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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and Calumet, Inc. (CLMT). 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 $1.0B, roughly 1.5× Calumet, Inc.). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs -3.6%, a 8.4% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-1.0M).
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.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
BBWI vs CLMT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.0B |
| Net Profit | $77.0M | $-37.3M |
| Gross Margin | 41.3% | -0.3% |
| Operating Margin | 10.1% | -6.2% |
| Net Margin | 4.8% | -3.6% |
| Revenue YoY | -1.0% | — |
| Net Profit YoY | -27.4% | — |
| EPS (diluted) | $0.37 | $-0.43 |
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 | $1.0B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $2.8B | $993.9M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $77.0M | $-37.3M | ||
| Q3 25 | $64.0M | $313.4M | ||
| Q2 25 | $105.0M | $-147.9M | ||
| Q1 25 | $453.0M | $-162.0M | ||
| Q4 24 | $106.0M | — | ||
| Q3 24 | $152.0M | $-100.6M | ||
| Q2 24 | $87.0M | $-39.1M | ||
| Q1 24 | $579.0M | — |
| Q4 25 | 41.3% | -0.3% | ||
| Q3 25 | 41.3% | 34.7% | ||
| Q2 25 | 45.4% | -4.2% | ||
| Q1 25 | 46.7% | -8.2% | ||
| Q4 24 | 43.5% | — | ||
| Q3 24 | 41.0% | 0.4% | ||
| Q2 24 | 43.8% | 5.6% | ||
| Q1 24 | 45.9% | — |
| Q4 25 | 10.1% | -6.2% | ||
| Q3 25 | 10.1% | 30.0% | ||
| Q2 25 | 14.7% | -9.8% | ||
| Q1 25 | 24.3% | -4.9% | ||
| Q4 24 | 13.5% | — | ||
| Q3 24 | 12.0% | -5.2% | ||
| Q2 24 | 13.5% | 0.5% | ||
| Q1 24 | 23.9% | — |
| Q4 25 | 4.8% | -3.6% | ||
| Q3 25 | 4.1% | 29.1% | ||
| Q2 25 | 7.4% | -14.4% | ||
| Q1 25 | 16.3% | -16.3% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 10.0% | -9.1% | ||
| Q2 24 | 6.3% | -3.4% | ||
| Q1 24 | 19.9% | — |
| Q4 25 | $0.37 | $-0.43 | ||
| Q3 25 | $0.30 | $3.61 | ||
| Q2 25 | $0.49 | $-1.70 | ||
| Q1 25 | $2.06 | $-1.87 | ||
| Q4 24 | $0.49 | — | ||
| Q3 24 | $0.68 | $-1.18 | ||
| Q2 24 | $0.38 | $-0.48 | ||
| Q1 24 | $2.54 | — |
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 | $125.1M |
| Total DebtLower is stronger | $3.9B | $2.1B |
| Stockholders' EquityBook value | $-1.6B | $-732.7M |
| Total Assets | $5.0B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $125.1M | ||
| Q3 25 | $364.0M | $94.6M | ||
| Q2 25 | $636.0M | $110.6M | ||
| Q1 25 | $674.0M | $123.4M | ||
| Q4 24 | $191.0M | — | ||
| Q3 24 | $514.0M | $34.6M | ||
| Q2 24 | $855.0M | $7.0M | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.9B | $2.1B | ||
| Q3 25 | $3.9B | $2.1B | ||
| Q2 25 | $3.9B | $2.1B | ||
| Q1 25 | $3.9B | $2.3B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | $1.7B | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | $-1.6B | $-732.7M | ||
| Q3 25 | $-1.5B | $-695.3M | ||
| Q2 25 | $-1.5B | $-1.0B | ||
| Q1 25 | $-1.4B | $-862.3M | ||
| Q4 24 | $-1.7B | — | ||
| Q3 24 | $-1.7B | $-672.2M | ||
| Q2 24 | $-1.7B | $-566.4M | ||
| Q1 24 | $-1.6B | — |
| Q4 25 | $5.0B | $2.7B | ||
| Q3 25 | $4.8B | $2.7B | ||
| Q2 25 | $4.9B | $2.8B | ||
| Q1 25 | $4.9B | $2.8B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.9B | $2.6B | ||
| Q2 24 | $5.2B | $100 | ||
| Q1 24 | $5.5B | — |
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 | $116.5M |
| Free Cash FlowOCF − Capex | $-1.0M | $103.8M |
| FCF MarginFCF / Revenue | -0.1% | 10.0% |
| Capex IntensityCapex / Revenue | 5.1% | 1.2% |
| Cash ConversionOCF / Net Profit | 1.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $116.5M | ||
| Q3 25 | $-43.0M | $23.5M | ||
| Q2 25 | $188.0M | $-1.8M | ||
| Q1 25 | $955.0M | $-29.3M | ||
| Q4 24 | $-99.0M | — | ||
| Q3 24 | $-46.0M | $-15.5M | ||
| Q2 24 | $76.0M | — | ||
| Q1 24 | $926.0M | — |
| Q4 25 | $-1.0M | $103.8M | ||
| Q3 25 | $-99.0M | $15.1M | ||
| Q2 25 | $151.0M | $-15.4M | ||
| Q1 25 | $895.0M | $-46.9M | ||
| Q4 24 | $-164.0M | — | ||
| Q3 24 | $-101.0M | $-32.2M | ||
| Q2 24 | $30.0M | — | ||
| Q1 24 | $878.0M | — |
| Q4 25 | -0.1% | 10.0% | ||
| Q3 25 | -6.4% | 1.4% | ||
| Q2 25 | 10.6% | -1.5% | ||
| Q1 25 | 32.1% | -4.7% | ||
| Q4 24 | -10.2% | — | ||
| Q3 24 | -6.6% | -2.9% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 30.2% | — |
| Q4 25 | 5.1% | 1.2% | ||
| Q3 25 | 3.6% | 0.8% | ||
| Q2 25 | 2.6% | 1.3% | ||
| Q1 25 | 2.2% | 1.8% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 3.6% | 1.5% | ||
| Q2 24 | 3.3% | 2.2% | ||
| Q1 24 | 1.6% | — |
| Q4 25 | 1.04× | — | ||
| Q3 25 | -0.67× | 0.07× | ||
| Q2 25 | 1.79× | — | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -0.30× | — | ||
| Q2 24 | 0.87× | — | ||
| 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% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
