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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and Organon & Co. (OGN). 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 $1.5B, roughly 1.1× Organon & Co.). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs -13.6%, a 18.4% gap on every dollar of revenue. On growth, Bath & Body Works, Inc. posted the faster year-over-year revenue change (-1.0% vs -5.3%). Organon & Co. produced more free cash flow last quarter ($96.0M vs $-1.0M). Over the past eight quarters, Organon & Co.'s revenue compounded faster (-3.6% 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.
Organon & Co. is an American pharmaceutical company headquartered in Jersey City, New Jersey. Organon specializes in the following core therapeutic fields: reproductive medicine, contraception, psychiatry, hormone replacement therapy (HRT), and anesthesia. Organon produces all its products outside of the United States but receives a third of its revenue from the United States.
BBWI vs OGN — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.5B |
| Net Profit | $77.0M | $-205.0M |
| Gross Margin | 41.3% | 49.2% |
| Operating Margin | 10.1% | -9.8% |
| Net Margin | 4.8% | -13.6% |
| Revenue YoY | -1.0% | -5.3% |
| Net Profit YoY | -27.4% | -288.1% |
| EPS (diluted) | $0.37 | $-0.78 |
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 | $1.5B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $2.9B | $1.6B |
| Q4 25 | $77.0M | $-205.0M | ||
| Q3 25 | $64.0M | $160.0M | ||
| Q2 25 | $105.0M | $145.0M | ||
| Q1 25 | $453.0M | $87.0M | ||
| Q4 24 | $106.0M | $109.0M | ||
| Q3 24 | $152.0M | $359.0M | ||
| Q2 24 | $87.0M | $195.0M | ||
| Q1 24 | $579.0M | $201.0M |
| Q4 25 | 41.3% | 49.2% | ||
| Q3 25 | 41.3% | 53.5% | ||
| Q2 25 | 45.4% | 54.8% | ||
| Q1 25 | 46.7% | 55.6% | ||
| Q4 24 | 43.5% | 56.3% | ||
| Q3 24 | 41.0% | 58.3% | ||
| Q2 24 | 43.8% | 58.4% | ||
| Q1 24 | 45.9% | 59.0% |
| Q4 25 | 10.1% | -9.8% | ||
| Q3 25 | 10.1% | 15.2% | ||
| Q2 25 | 14.7% | 14.4% | ||
| Q1 25 | 24.3% | 6.7% | ||
| Q4 24 | 13.5% | 8.1% | ||
| Q3 24 | 12.0% | 13.1% | ||
| Q2 24 | 13.5% | 14.6% | ||
| Q1 24 | 23.9% | 14.5% |
| Q4 25 | 4.8% | -13.6% | ||
| Q3 25 | 4.1% | 10.0% | ||
| Q2 25 | 7.4% | 9.1% | ||
| Q1 25 | 16.3% | 5.8% | ||
| Q4 24 | 6.6% | 6.8% | ||
| Q3 24 | 10.0% | 22.7% | ||
| Q2 24 | 6.3% | 12.1% | ||
| Q1 24 | 19.9% | 12.4% |
| Q4 25 | $0.37 | $-0.78 | ||
| Q3 25 | $0.30 | $0.61 | ||
| Q2 25 | $0.49 | $0.56 | ||
| Q1 25 | $2.06 | $0.33 | ||
| Q4 24 | $0.49 | $0.42 | ||
| Q3 24 | $0.68 | $1.38 | ||
| Q2 24 | $0.38 | $0.75 | ||
| Q1 24 | $2.54 | $0.78 |
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 | $574.0M |
| Total DebtLower is stronger | $3.9B | $8.6B |
| Stockholders' EquityBook value | $-1.6B | $752.0M |
| Total Assets | $5.0B | $12.9B |
