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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and DARLING INGREDIENTS INC. (DAR). 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 $1.6B, roughly 1.0× DARLING INGREDIENTS INC.). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs 1.2%, a 3.6% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs -1.0%). Over the past eight quarters, DARLING INGREDIENTS INC.'s revenue compounded faster (-1.6% 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.
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
BBWI vs DAR — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.6B |
| Net Profit | $77.0M | $19.4M |
| Gross Margin | 41.3% | 24.7% |
| Operating Margin | 10.1% | 4.6% |
| Net Margin | 4.8% | 1.2% |
| Revenue YoY | -1.0% | 10.0% |
| Net Profit YoY | -27.4% | 14.2% |
| EPS (diluted) | $0.37 | $0.12 |
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 | — | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $2.8B | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $2.9B | $1.4B |
| Q4 25 | $77.0M | — | ||
| Q3 25 | $64.0M | $19.4M | ||
| Q2 25 | $105.0M | $12.7M | ||
| Q1 25 | $453.0M | $-26.2M | ||
| Q4 24 | $106.0M | $101.9M | ||
| Q3 24 | $152.0M | $16.9M | ||
| Q2 24 | $87.0M | $78.9M | ||
| Q1 24 | $579.0M | $81.2M |
| Q4 25 | 41.3% | — | ||
| Q3 25 | 41.3% | 24.7% | ||
| Q2 25 | 45.4% | 23.3% | ||
| Q1 25 | 46.7% | 22.6% | ||
| Q4 24 | 43.5% | 23.5% | ||
| Q3 24 | 41.0% | 22.1% | ||
| Q2 24 | 43.8% | 22.5% | ||
| Q1 24 | 45.9% | 21.4% |
| Q4 25 | 10.1% | — | ||
| Q3 25 | 10.1% | 4.6% | ||
| Q2 25 | 14.7% | 5.1% | ||
| Q1 25 | 24.3% | 2.1% | ||
| Q4 24 | 13.5% | 8.6% | ||
| Q3 24 | 12.0% | 4.2% | ||
| Q2 24 | 13.5% | 10.2% | ||
| Q1 24 | 23.9% | 9.7% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.1% | 1.2% | ||
| Q2 25 | 7.4% | 0.9% | ||
| Q1 25 | 16.3% | -1.9% | ||
| Q4 24 | 6.6% | 7.2% | ||
| Q3 24 | 10.0% | 1.2% | ||
| Q2 24 | 6.3% | 5.4% | ||
| Q1 24 | 19.9% | 5.7% |
| Q4 25 | $0.37 | — | ||
| Q3 25 | $0.30 | $0.12 | ||
| Q2 25 | $0.49 | $0.08 | ||
| Q1 25 | $2.06 | $-0.16 | ||
| Q4 24 | $0.49 | $0.63 | ||
| Q3 24 | $0.68 | $0.11 | ||
| Q2 24 | $0.38 | $0.49 | ||
| Q1 24 | $2.54 | $0.50 |
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 | $91.5M |
| Total DebtLower is stronger | $3.9B | $4.0B |
| Stockholders' EquityBook value | $-1.6B | $4.7B |
| Total Assets | $5.0B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | — | ||
| Q3 25 | $364.0M | $91.5M | ||
| Q2 25 | $636.0M | $94.6M | ||
| Q1 25 | $674.0M | $81.5M | ||
| Q4 24 | $191.0M | $76.0M | ||
| Q3 24 | $514.0M | $114.8M | ||
| Q2 24 | $855.0M | $121.6M | ||
| Q1 24 | $1.1B | $145.5M |
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | $4.0B | ||
| Q2 25 | $3.9B | $3.9B | ||
| Q1 25 | $3.9B | $3.8B | ||
| Q4 24 | $4.2B | $3.9B | ||
| Q3 24 | $4.2B | $4.1B | ||
| Q2 24 | $4.3B | $4.3B | ||
| Q1 24 | $4.4B | $4.4B |
| Q4 25 | $-1.6B | — | ||
| Q3 25 | $-1.5B | $4.7B | ||
| Q2 25 | $-1.5B | $4.6B | ||
| Q1 25 | $-1.4B | $4.4B | ||
| Q4 24 | $-1.7B | $4.4B | ||
| Q3 24 | $-1.7B | $4.6B | ||
| Q2 24 | $-1.7B | $4.5B | ||
| Q1 24 | $-1.6B | $4.6B |
| Q4 25 | $5.0B | — | ||
| Q3 25 | $4.8B | $10.5B | ||
| Q2 25 | $4.9B | $10.3B | ||
| Q1 25 | $4.9B | $10.0B | ||
| Q4 24 | $5.0B | $10.1B | ||
| Q3 24 | $4.9B | $10.6B | ||
| Q2 24 | $5.2B | $10.6B | ||
| Q1 24 | $5.5B | $10.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
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 | $224.3M |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -0.1% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | 1.04× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | — | ||
| Q3 25 | $-43.0M | $224.3M | ||
| Q2 25 | $188.0M | $145.8M | ||
| Q1 25 | $955.0M | $249.0M | ||
| Q4 24 | $-99.0M | $154.4M | ||
| Q3 24 | $-46.0M | $274.5M | ||
| Q2 24 | $76.0M | $146.5M | ||
| Q1 24 | $926.0M | $263.9M |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-99.0M | — | ||
| Q2 25 | $151.0M | — | ||
| Q1 25 | $895.0M | — | ||
| Q4 24 | $-164.0M | — | ||
| Q3 24 | $-101.0M | — | ||
| Q2 24 | $30.0M | — | ||
| Q1 24 | $878.0M | — |
| Q4 25 | -0.1% | — | ||
| Q3 25 | -6.4% | — | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 32.1% | — | ||
| Q4 24 | -10.2% | — | ||
| Q3 24 | -6.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 30.2% | — |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | 1.04× | — | ||
| Q3 25 | -0.67× | 11.59× | ||
| Q2 25 | 1.79× | 11.52× | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | -0.93× | 1.52× | ||
| Q3 24 | -0.30× | 16.19× | ||
| Q2 24 | 0.87× | 1.86× | ||
| Q1 24 | 1.60× | 3.25× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
