vs
Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.6B, roughly 1.3× Bath & Body Works, Inc.). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs 3.4%, a 1.4% gap on every dollar of revenue. On growth, GRAPHIC PACKAGING HOLDING CO posted the faster year-over-year revenue change (0.2% vs -1.0%). Over the past eight quarters, GRAPHIC PACKAGING HOLDING CO's revenue compounded faster (-3.5% 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.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
BBWI vs GPK — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.1B |
| Net Profit | $77.0M | $71.0M |
| Gross Margin | 41.3% | 14.1% |
| Operating Margin | 10.1% | 7.4% |
| Net Margin | 4.8% | 3.4% |
| Revenue YoY | -1.0% | 0.2% |
| Net Profit YoY | -27.4% | -48.6% |
| EPS (diluted) | $0.37 | $0.24 |
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 | $2.1B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $1.6B | $2.1B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $2.9B | $2.3B |
| Q4 25 | $77.0M | $71.0M | ||
| Q3 25 | $64.0M | $142.0M | ||
| Q2 25 | $105.0M | $104.0M | ||
| Q1 25 | $453.0M | $127.0M | ||
| Q4 24 | $106.0M | $138.0M | ||
| Q3 24 | $152.0M | $165.0M | ||
| Q2 24 | $87.0M | $190.0M | ||
| Q1 24 | $579.0M | $165.0M |
| Q4 25 | 41.3% | 14.1% | ||
| Q3 25 | 41.3% | 19.6% | ||
| Q2 25 | 45.4% | 18.7% | ||
| Q1 25 | 46.7% | 20.6% | ||
| Q4 24 | 43.5% | 21.4% | ||
| Q3 24 | 41.0% | 22.3% | ||
| Q2 24 | 43.8% | 21.2% | ||
| Q1 24 | 45.9% | 23.0% |
| Q4 25 | 10.1% | 7.4% | ||
| Q3 25 | 10.1% | 10.7% | ||
| Q2 25 | 14.7% | 8.8% | ||
| Q1 25 | 24.3% | 10.5% | ||
| Q4 24 | 13.5% | 11.4% | ||
| Q3 24 | 12.0% | 12.6% | ||
| Q2 24 | 13.5% | 14.5% | ||
| Q1 24 | 23.9% | 12.4% |
| Q4 25 | 4.8% | 3.4% | ||
| Q3 25 | 4.1% | 6.5% | ||
| Q2 25 | 7.4% | 4.7% | ||
| Q1 25 | 16.3% | 6.0% | ||
| Q4 24 | 6.6% | 6.6% | ||
| Q3 24 | 10.0% | 7.5% | ||
| Q2 24 | 6.3% | 8.5% | ||
| Q1 24 | 19.9% | 7.3% |
| Q4 25 | $0.37 | $0.24 | ||
| Q3 25 | $0.30 | $0.48 | ||
| Q2 25 | $0.49 | $0.34 | ||
| Q1 25 | $2.06 | $0.42 | ||
| Q4 24 | $0.49 | $0.46 | ||
| Q3 24 | $0.68 | $0.55 | ||
| Q2 24 | $0.38 | $0.62 | ||
| Q1 24 | $2.54 | $0.53 |
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 | $261.0M |
| Total DebtLower is stronger | $3.9B | $5.0B |
| Stockholders' EquityBook value | $-1.6B | $3.3B |
| Total Assets | $5.0B | $11.8B |
| Debt / EquityLower = less leverage | — | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $261.0M | ||
| Q3 25 | $364.0M | $120.0M | ||
| Q2 25 | $636.0M | $120.0M | ||
| Q1 25 | $674.0M | $129.0M | ||
| Q4 24 | $191.0M | $157.0M | ||
| Q3 24 | $514.0M | $126.0M | ||
| Q2 24 | $855.0M | $125.0M | ||
| Q1 24 | $1.1B | $136.0M |
| Q4 25 | $3.9B | $5.0B | ||
| Q3 25 | $3.9B | $5.5B | ||
| Q2 25 | $3.9B | $5.4B | ||
| Q1 25 | $3.9B | $5.7B | ||
| Q4 24 | $4.2B | $5.1B | ||
| Q3 24 | $4.2B | $5.4B | ||
| Q2 24 | $4.3B | $4.9B | ||
| Q1 24 | $4.4B | $4.9B |
| Q4 25 | $-1.6B | $3.3B | ||
| Q3 25 | $-1.5B | $3.3B | ||
| Q2 25 | $-1.5B | $3.2B | ||
| Q1 25 | $-1.4B | $3.2B | ||
| Q4 24 | $-1.7B | $3.0B | ||
| Q3 24 | $-1.7B | $3.0B | ||
| Q2 24 | $-1.7B | $2.8B | ||
| Q1 24 | $-1.6B | $2.9B |
| Q4 25 | $5.0B | $11.8B | ||
| Q3 25 | $4.8B | $11.9B | ||
| Q2 25 | $4.9B | $11.8B | ||
| Q1 25 | $4.9B | $11.5B | ||
| Q4 24 | $5.0B | $11.1B | ||
| Q3 24 | $4.9B | $11.2B | ||
| Q2 24 | $5.2B | $10.8B | ||
| Q1 24 | $5.5B | $11.3B |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.67× | ||
| Q2 25 | — | 1.68× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.71× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -0.1% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | 1.04× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $521.0M | ||
| Q3 25 | $-43.0M | $227.0M | ||
| Q2 25 | $188.0M | $267.0M | ||
| Q1 25 | $955.0M | $-174.0M | ||
| Q4 24 | $-99.0M | $489.0M | ||
| Q3 24 | $-46.0M | $187.0M | ||
| Q2 24 | $76.0M | $161.0M | ||
| Q1 24 | $926.0M | $3.0M |
| 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× | 7.34× | ||
| Q3 25 | -0.67× | 1.60× | ||
| Q2 25 | 1.79× | 2.57× | ||
| Q1 25 | 2.11× | -1.37× | ||
| Q4 24 | -0.93× | 3.54× | ||
| Q3 24 | -0.30× | 1.13× | ||
| Q2 24 | 0.87× | 0.85× | ||
| Q1 24 | 1.60× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
