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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and BXP, Inc. (BXP). Click either name above to swap in a different company.
Bath & Body Works, Inc. is the larger business by last-quarter revenue ($1.6B vs $872.1M, roughly 1.8× BXP, Inc.). BXP, Inc. runs the higher net margin — 15.3% vs 4.8%, a 10.4% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (0.8% vs -1.0%). Over the past eight quarters, BXP, Inc.'s revenue compounded faster (1.3% 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.
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
BBWI vs BXP — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $872.1M |
| Net Profit | $77.0M | $133.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 10.1% | — |
| Net Margin | 4.8% | 15.3% |
| Revenue YoY | -1.0% | 0.8% |
| Net Profit YoY | -27.4% | 53.0% |
| EPS (diluted) | $0.37 | $1.69 |
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.
| Q1 26 | — | $872.1M | ||
| Q4 25 | $1.6B | $877.1M | ||
| Q3 25 | $1.5B | $871.5M | ||
| Q2 25 | $1.4B | $868.5M | ||
| Q1 25 | $2.8B | $865.2M | ||
| Q4 24 | $1.6B | $858.6M | ||
| Q3 24 | $1.5B | $859.2M | ||
| Q2 24 | $1.4B | $850.5M |
| Q1 26 | — | $133.0M | ||
| Q4 25 | $77.0M | $248.4M | ||
| Q3 25 | $64.0M | $-121.7M | ||
| Q2 25 | $105.0M | $89.0M | ||
| Q1 25 | $453.0M | $61.2M | ||
| Q4 24 | $106.0M | $-228.9M | ||
| Q3 24 | $152.0M | $83.6M | ||
| Q2 24 | $87.0M | $79.6M |
| Q1 26 | — | — | ||
| Q4 25 | 41.3% | 58.8% | ||
| Q3 25 | 41.3% | 59.3% | ||
| Q2 25 | 45.4% | 59.2% | ||
| Q1 25 | 46.7% | 59.2% | ||
| Q4 24 | 43.5% | 59.7% | ||
| Q3 24 | 41.0% | 59.5% | ||
| Q2 24 | 43.8% | 59.8% |
| Q1 26 | — | — | ||
| Q4 25 | 10.1% | — | ||
| Q3 25 | 10.1% | — | ||
| Q2 25 | 14.7% | — | ||
| Q1 25 | 24.3% | — | ||
| Q4 24 | 13.5% | — | ||
| Q3 24 | 12.0% | — | ||
| Q2 24 | 13.5% | — |
| Q1 26 | — | 15.3% | ||
| Q4 25 | 4.8% | 28.3% | ||
| Q3 25 | 4.1% | -14.0% | ||
| Q2 25 | 7.4% | 10.2% | ||
| Q1 25 | 16.3% | 7.1% | ||
| Q4 24 | 6.6% | -26.7% | ||
| Q3 24 | 10.0% | 9.7% | ||
| Q2 24 | 6.3% | 9.4% |
| Q1 26 | — | $1.69 | ||
| Q4 25 | $0.37 | $1.56 | ||
| Q3 25 | $0.30 | $-0.77 | ||
| Q2 25 | $0.49 | $0.56 | ||
| Q1 25 | $2.06 | $0.39 | ||
| Q4 24 | $0.49 | $-1.46 | ||
| Q3 24 | $0.68 | $0.53 | ||
| Q2 24 | $0.38 | $0.51 |
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 | $512.8M |
| Total DebtLower is stronger | $3.9B | — |
| Stockholders' EquityBook value | $-1.6B | $7.7B |
| Total Assets | $5.0B | $25.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $512.8M | ||
| Q4 25 | $236.0M | $1.5B | ||
| Q3 25 | $364.0M | $861.1M | ||
| Q2 25 | $636.0M | $447.0M | ||
| Q1 25 | $674.0M | $398.1M | ||
| Q4 24 | $191.0M | $1.3B | ||
| Q3 24 | $514.0M | $1.4B | ||
| Q2 24 | $855.0M | $685.4M |
| Q1 26 | — | — | ||
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | $7.7B | ||
| Q4 25 | $-1.6B | $5.1B | ||
| Q3 25 | $-1.5B | $5.0B | ||
| Q2 25 | $-1.5B | $5.3B | ||
| Q1 25 | $-1.4B | $5.3B | ||
| Q4 24 | $-1.7B | $5.4B | ||
| Q3 24 | $-1.7B | $5.8B | ||
| Q2 24 | $-1.7B | $5.8B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $5.0B | $26.2B | ||
| Q3 25 | $4.8B | $26.0B | ||
| Q2 25 | $4.9B | $25.6B | ||
| Q1 25 | $4.9B | $25.4B | ||
| Q4 24 | $5.0B | $26.1B | ||
| Q3 24 | $4.9B | $26.4B | ||
| Q2 24 | $5.2B | $25.5B |
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 | — |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -0.1% | — |
| Capex IntensityCapex / Revenue | 5.1% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $80.0M | $407.8M | ||
| Q3 25 | $-43.0M | $274.2M | ||
| Q2 25 | $188.0M | $353.1M | ||
| Q1 25 | $955.0M | $210.0M | ||
| Q4 24 | $-99.0M | $383.7M | ||
| Q3 24 | $-46.0M | $286.1M | ||
| Q2 24 | $76.0M | $367.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.0M | $362.7M | ||
| Q3 25 | $-99.0M | $231.6M | ||
| Q2 25 | $151.0M | $281.5M | ||
| Q1 25 | $895.0M | $152.6M | ||
| Q4 24 | $-164.0M | $312.5M | ||
| Q3 24 | $-101.0M | $234.5M | ||
| Q2 24 | $30.0M | $332.4M |
| Q1 26 | — | — | ||
| Q4 25 | -0.1% | 41.4% | ||
| Q3 25 | -6.4% | 26.6% | ||
| Q2 25 | 10.6% | 32.4% | ||
| Q1 25 | 32.1% | 17.6% | ||
| Q4 24 | -10.2% | 36.4% | ||
| Q3 24 | -6.6% | 27.3% | ||
| Q2 24 | 2.2% | 39.1% |
| Q1 26 | — | 1.5% | ||
| Q4 25 | 5.1% | 5.1% | ||
| Q3 25 | 3.6% | 4.9% | ||
| Q2 25 | 2.6% | 8.2% | ||
| Q1 25 | 2.2% | 6.6% | ||
| Q4 24 | 4.0% | 8.3% | ||
| Q3 24 | 3.6% | 6.0% | ||
| Q2 24 | 3.3% | 4.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | 1.64× | ||
| Q3 25 | -0.67× | — | ||
| Q2 25 | 1.79× | 3.97× | ||
| Q1 25 | 2.11× | 3.43× | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -0.30× | 3.42× | ||
| Q2 24 | 0.87× | 4.61× |
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% |
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
