Report published August 26, 2026
Bath & Body Works (BBWI): Goldman Sachs First Take on 2Q26 Earnings & FY26 Guidance
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 26, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Kate McShane, CFA, Emily Ghosh, Mark Jordan, CFA, Nishi Agarwal, Grace Chee, Samantha Chiang
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Bath & Body Works reported 2Q26 adj. EPS of $0.31 and sales of $1,514mn, beating consensus estimates. The company raised its FY26 adj. EPS guidance to $2.60–$2.80, while Goldman Sachs reiterated its Sell rating with a $19 price target.
Key Takeaways
- 1.BBWI reported 2Q26 adj. EPS of $0.31, beating Goldman Sachs ($0.22) and consensus ($0.24) estimates, excluding tariff refund benefits.
- 2.Net sales fell 2.3% y/y to $1,514mn but came in ahead of estimates ($1,483mn GS / $1,497mn consensus), supported by sequential improvement from 1Q.
- 3.BBWI raised full-year FY26 adj. EPS guidance to $2.60-$2.80 (from $2.40-$2.65) and raised FCF guidance to -$650mn.
Table of Contents
- FY26 guidance:
- 3Q26 guidance:
- Exhibit 1: BBWI 3Q26 and FY26 guidance vs. GS and consensus
- 2Q26 Analysis
- Implications
- Valuations & Risks
- Exhibit 2: BBWI actual results vs GS estimates (excluding tariff refund benefits)
- Disclosure Appendix
Report data
Exhibit 1: BBWI 3Q26 and FY26 guidance vs. GS and consensus — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Adjusted EPS (ex-tariffs) | 0.31 USD | Reported 2Q26 adj. EPS vs. $0.22 GS / $0.24 consensus |
| Net Sales | 1514 USD mn | Decreased -2.3% y/y to $1,514mn vs. GS $1,483mn and consensus $1,497mn |
| Gross Margin | 40.4% | Gross margin excluding tariff refund benefits vs. 40.0% GS/consensus |
| FY26 Adjusted EPS Guidance | 2.60-2.80 USD | Raised from prior guidance of $2.40-2.65 vs. GS $2.53 / consensus $2.65 |
| 12-Month Price Target | 19.00 USD | Reiterated $19.00 12m price target with Sell rating |
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Authors / Editors
Reported Data Context
- Adjusted EPS (ex-tariffs): 0.31 USD (2Q26) · Source: LSEG Data & Analytics / Company data
- Net Sales: 1514 USD mn (2Q26) · Source: Company data / FactSet
- Gross Margin: 40.4 % (2Q26) · Source: Company data / Goldman Sachs Global Investment Research
- FY26 Adjusted EPS Guidance: 2.60-2.80 USD (FY26) · Source: Company data / FactSet
- 12-Month Price Target: 19.00 USD (12-month) · Source: Goldman Sachs Global Investment Research
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