repurchases of Common Stock ( 3 ) — — — — ( 99 ) — ( 99 ) Treasury Share Retirement — ( 2 ) ( 11 ) — ( 86 ) 99 — — Share-based Compensation and Other — — 8 — — — — 8 Balance, November 2, 2024 217 $ 115 $ 827 $ 73 $ ( 1,942 ) $ ( 822 ) $ 1 $ ( 1,748 ) 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 — — — — 246 — — 246 Other Comprehensive Income — — — 2 — — — 2 Total Comprehensive Income — — — 2 246 — — 248 Cash Dividends ($ 0.60 per share) — — — — ( 126 ) — — ( 126 ) Repurchases of Common Stock ( 11 ) — — — — ( 343 ) — ( 343 ) Treasury Share Retirement — ( 6 ) ( 41 ) — ( 296 ) 343 — — Share-based Compensation and Other — — 13 — — — ( 1 ) 12 Balance, November 1, 2025 205 $ 109 $ 801 $ 73 $ ( 1,754 ) $ ( 822 ) $ 1 $ ( 1,592 ) 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 — — — — 345 — — 345 Other Comprehensive Loss — — — ( 2 ) — — — ( 2 ) Total Comprehensive Income — — — ( 2 ) 345 — — 343 Cash Dividends ($ 0.60 per share) — — — — ( 134 ) — — ( 134 ) Repurchases of Common Stock ( 9 ) — — — — ( 348 ) — ( 348 ) Treasury Share Retirement — ( 5 ) ( 28 ) — ( 315 ) 348 — — Share-based Compensation and Other 1 — 17 — — — — 17 Balance, November 2, 2024 217 $ 115 $ 827 $ 73 $ ( 1,942 ) $ ( 822 ) $ 1 $ ( 1,748 ) 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 $ 246 $ 345 Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation of Long-lived Assets 191 211 Share-based Compensation Expense 25 31 Gain on Sale of Non-core Asset ( 8 ) — Gain on Sales of Easton Investments — ( 39 ) Deferred Income Taxes ( 1 ) ( 103 ) Changes in Assets and Liabilities: Accounts Receivable 36 24 Inventories ( 516 ) ( 470 ) Accounts Payable, Accrued Expenses and Other 390 65 Income Taxes Payable ( 124 ) ( 124 ) Other Assets and Liabilities ( 14 ) ( 9 ) Net Cash Provided by (Used for) Operating Activities 225 ( 69 ) Investing Activities: Capital Expenditures ( 174 ) ( 166 ) Proceeds from Sale of Non-core Asset 9 — Proceeds from Sales of Easton Investments, Net of Fees Paid — 40 Other Investing Activities ( 2 ) 12 Net Cash Used for Investing Activities ( 167 ) ( 114 ) Financing Activities: Payments for Long-term Debt — ( 202 ) Repurchases of Common Stock ( 344 ) ( 349 ) Dividends Paid ( 126 ) ( 134 ) Tax Payments Related to Share-based Awards ( 8 ) ( 16 ) Payments of Finance Lease Obligations ( 11 ) ( 13 ) Other Financing Activities ( 8 ) 4 Net Cash Used for Financing Activities ( 497 ) ( 710 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 — Net Decrease in Cash and Cash Equivalents ( 438 ) ( 893 ) Cash and Cash Equivalents, Beginning of Year 674 1,084 Cash and Cash Equivalents, End of Period $ 236 $ 191 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, “third quarter of 2025” and “third quarter of 2024” refer to the thirteen-week periods ended November 1, 2025 and November 2, 2024, respectively. “Year-to-date 2025” and “year-to-date 2024” refer to the thirty-nine-week periods ended November 1, 2025 and November 2, 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 November 1, 2025 and November 2, 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. Since implementation, merchandise suppliers have continued to join the program. 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 8 Table of Contents Balance Sheets and within Operating Activities in the Consolidated Statements of Cash Flows. Amounts due under the SCF program were $ 231 million and $ 7 million as of November 1, 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 November 1, 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 during the second quarter of 2025. The Company’s Easton investments not presented as held for sale and reported in Other Assets were $ 38 million as of November 1, 2025, $ 26 million as of February 1, 2025 and $ 120 million as of November 2, 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 year-to-date 2024 Consolidated Statement 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 , which 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 , which 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. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for software costs by removing project stages from capitalization criteria and further clarifies the threshold entities apply to begin capitalizing costs. This standard is effective for annual reporting of fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. This standard can be applied prospectively, retrospectively or through a modified transition approach. The Company is currently evaluating the impacts of adopting this standard. 9 Table of Contents 2. Revenue Recognition Accounts receivable, net from revenue-generating activities were $ 71 million as of November 1, 2025, $ 81 million as of February 1, 2025 and $ 94 million as of November 2, 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. 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 $ 182 million as of November 1, 2025, $ 197 million as of February 1, 2025 and $ 170 million as of November 2, 2024. The Company recognized $ 104 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 third quarters of and year-to-date 2025 and 2024: Third Quarter Year-to-Date 2025 2024 2025 2024 (in millions) Stores - U.S. and Canada (a) $ 1,222 $ 1,220 $ 3,529 $ 3,425 Direct - U.S. and Canada 299 321 815 879 International (b) 73 69 223 216 Total Net Sales $ 1,594 $ 1,610 $ 4,567 $ 4,520 _______________ (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 $ 162 million and $ 163 million for the third quarters of 2025 and 2024, respectively, and $ 461 million and $ 452 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 third quarters of and year-to-date 2025 and 2024: Third Quarter Year-to-Date 2025 2024 2025 2024 (in millions) Common Shares 220 233 225 237 Treasury Shares ( 15 ) ( 15 ) ( 15 ) ( 15 ) Basic Shares 205 218 210 222 Effect of Dilutive Awards 1 1 1 1 Diluted Shares 206 219 211 223 Anti-dilutive Awards (a) — 1 — 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 8,121 $ 17 309 $ 37.67 38.05 January 2025 500 10,990 NA 326 NA 29.64 NA Total 11,450 8,963 $ 343 $ 348 The January 2024 Program had $ 139 million of remaining authority as of February 1, 2025 and $ 191 million as of November 2, 2024. There were share repurchases of $ 1 million as of February 1, 2025 and November 2, 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 no share repurchases reflected in Accounts Payable on the November 1, 2025 Consolidated Balance Sheet. The January 2025 Program had $ 174 million of remaining authority as of November 1, 2025. Shares repurchased under these programs are retired and cancelled upon repurchase. As a result, the Company retired the 11.450 million and 8.963 million shares repurchased during year-to-date 2025 and 2024, respectively. Dividends The Company paid the following dividends during the first, second and third quarters of 2025 and 2024: Ordinary Dividends Total Paid (per share) (in millions) 2025 First Quarter $ 0.20 $ 43 Second Quarter 0.20 42 Third Quarter 0.20 41 Total $ 0.60 $ 126 2024 First Quarter $ 0.20 $ 45 Second Quarter 0.20 45 Third Quarter 0.20 44 Total $ 0.60 $ 134 In November 2025, the Company declared its fourth quarter 2025 ordinary dividend of $ 0.20 per share payable on December 5, 2025 to shareholders of record at the close of business on November 21, 2025. 4. Inventories The following table provides details of Inventories as of November 1, 2025, February 1, 2025 and November 2, 2024: November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Finished Goods Merchandise $ 1,043 $ 589 $ 1,003 Raw Materials and Merchandise Components 208 145 175 Total Inventories $ 1,251 $ 734 $ 1,178 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 November 1, 2025, February 1, 2025 and November 2, 2024: November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Property and Equipment, at Cost $ 3,356 $ 3,217 $ 3,197 Accumulated Depreciation and Amortization ( 2,214 ) ( 2,090 ) ( 2,039 ) Property and Equipment, Net $ 1,142 $ 1,127 $ 1,158 Depreciation expense was $ 63 million and $ 69 million for the third quarters of 2025 and 2024, respectively. Depreciation expense was $ 191 million and $ 211 million for year-to-date 2025 and 2024, respectively. Capital Expenditures of $ 51 million and $ 24 million remained unpaid as of November 1, 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 third quarter of 2025, the Company’s effective tax rate was 25.3 % compared to 26.7 % in the third quarter of 2024. The 2025 third quarter rate was consistent with the Company’s combined estimated federal and state statutory rates. The 2024 third quarter rate was higher than the Company’s combined estimated federal and state statutory rates primarily due to accrued interest expense related to unrecognized tax benefits. For year-to-date 2025, the Company’s effective tax rate was 28.5 % compared to 17.2 % 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. 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 $ 214 million and $ 285 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 thirty-nine-week period ended November 1, 2025. 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 November 1, 2025, February 1, 2025 and November 2, 2024: November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Senior Debt with Subsidiary Guarantee $ 500 million, 9.375 % Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ — $ — $ 314 $ 284 million, 6.694 % Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 279 277 276 $ 444 million, 5.250 % Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 444 443 443 $ 482 million, 7.500 % Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 476 476 $ 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 3,407 3,401 3,714 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 3,890 3,884 4,197 Current Debt — — ( 314 ) Total Long-term Debt, Net of Current Portion $ 3,890 $ 3,884 $ 3,883 12 Table of Contents Cash paid for interest was $ 181 million and $ 217 million for year-to-date 2025 and 2024, respectively. Repurchases of Notes The Company did not repurchase any outstanding senior notes during the third quarter of and year-to-date 2025. The Company did not repurchase any outstanding senior notes during the third quarter of 2024. For year-to-date 2024, the Company repurchased in the open market and extinguished $ 200 million principal amounts of its outstanding senior notes. The aggregate repurchase price for these notes was $ 202 million, resulting in a pre-tax loss of $ 3 million, including the write-off of unamortized issuance costs. This loss is included in Other Income, Net in the year-to-date 2024 Consolidated Statement of Income. