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Bath & Body Works cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$23.0M in Q2 FY27 · $1.0B over twelve months

Operating cash flow$72.0M
Capital spending−$49.0M
Free cash flow+$23.0M
Cash / net income0.6×
Cash conversion cycle31 days

Analysis

In Q2 FY27, Bath & Body Works generated $72.0M of operating cash flow and spent $49.0M on capital projects, leaving free cash flow of $23.0M.

Over the twelve months to Aug 1, 2026, operating cash flow was $1.3B; the largest uses were net borrowing (+) / repaid (−) ($289M), capital spending ($242M), dividends ($162M); besides operations, cash came from other investing ($21.0M); the cash balance rose by $430M.

Operating cash flow was $72.0M against net income of $118M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$157M, inventory −$102M, income taxes payable −$85.0M.

Its cash conversion cycle was 31 days (receivables 8 + inventory 92 − payables 68).

Free cash flow

Bath & Body Works: free cash flow by quarterBath & Body Works: free cash flow by quarter−$164MQ3 FY25$895MQ4 FY25$151MQ1 FY26−$99.0MQ2 FY26−$1.0MQ3 FY26$814MQ4 FY26$195MQ1 FY27$23.0MQ2 FY27
Operating cash flow less capital spending.
Bath & Body Works: operating cash flow against capital spendingBath & Body Works: operating cash flow against capital spendingOperating cash flowCapital spending−$99.0M$65.0MQ3 FY25$955M$60.0MQ4 FY25$188M$37.0MQ1 FY26−$43.0M$56.0MQ2 FY26$80.0M$81.0MQ3 FY26$877M$63.0MQ4 FY26$244M$49.0MQ1 FY27$72.0M$49.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $72.0M, Capital spending $49.0M.

Capital allocation, year by year

Bath & Body Works: where the cash came from (up) and went (down), by fiscal yearBath & Body Works: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY22: Operating cash flow $1.5BFY22: Net borrowing −$1.7BFY22: Shares issued $83.0MFY22: Capital spending −$270MFY22: Buybacks −$2.0BFY22: Dividends −$120M$1.6BFY22FY23: Operating cash flow $1.1BFY23: Net borrowing −$9.0MFY23: Shares issued $6.0MFY23: Capital spending −$328MFY23: Buybacks −$1.3BFY23: Dividends −$186M$1.1BFY23FY24: Operating cash flow $954MFY24: Net borrowing −$462MFY24: Shares issued $4.0MFY24: Capital spending −$298MFY24: Buybacks −$148MFY24: Dividends −$182M$958MFY24FY25: Operating cash flow $886MFY25: Net borrowing −$539MFY25: Capital spending −$226MFY25: Buybacks −$401MFY25: Dividends −$177M$886MFY25FY26: Operating cash flow $1.1BFY26: Net borrowing −$14.0MFY26: Capital spending −$237MFY26: Buybacks −$401MFY26: Dividends −$167M$1.1BFY26
Over these 5 years operating cash flow totalled $5.6B; the largest uses were buybacks ($4.2B) and net borrowing ($2.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$794M
Debt$3.6B
Net debt$2.8B
Due within a year$284M

Bath & Body Works funds itself: free cash flow was $1.0B over the last twelve months, and $794M of cash and investments stands against $3.6B of debt ($284M due within a year, 2.8× covered by cash).

Bath & Body Works: debt maturities by year (FY26)Bath & Body Works: debt maturities by year (FY26)$284MYear 1$444MYear 3$482MYear 4$844MYear 5$1.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $794M of cash and investments now.

Where the cash came from and went

Bath & Body Works: sources (+) and uses (−) of cash, Q2 FY27Bath & Body Works: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$72.0MCapital spending−$49.0MDividends−$40.0MCash drawn (+) / kept (−)$26.0MOther financing−$9.0MExchange rates−$2.0MOther investing$2.0M
Bath & Body Works: sources (+) and uses (−) of cash, TTM to Q2 FY27Bath & Body Works: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.3BCash drawn (+) / kept (−)−$430MNet borrowing (+) / repaid (−)−$289MCapital spending−$242MDividends−$162MBuybacks−$147MOther financing−$23.0MOther investing$21.0MNot reconciled−$1.0M

From profit to cash

Bath & Body Works: net income to operating cash flow, Q2 FY27Bath & Body Works: net income to operating cash flow, Q2 FY27Net income$118MDepreciation & amortization$59.0MStock-based pay$2.0MReceivables−$56.0MInventory−$102MPayables$157MIncome taxes payable−$85.0MOther operating capital−$24.0MOperating cash flow$72.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY278926831
Q1 FY279855936
Q4 FY266603827
Q3 FY2691086651
Q2 FY267925148
Q1 FY2610944657
Q4 FY257592639
Q3 FY25101024666

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$72.0M−$49.0M—−$40.0M—$26.0M$23.0M
Q1 FY27$244M−$49.0M—−$40.0M−$289M$133M$195M
Q4 FY26$877M−$63.0M−$57.0M−$41.0M−$3.0M−$717M$814M
Q3 FY26$80.0M−$81.0M−$90.0M−$41.0M—$128M−$1.0M
Q2 FY26−$43.0M−$56.0M−$118M−$43.0M—$272M−$99.0M
Q1 FY26$188M−$37.0M−$136M−$42.0M—$38.0M$151M
Q4 FY25$955M−$60.0M−$52.0M−$43.0M−$324M−$483M$895M
Q3 FY25−$99.0M−$65.0M−$101M−$44.0M—$323M−$164M

Bath & Body Works: income statement and cash flow

Bath & Body Works, Q2 FY27: revenue $1.5B (-2% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

Bath & Body Works: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.