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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and Bausch Health Companies Inc. (BHC). Click either name above to swap in a different company.
Bausch Health Companies Inc. is the larger business by last-quarter revenue ($2.8B vs $1.6B, roughly 1.8× Bath & Body Works, Inc.). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs -3.7%, a 8.5% gap on every dollar of revenue. On growth, Bausch Health Companies Inc. posted the faster year-over-year revenue change (9.3% vs -1.0%). Bausch Health Companies Inc. produced more free cash flow last quarter ($403.0M vs $-1.0M). Over the past eight quarters, Bausch Health Companies Inc.'s revenue compounded faster (14.0% CAGR vs -26.0%).
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
Bausch Health Companies Inc. is a global, diversified American-Canadian pharmaceutical company. Its global corporate headquarters are located in Laval, Quebec, Canada, and its U.S. headquarters are in Bridgewater, New Jersey. It develops, manufactures and markets a range of pharmaceutical products in gastroenterology, hepatology, neurology, dermatology, dentistry, medical aesthetics, and international pharmaceuticals. Bausch Health manufactures and markets branded pharmaceuticals, generic ph...
BBWI vs BHC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.8B |
| Net Profit | $77.0M | $-103.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 10.1% | 17.0% |
| Net Margin | 4.8% | -3.7% |
| Revenue YoY | -1.0% | 9.3% |
| Net Profit YoY | -27.4% | -205.1% |
| EPS (diluted) | $0.37 | $-0.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $2.8B | $2.3B | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.5B | $2.5B | ||
| Q2 24 | $1.4B | $2.4B | ||
| Q1 24 | $2.9B | $2.2B |
| Q4 25 | $77.0M | $-103.0M | ||
| Q3 25 | $64.0M | $179.0M | ||
| Q2 25 | $105.0M | $148.0M | ||
| Q1 25 | $453.0M | $-58.0M | ||
| Q4 24 | $106.0M | $98.0M | ||
| Q3 24 | $152.0M | $-85.0M | ||
| Q2 24 | $87.0M | $10.0M | ||
| Q1 24 | $579.0M | $-64.0M |
| Q4 25 | 41.3% | — | ||
| Q3 25 | 41.3% | — | ||
| Q2 25 | 45.4% | — | ||
| Q1 25 | 46.7% | — | ||
| Q4 24 | 43.5% | — | ||
| Q3 24 | 41.0% | — | ||
| Q2 24 | 43.8% | — | ||
| Q1 24 | 45.9% | — |
| Q4 25 | 10.1% | 17.0% | ||
| Q3 25 | 10.1% | 23.1% | ||
| Q2 25 | 14.7% | 17.5% | ||
| Q1 25 | 24.3% | 12.2% | ||
| Q4 24 | 13.5% | 21.8% | ||
| Q3 24 | 12.0% | 12.7% | ||
| Q2 24 | 13.5% | 16.2% | ||
| Q1 24 | 23.9% | 13.1% |
| Q4 25 | 4.8% | -3.7% | ||
| Q3 25 | 4.1% | 6.7% | ||
| Q2 25 | 7.4% | 5.8% | ||
| Q1 25 | 16.3% | -2.6% | ||
| Q4 24 | 6.6% | 3.8% | ||
| Q3 24 | 10.0% | -3.4% | ||
| Q2 24 | 6.3% | 0.4% | ||
| Q1 24 | 19.9% | -3.0% |
| Q4 25 | $0.37 | $-0.30 | ||
| Q3 25 | $0.30 | $0.48 | ||
| Q2 25 | $0.49 | $0.40 | ||
| Q1 25 | $2.06 | $-0.16 | ||