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during year-to-date and full year of 2024: 2024 Year-to-Date Full Year (in millions) 2025 Notes $ — $ 314 2027 Notes 14 14 2028 Notes 17 17 2029 Notes 17 17 2030 Notes 94 94 2033 Notes 10 10 2035 Notes 10 10 2036 Notes 38 38 Total $ 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. 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 November 1, 2025, the Company’s borrowing base was in excess of the aggregate commitments of $ 750 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 November 1, 2025 that reduced its availability under the ABL Facility. As of November 1, 2025, the Company’s availability under the ABL Facility was $ 741 million. As of November 1, 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 November 1, 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 November 1, 2025, February 1, 2025 and November 2, 2024: 13 Table of Contents November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Principal Value $ 3,916 $ 3,916 $ 4,230 Fair Value, Estimated (a) 4,037 3,986 4,273 _______________ (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 as of November 1, 2025 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 $ 220 million as of November 1, 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. 10. Segment Reporting The Company is managed at the consolidated level and therefore operates and reports as a single segment. During the third 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 third quarters of and year-to-date 2025 and 2024: Third Quarter Year-to-Date 2025 2024 2025 2024 (in millions) Net Sales $ 1,594 $ 1,610 $ 4,567 $ 4,520 Cost of Goods Sold ( 639 ) ( 603 ) ( 1,779 ) ( 1,734 ) Buying and Occupancy ( 297 ) ( 307 ) ( 843 ) ( 853 ) Gross Profit 658 700 1,945 1,933 Selling Expenses ( 305 ) ( 295 ) ( 843 ) ( 803 ) Marketing Expenses ( 65 ) ( 62 ) ( 168 ) ( 157 ) Adjusted General and Administrative Expenses ( 127 ) ( 125 ) ( 392 ) ( 385 ) Adjusted Operating Income 161 218 542 588 Leadership Transition Costs (a) — — ( 15 ) — Reported Operating Income $ 161 $ 218 $ 527 $ 588 ________________ (a) For 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. 14 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 November 1, 2025 and November 2, 2024, the related consolidated statements of income, comprehensive income, and total equity (deficit) for the thirteen and thirty-nine week periods ended November 1, 2025 and November 2, 2024, the consolidated statements of cash flows for the thirty-nine week periods ended November 1, 2025 and November 2, 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 November 20, 2025 15 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 third quarter of 2025, total Net Sales were $1.594 billion, which decreased $16 million, or 1.0%, compared to the third quarter of 2024. Total North American Net Sales decreased $20 million, primarily due to the decrease in average dollar sales, partially offset by a modest increase in transactions, and International Net Sales increased $4 million. Our third quarter Operating Income was $161 million, which decreased $57 million, or 26.1%, compared to the third quarter of 2024, and our Operating Income rate (expressed as a percentage of Net Sales) decreased to 10.1% from 13.5%. The Operating Income results were due to declines in both the Gross Profit rate and Net Sales, as well as an increase in General, Administrative and Store Operating Expenses. For additional information related to our third quarter 2025 financial performance, see “Results of Operations.” Outlook Our third quarter results were below expectations and the trends we experienced at the end of the third quarter have continued into the fourth quarter. We believe that macro consumer sentiment is weighing on our consumers’ purchase intent and that the holiday season is shaping up to be highly competitive. While the consumer environment is challenging, we continue to underperform in the sector and are focused on addressing the issues that we can control to return to growth. Guided by feedback and insights from consumers, we performed a disciplined, end-to-end review of every aspect of our business: product, brand, digital, stores, operations and talent. As a result of our comprehensive review, we are announcing a holistic growth plan to revitalize the business across brand, product and marketplace. We are committed to taking actions we believe are necessary to position the business for sustainable long-term growth. Transformation Plan Our transformation plan, The Consumer First Formula , invests behind our four largest revenue driving opportunities to attract new, younger customers to the brand and unlock our next era of growth: • Create Disruptive and Innovative Product: We will focus on reestablishing product leadership by creating innovative offerings focused on our core categories of body care, home fragrance, soaps and sanitizers. 16 Table of Contents • Reignite the Brand: We will work to reclaim our position as a cultural leader through bolder, more targeted brand moments and deeper creator advocacy. • Win in the Marketplace: We plan to acquire new consumers by meeting them where they are. We will continue to enhance our digital and in-store experiences, while expanding into new wholesale channels and marketplaces. • Operate with Speed and Efficiency: We will work to transform Bath & Body Works to be a faster and more efficient organization. We have plans to deliver $250 million in cost savings over the next two years. These savings will be used to invest in revenue-generating initiatives across product and brand. Tariffs We continue to monitor the impact of tariffs on shifting trading policies and related market disruptions and believe our vertically integrated, predominantly U.S. based supply chain positions us well to compete in the current environment. We believe we have the ability to mitigate incremental 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 third 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) Third Quarter Year-to-Date 2025 2024 2025 2024 Reconciliation of Reported Operating Income to Adjusted Operating Income Reported Operating Income $ 161 $ 218 $ 527 $ 588 Leadership Transition Costs (a) — — 15 — Adjusted Operating Income $ 161 $ 218 $ 542 $ 588 Reconciliation of Reported Net Income to Adjusted Net Income Reported Net Income $ 77 $ 106 $ 246 $ 345 Leadership Transition Costs (a) — — 15 — Gain on Sale of Non-core Asset (b) (8) — (8) — Gain on Sales of Easton Investments (c) — — — (39) Tax Effect of Adjustments 2 — 1 14 Tax Benefit from Valuation Allowance Release (d) — — — (44) Adjusted Net Income $ 71 $ 106 $ 254 $ 276 Reconciliation of Reported Net Income Per Diluted Share to Adjusted Net Income Per Diluted Share Reported Net Income Per Diluted Share $ 0.37 $ 0.49 $ 1.17 $ 1.55 Leadership Transition Costs (a) — — 0.07 — Gain on Sale of Non-core Asset (b) (0.04) — (0.04) — Gain on Sales of Easton Investments (c) — — — (0.18) Tax Effect of Adjustments 0.01 — — 0.06 Tax Benefit from Valuation Allowance Release (d) — — — (0.20) Adjusted Net Income Per Diluted Share $ 0.35 $ 0.49 $ 1.20 $ 1.24 ________________ (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. 17 Table of Contents (b) In the third quarter of 2025, we recognized a pre-tax gain of $8 million (after-tax gain of $6 million) related to the sale of a non-core asset. (c) 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. (d) 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. Company-operated Stores The following table compares Company-operated U.S. store data for the third quarters of and year-to-date 2025 and 2024: Third Quarter Year-to-Date 2025 2024 % Change 2025 2024 % Change Sales per Average Selling Square Foot (a) $ 222 $ 227 (2 %) $ 647 $ 646 — % Sales per Average Store (in thousands) (a) $ 630 $ 644 (2 %) $ 1,837 $ 1,832 — % Average Store Size (selling square feet) 2,840 2,842 — % Total Selling Square Feet (in thousands) 5,172 5,039 3 % ________________ (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 November 1, 2025 United States 1,782 73 (34) 1,821 Canada 113 — — 113 Total 1,895 73 (34) 1,934 Partner-operated Stores The following table represents Partner-operated store activity for year-to-date 2025: Stores Stores February 1, 2025 Opened Closed November 1, 2025 International 494 35 (21) 508 International - Travel Retail 35 3 (2) 36 Total International (a) 529 38 (23) 544 ________________ (a) Includes store locations only and does not include kiosks, shop-in-shops, gondola or beauty counter locations. Results of Operations Third Quarter of 2025 Compared to the Third Quarter of 2024 Net Sales The following table provides Net Sales for the third quarter of 2025 in comparison to the third quarter of 2024: 2025 2024 % Change (in millions) Stores - U.S. and Canada (a) $ 1,222 $ 1,220 0.2 % Direct - U.S. and Canada 299 321 (7.0 %) International (b) 73 69 6.1 % Total Net Sales $ 1,594 $ 1,610 (1.0 %) _______________ (a) Results include fulfilled buy online pick up in store (“BOPIS”) orders. (b) Results include royalties associated with franchised stores and wholesale sales. 