| Debt / EquityLower = less leverage | — | 11.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $574.0M | ||
| Q3 25 | $364.0M | $672.0M | ||
| Q2 25 | $636.0M | $599.0M | ||
| Q1 25 | $674.0M | $547.0M | ||
| Q4 24 | $191.0M | $675.0M | ||
| Q3 24 | $514.0M | $763.0M | ||
| Q2 24 | $855.0M | $704.0M | ||
| Q1 24 | $1.1B | $575.0M |
| Q4 25 | $3.9B | $8.6B | ||
| Q3 25 | $3.9B | $8.8B | ||
| Q2 25 | $3.9B | $8.9B | ||
| Q1 25 | $3.9B | $9.0B | ||
| Q4 24 | $4.2B | $8.9B | ||
| Q3 24 | $4.2B | $8.7B | ||
| Q2 24 | $4.3B | $8.7B | ||
| Q1 24 | $4.4B | $8.7B |
| Q4 25 | $-1.6B | $752.0M | ||
| Q3 25 | $-1.5B | $906.0M | ||
| Q2 25 | $-1.5B | $733.0M | ||
| Q1 25 | $-1.4B | $542.0M | ||
| Q4 24 | $-1.7B | $472.0M | ||
| Q3 24 | $-1.7B | $493.0M | ||
| Q2 24 | $-1.7B | $144.0M | ||
| Q1 24 | $-1.6B | $48.0M |
| Q4 25 | $5.0B | $12.9B | ||
| Q3 25 | $4.8B | $13.6B | ||
| Q2 25 | $4.9B | $13.5B | ||
| Q1 25 | $4.9B | $13.2B | ||
| Q4 24 | $5.0B | $13.1B | ||
| Q3 24 | $4.9B | $12.8B | ||
| Q2 24 | $5.2B | $12.2B | ||
| Q1 24 | $5.5B | $11.9B |
| Q4 25 | — | 11.49× | ||
| Q3 25 | — | 9.74× | ||
| Q2 25 | — | 12.14× | ||
| Q1 25 | — | 16.52× | ||
| Q4 24 | — | 18.81× | ||
| Q3 24 | — | 17.75× | ||
| Q2 24 | — | 60.11× | ||
| Q1 24 | — | 181.54× |
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 | $141.0M |
| Free Cash FlowOCF − Capex | $-1.0M | $96.0M |
| FCF MarginFCF / Revenue | -0.1% | 6.4% |
| Capex IntensityCapex / Revenue | 5.1% | 3.0% |
| Cash ConversionOCF / Net Profit | 1.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | $538.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $141.0M | ||
| Q3 25 | $-43.0M | $264.0M | ||
| Q2 25 | $188.0M | $220.0M | ||
| Q1 25 | $955.0M | $75.0M | ||
| Q4 24 | $-99.0M | $390.0M | ||
| Q3 24 | $-46.0M | $141.0M | ||
| Q2 24 | $76.0M | $332.0M | ||
| Q1 24 | $926.0M | $76.0M |
| Q4 25 | $-1.0M | $96.0M | ||
| Q3 25 | $-99.0M | $218.0M | ||
| Q2 25 | $151.0M | $181.0M | ||
| Q1 25 | $895.0M | $43.0M | ||
| Q4 24 | $-164.0M | $335.0M | ||
| Q3 24 | $-101.0M | $99.0M | ||
| Q2 24 | $30.0M | $300.0M | ||
| Q1 24 | $878.0M | $30.0M |
| Q4 25 | -0.1% | 6.4% | ||
| Q3 25 | -6.4% | 13.6% | ||
| Q2 25 | 10.6% | 11.4% | ||
| Q1 25 | 32.1% | 2.8% | ||
| Q4 24 | -10.2% | 21.0% | ||
| Q3 24 | -6.6% | 6.3% | ||
| Q2 24 | 2.2% | 18.7% | ||
| Q1 24 | 30.2% | 1.8% |
| Q4 25 | 5.1% | 3.0% | ||
| Q3 25 | 3.6% | 2.9% | ||
| Q2 25 | 2.6% | 2.4% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | 4.0% | 3.5% | ||
| Q3 24 | 3.6% | 2.7% | ||
| Q2 24 | 3.3% | 2.0% | ||
| Q1 24 | 1.6% | 2.8% |
| Q4 25 | 1.04× | — | ||
| Q3 25 | -0.67× | 1.65× | ||
| Q2 25 | 1.79× | 1.52× | ||
| Q1 25 | 2.11× | 0.86× | ||
| Q4 24 | -0.93× | 3.58× | ||
| Q3 24 | -0.30× | 0.39× | ||
| Q2 24 | 0.87× | 1.70× | ||
| Q1 24 | 1.60× | 0.38× |
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% |
OGN
Segment breakdown not available.
