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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and KeyCorp (KEY). Click either name above to swap in a different company.
KeyCorp is the larger business by last-quarter revenue ($2.0B vs $1.6B, roughly 1.3× Bath & Body Works, Inc.). KeyCorp runs the higher net margin — 25.4% vs 4.8%, a 20.6% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs -1.0%). KeyCorp produced more free cash flow last quarter ($2.1B vs $-1.0M). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% 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.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
BBWI vs KEY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.0B |
| Net Profit | $77.0M | $510.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 10.1% | 32.3% |
| Net Margin | 4.8% | 25.4% |
| Revenue YoY | -1.0% | 131.8% |
| Net Profit YoY | -27.4% | 309.0% |
| 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 | $2.0B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $2.8B | $1.8B | ||
| Q4 24 | $1.6B | $865.0M | ||
| Q3 24 | $1.5B | $695.0M | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $2.9B | $1.5B |
| Q4 25 | $77.0M | $510.0M | ||
| Q3 25 | $64.0M | $489.0M | ||
| Q2 25 | $105.0M | $425.0M | ||
| Q1 25 | $453.0M | $405.0M | ||
| Q4 24 | $106.0M | $-244.0M | ||
| Q3 24 | $152.0M | $-410.0M | ||
| Q2 24 | $87.0M | $274.0M | ||
| Q1 24 | $579.0M | $219.0M |
| 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% | 32.3% | ||
| Q3 25 | 10.1% | 31.8% | ||
| Q2 25 | 14.7% | 29.3% | ||
| Q1 25 | 24.3% | 29.0% | ||
| Q4 24 | 13.5% | -92.6% | ||
| Q3 24 | 12.0% | -72.8% | ||
| Q2 24 | 13.5% | 22.0% | ||
| Q1 24 | 23.9% | 18.1% |
| Q4 25 | 4.8% | 25.4% | ||
| Q3 25 | 4.1% | 25.8% | ||
| Q2 25 | 7.4% | 23.1% | ||
| Q1 25 | 16.3% | 22.8% | ||
| Q4 24 | 6.6% | -54.7% | ||
| Q3 24 | 10.0% | -59.0% | ||
| Q2 24 | 6.3% | 18.0% | ||
| Q1 24 | 19.9% | 14.3% |
| Q4 25 | $0.37 | $0.43 | ||
| Q3 25 | $0.30 | $0.41 | ||
| Q2 25 | $0.49 | $0.35 | ||
| Q1 25 | $2.06 | $0.33 | ||
| Q4 24 | $0.49 | $-0.30 | ||
| Q3 24 | $0.68 | $-0.47 | ||
| Q2 24 | $0.38 | $0.25 | ||
| Q1 24 | $2.54 | $0.20 |
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 | $10.2B |
| Total DebtLower is stronger | $3.9B | $9.9B |
| Stockholders' EquityBook value | $-1.6B | $20.4B |
| Total Assets | $5.0B | $184.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $10.2B | ||
| Q3 25 | $364.0M | $13.3B | ||
| Q2 25 | $636.0M | $11.6B | ||
| Q1 25 | $674.0M | $15.3B | ||
| Q4 24 | $191.0M | $17.5B | ||
| Q3 24 | $514.0M | $22.8B | ||
| Q2 24 | $855.0M | $15.5B | ||
| Q1 24 | $1.1B | $13.2B |
| Q4 25 | $3.9B | $9.9B | ||
| Q3 25 | $3.9B | $10.9B | ||
| Q2 25 | $3.9B | $12.1B | ||
| Q1 25 | $3.9B | $12.4B | ||
| Q4 24 | $4.2B | $12.1B | ||
| Q3 24 | $4.2B | $15.7B | ||
| Q2 24 | $4.3B | $16.9B | ||
| Q1 24 | $4.4B | $20.8B |
| Q4 25 | $-1.6B | $20.4B | ||
| Q3 25 | $-1.5B | $20.1B | ||
| Q2 25 | $-1.5B | $19.5B | ||
| Q1 25 | $-1.4B | $19.0B | ||
| Q4 24 | $-1.7B | $18.2B | ||
| Q3 24 | $-1.7B | $16.9B | ||
| Q2 24 | $-1.7B | $14.8B | ||
| Q1 24 | $-1.6B | $14.5B |
| Q4 25 | $5.0B | $184.4B | ||
| Q3 25 | $4.8B | $187.4B | ||
| Q2 25 | $4.9B | $185.5B | ||
| Q1 25 | $4.9B | $188.7B | ||
| Q4 24 | $5.0B | $187.2B | ||
| Q3 24 | $4.9B | $189.8B | ||
| Q2 24 | $5.2B | $187.4B | ||
| Q1 24 | $5.5B | $187.5B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 1.43× |
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 | $2.2B |
| Free Cash FlowOCF − Capex | $-1.0M | $2.1B |
| FCF MarginFCF / Revenue | -0.1% | 104.8% |
| Capex IntensityCapex / Revenue | 5.1% | 5.3% |
| Cash ConversionOCF / Net Profit | 1.04× | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $2.2B | ||
| Q3 25 | $-43.0M | $396.0M | ||
| Q2 25 | $188.0M | $1.2B | ||
| Q1 25 | $955.0M | $-140.0M | ||
| Q4 24 | $-99.0M | $664.0M | ||
| Q3 24 | $-46.0M | $-1.2B | ||
| Q2 24 | $76.0M | $-217.0M | ||
| Q1 24 | $926.0M | $359.0M |
| Q4 25 | $-1.0M | $2.1B | ||
| Q3 25 | $-99.0M | $367.0M | ||
| Q2 25 | $151.0M | $1.2B | ||
| Q1 25 | $895.0M | $-150.0M | ||
| Q4 24 | $-164.0M | $599.0M | ||
| Q3 24 | $-101.0M | $-1.2B | ||
| Q2 24 | $30.0M | $-230.0M | ||
| Q1 24 | $878.0M | $347.0M |
| Q4 25 | -0.1% | 104.8% | ||
| Q3 25 | -6.4% | 19.4% | ||
| Q2 25 | 10.6% | 65.8% | ||
| Q1 25 | 32.1% | -8.5% | ||
| Q4 24 | -10.2% | 69.2% | ||
| Q3 24 | -6.6% | -175.8% | ||
| Q2 24 | 2.2% | -15.1% | ||
| Q1 24 | 30.2% | 22.6% |
| Q4 25 | 5.1% | 5.3% | ||
| Q3 25 | 3.6% | 1.5% | ||
| Q2 25 | 2.6% | 1.3% | ||
| Q1 25 | 2.2% | 0.6% | ||
| Q4 24 | 4.0% | 7.5% | ||
| Q3 24 | 3.6% | 2.4% | ||
| Q2 24 | 3.3% | 0.9% | ||
| Q1 24 | 1.6% | 0.8% |
| Q4 25 | 1.04× | 4.33× | ||
| Q3 25 | -0.67× | 0.81× | ||
| Q2 25 | 1.79× | 2.90× | ||
| Q1 25 | 2.11× | -0.35× | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -0.30× | — | ||
| Q2 24 | 0.87× | -0.79× | ||
| Q1 24 | 1.60× | 1.64× |
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% |
KEY
Segment breakdown not available.