18 Table of Contents For the third quarter of 2025, total Net Sales were $1.594 billion and decreased $16 million, or 1.0%, compared to the third quarter of 2024. Direct Net Sales decreased $22 million, or 7.0%, driven by a decline in fulfilled orders, which was primarily due to our customers continuing to select our BOPIS option (which are recognized as Store Net Sales), partially offset by an increase in average order size. Stores Net Sales increased $2 million, or 0.2%, driven by an increase in transactions due to new store growth and an increase in BOPIS fulfilled orders, mostly offset by a decrease in average dollar sales. International Net Sales increased $4 million, or 6.1%, compared to the third quarter of 2024. Gross Profit For the third quarter of 2025, our Gross Profit was $658 million, which decreased $42 million compared to the third quarter of 2024, and our Gross Profit rate (expressed as a percentage of Net Sales) was 41.3%, which decreased from 43.5% in the third quarter of 2024. Gross Profit dollars decreased due to a decline in the merchandise margin rate, driven by tariffs and increased promotional activity to clear seasonal inventory, and the decline in Net Sales, partially offset by a decline in Buying and Occupancy Expenses, which benefited from exiting a third-party fulfillment center in the first quarter. The Gross Profit rate decreased due to the lower merchandise margin rate, partially offset by the decline in Buying and Occupancy Expenses. General, Administrative and Store Operating Expenses The following table provides detail for our General, Administrative and Store Operating Expenses for the third quarter of 2025 compared to the third quarter of 2024: 2025 2024 Change (in millions) % of Net Sales (in millions) % of Net Sales (in millions) % of Net Sales Selling Expenses $ 305 19.1 % $ 295 18.3 % $ 10 0.8 % Marketing Expenses 65 4.1 % 62 3.8 % 3 0.2 % General and Administrative Expenses 127 8.0 % 125 7.8 % 2 0.2 % Total $ 497 31.2 % $ 482 30.0 % $ 15 1.2 % For the third quarter of 2025, our total General, Administrative and Store Operating Expenses were $497 million, which increased $15 million compared to the third quarter of 2024, and the rate (expressed as a percentage of Net Sales) was 31.2%, which increased from 30.0% in the third quarter of 2024. The main driver in these results were Selling Expenses, which increased primarily due to higher payroll related costs, driven by new stores and investments in wages, and higher healthcare costs. The General, Administrative and Store Operating Expense rate increased primarily due to the higher Selling Expenses and deleverage on lower Net Sales. Other Income and Expenses Interest Expense The following table provides the average daily borrowings and average borrowing rates for the third quarters of 2025 and 2024: 2025 2024 Average daily borrowings (in millions) $ 3,916 $ 4,230 Average borrowing rate 7.0 % 7.3 % For the third quarter of 2025, our Interest Expense was $68 million, compared to $77 million in the third 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 the fourth quarter of fiscal year 2024. Other Income, Net For the third quarter of 2025, our Other Income, Net was $10 million, compared to $4 million in the third quarter of 2024. The increase was primarily due to an $8 million pre-tax gain on the sale of a non-core asset in the third quarter of 2025. Provision for Income Taxes For the third quarter of 2025, our effective tax rate was 25.3% compared to 26.7% in the third quarter of 2024. The 2025 third quarter rate was consistent with our combined estimated federal and state statutory rates. The 2024 third quarter rate was higher than our combined estimated federal and state statutory rates primarily due to accrued interest expense related to unrecognized tax benefits. 19 Table of Contents Results of Operations Year-to-Date 2025 Compared to Year-to-Date 2024 For year-to-date 2025, Operating Income was $527 million, which decreased $61 million compared to year-to-date 2024, and the Operating Income rate (expressed as a percentage of Net Sales) was 11.5%, which decreased from 13.0% year-to-date 2024. The drivers of the year-to-date Operating Income results are discussed in the following sections. 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) $ 3,529 $ 3,425 3.0 % Direct - U.S. and Canada 815 879 (7.3 %) International (b) 223 216 3.5 % Total Net Sales $ 4,567 $ 4,520 1.1 % _______________ (a) Results include fulfilled BOPIS orders. (b) Results include royalties associated with franchised stores and wholesale sales. For year-to-date 2025, total Net Sales were $4.567 billion and increased $47 million, or 1.1%, compared to year-to-date 2024. Stores Net Sales increased $104 million, or 3.0%, primarily driven by an increase in transactions due to new store growth and an increase in BOPIS fulfilled orders. Direct Net Sales decreased $64 million, or 7.3%, 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 $7 million, or 3.5%, compared to year-to-date 2024. Gross Profit For year-to-date 2025, our Gross Profit was $1.945 billion, which increased $12 million compared to year-to-date 2024, and our Gross Profit rate (expressed as a percentage of Net Sales) was 42.6%, which decreased from 42.8% year-to-date 2024. Gross Profit dollars increased due to the higher Net Sales and lower Buying and Occupancy Expenses, which benefited from exiting a third-party fulfillment center in the first quarter, partially offset by a decline in the merchandise margin rate, primarily driven by tariffs. The Gross Profit rate decreased due to the lower merchandise margin rate, partially offset by the decline in Buying and Occupancy Expenses. 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 $ 843 18.5 % $ 803 17.8 % $ 39 0.7 % Marketing Expenses 168 3.7 % 157 3.5 % 11 0.2 % General and Administrative Expenses 407 8.9 % 385 8.5 % 23 0.4 % Total $ 1,418 31.0 % $ 1,345 29.8 % $ 73 1.2 % For year-to-date 2025, our total General, Administrative and Store Operating Expenses were $1.418 billion, which increased $73 million compared to year-to-date 2024, and the rate (expressed as a percentage of Net Sales) was 31.0%, which increased from 29.8% 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. 20 Table of Contents 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 $ 4,291 Average borrowing rate 7.1 % 7.3 % For year-to-date 2025, our Interest Expense was $208 million, compared to $236 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 $25 million, compared to $65 million for year-to-date 2024. In year-to-date 2025, Other Income, Net included an $8 million pre-tax gain on the sale of a non-core asset. In year-to-date 2024, Other Income, Net included an aggregate $39 million pre-tax gain on sales of certain Easton investments and the recognition of a $3 million pre-tax loss on extinguishment of outstanding notes. 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 28.5% compared to 17.2% 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. 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 during the period, 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 $44 million as of November 1, 2025. We repurchased 11.450 million shares of our common stock for $343 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 (Used for) Operating Activities 225 (69) Net Cash Flows Used for Investing Activities (167) (114) Net Cash Flows Used for Financing Activities (497) (710) Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 — Net Decrease in Cash and Cash Equivalents (438) (893) Cash and Cash Equivalents, End of Period $ 236 $ 191 21 Table of Contents Operating Activities Net cash provided by operating activities for year-to-date 2025 was $225 million, including net income of $246 million. Net income included depreciation of $191 million and share-based compensation expense of $25 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 (and related increases in Accounts Payable) as we build out inventory levels in anticipation of the holiday season, which generates a substantial portion of our operating cash flow for the year, and Income Taxes Payable, due to seasonal tax payments. In addition, Accounts Payable, Accrued Expenses and Other provided a cash flow benefit due to our efforts to improve working capital. Net cash used for operating activities for year-to-date 2024 was $69 million, including net income of $345 million. Net income included depreciation of $211 million, impacts to deferred income taxes of $103 million, an aggregate pre-tax gain on sales of certain Easton investments of $39 million, and share-based compensation expense of $31 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 (and related increases in Accounts Payable) as we build our inventory levels in anticipation of the holiday season, and Income Taxes Payable, due to seasonal tax payments. Investing Activities Net cash used for investing activities for year-to-date 2025 was $167 million, primarily related to capital expenditures of $174 million partially offset by cash proceeds of $9 million related to the sale of a non-core asset. The capital expenditures included approximately $105 million related to new off-mall stores and remodels of existing stores, approximately $35 million for various technology projects primarily to support the growth and profitability of our business and approximately $15 million related to distribution and logistics capabilities. Net cash used for investing activities for year-to-date 2024 was $114 million primarily related to capital expenditures of $166 million, partially offset by aggregate cash proceeds, net of fees, of $40 million related to the sales of certain Easton investments. The capital expenditures included approximately $115 million related to new, primarily off-mall, stores and remodels of existing stores, approximately $30 million for various technology projects primarily to support the growth and profitability of our business and approximately $20 million related to distribution and logistics capabilities. We are committed to driving sustainable, long-term, profitable growth through strategic investments in the business. To support this, we are currently planning for capital expenditures of approximately $240 million in 2025, with a focus on real estate and technology. Financing Activities Net cash used for financing activities during year-to-date 2025 was $497 million, primarily consisting of $344 million for share repurchases and dividend payments of $0.60 per share, or $126 million. Net cash used for financing activities for year-to-date 2024 was $710 million, primarily consisting of $349 million for share repurchases, $202 million for open market debt repurchases, dividend payments of $0.60 per share, or $134 million and $16 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: 22 Table of Contents 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 8,121 $ 17 309 $ 37.67 38.05 January 2025 500 10,990 NA 326 NA 29.64 NA Total 11,450 8,963 $ 343 $ 348 The January 2024 Program had $139 million of remaining authority as of February 1, 2025 and $191 million as of November 2, 2024. There were share repurchases of $1 million as of February 1, 2025 and November 2, 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 no share repurchases reflected in Accounts Payable on the November 1, 2025 Consolidated Balance Sheet. The January 2025 Program had $174 million of remaining authority as of November 1, 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, second and third quarters of 2025 and 2024: Ordinary Dividends Total Paid (per share) (in millions) 2025 First Quarter $ 0.20 $ 43 Second Quarter 0.20 42 Third Quarter 0.20 41 Total $ 0.60 $ 126 2024 First Quarter $ 0.20 $ 45 Second Quarter 0.20 45 Third Quarter 0.20 44 Total $ 0.60 $ 134 In November 2025, we declared our fourth quarter 2025 ordinary dividend of $0.20 per share payable on December 5, 2025 to shareholders of record at the close of business on November 21, 2025. 