Bath & Body Works, Inc.BBWI

Bath & Body Works, Inc. Segments Disclosure

10-KFiled Mar 12, 20262 min read
Segment Reporting
The Company is managed at the consolidated level and therefore operates and reports as a single segment. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM is total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performance in comparison to forecasts and historical results to make decisions on the reinvestment of profits into the business and capital allocation strategies.
The following table illustrates significant segment expenses that were regularly provided to the CODM in 2025, 2024, and 2023:

202520242023
 (in millions)
Net Sales$7,291 $7,307 $7,429 
Adjusted Costs of Goods Sold (2,930)(2,880)(2,970)
Buying and Occupancy(1,171)(1,193)(1,223)
Selling Expenses (1,238)(1,191)(1,177)
Marketing Expenses (255)(242)(189)
Adjusted General and Administrative Expenses(541)(535)(585)
Adjusted Operating Income1,156 1,266 1,285 
Business Transformation Activities (a)(15)— — 
Leadership Transition Costs (b)(15)— — 
Reported Operating Income$1,126 $1,266 $1,285 
________________
(a)In 2025, the Company recognized aggregate pre-tax costs of $15 million, resulting from business transformation activities, and primarily related to severance benefits, in connection with the Consumer First Formula, of which $1 million and $14 million were excluded from Costs of Goods Sold and General and Administrative Expenses, respectively, in the Adjusted Operating Income details provided to the CODM.
(b)In 2025, the Company recognized aggregate pre-tax costs of $15 million due to the transition of certain members of the leadership team, primarily related to severance benefits, which were excluded from General and Administrative Expenses in the Adjusted Operating Income details provided to the CODM.
As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets,
which is total consolidated assets.
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Historical Timeline

Fiscal YearFiled
2026Mar 12, 2026Showing above
2025Mar 14, 2025
2021Mar 19, 2021
2020Mar 30, 2020
2019Mar 22, 2019
2018Mar 23, 2018
2017Mar 17, 2017
2016Mar 18, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance