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Side-by-side financial comparison of Bath & Body Works, Inc. (BBWI) and Public Storage (PSA). 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 $1.2B, roughly 1.3× Public Storage). Public Storage runs the higher net margin — 41.7% vs 4.8%, a 36.9% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs -1.0%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% 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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
BBWI vs PSA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.2B |
| Net Profit | $77.0M | $507.1M |
| Gross Margin | 41.3% | — |
| Operating Margin | 10.1% | 40.7% |
| Net Margin | 4.8% | 41.7% |
| Revenue YoY | -1.0% | 3.3% |
| Net Profit YoY | -27.4% | -17.5% |
| EPS (diluted) | $0.37 | $2.59 |
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 | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $2.8B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $2.9B | $1.2B |
| Q4 25 | $77.0M | $507.1M | ||
| Q3 25 | $64.0M | $511.1M | ||
| Q2 25 | $105.0M | $358.4M | ||
| Q1 25 | $453.0M | $407.8M | ||
| Q4 24 | $106.0M | $614.6M | ||
| Q3 24 | $152.0M | $430.3M | ||
| Q2 24 | $87.0M | $518.1M | ||
| Q1 24 | $579.0M | $508.9M |
| 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% | 40.7% | ||
| Q3 25 | 10.1% | 42.3% | ||
| Q2 25 | 14.7% | 30.4% | ||
| Q1 25 | 24.3% | 34.8% | ||
| Q4 24 | 13.5% | 52.4% | ||
| Q3 24 | 12.0% | 36.7% | ||
| Q2 24 | 13.5% | 44.6% | ||
| Q1 24 | 23.9% | 44.3% |
| Q4 25 | 4.8% | 41.7% | ||
| Q3 25 | 4.1% | 41.8% | ||
| Q2 25 | 7.4% | 29.8% | ||
| Q1 25 | 16.3% | 34.5% | ||
| Q4 24 | 6.6% | 52.2% | ||
| Q3 24 | 10.0% | 36.2% | ||
| Q2 24 | 6.3% | 44.2% | ||
| Q1 24 | 19.9% | 44.0% |
| Q4 25 | $0.37 | $2.59 | ||
| Q3 25 | $0.30 | $2.62 | ||
| Q2 25 | $0.49 | $1.76 | ||
| Q1 25 | $2.06 | $2.04 | ||
| Q4 24 | $0.49 | $3.22 | ||
| Q3 24 | $0.68 | $2.16 | ||
| Q2 24 | $0.38 | $2.66 | ||
| Q1 24 | $2.54 | $2.60 |
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 | $318.1M |
| Total DebtLower is stronger | $3.9B | $10.3B |
| Stockholders' EquityBook value | $-1.6B | $9.2B |
| Total Assets | $5.0B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $236.0M | $318.1M | ||
| Q3 25 | $364.0M | $296.5M | ||
| Q2 25 | $636.0M | $1.1B | ||
| Q1 25 | $674.0M | $287.2M | ||
| Q4 24 | $191.0M | $447.4M | ||
| Q3 24 | $514.0M | $599.0M | ||
| Q2 24 | $855.0M | $542.3M | ||
| Q1 24 | $1.1B | $271.6M |
| Q4 25 | $3.9B | $10.3B | ||
| Q3 25 | $3.9B | $10.0B | ||
| Q2 25 | $3.9B | $10.4B | ||
| Q1 25 | $3.9B | $9.4B | ||
| Q4 24 | $4.2B | $9.4B | ||
| Q3 24 | $4.2B | $9.5B | ||
| Q2 24 | $4.3B | $9.4B | ||
| Q1 24 | $4.4B | $9.1B |
| Q4 25 | $-1.6B | $9.2B | ||
| Q3 25 | $-1.5B | $9.3B | ||
| Q2 25 | $-1.5B | $9.4B | ||
| Q1 25 | $-1.4B | $9.6B | ||
| Q4 24 | $-1.7B | $9.7B | ||
| Q3 24 | $-1.7B | $9.6B | ||
| Q2 24 | $-1.7B | $9.7B | ||
| Q1 24 | $-1.6B | $9.9B |
| Q4 25 | $5.0B | $20.2B | ||
| Q3 25 | $4.8B | $20.1B | ||
| Q2 25 | $4.9B | $20.5B | ||
| Q1 25 | $4.9B | $19.6B | ||
| Q4 24 | $5.0B | $19.8B | ||
| Q3 24 | $4.9B | $19.8B | ||
| Q2 24 | $5.2B | $19.8B | ||
| Q1 24 | $5.5B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -0.1% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | 1.04× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $946.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.0M | $733.6M | ||
| Q3 25 | $-43.0M | $875.1M | ||
| Q2 25 | $188.0M | $872.7M | ||
| Q1 25 | $955.0M | $705.1M | ||
| Q4 24 | $-99.0M | $768.6M | ||
| Q3 24 | $-46.0M | $798.8M | ||
| Q2 24 | $76.0M | $895.3M | ||
| Q1 24 | $926.0M | $665.6M |
| 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× | 1.45× | ||
| Q3 25 | -0.67× | 1.71× | ||
| Q2 25 | 1.79× | 2.43× | ||
| Q1 25 | 2.11× | 1.73× | ||
| Q4 24 | -0.93× | 1.25× | ||
| Q3 24 | -0.30× | 1.86× | ||
| Q2 24 | 0.87× | 1.73× | ||
| Q1 24 | 1.60× | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