23 Table of Contents 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 November 1, 2025, February 1, 2025 and November 2, 2024: November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Senior Debt with Subsidiary Guarantee $500 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ — $ — $ 314 $284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 279 277 276 $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 444 443 443 $482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 476 476 $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 3,407 3,401 3,714 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 3,890 3,884 4,197 Current Debt — — (314) Total Long-term Debt, Net of Current Portion $ 3,890 $ 3,884 $ 3,883 Cash paid for interest was $181 million and $217 million for year-to-date 2025 and 2024, respectively. Repurchases of Notes We did not repurchase any outstanding senior notes during the third quarter of and year-to-date 2025. We did not repurchase any outstanding senior notes during the third quarter of 2024. For year-to-date 2024, we repurchased in the open market and extinguished $200 million principal amounts of our outstanding senior notes. The aggregate repurchase price for these notes was $202 million, resulting in a pre-tax loss of $3 million, including the write-off of unamortized issuance costs. This loss is included in Other Income, Net in the year-to-date 2024 Consolidated Statement of Income. The following table provides details of the outstanding principal amounts of senior notes repurchased and extinguished during year-to-date and full year of 2024: 2024 Year-to-Date Full Year (in millions) 2025 Notes $ — $ 314 2027 Notes 14 14 2028 Notes 17 17 2029 Notes 17 17 2030 Notes 94 94 2033 Notes 10 10 2035 Notes 10 10 2036 Notes 38 38 Total $ 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. 24 Table of Contents 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 November 1, 2025, our borrowing base was in excess of the aggregate commitments of $750 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 November 1, 2025 that reduced our availability under the ABL Facility. As of November 1, 2025, our availability under the ABL Facility was $741 million. As of November 1, 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 November 1, 2025, we were not required to maintain this ratio. Credit Ratings The following table provides our credit ratings as of November 1, 2025: Moody’s S&P Corporate Ba2 BB+ Senior Unsecured Debt with Subsidiary Guarantee Ba2 BB+ Senior Unsecured Debt B1 BB- Outlook Stable Stable 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. 25 Table of Contents SUMMARIZED BALANCE SHEETS November 1, 2025 February 1, 2025 (in millions) ASSETS Current Assets (a) $ 2,265 $ 2,075 Noncurrent Assets 2,439 2,411 LIABILITIES Current Liabilities (b) $ 2,820 $ 2,394 Noncurrent Liabilities (c) 4,940 4,898 _______________ (a) Includes amounts due from non-Guarantor subsidiaries of $607 million and $572 million as of November 1, 2025 and February 1, 2025, respectively. (b) Includes amounts due to non-Guarantor subsidiaries of $1.542 billion and $1.421 billion as of November 1, 2025 and February 1, 2025, respectively. (c) Includes amounts due to non-Guarantor subsidiaries of $48 million as of November 1, 2025. YEAR-TO-DATE 2025 SUMMARIZED STATEMENT OF INCOME (in millions) Net Sales (a) $ 4,358 Gross Profit 1,812 Operating Income 487 Income Before Income Taxes 293 Net Income 204 _______________ (a) Includes Net Sales of $144 million to non-Guarantor subsidiaries. Contingent Liabilities and Contractual Obligations Lease Guarantees In connection with the spin-off of Victoria’s Secret & Co., we had remaining contingent obligations of $220 million as of November 1, 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 , which 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 , which requires disclosures of disaggregated information about certain prescribed expense categories within relevant income statement expense captions. 26 Table of Contents 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. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for software costs by removing project stages from capitalization criteria and further clarifies the threshold entities apply to begin capitalizing costs. This standard is effective for annual reporting of fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. This standard can be applied prospectively, retrospectively or through a modified transition approach. We are currently evaluating the impacts of adopting this standard. 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. 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 November 1, 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. 27 Table of Contents 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 November 1, 2025, February 1, 2025 and November 2, 2024: November 1, 2025 February 1, 2025 November 2, 2024 (in millions) Principal Value $ 3,916 $ 3,916 $ 4,230 Fair Value, Estimated (a) 4,037 3,986 4,273 _______________ (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. We believe that the carrying values of our Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values as of November 1, 2025 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 third 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 third 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) August 2025 1,987 $ 29.39 1,987 $ 203,106 September 2025 996 28.95 995 174,278 October 2025 2 25.16 — 174,278 Total 2,985 2,982 _______________ (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 third quarter of 2025. 29 Table of Contents Item 6. EXHIBITS Exhibits 10.1 Master Aircraft Time Sharing Agreement between the Company and Daniel Heaf, effective as of September 12, 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: November 20, 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 (DEFICIT) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 9952157 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 9952158 - Disclosure - Description of Business and Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 9952159 - Disclosure - Revenue Recognition link:presentationLink link:calculationLink link:definitionLink 9952160 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) link:presentationLink link:calculationLink link:definitionLink 9952161 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 9952162 - Disclosure - Long-Lived Assets link:presentationLink link:calculationLink link:definitionLink 9952163 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 9952164 - Disclosure - Long-term Debt and Borrowing Facilities link:presentationLink link:calculationLink link:definitionLink 9952165 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 9952166 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 9952167 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 9955511 - Disclosure - Description of Business and Basis of Presentation (Policy) link:presentationLink link:calculationLink link:definitionLink 9955512 - Disclosure - Revenue Recognition (Tables) link:presentationLink link:calculationLink link:definitionLink 9955513 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) (Tables) link:presentationLink link:calculationLink link:definitionLink 9955514 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 9955515 - Disclosure - Long-Lived Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 9955516 - Disclosure - Long-term Debt and Borrowing Facilities (Tables) link:presentationLink link:calculationLink link:definitionLink 9955517 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 9955518 - Disclosure - Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 9955519 - Disclosure - Description of Business and Basis of Presentation (Details) link:presentationLink link:calculationLink link:definitionLink 9955520 - Disclosure - Revenue Recognition - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9955521 - Disclosure - Revenue Recognition - Disaggregation of Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 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 link:calculationLink link:definitionLink 9955523 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) link:presentationLink link:calculationLink link:definitionLink 9955524 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9955525 - Disclosure - Net Income Per Share and Shareholders’ Equity (Deficit) - Dividends (Details) link:presentationLink link:calculationLink link:definitionLink 9955526 - Disclosure - Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 9955527 - Disclosure - Long-Lived Assets - Summary of Property And Equipment, Net (Details) link:presentationLink link:calculationLink link:definitionLink 9955528 - Disclosure - Long-Lived Assets - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9955529 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 9955530 - Disclosure - Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) link:presentationLink link:calculationLink link:definitionLink 9955531 - Disclosure - Long-term Debt and Borrowing Facilities - Repurchase of Notes (Details) link:presentationLink link:calculationLink link:definitionLink 9955532 - Disclosure - Long-term Debt and Borrowing Facilities Schedule of Repurchases of Notes (Details) link:presentationLink link:calculationLink link:definitionLink 9955533 - Disclosure - Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details) link:presentationLink link:calculationLink link:definitionLink 9955534 - Disclosure - Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) link:presentationLink link:calculationLink link:definitionLink 9955535 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 9955536 - Disclosure - Segment Reporting - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 9955537 - Disclosure - Segment Reporting - Schedule of Segment Reporting Information (Details) link:presentationLink link:calculationLink link:definitionLink $500 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) Fixed Rate 9.375% Notes due July 2025 [Member] Fixed Rate 9.375% Notes due July 2025 [Member] Cash dividends (in USD per share) Common Stock, Dividends, Per Share, Cash Paid Statistical Measurement [Domain] Statistical Measurement [Domain] Accounts Payable Accounts Payable [Member] Award Timing Predetermined Award Timing Predetermined [Flag] Entity File Number Entity File Number Paid-In Capital Additional Paid-in Capital [Member] Tabular List, Table Tabular List [Table Text Block] Treasury Shares (in shares) Weighted Average Number of Shares, Treasury Stock Schedule of Dividends Paid Dividends Declared [Table Text Block] Recently Issued Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] $482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) Fixed Rate 7.5% Notes Due June 2029 [Member] Fixed Rate 7.5% Notes Due June 2029 [Member] Lease guarantees remaining after disposition of certain businesses Guarantor Obligations, Maximum Exposure, Undiscounted Trading Arrangements, by Individual Trading Arrangements, by Individual [Table] Measurement Basis [Axis] Measurement Basis [Axis] Net Income per Basic Share (in dollars per share) Earnings Per Share, Basic Adjustment to Compensation: Adjustment to Compensation [Axis] Adjusted Operating Income Operating Income (Loss), Adjusted Operating Income (Loss), Adjusted Named Executive Officers, Footnote Named Executive Officers, Footnote [Text Block] Accounts Payable, Accrued Expenses and Other Increase (Decrease) in Accounts Payable and Accrued Liabilities Revenue Recognition Revenue from Contract with Customer [Text Block] Total Other Comprehensive Income (Loss), Net of Tax Other Comprehensive Income Other Comprehensive Income (Loss), Net of Tax Schedule of Segment Reporting Information Schedule of Segment Reporting Information, by Segment [Table Text Block] Easton investments, including carrying value of related equity method investments Easton Investments, Including Carrying Value of Related Equity Method Investments Easton Investments, Including Carrying Value of Related Equity Method Investments Adjustment to Compensation, Amount Adjustment to Compensation Amount Basis of Consolidation Consolidation, Policy [Policy Text Block] Schedule of Impaired Long-Lived Assets Held and Used [Table] Impaired Long-Lived Asset, Held and Used [Table] Share-based Compensation Expense Share-Based Payment Arrangement, Noncash Expense Employee Stock Option Share-Based Payment Arrangement, Option [Member] Award Timing MNPI Disclosure Award Timing MNPI Disclosure [Text Block] Income taxes paid Income Taxes Paid Cash Dividends Dividends, Common Stock, Cash Total Shareholders’ Equity (Deficit) Equity, Attributable to Parent Other Comprehensive Income (Loss), Net of Tax: Other Comprehensive Income (Loss), Net of Tax [Abstract] Insider Trading Policies and Procedures [Line Items] Summary of Property And Equipment, Net Property, Plant and Equipment [Table Text Block] Common stock, shares authorized (in shares) Common Stock, Shares Authorized Current Assets: Assets, Current [Abstract] Total Liabilities and Equity (Deficit) Liabilities and Equity Concentration of Credit Risk Concentration Risk, Credit Risk, Policy [Policy Text Block] LIABILITIES AND EQUITY (DEFICIT) Liabilities and Equity [Abstract] Cover [Abstract] Cover [Abstract] Direct - U.S. and Canada Bath & Body Works Direct [Member] Bath & Body Works Direct [Member] Portion at Fair Value Measurement Portion at Fair Value Measurement [Member] Maximum Maximum [Member] Impaired Long-Lived Assets Held and Used by Type [Axis] Impaired Long-Lived Assets Held and Used by Type [Axis] Revenue Recognition and Deferred Revenue [Abstract] Revenue Recognition and Deferred Revenue [Abstract] Non-PEO NEO Average Total Compensation Amount Non-PEO NEO Average Total Compensation Amount Debt Instrument [Line Items] Debt Instrument [Line Items] Treasury Stock, at Average Cost Treasury Stock, Common [Member] Adjustment to Non-PEO NEO Compensation Footnote Adjustment to Non-PEO NEO Compensation Footnote [Text Block] Pay vs Performance Disclosure [Line Items] Forgone Recovery due to Disqualification of Tax Benefits, Amount Forgone Recovery due to Disqualification of Tax Benefits, Amount Non-Rule 10b5-1 Arrangement Terminated Non-Rule 10b5-1 Arrangement Terminated [Flag] Income Before Income Taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Entity Shell Company Entity Shell Company Revolving Credit Facility Expiring August 2026 Revolving Credit Facility Expiring August 2026 [Member] Revolving Credit Facility Expiring August 2026 Carrying Value and Fair Value of Long-Term Debt, Disclosure Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] Other Long-term Liabilities Other Liabilities, Noncurrent Schedule of Long-term Debt Instruments [Table] Schedule of Long-Term Debt Instruments [Table] Statement of Stockholders' Equity [Abstract] Statement of Stockholders' Equity [Abstract] Unrealized Gain (Loss) on Cash Flow Hedges Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Company Selected Measure Amount Company Selected Measure Amount Award Timing MNPI Considered Award Timing MNPI Considered [Flag] Total Comprehensive Income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Name Measure Name Letter of Credit Letter of Credit [Member] Current Operating Lease Liabilities Operating Lease, Liability, Current Deferred Income Taxes Deferred Income Tax Liabilities, Net Document Fiscal Period Focus Document Fiscal Period Focus Award Timing Method Award Timing Method [Text Block] Award Type Award Type [Axis] Long-term debt Long-Term Debt Total Assets Assets Trading Symbol Trading Symbol Geographical [Domain] Geographical [Domain] Share-based Compensation and Other (in shares) Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture Entity Address, City or Town Entity Address, City or Town Operating Activities: Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract] Effects of Exchange Rate Changes on Cash and Cash Equivalents Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation Inventories Inventory Disclosure [Text Block] Non-PEO NEO Average Compensation Actually Paid Amount Non-PEO NEO Average Compensation Actually Paid Amount Leadership Transition Costs Leadership Transition Costs Severance Costs Compensation Actually Paid vs. Other Measure Compensation Actually Paid vs. Other Measure [Text Block] Revolving Credit Facility Expiring May 2030 Revolving Credit Facility Expiring May 2030 [Member] Revolving Credit Facility Expiring May 2030 Account receivable, payment term Account Receivable, Payment Term Account Receivable, Payment Term Entity Emerging Growth Company Entity Emerging Growth Company Marketing Expenses Marketing Expense Dividends per share (in USD per share) Dividends Per Share (in USD per share) Common Stock, Dividends, Per Share, Declared Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member] Insider Trading Policies and Procedures Not Adopted Insider Trading Policies and Procedures Not Adopted [Text Block] Common Stock, shares outstanding (in shares) Beginning Balance (in shares) Ending Balance (in shares) Common Stock, Shares, Outstanding Gain on Sale of Non-core Asset Gain (Loss) on Disposition of Other Assets PEO PEO [Member] Disaggregation of Revenue Disaggregation of Revenue [Table Text Block] Revenue Channel [Domain] Revenue Channel [Domain] [Domain] for Revenue Channel [Axis] Income Taxes Accrued Income Taxes, Current Changes in Assets and Liabilities: Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital [Abstract] Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member] Retained Earnings (Accumulated Deficit) Retained Earnings [Member] Entity Address, Postal Zip Code Entity Address, Postal Zip Code Restatement Determination Date Restatement Determination Date Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Period Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation Income Statement [Abstract] Income Statement [Abstract] 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). 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. Provision for Income Taxes Income Tax Expense (Benefit) Debt instrument, basis spread on variable rate Debt Instrument, Basis Spread on Variable Rate Preferred stock, shares issued (in shares) Preferred Stock, Shares Issued Pension Adjustments Service Cost Pension Adjustments Service Cost [Member] Property and Equipment, at Cost Property, Plant and Equipment, Gross Restatement does not require Recovery Restatement Does Not Require Recovery [Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Schedule of Guarantor Obligations [Table] Guarantor Obligation [Table] Compensation Actually Paid vs. Company Selected Measure Compensation Actually Paid vs. Company Selected Measure [Text Block] Equity, Class of Treasury Stock [Line Items] Equity, Class of Treasury Stock [Line Items] City Area Code City Area Code Award Timing, How MNPI Considered Award Timing, How MNPI Considered [Text Block] All Trading Arrangements All Trading Arrangements [Member] Equity Awards Adjustments, Footnote Equity Awards Adjustments, Footnote [Text Block] Total Shareholder Return Vs Peer Group Total Shareholder Return Vs Peer Group [Text Block] Accrued Expenses and Other Accrued Liabilities, Current Class of Treasury Stock [Table] Class of Treasury Stock [Table] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Line of credit financial covenant, percentage of maximum borrowing amount Line of Credit Financial Covenant, Percentage Of Maximum Borrowing Amount Line of Credit Financial Covenant, Percentage Of Maximum Borrowing Amount Schedule of Long-Term Debt Repurchases Schedule of Long-Term Debt Repurchases [Table Text Block] Schedule of Long-Term Debt Repurchases Investing Activities: Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract] Pay vs Performance Disclosure Pay vs Performance Disclosure [Table] Net Cash Provided by (Used for) Operating Activities Cash Provided by (Used in) 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 Payments of Finance Lease Obligations Finance Lease, Principal Payments Total Current Liabilities Liabilities, Current Individual: Individual [Axis] Other Current assets 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 Block] Operating Lease Assets Operating Lease, Right-of-Use Asset Forgone Recovery, Explanation of Impracticability Forgone Recovery, Explanation of Impracticability [Text Block] Payments for Long-term Debt Repayment of debt Repayments of Long-Term Debt Effective income tax rate Effective Income Tax Rate Reconciliation, Percent Entity Interactive Data Current Entity Interactive Data Current Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] Principal Value Reported Value Measurement [Member] Derivative Financial Instruments Derivatives, Policy [Policy Text Block] Interim Financial Statements Interim Financial Statements [Policy Text Block] Interim Financial Statements [Policy Text Block] Segment Reporting Segment Reporting Disclosure [Text