| Q4 24 | $0.49 | $0.24 | ||
| Q3 24 | $0.68 | $-0.23 | ||
| Q2 24 | $0.38 | $0.03 | ||
| Q1 24 | $2.54 | $-0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $236.0M | $1.3B |
| Total DebtLower is stronger | $3.9B | $20.8B |
| Stockholders' EquityBook value | $-1.6B | $-554.0M |
| Total Assets | $5.0B | $26.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $1.3B | ||
| Q3 25 | $364.0M | $1.3B | ||
| Q2 25 | $636.0M | $1.7B | ||
| Q1 25 | $674.0M | $1.1B | ||
| Q4 24 | $191.0M | $1.2B | ||
| Q3 24 | $514.0M | $719.0M | ||
| Q2 24 | $855.0M | $595.0M | ||
| Q1 24 | $1.1B | $733.0M |
| Q4 25 | $3.9B | $20.8B | ||
| Q3 25 | $3.9B | $21.0B | ||
| Q2 25 | $3.9B | $21.7B | ||
| Q1 25 | $3.9B | $21.5B | ||
| Q4 24 | $4.2B | $21.6B | ||
| Q3 24 | $4.2B | $21.5B | ||
| Q2 24 | $4.3B | $21.7B | ||
| Q1 24 | $4.4B | $22.1B |
| Q4 25 | $-1.6B | $-554.0M | ||
| Q3 25 | $-1.5B | $-565.0M | ||
| Q2 25 | $-1.5B | $-764.0M | ||
| Q1 25 | $-1.4B | $-1.2B | ||
| Q4 24 | $-1.7B | $-1.3B | ||
| Q3 24 | $-1.7B | $-1.2B | ||
| Q2 24 | $-1.7B | $-1.2B | ||
| Q1 24 | $-1.6B | $-1.1B |
| Q4 25 | $5.0B | $26.4B | ||
| Q3 25 | $4.8B | $26.8B | ||
| Q2 25 | $4.9B | $27.3B | ||
| Q1 25 | $4.9B | $26.4B | ||
| Q4 24 | $5.0B | $26.5B | ||
| Q3 24 | $4.9B | $26.5B | ||
| Q2 24 | $5.2B | $26.5B | ||
| Q1 24 | $5.5B | $26.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $80.0M | $495.0M |
| Free Cash FlowOCF − Capex | $-1.0M | $403.0M |
| FCF MarginFCF / Revenue | -0.1% | 14.4% |
| Capex IntensityCapex / Revenue | 5.1% | 3.3% |
| Cash ConversionOCF / Net Profit | 1.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $495.0M | ||
| Q3 25 | $-43.0M | $405.0M | ||
| Q2 25 | $188.0M | $289.0M | ||
| Q1 25 | $955.0M | $211.0M | ||
| Q4 24 | $-99.0M | $601.0M | ||
| Q3 24 | $-46.0M | $405.0M | ||
| Q2 24 | $76.0M | $380.0M | ||
| Q1 24 | $926.0M | $211.0M |
| Q4 25 | $-1.0M | $403.0M | ||
| Q3 25 | $-99.0M | $314.0M | ||
| Q2 25 | $151.0M | $190.0M | ||
| Q1 25 | $895.0M | $96.0M | ||
| Q4 24 | $-164.0M | $495.0M | ||
| Q3 24 | $-101.0M | $334.0M | ||
| Q2 24 | $30.0M | $302.0M | ||
| Q1 24 | $878.0M | $129.0M |
| Q4 25 | -0.1% | 14.4% | ||
| Q3 25 | -6.4% | 11.7% | ||
| Q2 25 | 10.6% | 7.5% | ||
| Q1 25 | 32.1% | 4.2% | ||
| Q4 24 | -10.2% | 19.3% | ||
| Q3 24 | -6.6% | 13.3% | ||
| Q2 24 | 2.2% | 12.6% | ||
| Q1 24 | 30.2% | 6.0% |
| Q4 25 | 5.1% | 3.3% | ||
| Q3 25 | 3.6% | 3.4% | ||
| Q2 25 | 2.6% | 3.9% | ||
| Q1 25 | 2.2% | 5.1% | ||
| Q4 24 | 4.0% | 4.1% | ||
| Q3 24 | 3.6% | 2.8% | ||
| Q2 24 | 3.3% | 3.2% | ||
| Q1 24 | 1.6% | 3.8% |
| Q4 25 | 1.04× | — | ||
| Q3 25 | -0.67× | 2.26× | ||
| Q2 25 | 1.79× | 1.95× | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | -0.93× | 6.13× | ||
| Q3 24 | -0.30× | — | ||
| Q2 24 | 0.87× | 38.00× | ||
| Q1 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