Block] Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Ownership [Domain] Ownership [Domain] $575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) Fixed Rate 6.75% Notes Due July 2036 [Member] Fixed Rate 6.75% Notes Due July 2036 [Member] Compensation Actually Paid vs. Total Shareholder Return Compensation Actually Paid vs. Total Shareholder Return [Text Block] General, Administrative and Store Operating Expenses Selling, General and Administrative Expense Deferred Income Taxes Deferred Income Tax Assets, Net Other Assets Long-term other assets Other Assets, Noncurrent Entity Central Index Key Entity Central Index Key PEO Name PEO Name $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) Fixed Rate 7.60% Notes Due July 2037 [Member] Fixed Rate 7.60 Percent Notes Due July 2037 Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year Prior Year End 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 Repurchased and Retired During Period, Shares ASSETS Assets [Abstract] Long-term Debt Total Long-term Debt, Net of Current Portion Long-Term Debt, Excluding Current Maturities Credit Facility [Axis] Credit Facility [Axis] Underlying Security Market Price Change Underlying Security Market Price Change, Percent Balance Sheet Location [Axis] Statement of Financial Position Location, Balance [Axis] Debt Instrument [Axis] Debt Instrument [Axis] Fair Value Measurements Fair Value Disclosures [Text Block] Loss on Extinguishment of Debt Gain (Loss) on Extinguishment of Debt Credit Facility [Domain] Credit Facility [Domain] Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member] Entity Address, Address Line One Entity Address, Address Line One Repurchases of Common Stock Amount Repurchased Treasury Stock, Value, Acquired, Cost Method Accumulated Other Comprehensive Income AOCI Attributable to Parent [Member] Fixed interest rate Debt Instrument, Interest Rate, Stated Percentage Long-term Operating Lease Liabilities Operating Lease, Liability, Noncurrent Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Buying and Occupancy Buying And Occupancy Costs Buying And Occupancy Costs Line Of Credit Facility Current Borrowing Base Line Of Credit Facility Current Borrowing Base Line Of Credit Facility Current Borrowing Base Ownership [Axis] Ownership [Axis] Payable under repurchase agreements Payable Under Repurchase Agreements Payable Under Repurchase Agreements Fair Value as of Grant Date Award Grant Date Fair Value Accounts receivable, after allowance for credit loss Accounts Receivable, after Allowance for Credit Loss Property, Plant and Equipment [Abstract] Property, Plant and Equipment [Abstract] Entity Registrant Name Entity Registrant Name Stock Price or TSR Estimation Method Stock Price or TSR 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 Issued, Value, Share-Based Payment Arrangement, after Forfeiture Non-PEO NEO Non-PEO NEO [Member] Letters of credit outstanding, amount Letters of Credit Outstanding, Amount Interim Period Interim Period, Costs Not Allocable [Line Items] Other Financing Activities Proceeds from (Payment for) Other Financing Activity Name Trading Arrangement, Individual Name All Award Types Award Type [Domain] Noncontrolling Interest Equity, Attributable to Noncontrolling Interest Equity Awards Adjustments Equity Awards Adjustments [Member] Pension Benefits Adjustments, Footnote Pension Benefits Adjustments, Footnote [Text Block] Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Line Items] Compensation Amount Outstanding Recovery Compensation Amount With Subsidiary Guarantee With Subsidiary Guarantee [Member] With Subsidiary Guarantee [Member] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Statement of Comprehensive Income [Abstract] Statement of Comprehensive Income [Abstract] Recovery of Erroneously Awarded Compensation Disclosure [Line Items] Estimate of Fair Value Measurement Estimate of Fair Value Measurement [Member] Revenue recognized Contract with Customer, Liability, Revenue Recognized Certain Company Owned Subsidiaries Certain Company Owned Subsidiaries [Member] Certain Company Owned Subsidiaries Share Repurchase Program [Axis] Share Repurchase Program [Axis] MNPI Disclosure Timed for Compensation Value MNPI Disclosure Timed for Compensation Value [Flag] Name Awards Close in Time to MNPI Disclosures, Individual Name Aggregate Erroneous Compensation Not Yet Determined Aggregate Erroneous Compensation Not Yet Determined [Text Block] February 2022 February 2022 Repurchase Program February 2022 Repurchase Program [Member] February 2022 Repurchase Program Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively Treasury Stock, Value Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss), Net of Tax Financial Instruments [Domain] Financial Instruments [Domain] Trade Name Indefinite-Lived Trade Names Segments [Domain] Segments [Domain] Line of credit facility, remaining borrowing capacity Line of Credit Facility, Remaining Borrowing Capacity Aggregate Pension Adjustments Service Cost Aggregate Pension Adjustments Service Cost [Member] Debt Instrument, Notional Amount Debt Instrument, Notional Amount Outstanding Debt Instrument, Notional Amount Outstanding Reclassification of Cash Flow Hedges to Earnings Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax Balance Sheet Location [Domain] Statement of Financial Position Location, Balance [Domain] Inventories Increase (Decrease) in Inventories Inventories Total Inventories Inventory, Net Minimum Minimum [Member] Accumulated Depreciation and Amortization Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Company Selected Measure Name Company Selected Measure Name Fair Value Measurement [Domain] Fair Value Measurement [Domain] Schedule of Long-Term Debt Repurchases [Table] Schedule of Long-Term Debt Repurchases [Table] Schedule of Long-Term Debt Repurchases [Table] Preferred Stock - $1.00 par value; 10 shares authorized; none issued Preferred Stock, Value, Issued Aggregate Available Trading Arrangement, Securities Aggregate Available Amount Accounts Payable Accounts Payable, Current Without Subsidiary Guarantee Without Subsidiary Guarantee [Member] Without Subsidiary Guarantee [Member] Stock Appreciation Rights (SARs) Stock Appreciation Rights (SARs) [Member] All Executive Categories All Executive Categories [Member] Finished Goods Merchandise Inventory, Finished Goods, Net of Reserves Common Stock - $0.50 par value; 1,000 shares authorized; 220, 231 and 232 shares issued; 205, 216 and 217 shares outstanding, respectively Common Stock, Value, Issued Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Revolving facility covenant fixed charge coverage ratio Line of Credit Financial Covenant, Fixed Charge Coverage Ratio Line of Credit Financial Covenant, Fixed Charge Coverage Ratio Diluted Shares (in shares) Weighted Average Number of Shares Outstanding, Diluted Revenue Channel [Axis] Revenue Channel [Axis] Revenue Channel [Axis] Entity Registrant Former Name Entity Information, Former Legal or Registered Name Non-GAAP Measure Description Non-GAAP Measure Description [Text Block] Entity Small Business Entity Small Business Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Noncontrolling Interest Noncontrolling Interest [Member] Long-term Debt and Borrowing Facilities Long-Term Debt [Text Block] Document Transition Report Document Transition Report Easton Investments Equity Method Investments [Policy Text Block] Underlying Securities Award Underlying Securities Amount Equity Component [Domain] Equity Component [Domain] Document Period End Date Document Period End Date PEO Actually Paid Compensation Amount PEO Actually Paid Compensation Amount Income Taxes Income Tax Disclosure [Text Block] Awards Close in Time to MNPI Disclosures, Table Awards Close in Time to MNPI Disclosures [Table Text Block] Reportable Segment Reportable Segment [Member] Reportable Segment Debt, fair value disclosure Debt Instrument, Fair Value Disclosure Scenario [Axis] Scenario [Axis] Stores - U.S. and Canada (a) Bath & Body Works Stores [Member] Bath & Body Works Stores Total Equity (Deficit) Beginning Balance Ending Balance Equity, Including Portion Attributable to Noncontrolling Interest Average Stock Price (in USD per share) Shares Acquired, Average Cost Per Share Document Type Document Type Name Outstanding Recovery, Individual Name Interim Period, Costs Not Allocable [Table] Interim Period, Costs Not Allocable [Table] Seasonality of Business Seasonality Of Business [Policy Text Block] Seasonality Of Business [Policy Text Block] Net Sales Revenue from Contract with Customer, Excluding Assessed Tax All Individuals All Individuals [Member] Long-term Debt, Type [Domain] Long-Term Debt, Type [Domain] Capital Expenditures Payments to Acquire Property, Plant, and Equipment Name Forgone Recovery, Individual Name Total Current Assets Assets, Current Statistical Measurement [Axis] Statistical Measurement [Axis] Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member] Revolving facility commitment fee percentage, unused capacity Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Stock repurchase program, authorized amount Share Repurchase Program, Authorized, Amount Gain on Sales of Easton Investments Gain on sale of equity 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, Net of Fees Paid 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 (Used for) 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] 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] Proceeds from Sale of Non-core Asset Proceeds from Sale of Other Productive Assets 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 MASTER AIRCRAFT TIME SHARING AGREEMENT THIS MASTER AIRCRAFT TIME SHARING AGREEMENT (this “Agreement” ) is effective as of September 12, 2025 (the “Effective Date” ) by and among Bath & Body Works Logistics Services, LLC, a Delaware limited liability company ( “Company” ), and each of the individuals whose name appears on the signature page(s) hereto (each, a “Lessee” ). WHEREAS , Company owns or holds a leasehold interest in, and operates that certain Aircraft identified in Schedule 1. WHEREAS, Company employs, or contracts for the services of, a fully qualified flight crew to operate the Aircraft. WHEREAS, each Lessee is an officer or high-ranking executive employee of Company or an Affiliate (as defined in Section 1.1 hereof). WHEREAS , Company has determined in accordance with the Bath & Body Works, Inc. Executive and Board of Directors Travel Policy effective June 12, 2023, as may be amended from time to time (the “ Policy ”), that, incident to the employment relationship between the Lessees and Company or Company’s Affiliates, it is to the benefit of Company to permit the use of the Aircraft by the Lessees for personal flight needs, to the extent consistent with the scheduling needs of Company, for many of the same reasons that support use of the Aircraft by the Lessees for travel on Company-related business, including but not necessarily limited to: enhancing security and privacy; maintaining communication between Company and its directors, officers and high-ranking executives; permitting the Lessees in their capacity as officers or high-ranking executives to work on Company-related business while traveling by providing a convenient, private and confidential setting for the review of sensitive documents or the conduct of confidential discussions by telephone or in person; and reducing travel-related stress, delay and fatigue that might otherwise reduce efficiency or delay the return to work; and Company is therefore willing to lease the Aircraft, with flight crew, on a non-exclusive basis, to the Lessees on a time sharing basis as defined in Section 91.501(c)(1) of the FAR (as defined in Section 1.1 hereof). WHEREAS , each of the Lessees desires from time to time to lease the Aircraft, with a flight crew, on a non-exclusive basis, from Company on a time-sharing basis as defined in Section 91.501(c)(1) of the FAR upon the terms and subject to the conditions set forth herein. WHEREAS, during the Term (as defined in Section 3.1 hereof) of this Agreement, the Aircraft will be subject to use by Company and/or other one or more leases to third parties. NOW, THEREFORE , Company and each Lessee hereby agree as follows: 1. DEFINITIONS. 1 1.1 Specific Terms . As used in this Agreement, the following defined terms have the following meanings: (a) “Affiliate” means an entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, Company. The term “ control ” (including the terms “ controlling ”, “ controlled by ” and “ under common control with ”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting securities, through membership, by contract or otherwise. In addition, any entity (and its successors by way of change of organizational form) through which Company is pursuing a business venture will be deemed an Affiliate of Company so long as Company and/or its Affiliates (as otherwise defined above) possess the power to elect not less than twenty-five percent (25%) of the whole number of the board of directors of such entity or own not less than twenty-five percent (25%) of the assets or equity of such entity. (b) “Agreement” is defined in the preamble. (c) “Aircraft” means the Aircraft identified in Schedule 1, including the Airframe, the Engines, and the Aircraft Documents. Such Engines shall be deemed part of the Aircraft whether or not from time to time attached to the Airframe or removed from the Aircraft. (d) “Aircraft Documents” means, as to the Aircraft, all flight records, maintenance records, historical records, modification records, overhaul records, manuals, logbooks, authorizations, drawings and data relating to the Airframe, any Engine, or any Part, that are required by Applicable Law to be created or maintained with respect to the maintenance and/or operation of the Aircraft. (e) “Airframe” means the Airframe listed in Schedule 1 attached hereto and made a part hereof, as the same may be amended from time to time as set forth below, together with any and all Parts (including, but not limited to, landing gear and auxiliary power units but excluding Engines or engines) so long as such Parts shall be either incorporated or installed in or attached to the Airframe. (f) “Applicable Law” means, without limitation, all applicable laws, treaties, international agreements, decisions and orders of any court, arbitration or governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any governmental body, instrumentality, agency or authority, including, without limitation, the FAR and 49 U.S.C. § 41101, et seq., as amended. (g) “Company” is defined in the preamble. (h) “Effective Date” is defined in the preamble. (i) “Engines” means, as to each Airframe, the engines installed on the Aircraft (or any replacement or loaner engines), as the same may be amended from time to time as set forth below, together with any and all Parts so long as the same shall be either incorporated or installed in or attached to such Engine. (j) “FAA” means the Federal Aviation Administration or any successor agency. 2 (k) “FAR” means collectively the Aeronautics Regulations of the Federal Aviation Administration and the Department of Transportation, as codified at Title 14, Parts 1 to 399 of the United States Code of Federal Regulations. (l) “Flight” means, as applicable, a flight conducted under this Agreement, from a departure point to a single destination or a flight from a departure point to one destination and back to the same departure point. (m) “Flight Charges” means the amount calculated under Section 4.1 below. (n) “Joinder” means that certain joinder in the form of Exhibit A to be executed by each new Lessee. (o) “Lessee” is defined in the preamble. Upon execution of Joinder, each person named in and signing the Joinder will become an additional Lessee, effective as of the date shown therein as to that person. (p) “NetJets Agreements” means the agreements set forth in Section 8.1. (q) “Operational Control” has the same meaning given the term in Section 1.1 of the FAR. (r) “Parts” means, as to the Aircraft, all appliances, components, parts, instruments, appurtenances, accessories, furnishings or other equipment of whatever nature (other than complete Engines or engines) which may from time to time be incorporated or installed in or attached to the Airframe or any Engine and includes replacement parts. (s) “Pilot in Command” has the same meaning given the term in Section 1.1 of the FAR. (t) “SIFL Rate” means the Standard Industry Fare Level rate as calculated in accordance with the regulations of the Internal Revenue Service from time to time in effect. (u) “Taxes” means all sales taxes, use taxes, retailer taxes, duties, fees, excise taxes, including, without limitation, federal transportation excise taxes, or other taxes of any kind which may be assessed or levied by any Taxing Jurisdiction as a result of the lease of the Aircraft to a Lessee, or the use of the Aircraft by a Lessee, or the provision of a taxable transportation service to a Lessee using the Aircraft. (v) “Taxing Jurisdiction” means any federal, state, county, local, airport, district, foreign, or other governmental authority that imposes Taxes. (w) “Term” means the term of this Agreement set forth in Section 3. 3 2. AGREEMENT TO LEASE. 2.1 Lease of Aircraft . Company agrees to lease the Aircraft to each Lessee on an “as needed and as available” basis, and to provide a fully qualified flight crew for all Flights of each Lessee, in accordance with the terms and conditions of this Agreement. 2.2 Independent Agreements . The Lessees are listed in a single document for the sole purpose of convenience of Company. This Agreement constitutes a separate time-sharing agreement as between Company and each Lessee. Without limiting the preceding sentence: (a) Company may from time to time agree to add additional persons as a Lessee, without notice to the existing Lessees. Each such additional agreement will be evidenced by the Joinder, signed by the new Lessee(s), setting forth the new Lessee’s notice address, the date as to which this Agreement becomes effective as to the new Lessee, and his or her commitment to be bound by this Agreement. (b) The rights and obligations of each Lessee are independent of one another. Under no circumstances will any Lessee be deemed liable for any monetary or non-monetary obligations of any other Lessee hereunder, whether jointly, severally, or by way of suretyship or guaranty. (c) Termination of this Agreement as to any one or more of the Lessees does not terminate this Agreement as to any other Lessee. 2.3 Intent and Interpretation . The parties hereto intend that this Agreement constitute, and this Agreement shall be interpreted as, a “time sharing agreement” as defined in Section 91.501(c)(1) of the FAR. 2.4 Non-Exclusivity . Each Lessee acknowledges that the Aircraft is leased to Lessees hereunder on a non-exclusive basis, and that the Aircraft will also be subject to use by Company and Company’s Affiliates and may also be subject to non-exclusive lease to others during the Term. 3. TERM AND TERMINATION. 3.1 Term . As to each Lessee and unless earlier terminated as set forth herein, the “Term” begins on the Effective Date, and ends on the December 31 next following; provided, however, that as to any person added as a Lessee after the Effective Date pursuant to Section 2.2.(a) above, the Term will begin on the date specified in the Joinder adding the person as a Lessee. At the end of the initial Term or any subsequent Term, this Agreement will automatically be renewed for an additional one-year Term. 3.2 Termination . (a) This Agreement terminates automatically as to any Lessee when that Lessee ceases to be an officer or employee of Company or of any Affiliate. (b) This Agreement terminates automatically as to any Lessee when (i) that Lessee ceases to qualify for use of the Aircraft for personal flight needs under the Policy or (ii) Company determines that the Lessee has violated any material provisions of the Policy or any other applicable Company or Company Affiliate policy. 4 (c) Each Lessee may terminate this Agreement with or without cause on at least thirty (30) calendar days prior written notice to Company, and Company may terminate this Agreement as to any one or more Lessees with or without cause on at least thirty (30) calendar days prior written notice to the subject Lessee or Lessees, without need in either case to notify any Lessee as to whom this Agreement is not being terminated. (d) For avoidance of doubt, this Agreement terminates automatically if there are no Lessees party to the Agreement. 4. FLIGHT CHARGES. 4.1 Flight Charges . Each Lessee shall pay Company for each Flight conducted for that Lessee under this Agreement or, as the case may be, shall be imputed as income, an amount equal to that Lessee's pro rata share of the lesser of the amount calculated under Section 4.1(a) or Section 4.1(b): (a) The amount calculated using the SIFL Rate in effect as of the date of the Flight, plus any applicable Taxes, or (b) the following listed actual expenses of each Flight, not to exceed the maximum amount legally payable for such Flight under FAR Section 91.501(d): (i) fuel, oil, lubricants, and other additives; (ii) travel expenses of the crew, including food, lodging and ground transportation; (iii) hangar and tie down costs away from the Aircraft’s base of operation; (iv) insurance obtained for the specific Flight; (v) landing fees, airport taxes and similar assessments; (vi) customs, foreign permit, and similar fees directly related to the Flight; (vii) in-flight food and beverages; (viii) passenger ground transportation; (ix) flight planning and weather contract services; and (x) an additional charge equal to one hundred percent (100%) of the expenses listed in subsection (i) above. 5. INVOICES AND PAYMENT; IMPUTATION OF INCOME. Company shall initially pay all expenses related to the operation of the Aircraft when and as such expenses are incurred for each applicable Flight, including all costs of repositioning the Aircraft to accommodate a Flight request, if permitted by Applicable Law. Subject to the following 5 sentence, within thirty (30) calendar days after the last day of any calendar quarter (or such other period of time not to exceed one year as determined by Company from time to time) during which any Flight for the account of a Lessee has been conducted, Company shall provide an invoice to that Lessee for an amount determined in accordance with Section 4 above. If agreed between Company and any Lessee, Company may impute as income to such Lessee the amount determined in accordance with Section 4 and withhold any applicable Taxes (if any) pursuant to Section 6. In the absence of any other agreement, the invoice, together with any applicable Taxes under Section 6, shall be payable to Company within thirty (30) calendar days after the invoice date. 6. TAXES. Company shall remit to the appropriate authorities all applicable Taxes imposed by any Taxing Jurisdiction in connection with any use of the Aircraft by Lessee hereunder, and Company shall be entitled to withhold all applicable Taxes from Lessee. Each party shall indemnify the other party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and when incurred) arising out of its breach of this undertaking. 7. SCHEDULING FLIGHTS. 7.1 Use of Aircraft/Submitting Flight Requests . The use of the Aircraft will be in accordance with all Company and Company Affiliate policies and procedures adopted from time to time including, but not limited to, the Policy, the Bath & Body Works, Inc. Code of Conduct and the Bath & Body Works, Inc. Global Anti-Corruption Policy. Lessee’s submission of flight requests shall at all times be governed by such policies and procedures, copies of which will be made available to Lessee from time to time upon request. 7.2 Approval of Flight Requests . Each use of the Aircraft by a Lessee will be subject to approval in accordance with Section 7.1 and Aircraft availability. Company may approve or deny any Flight scheduling request in Company’s sole discretion. Company has final authority over the scheduling of the Aircraft but shall use reasonable efforts to accommodate Lessee’s needs for approved Flight requests and to avoid conflicts in scheduling. If two (2) or more Lessees make conflicting requests to use the Aircraft, Company in its sole discretion may determine which, if any, of such requests to accommodate. As applicable, Company will provide Lessee written approval and commence trip planning services. 7.3 Subordinated Use of Aircraft . Each Lessee’s rights to schedule use of the Aircraft during the Term of this Agreement are at all times subordinate to any maintenance and inspection needs of the Aircraft as determined solely in the discretion of Company and the Aircraft use requirements of Company and any Affiliate. Company and each Affiliate may at all times preempt any scheduled, unscheduled, and anticipated use of the Aircraft by a Lessee, notwithstanding any prior approval by Company of the Lessee’s request to schedule a Flight. 8. OPERATION. 8.1 Subordination . This Agreement and Lessee’s use of the Aircraft is and shall be, at all times, subject to and subordinate to the Fractional Program Agreement and related agreements by and between the Company and NetJets (as defined therein), dated September 4, 2025 (“ NetJets Agreements ”). Company may at any time, with or without notice to the Lessee, modify the terms of this Agreement to ensure compliance with the NetJets Agreement. Each 6 Lessee covenants that he or she will not do, or permit to be done, anything which would cause a violation of the NetJets Agreements. Each Lessee shall, to the extent permitted by Applicable Law, do all such further acts, deeds, assurances or things as may, in the reasonable opinion of Company, be necessary or desirable in order to ensure Company’s compliance with the NetJets Agreements. 8.2 Aircraft Maintenance . Company shall be solely responsible for maintenance, preventive maintenance and required or otherwise necessary inspections of the Aircraft and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventive maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft. 8.3 Flight Crews . Company shall provide to Lessee a qualified flight crew for each Flight. Company may, if it so chooses, elect not to hire its own pilots for any given Flight, but to contract instead for pilot services from a third-party vendor. Whether or not the flight crew is supplied by a third-party vendor, the flight crew is under the exclusive command and control of Company in all phases of all Flights. 8.4 OPERATIONAL CONTROL . COMPANY SHALL HAVE AND MAINTAIN OPERATIONAL CONTROL OF THE AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT. THE PARTIES INTEND THAT THIS AGREEMENT CONSTITUTE A “TIME SHARING AGREEMENT” AS DEFINED IN SECTION 91.501(C)(1) OF THE FAR. COMPANY SHALL EXERCISE EXCLUSIVE AUTHORITY OVER INITIATING, CONDUCTING, OR TERMINATING ANY FLIGHT CONDUCTED ON BEHALF OF A LESSEE PURSUANT TO THIS AGREEMENT. 8.5 Authority of Pilot in Command . Notwithstanding that Company shall have Operational Control of the Aircraft during any Flight conducted pursuant to this Agreement, the Pilot in Command, in his or her sole discretion, may terminate any Flight, refuse to commence any Flight, or take any other flight-related action that, in the judgment of the Pilot in Command, is necessitated by considerations of safety. The Pilot in Command shall have final and complete authority to postpone or cancel any Flight for any reason or condition that, in his or her judgment, would compromise the safety of the Flight. No such action of the Pilot in Command shall create or support any liability of Company to a Lessee for loss, injury, damage or delay. 9. INSURANCE. Company shall maintain, or cause to be maintained, comprehensive aircraft and liability insurance against bodily injury and property damage claims, for each single occurrence and hull insurance for the full replacement cost of the Aircraft. 10. USE BY LESSEE. Each Lessee shall: (a) use the Aircraft solely for and on account of his or her own personal or business use, and shall not use the Aircraft for the purpose of providing transportation of passengers or cargo for compensation or hire or for common carriage; (b) refrain from incurring any mechanic’s or other lien in connection with inspection, preventive maintenance, maintenance or storage of the Aircraft, whether permissible or impermissible under this Agreement; (c) not attempt to convey, mortgage, assign, lease, sublease, or in any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do anything or take any action that 7 might mature into such a lien; and (d) abide by and conform, during the Term, to all Applicable Laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the Aircraft by a Lessee. 11. MISCELLANEOUS. 11.1 Notices . All notices hereunder shall be delivered by hand, sent by reputable guaranteed overnight delivery service with verification of receipt, or sent by first-class United States mail, certified, postage prepaid, return receipt requested. Notice shall be deemed given when delivered or sent in the manner provided herein. If to Company: Bath & Body Works Logistics Services, LLC c/o Bath & Body Works, Inc. Three Limited Parkway Columbus, OH 43230 Attention: Office of the Chief Legal Officer If to a Lessee, at the notice address listed for such Lessee on the signature page(s) hereto or the Joinder. At any time, Company may change its address for purposes of notices under this Agreement by giving notice to the Lessees as set forth in this Section 11.1. At any time, any Lessee may change his or her address for purposes of notices under this Agreement by giving notice to Company as set forth in this Section 11.1. 11.2 No Waiver . No purported waiver by either party of any default by the other party of any term or provision contained herein shall be deemed to be a waiver of such term or provision unless the waiver is in writing and signed by the waiting party. No such waiver shall in any event be deemed a waiver of any subsequent default under the same or any other term or provision contained herein. 11.3 Entire Agreement; Amendment . This Agreement and the agreements referenced herein sets forth the entire understanding between the parties and incorporates all prior negotiations and agreements between the parties concerning the subject matter hereof. There are no covenants, promises, agreements, conditions or understandings, either oral or written, between the parties relating to the subject matter of this Agreement other than those set forth or referenced herein. No representation or warranty has been made by or on behalf of any party (or any officer, director, employee or agent thereof) to induce any other party to enter into this Agreement or to abide by or consummate any transaction contemplated by any terms of this Agreement, except representations and warranties, if any, expressly set forth herein. Except as provided in Section 8.1, no alteration, amendment, change or addition to this Agreement shall be binding upon either party unless in writing and signed by the party to be charged. Whenever in this Agreement any printed portion has been stricken out, whether or not any relative provision has been added, this Agreement shall be construed as if the material so stricken was never included herein and no inference shall be drawn from the material so stricken out which would be inconsistent in any way with the construction or interpretation which would be appropriate if such material were never contained herein. 8